MIRA INFORM REPORT

Report Date :

12.12.2012

IDENTIFICATION DETAILS

Name :	VIPRA SALES AND SERVICE PRIVATE LIMITED’
Registered Office :	166, Limayewada, Narayanpeth, NC Kelkar Road, Pune – 411030, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.03.2001
Com. Reg. No.:	25-015994
Capital Investment / Paid-up Capital :	Rs. 0.300 Million
CIN No.: [Company Identification No.]	U51505PN2001PTC015994
TAN No.: [Tax Deduction & Collection Account No.]	PNEV04178G
PAN No.: [Permanent Account No.]	AADCM0676J
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Hardware and Software.
No. of Employees :	Information declined by management

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 21700
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears huge external borrowings recorded by the company. The profitability appears to be low. However, trade relations are reported as fair. Business is active. Payments terms are slow but correct. The company can be considered for business dealings with some cautions.

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 (General Details)

Name :	Mrs. Manjusha Prashant Rohanekar
Designation :	Director
Contact No.:	91-20-20250650
Date :	11.12.2012

LOCATIONS

Registered Office :	166, Limayewada, Narayanpeth, NC Kelkar Road, Pune – 411030, Maharashtra, India
Tel. No.:	91-20-20250650/ 25452177
Mobile No.:	91-9422028563 (Mr. Vidhyadhar)
Fax No.:	Not Available
E-Mail :	gautam_sp@hotmail.com viprasales@vsnl.net
Area :	250 Sq. ft.
Location :	Rented
Corporate Office :	Ketki Shop No. 1-2, Behind Hotel Samarth, Gujarat Colony, Paud Road, Kothrud, Pune , Maharashtra, India
Tel. No.:	91-20-25452177

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Vidyadhar Prabhakar Bhamburkar
Designation :	Director
Address :	11/12, Bhagyashri Villa, Bhusari Colony, Kothrud, Pune – 411038, Maharashtra, India
Date of Birth/Age :	03.06.1969
Date of Appointment :	29.03.2001
DIN No.:	00384910
Name :	Mrs. Manjusha Prashant Rohanekar
Designation :	Whole-time director
Address :	186, Pratap Heights, Bhusari Colony, Kothrud, Pune – 411038, Maharashtra, India
Date of Birth/Age :	01.03.1972
Date of Appointment :	23.03.2001
DIN No.:	02564498
Name :	Mr. Prabhakar Ganesh Bhamburkar
Designation :	Director
Address :	Flat No. 12, Datta Apartments, S. No. 38/8/1/1B, Wadagaon BK, Pune – 411041, Maharashtra, India
Date of Birth/Age :	23.09.1943
Date of Appointment :	29.03.2001
DIN No.:	00384889

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Vidyadhar Prabhakar Bhamburkar	1000
Prabhakar Ganesh Bhamburkar	1000
Manjusha Prashant Rohanekar	1000
Total	3000

AS ON 30.09.2011

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

BUSINESS DETAILS

Line of Business :	Trader of Hardware and Software.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Corporate

No. of Employees :

Information declined by management

Bankers :

Bank of Maharashtra, Bhusari Colony Branch, Pune, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Bank Cash Credit A/c (Cash Credit Limit Sanctioned by BOM vide Sanction letter dt 15.11.2007 of Rs.7.500 Millions against the Hypothecation of stock and debtors, and collateral securities of Land At Bhukum Get No. 170, survey No.31, taluka Mulashi, District Pune and Shop no. 1 owned by Mr. Vidyadhar Bhamburkar at Ketki Apartments Gujarat Colony Kothrud, Pune, Additional charge on house property of director Mr. Vidyadhar Bhamburkar, Personal guarantee of all Directors.	8.173	6.791
BOM Term Loan A/c 600004274776 Term loan sanctioned by BOM wide sanction later dt.15.11.2007 of Rs.0.630 Million against the Hypothecation of furniture and fixture of shop.	0.000	0.083
BOM Temporary Loan A/c 60038972873	0.000	2.551
BOM Temporary Loan A/c 60030471670 ( Secured Against Fixed Deposits )	2.413	2.163
Total	10.586	11.588
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Loan from Directors	0.200	0.200
Loan from Others	0.200	0.200
Total	0.400	0.400

Banking Relations :	--
Auditors :
Name :	Anil S. Deshpande and Company Chartered Accountants
Address :	Flat No. 2, A Wing, Raghunath Apartments, C.T.S. No. 177+178, Kothrud Gonthan, Pune – 411038, Maharashtra, India
Tel. No.:	91-20-25399274/ 25399275
Income-tax PAN of auditor or auditor's firm :	ABDPD7219A

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000	Equity Shares	Rs. 100/- each	Rs. 0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,000	Equity Shares	Rs. 100/- each	Rs. 0.300 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		0.300	0.300	0.300
2] Share Application Money		0.118	0.118	0.118
3] Reserves & Surplus		5.007	4.525	4.414
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		5.425	4.943	4.832
LOAN FUNDS
1] Secured Loans		10.586	11.588	8.105
2] Unsecured Loans		0.400	0.400	0.400
TOTAL BORROWING		10.986	11.988	8.505
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		16.411	16.931	13.337
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.245	1.368	1.466
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	13.337	11.477	8.080
	Sundry Debtors	11.032	10.168	8.602
	Cash & Bank Balances	3.189	3.718	2.649
	Other Current Assets	0.000	0.000	1.016
	Loans & Advances	2.664	3.392	0.990
Total Current Assets		30.222	28.755	21.337
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	14.687	13.189	8.956
	Other Current Liabilities	(0.007)	(0.122)	0.137
	Provisions	0.376	0.125	0.373
Total Current Liabilities		15.056	13.192	9.466
Net Current Assets		15.166	15.563	11.871
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		16.411	16.931	13.337

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income from Operation	79.047	61.945	61.714
		Other Income	0.420	0.249	1.753
		TOTAL	79.467	62.194	63.467
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	78.623	61.890	62.495
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.844	0.304	0.972
Less/ Add	DEPRECIATION/ AMORTISATION		0.135	0.157	0.159
	PROFIT BEFORE TAX		0.709	0.147	0.813
Less	TAX		0.227	0.036	0.266
	PROFIT AFTER TAX		0.482	0.111	0.547
	Earnings Per Share (Rs.)		160.56	36.87	182.40

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.61	0.18	0.88
Net Profit Margin (PBT/Sales)	(%)	0.90	0.24	1.32
Return on Total Assets (PBT/Total Assets}	(%)	2.25	0.49	3.57
Return on Investment (ROI) (PBT/Networth)		0.13	0.03	0.17
Debt Equity Ratio (Total Liability/Networth)		4.80	5.09	3.72
Current Ratio (Current Asset/Current Liability)		2.01	2.18	2.25

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
Registered under SME	0.000	0.000	0.000
Not Registered under SME	14.687	13.189	8.956
Sundry Creditors	14.687	13.189	8.956

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	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	No
17]	Major suppliers	No
18]	Major customers	No
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	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

OPERATIONS

The performance of the Company for the current year was good. The Company continues to cater to the demands pertaining to the sales and services in the field of computer hardware and software. The Sales Microsoft Hardware A/c and Sales - Others contribute to the majority of the sales of the Company.

The Company has posted a profit of Rs. 0.709 Million (before tax) for the year ended March 31, 2011. The directors expect good results during the current year. The management is taking appropriate steps to ensure proper sales and services being rendered to the satisfaction of the Company’s clientele.

The performance of the Company for the current financial year is satisfactory. The directors expect good results in the nearing future.

FIXED ASSETS:

Ø Land

Ø Shed on Land

Ø Furniture and Fixture

Ø Computer and Printer

Ø Vehicle Honda Activa

Ø Motor Car A/c

Ø Telephone

Ø UPS

Ø Air Conditioner - Tilak Road

Ø Furniture and Fixture - Tilak Road

Ø Bore and Pump at Parijat

Ø Computer and Printer

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. 54.32
UK Pound	1	Rs. 87.36
Euro	1	Rs. 70.36

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		28

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.