MIRA INFORM REPORT

Report Date :

02.09.2013

IDENTIFICATION DETAILS

Name :	ICIS COMPUTERS (INDIA) PRIVATE LIMITED

Registered Office :	GS-2/3, Radha Palace, Abhyankar Road, Dhantoli, Nagpur – 440012, Maharashtra

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	20.09.1999

Com. Reg. No.:	11-121830

Capital Investment / Paid-up Capital :	Rs.2.500 Millions

CIN No.: [Company Identification No.]	U72100MH1999PTC121830

TAN No.: [Tax Deduction & Collection Account No.]	NGPI00318D

PAN No.: [Permanent Account No.]	AAACI6678P

Legal Form :	Private Limited Liability Company

Line of Business :	Trader of Computer Peripherals.

No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 48000

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track record. Profit margin of the company appears to be low. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered 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.

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure. Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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 :	Ms. Rita Deshpande
Designation :	Accountant
Contact No.:	91-712-2448528
Date :	30.08.2013

LOCATIONS

Registered Office :	GS-2/3, Radha Palace, Abhyankar Road, Dhantoli, Nagpur – 440012, Maharashtra, India
Tel. No.:	91-712-2548528
Fax No.:	91-712-2530764
E-Mail :	shrinath@nagpur.dot.net.in deshpande.rita@rediffmail.com
Location :	Owned

DIRECTORS

As on: 29.09.2012

Name :	Mr. Ganesh Vinayak Pagay
Designation :	Managing Director
Address :	Ramalayam 79, Bajiprabhu, Nagpur – 440010, Maharashtra, India
Date of Birth/Age :	04.03.1966
Date of Appointment :	20.09.1999
DIN No.:	00162142

Name :	Mr. Vinayak Ganpat Pagay
Designation :	Director
Address :	Ramalayam 79, Bajiprabhu, Nagpur – 440010, Maharashtra, India
Date of Birth/Age :	23.12.1932
Date of Appointment :	20.09.1999
DIN No.:	00188003

Name :	Mr. Kishor Dattatray Anandikar
Designation :	Director
Address :	Flat No.: F4, Ashay Apartments, Borkute Layout, Goptal Colony, Narendra Nagar, Nagpur - 440010, Maharashtra, India
Date of Birth/Age :	26.06.1969
Date of Appointment :	30.09.2008
DIN No.:	02278928

KEY EXECUTIVES

Name :	Mr. Sushil Kawadkar
Designation :	Practicing Company Secretary
Address :	63, Income Tax Colony, Pratap Nagar, Nagpur - 440 022, Maharashtra, India
Qualification :	B.Com., FCS

Name :	Ms. Rita Deshpande
Designation :	Accountant

MAJOR SHAREHOLDERS

As on: 29.09.2012

Names of Shareholders		No. of Shares
Ganesh Vinayak Pagay		249900
Vinayak Ganpat Pagay		100
Total		250000

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Computer Peripherals.

Terms :
Selling :	Cash and Credit

Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

Ses Technology
National Engineering and Machinery Cc
R.K. Enterprises
Spectrum Services
V.G. Computers Sangau
Shiva Transport Wadi
F-Tech Systems
Cable Connectors
Lalani Infotech
Universal Business Systems(Supplier)
Neoteric Informatique Private Limited
Mona Traders
Ingram Micro India Limited Nagpur
Aarkay Techno Consultants Private Limited
Excel* Ribbon Mfg. Co.
Maxtone Electronics Private Limited
Arihant Traders
United Peripherals
Mangesh Electricals
Sujata Computers Private Limited
Iris Computers Limited
Sas Associates
Max Infosoluteons
Redington (I) Limited
Kavita Tibdiwal (Printing)
Lenovo India Private Limited
D-Link
Usha Associates
Zenith Computers Limited
Print Care Services
Silicon Services
Minitek Systems (I) Private Limited
Db Electronics, Pune.
Adi Graphics
Benjamin Samuel
Canon India Private Limited New Delhi
Triveni Copy Systems
Micromind Electronics
Fast Trac Computers
Shreyas infotech
Super Computer
Silver System
Vincom Systems
Sun-Tech Computers
Shirish Printing Press
Canon India Limited Kolkota
Redington India Limited Raipur
Blue Interactive
Vp Power Solutions
Cannon India Private Limited(Thane)
Comprint Computers Mumbai (Supplier)
Compushop
Shre Pitambara Traders
Proline
Unilogic Systems (India) Private Limited
Moksh Infosys
Cubix Micro Systems (I) Private Limited
Priya Limited
Sai Computers Malkapur
Sarvoday Media and Systems
Krishna Infotech Nagpur
Priyanka Computers

Customers :

Retailers

Macrotech Computer (Gadchirol)
Rangnath Farming and Agriwaste Management
Unique Stationers
Sai Computers Malkapur
Business Algorithm Private Limited (Customer)
M/S Vincom Systems
Seth Kesarimal Porwal College- Kamptee
Office Box Software Private Limited
Surya Computers Akola
Nano Tech System
Sky Computers Systems
Computer Plaza(Bhilai)
Prasad Kulkarni
Bhagya Computers
Triveni Copy Systems
Balaji Automation and Services
Mr. Vishal Madhavi
Wrt Sales And Services Private Limited
Tinup C/O Logistic Park
Shree Ganesh Computers
Neo Infraservices Private Limited
Mohammad Master
Wahid Marketing
Proventtal Tractor Private Limited
Datatech Computers Services
M/S Hira Power And Steels Limited Unit No 1
Chemfield Pharmaceuticals Private Limited.
D-Wat Global (P) Limited(Customer)
Vuay Transmission
Irg Entertainment and Software
K.K. Computers (Gondia)
Dynacons Systems and Solutions Limited.
Virtual Galaxy Private Limited
Supra Computer Systems Nagpur
Ambro System
GIF Technologies Private Limited
Provential Tractor Private Limited.
Sadhana Sahakari Bank Limited.(Wadi Branch)
Aryaneel Computer System
M/S Service Line Inc.
Vaishnvi Computers
Destive C Computer
Micro Technologies Computers Sale and Service (Waddh)
Sai Computers (Bramhapuri)
Mauli Computers Malkapur
Kotak Computers
Thakur Prasad Sao and Sons Private Limited (Joda)
Genuine Computers Sale and Services (Amt)
Neo Infraservices Private Limited
Balaji Computers
Computronics Chandrapur

No. of Employees :

20 (Approximately)

Bankers :

Bank of Baroda, Dharampeth Branch, West High Court Road, Dharampeth, Nagpur – 440010, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
SHORT TERM BORROWINGS
Bank of Baroda Dharampeth	7.258	3.940
Total	7.258	3.940


Banking Relations :	--

Auditors :
Name :	M.S. Kanade Chartered Accountant
Address :	162, Vivekanand Nagar, Wardha Road, Nagpur – 440015, Maharashtra, India
PAN No.:	ADGPK6855N

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount

250,000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

250,000	Equity Shares	Rs.10/- each	Rs.2.500 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	2.500	2.500
(b) Reserves & Surplus	9.575	8.136
(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)	12.075	10.636

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.022
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.022

(4) Current Liabilities
(a) Short term borrowings	7.258	3.940
(b) Trade payables	12.926	10.418
(c) Other current liabilities	1.649	0.215
(d) Short-term provisions	0.515	0.761
Total Current Liabilities (4)	22.348	15.334

TOTAL	34.423	25.992

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.484	2.344
(ii) Intangible Assets	1.000	1.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	2.304	1.170
(c) Deferred tax assets (net)	0.069	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	5.857	4.514

(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	3.815	5.749
(c) Trade receivables	20.175	12.582
(d) Cash and cash equivalents	0.484	0.286
(e) Short-term loans and advances	0.371	(0.088)
(f) Other current assets	3.721	2.949
Total Current Assets	28.566	21.478

TOTAL	34.423	25.992

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		2.500
2] Share Application Money		0.000
3] Reserves & Surplus		6.218
4] (Accumulated Losses)		0.000
NETWORTH		8.718
LOAN FUNDS
1] Secured Loans		2.711
2] Unsecured Loans		0.000
TOTAL BORROWING		2.711
DEFERRED TAX LIABILITIES		0.000

TOTAL		11.429

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		3.280
Capital work-in-progress		0.000

INVESTMENT		0.677
DEFERREX TAX ASSETS		0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.152
	Sundry Debtors	10.871
	Cash & Bank Balances	0.267
	Other Current Assets	0.000
	Loans & Advances	1.584
Total Current Assets		15.874
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7.436
	Other Current Liabilities	0.966
	Provisions	0.000
Total Current Liabilities		8.402
Net Current Assets		7.472

MISCELLANEOUS EXPENSES		0.000

TOTAL		11.429

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	171.390	131.741	120.419
		Increase in stock	0.000	0.000	0.852
		Other Income	8.588	6.677	3.151
		TOTAL	179.978	138.418	124.422

Less	EXPENSES
		Office Expenses	NA	NA	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	NA

	PROFIT BEFORE TAX		NA	NA	NA

Less	TAX		NA	NA	NA

	PROFIT AFTER TAX		1.439	1.916	1.689

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		8.135	6.218	4.530

	BALANCE CARRIED TO THE B/S		9.574	8.135	6.219

	Earnings Per Share (Rs.)		5.76	7.66	6.76

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.80	1.38	1.36

Debt Equity Ratio (Total Debt /Networth)		0.60	0.37	0.31

Current Ratio (Current Asset/Current Liability)		1.28	1.40	1.89

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF CURRENT MATURITIES OF LONG-TERM DEBT: NOT AVAILABLE

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	Yes
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

OPERATION:

In this connection the Directors have pleasure to report that the total sales were Rs. 171.390 Millions during the year as against-Rs. 131.741 Millions from previous year. The operations for the year resulted in net profit of Rs. 1.439 Millions as against net profit of Rs. 1.916 Millions in the previous year. The directors are very optimistic about enhancing the sales as well as profit in the coming year.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90141002	14/03/2012 *	17,500,000.00	Bank of Baroda	Dharampeth Branch, West High Court Road, Dharampeth, Nagpur, Maharashtra - 440010, INDIA	B37156304
2	90142996	18/08/2000	3,000,000.00	BANK OF BARODA	DHARAMPETH BRANCH, NAGPUR, Maharashtra, INDIA	-

* Date of charge modification

FIXED ASSETS:

Tangible Assets

· Air conditioner

· Computer and Printer

· Fax Machine

· Furniture and Fixtures

· Office Equipment

· Purchase of Auto

· Scooter

· Shop/Office

Intangible Assets

· Goodwill

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.66.57
UK Pound	1	Rs.103.34
Euro	1	Rs.88.16

INFORMATION DETAILS

Information Gathered by :	NYA

Report Prepared by :	RAJ

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	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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	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		42

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.

MIRA INFORM REPORT

0.80

0.60

1.28

Unit