MIRA INFORM REPORT

Report No. :	332189
Report Date :	23.07.2015

IDENTIFICATION DETAILS

Name :	VEGA SOLUTIONS PRIVATE LIMITED (w.e.f. 11.05.2012)
Formerly Known As :	MAC TEK SOLUTIONS PRIVATE LIMITED
Registered Office :	Shop No. G-2, Shree Sadgurukripa-B Building, Plot No-138, Senapati Bapat Marg, Matunga (West), Mumbai – 400016, Maharashtra
Tel. No.:	91-22-65618239
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	19.01.2012
Com. Reg. No.:	11-226213
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U72300MH2012PTC226213
IEC No.:	Not Available
TIN No.:	27610904962
TAN No.: [Tax Deduction & Collection Account No.]	MUMV20799C
PAN No.: [Permanent Account No.]	AAHCM7581Q
Legal Form :	Private Limited Liability Company
Line of Business :	Trader, Dealer and Distributor for Apple Products.
No. of Employees :	12 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Status :	Small company
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was established in the year 2012 and it is a trader, dealer and distributor for apple products. Subject is a small company and its scales of activities are limited. For the financial year ended 2014, company possesses healthy operational performance and maintained sound profitability margins during a year under a review. However, rating remain constrained on account of company’s short track record of business operations along with small net worth base backed by its leverage balance sheet profile. Moreover, it is also to be noted that subject operating with small 400 SQ. FT rented premises and business portfolio contains limited diversification of product which led to create products concentration risk. However, trade relations are reported as fair. Payments are reported to be slow but correct. In view of aforesaid, the company can be considered for business dealing 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.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

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

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. Mayank Kansal
Designation :	Director
Contact No.:	91-9833568409
Date :	22.07.2015

LOCATIONS

Registered Office :	Shop No. G-2, Shree Sadgurukripa-B Building, Plot No-138, Senapati Bapat Marg, Matunga (West), Mumbai – 400016, Maharashtra, India
Tel. No.:	91-22-65618239
Mobile No.:	91-9833568409 (Mr. Mayank)
Fax No.:	Not Available
E-Mail :	sanketmactech@gmail.com mayank@vegasolutions.biz sanket@vegasolutions.biz
Website :	www.vegasolutions.biz
Area :	400 sq. ft.
Location :	Rented

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Sanket Dnyaneshwar Thakur
Designation :	Director
Address :	Dariya Sarang Machimar Rahiwasi Sangh, Room No 38 3/3, General A V Marg, Mahim, Mumbai – 400016, Maharashtra, India
Date of Birth/Age :	27.11.1979
Qualification :	Diploma in Electronics
Experience :	15 Years
Date of Appointment :	19.01.2012
PAN No.:	ADYPT4057H
DIN No.:	03537079
Name :	Mr. Mayank Kansal
Designation :	Director
Address :	19, Hari Vihar,Vijaypark, Dehradun, Dehradun – 248001, Uttarakhand, India
Date of Birth/Age :	09.09.1982
Qualification :	B. tech Electronics
Experience :	10 Years
Date of Appointment :	19.01.2012
PAN No.:	APIPK6777R
DIN No.:	03336388

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares	% of Holding
Mayank Kansal	5000	50.00
Sanket Dnyaneshwar Thakur	5000	50.00
Total	10000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader, Dealer and Distributor for Apple Products.
Products :	Apple’s Product
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	Everest Digitals Private Limited
Name of the Person :	Ms. Asha Amin (Accounts Department)
Contact No.:	91-22-26864646 / 61404646
Since How Long Known :	3 Years
Maximum Limit Dealt :	Rs.1.500 Million (3 Month)
Experience :	Payment Behaviour Market Goodwill Good Overall
Remark :	They are very much satisfied with the customer. They are satisfied with their Payment behaviour. No complaints.

Customers :

Wholesalers, Retailers, End Users and OEM’s

Company Name :	Prime Focus Limited
Name of the Person :	Mrs. Maryanne Lobo (Purchase Department)
Address :	True North, Plot No.63, Road No.13, Opposite Hotel Tunga Paradise, MIDC, Andheri (East), Mumbai – 400093, Maharashtra, India
Contact No.:	91-8879645321
Remark :	Non-Co-operative

Company Name :	Reliance Mediaworks Limited
Name of the Person :	Mr. Ajay Bundela
Address :	Film City Complex, Goregaon (East), Mumbai – 400065, Maharashtra, India
Contact No.:	91-9320174092

Company Name :	Siemens Limited
Name of the Person :	Mr. Vivek Bharti
Address :	Siemens A&F App Scan Centre, Ozone Tech Park, B Block, 6^th Floor, No.56/18 & 55/9 G. B. Palya House Road, Bangalore – 560068, Karnataka, India
Contact No.:	91-9820381921

Company Name :	Aarti Videotrix
Name of the Person :	Mr.Aditya Verma
Address :	Neelkanth, Plot 28, South Jaynarat Society, 3^rd Road, Khar (West), Mumbai – 400052, Maharashtra, India
Contact No.:	91-9820033260

No. of Employees :

12 (Approximately)

Bankers :

Banker Name :	HDFC Bank Limited
Branch :	Razmah Building, Shop No.4, 5, 6, Ground Floor, L. J. Road, Matunga (West), Mumbai, Maharashtra, India
Person Name (With Designation) :	Mr. Dhirendra Singh
Contact Number :	91-22-61606161 (Ringing)
Name of Account Holder :	--
Account Number :	--
Account Since (Date/Year of Account Opening) :	--
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Cash Credit= Rs.4.000 Million
Account Operation :	--
Remark :	--

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Loans and advances from bank (Secured against motor vehicle)	1.086	0.000
Total	1.086	0.000

Auditors :
Name :	Patil Shah and Company Chartered Accountants
Address :	3, Bethel Building, Plot No 17-18, Chedda Nagar, Chembur, Mumbai – 400089, Maharashtra, India
PAN No.:	AAJFP9952D
Memberships :	Not Divulged
Collaborators :	Not Divulged
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 30.09.2014

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 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	0.100	0.100	0.100
(b) Reserves & Surplus	1.417	0.479	-0.010
(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)	1.517	0.579	0.090
(3) Non-Current Liabilities
(a) long-term borrowings	1.086	0.000	0.000
(b) Deferred tax liabilities (Net)	0.023	0.007	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)	1.109	0.007	0.000
(4) Current Liabilities
(a) Short term borrowings	1.466	1.466	0.000
(b) Trade payables	3.651	0.790	0.000
(c) Other current liabilities	0.770	1.228	0.010
(d) Short-term provisions	0.403	0.200	0.000
Total Current Liabilities (4)	6.290	3.684	0.010
TOTAL	8.916	4.270	0.100
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.703	0.104	0.000
(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)	0.000	0.000	0.000
(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	1.703	0.104	0.000
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2.270	1.436	0.000
(c) Trade receivables	3.740	0.681	0.000
(d) Cash and cash equivalents	0.557	1.851	0.100
(e) Short-term loans and advances	0.646	0.198	0.000
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	7.213	4.166	0.100
TOTAL	8.916	4.270	0.100

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations (Gross)	81.779	38.899	0.000
		Other Income	0.077	0.019	0.000
		TOTAL (A)	81.856	38.918	0.000
Less	EXPENSES
		Cost of Materials Consumed	74.229	35.633	0.000
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	(0.833)	(1.436)	0.000
		Employee Benefits Expenses	3.460	2.664	0.000
		Other Expenses	3.241	1.351	0.010
		TOTAL (B)	80.097	38.212	0.010
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.759	0.706	(0.010)
Less	FINANCIAL EXPENSES (D)		0.078	0.000	0.000
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.681	0.706	(0.010)
Less	DEPRECIATION/ AMORTISATION (F)		0.324	0.009	0.000
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		1.357	0.697	(0.010)
Less	TAX (H)		0.419	0.207	0.000
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		0.938	0.490	(0.010)
	Earnings Per Share (Rs.)		93.78	48.93	(1.00)

The above information has been parted by Mr. Mayank Kansal (Director)

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
Net Profit Margin PAT / Sales	(%)	1.15	1.26	0.00
Operating Profit Margin (PBDIT/Sales)	(%)	2.15	1.81	0.00
Return on Total Assets (PBT/Total Assets)	(%)	15.22	16.32	(10.00)
Return on Investment (ROI) (PBT/Networth)		0.89	1.20	(0.11)
Debt Equity Ratio (Total Debt /Networth)		1.68	2.53	0.00
Current Ratio (Current Asset/Current Liability)		1.15	1.13	10.00

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	0.100	0.100	0.100
Reserves & Surplus	(0.010)	0.479	1.417
Net worth	0.090	0.579	1.517
long-term borrowings	0.000	0.000	1.086
Short term borrowings	0.000	1.466	1.466
Total borrowings	0.000	1.466	2.552
Debt/Equity ratio	0.000	2.532	1.682

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
Revenue from operations (Gross)	0.000	38.899	81.779
			110.234

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Revenue from operations (Gross)	0.000	38.899	81.779
Profit	(0.010)	0.490	0.938
		1.26%	1.15%

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	Yes
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	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	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

PROVISIONAL PROFIT & LOSS ACCOUNT (01.04.2014 TO 31.03.2015)

	PARTICULARS		31.03.2015
	SALES
		Income	161.412
		Other Income	0.253
		TOTAL	161.665
Less	EXPENSES
		Cost of goods sold	152.408
		Bank charges	0.061
		Business promotion expenses	0.602
		Computer expenses	0.052
		Conveyance expenses	0.602
		Electricity expenses	0.059
		Insurance	0.019
		Interest expenses	0.293
		Legal & professional fees	0.004
		Miscellaneous expenses	0.004
		Motorcar expenses	0.09
		Octroi charges	0.004
		Office expenses	0.191
		Office rent	0.258
		Postage & courier expenses	0.001
		Printing & stationery	0.053
		Profession tax paid	0.029
		Repairs & maintenance	0.227
		Salary	3.642
		Shiree gomes	0.040
		Staff welfare expenses	0.349
		Telephone & fax expenses	0.058
		Interest expenses	0.003
		Travelling expenses	0.015
		TOTAL	159.064
	NET PROFIT		2.600

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Short Term Borrowings
Loans and advances from related parties
MacTek Solutions	1.466	1.466
Total	1.466	1.466

NO CHARGES EXIST FOR COMPANY

FIXED ASSETS:

· Office Equipment

· Computers

· Motor Car

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.63.65
UK Pound	1	Rs.99.14
Euro	1	Rs.68.91

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	DIV
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	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		30

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.