MIRA INFORM REPORT

Report Date :

10.09.2012

IDENTIFICATION DETAILS

Name :	MOBICULE TECHNOLOGIES PRIVATE LIMITED
Registered Office :	A –Ground Floor, ACME Plaza, Andheri Kurla Road, Andheri – East, Mumbai – 400059, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.09.2008
Com. Reg. No.:	11-186977
Capital Investment/ Paid-up Capital:	Rs.0.525 Million
CIN No.: [Company Identification No.]	U74999MH2008PTC186977
TAN No.: [Tax Deduction & Collection Account No.]	MUMM35084A
Legal Form :	Private Limited Liability Company
Line of Business :	Developer of software for mobile phone.
No. of Employees:	40 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 5000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Trade relations are reported to be fair. Business is active. Payment are reported be active. Payments are reported to be slow but correct. The company can be considered for business dealings with some cautions.

NOTES:

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

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Devendra
Designation :	Accounts Executive
Contact No.:	91-22-42482000
Date :	09.08.2012

LOCATIONS

Registered Office :	A –Ground Floor, ACME Plaza, Andheri Kurla Road, Andheri – East, Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-42482000
Fax No.:	Not Available
E-Mail :	accounts@mobicule.com siddharth.agarwal@mobicule.com
Website :	www.mobicule.com
Location :	Owned
Corporate Office :	Gujndecha Enclave, Unit No.3A, 3^rd Floor, A wing, Kherani Road, Sakinaka Andheri (East) Mumbai – 400072, Maharashtra, India

DIRECTORS

As on 30.09.2011

Name :	Mr. Siddharth Mukund Agarwal
Designation :	Director
Address :	B -1, Bhagwati Apartment, Nt. Dr. Charat Singh Colony Andheri (East) Mumbai – 400093, Maharashtra, India
Date of Birth/Age :	01.07.1980
Date of Appointment :	23.09.2008
Din No.:	01610650
Name :	Mr. Ruchi Siddharth Agarwal
Designation :	Director
Address :	B -001, Bhagwati CHSL, Dr. Charat Singh Colony Andheri (East) Mumbai – 400093, Maharashtra, India
Date of Birth/Age :	01.10.1982
Date of Appointment :	20.10.2010
Din No.:	03272277

KEY EXECUTIVES

Name :	Mr. Devendra
Designation :	Accounts Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Siddharth Mukund Agarwal	46100
Saurabh Pradhan	100
Yatin V Pednekar	2100
Gignesh Dilip Bhatt	2100
Dilip Daswani	2100
Total	52500

As on 31.03.2012

Names of Allottees	No. of Shares
Siddharth Mukund Agarwal	22500

As on 30.09.2011

Category	Percentage
Directors or relatives of directors	88.00
Other top fifty shareholders	12.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Developer of software for mobile phone.
Terms :
Selling :	Cash/Credit (30 to 60 Days)
Purchasing :	Cash/Credit (30 to 60 Days)

GENERAL INFORMATION

Customers :

Corporate

· Shoppers Stop

· Unitech

· TATA Tea

· Bayer

· Universal

· HCC

· Baxter

· Kingfisher

· Philips

· United Healthcare

· Hyper City

· Royal Challenge

· Rak Bank

· Crossword

· Feaces

No. of Employees :

40 (Approximately)

Bankers :

Bank of India, Chakala Branch, Opposite Sangam Cinema, Sir M.V Road, Andheri (East) Mumbai -400093, Maharashtra, India

Facilities :

Rs. In Millions

SECURED LOAN	31.03.2011	31.03.2010
Over draft balance with Bank Bank of India (Primarily secured against the book debts of the company	2.415	2.020

UNSECURED LOAN	31.03.2011	31.03.2010
Loans form Directors and relatives of directors	0.857
Loan form Share Holders	0.405
	1.262	1.267

Banking Relations :	--
Auditors :
Name :	Bansal Bansal and Company Chartered Accountant
Address :	6/152, Sanjay Building, Mittal Estate, Andheri Kurla Road, Andheri (East), Mumbai, Maharashtra, India
Tel. No.:	91-22-28507815/66923607
Fax No.:	91-22-66923607
E-Mail :	mail@bansalbansla.com
Pan No.:	AABFB5244E

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
52500	Equity Share	Rs.10/- each	Rs.0.525 Million

After 30.09.2011

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
75000	Equity Share	Rs.10/- each	Rs.0.750 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		0.525	0.500	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.624	0.126	0.000
4] (Accumulated Losses)		0.000	0.000	(0.654)
NETWORTH		1.149	0.626	(0.554)
LOAN FUNDS
1] Secured Loans		2.415	2.020	0.486
2] Unsecured Loans		1.262	1.267	1.617
TOTAL BORROWING		3.677	3.287	2.103
DEFERRED TAX LIABILITIES		0.019	0.023	0.008
TOTAL		4.845	3.936	1.557
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.483	0.228	0.155
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	4.480	4.474	1.704
	Cash & Bank Balances	0.211	0.091	0.040
	Other Current Assets	0.300	0.300	0.000
	Loans & Advances	0.697	0.193	0.063
Total Current Assets		5.688	5.058	1.807
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities
	Provisions
Total Current Liabilities		1.755	1.993	1.262
Net Current Assets		3.933	3.065	0.545
MISCELLANEOUS EXPENSES		0.429	0.643	0.857
TOTAL		4.845	3.936	1.557

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
Net Profit	0.494	0.939	0.635

The above information has been denied by Mr. Devendra

KEY RATIOS

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
Debt Equity Ratio (Total Liability/Networth)	4.73	8.43	(6.07)
Current Ratio (Current Asset/Current Liability)	3.24	2.54	1.43

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last three years	No
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	No
Major Suppliers	No
Major Customers	Yes
Payment Terms	Yes
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes
Date of Birth of Proprietor/Partner/Director, if available	Yes
PAN of Proprietor/Partner/Director, if available	No
Voter ID No of Proprietor/Partner/Director, if available	No
External Agency Rating, if available	No

NOTE: Sundry Creditors details are not available

FINANCIAL RESULTS:

The operations fro the year have resulted in a profit of Rs.0.494 Million. The Directors are optimistic for their future business

FORM 8

Corporate identity number of the company	U74999MH2008PTC186977
Name of the company	MOBICULE TECHNOLOGIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A –Ground Floor, ACME Plaza, Andheri Kurla Road, Andheri – East, Mumbai – 400059, Maharashtra, India Email: siddharth.agarwal@mobicule.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10144903
Type of charge	Book debts Floating charge
Particular of charge holder	Bank of India, Chakala Branch, Opposite Sangam Cinema, Sir M.V Road, Andheri (East) Mumbai -400093, Maharashtra, India Email: chakala.mumbainorth@bankofindia.co.in
Nature of instrument creating charge	Supplemental Deed of Hypothecation.
Date of instrument Creating the charge	04.01.2012
Amount secured by the charge	Rs.6.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 3.50% over Base Rate presently 14.25% p.a.with monthly rests or at such other rate/s as may be notified by the Bank from time to time. Term of Payment: On Demand Margin 40% against book debts outstanding of 2 or 3 months or As required by the Bank from time to time. Extent and operation of the charge Security in favour of Bank as first charge for due payment of all monies including the principal sums/interest/commission, costs, charges and expenses and all other moneys, whatsoever due owing and payable by the borrower to Bank under or in respect of or in connection with or in anywise concerning or relating to the said facility agreed to be granted and/or granted by the Bank to the borrower as aforesaid and Also for due repayment of all present and future Continued in..13(e)..Others Others: indebtedness and liabilities of the borrower to the Bank of any kind in any manner whether solely or jointly, primary or collateral, accrued or accruing with all relative interest/commission, charges, costs (between Advocate and client) and expenses. Revised Limit :Cash Credit (Book Debts) : Rs.6.000 Millions .
Short particulars of the property charged (Including location of the property)	a)All tangible movable machineries and plant both present and future where so ever situate, b)All tangible movable properties, assets and stocks of whatsoever nature of the Borrower (both present and future) situate at B -103, Arjun Centre, Govandi (East) Mumbai 400088 or wherever else, c) All present and future book debts, outstanding, money receivables, claims, bills which are now due and owing or which may any time hereafter during the continuance of this security become due and owing to the Borrower.
Date of last modification prior to the present modification	09.05.2011
Particulars of the present modification	2nd Modification. The principal amount of charge on hypothecated assets is enhanced from Rs.3.600 Millions to Rs.6.000 Millions Revised Limit :Cash Credit (Book Debts) : Rs.6.000 Millions

Fixed Assets:

· Computes and Accessories

· Furniture and Fixtures

· Office Equipment

· Patents and Trade marks

AS PER WEB SITE DETAILS

PROFILE

The world is increasingly going mobile, and they at Mobicule are at the center of this dynamic shift. At Mobicule, they harness the immense power of mobile technologies to solve compelling business problems.

Mobicule is represented by a management team with rich domain expertise backed by solid business experience.  They are at the forefront of innovation, and have created solutions that are designed for the small screen, but provide complete functionality by utilizing the ever increasing software capabilities of the mobile phone.

On the enterprise side, they have innovative business products based on the mobile platform that are designed to handle functions such as sales order management, customer relationships and warehouse automation. For consumers, they have developed tools and utilities that make the mobile experience richer.

What differentiates us from the competition is their support of multiple devices, and also their ability to integrate their products or solutions with existing systems. Their Cross Platform Technology ensures compatibility on range of mobile devices and mobile platforms.

They also specialize in providing customized product engineering services, which give ISVs the acceleration to quickly develop mobile solutions at a fraction of the cost that is incurred inside their own development centers. They have the right combination of processes, people and technology to provide the much required competitive edge that is vital for succeeding in the global markets.

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 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.55.17
UK Pound	1	Rs.86.43
Euro	1	Rs.68.27

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	BYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		27

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.