MIRA INFORM REPORT

Report No. :	326626
Report Date :	11.06.2015

IDENTIFICATION DETAILS

Name :	PEGASYS SYSTEMS PRIVATE LIMITED
Registered Office :	J-114, Ansa Industrial Estate, Saki Vihar Road, Andheri (East), Mumbai – 400072, Maharashtra
Tel. No.:	91-22-28571304
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	03.02.2000
Com. Reg. No.:	11-124027
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U33125MH2000PTC124027
IEC No.:	0302060545
TAN No.: [Tax Deduction & Collection Account No.]	Not available
PAN No.: [Permanent Account No.]	AACCP5757C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Trading of Machineries and Providing Consulting and Technical Services.
No. of Employees :	12 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 22000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Financial position of the company seems to be decent. Trade relations are reported as fair. Business is active. Payments are reported to be usually 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.

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. Nitesh Suresh Kati
Designation :	Director
Contact No.:	91-9867715284
Date :	09.06.2015

LOCATIONS

Registered Office :	J-114, Ansa Industrial Estate, Saki Vihar Road, Andheri (East), Mumbai – 400072, Maharashtra, India
Tel. No.:	91-22-28571304/ 28571684
Mobile No.:	91-9867715284 (Mr. Nitish Suresh Kati)
Fax No.:	91-22- 28575246
E-Mail :	nitishkati@pegasys.com nitishkati@pegassystems.com
Website :	http://www.pegasyssystems.in

DIRECTORS

AS ON 24.09.2014

Name :

Nitish Suresh Kati

Designation :

Director

Address :

1001, 10th Floor, Dhanlaxmi Building, Mhada Layout, Svp Nagar, Andheri (West) - 400058, Maharashtra, India

Date of Birth/Age :

30.12.1958

Date of Appointment :

03.02.2000

DIN No.:

00178220

Name :

Naishad Nitish Kati

Designation :

Additional Director

Address :

Flat No.1001, Versova Dhanlaxmi Cooperative Housing Society Limited, S.V.P. Nagar, Andheri (West), Mumbai - 400058, Maharashtra, India

Date of Birth/Age :

27.03.1985

Date of Appointment :

30.09.2014

DIN No.:

06742690

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	Company/ LLP Status	Defaulting status
1	U33125MH2000PTC124027	PEGASYS SYSTEMS PRIVATE LIMITED	Director	30/09/2014	30/10/2013	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 24.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Nitish Suresh Kati	9400	94.00
Suresh Lakshmanrau Kati	600	6.00
Total	10000	100.00

AS ON 24.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing and Trading of Machineries and Providing Consulting and Technical Services.
Products :	· Gear Testing Machines · Shaft Straightening Machines · Crack Detection Systems · Special Purpose Machines · Sorting System Machines · Assembly Machines, etc.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	Finished Goods
Countries :	· USA · Thailand
Imports :	--
Terms :	--

PRODUCTION STATUS: NOT DIVULGED

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 :

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 :

12 (Approximately)

Bankers :

Bank Name:	ICICI Bank Limited
Branch:	Landmarkrace Cource Circle, Alkapuri, Baroda-390015, Gujarat ,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 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

· The Shamrao Vitthal Co- operative Bank Limited, Versova Brach,7, Sarkar Corner, J. P. Road, Andheri (West), Mumbai-400058, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Vehicle Loans
Kotak Mahindra Prime Limited – I (repayable in 35 equal yearly instalments of Rs. 12,417/- each up to 10.10.2014)	0.083	0.213
Kotak Mahindra Prime Limited - II (Repayable in 35 equal yearly instalments of Rs. 27.761/- each up to 01.04.2015)	0.337	0.611
Total	0.420	0.824

Banking Relations :	--
Financial Institution :	Kotak Mahindra Prime Limited
Auditors :
Name :	Sandip F. Jain and Associates Chartered Accountants
Address :	B-402, Zaitoon Apartment, Near Nalanda Shopping, Centre, Station Road, Goregaon (West), Mumbai – 400062, Maharashtra, India
Tel. No.:	91-22-66990479
Fax No.:	91-22-28792115
Mob. No.:	91-9930608040
Email ID :	sandipjain73@rediffmail.com casandipjain73@gmail.com
Income-tax PAN of auditor or auditor's firm :	ABDPJ0522A
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000	Equity Shares	Rs. 10/- each	Rs. 0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,000	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	7.468	5.000	4.145
(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)	7.568	5.100	4.245
(3) Non-Current Liabilities
(a) Long-term borrowings	1.672	3.153	2.294
(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)	1.672	3.153	2.294
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	1.583	1.537	0.787
(c) Other current liabilities	7.929	10.235	7.770
(d) Short-term provisions	1.619	0.811	0.423
Total Current Liabilities (4)	11.131	12.583	8.980
TOTAL	20.371	20.836	15.519
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.040	3.291	2.664
(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	0.015	0.015	0.015
(c) Deferred tax assets (net)	0.072	0.016	0.009
(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	3.127	3.322	2.688
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	6.229	8.462	6.230
(c) Trade receivables	4.365	4.944	2.187
(d) Cash and cash equivalents	4.709	2.565	3.123
(e) Short-term loans and advances	1.817	0.800	1.076
(f) Other current assets	0.124	0.743	0.215
Total Current Assets	17.244	17.514	12.831
TOTAL	20.371	20.836	15.519

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	31.272	16.348	20.878
		Other Income	0.076	0.136	0.096
		TOTAL (A)	31.348	16.484	20.974
Less	EXPENSES
		Cost of Materials Consumed	13.939	9.492	13.581
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	2.232	-2.232	-2.564
		Employees benefits expense	4.474	4.104	4.245
		Other expenses	6.103	3.103	3.397
		TOTAL (B)	26.748	14.467	18.659
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.600	2.017	2.315
Less	FINANCIAL EXPENSES (D)		0.428	0.376	0.244
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.172	1.641	2.071
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.595	0.393	0.454
	PROFIT BEFORE TAX (E-F) (G)		3.577	1.248	1.617
Less	TAX (H)		1.109	0.394	0.145
	PROFIT AFTER TAX (G-H) (I)		2.468	0.854	1.472
	Earnings Per Share (Rs.)		246.82	85.43	147.15

PARTICULARS	31.03.2015
Sales Turnover (Approximately)	30.000

The above information has been parted by Mr. Nitish Kati (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

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	7.89	5.22	7.05
Operating Profit Margin (PBDIT/Sales)	(%)	14.71	12.34	11.09
Return on Total Assets (PBT/Total Assets}	(%)	17.63	6.00	10.44
Return on Investment (ROI) (PBT/Networth)		0.47	0.24	0.38
Debt Equity Ratio (Total Liability/Networth)		0.22	0.62	0.54
Current Ratio (Current Asset/Current Liability)		1.55	1.39	1.43

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	4.145	5.000	7.468
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	4.245	5.100	7.568
Long-term borrowings	2.294	3.153	1.672
Short term borrowings	0.000	0.000	0.000
Total borrowings	2.294	3.153	1.672
Debt/Equity ratio	0.540	0.618	0.221

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)
Sales	20.878	16.348	31.272
		(21.697)	91.289

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	20.878	16.348	31.272
Profit	1.472	0.854	2.468
	7.05%	5.22%	7.89%

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	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	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	No
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10468029	17/12/2013	5,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI - 390015, BARODA, GUJARAT, INDIA	B92664515

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Loans and Advances from Related Parties
Nitish Kati	1.252	1.220
Suresh Kati	0.000	1.109
Total	1.252	2.329

CORPORATION INFORMATION

Company is a company incorporated under the Companies Act 1956. The company is engaged in Trading and Manufacturing in Machineries and providing consulting and Technical Services.

FIXED ASSETS:

· Land and Building

· Industrial gala

· Air Conditioner

· Air Compressor

· Computer and printer

· Computer Software

· Digital Multimeter

· Electrical Fitting

· EPBAX Systems

· Furniture and Fixture

· Hydro Pneumatic Pump

· Motor car

· Tolls

· U.P.S

· Plant and Machinery

· Television

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.63.88
UK Pound	1	Rs.98.47
Euro	1	Rs.72.15

INFORMATION DETAILS

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

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	5
--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	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		46

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.