MIRA INFORM REPORT

Report Date :

11.10.2013

IDENTIFICATION DETAILS

Name :	TRIMAX IT INFRASTRUCTURE AND SERVICES LIMITED (w.e.f. 21.04.2008)
Formerly Known As :	TRIMAX COMPUTERS LIMITED (w.e.f. 30.03.2005) TRIMAX COMPUTERS PRIVATE LIMITED
Registered Office :	2^nd Floor, Universal Mill Building, Asha Usha Compound, Mehra Estate, L.B.S. Road, Vikhroli (West), Mumbai - 400079, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	18.08.1995
Com. Reg. No.:	11-091944
Capital Investment / Paid-up Capital :	Rs.410.445 Millions
CIN No.: [Company Identification No.]	U30000MH1995PLC091944
TAN No.: [Tax Deduction & Collection Account No.]	MUMT10155F
PAN No.: [Permanent Account No.]	AAACT3858L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Provider Service to IT Sector.
No. of Employees :	Information denied by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 15280000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having a satisfactory track record. As per available financial, sales and net profit of the company has recorded a better growth but there is slight dip in the profit margin during 2012. Trade relations are fair. Business is active. Payment terms are reported to be regular. 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.

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.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities: A
Rating Explanation	Adequate degree of safety and low credit risk.
Date	20.02.2013

Rating Agency Name	CARE
Rating	Short Term Bank Facilities: A2
Rating Explanation	Strong degree of safety and low credit risk.
Date	20.02.2013

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 DECLINED BY

Name :	Mr. Sanjay Jain
Designation :	Finance Head
Contact No.:	91-22-40681000
Date :	10.10.2013

LOCATIONS

Registered / Corporate Office 1 :	2^nd Floor, Universal Mill Building, Asha Usha Compound, Mehra Estate, L.B.S. Road, Vikhroli (West), Mumbai - 400079, Maharashtra, India
Tel. No.:	91-22-40681000
Mobile No.:	91-9987085520 (Mr. Giridhari Mangal – Sr. VP, Accounts and Finance)
Fax No.:	91-22-40681001/ 40681008
E-Mail :	sanjay@trimax.in adibh@trimax.in sales@tricomonline.com madan@trimax.in csd@trimax.in cpm@tricomponline.com sales@trimax.in mangal@trimax.in
Website :	http://www.trimax.in
Corporate Office 2 :	16, Dubhash Building, 2^nd Floor, Near Dreamland Cinema, Grant Road (East), Mumbai – 400004, Maharashtra, India
Tel. No.:	91-22-23820248
Fax No.:	91-22-23823348
Corporate Office 3 :	Film Center Building, 1st Floor, 68 Tardeo Road, Mumbai – 400 034, Maharashtra, India
Tel. No.:	91-22-23526464, 23526151, 23526151, 23526152
Branch Offices :	Located At: · Ahmedabad · Bangalore · Chandigarh · Coimbatore · Dehradun · Delhi · Gurgaon · Jaipur · Jammu · Kolkata · Ludhiana · Lucknow · Patna

DIRECTORS

AS ON 14.08.2012

Name :

Mr. Suryaprakash Sohanlal Madrecha

Designation :

Chairman cum Managing Director

Address :

22, Maniyar Building, B Wing, 3^rd Floor, Tardeo, Mumbai – 400034, Maharashtra, India

Date of Birth/Age :

26.02.1972

Qualification :

Bachelor of Science

Experience :

15 Years

Date of Appointment :

01.04.2013

DIN No.:

00232283

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	U30000MH1995PLC091944	TRIMAX IT INFRASTRUCTURE & SERVICES LIMITED	Managing director	01/04/2013	18/08/1995	-	Active	NO
2	U72100MH2006PTC159139	SHREY TECHNOLOGIES PRIVATE LIMITED	Director	20/01/2006	20/01/2006	-	Active	NO
3	U72200MH2007PLC172867	IQTEK SOFTWARE LIMITED	Director	06/08/2007	06/08/2007	19/09/2008	Active	NO
4	U72200MH2008PLC184708	TRIMAX DATACENTER SERVICES LIMITED	Managing director	01/08/2012	16/07/2008	-	Active	NO
5	U67120MH2008PTC185570	STANDARD FISCAL MARKETS PRIVATE LIMITED	Director	07/08/2008	07/08/2008	-	Active	NO
6	U32300MH2010PTC208498	SMLE SOLUTIONS PRIVATE LIMITED	Director	01/10/2010	01/10/2010	-	Active	NO
7	U74999MH2011PLC211910	TRIMAX MANAGED SERVICES LIMITED	Director	06/01/2011	06/01/2011	-	Active	NO
8	U30000MH2006PTC159087	PRATIK TECHNOLOGIES PRIVATE LIMITED	Director	14/02/2013	14/02/2013	-	Active	NO

Name :

Mr. Chandra Prakash Sohanlal Madrecha

Designation :

Joint Managing Director

Address :

22, Maniyar Building, B Wing, 3^rd Floor, Tardeo, Mumbai – 400034, Maharashtra, India

Date of Birth/Age :

20.06.1974

Qualification :

Bachelor of Commerce

Experience :

15 Years

Date of Appointment :

01.04.2013

DIN No.:

00233232

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	U30000MH2006PTC159087	PRATIK TECHNOLOGIES PRIVATE LIMITED	Director	19/01/2006	19/01/2006	-	Active	NO
2	U30000MH1995PLC091944	TRIMAX IT INFRASTRUCTURE & SERVICES LIMITED	Managing director	01/04/2013	27/11/2006	-	Active	NO
3	U72200MH2007PLC172867	IQTEK SOFTWARE LIMITED	Director	06/08/2007	06/08/2007	17/10/2007	Active	NO
4	U72200MH2008PLC184708	TRIMAX DATACENTER SERVICES LIMITED	Managing director	01/08/2012	16/07/2008	-	Active	NO
5	U67120MH2008PTC185570	STANDARD FISCAL MARKETS PRIVATE LIMITED	Director	07/08/2008	07/08/2008	-	Active	NO
6	U74999MH2011PLC211910	TRIMAX MANAGED SERVICES LIMITED	Director	06/01/2011	06/01/2011	-	Active	NO
7	U72100MH2006PTC159139	SHREY TECHNOLOGIES PRIVATE LIMITED	Director	14/02/2013	14/02/2013	-	Active	NO

Name :

Mr. Sanjiv Singhal

Designation :

Nominee Director

Address :

51, Seagull, 13 Carmichael Road, Next to Japanese Consulate, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

23.03.1967

Qualification :

M.A., MBA , BA

Experience :

13 Years

Date of Appointment :

04.04.2009

DIN No.:

02408616

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	U25209MH1999PLC119427	AXIOM CORDAGES LIMITED	Nominee director	03/12/2008	03/12/2008	10/01/2013	Active	NO
2	U30000MH1995PLC091944	TRIMAX IT INFRASTRUCTURE & SERVICES LIMITED	Nominee director	04/04/2009	04/04/2009	-	Active	NO
3	L28112MP1993PLC008029	GEI INDUSTRIAL SYSTEMS LIMITED	Nominee director	30/10/2009	30/10/2009	-	Active	NO
4	U28991PB1990PLC010832	DEEPAK FASTENERS LIMITED	Director	30/09/2010	11/06/2010	-	Active	NO
5	U74140HR1988PLC030225	DEE DEVELOPMENT ENGINEERS LIMITED	Nominee director	30/09/2011	25/02/2011	-	Active	NO
6	U45201MP2006PLC018689	DILIP BUILDCON LIMITED	Nominee director	14/02/2012	14/02/2012	31/03/2012	Active	NO
7	L40109AP1986PLC006745	HBL POWER SYSTEMS LIMITED	Nominee director	14/08/2012	14/08/2012	-	Active	NO
8	U21011AP1992PTC014050	BEAVER ENGINEERING & HOLDINGS PRIVATE LIMITED	Nominee director	14/08/2012	14/08/2012	-	Active	NO

Name :

Mr. Om Parkash Kewal Krishan Gahrotra

Designation :

Director

Address :

12, Praneet Dr. J Palker Road, Worli, Mumbai – 400025, Maharashtra, India

Date of Birth/Age :

21.09.1946

Qualification :

Bachelor of Science, Master in Financial Management

Experience :

30 Years

Date of Appointment :

30.09.2010

DIN No.:

00936696

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	U74140MH2006PTC165535	ONANG MANAGEMENT ADVISORY SERVICES PRIVATE LIMITED	Director	14/11/2006	14/11/2006	-	Active	NO
2	U74999MH2007PTC169720	ELAN VASCULAR TECHNOLOGIES PRIVATE LIMITED	Director	05/04/2007	05/04/2007	08/04/2013	Active	NO
3	U35111MH2000PLC129865	REWAS PORTS LIMITED	Director	30/06/2009	01/10/2007	22/06/2010	Active	NO
4	U55100HR2006PTC043337	ATC INDIA TOWER CORPORATION PRIVATE LIMITED	Director	01/09/2008	17/01/2008	20/05/2009	Active	NO
5	U67190MH2007PTC170525	DAIWA TRUSTEE COMPANY (INDIA) PRIVATE LIMITED	Director	17/04/2008	17/04/2008	-	Active	NO
6	U51909MH2003PLC140116	NATIONAL COMMODITY AND DERIVATIVES EXCHANGE LIMITED	Nominee director	22/02/2010	22/02/2010	31/03/2012	Active	NO
7	U30000MH1995PLC091944	TRIMAX IT INFRASTRUCTURE & SERVICES LIMITED	Director	30/09/2010	04/06/2010	-	Active	NO
8	U74900PN2009FTC135241	SYNERGY LI POWER RESOURCES (INDIA) PRIVATE LIMITED	Managing director	06/12/2010	28/08/2010	-	Active	NO
9	U45200MH1988PLC050144	KALPATARU LIMITED	Director	30/09/2011	16/09/2010	-	Active	NO
10	L27104MH1985PLC035806	UTTAM GALVA STEELS LIMITED	Director	21/07/2012	21/01/2012	-	Active	NO
11	U45203UR1988GOI009822	THDC INDIA LIMITED	Director	16/03/2012	16/03/2012	-	Active	NO

Name :

Mr. Surinder Singh Kohli

Designation :

Director

Address :

J-170, Rajouri Garden, New Delhi – 110027, India

Date of Birth/Age :

10.04.1945

Qualification :

Bachelor degree of science in mechanical engineering from Banaras Hindu University and Diploma in Industrial finance from Indian Institute of Bankers.

Experience :

40 Years

Date of Appointment :

14.06.2011

DIN No.:

00169907

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	U45203MH2002SGC136979	MAHARASHTRA AIRPORT DEVELOPMENT COMPANY LIMITED	Director	06/09/2004	06/09/2004	27/02/2012	Active	NO
2	L65191TN1997PLC037415	IDFC LIMITED	Director	09/07/2012	27/04/2005	-	Active	NO
3	U74999MH2005PLC155683	SMERA RATINGS LIMITED	Director	26/08/2005	26/08/2005	-	Active	NO
4	L25199UP1971PLC003392	MODI RUBBER LIMITED	Director	17/11/2005	17/11/2005	17/06/2009	Active	NO
5	U67190DL2006GOI144520	INDIA INFRASTRUCTURE FINANCE COMPANY LIMITED	Managing director	10/03/2006	10/03/2006	09/04/2010	Active	NO
6	U74899DL1982PLC013733	SPIN INVESTMENT INDIA LIMITED	Director	22/09/2006	22/09/2006	20/08/2009	Active	NO
7	U74140DL2005PLC142633	INDIA SME TECHNOLOGY SERVICES LIMITED	Additional director	28/12/2007	28/12/2007	29/11/2010	Active	NO
8	L27109WB1995PLC073700	MBL INFRASTRUCTURES LIMITED	Director	18/09/2010	25/06/2010	01/06/2013	Active	NO
9	L45101DL1979PLC009654	AHLUWALIA CONTRACTS (INDIA) LIMITED	Director	17/09/2010	02/08/2010	15/12/2011	Active	NO
10	U71290DL1996PTC081376	S V CREDITLINE PRIVATE LIMITED	Director	12/07/2011	28/09/2010	-	Active	NO
11	L65999DL2006PLC153373	PTC INDIA FINANCIAL SERVICES LIMITED	Director	28/09/2011	13/12/2010	-	Active	NO
12	L40106DL1981PLC012228	SPML INFRA LIMITED	Additional director	09/02/2011	09/02/2011	25/07/2011	Active	NO
13	U10102DL1997PLC085837	ACB (INDIA) LIMITED	Director	30/09/2011	28/03/2011	-	Active	NO
14	U74899DL1994PTC062671	SMV AGENCIES PRIVATE LIMITED	Additional director	11/04/2011	11/04/2011	01/06/2011	Active	NO
15	U30000MH1995PLC091944	TRIMAX IT INFRASTRUCTURE & SERVICES LIMITED	Director	14/06/2011	26/04/2011	-	Active	NO
16	U74140DL2007PTC163275	ARIA HOTELS AND CONSULTANCY SERVICES PRIVATE LIMITED	Director	30/05/2011	30/04/2011	-	Active	NO
17	U40109AP2009PTC064018	LANCO SOLAR ENERGY PRIVATE LIMITED	Additional director	15/10/2011	15/10/2011	05/07/2012	Active	NO
18	U65990MH1995PLC093241	IL&FS FINANCIAL SERVICES LIMITED	Director	23/06/2012	21/10/2011	-	Active	NO
19	L99999MH1929PLC001530	RELIANCE INFRASTRUCTURE LIMITED	Director	04/09/2012	14/02/2012	-	Active	NO
20	U65990MH1966PLC013459	SICOM LIMITED	Director	28/06/2012	24/05/2012	-	Active	NO
21	U74899DL2001PLC111527	BSES RAJDHANI POWER LIMITED	Additional director	05/11/2012	05/11/2012	-	Active	NO
22	U74899DL2001PLC111525	BSES YAMUNA POWER LIMITED	Additional director	05/11/2012	05/11/2012	-	Active	NO
23	U74899UP1993PLC034039	VACMET INDIA LIMITED	Additional director	15/12/2012	15/12/2012	15/04/2013	Active	NO
24	U27100GJ1976FLC013787	ESSAR STEEL INDIA LIMITED	Additional director	29/05/2013	29/05/2013	-	Active	NO

Name :

Mr. Charanpreet Singh

Designation :

Director

Address :

# 310 Binayak Residency, 6/5 D Anil Maitra Road, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

05.12.1962

Qualification :

Masters Degree in Business Administration from the University of Iowa, USA and Bachelor of Technology in Mechanical Engineering from the Indian Institute of Technology (IIT)

Experience :

25 Years

Date of Appointment :

14.06.2011

DIN No.:

01104258

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	U80302WB2006PTC109142	AIM EDUCATION PVT LTD	Director	09/12/2006	09/12/2006	Active	NO
2	U30000MH1995PLC091944	TRIMAX IT INFRASTRUCTURE & SERVICES LIMITED	Director	14/06/2011	26/04/2011	Active	NO

Name :

Mr. Ramakrishnan Kothandaraman Nellaipalli

Designation :

Independent Director

Address :

Villa 311, Phase 2 Adarsh Palm Meadows, Airport Whitefield Road, Near Ramagundanahalli, Bangalore – 560066, Karnataka, India

Date of Birth/Age :

17.09.1958

Qualification :

Master degree in physics with specialization in Electronics from Mumbai University

Experience :

30 Years

Date of Appointment :

14.06.2011

DIN No.:

00145984

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	U72900MH2005PLC151334	ORACLE (OFSS) PROCESSING SERVICES LIMITED	Director	16/02/2005	16/02/2005	26/08/2009	Active	NO
2	L72200MH1989PLC053666	ORACLE FINANCIAL SERVICES SOFTWARE LIMITED	Managing director	24/08/2007	01/05/2007	25/10/2010	Active	NO
3	U72900DL2002PLC180572	ORACLE (OFSS) BPO SERVICES LIMITED	Director	29/06/2007	29/06/2007	26/08/2009	Active	NO
4	U72900DL1999PTC099923	MANTAS INDIA PRIVATE LIMITED	Director	30/04/2008	30/04/2008	30/10/2009	Active	NO
5	U30000MH1995PLC091944	TRIMAX IT INFRASTRUCTURE & SERVICES LIMITED	Director	14/06/2011	14/06/2011	-	Active	NO
6	U72200KA2012PTC062235	NANOBI DATA AND ANALYTICS PRIVATE LIMITED	Director	14/09/2012	15/03/2012	-	Active	NO

Name :

Mr. Amit Sureshkumar Sharma

Designation :

Nominee Director

Address :

Flot No. 402, 4^th Floor, Orchid White, 10^th Road, Khar (West), Mumbai – 400025, Maharashtra, India

Date of Birth/Age :

04.08.1965

Qualification :

Mechanical Engineer from South Gujarat University and has completed his P.G.D.M from IIM, Lucknow

Date of Appointment :

31.03.2012

DIN No.:

05103265

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	U41000DL1992PLC047372	SMS PARYAVARAN LIMITED	Director	20/09/2011	20/09/2011	20/09/2013	Active	NO
2	U30000MH1995PLC091944	TRIMAX IT INFRASTRUCTURE & SERVICES LIMITED	Nominee director	31/03/2012	31/03/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sanjay Jain
Designation :	Finance Head
Name :	Srabani Saha
Designation :	Company Secretary
Address :	C-38/ S-13, M G Complex, Sector - 14, Vashi, Navi Mumbai – 400703, Maharashtra, India
Date of Birth/Age :	30.11.1968
Date of Appointment :	01.09.2009
PAN No.:	BBEPS4970B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 14.08.2012

Names of Shareholders	No. of Shares	Percentage of Shares
ZP II Trimax Limited, Mauritius	2512832	5.97
Zephyr Peacock India Fund III Limited, India	712834	1.70
IL and FS Trust Company Limited	307865	0.73
Standard Fiscal Markets Private Limited, India	7800000	18.54
Blend Financial Services Limited, India	50000	0.12
Aditya Birla Private Equity Trust, India	3810885	9.06
Reena Chandraprakash Madrecha	219600	0.52
Surya Prakash Madrecha	2368200	5.63
Meena Madrecha	228800	0.54
Chandra Prakash Madrecha	2720000	6.47
Standard Fiscal Markets Private Limited, India	1701000	4.05
Shrey Technologies Private Limited, India	7651800	18.19
Pratik Technologies Private Limited, India	7309200	17.38
Sunil Sohanlal Madrecha	1000	0.00
Surya Prakash Sohanlal Madrecha-HUF	200	0.00
Chandra Prakash Sohanlal Madrecha-HUF	200	0.00
Banyantree Growth Capital L.L.C., India	3829759	9.10
ZP India Advisory Private Limited, India	841088	2.00
TOTAL	42065263	100.00

AS ON 14.08.2012

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	16.77
Bodies corporate	70.06
Directors or relatives of directors	13.17
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

GENERAL INFORMATION

Customers :

• Bank Of Maharashtra
• Brihanmumbai Electric Supply and Transport Undertaking
• Bihar State Electronics Development Corporation Limited (BSEDCL)
• BSNL
• Enzen  Global Solutions Private Limited
• Himachal Pradesh Co-operative Bank
• Intelenet Global Services Private Limited (SERCO)
• ITI Limited
• Jammu and Kashmir e-Governance Agency
• Jammu and Kashmir State Data Centre
• Jaipur Vidyut Vitran Nigam Limited (JVNNL)
• Kalyan Dombivali Municipal Transport (KDMT)
• Kryptos Networks Private Limited
• Maharashtra State Electricity Development Corporation Limited (MSEDCL)
• MOTIT
• Navi Mumbai Municipal Transport (NMMT)
• National Security Guard
• New India Assurance
• National Textiles Corporation Limited
• National Thermal Power Corporation Limited
• New India Assurance Co. Limited
• Osmanabad District Central Co-Operative Bank Limited
• Rajasthan State Road Transport Corporation(RSRTC)
• RajCOMP info Services Limited
• Red Hat
• Solapur Municipal Transport Corporation (SMTU)
• Serco India Ltd
• Siddhivinayak Temple Trust

IN PARTNERSHIP WITH ITI

• Central Reserve Police Force
• Hindustan Insecticides Limited
• IBM India Private Limited
• Indian Oil Corporation Limited
• Larsen & Toubro Infotech Limited

• Mazagon Dock Limited
• Muthoot Finance Limited
• Pragathi Gramin Bank
• Tata Teleservices Limited

No. of Employees :

Information denied by the management.

Bankers :

· State Bank of Hyderabad

Overseas Branch, 1204, Ashok Mahal, Tulloch Road, Colaba, Mumbai – 400039, Maharashtra, India

· DBS Bank Limited

Upper Ground Floor, Birla Tower, 25 Barakhamba Road, New Delhi – 110001, India

· State Bank of India

Industrial Finance Branch, 2nd Floor, The Arcade World Trade Centre, Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra, India

· Standard Chartered Bank

Credit Documentation Unit, 90, Mahatma Gandhi Road, Fort, Mumbai - 400 001, Maharashtra, India

· Axis Bank

SME Business Group, 3rd Floor, RNA Corporate Park, Kalanagar, Bandra (East), Mumbai - 400 051, Maharashtra, India

· Kotak Mahindra Bank

6^th Floor, Dani Corporate Park, 158, C. S. T Road, Kalina, Santacruz (East), Mumbai - 400 098, Maharashtra, India

· ICICI Bank

Mafatlal Chamber, SEG - Department 'B' Wing, 3rd Floor, N. M. Joshi Marg, Lower Parel (East), Mumbai - 400 013, Maharashtra, India

· Canara Bank

Prime Corporate Branch – II, Varma Chambers, 2nd Floor, Homji Street, Mumbai - 400 001, Maharashtra, India

· The Hong Kong and Shanghai Banking Corporation Limited

52/ 60, Mahatma Gandhi Road, Mumbai – 400 001, Maharashtra, India

· Barclays Bank PLC,

Ceejay House, Shivsagar Estate, Dr. A Beasant Road, Wroli, Mumbai - 400018, Maharashtra, India

· Kotak Mahindra Bank Limited

36-38A, Nariman Bhavan, 227,D, Nariman Point, Mumbai – 400021, Maharashtra, India

· State Bank of India

Vikhroli Branch, Mumbai, Maharashtra, India

· Corporation Bank

· ABN Amro Bank

· HDFC Bank Limited

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long Term Borrowings
Term loans from banks	904.578	408.373
Term loans from others	37.598	29.852
Long-term maturities of finance lease obligations	8.509	23.388
Other loans and advances	0.433	1.072
Short Term Borrowings
Working capital loans from banks	910.565	617.385
TOTAL	1861.683	1080.070

Banking Relations :	--
Financial Institution :	SBICAP Trustee Company Limited, 202, Maker Tower, E Cuffe Parade, Colaba, Mumbai-400005, Maharashtra, India CISCO Systems Capital (India) Private Limited, 2^nd Floor, Brigade South Parade, 10, M.G. Road, Bangalore-560001, Karnataka, India Hewlett Packard Financial Services (India) Private Limited, 3^rd Floor, Calcot House, 8/10, M.P. Shetty Marg, Tamarind Street, Fort, Mumbai-400023, Maharashtra, India
Auditors :
Name :	Haribhakti and Company Chartered Accountants
Address :	701, Leela Business Park, Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-66729999
Fax No.:	91-22-66729777
E-Mail :	hbhakti@vsnl.com ashish.ruparelia@bdoindia.co.in
Website :	www.haribhaktigroup.com
PAN No:	AAAFH2010F
Subsidiaries :	Trimax IT Infrastructure and Services Pte. Limited, Singapore Trimax Datacenter Services Limited [U72200MH2008PLC184708] Trimax Managed Services Limited [U74999MH2011PLC211910]
Other Related Parties :	Pratik Technologies Private Limited [U30000MH2006PTC159087] Shrey Technologies Private Limited [U72100MH2006PTC159139] Standard Fiscal Markets Private Limited Mangalam Multi Trade Private Limited Prestige Multi Trade Private Limited SMLE Solutions Private Limited

CAPITAL STRUCTURE

AS ON 14.08.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
55000000	Equity Shares	Rs.10/- each	Rs.550.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
42065263	Equity Shares	Rs.10/- each	Rs.420.653 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
55000000	Equity Shares	Rs.10/- each	Rs.550.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
41044564	Equity Shares	Rs.10/- each	Rs.410.445 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	410.445	173.917
(b) Reserves & Surplus	3409.602	1680.199
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	3820.047	1854.116
(3) Non-Current Liabilities
(a) long-term borrowings	974.777	912.585
(b) Deferred tax liabilities (Net)	159.274	92.300
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	13.327	7.856
Total Non-current Liabilities (3)	1147.378	1012.741
(4) Current Liabilities
(a) Short term borrowings	910.565	617.385
(b) Trade payables	1413.608	621.257
(c) Other current liabilities	431.024	453.336
(d) Short-term provisions	59.809	72.990
Total Current Liabilities (4)	2815.006	1764.968
TOTAL	7782.431	4631.825
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	769.214	509.915
(ii) Intangible Assets	100.006	57.814
(iii) Capital work-in-progress	381.062	321.337
(iv) Intangible assets under development	50.153	52.030
(b) Non-current Investments	206.782	203.674
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	866.081	479.392
(e) Other Non-current assets	54.870	31.255
Total Non-Current Assets	2428.168	1655.417
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	453.122	333.610
(c) Trade receivables	2822.702	1775.412
(d) Cash and cash equivalents	991.565	188.511
(e) Short-term loans and advances	1053.775	654.060
(f) Other current assets	33.099	24.815
Total Current Assets	5354.263	2976.408
TOTAL	7782.431	4631.825

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		150.001
2] Share Application Money		0.000
3] Reserves & Surplus		794.901
4] (Accumulated Losses)		0.000
NETWORTH		944.902
LOAN FUNDS
1] Secured Loans		759.913
2] Unsecured Loans		266.382
TOTAL BORROWING		1026.295
DEFERRED TAX LIABILITIES		53.793
TOTAL		2024.990
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		423.756
Capital work-in-progress		0.000
INVESTMENT		197.998
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	213.091
	Sundry Debtors	1118.606
	Cash & Bank Balances	96.479
	Other Current Assets	2.444
	Loans & Advances	728.635
Total Current Assets		2159.255
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	594.952
	Other Current Liabilities	74.061
	Provisions	87.006
Total Current Liabilities		756.019
Net Current Assets		1403.236
MISCELLANEOUS EXPENSES		0.000
TOTAL		2024.990

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	7525.632	5274.843	3515.931
		Other Income	72.620	59.077	21.519
		TOTAL (A)	7598.252	5333.920	3537.450
Less	EXPENSES
		Purchases of stock-in-trade	5068.831	3628.043
		Employee benefit expense	398.701	254.906
		Other expenses	471.209	338.775	2780.010
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(121.488)	(116.667)
		TOTAL (B)	5817.253	4105.057	2780.010
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1780.999	1228.863	757.440
Less	FINANCIAL EXPENSES (D)		349.285	195.037	87.267
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1431.714	1033.826	670.173
Less/ Add	DEPRECIATION/ AMORTISATION (F)		203.705	106.100	41.533
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		1228.009	927.726	628.640
Less	TAX (H)		405.564	262.007	167.965
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		822.535	665.719	460.675
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1448.800	792.000	340.073
Less	APPROPRIATIONS
		Dividend	8.400	7.600	7.500
		Tax on Dividend	1.400	1.300	1.275
	BALANCE CARRIED TO THE B/S		2261.535	1448.819	791.973
	EARNINGS IN FOREIGN CURRENCY
		Sale of Software	22.900	178.840	189.566
	TOTAL EARNINGS		22.900	178.840	189.566
	Earnings / (Loss) Per Share (Rs.)
	- Basic		21.73	21.96	15.36
	- Diluted		21.73	17.68	13.72

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	10.83	12.48	13.02
Net Profit Margin (PBT/Sales)	(%)	16.32	17.59	17.88
Return on Total Assets (PBT/Total Assets}	(%)	17.19	22.88	24.34
Return on Investment (ROI) (PBT/Networth)		0.32	0.50	0.67
Debt Equity Ratio (Total Debt/Networth)		0.49	0.83	1.09
Current Ratio (Current Asset/Current Liability)		1.90	1.69	2.86

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	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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10382100	10/08/2013 *	5,000,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA	B82939414
2	10329845	20/09/2012 *	120,000,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, M UMBAI - 400021, MAHARASHTRA, INDIA	B58869090
3	10330963	05/11/2012 *	572,000,000.00	DBS BANK LIMITED	UPPER GROUND FLOOR, BIRLA TOWER, 25 BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA	B62249172
4	10335087	20/12/2011	572,000,000.00	DBS Bank Limited	UPPER GROUND FLOOR, BIRLA TOWER, 25 BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA	B31912249
5	10303691	01/09/2011	23,055,233.00	CISCO SYSTEMS CAPITAL (INDIA) PRIVATE LIMITED	2ND FLOOR, BRIGADE SOUTH PARADE, 10, M.G. ROAD, BANGALORE - 560001, KARNATAKA, INDIA	B19392075
6	10294672	01/07/2011	5,490,778.00	CISCO SYSTEMS CAPITAL (INDIA) PRIVATE LIMITED	2ND FLOOR, BRIGADE SOUTH PARADE, 10, M.G. ROAD, BANGALORE - 560001, KARNATAKA, INDIA	B16000556
7	10286337	01/05/2011	8,444,746.00	CISCO SYSTEMS CAPITAL (INDIA) PRIVATE LIMITED	2ND FLOOR, BRIGADE SOUTH PARADE, 10, M.G. ROAD, BANGALORE - 560001, KARNATAKA, INDIA	B12358446
8	10285610	25/03/2011	14,935,287.00	CISCO SYSTEMS CAPITAL (INDIA) PRIVATE LIMITED	2ND FLOOR, BRIGADE SOUTH PARADE, 10, M.G. ROAD, BANGALORE - 560001, KARNATAKA, INDIA	B12359139
9	10265096	11/01/2011	160,000,000.00	State Bank of India	INDUSTRIAL FINANCE BRANCH, 2ND FLOOR, THE ARCADE, WORLD TRADE CENTRE, CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA	B04735627
10	10255701	11/10/2010	127,000,000.00	Standard chartered bank	90, M G ROAD,, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA	A99453953
* Date of charge modification

Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long Term Borrowings
Rupee term loan from others	23.659	449.900
TOTAL	23.659	449.900

OVERVIEW:

BUSINESS:

The Company offers a comprehensive range of IT services to its customers divided into Enterprise Solutions and Managed IT Services. The services provided by the Company broadly comprises of the following:

ENTERPRISE SOLUTIONS:

Enterprise Solutions business is the Company’s largest income source. Key customers of the Company’s Enterprise Solutions business include a leading life insurance company, an aerospace engineering company, a company engaged in the supply and distribution of electricity and Rajasthan State Beverages Corporation Limited (RSBCL). Since October 2007, the Company has been empanelled as system integration channel partner for BSNL. Pursuant to this partnership, it markets and sells BSNL’s data services, which includes configuration and maintenance of the customer’s end equipment, network on LAN (Local Area Network) or WAN (Wide Area Network), leased-line solutions, MPLS (Multiprotocol Label Switching) and VPN (Virtual Private Network) solutions and other equipment to deliver end-to-end solutions to its customers. The Company supplies, configures and maintains all necessary equipment along with the connectivity for BSNL to provide the end-to-end solutions. Enterprise Solutions comprises of the following:

• COMPUTE INFRASTRUCTURE SOLUTIONS

Compute Infrastructure Solutions involve the supply and installation of desktop and laptop computers, servers, operating systems and commercial off-the-shelf software, as well as data storage solutions. The Company installs and maintains hardware and software as a customized service.

• NETWORK INFRASTRUCTURE SOLUTIONS

Network Infrastructure Solutions include networking and infrastructure components such as routers, switches, firewalls, IPS (Intrusion Prevention System)/IDS (Intrusion Detection System), UPS (Uninterruptible Power Supply), DG sets, precision AC components, uninterrupted power supply solutions and fire suppression systems.

• SOFTWARE SOLUTIONS

The Company provides software development services using industry standard propriety and open source platforms such as Java, J2EE, C++, Microsoft.NET, PHP, MySQL, Oracle and Apache. It has developed customized applications for its customers in the areas of ETIMs (Electronic Ticket Issuing Machine) and online reservations systems, integrated excise management, tax filing and project management tools.

• TURNKEY SOLUTIONS

The Company integrates all its IT solutions, creating turnkey solutions which are specifically tailored for its customers. In April 2011, the Company completed a turnkey solution for the Rajasthan State Beverages Corporation Limited (“RSBCL”). RSBCL needed to fully integrate its IT infrastructure with the Rajasthan State Excise Department (‘‘RSED”) and the Rajasthan State Ganganagar Sugar Mills (“RSGSM”).

MANAGED IT SERVICES:

Managed IT Services business is the Company’s fastest growing revenue source. Key customers for Managed IT Services business are BSNL, a large private bank, Intelenet and a large national bank in India. Managed IT Services includes any service that is delivered centrally from one location, such as from the Company’s NOC (Network Operation Centre), data center premises or through cloud computing services or where its employees are providing on-site or off-site operational support. The Company has provided Managed IT Services for a large state run transport provider in the state of Maharashtra where among other things the Company developed an internet based ticketing system and provided and programmed ETIMs for all buses and IT Infrastructure at a number of locations across the state. Managed IT Services includes the following:

• MANAGED NETWORK SERVICES (MNS)

MNS are “one-stop-shop” services designed to meet the Company’s customers’ need for effective and reliable network services on an operational expense basis. Since November 2008, the Company has been a MNS channel partner for BSNL. Pursuant to this partnership, it markets and sells BSNL’s MNS, which includes enterprise broadband, internet, MPLS and VPN connectivity. It supplies, configures and maintains all the necessary network equipment to provide “last-mile” connectivity. It also monitors and manages equipment and the BSNL bandwidth service on a 24x7 basis. Since July 2010, we have been a Silver Channel Partner for BSNL. Pursuant to this partnership, we market and sell BSNL’s voice and data services to BSNL’s Silver customers in certain BSNL regional circles.

• DATA CENTRE SERVICES

A Data Centre is a centralized repository for the storage, management and dissemination of data and information. It consists of a raised floor server farm room, supported utility area and a NOC.

• CLOUD COMPUTING

Cloud computing is a style of computing in which dynamically scalable and often virtualized recourses are provided as a service over the internet. It includes the following:

VIRTUAL PRIVATE SERVER (VPS)

VPS create many server partitions within one server. Each partitioned server has the appearance and capabilities of a dedicated server with its own allocated capacity. VPS allow a server to be shared, which reduces the server costs for customers without sacrificing the quality of the service provided.

WEB DESIGN AND HOSTING

The Company offers “do it their self” tools that enable its customers to design their own websites with existing templates provided in the web design system.

LAUNCH OF CLAPP

During the year the Company has entered into a partnership with NEC India Private Limited wherein both Trimax and NEC has developed an ‘On-Demand’ Cloud Aggregation Platform offering integrated business applications for SMEs named 'ClApp' - Cloud Applications. ClApp which is a virtual marketplace for Cloud Applications on a SaaS (Software-as-a-Service) platform accessible on www.trimaxclapp.com . ClApp offers a host of on-demand applications like CRM, HRMS, Project Management, Accounting, Web Collaboration, Point of Sale and more. This is a core function like managing the customer’s inventory or a soft function like HR Management. These applications cater to the smooth functioning of almost all areas of business of the customers. These applications are all available for view and purchase on www.trimaxclapp.com . Apart from viewing the features and benefits of each application, one can also take a free trial of any application before they buy it.

LAUNCH OF TRIMAX CLOUD

Another development of the Company is the launch of the portal www.trimaxcloud.com that demonstrates Trimax’s offerings in the Data Centre and Cloud Computing space. The Data Centre Services offered include Data Centre Host, Build and Co-location, Utility Backup and Storage, Load Balancing, Managed Firewall and IPS Services and more. Cloud based services are offered on 2 platforms, Software-as-a-Service (SaaS) platform and Infrastructure-as-a-Service (IaaS) platform. The SaaS offerings include Messaging and Collaboration Services and services offered under ‘ClApp’ - Cloud Applications. IaaS offerings include Compute on Demand, Video Conferencing and Virtual Desktop Services.

FACILITY MANAGEMENT SERVICES (FMS)

FMS are single-source solutions provided to customers seeking customized facility management and business support services such as (i) IT helpdesk; (ii) desktop management services; (iii) server administration and management; (iv) network management; (v) data centre operations management; (vi) mail messaging system administration; (vii) IT security management; (viii) application management; (ix) data base administration; (x) vendor management services; and (xi) asset management services.

FIXED ASSETS:

Tangible Assets

• Office Equipment
• Computers
• Plant and Machinery
• Furniture and Fixture
• Motor Vehicles

Intangible Assets

• Software

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 :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		51

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.