MIRA INFORM REPORT

Report Date :

23.08.2012

IDENTIFICATION DETAILS

Name :	INFOSTRETCH SOLUTIONS PRIVATE LIMITED
Registered Office :	5th floor, Regency Plaza, Opposite Rahul Tower, Anand Nagar, Satellite, Ahmedabad – 380015, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.05.2007
Com. Reg. No.:	04-050855
Capital Investment / Paid-up Capital :	Rs. 0.563 Million
CIN No.: [Company Identification No.]	U72200GJ2007PTC050855
TAN No.: [Tax Deduction & Collection Account No.]	AHMI01018D
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Quality Assurance and Software testing services.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 53000
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.

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

Name :	Mr. Devang
Designation :	Assistant Manager
Contact No.:	91-79-40266266
Date :	22.08.2012

LOCATIONS

Registered Office :	5^th floor, Regency Plaza, Opposite Rahul Tower, Anand Nagar, Satellite, Ahmedabad – 380015, Gujarat, India
Tel. No.:	91-79-40701125/ 40266266
Mobile No.:	91-7698005871 (Mr. Rajesh Thakkar)
Fax No.:	91-79-40701122/ 40266267
E-Mail :	devang.tripathi@infostretch.com info@infostretch.com
Website :	http://www.infostretch.com
Branch :	Located at: Ahmedabad Pune

DIRECTORS

AS ON 20.12.2011

Name :	Mr. Rutesh Chandravadan Shah
Designation :	Director
Address :	1034 Narciso CT, San Jose, CA, USA 95129
Date of Birth/Age :	12.10.1969
Date of Appointment :	16.05.2007
DIN No.:	01713797
Name :	Mr. Manish Jaikrishan Mathuria
Designation :	Director
Address :	40832 Ondina Place, Fremont, CA, USA 94539
Date of Birth/Age :	26.11.1967
Date of Appointment :	16.05.2007
DIN No.:	01698749
Name :	Mr. Vipul Agnikumar Jani
Designation :	Director
Address :	602/B, Devraj Flat, Near Goyal Terrace, Opposite NRI Tower, B/h. Judges Bunglow, Bodakdev, Ahmedabad – 380054, Gujarat, India
Date of Birth/Age :	08.08.1969
Date of Appointment :	16.07.2007
Voter ID :	LBR6827661
DIN No.:	01814845

KEY EXECUTIVES

Name :	Mr. Devang
Designation :	Assistant Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 20.12.2011

Names of Shareholders	No. of Shares
Mr. Rutesh Chandravadan Shah	382500
Mr. Manish Jaikrishan Mathuria	382500
Mr. Vipul Agnikumar Jani	188300
Parul Vipul Jani	2950
Total	956250

AS ON 20.12.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Quality Assurance and Software testing services.

Products :

ITC Code	Product Descriptions
0711	Software Development

Exports :

Products :

Software

Countries :

USA

Terms :

Selling :

Cash, Credit and Advance

Purchasing :

Cash, Credit and Advance

GENERAL INFORMATION

Customers :

Corporates

No. of Employees :

250 (Approximately)

Bankers :

State Bank of India, 201-205, Shukan – II, Swastik Char Rasta, Commerce Collee Road, Navrangpura, Ahmedabad – 380009, Gujarat, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Bank OD
SBI Cash Credit A/c	3.497	0.000
SBI Term loan	0.577	0.000
Total	4.074	0.000
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Directors and Shareholders
Manish Mathria	1.098	0.051
Rutesh Shah	1.275	0.050
Vipul Jani	0.000	0.005
Total	2.373	0.106

Banking Relations :	--
Auditors :
Name :	Mulani Kajarekar and Company Chartered Accountants
Address :	204, Simandhar Avenue, 8, Kailash Society, Near H. K. House, Ashram Road, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26582169
E-Mail :	mkc_ca@youbroadband.in
Income-tax PAN of auditor or auditor's firm :	AEMPK0156L
Sister Concern :	Infostretch Systems Private Limited Infostretch Corporation

CAPITAL STRUCTURE

AS ON 20.12.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs. 10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
956,250	Equity Share	Rs.10/- each	Rs. 9.563 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1,00,000	Equity Shares	Rs. 10/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
56,250	Equity Share	Rs.10/- each	Rs. 0.563 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		0.563	0.530	0.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		12.894	8.163	7.526
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		13.457	8.693	8.026
LOAN FUNDS
1] Secured Loans		4.074	0.000	0.000
2] Unsecured Loans		2.373	0.106	0.110
TOTAL BORROWING		6.447	0.106	0.110
DEFERRED TAX LIABILITIES		0.540	0.376	0.167
TOTAL		20.444	9.175	8.303
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		15.442	9.165	8.557
Capital work-in-progress		0.260	0.000	0.000
INVESTMENT		0.020	0.517	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	3.883	0.546	1.255
	Cash & Bank Balances	2.033	3.040	0.742
	Other Current Assets	2.848	0.743	0.685
	Loans & Advances	0.450	0.201	0.027
Total Current Assets		9.214	4.530	2.709
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.115	0.340	0.183
	Other Current Liabilities	2.332	4.647	2.741
	Provisions	1.052	0.063	0.061
Total Current Liabilities		4.499	5.050	2.985
Net Current Assets		4.715	(0.520)	(0.276)
MISCELLANEOUS EXPENSES		0.007	0.013	0.022
TOTAL		20.444	9.175	8.303

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income from Operation	75.333	33.441
		Other Income	0.002	0.080
		TOTAL	75.335	33.521	24.927
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	67.161	31.528	16.601
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		8.174	1.993	8.326
Less/ Add	DEPRECIATION/ AMORTISATION		2.228	1.146	0.662
	PROFIT BEFORE TAX		5.946	0.847	7.664
Less	TAX		1.662	0.209	0.196
	PROFIT AFTER TAX		4.284	0.638	7.468
	Earnings Per Share (Rs.)		79.81	12.05	149.36

Particulars	31.03.2012
Sales Turnover (Approximately)	170.000
	(Due to 7 more Orders)

Expected Sales ( 2012-2013 ) : Rs. 250.000 Millions

The above information has been parted by Mr. Devang (Assistant Manager)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.69	1.90	29.96
Net Profit Margin (PBT/Sales)	(%)	7.89	2.53	N.A.
Return on Total Assets (PBT/Total Assets}	(%)	24.12	6.18	68.03
Return on Investment (ROI) (PBT/Networth)		0.44	0.10	0.95
Debt Equity Ratio (Total Liability/Networth)		0.81	0.59	0.39
Current Ratio (Current Asset/Current Liability)		2.05	0.90	0.91

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
Sundry Creditors	1.115	0.340	0.183
Total	1.115	0.340	0.183

Sr. No.	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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	Yes
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	No

FINANCIAL RESULTS:

During the year the company has achieved income from operation of Rs. 75.333 Millions (Previous year Rs. 33.441 Millions) and has earned net profit of Rs. 4.284 Millions (Previous year Rs.0.638 Million) after providing from depreciation of Rs. 2.228 Millions (Previous year Rs.1.144 Millions), provision for current tax of Rs. 0.920 Million (Previous year Nil) and provision for deferred tax liability of Rs. 0.164 Million (Previous year Rs. 0.209 Million)

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U72200GJ2007PTC050855
Name of the company	INFOSTRETCH SOLUTIONS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	5th floor, Regency Plaza, Opposite Rahul Tower, Anand Nagar, Satellite, Ahmedabad – 380015, Gujarat, India
This form is for	Creation of charge
Type of charge	Book Debts Movable Property Others (Stock)
Particular of charge holder	State Bank of India, 201-205, Shukan – II, Swastik Char Rasta, Commerce Collee Road, Navrangpura, Ahmedabad – 380009, Gujarat, India Email ID: pk.rathod@sbi.co.in
Nature of description of the instrument creating or modifying the charge	Agreement of Loan-Cum-Hypothecation
Date of instrument Creating the charge	15.02.2011
Amount secured by the charge	Rs. 14.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash Credit Limit - Interest at 4.00% on base rate present effective rate 12.00% Term Loan - Interest at 4.50% on base rate Present effective rate 12.50% (Present Base Rate 8.00% p.a.) Terms of Repayment Term Loan - is payable in 58 installments of Rs. 0.164 Millions + Interest. The first installment to commence on 01/04/2011. Cash Credit - On Demand Margin As per Bank's Sanction Letter Extent and Operation of the charge All the securities as described herein below in col. No. 15 have been charged to the bank to secure its 1) Cash Credit Limit Rs. 5.000 Millions 2) Term Loan Rs. 9.500 Millions ----------------- Making aggregate limit of Rs. 14.500 Millions
Short particulars of the property charged	Hypothecation of all Receivables, Current assets, all furniture fixtures and computer systems purchased out of bank's finance.

FIXED ASSETS:

• Air Conditioner
• Computer and Printer
• Electric Fitting Equipment
• Furniture and Fittings
• Office Equipment
• Water Filter Plant
• Masruti Wagon – R
• Mobile Instruments

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. 55.51
UK Pound	1	Rs. 87.60
Euro	1	Rs. 69.15

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	BVA

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	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	4
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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

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.