MIRA INFORM REPORT

Report Date :

21.11.2012

IDENTIFICATION DETAILS

Name :	KNOEMA IT SOLUTIONS INDIA PRIVATE LIMITED
Registered Office :	D-302, Concorde Midway City Apartments, S. No. 20, Basapura Main Road, Electronics City (P.O.), Bangalore – 560100, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.12.2010
Com. Reg. No.:	08-056078
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U72200KA2010PTC056078
Legal Form :	Private Limited Liability Company.
Line of Business :	Providing Software Development Services
No. of Employees :	Around 15 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

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 :	Yet to commence business activity
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Even though the subject was incorporated during December 2010, it is yet to commence its business activity. There appears some pre-operative losses recorded by the company. Payment terms are unknown. The company can be considered for business dealings on a safe and 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 – 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 :	D-302, Concorde Midway City Apartments, S. No. 20, Basapura Main Road, Electronics City (P.O.), Bangalore – 560100, Karnataka, India
Tel. No.:	91-80-42050235
Fax No.:	Not Available
E-Mail :	cspunde@hotmail.com sbalaji@knoema.com
Website :	http://knoema.com
Operation Office :	SV Towers, 2^nd Floor, 942, 16th Main, BTM 2nd Stage, Bangalore - 560076, Karnataka, India
Area :	1500 Sq. ft
Location :	Rented

DIRECTORS

As on 31.12.2011

Name :	Mr. Balaji Subbaraman
Designation :	Director
Address :	L-A, Keela Rani Street. Trichy Fort, Po Trichy District KKDS, Chennai - 600033, Tamilnadu, India
Date of Birth/Age :	07.05.1976
Qualification :	Engineer (Electronics and Communication)
Date of Appointment :	01.12.2010
DIN No.:	03204840
Name :	Mr. Amritayan Bhagaban Nayak
Designation :	Director
Address :	B-131, Azad Hall of Residence, IIY Kharagpur, West Midnapur – 721302, West Bengal, India
Date of Birth/Age :	19.10.1986
Qualification :	Engineer Computer Science (IIT Kharagpur)
Date of Appointment :	01.12.2010
DIN No.:	03204910
Name :	Mr. Saurabh Santosh Kumar Gupta
Designation :	Director
Address :	9963, Cyrandall Driver, Oakton. VA 221242950. Oakton, 221242950., United States of America
Date of Birth/Age :	16.09.1974
Date of Appointment :	01.12.2010
DIN No.:	03206131
Name :	Mr. Vladimir Leonid Eskin
Designation :	Director
Address :	7801. Archbold, Ter, Cabin john M MD 20818, Cabin John. 20818, United States of America
Date of Birth/Age :	24.04.1971
Date of Appointment :	01.12.2010
DIN No.:	03206171
Name :	Mr. Vladimir Nikolai Bugay
Designation :	Director / Chief Technical Officer
Address :	Kosmonavta Leonova, House: 44, Flat 48. Perm City. Na,. Russian Federation
Date of Birth/Age :	25.07.1978
Date of Appointment :	31.12.2011
DIN No.:	03567348

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.12.2011

Names of Shareholders	No. of Shares
Balaji Subbaraman	1
Vladimir Leonid Eskin	255026
Saurabh Santosh Kumar Gupta	255026
Amritayan Bhagaban Nayak	1
Total	510054

As on 09.07.2012

Names of Allottees	No. of Shares Allotted
Saurabh Gupta	55304
Total	55304

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Software Development Services

GENERAL INFORMATION

Suppliers :

· Dell Computer

· Microsoft- Products Procured domestically

No. of Employees :

Around 15 (Approximately)

Bankers :

ICICI Bank, Electronic City, Bangalore, Karnataka, India

Facilities :

(Rs. In Millions)

Unsecured Loan	As on 31.03.2011
S Balaji	0.037
Total	0.037

Banking Relations :	--
Auditors :
Name :	Mishra and Firke Associates Chartered Accountants
Address :	1195/4,FC Road, Pune – 411005, Maharashtra, India
PAN.:	AABPF4410A
Memberships :	Electronic Software Promotion Council

CAPITAL STRUCTURE

After 31.12.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
660000	Equity Shares	Rs.10/- each	Rs.6.600 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
565358	Equity Shares	Rs.10/- each	Rs.5.654 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
210000	Equity Shares	Rs.10/- each	Rs.2.100 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		0.100
2] Share Application Money		5.030
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		-2.470
NETWORTH		2.660
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.037
TOTAL BORROWING		0.037
DEFERRED TAX LIABILITIES		0.000
TOTAL		2.697
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.206
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	3.183
	Other Current Assets	0.100
	Loans & Advances	0.000
Total Current Assets		3.283
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	0.809
	Provisions	0.000
Total Current Liabilities		0.809
Net Current Assets		2.474
MISCELLANEOUS EXPENSES		0.017
TOTAL		2.697

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011
	SALES
		Income	0.000
		Other Income
		TOTAL	0.000
Less	EXPENSES
		Office Expenses
		Administrative Expenses	2.470
		Advertising Expenses
		TOTAL	2.470
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(2.470)
Less/ Add	DEPRECIATION/ AMORTISATION		0.000
	PROFIT /(LOSS) BEFORE TAX		(2.470)
Less	TAX		0.000
	PROFIT / (LOSS) AFTER TAX		(2.470)
	Earnings Per Share (Rs.)		(246.98)

KEY RATIOS

PARTICULARS		31.03.2011
PAT / Total Income	(%)	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(0.71)
Return on Investment (ROI) (PBT/Networth)		(0.93)
Debt Equity Ratio (Total Liability/Networth)		0.32
Current Ratio (Current Asset/Current Liability)		4.06

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	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	No
10]	Designation of contact person	No
11]	Turnover of firm for last one years	Yes
12]	Profitability for last one 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	Yes
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	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

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 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.54.91
UK Pound	1	Rs.87.38
Euro	1	Rs.70.24

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	1
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--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		11

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.