MIRA INFORM REPORT

Report Date :

4^th May, 2006

IDENTIFICATION DETAILS

Name :	DOSHI ACCOUNTING SERVICES PRIVATE LIMITED
Registered Office :	BBC Tower, Sayajigunj, Vadodara-390009, Gujarat, India
Country :	India
Financials (as on) :	31.03.2005
Date of Incorporation :	1^st January, 2001
CIN No.:	U74120GJ2001PTC39127
Com. Reg. No.:	04-39127
TAN No.: (Tax Deduction & Collection Account No.)	BRDD00234D
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of rendering accounting services. Mainly engaged in the business of data processing. Its services: Subcontract :Outsourcing Services Subcontracting and Outsourcing Business Agreement Tele-Marketing

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 70000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well – established and reputed company having fine track records. Directors are reported as experienced, respectable and resourceful businessmen. Their trade relations are fair. Financial position is good. Payments are correct and as per commitments. The company can be considered good for any normal business dealings at usual trade terms and conditions.

LOCATIONS

Registered Office :	BBC Tower, Sayajigunj, Vadodara-390009, Gujarat, India
Tel. No.:	91-265-2225690
Fax No.:	91-265-2225689
E-Mail :	info@daspl.com dushyant@daspl.com
Website :	http://www.daspl.com
Area :	3000 sq. ft.
Location :	Rented
Branches :	Windsor House, 1270 London Road, Norbury, London SW 16 4DH
Tel. No.:	91-208-2394999
Fax No.:	91-208-2394900
E-Mail :	dhiren@doshiaccountants.co.uk doshi@btclick.com
Website :	http://www.daspl.com

DIRECTORS

Name :	Mr. Doshi Dhiren Vadilal
Designation :	Director
Address :	20, Heapworth Road, Streatham, London Sw 165 DQ. U.K.
Date of Birth/Age :	28-05-1957
Date of Appointment :	30.08.2005
Name :	Mrs. Shilpa Dhiren Doshi
Designation :	Director
Address :	20, Heapworth Road, Streatham, London Sw 165 DQ. U.K.
Date of Birth/Age :	29-04-1962
Date of Appointment :	01-01-2001
Name :	Mr. Bankin Jayantilal Desai
Designation :	Director
Address :	2, Grant Road, Stoke, Conventry CV 31GG, United Kingdom
Date of Birth/Age :	12-10-1957
Date of Appointment :	01-01-2001
Name :	Mr. Narendra Dushyant Dixit
Designation :	Chairmen
Address :	B-16, Anuraj Soc, Near Akota Garden, baroda-390020
Date of Birth/Age :	05-02-1957
Date of Appointment :	01-01-2001
Name :	Mr. Parimal Kantilal Shah
Designation :	Managing Director
Address :	A-6, Vrajdeep Tower, Opp Rokadnath Soc. Race Course, Baroda-390020
Date of Birth/Age :	07-02-1958
Date of Appointment :	01-03-2001

MAJOR SHAREHOLDERS

Names of Shareholders	No. of Shares
Mr. Desai Bankim Jayantilal	10
Mr. Dixit Dushyant Narendra	10
Mr. Parimal K Shah	10
Mrs. Doshi Shilpa Dhiraj	599,970
TOTAL	600,000

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of rendering accounting services. Mainly engaged in the business of data processing. Its services: Subcontract :Outsourcing Services Subcontracting and Outsourcing Business Agreement Tele-Marketing
Imports from :	Computers Peripherals Components and Spares from Europe, U. S. A. and Japan
Terms :
Selling :	L/C
Purchasing :	L/C

GENERAL INFORMATION

Suppliers :	Ø Baroda Stationary Mart Ø Informatics Technology Private Limited
Customers :	Doshi and Company U.K.
No. of Employees :	60
Bankers :	Ø ICICI Bank Limited ‘Land Mark’, Race Cource, Baroda Ø State Bank of India Ø IDBI Bank Limited Ø Citi Bank N. A.
Facilities :	ABN Amro Bank Loan – Rs. 0.548 Bajaj Auto Finance Limited – Rs. 0.353 HDFC Bank Loan – Rs. 0.003 Millions ICICI Bank Car loan and Equip Loan – Rs. 1.679 Total – 2.583

Banking Relations :	Satisfactory
Auditors :	Tushar R Magi Chartered Accountants C-102, ‘ISARG’Old padra Road, Vadodara, Baroda-390015 Tel No.: 91-256-2226464 Jayesh Vyas and Associates Corporated Legal Advisors and C/S ACA No. CP No. 1790 ‘PREMAL HYOT’, Sarabhai Colony, near T. B. Hospital, gotrai Road, Vadodara-390021 Mobile No.: 91-9825035900 Tel No.: 91-265-2398254 Tele fax.: 91-256-2389093
Associates/Subsidiaries :	Doshi and Company – Accountant Mr. Dhiren V. Doshi- Chief Executive Officer Windsor House, 1270 London Road, Norbury, London-SW 16 4DH Tel Phone : 91-208-2394999 Fax No.: 91-208-2394900 Email : dhiren@doshiaccountnats.co.uk doshi@btclick.com Website: http://www.daspl.com Ø Year End Accounts Ø Management Accounts Ø Taxation Ø VAT and Book-keeping Ø Payroll Services Ø Company Secretarial Ø Tele-Marketing

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs. 10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
600000	Equity Shares	Rs. 10/- each	Rs. 6.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2005	31.03.2004	31.03.2003
SHAREHOLDERS FUNDS
1] Share Capital		6.000	6.000	3.000
2] Share Application Money		0.000	0.000	3.000
3] Reserves & Surplus		12.029	8.281	1.491
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		18.029	14.281	7.491
LOAN FUNDS
1] Secured Loans		2.583	1.407	0.825
2] Unsecured Loans		0.125	0.000	0.110
TOTAL BORROWING		2.708	1.407	0.935
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		20.737	15.688	8.426
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		20.116	11.592	7.305
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.372	2.191	0.592
	Cash & Bank Balances	1.669	2.059	0.679
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.882	1.327	0.724
Total Current Assets		3.923	5.577	1.995
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	2.632	0.681	0.543
	Provisions	0.670	0.809	0.350
Total Current Liabilities		3.302	1.490	0.893
Net Current Assets		0.621	4.087	1.102
MISCELLANEOUS EXPENSES		0.000	0.009	0.019
TOTAL		20.737	15.688	8.426

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2005	31.03.2004	31.03.2003
Sales Turnover [including other income]	42.153	31.177	16.037
Profit/(Loss) Before Tax	3.798	7.026	0.771
Provision for Taxation	0.050	0.235	0.070
Profit/(Loss) After Tax	3.748	6.791	0.701
Export Value	NA	NA	16.037
Total Expenditure	36.531	23.113	14.885

KEY RATIOS

PARTICULARS		31.03.2005	31.03.2004	31.03.2003
PAT / Total Income	(%)	8.89	21.78	4.37
Net Profit Margin (PBT/Sales)	(%)	9.01	22.53	4.80
Return on Total Assets (PBT/Total Assets}	(%)	15.79	40.92	7.53
Return on Investment (ROI) (PBT/Networth)		0.21	0.49	0.09
Debt Equity Ratio (Total Liability/Networth)		0.33	0.20	0.24
Current Ratio (Current Asset/Current Liability)		1.18	3.74	2.02

LOCAL AGENCY FURTHER INFORMATION

Operation

During the year under review the company had earned gross income of Rs. 42.153 Millions as ageist Rs. 31.177 Millions of p.y. Showing a phenomenal growth however earned gross profit before depreciation interest and tax net profit of Rs. 5.809 Millions as against Rs. 8.218 Millions and net profit decreased to Rs. 3.623 Millions as against Rs. 6.791 Millions to increase in depreciation employees emoluments and administrative expenses of the company

The company had been continuously expanding its infrastructure facility to serve better the increased clients group on time. Subject is engaged in the business of Data processing and generates Sales Revenue through Exports only. The performance of the subject continued to be satisfactory during this period.

The Registered Office was transferred from: B-16, Annuraj Society, Near Akota Garden, Baroada-390020 to the present address w.e.f.:16-08-2001

Fixed Assets

v Air conditioners

v Comb Binding Machine

v Cars

v Computer

v Copper Machine

v Electrical Fitting

v Fax Machine

v Furniture & Fixture

v Motor Cycles

v Office Equipment

The Directs are theyll experienced and qualified, with sound Financial Background and reputation.

Name of the company	DOSHI ACCOUNTING SERVICES PRIVATE LIMITED
Presented By	Mr. Dushyant Dixit
1) Date and description of instrument creating the change	Equipment Loan cum hypothecation agreement on 4.01.2005
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 0.313 millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Hypothecation of computer, printer and switches the equipment by way of first and exclisive charge in favour of the bank . Regi.Office – B B C Tower, Sayajigunj, Vadodra
4) Gist of the terms and conditions and extent and operation of the charge.	Interest – 12.5% reducing monthly EMIS – 24 Month Payment to be made from 7.2.2005 and loan to be repaid by 7.1.2007 To keep use operate the equipment in sound, working and proper condition and to insure and keep Insure at its own cost. Amount to be deposited as security deposited with the bank bearing interest and refundable at the time to time of termination
5) Name and Address and description of the person entitled to the charge.	ICICI Bank, Land Mark, Race Course, Vadodara
6) Date and brief description of instrument modifying the charge	Not Applicable
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	Not Applicable
Name of the company	DOSHI ACCOUNTING SERVICES PRIVATE LIMITED
Presented By	Mr. Dushyant Dixit
1) Date and description of instrument creating the change	Equipment Loan cum hypothecation agreement on 26.05.2005
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 0.862 millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Hypothecation of computer, printer and switches the equipment by way of first and exclisive charge in favour of the bank . Regi.Office – B B C Tower, Sayajigunj, Vadodra
4) Gist of the terms and conditions and extent and operation of the charge.	Interest – 12.5% reducing monthly EMIS – 24 Month Payment to be made from 7.7.2005 and loan to be repaid by 7.6.2007 To keep use operate the equipment in sound, working and proper condition and to insure and keep Insure at its own cost. Amount to be deposited as security deposited with the bank bearing interest and refundable at the time to time of termination Incase of non payment of money and security being jeopardized the bank would have right to take possession of the collaterals and to sell assign security or transfer to any person in such as the bank may decide.
5) Name and Address and description of the person entitled to the charge.	ICICI Bank, Land Mark, Race Course, Vadodara
6) Date and brief description of instrument modifying the charge	Not Applicable
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	Not Applicable
Name of the company	DOSHI ACCOUNTING SERVICES PRIVATE LIMITED
Presented By	Mr. Dushyant Dixit
1) Date and description of instrument creating the change	Equipment Loan cum hypothecation agreement on 7.8.2005
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 0.766 millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Hypothecation of computer, printer and switches the equipment by way of first and exclisive charge in favour of the bank . Regi.Office – B B C Tower, Sayajigunj, Vadodra
4) Gist of the terms and conditions and extent and operation of the charge.	Interest – 12.5% reducing monthly EMIS – 24 Month Payment to be made from 7.8.2005 and loan to be repaid by 7.7.2007 To keep use operate the equipment in sound, working and proper condition and to insure and keep Insure at its own cost. Amount to be deposited as security deposited with the bank bearing interest and refundable at the time to time of termination
5) Name and Address and description of the person entitled to the charge.	ICICI Bank, Land Mark, Race Course, Vadodara
6) Date and brief description of instrument modifying the charge	Not Applicable
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	Not Applicable
Name of the company	DOSHI ACCOUNTING SERVICES PRIVATE LIMITED
Presented By	Mr. Dushyant Dixit
1) Date and description of instrument creating the change	Equipment Loan cum hypothecation agreement on 30.08.2005
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 0.829 millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Hypothecation of computer, printer and switches the equipment by way of first and exclisive charge in favour of the bank . Regi.Office – B B C Tower, Sayajigunj, Vadodra
4) Gist of the terms and conditions and extent and operation of the charge.	Interest – 12.5% reducing monthly EMIS – 24 Month Payment to be made from 7.7.2005 and loan to be repaid by 7.6.2007 To keep use operate the equipment in sound, working and proper condition and to insure and keep Insure at its own cost. Amount to be deposited as security deposited with the bank bearing interest and refundable at the time to time of termination
5) Name and Address and description of the person entitled to the charge.	ICICI Bank, Land Mark, Race Course, Vadodara
6) Date and brief description of instrument modifying the charge	Not Applicable
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	Not Applicable
Name of the company	DOSHI ACCOUNTING SERVICES PRIVATE LIMITED
Presented By	Mr. Dushyant Dixit
1) Date and description of instrument creating the change	Equipment Loan cum hypothecation agreement on 18.04.2005
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 0.276 millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Hypothecation of Copier, Air Conditioners the equipments by way of first and exclusive charge in favor of the bank
4) Gist of the terms and conditions and extent and operation of the charge.	Interest – 12.5% reducing monthly EMIS – 36 Month Payment to be made from 7.3.2005 and loan to be repaid by 7.2.2008 To keep use operate the equipment in sound, working and proper condition and to insure and keep Insure at its own cost. Amount to be deposited as security deposited with the bank bearing interest and refundable at the time to time of termination Incase of non payment of money and security being jeopardized the bank would have right to take possession of the collaterals and to sell assign security or transfer to any person in such as the bank may decide.
5) Name and Address and description of the person entitled to the charge.	ICICI Bank, Land Mark, Race Course, Vadodara
6) Date and brief description of instrument modifying the charge	Not Applicable
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	Not Applicable
Name of the company	DOSHI ACCOUNTING SERVICES PRIVATE LIMITED
Presented By	Mr. Dushyant Dixit
1) Date and description of instrument creating the change	Equipment Loan cum hypothecation agreement on 9.2.2005
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 0.293 millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Hypothecation of Copier, Air Conditioners the equipments by way of first and exclusive charge in favor of the bank Regi.Office – B B C Tower, Sayajigunj, Vadodra
4) Gist of the terms and conditions and extent and operation of the charge.	Interest – 12.5% reducing monthly EMIS – 36 Month Payment to be made from 7.3.2005 and loan to be repaid by 7.2.2008 To keep use operate the equipment in sound, working and proper condition and to insure and keep Insure at its own cost. Amount to be deposited as security deposited with the bank bearing interest and refundable at the time to time of termination Incase of non payment of money and security being jeopardized the bank would have right to take possession of the collaterals and to sell assign security or transfer to any person in such as the bank may decide.
5) Name and Address and description of the person entitled to the charge.	ICICI Bank, Land Mark, Race Course, Vadodara
6) Date and brief description of instrument modifying the charge	Not Applicable
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	Not Applicable

AS PER WEBSITE

DOSHI guarantees Sole Practitioners / Partners of Accountancy Practices

By using their Accounting, Admin, Tax & Telemarketing Services and without having to make anyone redundant.

1. They will become less stressed and much more relaxed.
2. The will genuinely have more time for your current Clients and they will now have the necessary time to Go out and make new clients.
3. Their work time will be allocated almost entirely to post reviews; post client reviews; meeting clients; Discussing Accounts & Tax Returns with them; giving them the best Business, Accounting & Tax advice and which will result in even higher fees and higher satisfaction levels.
4. They will achieve both their prime objectives of being in Practice, to..

a. Offer a full range of services on Accounting, Admin, Tax & Telemarketing Services and give their clients best advice

b. Increase their own income substantially and that too by working less hours.

Achieve objective of giving best Advice

Customer need to have more time to read latest Accounting & Tax developments; to read on latest Business developments; to read upon latest DHSS, Employment Developments; to read and be aware of what trends there are in the business world of their clients and to be aware of what is going on in this world, hour by hour, day by day.

Today's world is one of immediate communication & immediate change.

By using Doshi services, their staff and they can instantly become free of doing Standard book-keeping, VAT, Payroll, Accounts, Tax Returns, Management Accounts.

Instead of possibly taking a week to prepare Accounts, they can now simply ask Doshi to do them and their overall time will be reduced to 1 day…..and that too the more challenging & enjoyable review work. Suddenly, they have an extra 4 days which they can now use and their staff can use to be more relaxed, be more customer care based, and precious valuable time which they can utilise to read upon the latest developments.

Ask their self a serious honest question ?
Are they really up to date and are they really giving the best Accounting, Tax & Business Advice to their clients ?

Ask their self another honest question ?
Do they or their staff enjoy doing the normal routine work or would all of they prefer more challenging work ?

Ask their self another honest question ?
Do they have time and resources to offer more services to their clients ? be it Consultancy, Tax Planning, Financial services, or even more Accounting Services ?

Well, by using DOSHI services, they will have the time required to start really achieving and providing clients with the best advice….one of their main reasons as to why they really went into Practice.

They are aware that as a Practice they already have commitments towards their clients and also to certain overheads that most probably also includes staff. In order to meet and satisfy their clients increasing demands for better service in today's competitive environment, there may be periods of the year where they are not able to meet these deadlines.

Doshi is ideally placed to cover this problem.
They offer both a short term solution and a long term solution.

They are Passionate about work. They are here to assist their Practice.
In simple terms, think of DOSHI as their perfect employee.

They are happy to prepare just 2 sets of their typical average set of accounts in order that they can illustrate to they how they actually operate; how they communicate with they; and the quality of their work along with their speed.  

QUALITY OF THEIR WORK

They guarantee it will be as good as their present staff if not better. Many members of their team  in Vadodara now have over 5 years experience in UK Accounting & Tax and have been trained by their UK Chartered Accountants.

Equally important they will prepare their working file with schedules  to their current style and specification, using same software. In most cases their Manager or  Partner should not require more than 3 hours to review our working files.

FEES & PAYMENT

Their hourly rate in Year 2006 is £ 7 ex vat per hour and in the year 2007 it will increase to £ 8 ex vat per hour, although there are loyalty rebates of up to £ 1 an hour.

They get they connected to our VPN network & they simply download all their documents to us, in total security, confidentiality & immediate access. Everything must be scanned to us.

They invoice they at the end of each month. ie Work completed in April is payable by 20 May

FLEXIBILITY

They can prepare their Accounting work in any of the following softwares:- IRIS, Sage Accounts Production, CCH, VT, Digita, Viztopia, TAS Books, Quicken, MYOB and for Payroll:- Sage or IRIS.

No instructions/volume is considered too small or too big. They fully appreciate any work they give us.

RELIABILITY & CONFIDENTIALITY

Their current Human Resources exceed 300 with 37 being qualified Chartered Accountants. In terms of Human Resources they are equivalent to a TOP 30 UK Accountancy Firms.

They are dedicated to meet all deadlines agreed. They never contact their clients and they never inform anyone who their clients are.

SPEED

Payroll : Same day/ MAX 24 hours

VAT : 3 days

Management Accounts : 3 days

Tax Returns : 3 days

Accounts : 14 days subject to receiving all information.

Book Keeping : 3-5 days

ASSIST THEIR GROWTH

By using their services

They can offer unlimited services to their existing & new clients without having to consider staff resources.

Accounts (Sole trader, Partnership, Ltd), VAT, Payroll, Book-keeping, Management Accounts, Tax Returns.

This should & will generate more fees to their Practice.

b. Tele-marketing

Consider using these services if they like to go out and consider theirself quite a salesman

Conclusion

Practices like theirs use the services of DOSHI because DOSHI has tailor made its services for Accountancy Practices of their type and knows exactly what their requirements are.

- Quality of Work
- Competitive Fixed budgeted fees which guarantees they make a profit
- Flexibility
- Reliability & Confidentiality
- Speed
- Growth
- UK Law

1.6 Schedule of fees

Doshi will charge The Client Firm for its services as follows: -.

£ 7 an hour ex vat if everything is received by scanned/ VPN network format, times hours required to complete instructions

These fees are applicable in the year 2006.

For the year 2007,  the fees increase to £ 8 ex vat per hour.

Section 7: Work Quality: Client Firm dependency

The Client Firm accepts that Doshi cannot and will not be speaking or communicating to the client of the Client Firm. Under these circumstances

Doshi is totally dependent upon the Client Firm in getting clear instructions and guidelines and where necessary comments on assumptions made. Without this Co-operation from the Client Firm, it will be difficult for Doshi to produce the quality work it is promising to the Client Firm.

In brief, if they feel they cannot communicate effectively by email and phone conversations, The Client Firm should not give Doshi any work to do as this business agreement will not work..

Doshi will ask for missing information, queries and matters that are of concern on a regular basis whilst preparing the work instructed and the Client Firm will need to answer these. Failure to respond quickly by Client Firm will result in delays.

Doshi will appoint a Dedicated fully qualified Chartered Accountant from their Vadodara offices to The Client Firm. He/She will liase with The Client Firm both by email & phone on a regular basis whilst work is in progress.

When Doshi sends draft accounts, electronically, the Client Firm needs to comment as to assumptions made to be changed or anything, however small, which it believes to be incorrect to be highlighted.

Doshi will not despatch final file to The Client Firm until it receives confirmation to do so or if it hears nothing after 48 hours of the second set of draft accounts forwarded to The Client Firm..

As long as communications are clear, queries highlighted, Doshi will produce quality work, which should not require the Manager to review the file longer then 3 hours. Partner time will be further 1 hour. However, during their first few files with they, as we get to know theyr standards of working, the initial files may require more time. This they would agree will apply in the case they took any new employee. Therefore for the first few files maximum please allow for a Senior / Manager time of say 8 hours with partner time of 2 hours. Thereafter they should find that the overall Manager / Partner time should reduce to 4 hours per file.

However if Doshi has been instructed to finalise on the basis of substantial missing information and on little or no guidelines given when asked, The Client Firm will have to spend more time on review and is quite likely to find having to make several adjustments. Doshi is happy to do these adjustments at no further costs; irrespective. However Doshi in this situation will not re-imburse any of its fees as stated later here.

The Client Firm also has to acknowledge that there are possibilities of certain minor human errors being due to wrong interpretation of certain documents. As full schedules are prepared, the Client Firm will be able to pick upon this very quickly.

The Client Firm also acknowledges that Doshi quality is up to senior position. I.e. it does expect The Client Firm to review the work of a senior; in brief someone of Manager level will review Doshi work. If The Client Firm does not have a Manager, the Partner or Owner will review Doshi work

Doshi will re-imburse The Client Firm where The Client Firm has communicated well and where there is very little missing information

10% of its fees if Review took longer than 8 working hours at Senior/Manager/Partner level

20% of its fees if Review took longer than 12 working hours at Senior/Manager/Partner level

If the Senior/Manager/Partner of The Client Firm feels it is going to take longer than 8 hours to review, The Client Firm should inform Doshi and Doshi can request for the working file to be returned back to them in order that the work is completed to instructions as specified by The Client Firm.

The Client firm is signing the Final accounts and thereby takes full responsibility of the Final Accounts.Further The Client Firm should not forward us work of businesses they are themselves not familiar with. For example, if the Client Firm has never done a Travel Agency set of Accounts they should not forward such a file to us. It is not that they cannot do these accounts, it is that as they are not in a position to talk to the final client directly, and this can result in Doshi not achieving its normal standards.

Section 8: Professional Indemnity

Doshi will indemnify The Client Firm for any gross negligence made by Doshi. The Client Firm will have its own Professional Indemnity policy. The current officer in charge of compliance at Doshi is Mr B. Gadhok FCA. Feel free for their Insurance Company to call us. Please feel free to invite them to look at their web site www.daspl.com

COMPANY

Their associated firm in London, UK is Doshi & Co. Accountants, is located at Windsor House 1270 London Road, Norbury, London. All outsourcing contracts agreed between the client & Doshi & Co. are processed at Vadodara, India by DASPL. The legal contracts are between Doshi & Co. London and theirself with jurisdiction being UK law.

As on 31st December 2005, they are providing services to some 200 Accountancy practices in UK and they  now are offering their services globally.

With a group Accounting staff currently exceeding 250, of which 37 are qualified Chartered Accountants (and staff numbers are growing every month), they believe they are ideally placed to deliver an extremely reliable and quality service, within deadlines specified. They now have the experience to prepare accounts for virtually any industry sector. Vadodara is in the heartland of Gujarat and Accountancy is in the blood of Gujaratis. They have no shortage of talented Accountants in Gujarat and their objective in the coming 10 years is to be the biggest and best Accountancy practice in India.

Their dedicated staff who service UK clients have all been trained by UK qualified Chartered Accountants.

Computer Hardware & Software
They currently are very well familiar with the following accounting, taxation; payroll, VAT & book - keeping softwares used in the UK.

IRIS, SAGE, CCH, Digita, VT, Viztopia, TAS, MYOB, Quicken, Quick Books.

They are also VPN networked for very fast downloading of large scanned files.

They are, in brief, highly equipped in both computer hardware & software.

Their Services to Accountancy Practices

They provide the following services to accountancy practices. Every care is taken to make sure that they receive working file tailormade to suit their specific requirements. 

Subcontract/Outsourcing services to Accountancy Practices

Year-End Accounts & Audit - Sole Trader - Partnership - Income Expenditure Account - Property Account - Self-employed - Limited Company - Public Limited Company	Management Accounts - Cash Flows - Management Accounts - Monthly, Quarterly    & Annual for both internal & external    purpose - Profit & Loss Accounts - Business Plans - both for internal &    external purpose - Budgetary Forecasts
Taxation - Tax Planning - Self-Assessment Tax Returns    ( on-line filing if required ) - Corporation Tax Returns - Compliance	VAT - VAT & Bank Reconciliation-Monthly,    Quarterly & Annual Returns - Apportion, Point of Sale & Direct Calculation    Flat & Annual Schemes
Book-keeping - Sales Invoicing - Sales Ledger Control - Purchase Ledger Control - Credit Control	Payroll - For 1 employee to 1000 employees - Weekly - Fortnightly - Monthly - Annual
Advice on Secretarial & Personnel - Registered Office - Shares & Dividend Vouchers - Complete Annual Returns & Statutory Matters. - Redundancy - Compliance	Tele-marketing Services - Tele-Sales - Market Survey - Appointments - For existing clients who wish to expand    business efficiently

Tele-marketing & Public Relation Services

Their business depends upon both maintaining existing clients & obtaining new clients. An increase of even 1% on their overall business can be significant to their bottom line. They are ideally placed to assist they in this area. Simply compare their current costs of Marketing, Mailshots, Advertising, Telemarketing, Customercare Service ... and benefits they are achieving; to the costs of their services and the benefits they will achieve from them.

In their opinion, this is a cost effective way of genuinely increasing their business, maintaining their business and improving their cash flow.

Awareness

They can phone all the businesses who can use their services, within their geographical area that they wish to develop. They can give them a brief message about their Firm, its products and service standards.

A full report would be given to they of all the businesses they contacted on a daily basis.

Their cost: £ 7.15 ex vat an hour.

Existing Clients

They can phone their existing clients and do a survey as to how they find their services.

They can phone their existing clients and inform them of what special offers they have for them.

A full detailed report would be forwarded to they of all the calls they made.

Cost: £ 7.15 ex vat an hour.

Debt Collection: Fees / Invoices not paid

All businesses need to be paid and also to be paid within time. They can assist by making polite calls to their clients and requesting they forward payment to they.

Again a full detailed report of their calls would be emailed to they at end of each day.

Cost: £ 7.15 ex vat an hour.

Appointments : Business to Business

They can get appointments for they to visit Decision makers; those who are willing to listen to the presentation as to why they should be using the services. They only make appointments with those decision makers who genuinely expressed an interest.

Cost: £ 7.15 ex vat an hour.

Domestic Appointments

They can phone residences between Mon-Fri 6pm -9pm and Saturdays 10am-1pm.

Cost: £ 7.15 ex vat an hour.

Terms of Business

The contract will be with under UK Law

Doshi & Co
1st Floor Windsor House
1270 London Road
Norbury
London SW16 4DH
Tel:0208-239-4999
email: doshi@btclick.com

All phone calls are made from Vadodara, India.

There will be a Dedicated Manager appointed to look after they.

They request a retainer of £ 300 ex vat prior to their services becoming operational.

Thereafter they invoice they at the end of each month, with payment to be made by the 20th of month following. i.e. September will be billed on 30 September and they will pay us on 20 October.

They can provide they with a data bank of business names Cost £ 100 per 1000 names or they can use the data bank.

All their fees are ex vat

Next Step

Simply call Mr Nitesh Patel on 0845- 331-2549
or email him nitesh@daspl.com

He will be delighted to discuss their services with they.

They can be operational within 14 days for they.

U.K. Offices

Mr Dhiren Doshi
Doshi & Co Accountants
Windsor House
1270 London Road
Norbury
London
SW16 4DH

Tel:0208-239-4999
Fax:0208-239-4900

Email: dhiren@doshiaccountants.co.uk

doshi@btclick.com

India Offices

Mr Dushyant Dixit
Doshi Accounting Services Pvt. Ltd.
BBC Tower
Sayajigunj
Vadodara - 390005
Gujarat, India

Tel: 00-91-265-222-5690
Fax:00-91-265-222-5689

Email: dushyant@daspl.com

info@daspl.com

CMT REPORT [Corruption, Money laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 45.46
UK Pound	1	Rs. 85.94
Euro	1	Rs. 58.32

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions