MIRA INFORM REPORT

Report Date :

11.10.2013

IDENTIFICATION DETAILS

Name :	VIZ EXPERTS INDIA PRIVATE LIMITED (w.e.f. 11.12.2008)
Formerly Known As :	DARSHAN I.T. SOLUTIONS PRIVATE LIMITED
Registered Office :	52, Azad Road, Bahraich - 271801, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	19.04.2006
Com. Reg. No.:	20-031626
Capital Investment / Paid-up Capital :	Rs.11.100 Millions
CIN No.: [Company Identification No.]	U72200UP2006PTC031626
IEC No.:	0607006340
PAN No.: [Permanent Account No.]	AACCD3615M
Legal Form :	Private Limited Liability Company
Line of Business :	Software Development.
No. of Employees :	70 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There appears a significant increase in the sales turnover of the company during 2013. Overall profitability seems to be decent. Trade relations are fair. Business is active. Payment terms are reported as 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.

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 PARTED BY

Name :	Mr. Manoj Kumar
Designation :	Manager Operations
Contact No.:	91-9910755668
Date :	10.10.2013

LOCATIONS

Registered Office :	52, Azad Road, Bahraich - 271801, Uttar Pradesh, India
Tel. No.:	Not Available
Mobile No.:	91-9910755668 (Mr. Manoj Kumar)
Fax No.:	Not Available
E-Mail :	kamlesh.fca@rediffmail.com rocfiling0809@gmail.com
Website :	http://www.vizexperts.com
Corporate Office 1 :	558, Laxman Vihar, Phase I, Dhanwapur Road, Gurgaon – 122001, Haryana, India
Tel. No.:	91-124-4078331
Fax No.:	91-11-43850075
Area :	2500 Sq. ft.
Location :	Rented
Corporate Office 2 :	L-320, 1st Floor, Lane No. 9, Mahipalpur Extension, New Delhi - 110037, India
Tel. No.:	91-11-26781491
Fax No.:	91-11-43850075
E-Mail :	info@vizexperts.com sales@vizexperts.com
Location :	Rented

DIRECTORS

As on: 18.09.2012

Name :

Mr. Naveen Bhaniramka

Designation :

Director

Address :

52, Azad Road, Bahraich - 271801, Uttar Pradesh, India

Date of Birth/Age :

16.01.1971

Date of Appointment :

19.04.2006

DIN No.:

00548558

PAN No.:

AATPB4609D

Passport No.:

B-2355203

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	U15311UP1996PLC020918	SAPNA FLOUR MILLS LIMITED	Director	30/10/1996	30/10/1996	-	Active	NO
2	U72200UP2002PLC026741	DARSHAN SOLUTIONS LIMITED	Whole-time director	01/12/2008	13/06/2002	-	Active	NO
3	U72200UP2006PTC031626	VIZ EXPERTS INDIA PRIVATE LIMITED	Director	19/04/2006	19/04/2006	-	Active	NO
4	U15122UP2008PTC035674	Vishwanath Foods Private Limited	Director	15/07/2008	15/07/2008	-	Active	NO
5	U45400WB2012PTC188303	MEANTIME BUILDCON PRIVATE LIMITED	Director	14/11/2012	14/11/2012	-	Active	NO
6	U45400WB2012PTC188313	DIOS REALTORS PRIVATE LIMITED	Director	15/11/2012	15/11/2012	-	Active	NO
7	U45400WB2012PTC188356	LINTON TOWERS PRIVATE LIMITED	Director	16/11/2012	16/11/2012	-	Active	NO
8	U45400WB2012PTC188554	SHIVPARIWAR DEVELOPERS PRIVATE LIMITED	Director	23/11/2012	23/11/2012	-	Active	NO
9	U45400WB2012PTC188551	WINSHER REALTORS PRIVATE LIMITED	Director	23/11/2012	23/11/2012	-	Active	NO
10	U45400WB2012PTC188630	EVERLINK RESIDENCY PRIVATE LIMITED	Director	26/11/2012	26/11/2012	-	Active	NO

Name :

Mr. Praveen Bhaniramka

Designation :

Director

Address :

52, Azad Road, Bahraich - 271801, Uttar Pradesh, India

Date of Birth/Age :

14.10.1976

Qualification :

Msc

Experience :

10 Years

Date of Appointment :

19.04.2006

DIN No.:

00548645

PAN No.:

AATPB4610J

Passport No.:

F-0887454

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	U72200UP2006PTC031626	VIZ EXPERTS INDIA PRIVATE LIMITED	Director	19/04/2006	19/04/2006	-	Active	NO
2	U45400WB2012PTC188324	SIDDHIBHUMI NIWAS PRIVATE LIMITED	Director	15/11/2012	15/11/2012	-	Active	NO
3	U45400WB2012PTC188523	OVERSURE NIRMAN PRIVATE LIMITED	Director	22/11/2012	22/11/2012	-	Active	NO
4	U45400WB2012PTC188549	AMRIT REALCON PRIVATE LIMITED	Director	23/11/2012	23/11/2012	-	Active	NO

Name :

Ms. Chanchal Bhaniramka

Designation :

Director

Address :

52, Azad Road, Bahraich - 271801, Uttar Pradesh, India

Date of Birth/Age :

13.03.1978

Qualification :

B. Com.

Experience :

9 Years

Date of Appointment :

19.04.2006

DIN No.:

00548661

PAN No.:

AJGPB1050N

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	U72200UP2006PTC031626	VIZ EXPERTS INDIA PRIVATE LIMITED	Director	19/04/2006	19/04/2006	-	Active	NO
2	U45400WB2012PTC188270	EVERRISE REALTORS PRIVATE LIMITED	Director	12/11/2012	12/11/2012	-	Active	NO
3	U45400WB2012PTC188292	SAGAM DEVCON PRIVATE LIMITED	Director	14/11/2012	14/11/2012	-	Active	NO
4	U45400WB2012PTC188309	MANGALMAYEE REALTORS PRIVATE LIMITED	Director	15/11/2012	15/11/2012	-	Active	NO
5	U45400WB2012PTC188547	TOPMOST COMPLEX PRIVATE LIMITED	Director	23/11/2012	23/11/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Manoj Kumar
Designation :	Manager Operations

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 18.09.2012

Names of Shareholders	No. of Shares
Naveen Bhaniramka	9000
Praveen Bhaniramka	340000
Chanchal Bhaniramka	1000
Total	350000

As on: 30.03.2013

Names of Allottees	No. of Shares
Mhagujkar Agrocon, India	200000
Combine Infra Ventures, India	200000
Punam Chand Modi Paints Private Limited, India	40000
Gyandarshan Commodeal Private limited, India	80000
Trilok Commotrade Private limited, India	80000
Himalaya Dealers Private Limited, India	60000
Trilochan Vinimay Private Limited, India	100000
Total	760000

Equity Share Break up (Percentage of Total Equity)

As on: 18.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Software Development.
Exports :
Products :	Software Services
Countries :	USA

GENERAL INFORMATION

Customers :	End Users
No. of Employees :	70 (Approximately)
Bankers :	Allahabad Bank, H.O. 2, Netaji Subhash Road, Kolkata-W.B., Through Bahraich Branch, Bahraich - 271801, Uttar Pradesh, India Allahabad Bank, 565, Railway Colony, New Sector 4-7 Crossing, Gurgaon - 122001, Haryana, India

Banking Relations :	--
Auditors :
Name :	Kamlesh Agrawal and Associates Chartered Accountants
Address :	Padma Market, Chitrashala Campus, Bahraich - 271801, Uttar Pradesh, India
Tel. No.:	91-5252-232764/ 232551
Mobile No.:	91-9415036863
PAN No.:	AAAAK3526G

CAPITAL STRUCTURE

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1110000	Equity Shares	Rs.10/- each	Rs.11.100 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	11.100	3.500	3.500
(b) Reserves & Surplus	22.180	6.410	3.103
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	33.280	9.910	6.603
(3) Non-Current Liabilities
(a) long-term borrowings	17.816	1.090	5.377
(b) Deferred tax liabilities (Net)	0.349	0.021	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	18.165	1.111	5.377
(4) Current Liabilities
(a) Short term borrowings	33.768	9.515	11.795
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	5.477	1.807	1.898
(d) Short-term provisions	7.686	2.408	0.527
Total Current Liabilities (4)	46.931	13.730	14.220
TOTAL	98.376	24.751	26.200
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6.824	1.939	1.476
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	23.989	4.307	4.208
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.745	1.216	0.307
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	31.558	7.462	5.991
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	13.482	6.812	9.405
(c) Trade receivables	50.188	7.020	4.882
(d) Cash and cash equivalents	0.653	0.142	0.360
(e) Short-term loans and advances	2.495	3.297	5.526
(f) Other current assets	0.000	0.018	0.036
Total Current Assets	66.818	17.289	20.209
TOTAL	98.376	24.751	26.200

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	121.761	62.842	17.834
		Other Income	0.432	0.133
		TOTAL (A)	122.193	62.975	17.834
Less	EXPENSES
		Cost of material consumed	50.189	28.005	16.384
		Employee benefit expenses	22.402	12.893
		Other Expenses	40.101	15.783
		TOTAL (B)	112.692	56.681	16.384
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		9.501	6.294	(Including Depreciation and Financial Expenses)
Less	FINANCIAL EXPENSES (D)		1.384	0.967
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		8.117	5.327
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.784	0.498
	PROFIT BEFORE TAX (E-F) (G)		6.333	4.829	1.450
Less	TAX (H)		1.964	1.521	0.475
	PROFIT AFTER TAX (G-H) (I)		4.369	3.308	0.975
	Earnings Per Share (Rs.)		3.94	9.45	2.78

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.58	5.25	5.47
Net Profit Margin (PBT/Sales)	(%)	5.20	7.68	NA
Return on Total Assets (PBT/Total Assets}	(%)	8.51	23.62	6.59
Return on Investment (ROI) (PBT/Networth)		0.19	0.49	0.22
Debt Equity Ratio (Total Debt /Networth)		1.55	1.07	2.60
Current Ratio (Current Asset/Current Liability)		1.42	1.26	1.42

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10229508	12/12/2012 *	50,000,000.00	ALLAHABAD BANK	H.O. 2, Netaji Subhash Road, Kolkata-W.B., through Bahraich Branch, Bahraich, Uttar Pradesh - 271801, INDIA	B65614422

* Date of charge modification

FIXED ASSETS:

• Land
• Building
• Furniture and Fixtures
• Vehicles
• Generator

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

Report Prepared by :

RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.