MIRA INFORM REPORT

Report Date :

13.10.2012

IDENTIFICATION DETAILS

Name :	EDUSYS SERVICES PRIVATE LIMITED
Registered Office :	HIG-222, Ayusman Kalinga Vihar, Bhubaneswar-751019, Orissa
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.07.2004
Com. Reg. No.:	15-007691
Capital Investment / Paid-up Capital :	Rs.0.300 Million
CIN No.: [Company Identification No.]	U72200OR2004PTC007691
TAN No.: [Tax Deduction & Collection Account No.]	BBNE00202G
PAN No.: [Permanent Account No.]	AABCE3423B
Legal Form :	Private Limited Liability Company
Line of Business :	Providing IT Enabled Services i.e. Web Based Project Management and Quality Courses.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 30000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having good track record. In the year 2010-2011 company has performed well. Financial strength appears healthy. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitments. 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.

LOCATIONS

Registered Office :	HIG-222, Ayusman Kalinga Vihar, Bhubaneswar-751019, Orissa, India
Tel. No.:	91-674-2475818
Fax No.:	Not Available
E-Mail :	t_satpathy@yahoo.com support@edusysglobal.com
Website:	http://www.edusysglobal.com
Corporate Office :	# 27, Santosh Tower, 4^th Main, 100 Feet Ring Road, J.P. Nagar, 4^th Phase, Bangalore-560078, Karnataka, India
Tel No.:	91-80-41557547/48/49

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Tridibesh Satpathy

Designation :

Director

Address :

Flat No. 1907/1908, Block C-3, L and T South City, Mico Arekere Layout, Bannerghatta Road, Bangalore-560076, Karnataka, India

Date of Birth/Age :

31.10.1973

Date of Appointment :

05.12.2004

Din No.:

00768492

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	Company/ LLP Status	Defaulting status
1	U72200OR2004PTC007691	EDUSYS SERVICES PRIVATE LIMITED	Managing director	05/12/2004	05/12/2004	Active	NO
2	U63040KA2006PTC038572	VMTRAVELS ONLINE TRAVELS PRIVATE LIMITED	Director	23/02/2006	23/02/2006	Under Process of Striking off	NO

Name :

Mrs. Bibhudutta Satpathy

Designation :

Director

Address :

Flat No. 1907/1908, Block C-3, L and T South City, Mico Arekere Layout, Bannerghatta Road, Bangalore-560076, Karnataka, India

Date of Birth/Age :

19.05.1975

Date of Appointment :

28.07.2004

Din No.:

00768535

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	Company/ LLP Status	Defaulting status
1	U72200OR2004PTC007691	EDUSYS SERVICES PRIVATE LIMITED	Additional director	28/07/2004	28/07/2004	Active	NO
2	U63040KA2006PTC038572	VMTRAVELS ONLINE TRAVELS PRIVATE LIMITED	Director	23/02/2006	23/02/2006	Under Process of Striking off	NO

Name :

Mr. Pradip Kumar Satpathy

Designation :

Director

Address :

“Ayushman”, HIG-222, Kalinga Vihar, Bhubaneswar-751019, Orissa, India

Mobile No.:

91-9437177022

Date of Birth/Age :

18.11.1946

Date of Appointment :

28.07.2004

Din No.:

01682753

Name :

Mr. Nikhil Kashyab Balaraman

Designation :

Nomine Director

Address :

New No. 24, Third Main Road, Kasturba Nagar, Adyar, Chennai-600020, Tamilnadu, India

Date of Birth/Age :

09.12.1979

Date of Appointment :

17.02.2012

Din No.:

03572994

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	Company/ LLP Status	Defaulting status
1	U93000PN2010PTC136943	FAASO'S FOOD SERVICES PRIVATE LIMITED	Additional director	22/11/2011	22/11/2011	Active	NO
2	U72200OR2004PTC007691	EDUSYS SERVICES PRIVATE LIMITED	Nominee director	17/02/2012	17/02/2012	Active	NO
3	U29301KA1999PTC025387	STOVE KRAFT PRIVATE LIMITED	Nominee director	03/08/2012	03/08/2012	Active	NO

Name :

Mr. Ganapathygraharam Venkataraman Ravishankar

Designation :

Alternate Director

Address :

Sequoia Capital India Advisors Private Limited, The Millenia, Tower A, 1 and 2, Murphy Road, Ulsoor, Bangalore-560008, Karnataka, India

Date of Birth/Age :

04.04.1978

Date of Appointment :

17.02.2012

Din No.:

02604007

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	U65921TZ1994PLC005299	MANAPPURAM FINANCE TAMIL NADU LIMITED	Alternate director	31/07/2009	31/07/2009	-	Amalgamated	NO
2	L65910KL1992PLC006623	MANAPPURAM FINANCE LIMITED	Alternate director	31/07/2009	31/07/2009	11/05/2010	Active	NO
3	U71110DL2000PTC189230	CARZONRENT (INDIA) PRIVATE LIMITED	Alternate director	15/04/2010	15/04/2010	28/10/2010	Active	NO
4	U80101AP2010PTC067690	K12 TECHNO SERVICES PRIVATE LIMITED	Nominee director	20/08/2010	20/08/2010	-	Active	NO
5	U65922HR1998PLC042782	INDIA SHELTER FINANCE CORPORATION LIMITED	Director	30/09/2010	28/08/2010	-	Active	NO
6	U65999KA2000PTC033945	SEQUOIA CAPITAL INDIA ADVISORS PRIVATE LIMITED	Managing director	04/02/2011	04/02/2011	-	Active	NO
7	U63040KA2007PTC041672	FLIGHT RAJA TRAVELS PRIVATE LIMITED	Alternate director	09/02/2011	09/02/2011	09/02/2012	Active	NO
8	U15311MP2009PTC021746	PRATAAP SNACKS PRIVATE LIMITED	Director	30/09/2011	12/05/2011	-	Active	NO
9	U85191WB2010PTC151530	GLOCAL HEALTHCARE SYSTEMS PRIVATE LIMITED	Director	04/08/2011	04/08/2011	-	Active	NO
10	U93000PN2010PTC136943	FAASO'S FOOD SERVICES PRIVATE LIMITED	Additional director	22/11/2011	22/11/2011	-	Active	NO
11	U15440MP2011PTC027377	PURE N SURE FOOD BITES PRIVATE LIMITED	Director	27/12/2011	27/12/2011	-	Active	NO
12	U72200OR2004PTC007691	EDUSYS SERVICES PRIVATE LIMITED	Alternate director	17/02/2012	17/02/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Tridibesh Satpathy	27600
Bibhudutta Satpathy	600
Pradip Kumar Satpathy	600
Sanjukta Satpathy	600
Trilokesh Satpathy	600
TOTAL	30000

AS ON 24.01.2012

Names of Allottees	No. of Shares
SCI Growth Investments II, Mauritius	4775
TOTAL	4775

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Providing IT Enabled Services i.e. Web Based Project Management and Quality Courses.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	Suresh and Company Chartered Accountants
Address :	43/61, Srinidhi, 1^st Floor, Surveyors Street, Basavangudi, Bangalore-560004, Karnataka, India
PAN No:	AANFS0423Q
Associates/Subsidiaries :	Vmedu Inc.

CAPITAL STRUCTURE

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
34775	Equity Shares	Rs.10/- each	Rs.0.347 Million

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
30000	Equity Shares	Rs.10/- each	Rs.0.300 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30000	Equity Shares	Rs.10/- each	Rs.0.300 Million

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		0.300	0.300	0.300
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		7.368	27.190	22.923
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		7.668	27.490	23.223
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		7.668	27.490	23.223
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		17.644	13.198	12.125
Capital work-in-progress		0.000	0.000	1.083
INVESTMENT		0.009	0.000	0.000
DEFERREX TAX ASSETS		0.197	0.404	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.340	0.000	0.179
	Cash & Bank Balances	30.314	13.843	9.391
	Other Current Assets	1.281	0.524	0.460
	Loans & Advances	11.755	3.936	2.857
Total Current Assets		43.690	18.303	12.887
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4.933	0.299	0.455
	Other Current Liabilities	3.008	0.591	0.008
	Provisions	45.931	3.525	2.409
Total Current Liabilities		53.872	4.415	2.872
Net Current Assets		(10.182)	13.888	10.015
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		7.668	27.490	23.223

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	73.447	41.682	26.354
Less	EXPENSES
		Office Expenses
		Administrative Expenses	40.186	35.177	20.819
		Advertising Expenses
		Financial Expenses
		TOTAL	40.186	35.177	20.819
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		33.261	6.505	5.535
Less/ Add	DEPRECIATION/ AMORTISATION		1.839	1.800	1.781
	PROFIT / (LOSS) BEFORE TAX		31.422	4.705	3.754
Less	TAX		6.470	0.438	0.730
	PROFIT / (LOSS) AFTER TAX		24.952	4.267	3.024
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		23.887	19.620	NA
Less	APPROPRIATIONS
		Transfer to General Reserve
		Dividend	48.062	0.000	NA
		Tax on Dividend
	BALANCE CARRIED TO THE B/S		0.777	23.887	NA
	Earnings / (Loss) Per Share (Rs.)		832.00	142.23	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	33.97	10.23	11.47
Return on Total Assets (PBT/Total Assets}	(%)	51.23	14.94	15.00
Return on Investment (ROI) (PBT/Networth)		4.10	0.17	0.16
Debt Equity Ratio (Total Liability/Networth)		7.02	0.16	0.12
Current Ratio (Current Asset/Current Liability)		0.81	4.15	4.49

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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

BACKGROUND:

Subject incorporated on 28^th July, 2004 is a provider of IT Enabled Services i.e. Web Based Project Management and Quality Management, HR, Risk and Other Related Courses. It has a STPI Unit at Bhubaneswar and Administrative/Marketing Office at Bangalore. It also provides Class Room Coaching Services at Non-STPI Unit.

KEY HIGHLIGHTS OF THE OPERATIONS DURING THE YEAR:

Financial year 2010-11 was a year of impressive growth for the company. They are proud to inform, the company has achieved its revenue by 57% more compared to last year revenue, which was been revealed in the above statement.

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.52.70
UK Pound	1	Rs.84.51
Euro	1	Rs.68.15

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		54

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.