MIRA INFORM REPORT

Report Date :

31.12.2011

IDENTIFICATION DETAILS

Name :	ICON INFOTECH PRIVATE LIMITED
Registered Office :	2, Rubbunissa Manzil, 1^st Floor, Opposite Grant Road station, Grant Road (West), Mumbai – 400007, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.03.1995
Com. Reg. No.:	11-086564
Capital Investment / Paid-up Capital :	Rs.2.400 Millions
CIN No.: [Company Identification No.]	U72900MH1995PTC086564
TAN No.: [Tax Deduction & Collection Account No.]	MUMI03975G
PAN No.: [Permanent Account No.]	AAACI7604K
Legal Form :	Private Limited Liability Company
Line of Business :	Dealers of Computers.
No. of Employees :	21 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 79000
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. Hitesh Shantilal Shah
Designation :	Director
Contact No.:	91-22-23875501
Date :	30.12.2011

LOCATIONS

Registered Office :	2, Rubbunissa Manzil, 1^st Floor, Opposite Grant Road station, Grant Road (West), Mumbai – 400007, Maharashtra, India
Tel. No.:	91-22-23875501/ 02/ 03 (Sales) 91-22-23875505/ 06 (Service) 91-22-24920821
Mobile No.:	91-9167432135 (Mr. Atul Shah)
Fax No.:	91-22-23875507
E-Mail :	jatin@iconinfotech.com hitesh@iconinfotech.com sales@iconinfotech.com service@iconinfotech.com
Website :	http://www.iconinfotech.com
Area :	1500 sq. ft.
Location :	Owned
Service Office :	18 Wadia Street, Grant Road, Mumbai – 400007, Maharashtra, India

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Atul Shantilal Shah

Designation :

Director

Address :

17-H, Pannalal Terrace Lamingion Road, Grant Road, Mumbai – 400077, Maharashtra, India

Date of Birth/Age :

09.01.1968

Qualification :

B. Com

Date of Appointment :

20.04.1998

DIN No.:

00253964

Name :

Mr. Hitesh Shantilal Shah

Designation :

Director

Address :

11, Adam Mahal, Wadia Street, Off Iardeo Road, Mumbai – 400034, Maharashtra, India

Date of Birth/Age :

29.10.1964

Qualification :

B. Com

Date of Appointment :

16.03.1995

DIN No.:

00254762

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	U72900MH1995PTC086564	ICON INFOTECH PRIVATE LIMITED	Director	16/03/1995	16/03/1995	Active	NO
2	U72900MH2011PTC214482	NISARG ITES PRIVATE LIMITED	Director	8/3/2011	8/3/2011	Active	NO

Name :

Mr. Jatin Shantilal Shah

Designation :

Director

Address :

11, Adam Mahal, Wadia Street, Off Iardeo Road, Mumbai – 400034, Maharashtra, India

Date of Birth/Age :

18.03.1966

Qualification :

B. E.

Date of Appointment :

16.03.1995

DIN No.:

00757838

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U72900MH1995PTC086564	ICON INFOTECH PRIVATE LIMITED	Director	16/03/1995	16/03/1995	-	Active	NO
2	U72900MH2007PTC166665	NIS IT SOLUTIONS (INDIA) PRIVATE LIMITED	Director	3/1/2007	3/1/2007	18/07/2008	Active	NO
3	U72900MH2010PTC198300	TECHSAI ITES PRIVATE LIMITED	Additional director	24/12/2010	24/12/2010	-	Active	NO
4	U72900MH2011PTC214482	NISARG ITES PRIVATE LIMITED	Director	8/3/2011	8/3/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Jatin Shantilal Shah	102500
Atul Shantilal Shah	50000
	87500
Total	240000

(AS ON 30.09.2011)

Equity Shares Break – Up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Dealers of Computers.
Terms :
Selling :	Credit
Purchasing :	Credit

GENERAL INFORMATION

Customers :

Government

· Ingram Micro

· Air India Limited, Mumbai

· Airport Authority Of India, Mumbai

· Audit General of India

· Bharat Sanchar Nigam Limited (BSNL) [Raigad, Goa, Thane, Fountain (Fort), Deonar, Pune]

· Bhabha Atomic Research Centre (BARC)

· B.E.S.T. Undertaking

· Bombay High Court, Mumbai

· C.P.W.D. (Mumbai)

· Central Telegraph Office, Mumbai

· Maharashtra Agro Industries Development Corporation Limited, (MAIDC) Mumbai

· Maharashtra Health Systems Development Project. (Govt. Of Maharashtra)

· Maharashtra State Road Development Corporation (MSRDC)

· Mahanagar Telephone Nigam Limited, (MTNL)

· Mumbai Port Trust (MPT)             

· Nehru Science Centre, Worli

· Development Commissioner, SEEPZ

· Oil and Natural Gas Corporation Limited, (ONGC)

· Railways.  (Central Railway  and Western Railway)

· The Collector Mumbai City (Mumbai District)

· Tata Institute of Fundamental Research (TIFR)

No. of Employees :

21 (Approximately)

Bankers :

· Bank of India,

Grant Road (West), Mumbai, Maharashtra, India

· Bank of Baroda

Tardeo Branch, Tardeo, Mumbai – 400034, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
(Secured by hypothecation of Assets)
ICICI Car Loan	0.037	0.118
SCB Loan	0.000	0.206
SVC Car Loan	0.304	0.365
SCB Channel Finance – Ingram	8.000	0.000
Surgicon Health Car Private Limited	0.303	0.000
Bank OD A/c	8.674	4.631
Total	17.318	5.320
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Directors and Members
Hitesh S. Shah	5.141	5.143
Jatin S. Shah	7.028	5.433
Atul S. Shah	2.535	2.482
Amita Shah	2.623	2.380
Urmi Shah	1.658	1.658
Total	18.985	17.096

Banking Relations :	--
Auditors :
Name :	Deepak Kumar A Joshi and Company Chartered Accountant
Address :	B-2/28, Shefalee, Phirozshah Mehta Road, Santacruz (West), Mumbai – 400054, Maharashtra, India

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Share	Rs.10/- each	Rs.10.000 Millions
10000	Preference Shares	Rs.10/- each	Rs.0.100 Millions
	Total		Rs.10.100 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
240000	Equity Share	Rs.10/- each	Rs.2.400 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		2.400	2.400	2.400
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		17.348	13.056	11.531
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		19.748	15.456	13.931
LOAN FUNDS
1] Secured Loans		17.318	5.320	5.524
2] Unsecured Loans		18.985	17.096	18.589
TOTAL BORROWING		36.303	22.416	24.113
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		56.051	37.872	38.044
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.552	0.759	0.412
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.558	0.160	0.150
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	10.066	10.003	3.977
	Sundry Debtors	147.914	78.322	44.762
	Cash & Bank Balances	2.262	2.188	1.638
	Other Current Assets	3.806	4.156	3.937
	Loans & Advances	7.265	4.793	5.572
Total Current Assets		171.313	99.462	59.886
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	100.272	53.634	11.427
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	17.195	8.878	10.980
Total Current Liabilities		117.467	62.512	22.407
Net Current Assets		53.846	36.950	37.479
MISCELLANEOUS EXPENSES		0.095	0.003	0.003
TOTAL		56.051	37.872	38.044

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2011	31.03.2010	31.03.2009
	TURNOVER	265.448	114.727	81.999
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	6.435	3.064	2.117
Less/ Add	DEPRECIATION/ AMORTISATION	0.172	0.152	0.105
	PROFIT BEFORE TAX	6.263	2.912	2.012
Less	TAX	2.000	0.925	0.790
	PROFIT AFTER TAX	4.263	1.987	1.222
	Deferred Tax Liability / (Assets)	0.028	0.001	(0.031)
	Net Profit/ (Loss) available for Appropriation / (Carry Forward)	15.098	1.525	1.253
	Earnings Per Share (Rs.)	17.76	8.2	5.09

Expected Sales (2011-12): Rs.300.000 Millions

The above information has been parted by Mr. Hitesh.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	3.64	2.91	3.34
Return on Investment (ROI) (PBT/Networth)		0.32	0.19	0.14
Debt Equity Ratio (Total Liability/Networth)		7.79	5.49	3.34
Current Ratio (Current Asset/Current Liability)		1.46	1.59	2.67

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
Sundry Creditor	100.272	53.634	11.427
Total	100.272	53.634	11.427

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	-----
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last two years	Yes
Profitability for last three years	No
Reasons for variation <> 20%	-----
Estimation for coming financial year	Yes
Capital in the business	Yes
Details of sister concerns	-----
Major Suppliers	No
Major Customers	Yes
Payments Terms	Yes
Export/ Imports Details (If applicable)	-----
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	No
Incorporation details is applicable	-----
Last Accounts filed at ROC	-----
Major Shareholders, if available	-----

NOTE:

The Registered office of the company has been shifted from, 18 Shripat Bhavan, 1^st Floor, Wadia Street, Tardeo, Mumbai, Maharashtra, India, to the present address w.e.f. 18.06.2008.

TRADE REFERENCE:

· Ingram Micro

FIXED ASSETS:

· Air Conditioner

· EPBX

· DVD Player Videocon

· Furniture and Fixture

· Motor Car

· Swift Car

· Pager

· Plant and Machinery

· Scooter

· Telephone

· Television

· Water Pump

· Fax Machine

· Mobile

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.53.27
UK Pound	1	Rs.82.10
Euro	1	Rs.68.90

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	5
--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		45

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.