MIRA INFORM REPORT

Report Date :

09.05.2013

IDENTIFICATION DETAILS

Name :	VDA INFOSOLUTIONS PRIVATE LIMITED
Registered Office :	76, Shakuntala Apartments, Flat No. 5, First Floor, Opposite Jain Temple, Khar (West), Mumbai – 400052, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	05.01.2010
Com. Reg. No.:	11-198543
Capital Investment / Paid-up Capital :	Rs. 1.200 Millions
CIN No.: [Company Identification No.]	U72900MH2010PTC198543
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Technical Solutions and Services.
No. of Employees :	320 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 160000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears some dip in the profits during 2012. However, the financial strength of the company is good. Trade relations are fair. Business is active. Payment terms are usually correct. The company can be considered for 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	SE 2B
Rating Explanation	High performance capability and moderate financial strength.
Date	25.01.2013

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. G.P. Joshi
Designation :	Accounts Departments
Contact No.:	91-20-46771712
Date :	08.05.2013

LOCATIONS

Registered Office :	76, Shakuntala Apartments, Flat No. 5, First Floor, Opposite Jain Temple, Khar (West), Mumbai – 400052, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	dhan_gokhale@hotmail.com accounts@vdainfosolutions.com
Website :	http://www.vdainfosolutions.com
Location :	Owned
Corporate Office :	3 and 4, Aditi Commerce Baner, Pune – 411045, Maharashtra, India
Tel. No.:	91-20-46771712

DIRECTORS

As on 29.09.2012

Name :	Mrs. Nisha Deepak Jadhav
Designation :	Director
Address :	76, Shakuntala Apartments, 5^th Road, Khar (West), Mumbai - 400052, Maharashtra, India
Date of Birth/Age :	15.10.1971
Date of Appointment :	05.01.2010
DIN No.:	02825623
Name :	Mrs. Vrushali Vikas Save
Designation :	Director
Address :	202, Manan, Gulmohar Society Lane Chikuwadi, Borivali (West), Mumbai -400092, Maharashtra, India
Date of Birth/Age :	05.06.1976
Date of Appointment :	05.01.2010
DIN No.:	02825646
Name :	Mrs. Aparna Ashutosh Deuskar
Designation :	Director
Address :	405 Dhawalgiri, Green Park Hotel, Baner Road, Baner, Pune – 411045, Maharashtra, India
Date of Birth/Age :	21.03.1972
Date of Appointment :	01.01.2011
DIN No.:	03345525
Name :	Mr. Ashutosh Yeshwant Deuskar
Designation :	Director
Address :	Flat-2 Prugatt Building, Near United Western Bank, Baner, Pune – 411045, Maharashtra, India
Date of Birth/Age :	06.11.1968
Date of Appointment :	01.01.2011
DIN No.:	02438967
Name :	Mr. Deepak Baburao Jadhav
Designation :	Director
Address :	76, Shakuntala Apartments, 5^th Road, Khar (West), Mumbai - 400052, Maharashtra, India
Date of Birth/Age :	20.07.1963
Date of Appointment :	01.01.2011
DIN No.:	02443999
Name :	Mr. Vikas Pandharinath Save
Designation :	Director
Address :	202, Manan, Gulmohar Society Lane Chikuwadi, Borivali (West), Mumbai -400092, Maharashtra, India
Date of Birth/Age :	24.06.1968
Date of Appointment :	01.01.2011
DIN No.:	02439014

KEY EXECUTIVES

Name :	Mr. G.P. Joshi
Designation :	Accounts Departments

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Vrushali Vikas Save	10000
Nisha Deepak Jadhav	10000
Aparna Ashutosh Deuskar	10000
Vikas Pandharinath Save	30000
Deepak Baburao Jadhav	30000
Ashutosh Yeshwant Deuskar	30000
Total	120000

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Technical Solutions and Services.

Products :

ITC Code	Product Descriptions
8471.00	Automatic Data Processing Machines and units thereof
8524.00	Computer Software

Terms :

Selling :

Cash

Purchasing :

Cash

GENERAL INFORMATION

Customers :

MNC Company

• Cognizant
• BMC Software
• Redhat
• KPIT Cummins Infosystems Limited
• Persistant
• Symantec
• Syntel
• CRL
• Sungard
• GSLAB

No. of Employees :

320 (Approximately)

Bankers :

Bank of India, Mumbai Overseas Branch, 70-80, Mahatma Gandhi Road, Mezzaine Floor, Mumbai – 400023, Maharashtra, India

Tel. No.: 91-22-22682031

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long Term Borrowings
Term Loan from Banks (Secured against vehicle and guaranteed by tine of the Director in his individual capacity.)	0.594	0.000
Short Term Borrowings
Cash Credit Facility from Banks (Secured against Stock and Receivables and properties owned by Directors and relatives of Directors and guaranteed by Directors and Relatives of Directors in their individual capacity)	16.772	0.000
Total	17.366	0.000
The above term loan obtained from HDIC Bank Limited and is repayable in 48 equaled monthly installments presently amounting to Rs. 25.850 commencing from June 2011.
Unsecured Loan	As on 31.03.2012	As on 31.03.2011
Short Term Borrowings
Loans form Directors	3.584	4.046
Total	3.584	4.046

Banking Relations :	--
Auditors :
Name :	P.G. Joshi and Company Chartered Accountants
Address :	34 Jai Vijay CHS., Western Express Highway, Sahar, Mumbai – 400099, Maharashtra, India
PAN.:	AABFP2335E

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.10/- each	Rs.1.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
120000	Equity Shares	Rs.10/- each	Rs.1.200 Millions

The Company has only one class of equity share having a par value of Rs.10 per share. Members of The Company holding equity share capital therein have a right to vote on every resolution placed before the company and right in receive dividend. The Company declares and pays dividends in Indian Rupee. The dividend proposed if any by The Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of die 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.

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

Particulars	Number	Rs. In Millions
Shares outstanding at the beginning of the year	10000	0.100
Shares Issued during the year	110000	1.100
Shares bought back during the year	NIL	NIL
Any other movement (please specify)	NIL	NIL
Shares outstanding at the end of the year	120000	1.200

The shares of the company are held by individuals, therefore no share is held by any company as a holding company ultimate holding company and their subsidiaries/ associates at the end of the year.

Details of shares in the Company held by each shareholder holding more than 5 percent shares in the Company

Name of Shareholders	Number	% of Holding
Nisha Jadhav	10000	8.34%
Vrushali Save	10000	8.33%
Aparna Deuskar	10000	8.33%
Deepak Jadhav	30000	25.00%
Vikas Save	30000	25.000%
Ashuiosh Deuskar	30000	25.00%

The Company has not reserved shares for issue under options and contracts/ commitments for the sale of shares/ disinvestments.

As on the Balance sheet date the company did not issue any equity shares as fully paid pursuant to contracts, without payment being received in cash or any fully paid bonus shares.

Issue/ Conversion of Equity shares - As on the date of the Balance sheet, the Company has not issued any securities like convertible preference shares, convertible debentures etc., which are convertible into equity/ preference 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		1.200	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		39.629	20.132	0.014
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		40.829	20.232	0.114
LOAN FUNDS
1] Secured Loans		17.366	0.000	0.000
2] Unsecured Loans		3.584	4.046	1.258
TOTAL BORROWING		20.950	4.046	1.258
DEFERRED TAX LIABILITIES		0.00	0.279	0.000
TOTAL		61.779	24.557	1.372
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.120	4.894	0.027
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.005	0.000	0.001
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	19.162	0.044	0.000
	Sundry Debtors	125.049	68.615	0.275
	Cash & Bank Balances	7.430	8.963	0.452
	Other Current Assets	37.493	18.315	0.078
	Loans & Advances	1.592	1.386	0.980
Total Current Assets		190.726	97.323	1.785
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	85.702	51.400	0.159
	Other Current Liabilities	16.589	11.155	0.112
	Provisions	30.781	15.105	0.170
Total Current Liabilities		133.072	77.660	0.441
Net Current Assets		57.654	19.663	1.344
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		61.779	24.557	1.372

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Sales Turnover (Approximately)	360.00	358.962	0.392
		Other Income	NA
		TOTAL	NA	358.962	0.392
Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA	328.635	0.356
		Advertising Expenses
		TOTAL	NA	328.635	0.356
	PROFIT BEFORE TAX		NA	30.327	0.036
Less	TAX		NA	10.210	0.022
	PROFIT AFTER TAX		19.497	20.117	0.014
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	2.059	4.912	NA
	TOTAL EARNINGS		2.059	4.912	NA
	IMPORTS
		Purchase of Stock in Trade	26.280	5.137	NA
		Purchase of Service	2.139	0.000	0.000
	TOTAL IMPORTS		28.419	5.137	NA
	Earnings Per Share (Rs.)		477.33	2011.74	1.43

Particulars	31.03.2013
Sales Turnover (Approximately)	510.000

The above information has been parted by Mr. G.P. Joshi

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	5.60	3.57
Return on Total Assets (PBT/Total Assets}	(%)	NA	29.67	1.99
Return on Investment (ROI) (PBT/Networth)		NA	1.50	0.32
Debt Equity Ratio (Total Debt /Networth)		0.51	0.20	11.04
Current Ratio (Current Asset/Current Liability)		1.43	1.25	4.05

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Rs. In Millions

Particular	31.03.2012	31.03.2011	31.03.2010
Trade Payable for Goods and Services	85.702	51.400	0.159
Total	85.702	51.400	0.159

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	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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	Yes
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

FINANCIAL RESULTS

The company has recorded a Net Profile after tax of Rs.19.497 Millions in the current financial year as compared to the Net profit of Rs 20.117 Millions in the previous financial year.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U72900MH2010PTC198543
Name of the company	VDA INFOSOLUTIONS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	76, Shakuntala Apartments, Flat No. 5, First Floor, Opposite Jain Temple, Khar (West), Mumbai – 400052, Maharashtra, India dhan_gokhale@hotmail.com
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	Bank of India, Mumbai Overseas Branch, 70-80, Mahatma Gandhi Road, Mezzaine Floor, Mumbai – 400023, Maharashtra, India overseas.mumbaisouth@bankofindia.co.in
Nature of instrument creating charge	Hypothecation Cum Loan Agreement (Plant and Machinery, Stocks and Book Debts)
Date of instrument Creating the charge	25.03.2013
Amount secured by the charge	Rs.20.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 5% above Base Rate presently 15.25% p.a. with monthly rests or at such other rate/s as may be notified by the bank from time to time. Terms of Repayment On Demand. Margin 40% against Book Debts outstanding of 2 or 3 Months or as required by the Bank from time to time. Extent and Operation of the charge Security and charge hereby created shall be by way of first charge on all the said hypothecated assets for due payment as provided in the deed of all monies including the principal sums, interest/commission costs charges and expenses and all other monies whatsoever due owing and payable by the Borrower to the Bank under or in respect of or in connection with or in any wise concerning or relating to the said Cash Credit Facility agreed to be granted and/or granted by the Bank to the Others borrower and also for due repayment of all present and future indebtedness and liabilities of the borrower to the Bank of any kind in any manner whether solely or jointly primary or collateral accrued or accruing with all relative interest/commission, charges , costs (between advocate and client) and expenses. Facility and Limit: 1)Fund-Based - WC/FBL - CC (Book Debts 90 Days) Rs.20.000 Millions.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	a) All tangible movable machineries and plant (present and future) situate at Mumbai, Pune or wherever else, b) All tangible movable properties and assets and stocks of whatsoever nature of the borrower (both present and future) situate at Mumbai, Pune or else where, c) All present and future book debts, outstanding, money receivables, claims, bills which are now due and owing or which may any time hereafter during the continuance of this security become due and owing to the Borrower.

FIXED ASSETS:

• Air conditioner
• Motor Car
• Television and Mobiles
• UPS Systems
• Electrical Fittings
• Computers
• Computer Software
• Furniture and Fixture

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.54.16
UK Pound	1	Rs.83.88
Euro	1	Rs.71.00

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.