MIRA INFORM REPORT

Report Date :

04.10.2012

IDENTIFICATION DETAILS

Name :	SYNERGY TELECOM PRIVATE LIMITED
Registered Office :	13-15, RPS Flat, E – Block, Vikas Puri, New Delhi – 110018
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.09.2004
Com. Reg. No.:	55-129420
Capital Investment / Paid-up Capital :	Rs. 0.100 million
CIN No.: [Company Identification No.]	U74999DL2004PTC129420
TAN No.: [Tax Deduction & Collection Account No.]	DELS30830C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of RF Connector Testing Cables, Microwave Components, etc.
No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Maximum Credit Limit :	USD 12000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. It has recorded growth in its sales turnover during 2011. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for 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 – 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.

INFORMATION PARTED BY

Name :	Mr. Ajay
Designation :	Manager
Contact No.:	91-9212558066
Date :	25.09.2012

LOCATIONS

Registered Office :	13-15, RPS Flat, E – Block, Vikaspuri, New Delhi – 110018, India
Tel. No.:	91-11-28533349
Mobile No.:	91-9212558066 (Mr. Ajay)
Fax No.:	91-11-43801102
E-Mail :	ajay@rfconnector.in raveesh.singhal@gmail.com
Website :	http://rfconnector.in
Area :	450 Sq. ft.
Location :	Owned

DIRECTORS

As on 30.07.2011

Name :	Mr. Pradeep Kumar Agarwal
Designation :	Whole-time Director
Address :	18, Promise Apartment, Vikas Puri, New Delhi – 110018, India
Date of Birth/Age :	12.04.1962
Qualification :	B.E.
Date of Appointment :	24.09.2004
DIN No.:	00541945
Name :	Ms. Reena Agarwal
Designation :	Director
Address :	18, Promise Apartment, Vikas Puri, New Delhi – 110018, India
Date of Birth/Age :	09.01.1970
Qualification :	B.A.
Date of Appointment :	24.09.2004
DIN No.:	02014720

KEY EXECUTIVES

Name :	Mr. Ajay
Designation :	Manager

MAJOR SHAREHOLDERS

As on 30.07.2011

Names of Shareholders	No. of Shares
Pradeep Kumar Agarwal	5000
Reena Agarwal	5000
Total	10000

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 :

Manufacturer and Trader of RF Connector Testing Cables, Microwave Components, etc.

Products :

ITC Code	Product Descriptions
--	Processing and Trading, Import, Export of cable and connectors, etc

· Co-Axial Connectors and Adapters

· Co-axial Cables

· Antennas

· Optical Fibre Products

· Radio Equipments

Exports :

Products :

Testing Cables

Countries :

· Middle East

· USA

Terms :

Selling :

Cash / Credit

Purchasing :

Cash / Credit

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

· Ericsson

· Nokia-Siemens

· Alcatel-Lucent

· Bharti

· Hutch/Vodafone

· HFCL

· Shyam

· Marconi

· Tellabs

· ITI

· BSNL

No. of Employees :

30 (Approximately)

Bankers :

Standard Chartered Bank, Vikas Puri Branch, New Delhi, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Loan against Hypothecation of Car	0.259	0.424
Total	0.259	0.424
Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Directors and their relatives not bearing interest Others	1.430 5.200	0.001 2.300
Total	6.630	2.301

Banking Relations :	--
Auditors :
Name :	Raveesh Singhal and Associates Chartered Accountants
Address :	A-5-B/170-B, Janak Puri, New Delhi – 110058, Delhi, India
Tel. No.:	91-11-45027811
Mobile No.:	91-9810540484
E-Mail :	info@caservice.co.in
PAN No.:	AOJPS4688D
Associates/Subsidiaries :	Innova Marketing Kevin and Connector House

CAPITAL STRUCTURE

As on 30.07.2011

Authorized Capital:

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs. 10/- each	Rs. 2.000 millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs. 10/- each	Rs. 0.100 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		0.100	0.100	0.100
2] Share Application Money		0.800	0.000	0.000
3] Reserves & Surplus		2.237	1.560	1.021
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3.137	1.660	1.121
LOAN FUNDS
1] Secured Loans		0.259	0.424	0.539
2] Unsecured Loans		6.630	2.301	2.680
TOTAL BORROWING		6.889	2.725	3.219
DEFERRED TAX LIABILITIES		0.000	0.000	0.005
TOTAL		10.026	4.385	4.345
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.027	0.764	0.813
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.041	0.019	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.820	2.801	4.575
	Sundry Debtors	20.306	10.363	9.466
	Cash & Bank Balances	3.661	2.710	2.679
	Other Current Assets	0.377	0.630	0.000
	Loans & Advances	3.504	2.363	3.339
Total Current Assets		30.668	18.867	20.059
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	20.082	12.771	13.970
	Other Current Liabilities	1.026	1.715	2.039
	Provisions	0.647	0.784	0.524
Total Current Liabilities		21.755	15.270	16.533
Net Current Assets		8.913	3.597	3.526
MISCELLANEOUS EXPENSES		0.045	0.005	0.006
TOTAL		10.026	4.385	4.345

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	70.718	57.349	57.284
		Other Income	0.595	1.904	0.087
		TOTAL (A)	71.313	59.253	57.371
Less	EXPENSES
		Cost of Goods Sold	64.498	53.844	53.368
		Administrative, Selling and Other Expenses	5.462	4.336	2.957
		TOTAL (B)	69.960	58.180	56.325
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.353	1.073	1.046
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.338	0.274	0.337
	PROFIT BEFORE TAX (E-F) (G)		1.015	0.799	0.709
Less	TAX (I)		0.338	0.260	0.261
	PROFIT AFTER TAX (G-I) (J)		0.677	0.539	0.448
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.560	1.021	0.573
	BALANCE CARRIED TO THE B/S		2.237	1.560	1.021
	Earnings Per Share (Rs.)		67.70	156.00	--

Particulars	31.03.2012
Sales Turnover (Approximately)	70.000

Expected Sales ( 2012-13 ) : Rs. 80.000 millions

The above information has been parted by Mr. Ajay

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.94	2.63	1.78
Net Profit Margin (PBT/Sales)	(%)	1.43	1.39	1.24
Return on Total Assets (PBT/Total Assets}	(%)	3.20	4.07	3.40
Return on Investment (ROI) (PBT/Networth)		0.32	0.48	0.63
Debt Equity Ratio (Total Liability/Networth)		9.13	10.80	17.62
Current Ratio (Current Asset/Current Liability)		1.40	1.23	1.21

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	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 sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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

OPERATIONS

This was the sixth full year of operations and during the financial year ending 31.03.2011 the company has achieved a turnover of Rs. 70.700 millions as compared to Rs. 57.300 millions during the last year. The company has earned a Profit of Rs. 1.015 millions during the year. The Directors hope to do well in coming years as well.

Fixed Assets:

• Air Conditioner
• Car
• Computer Systems
• Furniture and Fixtures
• Inverter
• Mobile Phones
• Motor Cycle
• Camera
• Laptop
• Printer
• Water Purifier

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.52.33
UK Pound	1	Rs.84.30
Euro	1	Rs.67.44

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	NID

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		41

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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.