MIRA INFORM REPORT

Report No. :	324487
Report Date :	27.05.2015

IDENTIFICATION DETAILS

Name :	COMPUAGE INFOCOM LIMITED
Registered Office :	D-601/602 and G-601/602, Lotus Corporate Park, Graham Firth, Steel Compound, Western Express Highway, Goregaon (East), Mumbai – 400063, Maharashtra
Tel. No.:	91-22-67114444
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	27.07.1999
Com. Reg. No.:	11-135914
Capital Investment / Paid-up Capital :	Rs. 66.550 Million
CIN No.: [Company Identification No.]	L99999MH1999PLC135914
IEC No.:	0300029713
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Trading in Computer parts and peripherals and Telecom Products and also provides products support services for Information Technology products.
No. of Employees :	Information declined by the management

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 :	Subject is an established company having satisfactory track. Subject was established in 1999. Subject is a distributor of global IT brands in India. Subject’s portfolio includes monitors, laptops, PC hardware components, computer accessories and mobile handsets. General Financials seems to be fair. However, rating also takes into consideration low profit margin levels, high gearing, and high competitive nature of IT distribution business in India. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In the view of strong track record of subject in IT distribution business, the subject can be considered for business 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	CARE
Rating	Long Term Rating = CARE BBB
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	October 07, 2014

Rating Agency Name	CARE
Rating	Short Term Rating = CARE A3+
Rating Explanation	Moderate degree of safety and higher credit risk
Date	October 07, 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 DENIED

Management non-cooperative (Tel. No.: 91-22-67114444)

LOCATIONS

Registered Office :	D-601/602 and G-601/602, Lotus Corporate Park, Graham Firth, Steel Compound, Western Express Highway, Goregaon (East), Mumbai – 400063, Maharashtra, India
Tel. No. :	91-22-67114444 / 23842200
Fax No. :	91-22-67114445 / 23842210
E-Mail :	Investors.relations@compuageindia.com sunil.mehta@compuageindia.com
Website :	www.compuageindia.com
Branch Offices :	Located at: · Ahmedabad · Agra · Amritsar · Aurangabad · Bangalore · Baroda · Bhubaneshwar · Bhopal · Chandigarh · Chennai · Coimbatore · Cochin · Calicut, · Dehradun · Delhi · Ghaziabad · Goa · Guwahati · Gurgaon · Hyderabad · Hubli · Indore · Jaipur · Jammu · Kolkata · Kottayam · Lucknow · Ludhiana · Mumbai · Mangalore · Madurai · Nagpur · Nasik · Parwanoo · Patna · Pondicherry · Pune · Raipur · Ranchi · Siliguri · Surat · Trivandrum · Vizag · Vijayawada · Varanasi

DIRECTORS

As on 31.03.2014

Name :	Mr. Atul H. Mehta
Designation :	Chairman Cum Managing Director
Date of Birth/ Age:	54 Years
Qualification :	MBA – U.S.A
Experience :	26 Years
Date of Appointment :	08.09.2011
Name :	Mr. Bhavesh H. Mehta
Designation :	Whole Time Director
Date of Birth/ Age:	41 Years
Qualification :	M.Com
Experience :	19 Years
Date of Appointment :	18.10.2011
Name :	Mr. Ganesh S. Ganesh
Designation :	Non-Executive Independent Director
Qualification :	Chartered Accountant
Date of Appointment :	18.10.2000
Name :	Mr. Vijay Agarwal
Designation :	Non-Executive Independent Director
Name :	Mrs. Preeti K. Trivedi
Designation :	Non-Executive Independent Director

KEY EXECUTIVES

Name :	Regal Patel
Designation :	Company Secretary
Name :	Mr. Sweety Singh
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2015

Category of Shareholder	No. of Shares	% of Holdings
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	4513953	67.83
Sub Total	4513953	67.83
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	4513953	67.83
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	40	0.00
Sub Total	40	0.00
(2) Non-Institutions
Bodies Corporate	509652	7.66
Individuals
Individual shareholders holding nominal share capital up to Rs. 1 lakh	409945	6.16
Individual shareholders holding nominal share capital in excess of Rs. 1 lakh	408458	6.14
Any Others (Specify)	812952	12.22
Clearing Members	57488	0.86
Foreign Corporate Bodies	54725	0.82
Market Maker	240	0.00
Non Resident Indians	696604	10.47
Hindu Undivided Families	3738	0.06
Directors & their Relatives & Friends	157	0.00
Sub Total	2141007	32.17
Total Public shareholding (B)	2141047	32.17
Total (A)+(B)	6655000	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	6655000	0.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

Sl.No.	Name of the Shareholder	Details of Shares held
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	Bhavesh Harkishandas Mehta	17,80,485	26.75
2	Atul Harkishandas Mehta	17,80,484	26.75
3	Ajay Harkishandas Mehta	9,52,984	14.32
	Total	45,13,953	67.83

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares
1	Rashmi Bothra	224300	3.37
2	Dilip S Mehta	206000	3.10
3	Rajesh Bothra	203382	3.06
4	Nirshilp Securities Pvt Ltd	172509	2.59
5	Subhash Suganlal Runlal	106000	1.59
6	Tisya Financial Services Pvt Ltd	110750	1.66
7	Ajcon Finance Ltd Ltd	72875	1.10
8	Ashwani Deedwania	68500	1.03
	Total	1164316	17.50

BUSINESS DETAILS

Line of Business :

Trading in Computer parts and peripherals and Telecom Products and also provides products support services for Information Technology products.

Products :

Item Code No. (ITC Code)	Product Description
8471 and 8473	Computer Peripherals, Consumables and Accessories

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

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 :

Information declined by the management

Bankers :

· Bombay Mercantile Co-op Bank Limited

· Central Bank of India

· HDFC Bank Limited

· Indian Overseas Bank

· Indian Bank

· ICICI Bank Limited

· Kotak Mahindra Bank Limited

· Standard Chartered Bank

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Term Loans Indian rupee loan from Bank	51.242	96.583
Other Loans and Advances Finance Lease	0.000	0.758
SHORT TERM BORROWINGS
Cash credit from bank - net of debit balances	1326.371	1286.963
Total	1377.613	1384.304

NOTE

LONG TERM BORROWINGS

Indian rupee loan from bank carries interest @ 12.95% to 13.25% p.a. The loan is repayable in 20 equal quarterly installments commencing from September 2011 in the case of one term loan and March 2012 in the case of other 2 term loans. Interest is to be paid as and when debited, i.e on a monthly basis. All three term loans are secured by hypothecation of Office premises. Further the loans have been guaranteed by the personal Guarantee of the managing Director and by whole time director of the company.

Finance Lease is secured by hypothecation of vehicle taken on lease.

SHORT TERM BORROWINGS

Cash credit from banks is secured against hypothecation of Stocks and Book Debts. The cash credit is repayable on demand and carries interest @ 12% to 14.75%.

Auditors :
Name :	B. V Dalal and Company Chartered Accountants
Memberships :	--
Collaborators :	--
Other Related parties: (Enterprises significantly influenced by key management personnel) :	· Trillizo Holdings Limited · Greenvision Technologies Private Limited (Upto 30th Sept. 2013) · Compuage Infocom (S) PTE. Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
19254000	Equity Shares	Rs.10/- each	Rs. 192.540 Millions
4665600	Preference Shares	Rs.0.10/- each	Rs. 0.467 Million
3369344	Preference Shares	Rs.10/- each	Rs. 33.693 Millions
	TOTAL		Rs. 226.700 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6655000	Equity Shares	Rs.10/- each	Rs. 66.550 Millions

Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting period:

Particulars	31st March 2014
	No. in Lacs	Rs. in Millions
At the beginning of the Period	66.55	66.550
Outstanding at the end of the period	66.55	66.550

Terms/Rights attached to equity shares

The company has only one class of equity shares having a par value of Rs. 10 per Share. Each holder of equity shares is entitled to one vote per share.

The Final Dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. During the year ended 31st March,2014, the amount of per share final dividend proposed as distribution to the equity shareholders is Rs. 1.4 (31st March 2013 : Re. 1)

In the event of liquidation of the company, the holder of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by shareholders.

Details of shares held by each shareholder holding more than 5% shares:

Equity shares of Rs.10 each fully paid up	31st March 2014
	No. in Shares In Lacs	% of holding
Atul Harkishandas Mehta	17.80	26.75%
Bhavesh Harkishandas Mehta	17.80	26.75%
Ajay Harkishandas Mehta	9.53	14.32%

As per of the company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	66.550	66.550
(b) Reserves & Surplus	641.508	536.287
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	708.058	602.837
(3) Non-Current Liabilities
(a) long-term borrowings	51.242	97.341
(b) Deferred tax liabilities (Net)	27.373	19.738
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	78.615	117.079
(4) Current Liabilities
(a) Short term borrowings	2172.107	2067.003
(b) Trade payables	2277.634	1740.573
(c) Other current liabilities	159.992	283.407
(d) Short-term provisions	29.464	7.735
Total Current Liabilities (4)	4639.197	4098.718
TOTAL	5425.870	4818.634
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	411.013	402.689
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	7.392	6.828
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.521	0.521
(e) Other Non-current assets	1.038	2.698
Total Non-Current Assets	419.964	412.736
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	2030.915	1899.643
(c) Trade receivables	2259.407	1808.266
(d) Cash and cash equivalents	395.149	382.485
(e) Short-term loans and advances	308.951	307.342
(f) Other current assets	11.484	8.162
Total Current Assets	5005.906	4405.898
TOTAL	5425.870	4818.634

SOURCES OF FUNDS		31.03.2012
SHAREHOLDERS FUNDS
1] Share Capital		66.550
2] Share Application Money		0.000
3] Reserves & Surplus		462.586
4] (Accumulated Losses)		0.000
NETWORTH		529.136
LOAN FUNDS
1] Secured Loans		1459.473
2] Unsecured Loans		553.280
TOTAL BORROWING		2012.753
DEFERRED TAX LIABILITIES		11.659
TOTAL		2553.548
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		175.097
Capital work-in-progress		0.000
INVESTMENT		24.321
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1979.474
	Sundry Debtors	1518.906
	Cash & Bank Balances	319.428
	Other Current Assets	14.612
	Loans & Advances	355.281
Total Current Assets		4187.701
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1521.324
	Other Current Liabilities	303.537
	Provisions	8.710
Total Current Liabilities		1833.571
Net Current Assets		2354.130
MISCELLANEOUS EXPENSES		0.000
TOTAL		2553.548

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	22749.344	18964.182	15444.405
		Other Income	132.472	86.323	66.858
		TOTAL (A)	22881.816	19050.505	15511.263
Less	EXPENSES
		Purchased of Stock-in-Trade	21864.572	17968.198	15171.961
		Changes in inventories of finished goods, work-in-progress and Stock-in-trade	(131.272)	79.831	(563.560)
		Employee benefit Expenses	217.024	224.519	198.008
		Other Expenses	398.015	363.579	346.578
		TOTAL (B)	22348.339	18636.127	15152.987
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		533.477	414.378	358.276
Less	FINANCIAL EXPENSES (D)		325.898	265.169	189.567
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		207.579	149.209	168.709
Less/ Add	DEPRECIATION/ AMORTISATION (F)		31.823	27.694	16.744
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		175.756	121.515	151.965
Less	TAX (H)		59.635	40.079	49.888
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		116.121	81.436	102.077
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		377.636	303.935	217.378
Less	APPROPRIATIONS
		Interim Dividend	0.000	0.000	6.655
		Dividend Distribution tax	9.317	6.655	2.210
		Proposed Dividend	0.000	0.000	6.655
		Tax on Proposed Dividend	1.583	1.080	0.000
	BALANCE CARRIED TO THE B/S		482.857	377.636	303.935
	EARNINGS IN FOREIGN CURRENCY
		Mercantile Trade Sale	884.039	689.120	0.000
	TOTAL EARNINGS		884.039	689.120	0.000
	IMPORTS		4313.300	3535.300	3124.410
	Earnings / (Loss) Per Share (Rs.)		17.45	12.24	15.34

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	42.254	42.415	40.781
Cash generated from operations	NA	NA	NA

QUARTERLY RESULTS

PARTICULARS	30.06.2014
	1^stQuarter
Net Sales	5171.100
Total Expenditure	5086.500
PBIDT (Excl OI)	84.500
Other Income	26.800
Operating Profit	111.400
Interest	72.000
Exceptional Items	0.000
PBDT	39.400
Depreciation	13.200
Profit Before Tax	26.200
Tax	9.200
Provisions and contingencies	0.000
Profit After Tax	17.000
Extraordinary Items	0.000
Prior Period Expenses	0.000
Other Adjustments	0.000
Net Profit	17.000

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	0.51	0.43	0.66
Net Profit Margin (PBT/Sales)	(%)	0.77	0.64	0.98
Return on Total Assets (PBT/Total Assets}	(%)	3.24	2.53	3.48
Return on Investment (ROI) (PBT/Networth)		0.25	0.20	0.29
Debt Equity Ratio (Total Debt/Networth)		3.14	3.59	3.80
Current Ratio (Current Asset/Current Liability)		1.08	1.07	2.28

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	66.550	66.550
Reserves & Surplus	536.287	641.508
Net worth	602.837	708.058
long-term borrowings	97.341	51.242
Short term borrowings	2067.003	2172.107
Total borrowings	2164.344	2223.349
Debt/Equity ratio	3.590	3.140

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	15444.405	18964.182	22749.344
		22.790	19.960

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	15444.405	18964.182	22749.344
Profit	102.077	81.436	116.121
	0.66%	0.43%	0.51%

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	No
8	Designation of contact person	No
9	Promoter’s background	No
10	Date of Birth of Proprietor / Partners / Directors	No
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	No
17	Details of sister concerns	Yes
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	Yes
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	10509799	01/07/2014	400,000,000.00	THE RATNAKAR BANK LIMITED	SHAHUPURI,KOLHAPUR, KOLHAPUR, MAHARASHTRA - 416001, INDIA	C11869484
2	10430735	10/06/2013	100,000,000.00	STANDARD CHARTERED BANK	NARAIN MANZIL, 23, BARAKHAMBA ROAD, DELHI, DELHI - 110001, INDIA	B76964972
3	10430736	10/06/2013	100,000,000.00	STANDARD CHARTERED BANK	NARAIN MANZIL, 23, BARAKHAMBA ROAD, DELHI, DELHI - 110001, INDIA	B76965185
4	10312213	07/10/2011	90,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B23270333
5	10232188	20/07/2010	50,000,000.00	3I INFOTECH TRUSTEESHIP SERVICES LIMITED	6TH FLOOR, ACKRUTI CENTRE POINT, MIDC CENTRAL ROAD, NEXT TO MAROL TELEPHONE EXCHANGE, ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400093, INDIA	A90411760
6	10177197	11/09/2009	50,000,000.00	3I INFOTECH TRUSTEESHIP SERVICES LIMITED	6TH FLOOR, AKRUTI CENTRE POINT, MIDC CENTRAL ROAD, MUMBAI, MAHARASHTRA - 400093, INDIA	A69773562
7	10178271	11/07/2014 *	1,700,000,000.00	CENTRAL BANK OF INDIA	CORPROATE FINANCE BRANCH,1ST FLOOR, M.M.O.BUILDING, M.G ROAD, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	C17832593
8	10114605	10/07/2008	200,000,000.00	3I INFOTECH TRUSTEESHIP SERVICES LIMITED	3RD TO 6TH FLOOR, INTERNATIONAL INFOTECH PARK, TOWER NO.5, VASHI RAILWAY STATION COMPLEX, VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA	A42226068
9	10087621	30/01/2008	40,000,000.00	3I INFOTECH TRUSTEESHIP SERVICES LIMITED	3RD TO 6TH FLOOR, INTERNATIONAL INFOTECH PARK, TOWER NO.5, VASHI RAILWAY STATION COMPLEX, VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA	A32097990
10	10075837	19/07/2013 *	52,000,000.00	BOMBAY MERCANTILE CO-OPERATIVE BANK LIMITED	78 MOHAMEDALI ROAD, MUMBAI, MAHARASHTRA - 400003, INDIA	B81948762
11	10063166	29/11/2013 *	100,000,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B91658088
12	10059396	28/09/2011 *	1,547,600,000.00	INDIAN BANK	PRABHADEVI BRANCH, NO. 1, SANE GURUJI PREMISES, 386, VEER SAVARKAR MARG, OPP. SIDDHIVINAYAK TEMPLE, MUMBAI, MAHARASHTRA - 400025, INDIA	B21818927
13	10040982	11/06/2007 *	60,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	A16406563
14	10156080	15/12/2006	60,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	A44576023
15	10010071	28/07/2010 *	200,000,000.00	STANDARD CHARTERED BANK	90, M G ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	A90668955
16	80005379	04/01/2013 *	120,000,000.00	INDIAN OVERSEAS BANK	OPERA HOUSE BRANCH, 393, NAAZ CINEMA COMPOUND, DR. BHADKAMKAR MARG, MUMBAI, MAHARASHTRA - 400004, INDIA	B67052092
17	80035199	06/08/2014 *	580,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL - WEST, MUMBAI, MAHARASHTRA - 400003, INDIA	C21722327

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
SHORT TERM BORROWINGS
Loans and Advances From Related Parties Repayable on Demand	218.672	128.250
Loans Advances From Others Repayable on Demand	627.064	651.790
Total	845.736	780.040

CORPORATE INFORMATION

The Company is a public Limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. It's shares are listed on the Mumbai Stock exchange and Madras Stock Exchange.

The company is engaged in trading in Computer parts and peripherals and Telecom Products. The company also provides products support services for Information Technology products.

BUSINESS PERFORMANCE:

The year gone by has been good. The Company registered revenue of Rs. 22881.816 Millions as against Rs.19050.505 Millions in the previous year, registering a growth of 20.10%.

The Net Profit after Tax stood at Rs. 116.121 Millions as against Rs. 81.436 Millions in the previous year.

FUTURE OUTLOOK:

The Future outlook of the company appears to be very bright, promising and prosperous. The company has a strategy planning process and revalidates the strategy themes in order to achieve the business objectives of the company. The corporate performance is measured, monitored and managed on an on-going basis. The IT Industry remains a success story till now. With IT services and information technology enabled services have shown unprecedented growth, Compuage's growth is likely to be very good in future which will be benefited and help to grow gradually and achieve its goals. Further, with Compuage's entry into the additional business in telecom products distribution will give further boost to the company. The total revenue earned is around 19.96 % and it is expected to increase in the next few years thereby will maximize the company's profitability as well.

MANAGEMENT'S DISCUSSION AND ANALYSIS

OVERVIEW

FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements, which may be identified by their use of words like 'plans', 'expects', 'will', 'anticipates', 'believes', 'intends', 'projects', 'estimates' or other words of similar meaning. All statements that address expectations or projections about the future, including but not limited to statements about the Company's strategy for growth, product development, market position, expenditures, and financial results, are

forward-looking statements, based on certain assumptions and expectations of future events. The Company cannot guarantee that these assumptions and expectations are accurate or will be realized. The Company's actual results, performance or achievements could thus differ materially from those projected in any such forward-looking statements. The Company assumes no responsibility to publicly amend, modify or revise any forward looking statements, on the basis of any subsequent developments, information or events.

ECONOMIC OVERVIEW

2013 was a year of recovery for the global economy. 2013-14 witnessed two great stories in the world economy: the structural shift from the developed world towards the emerging world; and the cyclical climb out of a recession. The first continued in first half of the financial year, but at as lightly slower pace than before. Growth in China, at 7.5 percent, was it's slowest for 23 years. Things also slowed in India, to a little below 5 per cent, far slower when compared to the past eight years. Africa, encouragingly, grew by more than 5 per cent.As for the second story, in the developed world what had started as an uneven and patchy recovery began to strengthen. The US, despite having to cope with feuding over its budget, seems to have sped up. It has been creating jobs and its housing market improved sharply. In Europe there was a better story too, though an uneven one. The north, led by Germany, had a solid year, reducing unemployment and boosting living standards. Across the Mediterranean the pattern was more disappointing, with Italy, Spain, Portugal and Greece all enduring a year of rising unemployment. However, the numbers have started to improve. Europe and the euro are not out of trouble, but the acute phase of their difficulties may be past. 2014-15 expects to deliver with much better and more balanced growth than any year since2007.

INDUSTRY OUTLOOK

Changing economic and business conditions, evolving consumer's preference, rapid technological innovation and adoption and globalization are creating an increasingly competitive market environment that is driving corporations to transform the manner in which they operate. Companies in this environment are now focusing even more on their core business objectives, such as revenue growth, profitability and asset efficiency.

Technology has evolved from merely driving cost efficiency. It is now also driving tangible business value. The ability to define, design, develop, implement and maintain advance technology platforms and business solutions to address business needs has become competitive advantage and a priority for corporations worldwide. As a result, there is an increasing need for highly-skilled professionals in the market to help corporations transform their business, optimize operations and drive innovation by leveraging technology.

THE INDIA ADVANTAGE:

India is widely recognized as the premier destination for offshore technology services. Accordingly to the NASSCOM press release issued in February 2014, IT-BPM services export revenues from India are expected to grow to US$ 97-$99 billion in fiscal year 2014, a growth of 13% - 15% over fiscal year 2014. Domestic revenues are estimated to grow to Rs.1,250 - Rs.1,280 billion in fiscal year 2015, which is a growth of 9% - 12% compares to fiscal year 2014.

LANDMARK EVENTS:

In the year gone by Compuage has continued to invest in infrastructure, reach and product portfolio all of which shall enable the company to continue its growth. New products signups include Asus- Tablets and Phones, HP- Tablets and TFTs, Maxx Mobile Phone.Compuage has also implemented new software namely "SAP" replacing earlier EPR Software for smooth running of accounting and financial functions of the Company.

CONTINGENT LIABILITIES:

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the Company or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably.

PARTICULARS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
Guarantees given by the Banks on behalf of the Company	552.010	500.000
Corporate Guarantee given on behalf of Subsidiary	29.955	27.143
Disputed demands in respect of VAT/Custom Duty (Based on legal opinion, the Company does not feel any liability will arise and hence no provision has been made in the accounts.)	18.280	12.581

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31.12.2014

(Rs. in Millions)

Sr.No	PARTICULARS	Quarter Ended 31.12.2014 Unaudited	Quarter Ended 30.09.2014 Unaudited	Nine Months Ended 31.12.2014 Unaudited
1	Income from operations
a	Net Sales of traded goods and Services	5133.833	5490.762	15795.649
b	Other Operating Income	--	-	--
	Total Income from operations	5133.833	5490.762	15795.649
	Expenses:
a	Cost of Goods Sold	4905.577	5254.310	15139.938
b	Employee Cost	53.323	51.141	156.896
c	Depreciation	9.610	11.543	34.310
d	Other Expenses	59.060	62.054	175.148
	Total	5027.570	5379.048	15506.292
3	Profit from Operations before Other Income, Interest and Exceptional Items (1-2)	106.263	111.714	289.357
4	Other Income	23.649	17.924	68.414
5	Profit before Interest and Exceptional Items (3+4)	129.912	129.638	308.726
6	Finance costs	86.967	81.082	240.057
7	Profit after Interest but before Exceptional Items (5-6)	42.945	48.556	117.714
8	Exceptional items	--	--	--
9	Profit from Ordinary Activities before tax	42.945	48.556	117.714
10	Tax Expense
a	Provision for taxation including deffered	14.623	16.226	40.023
11	Net Profit from ordinary Activities after tax (9-10)	28.322	32.331	77.692
12	Extraordinary Items	--	--	--
13	Net Profit for the period (11-12)	28.322	32.331	77.692
14	Paid-up equity share capital (Face value of Rs.10/- per share)	66.550	66.550	66.500
15	Reserves excluding Revaluation Reserve as per balance sheet of previous accounting year	--	--	--
16	Earnings per share (EPS). Basic and diluted EPS (Rs.)	4.26	4.86	11.67
A	PARTICULARS OF SHAREHOLDING
	Public Shareholding
	-Number of shares	2141047	2141047	2141047
	-% of Holding	32.17%	32.17%	32.17%
	Promoters and Promoter group Shareholding
	a Pledged/Encumbered
	-Number of Shares	NIL	NIL	NIL
	-Percentage of Shares (as a % of the total shareholding of promoter and promoter group)	NIL	NIL	NIL
	-Percentage of Shares (as a % of the total share capital of the Company)	NIL	NIL	NIL
	b Non-encumbered
	-Number of Shares	4513953	4513953	4513953
	-Percentage of Shares (as a % of the total shareholding of promoter and promoter group)	100.00%	100.00%	100.00%
	-Percentage of Shares (as a % of the total share capital of the Company)	67.83%	67.83%	67.83%
	B Investor Complaints (Nos.)
	Pending at the beginning of the quarter			NIL
	Received during the quarter			1
	Disposed of during the quarter			1
	Remaining unresolved at the end of the quart			NIL

Notes:

1. The above results were reviewed by the Audit Committee and approved by the Board of Directors in their meetings held on 11th August, 2014.

2. The company is in the business of distribution of computer parts and peripherals in India having similar risks and rewards and therefore there is only one geographical and business segment.

3. The Statutory Auditors have carried out a limited review of above results.

4. The Statutory Auditors of the Company have applied to ICAI for Peer Review Certificate.

5 .Figures for the quarter ended 31/3/14 are the balancing figures between the audited figures in respect for the full financial year ended 31/3/2014 and published year to date figures up to the third quarter ended 31/12/2013.

6. During the Quarter, the Company has revised depreciation rates on fixed assets according to the useful life as specified in the Schedule II to then Companies Act, 2013 or on the basis of its assessment made by the Company as permitted by the said schedule. Had there not been change in depreciation rates, the depreciation for the quarter would have been lower by Rs.5.117 Millions. Due to prescription of useful life by Schedule II as above, depreciation on assets whose useful life is already exhausted before 01.04.2014 (net of deffered tax impact thereon) has been adjusted to General Reserve.

7. Provision for tax, including Deffered tax, has been worked out at normal corporate tax rates.

8. Figures of Subsidiaries Companies are not incorporated in above result.

9. Figures for the previous period/year have been regrouped and reclassified wherever necessary to make them comparable with current period/year figures.

FIXED ASSETS

· Office Premises

· Information Technology Equipments

· Vehicles

· Office Equipment

· Furniture and Fixture

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 records 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. 63.85
UK Pound	1	Rs. 98.38
Euro	1	Rs. 69.64

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SAN
Report Prepared by :	JYO

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
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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	YES
--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.