MIRA INFORM REPORT

Report Date :

10.01.2011

IDENTIFICATION DETAILS

Name :	E2E INFOTECH LIMITED

Registered Office :	St James House, 13 Kensington Square, London, W8 5hd

Country :	United Kingdom

Financials (as on) :	31.03.2010

Date of Incorporation :	27.04.2000

Com. Reg. No.:	03981436

Legal Form :	Private Limited Company

Line of Business :	Provision of software components and consulting services to the financial services industry, specialising in the area of trading investment banking

RATING & COMMENTS

MIRA’s Rating :

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

Maximum Credit Limit :	GBP 115,000

Status :	Satisfactory

Payment Behaviour :	No Complaints

Litigation :	Clear

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 – June 30, 2010

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

United Kingdom

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

Company Identification Details

Subject Reported on	E2E INFOTECH LIMITED
Registration Number	03981436

Creditline Recommendations

Monthly Credit Guide

GBP 115,000

Official Company Data

Legal Form	Private Limited
Registration Number	03981436
Subject Status	Trading
Date of Incorporation	27/04/2000
Registered Office	ST JAMES HOUSE, 13 KENSINGTON SQUARE, LONDON, W8 5HD.
History	28/02/2006 : The Registered Office address changed from 66 WIGMORE STREET, LONDON, W1U 2HQ.
	17/10/2001 : The Registered Office address changed from 18 CRATHIE ROAD, LONDON, SE12 8BX.
	23/02/2001 : The Registered Office address changed from PETER G STEWART & CO 41 WARREN, ROAD, BANSTEA.
Date of Last Annual Return to Registry	27/04/2010
Accounts	The last filed accounts at Companies House are those to 31/03/2010
Accounting Reference Date	31/03

Operations

Activities	The provision of software components and consulting services to the financial services industry, specialising in the area of trading investment banking.
Nace Code	7221
Staff Employed	15
Auditors	Harmer Slater Ltd

Historical Rating

Date	Monthly Credit Guide
08/01/2011	115,000
08/10/2010	115,000
08/07/2010	115,000
08/04/2010	115,000
08/01/2010	115,000

Public Record Information

Summary of CCJ's/Scottish Decrees

No CCJs/Scottish Decrees are recorded in our file.

Other Filings and Notices

Date

Source

Description

13/10/2010	Companies House Gazette	Notification of any change among the company's directors
15/10/2007	Companies House Gazette	Change among directors of a company
09/10/2007	Companies House Gazette	Change among directors of a company
08/10/2007	Companies House Gazette	Change among directors of a company
13/06/2005	Companies House Gazette	Change among directors of a company
16/10/2004	Companies House Gazette	Change among directors of a company
13/10/2004	Companies House Gazette	Change among directors of a company
21/07/2004	Companies House Gazette	Change among directors of a company
02/06/2004	Companies House Gazette	Change among directors of a company
29/05/2003	Companies House Gazette	Change among directors of a company
10/07/2002	Companies House Gazette	Change among directors of a company
11/06/2002	Companies House Gazette	Alteration in memorandum or articles of association
11/06/2002	Companies House Gazette	"Resolutions which give vary
25/10/2001	Companies House Gazette	Change among directors of a company
24/05/2000	Companies House Gazette	Change among directors of a company

Company Secretary

Secretary	GOODWILLE LIMITED
Service Address	ST JAMES HOUSE, 13 KENSINGTON SQUARE, LONDON, W8 5HD.
Country of Origin	UNITED KINGDOM
Appointment Date	02/02/2006

Directors

Chief Executive	VAIBHAV SHUKLA
Service Address	15 MULBERRY PLACE, LONDON, SE9 6AR.
Country of Origin	UNITED KINGDOM
Date of Birth	11/06/1972
Appointment Date	07/10/2001
Other Directorships	VMS SERVICES LIMITED
Director	AMIT RAMESHCHANDRA SHETH
Service Address	B-1204 ETERNIA MAIN STREET, HIRANANDANI GARDENS POWAI, MUMBAI, 400 076.
Country of Origin	INDIA
Date of Birth	15/11/1967
Appointment Date	29/09/2007
Director	MR SAMIR SHAH
Service Address	2410 CAMINO RAMON, SUITE 339, SAN RAMON, CA, 94 583.
Country of Origin	INDIA
Date of Birth	06/02/1973
Appointment Date	24/06/2010

Share Capital

Shares	Ordinary GBP 1.00
Issued Number	10,000
Principal Shareholder	10,000 Aurionpro Solutions Ltd

The above reflects the principle shareholder(s) by number of shares held, irrespective of share classification type.

Holding Company	Aurionpro Solutions Ltd
Ultimate Parent	AURIONPRO SOLUTIONS LTD, a company incorporated in INDIA

Financial Data– Statutory Accounts

Profit and Loss

The following figures are shown in units of 1000

Number of Weeks	52	52	52	13
Accounts Date	31/03/2010	31/03/2009	31/03/2008	31/03/2007
Consolidated			Yes	Yes
Currency	GBP	GBP	GBP	GBP
SALES	1892	2067	1842	305
UK sales	410	424	345	22
Export	1482	1643	1497	283
Cost of goods sold	1366	1636	870	114
GROSS PROFIT	526	431	972	191
Wages and Salaries	482	535	291	56
Directors Emoluments	160	192	134	22
Auditors Fees	4	4	4	4
Non-Audit Fees	3	3	3	2
Trading Profit	145	194	360	87
Depreciation	2	3	17	4
OPERATING PROFIT	143	191	343	83
Non Trading Income	1	8	11	1
Interest Payable		6
PRE TAX PROFIT	144	193	354	84
Taxation	41	58	129	32
PROFIT AFTER TAX	103	135	225	52
RETAINED PROFITS	103	135	225	52

Balance Sheet

The following figures are shown in units of 1000

Number of Weeks	52	52	52	13
Accounts Date	31/03/2010	31/03/2009	31/03/2008	31/03/2007
Consolidated			Yes	Yes
Currency	GBP	GBP	GBP	GBP
TOTAL FIXED ASSETS	23	1	79	84
Tangible Assets	23	1	79	84
Fixed Assets	1	1	57	62
Intermediate assets	22		22	22
TOTAL CURRENT ASSETS	1253	1170	1226	734
Trade debtors	417	321	480	41
Other Current Assets	836	849	746	693
Misc Current Assets	23	78	76	63
Due From Group	378	226	61	262
Cash	435	545	609	368
TOTAL ASSETS	1276	1171	1305	818
TOTAL CURRENT LIABILITIES	494	492	699	435
Trade creditors	9	8	30	6
Short Term Loans	74
Due To Group	74
Other Liabilities	411	484	669	429
WORKING CAPITAL	759	678	527	299
TOTAL LONG TERM LIABS			1	2
Other Liabilities			1	2
NET ASSETS/(LIABILITIES)	782	679	605	381
SHARE CAPITAL + RESERVES	782	679	605	381
Share Cap + Sundry Res	203	203	203	204
Issued Share Capital	10	10	10	10
Sundry Reserves	193	193	193	194
Profit and Loss account	579	476	402	177
SHAREHOLDERS FUNDS	782	679	605	381
CAPITAL EMPLOYED	782	679	606	383

Financial Comparison

The following figures are shown in units of 1000

Number of Weeks	52	52	52	13
Accounts Date	31/03/2010	31/03/2009	31/03/2008	31/03/2007
Consolidated			Yes	Yes
Currency	GBP	GBP	GBP	GBP
Net Cashflow from Oper.			315	91
Increase in Cash			252	65
Directors Remuneration	160	192	134	22
Auditors Remuneration	4	4	4	4
Liquid Assets	852	866	1089	409
Net Working Capital	759	678	527	299
Other Deferred Liabs			1	2
Tangible Net Worth(T.N.W)	782	679	605	381
Equity	782	679	605	381
Number of Years Trading	10	9	8	7
Number of Employees
Profit per Employee
Sales per Employee

Key Credit Ratios

The following figures are shown as Ratios or Percentages

Accounts Date	31/03/2010	31/03/2009	31/03/2008	31/03/2007
Consolidated			Yes	Yes
Current Ratio	2.5	2.4	1.8	1.7
Pre Tax Profit Margin%	7.6	9.3	19.2	27.5
Gross Profit%	27.8	20.9	52.8	62.6
Debtors Days (D.S.O)	80	57	95	49
Creditors Days (D.P.O)	2	1	6	7
Quick Ratio	2.5	2.4	1.8	1.7
Return on Investment%	16.8	29.3	58.4	21.9
Return on Assets%	11.3	16.5	27.1	10.3
T.N.W/Total Assets%	61.3	58	46.4	46.6
Return on Capital%	18.4	28.4	58.4	21.9
Rtn on Shareholders Funds%	18.4	28.4	58.5	22
Working Capital/Sales%	40.1	32.8	28.6	98
Borrowing Ratio%	9.5
Equity Gearing%	158.3	138	86.4	87.2
Days Purchases Outstanding	2.4	1.8	12.6	19.2
Sales/Fixed Assets	1892	2067	32.3	4.9

Key Industry Sector Trends

Year	2010	2009	2008	2007
Sample Size	17025	49460	48560	43734
Pre-Tax Profit Margin	36.6	32.6	35.2	32.5
Current Ratio	2.1	1.9	1.8	1.9
Borrowing Ratio	58.8	16	10.3	6.7
Return on Capital	218.1	159.2	194.4	160.6
Creditors Days	48	67	97	110

Above figures relate to companies in 2003 Standard Industry Classification (Nace) sector : Software consultancy and supply

Financial Summary

Auditors Qualification

The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the accounts for the period ended 31/03/2010.

Turnover

Turnover reduced from GBP 2,067,000 to GBP 1,892,000, a decrease of 8 % in the period.

Operating Profit

Totalled GBP 143,000. In the year prior a Profit of GBP 191,000 was achieved.

Pre Tax Profit

The subject's profit decreased by 25 % over the previous year.

Working Capital

The company's working capital has improved in the period by 12 %.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.37
UK Pound	1	Rs.70.38
Euro	1	Rs.58.93

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	----

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%)

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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.