MIRA INFORM REPORT

Report Date :

26.04.2012

IDENTIFICATION DETAILS

Name :	DIXIT INFOTECH SERVICES PRIVATE LIMITED (w.e.f 06.11.2000)
Formerly Known As :	DIKSHIT DISTRIBUTORS PRIVATE LIMITED
Registered Office :	Kitab Mahal, 2^nd Floor, 192- Dr D N Road, Fort, Mumbai – 400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.07.1989
Com. Reg. No.:	11-052793
Capital Investment / Paid-up Capital :	Rs. 7.000 Millions
CIN No.: [Company Identification No.]	U51900MH1989PTC052793
TAN No.: [Tax Deduction & Collection Account No.]	MUMD09733D MUMD10992C
PAN No.: [Permanent Account No.]	AAACD1678A
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Computer Peripherals and Accessories
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 160000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well – established and reputed company having satisfactory track. Trade relations are fair. Business is active. Payments are reported as usually made as per commitments. The company can be considered good for normal business dealings.

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. Ajay Kumar
Designation :	Account Manager
Contact No.:	91-22-40982842
Date :	25.04.2012

LOCATIONS

Registered/ Head Office :	Kitab Mahal, 2^nd Floor, 192- Dr D N Road, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-40982828/22075263/28959053
Fax No.:	91-22-22077203
E-Mail :	ajaykumar@disindia.com dixitmkg@vsnl.com sasangani@vsnl.net
Website :	www.disindia.com
Area :	30000 sq. ft.
Location :	Rented
Branch Office :	Located at: Bangalore Chennai Secundarabad New Delhi
Service Centre :	Located at: Punjab Kolkata Goa Cochin Pune

DIRECTORS

As on 30.09.2011

Name :	Mr. Yegneshwaran Shivram Kalpathi
Designation :	Director
Address :	14-391, Bharadwaj Building , Roop Nagar, Bandra – East, Mumbai – 400051, Maharashtra, India
Date of Birth/Age :	16.10.1926
Date of Appointment :	28.07.1989
DIN No.:	00581366
Name :	Mr. Shivram Yegneswaran Iyer
Designation :	Director
Address :	14-391, Bharadwaj, Roop Nagar, Bandra – East, Mumbai – 400051, Maharashtra, India
Date of Birth/Age :	30.12.1961
Date of Appointment :	28.07.1989
DIN No.:	00591524
Name :	Mrs. Shobhna Yegneswaran Iyer
Designation :	Director
Address :	14/391, Bharadwaj, Bandra – East, Mumbai – 400051, Maharashtra, India
Date of Birth/Age :	26.10.1968
Date of Appointment :	28.07.1989
Date of Cessation :	31.03.2008
DIN No.:	00591488
Name :	Mr. Lakshmi Shivram Iyer
Designation :	Director
Address :	14-391, Bharadwaj, Roop Nagar, Bandra – East, Mumbai – 400051, Maharashtra, India
Date of Birth/Age :	11.08.1968
Date of Appointment :	01.11.1996
DIN No.:	00591643

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Yegneshwaran S. Kalpathy	29820
Shivram Y Iyer	27000
Lakshmi Iyer	13180
Total	70000

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 :	Trader of Computer Peripherals and Accessories
Agencies Held :	· HP · Samsung · Microsoft
Imports :
Products :	Toner Tapes
Countries :	US Singapore China
Terms :
Selling :	Cash and Credit (30-60 Days)
Purchasing :	Cash and Credit (30-60 Days)

GENERAL INFORMATION

Customers :

End Users and OEM’s

No. of Employees :

100 (Approximately)

Bankers :

• Bank of India, D. N. Road Branch, Fort, Mumbai – 400001, Maharashtra, India
• Standard Chartered Bank, SME Credit, 23-25 M G Road, Fort, Mumbai – 400001, Maharashtra, India

(Rs. In Millions)

Facilities :

Secured Loan	As on 31.03.2011	As on 31.03.2010
From Standard Chartered Bank
Cash Credit Account (CCA)	20.725	0.000
Hundi Facility (Secured against hypothecation of stock and book-debts, and personal guarantee by directors, , fixed Deposit of Rs. 11.000 Millions held by one of the director given as collateral security)	8.279	10.965
Previous year this facility was from Bank of India
Cash Credit Account (CCA)	0.000	17.877
Overdraft facility	0.000	4.996
Total	29.004	33.838
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Unsecured Loan	1.950	0.000
Total	1.950	0.000
CC- Rs. 30.00 Millions

Banking Relations :	--
Auditors :
Name :	S. A. Sangani and Accessories Chartered Accountant
Address :	411, Dattani Trade Centre, Chandavarkar Road, Borivali – West, Mumbai – 400092, Maharashtra, India
Tel No.:	91-22-28959053/64511316
Mobile No.:	91-9820550811
Fax No.:	91-22-28959053
Email:	sasangani@vsnl.net
PAN.:	AAIPS4312D

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
80000	Equity Shares	Rs.100/- each	Rs.8.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
70000	Equity Shares	Rs.100/- each	Rs.7.000 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		7.000	7.000	7.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		33.719	27.384	24.041
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		40.719	34.384	31.041
LOAN FUNDS
1] Secured Loans		29.004	33.838	23.651
2] Unsecured Loans		1.950	0.000	0.000
TOTAL BORROWING		30.954	33.838	23.651
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		71.673	68.222	54.692
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.929	1.486	1.480
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	8.794	17.838	13.173
	Sundry Debtors	97.184	93.440	62.773
	Cash & Bank Balances	8.374	13.393	15.776
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	9.820	7.951	6.887
Total Current Assets		124.172	132.622	98.609
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	51.164	57.548	35.219
	Other Current Liabilities	2.746	6.440	7.823
	Provisions	3.518	1.898	2.355
Total Current Liabilities		57.428	65.886	45.397
Net Current Assets		66.744	66.736	53.212
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		71.673	68.222	54.692

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	517.589	439.332	408.626
		Operating Income	1.343	1.782	0.929
		Other Income	2.038	1.407	1.122
		TOTAL (A)	520.970	442.521	410.677
Less	EXPENSES
		Purchases	454.320	395.579	355.942
		Administrative and Other Expenses	14.164	17.218	16.584
		Expenses on employees	26.151	24.493	27.448
		Increase/Decrease in stock	9.044	(4.665)	(0.486)
		TOTAL (B)	503.679	432.625	399.488
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		17.291	9.896	11.189
Less	FINANCIAL EXPENSES (D)		5.670	4.469	5.595
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		11.621	5.427	5.594
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.030	0.242	0.364
	PROFIT BEFORE TAX (E-F) (G)		10.591	5.185	5.230
Less	TAX (I)		3.470	1.842	2.239
	PROFIT AFTER TAX (G-I) (J)		7.121	3.343	2.991
	EXCESS/SHORT PROVISION FOR TAX		(0.786)	0.000	(0.521)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		27.384	24.041	21.571
	BALANCE CARRIED TO THE B/S		33.719	27.384	24.041
	Earnings Per Share (Rs.)		102	48	43

Sales Turnover (2011-2012): Rs. 450.000 Millions (Due to down market their turnover is less)

Expected Sales (2012-2013): Rs.500.000 Millions

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

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.36	0.76	0.71
Net Profit Margin (PBT/Sales)	(%)	2.04	1.18	1.28
Return on Total Assets (PBT/Total Assets}	(%)	8.52	3.87	5.23
Return on Investment (ROI) (PBT/Networth)		0.26	0.15	0.17
Debt Equity Ratio (Total Liability/Networth)		1.41	2.90	2.22
Current Ratio (Current Asset/Current Liability)		2.16	2.01	2.17

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
Sundry Creditors for Expenses	51.164	57.548	35.219

Check List by Info Agents	Available in Report (Yes / No)
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	Yes
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	Yes
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

OPERATIONS:

During the year under review there is all-round growth in the gross revenue.

1. Turnover of the Company increased to Rs. 517.600 Millions as against Rs. 439.300 Millions in the preceding year.

2. Operating income decreased to Rs. 1.343 Millions as against Rs. 1.782 Millions in the preceding year.

3. Whereas, other income of the Company has increased to Rs. 2.038 Millions as against Rs. 1.407 Millions in the preceding year.

The Turn round in the economy, efforts by the marketing team and financial supports from the management I Bankers has resulted in to all round growth. The performance at branch is also healthy and is contributing to the overall growth of the Company. All efforts are made to exercise control over the expenses so that profit below the line can be improved.

This has contributed immensely in improving the performance. Profit before tax has increased to Rs. 10.591 Millions as against Rs.5.185 Millions in the previous year.

Current year is challenging and it would be difficult to repeat the performance of the previous year. The Market has become very tough and demanding. Order in hand is very weak and it is becoming difficult to convert the potential demand into orders. The technology is fast changing and so is the product mix. Management is making all efforts to keep with the changes and ensure that maximum is made out of sales team.

CONTINGENT LIABILITIES:

Contingent liabilities are not provided till they are crystalised.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U51900MH1989PTC052793
Name of the company	DIXIT INFOTECH SERVICES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Kitab Mahal, 2^nd Floor, 192- Dr D N Road, Fort, Mumbai – 400001, Maharashtra, India Email: sasangani@vsnl.net
This form is for	Creation of charge
Type of charge	Book debts Floating charge
Particular of charge holder	Standard Chartered Bank, SME Credit, 23-25 M G Road, Fort, Mumbai – 400001, Maharashtra, India Email: Biplab.Das1@sc.com
Nature of instrument creating charge	Hypothecation Agreement
Date of instrument Creating the charge	21.09.2010
Amount secured by the charge	Rs. 35.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As agreed by and with the bank from time to time Terms of Repayment As agreed by and with the bank from time to time. Margin As applicable, if any. Extent and Operation of the charge The Bank is having first charge on the security given by the Company, as described in Sr. no. 15 below.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation by way of first charge on: a) all the stock in trade both present and future consisting of raw materials, finished goods, goods in process of manufacturing and other merchandise b) all the present and future book debts, outstanding moneys receivable, claims and bills.

TRADE REFERENCES:

• Aladdin
• Sybase

FIXED ASSETS:

• Motor Vehicles
• Computers
• Furniture
• Fax Machine
• Office Equipments
• 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 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.52.48
UK Pound	1	Rs.84.65
Euro	1	Rs.69.25

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		52

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.