1. ASHIKA CAPITAL LIMITED AUGUST 2010

2. About Ashika Group  Ashika is one of the leading players in the Financial Services Sector in India. It is a privately held unlisted company.  The Group has business interests in various segments of the capital market including:  Stock Broking  Merchant Banking  Depository Services (Equities & Commodities)  Investment Advisory Services  Mutual Fund Marketing  Portfolio Management Services  Online Trading  Commodities & Derivatives  Ashika Group has extensive network spread over 70 locations, represented by approximately 400 Offices, Branches and Business Associates, giving us a nationwide presence, which facilitates marketing of any Public Issue. 1

3. Our Promoters Mr. Pawan Jain Mr. Pawan Jain, FCA is the Chairman & Managing Director of our Company. He is also on the Board of all our Group Companies. He has vast experience in various segments of Financial Markets, including Capital Markets, Commodities Market & Financial Advisory services etc. Professional achievements:  Fellow Member of the Institute of Chartered Accountants of India  Member of Merchant Chamber of Commerce  Member of Bharat Chamber of Commerce  Member of Indian Chamber of Commerce  Member of Direct Tax Professionals Association  Member of Association of Corporate Advisors & Executives

4. Contd… Mr. Daulat Jain Mr. Daulat Jain, FCA, is on Board of our various Group Companies. He has got expertise in the field of Corporate Finance (Inter Corporate Deposits, Short Term Financing, Bill Discounting, Loan Syndication, Arranging Working Capital Finance), Investments (Securities Trading & Bought Out Deals), Taxation, Audit and Corporate Laws. Professional Achievements:  Fellow Member of the Institute of Chartered Accountants of India  Member of Direct Tax Professionals Association  Member of Association of Corporate Advisors & Executives

5. Ashika Group Companies 2 Ashika Credit Capital Ltd. Ashika Global Securities Ltd. Ashika Stock Broking Ltd. Ashika Capital Ltd. Ashika Insurance Broking & Risk Management Pvt. Ltd. Ashika Venture Capital Pvt. Ltd. Ashika Commodities & Derivatives Pvt.Ltd. Ashika Global Finance Pvt. Ltd. Ashika Hedge Fund Pvt. Ltd. Ashika Share Trading Pvt. Ltd. Ashika Technology Pvt. Ltd. Ashika Wealth Management Pvt. Ltd. Ashika Properties Pvt. Ltd. Ashika Forex Services Pvt. Ltd.

6. About Ashika Capital Limited  ASHIKA CAPITAL LIMITED (ACL), a SEBI Registered Merchant Banker and Underwriter, is a progressive forward looking Company managed by a team of professionals under the supervision of able and dynamic Board of Directors.  ACL offers full range of financial services like:  Issue Management  Open Offers  Placement of the Equity Shares  Corporate Restructuring  Mergers & Acquisitions, Takeovers  Advisory Services  Debt Syndication  Buyback/Delisting of Shares  Project Appraisal, etc.  Our professionals offer the comprehensive range of services from conception to completion under one roof reinforces our commitment on quality assurances through total involvement. By applying our knowledge capital and by remaining intensely client-focused, we create innovative, client specific solutions. 3

7. Our Team: Mr. Niraj Kothari (Asst. Vice President) Ms. Nimisha Joshi (Asst. Vice President) Mr. Narendra Gamini (Asst. Vice President) Ms. Purnima Singh (Company Secretary and Compliance Officer) Mr. Manish Gaur (Manager) Mr. Ankit Joshi (Manager) Mr. Pranav Nagar (Manager) Mr. Rohit Bhansali (Manager) Mr. Shriyash Kela (Manager) Mr. Nikhil Lohia (Assistant Manager) Mr. Claus P. Chakravarthy (Assistant Manager) Ms. Nupur Jain (Executive) Ms. Anshu Jain (Executive) Ms. Nidhi Shah (Executive) Our Team Our Merchant Banking Division is headed by Mr. Rajendra Kanoongo. He is a Chartered Accountant by profession. He has an extensive knowledge and experience in areas of Public Issue Management, Takeovers, International Offerings, Private Placements, Debt Syndication, QIB Placements, Corporate Finance and other Corporate Restructuring and Advisory Services. 4

8. Incremental ROCE Fund Requirement at Various Stages Startup Growth Company’s Life Cycle Stability Maturity Time Capital Raising Restructuring & Recapitalization Structured Finance, Mergers, Acquisitions, Takeovers 5

9. S. NoName of the CompanyTypeIssue Size 1Shree Ganesh Jewellery House LimitedIPO3850.00 2Rainbow Papers LimitedGDR1270.00 3Birla Shloka Edutech Ltd.FPO347.75 4Edserv Softsystems Ltd.IPO238.43 5Rishabhdev Technocables LimitedFPO297.00 6Tirupati Inks Ltd.FPO 515.00 7Bedmutha Industries LimitedIPO920.00 8*Sumatex Ltd.IPO382.40 9**VMS Industries LimitedIPO240.00 10**Vaswani Industries LimitedIPO450.00 11**Raja Forgings & Gears LimitedIPO500.00 12**Ruchi Power & Steel LimitedIPO3500.00 13**Gajra Differential Gears LimitedIPO350.00 14**Sudar Garments LimitedIPO600.00 15**Apollo Computer Education LimitedIPO420.00 Latest Issues Handled (IPO/FPO/GDR) (2008 – 2010) Rs in Millions 20 *Already filed with SEBI, Final Observation Awaited ** Issue under Process

10. IPOs during 2008 - 2009 Out of 21 IPOs which have hit the market during the year 2008 – 2009, 5 IPOs (25% of total IPOs) were managed by Ashika Capital Limited No. of IPOs No of Issues in 2008 - 2009 21 5

11. List of Assignments handled by Ashika S. NoName of the CompanyIssue Size 1 Lawreshwar Polymers Ltd. 139.40 2 Refex Refrigerants Limited 247.00 3 Bafna Pharmaceuticals Limited 256.00 4 Somi Conveyor Beltings Limited 217.97 5 Resurgere Mines & Minerals India Ltd 1201.50 6 Chemcel Biotech Limited 246.40 PUBLIC ISSUES (2008 and prior) Rs in Millions 23

12. Sr. NoName of the CompanyIssue Size (Rs. In Lacs) 1 Kanco Enterprises Ltd. 77.15 2 Vama Industries Ltd. 46.92 3 R S Software (India) Ltd. 159.83 4 Entegra Limited 1275.00 RIGHTS ISSUES

13. Contd… Sr. NoTarget CompanyYear of Issue Issue Size (Rs. in Millions) 17Seas Technologies Limited20062.60 2 Secunderabad Health Care Limited20063.20 3 Weizmann Fincorp Ltd20064.93 4 Exdon Trading Company Limited20062.01 5 Saarc Net Limited200612.17 6 Blue Circle Services Ltd20061.98 7 Sonapal Cement and Infrastructure20060.98 8 Tej Infoways Limited20067.78 9 Bombay Polymers Limited20063.15 10 GG Automotive Gears Limited200614.72 11 Media One Global Entertainment Limited20075.17 12 Vision Corporation Ltd.20079.38 13 Multiplus Holdings Limited20070.48 14 Benzo Petro International Ltd20075.54 15 Bliss GVS Pharma200779.46 16 Neemtek Organics Products Limited20073.67 OPEN OFFERS 24

14. 17 K.B. Steel Limited20071.34 18 Industrial Investment Trust Limited2007222.00 19 Frontier Leasing and Finance Limited20071.23 20 Splash Media Works Limited200729.92 21 Systematix Corporate Services Limited2007124.38 22 Poddar Infrastructure Limited20074.80 23 Sellaids Publication (India) Limited20072.20 24 Rohit Pulp and Paper Mills Limited200826.58 25 Avon Organics Limited200890.00 26 Neha International Limited2008157.08 27 Passari Cellulose Limited20084.32 28 Brilliant Securities Limited2008111.34 29Manoj Housing Finance Company Limited200813.99 30 Channel Guide India Limited200836.6 31 Hansu Controls Limited200814.05 32 Silicon Leasing & Investment Limited20083.80 33 Jaisal Securities Limited200886.8 34 Pushkar Banijiya Ltd.200883.65 35 Century 21 st Portfolio Limited.20095.48 36 Hasti Finance Ltd.2009 Contd… 25

15. Contd… Name of the Company Associated Hotels Limited. Sr. No.Name of the Company 1.Emco Limited 2.Vignani Technologies Pvt. Ltd 3.Phonelinx Communications Pvt. Ltd. 4.Invicta Mediteck Ltd. DELISTING ESOPs 26

16. Contd… ADVISIOR TO THE ISSUE Sr.No Name of the Clients 1Ankit Prachi Trading & Investment Ltd. 2Arihant Housing Finance Ltd. 3Bacchhat Investment & Finance Ltd. 4Bhaskar Sharachi Alloys Ltd. 5Blue Chip India Ltd. 6Blue Print Securities Ltd. 7BSR Finance & Construction Ltd. 8CAT Financial Services Ltd. 9Chitrakoot Holdings Ltd. 10Classic Growers Ltd. 11Classic Housing Finance Ltd. 12Consortium Vyapaar Ltd. 13Dynamic Archistruction Ltd. 14Ekdant Capital Markets Ltd. 15Emkay Consultants Ltd. 16Esskay Telecom Ltd. 27

17. 17Exim Finance Ltd. 18Ganodaya Finlease Ltd. 19Globe Stock & Securities Ltd. 20Goenka Business & Finance Ltd. 21Gyan Traders Ltd. 22International Power Finance Ltd. 23J. A. Finance Ltd. 24Jayshree Nirman Ltd. 25JMB Commercial & Credit Ltd. 26JRD Finance Ltd. 27Kwality Builders & Developers Ltd. 28Marda Commercial & Credit Ltd. 29Marudhar Food & Credit Ltd. 30Mercury Fund Management Co. Ltd. 31Multiplus Resources Ltd. 32Neha Resources Ltd. 33NRI Investments Ltd. ADVISIOR TO THE ISSUE (Contd…) Contd… 28

18. 34Octal Credit Capital Limited 35Offshore Finvest Ltd. 36Om Development Ltd. 37Om Udyog Ltd. 38Panchwati Holiday Resorts 39Parbati Holdings Ltd. 40Pioneer Farms Ltd. 41Premier Cryogenices Ltd. 42Prompt Corporate Services Ltd. 43Radiant Rotogravure Ltd. 44RGF Capital Markets Ltd. 45Sagar International Ltd. 46Saumya Consultants Ltd. 47Scintilla Commercial & Credit Ltd. 48Shree Neelachal Lab. Ltd. 49SPT Securities Ltd. ADVISIOR TO THE ISSUE (Contd…) Contd… 29

19. 50Step Two Finance Ltd. 51Vindus Holdings Ltd. 52Winy Commercial & Fiscal Serv. Ltd. 53Zen Yarns Ltd. 54Simplex Projects Limited 55Indian Overseas Bank ADVISOR TO THE ISSUE (Contd…) Contd… 30

20. Valuation Reports / Fair Valuation Report Sr. No. Name of the Company 1.Secunderabad Health Care Limited 2.Bala Techno Global Ltd 3.S.S. Forgings and Engineering Limited 4.Teesta Agro Industries Ltd 5.Baker Technology Limited 6.The First Custodian Fund India Ltd. 7.Compuage Infocom Limited 8Synergy Log-In Systems Ltd. 9Sunteck Realty Ltd. 10TRF Limited

21. Sr. No. Name of the Company 1Subhash Projects & Marketing Limited 2Marsons Ltd. 3Gujarat Composite Ltd. 4RDL Infotech Ltd. 5Access Global Ltd. 6Kumi Agro Industries Ltd. 7Oasis Cinecomunications Ltd. 8Saumya Consultants Limited 9Gautam Resources Ltd. 10Eskay Telecom Ltd. 11Global Capital Markets Limited 12Pushkar Banijya Limited 13Shree Ganesh Iron Industries Limited 14Aurangabad Cryogenics Limited 15Parmeshwar (India) Limited 16Pioneer Embroideries Limited 17Genus Power Infrastructure Ltd 18Sanghi Spinners India Limited 19Refex Refrigerants Limited 20Birla Power Solutions Limited Private Placements of Equity Shares 31