MIRA INFORM REPORT

Report Date :

03.04.2012

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) :	31.03.2011
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)

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 436000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. 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 :	03.04.2012

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 matrixmk@vsnl.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 30.09.2011

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
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

KEY EXECUTIVES

Name :	Mr. Anil Botle
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

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

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
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
Imports :
Products :	Handsets and Accessories, Home Appliances
Countries :	Switzerland
Terms :
Selling :	Cash and Credit (30-60 Days)
Purchasing :	L/C, Cash and Credit (30-60 Days)

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

35 (Approximately)

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 :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Overdraft from Kotak Mahindra Bank (Secured by hypothecation of stock and book debts and collateral security of immovable properties of the partners	0.280	0.000
Vehicle Loan (Secured by hypothecation of underlying asset)	1.156	0.000
Total	1.436	0.000
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Buyers Credit	41.112	16.939
Loans	0
From Directors	100.614	73.416
From Intercorporates	6.988	6.306
From Tata Capital	11.363	0.000
From Banks	3.187	12.439
Total	163.264	109.100

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.:	AAAFN2322E
Associates :	Vanilla Projects Private Limited
Sister Concern Company :	· Matrix Market · Matrix Agency · Matrix Sports Marketing Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

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		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		108.822	84.711	53.816
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		108.922	84.811	53.916
LOAN FUNDS
1] Secured Loans		1.436	0.000	0.000
2] Unsecured Loans		163.264	109.100	51.460
TOTAL BORROWING		164.700	109.100	51.460
DEFERRED TAX LIABILITIES		0.058	0.061	0.018
TOTAL		273.680	193.972	105.394
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.120	1.030	0.373
Capital work-in-progress		0.150	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	142.327	109.889	80.409
	Sundry Debtors	141.221	119.832	79.939
	Cash & Bank Balances	7.536	4.976	6.242
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	33.213	14.579	6.071
Total Current Assets		324.297	249.276	172.661
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	33.148	23.863	36.077
	Other Current Liabilities	20.739	32.471	31.563
	Provisions	0.000	0.000	0.000
Total Current Liabilities		53.887	56.334	67.640
Net Current Assets		270.410	192.942	105.021
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		273.680	193.972	105.394

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	810.941	609.032	490.792
		Interest on Fixed Deposits			0.190
		Other Income			0.000
		TOTAL (A)	810.941	609.032	490.982
Less	EXPENSES
		Office Expenses	773.833	560.094	436.685
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	773.833 (Including Financial Expenses and Depreciation)	560.094 (Including Financial Expenses and Depreciation)	436.685
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)				54.297
Less	FINANCIAL EXPENSES (D)				5.681
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)				48.616
Less/ Add	DEPRECIATION/ AMORTISATION (F)				0.177
	PROFIT BEFORE TAX (E-F) (G)		37.108	48.938	48.439
Less	TAX (I)		12.997	18.044	18.199
	PROFIT AFTER TAX (G-I) (J)		24.111	30.894	30.240
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		84.711	53.816	23.576
	BALANCE CARRIED TO THE B/S		108.822	84.711	53.816
	EARNINGS IN FOREIGN CURRENCY		1.503	2.642	13.155
	IMPORTS
		Purchase of Handsets and Accessories	96.299	112.656	124.943
		Purchase of Watches	0.000	0.000	6.182
	TOTAL IMPORTS		96.299	112.656	131.125
	Earnings Per Share (Rs.)		2411.11	3089.45	3024.04

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

The above information has been parted by Mr. Anil – Account Manager

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.97	5.07	6.16
Net Profit Margin (PBT/Sales)	(%)	NA	NA	9.87
Return on Total Assets (PBT/Total Assets}	(%)	11.33	19.55	27.99
Return on Investment (ROI) (PBT/Networth)		0.34	0.58	0.90
Debt Equity Ratio (Total Liability/Networth)		2.01	1.95	2.21
Current Ratio (Current Asset/Current Liability)		6.02	4.42	2.55

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors
From Others	23.863	36.077	23.535
TOTAL	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	NO
18.	Major Customers	NO
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.11.719 Millions (Previous Year Rs.13.313 Millions)

FORM 8

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 Email: anilb@matrixdistributor.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	80002172
Type of charge	Book Debts Movable Property
Particular of charge holder	Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227 D, Nariman Point, Mumbai – 400 021, Maharashtra, India Email: john.fernandes@kotak.com
Nature of instrument creating charge	Supplementary Deed of Hypothecation.
Date of instrument Creating the charge	02.11.2011
Amount secured by the charge	Rs.158.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest WCDL - As deemed fit by the Bank at the time of disbursement. Terms of Repayment WCDL - On demand as per terms and conditions as deemed fit by the Bank. Margin WCDL - On demand as per terms and conditions as deemed fit by the Bank. Extent and Operation of the charge First and exclusive charge by way of Hypothecation of Current assets and Movable fixed 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 or asset(s) charged (including complete address and location of the property)	The whole of Borrower's Current assets and Movable fixed assets both present and future as described in Schedule I to the Supplementary Deed of Hypothecation.
Date of instrument modifying the charge	18.04.2011
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 09.09.2005 Said charge was modified on 04/11/2009, 31/03/2011, 04/04/2011, 11/04/2011 and 18/04/2011 of Rs.138.000 millions Now bank has granted additional facility of Rs.20.000 millions to the company and the said charge is modified and extended to the increased total facilities of Rs.158.000 millions.

FIXED ASSETS

· Motor Car

· Computer

· Furniture

· Air Conditioner

· Office Equipment

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.51.16
UK Pound	1	Rs.81.80
Euro	1	Rs.68.34

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.