MIRA INFORM REPORT

Report Date :

05.03.2013

IDENTIFICATION DETAILS

Name :	GLOBAL SOFTWARE LIMITED
Registered Office :	No. 79, T.T.K. Road, Alwarpet, Chennai – 600 018, Tamilnadu
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	09.08.2002
Com. Reg. No.:	18-049398
Capital Investment / Paid-up Capital :	Rs. 109.109 millions
CIN No.: [Company Identification No.]	L72200TN2002PLC049398
PAN No.: [Permanent Account No.]	AAPCB1370J
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchange.
Line of Business :	Service Provider of ESM (Enterprise Systems Integration) Solutions.
No. of Employees :	Not Available

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 :	No Commercial Activity Done
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Even though the company was incorporated in the year 2002. But as per current financial there is no commercial activity is done. There appear pre operative losses recorded by the company. No other information could be made available. Payments are unknown. The company can be considered for 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 DENIED BY

UNABLE TO CONTACT THE COMPANY

LOCATIONS

Registered Office :	No. 79, T.T.K. Road, Alwarpet, Chennai – 600 018, Tamilnadu, India
Tel. No.:	91-44-24660832
Fax No.:	Not Available
E-Mail :	mundhara_co@yahoo.co.in
Website :	www.globalsoftesm.com

DIRECTORS

As on 29.09.2012

Name :	Mr. Mahesh Didwania
Designation :	Director
Address :	248/3, Rafi Ahamed Kidwai Road, Kolkata – 700 055, West Bengal, India
Date of Appointment :	26.07.2004
DIN No.:	00551456
Name :	Mr. Ravi Khaitan
Designation :	Additional Director
Address :	152/2, Bangur Avenue, Block – B, Kolkata Lake Town, North, 24 Parganas, Kolkata – 700 055, West Bengal, India
Date of Appointment :	12.07.2012
DIN No.:	01430282
Name :	Mr. Gopal Kunj Poddar
Designation :	Director
Address :	48/79, Chak NA 048, Janaral Ganj, Kanpur Nagar – 208 001, Uttar Pradesh, India
Date of Appointment :	23.02.2009
DIN No.:	01454219
Name :	Mr. Premsingh Rawat
Designation :	Director
Address :	197A, Near Old Police Station, Sangam Vihar, New Delhi – 110 062, India
Date of Appointment :	19.03.2003
Name :	Mr. Ashish Maheshwari
Designation :	Director
Address :	15A, Wellington Estate, 24, Commander In Chief Road, Egmore, Chennai – 600 008, Tamilnadu, India
Date of Appointment :	28.05.2001
Name :	Mr. Nandkishore Agarwal
Designation :	Director
Address :	17/358, Gali No. 3, Mahabir Part, Bahadur Garh, Haryana – 124 507, Uttar Pradesh, India
Date of Appointment :	19.03.2003

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

MAJOR SHAREHOLDERS DETAILS ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	21.22
Bodies corporate	36.16
Directors or relatives of Directors	2.41
Other top fifty shareholders	7.46
Total	100.00

BUSINESS DETAILS

Line of Business :

Service Provider of ESM (Enterprise Systems Integration) Solutions.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

IndusInd Bank Limited, No. 3, Village Road, Nungambakkam, Chennai – 600 034, Tamilnadu, India

Facilities :

Secured Loan	As on 31.03.2012 (Rs. in Millions)	As on 31.03.2011 (Rs. in Millions)
Term Loans from Banks	263.995	263.995
Total	263.995	263.995

Banking Relations :	--
Auditors :
Name :	V. Mukesh Kumar and Company Chartered Accountants
Address :	78 Govindappa, Naicken Street, 1^st Floor, Sowcarpet, Chennai – 600 001, Tamilnadu, India
PAN No.:	AAEPG4632Q

CAPITAL STRUCTURE

As on 29.09.2012

Authorized Capital:

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs. 10/- each	Rs. 250.000 millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
10910899	Equity Shares	Rs. 10/- each	Rs. 109.109 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		109.109	109.109	109.109
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		(83.173)	(80.829)	13.187
4] (Accumulated Losses)		0.000	0.000	(91.536)
NETWORTH		25.936	28.280	30.760
LOAN FUNDS
1] Secured Loans		263.995	263.995	263.995
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		263.995	263.995	263.995
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		289.931	292.275	294.755
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		42.780	44.508	44.509
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		56.249	56.250	56.250
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	36.000	36.000	36.000
	Sundry Debtors	76.274	76.274	76.274
	Cash & Bank Balances	0.017	0.023	0.004
	Other Current Assets	0.000	0.000	83.540
	Loans & Advances	80.498	83.791	0.000
Total Current Assets		192.789	196.088	195.818
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.208	3.146	0.398
	Other Current Liabilities	1.183	0.929	0.928
	Provisions	0.496	0.496	0.496
Total Current Liabilities		1.887	4.571	1.822
Net Current Assets		190.902	191.517	193.996
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		289.931	292.275	294.755

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	0.096	0.000	0.000
		Other Income	0.000	0.000	0.000
		TOTAL (A)	0.096	0.000	0.000
Less	EXPENSES
		Other Expenses	0.713	2.479	0.078
		TOTAL (B)	0.713	2.479	0.078
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(0.617)	(2.479)	(0.078)
Less	FINANCIAL EXPENSES (D)		0.000	0.000	0.000
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(0.617)	(2.479)	(0.078)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.728	0.000	1.728
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		(2.345)	(2.479)	(1.806)
Less	TAX (H)		0.000	0.000	0.000
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		(2.345)	(2.479)	(1.806)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(94.016)	(91.537)	(89.731)
	BALANCE CARRIED TO THE B/S		(96.361)	(94.016)	(91.537)
	Earnings/(Loss) Per Share (Rs.)		0.21	--	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(2442.70)	0.00	0.00
Net Profit Margin (PBT/Sales)	(%)	(2442.70)	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(0.99)	(1.03)	0.00
Return on Investment (ROI) (PBT/Networth)		(0.09)	(0.08)	(0.05)
Debt Equity Ratio (Total Debt/Networth)		10.17	9.33	8.58
Current Ratio (Current Asset/Current Liability)		102.16	42.89	107.47

LOCAL AGENCY FURTHER INFORMATION

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	No
10]	Designation of contact person	No
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	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	No
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

CHARGES

Entity	Person	Competent Authority	Regulatory Charges	Regulatory Action(S) / Date Of Order	Further Developments
Global Software Limited		NSDL	Long Pending Demat Requests And Not Responding/Services Stopped By The Registrar	Put Up On NSDL  Website For Public Notice 15-Feb-2013
Global Software Limited		NSDL	High Pending Demat Requests	Put Up On NSDL  Website For Public Notice 16-Dec-2005	Not Appearing In The List Dated 15.04.2011

FINANCIAL RESULTS

The company’s business activities were very insignificant during this period. The company incurred a loss of Rs. 2.345 millions as compared to a loss of Rs. 2.479 millions last fiscal year. This was due to the technology obsolescence and inability to improve the business of the company in the current scenario. Term Loans were availed by the company from Indus Ind Bank Limited who had recalled the loans and taken steps for recovery in the earlier years. During the financial year they have assigned their rights in the loan to a third party and the Company has received notice from this party above this substitution consequent debt assignment.

BUSINESS

Global Software Limited (GSL) has emerged as a premium service provider of ESM solutions specifically designed to manage the clients through Backend Systems Integration Services in IT. GSL's aim is to energize the area of core competency through Enterprise Systems Management - ESM. ESM is a superior enabling technology to centrally manage the operating systems, databases, applications and networks. The service offerings from GSL deliver customer delight for growing technological demands that includes Networking and Systems Integration Services, Operating Systems Services, ESM Solution Consulting, Managed Services, High end ESM Training and Educational Services.

CONTINGENT LIABILITY

Contingent Liability not provided for, in respect of: -

(Rs. in millions)

PARTICULARS	31.03.2012
Claims against the company not acknowledge as debts	0.560
Estimated value of contracts remaining to be executed on Capital Account and not provided for (net of advances)	0.000

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Equipments

· Furniture and Fixtures

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.55.05
UK Pound	1	Rs.82.75
Euro	1	Rs.71.61

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	NID

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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	-

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