MIRA INFORM REPORT

Report Date :

26.09.2011

IDENTIFICATION DETAILS

Name :	VERSABYTE DATA SYSTEMS PRIVATE LIMITED
Registered Office :	24/6, 20^TH Main Road, 1^st ‘R’ Block, Rajajinagar, Bangalore - 560010, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.03.1987
Com. Reg. No.:	08-008242
Capital Investment / Paid-up Capital :	3.000 Millions
CIN No.: [Company Identification No.]	U72200KA1987PTC008242
TAN No.: [Tax Deduction & Collection Account No.]	BLRV03405D
PAN No.: [Permanent Account No.]	AAACV4169J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Car Stero System, Data Storage Solutions
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba(48)

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

Maximum Credit Limit :	USD 12000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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 :	24/6, 20^TH Main Road, 1^st ‘R’ Block, Rajajinagar, Bangalore - 560010, Karnataka, India
Tel. No.:	91-80-23578535
Fax No.:	91-80-23422674
E-Mail :	narahari1960@yahoo.com

DIRECTORS

As on 15.06.2011

Name :

Mr. Reddy Sathya Narayana Pyda

Designation :

Director

Address :

No.368 4^th Block 111 Stage West of Chord Road, Basaveshwara Nagar, Bangalore – 560079, Karnataka, India

Date of Birth/Age :

21.04.1949

Date of Appointment :

16.11.1987

DIN No.:

01328603

Other Directorship:

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
U72200KA1987PTC008242	Versabyte Data Systems Private Limited	Director	16/11/1987	16/11/19 87	-	Active	NO
U85110KA1992PTC013401	Zigma Power Technologies Private Limited	Director	11/11/1992	11/11/1992	-	Active	NO
U31909KA1997PTC022103	Versabyte Instrumentations Private Limited	Director	10/04/1997	10/04/19 97	-	Active	NO
U72200KA1997PTC022490	Versabyte Export Private Limited	Director	7/07/1997	7/07/1997	17/10/2008	Active	NO

Name :

Mr. Narahari C N

Designation :

Director

Address :

198, 2^nd Main Mahalakshmi Layout, Bangalore – 560086, Karnataka, India

Date of Birth/Age :

05.05.1959

Date of Appointment :

17.11.2008

DIN No.:

02423036

Other Directorship:

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
U67120KA1996PTC020741	Cascade Systems & Communications Private Limited	Director	3/07/1996	3/07/1996	-	Active	NO
U72200KA1987PTC008242	Versabyte Data Systems Private Limited	Director	03/07/1996	03/07/1996	-	Active	NO

Name :

Mr. Rajesh Reddy Pyda

Designation :

Director

Address :

No.368 4^th Block 111 Stage West of Chord Road, Basaveshwara Nagar, Bangalore – 560079, Karnataka, India

Date of Birth/Age :

29.07.1978

Date of Appointment :

17.11.2008

DIN No.:

00971841

Other Directorship:

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
U72200KA1987PTC008242	Versabyte Data Systems Private Limited	Director		17/11/2008	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 15.06.2011

Names of Shareholders	No. of Shares
P.S. Reddy	13041
Soujanya Reddy	5681
Lalitha Reddy	233
P. Meena	1620
P.Rajesh	7052
Murali Reddy	2073
Yogananda Swamy	100
C N Narahari	100
Sudhakar Reddy	100
Total	30000

Equity Share Break up (Percentage of Total Equity)

AS ON 15.06.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Car Stero Systems Private Limited

Products :

ITEM CODE NO.	Product Description
3683	Manufacture of Electronic Components and Accessories

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Mini Computer/Micro Processor Based Systems	Nos	NA	NA	NA
Switching Mode Power Supplies	Nos	3600	3600	444
UPS	Nos	600	600	--
C.R.T Data Display Monitor	Nos	1000	1000	--

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Bank of Baroda, Palace Orchards, Old No.386 New No.3, 13^th Cross, Sadashiv Nagar, Bangalore – 560080, Karnataka, India
Facilities :	---

Banking Relations :	--
Auditors :
Name :	C.M. Rao and Associates Chartered Accountant
Address :	“Sai Visvesh”, #82, 515 Colony, H.A.L. 3^rd Stage, Bangalore – 560075, Karnataka, India
PAN No.:	AACFC3150D

CAPITAL STRUCTURE

As on 15.06.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
30000	Equity Shares	Rs.100/- each	Rs. 3.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30000	Equity Shares	Rs.100/- each	Rs. 3.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		3.000	3.000	3.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		53.857	49.670	43.389
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		56.857	52.670	46.389
LOAN FUNDS
1] Secured Loans		13.791	7.866	13.377
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		13.791	7.866	13.377
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		70.648	60.536	59.766
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		11.481	10.393	5.854
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.005	0.005	0.005
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	26.659	16.438	8.149
	Sundry Debtors	30.259	22.098	32.029
	Cash & Bank Balances	1.202	5.662	11.007
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	20.249	10.373	16.118
Total Current Assets		78.369	54.571	67.303
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities	17.672	1.683	6.349
	Provisions	1.535	2.750	7.047
Total Current Liabilities		19.207	4.433	13.396
Net Current Assets		59.162	50.138	53.907
MISCELLANEOUS EXPENSES		0.000	0.000	0000
TOTAL		70.648	60.536	59.766

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Turnover	77.279	68.537	150.047
		Other Income	NA	NA	NA
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA	NA	NA
		Advertising Expenses
		TOTAL (B)	NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		8.286	12.348	24.548
Less	FINANCIAL EXPENSES (D)		0.880	2.005	3.542
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		7.406	10.343	21.006
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.650	1.312	1.017
	PROFIT BEFORE TAX (E-F) (G)		5.756	9.031	19.989
Less	TAX (I)		1.568	2.751	7.353
	PROFIT AFTER TAX (G-I) (J)		4.188	6.280	12.636
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		19.669	43.389	30.753
	BALANCE CARRIED TO THE B/S		23.857	49.669	43.389
	IMPORTS
		Raw Materials and Components	9.840	18.800	31.981
	TOTAL IMPORTS		9.840	18.800	31.981
	Earnings Per Share (Rs.)		13.95	209.34	421

Particulars	31.03.2011	31.03.2010
Sales Turnover	77.279	68.537

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	7.45	13.18	13.32
Return on Total Assets (PBT/Total Assets}	(%)	6.41	13.90	27.32
Return on Investment (ROI) (PBT/Networth)		0.10	0.17	0.43
Debt Equity Ratio (Total Liability/Networth)		0.58	0.23	0.57
Current Ratio (Current Asset/Current Liability)		4.08	12.31	5.02

LOCAL AGENCY FURTHER INFORMATION

Corporate identity number of the company	U72200KA1987PTC008242
Name of the company	VERSABYTE DATA SYSTEMS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	24/6, 20^TH Main Road, 1^st ‘R’ Block, Rajajinagar, Bangalore – 560010, Karnataka, India Email Id: narahari1960@yahoo.com
This form is for	Modification of charge
Type of charge	Immovable property Book debts Movable property (not being pledge) Floating charge Others
Particular of charge holder	Bank of Baroda, Palace Orchards, Old No. 386 New No.3, 13^th Cross, Sadashiv Nagar, Bangalore – 560080, Karnataka, India Email Id: orchar@bankofbaroda.com
Nature of instrument creating charge	Supplemental Composite Agreement Memorandum of Deposit Agreement (Both the above pertain to the same charge)
Date of instrument Creating the charge	15.02.2010
Amount secured by the charge	Rs. 40.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest CC – 1% Below BPLR i.e., presently 11% p.a. subject to change in BPLR from time to time Terms of repayment CC -25% LC – Maximum usance 90 days LC/BG – Period 12 months – subject to annual review Margin CC – 25% LC – Cash margin 25% BG – Cash margin 20% Extent and operation of the charge The charge shall operate to the extent of the loan amount plus interest commission costs expenses and other charges thereon Other The said amount of Rs. 40.000 Millions comprises Cash Credit(hyp. of stocks) Rs. 20.000 Millions, Cash Credit(hyp. of book debts) Rs. 5.500 Millions, Guarantee Rs. 14.500 Milions(with a sublimit of Rs.0.700 Millions for LC)
Short particulars of the property charged (Including location of the property)	· Continuing security by way of equitable mortgage of immovable properties viz., (a) all that piece and parcel of the Western portion of the property bearing Old Site No.24, New No.6/1, Present PID · NO. 14-2-6/1, situated at 20^th Main, 1^st R Block, Rajajinagar, BBMP Ward No. 14, Bangalore (ii) all that piece and parcel bearing old site No.24, New No. 6, Present PID No. 14-2-6 of the · Ground floor with a super built up area 700 sq.feet along with 1/6^th undivided share in the property bearing No.24/6, situated at 20^th Main, 1^st R Block, Rajajinagar, BBMp Ward No. 14, · Bangalore (iii) all that piece and parcel of Southern portion of property bearing Old Site No. 24, New No.6/1-1 Present PPID No. 14-2-6/1-1 of the Ground floor with a super built up area of 700 sq.ft. · along with 1/6^th undivided share in the property bearing No.24/6, situated at 20^th Main, 1^st R Block, Rajajinagar, BBMP Ward No. 14, Bangalore · morefully described in Second Schedule of the Memorandum, along with all the buildings and structures (existing and to be constructed/put up) thereon · Continuing security by way of hypothecation of stocks of raw materials, semi finished goods, finished goods, stores, spares, plant, machineries, tools, accessories, bookdebts and other movables · Present and future stored/installed at company premises at No.24/6, 1^st R Block, Rajajinagar, Bangalore 560010 or at any other place

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.49.67
UK Pound	1	Rs.76.50
Euro	1	Rs.66.98

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		48

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.