MIRA INFORM REPORT

Report Date :

05.12.2012

IDENTIFICATION DETAILS

Name :	ENHANCED SOFTWARE SOLUTIONS PRIVATE LIMITED
Registered Office :	Row House 12, Cosmos A CHS, Shiv Shrushti, Kurla, Mumbai – 400024, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	15.06.2006
Com. Reg. No.:	11-162644
Capital Investment / Paid-up Capital :	Rs.10.000 Millions
CIN No.: [Company Identification No.]	U72900MH2006PTC162644
TAN No.: [Tax Deduction & Collection Account No.]	MUME06645C
PAN No.: [Permanent Account No.]	AABCE6486A
Legal Form :	Private Limited Liability Company
Line of Business :	Service Provider of IT Telecom Services.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 360000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appears continuous dip in the income earned from operation from past two years. However, profitability appears to be good. Trade relations are reported as decent. Business is active. Payment terms are usually correct. 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.

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

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 DECLINED BY

Name :	Mr. Prakash Dhavale
Designation :	Account Manager
Contact No.:	91-22-25276091
Date :	05.12.2012

LOCATIONS

Registered Office :	Row House 12, Cosmos A CHS, Shiv Shrushti, Kurla, Mumbai – 400024, Maharashtra, India
Tel. No.:	91-22-25276091
Fax No.:	Not Available
E-Mail :	manmohanagrawal54@yahoo.com info@ess.net.in svp_cs@yahoo.com dhan_gokhle@hotmail.com
Website :	http://www.ess.net.in
Head Office :	201-A, 2^nd Floor, Raheja Plaza -1, LBS Marg, Ghatkopar West, Mumbai – 400086, Maharashtra, India
Tel. No.:	91-22-25009511/ 61278728/ 29
Fax No.:	91-22-61278729
Singapore Office :	20, Cecil Street, #14-01 Equity Plaza, Singapore 049705
Tel No.:	6438-8887
Fax No.:	6438-2436

DIRECTORS

(AS ON 25.09.2012)

Name :	Mr. Nandkumar Govind Pawaskar
Designation :	Managing Director
Address :	Cosmos A Co-op Hsg Society Limited, Row House No 12, Shiv Shrushti Kurla (East), Mumbai- 400024, Maharashtra, India
Date of Birth/Age :	03.08.1968
Date of Appointment :	15.06.2006
DIN No.:	02503265
Name :	Mr. Prabhav Kishor Kodial
Designation :	Director
Address :	E/1, Saraswat Colony Laburnam Road, Gamdevi, Mumbai- 400007, Maharashtra, India
Date of Birth/Age :	25.08.1973
Date of Appointment :	15.06.2006
DIN No.:	02439036

KEY EXECUTIVES

Name :	Mr. Prakash Dhavale
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 25.09.2012)

Names of Shareholders	No. of Shares
Prabhav Kishor Kodial	450000
Nandkumar Govind Pawaskar	550000
Total	1000000

(AS ON 30.09.2012)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Service Provider of IT Telecom Services.

Products :

Products Description	Item Code No.
Automatic Data Processing Machines and Units thereof	8471.00
Computer Software	8524.00

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

· HDFC Bank Limited

· The Shamro Vithal Co-operative Bank Limited

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Term Loans - From Banks
HDFC Bank Limited (3 years term Loan Secured against Honda Cicvic Car)	0.000	0.311
Term Loans - From Other Parties
Kotak Mahindra Prime Limited (5 years term Loan Secured against Mahindra Xylo Vehicles)	0.256	0.351
From Banks
Overdraft against FDR from The Shamro Vithal Co-operative Bank Limited	5.835	0.000
Total	6.091	0.662

Banking Relations :	--
Auditors :
Name :	Agrawal and Chhajed Chartered Accountant
Address :	1307, Navjivan Commercial Premises, Lamington Road, Mumbai – 400008, Maharashtra, India
Tel No.:	91-22-23060473/ 23060474/ 29858540
Fax No.:	91-22-23060473
Mobile No.:	91-9820067829/ 9324908661
PAN No.:	AAFFA5707M
Email :	manmohanagrawal54@yahoo.com

CAPITAL STRUCTURE

(AS ON 31.03.2012)

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting period

Particular	Opening Balance	Bonus	Closing Balance
Equity shares with voting right
Year ended 31 March. 2012
-Number of shares	1000000	--	1000000
-Amount (10)

Details of shares held by each shareholder holding more than 5% shares:

Class of shares / Name of shareholder	As at 31 March, 2012
	Number of shares held	% Holding in that class of shares
Equity shares with voting rights
Mr. Nandkumar Pawaskar	550000	55%
Mr. Prabhav Kodial	450000	45%

Particulars	Aggregate number of shares As at 31 March, 2012
Equity shares with voting rights
Fully paid up pursuant to contract(S) without payment being received in cash
Fully paid up by way of bonus shares	NIL
Shares bought back

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		10.000	10.000	0.200
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		81.153	65.737	57.592
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		91.153	75.737	57.792
LOAN FUNDS
1] Secured Loans		6.091	0.662	4.922
2] Unsecured Loans		0.000	0.000	1.923
TOTAL BORROWING		6.091	0.662	6.845
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		97.244	76.399	64.637
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.871	9.933	11.872
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.798	2.162	1.620
DEFERREX TAX ASSETS		0.815	0.672	1.713
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	38.288	36.529	77.481
	Cash & Bank Balances	52.617	18.026	27.807
	Other Current Assets	0.091	0.000	45.757
	Loans & Advances	39.706	41.106	0.466
Total Current Assets		130.702	95.661	151.511
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	14.144	0.745	69.879
	Other Current Liabilities	8.348	4.861
	Provisions	21.450	26.423	32.200
Total Current Liabilities		43.942	32.029	102.079
Net Current Assets		86.760	63.632	49.432
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		97.244	76.399	64.637

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from Operations	134.638	198.837	379.344
		Other Income	5.139	2.414	3.933
		TOTAL (A)	139.777	201.251	383.277
Less	EXPENSES
		Purchases of stock-in-trade	33.952	65.673	248.588
		Employee benefits expense	42.521	59.577	58.194
		Other expenses	38.493	41.643	36.966
		TOTAL (B)	114.966	166.893	343.748
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		24.811	34.358	39.529
Less	FINANCIAL EXPENSES (D)		0.570	0.482	0.809
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		24.241	33.876	38.720
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.500	4.322	2.090
	PROFIT BEFORE TAX (E-F) (G)		20.741	29.554	36.630
Less	TAX (H)		5.325	11.609	12.468
	PROFIT AFTER TAX (G-H) (I)		15.416	17.945	24.162
	IMPORTS
		Raw Materials, Components and Spare Parts	24.235	14.674	50.039
	TOTAL IMPORTS		24.235	14.674	50.039
	Earnings Per Share (Rs.)		15.42	129.91	2,071.00

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	11.03	8.92	6.30
Net Profit Margin (PBT/Sales)	(%)	15.41	14.86	9.66
Return on Total Assets (PBT/Total Assets}	(%)	14.97	27.99	22.42
Return on Investment (ROI) (PBT/Networth)		0.23	0.39	0.63
Debt Equity Ratio (Total Liability/Networth)		0.55	0.43	1.88
Current Ratio (Current Asset/Current Liability)		2.97	2.99	1.48

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2012	31.03.2011	31.03.2010
	(Rs. In Millions)
Trade Payables: Other than Acceptances	14.144	0.745	Not Available
Total	14.144	0.745	Not Available

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	No
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%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
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
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	No
34]	External Agency Rating, if available	No

FIXED ASSETS:

· Land

· Building

· Furniture and Fixture

· Vehicles

· Office Equipment

· Computer

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.54.56
UK Pound	1	Rs.87.46
Euro	1	Rs.71.08

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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		47

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.