MIRA INFORM REPORT

Report Date :

18.11.2011

IDENTIFICATION DETAILS

Name :	RELIANCE TECH SERVICES PRIVATE LIMITED [w.e.f. 23.01.2008]
Formerly Known As :	RELIANCE INFOSYSTEMS PRIVATE LIMITED [w.e.f. 27.08.2007] TECH RELIANCE PRIVATE LIMITED
Registered Office :	“H” Block, 1^st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai – 400710, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	30.07.2007
Com. Reg. No.:	11-172690
Capital Investment / Paid-up Capital :	Rs.0.182 Million
CIN No.: [Company Identification No.]	U72900MH2007PTC172690
TAN No.: [Tax Deduction & Collection Account No.]	MUMR23401A
PAN No.: [Permanent Account No.]	AADCR6813J
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the Business of Design , Development and Extending Customer Support for Technical Services , Professional Consulting and Allied Services.
No. of Employees :	Not Divulged by 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 an established company having moderate track. There appear 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 cautions / on a secured 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.

INFORMATION DECLINED BY

Name :	Mr. Hitesh Chawda
Designation :	Secretary Department
Date :	17.11.2011

LOCATIONS

Registered Office :	“H” Block, 1^st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai – 400710, Maharashtra, India
Tel. No.:	91-22-30386286
Fax No.:	91-22-30376622
E-Mail :	Hitesh.chawda@relianceada.com
Website :	http://www.relianceada.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Anil Chandulal Shah

Designation :

Director

Address :

Flat No.6, Reliance Bill Collection Center, Near Ambedkar Udyan, Chembur [East], Mumbai – 400071, Maharashtra, India

Date of Birth/Age :

23.04.1963

Date of Appointment :

30.07.2007

DIN :

00004368

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	U64203BR2000PTC009176	BIHAR NETWORK PRIVATE LIMITED	Additional director	5/11/2006	5/11/2006	-	Strike off	NO
2	U64200MH2000PTC128061	RELIANCE BROADBAND COMMUNICATIONS PRIVATE LIMITED	Director	25/09/2007	5/11/2006	-	Strike off	NO
3	U30007MH1991PLC218014	RELIANCE WIMAX LIMITED	Director	29/09/2007	5/11/2006	-	Active	NO
4	U72200MH2000PLC124562	RELIANCE DIGITAL WORLD LIMITED	Director	29/09/2007	5/11/2006	-	Active	NO
5	U99999MH2000PTC128397	RELIANCE ENTERTAINMENT VENTURES PRIVATE LIMITED	Additional director	5/11/2006	5/11/2006	5/3/2007	Amalgamated	NO
6	U72900MH2000PTC125990	RELIANCE INTEGRATED SERVICES PRIVATE LIMITED	Additional director	5/11/2006	5/11/2006	4/9/2007	Active	NO
7	U74999MH2006PLC218261	RELIANCE LIMITED	Director	20/11/2006	20/11/2006	13/08/2007	Active	NO
8	U74899DL1995PTC067585	NETCOM INDIA PRIVATE LIMITED	Additional director	27/11/2006	27/11/2006	-	Strike off	NO
9	U72900MH2001PLC131597	RELIANCE DIGITAL HOME SERVICES LIMITED	Director	28/09/2007	27/11/2006	-	Active	NO
10	U15203TN2003PTC051444	JAVA GREEN PRIVATE LIMITED	Director	24/09/2007	27/11/2006	-	Active	NO
11	U72900MH2000PTC124367	RELIANCE EQUITIES INTERNATIONAL PRIVATE LIMITED	Director	14/09/2007	27/11/2006	1/4/2008	Active	NO
12	U52190MH2006PTC218260	RELIANCE INDIA PRIVATE LIMITED	Director	29/11/2006	29/11/2006	10/8/2007	Active	NO
13	U92120MH2007PTC168172	BIG FLICKS PRIVATE LIMITED	Director	27/02/2007	27/02/2007	4/6/2007	Active	NO
14	U72900MH2007PTC172690	RELIANCE TECH SERVICES PRIVATE LIMITED	Director	30/07/2007	30/07/2007	-	Active	NO
15	U64201MH2001PLC131600	RELIANCE COMMUNICATIONS INVESTMENT AND LEASING LIMITED	Director	28/09/2007	18/08/2007	-	Active	NO
16	U72900MH2000PLC128386	RELIANCE GLOBAL IDC LIMITED	Director	29/09/2009	2/7/2009	-	Amalgamated	NO
17	U64200MH2000PTC126074	GLOBAL INNOVATIVE SOLUTIONS PRIVATE LIMITED	Director	29/09/2009	31/08/2009	-	Amalgamated	NO
18	U45300MH1993PTC173775	RELIANCE INFOCOMM INFRASTRUCTURE PRIVATE LIMITED	Director	28/09/2011	28/05/2011	-	Active	NO
19	U72200MH2000PTC219534	REALSOFT CYBER SYSTEMS PRIVATE LIMITED	Director	30/09/2011	10/8/2011	-	Active	NO

Name :

Mr. Parmeshwar Dayal Sharma

Designation :

Director

Address :

1-403, Gayati Hetirage, PLT N-37, Sec-20, Kharghar, Navi Mumbai – 410210, Maharashtra, India

Date of Birth/Age :

05.07.1967

Date of Appointment :

10.08.2011

DIN :

03595827

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	U72900MH2007PTC172690	RELIANCE TECH SERVICES PRIVATE LIMITED	Director	30/09/2011	10/8/2011	Active	NO
2	U64201MH2001PLC131600	RELIANCE COMMUNICATIONS INVESTMENT AND LEASING LIMITED	Director	28/09/2011	10/8/2011	Active	NO
3	U72900MH2001PLC131597	RELIANCE DIGITAL HOME SERVICES LIMITED	Director	30/09/2011	10/8/2011	Active	NO

KEY EXECUTIVE

Name :	Mr. Hitesh Chawda
Designation :	Secretary Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Reliance Communications Limited, India	16190
Reliance Capital Limited, India	1000
Reliance Infrastructure Limited, India	1000
Hasit Shukla Jointly with Reliance Communications Limited, India	10
Total	18200

As on 30.09.2011

Equity Share Break Up Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the Business of Design , Development and Extending Customer Support for Technical Services , Professional Consulting and Allied Services.

GENERAL INFORMATION

No. of Employees :

Not Divulged by Management

Bankers :

Not Available

Facilities :

Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Short Term
Loan From Holding Company	152.727	36.352
Total	152.727	36.352

Banking Relations :	--
Auditors :
Name :	Pathak H.D. and Associates Chartered Accountants
Address :	709, Tulsiani Chambers, 212, Nariman Point, Mumbai – 400021, Maharashtra, India
PAN :	AAAFP1031C
Holding Company :	Reliance Communications Limited CIN : L45309MH2004PLC147531
Ultimate Holding Company:	AAA Communications Private Limited Reliance Innoventures Private Limited
Fellow Subsidiary :	Reliance Communications Infrastructure Limited Reliance Telecom Limited Reliance Big TV Limited Reliance Webstore Limited Reliance Infocomm Infrastructure Private Limited Reliance Communications Inc

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs.10/- each	Rs.1.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
18,200	Equity Shares	Rs.10/- each	Rs.0.182 million

Note : Out of the above 16,200 equity shares are held by Reliance Communications Limited, the Holding Company.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

Particulars		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		0.182	0.182	0.182
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		[9.836]	[2.456]	[0.042]
NETWORTH		[9.654]	[2.274]	0.140
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		152.727	36.352	0.000
TOTAL BORROWING		152.727	36.352	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		143.073	34.078	0.140
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000	0.000	0.000
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.023	0.023
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	355.565	449.904	0.000
	Cash & Bank Balances	4.566	8.509	0.182
	Other Current Assets	0.095	0.038	0.000
	Loans & Advances	83.574	45.629	0.000
Total Current Assets		443.800	504.080	0.182
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	28.132	283.312	0.042
	Other Current Liabilities	208.797	85.791	0.000
	Provisions	63.821	100.922	0.000
Total Current Liabilities		300.750	470.025	0.042
Net Current Assets		143.050	34.055	0.140
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		143.073	34.078	0.140

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	TURNOVER		1088.524	1035.416	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	1084.921	1032.635	NA
	PROFIT / [LOSS] BEFORE TAX		3.603	2.781	NA
Less	TAX		10.984	5.195	-
	PROFIT / [LOSS] AFTER TAX		[7.381]	[2.414]	[0.042]
	Earnings/[Loss] Per Share (Rs.)		[405.54]	[132.64]	[2.29]

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	[0.68]	[0.23]	NA
Return on Total Assets (PBT/Total Assets}	(%)	0.81	0.55	NA
Return on Investment (ROI) (PBT/Networth)		[0.37]	[1.22]	NA
Debt Equity Ratio (Total Liability/Networth)		[46.97]	[222.68]	0.30
Current Ratio (Current Asset/Current Liability)		1.47	1.07	4.33

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITOR DETAILS:

(Rs. In Millions)

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors
Micro, Small and Medium Enterprises	0.000	0.000	0.000
Others	28.132	283.312	0.042
Total	28.132	283.312	0.042

Background

Reliance Tech Services Private Limited 'the Company' was incorporated on 30th July 2007 in Mumbai under the company Act and is engaged primarily on the business of Design , Development and Extending customer support for Technical Services , Professional consulting and allied services.

OPERATIONS AND FINANCIAL PERFORMANCE

During the year, the Company provided application development and maintenance services, Business Consulting, Telecom Network Products and solutions, ERP Implementation and Development services, Geographic Information services, Business Intelligence and Data Analytics, Knowledge Management, Network and Internet Security services, Managed Network and Infrastructure services, Unified Communication and Messaging services and nationwide IT support services.

During the year, the Company had incurred loss of Rs.7.380 millions compared to loss of Rs. 2.414 millions in the previous year.

The Company has entered into various contracts in the areas of information technology and value added service businesses. While benefits from such contracts will accrue in the future years, their progress is periodically reviewed.

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.50.72
UK Pound	1	Rs.79.88
Euro	1	Rs.68.46

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.