MIRA INFORM REPORT

Report Date :

07.05.2011

IDENTIFICATION DETAILS

Name :	VINTECH ELECTRONICS SYSTEMS PRIVATE LIMITED
Registered Office :	15/A, Vrindavan No. 2 Co-operative Housing Society, Pashan, Pune – 411 008, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	01.04.2004
Com. Reg. No.:	11-19076
Capital Investment / Paid-up Capital :	Rs.0.113 Million
CIN No.: [Company Identification No.]	U72200pn2004ptc019076
TAN No.: [Tax Deduction & Collection Account No.]	Pnev04175D
Legal Form :	Private Limited Liability Company
Line of Business :	Dealers of Computer Peripherals, Printer, Hardware and Software Products.
No. of Employees :	100 (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 50000
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. Kulkarni
Designation :	Admin Manager
Contact No.:	91-9881724141
Date :	06.05.2011

LOCATIONS

Registered Office :	15/A, Vrindavan No. 2 Co-operative Housing Society, Pashan, Pune – 411 008, Maharashtra
Tel. No.:	91-20-25666233
Fax No.:	91-20-25666235
E-Mail :	info@vintechin.com
Website :	www.vintechin.com
Area :	2000 Sq.fts
Location :	Owned
Corporate Office :	Flat No. A1 - A2, Ushahkal ,Shree Prajakta Coop. Hsg. Society, Deep Bunglow Chowk, Model Colony, Pune 411016.
Tel. No.:	91 -20 2566 6233/34/35
Fax No.:	91 -20 2566 6233/34/35
E-Mail :	info@vintechin.com sales@vintechin.com services@vintechin.com

DIRECTORS

As on 30.09.2010

Name :	Mr. Chintamani Shyamrao Lele
Designation :	Director
Address :	7 Amod Vihar 48, Gujarat Colony, kothrud, Pune – 411 038, Maharashtra
Date of Appointment :	01.04.2004
Name :	Mr. Rajeev Shseshrao Patayeet
Designation :	Director
Address :	15 A Pushkar Vrindavan Sector A and B Housing society, Pashan, Pune – 411 008, Maharashtra
Date of Appointment :	01.04.2004
Name :	Mr. Chandan Arvind Joshi
Designation :	Director
Address :	8, Harikripa, Plot 33, Lane 10, Dahanukar Colony. Kothrud, Pune – 411 029, Maharashtra
Date of Birth/Age :	14.01.1969
Date of Appointment :	20.05.2009
Name :	Mr. Dilip Devagouda Patil
Designation :	Director
Address :	3, Avishkar, Patwardhan Baug, S No. 24/2/2/, Erandawane, Pune – 411 004, Maharashtra
Date of Birth/Age :	18.03.1969
Date of Appointment :	20.05.2009
Name :	Mr. Pradeep Prabhakar Kulkarni
Designation :	Director
Address :	635 Kasba Peth, Pune – 411 011, Maharashtra
Date of Birth/Age :	07.03.1953
Date of Appointment :	20.05.2009
Name :	Mr. Sushil Vijay Kulkarni
Designation :	Director
Address :	E-7, Sai Ganesh Complex, Karve Nagar, Opposite Foodworld, Pune – 411 052, Maharashtra
Date of Birth/Age :	26.08.1963
Date of Appointment :	20.05.2009
Name :	Mr. Mahesh Vishnu Nanivadekar
Designation :	Director
Address :	Flat No. 11, Meghalaya Lane No. 7, Dahanukar Colony, Kothrud, Pune – 411029, Maharashtra, India
Date of Birth/Age :	23.02.1975
Date of Appointment :	30.09.2009

KEY EXECUTIVES

Name :	Mr. Kulkarni
Designation :	Admin Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Mr. Rajeev Shseshrao Patayeet	500
Mr. Chintamani Shyamrao Lele	500
Mr. Chandan A Joshi	45
Mr. Dilip D Patil	45
Mr. Sushil V Kulkarni	45
Total	1135

As on 30.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Dealers of Computer Peripherals, Printer, Hardware and Software Products.
Products :	Hardware · Business PCs · Business Notebooks · Handhelds, PDAs and Smart Phones · Workstations · Servers · Imaging and Printing Products · Networking · Power Protection Products · Storage · Genuine Accessories and Option Software · Microsoft OEM Products · Microsoft Volume Licensing · Antivirus · HP Software Office Automation · Photo copiers · Projectors · Fax machines
Agencies Held :	HP Microsoft CLSCO Sharp
Terms :
Selling :	Cash / Credit (30/60 / 90 days)
Purchasing :	Cash / Credit (30/60 / 90 days)

GENERAL INFORMATION

Customers :

· End Users

· OEM’s

Major Customers:

· Atlas Copco

· Sandvik Asia

· Forbes Marshall

· Tata Motors

· Tata Technologies

· Bajaj Auto Finance

· PTC

· UGS

· Geometric Software

· Kalyani Brakes

· Kirloskar Brothers

· Kirloskar Pneumatic

· ITS Solutions

· Cummins Diesel

· Finolex Industries

· Auto Cluster

· Seed Infotech

No. of Employees :

100 (Approximately)

Bankers :

· Cosmos Co-operative Bank, 260/270, Kothrud Branch, Shaniwar Peth, Pune – 411 030, Maharashtra

• ICICI Bank Limited, Kothrud Branch

Facilities :

Secured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Bank OD A/C
Cosmos Co Of 00460010143	3.314	2.887
HDFC OD A/C 105381347001	0.000	0.197
Cosmos Fd Of 004650104176	1.099	1.113
Cosmos Fd Of 0004750307221	0.549	0.519
Cosmos Fd Od 0004750307269	1.765	1.383
Cosmos Fd Od 0046503017240	1.118	1.237
Cosmos Fd Od 0046503017231	3.926	2.540
Cosmos Fd Od 0004650301783	1.921	1.604
Secured loans
Loan for Opel 4986 (Cosmos)	0.000	0.062
Loan for TATA Truck	0.214	0.000
Total	13.906	11.542

Banking Relations :	-
Auditors :
Name :	Satish Dongre and Associates Chartered Accountants
Address :	Office No. 12 Laxmi Nagar, Commercial Complex, Phase II, Laxmi Nagar, Parvati, Pune – 411 B009, Maharashtra
Tel. No.:	91-20-4442436
Fax No.:	91-20-4442436
Associates/Subsidiaries :	Phoebus Technologies Private Limited

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.100/- each	Rs.1.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1135	Equity Shares	Rs.100/- each	Rs.0.113 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		0.113	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		11.311	8.662	6.710
4] (Accumulated Losses)		0.000	0.000	0.000
5] Share Premium		0.861
NETWORTH		12.285	8.762	6.810
LOAN FUNDS
1] Secured Loans		13.906	11.542	9.779
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		13.906	11.542	9.779
DEFERRED TAX LIABILITIES		0.000	0.031	0.000
TOTAL		26.191	20.335	16.589
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.024	2.196	2.455
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.924	0.044	0.041
DEFERREX TAX ASSETS		0.000	0.000	0.053
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.872	2.760	2.250
	Sundry Debtors	19.138	17.774	11.644
	Cash & Bank Balances	1.286	1.601	0.781
	Other Current Assets	20.832	13.773	8.765
	Loans & Advances	1.010	0.917	0.960
Total Current Assets		46.138	36.825	24.400
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	18.759	15.584	9.717
	Other Current Liabilities	(2.987)	(2.975)	(3.203)
	Provisions	7.152	6.121	4.104
Total Current Liabilities		22.924	18.730	10.618
Net Current Assets		23.214	18.095	13.782
MISCELLANEOUS EXPENSES		0.029	0.000	0.258
TOTAL		26.191	20.335	16.589

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		TOTAL (A)	145.308	117.122	148.849
Less	EXPENSES
		TOTAL (B)	141.283	114.150	145.402
	PROFIT BEFORE TAX (E-F) (G)		4.025	2.972	3.447
Less	TAX (H)		1.275	0.892	1.123
	PROFIT AFTER TAX (G-H) (I)		2.750	2.080	2.324
	EARNINGS IN FOREIGN CURRENCY		0.432	-	-
	Earnings Per Share (Rs.)		1844.04	1982.00	2324.00

Particulars	31.03.2011
Sales Turnover (Approximately)	180.000

Expected Sales (2011-2012) : Rs.250.000 Millions

The above information has been parted by Mr. Kulkarni (Admin Manager).

Note : Sole Proprietory and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry Records.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.89	1.78	1.56
Return on Total Assets (PBT/Total Assets}	(%)	8.36	7.37	12.82
Return on Investment (ROI) (PBT/Networth)		0.33	0.33	0.51
Debt Equity Ratio (Total Liability/Networth)		3.00	3.45	2.99
Current Ratio (Current Asset/Current Liability)		2.01	1.97	2.30

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Sundry Creditors	18.759	15.584	9.717

BACKGROUND

Subject was incorporated on 1st April 2004 as a private limited company under the Companies Act, 1956.

The Principle activity of the company is to carry on the business of Manufacturing of hardware, installation, implementation, up gradation, reengineering, consultancy, training, in computer hardware, to sale, buy, import, export, trade, deal in computer hardware and software, application software, providing information technology solutions in software and hardware, to provide front-end and back-end software services for interaction in India or anywhere in the world.

Bankers Charges Report as per Registry

Corporate identity number of the company	U72200pn2004ptc019076
Name of the company	VINTECH ELECTRONICS SYSTEMS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	15/A, Vrindavan No. 2 Co-operative Housing Society, Pashan, Pune – 411 008, Maharashtra
This form is for	Creation of charge
Type of charge	Movable Property
Particular of charge holder	The cosmos Co-operative Bank limited, 260/270, Shaniwar Peth, Pune – 411 030, Maharashtra, India E-mail: bmacosec@eth.net
Nature of description of the instrument creating or modifying the charge	Letter of Hypothecation of Vehicles dated 28.03.2011
Date of instrument Creating the charge	28.03.2011
Amount secured by the charge	Rs.0.600 Million
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Vehicle loan (Rs.0.600 million): presently 12.50% p. A with EMI Rs.0.020 million p. M Terms of Repayment Vehicle loan (Rs.0.600 million) : 36 months Margin Vehicle loan (Rs.0.600 million) : 25% in banks favour Extent and Operation of the charge The charge shall continue to operate till full repayment of the facility enjoyed by the company Others Facility: Vehicle loan of Rs.0.600 million for purpose of purchase of two vehicles- 1. Spark 1.0 LT and 2. A- star VXI
Short particulars of the property charged	Vehicle no 1. Spark 1.0 LT and vehicle no. 2 A-star VXI as described in schedule ' A '

fixed assetS:-

· Computer Accessories

· Office

· Printer Account

· UPS 6 KVA

· Electrical installation

· Air Conditioner

· Tea and Coffee Machine

· Television Set

· Car

· Furniture and Fixtures

· Office tools

Trade Reference:

· TATA Technologies Limited

· Kirloskar Brothers

· Performis India Limited

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.44.78
UK Pound	1	Rs.73.43
Euro	1	Rs.65.27

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	yes
--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.