MIRA INFORM REPORT

Report Date :

03.01.2013

IDENTIFICATION DETAILS

Name :	ASHTECH INFOTECH PRIVATE LIMITED
Registered Office :	G-5/7, Laxmi Woollen Mills Estate, Shakti Mill Lane, Near Mahalaxmi Station, Mahalaxmi, Mumbai - 400011, Maharashtra.
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	05.11.1993
Com. Reg. No.:	11-074939
Capital Investment / Paid-up Capital :	Rs. 8.200 Millions
CIN No.: [Company Identification No.]	U3007MH1993PTCO74939
TAN No.: [Tax Deduction & Collection Account No.]	MUMA20781F
PAN No.: [Permanent Account No.]	AAACA3546N
Legal Form :	Private Limited Liability Company
Line of Business :	Engaged in trading activities of Information Technology products and providing maintenance and related services.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	USD 300000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. Profit and Loss statement of the year 2012 is not available. However, Mr. Ramesh, Account Manager has provided us the turnover which is not verified. From the previous year’s financial it seems that there appears sharp dip in the turnover and profitability of the company. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small 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.

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	A4+ : Bank Guarantee
Rating Explanation	Minimal degree of safety. It carry very high credit risk.
Date	18.06.2012

Rating Agency Name	CRISIL
Rating	BB+ : Cash Credit
Rating Explanation	Moderate risk of default
Date	18.06.2012

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. Ramesh Dave
Designation :	General Manager in Accounts
Contact No.:	91-22-43454345
Date :	02.01.2013

LOCATIONS

Registered Office :	G-5/7, Laxmi Woolen Mills Estate, Shakti Mill Lane, Near Mahalaxmi Station, Mahalaxmi, Mumbai - 400011, Maharashtra, India
Tel. No.:	91-22-43454345/24963311
Fax No.:	91-22-24963300
E-Mail :	ashtech@ashinfo.com shreyas_shah@ashinfo.com anil_singh@ashinfo.com saurin_shah@ashinfo.com ramesh_dave@ashinfo.com mca@mgca.in
Website :	www.ashinfo.com
Area :	1000Sq.ft.
Location :	Owned
Branches :	Located At: · Ahmedabad · Bangalore · Chennai · New Delhi · Pune
Ware House:	Bhawandi, Owali Village, Mumbai, Maharashtra, India
Area :	1000 Sq Ft
Location :	Rented

DIRECTORS

As on: 21.09.2012

Name :	Mr. Surin Devendra Shah
Designation :	Chairman Cum Managing Directors
Address :	15, Avillion, 4^th Floor, Little Gibbs Road, Walkeshwar, Mumbai - 400006, Maharashtra, India
Date of Birth/Age :	11.12.1958
Date of Appointment :	05.11.1993
DIN No.:	00677051
Name :	Mr. Shreyas Narendra Shah
Designation :	Whole Time Director
Address :	7, Pavlova, Little Gibbs Road, Walkeshwar, Mumbai - 400006, Maharashtra, India
Date of Birth/Age :	24.01.1948
Date of Appointment :	01.07.2001
DIN No.:	00677664

KEY EXECUTIVES

Name :	Mr. Ramesh Dave
Designation :	General Manager in Accounts

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 21.09.2012

Names of Shareholders	No. of Shares
Surin Devendra Shah	164900
Shreyas Narendra Shah	58900
Surin Devendra Shah (HUF)	13900
Shreyas Narendra Shah (HUF)	6700
Kalpana Shreyas Shah	109900
Devendra Ramanlal Shah (HUF)	114800
Zarna Saurin Shah	207900
Devendra Ramanlal Shah	61400
Shilpa Devendra Shah	100
Suchita Devendra Shah	100
Sonali Devendra Shah	100
Narendra Ramanlal Shah	100
Narendra Ramanlal Shah (HUF)	100
Virbala Narendra Shah	100
Rajul Asit Shah	100
Rajendra Ramanlal Shroff (HUF)	100
Sohil Shreyas Shah	100
Aashini Saurin Shah	40100
Aesha Saurin Shah	40100
Shimoni Rajesh Sheth	100
Romil Rajesh Sheth	100
Sohil Shreyas Shah	200
Anupa Sohil Shah	100
TOTAL	820000

Equity Share Break up (Percentage of Total Equity)

As on: 21.09.2012

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Engaged in trading activities of Information Technology products and providing maintenance and related services.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India, Industrial Finance Branch, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India

· ICICI Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
ICICI Bank Limited (Secured by hypothecation of motor cars)	2.667	0.000
State Bank of India	18.372	19.463
(Secured against hypothecation of stock in trade, book debts and further collateral by creating equitable mortgage of immovable office property owned be one of the directors and personal guarantees by both the directors)
Total	21.039	19.463
Unsecured Loan	As on 31.03.2012	As on 31.03.2011
From Directors	4.165
From Shareholders	24.610
Total	28.775	33.700

Banking Relations :	--
Auditors :
Name :	Chandrakant and Sevantilal Chartered Accountant
Address :	4, Fairy Manor, 2^nd Floor, 13, R. Sidhwa Marg, Fort Mumbai - 400001, Maharashtra, India
Tel. No.:	91-22-22660673/ 22661754/ 22662959
Fax No.:	91-22-22662744
PAN No.:	AAAFC0278Q
Subsidiaries :	Astech Infotech (Singapore) Private Limited

CAPITAL STRUCTURE

As on: 21.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1450000	Equity Shares	Rs.10/- each	Rs. 14.500 Millions
50000	Preference Shares	Rs.10/- each	Rs. 0.500 Million
	Total		Rs. 15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
820000	Equity Shares	Rs.10/- each	Rs. 8.200 Millions

Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the year:

(Rs in millions)

	Number of Shares	Amount
At the beginning of the year	820000	8.200
Issued and allotted during the year	-	-
Balance at the end of the year	820000	8.200

Rights of Shareholders

The company has only one class of equity shares having a par value of Rs. 10/- per share. Each holder of equity share is entitled to one vote per share on any resolution placed before the company in any general meeting. A holder is entitled to dividend proposed by the Board of Directors subject to the approval of shareholders in Annual General Meeting.

In the event of liquidation of the company the holders of equity shares are entitled to receive remaining assets of the company after distribution of all preferential amounts. The distribution will be in proportion to number of equity shares held by shareholders

Details of shares held be each shareholder holding more than 5% shares

Equity shares of Rs. 10/-each fully paid up	Number	%
Zarna Saurin Shah	207900	25.35
Saurin Devendra Shah	164900	20.11
Devendra Ramanlal Shah (HUF)	114800	14.00
Kalpana Shreyas Shah	109900	13.40
Devendra Ramanlal Shah	61400	07.49
Shreyas Narendra Shah	58900	07.18

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		8.200	8.200	8.200
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		85.176	76.852	68.707
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		93.376	85.052	76.907
LOAN FUNDS
1] Secured Loans		21.039	19.463	0.034
2] Unsecured Loans		28.775	33.700	24.925
TOTAL BORROWING		49.814	53.163	24.959
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		143.190	138.215	101.866
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		14.839	5.869	7.481
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		6.554	6.310	4.138
DEFERREX TAX ASSETS		0.983	0.604	0.460
OTHER NON CURRENT ASSETS		0.660	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Interest Accrued on Bank Deposit	0.000	0.247	0.367
	Inventories	28.403	32.394	37.989
	Sundry Debtors	88.946	82.223	56.181
	Cash & Bank Balances	11.805	8.176	24.890
	Other Current Assets	0.145	1.278	0.648
	Loans & Advances	77.489	66.584	47.831
Total Current Assets		206.788	190.902	167.906
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	50.785	42.482	31.978
	Other Current Liabilities	34.359	18.153	22.018
	Provisions	1.490	4.835	24.124
Total Current Liabilities		86.634	65.470	78.120
Net Current Assets		120.154	125.432	89.786
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		143.190	138.215	101.866

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Sales	376.582	616.502
		Maintenance Contract, Deputation and Other Service Charge	123.950	135.586
		Other Income	3.015	5.389
		Refund of Special Addition Duty Claim of earlier years	0.000	3.515
		TOTAL (A)	503.547	760.992
Less	EXPENSES
		Purchases	325.708	603.332
		Maintenance Sub Contract, Service support packs and Other Service charges	56.985	62.929
		Payment to and Provision for Employees	55.095	50.719
		Administration and Other Expenses	42.006	35.682
		Municipal Cess Paid for Earlier	0.608	1.183
		Increase/(Decrease) in Finished Goods	5.595	(12.932)
		Increase/(Decrease) in Service Support Packs	(0.630)	1.825
		TOTAL (B)	485.367	742.738
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		18.180	18.254
Less	FINANCIAL EXPENSES (D)		3.883	3.008
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		14.297	15.246
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.187	2.830
	PROFIT BEFORE TAX (E-F) (G)		12.110	12.416
Less	TAX (H)		3.965	1.542
	PROFIT AFTER TAX (G-H) (I)		8.145	10.874
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		61.613	54.225
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	1.088
		Dividend	0.000	2.050
		Tax on Dividend	0.000	0.348
	BALANCE CARRIED TO THE B/S		69.758	61.613
	EARNINGS IN FOREIGN CURRENCY
		Sales	6.601	0.000
		Services and Deputation Income	0.000	0.452
	TOTAL EARNINGS		6.601	0.452
	IMPORTS
		Import of Trading goods	9.364	21.217
		Capital Goods	0.080	0.000
	TOTAL IMPORTS		9.444	21.217
	Earnings Per Share (Rs.)		9.93	13.26

Particulars	31.03.2012
Sales Turnover (Approximately)	520.000

Expected Sales (2012-2013): Rs. 550.000 Millions

The above information has been denied by Mr. Ramesh Dave

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	1.62	1.42
Net Profit Margin (PBT/Sales)	(%)	NA	3.22	2.01
Return on Total Assets (PBT/Total Assets}	(%)	NA	6.15	7.06
Return on Investment (ROI) (PBT/Networth)		NA	0.14	0.16
Debt Equity Ratio (Total Liability/Networth)		1.46	1.39	1.34
Current Ratio (Current Asset/Current Liability)		1.72	2.92	2.15

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

PARTICULARS	31.03.2012	31.03.2011	31.03.2010
Sundry Creditors
Dues to Micro and Small Enterprise	0.000	0.000	0.000
Other Dues	50.785	42.482	31.978
Total	50.785	42.482	31.978

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 three years	Yes
12]	Profitability for last two years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

Corporate identity number of the company	U3007MH1993PTC074939
Name of the company	ASHTECH INFOTECH PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	G-5/7, Laxmi Woolen Mills Estate, Shakti Mill Lane, Near Mahalaxmi Station, Mahalaxmi, Mumbai-400011, Maharashtra, India Email : mca@mgca.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90156279
Type of charge	Immovable property
Particular of charge holder	State Bank of India Industrial Finance Branch, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India Email : kamalax@saraf@hotmail.com
Nature of instrument creating charge	No Instrument State Bank of India Dated 09.06.2010 Release of mortgage Poperty
Date of instrument Creating the charge	09.06.2010
Amount secured by the charge	Rs. 77.500 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As per sanction terms and conditions Terms of repayment As per sanction terms and conditions Margin As per sanction terms and conditions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Entire stock in trade i.e. stocks of computer peripherals, consumable, hardware and software and all type in which the company deals in. Book debts Vehicles
Date of instrument modifying the charge	03.06.2010
Particulars of the present modification	Now by the present modification date 09.06.2010. The borrower company has released its property which was mortgaged earlier on 18.06.1996. As a security by way of an equitable mortgage by deposit of title deeds. Released property such as: Gala NO. 402, Shah and Nahar Industrial Estate, Rambhua Bhosale Marg, Worli, Mumbai-400018.

FIXED ASSETS:

• Computer systems
• Software
• Office and Other Equipments
• Testing Equipments
• Furniture and Fixtures
• Air Conditioners and Refrigerators
• Vehicles
• Electrical Fittings

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. 54.39
UK Pound	1	Rs. 88.76
Euro	1	Rs. 72.18

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	UDS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--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		34

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.