MIRA INFORM REPORT

Report Date :

06.12.2012

IDENTIFICATION DETAILS

Name :	NEWTECH COMPUTER SERVICES PRIVATE LIMITED (w.e.f. 05.05.2011)

Formerly Known As :	NEW TECH COMPUTER SERVICES PRIVATE LIMITED

Registered Office :	605-607, Solaris II, Opposite L and T Gate No.6, Saki Vihar Road, Powai, Mumbai-400072, Maharashtra

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	29.10.1984

Com. Reg. No.:	11-034412

Capital Investment / Paid-up Capital :	Rs. 1.136 Millions

CIN No.: [Company Identification No.]	U99999MH1984PTC034412

TAN No.: [Tax Deduction & Collection Account No.]	MUMN11246E

PAN No.: [Permanent Account No.]	AAACN9218L

Legal Form :	Private Limited Liability Company

Line of Business :	Service provider of Computer Hardware and Peripherals

No. of Employees :	Information not given 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 to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for normal business dealings at usual trade terms and conditions. Current year profit and loss account 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.

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country’s growth, which has averaged more than 7% per year since 1997. India’s diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India’s output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis – in large part because of strong domestic demand – and growth exceeded 8% year-on-year in real terms. However, India’s economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government’s fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India’s medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DECLINED BY

Name :	Mr. Keshav Sharma
Designation :	Accountant
Contact No.:	91-22-28575505
Date :	05.12.2012

LOCATIONS

Registered Office / Head Office :	605-607, Solaris II, Opposite L and T Gate No.6, Saki Vihar Road, Powai, Mumbai-400072, Maharashtra, India
Tel. No.:	91-22-28575505 / 40668888
Fax No.:	91-22-28575502
E-Mail :	Vaikunta.naik@gmail.com assist@newtech.in
Website :	www.newtech.in

Branch Offfice :	Located At: · New Delhi · Pune · Bangalore · Calcutta · Chennai

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Mohandas Dhanraj Keshwani
Designation :	Director
Address :	13, Apurva Building, Chembur Naka, Chembur, Mumbai-400071, Maharashtra, India
Date of Birth/Age :	31.12.1957
Date of Appointment :	21.03.1992
DIN No.:	00406040

Name :	Mr. Mahesh Arora
Designation :	Director
Address :	702, Aryanaanchal Co-operative Housing Society Limited, 8^th Road, Near Ahobila Chembur, Mumbai-400071, Maharashtra, India
ate of Birth/Age :	12.07.1955
Date of Appointment :	06.01.1988
DIN No.:	00406122

Name :	Ms. Ashwani Kundanlal Jaitly
Designation :	Director
Address :	A-50, 2^nd Floor, CRPark, New Delhi-110019, India
Date of Birth/Age :	15.03.1955
Date of Appointment :	30.01.2003
DIN No.:	02822600

KEY EXECUTIVES

Name :	Mr. Keshav Sharma
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Mahesh Arora	7646
Mohandas Dhanraj Keshwani	3704
Ashishkumar Govil	10
TOTAL	11360

AS ON 30.09.2011

Equity Shares Break Up	Percentage of Holding
Directors or relatives of Directors	100.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Service provider of Computer Hardware and Peripherals

GENERAL INFORMATION

No. of Employees :

Information not given by the management

Bankers :

· Union Bank of India, Hiranandani Gardens, Powai Branch, Delphi, Orchid Avenue, Hiranandani Business Park, Mumbai-400076, Maharashtra, India

· Citi Bank N.A., Citi Tower, Dr S S Rao Road, Parel, Mumbai-400012, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Car Loan		1.065
Citi Bank (Secured against general lein over stock and book debts)	38.058	5.027
Bank Overdraft – Union Bank of India (Secured against Office Premises)		17.411

TOTAL	38.058	23.503


Banking Relations :	--

Auditors :
Name :	Kinjal H Shah and Company Chartered Accountant
Address :	C/6, Commerce Center, Tardeo, Mumbai-400034, Maharashtra, India
PAN No.:	AAJPS9714Q

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

20000	Equity Shares	Rs.100/- each	Rs. 2.000 Millions
5000	Unclassified Shares	Rs. 100/- each	Rs. 0.500 Million
	TOTAL		Rs. 2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

11360	Equity Shares	Rs.100/- each	Rs. 1.136 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		1.136	1.000	1.000
2] Share Application Money		0.000	3.400	3.400
3] Reserves & Surplus		28.251	21.944	17.943
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		29.387	26.344	22.343
LOAN FUNDS
1] Secured Loans		38.058	23.503	16.267
2] Unsecured Loans		1.500	2.010	3.339
TOTAL BORROWING		39.558	25.513	19.606
DEFERRED TAX LIABILITIES		1.466	1.861	1.555
LOANS AND ADVANCES		2.193	2.553	2.553

TOTAL		72.604	56.271	46.057

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		37.161	33.086	33.049
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	4.026	3.592	4.489
	Sundry Debtors	35.621	48.933	33.417
	Cash & Bank Balances	12.568	3.737	0.820
	Other Current Assets	3.594	5.644	13.097
	Loans & Advances	15.024	14.030	5.168
Total Current Assets		70.833	75.936	56.991
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	17.048	32.103	29.038
	Other Current Liabilities	15.261	16.224	3.208
	Provisions	3.081	4.424	11.737
Total Current Liabilities		35.390	52.751	43.983
Net Current Assets		35.443	23.185	13.008

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		72.604	56.271	46.057

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	150.217	163.185
		Other Income
		TOTAL	150.217	163.185

Less	EXPENSES
		Office Expenses	132.671	143.537
		Administrative Expenses
		Advertising Expenses
		TOTAL	132.671	143.537

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		17.546	19.648

Less/ Add	DEPRECIATION/ AMORTISATION		10.826	10.698

	PROFIT / (LOSS) BEFORE TAX		6.720	8.950

Less	TAX		2.720	3.338

	PROFIT / (LOSS) AFTER TAX		4.000	5.612

	Earnings Per Share (Rs.)		400.00	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	2.66	3.44

Return on Total Assets (PBT/Total Assets}	(%)	NA	6.16	9.94

Return on Investment (ROI) (PBT/Networth)		NA	0.23	0.34

Debt Equity Ratio (Total Liability/Networth)		2.60	3.04	2.92

Current Ratio (Current Asset/Current Liability)		2.00	1.44	1.30

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
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 two years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations 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	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

SUNDRY CREDITORS DETAILS

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors	17.048	32.103	29.038

TOTAL	17.048	32.103	29.038

FORM 8

Corporate identity number of the company	U99999MH1984PTC034412
Name of the company	NEWTECH COMPUTER SERVICES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	605-607, Solaris II, Opposite L and T Gate No.6, Saki Vihar Road, Powai, Mumbai-400072, Maharashtra, India
This form is for	Modification of charge
Charge identification number of the charge to be modified	10104696
Type of charge	· Immovable property
Particular of charge holder	Union Bank of India, Hiranandani Gardens, Powai Branch, Delphi, Orchid Avenue, Hiranandani Business Park, Mumbai-400076, Maharashtra, India
Nature of instrument creating charge	Extension of Equitable Mortgage by Deposit of Title Deeds
Date of instrument Creating the charge	16.12.2011
Amount secured by the charge	Rs. 28.700 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Together with interest, compound interest and/or additional interest in case of default, exchange fluctuations, costs, charges expenses etc Terms of repayment SOD Title Deeds On Demand and Term Loan in Installments Margin As per sanction terms. Extent and operation of the charge To secure Revised SOD Title Deeds of Rs.24.800 Millions and Term Loan of Rs.3.900 Millions aggregating to Rs.28.700 Millions granted by the Bank to the Company
Short particulars of the property charged (Including location of the property)	Extension of Equitable Mortgage by Deposit of Title Deeds by Oral Consent in respect of Company's Immovable Properties viz 1. Industrial Unit No.23 on the basement Building No.2 admeasuring 640 sq. ft super built up area i.e 27.25 sq. mtrs carpet area 2. Industrial Unit No.24 on the basement Building No.2 admeasuring 390 sq. ft super built up area i.e 22.60 sq. mtrs carpet area 3. Industrial Unit No.25 on the basement Building No.2 admeasuring 390 sq. ft super built up area i.e 22.60 sq. mtrs carpet area 4. An Industrial Unit No. 605 on the 6^th Floor basement building No.2 admeasuring 955 sq. ft super built up area i.e 56.70 sq. mtrs carpet area 5. An Industrial Unit No. 606 on the 6^th Floor basement building No.2 admeasuring 640 sq. ft super built up area 6. An Industrial Unit No.607 on the 6^th Floor Building No.2 admeasuring 775 sq. ft built up area and building known as Solaris II Premises Co-op Society Limited situated at 46-48 Saki Naka 7. A Service Industrial Estate Unit bearing No.17/18 admeasuring 623 sq, ft basement of the building No. II known as “The Solaries No. II Premises Co-op Society Limited 8. Unit No.308 admeasuring 40 sq. mtrs on 3^rd floor of the building known as Solaris-II constructed on the plot of land bearing Survey No. 46,47 and 48 (part) CTS No. 98,100/1,101/1 and 101 of Village Tungwa Taluka Kurla and District Bombay Purchased by New tech Computer Services Private Limited 9. Unit No.309 admeasuring 22.80 sq. mtrs on 3^rd floor of the building known as Solaris-II constructed on the plot of land bearing Survey No. 46,47 and 48 (part) CTS No. 98,100/1,101/1 and 101 of Village Tungwa Taluka Kurla and District Bombay Purchased by New tech Computer Services Private Limited
Date of instrument modifying the charge	29.09.2010
Particulars of the present modification	Vide this modification charge amount enhanced from Rs.25.800 Millions to Rs.28.700 Millions and secured by Extension of Equitable Mortgage by Deposit of Title Deeds by Oral Consent in respect of Company's Immovable Properties viz 1. Unit No.23,24,25, 605,606, 607 in Solaries-II 2. Service Industrial Unit bearing 17/18 in Solaries-II 3. Unit No.308 and Unit No.309 in the building known as Solaries-II

FIXED ASSETS

· Furniture and Fixtures

· Computer

· Plant and Machinery

· Vehicles

· Office Premises

· Electrical Fittings

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. 54.56
UK Pound	1	Rs. 87.89
Euro	1	Rs. 71.52

INFORMATION DETAILS

Information Gathered by :	SVA

Report Prepared by :	DPT

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	NO
--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.

MIRA INFORM REPORT

4.026

35.621

12.568

3.594

15.024

70.833

17.048

15.261

3.081

35.390

35.443

NA

NA

NA

2.60

2.00

17.048

17.048

Unit