MIRA INFORM REPORT

Report Date :

23.01.2013

IDENTIFICATION DETAILS

Name :	SAICON CONSULTANTS PRIVATE LIMITED
Registered Office :	E-3/103, Ist Floor, Block E-3, Fortune Divine City, Misrod Hoshangabad Road, Bhopal – 462 026, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	16.03.1993
Com. Reg. No.:	10-007579
Capital Investment / Paid-up Capital :	Rs.0.100 million
CIN No.: [Company Identification No.]	U74140MP1993PTC007579
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the activities of Consultancy Services.
No. of Employees :	11 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

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 :	Very Small Company
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a very small company in its field. It has modest scale of activities. It has incurred loss during 2012. Financial position of the company is weak. Business is active. Payment terms are slow. The company can be considered for small business dealings on a safe and 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.

INFORMATION PARTED BY

Name :	Mr. Rajesh Tiwari
Designation :	Managing Director
Contact No.:	91-7869966010
Date :	15.01.2013

LOCATIONS

Registered Office :	E-3/103, Ist Floor, Block E-3, Fortune Divine City, Misrod Hoshangabad Road, Bhopal – 462 026, Madhya Pradesh, India
Tel. No.:	Not Available
Mobile No.:	91-7869966010 (Mr. Rajesh Tiwari)
Fax No.:	Not Available
E-Mail :	ajjunema@gmail.com
Corporate Office :	V-2, South City Enclave, Opposite Priyadarshani Niliyam, Near 14 Land Mark, E-8 Extension, Bhopal – 462 039, Madhya Pradesh, India
Tel. No.:	91-755-4221038
Area :	800 sq ft
Location :	Owned
Branch Office :	No.26, Mahendra Plaza, Opposite Petrol Pump, Near SBI and Axis Bank ATM, Mahendra Township, Bawadiya Kalan, Bhopal – 462 039, Madhya Pradesh, India
Tel. No.:	91-755-4290910

DIRECTORS

As on 29.09.2012

Name :

Mr. Rajesh Tiwari

Designation :

Managing Director

Address :

TH/7, Akashganga Colony, Shahpura, E-8, Arera Colony, Bhopal – 462 001, Madhya Pradesh, India

Date of Appointment :

19.12.2000

DIN No.:

00903206

Name :

Ms. Garima Tiwari

Designation :

Director

Address :

TH/7, Akashganga Colony, Shahpura, E-8, Arera Colony, Bhopal – 462 001, Madhya Pradesh, India

Date of Appointment :

30.09.2004

DIN No.:

00903210

Name :

Ms. Mahima Tiwari

Designation :

Director

Address :

A Lii/26, Krishna Vihar, Green City, E-8, Bhopal – 462 038, Madhya Pradesh, India

Date of Birth/Age :

01.05.1988

Date of Appointment :

29.09.2012

DIN No.:

05120382

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	U74140MP1993PTC007579	SAICON CONSULTANTS PRIVATE LIMITED	Director	29/09/2012	29/10/2011	-	Active	NO

Name :

Mr. Shashank Mishra

Designation :

Director

Address :

61, Mahendra Township, Bavadiya Kala Bhopal, Tehsil Huzur, Bhopal – 462 026, Madhya Pradesh, India

Date of Appointment :

29.09.2012

DIN No.:

05197773

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	U74140MP1993PTC007579	SAICON CONSULTANTS PRIVATE LIMITED	Director	29/09/2012	06/02/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Rajesh Tiwari	1950
Garima Tiwari	7750
Asha Tiwari	300
Total	10000

As on 29.09.2012

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

BUSINESS DETAILS

Line of Business :

Subject is engaged in the activities of Consultancy Services.

Services :

v Recruitment Process Outsourcing (Domestic and International) v Payroll Processing v Legal Compliance v HR/Legal Outsourcing / Flexi Staffing v Training v Skill Development v Finishing Skill v Placement v HR Out v Sourcing v Recruitment v Legal Research and Analysis v Liaison with Government v New Projects Support v Land Matters v Pollution Control Related Matters v Industrial and Civil Pollution Management v Drinking Water Projects

GENERAL INFORMATION

Customers :	Others v Vardhman Group
No. of Employees :	11 (Approximately)
Bankers :	ICICI Bank Limited, Arera Colony Branch, Bhopal – 462 001, Madhya Pradesh, India

Banking Relations :	--
Auditors :
Name :	Vikas Kumar Jain and Company Chartered Accountants
Address :	304, Akansha Complex, Gautam Nagar, Bhopal – 462 011, Madhya Pradesh, India
Mobile No.:	91-9827795077
Income-tax PAN of auditor or auditor's firm :	AAHFV0091R

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 million

Reconciliation of the shares outstanding at the beginning and at the end of the reporting period

Equity shares	2012
	No. of Shares	Amount (Rs. in millions)
At the beginning of the period	10000	0.100
Issued during the period	--	--
Outstanding at the end of the period	10000	0.100

Terms/ rights attached to equity shares

The company has only one class of equity shares having a par value of Rs.10/- per share. Each holder of equity shares is entitled to one vote per share.

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

Details of shareholders holding more than 5% shares in the company:

Particulars	2012
	No. of Shares	% of holding in the class
Equity shares of Rs.10/- each fully paid
Saicon Consultants Private Limited	10000	100.00
Rajesh Tiwari	1950	19.50
Garima Tiwari	7750	77.50
Asha Tiwari	300	3.00
	10000	100.00

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		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(0.079)	(0.073)	(0.070)
NETWORTH		0.021	0.027	0.030
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		0.021	0.027	0.030
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.025	0.026	0.029
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	0.005	0.005	0.003
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.000	0.004	0.004
Total Current Assets		0.005	0.009	0.007
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000	0.000
	Other Current Liabilities	0.012	0.012	0.010
	Provisions	0.000	0.000	0.000
Total Current Liabilities		0.012	0.012	0.010
Net Current Assets		(0.007)	(0.003)	(0.003)
MISCELLANEOUS EXPENSES		0.003	0.004	0.004
TOTAL		0.021	0.027	0.030

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	0.280	0.342	0.088
		Other Income
		TOTAL	0.280	0.342	0.088
Less	EXPENSES
		Office Expenses	0.286	0.345	0.099
		Administrative Expenses
		Advertising Expenses
		TOTAL	0.286	0.345	0.099
	PROFIT/ (LOSS) BEFORE TAX		(0.006)	(0.003)	(0.011)
Less	TAX		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX		(0.006)	(0.003)	(0.011)
	Earnings/ (Loss) Per Share (Rs.)		(0.58)	(0.32)	NA

Expected Sales (2012-2013): More than Rs.0.200 million

The above information has been parted by Mr. Rajesh Tiwari (Managing Director).

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(2.14)	(0.88)	(12.50)
Return on Total Assets (PBT/Total Assets}	(%)	(20.00)	(8.57)	(30.56)
Return on Investment (ROI) (PBT/Networth)		(0.29)	(0.11)	(0.37)
Debt Equity Ratio (Total Liability/Networth)		0.57	0.44	0.33
Current Ratio (Current Asset/Current Liability)		0.42	0.75	0.70

LOCAL AGENCY FURTHER INFORMATION

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	Yes
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 three 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	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	No
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

Note:

The registered office of the company has been shifted from E8-338/339, Ganga Jamuna Trilanga, Shahpura, Bhopal, Madhya Pradesh to the present address w.e.f. 29.10.2011.

TRADE REFERENCES:

v Vardhman Group

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.53.51
UK Pound	1	Rs.84.85
Euro	1	Rs.71.43

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	1
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	-
--CREDIT LINES	1~10	1
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		12

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.