MIRA INFORM REPORT

Report Date :

10.12.2014

IDENTIFICATION DETAILS

Name :	SKELTA SOFTWARE PRIVATE LIMITED [w.e.f.09.05.2003]
Formerly Known As :	NETGALACTIC PORTAL SOLUTIONS PRIVATE LIMITED
Registered Office :	Salarpuria Touchstone, Survey No.15A and Portion of, Survey No.14, P7, Kadubeesanahalli, Varthur Hobli, Bangalore – 560037, Karnataka
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	28.03.2000
Com. Reg. No.:	08-026794
Capital Investment / Paid-up Capital :	Rs. 0.125 Million
CIN No.: [Company Identification No.]	U72900KA2000PTC026794
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Subject engaged in developing enterprise-wide Business Process Management (BPM) and Advanced Workflow Solutions.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 480000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having good track record. The rating reflects company sound financial risk profile marked by healthy and reserves position and decent profitability. Trade relations are reported as fair. Business is active. Payment terms are reported to be regular and as per commitment. The company can be considered normal 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

NOT AVAILABLE

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 31-03-2014.

INFORMATION DECLINED

MANAGEMENT NON-COOPERATIVE

[CONTACT NO.: 91-80-40602600]

LOCATIONS

Registered Office :	Salarpuria Touchstone, Survey No.15A and Portion of, Survey No.14, P7, Kadubeesanahalli, Varthur Hobli, Bangalore – 560037, Karnataka, India
Tel. No.:	91-80-40602600
Fax No.:	Not Available
E-Mail :	rajan.pa@skelta.com sales@skelta.com
Website :	http://www.skelta.com
Branch Office :	Salarpuria Touchstone, Sarjapur Outer Ring Road, Bangalore – 560103, Karnataka, India

DIRECTORS

AS ON 28.10.2013

Name :

Mr. Pankaj Prakash

Designation :

Director

Address :

B-104, Sector 31, Noida – 201301, Uttar Pradesh, India

Date of Birth/Age :

24.01.1958

Date of Appointment :

30.09.2010

DIN No.:

00034865

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	U72200TG2003PTC041196	INVENSYS DEVELOPMENT CENTRE INDIA PRIVATE LIMITED	Director	19/06/2003	19/06/2003	-	Active	NO
2	U72200DL2005PTC135752	VARIANTE BPO SOLUTIONS PRIVATE LIMITED	Director	03/05/2005	03/05/2005	-	Active	NO
3	U72300DL2006PTC146139	DATAMARK BPO SERVICE PRIVATE LIMITED	Director	10/02/2006	10/02/2006	-	Active	NO
4	U93091DL2006PTC149060	FONG'S TECHNICAL SERVICES PRIVATE LIMITED	Director	22/05/2006	22/05/2006	16/04/2007	Active	NO
5	U72300DL2006PTC150929	BA CALL CENTRE INDIA PRIVATE LIMITED	Director	14/07/2006	14/07/2006	10/05/2007	Active	NO
6	U74140DL2007PTC163838	BARKAWI MANAGEMENT CONSULTANTS INDIA PRIVATE LIMITED	Director	23/05/2007	23/05/2007	30/06/2008	Active	NO
7	U72300DL2007PTC167810	OPTION INTERNATIONAL INDIA PRIVATE LIMITED	Director	06/09/2007	06/09/2007	09/06/2008	Active	NO
8	U51109MH2007PTC256121	CLARIANT INDIA PRIVATE LIMITED	Director	25/10/2007	25/10/2007	-	Active	NO
9	U74900DL2007PTC170696	ADTOMIC INDIA PRIVATE LIMITED	Director	23/11/2007	23/11/2007	-	Strike off	NO
10	U72900DL2008PTC178226	WINSETU SOLUTIONS PRIVATE LIMITED	Director	16/05/2008	16/05/2008	12/06/2008	Active	YES
11	U74300DL2008FTC179788	SEGECE INDIA PRIVATE LIMITED	Director	08/03/2013	19/06/2008	-	Under liquidation	NO
12	U74995DL2008FTC181421	JAKOB AND PARTNERS INDIA PRIVATE LIMITED	Director	28/07/2008	28/07/2008	30/12/2008	Active	NO
13	U51505DL2008PTC181569	CINTERION WIRELESS MODULES INDIA PRIVATE LIMITED	Director	31/07/2008	31/07/2008	11/09/2008	Active	NO
14	U63030MH2008FTC188648	URBAN TRANSIT PRIVATE LIMITED	Director	04/12/2008	04/12/2008	30/12/2008	Active	NO
15	U24232DL2009FTC187488	ENDOGENX INDIA PRIVATE LIMITED	Director	11/02/2009	11/02/2009	-	Active	NO
16	U72900KA2000PTC026794	SKELTA SOFTWARE PRIVATE LIMITED	Director	30/09/2010	20/04/2010	-	Active	NO
17	U36993KA2010FTC054963	GEBERIT INDIA MANUFACTURING PRIVATE LIMITED	Director	26/08/2010	26/08/2010	30/08/2010	Active	NO
18	U74900PN2010PTC137362	ITPC INDIA PRIVATE LIMITED	Director	17/09/2010	17/09/2010	22/09/2010	Active	NO
19	U35990PN2011PTC138992	WATSON AND CHALIN INDIA PRIVATE LIMITED	Director	28/03/2011	28/03/2011	-	Active	NO
20	U28113KA2011PTC059600	MJM FINE ENCLOSURES PRIVATE LIMITED	Director	14/07/2011	14/07/2011	21/03/2012	Active	NO
21	U74120MH2011PTC222087	POWER-ONE RENEWABLE ENERGY SOLUTIONS INDIA PRIVATE LIMITED	Director	16/09/2011	16/09/2011	21/12/2011	Active	NO
22	U74140DL2011FTC227863	NEOPERL INDIA PRIVATE LIMITED	Director	23/11/2011	23/11/2011	09/11/2012	Active	NO
23	U74999DL2012FTC238859	ALMAMET INDIA PRIVATE LIMITED	Director	13/07/2012	13/07/2012	14/06/2013	Active	NO
24	U72200DL2012FTC240322	MERKUR GAMING INDIA PRIVATE LIMITED	Director	17/08/2012	17/08/2012	23/10/2012	Active	NO
25	U74900KA2013FTC068241	GRANITE RIVER LABS TECHNOLOGY PRIVATE LIMITED	Director	21/03/2013	21/03/2013	23/05/2013	Active	NO
26	U80301KA2011PTC060644	SKILLSONICS INDIA PRIVATE LIMITED	Alternate director	25/06/2013	25/06/2013	-	Active	NO
27	U74900KA2013FTC070007	FRAUSCHER SENSOR TECHNOLOGY INDIA PRIVATE LIMITED	Director	05/07/2013	05/07/2013	06/07/2013	Active	NO

Name :

Mr. Rahul Khosla

Designation :

Director

Address :

F-583, Sarita Vihar, New Delhi – 110076, India

Date of Birth/Age :

03.09.1974

Date of Appointment :

30.09.2010

DIN No.:

00034893

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	U72200DL2005PTC135752	VARIANTE BPO SOLUTIONS PRIVATE LIMITED	Director	03/05/2005	03/05/2005	-	Active	NO
2	U93091DL2006PTC149060	FONG'S TECHNICAL SERVICES PRIVATE LIMITED	Director	22/05/2006	22/05/2006	16/04/2007	Active	NO
3	U72300DL2006PTC150929	BA CALL CENTRE INDIA PRIVATE LIMITED	Director	14/07/2006	14/07/2006	10/05/2007	Active	NO
4	U74140DL2007PTC163838	BARKAWI MANAGEMENT CONSULTANTS INDIA PRIVATE LIMITED	Director	23/05/2007	23/05/2007	30/06/2008	Active	NO
5	U72300DL2007PTC167810	OPTION INTERNATIONAL INDIA PRIVATE LIMITED	Director	06/09/2007	06/09/2007	09/06/2008	Active	NO
6	U51109MH2007PTC256121	CLARIANT INDIA PRIVATE LIMITED	Director	25/10/2007	25/10/2007	-	Active	NO
7	U74900DL2007PTC170696	ADTOMIC INDIA PRIVATE LIMITED	Director	23/11/2007	23/11/2007	-	Strike off	NO
8	U74300DL2008FTC179788	SEGECE INDIA PRIVATE LIMITED	Director	19/06/2008	19/06/2008	-	Under liquidation	NO
9	U74995DL2008FTC181421	JAKOB AND PARTNERS INDIA PRIVATE LIMITED	Director	28/07/2008	28/07/2008	30/12/2008	Active	NO
10	U51505DL2008PTC181569	CINTERION WIRELESS MODULES INDIA PRIVATE LIMITED	Director	31/07/2008	31/07/2008	11/09/2008	Active	NO
11	U63030MH2008FTC188648	URBAN TRANSIT PRIVATE LIMITED	Director	04/12/2008	04/12/2008	30/12/2008	Active	NO
12	U24232DL2009FTC187488	ENDOGENX INDIA PRIVATE LIMITED	Director	11/02/2009	11/02/2009	-	Active	NO
13	U36102DL2009PTC190358	MUZEO ARTWORK INDIA PRIVATE LIMITED	Director	15/05/2009	15/05/2009	29/06/2009	Active	NO
14	U72900KA2000PTC026794	SKELTA SOFTWARE PRIVATE LIMITED	Director	30/09/2010	20/04/2010	-	Active	NO

Name :

Mr. Sanjay Mahesh Shah

Designation :

Director

Address :

903, Athens – I, Prestige Acropolis Hosur Road, Bangalore – 560029, Karnataka, India

Date of Birth/Age :

30.08.1963

Date of Appointment :

25.07.2012

DIN No.:

00375679

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	U29190KA1997PTC022563	GARDEN CITY ENVIRONMENTAL SERVICES PRIVATE LIMITED	Director	21/09/2001	21/09/2001	18/07/2005	Active	NO
2	U72900KA2000PTC026794	SKELTA SOFTWARE PRIVATE LIMITED	Director	25/07/2012	15/09/2004	-	Active	NO
3	U74140KA1998PTC023820	SKELTA PROFESSIONAL SERVICES PRIVATE LIMITED	Director	15/09/2004	15/09/2004	-	Strike off	NO
4	L72100KA1989PLC014226	SASKEN COMMUNICATION TECHNOLOGIES LIMITED	Director	22/09/2014	10/06/2005	-	Active	NO
5	U29210KA1971PLC002030	RAPSRI ENGINEERING INDUSTRIES LIMITED	Director	01/04/2012	01/04/2012	28/02/2013	Active	NO
6	U30007TN1989PTC018509	EUROTHERM INDIA PRIVATE LIMITED	Director	18/09/2012	04/06/2012	-	Active	NO
7	U31200TN1996PTC082282	INVENSYS INDIA PRIVATE LIMITED	Director	28/09/2012	29/06/2012	-	Active	NO
8	U74900KA2013PTC071798	SHOPTREE ONLINE RETAIL PRIVATE LIMITED	Director	11/11/2013	11/11/2013	-	Active	NO
9	U72200KA2014PTC072883	ZAPTY SOFTWARE PRIVATE LIMITED	Director	06/01/2014	06/01/2014	-	Active	NO

Name :

Tony Ho Cheong Keong

Designation :

Director

Address :

31 Moonstone Lane, # 07-10, Singapore 328496

Date of Birth/Age :

29.05.1964

Date of Appointment :

25.07.2012

DIN No.:

05307693

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	U72900KA2000PTC026794	SKELTA SOFTWARE PRIVATE LIMITED	Director	25/07/2012	26/06/2012	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.10.2013

Names of Shareholders	No. of Shares
Invensys Process System (S) Pte. Limited, Singapore	12499
Invensys International Holdings Limited, United Kingdom	1
Total	12500

AS ON 28.10.2013

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]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject engaged in developing enterprise-wide Business Process Management (BPM) and Advanced Workflow Solutions.
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Experience:	Not Divulged
Maximum limit dealt:	Not Divulged

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Experience:	Not Divulged
Maximum limit dealt:	Not Divulged

No. of Employees :

Not Divulged

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
Person Name (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks: Not Divulged

Facilities :

--

Banking Relations :	--
Auditors :
Name :	S.R. Batliboi and Associates LLP Chartered Accountants
Address :	6th and 7th Floor-"A" Block, Tidel Park Module 601, 701 and 702, No. 4, Rajiv Gandhi Salai, Taramani, Chennai – 600113, Tamilnadu, India
Tel. No.:	91-44-66548100
Fax No.:	91-44-22540120
Income-tax PAN of auditor or auditor's firm :	AABFS3421S
Ultimate Holding Company :	Invensys PLC
Holding Company :	Invensys Process System (S) Pte. Limited, Singapore
Subsidiary Company :	Skelta Software Inc
Fellow Subsidiaries :	· Invensys Systems Inc. · AP Corporate Invensys, PLC · BTR Industries · Invensys India Private Limited · Invensys Rail North America · Invensys Systems GmbH · Invensys Saudi Arabia Co. Limited · Logitek, S.A. · Invensys Development Centre India Private Limited · Wonderware Italia SPA · Wonderware Spain S.L.

CAPITAL STRUCTURE

AS ON 28.10.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
12,500	Equity Shares	Rs. 10/- each	Rs. 0.125 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12,500	Equity Shares	Rs. 10/- each	Rs. 0.125 Million

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	0.125	0.125	0.125
(b) Reserves & Surplus	169.078	140.421	98.573
(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)	169.203	140.546	98.698
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.868
(d) long-term provisions	5.927	5.963	10.251
Total Non-current Liabilities (3)	5.927	5.963	11.119
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	27.172	5.789	9.019
(c) Other current liabilities	41.589	49.526	35.003
(d) Short-term provisions	6.082	3.178	3.234
Total Current Liabilities (4)	74.843	58.493	47.256
TOTAL	249.973	205.002	157.073
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	19.935	15.636	17.903
(ii) Intangible Assets	0.688	0.485	0.000
(iii) Capital work-in-progress	0.000	0.000	0.619
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.004	0.004
(c) Deferred tax assets (net)	12.129	10.164	9.087
(d) Long-term Loan and Advances	26.200	14.623	28.792
(e) Other Non-current assets	0.000	0.000	0.027
Total Non-Current Assets	58.952	40.912	56.432
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	72.985	81.549	83.384
(d) Cash and cash equivalents	91.615	70.863	11.189
(e) Short-term loans and advances	25.330	11.641	2.728
(f) Other current assets	1.091	0.037	3.340
Total Current Assets	191.021	164.090	100.641
TOTAL	249.973	205.002	157.073

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Sales	453.857	411.879	209.506
		Other Income	6.308	16.141	1.384
		TOTAL	460.165	428.020	210.890
Less	EXPENSES
		Software Development Expenses	0.000	6.488	4.622
		Employees benefits expense	275.855	257.386	142.000
		Other expenses	132.152	91.243	49.241
		TOTAL	408.007	355.117	195.863
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		52.158	72.903	15.027
Less/ Add	DEPRECIATION/ AMORTISATION		10.490	8.286	4.313
	PROFIT BEFORE TAX		41.668	64.617	10.714
Less	TAX		13.011	22.770	(7.720)
	PROFIT AFTER TAX		28.657	41.847	18.434
	EARNINGS IN FOREIGN CURRENCY
		Business Process Management License	109.901	124.011
		Annual Maintenance Contract	49.700	54.937
		Software Training, Implementation and Other Services	228.122	180.726
	TOTAL EARNINGS		387.723	359.674	177.273
	IMPORTS
		Capital Goods	NA	2.044	0.000
	Earnings Per Share (Rs.)		2292.56	3347.76	1474.72

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	6.31	10.16	8.80
Return on Total Assets (PBT/Total Assets}	(%)	17.52	33.17	7.27
Return on Investment (ROI) (PBT/Networth)		0.25	0.46	0.11
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		2.55	2.81	2.13

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.125	0.125	0.125
Reserves & Surplus	98.573	140.421	169.078
Net worth	98.698	140.546	169.203
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	209.506	411.879	453.857
		96.595	10.192

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	209.506	411.879	453.857
Profit	18.434	41.847	28.657
	8.80%	10.16%	6.31%

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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

CHANGE OF ADDRESS

The Registered Office of the Company has been shifted from 117-120, 1st Floor, 80 Feet Road, 4th Block, Koramangala, Bangalore – 560034, Karnataka to the present address w.e.f.24.10.2007.

CORPORATE INFORMATION

Subject is Software Company headquartered in Bangalore, India. It specializes in enterprise-wide [Business Process Management] and Advanced Workflow solutions for small to large-sized businesses worldwide.

CONTINGENT LIABILITIES:

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
Income Tax	0.657	0.657
The Company has received a demand notice under section 156 of the Income Tax Act relating to Assessment Year 2006-07 stating a due of Rs. 0.657 Million. The Company has filed an appeal against this demand with the Commissioner of Income TAX [Appeals]. Based on the responses filed, the management believes that the Company’s claim is likely to be accepted by the authorities.

FIXED ASSETS:

· Computer and data processing equipments

· Office Equipment

· Furniture and Fixture

· Leasehold Improvement

· 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. 61.88
UK Pound	1	Rs. 96.90
Euro	1	Rs. 76.29

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	DIV
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--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		54

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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