MIRA INFORM REPORT

Report No. :	304685
Report Date :	29.01.2015

IDENTIFICATION DETAILS

Name :	ERESOURCE INFOTECH PRIVATE LIMITED
Registered Office :	TMA House, 1^st Floor, Road No 16, Plot No 6, Wagle Industrial Estate, Thane West – 400604, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	12.12.2006
Com. Reg. No.:	11-166126
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U93090MH2006PTC166126
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 is engaged in web-based digital media services, software development and consultancy services etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Small Business
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a small company in its field. Its scale of activities are limited. Management has failed to file the latest financial of FY 2014 with the government department. Trade relations seem to be fair. Business is active. Payment terms are reported as slow but correct. The company can be considered for small 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

Rating Agency Name	CRISIL NSIC
Rating	SE3B
Rating Explanation	Moderate financial strength and moderate performance capability.
Date	25.01.2013

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 31-03-2014.

LOCATIONS

Registered Office :	TMA House, 1^st Floor, Road No 16, Plot No 6, Wagle Industrial Estate, Thane West – 400604, Maharashtra, India
Tel. No.:	91-22-25827692 / 25828775 / 65130234 / 41118000 / 8049
Fax No.:	Not Available
E-Mail :	renuka@eresourceinfotech.com vivek.jingade@eresourceinfotech.com sales@eresourceerp.com info@eresourceerp.com
Website :	www.eresourceerp.com
Overseas Office (Dubai) :	P O Box 52034, Dubai UAE
E-Mail :	sn@eresourceinfotech.com

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Satlaj Sudhir Nair

Designation :

Director

Address :

Hansraj Damodar Wadi, Jaysukhlal Mehta Road, Santacruz (West), Mumbai – 400054, Maharashtra, India

Date of Birth/Age :

09.03.1973

Date of Appointment :

12.12.2006

DIN No.:

00611233

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	U93090MH2006PTC166126	ERESOURCE INFOTECH PRIVATE LIMITED	Director	12/12/2006	12/12/2006	-	Active	NO
2	U51109MH2010PTC206571	SUPRA EXIM PRIVATE LIMITED	Director	13/08/2010	13/08/2010	-	Active	NO
3	U74900MH2010PTC209545	PIPELINE SUPPLIES AND SERVICES PRIVATE LIMITED	Director	28/10/2010	28/10/2010	-	Active	NO

Name :

Mr. Vivek Ashok Jingade

Designation :

Director

Address :

1, Wadhavkar Building, Old Mumbai Agra Road, Charai, Thane – 400601, Maharashtra, India

Date of Birth/Age :

30.06.1970

Date of Appointment :

12.12.2006

DIN No.:

02087457

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	U93090MH2006PTC166126	ERESOURCE INFOTECH PRIVATE LIMITED	Director	12/12/2006	12/12/2006	-	Active	NO
2	U51109MH2010PTC206571	SUPRA EXIM PRIVATE LIMITED	Director	13/08/2010	13/08/2010	-	Active	NO

Name :

Mr. Sudhirkumar Soman Nair

Designation :

Director

Address :

22, Narsinha Society Kopar Road, Shastri Nagar, Dombivali West – 421202, Maharashtra, India

Date of Birth/Age :

02.07.1972

Date of Appointment :

12.12.2006

DIN No.:

02595553

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	U93090MH2006PTC166126	ERESOURCE INFOTECH PRIVATE LIMITED	Director	12/12/2006	12/12/2006	-	Active	NO
2	U74900MH2010PTC209545	PIPELINE SUPPLIES AND SERVICES PRIVATE LIMITED	Director	28/10/2010	28/10/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr.
Designation :
Address :
Date of Birth/Age :
Date of Appointment :
PAN No.:

MAJOR SHAREHOLDERS

AS ON 29.09.2012

Names of Shareholders	No. of Shares	% of Holding
Vivek Ashok Jingade	1500	15.00
Sudhirkumar Soman Nair	7500	75.00
Satlaj Sudhir Nair	1000	10.00
Total	10000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 29.09.2012

Category	Percentage
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in web-based digital media services, software development and consultancy services etc.
Exports :	--
Imports :	--
Terms :	--

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

--

Customers :

--

No. of Employees :

Not Available

Bankers :

The Saraswat Co-Operative Bank Limited, Rasec Branch, Ishan Arcade, Opposite Gaondevi Temple, Naupada, Thane – 400602, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Cash Credit from Saraswat Co-operative Bank Limited	0.925	0.000
Total	0.925	0.000

Banking Relations :	--
Auditors :
Name :	Subramanian and Company Chartered Accountants
Address :	E-2, 4-2, Bhimashankar Co-Operative Housing Society Limited, Plot No-3 Sector 19-A, Nerul, Navi Mumbai – 400706, Maharashtra, India
Tel. No.:	91-22-65116384
Mobile No.:	91-9821335320
Email :	mahadevan_subramanian@rediffmail.com casmahadevan@gmail.com
PAN No.:	ADUPS7902A
Membership :	--
Entities in which KMP / Relatives of KMP can Exercise :	Supra Exim Private Limited Eresources Solutions

CAPITAL STRUCTURE

AS ON 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 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	0.100	0.100	0.100
(b) Reserves & Surplus	5.747	4.912	3.538
(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)	5.847	5.012	3.638
(3) Non-Current Liabilities
(a) long-term borrowings	0.925	0.000	0.442
(b) Deferred tax liabilities (Net)	0.058	0.001	0.000
(c) Other long term liabilities	3.345	4.815	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	4.328	4.816	0.442
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.912
(b) Trade payables	0.124	0.451	1.338
(c) Other current liabilities	1.957	1.037	0.000
(d) Short-term provisions	2.307	1.289	0.971
Total Current Liabilities (4)	4.388	2.777	3.221
TOTAL	14.563	12.605	7.301
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.795	1.027	0.925
(ii) Intangible Assets	0.046	0.002	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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	1.786
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	0.841	1.029	2.711
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	7.523	6.134	3.564
(d) Cash and cash equivalents	0.394	0.729	0.194
(e) Short-term loans and advances	4.399	3.481	0.000
(f) Other current assets	1.406	1.232	0.832
Total Current Assets	13.722	11.576	4.590
TOTAL	14.563	12.605	7.301

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	20.366	15.889
		Other Income	0.000	0.000
		TOTAL (A)	20.366	15.889	14.556
Less	EXPENSES
		Employee Benefits Expenses	11.424	10.349
		Other Expenses	5.976	3.509
		TOTAL (B)	17.400	13.858	12.815
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.966	2.031
Less	FINANCIAL EXPENSES (D)		0.850	0.290
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.116	1.741
Less	DEPRECIATION/ AMORTISATION (F)		0.336	0.368
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		1.780	1.373	1.741
Less	TAX (H)		0.945	0.000	1.740
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		0.835	1.373	0.001
	Earnings Per Share (Rs.)		83.50	--	--

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin PAT / Sales	(%)	4.10	8.64	NA
Operating Profit Margin (PBDIT/Sales)	(%)	14.56	12.78	NA
Return on Total Assets (PBT/Total Assets}	(%)	12.22	10.89	23.85
Return on Investment (ROI) (PBT/Networth)		0.30	0.27	0.48
Debt Equity Ratio (Total Debt /Networth)		0.16	0.00	0.37
Current Ratio (Current Asset/Current Liability)		3.13	4.17	1.43

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	0.100	0.100	0.100
Reserves & Surplus	3.538	4.912	5.747
Net worth	3.638	5.012	5.847
long-term borrowings	0.442	0.000	0.925
Short term borrowings	0.912	0.000	0.000
Total borrowings	1.354	0.000	0.925
Debt/Equity ratio	0.372	0.000	0.158

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	14.556	15.889	20.366
		9.158	28.177

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	14.556	15.889	20.366
Profit	0.001	1.373	0.835
	0.01%	8.64%	4.10%

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	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	No
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	Yes

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10344292	05/03/2012	1,500,000.00	The Saraswat Co-Operative Bank Limited	Rasec Branch, Ishan Arcade, Opposite Gaondevi Temple, Naupada, Thane, Maharashtra - 400602, India	B35825512

*Date of modification Charges

FIXED ASSETS:

· Plant and Machinery

· Furniture and Fixtures

· Computers and Peripherals

· Electrical Installation

· Invertor and Batteries

· Mobiles

· Office Equipments

· Technical Know-How

· Trademarks

· Computer 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.61.41
UK Pound	1	Rs.93.18
Euro	1	Rs.69.82

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUB
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.