MIRA INFORM REPORT

Report Date :

11.12.2013

IDENTIFICATION DETAILS

Name :	LDS INFOTECH PRIVATE LIMITED
Registered Office :	B-502, Dipti Classic, Suren Road Andheri (East) Mumbai-400093, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	06.05.1999
Com. Reg. No.:	11-119747
Capital Investment/ Paid-up Capital:	Rs.0.500 Million
CIN No.: [Company Identification No.]	U72100MH1999PTC119747
TAN No.: [Tax Deduction & Collection Account No.]	MUML03100G
PAN No.: [Permanent Account No.]	AAACL4239K
Legal Form :	Private Limited Liability Company
Line of Business :	Providing IT Products, Services and Consulting.
No. of Employees :	55 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 117000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company appears to be sound and healthy. Trade relations are fair. Business is active. Payment terms are usually 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

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 :	Vibhuti Mishra
Designation :	Accounts Executive
Contact No.:	91-22-42310310
Date :	09.12.2013

LOCATIONS

Registered Office :	B-502, Dipti Classic, Suren Road Andheri (East) Mumbai-400093, Maharashtra, India
Tel. No.:	91-22-42310310/ 26849192
Fax No.:	91-22-42310300/ 26849192
E-Mail :	alshetty@ldsinfotech.com accounts@ldsinfotech.com sales@ldsinfotech.com
Website :	www.Idsinfotech.com
Location:	Owned
Branch Office 1 :	S-210, 2^nd Floor, Ashoka Mall, Bund Garden Road, Opposite Sun-N-Sand Hotel, Pune – 411001, Maharashtra, India
Tel No.:	91-20-41257775
Email:	Sales.pune@idsinfortech.com
Branch Office 2 :	Unit No. 206, M.B Centre, 134 Infantry Road, Bangalore – 560001, Karnataka, India
Tel No.:	91-80-41238671/8672
Fax No.:	91-80-41238673
Email:	Sales.bangalore@ldsinfortech.com
Warehouse :	A/505, Plot No. 45/46, Silver Park Building, Sector 36, Kamothe, Navi Mumbai-410209, Maharashtra, India

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Amarnath Laxman Shetty

Designation :

Director

Address :

3B 405 Dheeraj Enclave, Borivali – 400066, Mumbai – 400066, Maharashtra, India

Date of Birth/Age :

30.10.1965

Date of Appointment :

22.08.2000

Din No.:

00813041

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	U72100MH1999PTC119747	LDS INFOTECH PRIVATE LIMITED	Director	22/08/2000	22/08/2000	Active	NO
2	U70100MH2005PTC157593	PAVITRA PROPERTIES PRIVATE LIMITED	Director	04/01/2006	04/01/2006	Active	NO
3	AAB-0095	AVENUE VENTURE PARTNERS LLP	Designated Partner	12/07/2012	12/07/2012	Active	NO

Name :

Mr. Jagannatha Laxmana Shetty

Designation :

Director

Address :

B 305, Green Field, Thakur Complex, Kandivali (East) Mumbai, Maharashtra, India

Date of Birth/Age :

01.06.1962

Date of Appointment :

06.05.1999

Din No.:

02044085

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	U72100MH1999PTC119747	LDS INFOTECH PRIVATE LIMITED	Director	06/05/1999	06/05/1999	Active	NO
2	U70100MH2005PTC157593	PAVITRA PROPERTIES PRIVATE LIMITED	Director	04/01/2006	04/01/2006	Active	NO
3	U70109KA2012PTC063873	ASSETZ WHITEFIELD HOMES PRIVATE LIMITED	Nominee director	05/04/2013	05/04/2013	Active	NO
4	AAB-0095	AVENUE VENTURE PARTNERS LLP	Designated Partner	12/07/2012	12/07/2012	Active	NO
5	AAB-1875	ASSETZ PROPERTY & HOMES LLP	Body corporate as Designated Partner	18/11/2012	18/11/2012	Active	NO
6	AAB-3828	CASA GRANDE ENTERPRISES LLP	Body corporate as Designated Partner	25/04/2013	25/04/2013	Active	NO
7	AAB-5547	BBCL SRISHTI HOMES LLP	Body corporate as Designated Partner	11/06/2013	11/06/2013	Active	NO
8	AAB-5176	ROHAN PROCON LLP	Body corporate as Designated Partner	19/08/2013	19/08/2013	Active	NO

Name :

Ms. Shailaja Amarnath Shetty

Designation :

Director

Address :

3B 405 Dheeraj Enclave, Borivali – 400066, Mumbai – 400066, Maharashtra, India

Date of Birth/Age :

16.08.1973

Date of Appointment :

06.05.1999

Din No.:

00815046

KEY EXECUTIVES

Name :	Vibhuti Mishra
Designation :	Accounts Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Amarnath Laxman Shetty	46000
Shailaja Amarnath Shetty	3900
Jagannatha Laxman Shetty	100
TOTAL	50000

AS ON 30.09.2013

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

BUSINESS DETAILS

Line of Business :	Providing IT Products, Services and Consulting.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

55 [Approximately]

Bankers :

Central Bank of India, Andheri (East), Mumbai, Maharashtra, India

Facilities :

Long Term Borrowings	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings	0.593	0.000
TOTAL	0.593	0.000
Short Term Borrowings	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Short Term Borrowings	4.000	4.000
TOTAL	4.000	4.000

Banking Relations :	--
Auditors :
Name :	Arora and Arora Chartered Accountants
Address :	Dhanlaxmi, Hanuman Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India
Tel. No.:	91-22-26166915/ 26114821
PAN No:	AABFA2147F

CAPITAL STRUCTURE

AS ON 31.03.2013

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
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.500	0.500	0.500
(b) Reserves & Surplus	28.888	24.134	20.184
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	29.388	24.634	20.684
(3) Non-Current Liabilities
(a) long-term borrowings	0.593	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.593	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	4.000	4.000	1.000
(b) Trade payables	88.789	45.119	31.050
(c) Other current liabilities	6.743	9.186	11.296
(d) Short-term provisions	1.617	1.153	0.949
Total Current Liabilities (4)	101.149	59.458	44.295
TOTAL	131.130	84.092	64.979
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.705	2.085	1.960
(ii) Intangible Assets	0.192	0.313	0.261
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	3.523	3.704	3.622
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	7.420	6.102	5.843
(2) Current assets
(a) Current investments	0.000	0.005	0.005
(b) Inventories	6.703	7.133	6.181
(c) Trade receivables	81.285	49.955	37.991
(d) Cash and cash equivalents	15.678	7.022	4.220
(e) Short-term loans and advances	20.044	13.870	10.732
(f) Other current assets	0.000	0.005	0.007
Total Current Assets	123.710	77.990	59.136
TOTAL	131.130	84.092	64.979

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	TURNOVER		441.853	352.562	250.693
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX		7.254	5.962	5.137
Less	TAX		2.500	2.012	1.648
	PROFIT / (LOSS) AFTER TAX		4.754	3.950	3.493
	Earnings / (Loss) Per Share (Rs.)		95.08	79.00	69.86

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	5.53	7.09	7.91
Return on Investment (ROI) (PBT/Networth)		0.25	0.24	0.25
Debt Equity Ratio (Total Debt/Networth)		0.16	0.16	0.05
Current Ratio (Current Asset/Current Liability)		1.22	1.31	1.34

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	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	No
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]	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

INDEX OF CHARGES:

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90145257	30/06/2004	750,000.00	THE UNITED WESTERN BANK LIMITED	KANDIVALI EAST, MUMBAI, MAHARASHTRA - 400101, INDIA	-

OPERATIONS:

During the year the Company has earned profit before tax of Rs. 7.254 Millions- and after providing for Rs. 2.500 Million on account of Income Tax, net profit available to the equity shareholders is Rs. 4.754 Million Turnover of the Company during the year was Rs. 441.853 Millions ( previous years Rs.352.562 Millions ). In spite of marginal turnover growth and considering the scope of Information and technology industry in the existing Indian economy, the directors are very hopeful to have best share of the total software business partners and authorized distributors of major software development companies such as Microsoft, Abode, and Oracle etc.

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.61.20
UK Pound	1	Rs.100.65
Euro	1	Rs.84.15

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.