MIRA INFORM REPORT

Report Date :

12.01.2012

IDENTIFICATION DETAILS

Name :	MICROPOINT COMPUTERS LIMITED
Registered Office :	Gala No. 17 and 18 Navketan Industrial Estate, Mahakali Caves Road, Andheri (East), Mumbai-400093, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	19.03.2002
Com. Reg. No.:	11-135224
Capital Investment / Paid-up Capital :	Rs.0.500 million
IEC No.:	0300033559
CIN No.: [Company Identification No.]	U72200MH2002PLC135224
TAN No.: [Tax Deduction & Collection Account No.]	MUIMM19091C MUMM15875G MUMD13601A
PAN No.: [Permanent Account No.]	AACCM8590Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Provide networking solutions and deal into computers and computers peripherals. They are business partner for HP
No. of Employees :	265 (Approximately) (In Office + In Factory + In Branches)

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 140000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. 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.

INFORMATION PARTED BY

Name :	Mr. Kundal
Designation :	Accountants
Contact No.:	91-22-40956326
Date :	12.01.2012

LOCATIONS

Registered Office / Head Office :	Gala No. 17 and 18 Navketan Industrial Estate, Mahakali Caves Road, Andheri (East), Mumbai-400093, Maharashtra, India
Tel. No.:	91-22-40956363 / 26106226 / 40956301
Mobile No.:	91-9820222863 (Mr. Yogesh Deosthali)
Fax No.:	91-22-26106217 / 26870250
E-Mail :	mayank@micropointcomputers.com mpoint@vsnl.com alpesh@pataxindia.com accounts@mpcl.in
Website :	http://www.mpcl.in
Area :	3000 sq. ft.
Location :	Owned
Warehouse :	Shop No1/2, Siddhivinayak Jewel, Sector No 11, Plot No 11, Behind Krishma Hotel,Kamote Colony, Navi Mumbai 410209, Maharashtra, India
Area :	1200 Sq. Ft
Location :	Rented
Regional Office :	Located at: · Bangalore · Chennai · Baroda · Navi Mumbai · Kolkata · Delhi
International Office:	Singapore 1, North Bridge Road, # 19-04/05, High Street Centre, Singapore-179094
Tel. No.:	91-65-63372472/3/5
Fax No.:	91-65-63374070

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Chetan Ramaniklal Goyani
Designation :	Director
Address :	403, 4^th Floor, Om Manan Co-Operative Housing Society, Park Road, Vile Parle (East), Mumbai-400057, Maharashtra, India
Date of Birth/Age :	31.12.1965
Date of Appointment :	19.03.2002
DIN No.:	00241224

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U72200MH2002PLC135224	Micropoint Computers Limited	Director	19-03-02	19-03-02	Active	NO
2	U72900MH2008PTC186429	Ubique Networks Private Limited	Director	02-09-08	02-09-08	Active	NO
3	U51109MH2009PTC190075	Crg Multitrade Private Limited	Director	03-02-09	03-02-09	Active	NO

Name :	Mr. Amul Damodar Mahale
Designation :	Director
Address :	1304-A, Whispering Heights, Mind Space, Malad (West), Mumbai-400064, Maharashtra, India
Date of Birth/Age :	03.03.1967
Date of Appointment :	19.03.2002
DIN No.:	00241284

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U72200MH2002PLC135224	Micropoint Computers Limited	Director	19-03-02	19-03-02	Active	NO
2	U72900MH2008PTC186429	Ubique Networks Private Limited	Director	02-09-08	02-09-08	Active	NO
3	U72900MH2009PTC193725	Sam Solutions Private Limited	Director	01-07-09	01-07-09	Active	NO

KEY EXECUTIVES

Name :	Mr. Kundal
Designation :	Accountants

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Chetan Ramniklal Goyani – HUF	50
Chetan Ramniklal Goyani	20310
Chetan Ramniklal Goyani Joint with Shilpa Goyani	25
Amul Damodar Mahale	22385
Amul Damodar Mahale Joint with Suchita Mahale	25
Nirmala Naik	50
Shilpa Chetan Goyani	4615
Suchita Amul Mahale	2540
Total	50000

AS ON 30.09.2011

Equity Share Break Up	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Provide networking solutions and deal into computers and computers peripherals. They are business partner for HP
Imports :
Products :	computers and computers peripherals
Countries :	China USA
Terms :
Selling :	L/C, Cash and Credit (30, 60 and 90 Days)
Purchasing :	L/C, Cash and Credit (30, 60 and 90 Days)

GENERAL INFORMATION

Customers :

Retailers and OEM’s Others(Corporate)

· Government of India

· Redington India Private Limited

No. of Employees :

265 (Approximately) (In Office + In Factory + In Branches)

Bankers :

· IDBI Bank Limited, Bhide Bunglow, 37, Mahatma Gandhi Road, Vile Parle (East), Mumbai, Maharashtra, India

· State Bank of India, Andheri, Mumbai, Maharashtra, India

Facilities :

Cash Credit : Rs.30.000 Millions (IDBI Bank Limited)

Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Intercorporate Deposits	2.984	5.862
Total	2.984	5.862

Credit Limit Rs. 54.000 millions (including fund and non fund based)

Banking Relations :	--
Auditors :
Name :	Yatin C Shah and associates
Address :	306, Goyal Trade Centre, Shantivan, Opposite HDFC Bank, Borivali (East), Mumbai-400066, Maharashtra, India
Tel. No.:	91-22-28967082
Fax No.:	91-22-28967082
Email :	alpesh@pataxinda.com

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs. 0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs. 0.500 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		0.500	0.500	0.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		34.659	26.464	20.878
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		35.159	26.964	21.378
LOAN FUNDS
1] Secured Loans		0.00	0.000	0.316
2] Unsecured Loans		2.984	5.862	1.707
TOTAL BORROWING		2.984	5.862	2.023
DEFERRED TAX LIABILITIES		0.000	0.065	0.336
TOTAL		38.143	32.891	23.737
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9.659	11.587	13.843
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.218	0.218	0.218
DEFERREX TAX ASSETS		0.117	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	25.911	11.257	3.113
	Sundry Debtors	72.799	54.203	45.523
	Cash & Bank Balances	43.264	32.875	30.142
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	17.414	9.990	8.922
Total Current Assets		159.388	108.325	87.700
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	72.105	40.977	27.841
	Other Current Liabilities	52.457	43.610	46.144
	Provisions	6.677	2.652	4.043
Total Current Liabilities		131.239	87.239	78.028
Net Current Assets		28.149	21.086	9.672
MISCELLANEOUS EXPENSES		0.000	0.000	0.004
TOTAL		38.143	32.891	23.737

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	474.000	272.997	348.639
		Other Income	1.457	4.967	8.285
		TOTAL (A)	475.457	277.964	356.924
Less	EXPENSES
		Material Consumed	404.336	218.269	292.707
		Employees Cost	41.577	35.727	33.708
		Administrative and Selling Cost	14.409	11.610	16.738
		Preliminary Expenses	0.000	0.004	0.004
		Excess Income Tax Provisions of Earlier years	0.000	0.476	0.452
		Prior Period Expenses	0.022	0.530	0.000
		Dividend Payment not approved by shareholder	0.000	(1.000)	0.000
		General Reserves	0.000	(0.100)	0.000
		Dividend Distribution Tax	0.000	(0.169)	0.000
		TOTAL (B)	460.344	265.347	343.609
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		15.113	12.617	13.315
Less	FINANCIAL EXPENSES (D)		1.148	2.115	0.751
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		13.965	10.502	12.564
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.927	2.435	3.248
	PROFIT BEFORE TAX (E-F) (G)		12.038	8.067	9.316
Less	TAX (H)		3.843	2.382	3.541
	PROFIT AFTER TAX (G-H) (I)		8.195	5.685	5.775
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	0.100
		Dividend	0.000	0.000	1.000
		Tax on Dividend	0.000	0.000	0.170
	BALANCE CARRIED TO THE B/S		8.195	5.685	4.505
	IMPORTS
		Raw Materials	8.204	14.126	NA
	TOTAL IMPORTS		8.204	14.126	NA

Expected Sales (2011-2012) : Above Rs.500.000 Millions

The above information has been parted by Mr. Kundal.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.72	2.05	1.62
Net Profit Margin (PBT/Sales)	(%)	2.54	2.95	2.67
Return on Total Assets (PBT/Total Assets}	(%)	7.12	6.73	9.17
Return on Investment (ROI) (PBT/Networth)		0.34	0.30	0.44
Debt Equity Ratio (Total Liability/Networth)		3.82	3.46	3.76
Current Ratio (Current Asset/Current Liability)		1.21	1.24	1.12

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

(Rs. in Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors for Materials	67.693	37.199	23.313
Sundry Creditors for Expenses	4.412	3.778	4.528
	72.105	40.977	27.841

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	--
8) No. of employees	Yes
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 three years	No
13) Reasons for variation <> 20%	Vo
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)	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	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

Note:

The Registered address of the company has been shifted from 9 and 10, East Bharat Kunj, Shradhanand Road, Vile Parle (East), Mumbai-400057, Maharashtra, India to present address w.e.f. 29.06.2006

FORM 8

This form is for	Creation of charge
Corporate identity number of the company	U72200MH2002PLC135224
Name of the company	MICROPOINT COMPUTERS LIMITED
Address of the registered office or of the principal place of business in India of the company	Gala No. 17 and 18 Nvaaketan Industrial Estate, Mahakali Caves Road, Andheri (East), Mumbai-400093, Maharashtra, India
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	Citibank N.A, Wockhardt Towers, Ground Floor, West Wing, C-2, G Block, Bandra Kurla Complex, Mumbai-400051, Maharashtra, India
Nature of description of the instrument creating or modifying the charge	Goods Security Agreement
Date of instrument Creating the charge	28.09.2007
Amount secured by the charge	Rs. 22.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest @ 12.25% p.a. at monthly rests, however, subject to the change of rate of interest by the bank from time to time Terms of Repayment On Demand Margin 25% against the Stocks and 25% against the book debts Extent and Operation of the charge The hypothecated assets by way of first charge shall be remain as security to the Bank for the due repayment by the borrower to the bank of the credit facilities together with interest, costs, charges and expenses and other monies payable by the borrower and also for due payment and discharge of all indebtedness/ liability of the borrower to the bank Others The borrower expressly recognizes and accepts that the bank shall be absolutely entitle and have full power/ authority to sell, assign or transfer in any manner and on such terms as the bank may decide any or all outstanding dues of the borrower to any third party of the bank’s choice without any further reference or intimation to the borrower.

FIXED ASSETS

· TATA Delivery Van

· Furniture and Fixtures

· Office Premises

· Data Processing Equipment

· Office Equipments

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.51.75
UK Pound	1	Rs.80.01
Euro	1	Rs.65.99

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.