MIRA INFORM REPORT

Report No. :	351847
Report Date :	27.11.2015

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) :	31.03.2015
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.:	Not Divulged
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 :	The company is engaged in trading in Computer parts and peripherals and Telecom Products.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Compuage Infocom Limited (CIL), promoted by Mr. Atul Mehta, in 1987, it is engaged in trading of computer parts and its peripherals and telecom products. The rating takes into consideration company’s consistent improvement in business and financial risk profile along with improvement in liquidity position. The scale of operations has consistently improved and has managed to maintain its profitability margins and operating cycle in a highly competitive IT distribution industry. The rating continue to derive strength from established market position and experienced promoter with long track record in IT distribution business. The rating, however, continue to be constrained by the company’s moderate leverage arising out of working capital intensive nature of operation and highly competitive nature of the IT distribution business. However, trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. In view of aforesaid, the company can be considered for business dealings with usual trade term 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
Rating	Long Term Bank Facilities = BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	August 2015

Rating Agency Name	CARE RATING
Rating	Short Term Bank Facilities = A2
Rating Explanation	Strong degree of safety and low credit risk
Date	August 2015

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Rishiv
Designation :	Assistant Manager in Accounts
Contact No.:	91-22-67114444
Date :	24.11.2015

LOCATIONS

Registered/ Corporate 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 31.03.2015

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 :	Mr. Rishiv
Designation :	Assistant Manager in Accounts
Name :	Shruti P Desai
Designation :	Secretary
Address :	B/210, Kadamgiri CHSL,, Hanuman Road, Vile Parle (East), Mumbai - 400057, Maharashtra, India
Date of Appointment :	01.07.2015
PAN No.:	AUAPD3999H

MAJOR SHAREHOLDERS

AS ON 30.09.2015

Category of Shareholder	No. of Shares	% of Holdings
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	7222324	61.48
Sub Total	7222324	61.48
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	7222324	61.48
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	64	0.00
Sub Total	64	0.00
(2) Non-Institutions
Bodies Corporate	1013526	8.63
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	494763	4.21
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	664324	5.65
Any Others (Specify)	2352998	20.03
Clearing Members	25554	0.22
Market Maker	64	0.00
Non Resident Indians	1113074	9.47
Hindu Undivided Families	26746	0.23
Others	87560	0.75
Others	1100000	9.36
Sub Total	4525611	38.52
Total Public shareholding (B)	4525675	38.52
Total (A)+(B)	11747999	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	11747999	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	28,48,776	24.25
2	Atul Harkishandas Mehta	28,48,774	24.25
3	Ajay Harkishandas Mehta	7,24,774	6.17
4	Atul Harkishandas Mehta Manisha Ajay Mehta	8,00,000	6.81
	Total	72,22,324	61.48

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	Kitara India Micro Cap Growth	1100000	9.36
2	Rashmi Bothra	358880	3.05
3	Dilip S Mehta	329600	2.81
4	Rajesh Bothra	325411	2.77
5	Nirshilp Securities Private Limited	276014	2.35
6	Ajcon Finance Limited	309147	2.63
7	Subhash Suganlal Runlal	196537	1.67
8	Tisya Financial Services Private Limited	177200	1.51
	Total	3072789	26.16

Shareholding of securities (including shares, warrants, convertible securities) of persons (together with PAC) belonging to the category “Public” and holding more than 5% of the total number of shares of the company

Sl. No.	Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them	No. of Shares	Shares as % of Total No. of Shares
1	Kitara India Micro Cap Growth	1100000	9.36
	Total	1100000	9.36

Details of Locked-in Shares

Sl. No.	Name of the Shareholder	No. of Shares	Locked-in Shares as % of Total No. of Shares
1	Kitara India Micro Cap Growth	11,00,000	9.36
	Total	11,00,000	9.36

BUSINESS DETAILS

Line of Business :	The company is engaged in trading in Computer parts and peripherals and Telecom Products.
Products :	Not Divulged
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

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 :

Information declined by the management

Bankers :

• Standard Chartered Bank, Narain Manzil, 23, Barakhamba Road, Delhi - 110001, India
• Central Bank of India, Corproate Finance Branch,1^st Floor, M. M. O. Building, M.G Road, Fort, Mumbai, Maharashtra - 400023, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
Indian rupee loan from Bank	9.746	51.242
SHORT TERM BORROWING
Cash credit from bank (secured)-net of debit balances	1531.523	1326.371
Total	1541.269	1377.613
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. SHORT TERM BORROWINGS Cash credit from banks is secured against hypothecation of Stocks & 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
Name :	Chartered Accountant
Memberships :	Not Available
Collaborators :	Not Available
Other Related parties: (Enterprises significantly influenced by key management personnel) :	· Trillizo Holdings Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

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 2015
	No. in Lacs	Rs. in Million
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 2015, the amount of per share final dividend proposed as distribution to the equity shareholders is Rs. 2/- (31st March 2014: Rs. 1.40)

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	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	66.550	66.550	66.550
(b) Reserves & Surplus	735.732	641.508	536.287
(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)	802.282	708.058	602.837
(3) Non-Current Liabilities
(a) long-term borrowings	9.746	51.242	97.341
(b) Deferred tax liabilities (Net)	26.835	27.373	19.738
(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)	36.581	78.615	117.079
(4) Current Liabilities
(a) Short term borrowings	2170.327	2172.107	2067.003
(b) Trade payables	2202.499	2277.634	1702.024
(c) Other current liabilities	197.542	159.992	257.193
(d) Short-term provisions	18.070	29.464	7.735
Total Current Liabilities (4)	4588.438	4639.197	4033.955
TOTAL	5427.301	5425.870	4753.871
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	369.893	411.013	402.689
(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	9.712	7.392	6.828
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.521	0.521
(e) Other Non-current assets	0.183	1.038	2.698
Total Non-Current Assets	379.788	419.964	412.736
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2002.257	2030.915	1899.643
(c) Trade receivables	2377.222	2259.407	1808.266
(d) Cash and cash equivalents	392.600	395.149	343.936
(e) Short-term loans and advances	261.437	308.951	281.128
(f) Other current assets	13.997	11.484	8.162
Total Current Assets	5047.513	5005.906	4341.135
TOTAL	5427.301	5425.870	4753.871

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	21288.890	22749.344	18964.182
	Other Income	99.847	132.472	86.323
	TOTAL	21388.737	22881.816	19050.505
Less	EXPENSES
	Purchases of Stock-in-Trade	20297.781	21864.572	17968.198
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	28.658	(131.272)	79.831
	Employees benefits expense	219.904	217.024	224.519
	Other expenses	295.106	398.015	363.579
	TOTAL	20841.449	22348.339	18636.127
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	547.288	533.477	414.378
Less	FINANCIAL EXPENSES	325.337	325.898	265.169
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	221.951	207.579	149.209
Less/ Add	DEPRECIATION/ AMORTISATION	47.132	31.823	27.694
	PROFIT/ (LOSS) BEFORE TAX	174.819	175.756	121.515
Less	TAX	57.962	59.635	40.079
	PROFIT/ (LOSS) AFTER TAX	116.857	116.121	81.436
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	482.857	377.636	303.935
Less	APPROPRIATIONS
	Proposed Dividend	13.310	9.317	6.655
	Dividend Distribution Tax	2.661	1.583	1.080
	BALANCE CARRIED TO THE B/S	583.743	482.857	377.636
	IMPORTS
	Raw Materials	2779.869	4313.300	3535.300
	TOTAL IMPORTS	2779.869	4313.300	3535.300
	Earnings Per Share (Rs.)	17.56	17.45	12.24

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	41.496	42.254	42.415
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	256.961	255.979	351.453

QUARTERLY RESULTS

PARTICULARS	30.06.2015 Unaudited 1^st Quarter	30.09.2015 Unaudited 2^nd Quarter
Net Sales	5718.920	5801.820
Total Expenditure	5607.490	5636.320
PBIDT (Excl OI)	111.430	165.500
Other Income	18.900	39.260
Operating Profit	130.330	204.760
Interest	80.000	126.560
Exceptional Items	NA	NA
PBDT	50.330	78.200
Depreciation	11.780	11.200
Profit Before Tax	38.550	67.000
Tax	13.000	22.000
Provisions and contingencies	NA	NA
Profit After Tax	25.550	45.000
Extraordinary Items	NA	NA
Prior Period Expenses	NA	NA
Other Adjustments	NA	NA
Net Profit	25.550	45.000

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	0.55	0.51	0.43
Operating Profit Margin (PBIDT/Sales)	(%)	2.57	2.35	2.19
Return on Total Assets (PBT/Total Assets}	(%)	3.23	3.24	2.56
Return on Investment (ROI) (PBT/Networth)		0.22	0.25	0.20
Debt Equity Ratio (Total Debt /Networth)		2.72	3.14	3.59
Current Ratio (Current Asset/Current Liability)		1.10	1.08	1.08

STOCK PRICES

Face Value	Rs. 10.00/-
Market Value	Rs. 119.80/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	66.550	66.550	66.550
Reserves & Surplus	536.287	641.508	735.732
Share Application money pending allotment	0.000	0.000	0.000
Net worth	602.837	708.058	802.282
long-term borrowings	97.341	51.242	9.746
Short term borrowings	2067.003	2172.107	2170.327
Current Maturities of Long Term Debt	41.496	42.254	42.415
Total borrowings	2205.840	2265.603	2222.488
Debt/Equity ratio	3.659	3.200	2.770

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	18964.182	22749.344	21288.890
		19.960	(6.420)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	18964.182	22749.344	21288.890
Profit	81.436	116.121	116.857
	0.43%	0.51%	0.55%

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)	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

UNSECURED LOAN

Particulars	As on 31.03.2015	As on 31.03.2014
SHORT TERM BORROWING
Loans And Advances From Related Parties	145.035	218.672
Loans and Advances From Others	493.769	627.064
Total	638.804	845.736

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10529274	06/11/2015 *	60,000,000.00	Standard Chartered Bank	Narain Manzil, 23, Barakhamba Road, New Delhi, Delhi - 110001, INDIA	C69896793
2	10509799	04/09/2015 *	400,000,000.00	RBL Bank Limited	SHAHUPURI,KOLHAPUR, KOLHAPUR, Maharashtra - 416001, INDIA	C65416349
3	10430735	10/06/2013	100,000,000.00	Standard Chartered Bank	Narain Manzil, 23, Barakhamba Road, Delhi, Delhi - 110001, INDIA	B76964972
4	10430736	06/11/2015 *	450,000,000.00	Standard Chartered Bank	Narain Manzil, 23, Barakhamba Road, New Delhi, Delhi - 110001, INDIA	C69896322
5	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
6	10075837	20/11/2014 *	74,500,000.00	Bombay Mercantile Cooperative Bank Limited	78 Mohamedali Road, Mumbai, Maharashtra - 400003,  INDIA	C35942721
7	10063166	14/09/2015 *	200,000,000.00	KOTAK MAHINDRA BANK LIMITED	27BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai, Maharashtra - 400051, INDIA	C65245300
8	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
9	10010071	28/07/2010 *	200,000,000.00	Standard Chartered Bank	90, M G Road, Fort, Mumbai, Maharashtra - 400001,  INDIA	A90668955
10	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

* Date of charge modification

CORPORATE INFORMATION:

Subject 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.

FINANCIAL PERFORMANCE:

The consolidated revenue of the company for the year was Rs 23888.896 Million as against Rs 23618.786 Million in the previous year. The consolidated net profit after tax for the year was Rs 121.022 Million as against Rs. 117.223 Million.

OPERATIONAL PERFORMANCE:

The year gone by has been satisfactory. The Company registered revenue of Rs. 21388.737 Million as against Rs. 22881.816 Million in the previous year. The Company's consolidated revenue has grown marginally to Rs. 23888.896 Million as against Rs. 23618.786 Million in the previous year.

The Net Profit after Tax stood at Rs.116.857 Million as against Rs. 116.121 Million in the previous year. The Consolidated Profit after Tax grew to Rs.121.022 Million as against Rs. 117.223 Million in the previous year.

FUTURE OUTLOOK:

While 2014 - 15 was a challenging year with PC showing a flat to low sign digit growth. It was a year in which the PC industry consolidated with some brands exiting the PC business. And post elections, while sentiments remained positive, momentum was yet to pickup.

However, the future is very promising. With the Digital India Campaign, Smart cities and Broadband penetration plans, and the low PC penetration in India, it is bound to create lot of opportunities in the industry. Your Company with its nationwide operations and strong relationships with Resellers is well positioned to benefit out of it. Further, with its focus on strengthening its Smartphones portfolio will give further impetus to the growth plans of the company.

MANAGEMENT DISCUSSION AND ANALYSIS

ECONOMIC OUTLOOK

2014 on the whole was a good year. The world was beginning to climb out of a recession post the financial crisis. USA lead the way, despite having to cope with funding over its budget. It has been creating jobs and its housing market too has improved sharply. In Europe too there was a better story, though an uneven one. Africa grew encouragingly. But the biggest story has been of the structural shift of the world economy from the developed world to the emerging world. And in the emerging world,India looks most promising. While the world on the whole may not be out of trouble, but 2015 and 2016 are expected to yield much better and balanced growth for the world with IMF forecasting 7.5% growth for the Indian economy

INDUSTRY OUTLOOK

The technology industry is one of the most dynamic industries in the world. It is this dynamism that offers growth opportunities to those who adopt with changing times. Newer technologies are emerging; businesses are being transacted in ways unheard of in the past.

There are shifts happening in use of devices from PC's to smartphones. Newer opportunities are arriving in mobiles, cloud and big data. E-commerce is gaining traction. However, distribution continues to provide immense value to the vendors and the resellers. But, one needs to constantly evolve to grow and lead.

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2015
Guarantees given by the Banks on behalf of the Company	574.218
Corporate Guarantee given on behalf of Subsidiary	31.250
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.)	16.209
TOTAL	621.677

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.09.2015

(Rs. in Million)

Sr. No	PARTICULARS	Quarter Ended 30.09.2014 Unaudited	Quarter Ended 30.06.2014 Unaudited	Nine Months Ended 30.09.2014 Unaudited
1	Income from operations
a	Net Sales of traded goods and Services	5801.815	5718.915	11520.730
b	Other Operating Income	0.000	0.000	0.000
	Total Income from operations	5801.815	5718.915	11520.730
	Expenses:
a	Cost of Goods Sold	5507.679	5494.705	11002.384
b	Employee Cost	56.373	56.934	113.307
c	Depreciation	11.204	11.781	22.985
d	Other Expenses	72.264	55.849	128.113
	Total	5647.520	5619.269	11266.789
3	Profit from Operations before Other Income, Interest and Exceptional Items (1-2)	154.295	99.646	253.941
4	Other Income	39.259	18.901	58.160
5	Profit before Interest and Exceptional Items (3+4)	193.554	118.547	312.101
6	Finance costs	126.555	79.995	206.550
7	Profit after Interest but before Exceptional Items (5-6)	66.999	38.552	105.551
8	Exceptional items	0.000	0.000	0.000
9	Profit from Ordinary Activities before tax	66.999	38.552	105.551
10	Tax Expense
a	Provision for taxation including deffered	22.000	13.000	35.000
11	Net Profit from ordinary Activities after tax (9-10)	44.999	25.552	70.551
12	Extraordinary Items	--	--	--
13	Net Profit for the period (11-12)	44.999	25.552	70.551
14	Paid-up equity share capital (Face value of Rs.10/- per share)	117.480	117.480	117.480
15	Reserves excluding Revaluation Reserve as per balance sheet of previous accounting year
16	Earnings per share (EPS). Basic and diluted EPS (Rs.)	3.83	2.18	6.01
A	PARTICULARS OF SHAREHOLDING
	Public Shareholding
	-Number of shares	4525675	4525675	4525675
	-% of Holding	38.52	38.52	38.52
	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	7222324	7222324	7222324
	-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)	61.48	61.48	61.48
	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

STANDALONE STATEMENT OF ASSETS AND LIABILITIES

Particulars		As at 30.09.2015
	Particulars
A	EQUITY AND LIABILITIES
1	Shareholder’s Funds
	a) Share Capital	117.480
	b) Reserves & Surplus	845.157
	c) Money received against share warrants	0.000
	Sub Total- Shareholders funds	962.637
2	Share application money pending allotment
3	Minority Interest
4	Non-current liabilities
	(a) Long term borrowings	0.000
	(b) Deferred tax liabilities (net)	26.835
	fc) Long term provisions	0.000
	Sub Total- Non Current Liabilities	26.835
5	Current liabilities
	(a) Short term borrowings	2171.649
	(b) Trade Payables	2729.888
	(c) Other current liabilities	76.137
	(d) Short term provisions	0.000
	Sub Total- Current Liabilities	4977.674
	TOTAL-EQUITY AND LIABILITIES	5967.146
B	ASSETS
1	Non-current assets
	(a) Fixed assets	352.242
	(b) Non-current investments	9.712
	Sub-Total- Non-current assets	361.954
2	Current assets
	a) Current Investments	25.102
	b) Inventories	2325.902
	c) Trade Receivables	2611.657
	d) Cash and cash equivalents	420.129
	(e) Short term loans and advances	207.677
	(f) Other current assets	14.725
	Sub-Total- current assets	5605.192
	TOTAL ASSETS	5967.146

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 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. 66.55
UK Pound	1	Rs. 10.64
Euro	1	Rs. 70.70

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	KAS
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	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.