MIRA INFORM REPORT

Report Date :

14.01.2013

IDENTIFICATION DETAILS

Name :	DATASOFT NETWORK SOLUTIONS PRIVATE LIMITED
Registered Office :	8-B, Piccadilly Flats, Ground Floor, 57, Clare Road, Mumbai – 400008, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	12.03.2007
Com. Reg. No.:	11-168627
Capital Investment / Paid-up Capital :	Rs. 3.500 Millions
CIN No.: [Company Identification No.]	U72900MH2007PTC168627
Legal Form :	Private Limited Liability Company
Line of Business :	Dealing in Computer Hardware, Software and Electronic Goods.
No. of Employees :	Information declined by 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 45000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for normal 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

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. Vaishali
Designation :	Accountant
Contact No.:	91-22-67681800
Date :	12.01.2013

LOCATIONS

Registered Office :	8-B, Piccadilly Flats, Ground Floor, 57, Clare Road, Mumbai – 400008, Maharashtra, India
Tel. No.:	91-22–23080669/ 23095144
Fax No.:	Not Available
E-Mail :	approval@jsaca.co.in
Website :	www.datasoft.co.in

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Irvin Cajetan Pinto
Designation :	Managing director
Address :	A/603, Silver Croft Society, Off Yari Road, Versova, Andheri (West), Mumbai – 400058, Maharashtra, India
Date of Birth/Age :	12.12.1965
Date of Appointment :	12.03.2007
PAN No.:	AAGPP1747B
DIN No.:	01049996
Name :	Mrs. Christabelle Elizabeth Pinto
Designation :	Director
Address :	A/603, Silver Croft Society, Off Yari Road, Versova, Andheri (West), Mumbai – 400058, Maharashtra, India
Date of Birth/Age :	15.12.1970
Date of Appointment :	12.03.2007
PAN No.:	AICPP9990J
DIN No.:	01317379
Name :	Mrs. Blossom Aniruddha Nandi
Designation :	Director
Address :	2 Avni Villa, Panch Marg, Versova, Andheri (West), Mumbai – 400058, Maharashtra, India
Date of Birth/Age :	09.03.1962
Date of Appointment :	30.01.2009
PAN No.:	ACEPN0374N
DIN No.:	02192404

KEY EXECUTIVES

Name :	Ms. Vaishali
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares	Percentage of Shares
Irvin Cajetan Pinto	335000	95.71
Christabelle Elizabeth Pinto	5000	1.43
Blossom Aniruddha Nandi	10000	2.86
Total	350000	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 :

Dealing in Computer Hardware, Software and Electronic Goods.

Products :

ITC Code	Product Descriptions
000009923	Computer related services

GENERAL INFORMATION

Customers :

Ø Actis Technologies Private Limited

Ø Monotona Exports Limited

Ø Sonal Garments

Ø Gas Projects Private Limited

Ø Conwood Group        

Ø Aptech Limited

Ø Metal Test Labs Private Limited

Ø E-Horizon India Private Limited

Ø Ecil Limited

Ø Jet Speed Audio Private Limited        

Ø Four Dimension Securities India  Limited

Ø Hotel Goradia's Private Limited                

Ø Meso India Private Limited

Ø Pranav Securities Private Limited

Ø Toshniwal and Company                

Ø Vip Automobiles                

Ø Visaria Securities Private Limited        

Ø Aarnik Securities Limited                   

Ø M.S. Group                        

Ø Wilco International                

Ø Allana Group                        

No. of Employees :

Information declined by management.

Bankers :

Indian Overseas Bank, Byculla Branch, Embassy Apartment, 291-D, Bellasis Road, Mumbai Central, Mumbai – 400008, Maharashtra, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Cash Credit from banks ( Secured by hypothecation of inventories, book debts, equitable mortgage of immovable property of a director and guaranteed by directors )	16.745	22.725
Total	16.745	22.725

Banking Relations :	--
Auditors :
Name :	J. Shankar and Associates Chartered Accountants
Address :	D/6, 5th Floor, Everest, 156, Tardeo Road, Mumbai – 400034, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAPJ4905D

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500,000	Equity Shares	Rs. 10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
350,000	Equity Shares	Rs. 10/- each	Rs. 3.500 Millions

Shareholders holding more than 5% Shares

Name of share holder	No of Shares
Mr Irvin C. Pinto	335,000

Shares allotted as fully paid by way of bonus shares

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		3.500	2.500	1.455
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		7.642	5.508	3.410
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		11.142	8.008	4.865
LOAN FUNDS
1] Secured Loans		16.745	22.725	5.840
2] Unsecured Loans		2.448	3.509	8.582
TOTAL BORROWING		19.193	26.234	14.422
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		30.335	34.242	19.287
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.148	2.846	3.078
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.775	0.708	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	25.244	19.050	15.820
	Sundry Debtors	33.075	25.131	23.530
	Cash & Bank Balances	0.640	3.606	3.295
	Other Current Assets	8.089	6.732	0.000
	Loans & Advances	0.790	0.317	5.658
Total Current Assets		67.838	54.836	48.303
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	37.560	19.382	27.354
	Other Current Liabilities	1.070	1.918	2.975
	Provisions	3.796	2.848	1.780
Total Current Liabilities		42.426	24.148	32.109
Net Current Assets		25.412	30.688	16.194
MISCELLANEOUS EXPENSES		0.000	0.000	0.015
TOTAL		30.335	34.242	19.287

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	N.A.	181.573	170.431
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	N.A.	178.117	166.603
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		3.634	3.456	3.828
Less/ Add	DEPRECIATION/ AMORTISATION		0.491	0.413	0.453
	PROFIT BEFORE TAX		3.143	3.043	3.375
Less	TAX		1.010	0.950	1.100
	PROFIT AFTER TAX		2.133	2.093	2.275
	ADJUSTMENT FOR PRIOR YEAR TAXES		0.000	0.005	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		5.508	3.410	1.135
	BALANCE CARRIED TO THE B/S		7.641	5.508	3.410
	Earnings Per Share (Rs.)		6.09	5.98	6.50

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	N.A.	1.15	1.33
Return on Total Assets (PBT/Total Assets}	(%)	4.37	5.28	6.57
Return on Investment (ROI) (PBT/Networth)		0.28	0.38	0.69
Debt Equity Ratio (Total Liability/Networth)		5.53	6.29	9.56
Current Ratio (Current Asset/Current Liability)		1.60	2.27	1.50

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2012	31.03.2011	31.03.2010
	(Rs. In Millions)
Sundry Creditors	37.560	19.382	27.354

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 two 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	No
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)
From banks	0.254	1.645
Deposits from companies	1.395	0.938
From related parties	0.799	0.926
Total	2.448	3.509

OPERATION OF THE COMPANY:

During the year the Company has continued the business of dealing in computer hardware, software and electronic goods. During the year the Company has earned sales and service income of Rs. 184.669 Millions (previous year Rs. 174.678 Millions).

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U72900MH2007PTC168627
Name of the company	DATASOFT NETWORK SOLUTIONS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	8-B, Piccadilly Flats, Ground Floor, 57, Clare Road, Mumbai – 400008, Maharashtra, India Email: approval@jsaca.co.in
This form is for	Modification of charge
Charge identification number of the modified	10252279
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	Indian Overseas Bank, Byculla Branch, Embassy Apartment, 291-D, Bellasis Road, Mumbai Central, Mumbai – 400008, Maharashtra, India Email: byculbr@mummsco.iobnet.co.in
Nature of description of the instrument creating or modifying the charge	Letter of Hypothecation in F110E.
Date of instrument Creating the charge	27.09.2012
Amount secured by the charge	Rs. 31.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest No changes from the Existing terms. Terms of Repayment No changes from the Existing terms. Margin No changes from the Existing terms. Extent and Operation of the charge The charge is to operate as security, by way of first exclusive charge, for the due repayment of the credit facilities aggregating to Rs.31.500 Millions together with interests, additional interest, costs, charges, expenses and all other moneys payable by the Company to the Bank from time to time in terms of sanction. Others Facility Limits (Rs. in millions) Existing Revised ------------------- ----------- ------------ Cash Credit 25.000 27.500 Letter of Credit 3.000 3.000 Letter of Gtee. 1.000 1.000 -------------------- ---------- ------------ Total 29.000 31.500
Short particulars of the property charged	Hypothecation, by way of first charge, of : a) Stocks which are stored / to be stored at the premises, factories, godowns of the Company or elsewhere. b) Book debts, receivable and other claims which are due and owing to the Company from time to time.
Date of Modification	19.04.2012
Particulars of the present modification	The amount secured by the charge has been enhanced from Rs.29.000 millions to Rs.31.500 millions, as detailed below: Facility Limits (Rs. in millions) Existing Revised ------------------- ----------- ------------ Cash Credit 25.000 27.500 Letter of Credit 3.000 3.000 Letter of Gtee. 1.000 1.000 -------------------- ---------- ------------ Total 29.000 31.500

FIXED ASSETS:

Ø Office Equipments

Ø Computers

Ø Furniture and Fixture

Ø Vehicles

Ø Equipments

Ø Computers

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. 54.54
UK Pound	1	Rs. 88.05
Euro	1	Rs. 72.29

INFORMATION DETAILS

Information Gathered by :	PJA
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	5
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	5
--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	-

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.