MIRA INFORM REPORT

Report Date :

19.02.2013

IDENTIFICATION DETAILS

Name :	INSAT LYNX COMPUTERS PRIVATE LIMITED
Registered Office :	210, Nav Maharashtra House, 43, Shaniwar Peth, Opposite Shanivar Wada, Above Jaipal Furniture’s, 2^nd Floor, Pune – 411030, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	16.01.1997
Com. Reg. No.:	11-105158
Capital Investment / Paid-up Capital :	Rs.0.820 Million
CIN No.: [Company Identification No.]	U72200PN1997PTC105158
TAN No.: [Tax Deduction & Collection Account No.]	PNEI00420A
Legal Form :	Private Limited Liability Company
Line of Business :	Trade of IT Hardware and Consumables Distribution.
No. of Employees :	35 (Approximately)

RATING & COMMENTS

	MIR’s Rating :			B (27)
RATING			STATUS		PROPOSED CREDIT LINE
26-40		B	Capability to overcome financial difficulties seems comparatively below average.		Small

Maximum Credit Limit :	USD 19200
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealing 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

Name :	Mr. Rahul
Designation :	Sales and Purchase Department
Contact No.:	91-9371722115
Date :	08.02.2013

LOCATIONS

Registered/ Head Office :	210, Nav Maharashtra House, 43, Shaniwar Peth, Opposite Shanivar Wada, Above Jaipal Furniture’s, 2^nd Floor, Pune-411030, Maharashtra, India
Tel. No.:	91-20-24481621/ 221/ 24451521/ 221
Mobile No.:	91-9371722115 [Mr. Rahul]
Fax No.:	91-20-24483721
E-Mail :	insatpune@eth.net smita@unsatpune.com rajkumr_169@vsnl.net varun@instpune.com
Website :	http://www.insatpune.com
Location :	Owned
Branch Office :	Shop No. 25, Fusion Park, Sant Dyaneshwar Nagar, Ajmera Road, Pimpri, Pune – 411018, Maharashtra, India
Tel. No.:	91-20-30692547
Location :	Rented

DIRECTORS

(AS ON 28.09.2012)

Name :	Mr. Rajkumar Chandiram Pherwani
Designation :	Whole-time Director
Address :	A-6, Marble ARC, 2^nd Floor, S. No.55/2/2 Ganeshkhind Aundh Pune – 411007, Maharashtra, India
Date of Birth/Age :	17.05.1960
Date of Appointment :	16.01.1997
DIN No.:	00387118
Name :	Mr. Chandiram Narumal Pherwani
Designation :	Director
Address :	Plot No.28, Heera – Moti society, Mumbai –Pune Road, Pune – 411003, Maharashtra, India
Date of Birth/Age :	26.12.1938
Date of Appointment :	16.03.1998
DIN No.:	00387344
Name :	Mr. Sanjay Chandiram Pherwani
Designation :	Director
Address :	Plot No.28, Heera Moti Society, Mumbai-Pune Road,
Date of Birth/Age :	21.05.1966
Date of Appointment :	16.03.1998
DIN No.:	00388129
Name :	Mr. Anilkumar Chandiram Pherwani
Designation :	Director
Address :	A-702, 10, Kasturkunj ICS Colony Shivajinag, Pune – 411005, Maharashtra, India
Date of Birth/Age :	10.07.1963
Date of Appointment :	16.03.1998
DIN No.:	00482711
Name :	Mr. Vijay Chandiram Pherwani
Designation :	Managing Director
Address :	A-703, 10, Kasturkunj ICS Colony Shivajinag, Pune – 411005, Maharashtra, India
Date of Birth/Age :	04.06.1962
Date of Appointment :	16.01.1997
DIN No.:	00482749
Name :	Mr. Varun Rajkumar Pherwani
Designation :	Additional director
Address :	A-6 Marble Arch 55/2/2/1 Ganeshkhind Road, Anudh Pune – 411007, Maharashtra, India
Date of Birth/Age :	20.01.1986
Date of Appointment :	22.01.2011
DIN No.:	03326781

KEY EXECUTIVES

Name :	Mr. Rahul
Designation :	Sales and Purchase Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 28.09.2012)

Names of Shareholders	No. of Shares (Equity)
Vijay Chandiram Pherwani Jointly with Rajani Vijay Pherwani	59920
Sahil Anil Pherwani Jointly with Anil Chandiram Pherwani	20000
Chandiram Narumal Pherwani	2000
Anil Chandiram Pherwani	20
Rajkumar Chandiram Pherwani	20
Sanjay Chandiram Pherwani	20
Rajani Vijay Pherwani	20
Total	82000
Names of Shareholders	No. of Shares (Preference)
Vijay Chandiram Pherwani Jointly with Rajani Vijay Pherwani	15
Anil Chandiram Pherwani	1
Rajkumar Chandiram Pherwani	1
Kavita Sanjay Pherwani	1
Ladibai Ayaram Dulani	1
Sapana Anil Pherwani	1
Taramati Rajkumar Pherwani	1
Varsha Chandiram Pherwani	1
Vijay Chandiram Pherwani	1
Radha Chandiram Pherwani	1
Sanjay Chandiram Pherwani	1
Total	25

(AS ON 30.09.2012)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trade of IT Hardware and Consumables Distribution.
Terms :
Selling :	L/C, Cash and Credit (30 days)
Purchasing :	L/C, Cash and Credit (30 days)

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

· Sakal Papers Limited

· Idea Cellular Limited

· National Chemical Laboratory

· High Energy Materials Research Laboratory

· Armament Research and Development Establishment

· Indian Institute of Tropical Metrology

· National Centre for Radio Astrophysics

No. of Employees :

35 (Approximately)

Bankers :

· The Cosmos Co-operative Bank Limited,

Shaniwar Peth Branch, Pune, Maharashtra, India

Tel No.: 91-20-24461114/ 5/ 6/ 7/ 8

· The Cosmos Co-operative Bank Limited,

Kasba – Raviwar Peth Branch, Pune – 411002, Maharashtra, India

· State Bank of India

· HDFC Bank

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Term Loans
State Bank of India (Secured by Car)	0.011	0.168
HDFC Bank (Secured by Car-A Star)	0.000	0.117
Bank Overdraft
Cosmos Co-operative Bank (secured by Mr. R. C. Pherwani’s Flat Directors of the company)	4.065	6.166
Total	4.076	6.451

Banking Relations :	--
Auditors :
Name :	Rajendra Shah Chartered Accountants
Address :	43, Shaniwar Peth, Nav Maharashtra House, Opposite Shaniwarpada, Pune – 411030, Maharashtra, India
PAN No.:	AMWPS0748M

CAPITAL STRUCTURE

(AS ON 28.09.2012)

Authorised Capital :

No. of Shares	Type	Value	Amount
99500	Equity Shares	Rs.10/- each	Rs.0.995 Million
500	10% Redeemable, Non-cumulative, Non-participating Preference Shares	Rs.10/- each	Rs.0.005 Million
	Total		Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
82000	Equity Shares	Rs.10/- each	Rs.0.820 Million
25	10% Redeemable, Non-cumulative, Non-participating Preference Shares	Rs.10/- each	Rs.0.000 Million
	Total		Rs.0.820 Million

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		0.820	0.820	0.820
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3.986	3.757	3.538
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		4.806	4.577	4.358
LOAN FUNDS
1] Secured Loans		4.076	6.451	7.583
2] Unsecured Loans		25.864	19.637	21.376
TOTAL BORROWING		29.940	26.088	28.959
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		34.746	30.665	33.317
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.282	2.660	3.126
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.300	0.100	0.100
DEFERREX TAX ASSETS		0.003	0.018	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	12.498	16.967	13.507
	Sundry Debtors	23.740	21.607	27.960
	Cash & Bank Balances	0.331	0.659	0.537
	Other Current Assets	1.839	1.759	4.738
	Loans & Advances	1.175	1.983	0.000
Total Current Assets		39.583	42.975	46.742
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	7.025	14.635	15.792
	Other Current Liabilities	0.397	0.453	0.737
	Provisions	0.000	0.000	0.122
Total Current Liabilities		7.422	15.088	16.651
Net Current Assets		32.161	27.887	30.091
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		34.746	30.665	33.317

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue From Operations	220.829	193.560
		Other Income	0.063	0.067
		TOTAL	220.892	193.627	241.522
Less	EXPENSES
		TOTAL	220.138	192.817	240.442
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.754	0.810	1.080
Less/ Add	DEPRECIATION/ AMORTISATION		0.431	0.500	0.570
	PROFIT BEFORE TAX		0.323	0.310	0.510
Less	TAX		0.094	0.091	0.125
	PROFIT AFTER TAX		0.229	0.219	0.385
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3.757	3.538	3.153
	BALANCE CARRIED TO THE B/S		3.986	3.757	3.538
	Earnings Per Share (Rs.)		2.79	2.67	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.10	0.11	0.16
Net Profit Margin (PBT/Sales)	(%)	0.15	0.16	NA
Return on Total Assets (PBT/Total Assets}	(%)	0.77	0.68	1.02
Return on Investment (ROI) (PBT/Networth)		0.07	0.07	0.12
Debt Equity Ratio (Total Debt/Networth)		6.23	5.70	6.65
Current Ratio (Current Asset/Current Liability)		5.33	2.85	2.81

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2012	31.03.2011	31.03.2010
	(Rs. In Millions)
Sundry Creditors
For Goods	6.328	13.984
- Related Party – Digital Fantasy	0.001	0.000
- Related Party – Agni Computers	0.001	0.001	15.792
- Related Party – Insat Digital	0.402	0.476
For Employee	0.122	0.101
For Expenses	0.171	0.073
Total	7.025	14.635	15.792

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	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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
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

UNSECURED LOANS

Particulars	31.03.2012	31.03.2011
	(Rs. In Millions)
Loans & Advance from Related Parties
A.C. Pherwani (HUF)	0.963	0.355
C. N. Pherwani	0.121	0.789
R. C. Pherwani	0.508	0.534
R. C. Pherwani (HUF)	0.283	0.206
Sanjay C. Pherwani	0.425	0.766
Sanjay C. Pherwani (H.U.F.)	2.004	1.808
V.C Pherwani (HUF)	0.159	0.012
Vishesh Pherwani	0.500	--
Anjali V. Pherwani	0.216	--
Kavita Pherwani	2.708	2.060
Rajani Pherwani	0.159	(0.005)
Taramati Pherwani	0.455	0.238
Radha C. Pherwani	0.100	0.144
Anchal S. Pherwani	3.128	2.043
Vijay Pherwani	2.966	(0.423)
Varun Pherwani	2.685	2.266
Anurag R. Pherwani	2.999	2.637
Shrikrishna Computers	5.485	5.174
Anil Pherwani	--	1.033
Total	25.864	19.637

OUTLOOK FOR THE CURRENT FINANCIAL YEAR 2011-2012:

During the year under consideration, the turnover of the Company has been increased as compared to the previous year.

Directors hope to achieve better performance in the coming year in terms of turnover and profitability.

FORM 8

This form is for	Modification of charge
Charge identification number of the modified	90086781
Corporate identity number of the company	U72200PN1997PTC105158
Name of the company	INSAT LYNX COMPUTERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	210 Nav Maharashtra House-43, Shaniwar Peth, Pune – 411030, Maharashtra, India insatpune@eth.net
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	The Cosmos Co-Operative Bank Limited Kasba - Raviwar Peth Branch, Pune – 411002, Maharashtra, India rajkumar_169@vsnl.net
Nature of description of the instrument creating or modifying the charge	Deed of hypothecation of stock, book debts and machinery.
Date of instrument Creating the charge	16/03/2012
Amount secured by the charge	Rs.7.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest 18% Terms of Repayment On or before sixty days Margin As stipulated by the bank Extent and Operation of the charge First charge on the stock, book debts and machinery of the company
Short particulars of the property charged	Stock in trade, raw materials, goods in process, semi manufactured and manufactured goods, semi finished products. All present and future book debts, outstanding monies, receivables, claims, bills chosen in action, contracts, engagements and securities. All the borrower/s movable machinery plant and equipment with their accessories and spare parts
Date of latest modification prior to the present modification	14/01/2012
Particulars of the present modification	Adhoc cash credit limit of 3.000 Millions for 60 days extended by previous modification is repaid fully and hence this registration of satisfaction of charge of 3.000 Millions with registrar of companies.

FIXED ASSETS:

· Air Conditioner

· Office Equipment

· Furniture and Fixture

· Computer

· Vehicles

· Motor Car

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.54.29
UK Pound	1	Rs.84.09
Euro	1	Rs.72.44

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	2
--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		27

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.