MIRA INFORM REPORT

Report Date :

05.01.2012

IDENTIFICATION DETAILS

Name :	GODB TECH PRIVATE LIMITED
Registered Office :	89/3, Santhome High Road, Temple View Apartments, Chennai – 600 028, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	03.02.2000
Com. Reg. No.:	18-044082
Capital Investment / Paid-up Capital :	Rs.14.516 millions
CIN No.: [Company Identification No.]	U72200TN2000PTC044082
TAN No.: [Tax Deduction & Collection Account No.]	CHEC02639A
PAN No.: [Permanent Account No.]	AABCC3835F
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is into the business of software development providing application development platform for wireless/embedded services.
No. of Employees :	65 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 139000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. 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.

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

INFORMATION PARTED BY

Name :	Mr. Ramesh
Designation :	HR Manager
Contact No.:	91-44-43997711
Date :	03.01.2012

LOCATIONS

Registered Office :	89/3, Santhome High Road, Temple View Apartments, Chennai – 600 028, Tamilnadu, India
Tel. No.:	91-44-43997711/ 43997700/ 24615083
Fax No.:	91-44-24615196
E-Mail :	kripa.ca@gmail.com info@godbtech.com
Website :	www.godbtech.com
Location :	Owned

DIRECTORS

As on 29.09.2011

Name :

Mr. Raman Raja

Designation :

Director

Address :

45B, Thiruvalluvar Nagar, Alandur, Chennai – 600 016, Tamilnadu, India

Date of Birth/Age :

07.05.1973

Date of Appointment :

03.02.2000

DIN No.:

00671778

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	U72300TN1998PTC041283	Gan - X Software Private Limited	Managing director	22-10-98	22-10-98	Active	NO
2	U72200TN2000PTC044082	GoDB Tech Private Limited	Managing director	03-02-00	03-02-00	Active	NO
3	U72400TN2010PTC075672	Glix Solutions Private Limited	Director	12-05-10	12-05-10	Active	NO

Name :

Mr. P. Mahavir Chand

Designation :

Director

Address :

2, Aziz Mulk, 3^rd Street, Thousand Lights, Chennai – 600 006, Tamilnadu, India

Date of Birth/Age :

03.09.1972

Date of Appointment :

22.07.2000

DIN No.:

00671041

Name :

Mr. Pasupuleti Sureshbabu Ravikiran

Designation :

Director

Address :

11, South Mada Street, Triplicane, Chennai – 600 005, Tamilnadu, India

Date of Birth/Age :

11.02.1974

Date of Appointment :

22.07.2000

DIN No.:

00671081

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	U72300TN1998PTC041283	Gan - X Software Private Limited	Director	22-10-98	22-10-98	Active	NO
2	U72200TN2000PTC044082	GoDB Tech Private Limited	Director	22-07-00	22-07-00	Active	NO
3	U72400TN2010PTC075672	Glix Solutions Private Limited	Director	12-05-10	12-05-10	Active	NO

Name :

Ms. M. Kavitha

Designation :

Director

Address :

2, Aziz Mulk, 3^rd Street, Thousand Lights, Chennai – 600 006, Tamilnadu, India

Date of Birth/Age :

28.08.1975

Date of Appointment :

03.02.2000

DIN No.:

00671812

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	U72200TN2000PTC044082	GoDB Tech Private Limited	Director	03-02-00	03-02-00	Active	NO
2	U72400TN2010PTC075672	Glix Solutions Private Limited	Director	12-05-10	12-05-10	Active	NO

Name :

Mr. Chakravathy Kalyan Koka Prabhu Pavan

Designation :

Director

Address :

C1, Block 1, Rama Residency, Rama Temple Street, Tippa Sandra, Bangalore – 560 075, Karnataka, India

Date of Birth/Age :

21.09.1973

Date of Appointment :

18.09.2006

DIN No.:

01605534

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	U72200TN2000PTC044082	GoDB Tech Private Limited	Director	18-09-06	18-09-06	Active	NO
2	U72900KA2006PTC039902	Pinng IT Mobility Solutions Private Limited	Director	28-09-07	02-07-07	Active	NO
3	U72200KA2007PTC043326	Nowon Technologies Private Limited	Director	05-07-07	05-07-07	Active	NO
4	U72900KA2006PTC039891	Path Partner Technology Consulting Private Limited	Director	28-09-07	11-07-07	Active	NO
5	U72400KA2008PTC046940	iLinx Mobility Solutions Private Limited	Director	27-06-08	27-06-08	Active	NO
6	U72900KA2011PTC061176	CheCKMates Technologies Private Limited	Director	15-11-11	15-11-11	Active	NO

KEY EXECUTIVES

Name :	Mr. Ramesh
Designation :	HR Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Names of Shareholders	No. of Shares
R. Raja	374998
H. Kavitha	224999
P. Mahavir Chand	149999
P.S. Ravi Kiran	374998
Indusage Advisors Private Limited, India	72559
Srikanth Narasimhan	9068
Vinod Kumar	13601
C. Venkatasubramanayam	13601
Koka Sai Kumari	145160
K.P.P.K. Chakravarthy	72580
Total	1451563

As on 29.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	92.50
Other top fifty shareholders	7.50
Total	100.00

BUSINESS DETAILS

Line of Business :	The Company is into the business of software development providing application development platform for wireless/embedded services.
Products/ Services :	v Sales Force Automation v Mobility Solutions v Software Design
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

OEM’s and Others

v Hindustan Unilever Limited

v ICICI Prudential

v ICICI Bank

v 3M India

v Wyeth

v Chola Finance

v Colgate-Palmolive

v Reliance Life Insurance

v Reliance General Insurance

v ICICI Lombard

v Tata AIG

v HDFC

v Standard Chartered

v Cholayil

v ITC

v Reliance Life Insurance

v ICICI Lombard

No. of Employees :

65 (Approximately)

Bankers :

v ICICI Bank Limited, Chennai, Tamilnadu, India

v Standard Chartered Bank

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
From a Bank:
Finance lease obligation (Secured by hypothecation of the respective assets acquired)	0.698	1.014
Total	0.698	1.014

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	ASV N Ramanas Tower , 52, Venkatnarayana Road T. Nagar Chennai – 600 017, Tamilnadu, India
Tel. No.:	91-44-66885000
Fax No.:	91-44-66885050
Income-tax PAN of auditor or auditor's firm :	AACFD3771D
Related Party (Party where control exists) :	Glix Solutions Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1451563	Equity Shares	Rs.10/- each	Rs.14.516 millions

(Of the above, 937495 shares were allotted as fully paid bonus shares)

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		14.516	14.516	14.516
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		30.273	30.273	30.272
4] (Accumulated Losses)		(9.944)	(8.134)	(9.224)
NETWORTH		34.845	36.655	35.564
LOAN FUNDS
1] Secured Loans		0.698	1.014	1.401
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.698	1.014	1.401
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		35.543	37.669	36.965
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.798	5.522	5.915
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.923	0.000
	Sundry Debtors	6.888	9.532	11.118
	Cash & Bank Balances	8.463	12.252	10.571
	Other Current Assets	3.298	1.663	0.000
	Loans & Advances	16.228	15.158	14.367
Total Current Assets		34.877	39.528	36.056
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.069	3.439	0.225
	Other Current Liabilities	2.882	2.542	3.214
	Provisions	1.181	1.400	1.567
Total Current Liabilities		4.132	7.381	5.006
Net Current Assets		30.745	32.147	31.050
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		35.543	37.669	36.965

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
SALES
	Income from Operations	44.931	49.559	57.049
	Other Income	1.630	0.692	NA
	TOTAL	46.561	50.251	NA
PROFIT/ (LOSS) AFTER TAX		(1.809)	2.363	7.367
EARNINGS IN FOREIGN CURRENCY
	Software development charges	11.710	17.253	11.075
	License Charges	0.607	1.046	0.095
	Others	0.000	0.068	0.493
TOTAL EARNINGS		12.317	18.367	11.663
Earnings Per Share (Rs.)		(1.25)	1.63	5.08

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(3.89)	4.70	NA
Debt Equity Ratio (Total Liability/Networth)		0.14	0.23	0.18
Current Ratio (Current Asset/Current Liability)		8.44	5.36	7.20

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	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last two years	Yes
12) Profitability for last three years	No
13) Reasons for variation <> 20%	No
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	Yes
19) Payments terms	Yes
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	No
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

BACKGROUND

The Company was incorporated under the Companies Act, 1956 in February 2000 with its registered office at Chennai. The Company is into the business of software development providing application development platform for wireless/embedded services. During the previous year, the company had commenced new line of trading business, wherein satellite receivers are sold after installation of customized software.

FINANCIAL RESULTS:

This year could be construed to be a year of stabilisation and the Company has identified new business areas with growth poteiitial The company hopes to perform well in the current year irrespective of the predicted global recession.

BUSINESS REVIEW

The market for their Mobile solution platform has started looking up due to the rapid growth of Smart phones in the Worldwide market. In the Indian market the prices of smart phones in General and prices of Android phones are expected to come to touch sub Rs.0.005 million during the next financial year. Because of this they expect a pick up in demand for their mobile solutions in 2^nd Half of the current financial year.

During the year the Company continued its investment in product development:

a) Mobile: They have added support for Apple IOS, Android OS and J2me phones in their Sync Platform. The final version become ready for market deployment by June 2011.

b) STB: Company has invested in the DVB product development focusing on the huge local market for DTH/Cable operators. The product is expected to go for commercial production during the current financial year.

They expect the benefits of the New product lines to accrue during the current financial year.

TRADE REFERENCES:

v ICICI

v Reliance

FIXED ASSETS:

v Computers

v Plant and Machinery

v Furniture and Fixtures

v Vehicles

v Vehicle taken on lease

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.53.14
UK Pound	1	Rs.83.08
Euro	1	Rs.69.25

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	2
--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		28

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.