MIRA INFORM REPORT

Report Date :

09.04.2012

IDENTIFICATION DETAILS

Name :	FLIGHT RAJA TRAVELS PRIVATE LIMITED
Registered Office :	Magnolia, Block B, Level 4, Manyata Embassy, Business Park, Outer Ring Road, Nagawara, Bangalore-560045, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.02.2007
Com. Reg. No.:	08-041672
Capital Investment / Paid-up Capital :	Rs.0.600 Million
CIN No.: [Company Identification No.]	U63040KA2007PTC041672
TAN No.: [Tax Deduction & Collection Account No.]	BLRF01324B
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is engaged in the business of online (web based) selling of travel products and solutions.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 4100000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track. Financial position of the company is good. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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 / Corporate Office :	Magnolia, Block B, Level 4, Manyata Embassy, Business Park, Outer Ring Road, Nagawara, Bangalore-560045, Karnataka, India
Tel. No.:	91-80-40433000/40433027
Fax No.:	91-80-40433045
E-Mail :	care@via.com akash.gupta@via.com surya.prakash@flightraja.com
Branch Office :	Located At: · New Delhi · Kolkata · Mumbai · Hyderabad · Ahmedabad · Chennai · Guwahati · Jammu · Goa · Indonesia

DIRECTORS

As on 30.09.2011

Name :

Mr. Ashwini Manmohan Vir Kakkar

Designation :

Director

Address :

11/B, Jolly Maker Apartment 1 Cuffe Parade Colaba, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

04.01.1954

Date of Appointment :

14.05.2007

Din No.:

00390787

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	U65923MH1997PTC109992	AMBIT CORPORATE FINANCE PRIVATE LIMITED	Director	04-02-05	04-02-05	30-11-07	Active	NO
2	U91990MH2005NPL151980	MADDAD THE HELPING HAND	Director	15-03-05	15-03-05	-	Active	NO
3	U63040WB1948PLC016503	MERCURY TRAVELS LTD	Whole-time director	01-04-08	28-07-06	-	Active	NO
4	U63040KA2007PTC041672	FLIGHT RAJA TRAVELS PRIVATE LIMITED	Director	04-08-08	14-05-07	-	Active	NO
5	U74999MH2007PTC171245	EUROP ASSISTANCE INDIA PRIVATE LIMITED	Director	29-09-08	01-06-07	-	Active	NO
6	U74999MH1966NPL013602	THE INDO-ITALIAN CHAMBERS OF COMMERCE AND INDUSTRY	Director	15-12-09	21-08-07	-	Active	NO
7	U55204DL2007PTC167881	A2Z EXCURSION PRIVATE LIMITED	Director	07-09-07	07-09-07	25-09-07	Active	NO
8	U51900MH1999PTC121703	AMBIT HOLDINGS PRIVATE LIMITED	Director	29-07-08	30-11-07	-	Active	NO
9	U92419WB1995PLC074734	MERCURY HIMALAYAN EXPLORATIONS LIMITED	Director appointed in casual vacancy	08-04-09	08-04-09	-	Active	NO
10	U67190MH2009FTC193009	PRAMERICA TRUSTEES PRIVATE LIMITED	Director	04-06-09	04-06-09	-	Active	NO
11	U65923MH2007PTC171258	AMBIT PRAGMA VENTURES PRIVATE LIMITED	Director	14-08-09	10-06-09	-	Active	NO
12	U85195KA2010PTC054785	JAI MEDICA PRIVATE LIMITED	Director	13-08-10	13-08-10	-	Active	NO
13	U91100MH2012NPL227396	INDO USA TRAVEL ASSOCIATION	Whole-time director	24-02-12	24-02-12	-	Active	NO

Name :

Vani Kola

Designation :

Director

Address :

Villa NO B. 49 Prestige Ozone Whitefield road, Bangalore – 560067, Karnataka, India

Date of Birth/Age :

23.01.1964

Date of Appointment :

14.05.2007

Din No.:

01827653

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	U63040KA2007PTC041672	FLIGHT RAJA TRAVELS PRIVATE LIMITED	Director	04-08-08	14-05-07	-	Active	NO
2	U85110AP2006PTC051845	MEDPLUS HEALTH SERVICES PRIVATE LIMITED	Director	22-09-08	27-09-07	04-03-11	Active	NO
3	U67190KA2006PTC039598	INDOUS CAPITAL ADVISORS PRIVATE LIMITED	Director	29-10-07	29-10-07	-	Active	NO
4	U72300KA2007PTC041799	MYNTRA DESIGNS PRIVATE LIMITED	Director	20-10-08	20-10-08	-	Active	NO
5	U72300DL2007PTC168097	JASPER INFOTECH PRIVATE LIMTED	Nominee director	16-09-09	16-09-09	-	Active	NO
6	U64203AP2005PTC047908	APALYA TECHNOLOGIES PRIVATE LIMITED	Director	29-08-11	03-01-11	-	Active	NO
7	U72900TN2004PTC052876	MERCADO ONLINE PRIVATE LIMITED	Director	19-02-11	19-02-11	-	Active	NO
8	U64200MH2008PTC187859	ONWARD MOBILITY SOLUTIONS PRIVATE LIMITED	Nominee director	05-07-11	05-07-11	-	Active	NO
9	U93000DL2011PTC219498	LAPIS MARKETING SERVICES PRIVATE LIMITED	Nominee director	18-01-12	23-08-11	-	Active	NO
10	U51101MH2011PTC218565	ACTOSERBA ACTIVE WHOLESALE PRIVATE LIMITED	Additional director	16-03-12	16-03-12	-	Active	NO

Name :

Mr. Vinay Gupta

Designation :

Director

Address :

A 204 Mantri Elite Bannerghatta Road, Banaglore – 560076, Karnataka, India

Date of Birth/Age :

23.01.1973

Date of Appointment :

14.05.2007

Din No.:

01962267

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	U63040KA2007PTC041672	FLIGHT RAJA TRAVELS PRIVATE LIMITED	Director	04-08-08	14-05-07	Active	NO
2	U63030MH2010PTC206684	BLUE OCEAN CRUISE LINES PRIVATE LIMITED	Additional director	01-10-10	01-10-10	Active	NO
3	U63040KA2009PTC050524	MYSTIFLY CONSULTING (INDIA) PRIVATE LIMITED	Director	28-09-11	03-03-11	Active	NO

Name :

Mr. James Jacob Hornthal

Designation :

Director

Address :

2234 Beach St San Francisco, California 94123, USA

Date of Birth/Age :

21.03.1954

Date of Appointment :

19.08.2008

Din No.:

02188367

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	U63040KA2007PTC041672	FLIGHT RAJA TRAVELS PRIVATE LIMITED	Director	22-09-09	19-08-08	Active	NO

Name :

Mr. Shailendra Jit Singh

Designation :

Director

Address :

3000 Sandhill Road, Suite 4-180 II Menlo Park, California CA94025

Date of Birth/Age :

20.07.1976

Date of Appointment :

27.10.2009

Din No.:

01930079

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	U74300MH2006PTC159169	INTERACTIVE AVENUES MARKETING SOLUTIONS PRIVATE LIMITED	Director	23-09-10	22-12-07	Active	NO
2	U65910DL1998PTC093878	PINE LABS PRIVATE LIMITED	Director	10-04-09	10-04-09	Active	NO
3	U63040KA2007PTC041672	FLIGHT RAJA TRAVELS PRIVATE LIMITED	Director	09-06-10	27-10-09	Active	NO
4	U65999KA2000PTC033945	SEQUOIA CAPITAL INDIA ADVISORS PRIVATE LIMITED	Managing director	01-01-10	01-01-10	Active	NO
5	U72200PN2007PTC129533	DRUVA SOFTWARE PRIVATE LIMITED	Director	02-08-10	02-08-10	Active	NO
6	U51909DL2009PTC194623	GOLDSQUARE SALES INDIA PRIVATE LIMITED	Director	30-09-11	26-11-10	Active	NO

Name :

Mr. Kanarath Payattiyath Balaraj

Designation :

Alternate Director

Address :

18.01.1971

Date of Birth/Age :

304 Embassy Eros 7 Ulsoor Road, Bangalore – 560042, Karnataka, India

Date of Appointment :

10.11.2009

Din No.:

00163632

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	U72200TN1999PTC042375	INTERCEPT TECHNOLOGIES INDIA PRIVATE LIMITED	Nominee director	21-08-00	21-08-00	-	Active	NO
2	U65999KA2000PTC033945	SEQUOIA CAPITAL INDIA ADVISORS PRIVATE LIMITED	Managing director	15-09-00	15-09-00	04-02-11	Active	NO
3	U72300KA2000PTC027842	TARANG SOFTWARE TECHNOLOGIES PRIVATE LIMITED	Director	21-12-00	21-12-00	06-12-10	Active	NO
4	L64202MH2001PLC134147	FIRSTSOURCE SOLUTIONS LIMITED	Director	31-07-08	02-09-03	-	Active	NO
5	U72200KA2000PTC052615	INDECOMM GLOBAL SERVICES (INDIA) PRIVATE LIMITED	Nominee director	30-05-05	30-05-05	17-08-07	Active	NO
6	U85110KA1993PLC015001	AMALGAMATED BEAN COFFEE TRADING COMPANY LIMITED	Nominee director	03-07-06	03-07-06	-	Active	NO
7	U72200TN2005PTC057128	TUTORVISTA GLOBAL PRIVATE LIMITED	Director	28-09-07	13-12-06	18-01-11	Active	NO
8	U72900MH2002PTC134544	APNAPAISA PRIVATE LIMITED	Nominee director	24-04-07	24-04-07	06-12-10	Active	NO
9	U93090MH2006PTC165633	DIGITAL SIGNAGE NETWORKS INDIA PRIVATE LIMITED	Nominee director	29-04-07	29-04-07	06-12-10	Active	NO
10	U80904KA2007PTC043359	TUTORVISTA EDUCATION INDIA PRIVATE LIMITED	Director	30-09-09	08-02-08	18-01-11	Active	NO
11	L65910KL1992PLC006623	MANAPPURAM FINANCE LIMITED	Director	20-07-10	06-11-08	23-07-10	Active	NO
12	U65921TZ1994PLC005299	MANAPPURAM FINANCE TAMIL NADU LIMITED	Director	31-08-09	06-11-08	-	Amalgamated	NO
13	U85110TN2007PTC064072	VASAN HEALTH CARE PRIVATE LIMITED	Nominee director	06-02-09	06-02-09	-	Active	NO
14	U63040KA2007PTC041672	FLIGHT RAJA TRAVELS PRIVATE LIMITED	Alternate director	10-11-09	10-11-09	-	Active	NO
15	U80101AP2010PTC067690	K12 TECHNO SERVICES PRIVATE LIMITED	Nominee director	20-08-10	20-08-10	-	Active	NO
16	U65191KA2011PTC057224	WESTBRIDGE ADVISORS PRIVATE LIMITED	Managing director	24-02-11	23-02-11	-	Active	NO
17	U65991KA2011PTC059630	KPB INVESTMENT ADVISORS INDIA PRIVATE LIMITED	Director	19-07-11	19-07-11	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Preferences Shares	No. of Equity Shares
Niranjan Rajaram Gupta	--	1524
Amit Aggarwal	--	4478
Vinay Gupta	--	5622
Rohit Gaddi	--	1271
Harsh Azad	--	1271
Ashwini Manmohan Vir Kakkar	--	5000
Nea Indo Us Venture Capital LLC – Mauritius	--	794
Sequoia Capital India Investment Holdings III – Mauritius	--	10
New Enterprise Associates – IndoUS Ventures LLC – Mauritius	18008	4116
Sequoia Capital India Investments Holdings III – Mauritius	11904	3594
Sequoia Capital India II, LLC – Mauritius	--	522
Total	29912	28202

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	14.63
Venture capital	17.41
Directors or relatives of directors	37.66
Other top fifty shareholders	30.30
Total	100.00

BUSINESS DETAILS

Line of Business :	The Company is engaged in the business of online (web based) selling of travel products and solutions.
Brand Names :	· “VIA” · “VIAWORLD”

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Citi Bank N.A., 506-507, Prestige Meridian 2, Level-5, #30, M G Road, Bangalore – 560001, Karnataka, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Loans taken for vehicle	5.000	0.000
Other debts	491.946	426.673
Total	496.946	426.673
Unsecured Loan
Other debts	82.693	0.000
Total	82.693	0.000

Banking Relations :	--
Auditors :
Name :	BSR and Company Chartered Accountants
Address :	Maruthi Info-Tech Centre, 11-12/1, Inner Ring Road, Koramangala, Bangalore – 560071, Karnataka, India
Tel. No.:	91-80-39806000
Fax No.:	91-80-39806998
Pan No.:	ABKPK1738N
Associate:	Mystifly Consulting India Private Limited
Enterprise owned by directors:	· IndoUS Capital Advisors Private Limited · Mercury Travels Limited · Sequoia Capital India Advisors Private Limited
Major shareholders of the Company:	· NEA Indo US Venture Capital LLC · Sequoia Capital India Investment Holdings III · Sequoia Capital India Investment Holdings II

CAPITAL STRUCTURE

After 30.09.2011

Authorised Capital : Rs.510.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.186.689 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
80000	Equity Shares	Rs.10/- each	Rs.0.800 Million
40000	Preferences Shares	Rs.10/- each	Rs.0.400 Million
	Total		Rs.1.200 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
24136	Equity Shares	Rs.10/- each	Rs.0.241 Million
35868	Preferences Shares	Rs.10/- each	Rs.0.359 Million
	Total		Rs.0.600 Million

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
80000	Equity Shares	Rs.10/- each	Rs.0.800 Million
40000	Preferences Shares	Rs.10/- each	Rs.0.400 Million
	Total		Rs.1.200 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
28202	Equity Shares	Rs.10/- each	Rs.0.282 Million
29912	Preferences Shares	Rs.10/- each	Rs.0.299 Million
	Total		Rs.0.581 Million

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		0.600	0.581	0.458
2] Share Application Money		3.408	2.583	0.000
3] Reserves & Surplus		1021.518	782.622	204.896
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1025.526	785.786	205.354
LOAN FUNDS
1] Secured Loans		496.946	426.673	70.999
2] Unsecured Loans		82.693	0.000	0.000
TOTAL BORROWING		579.639	426.673	70.999
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1605.165	1212.459	276.353
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		56.839	24.629	18.170
Capital work-in-progress		0.525	11.586	0.905
INVESTMENT		25.000	0.000	0.000
DEFERREX TAX ASSETS		8.067	2.374	6.839
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	36.014	13.935	2.235
	Sundry Debtors	266.821	375.562	180.609
	Cash & Bank Balances	822.012	705.983	140.889
	Other Current Assets	26.265	7.855	7.874
	Loans & Advances	643.028	424.267	202.874
Total Current Assets		1794.140	1527.602	534.481
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	32.587	143.605	150.430
	Other Current Liabilities	236.194	203.371	130.225
	Provisions	10.625	6.756	3.387
Total Current Liabilities		279.406	353.732	284.042
Net Current Assets		1514.734	1173.870	250.439
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1605.165	1212.459	276.353

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1262.037	1432.570	579.553
		Other Income	42.840	37.630	27.412
		TOTAL	1304.877	1470.200	606.965
Less	EXPENSES
		Office Expenses
		Administrative Expenses	1127.639	1274.243	543.614
		Advertising Expenses
		TOTAL	1127.639	1274.243	543.614
	PROFIT BEFORE TAX		177.238	195.957	63.351
Less	TAX		60.281	68.166	6.629
	PROFIT AFTER TAX		116.957	127.791	56.722
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		128.470	0.705	(56.017)
Less	APPROPRIATIONS
		Transfer to Capital Redemption Reserve	NA	0.026	0.000
	BALANCE CARRIED TO THE B/S		NA	128.470	0.705
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.954	0.000	0.000
	Earnings Per Share (Rs.)		2012.54	30.624	1842.23

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	8.96	8.69	9.35
Net Profit Margin (PBT/Sales)	(%)	14.04	13.68	10.93
Return on Total Assets (PBT/Total Assets}	(%)	9.57	12.62	11.46
Return on Investment (ROI) (PBT/Networth)		0.17	0.25	0.31
Debt Equity Ratio (Total Liability/Networth)		0.84	0.99	1.73
Current Ratio (Current Asset/Current Liability)		6.42	4.32	1.88

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

NOTE:

The registered office of the company has been shifted from 53, 2^nd Floor, Alpine Murali Point, Bowring Hospital Road, Bangalore-560001, Karnataka, India to the present address w.e.f. 10.09.2010.

BACKGROUND:

Subject is a private limited company incorporated under the provisions of the Companies Act, 1956 ("the Act") on 5 February 2007. The Company has its registered office in Bangalore, India.

The Company is engaged in the business of online (web based) selling of travel products and solutions. The Company offers its customers the entire gamut of travel services including ticketing, tours and packages, car rentals, hotels etc. The Company also derives its revenues from international/domestic travel services to customers. During the previous year, Company was operating with International Air Travel Association (IATA) under the license of "Albion Travels Private Limited" and "Flight Raja Travels Private Limited". Effective April 2009, the Company has discontinued the usage of the Albion Travel Private Limited license. Furthermore, the Company operates under the trade name "VIA" or "VIAWORLD.

BUSINESS REVIEW

During the year, the Company continued to see strong and profitable growth across all the markets driven by good performance in existing areas of business. As there was a drop in the commission earning across the airlines, Income earned from operations during the current year has got registered at Rs. 1262.037 Millions, which is a decrease of 12% over the previous year’s figure of Rs. 1432.570 Millions. In the current period, the accounts have been consolidated for the Indian and Philippines businesses.

From the table above, it is seen that the Company has earned profits of Rs.116.957 Millions a slight decrease of 8.5% over the previous year, where the Company had earned a profit of Rs. 127.791 Millions. The above reported current year’s profit includes the first year loss of Philippines operations, which is amounting to Rs. 10.486 Millions.

FUTURE OUTLOOK

With the changing economic scenario, factors such as globalization of markets, international economic integration, removal of barriers to business and trade and increased competition have enhanced the need of transportation. Travel is one of the most important infrastructure requirements which is essential for the expansion of opportunities and plays an important role in making or breaking the competitive positioning.

They at subject provide the means to a common man by which he can book his tickets with ease and least of obstacles, yet at competitive rates and with best of the deals, be it Airways, Trains, hotels, holidays or Bus whatever it may be. Subject in the near future sees itself as one of the leading e-commerce business as it spreads its wings across the globe, tapping the growth opportunities.

Subject also knows the fact that it is unpredictable to figure out the consumer's choice and taste. Other risks like change in Government's policy, Exchange rate fluctuation, seasonal risks, the airlines getting affected by the rising ATF prices etc., may affect the growth pattern of the Company. The Company continuously reviews the existing system of operations and upgrades its technology from time to time. This will help the Company to offer better travel packages to its customer with a quality service, which will in turn help retain and build loyalty in its customer base, in spite of competition in the market.

CHANGES IN CAPITAL STRUCTURE

The Management of the Company is the Stakeholders that the Company has successfully completed the 2nd tranche of Buy-back of 4,066 (Four Thousand Sixty Six) equity shares of Rs.10/- each at a price of Rs. 0.019 Million per share and has complied with the applicable provisions of the Companies Act.

Further, to bring to the notice of the Members of the Company that during the year, the Company had allotted 5,956 Series B Preference Shares to the investors at a Premium of Rs. 0.034 Million per share, and that the premium component along with the share capital figures are reflected in the appropriate heads in the Balance Sheet presented to the Shareholders for their approval.

Moreover, already aware of the fact that the authorized capital of the Company has been enhanced during July 2011 to Rs. 510.000 Millions, in order to accommodate the Bonus Shares. Further, to announce the allotment of bonus shares to the equity shareholders at its Meeting held on 2 August 2011 at the rate of 771 equity shares for every equity share held.

FIXED ASSETS:

• Goodwill
• Computer software
• Leasehold improvements
• Computers
• Plant and machinery
• Office equipment
• Furniture and fixtures

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.51.05
UK Pound	1	Rs.81.09
Euro	1	Rs.67.39

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		52

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.