MIRA INFORM REPORT

Report No. :	345219
Report Date :	14.10.2015

IDENTIFICATION DETAILS

Name :	HARDTRAC COMPUTER SERVICES PRIVATE LIMITED
Registered Office :	78/ 80, Navinchandra Building, Vithal Wadi, Kalbadevi Road, Mumbai – 400002, Maharashtra
Tel. No.:	91-22-66347435 / 66342119 / 66345474
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	25.06.1993
Com. Reg. No.:	11- 072586
Capital Investment / Paid-up Capital :	Rs.0.855 Million
CIN No.: [Company Identification No.]	U52392MH1993PTC072586
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 :	Dealer in Computer, Computer Parts and Computer Peripherals.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1993 having moderate track. The rating takes into consideration low profit margin of the company. Further, the borrowings recorded by the company are huge which act as a threat to the liquidity position of the company. Their trade relations are reported as fair. Business is active. Payments terms are reported as slow but correct. The company can be considered for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

INFORMATION DENIED BY

Name :	Mr. Bhavik Jhaveri
Designation :	Director
Contact No.:	91-9820136072
Date :	13.10.2015

LOCATIONS

Registered Office :	78/80, Navinchandra Building, Vithal Wadi, Kalbadevi Road, Mumbai- 400002, Maharashtra, India
Tel. No.:	91-22-66347435 / 66342119 / 66345474
Mobile No.:	91-9820136072 (Mr. Bhavik Jhaveri)
Fax No.:	91-22-66342118
E-Mail :	hardtrac@bom3.vsnl.net.in hardtrac.09@gmail.com
Website :	www.hardtrac.com
Area :	300 sq. ft.
Location :	Owned
Head Office :	Shop No. 1A, Ground Floor, Sim Lim Square Pre. Co-Operative Society Limited, Lamington Road, Dr. D.B. Marg, Grant Road (East), Mumbai – 400007, Maharashtra, India
Tel. No.:	91-22-61187000 [100 Lines]
Intercom :	91-22-66586580 / 81 / 82 / 7378 / 7379
E-Mail :	bimal@hardtr.co.in
Area :	400 sq. ft.
Location :	Rented
Branch Office :	Located at: · Kandivali · Andheri · Miraroad · Vasai · Nalasopara · Kalyan · Pune · Chinchwad

DIRECTORS

As on 29.09.2014

Name :	Mr. Bimal Maheshchandra Jhaveri
Designation :	Director
Address :	E/303, Mota Nagar, Andheri Kurla Road, Andheri (East), Mumbai-400069, Maharashtra, India
Date of Birth/Age :	28.11.1966
Qualification :	Post Graduate
Date of Appointment :	25.06.1993
DIN No.:	02147441
Name :	Mrs. Neema Bimal Jhaveri
Designation :	Director
Address :	E/303, Mota Nagar, Andheri Kurla Road, Andheri (East), Mumbai-400069, Maharashtra, India
Date of Birth/Age :	10.10.1966
Qualification :	Graduate
Date of Appointment :	25.06.1993
DIN No.:	02147501
Name :	Mr. Bhavik Kishor Jhaveri
Designation :	Director
Address :	302, Shanti Sandan Buuilding, Prathana Samaj Road, Vile Parle (East), Mumbai- 400057, Maharashtra, India
Date of Birth/Age :	12.02.1980
Date of Appointment :	04.04.2005
DIN No.:	02147519

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2014

Names of Shareholders	No. of Shares
Bimal Jhaveri	1000
Neema Jhaveri	1000
Hemlata Jhaveri	83500
TOTAL	85500

As on 29.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Dealer in Computer, Computer Parts and Computer Peripherals.
Products :	Computer Peripherals Computer Software
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
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 :

Bank Name	Standard Chartered Bank
Branch	SME Credit, 23-25, M G Road, Fort, Mumbai-400001, 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)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term Loan
- From Bank	0.616	1.021
Short-term borrowings
Loan Repayable on Demand
From Bank	18.963	22.629
Total	19.579	23.650

Auditors :
Name :	Mitesh C. Gandhi and Company Chartered Accountants
Address :	6/34, Varma Nagar, Old Nagardas Road, Andheri (East), Mumbai-400069, Maharashtra, India
Qualification:	B.Com FCA
PAN N Income-tax PAN of auditor or auditor's firm :	AADPG1159M
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.10/- each	Rs.1.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
85500	Equity Shares	Rs.10/- each	Rs.0.855 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.855	0.855	0.855
(b) Reserves & Surplus	8.284	6.177	4.299
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	9.139	7.032	5.154
(3) Non-Current Liabilities
(a) long-term borrowings	19.094	14.813	15.439
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	19.094	14.813	15.439
(4) Current Liabilities
(a) Short term borrowings	18.963	22.629	21.291
(b) Trade payables	34.355	48.904	24.481
(c) Other current liabilities	0.104	0.244	0.528
(d) Short-term provisions	0.830	0.725	0.330
Total Current Liabilities (4)	54.252	72.502	46.630
TOTAL	82.485	94.347	67.223
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4.322	4.522	2.059
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.051	0.934	0.537
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	4.373	5.456	2.596
(2) Current assets
(a) Current investments	0.028	0.027	0.027
(b) Inventories	14.909	5.666	5.930
(c) Trade receivables	59.094	82.693	57.710
(d) Cash and cash equivalents	1.339	(0.006)	0.467
(e) Short-term loans and advances	2.742	0.511	0.493
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	78.112	88.891	64.627
TOTAL	82.485	94.347	67.223

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	536.410	574.161	366.387
	Other Income	31.554	11.167	17.719
	TOTAL	567.964	585.328	384.106
Less	EXPENSES	564.973	582.652	NA
	PROFIT/ (LOSS) BEFORE TAX	2.991	2.676	NA
Less	TAX	0.830	0.725	NA
	PROFIT/ (LOSS) AFTER TAX	2.162	1.951	1.020
	Earnings / (Loss) Per Share (Rs.)	25.29	22.82	11.93

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from operating activity	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.40	0.34	0.28
Return on Total Assets (PBT/Total Assets}	(%)	3.63	2.84	571.39
Return on Investment (ROI) (PBT/Networth)		0.33	0.38	74.53
Debt Equity Ratio (Total Debt /Networth)		4.16	5.32	7.13
Current Ratio (Current Asset/Current Liability)		1.44	1.23	1.39

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	0.855	0.855	0.855
Reserves & Surplus	4.299	6.177	8.284
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	5.154	7.032	9.139
long-term borrowings	15.439	14.813	19.094
Short term borrowings	21.291	22.629	18.963
Total borrowings	36.730	37.442	38.057
Debt/Equity ratio	7.127	5.325	4.164

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	366.387	574.161	536.410
		56.709	(6.575)

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	366.387	574.161	536.410
Profit	1.020	1.951	2.161
	0.28%	0.34%	0.40%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	Yes
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	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	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

FINANCIAL RESULT:

The directors are pleased to inform you that the company has achieved a turnover of Rs.536.410 Million in the financial year 2013-2014 as against turnover of Rs.574.161 Million achieved in previous financial year 2012-2013. The net profit earned by the company after tax in the financial year 2013-2014 is Rs.2.162 Million as against the Net Profit of Rs.1.951 Million earned in the previous financial year 2012-2013.

The Economic scenario is undergoing tremendous changes and your directors are pleased to inform you that the company has adapted itself very well to the changing external environment, which is evident from the financial results indicated above. The company has added excellent product range into the already existing product ranges and generally performed well.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans From Directors	18.478	13.792
Total	18.478	13.792

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10236393	27/07/2010	40,000,000.00	STANDARD CHARTERED BANK	SME CREDIT, 23-25, M G ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	A92832153
2	90156323	26/04/1996	1,000,000.00	COOPERATIVE BANK OF AHMEDABAD LTD	MANDVI, MUMBAI, MAHARASHTRA, INDIA	-

FIXED ASSETS

• Furniture
• Computer
• Telephone
• Motor Car
• Air Conditioner
• Refrigerator

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.65.02
UK Pound	1	Rs.99.88
Euro	1	Rs.73.91

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	DIV
Report Prepared by :	SUD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.