MIRA INFORM REPORT

Report Date :

23.01.2013

IDENTIFICATION DETAILS

Name :	EDEN INFOSOL PRIVATE LIMITED
Registered Office :	A/701, Shreyansh Kesar Baug CHS, L.T. Road, Borivali (West), Mumbai – 400 092, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	08.05.2010
Com. Reg. No.:	11-202872
Capital Investment / Paid-up Capital :	Rs. 0.200 million
CIN No.: [Company Identification No.]	U72900MH2010PTC202872
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Computer Hardware.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’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 3200
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The management have failed to file its latest financial with the government department. As per previous years, the profitability of the company appears to be low. However, in its first year of operation performance of the company seems to be good. Trade relations are reported to be fair. Business is active. Payments are unknown. The company can be considered for business dealings with some caution.

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 :	Mr. Bosky Shah
Designation :	Manager
Contact No.:	91-22-64555470
Date :	22.01.2013

LOCATIONS

Registered Office :	A/701, Shreyansh Kesar Baug CHS, L.T. Road, Borivali (West), Mumbai – 400 092, Maharashtra, India
Tel. No.:	91-22-6455540
Mobile No.:	91-9823636887 (Mr. Rajesh Amrutlal)
Fax No.:	Not Available
E-Mail :	romil.sheth@edeninfosol.com
Area :	1500 Sq. ft.
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :	Mr. Hiren Navinchandra Sheth
Designation :	Director
Address :	E-901, Kamal Vihar Housing Co, Behind Mahavir Nagar, Kandivaloi (West), Mumbai – 400 067, Maharashtra, India
Date of Birth/Age :	10.12.1974
Date of Appointment :	08.05.2010
DIN No.:	00496306
Name :	Mr. Romil Navinchandra Sheth
Designation :	Director
Address :	E-901, Kamal Vihar Housing Co, Behind Mahavir Nagar, Kandivaloi (West), Mumbai – 400 067, Maharashtra, India
Date of Birth/Age :	30.12.1972
Date of Appointment :	08.05.2010
DIN No.:	00496308

KEY EXECUTIVES

Name :	Mr. Bosky Shah
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Romil Sheth	9998
Hiren Sheth	10000
Prafull Desai	1
Rana Sheth	1
TOTAL	20000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	99.99
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Computer Hardware.
Imports :
Products :	Computer Hardware.
Countries :	Taiwan
Terms :
Selling :	Credit
Purchasing :	Credit

GENERAL INFORMATION

Suppliers :	Express Transport Private Limited Apex Enterprises (P) Atcom Care (P) Benleys Infotech (P) Bluecom Infotech Private Limited (P) Chip Com Traders Private Limited (P) Cost – 2 – Cost (P) Rainbow Computers (P) Shakti Computers (P) Sun Systems (P) Super Informatics Private Limited (P) Techquest Business Solutions (P) Vivek Info Solutions (P)
Customers :	Corporates Alchemy Share and Stock Brokers Private Limited BOEHRINGER INGELHEIMI lndia Private Limited - Bandra (East) Daga Global Chemicals Limited ESDS Software Solution Private Limited Highmark Credit Information Services Hunterd Douglas India Private Limited IDBI Bank Limited Macquarie Capital Advisers India Private Limited Macquarie Capital Securities India Private Limited Quant Broking Private Limited Zehann Investments
No. of Employees :	50 (Approximately)
Bankers :	The Hongkong and Shanghai Banking Corporation Limited, 52/60, Mahatma Gandhi Road, Fort, Mumbai – 400 001, Maharashtra, India Tel. No.: 91-22-24982424

Banking Relations :	--
Auditors :
Name :	J H Ghumara and Company Chartered Accountants
Address :	B/14, Jessika Lane, Natkwala lane, S. V. Road, Borivali (West), Mumbai – 400 092, Maharashtra, India
Tel. No.:	91-22-8068739
PAN No.:	AAIPG6171A

CAPITAL STRUCTURE

As on 30.09.2011

Authorized 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
20000	Equity Shares	Rs. 10/- each	Rs. 0.200 million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		0.200
2] Share Application Money		0.000
3] Reserves & Surplus		0.600
4] (Accumulated Losses)		0.000
NETWORTH		0.800
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		4.101
TOTAL BORROWING		4.101
DEFERRED TAX LIABILITIES		0.000
TOTAL		4.901
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.494
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.027
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.321
	Sundry Debtors	7.050
	Cash & Bank Balances	0.057
	Other Current Assets	0.359
	Loans & Advances	0.503
Total Current Assets		15.290
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8.234
	Other Current Liabilities	2.399
	Provisions	0.277
Total Current Liabilities		10.910
Net Current Assets		4.380
MISCELLANEOUS EXPENSES		0.000
TOTAL		4.901

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011
	SALES
		Income
		Other Income
		TOTAL	54.865
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	54.073
	PROFIT BEFORE TAX		0.792
Less	TAX		0.192
	PROFIT AFTER TAX		0.600
	Earnings Per Share (Rs.)

KEY RATIOS

PARTICULARS		31.03.2011
PAT / Total Income	(%)	1.09
Return on Total Assets (PBT/Total Assets}	(%)	5.01
Return on Investment (ROI) (PBT/Networth)		0.99
Debt Equity Ratio (Total Liability/Networth)		18.76
Current Ratio (Current Asset/Current Liability)		1.40

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

(Rs. in millions)

Particulars	31.03.2011
Sundry Creditors	8.234

SUNDRY CREDITORS PARTIAL DETAILS:

(Rs. in millions)

Particulars	31.03.2011
Express Transport Private Limited	0.361
Apex Enterprises (P)	0.003
Atcom Care (P)	0.001
Benleys Infotech (P)	0.011
Bluecom Infotech Private Limited (P)	0.060
Chip Com Traders Private Limited (P)	0.076
Cost – 2 – Cost (P)	0.005
Rainbow Computers (P)	0.103
Shakti Computers (P)	0.012
Sun Systems (P)	0.098
Super Informatics Private Limited (P)	0.031
Techquest Business Solutions (P)	0.300
Vivek Info Solutions (P)	0.008

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last One year	Yes
12]	Profitability for last One year	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	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 involved in	----
23]	Banking Details	Yes
24]	Banking facility details	No
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

Note:

The registered office of the company has been shifted from E-901, Kamla Vihar, Dahanukar Wadi, Mahavir Nagar, kandivali (West), Mumbai – 400 067, Maharashtra, India to present address w.e.f. 12.05.2010

UNSECURED LOANS:

Unsecured Loan	As on 31.03.2011 (Rs. in Millions)
Hiren Sheth – Director Loan	1.750
Romil Sheth – Director Loan	1.451
Prafulla Dinesh Desai	0.500
Zarna Shantilal Sheth	0.400
Total	4.101

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U72900MH2010PTC202872
Name of the company	Eden Infosol Private Limited
Address of the registered office or of the principal place of business in India of the company	A/701, Shreyansh Kesar Baug CHS., L. T. Road, Borivali (West), Mumbai – 400092, Maharashtra, India e-mail : romil.sheth@edeninfosol.com
This form is for	Creation of charge
Type of charge	Book Debts Exclusive Charge on Stock and receivables
Particular of charge holder	The Hongkong and Shanghai Banking Corporation Limited, 52/60, Mahatma Gandhi Road, Fort, Mumbai – 400 001, Maharashtra, India e-mail : pareshmehta@hsbc.co.in
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation dated 12 July 2012 for Exclusive charge over entire Stocks and Receivables of the entity both present and future for INR 10.000 millions
Date of instrument Creating the charge	12.07.2012
Amount secured by the charge	Rs. 10.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest shall be payable by the company on the banking facilities as per banks tariff, subject however that the bank shall have the right to change the rate of interest after giving notice to the company. Terms of Repayment In consideration of banking facilities sanctioned/to be sanctioned by the bank to the company, the company has hypothecated and charged to the bank by way of exclusive charge on stocks and receivables both present and future for INR 10.000 millions of EDEN INFOSOL PRIVATE LIMITED, Mumbai, as security, as mentioned in deed of hypothecation to secure the repayments of the advances together with interest cost and all other charges. Margin The Company shall maintain such margin as may be specified by the bank from time to time. Extent and Operation of the charge In case the company failed to fulfill such obligations under the agreement, the bank shall be entitled to take possession of the hypothecated properties and sell them by public auction or private contract and utilize the proceeds in full or part settlement of its claims.
Short particulars of the property charged	Entire current assets of the entity both present and future.

FIXED ASSETS:

• Computers
• Epabx Systems
• Furniture and Fixtures
• Mobile Phones
• Water Purifier

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.53.51
UK Pound	1	Rs.84.85
Euro	1	Rs.71.43

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	NID

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	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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.