MIRA INFORM REPORT

Report No. :	343321
Report Date :	30.09.2015

IDENTIFICATION DETAILS

Name :	NUANCE TRANSCRIPTION SERVICES INDIA PRIVATE LIMITED (w.e.f. 14.03.2011)

Formerly Known As :	FOCUSMT INDIA PRIVATE LIMITED (w.e.f. 19.06.2008) FOCUS INFOSYS (INDIA) PRIVATE LIMITED

Registered Office :	#117-120, 2^nd Floor, 13, Green Leaf Layout, 80 Feet Road, 4^th Block, Koramangala, Banglore – 560034, Karnataka
Mobile No.:	91-9972540022 (Mr. Balasubramanyam)

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	02.07.1999

Com. Reg. No.:	08-039933

Capital Investment / Paid-up Capital :	Rs.2.285 Million

CIN No.: [Company Identification No.]	U72200KA1999PTC039933

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AAACF3465F

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is engaged in rendering IT enabled services which include medical transcription services of converting voice data into text of various patient, payroll management, customer billing, AR management, recruitment, training, induction of US editors, technical support, help desk and software support services.

No. of Employees :	Infomration declined by the management.

RATING & COMMENTS

MIRA’s Rating :

A (63)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a subsidiary of Nuance Transcription Services Inc. United Stated, incorporated in the year 1999. It has fine track. For the financial year ended 2014, the company has shown a thin decline in its scale of operations due to change in pricing method. However, it has maintain its sales turnover and profit earnings with a profitability margin of 10.75%. The company has healthy financial base, efficient networth position and there are no external borrowings taken by the company. It has favourable gap between trade payables and receivables. Trade relations are fair. Business is active. Payments are regular and as per commitments. In view of strong holding company, it 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, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 31-03-2015.

INFORMATION DENIED BY

Name :	Mr. Balasubramanyam
Designation :	Assistant Manager – Finance
Contact No.:	91-9972540022
Date :	29.09.2015

LOCATIONS

Registered Office :	#117-120, 2^nd Floor, 13, Green Leaf Layout, 80 Feet Road, 4^th Block, Koramangala, Banglore – 560034, Karnataka, India
Tel. No.:	91-80-25502000 / 25527229
Mobile No.:	91-9972540022 (Mr. Balasubramanyam)
Fax No.:	91-80-25527230 / 25527231
E-Mail :	jayesh@focusmt.com prasanna.venkatesan@nuance.com balasubramanyam.n@nuance.com
Website :	http://www.ntsindia.in

Branch Office :	Located At : Koramangala, Banglore, Karnataka, India Ganganagar (RT Nagar), Banglore, Karnataka, India Basavanagudi, Banglore, Karnataka, India Chennai Coimbatore Hyderabad

DIRECTORS

AS ON 29.09.2014

Name :

Thomas Linwood Beaudoin

Designation :

Director

Address :

19 Northbriar Road, Acton, MA, 017205827, United States of America

Date of Birth/Age :

06.12.1953

Date of Appointment :

29.09.2008

DIN No.:

02521519

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	U74899DL1995PTC068500	PBE INDIA PRIVATE LIMITED	DIRECTOR	23/04/2004	23/04/2004	28/08/2008	UNDER LIQUIDATION	NO
2	U72200KA1999PTC039933	NUANCE TRANSCRIPTION SERVICES INDIA PRIVATE LIMITED	DIRECTOR	29/09/2008	26/09/2008	-	ACTIVE	NO
3	U74210KA1998PTC075631	TRANSCEND MT SERVICES PRIVATE LIMITED	DIRECTOR	26/04/2012	26/04/2012	28/08/2014	ACTIVE	NO
4	U30007KA1996PTC075630	TRANSCEND INDIA PRIVATE LIMITED	DIRECTOR	26/04/2012	26/04/2012	-	ACTIVE	NO
5	U64200KA2008PTC054891	NUANCE INDIA PRIVATE LIMITED	DIRECTOR	27/09/2012	27/09/2012	-	ACTIVE	NO
6	U99999MH1995PTC088576	SERVTECH SYSTEMS INDIA PRIVATE LIMITED	ADDITIONAL DIRECTOR	01/01/2015	01/01/2015	-	ACTIVE	NO

Name :

Prasanna Venkatesan

Designation :

Director

Address :

Pe-505, Purva Panorama Apts, Kalena Agrahara, Bannerghatta Road, Meenakshi Temple, Bangalore - 560076, Karnataka, India

Date of Birth/Age :

18.11.1953

Date of Appointment :

23.12.2013

DIN No.:

03594729

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	U74210KA1998PTC075631	TRANSCEND MT SERVICES PRIVATE LIMITED	DIRECTOR	14/09/2011	14/09/2011	-	ACTIVE	NO
2	U30007KA1996PTC075630	TRANSCEND INDIA PRIVATE LIMITED	DIRECTOR	14/09/2011	14/09/2011	-	ACTIVE	NO
3	U72200KA1999PTC039933	NUANCE TRANSCRIPTION SERVICES INDIA PRIVATE LIMITED	DIRECTOR	23/12/2013	23/12/2013	-	ACTIVE	NO

Name :

Caroline Curtis

Designation :

Director

Address :

55 The Pines, Castleknock, Dublin 15, Dublin, NA, Ireland

Date of Birth/Age :

21.12.1963

Date of Appointment :

29.09.2014

DIN No.:

06513748

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	U64200KA2008PTC054891	NUANCE INDIA PRIVATE LIMITED	DIRECTOR	30/09/2013	28/01/2013	-	ACTIVE	NO
2	U74210KA1998PTC075631	TRANSCEND MT SERVICES PRIVATE LIMITED	ADDITIONAL DIRECTOR	24/06/2014	24/06/2014	28/08/2014	ACTIVE	NO
3	U72200KA1999PTC039933	NUANCE TRANSCRIPTION SERVICES INDIA PRIVATE LIMITED	DIRECTOR	29/09/2014	24/06/2014	-	ACTIVE	NO
4	U99999MH1995PTC088576	SERVTECH SYSTEMS INDIA PRIVATE LIMITED	DIRECTOR	25/09/2014	24/06/2014	-	ACTIVE	NO
5	U30007KA1996PTC075630	TRANSCEND INDIA PRIVATE LIMITED	DIRECTOR	29/09/2014	24/06/2014	-	ACTIVE	NO

Name :

Mr. Shailendra Sharma

Designation :

Director

Address :

12295 Crabapple Chase Dr, Alpharetta, 30004, , United States of America

Date of Birth/Age :

06.01.1976

Date of Appointment :

29.09.2014

DIN No.:

06903299

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	U72200KA1999PTC039933	NUANCE TRANSCRIPTION SERVICES INDIA PRIVATE LIMITED	DIRECTOR	29/09/2014	24/06/2014	-	ACTIVE	NO
2	U30007KA1996PTC075630	TRANSCEND INDIA PRIVATE LIMITED	DIRECTOR	29/09/2014	24/06/2014	-	ACTIVE	NO
3	U74210KA1998PTC075631	TRANSCEND MT SERVICES PRIVATE LIMITED	DIRECTOR	29/09/2014	24/06/2014	-	ACTIVE	NO

Name :

Ruth Elizabeth Stuart

Designation :

Additional Director

Address :

Jasmine Marriotts Avenue, South Heath Great Missenden HP16 9QL, Buckinghamshire, 169, United Kingdom

Date of Appointment :

15.12.2014

DIN No.:

07030893

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	U74210KA1998PTC075631	TRANSCEND MT SERVICES PRIVATE LIMITED	ADDITIONAL DIRECTOR	15/12/2014	15/12/2014	-	ACTIVE	NO
2	U72200KA1999PTC039933	NUANCE TRANSCRIPTION SERVICES INDIA PRIVATE LIMITED	ADDITIONAL DIRECTOR	15/12/2014	15/12/2014	-	ACTIVE	NO
3	U99999MH1995PTC088576	SERVTECH SYSTEMS INDIA PRIVATE LIMITED	ADDITIONAL DIRECTOR	01/01/2015	01/01/2015	-	ACTIVE	NO
4	U30007KA1996PTC075630	TRANSCEND INDIA PRIVATE LIMITED	ADDITIONAL DIRECTOR	03/09/2015	03/09/2015	-	ACTIVE	NO

Name :

Forrest Gene Tiedeman

Designation :

Additional director

Address :

50 Orris Street, Melrose, 02176, United States of America

Date of Appointment :

15.12.2014

DIN No.:

07044047

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	U74210KA1998PTC075631	TRANSCEND MT SERVICES PRIVATE LIMITED	ADDITIONAL DIRECTOR	15/12/2014	15/12/2014	-	ACTIVE	NO
2	U72200KA1999PTC039933	NUANCE TRANSCRIPTION SERVICES INDIA PRIVATE LIMITED	ADDITIONAL DIRECTOR	15/12/2014	15/12/2014	-	ACTIVE	NO
3	U99999MH1995PTC088576	SERVTECH SYSTEMS INDIA PRIVATE LIMITED	ADDITIONAL DIRECTOR	01/01/2015	01/01/2015	-	ACTIVE	NO
4	U30007KA1996PTC075630	TRANSCEND INDIA PRIVATE LIMITED	ADDITIONAL DIRECTOR	03/09/2015	03/09/2015	-	ACTIVE	NO

KEY EXECUTIVES

Name :	Mr. Balasubramanyam
Designation :	Assistant Manager – Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2014

Names of Shareholders	No. of Shares	%age holding
Bluestar Options Inc., USA	228400	99.96
Bluestar Resources Limited (Nominee of Bluestar Options Inc., USA)	100	0.04
Total	228500	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 29.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00

Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in rendering IT enabled services which include medical transcription services of converting voice data into text of various patient records, payroll management, customer billing, AR management, recruitment, training, induction of US editors, technical support, help desk and software support services.

Products or Services:

Item Code No.	Product or Service Description
99831177	Medical Transcription Services and Other Bpo Activities (Ites)
9983	Other Professional, Technical and Business Services

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Information declined by the mangement.

Bankers :

Bank Name	Punjab National Bank
Branch	100; KHB Colony, 1st Floor; V-Block; Kormangala, Bangalore - 560095, Karnataka, India
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 Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :
Name :	S R Batliboi and Associates LLP Chartered Accountants
Address :	12^th and 13^th Floor, Ub City, Vittal Mallaya Road, Bangalore, Karnataka, India
Permanent account number of auditor or auditor's firm:	ACHFS9118A

Memberships :	Not Available

Collaborators :	Not Available

Associate Company (as confirmed by management) :	Nuance India Private Limited Address : No. 43/61, Surveyor’s Street, Basavanagudi, Bangalore - 560004, Karnataka, India

Holding Company :	Nuance Transcription Services Inc.

CAPITAL STRUCTURE

AS ON 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

500,000	Equity Shares	Rs.10/- each	Rs.5.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

228,500	Equity Shares	Rs.10/- each	Rs.2.285 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2.285	2.285	2.285
(b) Reserves & Surplus	1066.865	949.823	709.311
(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)	1069.150	952.108	711.596

(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	0.527	0.485
(d) long-term provisions	0.000	0.000	16.272
Total Non-current Liabilities (3)	0.000	0.527	16.757

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	101.933	83.839	70.090
(c) Other current liabilities	18.978	14.359	12.827
(d) Short-term provisions	61.011	50.078	51.852
Total Current Liabilities (4)	181.922	148.276	134.769

TOTAL	1251.072	1100.911	863.122

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	12.956	13.427	17.327
(ii) Intangible Assets	0.738	1.064	1.626
(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)	20.064	15.360	19.937
(d) Long-term Loan and Advances	189.307	31.418	30.050
(e) Other Non-current assets	0.589	0.587	0.883
Total Non-Current Assets	223.654	61.856	69.823

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	320.810	958.616	701.065
(d) Cash and cash equivalents	695.193	76.385	85.884
(e) Short-term loans and advances	4.487	4.054	6.350
(f) Other current assets	6.928	0.000	0.000
Total Current Assets	1027.418	1039.055	793.299

TOTAL	1251.072	1100.911	863.122

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1076.880	1088.430	883.164
	Other Income	NA	38.989
	TOTAL	NA	1127.419	883.164

Less	EXPENSES
	TOTAL	NA	763.603	652.584

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	NA	363.816	230.580

Less/ Add	DEPRECIATION/ AMORTISATION	NA	5.025	11.009

	PROFIT/ (LOSS) BEFORE TAX	NA	358.792	219.572

Less	TAX	NA	118.280	74.059

	PROFIT/ (LOSS) AFTER TAX	117.040	240.512	145.513

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	898.789	658.277	512.764

	Balance Carried to the B/S	1015.829	898.789	658.277

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	1076.884	1088.435	793.597
	TOTAL EARNINGS	1076.884	1088.435	793.597

	Earnings / (Loss) Per Share (Rs.)	512.21	1052.57	636.82

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	1041.952	1085.941	793.598
Net cash flows from (used in) operating activities	1041.952	1085.941	793.598

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	10.87	22.10	NA

Return on Total Assets (PBT/Total Assets}	(%)	NA	33.05	26.04

Return on Investment (ROI) (PBT/Networth)		NA	0.38	0.31

Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00

Current Ratio (Current Asset/Current Liability)		5.65	7.01	5.89

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	2.285	2.285	2.285
Reserves & Surplus	709.311	949.823	1066.865
Share Application money pending allotment	0.000	0.000	0.000
Net worth	711.596	952.108	1069.150

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	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	1088.430	1076.880
		(1.061)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	1088.430	1076.880
Profit	240.512	117.040
	22.10%	10.87%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	---
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	---
33	Market information	---
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

Note : Ther registered office of the company hasd benn shifted from 401/405, Dalamal House, J Bajaj Road, Nariman Point, Mumbai - 400023, Maharashtra, India to the present address w.e.f. 15.06.2006

PERFORMANCE AND OPERATIONS

During the year, there is an decrease in revenue from Rs 1088.430 million to Rs. 1076.880 million. The minor decrease in revenue is mainly on account of change in pricing to cost plus method w.e.f 1st April 2013 The Net Profit is Rs.117.04 million as against Rs. 240.51 million in the previous year. The decrease in profit is mainly on account of change in pricing method. The Company continued to provide tax under normal tax provisions as tax holiday benefit under section 10A was available up to the financial year ended 31st March 2009.

The Company continued to maintain TAT performance around 93.37% and quality accuracy around 98.84%

GENERAL INFORMATION

The company was incorporated on July 2, 1999. The Company is engaged in rendering IT enabled services which include medical transcription services of converting voice data into text of various patient records, payroll management, customer billing, AR management, recruitment, training, induction of US editors, technical support, help desk and software support services.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90144380	10/03/2003	5,000,000.00	PUNJAB NATIONAL BANK	100; KHB COLONY, 1ST FLOOR; V-BLOCK; KORMANGALA, BANGALORE - 560095, KARNATAKA, INDIA	-

FIXED ASSETS

Furniture and fixtures
Vehicles
Office equipment
Computer equipments

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 records 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 records 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.66.18
UK Pound	1	Rs.100.46
Euro	1	Rs.74.61

INFORMATION DETAILS

Information Gathered by :	SVA

Analysis Done by :	TRS

Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION		0
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		63

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.