MIRA INFORM REPORT

Report Date :

11.11.2011

IDENTIFICATION DETAILS

Name :	VODAFONE SHARED SERVICES LIMITED [w.e.f. 15.10.2011]
Formerly Known As :	VODAFONE ESSAR SHARED SERVICES LIMITED
Registered Office :	Vodafone House, Corporate Road, Prahlad Nagar, Off S.G. Highway, Ahmedabad-380051, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	24.09.2009
Com. Reg. No.:	04-058189
Capital Investment / Paid-up Capital :	Rs.0.500 Million
CIN No.: [Company Identification No.]	U74900GJ2009PLC058189
TAN No.: [Tax Deduction & Collection Account No.]	AHMV03882E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the business of providing outsourcing services for finance, accounts, and human resources.
No. of Employees :	Information denied by the management.

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a relatively new company having moderate track. There appears some 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 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.

INFORMATION DECLINED BY

Management non co-operative.

LOCATIONS

Registered Office :	Vodafone House, Corporate Road, Prahlad Nagar, Off S. G. Highway, Ahmedabad-380051, Gujarat, India
Tel No.:	Not Available
Fax No.:	Not Available
E-Mail :	krishnan.iyer@vodafone.com ramanujam.r@vodafone.com pushkaraj.joshi@vodafone.com

DIRECTORS

As on 27.09.2010

Name :

Mr. Ravinder Takkar

Designation :

Director

Address :

Villa No.111, Laburnum Condominium Complex, Sushant Lok, Gurgaon-122001, Haryana, India

Date of Birth/Age :

05.07.1968

Date of Appointment :

10.02.2010

Din No.:

01719511

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	U64201GJ1999PTC059542	VODAFONE INDIA SERVICES PRIVATE LIMITED	Director	22-07-08	30-08-07	01-02-10	Active	NO
2	U92100DL2007PLC170574	INDUS TOWERS LIMITED	Director	19-07-10	21-01-08	-	Active	NO
3	U51101DL2007PLC180238	VODAFONE INFRASTRUCTURE LIMITED	Director	17-07-08	30-04-08	-	Active	NO
4	U74900MH2008PLC183456	MOBILE COMMERCE SOLUTIONS LIMITED	Director	27-09-10	09-02-10	-	Active	NO
5	U74900GJ2009PLC058189	VODAFONE SHARED SERVICES LIMITED	Director	27-09-10	10-02-10	-	Active	NO
6	U32200MH1992PLC119108	VODAFONE INDIA LIMITED	Alternate director	06-07-11	10-02-10	-	Active	NO
7	U64202TZ1995PLC007674	VODAFONE ESSAR CELLULAR LIMITED	Director appointed in casual vacancy	10-02-10	10-02-10	-	Active	NO
8	U64200DL2007PLC207420	VODAFONE TOWERS LIMITED	Director appointed in casual vacancy	10-02-10	10-02-10	-	Active	NO
9	U65999MH2008NPL182612	UNIQUE INTERMEDIARY FACILITATORS	Director appointed in casual vacancy	10-02-10	10-02-10	-	Active	NO
10	U74899DL1995PLC074451	VODAFONE SOUTH LIMITED	Director appointed in casual vacancy	10-02-10	10-02-10	-	Active	NO
11	U64201DL1997PLC088088	VODAFONE DIGILINK LIMITED	Director appointed in casual vacancy	10-02-10	10-02-10	-	Active	NO
12	U32204WB1992PLC079998	VODAFONE ESSAR EAST LIMITED	Director appointed in casual vacancy	10-02-10	10-02-10	-	Active	NO
13	U72200DL1997PLC085764	VODAFONE SPACETEL LIMITED	Director appointed in casual vacancy	10-02-10	10-02-10	-	Active	NO
14	U64202DL1992PLC088087	VODAFONE MOBILE SERVICES LIMITED	Director appointed in casual vacancy	10-02-10	10-02-10	-	Active	NO
15	U32100GJ1995PLC035282	VODAFONE WEST LIMITED	Director appointed in casual vacancy	10-02-10	10-02-10	-	Active	NO

Name :

Mr. Venkatesh Vishwanathan

Designation :

Director

Address :

D-6, Krishnalaya, 33-1/34, N.S. Mankikar Marg, Sion Chunnabhatti, Mumbai-400022, Maharashtra, India

Date of Birth/Age :

08.07.1968

Date of Appointment :

09.07.2010

Din No.:

03122706

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U64200DL2007PLC207420	VODAFONE TOWERS LIMITED	Director	27-09-10	09-07-10	Active	NO
2	U74900MH2008PLC183456	MOBILE COMMERCE SOLUTIONS LIMITED	Director	27-09-10	09-07-10	Active	NO
3	U64202DL1992PLC088087	VODAFONE MOBILE SERVICES LIMITED	Director	27-09-10	09-07-10	Active	NO
4	U32204WB1992PLC079998	VODAFONE ESSAR EAST LIMITED	Director	28-09-10	09-07-10	Active	NO
5	U65999MH2008NPL182612	UNIQUE INTERMEDIARY FACILITATORS	Director	27-09-10	09-07-10	Active	NO
6	U74900GJ2009PLC058189	VODAFONE SHARED SERVICES LIMITED	Director	27-09-10	09-07-10	Active	NO
7	U32100GJ1995PLC035282	VODAFONE WEST LIMITED	Director	27-09-10	09-07-10	Active	NO
8	U51101DL2007PLC180238	VODAFONE INFRASTRUCTURE LIMITED	Director	27-09-10	09-07-10	Active	NO

Name :

Mr. Pushkaraj Vishnu Joshi

Designation :

Additional Director

Address :

5-23, Third Flor, Goregaonkar Lane, Near Central Cinema, Girgaon, Mumbai-400004, Maharashtra, India

Date of Birth/Age :

14.05.1974

Date of Appointment :

08.02.2011

Din No.:

03328964

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U64202TZ1995PLC007674	VODAFONE ESSAR CELLULAR LIMITED	Director	29-09-11	08-02-11	Active	NO
2	U65999MH2008NPL182612	UNIQUE INTERMEDIARY FACILITATORS	Director	29-09-11	08-02-11	Active	NO
3	U32100GJ1995PLC035282	VODAFONE WEST LIMITED	Director	29-09-11	08-02-11	Active	NO
4	U64200DL2007PLC207420	VODAFONE TOWERS LIMITED	Director	29-09-11	08-02-11	Active	NO
5	U64202DL1992PLC088087	VODAFONE MOBILE SERVICES LIMITED	Director	29-09-11	08-02-11	Active	NO
6	U51101DL2007PLC180238	VODAFONE INFRASTRUCTURE LIMITED	Director	29-09-11	08-02-11	Active	NO
7	U32204WB1992PLC079998	VODAFONE ESSAR EAST LIMITED	Director	29-09-11	08-02-11	Active	NO
8	U74900MH2008PLC183456	MOBILE COMMERCE SOLUTIONS LIMITED	Director	29-09-11	08-02-11	Active	NO
9	U72200DL1997PLC085764	VODAFONE SPACETEL LIMITED	Director	29-09-11	08-02-11	Active	NO
10	U74899DL1995PLC074451	VODAFONE SOUTH LIMITED	Director	29-09-11	08-02-11	Active	NO
11	U64201DL1997PLC088088	VODAFONE DIGILINK LIMITED	Director	29-09-11	08-02-11	Active	NO
12	U74900GJ2009PLC058189	VODAFONE SHARED SERVICES LIMITED	Additional director	08-02-11	08-02-11	Active	NO

Name :

Mr. Krishnan Seshan Iyer

Designation :

director

Address :

79, Tejal, Road No. 2, Hindu Colony, Dadar, Mumbai-400014, Maharashtra, India

Date of Birth/Age :

09.08.1968

Date of Appointment :

24.09.2009

Din No.:

01724793

Date of Ceasing:

08.02.2011

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	U64200DL2007PLC207420	VODAFONE TOWERS LIMITED	Director	27-09-10	19-10-07	08-02-11	Active	NO
2	U32202MH1999PTC120818	CONNECT (INDIA) MOBILE TECHNOLOGIES PRIVATE LIMITED	Director	30-09-08	14-12-07	26-03-09	Active	NO
3	U74900MH2008PLC183456	MOBILE COMMERCE SOLUTIONS LIMITED	Director	12-06-08	12-06-08	08-02-11	Active	NO
4	U64202DL1992PLC088087	VODAFONE MOBILE SERVICES LIMITED	Director	27-09-10	01-04-09	08-02-11	Active	NO
5	U32204WB1992PLC079998	VODAFONE ESSAR EAST LIMITED	Director	28-09-10	01-04-09	08-02-11	Active	NO
6	U72200DL1997PLC085764	VODAFONE SPACETEL LIMITED	Director	27-09-10	01-04-09	08-02-11	Active	NO
7	U74899DL1995PLC074451	VODAFONE SOUTH LIMITED	Director	27-09-10	01-04-09	08-02-11	Active	NO
8	U32100GJ1995PLC035282	VODAFONE WEST LIMITED	Director	27-09-10	01-04-09	08-02-11	Active	NO
9	U64202TZ1995PLC007674	VODAFONE ESSAR CELLULAR LIMITED	Director	27-09-10	01-04-09	08-02-11	Active	NO
10	U65999MH2008NPL182612	UNIQUE INTERMEDIARY FACILITATORS	Director	08-07-09	01-04-09	08-02-11	Active	NO
11	U64201DL1997PLC088088	VODAFONE DIGILINK LIMITED	Director	27-09-10	01-04-09	08-02-11	Active	NO
12	U74900GJ2009PLC058189	VODAFONE SHARED SERVICES LIMITED	Director	24-09-09	24-09-09	08-02-11	Active	NO
13	U51101DL2007PLC180238	VODAFONE INFRASTRUCTURE LIMITED	Director	27-09-10	10-02-10	08-02-11	Active	NO
14	U63020GJ1999PTC035377	DESAI FRUITS AND VEGETABLES PRIVATE LIMITED	Additional director	28-10-11	28-10-11	-	Active	NO

Name :

Mr. John Lorimer William Otty

Designation :

Director

Address :

1, Harvest Place, Wargrave, Reading, Berkshire, Pin Code RG10 8AQ, United Kingdom

Date of Birth/Age :

13.01.1964

Date of Appointment :

01.10.2009

Din No.:

02432741

Date of Ceasing:

05.04.2011

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	U32100GJ1995PLC035282	VODAFONE WEST LIMITED	Director	10-07-09	07-01-09	05-04-11	Active	NO
2	U74899DL1995PLC074451	VODAFONE SOUTH LIMITED	Director	06-07-09	07-01-09	05-04-11	Active	NO
3	U64200DL2007PLC207420	VODAFONE TOWERS LIMITED	Director	08-07-09	07-01-09	05-04-11	Active	NO
4	U65999MH2008NPL182612	UNIQUE INTERMEDIARY FACILITATORS	Director	08-07-09	07-01-09	05-04-11	Active	NO
5	U51101DL2007PLC180238	VODAFONE INFRASTRUCTURE LIMITED	Director	06-07-09	07-01-09	05-04-11	Active	NO
6	U32204WB1992PLC079998	VODAFONE ESSAR EAST LIMITED	Director	10-07-09	07-01-09	05-04-11	Active	NO
7	U64202TZ1995PLC007674	VODAFONE ESSAR CELLULAR LIMITED	Director	09-07-09	07-01-09	05-04-11	Active	NO
8	U72200DL1997PLC085764	VODAFONE SPACETEL LIMITED	Director	06-07-09	07-01-09	05-04-11	Active	NO
9	U64202DL1992PLC088087	VODAFONE MOBILE SERVICES LIMITED	Director	06-07-09	07-01-09	05-04-11	Active	NO
10	U64201DL1997PLC088088	VODAFONE DIGILINK LIMITED	Director	06-07-09	07-01-09	05-04-11	Active	NO
11	U32200MH1992PLC119108	VODAFONE INDIA LIMITED	Director appointed in casual vacancy	10-02-10	07-01-09	05-04-11	Active	NO
12	U74900GJ2009PLC058189	VODAFONE SHARED SERVICES LIMITED	Director	27-09-10	01-10-09	05-04-11	Active	NO
13	U74900MH2008PLC183456	MOBILE COMMERCE SOLUTIONS LIMITED	Director	27-09-10	09-02-10	05-04-11	Active	NO

Name :

Mr. Subramaniam Somasundaram

Designation :

Additional Director

Address :

Flat No. 62, Sangeeta Building, CTS No. 614, 15^th Road, Santacruz, Mumbai-400054, Maharashtra, India

Date of Birth/Age :

28.11.1960

Date of Appointment :

20.10.2010

Date of Ceasing:

15.02.2011

Din No.:

01494407

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	U29299MH1975PLC193684	LOOP MOBILE (INDIA) LIMITED	Whole-time director	20-07-07	02-04-07	15-06-08	Active	NO
2	U72200DL1997PLC085754	LOOP TELECOM LIMITED	Additional director	16-08-07	16-08-07	02-06-08	Active	NO
3	U64203MH2007PLC176486	LOOP TELECOM INFRASTRUCTURE LIMITED	Director	05-12-07	05-12-07	22-02-10	Active	NO
4	U51900MH2006PLC160647	THE MOBILESTORE LIMITED	Director	25-09-09	28-07-09	15-12-09	Active	NO
5	U72200HR2003PTC043637	ATC TELECOM TOWER CORPORATION PRIVATE LIMITED	Director	20-08-09	28-07-09	19-02-11	Active	NO
6	U74999MH2007PLC169998	THE MOBILESTORE SERVICES LIMITED	Director	15-02-10	15-12-09	15-02-11	Active	NO
7	U65999MH2008NPL182612	UNIQUE INTERMEDIARY FACILITATORS	Additional director	20-10-10	20-10-10	15-02-11	Active	NO
8	U74900MH2008PLC183456	MOBILE COMMERCE SOLUTIONS LIMITED	Additional director	20-10-10	20-10-10	15-02-11	Active	NO
9	U74900GJ2009PLC058189	VODAFONE SHARED SERVICES LIMITED	Additional director	20-10-10	20-10-10	15-02-11	Active	NO

Name :

Mr. Vikash Saraf

Designation :

Director

Address :

2 B, Saker Apartments, 71, Pochkanwala Road, Worli, Mumbai-400025, Maharashtra, India

Date of Birth/Age :

18.12.1968

Date of Appointment :

24.09.2009

Date of Ceasing:

20.10.2010

Din No.:

00055579

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	U67190TN1995PLC029804	KARTHIK FINANCIAL SERVICES LIMITED	Director	18-08-02	18-08-02	02-09-06	Active	NO
2	U99999MH1992PLC064767	AEGIS LIMITED	Director	01-11-02	01-11-02	04-06-11	Active	NO
3	U64202MH1995PLC087774	ESSAR INFRASTRUCTURE SERVICES LIMITED	Director	15-12-02	15-12-02	13-12-06	Active	NO
4	U92199WB2002PTC095570	CONSOLIDATED ENTERTAINMENT PRIVATE LIMITED	Director	30-12-02	30-12-02	-	Active	NO
5	U92112WB2003PTC096078	CALCUTTA CINE PRIVATE LIMITED	Director	22-04-03	22-04-03	-	Amalgamated	NO
6	U72900MH2003PTC143018	PAPRIKA MEDIA PRIVATE LIMITED	Director	23-01-04	23-01-04	-	Active	NO
7	U30006TN1981PLC008616	ESSAR TELEHOLDINGS LIMITED	Director	04-06-04	04-06-04	13-08-10	Active	NO
8	U65990MH2004FLC149555	ESSAR TELECOM INVESTMENTS LIMITED	Director	17-11-04	17-11-04	16-08-07	Under liquidation	NO
9	U65990MH2004FLC149552	ETHL GLOBAL CAPITAL LIMITED	Director	17-11-04	17-11-04	01-07-07	Under liquidation	NO
10	U29299MH1975PLC193684	LOOP MOBILE (INDIA) LIMITED	Director	03-12-04	03-12-04	27-03-09	Active	NO
11	U32100GJ1995PLC035282	VODAFONE WEST LIMITED	Director	01-02-05	01-02-05	20-10-10	Active	NO
12	U32200MH1992PLC119108	VODAFONE INDIA LIMITED	Director	01-02-05	01-02-05	01-07-11	Active	NO
13	U64202DL1992PLC088087	VODAFONE MOBILE SERVICES LIMITED	Director	01-02-05	01-02-05	20-10-10	Active	NO
14	U64201DL1997PLC088088	VODAFONE DIGILINK LIMITED	Director	01-02-05	01-02-05	20-10-10	Active	NO
15	U32204WB1992PLC079998	VODAFONE ESSAR EAST LIMITED	Director	01-02-05	01-02-05	20-10-10	Active	NO
16	U74899DL1995PLC074451	VODAFONE SOUTH LIMITED	Director	01-02-05	01-02-05	20-10-10	Active	NO
17	U65990MH1995PTC087697	ESSAR TELECOM HOLDINGS OVERSEAS PRIVATE LIMITED	Director	22-08-05	22-08-05	05-11-07	Active	NO
18	U99999MH1995PLC130159	ESSAR HOLDINGS LIMITED	Director	01-09-05	01-09-05	15-09-06	Active	YES
19	U70101WB2006PTC109714	DAIWIK HOTELS PRIVATE LIMITED	Director	31-05-06	31-05-06	-	Active	NO
20	U72200DL1997PLC085764	VODAFONE SPACETEL LIMITED	Director	15-06-07	03-10-06	20-10-10	Active	NO
21	U74999DL2001PTC112501	GLOBAL VANTEDGE PRIVATE LIMITED	Director	15-02-07	15-02-07	13-08-10	Active	NO
22	U51101DL2007PLC180238	VODAFONE INFRASTRUCTURE LIMITED	Director	17-07-08	15-06-07	09-12-09	Active	NO
23	U40107WB2007PTC116631	GRACIOUS HOSPITALITY PRIVATE LIMITED	Director	18-06-07	18-06-07	-	Active	NO
24	U64202TZ1995PLC007674	VODAFONE ESSAR CELLULAR LIMITED	Director	25-06-07	25-06-07	20-10-10	Active	NO
25	U64200DL2007PLC207420	VODAFONE TOWERS LIMITED	Director	20-08-08	09-11-07	30-09-09	Active	NO
26	U65999MH2008NPL182612	UNIQUE INTERMEDIARY FACILITATORS	Director	08-07-09	26-05-08	20-10-10	Active	NO
27	L65990TN2005PLC071791	ESSAR SECURITIES LIMITED	Director	14-08-09	31-03-09	-	Active	NO
28	U92100DL2007PLC170574	INDUS TOWERS LIMITED	Director	26-06-09	08-04-09	01-07-11	Active	NO
29	U74900GJ2009PLC058189	VODAFONE SHARED SERVICES LIMITED	Director	24-09-09	24-09-09	20-10-10	Active	NO
30	U40105AP2007PTC052403	MALAXMI ENERGY VENTURES(INDIA)PRIVATE LIMITED	Director	16-11-09	16-11-09	19-07-10	Active	NO
31	U74900MH2008PLC183456	MOBILE COMMERCE SOLUTIONS LIMITED	Additional director	09-02-10	09-02-10	20-10-10	Active	NO
32	U40102TN2007PTC063507	SURAJBARI WINDFARM DEVELOPMENT PRIVATE LIMITED	Director	19-07-11	28-04-10	-	Active	NO
33	L99999TN1984PLC075902	INDIA SECURITIES LIMITED	Director	31-07-10	04-06-10	-	Active	NO
34	L32200MH1986PLC040652	AGC NETWORKS LIMITED	Additional director	31-08-10	31-08-10	28-07-11	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2010

Names of Shareholders	No. of Shares
Vodafone Essar Limited, India	49994
Vodafoen Essar East Limited, India Jointly with Vodafone Essar Limited, India	1
Vodafone Essar South Limited, India Jointly with Vodafone Essar Limited, India	1
Vodafone Essar Mobile Services Limited, Jointly with Vodafone Essar Limited, India	1
Vodafone Essar Gujarat Limited, India Jointly with Vodafone Essar Limited, India	1
Vodafone Essar Digilink Limited, India Jointly with Vodafone Essar Limited, India	1
Vodafone Essar Spacetel Limited, India Jointly with Vodafone Essar Limited, India	1
Total	50000

As on 27.09.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of providing outsourcing services for finance, accounts, and human resources.

GENERAL INFORMATION

No. of Employees :

Information denied by the management.

Bankers :

Not Available

Facilities :

Unsecured Loan	As on 31.03.2010 [Rs. in Millions]
Form Others
Short term [including interest accrued and due Rs.2.384 Millions]	492.384
Total	492.384

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	12, Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai-400018, Maharashtra, India
Tel. No.:	91-22-66679000
Fax No.:	91-22-66679100
Pan No.:	AACFD4815A
Holding Company:	· Vodafone Essar Limited [U32200MH1992PLC119108] · Vodafone International Holdings B.V.* [* Under section 4 (6) of the companies act, 1956]
Ultimate Holding Company:	Vodafone Group Plc.* [* Under section 4 (6) of the companies act, 1956]
Fellow Subsidiaries:	· Vodafone Essar South Limited · Vodafone Essar Cellular Limited · Vodafone Essar Digilink Limited · Vodafone Essar East Limited · Vodafone Essar Gujarat Limited · Vodafone Essar Mobile Services Limited · Vodafone Essar Spacetel Limited · Vodafone India Services Private Limited

CAPITAL STRUCTURE

As on 31.03.2010

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	Rs.10/- each	Rs.0.500 Million

Note: The entire share capital is held by Vodafone Essar Limited (VEL), the holding company jointly with its nominees; which pursuant to section 4(6) of the Companies Act, 1956 is a subsidiary of Vodafone Group Plc., the

Ultimate holding company.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.500
2] Share Application Money		0.000
3] Reserves & Surplus		0.061
4] (Accumulated Losses)		(418.101)
NETWORTH		(417.540)
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		492.384
TOTAL BORROWING		492.384
DEFERRED TAX LIABILITIES		0.000
TOTAL		74.844
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1112.722
Capital work-in-progress		253.173
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	67.657
	Cash & Bank Balances	140.269
	Other Current Assets	0.000
	Loans & Advances	165.664
Total Current Assets		373.590
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1158.086
	Other Current Liabilities	485.303
	Provisions	21.252
Total Current Liabilities		1664.641
Net Current Assets		(1291.051)
MISCELLANEOUS EXPENSES		0.000
TOTAL		74.844

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010
	SALES
		Service Income	68.137
		Other Income	0.000
		TOTAL (A)	68.137
Less	EXPENSES
		Personnel Costs	136.932
		Administrative and Other Operating Costs	254.918
		TOTAL (B)	391.850
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(323.713)
Less	FINANCIAL EXPENSES (D)		5.603
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(329.316)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		88.785
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(418.101)
Less	TAX (H)		0.000
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(418.101)
	IMPORTS
		Capital Goods	8.569
	TOTAL IMPORTS		8.569
	Earnings / (Loss) Per Share (Rs.)		(8362)

KEY RATIOS

PARTICULARS		31.03.2010
PAT / Total Income	(%)	(613.62)
Net Profit Margin (PBT/Sales)	(%)	(613.62)
Return on Total Assets (PBT/Total Assets}	(%)	(28.13)
Return on Investment (ROI) (PBT/Networth)		1.00
Debt Equity Ratio (Total Liability/Networth)		(5.17)
Current Ratio (Current Asset/Current Liability)		0.29

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2010 (Rs. in millions)
Sundry Creditors
Dues to creditors other than micro and small enterprises	1158.086

BACKGROUND AND PRINCIPAL ACTIVITIES:

Subject was incorporated in India as a public company on September 24, 2009. The Company is a subsidiary of Vodafone Essar Limited (VEL). The Company is outsourcing hub for finance and accounts, human resources and supply chain management of Vodafone Essar Limited and its subsidiaries in India. March 31, 2009 being the first year of incorporation there are no corresponding year’s figures.

FINANCIAL PERFORMANCE

The Company was incorporated on 24 September 2009 as a subsidiary of Vodafone Essar Limited. The period is the first year of operations for the Company and accordingly, substantial expenditure has been incurred on personnel, administrative and operating costs.

FIXED ASSETS:

· Computer Software

· Computer Hardware

· Furniture and Fixtures

· Office Equipments

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.49.78
UK Pound	1	Rs.80.10
Euro	1	Rs.68.82

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		26

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.