MIRA INFORM REPORT

Report Date :

17.10.2011

IDENTIFICATION DETAILS

Name :	VIRGO SOFTECH LIMITED
Registered Office :	A24/5, CITIXYS Building, Mohan Cooperative Industrial Estate, Mathura Road, New Delhi – 110 044
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	18.01.1991
Com. Reg. No.:	55-210015
Capital Investment / Paid-up Capital :	Rs.84.515 millions
CIN No.: [Company Identification No.]	U30007DL1991PLC210015
Legal Form :	A Closely held public limited liability company
Line of Business :	Wholesaler of Electrical Machinery.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 630000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	A24/5, CITIXYS Building, Mohan Cooperative Industrial Estate, Mathura Road, New Delhi – 110 044, India
Tel. No.:	91-11-40722222 / 32928551
Fax No.:	91-11-41729114
E-Mail :	info@virgosoft.com companyzone@gmail.com
Website :	http://www.virgosoft.com
Bhopal Office :	37,1st Floor, Press Complex, Zone-1, M.P Nagar, Bhopal – 462 001, Madhya Pradesh, India
Tel. No.:	91-755-4038385 / 4074168
Mumbai Office :	Madhuri Tower, B 101/102, Plot No 1, Sector 6, Airoli, Navi Mumbai – 400 708, Maharashtra, India
Tel. No.:	91-22-32608953
Fax No.:	91-22-27693237
Indore Office :	188, A188, Anoop Nagar, Indore, Madhya Pradesh, India
Tel. No.:	91-731-2554217 / 3255557 / 4070556
Fax No.:	91-731-2551974
Pune Office :	RC Smart Card Section, MPD Road, Near Sangam Bridge, Pune – 411 011, Maharashtra, India
Nagpur Office :	Damodar Society, Plot No 11, Civil Line, Giripath, Nagpur, Maharashtra, India

DIRECTORS

As on 30.09.2010

Name :	Mr. Yogendra Singh Kashyap
Designation :	Managing Director
Address :	A-147, New Friends Colony, New Delhi – 110 065, India
Date of Birth/Age :	08.07.1968
Date of Appointment :	18.01.1991
DIN No.:	00755017

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	U30007DL1991PLC210015	Virgo Softech Limited	Managing director	18-01-91	18-01-91	Active	NO
2	U72200DL2009PTC189149	Virgosoft IT Services Private Limited	Director	30-09-10	17-07-10	Active	NO

Name :	Mr. Atul Prakash Anand
Designation :	Director
Address :	Bungalow No. 16, Nizamuddin East, New Delhi – 110 013, India
Date of Birth/Age :	29.08.1963
Date of Appointment :	15.07.2010
Election Commission Identity Card No.:	DL/01/003/309375
DIN No.:	00416363

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	U51909DL1974PTC007503	Manserve Agencies And Services Private Limited	Managing director	31-03-90	31-03-90	-	Active	YES
2	U74899DL1987PTC029565	Vipat Investments Private Limited	Director	28-06-94	28-06-94	-	Active	NO
3	U74899DL1994PLC063422	SAP Exim Limited	Director	13-12-94	13-12-94	-	Active	YES
4	U21029DL1998PTC097272	Indraj Industries Private Limited	Director	01-12-98	01-12-98	-	Active	NO
5	U74140DL2006PTC145913	Khwaspuria Advisory Private Limited	Additional director	23-01-08	23-01-08	-	Active	NO
6	U74899DL1995PTC074248	Omkam Global Capital Private Limited.	Director	30-09-08	01-03-08	01-10-10	Active	NO
7	U92412DL2009PTC187565	Omkam Films Private Limited	Director	12-02-09	12-02-09	01-10-10	Active	NO
8	U72200DL2009PTC189149	Virgosoft It Services Private Limited	Director	06-04-09	06-04-09	-	Active	NO
9	U72200DL2000PLC108985	One 97 Communications Limited	Director	31-12-09	04-06-09	02-03-10	Active	NO
10	U74899DL2000PTC103714	Positive Comsol Private Limited	Additional director	01-10-09	01-10-09	01-10-10	Amalgamated	NO
11	U64202DL1988PTC030192	Omkam Communications Private Limited	Director	04-11-09	04-11-09	09-10-10	Active	NO
12	U72900DL2002PTC118175	S N Communications Private Limited	Director	30-09-10	16-03-10	01-10-10	Active	NO
13	U55101DL2010PTC205286	OmKam Inns Private Limited	Director	05-07-10	05-07-10	01-10-10	Active	NO
14	U55101DL2010PTC205272	OmKam Retreat Private Limited	Director	05-07-10	05-07-10	01-10-10	Active	NO
15	U30007DL1991PLC210015	Virgo Softech Limited	Whole-time director	01-12-10	15-07-10	-	Active	NO
16	U55101DL2010PTC206656	OmKam Resorts Private Limited	Director	04-08-10	04-08-10	01-10-10	Active	NO
17	U55101DL2010PTC206655	OmKam Holiday Homes Private Limited	Director	04-08-10	04-08-10	01-10-10	Active	NO

Name :	Mr. Sukhdev Singh Kashyap
Designation :	Director
Address :	142, Baikunthdham Colony, Indore – 452 018, Madhya Pradesh, India
Date of Birth/Age :	23.10.1932
Date of Appointment :	18.01.1991
DIN No.:	00754992

Name :	Mr. Brijesh Awasthi
Designation :	Whole Time Director
Address :	L-70, Sarita Vihar, New Delhi – 110 076, India
Date of Birth/Age :	20.08.1965
Date of Appointment :	01.04.2003
DIN No.:	00796208

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	U30007DL1991PLC210015	Virgo Softech Limited	Whole-time director	01-04-03	01-04-03	-	Active	NO
2	U74899DL1988PTC033049	Sigma Management Systems Private Limited	Director	06-05-05	06-05-05	01-11-07	Active	NO
3	U72200DL2005PTC141532	Noida Valley Technologies Private Limited	Director	06-10-05	06-10-05	-	Active	NO
4	U72300DL2006PTC149121	Advika Infomedia Private Limited.	Director	23-05-06	23-05-06	-	Active	YES
5	U22300DL2006PTC154617	Atwal Entertainment Private Limited	Director	05-10-06	05-10-06	-	Active	YES
6	U72200DL2009PTC189149	Virgosoft It Services Private Limited	Director	30-09-10	06-04-09	-	Active	NO

Name :	Mr. Aditya Sharma
Designation :	Director
Address :	House No. 83, Sector – 15A, Noida – 201 301, Uttar Pradesh, India
Date of Birth/Age :	01.09.1978
Date of Appointment :	18.08.2010
DIN No.:	00237467

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	U74899DL1982PTC014089	Gopala Hotels Private Limited	Director	07-10-03	07-10-03	-	Dormant	NO
2	U74899DL1988PTC033049	Sigma Management Systems Private Limited	Director	06-05-05	06-05-05	01-11-07	Active	NO
3	U72200DL2005PTC139868	Pace Info Com Park Private Limited	Whole-time director	30-09-06	07-11-05	20-06-08	Active	NO
4	U31909DL2005PTC137298	RPS Electricals Private Limited	Director	21-10-08	21-10-08	01-09-10	Active	NO
5	U40300DL2007PTC166710	SVM Engineering Private Limited	Additional director	01-01-09	01-01-09	-	Active	YES
6	U70109DL2008PTC173037	Daffodils Infra- Agro Projects Private Limited	Director	16-02-09	16-02-09	17-12-09	Active	NO
7	U65910DL2009PTC196178	ARPS Leasing And Finance Private Limited	Director	19-11-09	19-11-09	07-02-10	Active	NO
8	U74999DL2005PTC134048	Geetanjli Fashion Designers Private Limited	Director	01-12-09	01-12-09	-	Active	NO
9	U30007DL1991PLC210015	Virgo Softech Limited	Director	30-09-10	18-08-10	-	Active	NO

Name :	Mr. Tarun Arora
Designation :	Director
Address :	B-57, Kalkaji, New Delhi – 110 019, India
Date of Birth/Age :	29.08.1967
Date of Appointment :	18.08.2010
DIN No.:	00403029

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	U22219DL2000PTC105969	PAC Edge Labels Private Limited	Director	13-05-00	13-05-00	Active	NO
2	U30007DL1991PLC210015	Virgo Softech Limited	Director	30-09-10	18-08-10	Active	NO

Name :	Prof. Abhijit Mukherjee
Designation :	Additional Director
Address :	Director’s Bunglow, Thapar University, Patiala – 147 004, Punjab, India
Date of Birth/Age :	02.09.1959
Date of Appointment :	15.12.2010
DIN No.:	01528370

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	U74999PB2007PTC031262	One Twenty- Eighty Structural Consultants Private Limited	Director	10-07-07	10-07-07	Active	NO
2	U30007DL1991PLC210015	Virgo Softech Limited	Additional director	15-12-10	15-12-10	Active	NO

KEY EXECUTIVES

Name :	Aparajita Johri
Designation :	Secretary
Address :	14/360, Madangir, DDA Flats, New Delhi – 110 062, India
Date of Birth/Age :	20.04.1986
Date of Appointment :	27.04.2010
Election Commission Identity Card No.:	AAJ0629014

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	Address	No. of Shares
Yogendra Singh Kashyap	A-147, New Friends Colony, New Delhi – 110 065, India	607180
Sukhdev Singh Kashyap	142, Baikunthdham Colony, Indore – 452 001, Madhya Pradesh, India	111832
Rekha Yogendra Singh Kashyap	A-147, New Friends Colony, New Delhi – 110 065, India	28
Brijesh Awasthi	L-70, Sarita Vihar, New Delhi – 110 076, India	126028
Naval Kishore Champalal Biyani	91, Jawahar Marg, Indore – 452 001, Madhya Pradesh, India	28
Shashi Bhushan Omprakash Khandelwal	12/1, Race Course Road, Indore – 452 001, Madhya Pradesh, India	28
Namrata Brijesh Awasthi	L-70, Sarita Vihar, New Delhi – 110 076, India	28
	Total	845152

List of Allotment (As on 30.03.2011)

Names of Allottees	Address	No. of Shares
Yogendra Singh Kashyap	A-147, New Friends Colony, New Delhi – 110 065, India	10725650
Sukhdev Singh Kashyap	142, Baikunthdham Colony, Indore – 452 001, Madhya Pradesh, India	1207060
Rekha Yogendra Singh Kashyap	A-147, New Friends Colony, New Delhi – 110 065, India	490
Brijesh Awasthi	L-70, Sarita Vihar, New Delhi – 110 076, India	2205490
Naval Kishore Champalal Biyani	91, Jawahar Marg, Indore – 452 001, Madhya Pradesh, India	490
Shashi Bhushan Omprakash Khandelwal	12/1, Race Course Road, Indore – 452 001, Madhya Pradesh, India	490
Namrata Brijesh Awasthi	L-70, Sarita Vihar, New Delhi – 110 076, India	490
Peeyush Aggarwal	B-313, Saraswati Vihar, New Delhi – 110 004, India	1560018
	Total	15700178

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	99.99
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Wholesaler of Electrical Machinery.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Bank of Baroda

· ICICI Bank Limited, Indore

· Vijaya Bank Limited, Delhi

· ICICI Bank Limited, Delhi

Facilities :

Secured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
Term Loans
From Banks 24.975	24.975	29.356
From Others	6.294	16.115
Working capital loan from bank	9.386	0.000
Vehicle loan from banks	3.547	2.407
Total	44.202	47.878

Unsecured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
From directors	2.765	2.594
Deferred suppliers credit	37.702	0.000
Total	40.467	2.594

Banking Relations :	--
Financial Institution :	SREI Equipment Finance Private Limited ‘Vishwakarma’, 86C, Topsia Road, Kolkata – 700 046, West Bengal, India
Auditors :
Name :	SBA and Company Chartered Accountant
Address :	206, Diamond Trade Centre, New Palasia, Diamond Colony, Indore – 452 001, Madhya Pradesh, India
Tel. No.:	91-731-2531478 / 3012478 (O) / 2481494 (R)

CAPITAL STRUCTURE

After 30.09.2010

Authorised Capital : Rs.350.000 millions

Issued, Subscribed & Paid-up Capital : Rs.314.004 millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.100/- each	Rs.100.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
845152	Equity Shares	Rs.100/- each	Rs.84.515 millions

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		84.515	84.515	6.037
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		72.565	14.274	79.183
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		157.080	98.789	85.220
LOAN FUNDS
1] Secured Loans		44.202	47.878	38.051
2] Unsecured Loans		40.467	2.594	2.911
TOTAL BORROWING		84.669	50.472	40.962
DEFERRED TAX LIABILITIES		37.772	22.065	9.750
TOTAL		279.521	171.326	135.932
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		257.936	144.596	65.716
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.915	1.114	17.500
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.753	0.000	0.000
	Sundry Debtors	54.287	7.463	2.928
	Cash & Bank Balances	36.321	27.585	65.289
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	26.731	35.422	43.782
Total Current Assets		125.092	70.470	111.999
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	66.680	32.338	59.405
	Other Current Liabilities	17.106	9.883
	Provisions	20.731	2.741	0.000
Total Current Liabilities		104.517	44.962	59.405
Net Current Assets		20.575	25.508	52.594
MISCELLANEOUS EXPENSES		0.095	0.108	0.122
TOTAL		279.521	171.326	135.932

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	371.495	292.032	271.359
		Other Income	1.441	7.490	9.561
		TOTAL (A)	372.936	299.522	280.920
Less	EXPENSES
		Purchases and related expenses	102.422	91.219	250.582
		Direct operating expenses	13.684	7.341
		Administrative	59.018	71.142
		Payment to consortium partners	61.272	53.866
		Partner payment for amortisation	0.000	7.312
		Payment to partner for participation	7.275	12.002
		Participation fee written off	6.930	6.142
		TOTAL (B)	250.601	249.024	250.582
Less	PROFIT/LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		122.335	50.498	30.338
Less	FINANCIAL (D)		5.832	5.996	3.611
	PROFIT/LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		116.503	44.502	26.727
Less/ Add	DEPRECIATION/ AMORTISATION (F)		19.852	14.612	7.776
	PROFIT/LOSS BEFORE TAX (E-F) (G)		96.651	29.890	18.951
Less	TAX (I)		33.416	16.320	2.064
	PROFIT/LOSS AFTER TAX (G-I) (J)		63.235	13.570	16.887
Less	APPROPRIATIONS
		Proposed Dividend	4.226	0.000	NA
		Corporate Dividend Tax	0.718	0.000	NA
		Deferred Tax	0.000	0.000	NA
	BALANCE CARRIED OVER TO RESERVES AND SURPLUS ACCOUNT		58.291	13.570	NA
	Earnings Per Share (Rs.)		74.82	16.06	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	16.96	4.53	6.01
Net Profit Margin (PBT/Sales)	(%)	26.02	10.24	6.98
Return on Total Assets (PBT/Total Assets}	(%)	25.23	13.90	10.66
Return on Investment (ROI) (PBT/Networth)		0.62	0.30	0.22
Debt Equity Ratio (Total Liability/Networth)		1.20	0.97	1.18
Current Ratio (Current Asset/Current Liability)		1.20	1.57	1.89

LOCAL AGENCY FURTHER INFORMATION

NOTE

The Registered Office of the company has been shifted from 188, Anoop Nagar, Indore – 452 008, Madhya Pradesh, India to the present address w.e.f. 20.10.2010.

BUSINESS PERFORMANCE

Sales turnover in the year was Rs.372.936 millions compared with Rs.299.522 millions last year. Sales turnover reflected the continued demand for the company’s products and services.

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF

Particulars	As on 31.03.2010 Rs. in millions
Counter guarantee given to banks for guarantees issued by the Bankers Deposits, inclusive of accrued interest, of Rs.6.254 millions	17.517
Estimated amount of contracts remaining to be executed on capital account and not provided for	90.013
Unexpired installments of assets purchased on hire purchase basis amount due within 1 year is Rs.2.183 millions	3.547

FORM 8

Corporate identity number of the company	U30007DL1991PLC210015
Name of the company	VIRGO SOFTECH LIMITED
Address of the registered office or of the principal place of business in India of the company	A24/5, CITIXYS Building, Mohan Cooperative Industrial Estate, Mathura Road, New Delhi – 110 044, India
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	SREI Equipment Finance Private Limited ‘Vishwakarma’, 86C, Topsia Road, Kolkata – 700 046, West Bengal, India
Nature of instrument creating charge	Loan-Cum-Hypothecation Agreement.(LBJ176)
Date of instrument Creating the charge	30.08.2011
Amount secured by the charge	Rs.16.400 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 15.00% per annum Terms of Repayment Amount repayable in 12 quarterly installments amounting to Rs.1.727 millions each and commencing from November 15, 2011. Margin Rs.5.425 millions Extent and Operation of the charge As per Loan-Cum-Hypothecation Agreement.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	300 Nos ACER Notebooks, 100 Nos Scanners.(Within India)

FIXED ASSETS

· Furniture and Fixtures

· Computer and Printers

· Fax Machine

· Air Conditioners

· Vehicles – Cars

· Vehicles – Scooters and Motorcycles

· Office Equipments

· Electricals

· Mobile and accessories

· Capital work in progress

WEB DETAILS

PROFILE

Subject, incorporated in 1991, is a professionally managed, rapidly growing, multifaceted Information technology company. With interest in eGovernance and Smart Card industry, The Company is actively involved in developing solutions and providing facility management services for Smart Card preparation in Transport, Social Security, Citizen Identity, Land Records Registration and a host of other application areas. The company has established itself in software development, data processing, data conversion, digital printing, Digitization, System integration, smart card personalization, IT facility management and other IT enabled services.

The company, headquartered in Indore MP and corporate office in New Delhi, is promoted and managed by technocrats having long and diversified experience in ITES Industry. With the active participation of its multi-disciplinary Assignment Execution Team, the company has emerged as a leader in the field of Information Technology Enabled Services in India.

The company has set for itself and has achieved stringent quality standards in IT Enabled Services such as ISO 9001:2000 and has been suitably accredited for its quality management system by world’s leading and major quality assessors.

MANAGEMENT

Mr. Yogendra Singh Kashyap (43)

Chairman and Managing Director

He is B.E in Computer Science from College of Engineering, Amravati University in the year 1989. He has initially served in the prestigious organizations of Information Technology such as Methodex and TELCO on the technology side. His strong technical knowledge coupled with his business acumen had drawn him to start his own venture in the year 1991. His die hard approach towards winning the contracts has taken his small venture of manufacturing PC’s to dazzling heights in a very short span of time.

His venture (subject) has progressed by leaps and bounds winning some of the very prestigious projects of Government of India such as Elector Photo ID Cards and computerization and Publication of Elector Rolls for four biggest states of India viz. U.P, M.P, M.S.and C.G.

He has been guiding not only his venture through his keen understanding of the operational and technical issues, but he had been a consultant to various government departments such as Election Commission of India for their computerization projects. He has been actively guiding SCAFI as its board member and as a member of Transport Committee for the implementation of Smart Cards in transport sector. He is also a member of the technical committee on the MPIC (Multi Purpose ID cards) for the citizens of India, which is a very prestigious project of the GOI.

He is the founder director and CMD of subject, and has been instrumental in establishing subject as one of the best Systems Integration and ITES Company in India. He is a crusader for bringing e-governance in all the government organizations and works relentlessly towards devising new solutions and technologies in this sector.

His biggest achievement is the successful implementation of SCOSTA based Vehicle Registration Project in the state of Maharashtra and Delhi. His project implementation methodologies have been proven by the implementation of the VRC project in 15 RTO of Delhi and 45 RTO of Maharashtra State putting together an implementation team of 400 people! His exceptional leader ship qualities and his ability to work as a team member has grown VSL from a small venture to a Multi Crore Company with many credits to it in the field of SI and ITES.

Mr.

Brijesh Awasthi (46)

Whole Time Director

He has graduated in Computer Science from College of Engineering, Amravati University in the year 1989. and finally joined the board of directors in year 2000. He is working in the capacity of Whole Time Director with subject since year 2003, enriching the company with his in depth knowledge of IT and ITES. He has been instrumental in winning and executing many large scale ITES projects for Government of India in the e-governance domain.

He has many first to his credit such as implementing the first national standard (SCOSTA) Smart card operating system, based Vehicle Registration project for the transport department, Delhi and, PDS project in GNCT of Delhi. He is also a designated project director by Transport Department, GNCTD, for the project and has worked in close association with National Informatics Center (NIC) for the maiden implementation of the project of this magnitude in the volume and the value. The size of the project is of issuance of 4 million smart cards based Vehicle Registration Certificates in Delhi 10 million smart card based VRC in Maharashtra which translates into approx Rs.5000.000 millions.

He has also successfully implemented many projects in M.S, M.P., C.G. and U.P. for computerization of Elector Rolls, Elector Photo Identity Cards, and Publishing of Elector Rolls. He has the distinction of consulting Election Commission of India on the Computerization of Electoral processes.

He is actively contributing to the smart card industry through its national forum SCAFI (Smart card forum of India) as a member and also a member of Transport Committee for implementation of Smart Cards in DL/RC applications. His white papers and concept notes on various e-governance projects of GOI, such as PDS (Public Distribution System), Pollution Control, etc has been well taken by the Government of India and is on the various stages of Implementation by the central and state governments.

Mr. Atul Prakash Anand (47)

Whole Time Director

Mr. Atul Prakash Anand is a Commerce graduate from the Punjab University and a Management post-graduate from The University of Birmingham, U.K with over 2 decades of experience and understanding of critical business drivers in multiple markets and industries, PE market and PE funds.

He has established and managed Manufacturing Units, Marketing Networks, Techno-commercial operations in the Light engineering, Plastics, IT and Telecom (Specifically public access Internet) sectors and has been also a part of two IT start-ups and have sold turnkey projects globally. The extensive professional and social networks across continents add more value to his personality. Mr. Anand, was also the Team member of a UK based renewable energy fund, Berkeley Energy which has raised funds from CDC, KAF, BIO and other funds of funds.

He also presented papers in New Delhi and Paris on the subject of e-Governance and Smart cards at the “Smart Card Expo”, New Delhi and “The Cartes and IT Security 2004”, Paris. Mr. Anand has attended the UN Conference held in Italy on “Initiative of Business and the UN” at the UN Institute, Turin and was one of the attending member of the 6th World Summit and 7th World Summit of Young Entrepreneurs held at the Palais des Congress, Lyon, France and the World Trade Centre in New York, organized by the Institute of Leadership Development, York University, Toronto, Canada.He is also a holder of Diploma in Active Labour Policy Development from International Institute of Labour Studies, ILO, Geneva.

Prof. Abhijit Mukherjee (46)

Independent Director

Professor Abhijit Mukherjee graduated in Civil Engineering from Bengal Engineering College in 1980. Thereafter he was associated with the Development Consultants where he designed the nuclear power stations for the Department of Atomic Energy and rocket launching stations for Indian Space Research Organisation. He earned Ph D from the Indian Institute of Technology Kharagpur in 1987. He pursued post doctoral work in Max Planck Institute of Materials Research, Stuttgart and Institute of Computer Applications in Germany.

Professor Mukherjee was a Professor of the Indian Institute of Technology Bombay. His research interests are mechanics of composites, structural rehabilitation and retrofitting, structural health monitoring, and inverse problems of structural engineering. He has supervised eighteen Ph D students and fifty-two masters students. Professor Mukherjee has more than 150 publications in archival international journals, and conferences. He has overseen a number of projects including seismic rehabilitation of IFFCO fertiliser plant, Kandla and Maharashtra Emergency Earthquake Relief Project. Professor Mukherjee is the Principal Investigator of several research projects supported by the National science Foundation, USA, German Aerospace, Germany, European Union, Department of Science and Technology and Indian Space Research Organisation, India.

As recognition of his achievements in the field of Engineering, Indian National Academy of Engineering has conferred on Professor Mukherjee their Fellowship. He is also a Fellow of the Punjab Academy of Sciences for his contributions in Engineering Sciences.

Professor Mukherjee is currently the Director Thapar University, Patiala since July 2006. He has led a change management at the University to transform it from a teaching intensive organization to a research intensive one. The annual turnover of the University has jumped more than three times in two years. He is also an independent Director of the State Bank of Patiala.

Mr. Tarun Arora (44)

Independent Director

Mr. Arora is a science graduate from the Delhi University and has a MBA from the Birla Institute of Management Technology, Delhi.

Mr. Arora is a successful businessman and has over 2 decades of experience in Indian industry specializing in printing and packaging.

Mr. Aditya Sharma (32)

Independent Director

A graduate in marketing from APEEJAY School of Marketing, Delhi and a MBA from Amity University, Mr. Sharma has over a decades business experience both in India and overseas.

Mr. Sharma started his career establishing a wholesale garment and shoes business in the United Kingdom.

After successfully running his business for three and half years Mr. Sharma moved back to India and has since established himself as one of Delhi's leading developers specializing in IT Parks and logistics warehousing.

MILESTONES

1991- Incorporation.

1995- Contract with Election Commission for issuance of 12 million Elector Photo Identity Cards in M.P state.

1996- Contract with Election Commission for issuance of 25 million Elector Photo Identity Cards in Uttar Pradesh and Madhya Pradesh states.

1997- Contract with Election Commission for computerization, publishing, printing of elector rolls of 80 million electors in MP, UP and CG.

1998- Contract for Preparation of 7 million Permanent Account Number cards (PAN) for M.P. region.

2002- Contract with Election Commission for Digital Printing of 50 million pages of elector rolls in Maharashtra state.

2004-Contract with Delhi Govt. for Data capturing, printing, personalization, facility management and issuance of “Vehicle Registration Certificate” on Smart Optical Cards on Build Own Operate Basis (BOO).

2006- Contract for Data capturing, printing, personalization, facility management and issuance of “Vehicle Registration Certificate” on Smart Optical Cards on Build Own Operate Basis (BOO) for Maharashtra Transport Department.

2007- Contract with Election Commission for issuance of Elector Photo Identity Cards in Maharashtra state.

2007- Contract with Department of Food and Civil Supplies for Processing and Issuance of Ration Card, Web based Application Support, provide IT Assistant on 70 Circle Offices in the National Capital Territory of Delhi.

2008- Contract with State Urban Development Authority (under the JNNURM scheme) for Issuance of Biometric Based ID Card to Urban Poor in Uttar Pradesh.

2009- Shortlisted for Biometric based PAN card by the Income Tax department.

2009- Contract with ITI Limited for Data entry and Biometric Enrolment to prepare NPR in Costal Villages, Kerala.

2009- Contract with Haryana Urban Development Authority (under the JNNURM scheme) for Issuance of Biometric Based ID Card to Urban Poor in Haryana.

2009- Contract with Election Commission for Digital Printing of 50 million pages of elector rolls in Maharashtra state.

2009- Contract with UT Chandigarh Administration for Issuance of Smart Card based Ration Card and Food Distribution through Handheld terminal after biometric verification.

2010- Contract with Delhi High Court for Digitization of the Court.

2010- Contract with Department of Food and Civil Supplies Madhya Pradesh for Issuance of Ration Card and Food Distribution after UIDAI based biometric verification.

2010- Contract with ITI Limited for Data entry and UIDAI based Biometric Enrolment to prepare NPR in Delhi, NDMC Area.

2010- Contract with ITI Limited for Data entry and Biometric Enrolment to prepare NPR in Kottayam, Kerala.

2010- Contract with State Bank of India for Citizens enrolment as per UIDAI guidelines in select districts of Haryana, Uttar Pradesh and Madhya Pradesh.

NEWS AND EVENTS

VSL HAD THE DISTINCTION OF ENROLLING THE HONORABLE CHIEF MINISTER OF MADHYA PRADESH FOR THE UID SYSTEM ON 9TH OF MARCH 2011.

VIRGO (VSL) is engaged as an enrolment agency for UID (AADHAAR) based enrollment of all the APL/BPL/AAY beneficiaries of Madhya Pradesh and subsequent generation of UID based ration cards. The UID based enrolment is a part of the larger activity whereby the complete supply chain management and distribution of rations through PDS would be done using secured food coupons. Virgo along with consortium partners HCL and Edenred would be executing the project for a period of five years across all the 50 districts of M.P covering one Crore and Fifty Lac families culminating into approx 50.000 millions enrolments. The Consortium would execute the project through 512 Offices specially set up on behalf of Department of food supplies and consumer protection, Madhya Pradesh.

VSL has already enrolled more than 2 Lacs beneficiaries till date in MP for the same.

VSL had the distinction of enrolling the Honorable Chief Minister of Madhya Pradesh for the UID system on 9th of March 2011.

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.49.07
UK Pound	1	Rs.77.42
Euro	1	Rs.67.72

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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		47

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.