MIRA INFORM REPORT

Report Date :

29.10.2011

IDENTIFICATION DETAILS

Name :	MATRIX DISTRIBUTOR PRIVATE LIMITED
Registered Office :	16, Anand Estate, 189 A, Sane Guruji Marg, Mumbai – 400 011, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	16.04.2004
Com. Reg. No.:	11-145742
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U74999MH2004PTC145742
TAN No.: [Tax Deduction & Collection Account No.]	MUMM27349A
PAN No.: [Permanent Account No.]	AADCM9143N
Legal Form :	Private Limited Liability Company
Line of Business :	Distributor of Handsets and Accessories, Home Appliances.
No. of Employees :	35 (Approximately) (In Office + In Warehouse)

RATING & COMMENTS

MIRA’s Rating :

A (59)

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 340000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track record. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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. Anil Botle
Designation :	Accounts Manager
Contact No.:	91-9702030548
Date :	25.10.2011

LOCATIONS

Registered Office :	16, Anand Estate, 189 A, Sane Guruji Marg, Mumbai – 400 011, Maharashtra, India
Tel. No.:	91-22-23004061 / 62 / 63 / 64 / 43456161
Mobile No.:	91-9702030548 (Mr. Anil Botle)
Fax No.:	91-22-23054631
E-Mail :	sales@matrixdistributor.com anilb@matrixdistributor.com
Area :	3000 Sq. Ft.
Location :	Owned
Ware House / Office:	Located At: · Ghatkoper – Mumbai · Thane · Bhiwandi
Showroom :	Located At: Vile Parle –(Nokia and Sony Showroom)
Representative Office:	Located At: · Delhi · Bangalore · Kolkata

DIRECTORS

As on 30.09.2010

Name :

Mr. Tushar Bhupendra Avlani

Designation :

Director

Address :

248, Leela Baug, Flat No.501 Telang Road, Matunga CR, Mumbai – 400019, Maharashtra, India

Date of Birth/Age :

08.01.1964

Qualification :

BSC

Date of Appointment :

16.04.2004

DIN No.:

00799543

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74992MH2001PTC130257	West Point Marketing Private Limited	Director	01-01-01	01-01-01	-	Active	NO
2	U15201GJ1994PTC022076	Matra Ahar Private Limited	Director	01-04-02	01-04-02	25-09-08	Active	YES
3	U74999MH2004PTC145742	Matrix Distributor Private Limited	Director	16-04-04	16-04-04	-	Active	NO
4	U74999MH2007PTC166731	Geomatrix Retail Private Limited	Director	05-01-08	05-01-08	-	Active	NO
5	U92412MH2008PTC184283	Matrix Sports Marketing Private Limited	Director	04-07-08	04-07-08	-	Active	YES
6	U74999MH2008PTC188409	Matrix Celtronics Private Limited	Director	21-11-08	21-11-08	-	Active	NO

Name :

Mr. Minu Chandrakant Mehtalia

Designation :

Director

Address :

41, Acadia Society, 172, Sir Bhalchandra Road, Dadar, Mumbai – 400014, Maharashtra, India

Date of Birth/Age :

08.12.1962

Qualification :

BE, Civil Engineer

Date of Appointment :

16.04.2004

DIN No.:

00765539

Other Directorship :

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	U45200MH1985PTC036353	Sharad Constructions Private Limited	Managing director	25-05-85	25-05-85	Active	NO
2	U27108MH1994PTC078337	Anupam Fabricators Private Limited	Director	11-05-94	11-05-94	Active	NO
3	U74992MH2001PTC130257	West Point Marketing Private Limited	Director	01-01-01	01-01-01	Active	NO
4	U74999MH2004PTC145742	Matrix Distributor Private Limited	Director	16-04-04	16-04-04	Active	NO
5	U45200MH2005PTC151673	Vanila Projects Private Limited	Director	01-03-05	01-03-05	Active	NO
6	U45400MH2007PTC175589	Sharad Constructions Sez Private Limited	Director	01-11-07	01-11-07	Active	NO
7	U74999MH2007PTC166731	Geomatrix Retail Private Limited	Director	05-01-08	05-01-08	Active	NO
8	U92412MH2008PTC184283	Matrix Sports Marketing Private Limited	Director	04-07-08	04-07-08	Active	YES
9	U74999MH2008PTC188409	Matrix Celtronics Private Limited	Director	21-11-08	21-11-08	Active	NO

KEY EXECUTIVES

Name :	Mr. Anil Botle
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Tushar Bhupendra Avlani	5000
Minu Chandrakant Mehtalia	5000
Total	10000

As on 30.09.2010

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

BUSINESS DETAILS

Line of Business :	Distributor of Handsets and Accessories, Home Appliances
Products :	· Handsets and Accessories · Electronic Appliances
Agencies Held :	· LG · Samsung · Sony
Imports :
Products :	Handset, Watches
Countries :	Switzerland
Terms :
Selling :	Cash and Credit (30 / 60 / 90 days)
Purchasing :	Cash and Credit (30 / 60 / 90 days)

GENERAL INFORMATION

Suppliers :

· Philips

· Montegraph

Customers :

Wholesalers

Retailers

End Users and

OEM’s

· Vijay Sales

· Alpha

No. of Employees :

35 (Approximately) (In Office + In Warehouse)

Bankers :

· Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227 D, Nariman Point, Mumbai – 400 021, Maharashtra, India

· Kotak Mahindra Bank , Nepean Sea Road

Facilities :

Particulars	As on 31.03.2010 (Rs. In Millions)	As on 31.03.2009 (Rs. In Millions)
Unsecured Loan
Buyers Credit	16.939	9.356
Loans
From Directors	73.416	24.407
From Intercorporates	6.306	5.692
From Banks	12.439	12.005
Total	109.100	51.460

Cash Credit, Over Draft, TL Rs.100.000 millions (Kotak Mahindra Bank, Nariman Point)

Banking Relations :	-
Auditors :
Name :	Natvarlal Vepary and Company Chartered Accountants
Address :	Oricon House, 4^th Floor, 12, K. Dubash Marg, Mumbai – 400 023, Maharashtra, India
Tel. No.:	91-22-66315851
Fax No.:	91-22-66315852
E-Mail :	nvc@nvc.in
PAN No.:	AAAFN2322E
Associates (As on 31.03.2010) :	· Shanta Mehtalia · Vanilla Projects Private Limited
Sister Concern Company :	· Matrix Market · Matrix Agency · Matrix Sports Marketing Private Limited

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.10/- each	Rs.1.500 millions
50000	Preference Shares	Rs.10/- each	Rs.0.500 million
50000	Unclassified Shares	Rs.10/- each	Rs.0.500 million
	Total		Rs.2.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 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		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		84.711	53.816	23.576
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		84.811	53.916	23.676
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		109.100	51.460	43.525
TOTAL BORROWING		109.100	51.460	43.525
DEFERRED TAX LIABILITIES		0.061	0.018	0.029
TOTAL		193.972	105.394	67.230
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.030	0.373	0.550
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	109.889	80.409	59.601
	Sundry Debtors	119.832	79.939	41.501
	Cash & Bank Balances	4.976	6.242	5.483
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	14.579	6.071	1.198
Total Current Assets		249.276	172.661	107.783
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	23.863	36.077	23.535
	Other Current Liabilities	32.471	31.563	17.568
	Provisions	0.000	0.000	0.000
Total Current Liabilities		56.334	67.640	41.103
Net Current Assets		192.942	105.021	66.680
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		193.972	105.394	67.230

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	609.032	490.792	330.184
		Sundry Balances W/back		0.000	0.107
		Interest on Fixed Deposits		0.190	0.096
		Other Income		0.000	0.124
		TOTAL (A)	609.032	490.982	330.511
Less	EXPENSES
		TOTAL (B)	560.094 (Including Financial Expenses and Depreciation)	436.685	302.250
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			54.297	28.261
Less	FINANCIAL EXPENSES (D)			5.681	3.685
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			48.616	24.576
Less/ Add	DEPRECIATION/ AMORTISATION (F)			0.177	0.185
	PROFIT BEFORE TAX (E-F) (G)		48.938	48.439	24.391
Less	TAX (H)		18.044	18.199	8.959
	PROFIT AFTER TAX (G-H) (I)		30.894	30.240	15.432
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		53.816	23.576	8.144
	BALANCE CARRIED TO THE B/S		84.711	53.816	23.576
	EARNINGS IN FOREIGN CURRENCY		2.642	13.155	2.270
	IMPORTS
		Purchase of Handsets and Accessories	112.656	124.943	102.757
		Purchase of Watches	0.000	6.182	1.655
	TOTAL IMPORTS		112.656	131.125	104.412
	Earnings Per Share (Rs.)		3089.45	3024.04	1543.23

Particulars	31.03.2011
Sales Turnover (Approximately)	850.000

Expected Sales (2011-2012) : Rs.1000.000 Millions

The above information has been parted by Mr. Anil Botle

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	5.07	6.16	4.67
Net Profit Margin (PBT/Sales)	(%)	NA	9.87	7.39
Return on Total Assets (PBT/Total Assets}	(%)	19.55	27.99	14.24
Return on Investment (ROI) (PBT/Networth)		0.58	0.90	1.03
Debt Equity Ratio (Total Liability/Networth)		1.95	2.21	3.57
Current Ratio (Current Asset/Current Liability)		4.42	2.55	2.62

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	23.863	36.077	23.535

Sr. No.	Check List by Info Agents
1.	Year of Establishment	YES
2.	Locality of the firm	YES
3.	Constitutions of the firm	YES
4.	Premises details	YES
5.	Type of Business	YES
6.	Line of Business	YES
7.	Promoter’s background	--
8.	No. of employees	YES
9.	Name of person contacted	YES
10.	Designation of contact person	YES
11.	Turnover of firm for last two years	YES
12.	Profitability for last three years	--
13.	Reasons for variations <> 20%	--
14.	Estimation for coming financial year	YES
15.	Capital in the business	YES
16.	Details of sister concerns	YES
17.	Major Suppliers	YES
18.	Major Customers	YES
19.	Payment terms	YES
20.	Export / Import details (is applicable)	YES
21.	Market information	--
22.	Litigation that the firm / promoter involved in	--
23.	Banking Details	YES
24.	Banking facility details	YES
25.	Conduct of the banking account	--
26.	Buyer visit details	--
27.	Financials, if provided	NO
28.	Incorporation details, if applicable	--
29.	Last accounts filed at ROC	--
30.	Major Shareholders, is available	--

CONTINGENT LIABILITIES (AS ON 31.03.2010)

Contingent liability in respect of Counter Guarantees given to the bankers far the guarantees given by them on their behalf Rs.13.313 Millions.

Bankers Charges Report as per Registry

Corporate identity number of the company	U74999MH2004PTC145742
Name of the company	MATRIX DISTRIBUTOR PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	16, Anand Estate, 189 A, Sane Guruji Marg, Mumbai – 400011, Maharashtra, India
This form is for	Modification of charge
Charge identification number of the modified	80002172
Type of charge	Book Debts Movable Property Others - Current Assets
Particular of charge holder	Kotak Mahindra Bank, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai – 400021, Maharashtra, India Email ID: john.fernandes@kotak.com
Nature of description of the instrument creating or modifying the charge	Supplementary Deed of Hypothecation
Date of instrument Creating the charge	31.03.2011
Amount secured by the charge	Rs.57.100 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest TC - The liquidation of the bills shall be by way of banking of the PDCs on the due date (Borrower shall submit a cheque along with accepted bills for discounting) OR out of escrow proceeds OR debit to current account of Borrower. Terms of Repayment TC - The liquidation of the bills shall be by way of banking of the PDCs on the due date (Borrower shall submit a cheque along with accepted bills for discounting) OR out of escrow proceeds OR debit to current account of Borrower. Margin LC - Minimum cash margin of 15.00% shall be provided in the form of Fixed Deposit against all LC's opened. BG - Minimum cash margin of 15% shall be provided upfront (100% cash margin for guarantees covering disputed liabilities) Lien shall be marked on the FD till such time as the BG is cancelled and returned to the Bank. Extent and Operation of the charge First and exclusive charge by way of Hypothecation of Current assets and Movable assets present and future of the Borrower, in favour of Kotak Mahindra bank as security for repayment of financial facilities granted by the Bank to the Borrower.
Short particulars of the property charged	The whole of Borrower's Current assets and Movable assets both present and future as described in Schedule to the Supplementary Deed of Hypothecation.
Date of latest modification prior to the present modification	04.11.2009
Particulars of the present modification	The Bank had granted facilities of Rs.15.000 millions to the Borrower which was secured by way of Hypothecation on Current assets and Moveable assets of the company on 9/09/2005. Said charge was modified on 04/11/2009 of Rs. 42.100 millions. Now bank has granted additional facility of Rs. 15.000 millions to the company and the said charge is modified and extended to the increased total facilities of Rs.57.100 millions

TRADE REFERENCES

· Vijay Sales

· Alpha

· Philips

· Montegraph

FIXED ASSETS

· Motor Car

· Computer

· Furniture

· Air Conditioner

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 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.48.82
UK Pound	1	Rs.78.57
Euro	1	Rs.69.29

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	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		59

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.