MIRA INFORM REPORT

Report Date :

18.02.2013

IDENTIFICATION DETAILS

Name :	SYNDROME TECHNOLOGIES PRIVATE LIMITED
Registered Office :	A-101, Polaris, Marol – Maroshi Road, Andheri (East), Mumbai – 400059, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	07.05.2010
Com. Reg. No.:	11-202840
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U72900MH2010PTC202840
TAN No.: [Tax Deduction & Collection Account No.]	MUMS66925F
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Computer and Computer Peripherals and also Provide Networking Solutions.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 66000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appear huge external borrowings recorded by the company. However, trade relations are reported as fair. Business is active. Payment terms are slow. The company can be considered for business dealings with some caution.

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 :	Ms. Priyanka
Designation :	Accounts Department
Contact No.:	91-22-40332266
Date :	09.02.2013

LOCATIONS

Registered Office :	A-101, Polaris, Marol – Maroshi Road, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-40332266 /28 /47 /41 / 55
Mobile No.:	91-9821470495 (Mr. Yogesh Purohit)
Fax No.:	91-22-40332228/ 40332211
E-Mail :	info@syndrometech.net mail@syndrometech.net accounts@syndrometech.net siddharth@syndrometech.net
Website :	www.syndrometech.net
Area :	2500 Sq. ft. (Approximately)
Location :	Rented

DIRECTORS

AS ON 24.09.2012

Name :	Mr. Siddharth Praful Mehta
Designation :	Managing director
Address :	167/2, Vishal Villa, Shivaji Park, Road No.5, Mahim (West), Mumbai – 400016, Maharashtra, India
Date of Birth/Age :	09.11.1978
Date of Appointment :	07.05.2010
DIN No.:	02892416
Name :	Kanan Siddharth Mehta
Designation :	Director
Address :	167/2, Vishal Villa, Shivaji Park, Road No.5, Mahim (West), Mumbai – 400016, Maharashtra, India
Date of Birth/Age :	23.03.1980
Date of Appointment :	07.05.2010
DIN No.:	02891751

KEY EXECUTIVES

Name :	Ms. Priyanka
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 24.09.2012

Names of Shareholders	No. of Shares
Siddharth Praful Mehta	9980
Kanan Siddharth Mehta	10
Smita Praful Mehta	10
Total	10000

AS ON 24.09.2012

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

BUSINESS DETAILS

Line of Business :

Trader of Computer and Computer Peripherals and also Provide Networking Solutions.

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Bank Overdraft (Secured against Fixed Deposit)	49.132	0.000
Total	49.132	0.000

Banking Relations :	--
Auditors :
Name :	Arvind M Darji and Associates Chartered Accountants
Address :	402-A, Chandan Chambers, 138, Modi Street, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-66541574
Fax No.:	91-22-66541574
E-Mail :	amdarji@gmail.com
Income-tax PAN of auditor or auditor's firm :	AABPD6400C

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs. 10/- each	Rs. 10.000 Millions

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
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		16.479	0.000
4] (Accumulated Losses)		0.000	(0.196)
NETWORTH		16.579	(0.096)
LOAN FUNDS
1] Secured Loans		49.132	0.000
2] Unsecured Loans		45.000	21.000
TOTAL BORROWING		94.132	21.000
DEFERRED TAX LIABILITIES		0.042	0.000
TOTAL		110.753	20.904
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.715	0.000
Capital work-in-progress		0.000	0.000
INVESTMENT		63.528	0.000
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.796	0.000
	Sundry Debtors	105.316	0.000
	Cash & Bank Balances	3.048	25.551
	Other Current Assets	0.000	0.000
	Loans & Advances	14.008	4.200
Total Current Assets		127.168	29.751
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	72.932	0.343
	Other Current Liabilities	7.536	8.504
	Provisions	0.190	0.000
Total Current Liabilities		80.658	8.847
Net Current Assets		46.510	20.904
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		110.753	20.904

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	N.A.	0.572
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	N.A.	0.768
	PROFIT/ (LOSS) BEFORE TAX		N.A.	(0.196)
Less	TAX		N.A.	0.000
	PROFIT/ (LOSS) AFTER TAX		16.675	(0.196)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(0.196)	0.000
	BALANCE CARRIED TO THE B/S		16.479	(0.196)
	Earnings/ (Loss) Per Share (Rs.)		1667.50	(19.61)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011
PAT / Total Income	(%)	N.A.	(34.27)
Return on Total Assets (PBT/Total Assets}	(%)	N.A.	(0.66)
Return on Investment (ROI) (PBT/Networth)		N.A.	2.04
Debt Equity Ratio (Total Debt/Networth)		5.68	(218.75)
Current Ratio (Current Asset/Current Liability)		1.58	3.36

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars		31.03.2012	31.03.2011
	(Rs. In Millions)
Trade payable		72.932	0.343

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	Yes
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 one year	Yes
12]	Profitability for last two 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
	(Rs. In Millions)
Loan from Corporate	45.000	21.000
Total	45.000	21.000

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U72900MH2010PTC202840
Name of the company	SYNDROME TECHNOLOGIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A-101, Polaris, Marol – Maroshi Road, Andheri (East), Mumbai – 400059, Maharashtra, India Email: siddharth@syndrometech.net
This form is for	Creation of charge
Type of charge	Immovable property
Particular of charge holder	HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India Email: RBBform8@hdfcbank.com CIN No.: L65920MH1994PLC080618
Nature of description of the instrument creating or modifying the charge	Memorandum Recording Past Transactions of Creation of Mortgage by Delivery of Title Deeds.
Date of instrument Creating the charge	06.09.2012
Amount secured by the charge	Rs. 14.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at the rate as may be communicated by the Bank from time to time. Terms of Repayment On demand. Margin As may be stipulated by the Bank from time to time. Extent and Operation of the charge The Company created an equitable mortgage by way of deposit of title deeds in respect of its immovable properties for the due repayment of Rs.14.000 Millions by the Company including principal amount of the Facility, interest, liquidated damages, costs, charges and expenses etc.
Short particulars of the property charged	Immovable property situated at Unit no. 2B, Wing A,6th Floor Times Square, Andheri Kurla Road, Marol Naka, Andheri (East), Mumbai-400059

FIXED ASSETS:

Ø Computers

Ø Plant and Machinery

Ø Furniture

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. 53.99
UK Pound	1	Rs. 83.72
Euro	1	Rs. 72.09

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		29

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.