MIRA INFORM REPORT

Report Date :

08.12.2012

IDENTIFICATION DETAILS

Name :	SIGMA BYTE COMPUTERS PRIVATE LIMITED
Registered Office :	H-11/12, Paragon Condominium, Paragon Textiles, Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai - 400013, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	19.05.1999
Com. Reg. No.:	11-119928
Capital Investment / Paid-up Capital :	Rs. 2.024 Millions
CIN No.: [Company Identification No.]	U72100MH1999PTC119928
TAN No.: [Tax Deduction & Collection Account No.]	MUMS36693G
PAN No.: [Permanent Account No.]	AAECS7724A
Legal Form :	Private Limited Liability Company
Line of Business :	Networking Dealers in Computer Hardware and Consultancy.
No. of Employees :	Information declined by management

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 283000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a flagship company of Sigma Byte Group is a well established company having satisfactory track. The latest financial is missing from government department. However, general financial position of the company seems to be good. Performance capacity is high. Trade relations are reported to be fair. Business is active. Payments are usually correct and as per commitments. The company can be considered 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 DENIED BY

Name :	Mr. Fulesh Bansal
Designation :	Senior Manager in Accounts and Finance
Contact No.:	91-9967538603
Date :	08.12.2012

LOCATIONS

Registered Office :	H-11/12, Paragon Condominium, Paragon Textiles, Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai - 400013, Maharashtra, India
Tel No. :	91-22-40274747
Fax No. :	91-22-24938930
E-Mail :	mps_co@vsnl.net dkmroc@gmail.com
Website :	http://www.sigma-byte.com
Corporate Office :	Unit No. 2, 137, Shah and Nahar Industrial Estate, Lower Parel (West), Mumbai-400013, Maharashtra, India
Tel. No.:	91-22-24938064/ 66625691
Fax No.:	91-22-24938930
Branches :	Located At : v Mumbai v Bangalore v Hyderabad v New Delhi v Pune v Chennai
Overseas Offices:	Located At: v UAE v Singapore

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Ketan Chandrakant Kothari
Designation :	Director
Address :	410, Vaishali Apartment, Prarthna Samaj, Mumbai - 400004, Maharashtra, India
Date of Birth/Age :	06.04.1968
Date of Appointment :	19.05.1999
DIN No.:	00026542
Name :	Mr. Alkesh Sevantibhai Gandhi
Designation :	Director
Address :	Raval Pindi Building, 3rd Floor, 2 Tribhuvan Road, Mumbai - 400004, Maharashtra, India
Date of Birth/Age :	05.02.1968
Date of Appointment :	19.05.1999
DIN No.:	00096614

KEY EXECUTIVES

Name :	Mr. Fulesh Bansal
Designation :	Senior Manager in Accounts and Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Alkesh S Gandhi	101200
Ketan C Kothari	101200
Total	202400

AS ON 29.09.2012

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

BUSINESS DETAILS

Line of Business :

Networking Dealers in Computer Hardware and Consultancy.

GENERAL INFORMATION

No. of Employees :

Information declined by management

Bankers :

HDFC Bank Limited, HDFC Bank House, Senapti Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Cash Credit (Secured against hypothecation of all current assets and personal Guarantee of all directors)	29.958	27.157
Bank overdraft	22.902	22.900
Short term loan	8.800	9.000
Term loan on Car (Secured against hypothecation of car )	0.875	2.206
Total	62.535	61.263
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Unsecured loans	14.519	11.448
Total	14.519	11.448

Banking Relations :	--
Auditors :
Name :	Mukesh P Shah and Company Chartered Accountants
Address :	Block No. 12, Damodar Niwas, 2nd Floor, 32/34, C. P. Tank Road, Mumbai – 400004, Maharashtra, India
Tel. No.:	91-22-23886293/ 23822633
E-Mail :	mpshah_co@yahoo.co.in
Income-tax PAN of auditor or auditor's firm :	AAGFM5242C
Subsidiaries :	Sigma Byte AV Solutions Private Limited [U92490MH2008PTC186157]

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs. 10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
202,400	Equity Shares	Rs.10/- each	Rs. 2.024 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		2.024	2.024	2.056
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		68.655	63.569	103.396
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		70.679	65.593	105.452
LOAN FUNDS
1] Secured Loans		62.535	61.263	33.703
2] Unsecured Loans		14.519	11.448	7.678
TOTAL BORROWING		77.054	72.711	41.381
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		147.733	138.304	146.833
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		17.736	18.993	21.796
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		7.358	7.289	7.322
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	51.259	48.852	49.920
	Sundry Debtors	138.820	73.962	83.344
	Cash & Bank Balances	2.861	3.673	5.425
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	55.169	32.310	25.798
Total Current Assets		248.109	158.797	164.487
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	104.858	34.017	30.449
	Other Current Liabilities	13.599	9.214	12.121
	Provisions	7.013	3.544	4.202
Total Current Liabilities		125.470	46.775	46.772
Net Current Assets		122.639	112.022	117.715
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		147.733	138.304	146.833

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	382.379	232.685	315.135
		Other Income	11.004	15.183	14.030
		TOTAL	393.383	247.868	329.165
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	377.404	257.554	299.075
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		15.979	(9.686)	30.090
Less	FINANCIAL EXPENSES		9.723	7.337	5.379
	PROFIT BEFORE TAX		6.256	(17.023)	24.711
Less	TAX		1.170	0.000	9.585
	PROFIT AFTER TAX		5.086	(17.023)	15.125
	EARNINGS IN FOREIGN CURRENCY
		Commission Earnings	6.041	13.265	8.147
	Earnings Per Share (Rs.)		25.13	(68.02)	65.34

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.29	(6.87)	4.59
Net Profit Margin (PBT/Sales)	(%)	1.64	(7.32)	7.84
Return on Total Assets (PBT/Total Assets}	(%)	2.35	(9.57)	13.27
Return on Investment (ROI) (PBT/Networth)		0.09	(0.26)	0.23
Debt Equity Ratio (Total Liability/Networth)		2.87	1.82	0.84
Current Ratio (Current Asset/Current Liability)		1.98	3.39	3.52

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
Total outstanding dues to small scale industrial undertakings	0.000	0.000	0.000
Total outstanding dues of creditors other than small scale industrial undertakings
- For Expenses	14.632	14.250	9.394
- For Goods	90.226	17.767	21.055
Sundry Creditors	104.858	32.017	30.449

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 three years	Yes
12]	Profitability for last three 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	Yes
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

CONTINGENT LIABILITIES:

			Rupees in Millions 31.03.2011	Rupees in Millions 31.03.2010
b.	Contingent Liabilities not provided for
	i)	Bank Guarantee	Nil	2.000
	ii)	Income-tax assessment for A.Y 2004-05 was completed u/s. 143 (3) raising a demand of Rs. l0.306 Millions on 14.11.2007 and initiating penalty proceedings u/s.271 (1) (c). The Company has received an order of CIT (Appeals) disallowing the relief claimed. The Company has preferred an appeal against CIT (Appeals) order before HAT. The ITAT vide order dated 25/08/2009 allowed the relief claimed and refer case back to the CfT for giving effect to its order. The Company has received a demand notice from the CIT of Rs.0.319 Million to which the company has filed a rectification requesting to give credit of self assessment tax paid by the company. The Company is legally advised to have a good case and no further liability is expected on this account
	iii)	Income-tax assessment for A Y 2005-06 was completed u/s. 143 (3) raising a demand of Rs.3.831 Millions on 18-12-07. The demand was on account of non-credit of self assessment tax and tax deduction at source receivables. The Company has filed an application to give effect of aforesaid tax credit against the demand raised by the income tax department
	iv)	Income-tax assessment for A.Y. 2006-07 was completed u/s. 143 (3) raising a demand of Rs.0.787 Millions on 31-12-08. The demand was on account of non-credit of advance tax and self assessment tax paid by the assessee. The Company has filed rectification letter under section 154 of the Income Tax Act 1961 to give effect of aforesaid tax credit against the demand raised by the income tax department
	v)	Income-tax assessment for A.Y 2008-09 was completed u/s. 143 (3) raising a demand of Rs.1.422 Millions on 23-11-2010 The demand was on account of short credit of TDS Ar self assessment tax paid by the assessee. The Company has filed rectification letter under section 154 of the Income Tax Act 1961 to give effect of aforesaid lax credit against the demand raised by the income tax department

FIXED ASSETS:

Ø Computer System

Ø Motor Car

Ø Office Equipments

Ø Furniture and Fixtures

Ø Plant and Machinery

Ø Trade Mark

Ø Lease Hold Installments

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. 54.02
UK Pound	1	Rs. 87.00
Euro	1	Rs. 70.22

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
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	4
--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		42

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.