MIRA INFORM REPORT

Report Date :

22.11.2011

IDENTIFICATION DETAILS

Name :	CONDOT SYSTEMS PRIVATE LIMITED
Registered Office :	Unit No. 122, Niraj Industrial Estate, Behind Paper Box Industries, Off Mahakali Caves Road, Andheri (East), Mumbai – 400093, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	14.08.1996
Com. Reg. No.:	11-101846
Capital Investment / Paid-up Capital :	Rs.10.672 Millions
CIN No.: [Company Identification No.]	U24294MH1996PTC101846
TAN No.: [Tax Deduction & Collection Account No.]	MUMC05957A
PAN No.: [Permanent Account No.]	AABCC1766B
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Variable Data Printing Systems
No. of Employees :	Information declined by the management

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 110000
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. Profit and Loss of the company is not available.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

INFORMATION DECLINED BY

Management Non-Cooperative.

LOCATIONS

Registered Office :	Unit No. 122, Niraj Industrial Estate, Behind Paper Box Industries, Off Mahakali Caves Road, Andheri (East), Mumbai – 400093, Maharashtra, India
Tel. No.:	91-22-61401800
Mobile No.:	91-9321088540 [Mr. Jigish Chiniwala]
Fax No.:	91-22-26879078
E-Mail :	jessyindia@rediffmail.com cspl@condotsystems.com
Website :	www.condotsystems.com
Distributors :	Located at : · Indore · Ahmedabad · Bangalore · Chandigarh
Delhi Branch Office :	B-45/141, Guru Nanak Pura, Lane No 5, Opposite HDFC Bank, Laxmi Nagar, New Delhi - 110 092, India
Tel. No.:	91-11-22015055
Fax No.:	91-11-22422664
E-Mail :	delhi@condotsystems.com

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Jigish Bipin Chiniwala

Designation :

Director

Address :

Flat No. 1102, 11^th Floor, Sanjeev Enclave CHS. Building No.7 Bungalows J P Road, andheri (West), Mumbai – 400061, Maharashtra, India

Date of Birth/Age :

13.12.1968

Date of Appointment :

14.08.1996

DIN No.:

00538737

Name :

Mr. Hemant Dhirajlal Malavia

Designation :

Director

Address :

C-610, 6^th Floor Pavanputra Building, Maruti Nagar, Shiv Vallabh Road, Dahisar East, Mumbai – 400068, Maharashtra, India

Date of Birth/Age :

18.10.1965

Date of Appointment :

14.08.1996

DIN No.:

00538731

Name :

Mr. Mukeshkumar Bhemajibhai Patel

Designation :

Director

Address :

Flat No.206, 2^nd Floor, Yogi Villa CHS. Yogi Nagar, Eksar Road, Borivali West, Mumbai – 400092, Maharashtra, India

Date of Birth/Age :

11.08.1971

Date of Appointment :

14.08.1996

DIN No.:

01299687

Other Directorships :

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	U24294MH1996PTC101846	CONDOT SYSTEMS PRIVATE LIMITED.	Director	14/08/1996	14/08/1996	Active	NO
2	U22219MH2009PTC189407	ACON PRINT PRIVATE LIMITED	Managing director	6/1/2009	6/1/2009	Under Process of Striking off	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Mukesh Bhimjibhai Patel	11250
Sangeeta Mukesh Patel	4500
Bhimjibhai Hirabhai Patel	3000
Dwaliben Bhimjibhai Patel	3000
Bharti Bipin Chiniwala	9000
Jigish Bipin Chiniwala	7875
Neha Jigish Chiniwala	4845
Hemant Dhirajlal Malavia	17625
Anita Hemant Malavia	13125
Hemant Malavia, Jt. Varun	1500
Jigish Bipin Chiniwala, Jt. Kinal	9000
Nishita Mukesh Patel	6750
Priyal Jigish Chiniwala	1500
Usha Girish Patel	3750
K.R.C. Trading Company Private Limited	2500
Karma Ispat Limited	5000
Isk Trading Company Private Limited	2500
Total	106720

(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 :

Trader of Variable Data Printing Systems

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

· HDFC Bank, Branch Ahura Centre, Andheri (East)

· Citi Bank

· The Vysya Bank Limited, Mira Road Branch, Mira Road (east)

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
HDFC Bank (Honda City) HM	0.146	0.375
HDFC Bank (Swift Dzire) HM	0.445	0.000
HDFC Bank (Swift Dzire) JC	0.445	0.000
HDFC Bank (Swift Dzire) MO	0.445	0.000
HDFC Bank A/c (Maruti SX 4)	0.000	0.089
HDFC Bank A/c (Captiva) JC	0.583	0.895
HDFC Bank A/c (Innova) MP	0.422	0.745
Total	2.486	2.104
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Yamini Mashroowala	0.065	0.065
Total	0.065	0.065

Banking Relations :	--
Auditors :
Name :	Deven C. Dholakia Chartered Accountants
Address :	303, Sagar Building, Prabhat Industrial Estate, Before Dahisar Toll Plaza, Dahisar (East), Mumbai - 400068, Maharashtra, India

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Share	Rs.100/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
106720	Equity Share	Rs.100/- each	Rs.10.672 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		10.672	10.672	0.645
2] Share Application Money		0.000	0.000	10.000
3] Share Premium		9.000	9.000	0.000
4] Reserves & Surplus		8.132	5.062	9.036
5] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		27.804	24.734	19.681
LOAN FUNDS
1] Secured Loans		2.486	2.104	0.974
2] Unsecured Loans		0.065	0.065	0.065
TOTAL BORROWING		2.551	2.169	1.039
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		30.355	26.903	20.720
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8.320	6.383	4.199
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.005	0.005	0.005
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	12.528	12.826	8.601
	Sundry Debtors	13.318	13.028	6.144
	Cash & Bank Balances	3.658	4.245	4.244
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	8.681	7.403	5.204
Total Current Assets		38.185	37.502	24.193
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	5.413	7.571	2.745
	Other Current Liabilities	2.571	2.618
	Provisions	8.171	6.798	4.932
Total Current Liabilities		16.155	16.987	7.677
Net Current Assets		22.030	20.515	16.516
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		30.355	26.903	20.720

KEY RATIOS

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
Debt Equity Ratio (Total Liability/Networth)	0.67	0.77	0.44
Current Ratio (Current Asset/Current Liability)	2.36	2.21	3.15

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
Sundry Creditors
- For Supplier	3.995	7.008	NA
- For Expenses	1.418	0.563	NA
Total	5.413	7.571	NA

NOTE

Registered office of the company has been shifted from 110, Menakshi Chambers Panchal Nagar, Bhayander (East), Thane to the present address w.e.f. 11.03.2008.

Bankers Charges Report as per Registry

Name of the company	CONDOT SYSTEMS PRIVATE LIMITED
Presented By	Jointly by the Company and the Bank
1) Date and description of instrument creating the change	Agreement of Hypothecation of stock in trade, machinery dated 17.07.2002
2) Amount secured by the charge/amount owing on the securities of charge	Rs.1.200 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	All present and future goods, book debts and all other movable of the borrower including documents of title to goods and all other belonging to or in the possession or under the control of the borrower wherever lying stored and kept and whether in borrower or of the Bank or of any third party.
4) Gist of the terms and conditions and extent and operation of the charge.	Margin: Stocks 25% and Book Debts 50% Rate of Interests: 16% or such other rate as may be prescribed by the bank from time to time. 4% above Vysya bank PLR subject to a minimum of 18% p.a. or such other rate as may be prescribed by the Bank from time to time.
5) Name and Address and description of the person entitled to the charge.	(The Vysya Bank Limited) ING Vysya Bank Limited Mira Road Branch, Mira Road (East) Now at Regional Office, Central Bombay Infotech Park, Modern Mill Compound, Sane Guruji Marg, Modern Mill Coumpound, sane Guruji Marg, Mahalaxmi, Mumbai – 400011
6) Date and brief description of instrument modifying the charge	Supplemental Agreement of Hypothecation of stock in trade machinery, book debts, bill and all other movable September 2003.
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	The limit stands interests from Rs.1.200 Millions to Rs.1.500 Millions vide the supplemental agreement dated 16.09.2003.

FIXED ASSETS

· Factory Premises

· CD Drive and Accessories

· Computers

· Computer Monitor

· Delhi Branch Office

· Demo Table

· Drilling Machine

· Electric Fan and Fittings

· EPBAX

· Fax Machine

· Furniture

· Microprocessor

· Mobile Phone

· Office Equipments

· UPS Systems

· Computer Printer

· Hard Disk

· Telephone

· Pager

· Winding System Demo Machine

· Patent

· Plant and Machinery

· Motor Cars

· Air Conditioner

· Bangalore Branch

· Server Board

· Vaccume Cleaner

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.52.70
UK Pound	1	Rs.82.44
Euro	1	Rs.71.08

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	YES
--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.