MIRA INFORM REPORT

Report Date :

27.12.2014

IDENTIFICATION DETAILS

Name :	SYNECHRON CANADA INC.
Registered Office :	161 Bay Street, Toronto, Ontario M5J 2S1
Country :	Canada
Date of Incorporation :	23.06.2010
Legal Form :	Federal Corporation – Profit
Line of Business :	· Subject offers Information Technology Consulting Services and Technology Solutions focusing on Banking, Insurance, and Financial Industries. · Subject offers Information Technology Strategy and Architecture, Application Development and Maintenance, Mobile Application Development, Business intelligence and Data Warehousing, Cloud Computing, QA Service offerings, Business Process Management (BPM), Remote Infrastructure Management, and Business Process Outsourcing Services
No of Employees :	10

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

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)
Canada	a1	a1

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

CANADA ECONOMIC OVERVIEW

As a high-tech industrial society in the trillion-dollar class, Canada resembles the US in its market-oriented economic system, pattern of production, and affluent living standards. Since World War II, the impressive growth of the manufacturing, mining, and service sectors has transformed the nation from a largely rural economy into one primarily industrial and urban. The 1989 US-Canada Free Trade Agreement (FTA) and the 1994 North American Free Trade Agreement (NAFTA) (which includes Mexico) touched off a dramatic increase in trade and economic integration with the US its principal trading partner. Canada enjoys a substantial trade surplus with the US, which absorbs about three-fourths of Canadian exports each year. Canada is the US's largest foreign supplier of energy, including oil, gas, uranium, and electric power. Given its great natural resources, highly skilled labor force, and modern capital plant, Canada enjoyed solid economic growth from 1993 through 2007. Buffeted by the global economic crisis, the economy dropped into a sharp recession in the final months of 2008, and Ottawa posted its first fiscal deficit in 2009 after 12 years of surplus. Canada's major banks, however, emerged from the financial crisis of 2008-09 among the strongest in the world, owing to the financial sector's tradition of conservative lending practices and strong capitalization. Canada achieved marginal growth in 2010-12 and plans to balance the budget by 2015. In addition, the country's petroleum sector is rapidly becoming an even larger economic driver with Alberta's oil sands significantly boosting Canada's proven oil reserves, ranking the country third in the world behind Saudi Arabia and Venezuela.

Source : CIA

Company name & address

Company name: SYNECHRON CANADA INC.

Address: 161 Bay Street, Toronto, Ontario M5J 2S1 - Canada

Telephone: +1 416-572-2017

Fax: +1 416-572-2201

Website: www.synechron.com

Registration data

Corporate ID#: 7585039

State: Federal

Judicial form: Federal Corporation – Profit

Date incorporated: 06-23-2010

Name of manager: Samuel BAKER

ACTIVITIES & OPERATIONS

IST

Business:

Synechron Canada Inc. offers information technology consulting services and technology solutions focusing on banking, insurance, and financial industries.

The company offers information technology strategy and architecture, application development and maintenance, mobile application development, business intelligence and data warehousing, cloud computing, QA service offerings, business process management (BPM), remote infrastructure management, and business process outsourcing Services.

Staff: 10

Operations & branches:

At the headquarters, we find the corporate office, on lease.

SHAREHOLDERS & MANAGERS

Shareholders:

SYNECHRON INC.

15 Corporate Place South, Ste 200, Piscataway, NJ 08854 – USA

Management:

Samuel BAKER is the President, Director and CEO.

Zia BHUTTA is Director.

As far as we know, they are not involved in other local corporations.

Subsidiaries And Partnership:

None

FINANCIALS

In Canada, privately held corporations are not required to publish any financials.

On a direct call, nobody was available to answer our questions.

We sent a fax but no answer received.

However, sales estimate for year 2013 is in the range of CAD 6,000,000=

The business is profitable.

Banks: Scotia Bank

LEGAL FILINGS

Legal filings & complaints:

As of today date, there is no legal filing pending with the Courts.

Secured debts summary: None

COMPANY CREDIT HISTORY

Trade references:

Date reported: December 2014

High credit: CAD 20,000

Now owing: 0

Past due: 0

Last purchase: November 2014

Line of business: Office supply

Paying status: On terms

Date reported: December 2014

High credit: CAD 50,000

Now owing: 0

Past due: 0

Last purchase: November 2014

Line of business: Payroll

Paying status: As agreed

Date reported: December 2014

High credit: CAD 300

Now owing: 0

Past due: 0

Last purchase: November 2014

Line of business: Telecommunications

Paying status: On terms

Domestic credit history:

National Credit Bureaus gave a satisfying credit rating.

According to our credit analysts, during the last 6 months, domestic payments were made on due date.

Other comments:

The Company maintains a regular business.

The Company is in good standing.

This means that all local and federal taxes were paid on due date.

Last report was filed on 06-23-2014.

The risk is low.

Our opinion:

A business connection may be conducted.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.64
UK Pound	1	Rs.98.98
Euro	1	Rs.77.74

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	MNL

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	--

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%)

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