MIRA INFORM REPORT

Report Date :

22.02.2013

IDENTIFICATION DETAILS

Name :	ORIENT TECHNOLOGIES PRIVATE LIMITED
Registered Office :	2 and 3 Niraj Industrial Estate, Off Mahakali Caves Road, Andheri (East), Mumbai – 400059, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	04.07.1997
Com. Reg. No.:	11-109219
Capital Investment / Paid-up Capital :	Rs. 110.000 Millions
CIN No.: [Company Identification No.]	U64200MH1997PTC109219
PAN No.: [Permanent Account No.]	AAACO2654F
Legal Form :	Private Limited Liability Company
Line of Business :	Service Provider of IT Solutions.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 833000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There appears some dip in the profitability of the company. There also appears some slight dip in the reserves during the year 2012. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution. Note: Profit and Loss statement for the year 2010-2011 and 2011-2012 is not available.

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 PARTED BY (GENERAL DETAILS)

Name :	Mr. Bhupendra Rathod
Designation :	Accounts Head
Contact No.:	91-22-67158888
Date :	21.02.2013

LOCATIONS

Registered Office :	2 and 3 Niraj Industrial Estate, Off Mahakali Caves Road, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-24960808/ 89
Mobile No.:	91-9792749731 (Mr. Ajay Sawant)
Fax No.:	91-22-55021180/ 24921016
E-Mail :	bhupendrarathod@orientindia.net
Website :	www.orientindia.com
Location :	Rented
Branch Office :	49 H, 2^nd Floor, New Heaven Parsi, Andheri (East), Mumbai – 400069, Maharashtra, India
Tel. No.:	91-22-67158888
Fax No.:	91-22-67158989

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Ajay Baliram Sawant
Designation :	Director
Address :	10/101, Mahada Housing Board, Oshiwara, Andheri (West), Mumbai – 400058, Maharashtra, India
Date of Birth/Age :	06.05.1967
Qualification :	B.E.
Date of Appointment :	04.07.1997
PAN No.:	AHAPS0035J
DIN No.:	00111001
Name :	Mr. Ujwal Arvind Mhatre
Designation :	Director
Address :	10/201 Mahada Housing Board, Oshiwara, Andheri (West), Mumbai – 400058, Maharashtra, India
Date of Birth/Age :	07.03.1968
Qualification :	D.I.E
Date of Appointment :	04.07.1997
PAN No.:	AAMPM4645B
DIN No.:	00111148
Name :	Mr. Jayesh Manoharlal Shah
Designation :	Director
Address :	09/201, 2^nd Floor, Mahada Housing Board, Oshiwara, Andheri (West), Mumbai – 400058, Maharashtra, India
Date of Birth/Age :	07.03.1968
Qualification :	B.E.
Date of Appointment :	04.07.1997
PAN No.:	AAKPS1107Q
DIN No.:	00111598
Name :	Mr. Umesh Navnitlal Shah
Designation :	Director
Address :	23, Nupur, 2^nd Floor, J. V. P. D. Scheme, Near Gulmohar, Cross Road No. 4, Mumbai – 400049, Maharashtra, India
Date of Birth/Age :	02.09.1969
Qualification :	B.E.
Date of Appointment :	04.07.1997
PAN No.:	AAEPS3008A
DIN No.:	00111751

KEY EXECUTIVES

Name :	Mr. Bhupendra Rathod
Designation :	Accounts Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares	Percentage of Shares
Ajay Baliram Sawant	2750000	25.00
Umesh Navnitlal Shah	2750000	25.00
Ujjwal Arvind Mhatre	2750000	25.00
Jayesh Manoharlal Shah	2750000	25.00
Total	11000000	100.00

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 :

Service Provider of IT Solutions.

Products :

ITC Code	Product Descriptions
84714110	Computer Maintenance and Hardware

GENERAL INFORMATION

Customers :	Others (Companies) Ø Eureka Forbes Ø Aditya Birla Ø Ambuja Cements Limited Ø Unichem Laboratories Limited Ø Ashok Leyland Ø Atlas Copco Ø Bank of America Ø Barclays Ø Blue Star Ø BMC Ø Bosch Ø BSES Ø CDAC Ø Cox and Kings Ø Darashaw Ø Deloitte Ø DHL Ø Essar
No. of Employees :	Information declined by the management
Bankers :	Citibank N.A., Trent House, 2^nd Floor, G Block, Plot No. C60, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	Santosh G. Ghag and Company Chartered Accountants
Address :	14/CD, Kakubhai Manchharam Building, Ground Floor, Zaobawadi, Thakurdwar, Mumbai – 400002, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAFPG1909B
Associates :	Orient HR Consultants Private Limited [U74999MH2003PTC142615]

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
11,000,000	Equity Shares	Rs. 10/- each	Rs. 110.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11,000,000	Equity Shares	Rs. 10/- each	Rs. 110.000 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		110.000	50.000	17.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		98.274	130.154	128.044
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		208.274	180.154	145.544
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		88.685	89.892	0.000
TOTAL BORROWING		88.685	89.892	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		296.959	270.046	145.544
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		17.710	16.452	14.741
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.126	0.126	0.126
DEFERRED TAX ASSETS		0.411	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	43.270	35.308	9.148
	Sundry Debtors	279.236	233.887	152.263
	Cash & Bank Balances	4.708	3.575	9.120
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	42.634	16.909	67.276
Total Current Assets		369.848	289.679	237.807
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	90.748	29.403	62.361
	Other Current Liabilities	0.148	0.017	6.719
	Provisions	1.240	6.791	38.050
Total Current Liabilities		92.136	36.211	107.130
Net Current Assets		277.712	253.468	130.677
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		296.959	270.046	145.544

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010
	SALES
		Income	777.680
		Other Income	1.358
		TOTAL (A)	779.038
Less	EXPENSES
		Cost of goods sold	602.463
		Administrative expense	98.659
		Marketing expense	21.805
		TOTAL (B)	722.927
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		56.111
Less	FINANCIAL EXPENSES (D)		1.914
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		54.197
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.633
	PROFIT BEFORE TAX (E-F) (G)		51.564
Less	TAX (H)		18.499
	PROFIT AFTER TAX (G-H) (I)		33.065
Less	APPROPRIATIONS
		Dividend	3.150
		Tax on Dividend	0.535
	BALANCE CARRIED TO THE B/S		29.380
	Earnings Per Share (Rs.)		59.45

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	N.A.	N.A.	4.24
Net Profit Margin (PBT/Sales)	(%)	N.A.	N.A.	6.63
Return on Total Assets (PBT/Total Assets}	(%)	N.A.	N.A.	20.42
Return on Investment (ROI) (PBT/Networth)		N.A.	N.A.	0.35
Debt Equity Ratio (Total Debt/Networth)		0.43	0.50	0.00
Current Ratio (Current Asset/Current Liability)		4.01	8.00	2.22

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2012	31.03.2011	31.03.2010
	(Rs. In Millions)
Trade Payable	90.748	29.403	62.361

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 one year	Yes
12]	Profitability for last one year	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	Yes
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

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Working capital loans from banks	88.685	89.892
Total	88.685	89.892

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U64200MH1997PTC109219
Name of the company	ORIENT TECHNOLOGIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	2 and 3 Niraj Industrial Estate, Off Mahakali Caves Road, Andheri (East), Mumbai – 400059, Maharashtra, India Email: bhupendrarathod@orientindia.net
This form is for	Modification of charge
Charge identification number of the modified	10185603
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	Citibank N.A., Trent House, 2^nd Floor, G Block, Plot No. C60, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, India Email: vlaxman@vsnl.com
Nature of description of the instrument creating or modifying the charge	Deed of Modification.
Date of instrument Creating the charge	30.03.2012
Amount secured by the charge	Rs. 65.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest to be charged at such rate/s as may be determined 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 Current Assets to the Bank more hypothecated by way of first exclusive charge, as security for the repayment of Rs.65.000 Millions, together with all interest, liquidated damages, premia on prepayment or on redemption, costs, charges and other expenses payable by the Company to the Bank.
Short particulars of the property charged	Hypothecation by way of first exclusive charge on Current Assets of the Company both present and future.
Date of Modification	19.03.2012
Particulars of the present modification	The charge shall now stand increased from Rs.45.000 Millions to Rs.65.000 Millions in favour of Citibank N.A against the security by way of first exclusive charge on the current assets of the Borrower.

TRADE REFERENCES:

Ø Eureka Forbes

Ø Aditya Birla

Ø Ambuja Cements Limited

Ø Unichem Laboratories Limited

FIXED ASSETS:

Ø Furniture and Fixture

Ø Computers and Printers

Ø Air Conditioner

Ø Pager

Ø Refrigerator

Ø Mobile

Ø Office Equipment

Ø HP Calculator

Ø Vehicles

Ø EPABX Machine

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. 54.48
UK Pound	1	Rs. 82.71
Euro	1	Rs. 72.23

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		30

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.