MIRA INFORM REPORT

Report Date :

29.12.2011

IDENTIFICATION DETAILS

Name :	AEGIS TECH LIMITED (w.e.f 25.05.2009)
Formerly Known As :	AEGIS NETWORK TECHNOLOGIES LIMITED
Registered Office :	Essar House, 11 K K Marg, Mahalaxmi, Mumbai – 400034, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.04.2009
Com. Reg. No.:	11-192075
Capital Investment / Paid-up Capital :	Rs.0.500 Million
CIN No.: [Company Identification No.]	U72900MH2009PLC192075
TAN No.: [Tax Deduction & Collection Account No.]	MUMA35562C
PAN No.: [Permanent Account No.]	AAHCA7608Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in services provider delivering technology-driven business solutions.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ca (19)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a subsidiary of Aegis Limited. It is a relatively new company having moderate track. There appears huge accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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 DECLINED BY

MANAGEMENT NON- COOPERATIVE

LOCATIONS

Registered Office :	Essar House, 11 K K Marg, Mahalaxmi, Mumbai – 400034, Maharashtra, India
Tel. No.:	91-22-66601100
Fax No.:	91-22-23544490
E-Mail :	shruti.jain@essar.com corporatetax@essar.com
Website :	http://www.aegisglobal.com
Country Headquarters 1:	Aegis Communication Group Incorporated, 8201 Ridgepoint Drive Irving, TX 75063, USA
Tel No.:	91-972-8301800
Fax No.:	91-972-8680220
Country Headquarters 2:	Aegis People Support Incorporated, People Support Centre, Ayala Avenue Corner, Senator Gil Puyat Avenue, Makati City – 1200, Phillippines
Tel. No.:	91-63-2-8858000

DIRECTORS

As on 09.09.2011

Name :

Mr. Aparup Sengupta

Designation :

Director

Address :

104-105/2B, Garden Enclave, Pokharan Road, No.2, Thane West, Mumbai – 4000601, Maharashtra, India

Date of Birth/Age :

20.08.1964

Date of Appointment :

28.04.2009

DIN No.:

00031274

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	U74140KA2004PTC034904	Apsen Advisors Private Limited	Director	20-10-04	20-10-04	-	Active	NO
2	U99999MH1992PLC064767	Aegis Limited	Managing director	01-08-09	01-08-06	-	Active	NO
3	U70102GJ1999PTC037078	Essar Properties Gujarat Private Limited	Director	28-10-06	28-10-06	17-04-09	Active	NO
4	U74999DL2001PTC112501	Global Vantedge Private Limited	Director	15-02-07	15-02-07	-	Active	NO
5	U35921WB1991PTC052824	Sinter Keramos and Composites Private Limited	Director	06-03-07	06-03-07	17-04-09	Active	NO
6	U74200MH2007PLC172280	Essar Engineering Services Limited	Director	12-07-07	12-07-07	-	Active	NO
7	U72900DL2003PLC119377	Aegis Bpo Services (Gurgaon) Limited	Director	30-09-08	18-12-07	-	Active	NO
8	U74140MH2008PLC185432	Aegis Aspire Consultancy Services Limited	Director	04-08-08	04-08-08	-	Active	NO
9	U72900MH2009PLC192075	Aegis Tech Limited	Director	28-04-09	28-04-09	-	Active	NO
10	U64204MH1997PTC111999	Highband Communications Private Limited	Additional director	30-11-09	30-11-09	-	Active	NO
11	L32200MH1986PLC040652	Agc Networks Limited	Director	20-12-10	31-08-10	-	Active	NO

Name :

Mr. Ashish Rajgarhja

Designation :

Director

Address :

Madan Smruti 1137, Veer Savarkar Marg, Cadel Road, Shivaji Park, Mumbai – 400025, Maharashtra, India

Date of Birth/Age :

16.07.1979

Date of Appointment :

28.04.2009

DIN No.:

01822280

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	U51909GJ1995PTC024386	Shining Star Traders Private Limited	Director	15-06-07	15-06-07	-	Active	NO
2	U51909GJ1995PTC024403	Golden Merchandisers Private Limited	Director	15-06-07	15-06-07	-	Active	NO
3	U65990MH1989PTC054274	Prajesh Investments Private Limited	Director	15-06-07	15-06-07	-	Active	NO
4	U45309MH2007PTC168402	Crystal Palace Properties Private Limited	Director	15-06-07	15-06-07	06-09-10	Active	NO
5	U01100MH2004PTC148804	Highland Horticulture Private Limited	Additional director	29-06-07	29-06-07	-	Active	YES
6	U45202MH1989PTC053152	Bhargava Estates Private Limited	Director	29-06-07	29-06-07	-	Active	NO
7	U01100MH2004PTC148802	Maval Farms Private Limited	Director	29-06-07	29-06-07	-	Active	NO
8	U70200MH1989PTC053092	Samarjit Estates Private Limited	Director	29-09-10	29-06-07	-	Active	NO
9	U70100MH1989PTC053415	Ajitesh Estates Private Limited	Director	29-06-07	29-06-07	30-10-09	Active	NO
10	U65990MH1990PTC058374	Bansari Investment And Finance Private Limited	Director	29-06-07	29-06-07	30-10-09	Active	NO
11	U67120MH1989PTC054272	Samarjit Investments Private Limited	Additional director	06-07-07	06-07-07	30-10-09	Active	NO
12	U70102GJ1999PTC037078	Essar Properties Gujarat Private Limited	Director	22-09-07	08-07-07	-	Active	NO
13	U70102MH1989PTC052361	Nirmit Estate Private Limited	Director	28-09-07	08-07-07	-	Active	NO
14	U32200MH1989PTC053399	Kanak Communications Private Limited	Additional director	01-09-07	01-09-07	30-10-09	Active	NO
15	U01403MH2008PTC178495	Prajkta Agro Vision Private Limited.	Director	05-02-08	05-02-08	-	Active	YES
16	U45200MH2008PTC178496	Bhargava Properties Private Limited	Director	05-02-08	05-02-08	-	Active	NO
17	U01403MH2008PTC179004	Pratik Agro Herbals Private Limited.	Director	18-02-08	18-02-08	30-10-09	Active	NO
18	U01403MH2008PTC179005	Karthik Agro Farms Private Limited.	Director	18-02-08	18-02-08	30-10-09	Active	NO
19	U70102MH2008PTC179270	Kirti Realties and Farms Private Limited	Director	22-02-08	22-02-08	-	Active	NO
20	U01403MH2008PTC179271	Bansari Agro Tech Private Limited	Director	22-02-08	22-02-08	-	Active	NO
21	U01403MH2008PTC179531	Bhargava Agro Foods Private Limited	Director	28-02-08	28-02-08	-	Active	YES
22	U70102MH2008PTC179530	Dwarka Realties Private Limited	Director	28-02-08	28-02-08	-	Active	YES
23	U70102MH2008PTC180441	Yojna Estates Private Limited	Director	26-03-08	26-03-08	-	Active	NO
24	U45200MH2008PTC180442	Yojna Realties Private Limited	Director	26-03-08	26-03-08	-	Active	NO
25	U70102MH2008PTC180443	Sasmita Realties Private Limited	Director	29-09-10	26-03-08	-	Active	YES
26	U74990TN2008PTC074305	Ethl Telecom Holdings India Private Limited	Director	16-04-08	16-04-08	-	Amalgamated	NO
27	U70102MH2008PTC182233	Sasmita Estates Private Limited	Director	15-05-08	15-05-08	-	Active	NO
28	U45400MH2008PTC182338	Prajkta Estates Private Limited	Director	17-05-08	17-05-08	30-10-09	Active	NO
29	U01407MH2008PTC182798	Trikaya Farms Private Limited.	Director	29-05-08	29-05-08	-	Active	YES
30	U01403MH2008PTC182831	Trikaya Agro Private Limited.	Director	29-05-08	29-05-08	30-10-09	Active	NO
31	U01403MH2008PTC183612	Trikaya Cultivations Private Limited.	Director	17-06-08	17-06-08	-	Active	NO
32	U72900MH2003PTC143018	Paprika Media Private Limited	Additional director	07-07-08	07-07-08	-	Active	NO
33	U70101MH1989PLC053170	Pratik Estates Private Limited	Director	30-09-09	21-01-09	-	Active	NO
34	U35921WB1991PTC052824	Sinter Keramos and Composites Private Limited	Additional director	17-04-09	17-04-09	-	Active	NO
35	U72900MH2009PLC192075	Aegis Tech Limited	Director	28-04-09	28-04-09	-	Active	NO
36	U65990MH1978PTC020383	Thakkars Investment Private Limited	Additional director	01-10-09	01-10-09	-	Active	YES
37	U51900MH2006PLC160647	The Mobilestore Limited	Director	15-02-10	15-12-09	-	Active	NO
38	U74120HR2007PTC039021	Impact Retail Private Limited	Director	30-09-10	05-05-10	-	Active	NO

Name :

Mr. Srikar Gopal Rao

Designation :

Director

Address :

03, 2^nd Floor, 09 Standard House, Juhu Tara Road, Santacruz (W), Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

11.10.1975

Date of Appointment :

28.04.2009

DIN No.:

02116323

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	U27100GJ2005FLC046055	Essar Steel Karnataka Limited.	Additional director	17-06-08	17-06-08	16-01-09	Active	NO
2	U29211PB1980PTC004301	Jindal Combines Private Limited	Director	30-09-08	05-07-08	-	Active	NO
3	U74140MH2008PLC185432	Aegis Aspire Consultancy Services Limited	Director	04-08-08	04-08-08	-	Active	NO
4	U93000GJ2008PLC054681	Essar Heavy Engineering Services Limited	Additional director	15-12-09	04-08-08	-	Active	NO
5	U26940MH2008PLC185664	Essar Cements Limited	Director	11-08-08	11-08-08	23-08-11	Active	NO
6	U01403MH2008PLC186562	Essar Biofuels Limited	Director	08-09-08	08-09-08	-	Active	NO
7	U72900MH2009PLC192075	Aegis Tech Limited	Director	28-04-09	28-04-09	-	Active	NO
8	U35921WB1991PTC052824	Sinter Keramos and Composites Private Limited	Additional director	31-08-09	31-08-09	-	Active	NO
9	U45200MH2007PTC168387	Edwell Park Properties Private Limited	Director	28-09-09	31-08-09	-	Active	NO
10	U45400MH2007PTC172088	Ibrox Properties Private Limited	Director	29-09-09	31-08-09	-	Active	NO
11	U85110KA1992PLC012870	Esl Worldwide Sea Logistics Limited	Additional director	02-09-09	02-09-09	-	Strike off	NO
12	U74200MH2007PLC172280	Essar Engineering Services Limited	Director	30-09-09	30-09-09	-	Active	NO
13	U72900DL2003PLC119377	Aegis Bpo Services (Gurgaon) Limited	Additional director	21-10-09	21-10-09	-	Active	NO
14	U64204MH1997PTC111999	Highband Communications Private Limited	Additional director	30-11-09	30-11-09	-	Active	NO
15	U51504MH2008PLC181399	Global Supplies (India) Limited	Additional director	15-12-09	15-12-09	-	Active	NO
16	U67190GJ2000PTC038055	Essar Telecom Infrastructure Holdings Overseas Private Limited	Additional director	21-01-10	21-01-10	-	Active	NO
17	U51900MH2008PLC185022	Global Commodities Trading Limited	Additional director	26-08-10	26-08-10	-	Active	NO
18	U65990MH1989PLC054296	Sasmita Investments Limited	Director	27-09-10	31-08-10	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 09.09.2011

Names of Shareholders	No. of Shares
Aegis Limited, India	49994
Suresh Sundaram	1
N B Vyas	1
Girish K Sathe	1
Madan Mohan Mundhra	1
V Ganeshan	1
R Vijay	1
TOTAL	50000

Equity Share Break up (Percentage of Total Equity)

As on 09.09.2011

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in services provider delivering technology-driven business solutions.

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

Not Available

Facilities :

Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Holding Company	182.801	120.392
Total	182.801	120.392

Banking Relations :	--
Auditors :
Name :	S R Batliboi and Company Chartered Accountant
Address :	Jalan Mill Compound, 95 Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400013, Maharashtra, India
PAN.:	AALFS0506L
Holding Company :	Aegis Limited Cin No.: U99999MH1992PLC064767
Ultimate Holding Company :	Essar Global Limited
Subsidiaries :	Highband Communications Private Limited CIN NO.:U64204MH1997PTC111999
Fellow Subsidiaries :	Aegis Communication Group Inc, USA Aegis Tech Private Limited Aegis Tech Singapore PTE Limited Aegis BPO Service (Gurgaon) Limited (up to December 18,2010) AGC Network Limited Equinox Business Parks Private Limited Essar Power (Jharkand) Limited Essar Telecom Kenya Limited
Common Control	Futura Travels Limited Essar Infrastructure Services Limited Essar Investment Limited Highband Communication Private Limited (from October 21, 2010) Aegis BPO Services (Gurgaon) Limited (from December 19, 2010) The Mobile Store Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares (All the above share are held by Aegis Limited, the holding company)	Rs.10/- each	Rs.0.500 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.500	0.500
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		(84.445)	(132.084)
NETWORTH		(83.945)	(131.584)
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		182.801	120.392
TOTAL BORROWING		182.801	120.392
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		98.856	(11.192)
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000	0.000
Capital work-in-progress		4.352	0.000
INVESTMENT		0.000	7.300
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	11.152	0.000
	Sundry Debtors	175.263	17.696
	Cash & Bank Balances	2.612	1.536
	Other Current Assets	0.787	0.334
	Loans & Advances	72.067	18.390
Total Current Assets		261.881	37.956
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	70.586	13.653
	Other Current Liabilities	96.791	38.528
	Provisions	0.000	4.267
Total Current Liabilities		167.377	56.448
Net Current Assets		94.504	(18.492)
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		98.856	(11.192)

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	488.293	94.001
		Other Income	0.005	0.000
		TOTAL (A)	488.298	94.001
Less	EXPENSES
		Purchase of Trading Goods	122.874	12.591
		Increase/ Decrease in Stock	(11.152)	0.000
		Personnel Expenses	232.295	190.135
		Opearating and Other Expenses	84.640	23.350
		TOTAL (B)	428.657	226.076
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		59.641	(132.075)
Less	FINANCIAL EXPENSES (D)		0.128	0.009
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		59.513	(132.084)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.000	0.000
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		59.513	(132.084)
Less	TAX (H)		11.874	0.000
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		47.639	(132.084)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(132.084)	0.000
	BALANCE CARRIED TO THE B/S		(84.445)	(132.084)
	IMPORTS
		Traded Items	42.212	0.751
	TOTAL IMPORTS
	Earnings Per Share (Rs.)		953.00	(2853.00)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009
PAT / Total Income	(%)	9.76	(140.51)
Net Profit Margin (PBT/Sales)	(%)	12.19	(140.51)
Return on Total Assets (PBT/Total Assets}	(%)	22.73	(347.99)
Return on Investment (ROI) (PBT/Networth)		(0.71)	1.00
Debt Equity Ratio (Total Liability/Networth)		(4.17)	(1.34)
Current Ratio (Current Asset/Current Liability)		1.56	0.67

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF CREDITORS

Particulars	31.03.2011	31.03.2010
Total Outstanding dues of Micro and Small Enterprise	0.000	0.000
Others	70.586	13.653
TOTAL	70.586	13.653

FINANCIAL PERFORMANCE

During the year the company had an income of Rs.488.200 millions and total expense of Rs.428.700 millions resulting in profit of Rs.59.500 millions

NATURE OF OPERATION

Subject was incorporated on April 28, 2009 under the provision of the companies act, 1956 and is engaged in delivering technology driven business solutions. The company delivers business value of customers through a combination of process excellence, quality framework and services delivery innovation.

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.53.21
UK Pound	1	Rs.83.32
Euro	1	Rs.69.51

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	-
--CREDIT LINES	1~10	2
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		19

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	-

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