MIRA INFORM REPORT

Report Date :

28.02.2013

IDENTIFICATION DETAILS

Name :	OFFICEDGE INDIA PRIVATE LIMITED
Formerly Known As :	INTELLIVEST INVESTMENT (INDIA) PRIVATE LIMITED
Registered Office :	509, Shah and Nahar, Off Dr. E Moses Road, Worli, Mumbai – 400018, Maharashtra
Country :	India
Financials (as on) :	31.03.2009
Date of Incorporation :	16.05.2000
Com. Reg. No.:	11-126561
CIN No.: [Company Identification No.]	U67120MH2000PTC126561
TAN No.: [Tax Deduction & Collection Account No.]	MUMO03386F
PAN No.: [Permanent Account No.]	AAACO6577D
Legal Form :	Private Limited Liability Company
Line of Business :	Trading in Office Automation and Chemicals.

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 110000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established and a reputed 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.

ECGC Country Risk Classification List – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION DECLINEDBY

Name :	Mr. Rajesh
Designation :	Accounts Department
Date :	24.11.2010

LOCATIONS

Registered Office :	509, Shah and Nahar, Off Dr. E Moses Road, Worli, Mumbai – 400018, Maharashtra, India
Tel. No.:	91-22-66661000/ 30407777
Mobile No.:	91-9892182988 (Mr. Feroz)
Fax No.:	91-22-66669870
E-Mail :	feroz@officedge.in shailesh@officedge.com accounts@officedge.com rajesh@officedge.com
Website :	http://www.officedge.in
Area :	5000 sq. ft (Leased)
Warehouse :	Bhiwandi- Gala No. 2, 3, Builidng No. P1, Prithvi Company, Village Kalher, Bhiwandi – 421302, Maharashtra, India

DIRECTORS

(As on 30.09.2009)

Name :	Mr. Shailesh Karwa
Designation :	Director
Address :	Kamal Kunj, 2^nd Floor, Near Parsi Gen Hospital, Bomanji Petit Road, Warden Road, Mumbai-400036, Maharashtra, India
Date of Birth/Age :	06.03.1977
Qualification :	MBA
Date of Appointment :	16.05.2000
Name :	Mr. Anupama Sharad Dalmia
Designation :	Director
Address :	301, Samudra Setu, Warden Road, Mumbai-400026, Maharashtra, India
Date of Birth/Age :	03.12.1978
Qualification :	MBA
Date of Appointment :	22.12.2004

KEY EXECUTIVES

Name :	Mr. Rajesh
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2009)

Names of Shareholders	No. of Shares
Shailesh S Karwa	6000
Vindhya S Karwa	1000
Shreevallabh Karwa	250
Shakuntala Karwa	250
Anupama Sharad Dalmia	7500
Total	15000

Equity Share Breakup (Percentage of Total Equity)

(AS ON 30.09.2010)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trading in Office Automation and Chemicals.
Exports :
Countries :	· Srilanka · Bangladesh
Imports :
Countries :	· China · Singapore
Terms :
Selling :	L/C, Cash or Credit
Purchasing :	L/C, Cash or Credit

GENERAL INFORMATION

No. of Employees :

12

Bankers :

· Syndicate Bank, Industrial Finance Branch, 3^rd Floor, 10, Homji Street, Fort, Mumbai-400023, Maharashtra, India

· HDFC Bank

· ICICI Bank

Facilities :

Secured Loans	31.03.2009 Rs. In Millions	31.03.2008 Rs. In Millions
Syndicate Bank (Secured against Hypothecation of Stocks and Book Debts)	1.150	10.301
HDFC Bank (Secured against Hypothecation of Car)	0.298	0.543
Total	1.448	10.844
Unsecured Loans	31.03.2009 Rs. In Millions	30.03.2008 Rs. In Millions
From Directors	0.150	1.145
From Shareholders	0.607	1.475
From Inter Corporate Deposits	0.000	0.900
Total	0.757	3.520

Banking Relations :	--
Auditors :
Name :	Sandeep Kabra and Associates Chartered Accountant
Address :	22, Manav Mandir, 17^th Road, Siddharth Nagar, Goregaon-West, Mumbai-400062, Maharashtra, India
Tel. No.:	91-22-22078274/ 28745304
Associates/Subsidiaries :	· Intellivest Financials Services Private Limited Company Reg. No.: 154635 Company Reg. Date: 08.07.2005

CAPITAL STRUCTURE

(AS ON 30.09.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15000	Equity Shares	Rs.100/- each	Rs.1.500 Millions

(AS ON 31.03.2009)

Authorised Capital :

No. of Shares	Type	Value	Amount
15000	Equity Shares	Rs.100/- each	Rs.1.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15000	Equity Shares	Rs.100/- each	Rs.1.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2009	31.03.2008	31.03.2007
SHAREHOLDERS FUNDS
1] Share Capital		1.500	1.500	1.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		26.654	9.032	3.702
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		28.154	10.532	5.202
LOAN FUNDS
1] Secured Loans		1.448	10.844	16.172
2] Unsecured Loans		0.757	3.520	4.047
TOTAL BORROWING		2.205	14.364	20.219
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		30.359	24.896	25.421
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.277	1.269	0.369
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		6.127	0.100	0.100
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	16.590	23.840	17.380
	Sundry Debtors	50.824	58.350	36.554
	Cash & Bank Balances	11.049	6.819	2.273
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	13.325	10.058	6.277
Total Current Assets		91.788	99.067	62.484
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	60.824	69.553	33.149
	Other Current Liabilities	3.015	2.995	2.887
	Provisions	5.000	3.000	1.505
Total Current Liabilities		68.839	75.548	37.541
Net Current Assets		22.949	23.519	24.943
MISCELLANEOUS EXPENSES		0.006	0.008	0.009
TOTAL		30.359	24.896	25.422

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2009	31.03.2008
	SALES
		TOTAL (A)	524.883	411.127
Less	EXPENSES
		Office Expenses
		Administrative Expenses	509.457	402.529
		Advertising Expenses
		TOTAL (B)	509.457	402.529
	PROFIT BEFORE TAX (E-F) (G)		15.426	8.598
Less	TAX (H)		5.055	3.267
	PROFIT AFTER TAX (G-H) (I)		10.371	5.331
	IMPORTS VALUE		388.957	233.183
	Earnings Per Share (Rs.)		692	--

KEY RATIOS

PARTICULARS		31.03.2009	31.03.2008	31.03.2007
PAT / Total Income	(%)	1.98	1.30	NA
Return on Total Assets (PBT/Total Assets}	(%)	16.58	8.57	NA
Return on Investment (ROI) (PBT/Networth)		0.55	0.82	NA
Debt Equity Ratio (Total Liability/Networth)		2.52	8.54	11.10
Current Ratio (Current Asset/Current Liability)		1.33	1.31	1.66

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

Particulars	31.03.2009	31.03.2008	31.03.2007
Sundry Creditors
Sundry Creditors for Goods	52.687	67.157	30.888
Sundry Creditors for Expenses	8.137	2.396	2.261
Total	60.824	69.553	33.149

TRADE REFERENCES:

· Ciba India Limited, Andheri

· DSM Nutrition Product Limited, Andheri

Bankers Charges Report as per Registry

Name of the company	OFFICEDGE INDIA PRIVATE LIMITED
Presented By	Mr. Shailesh Karwa
1) Date and description of instrument creating the change	Deed of Hypothecation Dated 8^th April 2005
2) Amount secured by the charge/amount owing on the securities of charge	Rs.4.400 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Hypothecation by way of first charge on stock of raw materials, work-in-progress, finished goods, consumable stores and spares and other merchandise and book debts, outstanding decrease, receivables, claims, bills
4) Gist of the terms and conditions and extent and operation of the charge.	1. Interest @ 12% p.a. 2. Margin 40% minimum for stock and book debts
5) Name and Address and description of the person entitled to the charge.	Syndicate Bank, IFB Branch, 3^rd Floor, 10, Homji Street, Fort, Mumbai-400023, Maharashtra, India
6) Date and brief description of instrument modifying the charge	Hypothecation Agreement dated 06.10.2005 from Syndicate Bank regarding increase in limit from Rs.4.400 Millions to Rs.9.500 Millions
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	The amount secured by the charge has been increased form Rs.4.400 Millions to Rs.9.500 Millions. The interest rate has also been reduced from 12.5% to 12% p.a. (The amount secured by the charge now stands at Rs.9.500 Millions )

This form is for	Creation of charge
Corporate identity number of the company	U67120MH2000PTC126561
Name of the company	OFFICEDGE INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	509, Shah and Nahar, Off Dr. E Moses Road, Worli, Mumbai-400018, Maharashtra, India
Type of charge	Book Debts Others
Particular of charge holder	Syndicate Bank, IFB Branch, 3^rd Floor, 10, Homji Street, Fort, Mumbai-400023, Maharashtra, India
Nature of description of the instrument creating or modifying the charge	Hypothecation agreement dated 19 February 2009 from Syndicate Bank
Date of instrument Creating the charge	19.02.2009
Amount secured by the charge	Rs.15.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Rate of interest charged on this adhoc facility will be PLR + 1.50% payable on monthly basis. Terms of Repayment Repayment of adhoc limit in lumpsum within 120 days after date of sanctioned Margin ODBD facility, the margin is 25% on stock and 40% on book debts Extent and Operation of the charge Adhoc working capital limit of Rs.15.000 Millions
Short particulars of the property charged	Hypothecation of book debts and stocks

FIXED ASSETS:

· Computers

· Motor Car

· Air Conditioner

· Furniture and Fixture

AS PER WEBSITE

PROFILE:

Company creates economic value for chemical companies through supply chain and logistics optimization. Company provides industry consulting services, transportation rate optimization and comprehensive transportation and inventory management services; enabling clients to improve performance and increase profits.

Providing both "point" and "end-to-end" logistics solutions, Officedge enables customers to increase customer satisfaction, reduce total costs, bring logistics data to life, and rapidly evaluate and deploy innovative supply-chain management initiatives.

EXPERIENCE

Company logistics management professionals have decades of experience improving the flow of goods through every step in the chemical supply chain. Through comprehensive supply chain assessment and analysis they enable the customers to capitalize on opportunities to shorten order-to-cash cycles, reduce transportation and inventory expenses, optimize production processes, and improve customer service.

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.53.84
UK Pound	1	Rs.81.24
Euro	1	Rs.70.39

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	YES
--AFFILIATION	YES/NO	YES
--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

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.