MIRA INFORM REPORT

Report Date :

05.07.2012

IDENTIFICATION DETAILS

Name :	WIN INFORMATION TECHNOLOGY PRIVATE LIMITED
Registered Office :	6^th Floor, Block B, Laxmi Cyber Towers, M No.2-91/14/11 to 14, Kondapur, Hyderabad – 500084, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	17.06.1997
Com. Reg. No.:	027353
Capital Investment / Paid-up Capital :	Rs.1.866 Millions
CIN No.: [Company Identification No.]	U72200AP1997PTC027353
Legal Form :	Private Limited Liability Company
Line of Business :	They are engaged into Software Development
No. of Employees :	185 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 139776
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Financially company is performing well. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered for normal 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.

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. S P Rao
Designation :	Operational Manager
Contact No.:	91-40-67308800
Date :	03.07.2012

LOCATIONS

Registered Office :	6^th Floor, Block B, Laxmi Cyber Towers, M No.2-91/14/11 to 14, Kondapur, Hyderabad – 500084, Andhra Pradesh, India
Tel. No.:	91-40-67308800
Fax No.:	91-40-67308855
E-Mail :	samudrala@winitsoftware.com
Website :	www.winitsoftware.com
Location :	Owned

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Prakash Sreewastav
Designation :	Managing Director
Address :	H.No.402, Plot No 30/C, Road No 9, Film Nagar, Jubilee Hills, Hyderabad - 500034, Andhra Pradesh, India

Other Directorship:

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S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U72200AP1997PTC027353	WIN INFORMATION TECHNOLOGY PRIVATE LIMITED	Managing director	17/06/1997	17/06/1997	-	Active	NO
2	U14299AP2003PTC042135	CLEAN COAL ENTERPRISES PRIVATE LIMITED	Director	22/10/2004	22/10/2004	23/06/2012	Active	NO
3	U64203AP2005PTC046814	WINIT MOBILE SOLUTIONS PRIVATE LIMITED	Director	11/07/2005	11/07/2005	-	Dormant	NO
4	U70102AP2004PTC042822	MELANGE ENTERPRISES PRIVATE LIMITED	Managing director	03/01/2006	03/01/2006	-	Dormant	NO

Name :	Mr. Pallika Sreewastav
Designation :	Director
Address :	H.No.402, Plot No 30/C, Road No 9, Film Nagar, Jubilee Hills, Hyderabad - 500034, Andhra Pradesh, India

Other Directorship:

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Bottom of Form

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U72200AP1997PTC027353	WIN INFORMATION TECHNOLOGY PRIVATE LIMITED	Director	17/06/1997	17/06/1997	-	Active	NO
2	U70102AP2004PTC042822	MELANGE ENTERPRISES PRIVATE LIMITED	Director	05/03/2004	05/03/2004	-	Dormant	NO
3	U14299AP2003PTC042135	CLEAN COAL ENTERPRISES PRIVATE LIMITED	Director	22/10/2004	22/10/2004	23/06/2012	Active	NO
4	U64203AP2005PTC046814	WINIT MOBILE SOLUTIONS PRIVATE LIMITED	Director	11/07/2005	11/07/2005	-	Dormant	NO

Name :	Mr. Subramanyam Vishar Vasudevan
Designation :	Director
Address :	167 , Gunrock Enclave Trimulgherry Secunderabad – 500015, Andhra Pradesh, India
Date of Birth/Age :	21.06.1951
Date of Appointment :	30.09.2011

Other Directorship:

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Bottom of Form

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24239KA2001PLC029391	AURIGENE DISCOVERY TECHNOLOGIES LIMITED	Director	01/05/2002	01/05/2002	16/05/2008	Active	NO
2	U24239AP2005PTC047357	PERLECAN PHARMA PRIVATE LIMITED	Director	21/09/2006	05/09/2005	21/05/2007	Amalgamated	NO
3	U65993AP1994PTC017232	VISHAR PORTFOLIO INVESTMENT PVT LTD	Managing director	18/05/2011	03/05/2010	-	Active	NO
4	U72200AP1997PTC027353	WIN INFORMATION TECHNOLOGY PRIVATE LIMITED	Director	30/09/2011	24/03/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. S P Rao
Designation :	Operational Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Prakash Sreewastav	9330
Pallika Sreewastav	9330
Total	18660

AS ON 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	They are engaged into Software Development
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

GENERAL INFORMATION

Suppliers :

Apple India

Customers :

· End Users

· OEM’s

· Jet Airways

No. of Employees :

185 (Approximately)

Bankers :

Central Bank Of India, Corporate Finance Branch, Bank Street, Koti, Hyderabad - 500095, Andhra Pradesh, India

Facilities :

SECURED LOAN	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Banks
Term Loan (Against Hypothecation of Assets)	5.181	0.000
Cash Credit (Secured by hypothecation of stock, Book debts and all other current assets)	12.255	1.660
From Financial Distribution	3.487	1.077
TOTAL	20.923	2.738
UNSECURED LOAN	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Banks
Clean Credit Assistance from Banks	0.946	1.075
TOTAL	0.946	1.075

Banking Relations :	--
Auditors :
Name :	M Poornachandra Rao Chartered Accountant
Address :	1-4-747, Flat No. 503, Jadala Towers, Musheerabad, Hyderabad – 500020, Andhra Pradesh, India
Name Related Parties :	· Melange Enterprises Private Limited · Clean Coal Enterprises · Win IT Inc, USA · Win IT FZE Shariah · Win IT Mobile Solutions Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
18660	Equity Shares	Rs.100/- each	Rs.1.866 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

Particulars	31.03.2012
Sales Turnover (Approximately)	150.000

Expected Sales (2012-2013) : Rs.220.000 Millions

The above information has been parted by Mr. S P Rao (Operational Manager)

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		1.866	1.866	1.866
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		33.078	22.995	14.960
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		34.944	24.861	16.826
LOAN FUNDS
1] Secured Loans		20.923	2.738	1.360
2] Unsecured Loans		0.946	1.135	1.538
TOTAL BORROWING		21.869	3.873	2.898
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		56.813	28.734	19.724
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		14.383	6.591	16.684
Capital work-in-progress		13.810	14.501	0.000
INVESTMENT		0.000	0.000	0.300
DEFERREX TAX ASSETS		2.418	0.818	0.230
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	27.551	12.567	4.520
	Cash & Bank Balances	1.400	1.271	1.706
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	7.946	2.872	2.873
Total Current Assets		36.896	16.710	9.099
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.960	0.847	1.431
	Other Current Liabilities	6.500	6.786	3.742
	Provisions	3.235	2.253	1.416
Total Current Liabilities		10.695	9.886	6.589
Net Current Assets		26.202	6.824	2.510
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		56.813	28.734	19.724

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	63.897	43.150	41.514
		Other Income	0.536	0.000	0.134
		TOTAL (A)	64.433	43.150	41.648
Less	EXPENSES
		Staff Cost	26.326	16.859	17.621
		Administrative Expenses	15.081	9.969	11.387
		Loss on Foreign Exchange Fluctuation	1.807	0.239	0.000
		Director Remuneration	4.692	3.888	3.888
		TOTAL (B)	47.906	30.955	32.896
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		16.527	12.195	8.752
Less	FINANCIAL EXPENSES (D)		2.637	1.061	0.395
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		13.890	11.134	8.357
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.960	2.112	2.130
	PROFIT BEFORE TAX (E-F) (G)		10.930	9.022	6.227
Less	TAX (I)		0.847	0.987	0.728
	PROFIT AFTER TAX (G-I) (J)		10.083	8.035	5.499
	Earnings Per Share (Rs.)		540.34	430.60	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	15.65	18.66	13.20
Net Profit Margin (PBT/Sales)	(%)	17.11	20.91	14.99
Return on Total Assets (PBT/Total Assets}	(%)	21.31	38.72	24.15
Return on Investment (ROI) (PBT/Networth)		0.31	0.36	0.37
Debt Equity Ratio (Total Liability/Networth)		0.93	0.55	0.56
Current Ratio (Current Asset/Current Liability)		3.45	1.69	1.38

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	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%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of Related Parties	Yes
17) Major suppliers	Yes
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	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

NOTE:

The registered office address of the company has been shifted from 1-10-247/A/1, Ashok Nagar, Hyderabad, Andhra Pradesh, India to present address w.e.f. 01.04.2012

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.54.55
UK Pound	1	Rs.85.48
Euro	1	Rs.68.70

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	SDA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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.