MIRA INFORM REPORT

Report Date :

20.01.2011

IDENTIFICATION DETAILS

Name :	AXIS SOLUTIONS PRIVATE LIMITED
Registered Office :	34, Shantinagar Society, Juna Wadaj, Of Ashram, Ahmedabad – 380013, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	06.05.2005
Com. Reg. No.:	04-46004
CIN No.: [Company Identification No.]	u31909gj2005ptc046004
TAN No.: [Tax Deduction & Collection Account No.]	ahma05452g
PAN No.: [Permanent Account No.]	aafca2088j
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Engineering Products like Instrumental Panels, etc.

RATING & COMMENTS

MIRA’s Rating :

B (28 )

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 13988
Status :	Small Company
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a small company in its field. Its scale of activities are limited. Trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

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 PARTED BY

Name :	Mr. Amrutbhai Prajapati
Designation :	Accounts Manager
Contact No.:	91-9825451898
Date :	19.01.2011

LOCATIONS

Registered Office :	34, Shantinagar Society, Juna Wadaj, Of Ashram, Ahmedabad – 380013, Gujarat
Tel. No.:	91-79-27551322
E-Mail :	info@axisindia.in accounts@axisindia.in bijal@icenet.net
Website :	www.axisindia.in
Area :	500Sq.fts
Location :	Owned
Factory :	Plot No. 324, Road No. 5, GIDC, Kathwada, Ahmedabad – 382 430, Gujarat
Tel. No.:	91-79-22900861
Fax No.:	91-79-22902805
Area :	1500sq.fts
Location :	Owned
Sales Office :	Located at : Mumbai

DIRECTORS

AS ON 25.09.2010

Name :	Ms. Bijal D Sanghvi
Designation :	Director
Address :	34, Shantinagar Society, Juna Wadaj, Of Ashram, Ahmedabad – 382 430, Gujarat
Date of Birth/Age :	22.06.1971
Qualification :	Mech. Engineer
Date of Appointment :	06.05.2005
Name :	Ms. Purvi B Sanghvi
Designation :	Director
Address :	34, Shantinagar Society, Juna Wadaj, Of Ashram, Ahmedabad – 382 430, Gujarat
Date of Birth/Age :	18.06.1975
Qualification :	Computer Engineer
Date of Appointment :	06.05.2005

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 25.09.2010

Names of Shareholders	No. of Shares
Ms. Bijal D Sanghvi	9000
Ms. Purvi B Sanghvi	1000
Duke Business Private Limited, Mumbai	20000
Total	30000

AS ON 25.09.2010

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		66.67
Directors or relatives of directors		33.33
	Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Engineering Products like Instrumental Panels, etc.
Exports :
Products :	Engineering Products
Countries :	Germany, Singapore, Dubai
Imports :
Products :	Machinery, Raw Materials
Countries :	Germany
Terms :
Selling :	L/C, Cash, Credit
Purchasing :	L/C, Cash, Credit

GENERAL INFORMATION

Customers :

Corporates

No. of Employees :

30 (In office 10 + In factory 20)

Bankers :

· Bank of Baroda, Naranpura Branch, Ambica Bhuvan, Opp. Sanghvi High School, Navrangpura, Ahmedabad – 380 013, Gujarat

· Axis Bank

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Bank of Baroda (Against Personal Assets of directors)	1.877	2.069
Total	1.877	2.069
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Form Directors (Bijal D Sanghvi)
Bijal D Sanghvi	0.040	0.036
Purvi B sanghvi	0.556	0.312
From – Family Members
Dinesh N Sanghvi	0.282	0.545
From Others
Bijal D Sanghvi - HUF	0.202	0.000
Ketan Construction Limited	0.000	2.641
Ras Concepts Private Limited	0.540	0.517
Kalarasik Enterprises Private Limited	1.016	0.000
Rachana Global Excavation Limited	2.631	0.000
Total	5.269	4.051

Banking Relations :

---

Auditors :

Name :

Vipul Kothari and Company

Chartered Accountants

Address :

202, Ashwamegh Opposite Mithakali Municipal Garden Near Mithakali Under Bridge, Navrangpura, Ahmedabad – 380009, Gujarat

Tel. No.:

91-79-26407980

Associates/Subsidiaries :

Axis Engineering, Ahmedabad

Line of Business: Trader of Engineering Products.

CAPITAL STRUCTURE

As on: 31.03.2010

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
30000	Equity Shares	Rs. 10/- each	Rs. 0.300 million

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		0.300	0.100	0.100
2] Share Application Money		0.000	2.000	0.000
3] Reserves & Surplus		3.197	0.547	0.303
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3.497	2.647	0.403
LOAN FUNDS
1] Secured Loans		1.877	2.068	1.995
2] Unsecured Loans		5.269	4.051	0.638
TOTAL BORROWING		7.146	6.119	2.633
DEFERRED TAX LIABILITIES		0.169	0.019	(0.007)
TOTAL		10.812	8.785	3.029
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.453	2.657	0.207
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.629	4.051	2.106
	Sundry Debtors	9.550	12.161	8.413
	Cash & Bank Balances	13.061	0.802	3.668
	Other Current Assets	0.311	0.000	0.000
	Loans & Advances	2.427	1.647	0.519
Total Current Assets		29.978	18.661	14.706
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	21.725	11.985	11.725
	Other Current Liabilities	0.227	0.000	0.000
	Provisions	0.667	0.548	0.159
Total Current Liabilities		22.619	12.533	11.884
Net Current Assets		7.359	6.128	2.822
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		10.812	8.785	3.029

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	55.208	26.596	9.214
		Other Income		0.112
		TOTAL (A)	55.208	26.708	9.214
Less	EXPENSES
		TOTAL (B)	NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.741	1.111	0.545
Less	FINANCIAL EXPENSES (D)		0.680	0.424	0.080
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.061	0.687	0.465
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.816	0.267	0.010
	PROFIT BEFORE TAX (E-F) (G)		1.245	0.420	0.455
Less	TAX (I)		0.396	0.176	0.152
	PROFIT AFTER TAX (G-I) (J)		0.849	0.244	0.303
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.547	0.303	0.000
	BALANCE CARRIED TO THE B/S		1.397	0.547	0.303
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	7.639	2.050	NA
	TOTAL EARNINGS		7.639	2.050	NA
	IMPORTS
		Raw Materials	19.799	7.251	NA
		Capital Goods	0.000	3.004	NA
	TOTAL IMPORTS		19.799	10.255	NA
	Earnings Per Share (Rs.)		34.80	24.42	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.54	0.91	3.29
Net Profit Margin (PBT/Sales)	(%)	2.25	1.58	NA
Return on Total Assets (PBT/Total Assets)	(%)	3.72	1.97	3.05
Return on Investment (ROI) (PBT/Networth)		0.36	0.16	1.13
Debt Equity Ratio (Total Liability/Networth)		8.51	7.05	36.02
Current Ratio (Current Asset/Current Liability)		1.32	1.49	1.24

LOCAL AGENCY FURTHER INFORMATION

sundry creditors details:-

Particulars	31.03.2010 Rs. in millions	31.03.2009 Rs. in millions	31.03.2008 Rs. in millions
Creditor for Capital Goods	0.001	0.032	11.142
Creditor for Goods	15.953	10.824	0.000
Sundry for Imported Goods	4.515	0.828	0.000
Creditor for Expense	1.256	0.301	0.583

form 8:-

Corporate identity number of the company

U31909GJ2005PTC046004

Name of the company

AXIS SOLUTIONS PRIVATE LIMITED

Address of the registered office or of the principal place of business in India of the company

34, Shantinagar Society, Juna Wadaj, Of Ashram, Ahmedabad – 382 430, Gujarat

This form is for

Creation of charge

Type of charge

· Book Debts

· Movable Property (Not being pledge)

Particular of charge holder

Name :	Bank of Baroda
Address :	Naranpura Branch, Ahmedabad – 380 013, Gujarat
E-Mail :	naranp@bankofbaroda.com

Nature of instrument creating charge

Hypothecation agreement dated 17.12.2007

Date of instrument Creating the charge

17.12.2007

Amount secured by the charge

Rs. 2.000 millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest:

12.75% p.a

Terms of Repayment:

Repayable on Demand

Margin:

Stock - 25%

Book Debts - 50%

Extent and Operation of the charge

The Cash Credit (Stock-cum-Book Debts) facility of Rs. 2 millions secured by hypothecation of all the borrower’s Raw Materials, Stock-in-Process, Finished Goods and all the Book Debts, Movable Plant and Machinery/Vehicles, Consumable Stores both present and future

Short particulars of the property charged (Including location of the property)

· All stocks, present and future including stocks of raw material, work-in-process, semi finished goods and finished goods such as panel and analytical system components

· All the present and future book debts, outstanding, receivables, claims, bills owing to the borrower

· All the tangible movable machinery and plant, vehicles, of the borrower together with spares, tools and accessories, all furniture and fittings and office equipment lying at borrower's works at Plot 324 GIDC Kathwada or elsewhere.

Corporate identity number of the company	U31909GJ2005PTC046004
Name of the company	AXIS SOLUTIONS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	34, Shantinagar Society, Juna Wadaj, Of Ashram, Ahmedabad – 382 430, Gujarat
This form is for	Creation of charge
Type of charge	Book Debts Movable Property
Particular of charge holder	BANK OF BARODA
Nature of instrument creating charge	Hypothecation Agreement dated 09/08/2010 as security for Cash Credit (Hypo, Stock and Book Debts) cum Packing Credit cum FBP/FBD (Rs.3.350 Millions)
Date of instrument Creating the charge	09/08/2010
Amount secured by the charge	Rs.3.350 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Base Rate 8% + 3.25% = 11.25%at present subject to change from time to time. Terms of Repayment Repayable on demand Margin Cash Credit - 25% on stocks and 50% on book debts Extent and Operation of the charge Hypothecation of stocks, book debts and all tangible movable machinery and plant etc. of the borrower as security to cover credit facilities amounting in aggregate to Rs. 3.350 Millions.
Short particulars of the property charged	Stocks, Book Debts, tangible movable Plant and Machineries of the Borrower.

Trade references:-

· G E Shipping, Bangalore

· UCO Gawa India Limited, Bangalore

fixed assets:-

· Auto Cad Software

· Tools and Equipments

· ISO Certification

· Card Scanner

· Computers

· Furniture and Fixtures

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.45.38
UK Pound	1	Rs.72.71
Euro	1	Rs.61.15

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	no
--LISTED	YES/NO	no
--OTHER MERIT FACTORS	YES/NO	yes
TOTAL		28

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.