MIRA INFORM REPORT

Report Date :

18.10.2011

IDENTIFICATION DETAILS

Name :	SHANI PERIPHERALS PRIVATE LIMITED
Registered Office :	A/405, Shapath 4, Opposite Karnavati Club, Sarkhej Gandhinagar Highway, Ahmedabad – 380051, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	10.12.1998
Com. Reg. No.:	04-35104
Capital Investment / Paid-up Capital :	Rs. 4.948 millions
CIN No.: [Company Identification No.]	U30009GJ1998PTC035104
TAN No.: [Tax Deduction & Collection Account No.]	AHMS00455A
PAN No.: [Permanent Account No.]	AADCS0715Q
Legal Form :	Private Limited Liability Company.
Line of Business :	Traders of Computer Peripherals, Provide Networking Solution.
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 630000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. Company can be considered good for normal 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 DECLINED BY

Name :	Ms. Apurva Sharma
Designation :	DGM Finance
Date :	18.10.2011

LOCATIONS

Registered/ Corporate Office :	A/405, Shapath 4, Opposite Karnavati Club, Sarkhej Gandhinagar Highway, Ahmedabad – 380051, Gujarat, India
Tel. No.:	91-79-66527200
Mobile No.:	91-9824160155 (Mr. Suresh Mehta)
Fax No.:	91-79-66527231
E-Mail :	bkpatelandco@yahoo.com info@sppl-india.com mktg@sppl-india.com sureshm@sppl-india.com sales@sppl-india.com
Website :	www.sppl-india.com
Area :	4500 Sq. Ft.
Location :	Owned
RMA Centre / Works :	Ground Floor, Sursagar Flat, Opposite Rose Wood Estate, Jodhpur Village, Setellite, Ahmedabad-380015, Gujarat, India
Tel No.	91-79-26929325
E mail:	rma@sppl-india.com logistic@sppl-india.com
Area:	Approximately 7000 sq ft
Location :	Rented
Regional Office :	Located At · New Delhi
Area Office 1 :	Baroda B -1 / 2, Heena Apartment, 9 – Laxmi Colony, Urmi Char Rasta, Jetalpur Road, Baroda – 390005, Gujarat, India
Tel No.	91-265-2334939/ 2335436
Fax No.:	91-265-2350120
E mail:	brd@sppl-india.com dilip@sppl-india.com
Area Office 2:	Surat Kadamb, 91- Adarsh Society, Near SMC Zone Office, Off - Ghoddod Road, Surat – 395007, Gujarat, India
Tel No.:	91-261-2654980/ 2651370
Fax No.:	91-261-2654980
E mail:	srt@sppl-india.com
Branches :	Located at: · Mumbai · Bangalore · Kolkata · Tamilnadu · Baroda

DIRECTORS

(AS ON 30.09.2010)

Name :	Mr. Kshitij Prafulbhai Desai
Designation :	Director
Address :	A - 602, Rbadra Apartments, Behind Someshwar Complex, Satellite, Ahmedabad - 380015, Gujarat, India
Date of Birth/Age :	18.09.1965
Date of Appointment :	10.12.1998
DIN No.:	00440988
Name :	Mr. Dilip Ratilal Jasani
Designation :	Director.12.1998]
Address :	B, Ground Floor, VIP Apartments, Near Atmajyoti Ashram, Ellora Park, Vadodara – 390007, Gujarat, India
Date of Birth/Age :	29.03.1953
Date of Appointment :	10.12.1998
DIN No.:	00441082
Name :	Mr. Dharmesh Ashwinbhai Jasani
Designation :	Director
Address :	A-11, Ravi Krupa Apartment, Vastrapur, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	14.05.1968
Date of Appointment :	10.12.1998
DIN No.:	00440900
Name :	Mr. Rajiv Harshadrai Jasani
Designation :	Director
Address :	2 - A, Chotrakoot Apartment, Near Sneh Sankul, Anand Maham Road, Surat, Gujarat, India
Date of Birth/Age :	13.12.1971
Date of Appointment :	10.12.1998
DIN No.:	01736135

KEY EXECUTIVES

Name :	Mr. Kamlesh Patel
Designation :	Company Secretary
Address :	D - 10, Sharanya Park, Behind Sun-N-Step Club, Memnagar, Ahmedabad - 380 061, Gujarat, India
Qualification :	B. Com, ACS
Phone No. :	91-79-27432183
Name :	Mr. Suresh Mehta
Designation :	Account Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares
Kshitij Prafulbhai Desai	196825
Dilip Ratilal Jasani	62000
Dharmesh Jasani	51500
Rajiv Jasani	58163
Asha Desai	50550
Nita Jasani	37562
Nisha Jasani	10000
D. R. Jasani	28150
Total	494750

(AS ON 30.09.2010)

Equity Shares Break Up	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Traders of Computer Peripherals, Provide Networking Solution.
Products :	· Wireless Products · Peripherals and Components · Networking Products · Computer Hardware · Peripherals and Net Working Products
Agencies Held :	· D Links · LG · Motorola

GENERAL INFORMATION

Customers :

· Shah Investors Home, Ahmedabad

· Khanwala Finance Services, Baroda

· J. K. Securities, Anand

· Garden Silk, Vareli

· Mundra CFS, Mundra

· Icenet, Ahmedabad

· Uclix, Jaipur

· Uba Colour, Ankleshwar

· British Gas

· Schnider Electric, Baroda

· Science City, Ahmedabad

· Shivdeep Food Products, Bikaner

· GIPL, Surat

· Bajaj Sevashram, Udaipur, Rajasthan

· Hebuch Colors Limited, Bharuch

· Stripes India Limited

· Shiva Intermediates

· Gujarat Gas Limited

· GIPL, Baroda (IOCL, Refinery)

· Bharati Infotel (Tyco Valves, Halol)

· Bharati Infotel Baroda

· Dheeraj Sons

· SBI, Bangalore

· PBM Hospital

· Kongu Engieering College, Perundaria

· Binani Cement Industries, Pindwara, Rajasthan

· Physical Research Laboratory, Ahmedabad

· Reliance Industries A/c. Dhirubhai Ambani Institute of Information and Communication  Technology, Gandhinagar

· Indian Air Force

· Dalal Consultants, Ahmedabad

· Shah Investors Home Private Limited, Ahmedabad

· Central Salt Marine and Chemicals Research Institute, Bhavnagar

· Indian Oil Corporation Limited, Gujarat

· Swiftmail Communications Limited, Ahmedabad

· Gujarat Industires Power Company Limited, Baroda

· Siemens Limited, Ahmedabad

· Saurashtra Cement Limited, Porbandar

· Transpek Industry Limited, Baroda

· National Dairy Development Board, Anand

· J. K. Securities, Anand

· Institute of Plasma Research, Ahmedabad

· SDFC securities, Baroda

· Videocon Narmada Glass, Bharuch

· Gujarat Narmada Valley Fertilizers Company Limited, Bharuch

· Kalupur Commercial Co-operative Bank Limited, Ahmedabad

No. of Employees :

100 (Approximately)

Bankers :

· Union Bank of India,

Jodhpurtekra Branch, Moti Park, Satellite Road, Ahmedabad – 380015, Gujarat, India

· HDFC Bank Limited,

Ahmedabad, Baroda, Surat and Gandhidham Branches

·  HDFC Bank Limited

2^nd Floor, Trade world, New Building, Kamla Mills, Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra, India

· ICICI Bank Limited

Facilities :

Secured Loans	31.03.2010 (Rs. In Millions)		31.03.2009 (Rs. In Millions)
Union Bank of India cash credit	33.463		29.611
HDFC Bank Limited Car loan	0.000		0.177
ICICI Bank Chevrolet Car Loan	0.000		0.173
Total	33.463		29.961
NOTES: a) Cash credit loan is secured by hypothecation of stock and book debts b) Car loans are secured by hypothecation of cars
Unsecured Loans		31.03.2010 (Rs. In Millions	31.03.2009 (Rs. In Millions)
From Directors and Shareholders		4.365	4.365
From Relatives of Directors		4.730	4.920
Total		9.095	9.285

Banking Relations :	--
Auditors :
Name 1 :	B. K. Patel and Company Chartered Accountants,
Address :	301, Samruddhi, Opposite High Court, Nav Jivan Post Office, Ahmedabad- 380009, Gujarat, India
Pan No.:	AABFB6705C
Name 2 :	C K Damani and Associates Chartered Accountant
Address :	Ahmedabad-380009, Gujarat, India
Pan No.:	AAUPD7878D

CAPITAL STRUCTURE

(AS ON 31.03.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity shares	Rs.10/- each	Rs.5.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
494750	Equity shares	Rs.10/- each	Rs.4.948 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		4.948	4.948	4.948
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		10.911	8.317	7.073
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		15.859	13.265	12.021
LOAN FUNDS
1] Secured Loans		33.463	29.961	25.224
2] Unsecured Loans		9.095	9.285	9.285
TOTAL BORROWING		42.558	39.246	34.509
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		58.417	52.511	46.530
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.406	8.251	9.638
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.001	0.001	0.001
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	28.291	33.757	31.903
	Sundry Debtors	47.217	22.027	24.007
	Cash & Bank Balances	4.037	3.041	3.332
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	4.056	2.667	2.816
Total Current Assets		83.601	61.492	62.058
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	28.367	12.765	20.070
	Other Current Liabilities	2.164	2.694	2.959
	Provisions	2.077	1.802	2.177
Total Current Liabilities		32.608	17.261	25.206
Net Current Assets		50.993	44.231	36.852
MISCELLANEOUS EXPENSES		0.017	0.028	0.039
TOTAL		58.417	55.511	46.530

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2010	31.03.2009	31.03.2008
	GROSS SALES (NET OF RETURN)	358.067	242.287	284.690
	PROFIT BEFORE TAX	4.671	3.036	3.477
Less	TAX	1.498	1.223	1.232
	PROFIT AFTER TAX	3.173	1.813	2.245
	Earnings Per Share (Rs.)	6.41	3.66	4.54

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Net Profit Margin (PBT/Sales)	(%)	1.30	1.25	1.22
Return on Total Assets (PBT/Total Assets}	(%)	5.13	4.35	4.85
Return on Investment (ROI) (PBT/Networth)		0.29	0.23	0.29
Debt Equity Ratio (Total Liability/Networth)		4.74	4.26	2.10
Current Ratio (Current Asset/Current Liability)		2.56	3.56	2.46

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS: (RS. IN MILLIONS)

Particulars	31.03.2010	31.03.2009	31.03.2008
Creditors for Capital Goods	0.067	0.000	0.000
Creditors for Goods	26.565	12.557	18.181
Creditors for Expenses	1.735	0.208	1.889
Total	28.367	12.765	20.070

NOTE:

The registered office of the company has been shifted from 1^st Floor, B Tower, Silicon Valley, Beside Bank of Baroda, 132” Cross Road, Satellite, Ahmedabad- 380054, India to the present address w. e. f. 01.02.2006

OPERATION AND FINANCIAL RESULTS:

During the year, in presence of stiff competition even, the Company has been able to achieve a business turnover of Rs.358.067 Millions and made a profit of Rs.4.671 Millions after depreciation on assets but before taxes.

FUTURE PROSPECTS

In the era of fast developed technology in the field of information technology and wide acceptance of it in the business and non-business field and also in every walk of life, Company foresee very good prospects for its business and proposes to go for new and unique products in this field as per demand of the time ahead. Company is planning to increase its infrastructure in office, sales, technical manpower etc. at south India region in Bangalore city.

Bankers Charges Report as per Registry

Corporate identity number of the company	U30009GJ1998PTC035104
Name of the company	SHANI PERIPHERALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A -405, Shapath- 4, Opposite Karnavati Club, S G Highway, Ahmedabad- 380051, Gujarat, India
This form is for	Modification of Charge
Charge identification number of the modified	90104842
Type of charge	Immovable Property Book Debts Movable Property
Particular of charge holder	Union Bank of India, Jodhpurtekra Branch, Moti Park, Satellite Road, Ahmedabad – 380015, Gujarat, India cbjodhpurtekra@unionbankofindia.com
Nature of instrument creating charge	Extension of Equitable Mortgage of Supplemental Agreement to SD-06 Hypothecation Agreement
Date of instrument Creating the charge	17.08.2009
Amount secured by the charge	Rs.52.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash Credit (Hypothecation of stock and book debts) : BPLR + 0.75% i.e. 12.50% DBP : Usual/ As above L.G/ Import L.C. (Beyond D.A) : Usual / as above Terms of Repayment Amount Repayable on Demand Margin C.C Hypothecation : 25% L.G. / Import L.C : 25% Extent and Operation of the charge Charge operates as First Charge on Company’s Movable Assets, Book Debts and immovable properties to secure various credit facilities of Rs.52.500 Millions
Particulars of the Present Modification	Charge operates on Movable and Immovable Properties and Book Debts dated 09.04.1999 and further extended time to time are now again extended and shall also be continuing security to secure further aggregate limit of Rs.525 together with interest, additional interest, penal interest, commission, premia on prepayment, cost, charges, expenses and all other monies payable by borrower to bank.

FIXED ASSETS

· Office Building

· Electrical Fitting

· Furniture and Fixture

· Office Equipments

· Computer and Peripherals

· Vehicles

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. 48.89
UK Pound	1	Rs. 77.31
Euro	1	Rs. 67.78

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.