MIRA INFORM REPORT

Report Date :

29.03.2011

IDENTIFICATION DETAILS

Name :	INFONET NETWORK SYSTEMS (INDIA) PRIVATE LIMITED

Registered Office :	A/31, Nanad Dham Industrial Estate, Marol Maroshi Road, Andheri [East], Mumbai – 400059, Maharashtra

Country :	India

Financials (as on) :	31.03.2009

Date of Incorporation :	27.05.1999

Com. Reg. No.:	11-120069

CIN No.: [Company Identification No.]	U72900MH1999PTC120069

IEC No.:	0300037678

TAN No.: [Tax Deduction & Collection Account No.]	MUMI03593C

PAN No.: [Permanent Account No.]	AAACI7336N

Legal Form :	Private Limited Liability Company.

Line of Business :	Providing IT Solutions

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 241348

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is a well 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.

ECGC Country Risk Classification List – April 1, 2010

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

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

INFORMATION PARTED BY

Note – Management non-cooperative name not disclose.

LOCATIONS

Registered Office/Corporate Office :	A/31, Nanddham Industrial Estate, Marol Maroshi Road, Andheri (E), Mumbai-400 059, Maharashtra, India
Tel. No.:	91 – 22 – 28528083/ 84 / 66027900
Fax No.:	91 – 22 –22850403 / 66758844
E-Mail :	info@infonet.co.in mohan@infonet.co.in
Website :	http://www.infonet.co.in
Area :	1000 Sq. Fts
Location :	Owned

Branches :	Located at : Pune Delhi Kerala Bangalore Chennai Kolkata Hyderabad

Overseas Office :	Infonet Network Systems (Singapore) Pte. Limited 31, Cantonment Road, Singapore-089747
Tel No :	65 62244991 / 62249321

DIRECTORS

As on 30.09.2009

Name :	Mr. Joson Thomas
Designation :	Director
Address :	501, Orchid Palace, Ganesh Pada, Marol, Military Road, Andheri (East), Mumbai – 400 059, Maharashtra, India
Date of Birth/Age :	31.05.1971
Date of Appointment :	29.05.1999
Qualification :	B.E. Electronics

Name :	Mr. Praveen Parampath
Designation :	Director
Address :	D – 601, Lok Darshan, Marol Maroshi Road, Andheri [East], Mumbai – 400059, Maharashtra, India
Date of Birth/Age :	25.05.1970
Date of Appointment :	29.05.1999
Qualification :	B.E. Electronics

Name :	Mrs. Asha Joson
Designation :	Director
Address :	501, Orchid Palace, Ganesh Pada, Marol, Military Road, Andheri (East), Mumbai – 400 059, Maharashtra, India
Date of Birth/Age :	08.04.1974
Date of Appointment :	07.10.2006
Qualification :	Graduate
E-Mail :	asha@infonet.co.in

Name :	Mrs. Jini Praveen
Designation :	Director
Address :	K – 601, Lok Darshan, Marol Maroshi Road, Andheri [East], Mumbai – 400059, Maharashtra, India
Date of Birth/Age :	31.10.1977
Date of Appointment :	07.10.2006
Qualification :	Graduate
E-Mail :	jini@infonet.co.in

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2009

Names of Shareholders		No. of Shares

Joson Asha Joson Thomas		4999000
Praveen Parampath		4999000
Asha Anna Joson		1000
Jini Praven Parampath		1000
Total		10000000

AS ON 30.09.2009

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing IT Solutions

GENERAL INFORMATION

Customers :

End Users
Mahindra and Mahindra Limited
Bombay Stock Exchange
Bajaj Auto Pune
Grasim Industries
Reliance Infocom Limited
Cyquator
Great Eastern Shipping Company
CMC Baroda
Nestle India Limited
HCC
Ciba Specialty
Thomas Cook
Cox and Kings
IPCL Calcutta
Morgan Stanley India Limited
Larsen and Turbo
Midday Publications
SCICI
Parke Davis
Mahindra British Telecom Pune and Mumbai
Vickers Pune
Cybertech
ILFS Mumbai
Alfa Leval Pune
Colorcon Limited
Coca-Cola (Goa)
Racold Pune
ONGC
DAVV Indore
Khadi (KVIC)
IOCL
Novarties
Pepsi
Atul Industries
Tubes India
Harkishan Das Hospital
Essar Limited
Voltas
Apollo Tyres
Taj Residency
Enterprises AD. Agency
Oracle
MTNL
Tata Consultancy Services
Customs Mumbai
Mahindra Finance

No. of Employees :

265 ( In Office)

Bankers :

Union Bank of India, Bhavani Nagar Branch, Building No. B, Plot No. 16, Bhavani Nagar, Marol Maroshi Road, Andheri [East], Mumbai – 400059
Model Co-operative Bank Limited, Andheri Branch, Vishwa Nanak Apartments, Chakala, Mumbai – 400 093, Maharashtra, India
ICICI Bank Limited, Shoppers Stop, Andheri (W), Mumbai, Maharashtra, India

Credit Limit of Rs.10.000 Millions (ICICI Bank Limited)

Facilities :

Secured Loan	Rs. In Millions 31.03.2009	Rs. In Millions 31.03.2008
Mumbai H.O
Term Loan From Banks
ICIC Bank Limited (Hypothecation of Motor Car)	0.619	0.896
Tata Capital	0.567	--

Cash Credit Loan From Banks
Union Bank of India (Secured against Pledge of Fixed Deposits)	12.341	13.691
Union Bank of India- car loan	0.757	--
Union Bank of India	1.717	--
Model Co. Op. Bank Ltd.-term loan	5.711	--
Model Co. Op. Bank Ltd (secured against hypothecation of office premises)	4.983	6.117

Bangalore Branch
ICICI Bank - 0169050000617	0.409	--
ICICI Bank Car Loan- Lora	0.939	1.225
UBI Bank OD Account	--	6.307
UBI A/C No. 315301010037474	--	0.622

Delhi Branch
Union Bank of India	0.034	--

Total	28.077	28.858

Unsecured Loan	Rs. In Millions 31.03.2009	Rs. In Millions 31.03.2008
Mumbai H.O
Loan from Directors – Joson Thomas	0.500	Nil

Total	0.500	0.000


Banking Relations :	---

Auditors :
Name :	Ganesh K. Shetty Chartered Accountants
Address :	111/C, Morya House, New Link Road, Andheri [West], Mumbai – 400053, Maharashtra, India
Pan No :	AAFPS8339B
Tel No :	91-22-26731281
Fax No :	91-22-26731282
E-Mail :	caganesh1998@rediffmail.com

Associates / Subsidiaries :	Infonet Network Systems (Singapore) Pte Limited Address : 31, Cantonment Road, Singapore Line of Business: Providing IT Solution

CAPITAL STRUCTURE

AS ON 31.03.2009

Authorised Capital :

No. of Shares	Type	Value	Amount

10,00,00,00	Equity Shares	Rs.1/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

10,00,000	Equity Shares	Rs.1/- each	Rs. 1.000 Millions
90,00,000	Bonus Shares	Rs.1/- each	Rs. 9.000 Millions

	Total		Rs. 10.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2009	31.03.2008	31.03.2007
SHAREHOLDERS FUNDS
1] Share Capital		10.000	1.000	1.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		50.337	33.236	14.600
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		60.337	34.236	15.600
LOAN FUNDS
1] Secured Loans		28.077	28.858	19.775
2] Unsecured Loans		0.500	0.000	1.200
TOTAL BORROWING		28.577	28.858	20.975
DEFERRED TAX LIABILITIES		0.838	0.676	0.589

TOTAL		89.752	63.770	37.164

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		37.519	17.706	15.835
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		0.279	0.129	0.129
DEFERREX TAX ASSETS		0.661	5.445	2.612

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9.287	8.573	6.997
	Sundry Debtors	158.501	96.304	75.104
	Cash & Bank Balances	17.879	35.511	13.287
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	27.607	15.167	15.706
Total Current Assets		213.274	155.555	111.094
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	121.896	80.614	66.519
	Other Current Liabilities	16.038	20.251	12.299
	Provisions	24.047	14.200	18.588
Total Current Liabilities		161.981	115.065	92.506
Net Current Assets		51.293	40.490	18.588

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		89.752	63.770	37.164

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2009	31.03.2008	31.03.2007
	SALES
		Sales and Other Income	399.820	360.983	235.898
		TOTAL	399.820	360.983	235.898

Less	EXPENSES
		TOTAL	359.517	330.787	218.678

	PROFIT BEFORE TAX		40.303	30.196	17.220

Less	TAX		14.203	11.560	6.867

	PROFIT AFTER TAX		26.100	18.636	10.353

KEY RATIOS

PARTICULARS		31.03.2009	31.03.2008	31.03.2007
PAT / Total Income	(%)	6.52	5.16	4.38

Net Profit Margin (PBT/Sales)	(%)	10.08	8.36	7.29

Return on Total Assets (PBT/Total Assets}	(%)	16.07	17.42	13.56

Return on Investment (ROI) (PBT/Networth)		0.66	0.88	1.10

Debt Equity Ratio (Total Liability/Networth)		3.15	4.20	7.27

Current Ratio (Current Asset/Current Liability)		1.31	1.35	1.20

LOCAL AGENCY FURTHER INFORMATION

Sundry Creditors Details

Particulars	31.03.2009 (Rs. In Millions)	31.03.2008 (Rs. In Millions)	31.03.2007 (Rs. In Millions)
Sundry Creditors Dues to Others
Mumbai H.O.	106.406	70.612	66.519
Pune –Branch	0.627	4.443
Delhi –Branch	0.451	0.549
Kolkata –Branch	0.067	--
Bangalore Branch	14.284	3.128
Advance from Customers –Bangalore	0.061	1.882

Form 8

Corporate identity number of the company

U72900MH1999PTC120069

Name of the company

INFONET NETWORK SYSTEMS (INDIA) PRIVATE LIMITED

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

A/31, Nanad Dham Industrial Estate, Marol Maroshi Road, Andheri [East], Mumbai – 400059, Maharashtra, India

This form is for

Creation of charge

Type of charge

Book debts

Movable property

Particular of charge holder

Name :	Union Bank of India
Address :	Bhavani Nagar Branch, Building No. B, Plot No. 16, Bhavani Nagar, Marol Maroshi Road, Andheri [East], Mumbai – 400059, Maharashtra, India
Email :	cbsbhavani@unionbankofindia.com

Nature of instrument creating charge

Hypothecation Agreement Of Goods & Debts (SD-06)

Date of instrument Creating the charge

19.10.2010

Amount secured by the charge

Rs. 10.000 Millions

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

Rate of Interest

Interest as prescribed by the bank from time to time.

Terms of Repayment

On Demand

Margin

As Per Sanction Terms

Extent and Operation of the charge

To secure the import L/C (DP/DA 90 days) limit of Rs.10.000 millions granted by the bank to the company.

Others

Nil

Particulars of the property charged

Hypothecation By Way Of First Charge In Favour Of The Bank :-

Stock Of Cable, Switches, Routers & Movable Property Of Any Kind Now Or At Any Time Hereafter Belonging To Or At The Disposal Of The

Borrower And Which Are Now Stored Or Being Stored Or Which Hereafter May From Time To Time Be Brought Into Or Stored Or Be In Or About The Borrower's Premises Or Godowns Or Wherever Else They May Be.

The Borrower's Book Debts, Outstanding, Monies, Deposits, Receivables, Claims And Bills, Contracts, Securities, Investments Which Are Now Due And Owing Or Which May At Any Time Hereafter

During the continuance of this security becoming due and owing to the borrower in the course of its business by any person or party including any government or any local or public body or authority.

Name of the company	INFONET NETWORK SYSTEMS INDIA PRIVATE LIMITED
Presented By	UNION BANK OF INDIA, BHAVANI NAGAR BRANCH, MUMBAI
1) Date and description of instrument creating the change	Dated : 12^th January, 2004 (a) General Term Loan [SD-18] (b) Term Loan Agreement [SD-19] [Hypothecation of Movables] (Both the documents constitute a single charge.)
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 0.326 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	The Borrower hypothecates and charges to the Bank: (a) DSP 4300 INTL Fluke Cable Analyzers. (b) All the tangible movable machinery and plant of the borrower together with spares, tools and accessories and other movables, both present and future, whether lying loose or in cases which are now lying or stored in or about or shall be brought into or be stored or be in or upon or about the borrower’s premises and godowns or wherever else the same may be or be held by any party to the order or disposition of the borrower relating to or pertaining to the borrower’s works at A/31, Nand Dham Industrial Estate, Marol Maroshi Road, Andheri [East], Mumbai – 400059, Maharashtra.
4) Gist of the terms and conditions and extent and operation of the charge.	Term Loan Amount : Rs. 0.326 Millions Repayment of Installments : Commencing from March 2004 No. of Installments : 36 Amount of Installments : Rs. 0.009 Millions Tenure : 3 Years Interest : 14.75 % p.a. with monthly rests.
5) Name and Address and description of the person entitled to the charge.	Union Bank of India Bhavani Nagar Branch Building No. B, Plot No. 16, Bhavani Nagar, Marol Maroshi Road, Andheri [East], Mumbai - 400059
6) Date and brief description of instrument modifying the charge	NA
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	NA

This form is for	Modification of charge
Charge identification number of the modified	90145502
Corporate identity number of the company	U72900MH1999PTC120069
Name of the company	INFONET NETWORK SYSTEMS (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A/31, Nanddham Industrial Estate, Marol Maroshi Road, Andheri (E), Mumbai-400 059, Maharashtra, India
Type of charge	Any interest in immovable property Book debts Movable property (not being pledge)
Particular of charge holder	Model Co-Operative Bank Limited, Andheri Branch, Vishwa Nanak Apartments, Chakal, Mumbai – 400 093, Maharashtra, India E-Mail: alwyn.co@gmail.com
Nature of description of the instrument creating or modifying the charge	Agreement for loan dated 3^rd May, 2008 and Hypothecation cum loan agreement dated 3^rd May, 2008
Date of instrument Creating the charge	03.05.2008
Amount secured by the charge	Rs.11.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 12% p.a. Terms of Repayment 84 installments of Rs.0.105 Million each starting from 3^rd June, 2008 Margin Stock 25% Book debts not over 90 days 40%\ Extent and Operation of the charge 1. Hypothecation of stock and book debts 2. Equitable mortgage of office premises No.A/31 and 32, Nand Dham Industrial Estate, Marol Moroshi Road, Andheri (East), Mumbai – 40 069
Short particulars of the property charged	1. Hypothecation of Stock and Book debts 2. Equitable mortgage of office premises No.A/31 and 32, Nand Dham Industrial Estate, Marol Moroshi Road, Andheri (East), Mumbai – 40 069
Date of latest modification prior to the present modification	09.11.2004

FIXED ASSETS:

Immovable properties
Plant and Machinery
Equipments
Computer
Motor Car
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 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.44.78
UK Pound	1	Rs.71.63
Euro	1	Rs.62.96

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.

MIRA INFORM REPORT

9.287

158.501

17.879

0.000

27.607

213.274

121.896

16.038

24.047

161.981

51.293

6.52

10.08

16.07

0.66

3.15

1.31

Unit