MIRA INFORM REPORT

Report Date :

06.01.2012

IDENTIFICATION DETAILS

Name :	SECURE MATRIX (INDIA) PRIVATE LIMITED [w.e.f. 07.11.2002]
Formerly Known As :	SINGLE POINT CONSULTING PRIVATE LIMITED
Registered Office :	12, Oraicon House, 14 X, Dubash Marg, Kalaghoda, Fort, Mumbai – 400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2009
Date of Incorporation :	15.06.2001
Com. Reg. No.:	11-132369
Capital Investment / Paid-up Capital :	Rs.25.000 Millions
CIN No.: [Company Identification No.]	U72200MH2001PTC132369
TAN No.: [Tax Deduction & Collection Account No.]	MUMS33987C
Legal Form :	Private Limited Liability Company
Line of Business :	The company is engaged in IT and IS Audit, Security Consulting services to Banks, Financial Institutions, FMCGs, Government and other enterprises where Information Technology plays a significant and critical role in their business processes.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca [16]

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The management has not filed the financials of the company with the government departments after the year 2009. However, trade relations are reported as fair. Business is active. Payments are unknown. The company can be considered for business dealings on a secured 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.

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 DECLINED BY

Name :	Mr. Sunil Kulkarni
Designation :	Key Executive
Contact No.:	91-9822010708
Email :	Sunil.kulkarni@securematrix.in
Date :	04.01.2012
Name :	Mr. Saurabh Dani
Designation :	Director
Contact No.:	91-9821542619
Email :	saurabh.dani@securematrix.in
Date :	04.01.2012

LOCATIONS

Registered Office :	12, Oraicon House, 14 X, Dubash Marg, Kalaghoda, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-32537579
Fax No.:	91-22-22886152
E-Mail :	info@securematrix.in bltanna@gmail.com
Website :	http://www.securematrix.in
Global Headquarters	B-907,BSEL Tech Park ,Opp.Vashi Railway Station, Vashi, Navi Mumbai – 400705, Maharashtra, India
Tel. No.:	91-22-30737579
Fax No.:	91-22-30737578
Technology Centre	Trident Tower, 2^nd Floor Parshan Road, Bavdan Pune – 411021, Maharashtra, India
Tel. No.:	91-20-22953435 / 37
Fax No.:	91-20-22953436
E-Mail :	pune@securematrix.in
Regional Office 1 :	Chennai Plot No. 1, Door No.5 Venkateshwara Street Dhanalakshmi Colony, Vadapalani Chennai – 600026, Tamilnadu, India
Tel. No.:	91-44-42048620 / 43054114
Fax No.:	91-44-42048620
E-Mail :	chennai@securematrix.in
Regional Office 2 :	London : 16-20 Ealing Road, Wembley Middlesex, HAO 4TL
Tel. No.:	44 [0] 20 87957200
E-Mail :	london@securematrix.in

DIRECTORS

As on 30.09.2009

Name :

Mr. Saurabh Bankimchandra Dani

Designation :

Whole-time director

Address :

6 Vasudha Apartment, Opp. Century Bazar, Worli, Mumbai-400 025, Maharashtra, India

Date of Birth/Age :

11.10.1962

Date of Appointment :

06.09.2001

DIN :

00010790

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U67120MH1992PTC069300	DANI SHARES AND STOCKS PRIVATE LIMITED	Director	3/11/1992	3/11/1992	9/9/2011	Active	NO
2	U65990MH1993PTC074585	DANI FINANCIAL PRODUCTS Private LIMITED	Director	20/10/1993	20/10/1993	-	Active	NO
3	U72200MH2001PTC132369	SECURE MATRIX (INDIA) PRIVATE LIMITED	Whole-time director	6/9/2001	6/9/2001	-	Active	YES
4	U74999MH2004PTC146418	SECURE MATRIX SOLUTIONS PRIVATE LIMITED	Director	19/05/2004	19/05/2004	-	Dormant	NO
5	U51100MH2004PTC148499	DANI COMMODITIES PRIVATE LIMITED	Director	10/9/2004	10/9/2004	9/9/2011	Active	NO
6	U70100MH2006PTC160678	DANI PROPERTIES PRIVATE LIMITED	Director	23/03/2006	23/03/2006	9/9/2011	Active	NO
7	U74900MH2011PTC219238	VEDIC FINANCIAL ADVISORY SERVICES PRIVATE LIMITED	Director	29/06/2011	29/06/2011	-	Active	NO
8	L67120MH1983PLC029483	PRISM INFORMATICS LIMITED	Additional director	14/11/2011	14/11/2011	-	Active	NO

Name :

Mr. Anil Jitendra Jhumkhawala

Designation :

Director

Address :

02, Saraswati Tower, Off Parsi Panchayat Road, Opp Sona Udyog, Andheri (East), Mumbai-400 069, Maharashtra, India

Date of Birth/Age :

15.12.1953

Date of Appointment :

20.10.2004

DIN :

01039731

Name :

Mr. Arjun Dev Nagpaul

Designation :

Director

Address :

Curjun House, 2nd Floor, Henry Road, Applo Bunder, Mumbai-400 039, Maharashtra, India

Date of Birth/Age :

08.08.1933

Date of Appointment :

30.10.2005

DIN :

02180990

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	U52392MH2000PTC124403	SUPERB SYSTEMS COMPANY PRIVATE LIMITED	Director	12/3/2000	12/3/2000	Active	NO
2	U72100MH2000PTC124569	CYBER WINDOWS INDIA PRIVATE LIMITED	Director	13/03/2000	13/03/2000	Active	NO
3	U72200MH2001PTC132369	SECURE MATRIX (INDIA) PRIVATE LIMITED	Director	30/10/2005	30/10/2005	Active	YES

Name :

Mr. Mukkur Lakshminarasimhan Srinivasan

Designation :

Director

Address :

A/4, Annanyastreet, Plot No 80, 64th Street, 10th Sector, K.K. Nagar, Chennai-78, Tamilnadu, India

Date of Birth/Age :

12.05.1966

Date of Appointment :

30.10.2004

DIN :

02263606

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U64202TN2000PTC044432	CHENNAINET.COM INTERNET SERVICES PRIVATE LIMITED	Director	20/03/2000	20/03/2000	-	Dormant	NO
2	U72200MH2001PTC132369	SECURE MATRIX (INDIA) PRIVATE LIMITED	Director	30/10/2004	30/10/2004	-	Active	YES

Name :

Mr. Niranjan Vithaldas Pattni

Designation :

Director

Address :

301, A Bianca, Panch Marg, Off Yari Road, Varsova, Andheri (West), Mumbai, Maharashtra, India

Date of Birth/Age :

10.06.1949

Date of Appointment :

02.09.2005

DIN :

02493645

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U70102MH2004PTC149808	LAKHA REAL ESTATE PRIVATE LIMITED	Director	3/12/2004	3/12/2004	17/03/2008	Active	NO
2	U72200MH2001PTC132369	SECURE MATRIX (INDIA) PRIVATE LIMITED	Director	2/9/2005	2/9/2005	-	Active	YES

Name :

Mr. Jagjit Singh Amar Singh Dhimant

Designation :

Director

Address :

24, Pushpa Milan, Vivek Singh Lane, Dr.G. Deshmukh (Pedder) Road, Mumbai-400 026, Maharashtra, India

Date of Birth/Age :

08.02.1941

Date of Appointment :

11.06.2002

DIN :

02748316

KEY EXECUTIVES

Name :	Mr. Sunil Kulkarni
Designation :	Key Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2009

Names of Shareholders	No. of Shares
Saurabh Bankimchandra Dani	163400
Kanan Saurabh Dani	15000
Bhuvan Saurabh Dani	6670
Dani Share and Stock Private Limited, India	464930
Jagjit Singh Dhimant	650000
Niranjan Vithaldas Pattni	650000
Arjun Dev Nagpaul	250000
Sudhakar Rao	100000
Puneet Singh Sachdev	25000
N.R. Shah	50000
K.R. Chabbria	20000
Raj Varma and S. Varma	100000
Anil Jitendra Jhumkhavala	2500
Mukluks Shrinivasan	2500
Total	2500000

As on 30.09.2009

Equity Share Break Up Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is engaged in IT and IS Audit, Security Consulting services to Banks, Financial Institutions, FMCGs, Government and other enterprises where Information Technology plays a significant and critical role in their business processes.

GENERAL INFORMATION

Customers :

• Geofiny
• Ebz online
• Hindustan Motors Limited
• William Harrare
• Capsilon
• Arjun Projects
• Karvey Consultants
• Aum Securities Limited
• Angel Broking
• Man Financial
• IL and FS Investmart
• BOI
• Insurance Assist
• JPBCL
• Tata Interactive
• LIC Mutual Fund
• Mumbai Police : Cyber Cell
• Nokia
• Paytronics

No. of Employees :

Not Available

Bankers :

Janatha Sahakari Bank Limited

Facilities :

Unsecured Loan	Rs. In Millions 31.03.2009	Rs. In Millions 31.03.2008
Arjundev Nagpaul	1.525	1.125
Dani Financial Products Private Limited	2.262	0.700
Dani Stocks and Shares	1.359	0.673
Jagjit Singh Dhimant	5.942	4.142
Niru Pattni	5.033	0.868
Saurabh Dani	2.198	0.729
Vakharia	0.043	0.043
Total	18.362	8.280

Banking Relations :	--
Auditors :
Name :	V.V. Mehta and Associates Chartered Accountants
Address :	601 , Balaram, Bandra Kurla Complex, Bandra East, Mumbai – 400051, Maharashtra, India
Tel. No.:	91-22-30686900 / 01
Fax No.:	91-22-30686904
PAN :	AAAPM8763G

CAPITAL STRUCTURE

As on 31.03.2009

Authorised Capital :

No. of Shares	Type	Value	Amount
3,500,000	Equity Shares	Rs.10/- each	Rs.35.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,500,000	Equity Shares	Rs.10/- each	Rs.25.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

Particulars		31.03.2009	31.03.2008	31.03.2007
SHAREHOLDERS FUNDS
1] Share Capital		25.000	25.000	0.100
2] Share Application Money		9.000	6.477	27.595
3] Reserves & Surplus		0.632	0.632	0.732
4] (Accumulated Losses)		[66.276]	[47.062]	[37.752]
NETWORTH		[31.644]	[14.953]	[9.325]
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		18.362	8.280	4.700
TOTAL BORROWING		18.362	8.280	4.700
DEFERRED TAX LIABILITIES		0.200	0.000	0.000
TOTAL		[13.082]	[6.673]	[4.625]
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.945	2.041	1.356
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	1.402	1.464
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	3.033	2.626	0.042
	Cash & Bank Balances	0.212	0.226	1.611
	Other Current Assets	1.420	0.721	1.916
	Loans & Advances	0.000	0.000	0.000
Total Current Assets		4.665	3.573	3.569
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	16.135	12.659
	Other Current Liabilities	3.557	1.867	12.018
	Provisions	0.000	0.000	0.000
Total Current Liabilities		19.692	14.526	12.018
Net Current Assets		[15.027]	[10.953]	[8.449]
MISCELLANEOUS EXPENSES		0.000	0.837	0.998
Branch Account Chennai		0.000	0.000	0.006
TOTAL		[13.082]	[6.673]	[4.625]

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2009	31.03.2008	31.03.2007
	INCOME		3.600	4.870	4.102
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	20.110	13.430	17.397
	PROFIT/[LOSS] BEFORE TAX, DEPRECIATION AND AMORTISATION		[16.510]	[8.560]	[13.295]
	DEPRECIATION/ AMORTISATION		0.890	0.490	0.682
	PROFIT / [LOSS] BEFORE TAX		[17.400]	[9.060]	[13.977]
	TAX		1.810	0.250	0.153
	PROFIT / [LOSS] AFTER TAX		[19.210]	[9.310]	[14.130]
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		[47.060]	[37.750]	[23.622]
	BALANCE CARRIED TO THE B/S		[66.270]	[47.060]	[37.752]

KEY RATIOS

PARTICULARS		31.03.2009	31.03.2008	31.03.2007
PAT / Total Income	(%)	[533.61]	[191.17]	[340.74]
Return on Total Assets (PBT/Total Assets}	(%)	[263.24]	[161.38]	[283.79]
Return on Investment (ROI) (PBT/Networth)		[0.55]	[0.60]	[1.50]
Debt Equity Ratio (Total Liability/Networth)		[1.20]	[1.52]	[1.79]
Current Ratio (Current Asset/Current Liability)		0.24	0.25	0.30

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS :

The focus has been to build the infrastructure of the company, forge alliances and partnerships with global authorities to position the launch of the company worldwide. To market the company to counter Parties, customers and service providers alike. To build the image of the being the market leader in the information security space.

The company has heavily concentrated in research and development to be at the forefront in this niche sector particularly developing and registering the following intellectual property rights [IPRs]

Control Matrix^TM – a proprietary e-security framework primarily for the SME sector. It would have all the controls in place sans certification hassles that an enterprise will need to go through.

cVa^TM – enhancing this training from a PCI DSS []Payment Card Industry, Data Security Standard] standpoint with inputs from VISA

rating e-security for corporate / enterprises, particularly for those enterprises which have on line ecommerce transacting facility. This would assist in coping with the electronic risks / operational risk within the overall risk management framework.

FIXED ASSETS :

• Furniture and Fixtures
• Computer
• Software
• Office Equipments
• Air Conditioner
• Telephone

WEBDETAILS

Company Profile

Subject specializes in IT and IS Audit, Security Consulting services to Banks, Financial Institutions, FMCGs, Government and other enterprises where Information Technology plays a significant and critical role in their business processes.

The company employs and associates with an internationally qualified team of professionals that possess global experience and provide the benefit of their experience in the most complex projects in Information Security Auditing, Consultancy, Implementation and Product Development.

Their Delivery Teams are based in multiple locations in India and draw upon strategic relationships and alliance across  Europe,  Middle East, Africa and the USA.

Subject is based in Mumbai, the financial capital of India, and is incorporated as a private limited company that is closely held. It was formed in 2001 as “Singlepoint Consulting Private Limited”  and the name was subsequently changed to “Secure Matrix” India Private Limited later in 2002. In addition to headquarters in Mumbai, SM operates a Technology Centre cum Security Lab in Pune, support offices in Delhi and Chennai and international subsidiary offices in London Dubai and Atlanta.

Subject offers advisory as well as implementation services for all industry accepted  risk and security related industry standards such as BS 25999, ISO 27001, BCP, BCM their components, PCI-DSS, Security Policy Development, Ethical Hacking, Vulnerabiltiy Assesment, Pentration Testing, COBIT, SOX, BASEL 2, Cyber forensics , Digital Certifications and ITIL. Secure Matrix specializes in setting up systems, planning for business protection, (BCM) etc. as well as providing specialist training through the company’s own propriety courses.

The company works in close liaison with certification bodies, industry associations and standards and framework generating bodies such as OCEG, BSI, U/L, DNV, etc. and is supported through industry alliances with leading IT companies such as IBM, Sony, Oracle, SAP and Microsoft.

The Secure Matrix team has strong exposure and speciality knowledge of the BFSI, Manufacturing, Technology, Oil and Gas, Mining and Government sectors.

The promoter groups of Secure Matrix have significant standing in the Indian business community and are specialists in the areas of Information Technology, Investment Banking, Government and the Media and Entertainment sectors.

Subject is a Product, Technology, Platform and Vendor neutral company.

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.52.78
UK Pound	1	Rs.82.33
Euro	1	Rs.68.19

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	-
--LIQUIDITY	1~10	-
--LEVERAGE	1~10	2
--RESERVES	1~10	-
--CREDIT LINES	1~10	2
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		16

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.