MIRA INFORM REPORT

Report Date :

25.04.2013

IDENTIFICATION DETAILS

Name :	NETSURF COMMUNICATIONS PRIVATE LIMITED
Registered Office :	Office No. 4 and 5, 2^nd and 3^rd Floor, Tata Icon, Pune – Mumbai Road, Pune – 411003, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	15.03.2000
Com. Reg. No.:	11-142615
Capital Investment / Paid-up Capital :	Rs.2.500 Millions
CIN No.: [Company Identification No.]	U72900PN2000PTC142615
TAN No.: [Tax Deduction & Collection Account No.]	PNEN01459D
PAN No.: [Permanent Account No.]	AABCN0065A
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Bio Agro Product.
No. of Employees :	150 (Approximately)

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 680000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having a good track record. The performance capability of the company is high. The financial position of the company is strong. Trade relations are reported as decent. Business is active. Payment terms are regular and as per commitment. The company can be considered good 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.

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. Ramchandra
Designation :	Account Department
Contact No.:	91-20-25822603
Date :	24.04.2013

LOCATIONS

Registered Office :	Office No. 4 and 5, 2^nd and 3^rd Floor, Tata Icon, Pune – Mumbai Road, Pune – 411003, Maharashtra, India
Tel. No.:	91-20-25822603/ 25822604
Fax No.:	91-20-25822608
E-Mail :	laxmi@netsurf.co.in
Website :	www.netsurf.co.in
Location :	Owned

DIRECTORS

As on: 29.09.2012

Name :	Mr. Sanjay G. Malpani
Designation :	Director
Address :	1^st Floor, Anand-O-Ville, 7^th Street, Anand Park, Pune – 411007, Maharashtra, India
Date of Birth/Age :	07.03.1964
Date of Appointment :	15.03.2000
DIN No.:	00901995
Name :	Mr. Raj Kamal
Designation :	Director
Address :	A/2, Ashoka Triplex, Kalyaninagar, Pune – 411014, Maharashtra, India
Date of Birth/Age :	28.02.1964
Date of Appointment :	15.03.2000
DIN No.:	02385402
Name :	Mr. Sujit Sohanlal Jain
Designation :	Director
Address :	7- New Bazar, Khadaki, Pune – 411033, Maharashtra, India
Date of Birth/Age :	10.01.1976
Date of Appointment :	15.03.2000
DIN No.:	01463586

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Sanjay G. Malpani	23100
Sujit Jain	90100
Dhanesh Mehta	7500
Radhamohan J. Lakhotia	10000
Sanyukta Ganjwala jointly with Ramesh Ganjwala	2000
Ramesh Ganjwala jointly with Sanyukta Ganjwala	2000
Nilesh Ganjwala jointly with Rupa Ganjwala	2000
Rupa Ganjwala jointly with Nilesh Ganjwala	2000
Vinit Ganjwala jointly with Mona Ganjwala	2000
Mona Ganjwala jointly with Vinit Ganjwala	2000
Sachin Shah	15000
Sapan Agarwal	12500
Saroj Malpani	24500
Gomukhi Properties Services Private Limited, India	5000
Mahesh Bajaj	5000
Sanjay Knit Private Limited, India	10000
Papita Jain	7500
Rajkamal B. Verma	1450
Rashmi Verma	5000
Surekha Kinkar	6350
Heena D. Mehta	7500
Aashana Jain represented by Sujit Jain	2500
Amita Jain	2500
Gaurav Jain represented by Sujit Jain	2500
Total	250000

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Bodies corporate	6.00
Directors or relatives of directors	60.66
Other top fifty shareholders	33.34
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Bio Agro Product.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers, End Users and Retailers

No. of Employees :

150 (Approximately)

Bankers :

IDBI Bank, Pune, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan

As on

31.03.2012

As on

31.03.2011

Term Loan

Vehicle Loan “Hire purchase credit”

(Amounts disclosed under the head 'Other Current Liabilities')

1.484

2.542

Total

1.484

2.542

Note:

Nature of Security	Terms of repayment
Vehicle bans are secured against hypothecation of vehicles for which the said loans are granted.	Vehicles loans are repayable in equal monthly installments with interest rate applicable to different loans and are expected to be fully repaid as per respective repayment

Banking Relations :	--
Auditors :
Name :	M. M. Nissim and Company Chartered Accountants
Address :	Barodawala Mansion, B-Wing, 3^rd Floor, 81, Dr. Annie Besant Road, Worli Mumbai – 400018, Maharashtra, India
Tel. No.:	91-22-24949991
Fax No.:	91-22-24949995
PAN No.:	AAAFM5103E
Enterprises in which KMP's are able to Exercise significant Influence :	· Netsurf Research Labs Private Limited.(Formely known as Netone Technologies Private Limited · Maverick Mobile solutions Private Limited · Shades Lifestyle (India) Private Limited · Acumen Advertising Private Limited · Sanjay Knit Private Limited · Jade Securities Private Limited
Sister Concern :	Netsurf Research Labs Private Limited

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		2.500	2.500	2.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		169.081	131.658	108.826
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		171.581	134.158	111.326
LOAN FUNDS
1] Secured Loans		1.484	2.542	9.968
2] Unsecured Loans		0.000	5.104	0.000
TOTAL BORROWING		1.484	7.646	9.968
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		173.065	141.804	121.294
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		13.125	12.780	16.053
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		8.921	8.921	21.737
DEFERREX TAX ASSETS		1.831	1.401	0.892
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	21.471	20.655	20.066
	Sundry Debtors	31.622	32.742	29.548
	Cash & Bank Balances	86.167	62.932	27.850
	Other Current Assets	6.881	33.048	0.000
	Loans & Advances	121.215	129.243	57.476
Total Current Assets		267.356	278.620	134.940
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	18.152	21.461	26.062
	Other Current Liabilities	96.819	135.837	23.788
	Provisions	3.197	2.620	2.478
Total Current Liabilities		118.168	159.918	52.328
Net Current Assets		149.188	118.702	82.612
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		173.065	141.804	121.294

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	683.560	530.888	205.796
		Other Income	40.295	127.037	14.002
		TOTAL	723.855	657.925	219.798
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	658.277	615.387	145.794
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		65.578	42.538	74.004
Less/ Add	DEPRECIATION/ AMORTISATION		4.180	4.381	4.242
	PROFIT BEFORE TAX		61.398	38.157	69.762
Less	TAX		21.070	12.992	23.624
	PROFIT AFTER TAX		40.328	25.165	46.138
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		111.655	91.322	49.945
Add	EXCESS PROVISION OF TAX EARLIER YEARS WRITTEN BACK		0.000	0.000	0.070
Less	APPROPRIATIONS
		Transfer to General Reserve	2.500	2.500	2.500
		Dividend	2.500	2.000	2.000
		Tax on Dividend	0.406	0.332	0.332
	BALANCE CARRIED TO THE B/S		146.577	111.655	91.321
	Earnings Per Share (Rs.)		161.31	100.66	184.83

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	5.57	3.82	20.99
Net Profit Margin (PBT/Sales)	(%)	8.98	7.19	33.90
Return on Total Assets (PBT/Total Assets}	(%)	21.89	13.09	46.20
Return on Investment (ROI) (PBT/Networth)		0.36	0.28	0.63
Debt Equity Ratio (Total Debt/Networth)		0.01	0.06	0.09
Current Ratio (Current Asset/Current Liability)		2.26	1.74	2.58

LOCAL AGENCY FURTHER INFORMATION

DETAIL OF SUNDRY CREDITORS:

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011	31.03.2010
Sundry Creditors	18.152	21.461	26.062
Total	18.152	21.461	26.062

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	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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
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
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 405, Panchsheel Condominimc Road, Marine Drive, Churchgate, Mumbai – 400020, Maharashtra India to the present address w.e.f. 30.01.2012

OPERATIONS AND PERFORMANCE

At the end of March, 12 they have 1500000 strong and satisfied customer base in various states including Gujarat, Karnataka, Andhra Pradesh, Madhya Pradesh and Maharashtra. During the year the sales performance of the biofit range of products and nutritional food supplement was satisfactory. As a part of Brand building and business promotion activities the company has been organising seminars, conferences, musical performances and sport recreation events. In the current year company had organised musical show of International Artist-AKON which is worth mentioning.

They would like to add that in the era of increasing globalization, the competition will continue to increase further and margins are likely to remain under pressure. Although the company is constantly engaged in improving its operational efficiencies, value addition activities, improving product mix, etc., it is intensifying its efforts for pursuing growth strategies. they are hopeful that in future it will perform better.

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2012	As on 31.03.2011
Loans from related parties	0.000	5.104
Total	0.000	5.104

Contingent liability not provided for:

a) The company has given counter guarantee of Rs. 20.000 Millions (Previous year - Rs.20.000 Millions) on behalf of Ajay Bio Tech (India) Limited, Pune.

b) Disputed income tax demands Rs. 0.149 Million (Previous year- Rs. 0.149 Million) pending before appetite authorities,

FIXED ASSETS

Tangible Assets

· Plant and Machinery

· Furniture and Fixtures

· Computer

· Office Equipments

· Vehicles

Intangible Assets

· Computer Software

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.54.30
UK Pound	1	Rs.82.88
Euro	1	Rs.70.80

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.