MIRA INFORM REPORT

Report Date :

11.10.2013

IDENTIFICATION DETAILS

Name :	GAMES2WIN INDIA PRIVATE LIMITED
Registered Office :	42, Film Centre, 68, Tardeo Road, Mumbai – 400034, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.03.2006
Com. Reg. No.:	11-160596
Capital Investment / Paid-up Capital :	Rs. 179.782 Millions
CIN No.: [Company Identification No.]	U72200MH2006PTC160596
PAN No.: [Permanent Account No.]	AACCG5569M
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Online Gaming Business.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ca (15)

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 :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. Financials for the year 2012 and 2013 are not available. As per the financial of 2011, it seems that the company has recorded huge accumulated losses. However, business is active. Payment terms are unknown. The company can be considered for business dealings on a 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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. Satish
Designation :	Finance Head
Contact No.:	91-22-23521797/ 23511497
Date :	10.10.2013

LOCATIONS

Registered/ Head Office :	42, Film Centre, 68, Tardeo Road, Mumbai – 400034, Maharashtra, India
Tel. No.:	91-22-23511497/ 98/ 23521797
Fax No.:	91-22-23511499
E-Mail :	satish@c2wgroup.com
Website :	http://www.games2win.com http://www.games2winmedia.com
Overseas Office :	USA – San Francisco G2W, Inc. 222 Columbus Avenue Suite 215, San Francisco, CA 94133

DIRECTORS

AS ON 27.08.2012

Name :

Mr. Alok Kejriwal

Designation :

Whole-time director and Chief Executive Officer

Address :

71, Ajay Apartments, 25, Peddar Road, Mumbai - 400026, Maharashtra, India

Date of Birth/Age :

25.12.1968

Qualification :

M.Com

Date of Appointment :

01.04.2012

DIN No.:

00864338

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	U74300MH1999PTC120140	CONTESTS2WIN COM INDIA PRIVATE LIMITED	Director	01/06/1999	01/06/1999	-	Active	NO
2	U74300MH2005PTC150598	MEDIA2WIN INDIA PRIVATE LIMITED	Director	12/01/2005	12/01/2005	-	Active	NO
3	U72200MH2006PTC160596	GAMES2WIN INDIA PRIVATE LIMITED	Whole-time director	01/04/2012	21/03/2006	-	Active	NO
4	U99999MH1994NPL076530	MEDIA RESEARCH USERS COUNCIL	Director	28/09/2007	28/09/2007	-	Active	NO
5	U92130MH2008PTC178048	PERFECT PROPERTY EXPERTS (INDIA) PRIVATE LIMITED	Director	21/01/2008	21/01/2008	02/12/2008	Active	NO

Name :

Mr. Satish Vaidyanathan lyer

Designation :

Director

Address :

308, Dolphin, Plot 22, Sector 13_, New Panvel, Navi Mumbai - 410206, Maharashtra, India

Date of Birth/Age :

22.04.1976

Qualification :

B. Com

Date of Appointment :

23.06.2008

DIN No.:

02155496

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	Company/ LLP Status	Defaulting status
1	U72200MH2006PTC160596	GAMES2WIN INDIA PRIVATE LIMITED	Director	23/06/2008	23/06/2008	Active	NO
2	U74300MH2005PTC150598	MEDIA2WIN INDIA PRIVATE LIMITED	Director	23/06/2008	23/06/2008	Active	NO
3	U74300MH1999PTC120140	CONTESTS2WIN COM INDIA PRIVATE LIMITED	Director	23/06/2008	23/06/2008	Active	NO
4	U72900PN2008PTC131787	HOVER TECHNOLOGIES PRIVATE LIMITED	Director	29/03/2012	29/03/2012	Active	NO

Name :

Mr. Mahesh Khambadkone

Designation :

Whole-time director and Chief Operating Officer

Address :

1201, B Wing, Lady Ratan Towers Co-operative Housing Society Limited, Dainik Shivner Road, Worli, Mumbai - 400018, Maharashtra, India

Date of Birth/Age :

19.12.1972

Qualification :

B. Sc (Computer Science)

Date of Appointment :

01.04.2012

DIN No.:

01401212

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	Company/ LLP Status	Defaulting status
1	U72200MH2006PTC160596	GAMES2WIN INDIA PRIVATE LIMITED	Whole-time director	01/04/2012	10/01/2007	Active	NO

Name :

Mr. Amitkumar Gajendrakumar Patni

Designation :

Nominee director

Address :

143 A, Jolly Maker Apartments, Cuffe Parade, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

28.03.1966

Date of Appointment :

06.06.2012

DIN No.:

00014260

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	Company/ LLP Status	Defaulting status
1	U72300MH1982PTC028475	ASHOKA COMPUTER SYSTEMS PRIVATE LIMITED	Director	24/08/1990	24/08/1990	Active	NO
2	U65910MH1994PTC080235	PCS FINANCE PRIVATE LIMITED	Director	31/08/1998	31/08/1998	Active	NO
3	U74999PN2002PTC017355	RAAY GLOBAL INVESTMENTS PRIVATE LIMITED	Director	14/10/2002	14/10/2002	Active	NO
4	U72200PN2002PTC017375	RAAY SOFTWARE PRIVATE LIMITED	Director	23/10/2002	23/10/2002	Strike off	NO
5	U74999PN2005PTC129005	PATNI PROJECTS PRIVATE LIMITED	Director	05/04/2005	05/04/2005	Active	NO
6	U74999PN2005PTC020919	PATNI FINANCIAL ADVISORS PRIVATE LIMITED	Director	23/06/2005	23/06/2005	Active	NO
7	U00150PN2006PTC022345	PATNI MINES PRIVATE LIMITED	Director	17/04/2006	17/04/2006	Strike off	NO
8	U00439PN2006PTC022344	PATNI ENERGY PRIVATE LIMITED	Director	17/04/2006	17/04/2006	Active	NO
9	U40101PN2006PTC128391	PATNI HYDRO-POWER PRIVATE LIMITED	Director	26/04/2006	26/04/2006	Strike off	NO
10	U40108PN2007PTC129753	PATNI POWER PROJECTS PRIVATE LIMITED	Director	13/03/2007	13/03/2007	Active	NO
11	U65923MH2011PTC213039	PATNI NEW AGE ADVISORS PRIVATE LIMITED	Director	04/02/2011	04/02/2011	Strike off	NO
12	U65923MH2011PTC215474	NIRVANA VENTURE ADVISORS PRIVATE LIMITED	Director	29/03/2011	29/03/2011	Active	NO
13	U74999MH2010PTC209124	NEXT LEAP CAREER SOLUTIONS PRIVATE LIMITED	Nominee director	31/10/2012	16/08/2011	Active	NO
14	U51909MH2005PTC154667	BLACKPOOL REALTY PRIVATE LIMITED	Director	30/08/2011	30/08/2011	Active	NO
15	U72200MH2006PTC160596	GAMES2WIN INDIA PRIVATE LIMITED	Nominee director	06/06/2012	11/04/2012	Active	NO
16	U93090MH2010PTC211328	TRANSERV PRIVATE LIMITED	Nominee director	15/06/2012	15/06/2012	Active	NO
17	U65923MH2007PLC168721	GRAMEEN CAPITAL INDIA LIMITED	Director	20/12/2012	20/12/2012	Active	NO
18	U67190PN2013PTC145863	PFA SECURITIES PRIVATE LIMITED	Director	01/01/2013	01/01/2013	Active	NO
19	U72200DL2010PTC211814	SOLVY TECH SOLUTIONS PRIVATE LIMITED	Additional director	05/02/2013	05/02/2013	Active	NO
20	U67190MH2013PTC245486	GRAMEEN CAPITAL INVESTMENT ADVISORS PRIVATE LIMITED	Director	11/07/2013	11/07/2013	Active	NO
21	AAA-9077	NIDANA MANAGEMENT CONSULTANCY SERVICES LLP	Designated Partner	07/05/2012	07/05/2012	Active	NO
22	AAB-2995	ELYSIUM INVESTMENT ADVISORS LLP	Designated Partner	04/01/2013	04/01/2013	Active	NO
23	AAB-5573	HIVE TECHNOLOGIES LLP	Designated Partner	30/05/2013	30/05/2013	Active	NO

Name :

Mr. Rajan Jitendra Mehra

Designation :

Nominee director

Address :

5-A, Prem Kutir, 177, Marine Drive, Mumbai - 400020, Maharashtra, India

Date of Birth/Age :

19.02.1969

Qualification :

MBA, University of VIRG

Date of Appointment :

08.04.2011

DIN No.:

00504892

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	Company/ LLP Status	Defaulting status
1	U64200MH1999PTC118468	CHECKMATE HOLDINGS PRIVATE LIMITED	Director	20/01/2002	20/01/2002	Active	NO
2	U74900MH2000PTC126237	MXC SOLUTIONS INDIA PRIVATE LIMITED	Director	30/09/2009	06/07/2009	Active	NO
3	U64200MH1999PTC118467	PRODIGY INVESTMENTS PRIVATE LIMITED	Director	18/11/2010	18/11/2010	Active	NO
4	U74140MH2006PTC163095	CLEARSTONE VENTURE ADVISORS PRIVATE LIMITED	Additional director	23/02/2011	23/02/2011	Active	NO
5	U72300MH2000PLC125441	INDIAIDEAS COM LIMITED	Nominee director	29/03/2011	29/03/2011	Active	NO
6	U72200MH2006PTC160596	GAMES2WIN INDIA PRIVATE LIMITED	Nominee director	08/04/2011	08/04/2011	Active	NO
7	U65923MH2011PTC215474	NIRVANA VENTURE ADVISORS PRIVATE LIMITED	Director	12/09/2012	12/07/2011	Active	NO
8	U74999MH2010PTC209124	NEXT LEAP CAREER SOLUTIONS PRIVATE LIMITED	Nominee director	31/10/2012	16/08/2011	Active	NO
9	U93090MH2010PTC211328	TRANSERV PRIVATE LIMITED	Nominee director	15/06/2012	15/06/2012	Active	NO
10	U72200DL2010PTC211814	SOLVY TECH SOLUTIONS PRIVATE LIMITED	Additional director	05/02/2013	05/02/2013	Active	NO
11	U72200KA2006PTC039530	HEALTH SPRINT NETWORKS PRIVATE LIMITED	Nominee director	21/05/2013	22/04/2013	Active	NO

Name :

Mr. Sumant Mandal

Designation :

Nominee director

Address :

2235, California, Santa Monica, United States

Date of Birth/Age :

18.02.1972

Qualification :

MBA NW UNIV, BS MICHIGAN

Date of Appointment :

25.04.2007

DIN No.:

01298049

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	U72300MH2000PLC125441	INDIAIDEAS COM LIMITED	Nominee director	29/06/2006	29/06/2006	-	Active	NO
2	U72200KA2004PLC047834	DIGIBEE MICROSYSTEMS LIMITED	Director	19/09/2007	18/01/2007	19/02/2009	Active	YES
3	U72200MH2006PTC160596	GAMES2WIN INDIA PRIVATE LIMITED	Nominee director	25/04/2007	25/04/2007	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Satish
Designation :	Finance Head
Name :	Mrs. Bijal Nitin Shah
Designation :	Company Secretary
Address :	51st Tps Road, Subham Building, Plot No. 243, Flat No. 304, Borivali (West), Mumbai – 400092, Maharashtra, India
Date of Birth/Age :	09.09.1985
Date of Appointment :	01.06.2012
PAN No.:	AYWPS1222L

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.08.2012

Names of Equity Shareholders	No. of Shares
Alok Kejriwal	41622
Chhavi Kejriwal	43
ICICI Trusteeship Services Limited (ICICI Eco-Net, Internet and Technology Fund), India	15268
Nexus India Investments, Mauritius	15176
Sushanto Mitra	947
Dinesh Gopalkrishnan	847
Rajagopal Menon	772
Gurudutt Sonsurkar	227
Ishwar Sharma	35
Satish Vaidyanathan lyer	664
Chetan Karkhanis	320
Cyrus Oshidar	5101
Simeen Oshidar	2367
Mahesh Khambadkone	7949
Clearstone Venture Mauritius, Mauritius	100
ICP Holdings I , Mauritius	10
Pritam Thingalaya	4
Salil Mahadik	29
Anil Gangolli	16
IL and FS Trust Company Limited (Nirvana Digital India Fund), India	19606
Total	111103

Names of Preference Shareholders	No. of Shares
Clearstone Venture Mauritius, Mauritius	51236
ICP Holdings I , Mauritius	5694
Total	56930

Names of Preference Shareholders	No. of Shares
Clearstone Venture Mauritius, Mauritius	25229
Apex Fund Services (Mauritius) Limited, Mauritius	2803
Total	28032

AS ON 25.03.2013

Names of Allottees (Equity Shares)	No. of Shares
Sureshkumar Saroj	29
Angelo Lobo	23
Reena Muniz	16
Total	68

AS ON 25.03.2013

Names of Allottees (Preference Convertible Shares)	No. of Shares
Clearstone Venture Mauritius, Mauritius	11000
Total	11000

AS ON 27.08.2012

Equity Share Breakup	Percentage of Holding
Category
Venture Capital	45.15
Directors or relatives of directors	45.25
Other top fifty shareholders	9.60
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Online Gaming Business.

Products/ Services :

ITC Code No.	Product Descriptions
99	Online Advertising
959	Online Gaming Entertainment

GENERAL INFORMATION

No. of Employees :	Not Divulged
Bankers :	Not Divulged

Banking Relations :	--
Auditors :
Name :	Contractor Nayak and Kishnadwala Chartered Accountants
Address :	Jash Chambers, 3rd Floor, 7A, Sir Pm Road, Fort, Mumbai – 400001, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AMKPS8754M
Subsidiary Company :	G2W Inc.
Other Related Parties where control exits :	· Media2Win India Private Limited · Contests2win.Com India Private Limited

CAPITAL STRUCTURE

AFTER 27.08.2012

Authorised Capital : Rs. 352.900 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
111103	Equity Shares	Re. 1/- each	Rs. 0.111 Million
56930	Preference Redeemable Shares	Rs. 3156/- each	Rs. 179.671 Millions
28032	Preference Convertible Shares	Rs. 3211/- each	Rs. 90.011 Millions
11000	Preference Convertible Shares (Series C)	Rs. 7300/- each	Rs. 80.300 Millions
	Total		Rs. 350.093 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Re. 1/- each	Rs. 2.500 Millions
57000	Preference Redeemable Shares	Rs. 3156/- each	Rs. 179.892 Millions
28032	Preference Convertible Shares	Rs. 3211/- each	Rs. 90.011 Millions
	Total		Rs. 272.403 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
111103	Equity Shares	Re. 1/- each	Rs. 0.111 Million
56930	Preference Redeemable Shares	Rs. 3156/- each	Rs. 179.671 Millions
	Total		Rs. 179.782 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		179.782	179.781	179.781
2] Share Application Money		90.628	1.418	2.270
3] Reserves & Surplus		3.344	2.740	2.395
4] (Accumulated Losses)		(151.145)	(129.502)	(104.237)
NETWORTH		122.609	54.437	80.209
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	0.003	0.181
TOTAL		122.609	54.440	80.390
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.398	2.258	2.542
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		83.510	26.539	65.038
DEFERRED TAX ASSETS		0.350	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	14.241	8.773	3.905
	Cash & Bank Balances	9.376	1.293	3.630
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	20.029	21.347	13.693
Total Current Assets		43.646	31.413	21.228
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.169	2.028	1.208
	Other Current Liabilities	4.165	3.381	9.888
	Provisions	2.200	1.174	0.452
Total Current Liabilities		7.534	6.583	11.548
Net Current Assets		36.112	24.830	9.680
MISCELLANEOUS EXPENSES		0.239	0.813	3.130
TOTAL		122.609	54.440	80.390

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2011	31.03.2010	31.03.2009
	GROSS INCOME (INCLUDING OTHER INCOME)	47.009	37.393	25.017
Less	EXPENSES	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(22.790)	(24.509)	(48.760)
Less/ Add	DEPRECIATION/ AMORTISATION	(1.068)	0.991	1.244
	PROFIT/ (LOSS) BEFORE TAX	(21.722)	(25.500)	(50.004)
Less	TAX	(0.079)	(0.082)	0.825
	PROFIT/ (LOSS) AFTER TAX	(21.643)	(25.418)	(50.829)
	EARNINGS IN FOREIGN CURRENCY	NA	24.045	10.975
	Earnings/ (Loss) Per Share (Rs.)	(195.80)	(230.89)	(472.23)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	(47.18)	(75.73)	(210.37)
Return on Investment (ROI) (PBT/Networth)		0.18	0.47	0.62
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		5.79	4.77	1.84

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	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	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	No
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	No
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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

BUSINESS OPERATIONS

The Gross income for the year ended 31st March 2011 are Rs.47.009 Millions of which income from Operation are Rs.45.710 Millions and other income from Deposits and Mutual Funds are Rs.1.299 Millions.

ADDITIONAL FUNDING

The Company was able to finalize additional round of funding from the investors and consequently, the authorized share capital was raised from Rs.182.392 Millions to Rs.272.403 Millions by the creation of 28032 new series B 0.01% Compulsorily Convertible Preference Shares of Rs.3211/- through a special resolution passed in the extra-ordinary general meeting of the members held on 24th March, 2011. The preference shares were issued to the investors subsequent to the year end.

FIXED ASSETS:

· Land

· Building

· Plant and machinery

· Office equipments

· Factory equipments

· Computer equipments

· Other equipments

· Furniture and fixtures

· Vehicles

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. 62.14
UK Pound	1	Rs. 99.02
Euro	1	Rs. 83.87

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	--
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		15

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.