MIRA INFORM REPORT

Report Date :

06.12.2012

IDENTIFICATION DETAILS

Name :	NIRMAL DATACOMM PRIVATE LIMITED

Registered Office :	Prem Estate, C Wing, Santa Savta Cross Road, No. 1, Mustafa Bazar, Byculla, Mumbai-400010, Maharashtra

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	28.10.1996

Com. Reg. No.:	11-103563

Capital Investment / Paid-up Capital :	Rs.5.000 Millions

CIN No.: [Company Identification No.]	U30009MH1996PTC103563

PAN No.: [Permanent Account No.]	AABCN5072B

Legal Form :	Private Limited Liability Company

Line of Business :	Providing IT and Network Related Solutions.

No. of Employees :	Information denied by the management.

RATING & COMMENTS

MIRA’s Rating :

B (34)

RATING

STATUS

PROPOSED CREDIT LINE

26-40

Capability to overcome financial difficulties seems comparatively below average.

Small

Maximum Credit Limit :	USD 160000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track record. There appears loss in current year and the external borrowing of the company is huge. However, trade relations are reported to be fair. Business is active. Payments are reported slow but correct. The company can be considered for business dealings with some caution.

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. Kamlesh Rajput
Designation :	Accounts Department
Contact No.:	91-22-23788268
Date :	05.12.2012

LOCATIONS

Registered / Head Office :	Prem Estate, C Wing, Santa Savta Cross Road, No. 1, Mustafa Bazar, Byculla, Mumbai-400010, Maharashtra, India
Tel. No.:	91-22-23788200 / 23734488
Fax No.:	91-22-23700938
E-Mail :	info@nirmaldatacomm.com ganesh.mestry@nirmaldtacomm.com
Website :	http://www.nirmaldatacomm.com

Branch Office :	3-C, 3^rd Floor, Willocrisa Apartment, Rest House, Crescent Road, Bangalore-560081, Karnataka, India
Tel. No.:	91-80-25590820
Fax No.:	91-80-25590821

Branch Office :	Also Located At: · Pune · Hyderabad · Chennai · New Delhi · Kolkata · Ahmedabad

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Kedar Ghanshyam Shah
Designation :	Director
Address :	21, Ashok Apartment, Gandhi Gram Road, Juhu, Mumbai-400049, Maharashtra, India
Date of Birth/Age :	20.01.1964
Date of Appointment :	28.10.1996
Din No.:	01081953

Name :	Saroj Kedar Shah
Designation :	Director
Address :	21, Ashok Apartment, Gandhi Gram Road, Juhu, Mumbai-400049, Maharashtra, India
Date of Appointment :	21.03.2011
Din No.:	02464968

KEY EXECUTIVES

Name :	Mr. Kamlesh Rajput
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders		No. of Shares
Kedar Ghanshyam Shah		47500
Saroj Kedar Shah		2500

TOTAL		50000

AS ON 30.09.2011

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

BUSINESS DETAILS

Line of Business :

Providing IT and Network Related Solutions.

GENERAL INFORMATION

No. of Employees :

Information denied by the management.

Bankers :

Punjab and Maharashtra Co-operative Bank Limited, No. 4 and 5, 3^rd Floor, Dreams Mall, LBS Marg, Bhandup (West), Mumbai-400078, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Punjab and Maharashtra Co-operative Bank Limited 71034	68.875	52.692
Car Loan		0.634
Term Loan		8.282
TOTAL	68.875	61.608
NOTE: All secured against hypothecation of stocks, book debts and guaranteed by directors.


Unsecured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
From Directors		0.366
From Others		40.641
TOTAL	63.444	41.007


Banking Relations :	--

Financial Institution :	· Srei Equipment Finance Private Limited, Vishwakarma, 86 C, Topsia Road, Kolkata-700046, West Bengal, India · Easyaccess Financial Service Limited, SPL Guindy House, 95, Mount Road, Guindy, Chennai-600032, Tamilnadu, India

Auditors :
Name :	Sharma Shah and Associates Chartered Accountants
Address :	250, Kartar Mansion No. 1, 2^nd Floor, 35, Tribhuvan Road, Mumbai-400004, Maharashtra, India
PAN No:	AAAFS6489H

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs.5.000 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		5.000	5.000	5.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		35.706	39.722	35.271
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		40.706	44.722	40.271
LOAN FUNDS
1] Secured Loans		68.875	61.608	36.250
2] Unsecured Loans		63.444	41.007	39.040
TOTAL BORROWING		132.319	102.615	75.290
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		173.025	147.337	115.561

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		19.926	11.061	13.916
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		1.091	1.091	0.840
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	95.725	77.961	65.848
	Sundry Debtors	78.869	90.271	51.850
	Cash & Bank Balances	0.341	1.092	2.068
	Other Current Assets	10.229	10.776	15.633
	Loans & Advances	53.582	38.814	29.862
Total Current Assets		238.746	218.914	165.261
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors		61.322	55.375
	Other Current Liabilities	74.757	10.426	0.000
	Provisions	11.981	11.981	9.081
Total Current Liabilities		86.738	83.729	64.456
Net Current Assets		152.008	135.185	100.805

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		173.025	147.337	115.561

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	199.674	214.511	169.462
		Other Income	66.540	58.305	54.285
		TOTAL (A)	266.214	272.816	223.747

Less	EXPENSES
		Cost of goods sold	143.540	162.407	130.148
		Administrative overheads	93.898	79.844	65.359
		Selling overheads	8.673	6.095	7.950
		TOTAL (B)	246.111	248.346	203.457

Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		20.103	24.470	20.290

Less	FINANCIAL EXPENSES (D)		17.920	12.283	7.440

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.183	12.187	12.850

Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.199	4.832	4.913

	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(4.016)	7.355	7.937

Less	TAX (H)		0.000	2.900	3.204

	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(4.016)	4.455	4.733

	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		27.728	23.273	18.544

	BALANCE CARRIED TO THE B/S		23.712	27.728	23.277

	Earnings / (Loss) Per Share (Rs.)		(80.32)	89.10	94.66

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(1.51)	1.63	2.12

Net Profit Margin (PBT/Sales)	(%)	(2.01)	3.43	4.68

Return on Total Assets (PBT/Total Assets}	(%)	(1.55)	3.20	4.43

Return on Investment (ROI) (PBT/Networth)		(0.10)	0.16	0.20

Debt Equity Ratio (Total Liability/Networth)		5.38	4.17	3.47

Current Ratio (Current Asset/Current Liability)		2.75	2.61	2.56

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars

31.03.2011

(Rs. in millions)

31.03.2010

(Rs. in millions)

31.03.2009

(Rs. in millions)

Sundry Creditors

61.322

55.375

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	No
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

FINANCIAL RESULTS:

The company achieved a turnover of Rs.266.200 Millions (Last Year Rs.272.900 Millions) during the year.

The outlook for the current year is encouraging and the company expects to achieve further growth.

FINANCE:

The liquidity position of the company was quite satisfactory during the year.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U30009MH1996PTC103563
Name of the company	NIRMAL DATACOMM PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Prem Estate, C Wing, Santa Savta Cross Road, No. 1, Mustafa Bazar, Byculla, Mumbai-400010, Maharashtra, India
Type of charge	Movable Property [not being pledge]
Particular of charge holder	Punjab and Maharashtra Co-operative Bank Limited, No. 4 and 5, 3^rd Floor, Dreams Mall, LBS Marg, Bhandup (West), Mumbai-400078, Maharashtra, India
Email	anitauppal@pmcbank.com
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation
Date of instrument Creating the charge	16.03.2012
Amount secured by the charge	Rs.7.905 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As may be decided, from time to time, by the Bank. Margin As may be decided, from time to time, by the Bank. Extent and Operation of the charge To secure the due repayment of Letter of Credit limit of Rs.7.905 Millions, together with interest, costs, charges and expenses etc. thereon, granted by the Bank to the Company.
Short particulars of the property charged	All, present and future, stocks and stock-in-trade of the Company.

FIXED ASSETS:

· Computer and Accessories

· Plant and Machinery

· Motor Car

· 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 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 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.54.57
UK Pound	1	Rs.87.90
Euro	1	Rs.71.53

INFORMATION DETAILS

Information Gathered by :	PDT

Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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		34

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.

MIRA INFORM REPORT

95.725

78.869

0.341

10.229

53.582

238.746

74.757

11.981

86.738

152.008

(1.51)

(2.01)

(1.55)

(0.10)

5.38

2.75

Unit