MIRA INFORM REPORT

Report No. :	321092
Report Date :	06.05.2015

IDENTIFICATION DETAILS

Name :	WYSETEK SYSTEMS TECHNOLOGISTS PRIVATE LIMITED
Registered Office :	6-7, Udyog Mandir No. 1, Ground Floor, Bhagoji Keer, Mahim, Mumbai – 400016, Maharashtra
Tel. No.:	91-22-66662727 / 43594900 / 24440777
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	28.08.1996
Com. Reg. No.:	11-102214
Capital Investment / Paid-up Capital :	Rs.2.499 Million
CIN No.: [Company Identification No.]	U72900MH1996PTC102214
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Sales and Services of IT Products and Solutions.
No. of Employees :	50 (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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There seems dip in the turnover of the company during 2014. However, general position of the company seems to be decent. Trade relations are reported to be fair. Business is active. Payments term 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

Rating Agency Name	CRISIL
Rating	Long term rating : BB+
Rating Explanation	Have inadequate credit quality and high credit risk.
Date	March 3, 2014

Rating Agency Name	CRISIL
Rating	Short term rating : A4+
Rating Explanation	Have minimal degree of safety and carry very high credit risk.
Date	March 3, 2014

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. Devish Farate
Designation :	Accounts Executive
Contact No.:	91-22-66662727
Date :	05.05.2015

LOCATIONS

Registered Office / Head Office :	6-7, Udyog Mandir No. 1, Ground Floor, Bhagoji Keer, Mahim, Mumbai – 400 016, Maharashtra, India
Tel. No.:	91-22-66662727 / 43594900 / 24440777
Fax No.:	91-22-66662747
E-Mail :	anil@wysetek.com sales@wysetek.com services@wysetek.com info@wysetek.com rajesh@wysetek.com
Website :	http://www.wysetek.com
Location :	Owned
Postal address:	802, 8th Floor, ‘C’ wing,  Lotus Corporate Park, Graham Firth Compound,  W.E. Highway, Goregaon (East), Mumbai-400063, Maharashtra, India
Tel. No.:	91-22-6164 3333
Fax No.:	91-22-6164 3399
Branch Office :	Located At : Bangalore Hyderabad Chennai Kochi Trivandrum  Delhi Faridabad Noida Kolkata Goa Nashilk Jaipur Ahmedabad Indore Pune

DIRECTORS

As on 30.09.2014

Name :	Mr. Cherian Kunnumkadavadakathil Thomas
Designation :	Director
Address :	Raheja Sherwood, C-Wing, 503 and 504, Near Western Highway, Goregaon (East), Mumbai-400063, Maharashtra, India
Date of Birth/Age :	05.01.1964
Qualification :	B. Sc
Date of Appointment :	28.08.1969
DIN No.:	02779692
Name :	Mr. Rajesh Madhav Mathkar
Designation :	Director
Address :	Anmol Prestige, 2^nd Floor, Flat 201, Opposite S. V. Road, Goregaon (West), Mumbai-40062, Maharashtra, India
Date of Birth/Age :	13.02.1967
Qualification :	Engineering
Date of Appointment :	28.08.1969
DIN No.:	00695089

KEY EXECUTIVE

Name :	Mr. Devish Farate
Designation :	Accounts Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	%age Holding
Thomas Cherian	124950	50.00
Rajesh Mathkar	124950	50.00
Total	249900	100.00

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Sales and Services of IT Products and Soluations.

Products :

· IBM Servers

· Lenovo Desktops and Notebooks

· Microsoft Operating System

· Tandberg Data Storage

· HP Peripherals

· Cisco and D-Link Networking

· APC and Emerson UPS

Product Description	Item Code (ITC Code No.)
Computer systems including personal computer	847150

Brand Names :

Not Available

Agencies Held :

• MICROSOFT
• CITRIX
• TREND MICRO
• SYMANTEC
• CISCO
• IBM

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Cash and Credit (30 days / 60 days / 90 days)

Purchasing :

Cash and Credit (30 days / 60 days / 90 days)

PRODUCTION STATUS : NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
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

Customers :

Reference :	Not Divulged
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

No. of Employees :

50 (Approximately)

Bankers :

Bank Name	Indian Bank
Branch	Mahim Branch, 1-1A Raj Mahal, MMC Road, Mahim (West), Mumbai – 400016, 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 (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Cash and Credit : Rs.71.900 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Loan from bank	32.485	0.467
Loan from other parties	2.642	3.340
Less :Due within 12 months	(10.190)	(0.908)
SHORT TERM BORROWINGS
From Bank (Cash Credit Facility)	40.810	28.748
Total	65.747	31.647

NOTE :

LONG TERM BORROWINGS

Nature of Security	Description	Nature of Charge
For Car Loan
Primary	Vehicle purchased against the term loan	Exclusive	Exclusive
For Premises
Primary	Business Premises purchased by the Company during the year	Exclusive	Exclusive
Collateral	Hypothecation of Trade Receivables and Inventory	Exclusive	Exclusive

SHORT TERM BORROWINGS

Nature of Security	Description	Nature of Charge
Primary	Hypothecation of Trade Receivables and Inventory	Exclusive	Exclusive
Collateral	Business Premises owned by the company	Exclusive	Exclusive

Auditors :
Name :	Sukhbir and Associates Chartered Accountants
Address :	320, Udyog Mandir 1, Bhagoji Keer Marg, Mumbai - 400016, Maharashtra, India
PAN No.:	ACHFS8882P
Memberships :	--
Collaborators :	--
Subsidiary company of Wystek Systems Technologists Private Limited in which they hold 76% Equity :	Wysetek Systems Technologists Singapore Pte. Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
249900	Equity Shares	Rs.10/- each	Rs.2.499 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	2.499	2.499	2.499
(b) Reserves & Surplus	77.278	69.322	61.525
(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)	79.777	71.821	64.024
(3) Non-Current Liabilities
(a) long-term borrowings	24.937	2.899	3.655
(b) Deferred tax liabilities (Net)	0.791	1.054	0.839
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	2.641	1.995	2.749
Total Non-current Liabilities (3)	28.369	5.948	7.243
(4) Current Liabilities
(a) Short term borrowings	40.810	28.748	32.603
(b) Trade payables	52.993	48.588	392.844
(c) Other current liabilities	14.537	6.427	11.231
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	108.340	83.763	436.678
TOTAL	216.487	161.532	507.945
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	88.139	31.334	28.565
(ii) Intangible Assets	0.000	0.000	1.041
(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	0.943	2.558	5.477
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	17.520	12.636	12.185
(e) Other Non-current assets	0.140	0.307	0.482
Total Non-Current Assets	106.742	46.835	47.750
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	4.421	14.214	14.119
(c) Trade receivables	89.227	82.396	432.655
(d) Cash and cash equivalents	13.639	16.672	8.681
(e) Short-term loans and advances	0.977	0.672	4.680
(f) Other current assets	1.480	0.743	0.060
Total Current Assets	109.744	114.697	460.195
TOTAL	216.486	161.532	507.945

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	591.986	728.437	647.084
		Other Income	3.055	2.025	2.729
		TOTAL	595.041	730.462	649.813
Less	EXPENSES
		Purchase of Stock-in-Trade	444.158	617.536	563.771
		Changes in inventories of Stock-in-Trade	9.793	(0.095)	(7.675)
		Other direct expenses	8.169	11.739	3.842
		Employee benefit expense	92.588	64.830	58.724
		Other expenses	22.758	18.574	14.777
		TOTAL	577.466	712.584	633.439
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		17.575	17.878	16.374
Less	FINANCIAL EXPENSES		2.527	2.960	2.741
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		15.048	14.918	13.633
Less/ Add	DEPRECIATION/ AMORTISATION		4.093	4.369	3.549
	PROFIT/ (LOSS) BEFORE TAX		10.955	10.549	10.084
Less	TAX		3.000	2.751	2.720
	PROFIT/ (LOSS) AFTER TAX		7.955	7.798	7.364
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		54.322	46.524	39.160
	BALANCE CARRIED TO THE B/S		62.277	54.322	46.524
	Earnings / (Loss) Per Share (Rs.)		31.84	31.20	29.47

.

Expected Sales ( 2014-15 ) : Rs.1000.000 Million

The above information has been parted by Mr. Devish Farate (Accounts Executive)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.34	1.07	1.14
Operating Profit Margin (PBIDT/Sales)	(%)	2.97	2.45	2.53
Return on Total Assets (PBT/Total Assets}	(%)	5.08	6.64	2.01
Return on Investment (ROI) (PBT/Networth)		0.14	0.15	0.16
Debt Equity Ratio (Total Debt/Networth)		0.82	0.44	0.57
Current Ratio (Current Asset/Current Liability)		1.01	1.37	1.05

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	2.499	2.499	2.499
Reserves & Surplus	61.525	69.322	77.278
Share Application money pending allotment	0.000	0.000	0.000
Net worth	64.024	71.821	79.777
long-term borrowings	3.655	2.899	24.937
Short term borrowings	32.603	28.748	40.810
Total borrowings	36.258	31.647	65.747
Debt/Equity ratio	0.566	0.441	0.824

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	647.084	728.437	591.986
		12.572	(18.732)

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	647.084	728.437	591.986
Profit	7.364	7.798	7.955
	1.14%	1.07%	1.34%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG TERM DEBTS

Particulars	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)	31.03.2012 (Rs. In Million)
Current maturities of long term debts	10.190	0.908	0.822
Total	10.190	0.908	0.822

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	No
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
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	Yes

CONTINGENT LIABILITIES (TO THE EXTENT NOT PROVIDED FOR)

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Bank guarantees issued on behalf of the company to customers	3.089	1.107
Bank guarantees issued on behalf of the company to sales tax authorities	0.050	0.163
Total	3.139	1.270

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10525570	26/09/2014	78,600,000.00	KOTAK MAHINDRA BANK LIMITED	27BKC, C 27, G BLOCK, BANDRA KURLA COMPLEX, BANDR  A (E),, MUMBAI, MAHARASHTRA - 400051, INDIA	C29454329

* Date of charge modification

COMPANY OVERVIEW

Founded in 1990, The Company is an established IT System Integration organization. Its primary businesses Sales and Services of IT Products and Solutions. It has a vast customer base in both SME as well as Enterprise Sector. Partnership with global leaders from IT Industry as well as all India Service Network is the key strategically strength.

The Head Office is located at Mahim, Mumbai, with Branch offices in Bangalore, Hyderabad, Chennai, Delhi, Kolkata, Ahmedabad and Pune.

REVIEW OF OPERATIONS

The Company is engaged in I.T. Services; their major force is on providing I.T Solutions to their clients. They are pleased to inform that as on 31st March 2014, they had total staff strength of 275 people, with operations in Mumbai, Bangalore, Hyderabad, Chennai, New Delhi, Kolkata, Ahmedabad, and Pune. The economic conditions were quite challenging. The Directors and the staff worked hard to create opportunities and maintain the profitability. The Company is now focusing on providing services to its clients rather than sale of goods. The income from Sale of Services has increased from Rs. 7.428 Million in FY 2012-13 to Rs. 9.189 Million in the current year.

FIXED ASSETS

• Furniture and Fixture
• Electrical Installation
• Office Equipment
• Mobile
• 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.63.52
UK Pound	1	Rs.95.96
Euro	1	Rs.70.54

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	RAS
Report Prepared by :	SNT

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	NO
--AFFILIATION	YES/NO	YES
--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.