MIRA INFORM REPORT

Report Date :

03.05.2011

IDENTIFICATION DETAILS

Name :	VIJEX OFFICE EQUIPMENTS PRIVATE LIMITED
Registered Office :	Shop No. 6, Kamala Arcade, Basement 669, Mount Road, Chennai-600006, Tamilnadu
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	20.04.1989
Com. Reg. No.:	18-017269
CIN No.: [Company Identification No.]	U93090TN1989PTC017269
TAN No.: [Tax Deduction & Collection Account No.]	CHEV00392A
PAN No.: [Permanent Account No.]	AAACV1153C
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Office Equipments.

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 16000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track records. Profitability of the company appears to be low. However trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small 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.

ECGC Country Risk Classification List – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mr. Sarvanand
Designation :	Accountant

LOCATIONS

Registered Office :	New No. 306, Old No. 669, Shop No. 6 to 12, Kamala Arcade, Basement 669, Mount Road, Anna Salai, Greames Road, Chennai-600006, Tamilnadu, India
Tel. No.:	91-44-28297188/28297237
Fax No.:	91-44-28297326
E-Mail :	vijex_c@airtelmail.in
Area :	3000 sq. ft (Owned)

DIRECTORS

AS ON 25.09.2010

Name :	Mr. Nilesh Kumar Baid
Designation :	Director
Address :	B 44, Silver Park Apartment, 27 Thani Kachalam Road, Chennai-600017, Tamilnadu, India
Date of Birth/Age :	02.06.1965
Date of Appointment :	20.04.1989
Name :	Mrs. Bharti Baid
Designation :	Director
Address :	B 44, Silver Park Apartment, 27 Thani Kachalam Road, Chennai-600017, Tamilnadu, India
Date of Birth/Age :	18.09.1966
Date of Appointment :	01.06.1996

KEY EXECUTIVES

Name :	Mr. Sarvanand
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 25.09.2010

Names of Shareholders	No. of Shares
Nilesh Kumar Baid	131360
Usha Devi Baid	10610
Bhawk Baid	600
Preksha Baid	100
Pragya Baid	100
Vijay Chand Said	700
Meera Devi Baid	20500
Vaishaly Baid	240
Prerna Baid	900
Muskan Baid	4100
Ujjuwal Baid	2100
Priyankar Baid	50
Bharathi Baid	15800
Sunitha Baid	20500
Vijay Chand Baid & Sons	3500
Mamocs Baid	4500
Navratan Baid	2500
Total	218160

AS ON 25.09.2010

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

BUSINESS DETAILS

Line of Business :

Trader of Office Equipments.

Products :

Product Description	Item Code
Plain Paper Copier	900910
Stabilizer	853540

Exports :

Products :

Lamination Machines, Fax Machines, Xerox Machines, Type Writer

Countries :

• Middle East
• Hong Kong

Imports :

Products :

Xerox Machine and Spare Parts

Countries :

• Gulf Countries
• Middle East

Terms :

Selling :

Cash

Purchasing :

Cash

GENERAL INFORMATION

Suppliers :

• Built Source Limited, Hong Kong
• Devan World Wide
• J.N. Exports, Hong Kong
• Master Cargo System
• Popular Cotton Waste Company
• Sagar Copier
• TLS International Pte. Limited

Customers :

End Users and OEM’s

• ACE Business Machines
• Care 6 Power
• Cascade Copier Solutions
• Datacon Technologies
• R and G International Private Limited
• S.M. Xerox
• S.K. International

No. of Employees :

15 (Approximately)

Bankers :

Standard Chartered Bank, No. 8, Haddows Road, Ground Floor, Jaylakshmi Estates, Nungambakkam, Chennai-600006, Tamilnadu, India

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
SCB OD A/c (Against security of stock and book debts and personal guarantee of directors)	2.538	2.322
ICICI Bank (HP loan against Hundai Santro)	0.073	0.188
Total	2.611	2.510
Unsecured Loan
Form directors	0.000	0.001
From persons in which directors are considered interested	5.941	4.813
Total	5.941	4.814

Banking Relations :	--
Auditors :
Name :	SC Bichhawat and Company Chartered Accountant
Address :	160 Govindappa Naicken Street, 3^rd Floor, Near Flower Bazar, Police Station, Parrys, Chennai-600001, Tamilnadu, India
Tel. No.:	91-44-25380012/42012012

CAPITAL STRUCTURE

AS ON 25.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
218160	Equity Shares	Rs.10/- each	Rs.2.181 Millions

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		2.181	2.181	2.181
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1.900	1.667	1.513
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		4.081	3.848	3.694
LOAN FUNDS
1] Secured Loans		2.611	2.510	0.288
2] Unsecured Loans		5.941	4.814	4.520
TOTAL BORROWING		8.552	7.324	4.808
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		12.633	11.172	8.502
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.283	0.304	0.500
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.015	0.021	0.020
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	14.241	18.944	14.355
	Sundry Debtors	4.225	4.491	2.180
	Cash & Bank Balances	1.091	0.723	1.501
	Other Current Assets	0.753	0.685	0.000
	Loans & Advances	0.000	0.000	0.867
Total Current Assets		20.310	24.843	18.903
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7.809	13.718
	Other Current Liabilities	0.057	0.149	10.777
	Provisions	0.109	0.129	0.146
Total Current Liabilities		7.975	13.996	10.923
Net Current Assets		12.335	10.847	7.980
MISCELLANEOUS EXPENSES		0.000	0.000	0.002
TOTAL		12.633	11.172	8.502

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	51.393	43.379	49.902
		Other Income	0.002	0.097	NA
		TOTAL (A)	51.395	43.476	NA
Less	EXPENSES
		Cost of goods sold	46.005	38.444
		Direct expenses	0.161	0.258
		Administrative expenses	2.191	2.147	NA
		Selling and distribution expenses	1.689	1.279
		Deferred revenue expenses written off	0.000	0.002
		TOTAL (B)	50.046	42.130	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.349	1.346	NA
Less	FINANCIAL EXPENSES (D)		0.921	0.932	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.428	0.414	NA
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.073	0.121	NA
	PROFIT BEFORE TAX (E-F) (G)		0.355	0.293	0.306
Less	TAX (H)		0.122	0.139	0.145
	PROFIT AFTER TAX (G-H) (I)		0.233	0.154	0.161
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.867	0.713	NA
	BALANCE CARRIED TO THE B/S		1.100	0.867	NA
	EARNINGS IN FOREIGN CURRENCY		0.095	0.017	0.889
	IMPORTS		17.074	22.387	20.501
	Earnings Per Share (Rs.)		0.94	0.71	0.74

Expected Sales (2010-2011) : Rs.80.000 Millions

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.45	0.35	NA
Net Profit Margin (PBT/Sales)	(%)	0.69	0.68	0.61
Return on Total Assets (PBT/Total Assets}	(%)	1.72	1.17	1.57
Return on Investment (ROI) (PBT/Networth)		0.09	0.07	0.08
Debt Equity Ratio (Total Liability/Networth)		4.05	5.54	4.26
Current Ratio (Current Asset/Current Liability)		2.55	1.77	1.73

LOCAL AGENCY FURTHER INFORMATION

Operation and Working Results:

The company has achieved a turnover of Rs.51.393 millions (previous year Rs.43.379 millions) and has earned a net profit of Rs.0.355 millions (previous year Rs.0.294 millions) after providing for depreciation. Net profit after tax is Rs.0.233 millions (previous year Rs.0.154 millions.)

Bankers Charges Report as per Registry

This form is for	Creation of charge
Corporate identity number of the company	U93090TN1989PTC017269
Name of the company	VIJEX OFFICE EQUIPMENTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Shop No. 6 to 12, Kamala Arcade, Basement 669, Mount Road, Anna Salai, Greames Road, Chennai-600006, Tamilnadu, India
Type of charge	Book Debts
Particular of charge holder	Standard Chartered Bank, No. 8, Haddows Road, Ground Floor, Jaylakshmi Estates, Nungambakkam, Chennai-600006, Tamilnadu, India
Email	sk.sivasaravanan@in.standardchartered.com
Nature of description of the instrument creating or modifying the charge	Agreement of hypothecation of stocks and book debts. Mortgage deed.
Date of instrument Creating the charge	26.05.2008
Amount secured by the charge	Rs.2.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Overdraft of INR of Rs.2.500 Millions interest of 11.5% p.a. To be applied on monthly interest on the overdraft facility. These rates are subject to change at the discretion of the bank and are also to guidelines issued by regulatory authorities. Terms of Repayment As agreed by and with the bank Margin 25% on stock and book debts less creditors. Extent and Operation of the charge Hypothecation by way of first charge on all the stocks and book debts, both present and future.
Short particulars of the property charged	Hypothecation by way of first charge on all the stocks and book debts, both present and future.

Trade References:

• Shreeram Services
• Navisha India Private Limited, Chennai

Fixed Assets:

• Office Equipment
• Two Wheeler
• Electrical Fittings
• Furniture and Fittings
• Manuals and Tools
• Vaccum Cleaner
• Stabilizer
• Air Conditioner
• Cellular
• Hyundai Santro
• Computer/ Printer
• Generator
• Software
• Telephone
• Weighing M/C

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.44.30
UK Pound	1	Rs.73.90
Euro	1	Rs.65.57

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		29

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.