MIRA INFORM REPORT

Report Date :

12.09.2013

IDENTIFICATION DETAILS

Name :	MODI INFOSOL PRIVATE LIMITED (w.e.f. 07.11.2009)
Formerly Known As :	MODI PERPHERALS PRIVATE
Registered Office :	Unit No.17, Building No.5 A Mittal Industrial Estate, Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	02.01.1987
Com. Reg. No.:	11-042085
Capital Investment / Paid-up Capital :	Rs. 9.275 millions
CIN No.: [Company Identification No.]	U70100MH1987PTC042085
TAN No.: [Tax Deduction & Collection Account No.]	MUMM19310E
PAN No.: [Permanent Account No.]	AADCM4507G
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Computer Peripherals.
No. of Employees :	Information denied by the management.

RATING & COMMENTS

MIRA’s Rating :

B (38)

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

Maximum Credit Limit :	USD 118000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payment terms are 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.

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 DECLINED BY

Name :	Mr. Vinod
Designation :	Accounts Head
Contact No.:	91-22-40843333
Date :	10.09.2013

LOCATIONS

Registered Office :	Unit No.17, Building No.5 A Mittal Industrial Estate, Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-28500309 / 66432664
Fax No.:	91-22-28863582
E-Mail :	administration@modiithub.com mumbai@modiithub.com
Website :	http://www.modiithub.com
Branches :	103, Skipper Corner, 88, Nehru Place, Delhi – 110019, India
Tel. No.:	91-11-40746900
Fax No.:	91-11-26425958
Branches :	9, Hanuman Taerrace, Tara Temple Lane, Lamington Road, Mumbai – 400007, Maharashtra, India
Tel. No.:	91-22-40183333
Fax No.:	91-22-23863582
Other Branches :	Located At: Jabalpur Uttar Pradesh Haryana

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Brijnand Bihari Satyanarayan Modi
Designation :	Director
Address :	1/32, Nidhi Apartments, Liberty Garden, Malad [west], Mumbai – 400064, Maharashtra, India
Date of Birth/Age :	03.08.1960
Date of Appointment :	02.01.1987
DIN No.:	00577002
Name :	Mr. Mahesh Chand Satyanarayan Modi
Designation :	Director
Address :	1/32, Nidhi Apartments, Liberty Garden, Malad [west], Mumbai – 400064, Maharashtra, India
Date of Birth/Age :	04.01.1955
Date of Appointment :	02.01.1987
DIN No.:	00577371
Name :	Mr. Anuj Jagdish Prasad Modi
Designation :	Director
Address :	15-199, Malviya Nagar, New Delhi – 110017, India
Date of Birth/Age :	01.03.1982
Date of Appointment :	02.07.2007
DIN No.:	00596074
Name :	Atul Jagdishprasad Modi
Designation :	Director
Address :	15-199, Malviya Nagar, New Delhi – 110017, India
Date of Birth/Age :	20.11.1980
Date of Appointment :	02.07.2007
DIN No.:	00610488
Name :	Shyam Sunder Satyanaraya Modi
Designation :	Director
Address :	1/32, Nidhi Apartments, Liberty Garden, Malad [west], Mumbai – 400064, Maharashtra, India
Date of Birth/Age :	09.09.1957
Date of Appointment :	02.01.1987
DIN No.:	01221009
Name :	Jagdish Prasad Satyanarayan Modi
Designation :	Director
Address :	1/32, Nidhi Apartments, Liberty Garden, Malad [west], Mumbai – 400064, Maharashtra, India
Date of Birth/Age :	06.04.1952
Date of Appointment :	02.01.1987
DIN No.:	01221113
Name :	Vivek Jagdishprasad Modi
Designation :	Director
Address :	199/15, Malviya Nagar, New Delhi-110017, India
Date of Birth/Age :	05.07.1983
Date of Appointment :	22.06.2009
DIN No.:	02861396

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Maheshchand Modi	7200
Brijnandbihari Modi	28750
Satyanarayan Modi	14050
Atul J. Modi	80200
Rekha Modi	4100
Giniyadevi Modi	1050
Jagdishprasad Modi	252800
Shyamsunder Modi	101600
Kalpana Modi	4100
Deepa Modi	100
Vivek J. Modi	46400
Anuj J Modi	105100
Tarun S Modi	8700
Pooja M Modi	1600
Santosh Modi	1100
Usha Modi	3250
Invesca Shares Securities Limited, India	45000
Divya A. Modi	63400
Shruti Modi	6000
Manisha A. Modi	98000
Ankit Modi	3000
Rahul Modi	2000
B.B.Modi HUF	30000
M.C.Modi HUF	7000
S.N.Modi HUF	5000
J.P.Modi HUF	2500
Atul Modi HUF	2500
S.S.Modi HUF	2500
Akash Modi	500
TOTAL	927500

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	4.85
Directors or relatives of directors	95.15
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Trader of Computer Peripherals.

GENERAL INFORMATION

No. of Employees :

Information denied by the management.

Bankers :

· HDFC Bank Limited

HDFC Bank House Senapati Bapat Marg, Lower Parel (West), MUMBAI- 400013, Maharashtra, India

· Axis Bank Limited

Branch at GK II, S 266, GK II,, New Delhi - 110048, India

· ICICI Bank

· Union Bank

Facilities :

CC – Rs. 80.000 millions (From HDFC Bank Limited)

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long Term Borrowings
Term Loan from Banks
Vehicle Loans (Secured by way of Hypothecation of Vehicles)* *The term loan from bank is repayable in 60,36 and 60 monthly installment along with interest from the date of loan viz. 27th October, 2008, 18th November 2010 and 8th October, 2012, respectively. The loan is secured against the assets financed. Current maturity of loan due and payable within a year is classified as other current liabilities.	2.600	0.908
Security Deposits From Tenant	0.000	0.360
Less: Amount disclosed under the head other current liabilities	(0.724)	(0.160)
Short Term Borrowings
Cash Credit From Bank	4.885	41.609
Buyer's Credit From Bank	54.599	0.000
TOTAL	61.360	42.717

Banking Relations :	--
Auditors :
Name :	K.K. Khadaria and Company Chartered Accountants
Address :	401 – A, Pearl Arcade, Opposite P.K. Jewellers, Off J. P. Road, Andheri [West], Mumbai - 400058, Maharashtra, India
Tel. No.:	91-22-26778155 / 26797750
Fax No.:	91-22-26781187
PAN No.:	AAAFK7563L
Enterprises over which Key Management Personnel are able to exercise significant influence:	· M.C. Modi and Company · K.S. Contractors Private Limited · Invesca Share Securities Limited · Nuage Techsol (Private) Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs. 15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
927500	Equity Shares	Rs.10/- each	Rs. 9.275 Millions

The Number of shares and amount outstanding at the beginning and at the end of the reporting year is same.

The Company has one class of equity shares having a par value of Rs.10/- per share. Each holder of equity share is entitled to same right based on the number of shares held.

SHARES IN THE COMPANY HELD BY EACH SHAREHOLDERS HOLDING MORE THAN 5% SHARES

No. of Shareholders each holding more than 5% of the Share Capital	No. of shares held Percentage of holding
Six Shareholders (P.Y. Six Share holders)	701100 75.59%

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	9.275	9.275
(b) Reserves & Surplus	20.238	17.383
(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)	29.513	26.658
(3) Non-Current Liabilities
(a) long-term borrowings	1.876	1.108
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	1.876	1.108
(4) Current Liabilities
(a) Short term borrowings	65.777	48.744
(b) Trade payables	116.970	80.296
(c) Other current liabilities	9.667	5.652
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	192.414	134.692
TOTAL	223.803	162.458
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	8.844	6.359
(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	0.000	0.000
(c) Deferred tax assets (net)	0.519	0.448
(d) Long-term Loan and Advances	4.102	5.454
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	13.465	12.261
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	85.317	78.199
(c) Trade receivables	117.584	63.672
(d) Cash and cash equivalents	5.792	2.297
(e) Short-term loans and advances	0.000	0.017
(f) Other current assets	1.645	6.012
Total Current Assets	210.338	150.197
TOTAL	223.803	162.458

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		9.275
2] Share Application Money		0.000
3] Reserves & Surplus		14.003
4] (Accumulated Losses)		0.000
NETWORTH		23.278
LOAN FUNDS
1] Secured Loans		19.951
2] Unsecured Loans		5.230
TOTAL BORROWING		25.181
DEFERRED TAX LIABILITIES		0.000
TOTAL		48.459
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.045
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.400
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	72.897
	Sundry Debtors	61.932
	Cash & Bank Balances	2.370
	Other Current Assets	2.994
	Loans & Advances	6.188
Total Current Assets		146.381
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	99.641
	Other Current Liabilities	3.669
	Provisions	0.057
Total Current Liabilities		103.367
Net Current Assets		43.014
MISCELLANEOUS EXPENSES		0.000
TOTAL		48.459

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	809.783	629.582	687.144
		Other Income	NA	0.744	0.604
		TOTAL	NA	630.326	687.748
Less	EXPENSES		NA	625.379	682.282
	PROFIT BEFORE TAX		NA	4.947	5.466
Less	TAX		NA	1.567	1.805
	PROFIT AFTER TAX		2.855	3.380	3.661
	Earnings Per Share (Rs.)		3.08	3.64	7.26

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	0.25	0.53
Net Profit Margin (PBT/Sales)	(%)	NA	0.79	0.80
Return on Total Assets (PBT/Total Assets}	(%)	NA	3.05	3.61
Return on Investment (ROI) (PBT/Networth)		NA	0.19	0.23
Debt Equity Ratio (Total Debt/Networth)		2.29	1.87	1.08
Current Ratio (Current Asset/Current Liability)		1.69	1.81	1.42

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF CURRENT MATURITIES OF LONG TERM DEBT:

Particulars	31.03.2012 [Rs. in millions]	31.03.2011 [Rs. in millions]	31.03.2010 [Rs. in millions]
Current Maturities of Long Term Debt	0.724	0.160	NA

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	No
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	No
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

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10395217	04/12/2012	35,000,000.00	UNION BANK OFINDIA	OPERA HOUSE BRANCH,, TEJURA CHAMBERS,365/367, V.P. ROAD, OPERA HOUSE, MUMBAI - 400004, MAHARASHTRA, INDIA	B65246605
2	10213904	22/04/2013 *	130,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA	B75294728

Unsecured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Short Term Borrowings
Loans and Advances from related parties	6.293	7.135
TOTAL	6.293	7.135

CONTINGENT LIABILITIES:

RS. IN MILLIONS

PARTICULARS	31.03.2012
Guarantee given by bank on behalf of the Company (Margin Money kept by way of Fixed deposit Rs. 0.962 millions, P. Y. Rs. 0.017 million)	6.416
Letter of Credit issued by Bank (Margin Money kept by way of Fixed deposit Rs. 3.409 millions, P. Y. Rs. 1.500 millions)	22.725

FIXED ASSETS:

· Building

· Plant and Machinery

· Furniture and Fixtures

· Electric Installation

· Motor Vehicle

· Type Writer

· Computer & Software

· Air Conditioner

· Office Equipments

· Refrigerator

· Motor Bike

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.63.90
UK Pound	1	Rs.100.47
Euro	1	Rs.84.65

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		38

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.