MIRA INFORM REPORT

Report Date :

21.10.2008

IDENTIFICATION DETAILS

Name :	PRECISION GALAXY PRIVATE LIMITED
Registered Office :	No.157, Habibullah Road, T Nagar, Chennai – 600 017, Tamil Nadu.
Country :	India
Financials (as on) :	31.03.2006
Date of Incorporation :	21.01.2000
Com. Reg. No.:	043977
CIN No.: [Company Identification No.]	U72200TN2000PTC043977
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Computers for HP and Compaq

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 1000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a pretty old company having moderate track records. The company has some accumulated losses. As per company’s financials it had not done any operations in 2005-06. Payments are reported as slow and delayed at times. The company can be considered for business on safe and secured terms only.

INFORMATION PARTED BY

Name :	Mr.Krishna
Designation :	Accounts Executive
Date :	20.10.2008

LOCATIONS

Registered Office :	No.157, Habibullah Road, T Nagar, Chennai – 600 017, Tamil Nadu, India.
Tel. No.:	91-44-42125034 / 42125036 / 42145037
Fax No.:	91-44-28343803
E-Mail :	accounts@thegalaxy.co.in
Website :	www.precisionit.co.in
Area :	2000 sq.ft.
Location :	Rented
Corporate Office :	130, Valluvar Kottam High Road Nungambakkam, Chennai – 600 034, Tamil Nadu, India.

DIRECTORS

Name :	Mr.Ramesh T.Govindarajan
Designation :	Director
Address :	42, Alamelmangapuram, Mandaveli, Mylapore, Chennai – 600004, Tamilnadu, India.
Date of Birth :	10.01.1964
Din No.:	01624515
Email :	prabhug@inbox.com
Date of Appointment :	21.01.2000
Name :	Mr.P.Ramesh
Designation :	Director
Address :	14, Loganathan Street, Tambaram West, Chennai – 600045, Tamilnadu, India.
Date of Birth :	05.04.1966
Income-tax PAN :	AACPR42052
Date of Appointment :	21.01.2000
CIN Company:	U51909TN1999PTC41955
Name of the Company :	PRECISION TECHSERVE PRIVATE LIMITED
CIN Company:	U40101TN1996PTC035871
Name of the Company :	PRECISION INFOMATC (MADRAS) PRIVATE LIMITED
Name :	Mr. Nerur Shiv Kumar
Designation :	Additional Director
Address :	43, Strawberry Patch Lane, Stamford – 06902
Date of Birth :	03.09.1967
Date of Appointment :	19.03.2008
Name :	Mr.Mathew Chacko
Designation :	Director
Address :	299, 7^th Sector, 38^th Street, K.K. Nagar, Chennai – 600078, Tamilnadu, India.
Date of Birth :	05.04.1966
Date of Appointment :	21.01.2000
Name :	Mr.V.Murali
Designation :	Director
Address :	31, 1^st Floor, Bharathi Nagar, 1^st Street , T Nagar, Chennai-600017, Tamilnadu, India.
Date of Birth :	12.02.1961
Date of Appointment :	21.01.2000

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 09.09.2003

Names of Shareholders	No. of Shares
Mr.T.G.Ramesh	1700
Mr.V.Murali	3600
Mr.Mathew Chacko	3600
Mr.P.Ramesh	1000
Mr.D.Damodaran	100
Total	10000

AS ON 31.03.2006

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Computers for HP and Compaq
Products :	v Desktop v Laptop v Palmtop v Printer
Terms :
Selling :	Cash and Credit (30 days)
Purchasing :	Credit (30 days)

GENERAL INFORMATION

Customers :	Corporates
No. of Employees :	12 ( in office 10 + 2 out sourcing)
Bankers :	Canara Bank Habibullah Road

Auditors :
Name :	Suresh and Balaji Chartered Accountant
Address :	42/9, Alamelumangaaapuram, Mylapore, Chennai – 600004, Tamil Nadu, India.
Associates/Subsidiaries :	Precision Informatic Private Limited
Address :	Near to this company, (leaving 3,4 Building )

CAPITAL STRUCTURE

AS ON 31.03.2006

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs. 10/- Each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs. 10/- Each	Rs.1.000 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

Particulars	31.03.2008
Sales Turnover	100.000

Expected Sales (2008-09) : Rs.100.000 Millions

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2006	31.03.2005	31.03.2004
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100	0.270
2] Share Application Money		0.170	0.170	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		0.270	0.270	0.270
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		0.270	0.270	0.270
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.067	0.029	0.033
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.655	2.633	0.872
	Sundry Debtors	5.172	7.729	1.311
	Cash & Bank Balances	0.162	0.861	0.075
	Other Current Assets	0.260	0.789	0.228
	Loans & Advances	0.024	0.014	0.000
Total Current Assets		9.273	12.026	2.486
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	9.644	12.134	2.889
	Provisions	0.046	0.024	0.000
Total Current Liabilities		9.690	12.158	2.889
Net Current Assets		(0.417)	(0.132)	(0.403)
MISCELLANEOUS EXPENSES		0.287	0.373	0.000
Profit and Loss Account		0.333	0.000	(0.640)
TOTAL		0.270	0.270	0.270

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2005	31.03.2004
Sales Turnover		36.581	19.981
Other Income		0.000	0.000
Total Income		36.581	19.981
Profit/(Loss) Before Tax		0.291	(0.241)
Provision for Taxation		0.023	0.000
Profit/(Loss) After Tax		0.268	(0.241)
Expenditures :
	Purchases made for re-sale	0.000	18.385
	Salaries, Wages, Bonus, etc.	0.000	0.540
	Payment to Auditors	0.000	0.024
	Depreciation & Amortization	0.003	0.000
	Other Expenditure	36.287	1.273
Total Expenditure		36.290	20.222

KEY RATIOS

PARTICULARS		31.03.2006	31.03.2005	31.03.2004
PAT / Total Income	(%)	-	0.73	(12.06)
Net Profit Margin (PBT/Sales)	(%)	-	0.79	(12.06)
Return on Total Assets (PBT/Total Assets}	(%)	-	2.41	(9.56)
Return on Investment (ROI) (PBT/Networth)		-	1.07	(0.89)
Debt Equity Ratio (Total Liability/Networth)		35.88	45.02	10.7
Current Ratio (Current Asset/Current Liability)		0.95	0.98	0.86

LOCAL AGENCY FURTHER INFORMATION

TRADE REFERENCES:

Ø B A TECH WABAG – CHENNAI

Ø SPI TECHNOLOGY – PONDICHERRY (CHENNAI)

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] 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.48.83
UK Pound	1	Rs.85.12
Euro	1	Rs.65.86

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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