MIRA INFORM REPORT

Report Date :

29.12.2011

IDENTIFICATION DETAILS

Name :	SPACE OFFICE SYSTEMS (INDIA) PRIVATE LIMITED
Registered Office :	Ground Floor, Chandan Nivas, Opposite Vishal Hall, M. V. Road, Andheri [East], Mumbai 400069, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	02.04.1997
Com. Reg. No.:	11-107018
Capital Investment / Paid-up Capital :	Rs. 0.630 Million
CIN No.: [Company Identification No.]	U31909MH1997PTC107018
TAN No.: [Tax Deduction & Collection Account No.]	MUMS36791G MUMS34792C
PAN No.: [Permanent Account No.]	AACCS3320E
Legal Form :	Private Limited Liability Company
Line of Business :	Supplier and Importers of Audio Visual Products
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 35000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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.

INFORMATION PARTED BY

Name :	Mr. Sandip
Designation :	Accounts Department
Contact No.:	91-9223818059
Date :	27.12.2011

LOCATIONS

Registered Office/Head Office :	Ground Floor, Chandan Nivas, Opposite Vishal Hall, M. V. Road, Andheri [East], Mumbai 400069, Maharashtra, India
Tel. No.:	91-22-26846565 / 66886688 / 66886644 / 66886645 [30 lines]
Mobile No.:	91-9223818059 (Mr. Sandip)
Fax No.:	91-22-26846565 / 66886602
E-Mail :	hdjain@hotmail.com sales@sosipl.com
Website :	www.sosipl.com
Location :	Owned
Branches :	Building No. 3/1, Daulat Co-operative Housing Society, Opposite Kasat Chemicals, Near Macdonald's, Kothrud, Pune-411038, Maharashtra, India
Tel. No.:	91-20-25433672
Fax No.:	91-20-25433672
E-Mail :	pune@sosipl.com

DIRECTORS

AS ON 25.09.2010

Name :	Mr. Sanjay Deepchand Jain
Designation :	Director
Address :	C/301, tulip, Gundhecha Valley of Flowers, Thakur Village, Kandivali (East), Mumbai-400101, Maharashtra, India
Date of Birth/Age :	26.06.1970
Date of Appointment :	02.04.1997
DIN No.:	00876386

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U31909MH1997PTC107018	SPACE OFFICE SYSTEMS (INDIA) PRIVATE LIMITED	Director	02-04-97	02-04-97	Active	NO
2	U65993MH1996PTC101204	INFIN PROPERTIES PRIVATE LIMITED	Director	23-06-97	23-06-97	Active	NO

Name :	Mr. Nilesh Hasmukhlal Mehta
Designation :	Director
Address :	A/302, Mahadev Tower, Thakur Complex, Kandiviali [East], Mumbai-400101, Maharashtra, India
Date of Birth/Age :	14.08.1967
Date of Appointment :	02.04.1997
DIN No.:	01634234

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U31909MH1997PTC107018	SPACE OFFICE SYSTEMS (INDIA) PRIVATE LIMITED	Director	02-04-97	02-04-97	Active	NO
2	U65993MH1996PTC101204	INFIN PROPERTIES PRIVATE LIMITED	Director	23-06-97	23-06-97	Active	NO

Name :	Mr. Vijay Vallabhbhai Chande
Designation :	Director
Address :	703, Anand Niwas Co-operative Housing Society, Kisan Road, Malad (West), Mumbai-400064, Maharashtra, India
Date of Birth/Age :	16.02.1968
Date of Appointment :	02.04.1997
DIN No.:	01935453

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U31909MH1997PTC107018	SPACE OFFICE SYSTEMS (INDIA) PRIVATE LIMITED	Director	02-04-97	02-04-97	Active	NO
2	U65993MH1996PTC101204	INFIN PROPERTIES PRIVATE LIMITED	Director	02-04-97	02-04-97	Active	NO

Name :	Mr. Mehul Sandipbhai Parekh
Designation :	Director
Address :	407, Himachal Co-operative Society, Juhu Lane, Andheri [West], Mumbai 400058, Maharashtra, India
Date of Birth/Age :	20.09.1970
Date of Appointment :	02.04.1997
DIN No.:	01935397

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U31909MH1997PTC107018	SPACE OFFICE SYSTEMS (INDIA) PRIVATE LIMITED	Director	02-04-97	02-04-97	Active	NO
2	U65993MH1996PTC101204	INFIN PROPERTIES PRIVATE LIMITED	Director	02-04-97	02-04-97	Active	NO

Name :	Mr. Mehul Vadan Surkatha
Designation :	Director
Address :	D1/11, Khira Nagar, S. V. Road, Santacruz [West], Mumbai 400054, Maharashtra, India
Date of Birth/Age :	24.07.1971
Date of Appointment :	02.04.1997
DIN No.:	00876151

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U31909MH1997PTC107018	SPACE OFFICE SYSTEMS (INDIA) PRIVATE LIMITED	Director	02-04-97	02-04-97	Active	NO
2	U65993MH1996PTC101204	INFIN PROPERTIES PRIVATE LIMITED	Director	23-06-97	23-06-97	Active	NO

KEY EXECUTIVES

Name :	Mr. Sandip
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 25.09.2010

Names of Shareholders	No. of Shares
Sanjay Jain	126000
Mehul Surkatha	126000
Nilesh Mehta	126000
Vijay Chande	126000
Mehul Parekh	126000
Total	630000

AS ON 25.09.2010

Equity Shares Break Up	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Supplier and Importer of Audio Visual Products
Products :	Fax Photocopiers Document Scanners Enterprise PBX – KTS GSM FCTs and Gateways Large Format Printers Projectors Voice Messaging Products Flat Panel Display VolP Products Audio Video Conferencing Panaboard / Electronic White Boards Visualisers Screens Board Conference Room Solutions EPABX Systems Call Centre Solutions CCTV Fire Alarm Systems Video Door Phone Intercom Security Products Panasonic
Imports :
Products :	Camera
Countries :	China
Terms :
Selling :	Credit (15 days to 30 days)
Purchasing :	Credit (15 days to 30 days)

GENERAL INFORMATION

Suppliers :

Universal Communication

Customers :

Retailers

· Cosmaach Telecom

· Panasonic India Private Limited

· HD Security Solutions

· Sony Polycom

· Brother Canon

· Sharp

No. of Employees :

50 (Approximately)

Bankers :

· Bank of India, Andheri, Mumbai, Maharashtra, India

· Axis Bank, Andheri, Mumbai, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
FROM BANKS
Loan Against Hypothecation of Car	0.465	0.302
Total	0.465	0.302
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
From Banks	14.295	2.524
From Directors / Managers	17.500	13.500
Total	31.795	16.024

Banking Relations :	--
Auditors :
Name :	S Ragunath and Company Chartered Accountant
Address :	32, Islam Building Opposite, Akbarallys, 46/48, V N Road, Mumbai-400020, Maharashtra, India
Tel. No.:	91-22-22814361 / 22814362
Mobile No.:	91-9820644090
E-Mail :	raghunath@vsnal.net
Pan No. :	AACPS5218F
Sister Concern :	Infin Prophet

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.1/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
630000	Equity Shares	Rs.1/- each	Rs. 0.630 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		0.630	0.630	0.630
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		8.212	6.348	3.895
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		8.842	6.978	4.525
LOAN FUNDS
1] Secured Loans		0.465	0.302	0.068
2] Unsecured Loans		31.795	16.024	13.500
TOTAL BORROWING		32.260	16.326	13.568
DEFERRED TAX LIABILITIES		0.000	0.00	0.057
TOTAL		41.102	23.304	18.150
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.327	1.538	1.042
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.052	0.040	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	18.055	25.302	17.527
	Sundry Debtors	37.643	36.775	29.642
	Cash & Bank Balances	3.136	5.856	3.350
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	4.089	4.165	2.346
Total Current Assets		62.923	72.098	52.865
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	14.051	34.720	25.999
	Other Current Liabilities	8.114	12.948	8.164
	Provisions	2.035	2.704	1.594
Total Current Liabilities		24.200	50.372	35.757
Net Current Assets		38.723	21.726	17.108
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		41.102	23.304	18.150

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	220.548	216.281	168.915
		Other Income	12.725	23.517	17.671
		TOTAL	233.273	239.798	186.586
Less	EXPENSES
		Office Expenses		235.787	183.656
		Administrative Expenses
		Advertising Expenses
		TOTAL	230.616	235.787	183.656
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION			4.011	2.930
Less/ Add	DEPRECIATION/ AMORTISATION			0.427	0.410
	PROFIT BEFORE TAX		2.657	3.584	2.520
Less	TAX		0.793	1.238	0.917
	PROFIT AFTER TAX		1.864	2.346	1.603
	Income Tax of Earlier Years		NA	0.107	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	2.595	1.011
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	0.000	0.019
	BALANCE CARRIED TO THE B/S		NA	5.048	2.595
	Earnings Per Share (Rs.)		2.96	3.72	2.54

Particulars	31.03.2011
Sales Turnover (Approximately)	250.000

Expected Sales (2011-2012) : Rs. 300.000 Millions

The above information has been parted by Mr. Sandip.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.80	0.98	1.35
Net Profit Margin (PBT/Sales)	(%)	1.20	1.66	1.49
Return on Total Assets (PBT/Total Assets}	(%)	4.07	4.86	4.67
Return on Investment (ROI) (PBT/Networth)		0.30	0.51	0.56
Debt Equity Ratio (Total Liability/Networth)		6.38	9.56	10.91
Current Ratio (Current Asset/Current Liability)		2.60	1.43	1.48

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

(Rs. In Millions)

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors	14.051	34.720	25.999

Check List by Info Agents	Available in Report (Yes / No)
1. Year of Establishment	Yes
2. Locality of the firm	Yes
3. Constructions of the firm	Yes
4. Premises details	Yes
5. Type of Business	Yes
6. Line of Business	Yes
7. Promoter’s background	------
8. No. of Employees	Yes
9. Name of person contacted	Yes
10. Designation of contact person	Yes
11. Turnover of firm for last three years	Yes
12. Profitability for last three years	No
13. Reasons for variation <> 20%	------
14. Estimation for coming financial year	Yes
15. Capital in the business	No
16. Details of sister concerns	Yes
17. Major suppliers	Yes
18. Major customers	Yes
19. Payments terms	Yes
20. Export / Import details	Yes
21. Market information	-------
22. Litigations that the firm / promoter involved	------
23. Banking Details	Yes
24. Banking facility details	No
25. Conduct of the banking account	------
26. Buyer visit details	------
27. Financials, if provided	No
28. Incorporation details, if applicable	------
29. Last accounts filed at ROC	------
30. Major Shareholders, if available	------

FIXED ASSETS

• Office Equipments
• Furniture and Fixtures
• Motor Vehicle
• Computer and Printer
• Telephone Instruments
• Fax Machine
• Mobile
• Security System

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. 53.21
UK Pound	1	Rs. 83.31
Euro	1	Rs. 69.51

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.