MIRA INFORM REPORT

Report Date :

04.08.2011

IDENTIFICATION DETAILS

Name :	APAC SOURCING SOLUTIONS LIMITED
Formerly Known As :	APAC SOURCING SOLUTIONS PRIVATE LIMITED
Registered Office :	F-9 Building No D-15, South Extention Part-II, New Delhi – 110049, Delhi
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	05.05.2004
Com. Reg. No.:	55-126196
Paid-up Capital :	Rs. 1.000 Million
CIN No.: [Company Identification No.]	U24119DL2004PLC126196
TAN No.: [Tax Deduction & Collection Account No.]	DELA14539A
PAN No.: [Permanent Account No.]	AAECA8480H
Legal Form :	A closely held public limited liability company
Line of Business :	The company engaged in Sourcing / Outsourcing of materials and services
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (17)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a relatively small company having moderate track. Profitability of the company is under pressure. There appears huge 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 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.

ECGC Country Risk Classification List – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
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 :	F-9 Building No D-15, South Extention Part-II, New Delhi – 110049, Delhi, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	aloksrivasta@apacss.com
Website :	www.apacss.com
Corporate Office :	303, 3^rd Floor, Navkriti Arcade, A-Block, Sushant Lok-II, Sector-55, Gurgaon – 122003, Haryana, India
Tel. No.:	91-921-2801456/2803501
Fax No.:	91-124-2570337/4108431
E-Mail :	info@apacss.com

DIRECTORS

As On 23.08.2010

Name :	Mr. Alok Tej Bahadur Srivastava
Designation :	Director
Address :	House No – 7202 DLF City, Phase IV, Gurgaon - 122002, Haryana, India
Date of Birth/Age :	02.05.1955
Date of Appointment :	05.05.2004
DIN No.:	00244980
Name :	Mr. Abhishek Alok Srivastava
Designation :	Director
Address :	House No – 7202 DLF City, Phase IV, Gurgaon - 122002, Haryana, India
Date of Birth/Age :	25.08.1984
Date of Appointment :	21.08.2007
DIN No.:	01713408
Name :	Mr. Jhooma Alok Srivastava
Designation :	Director
Address :	House No – 7202 DLF City, Phase IV, Gurgaon - 122002, Haryana, India
Date of Birth/Age :	09.06.1960
Date of Appointment :	05.05.2004
DIN No.:	00254191

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As On 23.08.2010

Names of Shareholders	No. of Shares
Srivastava Alok	49750
Srivastava Jhooma	49750
Srivastava Abhishek	100
Srivastava Arjun	100
Srivastava Deepak	100
Srivastava Rajiv	100
Srivastava Sanjiv	100
Total	100000

As On 23.08.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The company engaged in Sourcing / Outsourcing of materials and services

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	Gautam Suri and Company Chartered Accountant
Address :	A-1/188, Paschim Vihar, New Delhi – 110063, Delhi, India
Pan No.:	AAMPS1079B

CAPITAL STRUCTURE

As On 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs. 10/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs. 10/- each	Rs. 1.000 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		1.000	1.000	1.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(4.192)	(3.242)	(1.973)
NETWORTH		(3.192)	(2.242)	(0.973)
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		(3.192)	(2.242)	(0.973)
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.765	1.073	1.007
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	2.263	1.177	0.306
	Cash & Bank Balances	0.007	0.071	0.155
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.529	1.006	0.892
Total Current Assets		2.799	2.254	1.353
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.462	3.765	2.748
	Other Current Liabilities	2.294	1.804	0.588
	Provisions	0.000	0.000	0.000
Total Current Liabilities		7.756	5.569	3.336
Net Current Assets		(4.957)	(3.315)	(1.983)
MISCELLANEOUS EXPENSES		0.000	0.000	0.003
TOTAL		(3.192)	(2.242)	(0.973)

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Professional services income	7.657	5.055	3.690
		Other Income	0.045	0.000	0.000
		TOTAL (A)	7.702	5.055	3.690
Less	EXPENSES
		Employee Cost	5.382	4.169	3.274
		Administration, Selling and General Expenses	2.737	1.780	1.568
		TOTAL (B)	8.119	5.949	4.842
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(0.417)	(0.894)	(1.152)
Less	FINANCIAL EXPENSES (D)		NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(0.417)	(0.894)	(1.152)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.533	0.331	0.305
	PROFIT BEFORE TAX (E-F) (G)		(0.950)	(1.225)	(1.457)
Less	TAX (I)		0.000	0.044	0.044
	PROFIT AFTER TAX (G-I) (J)		(0.950)	(1.269)	(1.501)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(3.242)	(1.973)	(0.472)
	BALANCE CARRIED TO THE B/S		(4.192)	(3.242)	(1.973)
	Earnings Per Share (Rs.)		(142.09)	(109.90)	(66.89)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(12.33)	(25.10)	(40.68)
Net Profit Margin (PBT/Sales)	(%)	(12.41)	(24.23)	(39.49)
Return on Total Assets (PBT/Total Assets}	(%)	(20.82)	(36.82)	(61.74)
Return on Investment (ROI) (PBT/Networth)		0.30	0.55	1.50
Debt Equity Ratio (Total Liability/Networth)		(2.43)	(2.48)	(3.43)
Current Ratio (Current Asset/Current Liability)		0.36	0.40	0.41

LOCAL AGENCY FURTHER INFORMATION

REVIEW OF OPERATION:

During the period there is increase in the business and total turnover during the year was Rs. 7.702 millions. The Total Expenditure amounted to Rs. 8.652 millions including Rs. 0.532 millions towards depreciation on Fixed Assets. This results in a loss of Rs. 0.950 millions before Taxation. Total five number of employee's in 07-08 and in 2008-09 nine number's of employee’s, Eighteen Numbers of employee's in 2009-10.

Fixed Assets:

• Computers
• Office equipments
• Vehicles
• Furniture and fixtures

AS PER WEBSITE DETAILS

FOUNDER

Alok Srivastava is the Managing Director of APAC Subject, a company engaged in Sourcing / Outsourcing of materials and services for select multinationals, from Asia Pacific region.

He worked as Director –Asia Pacific for Honeywell, Inc (US$ 35 billion) for approx. five years leading the region’s initiatives for outsourcing/contract research. He contributed significantly towards enhancing the understanding of the Asian market dynamics for Specialty Materials business of Honeywell. He evolved and implemented Honeywell’s programs to deliver low cost options from Asia Pacific region, for their 44 manufacturing locations, in USA and EU.

Alok represented Honeywell on the Board of M/s Usha Amorphous, a Joint Venture Co.

Prior to joining Honeywell, Alok worked for approx 23 years with Ranbaxy Laboratories Limited (US$ 2billion). He was the Managing Director of Ranbaxy Fine Chemicals Limited and Ranbaxy’s subsidiaries abroad for 11 years. During the working with Ranbaxy, Alok headed the Strategic Planning, IT and MIS functions or the parent company. For a period of 2 years he was the General Manager for a large green field project (US$ 30 million), site in Himalayan Valley.

Alok is a management graduate of 1977 batch from XLRI (one of the top 5 Management Colleges in India). He is married having two sons, the elder Abhishek currently pursuing his MBA from ISB Hyderabad, after completing his MS from Georgia Tech and a 2 years stint in consulting profession in USA. Younger, Arjun is an Electrical Engineer working with Honeywell.

Association and Affiliations:

The Confederation of Indian Industries

It is the India's premier business association, which serves as a reference point for Indian industry and the International business community. CII membership provides APAC the opportunity to network with the Indian as well as the International companies, bodies and associations.

Pharmaceuticals Export Promotion Council

Witnessing the dynamic growth of Indian Pharmaceutical Industry, Minister of Commerce and Industry set up a separate export promotion council for Indian Pharmaceutical Industry to foster its growth and expansion. APAC which consults its Pharmaceuticals clients in International businesses, is a memeber of the Council and promotes Indian competitiveness to the world.

Indian Chemical Council

ICC is the apex national body representing all branches of the Chemical Industry in India and is also authorised to issue the Certificate of Origin certificate.Associating with ICC, gives APAC the deep insight and an unlimited access to the widely spread Indian chemical industry.

Indian Drug Manufacturers’ Association

IDMA was formed in 1961 to help Indian manufacturers and to protect the interest of the Indian consumers. Pharmaceuticals is an important element in APAC's business and associating with IDMA gives us the deep insight and an unlimited access to the Industry.

Responsible Care

Responsible Care is the global chemical industry’s voluntary initiative under which companies, through their national associations, work together to continuously improve their health, safety and environmental performance. APAC is commited to environmentally sustainable business model and partner with Responsible care to take a organized step towards the cause.

TUV India Private Limited

APAC believes in fair business practices, and to substantiate its believe, got associate with TUV [TÜV NORD is one of the world's largest international inspection organisation based out of Germany] to get its function audited and to get an affiliation of ISO 9001:2008 from them.

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.44.38
UK Pound	1	Rs.72.21
Euro	1	Rs.62.87

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	1
--RESERVES	1~10	--
--CREDIT LINES	1~10	1
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		17

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.