MIRA INFORM REPORT

Report Date :

06.08.2014

IDENTIFICATION DETAILS

Name :	MB SOLUTION PRIVATE LIMITED
Registered Office :	210, Bhandari House, 91, Nehru Place, New Delhi - 110019
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	28.03.2000
Com. Reg. No.:	55-104783
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U72900DL2000PTC104783
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and distributors of computer solutions, mobile solutions, interactive boards.
No. of Employees :	82 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. External borrowing of the company seems to be huge during 2013. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered normal for business dealings with some cautions.

NOTES :

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

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Gaurav Gupta
Designation :	Director
Contact No.:	91-9811995881
Date :	05.08.2014

LOCATIONS

Registered Office :	210, Bhandari House, 91, Nehru Place, New Delhi – 110019, India
Tel. No.:	Not Available
Mobile No.:	91-9811995881 (Mr. Gaurav Gupta)
Fax No.:	Not Available
E-Mail :	pasassociates@yahoo.com gaurav@mbspl.com sales@mbspl.com
Website :	www.mbspl.com
Area :	800 Sq ft
Location :	Owned
Head Office / Corporate Office :	A 226, Okhla Phase – I, New Delhi – 110020, India
Area :	5000 Sq ft
Location :	Owned
Factory / Warehouse:	202, Sarswati Hosue, Nehru Place, New Delhi – 110019, India
Area :	1500 Sq ft
Location :	Rented
Branch Office:	A-139, Sector – 63, Noida, Uttar Pradesh, India

DIRECTORS

As on 31.03.2013

Name :

Mr. Gaurav Gupta

Designation :

Director

Address :

B-4, Kalindi Colony, Ring Rod, New Delhi – 110065, India

Date of Birth/Age :

18.08.1974

Date of Appointment :

28.03.2000

DIN No.:

00028828

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U72900DL2000PTC104783	MB SOLUTION PRIVATE LIMITED	Director	28/03/2000	28/03/2000	-	Active	NO
2	U74899DL2000PTC107503	E-PRICE SOFT Private LIMITED	Director	04/09/2000	04/09/2000	-	Active	NO
3	U72200DL2006PTC150691	EDGE INFOCOM PRIVATE LIMITED	Director	08/07/2006	08/07/2006	-	Active	NO

Name :

Mr. Rakesh Gupta

Designation :

Director

Address :

B-4, Kalindi Colony, Ring Rod, New Delhi – 110065, India

Date of Birth/Age :

04.11.1950

Date of Appointment :

28.03.2000

DIN No.:

02390651

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1995PTC067850	BADRI ENTERPRISES PRIVATE LIMITED	Director	26/04/1995	26/04/1995	-	Active	NO
2	U72900DL2000PTC104783	MB SOLUTION PRIVATE LIMITED	Director	28/03/2000	28/03/2000	-	Active	NO
3	U74899DL2000PTC107503	E-PRICE SOFT PRIVATE LIMITED	Director	04/09/2000	04/09/2000	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2013

Names of Shareholders	No. of Shares	% age holding
Rakesh Gupta	9900	99.00
Gaurav Gupta	100	1.00
Total	10000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 31.03.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and distributors of computer solutions, mobile solutions, interactive boards.
Exports :
Products :	· Computer Solutions · Mobile Solutions · Interactive Boards
Countries :	Dubai
Imports :
Products :	Raw Material
Countries :	· China · Taiwan · Hong Kong · Singapore
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

Iris Holdings Limited

Customers :

End Users

· Extra Marks Education

· Mansingh Group

No. of Employees :

82 (Approximately)

Bankers :

· Kotak Mahindra Bank, Nehru Place, New Delhi, India

· Indian Bank, Chandni Chowk, Delhi, India

· ICICI Bank Limited, KAlkasi, New Delhi, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Indiabulls Housing Finance Limited	11.400	9.265
Short-term borrowings
Indian Bank OD A/C	7.026	0.000
Total	18.426	9.265

Banking Relations :
Financial Institute:	Indiabulls Housing Finance Limited, M - 62 and 63, First Floor, Connaught Place, New Delhi - 110001, Delhi, India
Auditors :
Name :	P A S Associates Chartered Accountants
Address :	180, Prem Nagar, Buland Shahr – 203001, Uttar Pradesh, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAEPG8054C

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs. 0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs. 0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.100	0.100
(b) Reserves & Surplus	3.515	3.470
(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)	3.615	3.570
(3) Non-Current Liabilities
(a) long-term borrowings	40.753	28.043
(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)	40.753	28.043
(4) Current Liabilities
(a) Short term borrowings	7.026	0.000
(b) Trade payables	35.686	12.818
(c) Other current liabilities	1.464	1.096
(d) Short-term provisions	0.143	0.000
Total Current Liabilities (4)	44.319	13.914
TOTAL	88.687	45.527
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.884	1.086
(ii) Intangible Assets	0.129	0.150
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.125	0.125
(c) Deferred tax assets (net)	0.042	0.041
(d) Long-term Loan and Advances	18.901	14.434
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	20.081	15.836
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	33.522	15.740
(c) Trade receivables	28.252	8.585
(d) Cash and cash equivalents	4.632	4.530
(e) Short-term loans and advances	1.941	0.686
(f) Other current assets	0.259	0.150
Total Current Assets	68.606	29.691
TOTAL	88.687	45.527

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		0.100
2] Share Application Money		0.000
3] Reserves & Surplus		3.145
4] (Accumulated Losses)		0.000
NETWORTH		3.245
LOAN FUNDS
1] Secured Loans		21.353
2] Unsecured Loans		0.000
TOTAL BORROWING		21.353
DEFERRED TAX LIABILITIES		0.000
TOTAL		24.598
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.395
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.125
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	32.225
	Sundry Debtors	16.702
	Cash & Bank Balances	3.103
	Other Current Assets	1.847
	Loans & Advances	0.635
Total Current Assets		54.512
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	31.434
	Other Current Liabilities
	Provisions
Total Current Liabilities		31.434
Net Current Assets		23.078
MISCELLANEOUS EXPENSES		0.000
TOTAL		24.598

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	181.463	139.417	110.038
	Other Income	6.281	3.276
	TOTAL (A)	187.744	142.693	110.038
Less	EXPENSES
	Cost of Materials Consumed	0.034	0.088
	Purchases of Stock-in-Trade	191.032	116.045
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(17.781)	16.485	107.053
	Employees benefits expense	6.710	3.426
	Other expenses	5.177	4.372
	TOTAL (B)	185.172	140.416	107.053
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	2.572	2.277	2.985
Less	FINANCIAL EXPENSES (D)	1.889	1.213	1.093
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	0.683	1.064	1.892
Less/ Add	DEPRECIATION/ AMORTISATION (F)	0.276	0.468	0.818
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	0.407	0.596	1.074
Less	TAX (I)	0.141	0.000	0.295
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	0.266	0.596	0.779
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	3.470	3.145	2.366
	Balance Carried to the B/S (J+K+L-M)	3.515	3.470	3.145
	Earnings / (Loss) Per Share (Rs.)	17.71	39.76	NA

Particulars	31.03.2014
Sales Turnover (Approximately)	300.000

The above information has been parted by Mr. Gaurav Gupta (Director)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.14	0.42	0.71
Net Profit Margin (PBT/Sales)	(%)	0.22	0.43	0.98
Return on Total Assets (PBT/Total Assets}	(%)	0.46	1.31	1.92
Return on Investment (ROI) (PBT/Networth)		0.11	0.17	0.33
Debt Equity Ratio (Total Debt /Networth)		13.22	7.86	6.58
Current Ratio (Current Asset/Current Liability)		1.55	2.13	1.58

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.100	0.100
Reserves & Surplus	3.470	3.515
Net worth	3.570	3.615
long-term borrowings	28.043	40.753
Short term borrowings	0.000	7.026
Total borrowings	28.043	47.779
Debt/Equity ratio	7.855	13.217

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	110.038	142.693	187.744
		29.676	31.572

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	110.038	142.693	187.744
Profit	0.779	0.596	0.266
	0.71%	0.42%	0.14%

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last 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)	Yes
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

FINANCIAL RESULTS AND DIVIDEND

The Company’s business continues to grow and sales for the year increased by 30% to 181.500 Millions as against 139.400 Millions during the previous year.

The net profit of the company is mainly affected by the higher cost of expenses i.e. Salary, borrowing cost of fund etc., due to increasing in competition, the company gave higher discounts and commission to their dealers and agents to achieve sales targets.

To considering the future prospect and working capital requirements, yours Directors regret to declare any dividend during the year.

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Loans and advances from related parties	24.136	18.779
Other	5.217	0.000
Total	29.353	18.779

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10503705	22/05/2014	3,500,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	C07015357
2	10466512	13/12/2013	11,400,000.00	INDIABULLS HOUSING FINANCE LIMITED	M - 62 & 63, FIRST FLOOR, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA	B92104215

FIXED ASSETS

Tangible Assets

· Furniture and Fixture

· Car

· Scooter

· Computer and Peripherals

· Office Equipments

· Telephones Instruments

Intangible assets

· Computer Software

· Wesite and Webportal

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.60.87
UK Pound	1	Rs.102.67
Euro	1	Rs.81.70

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	RAS
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.