MIRA INFORM REPORT

Report Date :

06.07.2011

IDENTIFICATION DETAILS

Name :	NETPLACE TECHNOLOGIES PRIVATE LIMITED
Registered Office :	105, Nahar and Sheth Industrial Estate Cardinal Greciuos Road, Chakala Andheri (East), Mumbai – 400 093, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	08.07.1998
Com. Reg. No.:	11-115671
Paid-Up Capital :	Rs. 0.502 Million
CIN No.: [Company Identification No.]	u72100mh1998ptc115671
TAN No.: [Tax Deduction & Collection Account No.]	Mumn06304E
PAN No.: [Permanent Account No.]	AAACM4761E
Legal Form :	Private Limited Liability Company
Line of Business :	Provider of Networking solution and deal into IT products
No. of Employees :	45 (approximately)

RATING & COMMENTS

MIRA’s Rating :

A (57)

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

Maximum Credit Limit :	USD 500000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track records. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be 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 DENIED BY

Name :	Mr. Shekhar Misal
Designation :	Accounts Manager
Date :	05.07.2011

LOCATIONS

Registered Office/Head Office :	105, Nahar and Sheth Industrial Estate Cardinal Greciuos Road, Chakala Andheri (East), Mumbai – 400 093, Maharashtra, India
Tel. No.:	91-22-40053901/42213950-55 / 23893931 / 23893932
Fax No.:	91-22-40053915 / 23856194
E-Mail :	shekhar@netplacetechnologies.com dhaval@netplacetechnologies.com ereturn@rediffmail.com
Website :	www.netplacetechnologies.com
Branches :	Located art · Bangalore (Owned premises) · Ahmedabad (Rented premises) · Delhi (Rented premises) · Noida (Rented premises) · Gurgaon (Rented premises)
Warehouse :	Gala No. 1, Sankalp Industrial Estate, Kaman Sativali Road, Gokhiware Village, Vasai (East), Maharashtra India
Tel No.:	95250-245 1910/245 1911

DIRECTORS

As On 29.09.2010

Name :	Mr. Dhaval Vinod Doshi
Designation :	Director
Address :	1304-A Norita, Hiranandani Gardens, powai, Mumbai – 400 076, Maharashtra, India
Date of Appointment :	08.07.1998
DIN No.:	01197982
Name :	Mr. Milan Vinod Doshi
Designation :	Director
Address :	Flat No. 16/B D Block, 1^st Floor, Hussain Manzil, A K Marg, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	08.05.1976
Date of Appointment :	01.11.2003
DIN No.:	01416203
Name :	Mr. Nimish Jitendra Doshi
Designation :	Director
Address :	301 Dilnavaz Lallubhai Park Road, Andheri (West), Mumbai – 400 058, Maharashtra, India
Date of Birth/Age :	28.04.1975
Date of Appointment :	01.10.2000
DIN No.:	01199959
Name :	Ms. Vina Vrajlal Doshi
Designation :	Director
Address :	16-B, 1^st Floor, D Block, Mumbai – 100026, Maharashtra, India
Date of Birth/Age :	27.06.1998
Date of Appointment :	08.07.1998
DIN No.:	02144372

KEY EXECUTIVES

Name :	Mr. Shekhar Misal
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As On 29.09.2010

Names of Shareholders		No. of Shares
Veena V. Doshi		30000
Dhaval V. Doshi.		20000
Vinod J. Doshi. HUF		10
Vinod J. Doshi		10
Milan V. Doshi.		10
Mahesh B. Doshi		10
Pragna M. Doshi		10
Nirmi M. Doshi		10
Kajal M. Doshi		10
Zinal M. Doshi		10
Jethalal J. Doshi HUF		10
Jethalal J Doshi		10
Jaswant J Doshi		10
Bharat J Doshi		10
Rita B Doshi		10
Priyanka B Doshi		10
Amisha B Doshi		10
Parul J Doshi		10
Kalpana J Doshi		10
Nimish J Doshi		10
Jitendra J Doshi (HUF)		10
Anand A Nair		10
Gulabi A Nair		10
	Total	50210

As On 29.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Provider of Networking solution and deal into IT products

GENERAL INFORMATION

No. of Employees :

45 (approximately)

Bankers :

· Indian Overseas Bank, Chakala Branch

· ICICI Bank

Facilities :

Secured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
ICICI bank	0.268	0.694
Total	0.268	0.694

Unsecured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Directors	2.116	0.000
Shareholders	6.674	0.000
Total	8.790	0.000

Banking Relations :

--

Auditors :

Name :

B j Doshi and Company

Chartered Accountants

Address :

Solitaire Building, Above Bank of India, 80, S V Road, Santacruz (W), Mumbai – 400 054, Maharashtra

Tel. No.:

91-22-26053986 / 26053987 / 26041715

Fax No.:

91-22-26052315

Pan No.:

AADFB5236G

CAPITAL STRUCTURE

As on: 31.03.2010

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
50210	Equity Shares	Rs. 10/- each	Rs. 0.502 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		0.502	0.502	0.502
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		126.199	97.650	66.874
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		126.701	98.152	67.376
LOAN FUNDS
1] Secured Loans		0.268	0.694	3.158
2] Unsecured Loans		8.790	0.000	3.392
TOTAL BORROWING		9.058	0.694	6.550
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		135.759	98.846	73.926
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		13.341	11.658	12.312
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	33.557	12.897	14.145
	Sundry Debtors	73.372	80.298	62.778
	Cash & Bank Balances	4.299	14.134	2.934
	Other Current Assets	0.278	0.000	0.173
	Loans & Advances	47.575	1.357	4.639
Total Current Assets		159.081	108.686	84.669
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	32.284	18.331	18.062
	Other Current Liabilities	4.379	3.167	4.993
	Provisions	0.000	0.000	0.000
Total Current Liabilities		36.663	21.498	23.055
Net Current Assets		122.418	84.188	61.614
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		135.759	98.846	73.926

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income
		Other Income
		TOTAL (A)	326.032	350.080	275.758
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	280.102	301.245	239.142
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) I		45.930	48.835	36.616
Less	FINANCIAL EXPENSES (D)		0.480	0.558	0.588
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		45.450	48.277	36.028
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.686	1.722	1.657
	PROFIT BEFORE TAX (E-F) (G)		43.764	46.555	34.371
Less	TAX (I)		15.215	15.780	12.869
	PROFIT AFTER TAX (G-I) (J)		28.549	30.775	21.502
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		97.649	66.874	45.372
	BALANCE CARRIED TO THE B/S		126.198	97.649	66.874
	EARNINGS IN FOREIGN CURRENCY
		For Sales	22.040	2.221	0.000
		Commission and Incentives	16.947	14.271	13.261
		Reimbursement of Expenses	0.032	0.000	1.901
	TOTAL EARNINGS		39.019	16.492	15.162
	IMPORTS
		Purchase of Trading Goods	113.371	70.318	44.648
	TOTAL IMPORTS		113.371	70.318	44.648
	Earnings Per Share (Rs.)		568.59	612.93	428.24

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	8.76	8.79	7.79
Return on Total Assets (PBT/Total Assets}	(%)	25.38	38.68	35.44
Return on Investment (ROI) (PBT/Networth)		0.35	0.47	0.51
Debt Equity Ratio (Total Liability/Networth)		0.36	0.23	0.44
Current Ratio (Current Asset/Current Liability)		4.34	5.06	3.67

LOCAL AGENCY FURTHER INFORMATION

the Details of sundry creditors:

Rs. in Millions

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors	32.284	18.331	18.062

FINANCIAL RESULTS AND Operations:

During the year, Gross Revenue of the company declined to Rs. 326.000 Millions compared to Rs. 350.100 millions of previous year.

Fixed Assets:

· Industrial Gala

· Furniture and Fixtures

· Motor Car

· Computers

· Security camera

· Fax Machine

· Vaccum Cleaner

· Water Cooler

· Phones

· Investor

· Plasma

· Water Dispenser

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.44.50
UK Pound	1	Rs.71.25
Euro	1	Rs.64.40

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--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	yes
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	yes
TOTAL		57

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.