MIRA INFORM REPORT

Report No. :	332059
Report Date :	14.07.2015

IDENTIFICATION DETAILS

Name :	VINTECH ELECTRONIC SYSTEMS PRIVATE LIMITED
Registered Office :	15A, Vrindavan No 2 Co Operative Housing Society, Pashan, Pune-411008, Maharashtra
Tel. No.:	91-20-25666233
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.04.2004
Com. Reg. No.:	11-019076
Capital Investment / Paid-up Capital :	Rs. 0.114 Million
CIN No.: [Company Identification No.]	U72200PN2004PTC019076
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	PNEV04175D
PAN No.: [Permanent Account No.]	AABCV8540Q
Legal Form :	Private Limited Liability Company
Line of Business :	Dealer and Distributor of Computer Peripherals.
No. of Employees :	90 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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 :	Subject is an established company having a satisfactory track record. There seems dip in the profit of the company during the FY 2014. However, General financial position of the company seems to be decent. 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.

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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Abhijeet Kale
Designation :	Accountant
Contact No.:	91-20-25666233/ 8605010174
Date :	13.07.2015

LOCATIONS

Registered Office :	15A, Vrindavan No 2 Co Operative Housing Society, Pashan, Pune-411008, Maharashtra, India
Tel. No.:	91-20-25666233-35
Mobile No.:	91-8605010174 (Mr. Abhijeet Kale)
Fax No.:	91-20-25666235
E-Mail :	info@vintechin.com abhijeet@vintechin.com
Website :	www.vintechin.com
Area :	2000 Sq. Ft
Location :	Rented
Corporate Office :	Flat No. A1 - A2, Ushahkal, Shree Prajakta Co-operative Housing Society, Deep Bunglow Chowk, Model Colony, Pune – 411016, Maharashtra, India

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Chandan Arvind Joshi
Designation :	Director
Address :	8, Harikripa, Plot 33, Lane 10, Dahanukar Colony, Kothrud, Pune - 411029, Maharashtra, India
Date of Appointment :	20.05.2009
DIN No.:	00089837
Name :	Mr. Dilip Devagouda Patil
Designation :	Director
Address :	3, Avishkar, Patwardhan Baug, S. No. 24/2/2, Erandawane, Pune - 411004, Maharashtra, India
Date of Appointment :	20.05.2009
DIN No.:	00089870
Name :	Mr. Rajeev Sheshrao Patayeet
Designation :	Managing director
Address :	15-A, Pushkar Bunglow, Vrindavan Co-operative Housing Society, Pashan, Pune - 411008, Maharashtra, India
Date of Appointment :	01.04.2004
DIN No.:	01933760
Name :	Mr. Chintamani Shyamrao Lele
Designation :	Director
Address :	Flat No. 806, Ved Vihar, Building 5, S No. 77 / 1 / 1, Near Ved Bhavan, Kothrud, Pune - 411038, Maharashtra, India
Date of Appointment :	01.04.2004
DIN No.:	01933923
Name :	Mr. Pradeep Prabhakar Kulkarni
Designation :	Director
Address :	635, Kasba Peth, Pune - 411011, Maharashtra, India
Date of Appointment :	20.05.2009
DIN No.:	02607516
Name :	Mr. Mahesh Vishnu Nanivadekar
Designation :	Director
Address :	Flat No.11 Meghalaya Lane No.7, Dahanukar Colony Kothrud, Pune - 411029, Maharashtra, India
Date of Birth/Age :	23.02.1975
Date of Appointment :	04.06.2009
DIN No.:	02663373

KEY EXECUTIVES

Name :	Mr. Abhijeet Kale
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Chintamani Shyamrao Lele	500	44.05
Rajeev Sheshrao Patayeet	500	44.05
Chandan Arvind Joshi	45	3.96
Dilip Devagouda Patil	45	3.96
Sushil Vijay Kulkarni	45	3.96
Total	1135	100.00

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	96.00
Other top fifty shareholders	4.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Dealer and Distributor of Computer Peripherals.
Brand Names :	--
Agencies Held :	HP
Exports :	--
Imports :	--
Terms :
Selling :	Cash and Cheque
Purchasing :	Cash and Cheque

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Retailers and End Users

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

90 (Approximately)

Bankers :

Bank Name:	The Cosmos Co-Operative Bank Limited
Branch:	(Kothrud Branch), 269/270, Shaniwar Peth, Pune - 411030, Maharashtra, India
Person Name (with Designation):	Not Divulged
Contact Number:	91-20-24409399 (Ringing)
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· HDFC Bank Limited

· ICICI Bank Limited

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Term Loan
From Bank	33.346	24.115
Total	33.346	24.115

Auditors :
Name :	Achyut Ekhe and Company Chartered Accountants
Address :	Flat No. 3, Seoul-A Co-Operative Housing Society, Gandhibhavan Road, Kothrud, Pune-411038, Maharashtra, India
Tel. No.:	91-20-25382207
Mobile No.:	91-9823038118
E-Mail :	achyutpramod@gmail.com
Income-tax PAN of auditor or auditor's firm :	AAIFA3075H
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs. 100/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1135	Equity Shares	Rs. 100/- each	Rs. 0.114 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.114	0.114	0.114
(b) Reserves & Surplus	36.289	34.088	31.641
(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)	36.403	34.202	31.755
(3) Non-Current Liabilities
(a) Long-term borrowings	33.346	24.115	18.430
(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)	33.346	24.115	18.430
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	31.051	29.725	21.677
(c) Other current liabilities	18.204	18.617	5.904
(d) Short-term provisions	2.409	2.221	3.072
Total Current Liabilities (4)	51.664	50.563	30.653
TOTAL	121.413	108.880	80.838
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	10.384	10.745	12.771
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.417	0.253	0.065
(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	10.801	10.998	12.836
(2) Current assets
(a) Current investments	4.492	4.492	1.971
(b) Inventories	4.380	6.051	5.812
(c) Trade receivables	39.097	36.172	23.767
(d) Cash and cash equivalents	0.887	0.181	0.772
(e) Short-term loans and advances	0.351	0.393	0.649
(f) Other current assets	61.405	50.593	35.031
Total Current Assets	110.612	97.882	68.002
TOTAL	121.413	108.880	80.838

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL	329.835	306.629	300.108
Less	EXPENSES
		TOTAL	326.335	295.158	285.538
	PROFIT BEFORE TAX		3.500	11.471	14.570
Less	TAX		1.185	3.805	6.962
	PROFIT AFTER TAX		2.315	7.666	7.608
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	3.328	7.946	9.555
	TOTAL EARNINGS		3.328	7.946	9.555
	Earnings Per Share (Rs.)		2039.65	6754.19	6703.29

Expected Sales (2014-2015): Rs. 370.000 Million

The above information has been parted by Mr. Abhijeet Kale (Accountant)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash Generated from Operations	NA	NA	NA
Net Cash Flow from used in Operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	2.89	10.56	18.04
Return on Investment (ROI) (PBT/Networth)		0.10	0.34	0.46
Debt Equity Ratio (Total Liability/Networth)		0.92	0.71	0.58
Current Ratio (Current Asset/Current Liability)		2.14	1.94	2.22

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	0.114	0.114	0.114
Reserves & Surplus	31.641	34.088	36.289
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	31.755	34.202	36.403
Long-term borrowings	18.430	24.115	33.346
Short term borrowings	0.000	0.000	0.000
Total borrowings	18.430	24.115	33.346
Debt/Equity ratio	0.580	0.705	0.916

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Revenue	300.108	306.629	329.835
		2.173	7.568

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Revenue	300.108	306.629	329.835
Profit	7.608	7.666	2.315
	2.54%	2.50%	0.70%

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	Yes
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)	No
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
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	Yes
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

BACKGROUND

The Company was incorporated on 01.04.2004 as a private limited company under the Companies Act, 1956.

The Principle activity of the company is to carry on the business of Manufacturing, of hardware, installation, implementation, up gradation, reengineering, consultancy, training, in computer hardware, to sale, buy, import, export, trade, deal in computer hardware and software, application software, providing deal in computer hardware and software, application software, providing information technology solutions in software and hardware, to provide front-end and back-end software services for interaction in India or anywhere in the world.

OPERATION

The Company has made considerable progress since the Previous Financial Year. For the year ended 31^st March 2014, the Company has made a Net Profit of Rs. 2.315 Million as against a Profit of Rs. 7.666 Million reported in the previous year. This could be attributed due to the rise in administrative expenses.

FIXED ASSETS:

Tangible Assets

· Furniture

· Land and Building

· Office equipment

· Vehicles, etc

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. 63.47
UK Pound	1	Rs. 98.47
Euro	1	Rs. 70.69

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	RAS
Report Prepared by :	IND

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--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		44

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.