MIRA INFORM REPORT

Report Date :

26.06.2013

IDENTIFICATION DETAILS

Name :	COMPUAGE INFOCOM LIMITED
Registered Office :	601, D-Wing, Lotus Corporate Park, Ram Mandir Lane, Near Jai Coach Western Express Highway, Goregaon (East), Mumbai – 400063, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	27.07.1999
Com. Reg. No.:	11-135914
Capital Investment / Paid-up Capital :	Rs.66.550 Millions
CIN No.: [Company Identification No.]	L99999MH1999PLC135914
Legal Form :	A Public Limited Liability company. The company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in trading in Computers parts and peripherals and Telecom Products and also provides products support services for Information Technology products.
No. of Employees :	600 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 2100000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The profit margin appears to be low. The external borrowing seems to be increasing over year’s. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities :- BBB-
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation it carry moderate credit risk.
Date	December 2012

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. Tinu
Designation :	Finance Executive
Contact No.:	91-22-67114444
Date :	25.06.2013

LOCATIONS

Registered Office :

601, D-Wing, Lotus Corporate Park, Ram Mandir Lane, Near Jai Coach Western Express Highway, Goregaon (East), Mumbai – 400063, Maharashtra, India

Tel. No.:

91-22-67114444 / 23842200

Fax No.:

91-22-67114445 / 23842210

E-Mail :

Investors.relations@compuageindia.com

sunil.mehta@compuageindia.com

Website :

www.compuageindia.com

Branches / Offices :

Located at:

Ahmedabad	Agra,	Aurangabad	Amritsar	Bangalore
Baroda	Bhubneshwar	Bhopal	Chandigarh	Chennai
Coimbtore	Cochin	Calicut	Dehradun	Delhi
Ghaziabad	Goa	Guwahati	Guragaon	Gorakhpur
Hyderabad	Hubli	Haldwani	Indore	Jaipur
Jammu	Jabalpur	Jodhpur	Kolkatta	Kottayam
Karnal	Lucknow	Ludhiana	Mumbai	Mangalore
Madurai	Nagpur	Nasik	Parwanoo	Patna
Pondicherry	Pune	Raipur	Rajkot	Ranchi
Siliguri	Surat	Trivendrum	Vizag	Vijayawada
Varansi

DIRECTORS

As on: 31.03.2012

Name :	Mr. Atul H. Mehta
Designation :	Chairman Cum Managing Director
Date of Birth/Age :	50 Years
Qualification :	MBA – U.S.A
Experience :	24 Years
Date of Appointment :	08.09.2011
Name :	Mr. Bhavesh H. Mehta
Designation :	Whole Time Director
Date of Birth/Age :	37 Years
Qualification :	M.Com
Experience :	17 Years
Date of Appointment :	18.10.2011
Name :	Mr. G.S. Ganesh
Designation :	Independent Director
Date of Birth/Age :	53 Years
Qualification :	Chartered Accountant
Date of Appointment :	18.10.2000
Name :	Mr. Vijay Agarwal
Designation :	Independent Director
Name :	Ms. Preeti Trivedi
Designation :	Independent Director

KEY EXECUTIVES

Name :	Mr. Tinu
Designation :	Finance Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 31.03.2013

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	4,513,953	67.83
Sub Total	4,513,953	67.83
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	4,513,953	67.83
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	40	0.00
Sub Total	40	0.00
(2) Non-Institutions
Bodies Corporate	467884	7.03
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	473430	7.11
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	386330	5.81
Any Others (Specify)	813363	12.22
Clearing Members	24148	0.36
Foreign Corporate Bodies	54725	0.82
Market Maker	5217	0.08
Non Resident Indians	722793	10.86
Hindu Undivided Families	6323	0.10
Directors & their Relatives & Friends	157	0.00
Sub Total	2141007	32.17
Total Public shareholding (B)	2141047	32.17
Total (A)+(B)	6655000	100.00
© Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0000	0.00
(2) Public	0000	0.00
Sub Total	0000	0.00
Total (A)+(B)+(C)	6655000	0.00

Shareholding belonging to the category "Promoter and Promoter Group"

Sl. No.	Name of the Shareholder	Details of Shares held		Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	Bhavesh Harkishandas Mehta	17,80,485	26.75	26.75
2	Atul Harkishandas Mehta	17,80,484	26.75	26.75
3	Atul H Mehta	9,52,984	14.32	14.32
	Total	45,13,953	67.83	67.8

Shareholding belonging to the category "Public" and holding more than 1% of the Total No. of Shares

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	Angel Fincap Private Limited	265263	3.99	3.99
2	Rashmi Bothra	224300	3.37	3.37
3	Dilip S Mehta	206000	3.10	3.10
4	Rajesh Bothra	203382	3.06	3.06
5	Tisya Financial Services Private Limited	137000	2.06	2.06
6	Ashwani Deedwania	68500	1.03	1.03
	Total	1104445	16.60	16.60

Details of Locked-in Shares

Sl. No.	Name of the Shareholder	No. of Shares	Locked-in Shares as % of Total No. of Shares
1	Atul Harkishandas Mehta	4,97,500	7.48
2	Bhavesh Harkishandas Mehta	4,97,500	7.48
	Total	9,95,000	14

BUSINESS DETAILS

Line of Business :

Subject is engaged in trading in Computers parts and peripherals and Telecom Products and also provides products support services for Information Technology products.

Products :

Item Code No. (ITC Code)	8471 and 8473
Product Description	Computer Pheripherals, Consumables and Accessories

Terms :

Selling :

L/C, Cash and Credit (30 days/ 60 days)

Purchasing :

L/C, Cash and Credit (30 days/ 60 days)

GENERAL INFORMATION

Customers :

Wholesalers and End Users

No. of Employees :

600 (Approximately)

Bankers :

· Bombay Mercantile Co-operative Bank Limited

· HDFC Bank Limited

· Indian Overseas Bank

· Standard Chartered Bank

· ICICI Bank Limited

· Barclays Bank

· Indian Bank

· Kotak Mahindra Bank

· Central Bank of India

· ING Vysya Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Term Loans
Indian Rupee Loan from Bank	118.757	74.840
Other Loans and Advances
Finance Lease	1.873	0.267
Short Term Borrowing
Cash Credit from Bank (Secured) net of debit balance	1338.843	659.684
Total	1459.473	734.791
Note: Indian rupee loan from bank carries interest @ 13.25% p.a. The loan is repayable in 20 equal quarterly installments commencing from September 2011 in the case of one term loan and March 2012 in the case of other 2 term loans. Interest is to be paid as and when debited, i.e on a monthly basis. All three term loans are secured by hypothecation of Office premises. Further the loans have been guarnteed by the personal Guarntee of the managing Director and by whole time director of the company. Finance Lease is secured by hypothecation of vehicle taken on lease. Cash credit from banks is secured against hypothecation of Stocks and Book Debts. The cash credit is repayable on demand and carries interest @ 11.75% to 14%.

Banking Relations :	--
Auditors :
Name :	M/S. B.V. Dalal and Company Chartered Accountants
Other Related Parties :	Trillzo Holdings Limited Greenvision Technologies Private Limited Compuage Infocom (S) Pte. Limited Adit E Commerce Private limited
Subsidiary Companies :	Greenvision Technologies Private Limited Compuage Infocom (S) Pte. Limited Adit E Commerce Private limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
19254000	Equity Shares	Rs.10/- each	Rs. 192.540 Millions
4665600	Preference Shares	Rs.0.10/- (Ten Paise) each	Rs. 0.467 Million
3369344	Preference Shares	Rs.10/- each	Rs. 33.693 Millions
	Total		Rs. 226.700 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6655000	Equity Shares	Rs.10/- each	Rs.66.550 Millions

Notes

Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting period:

	31.03.2012		31.03.2011
Particulars	Number	Rupees	Number	Rupees
At the beginning of the Period	5.180	51.800	5.180	51.800
Issued during the period	1.475	14.750	0.000	0.000
Outstanding at the end of the period	6.655	66.550	5.180	51.800

Terms/Rights attached to equity shares

The company has only one class of equity shares having a par value of Rs. 10 per Share. Each holder of equity shares is entitled to one vote per share.

During the year ended 31st March 2012, Interim Dividend of Rs.1 per Share has been distributed to Equity Share holders and final Dividend of Rs.1/= per share has been proposed by the Board of Directors is subject to approval of share holders in the ensuing Annual General meeting.

In the event of liquidation of the company, the holder of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by shareholders.

Details of shares held by each shareholder holding more than 5% shares:

	31.03.2012		31.03.2011
Particulars	Number of shares	% of holding	Number of shares	% of holding
Atul Harkishandas Mehta	1.783	26.75	1.283	24.77
Bhavesh Harkishandas Mehta	1.783	26.75	1.283	24.77
Ajay Harkishandas Mehta	0.953	14.33	0.953	18.39

As per of the company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	66.550	51.800
(b) Reserves & Surplus	462.586	240.550
(c) Money received against share warrants	0.000	30.150
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	529.136	322.500
(3) Non-Current Liabilities
(a) long-term borrowings	120.630	84.027
(b) Deferred tax liabilities (Net)	11.659	9.271
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.950	0.000
Total Non-current Liabilities (3)	133.239	93.298
(4) Current Liabilities
(a) Short term borrowings	1892.123	1220.393
(b) Trade payables	1521.324	1674.728
(c) Other current liabilities	303.537	164.850
(d) Short-term provisions	7.760	12.081
Total Current Liabilities (4)	3724.744	3072.052
TOTAL	4387.119	3487.850
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	175.097	73.802
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	21.688	16.092
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	3.646	5.651
(e) Other Non-current assets	7.391	134.179
Total Non-Current Assets	207.822	229.724
(2) Current assets
(a) Current investments	2.632	0.000
(b) Inventories	1979.474	1415.914
(c) Trade receivables	1518.906	1332.637
(d) Cash and cash equivalents	319.428	149.008
(e) Short-term loans and advances	351.635	343.145
(f) Other current assets	7.222	17.422
Total Current Assets	4179.297	3258.126
TOTAL	4387.119	3487.850

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		51.800
2] Share Application Money		30.150
3] Reserves & Surplus		165.904
4] (Accumulated Losses)		0.000
NETWORTH		247.854
LOAN FUNDS
1] Secured Loans		592.483
2] Unsecured Loans		472.593
TOTAL BORROWING		1065.076
DEFERRED TAX LIABILITIES		4.308
TOTAL		1317.238
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		40.626
Capital work-in-progress		0.000
INVESTMENT		16.127
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1033.485
	Sundry Debtors	956.043
	Cash & Bank Balances	302.222
	Other Current Assets	0.000
	Loans & Advances	295.787
Total Current Assets		2587.537
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	62.722
	Other Current Liabilities	1175.229
	Provisions	89.101
Total Current Liabilities		1327.052
Net Current Assets		1260.485
MISCELLANEOUS EXPENSES		0.000
TOTAL		1317.238

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	15444.405	13146.814	10878.017
		Other Income	66.858	62.582	6.919
		TOTAL (A)	15511.263	13209.396	10884.936
Less	EXPENSES
		Purchased of Stock-in-Trade	15171.961	12917.165
		Changes in inventories of finished goods, work-in-progress and Stock-in-trade	(563.560)	(382.429)
		Employee benefit Expenses	198.008	170.919
		Other Expenses	346.578	252.465
		TOTAL (B)	15152.987	12958.120	10703.074
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		358.276	251.276	181.862
Less	FINANCIAL EXPENSES (D)		189.567	110.318	80.817
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		168.709	140.958	101.045
Less/ Add	DEPRECIATION/ AMORTISATION (F)		16.744	11.769	5.517
	PROFIT BEFORE TAX (E-F) (G)		151.965	129.189	95.528
Less	TAX (H)		49.888	42.462	32.645
	PROFIT AFTER TAX (G-H) (I)		102.077	86.727	62.883
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		217.378	142.732	91.970
Less	APPROPRIATIONS
		Interim Dividend	6.655	0.000	0.000
		Dividend Distribution tax	2.210	0.000	0.000
		Proposed Dividend	6.655	10.360	10.360
		Dividend Distribution Tax	0.000	1.721	1.761
	BALANCE CARRIED TO THE B/S		303.935	217.378	142.732
	EARNINGS IN FOREIGN CURRENCY		NA	7.752	5.241
	Earnings Per Share (Rs.)		15.34	16.74	12.14

QUARTERLY RESULTS

PARTICULARS	30.06.2012 1^st Quarter	30.09.2012 2^nd Quarter	31.12.2012 3^rd Quarter	31.03.2013 4^th Quarter
Audited / Unaudited	Unaudited	Unaudited	Unaudited	Unaudited
Net Sales	4647.100	4644.300	4514.200	5158.600
Total Expenditure	4576.300	4536.700	4446.200	5077.000
PBIDT (Excl OI)	70.900	107.600	68.000	81.500
Other Income	18.900	17.300	20.300	29.900
Operating Profit	89.800	124.900	88.300	111.400
Interest	39.400	77.500	56.300	92.000
Exceptional Items	0.000	0.000	0.000	0.000
PBDT	50.400	47.400	32.000	19.500
Depreciation	5.900	5.900	7.500	8.400
Profit Before Tax	44.500	41.500	24.500	11.000
Tax	13.500	11.500	10.300	4.700
Provisions and contingencies	0.000	0.000	0.000	0.000
Profit After Tax	31.000	29.900	14.200	6.300
Extraordinary Items	0.000	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000	0.000
Net Profit	31.000	29.900	14.200	6.300

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.66	0.66	0.58
Net Profit Margin (PBT/Sales)	(%)	0.98	0.98	0.88
Return on Total Assets (PBT/Total Assets}	(%)	3.48	3.72	3.63
Return on Investment (ROI) (PBT/Networth)		0.29	0.40	0.39
Debt Equity Ratio (Total Debt/Networth)		3.80	4.05	4.30
Current Ratio (Current Asset/Current Liability)		1.12	1.06	1.95

LOCAL AGENCY FURTHER INFORMATION

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	Yes
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	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	Yes

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
Long Term Borrowings
ECB Loan	0.000	8.920
Short Term Borrowings
Loans and Advance from related parties repayable on demand	46.550	33.106
Loans and Advance from other parties repayable on demand	506.730	527.603
TOTAL	553.280	569.629

BUSINESS REVIEW:

The year gone by has been a good year with company closing on a profitable note. The company's revenue grew to Rs. 15444.405 Millions registering a growth of 17.48% and consolidated revenue growing to Rs.15917.676 Millions, registering a growth of 17.68%.

The profit after tax grew to Rs 102.077 Millions, growing by 17.70% over the previous year. Consolidated profit after tax grew to Rs.102.840 Millions, growing by 19.65%.

FUTURE OUTLOOK

Future outlook of Compuage is very promising. It operates in growth oriented industry which is likely to grow by about 12% per annum for the next few years. The company being small will be able to grow more than the IT industry's growth rate.

SUBSIDIARY COMPANIES:

The company has (03) three Subsidiaries of the Company as on March 31^st, 2013 which are as under

(1) Greenvision Technologies Private limited

(2) ADIT E-commerce Private limited

(3) Compuage Infocom (S) Pte. Limited

Greenvision Technologies Private limited

Greenvision Technologies Private limited was incorporated on March 19, 2008 with Compuage holding 52% of its Equity Share Capital and voting power. As on March 20, 2009 they acquired additional 24% of the Equity Share Capital of Greenvision. As at March 31, 2012, they hold 76% of the Equity Share Capital and voting power of Greenvision Technologies Private limited

Greenvision Technologies Private limited focuses on Power Solutions for the Enterprise Customers and sealed Maintenance free Batteries for the UPS segment. The Company is also exploring manufacturing of Batteries.

During the year Greenvision Technologies Private limited has achieved a turnover of Rs.273.606 millions and has made a net profit before tax of Rs. 1.112 millions

ADIT E-commerce Private limited

ADIT E-commerce Private limited was incorporated on May 17, 2008, they acquired 80% of the Equity in the Company on January 19, 2010. The investment was made in the Company to take advantage of the growing online business.

Compuage Infocom (S) Pte. Limited

Compuage Infocom (S) Pte. Limited is wholly owned subsidiary and was formed to expand the business operation in Singapore.

Information Techology

Compuage continues to upgrade its IT infrastructure and has a solid backbone to support the business.

MANAGEMENT DISCUSSIONS AND ANALYSIS

Overview

Industry outlook:

Changing economic and business conditions and rapid technological innovation are creating an increasingly competitive market environment that is driving corporations to transform their operations. Consumers of products and services are increasingly demanding accelerated delivery times and lower prices.

Compuage has increased its focus on a sustained efficiency program across the enterprise. This includes working towards improving cash collection, controlling expenditure and optimizing wherever possible. These measures are showing visible success.

Compuages growth has occurred within a challenging economic climate. The Company has demonstrated leadership, remained disciplined in execution and faced a volatile market with a positive 'can do 'attitude. Looking towards the future, the Company will remain focused on agility, innovation and operational excellence.

The company continues to focus on both extension of geographic reach in emerging growth markets as well as on development and growth of new customer accounts across major product lines to cement its leading position on storage media and peripherals.

The management is also exploring into other businesses which offer better margins and make use of its infrastructure and its Distribution expertise. The company through its subsidiary Greenvision is exploring manufacture of batteries for UPS inverters, and Telecom sector. This initiative too shall enhance the profitability of the company.

Future Outlook

Compuage is also exploring distribution in other areas such as Home Appliances, Consumer Electronics and Telecom products, thereby leveraging in its infrastructure and of course optimizing its core competency in distribution Greenvision, its subsidiary, focusing on Power Protection Segment and Services is preparing to set up a manufacturing unit to manufacture batteries for UPS, Inverters and Telecom. All these are high growth areas and offer good potential. This will help the company in 2 ways, one, derisk its dependence on IT

The year ahead looks promising.

Operational Performance

The Last Financial Year 2011-12, was a good year with company closing on a profitable note. The company's revenue grew to Rs. 15444.405 Millions registering a growth of 17.48% and consolidated revenue growing to Rs. 15917.676 Millions, registering a growth of 17.68%. The profit after tax grew to Rs. 102.077 Millions, growing by 17.70 over the previous year. Consolidated profit after tax grew to Rs.102.840 Millions, growing by 19.65%.

Landmark Events:

In the year gone by Compuage has continued to invest in infrastructure, reach and product portfolio all of which shall enable the company to continue its growth. New products signups include ADC Krone - Passive Networking Products, Asus - Notebooks, Cisco – Networking Products, Edifier - Speakers, Foxconn - Motherboards, HP PCs, Olympus - digital Cameras, Toshiba - Flash Products.

UNAUITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30^TH SEPTEMBER 2012

Rs in Millions

Particulars	Quarter Ended		Half year ended
	30.09.2012	30.06.2012	30.09.2012
Net Sales/ Income from Operations	4644.306	4647.141	9291.447
1. (b) Other Operating Income	0.000	0.000	0.000
Total Income From operations	4644.306	4647.141	9291.447
2. Expenditure
a. Cost of goods sold	4388.205	4447.264	8835.469
b. Employee cost	53.054	52.960	106.014
d. Depreciation and amortization expense	5.923	5.887	11.810
e. Other Expenditure	95.447	76.027	171.474
Total Expenditure	4542.629	4582.130	9124.767
3. Profit from Operations before Other Income, Interest and Exceptional Items (1-2)	101.677	65.003	166.880
4. Other Income	17.312	18.880	36.192
5. Profit before Interest and Tax	118.988	83.833	202.872
6. Interest	77.634	39.359	116.893
7. Profit from Ordinary Activities before Tax and exceptional items	41.455	44.524	85.973
8. Exceptional items	0.000	0.000	0.000
9. Profit from Ordinary Activities before Tax but before exceptional items	41.455	44.524	85.979
10. Tax Expenses	11.539	13.495	25.034
11. Net profit from ordinary activities after tax (9-10)	29.916	31.029	60.945
12. Extraordinary items	0.000	0.000	0.000
13. Net profit/(loss) for the period (11-12)	29.916	31.029	60.945
14. Paid-up Equity Share Capital (face value Rs.10per share)	66.550	66.550	66.550
15. Reserves excluding revaluation reserve as per balance sheet of previous accounting year	623.531	462.586	523.531
16. Earning Per Share
a. Basic and b. Diluted	4.50	4.86	9.16
A. Public shareholding
- No. of shares	2141047	2141047	2141047
- % of holding (to total shareholding)	32.17	32.17	32.17
Promoters And Promoter Group Shareholding a) Pledged/ Encumbered
-Number of Shares	0.000	0.000	0.000
-% of Shares (As a % of the total Shareholding of Promoter and Promoter Group)	0.000	0.000	0.000
-% of Shares (as a % of the total share capital of the Company)	0.000	0.000	0.000
b) Non Encumbered
- Number of Shares	4513953	4513953	4513953
-% of Shares (As a % of the total Shareholding of Promoter and Promoter Group)	100.00	100.00	100.00
-% of Shares (as a % of the total share capital of the Company)	67.83	67.83	67.83

NOTES:

1. The above result have been taken on record by the Board of Directors at its meeting held on 9^th November 2012.

2. The company is in the business of distributors of computer parts and peripherals in India having similar risks and rewards and therefore there is only one geographical and business segment.

3. The statutory auditors have carried out a limited review of the unaudited financial result for the quarter ended 30^th September 2012.

4. The statutory auditors of the company have applied to ICAI for peer review certificate.

5. With the effect from 12/9/2012, Adit Ecommerce Private Limited was ceased to be the subsidiary of the company.

6. Provision for tax, including delivered tax has been worked out at normal corporate tax rates.

7. Figures of subsidiary companies are not incorporated in above result.

8. Figures have been regrouped/rearranged, wherever necessary.

9. Statement of assets and liabilities as on 30^th September 2012 as given below.

STATEMENT OF ASSETS AND LIABILITIES

Particular	30.09.2012 (Rs. In Millions)
EQUITY AND LIABILITIES
Shareholders’ funds
(a) Share capital	66.550
(b) Reserves and surplus	523.531
Sub-total - Shareholders' funds	590.081
Non-current liabilities
(a) Long-term borrowings	165.107
(b) Other long-term liabilities	11.659
(c) Long-term provisions	0.950
Sub-total - Non-current liabilities	177.716
Current liabilities
(a) Short-term borrowings	1796.618
(b) Trade payables	2714.493
(c) Other current liabilities	308.052
(d) Short-term provision	0.000
Sub-total - Current liabilities	4819.163
TOTAL - EQUITY AND LIABILITIES	5586.960
ASSETS
Non-current assets
(a) Fixed assets	392.915
(b) Non-current investments	21.688
(c) Long-term loans and advances	1.239
(d) Deferred tax assets (net)	0.000
Sub-total - Non-current assets Current assets	415.842
Current assets
(a) Inventories	2640.173
(b) Trade receivables	1933.403
(c) Cash and cash equivalents	415.524
(d) Short-term loans and advances	172.253
(e) Other current assets	8.743
(f) Current Investment	1.022
Sub-total - Current assets	5171.118
TOTAL - ASSETS	5586.960

Fixed Assets:

· Office Premises

· Information Technology

· Equipments

· Vehicle

· Office Equipment

· Furniture and Fixture

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. 59.70
UK Pound	1	Rs. 92.25
Euro	1	Rs. 78.38

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		36

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.