MIRA INFORM REPORT

Report Date :

23.12.2011

IDENTIFICATION DETAILS

Name :	ASHTECH INFOTECH PRIVATE LIMITED
Registered Office :	G-5/7, Laxmi Woolen Mills Estate, Shakti Mill Lane, Near Mahalaxmi Station, Mahalaxmi, Mumbai-400011, Maharashtra.
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.11.1993
Com. Reg. No.:	11-074939
Capital Investment / Paid-up Capital :	Rs. 8.200 Millions
CIN No.: [Company Identification No.]	U3007MH1993PTCO74939
TAN No.: [Tax Deduction & Collection Account No.]	MUMA20781F
PAN No.: [Permanent Account No.]	AAACA3546N
Legal Form :	Private Limited Liability Company
Line of Business :	Engaged in trading activities of information technology products and providing maintenance and related services.
No. of Employees :	220 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 2010000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date

INFORMATION PARTED BY

Name :	Mr. Ramesh Dave
Designation :	General Manager
Contact No.:	91-22-43454345
Date :	22.12.2011

LOCATIONS

Registered Office/ Service Sector :	G-7, Laxmi Woolen Mills Estate, Shakti Mill Lane, Near Mahalaxmi Station, Mahalaxmi, Mumbai-400011, Maharashtra, India
Tel. No.:	91-22-43454345/24963311
Fax No.:	91-22-24963300
E-Mail :	ashtech@ashinfo.com shreyas_shah@ashinfo.com anil_singh@ashinfo.com saurin_shah@ashinfo.com ramesh_dave@ashinfo.com
Website :	www.ashinfo.com
Area :	1000Sq.ft.
Location :	Owned
Branches :	Located At: Ahmedabad Gr. Floor, Infotech Center, Sarkhej – Gandhinagar Highway, B/h Gurudwara, Thaltej. Ahmedabad, Gujarat, India Tel: 079 – 26840024 / 25 / 26 Email: Ahmedabad@ashinfo.com Bangalore Sadarang (Front Line), 2994, 12^th ‘A’ Main Road, HAL II^nd stage, Indira Nagar, Bangalore – 560008, Karnataka, India Tel: 080 – 32932062 Email: Bangalore@ashinfo.com Chennai 22, Avvai Shanmugam 1^st Lane, A-4, 1^st Floor – Off Lloyds Rd., Royepettah, Chennai – 600 014, Tamilnadu, India Tel: 09884076343 Email: Chennai@ashinfo.com New Delhi B-50/A, 2^nd Floor, Kalkaji, New Delhi – 110019, India Tel: 011 – 26238781 / 82 Email: Delhi@ashinfo.com Pune 5/Om Laxmi Niwas, Prabhat Road, Erantewane, Pune – 411004, Maharashtra, India Tel: 09372434052 Email: Pune@ashinfo.com Hyderabad Email: Hyderabad@ashinfo.com
Ware House:	Bhawandi, Owali Village, Mumbai, Maharashtra, India
Area :	1000 Sq Ft
Location :	Rented

DIRECTORS

As on 21.09.2011

Name :

Mr. Surin Devendra Shah

Designation :

Chairman Cum Managing Directors

Address :

15, Avillion, 4^th Floor, Little Gibbs Road, Wakeshwar, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

11.12.1958

Date of Appointment :

05.11.1993

DIN No.:

00677051

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U28920MH1986PTC038988	Ping Networks and Wireless Private Limited	Managing director	19-02-86	19-02-86	-	Active	NO
2	U30007MH1993PTC074939	Ashtech Infotech Private Limited	Managing director	05-11-93	05-11-93	-	Active	NO
3	U70102MH2010PTC198918	Terraa Propex Private Limited	Director	14-01-10	14-01-10	-	Active	NO

Name :

Mr. Shreyas Narendra Shah

Designation :

Whole Time Director

Address :

7, Pavlova, Little Gibbs Road, Wakeshwar, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

24.01.1948

Date of Appointment :

01.07.2001

DIN No.:

00677664

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U30007MH1993PTC074939	Ashtech Infotech Private Limited	Whole-time director	01-07-01	01-07-01	-	Active	NO
2	U67190MH1994PTC075973	Flowery Finance and Management Services Private Limited	Whole-time director	16-07-02	16-07-02	-	Active	NO
3	U92100MH1993NPL071488	Garware Club House	Director	15-12-08	03-07-06	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ramesh Dave
Designation :	General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 21.09.2011

Names of Shareholders	No. of Shares
Surin Devendra Shah	164900
Shreyas Narendra Shah	58900
Surin Devendra Shah (HUF)	13900
Shreyas Narendra Shah (HUF)	6700
Kalpana Shreyas Shah	109900
Devendra Ramanlal Shah (HUF)	114800
Zarna Saurin Shah	207900
Devendra Ramanlal Shah	61400
Shilpa Devendra Shah	100
Suchita Devendra Shah	100
Sonali Devendra Shah	100
Narendra Ramanlal Shah	100
Narendra Ramanlal Shah (HUF)	100
Virbala Narendra Shah	100
Rajul Asit Shah	100
Rajendra Ramanlal Shroff (HUF)	100
Sohil Shreyas Shah	100
Aashini Saurin Shah	40100
Aesha Saurin Shah	40100
Shimoni Rajesh Sheth	100
Romil Rajesh Sheth	100
Sohil Shreyas Shah	200
Anupa Sohil Shah	100
TOTAL	820000

Equity Share Break up (Percentage of Total Equity)

As on 21.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Engaged in trading activities of information technology products and providing maintenance and related services.
Products :	Trading in IT Products, Networking, System Integration, Facility Management Services. Share and Securities Operations Maintenance Contracts of IT Products, Software Solutions Services, Warranty and Authorized Centre Services. Hiring of Computers, servers, IT Products.
Imports :
Products :	Hardware and Computer Peripherals
Countries :	Singapore US
Terms :
Selling :	L/C and Cash (30 Days)
Purchasing :	L/C and Cash (30 Days)

GENERAL INFORMATION

Suppliers :

• Computer Info Com Limited

Customers :

End Users and Corporate

• Apna Sahakari Bank
• ICICI Bank
• Tata
• J.P. Margo
• Aditya Birla
• J.R. Chemicals

No. of Employees :

220 (Approximately)

Bankers :

• State Bank of India, Industrial Finance Branch, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India
• Citi Bank, Worli
• HDFC Bank, Worli

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Term Loan for Motor Car
Kotak Mahindra Prime Limited (Secured against motor car)	0.000	0.034
Overdraft Accounts
(Secured against hypothecation of stock in trade, book debts and further collateral by clearing equitable mortgage of immovable office property owned by one of the directors and personal guarantees by both the director)	19.463	0.000
Total	19.463	0.034
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Directors	4.525	1.325
From Shareholder	29.175	23.600
Total	33.700	24.925

State Bank of India Cash Credit Facilities Rs. 50.000 Millions

Banking Relations :	--
Auditors :
Name :	Chandrakant and Sevantilal Chartered Accountant
Address :	4, Fairy Manor, 2^nd Floor, 13, R. Sidhwa Marg, Fort, Mumbai-400001, Maharashtra, India
Tel. No.:	91-22-22660672
Fax No.:	91-22-22662744
PAN.:	AAAFC0278Q
Subsidiaries :	Astech Infotech (Singapore) Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1450000	Equity Shares	Rs. 10/- each	Rs. 14.500 millions
50000	Unclassified Shares	Rs. 10/- each	Rs. 0.500 millions
	Total		Rs. 15.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
820000	Equity Shares	Rs. 10/- each	Rs. 8.200 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		8.200	8.200	8.200
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		76.852	68.707	60.231
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		85.052	76.907	68.431
LOAN FUNDS
1] Secured Loans		19.463	0.034	0.414
2] Unsecured Loans		33.700	24.925	24.430
TOTAL BORROWING		53.163	24.959	24.844
DEFERRED TAX LIABILITIES		0.000	0.000	0.559
TOTAL		138.215	101.866	93.835
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.869	7.481	9.401
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		6.310	4.138	13.257
DEFERREX TAX ASSETS		0.604	0.460	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Interest Accrued on Bank Deposit	0.247	0.367	0.295
	Inventories	32.394	37.989	25.056
	Sundry Debtors	82.223	56.181	118.566
	Cash & Bank Balances	8.176	24.890	16.862
	Other Current Assets	1.278	0.648	4.816
	Loans & Advances	66.584	47.831	93.578
Total Current Assets		190.902	167.906	259.173
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	42.482	31.978	131.028
	Other Current Liabilities	18.153	22.018	26.068
	Provisions	4.835	24.124	30.900
Total Current Liabilities		65.470	78.120	187.996
Net Current Assets		125.432	89.786	71.177
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		138.215	101.866	93.835

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales	376.582	616.502	985.421
		Maintenance Contract, Deputation and Other Service Charge	123.950	135.586	118.071
		Other Income	3.015	5.389	4.025
		Refund of Special Addition Duty Claim of earlier years	0.000	3.515	0.000
		TOTAL (A)	503.547	760.992	1107.517
Less	EXPENSES
		Purchases	325.708	603.332	918.492
		Maintenance Sub Contract, Service support packs and Other Service charges	56.985	62.929	66.421
		Payment to and Provision for Employees	55.095	50.719	53.944
		Administration and Other Expenses	42.006	35.682	38.625
		Municipal Cess Paid for Earlier	0.608	1.183	0.000
		Increase/(Decrease) in Finished Goods	5.595	(12.932)	10.476
		Increase/(Decrease) in Service Support Packs	(0.630)	1.825	(2.289)
		TOTAL (B)	485.367	742.738	1085.669
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		18.180	18.254	21.848
Less	FINANCIAL EXPENSES (D)		3.883	3.008	4.485
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		14.297	15.246	17.363
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.187	2.830	4.087
	PROFIT BEFORE TAX (E-F) (G)		12.110	12.416	13.276
Less	TAX (H)		3.965	1.542	8.515
	PROFIT AFTER TAX (G-H) (I)		8.145	10.874	4.761
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		61.613	54.225	49.464
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	1.088	0.000
		Dividend	0.000	2.050	0.000
		Tax on Dividend	0.000	0.348	0.000
	BALANCE CARRIED TO THE B/S		69.758	61.613	54.225
	EARNINGS IN FOREIGN CURRENCY
		Sales	6.601	0.000	0.000
		Services and Deputation Income	0.000	0.452	2.458
	TOTAL EARNINGS		6.601	0.452	2.458
	IMPORTS
		Import of Trading goods	9.364	21.217	69.743
		Capital Goods	0.080	0.000	0.000
	TOTAL IMPORTS		9.444	21.217	69.743
	Earnings Per Share (Rs.)		9.93	13.26	5.81

Expected Sales ( 2011-2012) : Rs.500.000 Millions

The above information has been parted by Mr. Ramesh Dave (General Manager)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.62	1.42	4.31
Net Profit Margin (PBT/Sales)	(%)	3.22	2.01	1.35
Return on Total Assets (PBT/Total Assets}	(%)	6.15	7.06	4.94
Return on Investment (ROI) (PBT/Networth)		0.14	0.16	0.19
Debt Equity Ratio (Total Liability/Networth)		1.39	1.34	3.12
Current Ratio (Current Asset/Current Liability)		2.92	2.15	1.38

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors
Dues to Micro and Small Enterprise	0.000	0.000	0.000
Other Dues	42.482	31.978	131.028
Total	42.482	31.978	131.028

Check list by Info Agents	Available in Reports ( Yes/No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitutions of the Firm	Yes
Premises Details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	--
No. of Employees	Yes
Name of person contacted	Yes
Designation of contact person	Yes
Turnover of Firm fort last three years	Yes
Profitability for last three years	Yes
Reasons For Variation<>20%	--
Estimation for coming financial year	Yes
Capital in Business	Yes
Details of Sister Concern	Yes
Major Suppliers	Yes
Major Customers	Yes
Payment Terms	Yes
Export / Import Details (if Applicable)	Yes
Market Information	--
Litigations that the firm / Promoter involved in	--
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	--
Buyer visit details	--
Financial, if provided	No
Incorporation details, if applicable	--
Last Account filed at ROC	--
Major shareholder , if available	--

OPERATIONAL REVIEW

During the year the sales of the company have gone down significantly. Actually there is significant reason on why there has been drop in top line over last two years. The company as an organization has adopted an approach to work on opportunities that have a significant value proposition in the relationship with customer where in the emphasis to the engagement is not only price. Over the years they used to also do certain large volume low value products lines which attracted very small BOTTOM LINE but had increased risk and much higher effort. They have been putting effort in areas related to high skilled onsite resources deputation, automations projects (BMS/ Fire/ Access Control/ Sureveillance) that are niche and contributed to better BOTTOM LINE and increased focus towards value added systems integration services. In can be clearly seen while there has been impact on TOP LINE it has not impacted our BOTTOM LINE. The directors are confident and optimistic on the BOTTOM LINE getting stronger with this approach and the company would do better in the coming years.

CONTINGENT LIABILITY

1) Performance gurantee (to customer for products sold and providing services) Rs. 10.86t Millions (20.604 Millions)

2) Suit filed against company but not acknowledge as debts Rs. 0.081 Millions (Rs. 0.071 Millions)

3) Letter of credit Rs. 1.552 Millions (Rs. NIL)

TRADE REFERENCE:

• Computer Info Com Limited
• Redington India Private Limited
• Ingram Micro
• J.P. Margo
• Aditya Birla
• J.R. Chemicals
• Apna Sahakari Bank
• ICICI Bank
• Tata

FORM 8

Corporate identity number of the company	U3007MH1993PTC074939
Name of the company	ASHTECH INFOTECH PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	G-7, Laxmi Woolen Mills Estate, Shakti Mill Lane, Near Mahalaxmi Station, Mahalaxmi, Mumbai-400011, Maharashtra, India Email : mca@mgca.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90156279
Type of charge	Immovable property
Particular of charge holder	State Bank of India, Industrial Finance Branch, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India Email : kamalax@saraf@hotmail.com
Nature of instrument creating charge	No Instrument State Bank of India Dated 09.06.2010 Release of mortgage Poperty
Date of instrument Creating the charge	09.06.2010
Amount secured by the charge	Rs.77.500 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As per sanction terms and conditions Terms of repayment As per sanction terms and conditions Margin As per sanction terms and conditions Extent and operation of the charge Not Applicable Other Not Applicable
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Entire stock in trade i.e. stocks of computer peripherals, consumable, hardware and software and all type in which the company deals in. Book debts Vehicles
Date of instrument modifying the charge
Particulars of the present modification	Now by the present modification date 09.06.2010. The borrower company has released its property which was mortgaged earlier on 18.06.1996. As a security by way of an equitable mortgage by deposit of title deeds. Released property such as: Gala NO.402, Shah and Nahar Industrial Estate, Rambhua Bhosale Marg, Worli, Mumbai-400018.

FIXED ASSETS :

• Computer systems
• Software
• Office and Other Equipments
• Testing Equipments
• Furniture and Fixtures
• Air Conditioners and Refrigerators
• Vehicles
• Electrical Fittings

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] 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.52.78
UK Pound	1	Rs.82.73
Euro	1	Rs.68.88

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	5
--PROFITABILIRY	1~10	5
--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	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 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	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
-	NB	New Business	-

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.