MIRA INFORM REPORT

Report No. :	354058
Report Date :	10.12.2015

IDENTIFICATION DETAILS

Name :	FAXONICS TECHNOLOGIES PRIVATE LIMITED

Registered Office :	501-502, Building No.17, Maruti Mansion, Raghunath Dadaji Street, Fort, Mumbai – 400001, Maharashtra
Tel. No.:	91-22-22625566

Country :	India

Financials (as on) :	31.03.2015

Date of Incorporation :	22.05.2007

Com. Reg. No.:	11-171041

Capital Investment / Paid-up Capital :	Rs.21.650 Million

CIN No.: [Company Identification No.]	U72900MH2007PTC171041

IEC No.:	0310001340

TAN No.: [Tax Deduction & Collection Account No.]	MUMF05553C

PAN No.: [Permanent Account No.]	AABCF0965F

Legal Form :	Private Limited Liability Company

Line of Business :	Dealer and trader of photocopier, computer parts, printer and printer parts. (Indirect Sources)

No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Faxonics Technologies Private Limited was incorporated in the year 2007, and it is having satisfactory track. It is engaged into trading and dealing of computer parts, printer and printer parts. The rating reflects company’s steady growing scales of operations and maintaining modest profitability margins over the years. Rating further takes consideration on company’s satisfactory financial profile marked by decent net worth base and average debt protection metrics. Trade relations seem to be fair. Business is active. Payment terms are reported as slow but correct. In view of long established track record, 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.

EXTERNAL AGENCY RATING

Not Available

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 31-03-2015.

INFORMATION DENIED BY

Name :	Mr. Shrikant
Designation :	Accountant
Contact No.:	91-22-22625566
Date :	08.12.2015

Name :	Mr. Yogendra Singh
Designation :	Director
Contact No.:	91-9820000899 (Mr. Yogendra Singh)
Date :	08.12.2015

LOCATIONS

Registered Office/ Head Office/ Corporate Office :	501-502, Building No.17, Maruti Mansion, Raghunath Dadaji Street, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-22625566/ 22626072
Mobile No.:	91-9820000899 (Mr. Yogendra Singh)
Fax No.:	91-22-22630004
E-Mail :	mail@faxonics.com accounts@faxonics.com sales@faxonics.com service@faxonics.com consumables@faxonics.com faxonics@vsnl.com yogi@faxonics.com
Website :	http://www.faxonics.com
Location :	Owned

Branch Office 1 :	11/1, Sakina Mansion, Sahar Road, Andheri (East), Mumbai – 400069, Maharashtra, India
Tel. No.:	91-22-26834001
E-Mail :	sales@faxonics.com

Branch Office 2 :	Office No.8, Ganesh Apartment, Perugate Road, Opposite Tilak Smarak, 1526, Sadashiv Peth, Pune – 411030, Maharashtra, India
Tel. No.:	91-20-65105533/ 65103377
Fax No.:	91-20-24487004
E-Mail :	mail.pune@faxonics.com

Branch Office 3 :	D-64/52-G 12/1, Madhopur, Sigra, Varanasi – 221010, Uttar Pradesh, India
E-Mail :	mail.vnsi@faxonics.com

DIRECTORS

AS ON 31.03.2015

Name :	Mr. Yogendra Ramchandra Singh
Designation :	Director
Address :	25, 3^rd Floor, Wellington Tarraces No. 1, Wellington Street, Dhobi Talab, Mumbai – 400002, Maharashtra, India
Date of Birth/Age :	01.02.1969
Date of Appointment :	22.05.2007
DIN No.:	01358089

Name :	Mrs. Sarita Yogendra Singh
Designation :	Director
Address :	Room No 25 A 3^rd Floor Wellington Terrace, Building No - 1 Wellington St, Mumbai – 400002, Maharashtra, India
Date of Birth/Age :	16.09.1971
Date of Appointment :	28.10.2013
DIN No.:	06653201

KEY EXECUTIVES

Name :	Mr. Shrikant
Designation :	Accountant

MAJOR SHAREHOLDERS

AS ON 29.09.2015

Names of Shareholders	No. of Shares	% of Holding
Yogendra Ramchandra Singh	2065000	95.38
Sanjay Rajendra Singh	100000	4.62
Total	2165000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 29.09.2015

Category

Percentage

Directors and Relative of Directors

100.00

Total

100.00

BUSINESS DETAILS

Line of Business :

Dealer and trader of photocopier, computer parts, printer and printer parts.

(Indirect Sources)

Products/ Services :

NIC Code of the Product/ service	Name and Description of main products / services
99871300	Maintenance & Repairs of Computer & Peripherals
84713010	Trading of Computer , Printers etc.

Printer
Multifunctional Printers
Fax Machines
Scanners
Copiers
Projectors
After Sales Service
Annual Maintenance
Managed Document Services

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Products :

Finished Goods

Countries :

Taiwan
China

Terms :

Selling :

Cash, Credit (30 / 60 / 90 Days)

Purchasing :

Cash, Credit (30 / 60 / 90 Days)

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	A. B. Brothers
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark :	Not Divulged

Akansha Technology

Customers :

Company Name :	Eden Infosol Private Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark :	Not Divulged

Chandra Enterprises

No. of Employees :

30 (Approximately)

Bankers :

Banker Name :	Abhyudaya Co-Operative Bank Limited
Branch :	Administrative Office, K. K. Tower, Abhyudaya Bank, Lane, Off. G. D. Ambekar Marg, Parel Village, Mumbai - 400012, Maharashtra, India
Person Name (With Designation) :	Not Divulged
Contact Number :	Not Divulged
Name of Account Holder :	Not Divulged
Account Number :	Not Divulged
Account Since (Date/Year of Account Opening) :	Not Divulged
Average Balance Maintained :	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Cash / Credit = Rs.85.000 Million
Account Operation :	Not Divulged
Remark :	Not Divulged

Facilities :

SECURED LOANS	31.03.2015 Rs. In Million	31.03.2014 Rs. In Million
Long Term Borrowings
Abhyudaya Co-Operative Bank Limited	74.380	51.000
Standard Chartered Bank	5.674	(0.571)
Abhyudaya Co-Operative Bank Limited (Car Loan)	0.000	0.090
Total	80.054	50.519

Auditors :
Name :	Satish Singh and Associates Chartered Accountants
Address :	022, A Wing, Ground Floor, Mansarovar Co-operative Housing Society Limited, Adi Shankaracharya Marg, Opposite IIT Market, Powai, Mumbai – 400076, Maharashtra, India
Tel. No.:	91-22-25772248 / 25782430 / 25788303 / 25784517 / 25794517
Fax No.:	91-22-25794517
E-Mail :	casatishsingh@rediffmail.com satish_usingh@yahoo.com
Website :	www.casatishsingh.com
PAN No.:	AADPS6795D

Memberships :	Not Divulged

Collaborators :	Not Divulged

Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 29.09.2015

Authorised Capital:

No. of Shares	Type	Value	Amount

3000000	Equity Shares	Rs.10/- each	Rs.30.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount

2165000	Equity Shares	Rs.10/- each	Rs.21.650 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	21.650	21.650	21.650
(b) Reserves & Surplus	19.084	15.465	11.783
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	40.734	37.115	33.433

(3) Non-Current Liabilities
(a) long-term borrowings	104.025	54.416	72.811
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	104.025	54.416	72.811

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	42.241	48.264	27.848
(c) Other current liabilities	1.073	2.057	2.304
(d) Short-term provisions	0.748	1.106	3.684
Total Current Liabilities (4)	44.062	51.427	33.836

TOTAL	188.821	142.958	140.080

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	9.004	7.033	6.413
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.739	0.739	0.739
(c) Deferred tax assets (net)	0.169	0.345	0.494
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	9.912	8.117	7.646

(2) Current assets
(a) Current investments	61.788	0.000	0.000
(b) Inventories	42.442	46.326	38.364
(c) Trade receivables	69.418	54.697	62.023
(d) Cash and cash equivalents	3.771	3.893	0.604
(e) Short-term loans and advances	0.000	18.807	23.072
(f) Other current assets	1.490	11.118	8.371
Total Current Assets	178.909	134.841	132.434

TOTAL	188.821	142.958	140.080

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	424.685	408.346
	Other Income	17.776	10.977
	TOTAL SALES	442.461	419.323	359.290

Less	EXPENSES
	Cost of Materials Consumed	0.000	0.000
	Purchases of Stock-in-Trade	411.494	384.228
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(15.462)	(7.962)
	Employees benefits expense	14.648	14.601
	Other expenses	14.807	14.153
	TOTAL EXPENSES	425.487	405.020	350.445

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	16.974	14.303	8.845

Less	FINANCIAL EXPENSES	9.068	6.057	0.000

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	7.906	8.246	8.845

Less	DEPRECIATION/ AMORTISATION	2.581	2.790	3.656

	PROFIT/ (LOSS) BEFORE TAX	5.325	5.456	5.189

Less	TAX	1.705	1.774	1.546

	PROFIT/ (LOSS) AFTER TAX	3.620	3.682	3.755

	EARNINGS / (LOSS) PER SHARE (RS.)	1.67	1.70	2.37

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

Cash generated from operations

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
PARTICULARS
Net Profit Margin PAT / Sales	(%)	0.85	0.90	1.05

Operating Profit Margin (PBDIT/Sales)	(%)	4.00	3.50	2.46

Return on Total Assets (PBT/Total Assets}	(%)	2.83	3.85	3.74

Return on Investment (ROI) (PBT/Networth)		0.13	0.15	0.16

Debt Equity Ratio (Total Debt /Networth)		2.55	1.47	2.18

Current Ratio Current Asset/Current Liability)		4.06	2.62	3.91

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	21.650	21.650	21.650
Reserves & Surplus	11.783	15.465	19.084
Net worth	33.433	37.115	40.734

long-term borrowings	72.811	54.416	104.025
Short term borrowings	0.000	0.000	0.000
Total borrowings	72.811	54.416	104.025
Debt/Equity ratio	2.178	1.466	2.554

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	Rs. In Million	Rs. In Million	Rs. In Million
Gross Sales	359.290	408.346	424.685
		13.654	4.001

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	Rs. In Million	Rs. In Million	Rs. In Million
Gross Sales	359.290	408.346	424.685
Profit	3.755	3.682	3.620
	1.05%	0.90%	0.85%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOANS:

Particulars	31.03.2015	31.03.2014
Long Term Borrowings
Loan from Chandra International	0.074	0.000
Loan to Suman Singh	0.476	2.533
Buy Credit (Letter of Credit)	21.324	1.364
Letter of credit	2.097	0.000
Total	23.971	3.897

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10324878	14/11/2011	352,000.00	Abhyudaya Co-Operative Bank Limited	Administrative Office, K.K. Tower, Abhyudaya Bank, Lane, G.D. Ambekar Marg, Parel Village, Lane, Mumbai, Maharashtra - 400012, India	B28461176
2	10163605	30/01/2014 *	85,000,000.00	Abhyudaya Co-Operative Bank Limited	Administrative Office, K. K. Tower, Abhyudaya Bank, Lane, Off. G. D. Ambekar Marg, Parel Village, Mumbai, Maharashtra - 400012, India	B96121751

*Date of modification Charges

FIXED ASSETS:

· Furniture and Fixture

· A.C. Voltas

· Camera

· Fan

· LG 3D Led

· Microwave Oven

· Mobile

· Washing Machine

· Water Purifier

· Car

· Tempo

· Computer Projector

· Computers

· Copiers

· Laptop

· Printer

· Gold Coin

· Refrigerator

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. 66.75
UK Pound	1	Rs. 100.29
Euro	1	Rs. 72.89

INFORMATION DETAILS

Information Gathered by :	NYA

Analysis Done by :	KSP

Report Prepared by :	SYL

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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		43

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

Unit