MIRA INFORM REPORT

Report Date :

07.09.2013

IDENTIFICATION DETAILS

Name :	INYANTRA TECHNOLOGIES PRIVATE LIMITED [w.e.f. 03.10.2012]
Formerly Known As :	ENSOFT INFORMATICS PRIVATE LIMITED
Registered Office :	Gat No. 208-210, 221, 224 and Others, Shindewadi, Shirval-412801, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	23.07.2002
Com. Reg. No.:	11-017168
Capital Investment / Paid-up Capital :	Rs.2.500 Millions
CIN No.: [Company Identification No.]	U72900PN2002PTC017168
Legal Form :	Private Limited Liability Company
Line of Business :	Company is engaged in Computer Consultancy, Software Development, Data Processing Work, PCB Assembly and UPS Manufacturing.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 28700
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for normal 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.

LOCATIONS

Registered Office :	Gat No. 208-210, 221, 224 and Others, Shindewadi, Shirval-412801, Maharashtra, India
Tel. No.:	91-2169-244035 / 244036 / 302306
Fax No.:	91-2169-244036
E-Mail :	mukund.k@ensoftinfo.com
Website :	http://www.ensoftinfo.com

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Pravin Devendra Jain

Designation :

Managing Director

Address :

103, Rakshak Society, Aundh Pune-411027, Maharashtra, India

Date of Birth/Age :

09.03.1968

Date of Appointment :

14.03.2011

Din No.:

00231737

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	U74140PN2006PTC133887	SONOMA MANAGEMENT PARTNERS PRIVATE LIMITED	Director	09/08/2006	09/08/2006	-	Active	NO
2	U01122PN2007PTC130668	INNOVATIVE CULTIVATORS PRIVATE LIMITED	Director	07/09/2007	07/09/2007	-	Active	NO
3	U01122PN2007PTC130817	KONKAN AGRI DEVELOPERS PRIVATE LIMITED	Director	10/10/2007	10/10/2007	-	Active	NO
4	U72100DL2001PLC109841	INTARVO TECHNOLOGIES LIMITED	Director	28/08/2008	16/10/2007	-	Active	NO
5	U74999PN2006PTC128511	TRIDIAGONAL SOLUTIONS PRIVATE LIMITED	Director	12/09/2008	17/05/2008	-	Active	NO
6	U85110KA1996PTC021578	THINK RIGHT ADVISORY SERVICES PRIVATE LIMITED	Director	17/11/2008	17/11/2008	25/07/2011	Active	NO
7	U74999PN2010PTC136486	TRIDIAGONAL PROCESS ENGINEERING PRIVATE LIMITED	Director	03/06/2010	03/06/2010	-	Active	NO
8	U72900DL2010PTC203702	RNR TECHNICAL SERVICES PRIVATE LIMITED	Director	07/06/2010	07/06/2010	-	Active	NO
9	U72900DL2010PTC204361	INTARVO FORMULA G ERECYCLING SERVICES PRIVATE LIMITED	Director	21/06/2010	21/06/2010	-	Active	NO
10	U74999HR2011PTC042013	SONOMA TRUSTEE COMPANY PRIVATE LIMITED	Director	07/02/2011	07/02/2011	-	Active	NO
11	U72900PN2002PTC017168	INYANTRA TECHNOLOGIES PRIVATE LIMITED	Additional director	14/03/2011	14/03/2011	-	Active	NO
12	U72200DL2008PTC180334	SERVEPRO WARRANTY SERVICES PRIVATE LIMITED	Director	15/10/2011	15/10/2011	-	Active	NO
13	U91110PN2005NPL020305	YOUNG PRESIDENTS ORGANIZATION (PUNE CHAPTER)	Additional director	19/10/2012	19/10/2012	-	Active	NO
14	AAA-3683	SONOMA ADVISORY LLP	Designated Partner	04/02/2011	04/02/2011	-	Active	NO

Name :

Mr. Yashesh Kantiprasad Jain

Designation :

Director

Address :

A7, Varsha Park, Baner Road, Pune-411045, Maharashtra, India

Date of Birth/Age :

04.07.1972

Date of Appointment :

23.07.2002

Din No.:

01560519

Name :

Mr. Indroneel Bhaskarnath Dutt

Designation :

Director

Address :

15, Lake Terrace, Kolkata-700029, West Bengal, India

Date of Birth/Age :

07.12.1970

Date of Appointment :

14.03.2011

Din No.:

01513912

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	U74140WB2006PTC107018	FINOVANT SOLUTIONS PRIVATE LIMITED	Director	02/01/2006	02/01/2006	-	Active	NO
2	U72100DL2001PLC109841	INTARVO TECHNOLOGIES LIMITED	Additional director	29/10/2010	29/10/2010	29/10/2010	Active	NO
3	U72900PN2002PTC017168	INYANTRA TECHNOLOGIES PRIVATE LIMITED	Additional director	14/03/2011	14/03/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Yashesh Kantiprasad Jain	834
Sajith Radhakrishnan	833
Prashant Peethabaran	833
Rita Jain	1
Sonama Management Partners Private Limited, India	22499
TOTAL	25000

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	90.00
Directors or relatives of directors	10.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Company is engaged in Computer Consultancy, Software Development, Data Processing Work, PCB Assembly and UPS Manufacturing.

GENERAL INFORMATION

Customers :

· Philips Semiconductors

· MIRC Electronics Ltd (ONIDA)

· MIDCO

· Procon Technologies, USA

· IAL Systek , Germany

· QA Technology , USA

· Whirlpool, GTECH Division

· Accord Communications Limited

· Syntel Telecom

· Promax, Spain

· Tecnet, Germany

· MGL

· Cactus Solutions

· Honeywell , India

No. of Employees :

Not Available

Bankers :

· Union Bank of India, Overseas Branch, Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai-400021, Maharashtra, India

· ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Short Term Borrowings
Working Capital Loans Repayable on Demand From Banks
Bank overdraft facilities (Note ‘a’)	11.390	0.000
Cash Credit Facilities (Note ‘b’)	0.000	3.866
Hundi Bill Discounting Facility Union Bank of India (‘c’)	0.000	0.411
TOTAL	11.390	4.277
NOTES: a. The Bank Overdraft facility from ICICI Bank is repayable on demand and carries interest rate @ I-Base + 4% p.a. payable monthly. The loan is secured by hypothecation of firm's entire stocks of raw material, semi finished and finished goods, consumable stores and spares and such other movables including book debts, bills whether documentary or clean, outstanding monies, receivables, both present and future, in a form and manner satisfactory to the Bank. The loan is also secured by Unconditional and irrevocable personal guarantee of Pravin Jain and Rita Jain. Additionally, two recourse cheques in favor of ICICI Bank Limited A/c - Ensoft Informatics Private Limited. have been submitted; One for total facility amount and one for two quarters interest assuming full utilization for Overdraft. b. The Cash Credit facilities from Union Bank of India are repayable on demand and carry interest rate @ 15.25% p.a. payable monthly. The loan is secured by hypothecation of stocks of MMS with calibrations, Computer Parts, Accessories etc. and movable property stored or to be stored at Pune and elsewhere and book debts arising out of supplies on credit. c. Purchase from or negotiate a Bill of Exchange drawn or accepted or endorsed against goods and / or merchandise ( hereinafter referred as goods) or shipping or other documents and /or hold such or any other Bills or Bills of exchange or documents for collection on the Borrowers account under lien to the bank.

Banking Relations :	--
Auditors :
Name :	DKV and Associates Chartered Accountants
Address :	Sohum, First Floor, Shreeniketan Society, Mayur Colony, Off Karve Road, Pune-411029, Maharashtra, India
Tel. No.:	91-20-32546761 / 32318039
E-Mail :	info@dkvassociates.com
PAN No:	AAFFD9165L

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs.2.500 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	2.500	2.500
(b) Reserves & Surplus	4.695	3.543
(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)	7.195	6.043
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	2.132	1.689
Total Non-current Liabilities (3)	2.132	1.689
(4) Current Liabilities
(a) Short term borrowings	17.345	11.959
(b) Trade payables	53.693	14.035
(c) Other current liabilities	1.456	3.301
(d) Short-term provisions	0.306	0.794
Total Current Liabilities (4)	72.800	30.089
TOTAL	82.127	37.821
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5.337	4.912
(ii) Intangible Assets	0.004	0.010
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.050	0.050
(c) Deferred tax assets (net)	0.180	0.157
(d) Long-term Loan and Advances	1.312	1.381
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	6.883	6.510
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	25.709	18.255
(c) Trade receivables	46.410	8.727
(d) Cash and cash equivalents	0.523	2.496
(e) Short-term loans and advances	2.602	1.833
(f) Other current assets	0.000	0.000
Total Current Assets	75.244	31.311
TOTAL	82.127	37.821

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		2.500
2] Share Application Money		0.000
3] Reserves & Surplus		2.630
4] (Accumulated Losses)		0.000
NETWORTH		5.130
LOAN FUNDS
1] Secured Loans		42.485
2] Unsecured Loans		3.940
TOTAL BORROWING		46.425
DEFERRED TAX LIABILITIES		0.000
TOTAL		51.555
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.504
Capital work-in-progress		0.000
INVESTMENT		0.050
DEFERREX TAX ASSETS		1.297
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	14.353
	Sundry Debtors	57.193
	Cash & Bank Balances	1.847
	Other Current Assets	0.321
	Loans & Advances	3.360
Total Current Assets		77.074
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	30.599
	Other Current Liabilities	0.000
	Provisions	1.771
Total Current Liabilities		32.370
Net Current Assets		44.704
MISCELLANEOUS EXPENSES		0.000
TOTAL		51.555

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income		65.419	82.011
		Other Income		5.962	NA
		TOTAL	111.516	71.381	NA
Less	EXPENSES
		TOTAL	108.844	67.847	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		2.672	3.534	NA
Less/ Add	DEPRECIATION/ AMORTISATION		0.710	0.740	NA
	PROFIT / (LOSS) BEFORE TAX		1.962	2.794	4.843
Less	TAX		0.811	1.880	1.370
	PROFIT / (LOSS) AFTER TAX		1.151	0.914	3.473
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.693	1.780	NA
	BALANCE CARRIED TO THE B/S		3.844	2.694	NA
	EARNINGS IN FOREIGN CURRENCY
		Software Development	NA	2.917	0.875
		PCB Assembly	NA	0.292	0.000
	TOTAL EARNINGS		NA	3.209	0.875
	Earnings / (Loss) Per Share (Rs.)		46.04	36.56	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.03	1.28	NA
Net Profit Margin (PBT/Sales)	(%)	NA	4.27	5.91
Return on Total Assets (PBT/Total Assets}	(%)	2.40	7.43	12.87
Return on Investment (ROI) (PBT/Networth)		0.27	0.46	0.94
Debt Equity Ratio (Total Debt/Networth)		2.41	1.97	9.05
Current Ratio (Current Asset/Current Liability)		1.03	1.04	2.38

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	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	No

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10309115	27/08/2012 *	26,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	B56376924
* Date of charge modification

Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Short Term Borrowings
Loans
From Directors, Relatives and Other Related Parties	5.955	7.682
TOTAL	5.955	7.682

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.65.96
UK Pound	1	Rs.102.91
Euro	1	Rs.86.58

INFORMATION DETAILS

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	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.