MIRA INFORM REPORT

Report Date :

07.12.2012

IDENTIFICATION DETAILS

Name :	HARDTRAC COMPUTER SERVICES PRIVATE LIMITED
Registered Office :	78/ 80, Navinchandra Building, Vithal Wadi, Kalbadevi Road, Mumbai – 400002, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	25.06.1993
Com. Reg. No.:	11- 072586
Capital Investment / Paid-up Capital :	Rs. 0.855 Million
CIN No.: [Company Identification No.]	U52392MH1993PTC072586
Legal Form :	Private Limited Liability Company.
Line of Business :	Dealer and Distributors of Computer Peripherals.
No. of Employees :	54 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 20000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an well established company having satisfactory track. Financial position of the company appears to be sound. Payments are reported to be usually correct 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.

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 PARTED BY

Name :	Mr. Bimal
Designation :	Director
Contact No.:	91-9820035799
Date :	06.12.2012

LOCATIONS

Registered Office :	78/80, Navinchandra Building, Vithal Wadi, Kalbadevi Road, Mumbai- 400002, Maharashtra, India
Tel. No.:	91-22-66347435 / 66342119 / 66345474
Mobile No.:	91-9820035799 (Mr. Bimal Jhaveri)
Fax No.:	91-22-66342118
E-Mail :	hardtrac@bom3.vsnl.net.in hardtrac.09@gmail.com vvdncoca@yahoo.co.in brainware@novacomtechnologies.com
Website :	www.hardtrac.com
Area :	300 sq. ft
Location :	Owned
Head Office :	323, Aabid House, Shop No. 1 AND 2, Opposite Lamington Road, Police Station, Grant Road (East), Mumbai – 400007, Maharashtra, India
Tel. No.:	91-22-61187000 [100 Lines]
Intercom :	91-22-66586580 / 81 / 82 / 7378 / 7379
Area :	400 sq. ft
Location :	Rented
Branch Office :	Located at: · Kandivali · Andheri · Miraroad · Vasai · Nalasopara · Kalyan · Pune · Chinchwad

DIRECTORS

AS ON 17.08.2012

Name :	Mr. Bimal Maheshchandra Jhaveri
Designation :	Director
Address :	E/303, Mota Nagar, Andheri Kurla Road, Andheri (East), Mumbai-400069, Maharashtra, India
Date of Birth/Age :	28.11.1966
Qualification :	Post Graduate
Date of Appointment :	25.06.1993
DIN No.:	02147441
Name :	Mrs. Neema Bimal Jhaveri
Designation :	Director
Address :	E/303, Mota Nagar, Andheri Kurla Road, Andheri (East), Mumbai-400069, Maharashtra, India
Date of Birth/Age :	10.10.1966
Qualification :	Graduate
Date of Appointment :	25.06.1993
DIN No.:	02147501
Name :	Mr. Bhavik Kishor Jhaveri
Designation :	Director
Address :	302, Shanti Sandan Buuilding, Prathana Samaj Road, Vile Parle (East), Mumbai- 400057, Maharashtra, India
Date of Birth/Age :	12.02.1980
Date of Appointment :	04.04.2005
DIN No.:	02147519

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 17.08.2012

Names of Shareholders	No. of Shares
Bimal Jhaveri	1000
Neema Jhaveri	1000
Hemlata Jhaveri	83500
TOTAL	85500

AS ON 17.08.2012

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

BUSINESS DETAILS

Line of Business :	Dealer and Distributors of Computer Peripherals.
Agencies Held :	· LG · HP · Acer · Benq · Compaq – Sub Dealer · Philips · Zenith
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

GENERAL INFORMATION

Suppliers :

· Ingram Micro

· Redington

Customers :

End Users

· Flipkart

No. of Employees :

54 (Approximately)

Bankers :

· Standard Chartered Bank, SME Credit, 23-25, M G Road, Fort, Mumbai-400001, Maharashtra, India

· ICICI Bank

· HDFC Bank

Facilities :

Secured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Long Term Borrowings
Term Loan
- From Bank	0.017	0.062
Short Term Borrowings
- From Bank	21.291	15.184
TOTAL	21.308	15.246
Unsecured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Long Term Borrowings
Loans From Directors	15.422	13.198
TOTAL	15.422	13.198

Banking Relations :	--
Auditors :
Name :	Mitesh C Gandhi Chartered Accountant
Address :	6/34, Varma Nagar, Old Nagardas Road, Andheri (East), Mumbai-400069, Maharashtra, India
PAN No.:	AADPG1159M

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.10/- each	Rs. 1.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
85500	Equity Shares	Rs.10/- each	Rs. 0.855 Million

NOTES

NAME OF SHAREHOLDER
Bimal Jhaveri	1.17%
Neema Jhaveri	1.17%
Hemlata Jhaveri	97.66%
(There is no charge in shareholding during the year)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.855	0.855	0.855
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		4.299	3.318	2.589
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		5.154	4.173	3.444
LOAN FUNDS
1] Secured Loans		21.308	15.246	0.200
2] Unsecured Loans		15.422	13.198	8.396
TOTAL BORROWING		36.730	28.444	8.596
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		41.884	32.617	12.040
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.059	1.944	1.838
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.028	0.028	0.028
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.930	2.857	2.138
	Sundry Debtors	57.710	51.655	56.545
	Cash & Bank Balances	0.466	0.331	4.727
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.030	1.296	0.854
Total Current Assets		65.136	56.139	64.264
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	24.481	24.878	53.628
	Other Current Liabilities	0.528	0.316	0.322
	Provisions	0.330	0.300	0.140
Total Current Liabilities		25.339	25.494	54.090
Net Current Assets		39.797	30.645	10.174
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		41.884	32.617	12.040

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	366.387	288.571	316.116
		Other Income	17.719	13.331	13.055
		TOTAL	384.106	301.902	329.171
Less	EXPENSES
		Office Expenses	NA	300.742	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	300.742	NA
	PROFIT / (LOSS) BEFORE TAX		NA	1.160	0.902
Less	TAX		NA	0.300	0.141
	PROFIT / (LOSS) AFTER TAX		1.020	0.860	0.761
	Earnings Per Share (Rs.)		11.93	10.05	-

Expected Sales (2012-2013) : Rs.700.000 Millions

The above information has been parted by Mr. Bimal.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.27	0.28	0.23
Net Profit Margin (PBT/Sales)	(%)	NA	0.40	0.28
Return on Total Assets (PBT/Total Assets}	(%)	NA	2.00	1.36
Return on Investment (ROI) (PBT/Networth)		NA	0.28	0.26
Debt Equity Ratio (Total Liability/Networth)		12.04	12.93	18.20
Current Ratio (Current Asset/Current Liability)		2.57	2.20	1.19

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	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%	-----
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
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	Yes
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	31.03.2012	31.03.2011	31.03.2010
Sundry Creditors	24.481	24.878	53.628
TOTAL	24.481	24.878	53.628

FINANCIAL RESULTS

The company has achieved a turnover of Rs. 366.386 Millions in the financial year 2011-12 as against turnover of Rs. 288.571 Millions achieved in previous financial year 2010-2011. The net profit earned by the company after tax in the financial year 2011-2012 is Rs.1.020 Millions as against the net profit of Rs. 0.860 Million earned in the previous financial year 2010-2011.

The Economic scenario is undergoing tremendous changes and the company has adapted itself very well to the changing external environment, which is evident from the financial results indicated above. The company had added excellent product ranges into the already existing product ranges and generally performed well.

FORM 8

Corporate identity number of the company	U52392MH1993PTC072586
Name of the company	HARDTRAC COMPUTER SERVICES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	78/ 80, Navinchandra Building, Vithal Wadi, Kalbadevi Road, Mumbai – 400002, Maharashtra, India
This form is for	Creation of charge
Type of charge	Book Debts Movable Property Floating charge
Particular of charge holder	Standard Chartered Bank, SME Credit, 23-25, M G Road, Fort, Mumbai – 400001, Maharasahtra, India Email : biplab.das1@sc.com
Nature of instrument creating charge	Hypothecation Agreement
Date of instrument Creating the charge	27.07.2010
Amount secured by the charge	Rs. 40.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Credit Facility. Interest / Commission - 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 security given by the Company
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. c) all the movable fixed assets.

TRADE REFERENCES

· Ingram Micro

· Redington

· Flipkart

FIXED ASSETS

· Furniture

· Computers

· Telephone

· Motor Car

· Air Conditioner

· Refrigerator

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. 54.46
UK Pound	1	Rs. 87.62
Euro	1	Rs. 71.11

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		46

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.