MIRA INFORM REPORT

Report Date :

12.02.2013

IDENTIFICATION DETAILS

Name :	TECHTEAM TECHNOLOGIES PRIVATE LIMITED
Registered Office :	B-202, Mrud-Kishore, Behind Gokul Shopping Center, S.V. Road, Borivali (West), Mumbai – 400092, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	27.06.2008
Com. Reg. No.:	11-184061
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U72200MH2008PTC184061
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Networking Services and Trading of Computer Peripherals.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 12700
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and condition.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

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 DECLINED BY

Name :	Mr. Jasmin Parsotambhai Manvar
Designation :	Director
Contact No.:	91-22-65200900
Date :	06.02.2013

LOCATIONS

Registered Office :	B-202, Mrud-Kishore, Behind Gokul Shopping Center, S.V. Road, Borivali (West), Mumbai – 400092, Maharashtra, India
Tel. No.:	91-22-28663660/ 65200900
Fax No.:	91-22-28663661
E-Mail :	jasmin@techteam.in sales@techteam.in support@techteam.in
Website :	www.techteam.in

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Jasmin Parsotambhai Manvar
Designation :	Director
Address :	Building No. A6, Flat No. 404, Yogi Nagar, Near Eksar Road, Borivali (West), Mumbai – 400091, Maharashtra, India
Date of Birth/Age :	17.05.1979
Date of Appointment :	27.06.2008
DIN No.:	02201947
Name :	Mr. Mehulkumar Rasiklal Patel
Designation :	Director
Address :	Building No. D-30, Flat No. 206, Yogi Vaibhav CHS, Yoginagar, Borivali (West), Mumbai – 400091, Maharashtra, India
Date of Birth/Age :	22.08.1980
Date of Appointment :	27.06.2008
DIN No.:	02201952

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Jasmin Parsotambhai Manvar	4000
Mehulkumar Rasiklal Patel	4000
Khyati J. Manvar	1000
Arati M. Patel	1000
Total	10000

AS ON 29.09.2012

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

BUSINESS DETAILS

Line of Business :

Providing Networking Services and Trading of Computer Peripherals.

GENERAL INFORMATION

No. of Employees :	Information declined by the management
Bankers :	Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227 D, Nariman Point, Mumbai – 400021, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	Ribadiya and Venkariya Chartered Accountants
Address :	115, Yashwant Shopping Centre, Carter Road No. 7, Borivali (East), Mumbai – 400066, Maharashtra, India
Tel. No.:	91-22-28082896
Fax No.:	91-22-28082896
E-Mail :	casanjayvipul@gmail.com
Income-tax PAN of auditor or auditor's firm :	AEDPV0030L

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000	Equity Shares	Rs. 10/- each	Rs. 0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,000	Equity Shares	Rs. 10/- each	Rs. 0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3.080	1.653	0.791
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3.180	1.753	0.891
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	2.186	0.596
TOTAL BORROWING		0.000	2.186	0.596
DEFERRED TAX LIABILITIES		0.017	0.018	0.011
TOTAL		3.197	3.957	1.498
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.198	0.213	0.202
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.851	3.436	0.912
	Sundry Debtors	9.340	3.465	4.682
	Cash & Bank Balances	0.104	0.082	0.217
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.288	0.836	0.749
Total Current Assets		16.583	7.819	6.560
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	9.613	2.814	3.953
	Other Current Liabilities	3.332	0.881	0.959
	Provisions	0.639	0.380	0.352
Total Current Liabilities		13.584	4.075	5.264
Net Current Assets		2.999	3.744	1.296
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3.197	3.957	1.498

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	N.A.	N.A.	N.A.
Less	EXPENSES
		TOTAL	N.A.	N.A.	N.A.
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		2.133	1.339	0.880
Less/ Add	DEPRECIATION/ AMORTISATION		0.068	0.089	0.029
	PROFIT BEFORE TAX		2.065	1.250	0.851
Less	TAX		0.638	0.388	0.260
	PROFIT AFTER TAX		1.427	0.862	0.591
Less	INCOME TAX AND DEFERRED TAX OF EARLIER YEAR		0.000	0.000	0.009
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.653	0.791	0.209
	BALANCE CARRIED TO THE B/S		3.080	1.653	0.791
	Earnings Per Share (Rs.)		142.27	86.21	58.21

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	12.31	15.56	12.59
Return on Investment (ROI) (PBT/Networth)		0.65	0.71	0.96
Debt Equity Ratio (Total Debt/Networth)		0.00	1.25	0.67
Current Ratio (Current Asset/Current Liability)		1.22	1.92	1.25

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2012	31.03.2011	31.03.2010
	(Rs. In Millions)
Micro, Small and Medium Enterprises	0.000	0.000	0.000
Others	9.613	2.814	3.953
Total	9.613	2.814	3.953

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	No
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	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

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
Loans repayable on demand	(Rs. In Millions)
from Related Parties	0.000	1.300
from Other Companies	0.000	0.886
Total	0.000	2.186

Note: The registered address of the company has been shifted from Shop No. 3, Jay-Abhilasha, Jayraj Nagar, Borivali (West), Mumbai - 400091, Maharashtra, India to the present w.e.f.15.02.2010

COMPANY INFORMATION:

Subject is a Private Limited Company domiciled in India, Incorporated under the Companies Act, 1956, The Company is engaged into Networking Services and trading of Computer peripherals to all over India.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U72200MH2008PTC184061
Name of the company	TECHTEAM TECHNOLOGIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	B-202, Mrud-Kishore, Behind Gokul Shopping Center, S.V. Road, Borivali (West), Mumbai – 400092, Maharashtra, India Email: jasmin@techteam.in
This form is for	Modification of charge
Charge identification number of the modified	10318539
Type of charge	Book debts Movable property (not being pledge) Others [Current Assets and Movable Fixed Assets]
Particular of charge holder	Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227 D, Nariman Point, Mumbai – 400021, Maharashtra, India Email: john.fernandes@kotak.com CIN No.: L65110MH1985PLC038137
Nature of description of the instrument creating or modifying the charge	Supplementary Deed of Hypothecation.
Date of instrument Creating the charge	23.10.2012
Amount secured by the charge	Rs. 7.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest OD - Floating over the tenure of the facility. Terms of Repayment As may be specified by the Bank from time to time. Margin NIL. Extent and Operation of the charge First and exclusive charge by way of Hypothecation on all existing and future Current assets and Movable Fixed Assets of the Borrower, in favour of Kotak Mahindra bank as security for repayment of financial facilities granted by the Bank to the Borrower.
Short particulars of the property charged	The whole of Borrower's Current assets and Movable Fixed Assets both present and future as described in Schedule to the Supplementary Deed of Hypothecation.
Particulars of the present modification	Bank had granted OD facility of Rs.5.000 Millions to the Borrower which was secured by way of Hypothecation on Current Assets of the Company on 20.10.2011. Now bank has enhance OD facility from Rs.5.000 Millions to Rs.7.500 Millions by way of Hypothecation on Current Assets and Movable Fixed Assets of the Company and the said charge is modified and extended to the enhance total facilities of Rs.7.500 Millions.

FIXED ASSETS:

Ø Computer

Ø Furniture and Fixture

Ø Air Conditioner

Ø Mobile

Ø Water Filter

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. 53.68
UK Pound	1	Rs. 84.84
Euro	1	Rs. 71.87

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
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	4
--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
TOTAL		43

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.