MIRA INFORM REPORT

Report Date :

14.02.2013

IDENTIFICATION DETAILS

Name :	EASY BILL LIMITED
Registered Office :	51, 3^rd Floor, Okhla Industrial Estate, Phase – III, New Delhi - 110020
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	19.08.2002
Com. Reg. No.:	55-133214
Capital Investment / Paid-up Capital :	Rs.609.942 Millions
CIN No.: [Company Identification No.]	U93090DL2002PLC133214
TAN No.: [Tax Deduction & Collection Account No.]	DELE02538E
PAN No.: [Permanent Account No.]	AABCE0570H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Providing Bill Payments Solutions.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (14)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There appears huge accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported unknown. The company can be considered for business dealings on a secured 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 :	51, 3^rd Floor, Okhla Industrial Estate, Phase – III, New Delhi – 110020, India
Tel. No.:	91-11-30818888
Fax No.:	91-11-30818811
E-Mail :	secretarial@easybill.co.in Info@easybill.co.in
Website :	www.easybillindia.com

DIRECTORS

As on: 11.09.2012

Name :

Mr. Brijmohan Lall Munjal

Designation :

Chairman

Address :

B-109, Greater Kailash – I, New Delhi – 110048, India

Date of Birth/Age :

01.07.1923

Date of Appointment :

19.08.2002

DIN No.:

00004134

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	U35911PB1966PLC002667	HERO CYCLES LIMITED	Director	01/10/1971	01/10/1971	20/05/2010	Active	NO
2	L35911DL1984PLC017354	HERO MOTOCORP LIMITED	Whole-time director	03/08/2011	24/01/1984	-	Active	NO
3	L34101HR1985PLC020934	MUNJAL SHOWA LIMITED	Director	15/10/1986	15/10/1986	-	Active	NO
4	U74140DL1987PLC026696	HERO FINANCIAL SERVICES LIMITED	Director	16/01/1987	16/01/1987	17/07/2009	Active	NO
5	L34100GJ1985PLC007958	MUNJAL AUTO INDUSTRIES LIMITED	Director	25/09/1987	25/09/1987	12/05/2011	Active	NO
6	U74899DL1991PLC046774	HERO FINCORP LIMITED	Director	16/12/1991	16/12/1991	-	Active	NO
7	U27104HR1996PTC033093	SUNBEAM AUTO PRIVATE LIMITED	Director	02/05/1996	02/05/1996	21/05/2010	Active	NO
8	U34102DL1997PTC088319	MUNJAL BROTHERS PRIVATE LIMITED	Director	03/07/1997	03/07/1997	30/09/2009	Active	NO
9	U93090DL2002PLC133214	EASY BILL LIMITED	Director	19/08/2002	19/08/2002	-	Active	NO
10	L34300DL2005PLC139163	SHIVAM AUTOTECH LIMITED	Director	29/07/2005	29/07/2005	-	Active	NO
11	U40101HP2006PTC031389	BCM ENERGIES PRIVATE LIMITED	Director	16/03/2006	16/03/2006	-	Active	NO
12	U45200DL2008PLC175503	SURVAM INFRASTRUCTURE LIMITED	Director	18/03/2008	18/03/2008	-	Active	NO
13	U34200TN2007PTC072876	DAIMLER INDIA COMMERCIAL VEHICLES PRIVATE LIMITED	Director	17/09/2008	21/04/2008	23/04/2009	Active	NO
14	U67120DL2008PTC182673	BML INVESTMENTS PRIVATE LIMITED	Director	01/09/2008	01/09/2008	-	Active	NO
15	U35921PB1981PLC004729	ROCKMAN INDUSTRIES LIMITED	Director	10/09/2010	29/05/2010	-	Active	NO
16	U67120DL1979PTC236936	HERO INVESTMENTS PRIVATE LIMITED	Director	11/05/2011	14/04/2011	-	Active	NO
17	U67120PB1981PLC004754	HERO INVESTCORP LIMITED	Director	19/09/2011	14/04/2011	-	Active	NO
18	U65921PB1979PTC004037	BAHADUR CHAND INVESTMENTS PRIVATE LIMITED	Director	19/09/2011	14/04/2011	-	Active	NO
19	U40101DL2012PTC243852	HERO FUTURE ENERGIES PRIVATE LIMITED	Director	18/10/2012	18/10/2012	-	Active	NO

Name :

Mr. Rahul Munjal

Designation :

Managing Director

Address :

B-109, Greater Kailash – I, New Delhi – 110048, India

Date of Birth/Age :

14.01.1976

Qualification :

Economics Graduate from University of Rochester, New York

Date of Appointment :

22.09.2012

PAN No.:

AIZPM7525R

DIN No.:

00118339

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	U93090DL2002PLC133214	EASY BILL LIMITED	Managing director	22/09/2012	07/09/2002	-	Active	NO
2	U72900DL2007PTC168442	PM INFOSOFT PRIVATE LIMITED	Director	19/09/2007	19/09/2007	-	Active	NO
3	U35921PB1981PLC004729	ROCKMAN INDUSTRIES LIMITED	Director	10/09/2010	29/05/2010	-	Active	NO
4	U40101DL2012PTC243852	HERO FUTURE ENERGIES PRIVATE LIMITED	Director	18/10/2012	18/10/2012	-	Active	NO
5	U40106DL2012PTC245031	CLEAN WIND POWER (DEVGARH) PRIVATE LIMITED	Director	19/11/2012	19/11/2012	-	Active	NO

Name :

Mr. Sunil Kant Munjal

Designation :

Director

Address :

1 – A, Friends Colony (West), New Delhi, India

Date of Birth/Age :

14.12.1957

Qualification :

B.Com

Date of Appointment :

07.09.2002

DIN No.:

00003902

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	U27109PB1974PLC003386	SATYAM AUTO COMPONENTS LIMITED	Director	24/12/1981	24/12/1981	-	Active	NO
2	U65921PB1979PTC004037	BAHADUR CHAND INVESTMENTS PRIVATE LIMITED	Director	25/07/1984	25/07/1984	-	Active	NO
3	U65921PB1979PTC004044	THAKURDEVI INVESTNENTS PRIVATE LIMITED	Director	28/03/1987	28/03/1987	21/05/2010	Active	NO
4	U35911PB1966PLC002667	HERO CYCLES LIMITED	Managing director	01/01/2010	01/12/1989	20/05/2010	Active	NO
5	U74899DL1995PLC065253	HERO CORPORATE SERVICES LIMITED	Director	09/02/1995	09/02/1995	-	Active	NO
6	U29195DL1998PLC095226	MUNJAL ACME PACKAGING SYSTEMS LIMITED	Director	28/07/1998	28/07/1998	31/07/2007	Active	NO
7	U29299DL1998PLC093496	HERO MOTORS LIMITED	Director	28/09/2000	28/09/2000	20/05/2010	Active	NO
8	U93090DL2002PLC133214	EASY BILL LIMITED	Director	07/09/2002	07/09/2002	-	Active	NO
9	L74899DL1989PLC034923	DCM SHRIRAM CONSOLIDATED LIMITED	Director	13/05/2003	13/05/2003	-	Active	NO
10	U74140DL2004PLC125438	HERO MANAGEMENT SERVICE LIMITED	Director	16/08/2011	26/03/2004	-	Active	NO
11	L74899DL1996PLC077120	PNB GILTS LIMITED	Director	26/04/2004	26/04/2004	28/03/2007	Active	NO
12	L34300DL2005PLC139163	SHIVAM AUTOTECH LIMITED	Director	14/02/2006	14/02/2006	-	Active	NO
13	U40101HP2006PTC031360	THAKURDEVI HYDRO PRIVATE LIMITED	Director	16/02/2006	16/02/2006	-	Active	NO
14	U80100AP1997NPL036631	INDIAN SCHOOL OF BUSINESS	Director	19/06/2006	19/06/2006	-	Active	NO
15	U70109DL2006PLC152383	HERO REALTY LIMITED	Director	23/08/2006	23/08/2006	-	Active	NO
16	U70104DL2006PLC154960	PRAGATI PARKS LIMITED	Director	25/10/2006	25/10/2006	10/12/2007	Active	NO
17	L35911DL1984PLC017354	HERO MOTOCORP LIMITED	Whole-time director	17/08/2011	25/10/2006	-	Active	NO
18	U45200DL2006PLC155088	VIKAS PARKS LIMITED	Director	30/10/2006	30/10/2006	10/12/2007	Active	NO
19	U80904DL2007PLC163580	HERO MINDMINE INSTITUTE LIMITED	Director	17/05/2007	17/05/2007	-	Active	NO
20	U66010DL2007PLC165059	HERO INSURANCE BROKING INDIA LIMITED	Director	21/06/2007	21/06/2007	21/06/2008	Active	NO
21	U45400DL2007PLC166485	UNNATI INDUSTRIAL PARK LIMITED	Director	31/07/2007	31/07/2007	10/12/2007	Active	NO
22	U35999DL2007PLC171277	ABHYUDAY MANUFACTURING AND AUTOMOTIVE LIMITED	Director	10/12/2007	10/12/2007	16/12/2011	Active	NO
23	U35999DL2007PLC171275	FLOURISH MANUFACTURING AND AUTOMOTIVE LIMITED	Director	10/12/2007	10/12/2007	05/01/2009	Amalgamated	NO
24	U34200TN2007PTC072876	DAIMLER INDIA COMMERCIAL VEHICLES PRIVATE LIMITED	Director	10/12/2007	10/12/2007	23/04/2009	Active	NO
25	U66010DL2008PLC180044	HERO LIFE INSURANCE COMPANY LIMITED	Director	25/06/2008	25/06/2008	-	Active	NO
26	U67120DL2008PTC182673	BML INVESTMENTS PRIVATE LIMITED	Director	01/09/2008	01/09/2008	-	Active	NO
27	U74200DL2009PLC186673	WEAVE ENGINEERING AND DESIGN LIMITED	Director	14/01/2009	14/01/2009	16/12/2011	Active	NO
28	U67120PB1981PLC004754	HERO INVESTCORP LIMITED	Director	30/09/2010	20/05/2010	-	Active	NO
29	U67120DL1979PTC236936	HERO INVESTMENTS PRIVATE LIMITED	Director	30/09/2010	20/05/2010	-	Active	NO
30	U70200DL2010PLC203301	HERO REALTY AND INFRA LIMITED	Director	28/05/2010	28/05/2010	-	Active	NO
31	U35921PB1981PLC004729	ROCKMAN INDUSTRIES LIMITED	Director	10/09/2010	29/05/2010	-	Active	NO
32	U28999DL2010PLC205966	HERO STEELS LIMITED	Director	16/07/2010	16/07/2010	16/12/2011	Active	NO
33	U80901DL2011NPL226128	BML EDUCORP SERVICES	Director	12/10/2011	12/10/2011	-	Active	NO
34	U40101DL2012PTC243852	HERO FUTURE ENERGIES PRIVATE LIMITED	Director	18/10/2012	18/10/2012	-	Active	NO
35	U45203DL2012PTC237041	APTARA CONSTRUCTIONS PRIVATE LIMITED	Additional director	05/01/2013	05/01/2013	-	Active	NO
36	U74140DL2012PTC236353	RUDRAA HOMEBUILD PRIVATE LIMITED	Additional director	05/01/2013	05/01/2013	-	Active	NO
37	AAA-0365	SERENDIPITY BOOKS AND ART LLP	Designated Partner	11/11/2009	11/11/2009	-	Active	NO

Name :

Ms. Renu Munjal

Designation :

Director

Address :

B-109, Greater Kailash – I, New Delhi – 110048, India

Date of Birth/Age :

06.03.1955

Date of Appointment :

19.08.2002

DIN No.:

00012870

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	U74899DL1991PLC046774	HERO FINCORP LIMITED	Managing director	01/09/2010	11/07/1992	-	Active	NO
2	U93090DL2002PLC133214	EASY BILL LIMITED	Director	19/08/2002	19/08/2002	-	Active	NO
3	U34200TN2007PTC072876	DAIMLER INDIA COMMERCIAL VEHICLES PRIVATE LIMITED	Director	17/09/2008	21/04/2008	23/04/2009	Active	NO
4	U34300DL1999PTC098851	ROCKMAN AUTO PRIVATE LIMITED	Director	24/09/2010	20/05/2010	-	Active	NO
5	U67120PB1981PLC004754	HERO INVESTCORP LIMITED	Director	30/09/2010	20/05/2010	-	Active	NO
6	U67120DL1979PTC236936	HERO INVESTMENTS PRIVATE LIMITED	Director	30/09/2010	20/05/2010	-	Active	NO
7	U65921PB1979PTC004037	BAHADUR CHAND INVESTMENTS PRIVATE LIMITED	Director	30/09/2010	20/05/2010	-	Active	NO
8	U29195DL1998PLC095226	MUNJAL ACME PACKAGING SYSTEMS LIMITED	Director	23/09/2010	20/05/2010	-	Active	NO
9	U40101DL2012PTC243852	HERO FUTURE ENERGIES PRIVATE LIMITED	Director	18/10/2012	18/10/2012	-	Active	NO

Name :

Mr. Rohit Chanana

Designation :

Director

Address :

M-13/ 9, DLF City, Phase – II, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

16.04.1958

Qualification :

Chartered Accountant

Date of Appointment :

25.09.2009

DIN No.:

01533811

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	U70109DL2006PLC152383	HERO REALTY LIMITED	Director	29/09/2007	02/04/2007	-	Active	NO
2	U35999DL2007PLC171277	ABHYUDAY MANUFACTURING AND AUTOMOTIVE LIMITED	Director	10/12/2007	10/12/2007	-	Active	NO
3	U66010DL2007PLC165059	HERO INSURANCE BROKING INDIA LIMITED	Director	25/09/2008	21/06/2008	-	Active	NO
4	U66010DL2008PLC180044	HERO LIFE INSURANCE COMPANY LIMITED	Director	25/06/2008	25/06/2008	-	Active	NO
5	U74140DL2004PLC125438	HERO MANAGEMENT SERVICE LIMITED	Director	29/09/2008	04/09/2008	-	Active	NO
6	U35999DL2007PLC171275	FLOURISH MANUFACTURING AND AUTOMOTIVE LIMITED	Director	30/09/2009	05/01/2009	-	Amalgamated	NO
7	U93090DL2002PLC133214	EASY BILL LIMITED	Director	25/09/2009	30/01/2009	-	Active	NO
8	U45200DL2006PLC155088	VIKAS PARKS LIMITED	Director	28/09/2011	20/10/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sandeep Gambhir
Designation :	Secretary
Address :	G-2/38, First Floor, Sector – 16, Rohini, Delhi – 110085, India
Date of Birth/Age :	01.08.1974
Date of Appointment :	08.11.2005
PAN No.:	AGSPG7890C

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 11.09.2012

Names of Shareholders	No. of Equity Shares
Brijmohan lall munjal	5000
Renu munjal	5000
Bahadur Chand Investments Private Limited, India	10499990
Hero Cycles Limited, India	5
Bennet Coleman and Company Limited, India	1129632
Hero Investcorp Limited, India	7151576
Dayanand Munjal Investments Private Limited, India	5
YGPF Mauritius Investments, Mauritius	4953000
Total	23744208

Names of Shareholders	No. of Preference Shares
Hero Investcorp Limited, India	37250000
Total	37250000

As on: 11.12.2012

Names of Shareholders	No. of Preference Shares
Hero Investcorp Limited, India	18500000
Bahadur Chand Investments Private Limited, India	5400000
Total	23900000

Equity Share Break up (Percentage of Total Equity)

As on: 11.09.2012

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	20.86
Bodies corporate	79.10
Directors or relatives of directors	0.04
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Bill Payments Solutions

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	The Hongkong and Shanghai Banking Corporation Limited, Birla House, 25 Barakhamba Road, New Delhi – 110001, India

Banking Relations :	--
Auditors :
Name :	S. R. Dinodia and Company Chartered Accountants
Address :	K-39, Connaught Place, New Delhi – 110001, India
PAN No.:	AACFS2559N
Holding Company :	Bahadur Chand Investments Private Limited CIN No.: U65921PB1979PTC004037

CAPITAL STRUCTURE

After: 11.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
29400000	Equity Shares	Rs.10/- each	Rs.294.000 Millions
50600000	Preference Shares	Rs.10/- each	Rs.506.000 Millions
	Total		Rs.800.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
23744208	Equity Shares	Rs.10/- each	Rs.237.442 Millions
61150000	Preference Shares	Rs.10/- each	Rs.611.500 Millions
	Total		Rs.848.942 Millions

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
29400000	Equity Shares	Rs.10/- each	Rs.294.000 Millions
50600000	Preference Shares	Rs.10/- each	Rs.506.000 Millions
	Total		Rs.800.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
23744208	Equity Shares	Rs.10/- each	Rs.237.442 Millions
37250000	Preference Shares	Rs.10/- each	Rs.372.500 Millions
	Total		Rs.609.942 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		609.942	609.942	225.926
2] Share Application Money		0.000	0.000	6.000
3] Reserves & Surplus		0.000	0.000	354.249
4] (Accumulated Losses)		(764.766)	(651.859)	(953.102)
NETWORTH		(154.824)	(41.917)	(366.927)
LOAN FUNDS
1] Secured Loans		0.000	0.000	119.904
2] Unsecured Loans		171.000	0.000	180.000
TOTAL BORROWING		171.000	0.000	299.904
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		16.176	(41.917)	(67.023)
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		10.706	14.282	18.273
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.995	2.294	2.479
	Sundry Debtors	19.376	17.446	15.525
	Cash & Bank Balances	10.912	12.660	12.564
	Other Current Assets	0.000	0.255	3.602
	Other Non Current Assets	0.000	20.000	0.000
	Loans & Advances	214.959	223.826	215.377
Total Current Assets		248.242	276.481	249.547
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	32.031	122.335	118.653
	Other Current Liabilities	209.291	208.555	214.963
	Provisions	1.450	1.790	1.227
Total Current Liabilities		242.772	332.680	334.843
Net Current Assets		5.470	(56.199)	(85.296)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		16.176	(41.917)	(67.023)

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	205.519	77.909	62.999
		Other Income	4.155	6.937	4.663
		TOTAL (A)	209.674	84.846	67.662
Less	EXPENSES
		Cost of materials consumed	137.432	10.168
		Employee benefit expense	61.550	59.368
		Other expenses	104.617	93.840
		Prior period items	4.446	0.208
		TOTAL (B)	308.045	163.584	159.098
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(98.371)	(78.738)	(91.436)
Less	FINANCIAL EXPENSES (D)		6.830	34.073	30.119
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(105.201)	(112.811)	(121.555)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.934	8.738	12.277
	PROFIT BEFORE TAX (E-F) (G)		(112.135)	(121.549)	(133.832)
Less	TAX (H)		0.771	(0.058)	(0.433)
	PROFIT AFTER TAX (G-H) (I)		(112.906)	(121.491)	(133.399)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(1074.593)	(953.102)	(819.703)
	BALANCE CARRIED TO THE B/S		(1187.499)	(1074.593)	(953.102)
	Earnings Per Share (Rs.)		(6.01)	(6.47)	(7.56)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(53.85)	(143.19)	(197.15)
Net Profit Margin (PBT/Sales)	(%)	(54.56)	(156.01)	(212.44)
Return on Total Assets (PBT/Total Assets}	(%)	(43.60)	(41.80)	(49.97)
Return on Investment (ROI) (PBT/Networth)		0.72	2.90	0.36
Debt Equity Ratio (Total Debt/Networth)		(1.10)	0.00	(0.82)
Current Ratio (Current Asset/Current Liability)		1.02	0.83	0.75

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

FINANCIAL RESULTS

During the year, the Company has registered a turnover of 209.674 Millions as compared to Rs. 84.846 Millions, for the previous year March 31, 2011. The increase in the income is due to increase in the revenue from the sale of recharge coupons.

The Company has also registered an increase in the operating expenses of Rs. 308.045 Millions as compared to Rs.163.584 Millions, for the previous year March 31, 2011. The increase in the operating expenses is majorly due to cost of purchase of recharge coupons amounting to Rs.127.264 Millions during the Financial Year.

The Company has also registered a reduction in Interest and Finance Charges as the Company had returned the ICD’s carrying interest cost.

OPERATIONS AND FUTURE OUTLOOK

During the period, the Company has entered into a new line of business; to act as a Business Correspondent and to provide the Domestic Money Remittance Services. The Company has successfully launched this project on pilot basis and would launch the same on all India basis soon. This will help in growth of our business and revenue.

The Company is also planning to enter into the business of selling of International Air Tickets and Holiday Packages keeping in view the high margins and better growth prospects under the said business.

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2012	As on 31.03.2011
Loans repayable on demand from others	165.000	0.000
Loans and advances from directors	6.000	0.000
Total	171.000	0.000

FIXED ASSETS:

Tangible Assets

· Furniture and Fixtures

· Office Equipment

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.53.85
UK Pound	1	Rs.84.43
Euro	1	Rs.72.40

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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		14

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.