MIRA INFORM REPORT

Report Date :

09.11.2012

IDENTIFICATION DETAILS

Name :	ITZ CASH CARD LIMITED
Registered Office :	Top 14th Floor, Times Tower, Kamala City, Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	29.03.2006
Com. Reg. No.:	11-160835
Capital Investment / Paid-up Capital :	Rs.120.362 Millions
CIN No.: [Company Identification No.]	U74999MH2006PLC160835
TAN No.: [Tax Deduction & Collection Account No.]	MUMI07179E
PAN No.: [Permanent Account No.]	AABCI5133N
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is a “Multi Purpose Prepaid Cash Card Company”
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 1800000
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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

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.

LOCATIONS

Registered Office :	Top 14th Floor, Times Tower, Kamala City, Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-61125656
Fax No.:	91-22-26185383
E-Mail :	compliance@itzcash.com ayaza@interexindia.net udayp@interexindia.net
Website :	http://www.itzcash.com
Corporate Office :	Everest Square, Junction of Shraddhanand and Nehru Road, Vile Parle (East), Mumbai - 400 057, Maharashtra, India
Tel. No.:	91-22-26181212
Fax No.:	91-22-26185383
E-Mail :	help@itzcash.com
Branch Office :	Located At: Ahmedabad Bangalore Chennai Hydarabad Kolkata Lucknow New Delhi Pune

DIRECTORS

As on 09.08.2012

Name :	Mr. Ashok Kumar Goel
Designation :	Director
Address :	702, Shubh Apartment, B.G. Kher Road, Worli, Mumbai – 400018, Maharashtra, India
Date of Birth/Age :	19.11.1961
Date of Appointment :	29.03.2006
DIN No.:	00025350

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	L28100MH1964PLC013064	SOLID CONTAINERS LIMITED	Director	29-11-83	29-11-83	-	Active	NO
2	L74950MH1982PLC028947	ESSEL PROPACK LIMITED	Managing director	10-09-84	10-09-84	-	Active	NO
3	U74999MH1987PLC044006	ESSEL INFRAPROJECTS LIMITED	Director	07-07-87	07-07-87	01-07-11	Active	NO
4	U65990MH1972PTC016137	VEENA INVESTMENTS PRIVATE LIMITED	Director	07-12-93	07-12-93	06-09-11	Active	NO
5	L51909DL1988PLC101836	DISH TV INDIA LIMITED	Director	24-04-95	24-04-95	06-01-07	Active	NO
6	U51909MH1996PTC222017	EAST INDIA COMPANY (TRADING) PRIVATE LIMITED	Director	05-01-96	05-01-96	-	Active	NO
7	U92130MH1996PTC100488	ASIAN SATELLITE BROADCAST PRIVATE LIMITED	Director	27-06-96	27-06-96	06-09-11	Active	NO
8	U25209MH1984NPL032701	ORGANIZATION OF PLASTICS PROCESSORS OF INDIA	Director	30-07-96	30-07-96	-	Active	NO
9	U21010MH1965GAP013226	INDIAN FLEXIBLE PACKAGING AND FOLDING CARTON MANUFACTURERS ASSOCIATION	Director	03-10-97	03-10-97	30-09-09	Active	NO
10	U29307MH1997PTC195870	SUNFLOWER SOLAR SYSTEMS PRIVATE LIMITED	Director	20-09-98	20-09-98	-	Active	NO
11	U91120MH1999GAP117936	INDIAN ASSOCIATION OF AMUSEMENT PARKS AND INDUSTRIES	Director	30-01-99	30-01-99	-	Active	NO
12	U72200DL2000PLC108804	AGRANI TELECOM LIMITED	Director	08-12-00	08-12-00	-	Active	NO
13	U61190MH1986PTC039204	JAYNEER CAPITAL PRIVATE LIMITED	Director	01-10-01	01-10-01	06-09-11	Active	NO
14	U25202PN2001PTC140929	BERICAP INDIA PRIVATE LIMITED	Director	28-11-03	28-11-03	31-08-07	Active	NO
15	U92112MH2001PTC130457	E-CITY FILMS INDIA PRIVATE LIMITED	Director	23-03-05	23-03-05	24-03-09	Active	NO
16	U70100MH1987PTC042701	VASANT SAGAR PROPERTIES PRIVATE LIMITED	Director	29-09-09	07-04-05	01-10-09	Active	NO
17	U64202MH2006PTC160807	ITX TRADE EXCHANGE PRIVATE LIMITED	Director	29-03-06	29-03-06	-	Active	NO
18	U74999MH2006PLC160835	ITZ CASH CARD LIMITED	Director	29-03-06	29-03-06	-	Active	NO
19	U74120MH2007NPL168278	ADHIKAAR FOUNDATION	Director	29-08-08	01-03-07	06-09-11	Active	NO
20	U74899DL1994PTC060785	R.K.J. WOODS PLANTATION PRIVATE LIMITED	Director	23-09-08	15-01-08	-	Active	NO
21	U45207MH2007PTC173440	PAN INDIA PARYATAN PRIVATE LIMITED	Director	28-07-08	28-07-08	-	Active	NO
22	U67190MH2008PLC181062	INDIA SME ASSET RECONSTRUCTION COMPANY LIMITED	Director	09-09-09	20-08-08	-	Active	NO
23	U67190MH2008PTC187374	VYOMAN LEISURE AND INFRAVEST INDIA PRIVATE LIMITED	Director	08-10-08	08-10-08	-	Amalgamated	NO
24	U74900MH2009PTC189945	ITZ ONLINE FINANCIAL SERVICES PRIVATE LIMITED	Director	29-01-09	29-01-09	-	Active	NO
25	U14200MH2008PTC181960	HI-TECH MINES AND MINERALS PRIVATE LIMITED	Director	29-07-11	29-07-11	-	Active	NO
26	U45400MH2011PTC221988	VYOMAN INFRAVEST PRIVATE LIMITED	Director	14-09-11	14-09-11	-	Active	NO
27	U65990MH2010NPL206213	VARDAANA FINANCIAL INCLUSION FOUNDATION	Director	30-09-11	30-09-11	-	Active	NO

Name :	Mr. Naveen Surya
Designation :	Managing director
Address :	A/233, Kalpataru Horizon, S. K. Ahire Marg, Worli, Mumbai - 400 018, Maharashtra, India
Date of Birth/Age :	15.01.1972
Qualification :	B. Com, ACS, LL.B., MMS(Finance)
Experience :	16 Years
Date of Appointment :	29.03.2006
DIN No.:	00094514

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	U72200MH2000PTC127738	INTREX INDIA PRIVATE LIMITED	Director	01-04-08	17-07-00	-	Active	NO
2	U64202MH2006PTC160807	ITX TRADE EXCHANGE PRIVATE LIMITED	Director	28-03-06	28-03-06	-	Active	NO
3	U74999MH2006PLC160835	ITZ CASH CARD LIMITED	Managing director	01-04-11	29-03-06	-	Active	NO
4	U74900MH2009PTC189945	ITZ ONLINE FINANCIAL SERVICES PRIVATE LIMITED	Director	29-01-09	29-01-09	-	Active	NO

Name :	Mr. Bibek Debroy
Designation :	Director
Address :	25.01.1955
Date of Birth/Age :	Flat 1745, Sector B, Pocket 1, Vasant Kunj, Delhi - 110 070, India
Date of Appointment :	16.09.2006
DIN No.:	01835571

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	U72200MH2000PTC127738	INTREX INDIA PRIVATE LIMITED	Director	27-09-01	27-09-01	17-09-06	Active	NO
2	U74999MH2006PLC160835	ITZ CASH CARD LIMITED	Director	16-09-06	16-09-06	-	Active	NO
3	U64202MH2006PTC160807	ITX TRADE EXCHANGE PRIVATE LIMITED	Director	16-09-06	16-09-06	30-11-10	Active	NO
4	U74900MH2009PTC189945	ITZ ONLINE FINANCIAL SERVICES PRIVATE LIMITED	Director	29-01-09	29-01-09	24-08-11	Active	NO

Name :	Mr. Vinod Rajindranath Sethi
Designation :	Director
Address :	2/11, 3rd Street, Kasturi Estate, Chennai – 600086, Tamil Nadu, India
Date of Birth/Age :	22.05.1962
Date of Appointment :	16.09.2006
DIN No.:	00106598

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	U22122MH1999PLC201906	CHANDAMAMA INDIA LIMITED	Director	06-08-99	06-08-99	25-05-07	Active	NO
2	L85110KA1994PLC016663	SUBEX LIMITED	Director	25-01-01	25-01-01	31-10-11	Active	NO
3	L40300MH1987PLC045657	GTL LIMITED	Director	30-07-01	30-07-01	23-08-11	Active	NO
4	U72200MH2000PTC127738	INTREX INDIA PRIVATE LIMITED	Director	27-09-01	27-09-01	17-09-06	Active	NO
5	L85110AP1995PLC019446	AXSYS HEALTH TECH LIMITED	Director	28-09-01	28-09-01	-	Active	NO
6	U67190MH2001PTC184331	SETHI FUNDS MANAGEMENT PRIVATE LIMITED	Director	04-10-01	04-10-01	-	Active	NO
7	L15543HP1991PLC019065	MOUNT EVEREST MINERAL WATER LIMITED	Director	30-01-02	30-01-02	-	Active	NO
8	L65990MH1982PLC027751	GEODESIC LIMITED	Director	14-10-03	14-10-03	-	Active	NO
9	U99999MH1997PTC108346	UNITIS TOWER WEALTH ADVISORS PRIVATE LIMITED	Director	25-04-05	25-04-05	17-04-06	Active	NO
10	L15421TN1995PLC033198	K.C.P.SUGAR AND INDUSTRIES CORPORATION LIMITED	Whole-time director	08-04-10	26-10-05	-	Active	NO
11	U67120HR2005PLC036952	ORBIS FINANCIAL CORPORATION LIMITED	Director	25-05-07	01-12-05	19-04-10	Active	NO
12	U65993TN1996PTC037113	DURGAMBA INVESTMENT PRIVATE LIMITED	Director	07-12-05	07-12-05	-	Active	NO
13	L24219GJ1985PLC025132	UNITED PHOSPHORUS LIMITED	Director	30-01-06	30-01-06	-	Active	NO
14	L01119AP1994PLC063664	ADVANTA INDIA LIMITED	Director	13-09-06	13-09-06	-	Active	NO
15	U74999MH2006PLC160835	ITZ CASH CARD LIMITED	Director	16-09-06	16-09-06	-	Active	NO
16	U73100TN1998PLC041501	KCP SUGARS AGRICULTURAL RESEARCH FARMS LIMITED	Director	26-10-06	26-10-06	-	Active	NO
17	L99999MH1938PLC002869	G. G. DANDEKAR MACHINE WORKS LIMITED	Director	23-07-07	27-04-07	-	Active	NO
18	L27109PN1999PLC016417	ISMT LIMITED	Director	30-09-09	01-04-09	-	Active	NO
19	U74991HR2006PLC036951	ORBIS CAPITAL LIMITED	Director	16-07-10	26-02-10	01-09-10	Active	NO
20	U55100TN2010PTC075641	AMETHYST CAFE PRIVATE LIMITED	Director	10-05-10	10-05-10	-	Active	NO
21	U45203TN2004PLC052443	IG3 INFRA LIMITED	Director	08-09-10	07-06-10	-	Active	NO

Name :	Mr. Mukund Manohar Chitale
Designation :	Director
Address :	4/46, Vishnuprasad Society, Vile Parle (East), Mumbai - 400 057, Maharashtra, India
Date of Birth/Age :	16.11.1949
Date of Appointment :	03.05.2007
DIN No.:	00101004

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	U65990MH1984PLC033929	TCS E-SERVE LIMITED	Director	25-09-01	25-09-01	10-08-07	Active	NO
2	U67100MH2003GOI143291	ASREC (INDIA) LIMITED	Director	10-03-04	10-03-04	-	Active	NO
3	L99999MH1946PLC004768	LARSEN AND TOUBRO LIMITED	Director	06-07-04	06-07-04	-	Active	NO
4	L31300MH1992PLC067802	RAM RATNA WIRES LIMITED	Director	23-09-06	28-12-05	-	Active	NO
5	L65191TN1979PLC007874	SHRIRAM TRANSPORT FINANCE COMPANY LIMITED	Director	26-10-06	26-10-06	-	Active	NO
6	U25000MH1991PTC064092	PRINCIPAL PNB ASSET MANAGEMENT COMPANY PRIVATE LIMITED	Director	16-08-07	29-03-07	-	Active	NO
7	U74999MH2006PLC160835	ITZ CASH CARD LIMITED	Director	03-05-07	03-05-07	-	Active	NO
8	U40107KA2006PLC041258	ONGC MANGALORE PETROCHEMICALS LIMITED	Director	24-07-09	20-03-08	-	Active	NO
9	U23209GJ2006PLC060282	ONGC PETRO ADDITIONS LIMITED	Director	20-06-08	20-03-08	-	Active	NO
10	L74950MH1982PLC028947	ESSEL PROPACK LIMITED	Director	12-05-09	24-03-09	-	Active	NO
11	L24294MH1958PLC011052	FOSECO INDIA LIMITED	Director	20-01-10	27-10-09	-	Active	NO
12	U66030MH2007PLC177117	LANDT GENERAL INSURANCE COMPANY LIMITED	Director	23-08-10	26-05-10	-	Active	NO
13	U72900MH1996PLC104693	LARSEN AND TOUBRO INFOTECH LIMITED	Additional director	17-10-11	17-10-11	-	Active	NO

Name :	Mr. Avnish Sarabjit Bajaj
Designation :	Nominee Director
Address :	Raheja Sunkist # 201, 21 Mount Mary Road, Bandra (West), Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	16.07.1970
Date of Appointment :	04.10.2007
DIN No.:	00281547

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	U63040MH2005PTC153232	CLEARTRIP TRAVEL SERVICES PRIVATE LIMITED	Director	09-12-05	09-12-05	-	Active	NO
2	U67190MH2006PTC162457	MATRIX INDIA ASSET ADVISORS PRIVATE LIMITED	Director	29-05-06	29-05-06	-	Active	NO
3	U92110MH2004PTC144691	DIGITAL MUSIC (INDIA) PRIVATE LIMITED	Director	19-03-08	18-05-07	09-04-08	Active	YES
4	U55101DL2002PTC117205	MOODS HOSPITALITY PRIVATE LIMITED	Director	30-08-07	30-08-07	18-03-11	Active	NO
5	U74999MH2006PLC160835	ITZ CASH CARD LIMITED	Nominee director	29-08-08	04-10-07	-	Active	NO
6	U74899DL1996PLC081127	BHARTIYA SAMRUDDHI FINANCE LIMITED	Nominee director	23-07-10	29-04-10	29-07-11	Active	NO
7	U85120DL2002PTC115652	NEW DELHI CENTRE FOR SIGHT PRIVATE LIMITED	Nominee director	14-10-10	14-10-10	-	Active	NO
8	U72900PN1989PTC054103	CHETAS CONTROL SYSTEMS P LIMITED	Director	14-03-11	14-03-11	-	Active	NO
9	U85110KA2005PTC037953	KIDS CLINIC INDIA PRIVATE LIMITED	Nominee director	27-05-11	27-05-11	-	Active	NO
10	U74900AP2008PTC060439	WATERLIFE INDIA PRIVATE LIMITED	Nominee director	07-12-11	07-12-11	-	Active	NO

Name :	Mr. Madhukar Rangnath Umarji
Designation :	Director
Address :	B 702, Pataliputra Society, Near Kamdhenu Dept. Store, 4 Bunglows, Andheri (West), Mumbai - 400 053, Maharashtra, India
Date of Birth/Age :	5.11.1941
Date of Appointment :	23.09.2008
DIN No.:	00307435

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	U65993MH1988GOI047756	UNIT TRUST OF INDIA INVESTMENT ADVISORY SERVICES LIMITED	Director	28-06-04	28-06-04	-	Active	NO
2	L24230MH1990PLC057062	STRIDES ARCOLAB LIMITED	Director	27-10-05	27-10-05	-	Active	NO
3	U74999MH2006PLC160835	ITZ CASH CARD LIMITED	Director	17-08-09	23-09-08	-	Active	NO
4	U74140MH1984PLC033397	JM FINANCIAL PRODUCTS LIMITED	Director	10-09-09	11-12-08	-	Active	NO
5	U65999MH2008PTC178870	AEGON TRUSTEE COMPANY PRIVATE LIMITED	Director	25-05-09	25-05-09	16-10-11	Active	NO
6	U67100DL2011NPL215270	CENTRAL REGISTRY OF SECURITISATION ASSET RECONSTRUCTION AND SECURITY INTEREST OF INDIA	Nominee director	31-03-11	31-03-11	-	Active	NO

Name :	Mr. Bejul Somaia
Designation :	Nominee Director
Address :	11, Southern Avenue, Maharani Bagh, New Delhi – 110065, India
Date of Birth/Age :	27.11.1972
Date of Appointment :	22.07.2009
DIN No.:	00059201

Other Directorship

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	U26101UP1976PLC004284	UP TWIGA FIBER GLASS LIMITED	Director	31/07/2009	30/09/2006	-	Active	NO
2	U32201DL2007PTC158737	ANITHEO MEDIA PRIVATE LIMITED	Director	03/02/2007	03/02/2007	-	Strike off	NO
3	U45102MH2008NPL182811	INDIA WALL AND CEILING ASSOCIATION	Director	29/05/2008	29/05/2008	19/09/2011	Active	NO
4	U55101DL2007PTC168788	GREAT INDIAN RESTAURANT COMPANY PRIVATE LIMITED	Director	05/12/2008	30/08/2008	-	Active	NO
5	U74140DL2007PTC223394	LIGHTSPEED ADVISORY SERVICES INDIA PRIVATE LIMITED	Managing director	25/09/2009	01/12/2008	-	Active	NO
6	U74999MH2006PLC160835	ITZ CASH CARD LIMITED	Nominee director	17/08/2009	22/07/2009	-	Active	NO
7	U74999MH2007PLC169201	INDIAN ENERGY EXCHANGE LIMITED	Director	28/09/2011	30/09/2010	-	Active	NO
8	U93090MH2011PTC218163	ONEASSIST CONSUMER SOLUTIONS PRIVATE LIMITED	Director	08/07/2011	08/07/2011	-	Active	NO
9	U74900KA2011PTC061168	FASHIONARA ENTERPRISES PRIVATE LIMITED	Director	28/05/2012	28/05/2012	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Shweta Purohit
Designation :	Secretary
Address :	A-403, Devdeveshwar Society, Telly Gully Cross Lane, Andheri (East), Mumbai – 400069, Maharashtra, India
Date of Birth/Age :	16.09.1983
Date of Appointment :	01.12.2010
PAN No.:	AXXPP1431A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 09.08.2012

Names of Shareholders	No. of Shares
Goel Ashokkumar Kaveeta	49,940
Goenka Amit	10
Goel Atul	10
Goel Gagan	10
Goel Jaidev Shyam Sunder	10
Mistry Nanubhai Nilesh	10
Surya Sirehmal Naveen	170,010
Intrex India Private Limited, India	7,713,810
Ganjam Trading Company Private Limited, India	30,000
Sethi Rajindranath Vinod	50,000
Chitale Manohar Mukund	5,000
Matrix Partners India Investment Holdings, Llc, Mauritius	1,925,799
Intel Capital (Mauritius) Limited, Mauritius	601,812
*Goel Nandkishore Ashok *Naveen Surya – Joint Holder *Sharadchandra Abhyankar - Joint Holder	286,190
Lightspeed Venture Partners Viii Mauritius, Mauritius	1,203,624
Total	12,036,235

Note:

* Trustees of Itz Cash Card Beneficiaries’ Welfare Trust which holds beneficiary interest in the shares.

As on 09.08.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	31.00
Bodies corporate	64.09
Directors or relatives of Directors	2.53
Other top fifty shareholders	2.38
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is a “Multi Purpose Prepaid Cash Card Company”
Products :	Prepaid Cash Card

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	MGB and Company Chartered Accountants
Address :	101, Jolly Bhavan 2, 7 New Marine Lines, Churchgate, Mumbai – 400020, Maharashtra, India
PAN.:	AAAFM5742R
Holding Company :	Intrex India Private Limited
Ultimate Holding Company:	Ganjam Trading Company Private Limited
Fellow Subsidiary :	ITX Trade Exchange Private Limited ITZ Online Payments Limited
Related parties :	Asian Sky Shop Limited Dish TV India Limited Fun Multiplex Private Limited Integrated Subscriber Management Services Limited Intel Capital (Mauritius) Limited Matrix Partners India Investment Holdings, Llc Pan India Network Infravest Private Limited Wire And Wireless (India) Limited Zee Entertainment Enterprises Limited Zee News Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12036235	Equity Shares	Rs.10/- each	Rs.120.362 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		120.362	120.362	105.127
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		837.432	837.432	345.423
4] (Accumulated Losses)		(496.890)	(453.361)	(390.241)
NETWORTH		460.904	504.433	60.309
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		460.904	504.433	60.309
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		75.440	69.870	32.419
Capital work-in-progress		0.000	5.092	8.820
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	74.686	114.724	211.193
	Cash & Bank Balances	578.463	876.147	360.979
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	241.348	219.535	195.440
Total Current Assets		894.497	1210.406	767.612
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	166.849	280.978	67.898
	Other Current Liabilities	335.944	494.566	677.534
	Provisions	6.239	5.397	3.123
Total Current Liabilities		509.032	780.941	748.555
Net Current Assets		385.464	429.465	19.057
MISCELLANEOUS EXPENSES		0.000	0.006	0.013
TOTAL		460.904	504.433	60.309

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	16359.936	16636.957	17075.715
		Other Income	48.365	40.287	35.185
		TOTAL (A)	16408.301	16677.244	17110.900
Less	EXPENSES
		Consumption materials changes inventories	16193.832	16514.834
		Employee related expenses	84.381	70.422	17185.500
		Administrative selling other expenses	138.515	123.557
		TOTAL (B)	16416.728	16708.813	17185.500
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(8.427)	(31.569)	(74.600)
Less	FINANCIAL EXPENSES (D)		0.126	0.159	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(8.553)	(31.728)	(74.600)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		35.725	32.149	23.014
	PROFIT BEFORE TAX (E-F) (G)		(44.278)	(63.877)	(97.614)
Less	TAX (I)		0.000	(0.156)	1.850
	PROFIT AFTER TAX (G-I) (J)		(44.278)	(63.721)	(99.464)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(453.961)	(390.240)	(290.776)
	BALANCE CARRIED TO THE B/S		(498.239)	(453.961)	(390.240)
	Earnings Per Share (Rs.)		(3.62)	(5.46)	(9.46)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(0.27)	(0.38)	(0.58)
Net Profit Margin (PBT/Sales)	(%)	(0.27)	(0.38)	(0.57)
Return on Total Assets (PBT/Total Assets}	(%)	(4.57)	(4.99)	(12.20)
Return on Investment (ROI) (PBT/Networth)		(0.10)	(0.13)	(1.62)
Debt Equity Ratio (Total Liability/Networth)		1.10	1.55	12.41
Current Ratio (Current Asset/Current Liability)		1.76	1.55	1.03

LOCAL AGENCY FURTHER INFORMATION

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	No
10]	Designation of contact person	No
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	Yes
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	No
24]	Banking facility details	No
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

NOTE:

The registered office of the company has been shifted from “10^th Floor, Times Tower, Kamala City, Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra, India” to the present address w.e.f. 16.10.2012.

PERFORMANCE

The Company's financial performance has improved over previous year. The Company has processed transactions worth Rs.27005.000 million in FY 2010-11 which was Rs.20141.000 million in FY 2009-10. An increase of approximately 34% over previous year. The gross revenue from various services is Rs.626.890 million in FY 2010-11 against Rs.400.170 million in FY 2009-10, an increase of 57% over previous year.

It is praiseworthy to note that the Loss before Depreciation and interest is reduced to Rs.7.800 millions in 2010-11against Rs.31.130 millions in 2009-10. This clearly states that the Company is taking stringent steps to achieve EBIDTA (Earnings Before Interest, Depreciation, Tax and Appropriation) Breakeven that is the Company will not incur loss at operations level. The Company is taking appropriate steps to control the costs and expenses and simultaneously tapping new avenues of revenue generation to achieve breakeven in a shortest possible time. This has been achieved despite minimum spend on Advertisement and Marketing which is constantly required to be incurred in this business to create a consumer awareness about the prepaid market and the Company’s products.

The network of the Distributors and the Franchisees has increased with the number of Distributors increasing from 1179 in FY 2009-10 to 1993 in FY 2010-11. The increase in the number of Franchisees was from 20,277 in FY 2009-10 to 38,467 in FY 2010-11. The robust IT System of the Company now processes transactions worth about Rs.80.000 million to Rs.100.000 million per day. The Company continues to invest in improving its I T infrastructure and other peripherals in order to make it robust to meet the increased volume of business in the years to come. The Company has taken proactive measures for monitoring the business needs for CAPEX and for investment in new businesses. An Investment Committee has been set up for the same which meets frequently to moitor and guide the management on the same as well as directs the management to raise funds as and when required. The Company has assessed the business requirements from various perspectives viz. Regulatory requirements, new ventures and the growth in existing business and has estimated an investment which is required in the next five years.

FIXED ASSETS:

• Equipments
• Computers
• Furniture and Fixtures
• Vehicles

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.54.44
UK Pound	1	Rs.87.00
Euro	1	Rs.69.48

INFORMATION DETAILS

Report Prepared by :

BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
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		27

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.