MIRA INFORM REPORT

Report Date :

27.06.2013

IDENTIFICATION DETAILS

Name :	NGRT SYSTEMS PRIVATE LIMITED (w.e.f. 18.02.2011)
Formerly Known As :	NGRT SYSTEM PRIVATE LIMITED
Registered Office :	55, Dr. R. P. Banerjee Marg, Dhantoli, Nagpur – 440012, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	19.04.2010
Com. Reg. No.:	11-202174
Capital Investment / Paid-up Capital :	Rs. 13.472 Millions
CIN No.: [Company Identification No.]	U72300MH2010PTC202174
TAN No.: [Tax Deduction & Collection Account No.]	NGPN02686F
PAN No.: [Permanent Account No.]	AADCN5311R
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is act as an Authorised Premium Reseller for Apple Products.
No. of Employees :	80 (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 65000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Even though the company was incorporated in 2010, it started its business activity from April 2011. In its first year of business operation company has achieved sizeable turnover. The external borrowing appears to be huge. However, trade relations are reported to be fair. Business is active. Payments are slow but correct. The company can be considered for business dealings with slight caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

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. Mahesh
Designation :	Account Manager
Contact No.:	91-7709044238
Date :	25.06.2013

LOCATIONS

Registered Office :	55, Dr. R. P. Banerjee Marg, Dhantoli, Nagpur – 440012, Maharashtra, India
Tel. No.:	91-712-2443351 / 2423082
Mobile No.:	91-7709044238 (Mr. Mahesh)
Fax No.:	Not Available
E-Mail :	mahesh.dabir@ngrt.in cspiyush@in.com
Website :	www.ngrt.in
Location :	Owned

DIRECTORS

As on: 30.09.2012

Name :	Mr. Shantanu Naresh Gadre
Designation :	Director
Address :	55, Dr. R. P. Banerjee Marg, Dhantoli, Nagpur – 440012, Maharashtra, India
Date of Appointment :	19.04.2010
DIN No.:	02930286
Name :	Pranoti Shantanu Gadre
Designation :	Director
Address :	55, Dr. R. P. Banerjee Marg, Dhantoli, Nagpur – 440012, Maharashtra, India
Date of Appointment :	19.04.2010
DIN No.:	02930304

KEY EXECUTIVES

Name :	Mr. Mahesh
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2012

Names of Shareholders	No. of Shares
Shantanu Naresh Gadre	66015
Pranoti Shantanu Gadre	68710
Total	134725

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2012

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is act as an Authorised Premium Reseller for Apple Products.
Terms :
Selling :	Cash
Purchasing :	Cash

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

80 (Approximately)

Bankers :

Bank of Maharashtra, Shankarnagar Branch, South Ambazari Road, Nagpur - 440010, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Term loans	18.485	0.000
Vehicle loan	3.752	0.000
Working capital demand loan	14.461	0.000
Total	36.698	0.000
a) Details of Long Term Loan from Bank of Maharashtra is secured by wav of:- 1) Registered mortgage of leasehold premises, i.e. shop no. 2 on the upper ground floor admeasuring 2900 Sq. ft. (apporx.) in the building known as nexus point constructed on the Land bearing city survey No.1689, Sheet No.44, total land admeasuring 2500 sq. Mtr, Civil Lines, situated at Mouza-sitabuildi and District Nagpur. 2) Hypothecation of Furniture’s and Fixtures and other Fixed Assets acquired out of Bank Finance. b) Repayment The entire Term Loan is to be repaid within 84 months inclusive of 3 months moratorium. The moratorium of 3 months shall be allowed from the date of first disbursement. The loan shall be repaid in monthly installments of Rs. 0.247 Million plus interest extra as and when applied after lnitial moratorium period of 3 months is over. The interest during moratorium period will be recovered as and when applied. Details of Long Term Vehicle Loans from Bank availed by company are stated as under: Vehicle Loans have been obtained From ICICI bank and Bank of Maharashtra for purchase of Cars, against hypothecation of the respective vehicles. Short term borrowings a) The cash Credit Facility from Bank of Maharashtra is secured by way of:- 1) Hypothecation of Stock and book debts. 2) Additional| charge on Leaseho|d premises, i.e. Shop No.2 on the upper ground floor

Banking Relations :	--
Auditors :
Name :	K. K. Mankeshwar and Company Chartered Accountants
Address :	Kingsway, Nagpur – 440010, Maharashtra, India
Tel. No.:	91-712-2554223 / 6629946 / 47
Fax No.:	91-712-6613404 / 6629948
E-Mail :	mail@kkmindia.com
PAN No.:	AABFK1156A

CAPITAL STRUCTURE

As on: 30.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.100/- each	Rs. 40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
134725	Equity Shares	Rs.100/- each	Rs. 13.472 Millions

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	13.472	0.100
(b) Reserves & Surplus	2.816	0.000
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	16.288	0.100
(3) Non-Current Liabilities
(a) long-term borrowings	35.379	0.000
(b) Deferred tax liabilities (Net)	0.442	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	35.821	0.000
(4) Current Liabilities
(a) Short term borrowings	14.461	0.000
(b) Trade payables	13.656	0.000
(c) Other current liabilities	5.869	1.016
(d) Short-term provisions	0.883	0.000
Total Current Liabilities (4)	34.869	1.016
TOTAL	86.978	1.116
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	36.270	0.000
(ii) Intangible Assets	0.130	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.509	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	1.759	0.000
(e) Other Non-current assets	0.633	0.000
Total Non-Current Assets	39.301	0.000
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	17.218	0.000
(c) Trade receivables	22.563	0.000
(d) Cash and cash equivalents	3.146	0.100
(e) Short-term loans and advances	4.750	1.016
(f) Other current assets	0.000	0.000
Total Current Assets	47.677	1.116
TOTAL	86.978	1.116

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2012	31.03.2011
	SALES
		Revenue from operation		160.574	0.000
		Other Income		0.063	0.000
		TOTAL		160.637	0.000
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL		153.801	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION			6.836	0.000
Less/ Add	DEPRECIATION/ AMORTISATION			2.694	0.000
	PROFIT BEFORE TAX			4.142	0.000
Less	TAX			1.326	0.000
	PROFIT AFTER TAX			2.816	0.000
	Earnings Per Share (Rs.)			20.90	0.00

Particulars	31.03.2013
Sales Turnover (Approximately)	320.000

Expected Sales (2013-2014): Rs. 500.000 Millions

The above information has been parted by Mr. Mahesh

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011
PAT / Total Income	(%)	1.75	0.00
Net Profit Margin (PBT/Sales)	(%)	2.58	0.00
Return on Total Assets (PBT/Total Assets}	(%)	11.36	0.00
Return on Investment (ROI) (PBT/Networth)		0.25	0.00
Debt Equity Ratio (Total Debt/Networth)		3.06	0.00
Current Ratio (Current Asset/Current Liability)		1.37	1.10

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 two years	Yes
12]	Profitability for last two years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
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	No
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

DETAILS OF SUNDRY CREDITORS:

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011
Sundry Creditors
Creditors due to-micro, small and medium enterprises	0.000	0.000
Creditors due to-others	13.656	0.000
Total	13.656	0.000

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
Loan from advance	6.301	0.000
Loan from directors	6.841	0.000
Total	13.142	0.000
Terms and Conditions The credit facility is guaranteed by personal guarantee of following persons:- Name:- Shantanu N Gadre (Director) Pranotl Gadre (Director) Pushpa N Gadre (Guarantor)

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U72300MH2010PTC202174
Name of the company	NGRT SYSTEMS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	55, Dr. R. P. Banerjee Marg, Dhantoli, Nagpur – 440012, Maharashtra, India Email-id - cspiyush@in.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10282538
Type of charge	Immovable property Book debts Others (hypothecation of stock and book debts)
Particular of charge holder	Bank of Maharashtra, Shankarnagar Branch, South Ambazari Road, Nagpur - 440010, Maharashtra, India Email-id - bom153@mahabank.co.in
Nature of instrument creating charge	Composite Deed of Additional Simple Mortgage
Date of instrument Creating the charge	13.08.2012
Amount secured by the charge	Rs. 45.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 14% P.A. (Interest Rate Will Change As Per RBI Norms and CRR ) Terms of Repayment Cash Credit Facility Is Payable on Demand and Term Loan of Rs. 20.000 millions Payable @ Rs. 247000/- Emi Plus Interest Extra (84 Months Inclusive of 03 Months of Moratorium) Margin 25% Extent and Operation of the charge as per attached deed
Short particulars of the property or asset(s) charged (including complete address and location of the property)	i) Survey No. 1689, Sheet No. 44 of Mauza Sitabuldi 1692.9 Sq. Mtr Situated At Civil Line, Nagpur, India ii) Shop No. 2, Ground Floor, Nexus Point Having Carpet Area 200.31 sq. mtr
Particulars of the present modification	Enhancement of Existing Cash Credit From Rs. 12.500 millions To 25.000 millions, Making Total Credit Facility of Rs.45.000 millions

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 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. 59.85
UK Pound	1	Rs. 92.31
Euro	1	Rs. 78.22

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	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
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.