MIRA INFORM REPORT

Report Date :

05.08.2008

IDENTIFICATION DETAILS

Name :	ANIL INFOTECH PRIVATE LIMITED
Registered Office :	29 Silver Chambers, Tagore Road, Rajkot –360 001 Gujarat
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	31.03.1997
Com. Reg. No.:	04-32010
CIN No.: [Company Identification No.]	U72200GJ1997PTC032010
TAN No.: [Tax Deduction & Collection Account No.]	RKTA01661C
PAN No.: [Permanent Account No.]	AAFCA0771L
Legal Form :	Private Limited Liability Company
Line of Business :	Distributors of Computer Hardware Parts

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 7000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well – established and reputed company meeting its normal commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings.

INFORMATION PARTED BY

Name :	Mr. Bimal Desai
Designation :	Director
Date :	05.08.2008

LOCATIONS

Registered Office :	29, Silver Chamber, Tagore Road, Rajkot - 360 001, Gujarat, India
Tel. No.:	91-281-2460759 / 3291980
Mobile No.:	91-9825609050
Fax No.:	91-281-2698222 / 2464701
E-Mail :	aiplin@anilinfotechindia.com rk_doshi@hotmail.com
Website :	www.anilinfotechindia.com
Area :	600 Sq.fts
Location :	Owned

DIRECTORS

Name :	Mr. Bimal Anilbhai Desai
Designation :	Director
Address :	Sterling Apartment, Block No. 41, Kalawad Road, Rajkot – 360 001, Gujarat, India
Date of Birth/Age :	06.08.1969
Date of Appointment :	31.03.1997
Tel No.:	91-98980-74756
Name :	Mr. Anil Dhirajlal Desai
Designation :	Director
Address :	Sterling Apartment, Block No. 41, Kalawad Road, Rajkot – 360 001, Gujarat, India
Date of Birth/Age :	12.03.1940
Date of Appointment :	31.03.1997
Name :	Mr. Samir Anilkumar Desai
Designation :	Director
Address :	Sterling Apartment, Block No. 41, Kalawad Road, Rajkot – 360 001, Gujarat, India
Date of Birth/Age :	31.08.1971
Date of Appointment :	31.03.1997
Tel No.:	91-98256-09050

KEY EXECUTIVES

Name :	Mr. Samir Doshi
Designation :	Sales (HP / Compaq)
Tel No.:	91-99250-02887
Name :	Mr. Ravi Palan
Designation :	Sales (Esys PC/ HP Printer /TVSE Products
Address :	91-99250-02898
Name :	Mr. Riddhi Patel
Designation :	Sales (HP Supplies)
Tel No.:	91-99250-02894
Name :	Mr. Samir Lakhani
Designation :	Accounts
Tel No.:	91-99250-02899
Name :	Mr. Digvijay Rana
Designation :	Accounts Collection
Tel No.:	91-99250-02889
Name :	Mr. Dipak Kava
Designation :	HP/ Compaq / APC Services
Tel No.:	91-99250-02896
Name :	Mr. Harshad Parmar
Designation :	Support / Replacements
Tel No.:	91-99250-02897

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders	No. of Shares
Mr. Dhirajlal Desai	20000
Mr. Anilbhai Bimal Desai	20000
Mr. Anilbhai Samir Desai	20000
Total	60000

Equity Share Breakup (Percentage of Total Equity) :- [As on 31.03.2007]

Category	Percentage
Directors or relative of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Distributors of Computer Hardware Parts
Brand Names :	“ HP “ and “ Compaq “
Terms :
Selling :	Credit
Purchasing :	Credit

GENERAL INFORMATION

No. of Employees :	15
Bankers :	· Citizen Co-operative Bank Limited, Jawahar Road, Near Mahatma Gandhi Vidhyalay, Rajkot – 360 001, Gujarat, India · HDFC Bank · Co-operative Bank
Facilities :	Cash Credit – Rs. 7.500 millions
Banking Relations :	Satisfactory
Auditors :
Name 1 :	Anil Parekh and Company Chartered Accountants
Address :	Kreushna Kunj, 8/12 Jairaj Plot, Rajkot – 360 001, Gujarat, India
Name 2 :	R K Doshi and Company Chartered Accountants
Address :	212, Aditya Center, Phulchhab Chowk, Rajkot – 360 001, Gujarat, India
Associates/Subsidiaries :	Nil

CAPITAL STRUCTURE

(As on 31.03.2007):-

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs. 10/- Each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
60000	Equity Shares	Rs. 10/- Each	Rs. 0.600 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2007	31.03.2006	31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		0.600	0.600	0.602
2] Share Application Money		0.002	0.002	0.000
3] Reserves & Surplus		0.793	0.483	0.174
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1.395	1.085	0.776
LOAN FUNDS
1] Secured Loans		0.885	3.337	1.238
2] Unsecured Loans		2.338	1.929	1.509
TOTAL BORROWING		3.223	5.266	2.747
DEFERRED TAX LIABILITIES		0.024	0.000	0.000
TOTAL		4.642	6.351	3.523
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.512	1.343	1.123
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.110	0.110	0.110
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	11.268	7.501	5.725
	Sundry Debtors	25.376	24.326	10.712
	Cash & Bank Balances	1.784	1.065	0.384
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.868	2.682	0.928
Total Current Assets		39.296	35.574	17.749
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	35.976	30.536	15.381
	Provisions	0.302	0.144	0.085
Total Current Liabilities		36.278	30.680	15.466
Net Current Assets		3.018	4.894	2.283
MISCELLANEOUS EXPENSES		0.002	0.004	0.007
TOTAL		4.642	6.351	3.523

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
Sales Turnover		252.176	184.721	75.091
Other Income		0.000	0.000	0.000
Total Income		252.176	184.721	75.091
Profit/(Loss) Before Tax		0.409	0.341	0.113
Provision for Taxation		0.099	0.032	0.010
Profit/(Loss) After Tax		0.310	0.309	0.103
Expenditures :
	Financial Charges	NA	0.337	0.134
	Depreciation & Amortization	0.217	0.106	0.089
	Other Expenditure	251.550	183.937	74.755
Total Expenditure		251.767	184.380	74.978

KEY RATIOS

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
PAT / Total Income	(%)	0.12	0.17	0.14
Net Profit Margin (PBT/Sales)	(%)	0.16	0.18	0.15
Return on Total Assets (PBT/Total Assets}	(%)	0.99	0.92	0.60
Return on Investment (ROI) (PBT/Networth)		0.29	0.31	0.15
Debt Equity Ratio (Total Liability/Networth)		28.32	33.13	23.47
Current Ratio (Current Asset/Current Liability)		1.08	1.16	1.15

LOCAL AGENCY FURTHER INFORMATION

FORM 8:-

Name of the company	ANIL INFOTECH PRIVATE LIMITED
Presented By	Mr. Samir A Desai, Director
1) Date and description of instrument creating the change	Hypothecation deed of goods dated 29.03.2000
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 1.000 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	All present and future stock in trade situated at shop NO. 28/29 Silver Chambers, Tagore Road, Rajkot
4) Gist of the terms and conditions and extent and operation of the charge.	The amount in item No. 2 is secured by the borrower by hypothecation of the goods mentioned in item No. 3 in respect of amount outstanding by way of first charge. Borrower shall not create any mortgage, charge or encumber the goods. Rate of interest is 18% p.a
5) Name and Address and description of the person entitled to the charge.	Citizen Co-operative Bank Limited, Jawahar Road, Rajkot – 360 001
6) Date and brief description of instrument modifying the charge	Hypothecation deed of goods dated 31.05.2005
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.	Modified Cash Credit Limit of Rs. 2.000 millions to Rs. 3.000 millions Interest Rate 17% p.a · Original deed of hypothecation of goods executed on 29.03.2000 · Original Cash Credit limit was Rs. 1.000 millions · Original charge was registered on 13.04.2000 · Original charge was modified vide deed of hypothecation dated 15.09.2000 as under :- ü Original cash credit limit of Rs. 1.000 millions was increased to Rs. 2.000 millions ü Rate of interest was 17.5 per annum ü Other terms and conditions remained the same as stated in the original instruments ü Modified charge was registered on 08.11.2000 The charge is now further modified as under : v Modified cash credit limit of Rs. 2.000 millions is now increased to Rs. 3.000 millions v Rate of interest will be 17 % p.a v Other terms and conditions remains the same as stated in the original instrument

Corporate identity number of the company	U72200GJ1997PTC032010
Name of the company	ANIL INFOTECH PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	29, Silver Chamber, Tagore Road, Rajkot - 360 001, Gujarat, India
This form is for	Modification of charge
Type of charge	· Book Debts · Others
Particular of charge holder	Citizen Co-Operative Bank Limited, Jawahar Road, Near Mahatma Vidhyalay, Rajkot – 360 001, Gujarat, India
Nature of instrument creating charge	Agreement of hypothecation of goods – property dated 30.04.2008
Date of instrument Creating the charge	30.04.2008
Amount secured by the charge	Rs. 7.500 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest : As prescribed by the bank Terms of Repayment : As prescribed by the bank Margin : 40% Extent and Operation of the charge : Charge will operate as first and exclusive charge in favour of the bank till due repayment of loan, interest and any other charges due on it. Others : Present Limit CC (Hypo. Goods) Rs. 3.500 millions CC (Hypo. Book debts ) Rs. 4.000 millions Total Rs. 7.500 millions
Short Particulars of the property charged	Hypothecation of company’s all stock i.e. raw material, work in progress, finished goods and book debts, receivable whether present future
Particulars of the present modification	Charge has been modified by way increased in CC (Hypo. Stock) from Rs. 3.000 millions to Rs. 3.500 millions and CC (Hypothecation book debts from Rs. 2.000 millions to Rs. 4.000 millions. Total Charges has been increased from Rs. 5.000 millions to Rs. 7.500 millions.

TRADE REFERENCES:-

· Raju Engineering Limited, Shapar

· Atul Auto Limited, Shapar

WEBSITE DETAILS :-

Formation of the company is a reward of many years of hard work. Opportunities multiply when they seized; and die when neglected.

Their directors, seized the small opportunity because they knew that the small opportunities are often the beginning of great enterprises. The journey to this beautiful goal had many problems and risk but every problem contains the seeds of its own solution.

"To get profit without risk, reward without work is as impossible as it is to live without being born"

After overcoming various obstacles, finally their dream of forming the Company came true with a reward of formation of the company. Their true supporters in their success are their greatly honored friends Tech Pacific Technologies, Image Master and in fact all their dealers whose dealership is granted to them since last many years. They thank them all very much for their overwhelming support which they have received for so many years.

"Their Success in life depends entirely upon what they do on this earth for their fellow people"

Any human being in order to stand erect should have a strong backbone. The staff members of the subject are the backbone of their company, without whom its formation would have only been imaginary. The average man dedicates twenty five percent of his energy to work. The world rewards the person who give more than fifty percent and does anything for those rare individuals who give hundred percent. Their family members are such rare individuals because they believe, that work is love made visible.

A business without customers is as same as temple without the God. Customers are God. They pay for their bread. It takes a lot of time to build loyal customers and seconds to loose one. They can gain customers satisfaction if they feel that their search is over and the best is here.

They at the company build a system, a technical strategy that integrates all its interfaces with its customer. They have to keep their customers satisfied and build positive mind share. They can do that by delivering quality services and not half-baked solutions. They can’t afford to bite off more than they can chew. They have taken the first step for providing customer satisfaction but have to go much faster for the great promises of giant leap to become a reality.

Goal :- To deal with others with honestly and integrity, tolerance and compassion, Evenness and Consideration.

Future Plans :- Visualizing beyond experience and present reality.

Aim :- To explore their business so as to touch the limits of sky.

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 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] Records 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. 42.40
UK Pound	1	Rs. 83.57
Euro	1	Rs. 66.02

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	NO
--AFFILIATION	YES/NO	NO
--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 EXPLANATIONS

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.	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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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