MIRA INFORM REPORT

Report Date :

22.02.2011

IDENTIFICATION DETAILS

Name :	ZENITH INFOTECH LIMITED (w.e.f.31.12.1996)
Formerly Known As :	ZENITH NETWORKS LIMITED
Registered Office :	Plot No.B-52, Electronic Sadan, MIDC, TTC Area, Mhape, Navi Mumbai-400710, Maharashtra.
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	20.09.1996
Com. Reg. No.:	11-102705
CIN No.: [Company Identification No.]	L30000MH1996PLC102705
TAN No.: [Tax Deduction & Collection Account No.]	MUMZ00373C
Legal Form :	Public Limited Liability Company. The Company Shares are Listed To the Stock Exchange.
Line of Business :	Manufacturer, Distribution, Marketing, Sale and maintenance of software Products and services, inter alia, for banking, insurance, and other core sectors of economic activity.

RATING & COMMENTS

MIRA’s Rating :

A (59)

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 6200000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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.

ECGC Country Risk Classification List – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION DECLINED BY

Name :	Mr. K. Vadya
Designation :	Finance Manager
Contact No.:	91-22-28377300
Date :	19.02.2011

LOCATIONS

Registered Office :	Plot No.B-52, Electronic Sadan, MIDC, TTC Area, Mhape, Navi Mumbai-400710, Maharashtra, India.
Tel. No.:	91-22-28377300
Fax No.:	91-22-28377297
E-Mail :	manasi.haldankar@zenith-india.com
Website :	www.zenithinfotech.com
Corporate Office :	Zenith House, 29 Central Road, Andheri (E), Mumbai-400093, Maharashtra, India

DIRECTORS

As On : 07.08.2010

Name :	Mr. Rajkumar Jugalkishore Saraf
Designation :	Director
Address :	5, A B and C, Saraf House, %th Floor, V. P. Naik Road, Chowpathy, Mumbai-400007, Maharashtra, India
Date of Birth/Age :	07.10.1945
Date of Appointment :	20.09.1996
DIN No :	00286748
Name :	Mr. Akash Rajkumar Sarf
Designation :	Managing Director
Address :	5, A B and C, Saraf House, %th Floor, V. P. Naik Road, Chowpathy, Mumbai-400007, Maharashtra, India
Date of Birth/Age :	18.12.1978
Date of Appointment :	30.01.2001
DIN No :	00286802
Name :	Mr. Vijay Ram Mukhi
Designation :	Director
Address :	158, Kalpataru Habitat, 15^th Floor, Dr.S.S. Road, Parel (E), Mumbai-400012, Maharashtra, India
Date of Birth/Age :	07.12.1957
Date of Appointment :	20.06.1999
DIN No :	00002633
Name :	Mr. Vipin Maneklal Shah
Designation :	Director
Address :	Flat No.4A, 4^th Floor, Happy Home Apartments, 28 A, Napen Sea Road, Mumbai-400036, Maharashtra, India
Date of Birth/Age :	08.06.1945
Date of Appointment :	31.03.2009
DIN No :	00453645

KEY EXECUTIVES

Name :	Mr. Vaidyanaathan Kalyanasundaram
Designation :	Secretary
Address :	Flat No.79, Phoneix Cooperative Housing Society, Plot No.23, Sector 9 A, Vashi, Navi Mumbai-400703, Maharashtra, India
Date of Birth/Age :	28.03.1952
Date of Appointment :	29.04.2008
PAN No :	AARPV5236A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.12.2010

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	6463775	50.97
Bodies Corporate	1765077	13.92
Sub Total	8228852	64.89
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	8228852	64.89
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	133976	1.06
Foreign Institutional Investors	2226505	17.56
Sub Total	2360481	18.62
(2) Non-Institutions
Bodies Corporate	42926	0.34
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	906226	7.15
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	487424	3.84
Any Others (Specify)	655470	5.17
Clearing Members	8690	0.07
Foreign Nationals	400	--
Non Resident Indians	19814	0.16
Trusts	150000	1.18
Overseas Corporate Bodies	3800	0.03
Foreign Corporate Bodies	472766	3.73
Sub Total	2092046	16.50
Total Public shareholding (B)	4452527	35.11
Total (A)+(B)	12681379	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Distribution, Marketing, Sale and maintenance of software Products and services, inter alia, for banking, insurance, and other core sectors of economic activity.

Products :

ITC CODE	PRODUCTS
852400	Computer Software and Services
847100	Computer Network and Integration.

GENERAL INFORMATION

No. of Employees :

Not Divulged to The Management.

Bankers :

· Standard Chartered Bank, SME Credit, 23-25, M. G. Road, Fort, Mumbai-400001, Maharashtra, India

· ICICI Bank

· State Bank of India

Facilities :

UNSECURED LOAN	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Foreign Currency Convertible Bonds (FCCB)	3074.492	3194.402
Total	3074.492	3194.402

Banking Relations :	--
Auditors :
Name :	C L Khanna and Company Chartered Accountant
Address :	Chiranjeev, Plot No.8, Greater Bombay Cooperative Housing Society Limited, Gulmohar Cross Road No.4, JVPD Scheme, Mumbai-400049, Maharashtra, India
Subsidiaries :	Ø Zenith Computers Limited Ø Zenith Infotech FZE
Joint Venture :	Ø Managed Data Centre Services Limited
Others :	Ø Zenith Computer Limited Ø Zenith Technologies Limited Ø Zenith Controls and Systems Private Limited Ø Zenith Software Limited Ø VU Technologies Private Limited Ø Free Systems Technology Labs Private Limited

CAPITAL STRUCTURE

As On : 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs. 10/- each	Rs. 250.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12681379	Equity Shares	Rs. 10/- each	Rs. 126.814 millions

Notes :

Out of the above Equity Shares 2625000 Equity Shares of Rs.10 each were allotted as fully paid up by way of bonus shares by capitalization of a General Reserves.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		126.814	122.354	117.875
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1429.114	1395.798	938.324
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1555.928	1518.152	1056.199
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		3074.492	3194.402	3317.510
TOTAL BORROWING		3074.492	3194.402	3317.510
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		4630.420	4712.554	4373.709
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1807.556	2090.780	1646.302
Capital work-in-progress		75.823	36.294	99.984
INVESTMENT		779.273	25.809	456.783
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	87.879	96.655	0.715
	Sundry Debtors	961.630	807.577	412.751
	Cash & Bank Balances	357.033	1287.929	1819.993
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1023.661	744.083	89.914
Total Current Assets		2430.203	2936.244	2323.373
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	43.644	23.808	19.105
	Other Current Liabilities	320.383	324.775	171.977
	Provisions	98.418	111.700	45.361
Total Current Liabilities		462.445	460.283	236.443
Net Current Assets		1967.758	2475.961	2086.930
MISCELLANEOUS EXPENSES		0.000	83.710	83.710
TOTAL		4630.420	4712.554	4373.709

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	2896.874	2003.339	1136.026
		Other Income	3.794	0.116	0.067
		TOTAL (A)	2900.668	2003.455	1136.093
Less	EXPENSES
		Cost of Sales and services	538.152	178.156	56.292
		Employees Remuneration	589.384	458.698	296.875
		Selling and Distribution Expenses	616.086	408.081	180.541
		Exceptional Items	425.022	0.000	0.000
		TOTAL (B)	2168.644	1044.935	533.708
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		732.024	958.520	602.385
Less	FINANCIAL EXPENSES (D)		252.014	86.542	51.967
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		480.010	871.978	550.418
Less/ Add	DEPRECIATION/ AMORTISATION (F)		452.469	330.080	144.532
	PROFIT BEFORE TAX (E-F) (G)		27.541	541.898	405.886
Less	TAX (H)		2.350	58.395	8.000
	PROFIT AFTER TAX (G-H) (I)		25.191	483.503	397.886
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.861	0.405	0.481
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	452.500	378.500
		Dividend	25.363	24.471	17.681
		Tax on Dividend	4.310	4.159	3.005
		Provision for Taxation for Earlier Years	(6.057)	0.917	(1.224)
	BALANCE CARRIED TO THE B/S		3.436	1.861	0.405
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	2773.077	1837.199	973.384
	TOTAL EARNINGS		2773.077	1837.199	973.384
	IMPORTS
		Raw Materials	87.753	96.563	NA
		Stores & Spares	0.126	0.092	NA
	TOTAL IMPORTS		87.879	96.655	NA
	Earnings Per Share (Rs.)		1.99	39.52	34.08

QUARTERLY RESULTS

(Rs. In Millions)

PARTICULARS	30.06.2010	30.09.2010	31.12.2010
	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	807.520	821.750	794.360
Total Expenditure	510.520	672.270	635.800
PBIDT (Excl OI)	297.000	149.480	158.560
Other Income	0.010	0.030	0.020
Operating Profit	297.010	149.500	158.590
Interest	76.210	45.350	60.470
Exceptional Items	0.000	0.000	0.000
PBDT	220.80	104.150	98.120
Depreciation	88.380	93.130	96.290
Profit Before Tax	132.410	11.030	1.830
Tax	26.390	2.200	(0.600)
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	106.020	8.830	2.430
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	106.020	8.830	2.430

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.87	24.13	35.02
Net Profit Margin (PBT/Sales)	(%)	0.95	27.05	35.73
Return on Total Assets (PBT/Total Assets}	(%)	0.65	10.78	10.22
Return on Investment (ROI) (PBT/Networth)		0.02	0.36	0.38
Debt Equity Ratio (Total Liability/Networth)		2.27	2.41	5.34
Current Ratio (Current Asset/Current Liability)		5.26	6.38	9.83

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

(Rs. In Millions)

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors	43.644	23.808	19.105

REVIEW OF OPERATIONS
 
 a) As compared to the previous year, the net sales revenue registered a growth of 45% to reach Rs. 2896.900 millions.
 
 b) During the year, the Earnings before Interest, Depreciation and Taxes (EBIDTA) of the Company has increased to Rs. 1157.000 millions as against Rs. 958.400 millions. During the previous year thereby registering a
 robust growth of 21%.
 
 d) Exports of the company’s SAAZ software, Virtual NOC, BDR and ARCA product grew to Rs. 2773.100 millions as against Rs. 1837.200 millions during the previous year, thus clocking an impressive growth of 51% during the year.
 
 e) The company’s new product lines code-named Smart Style Office and Private Cloud Computing named PROUD was launched in the North American and European markets in March 2010. Products are based on cutting edge server and storage virtualization technology and are targeted at the high growth Haas (hardware as a service) market.
 
 PROSPECTS AND OUTLOOK
 
 • The Directors are fully seized of the fact that the need of the hour is to enhance the Revenue and Profit to higher levels and to achieve this end, efforts have been initiated by adding on value of products, customers and markets.
 
 • Vigorous marketing efforts and ceaseless cost reduction activities continue with more thrust and vigor to accomplish these goals.
 
 • The efforts are being intensified to sustain leadership position by constantly upgrading the products to match advancing technology trends, maintaining the superiority in quality, and continuing the unblemished timely service support;
 
 • The Directors are hopeful that all the above, coupled with continuous monitoring of inventory, receivables and overheads, would result in healthier results during the current and coming years.
 

FORM 8

Corporate identity number of the company	L30000MH1996PLC102705
Name of the company	ZENITH INFOTECH LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No.B-52, Electronic Sadan, MIDC, TTC Area, Mhape, Navi Mumbai-400710, Maharashtra, India.
This form is for	Modification of charge
Type of charge	Immovable property
Particular of charge holder	Standard Chartered Bank, SME Credit, 23-25, M. G. Road, Fort, Mumbai-400001, Maharashtra, India
Nature of instrument creating charge	Memorandum of Entry
Date of instrument Creating the charge	03.09.2010
Amount secured by the charge	Rs. 1000.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Credit Facility. Interest / Commission - As agreed by and with the Bank from time to time. Terms of repayment As agreed by and with the Bank from time to time. Margin As applicable if any Extent and operation of the charge The Bank is having first charge on security given by the Company
Short particulars of the property charged (Including location of the property)	First charge on property bearing plot no. 30, admeasuring 1000 sq mts. Along with factory building standing thereon situate at Marol Industrial Area, Mulgaon, Andheri East, Mumbai.
Charge identification number of the charge to be modified	10236955
Particulars of the present modification	By present modification, the existing charge of Rs.1000.000 millions is also now secured with immovable properties, as a first charge, of the Company viz Property bearing plot no. 30, admeasuring 1000 sq mts. along with factory building standing thereon situate at Marol Industrial Area, Mulgaon, Andheri East, Mumbai.

FIXED ASSETS

Ø Land

Ø Building

Ø Furniture and Fixtures

Ø Office Equipments

Ø Computers

Ø Electrical Fittings

Ø Vehicle

Un-audited financial results for the quarter ended 31^st December, 2010

(Rs. In millions)

Particulars	Quarter Ended 31.12.2010 (Unaudited)	Nine Month Ended 31.12.2010 (unaudited)
(a) Net Sales- Software and Services	794.364	2423.632
2. Expenditure
a. Cost of sales and Services	292.400	761.728
b. Staff Cost	163.227	479.152
c. Depreciation	96.293	277.801
d. Other Expenditure	180.168	577.709
e. Total	732.088	2096.390
3. Profit(+)/ Loss(-) from Operations before other Income Interest and Exceptional Item(1-2)	62.276	327.242
4. Other Income-Foreign Exchange Fluctuation-Gain/(Loss)	0.022	0.054
5. Profit(+)/ Loss(-) before Interest and Exceptional Item	62.298	327.296
6. Interest
7. Profit(+)/ Loss(-) after Interest but before Exceptional Item (5-6)	60.471	182.032
8. Exceptional Items	1.827	145.264
9. Profit(+)/ Loss (-) from ordinary activities before Tax (7-8)	1.827	145.264
10. Tax Expenses	(0.602)	27.986
11. Net Profit(+)/ Loss (-) from ordinary activities after Tax (9-10)	2.429	117.278
12. Extraordinary Items (Net of Tax Expense Rs.________)	--	--
13. Net Profit (+)/ Loss(-) for the period (11-12)	2.429	117.278
14. Paid Up Equity Share Capital (Face Value of Rs.10 Per Share)	126.814	126.814
15. Reserves excluding Revaluation Reserves as per Balance Sheet of Previous Accounting Year	--	--
16. Earning per Share (EPS)
a) Basic and diluted EPS before extraordinary items for the period, for the year to date and for the previous year (not annualised)	0.19	9.25
17. Public Shareholding
Number of Shares	4452527	4452527
% of Share holding	35.11	35.11
18. Promoters and promoter group Shareholding
a) Pledged/Encumbered
- Number of shares	Nil	Nil
- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	Nil	Nil
- Percentage of shares (as a % of the total share capital of the company)	Nil	Nil
b) Non-encumbered
- Number of shares	8228852	8228852
- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	100	100
- Percentage of shares (as a % of the total share capital of the company)	64.89	64.89

Notes :

1) The above results were reviewed and recommended by the audit committee and approved by the Board of Directors on 12^th February, 2011.

2) The Company operates In a single segment only.

3) The Company has received B investors' complaints during the quarter, all the 8 have been redressed. No complaints b/f from previous quarter. No complaints c/f to next Quarter.

Un-audited financial results for the quarter ended 31^st December, 2010

(Rs. In millions)

Particulars	Quarter Ended 31.12.2010 (Unaudited)	Nine Month Ended 31.12.2010 (unaudited)
(a) Net Sales- Software and Services	883.791	2671.003
2. Expenditure
a. Cost of sales and Services	292.721	766.214
b. Staff Cost	242.064	695.449
c. Depreciation	96.329	277.905
d. Other Expenditure	185.424	590.689
e. Total	816.538	2330.257
3. Profit(+)/ Loss(-) from Operations before other Income Interest and Exceptional Item(1-2)	67.253	340.746
4. Other Income-Foreign Exchange Fluctuation-Gain/(Loss)	0.277	0.660
5. Profit(+)/ Loss(-) before Interest and Exceptional Item	67.530	341.406
6. Interest	--	--
7. Profit(+)/ Loss(-) after Interest but before Exceptional Item (5-6)	60.473	182.231
8. Exceptional Items	7.057	159.175
9. Profit(+)/ Loss (-) from ordinary activities before Tax (7-8)	7.057	159.175
10. Tax Expenses	(0.392)	28.615
11. Net Profit(+)/ Loss (-) from ordinary activities after Tax (9-10)	7.449	130.560
12. Extraordinary Items (Net of Tax Expense Rs.________)	--	--
13. Net Profit (+)/ Loss(-) for the period (11-12)	7.449	130.560
14. Paid Up Equity Share Capital (Face Value of Rs.10 Per Share)	126.814	126.814
15. Reserves excluding Revaluation Reserves as per Balance Sheet of Previous Accounting Year	--	--
16. Earning per Share (EPS)
a) Basic and diluted EPS before extraordinary items for the period, for the year to date and for the previous year (not annualised)	0.59	10.30
17. Public Shareholding
Number of Shares	4452527	4452527
% of Share holding	35.11	35.11
18. Promoters and promoter group Shareholding
a) Pledged/Encumbered
- Number of shares	Nil	Nil
- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	Nil	Nil
- Percentage of shares (as a % of the total share capital of the company)	Nil	Nil
b) Non-encumbered
- Number of shares	8228852	8228852
- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	100	100
- Percentage of shares (as a % of the total share capital of the company)	64.89	64.89

Notes :

1) The above results were reviewed and recommended by the audit committee and approved by the Board of Directors on 12th February, 2011.

2) The consolidated financial results comprises the Company and its Subsidiaries.

3) The Company operates in a single segment only.

4) The Company has received 8 investors' complaints during the quarter; all the 8 have been redressed. No complaints blf from previous quarter. No complaints dl to next Quarter.

5) The standalone financial results have been made available to the Stock Exchanges where the company's shares are listed

WEB SIDE DETAILS

HISTORY

Subject is an international company serving IT Service Providers worldwide. Their US-based headquarters is in Pittsburgh, Pennsylvania. Their portfolio consists of three separate yet complimentary services: Managed Services with Back Office support, Help Desk and Business Continuity. From their company’s inception in 1996, their goal has always focused around identify emerging enterprise-class technologies and designing solutions catered to the small and medium business. Their cost-effective solutions enable IT service providers to profitably grow their business while improving the quality of service with their clients.

EXECUTIVE TEAM

Akash Saraf, Managing Director and CEO

At the age of 15, Akash Saraf started working with his father at Zenith Computers Limited. in India. He started Zenith Infotech, the software company, in 1996 and made inroads in the Indian banking and financial industry by developing solutions for total branch automation. In 2000 – 2001, Akash foresaw the need for IT infrastructure management solutions for small and midsize businesses.

Maurice Saluan, Senior Vice President of Sales

Maurice Saluan is a seasoned sales veteran who is responsible for directing Zenith sales staff while continuing to build our existing partner relationships. He is a Senior Sales Executive with expertise in sales leadership, channel strategy, business development, operations, marketing, team development and contract negotiations. Over the last 25 years he has held ownership positions as well management positions with a Fortune 100 Company, System Integrators, ERP Software Resellers and VARs selling into various vertical markets. Just prior to joining Zenith he was Director of Business Development for a mature managed service provider with multiple locations in the Midwest.

In 2010, in addition to being recognized in Cambridge’s Who’s Who of International Executives, Maurice was listed in Nine Lives Media Inc.’s third-annual MSPmentor 250 List, a global report that identifies the world’s leading managed services executives, entrepreneurs, experts, coaches and community leaders. Maurice regularly has articles and blogs published by Business Solutions Magazine, Vertical System Reseller, Redmond Channel Partner, MSPmentor and the Sales Ladder. In addition, Maurice has hosted and participated in many webcasts, webinars, blog radio and podcasts focused on technology, marketing and selling.

Rajeev Laghate, Vice President of Operations

Since joining the company in 2001, Rajeev Laghate has played a leading role in making the Zenith Infotech name familiar to IT solution providers around the world. Among his major accomplishments is directing efforts that resulted in Zenith’s base of partners expanding from about 30 in 2005 to more than 4,000 in 2010. Rajeev’s primary responsibilities include creating an overall operations strategy that builds organizational agility, creates a culture of execution and establishes a sense of urgency critical for a services business. Rajeev is a proficient Go-to-market strategist with 19 years of experience and has an engineering background.

MANAGEMENT TEAM

• Barb Burk, Senior Director of Marketing

Barb Burk joined Zenith Infotech in July 2007 to oversee marketing and communications initiatives for branding, advertising, lead generation, events, collateral, telesales, media buying and other promotional activities. Her role extends to the company’s India-based operations, helping ensure close alignment and coordination with Zenith’s overseas marketing teams. Barb has over 12 years experience in marketing, event coordination, and graphic design.

• Barry Bernazzoli, Director of Channel Sales

Currently Director of Sales with Zenith Infotech Limited. Been with Zenith Infotech for 4.5 years. Started out as the sole Account Manager responsible for presales support, sales, and partner account management. Been in the IT Industry for 27 years. Started out in the US Army working at the Pentagon for the Joint Chiefs of Staff operating all of the computer equipment (tape drives, disk drive, printers, etc) at their mainframe. During the lengthy period of time between the Army and Zenith, I held many positions. This included in-house Network Administrator for several companies, Field Service Technician, Service Manager, and General Manager for a Pittsburgh based IT Support company.

• Jason Jacobetz, Director of Channel Sales

As the Director of Sales for Zenith Infotech, Jason Jacobetz brings over 11 years of professional experience leading strategic sales and marketing initiatives for technology services companies ranging from consulting start-ups to mature industry leaders in the business technology market segment. Jason currently oversees functions whose charter is to support Zenith Infotech’s channel sales team of 30 plus staff to increase selling effectiveness. Since joining Zenith Infotech in September of 2006, Jason has held 5 different positions and has been directly responsible for a variety of initiatives related to channel expansion.

• Ryan Morse, Director of Product Management

Ryan Morse joined Zenith in 2006 and is responsible for directing Zenith's product management team and MSPtv Studios. Ryan has played a leading role in Zenith's product marketing, design, and training. Ryan has over 10 years of experience in web marketing, application development and design.

• Kevin Rotar, Director of Service Desk

Kevin Rotar joined Zenith Infotech in March of 2007 and is the Director of Zenith's Virtual Service Desk. He also oversees all of Zenith's internal IT operations. Kevin's first position with Zenith was that of Service Desk Manager where he stepped in and changed many of the processes and procedures used by the Service Desk with the goal of providing the absolute best service to Zenith’s Managed Service Partners and their clients. Since then, the Service Desk has continued to expand its client base while maintaining first class support.

• Raymond Vrabel, Director of Account Management

Raymond Vrabel is the Director of Account Management at Zenith Infotech. He joined Zenith Infotech in June of 2005 and has 10 years experience in the IT industry. He has had several positions within Zenith as Service Desk Manager, Sr. Technical Account Manager, and most recently Sr. Manager of Service Operations. He holds a Bachelors of Science in Business Technology Support and Training from Indiana University of Pennsylvania.

• Stephan Cico, Director of Technical Sales

Stephan Cico joined Zenith Infotech in September of 2004 as a Technical Account Manager (TAM) and has risen through the ranks as Account Manager, Senior Sales Engineer, Senior Technical Account Manager and currently is the Director of Technical Sales. As Director of Technical Sales, he works with Zenith’s Technical Sales Managers and entire Channel Sales team to get the channel to sign up for Zenith’s various services and go through successful evaluations.

PRESS RELEASE

ZENITH INFOTECH INTRODUCES “MIRRORCLOUD,” THE NEXT GENERATION IN BUSINESS CONTINUITY

Smart Style Computing software add-on provides exceptional scalability, fault tolerance and redundancy when compared to other business continuity technologies

WARRENDALE, Penn. – Feb. 17, 2011 – Zenith Infotech, a technology innovation company specializing in cloud, business-continuity and virtual help-desk solutions, today introduces Mirror Cloud, a revolutionary lightweight backup and disaster recovery software application for the upper SMB market. Through a process of advanced data cloning, Mirror Cloud takes zero-copy data snapshots of any physical and virtual Windows server or desktop, dramatically increasing Recovery Point Objectives (RPOs). Mirror Cloud quickly reproduces a virtual image of any failed server or desktop within minutes, circumventing downtime should disaster strike. It is the latest add-on to Zenith’s pioneering Smart Style Computing line of cloud solutions.

Leveraging Zenith’s Smart Style Computing platform, Mirror Cloud is ideal for companies between 500 and 1,000 users requiring less than 100 TB of storage. Since the virtual “mirror” images are presented at block level, settings such as the NetBIOS name, IP address and more remain the same within the replicated data scheme. Once the server or desktop is virtualized, a live bare-metal restore (BMR) can be invoked for data restoration to physical hardware. Live BMR allows users to continue to access data while the BMR is taking place, further increasing up-time.

“Mirror Cloud is a key development in what we call our Cloud Revolution,” said Ryan Morse, director of product management for Zenith Infotech. “Its Business Continuity features have catapulted Smart Style Computing beyond the small business environment, facilitating an exceedingly reliable cloud-based infrastructure. The technical prowess of this application singles out the Zenith brand in the backup space. It will compel the cloud computing trend forward, removing one of the cloud’s perceived barriers-to-market.”

Next-Generation Business Continuity in a Private-Cloud Solution

Mirror Cloud is a software add-on to the Smart Style Computing platform that allows servers and workstations to achieve exemplary, next-generation business continuity. Its advanced technologies safeguard data in a secure, private cloud environment. Exponentially more reliable than a RAID system, Mirror Cloud is part of Zenith Infotech’s turn-key suite of Smart Style Cloud Computing solutions, designed to drive the Cloud Revolution ahead in the IT channel.

Key features include:

• Continuous data mirroring

• Failover virtualization

• Live bare metal restore

• Granular exchange recovery

• Off-site transfer

About Zenith Infotech

Zenith Infotech Ltd is a technology innovation company and a leading provider of Managed Service Back Office, Business Continuity and Help Desk Solutions. The company’s award-winning solutions enable its channel partners to scale their business without increasing their overhead. The Smart Style Cloud Computing family of products is the latest addition to Zenith’s offerings. Mirror Cloud, a software add-on to the Smart Style Platform, represents the next generation of back-up and disaster recovery solutions. Zenith Infotech Limited has US headquarters in Pittsburgh, Penn. and world-wide headquarters in Mumbai, India. Its stock is traded on the Bombay Stock exchange.

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.45.11
UK Pound	1	Rs.73.25
Euro	1	Rs.61.70

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		59

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.