MIRA INFORM REPORT

Report No. :	497849
Report Date :	15.03.2018

IDENTIFICATION DETAILS

Name :	SYSCON SYSTEM
Registered Office :	Office No. 25, 2^nd Floor, Yamuna Building, Tara Temple Lane, Opposite Police Station, Lamington Road, Grand Road (East), Mumbai-400008, Maharashtra
Mobile No.:	91-9820330214 (Mr. Krunal Maheshbhai Gandhi)
Country :	India
Financials (as on) :	31.03.2017
Year of Establishment :	2011
Capital Investment / Paid-up Capital :	INR 1.841 Million
IEC No.: [Import-Export Code No.]	Not Divulged
GSTN : [Goods & Service Tax Registration No.]	27AHNPG5390B1ZD
TIN No.:	27830839366
PAN No.: [Permanent Account No.]	AHNPG5390B
Legal Form :	Sole Proprietary Concern
Line of Business :	Dealer of computer router, wireless router, etc. [From Indirect Sources]
No. of Employees :	2 (Approximately) (As per site visit)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

B

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Maximum Credit Limit :	USD 5200
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Mr. Krunal Gandhi (Proprietor) has only claimed that subject is a proprietorship concern but further he denied to provide any information about the subject. However, as per information gathered from other sources subject established in the year 2011 and it is a dealer of Computer Router and Wireless Router. For the financial year 2017, the concern has earned revenue of INR 60.584 million along with average profit margin of 1.17%. Payment seems to be slow but correct. In view of aforesaid, the concern can be considered for business dealings with some caution. Note: Site Visit was conducted at the given address and our executive has successfully traced the subject at the given address. At the premises our executive met Mr. Chandrakant (Designation not Divulged) and he claimed that subject is situated on the given address and also provided contact number. As per our executive’s observation it is a 4 storey building and subject situated on the 2nd floor. Location was easy to find and locality appears to be commercial. Area seems to be upmarket. 02 employees were sighted at the premises. Name board of the subject was sighted.

NOTES :

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

ECGC Country Risk Classification List

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

NOT AVAILABLE

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 15.03.2018.

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DENIED BY

Name :	Mr. Krunal Maheshbhai Gandhi
Designation :	Proprietor
Contact No.:	91-9820330214
Date :	13.03.2018

Tel. No.: 91-22-33152369 (Number is continuously ringing)

LOCATIONS

Registered Office :	Office No. 25, 2^nd Floor, Yamuna Building, Tara Temple Lane, Opposite Police Station, Lamington Road, Grand Road (East), Mumbai-400008, Maharashtra, India
Tel. No.:	91-22-33152369
Mobile No.:	91-9820330214 (Mr. Krunal Maheshbhai Gandhi)
Fax No.:	Not Available
E-Mail :	Not Available
Locality :	Commercial (As per site visit)

SOLE PROPRIETOR

Name :	Mr. Krunal Maheshbhai Gandhi
Designation :	Proprietor
PAN No.:	AHNPG5390B

BUSINESS DETAILS

Line of Business :	Dealer of computer router, wireless router, etc. [From Indirect Sources]
Products :	Computer router Wireless router
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash and Cheque
Purchasing :	Cash and Cheque

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Experience :	--
Maximum Limit Dealt :	--
Remark :	--

Customers :

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Experience :	--
Maximum Limit Dealt :	--
Remark :	--

No. of Employees :

2 (Approximately) (As per site visit)

Bankers :

Bank Name	Not Divulged
Branch	--
Person Name (With Designation)	--
Contact Number	--
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

Auditors :
Name :	Sanjay A. Shah and Associates Chartered Accountants
Collaborators :	Not Available
Membership :	Not Available
Sister Concern :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2017

PROPRIETOR’S CAPITAL ACCOUNT

(INR in Million)

Particular	Amount	Particular	Amount
LIC	0.119	Balance B/FD	1.833
Drawing	0.327
Advance tax	0.030
PPF (Sons)	0.060
TDS	0.004
Bank	0.160
Balance C/FD	1.841	Net Profit	0.708
Total	2.541	Total	2.541

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2017
SHAREHOLDERS FUNDS
1] Proprietors Capital		1.841
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		1.841
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.616
TOTAL BORROWING		0.616
DEFERRED TAX LIABILITIES		0.000
TOTAL		2.457
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.576
Capital work-in-progress		0.000
INVESTMENT		0.010
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.353
	Sundry Debtors	6.531
	Cash & Bank Balances	0.850
	Other Current Assets	0.287
	Loans & Advances	0.000
Total Current Assets		15.021
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	13.092
	Other Current Liabilities	0.000
	Provisions	0.058
Total Current Liabilities		13.150
Net Current Assets		1.871
MISCELLANEOUS EXPENSES		0.000
TOTAL		2.457

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017
	SALES
	Income	60.584
	Other Income	0.043
	TOTAL	60.627
Less	EXPENSES
	Cost of goods sold	56.929
	Audit fees	0.020
	Advertisement charges	0.065
	Bonus	0.049
	Car insurance	0.015
	Car maintenance charges	0.081
	Conveyance	0.196
	Discount given	0.167
	Electricity	0.047
	Freight charges	0.160
	Licensee fees	0.002
	Membership fees	0.006
	Octroi and freight	0.146
	Salary	0.850
	Office expenses	0.128
	Petrol expenses	0.101
	Printing and stationery	0.027
	Professional tax	0.003
	Office rent	0.216
	Repair and maintenance charges	0.064
	Salary promotion	0.078
	Staff welfare expenses	0.022
	Telephone expenses	0.092
	Travelling expenses	0.090
	TOTAL	59.554
	PROFIT / (LOSS) BEFORE INTEREST, DEPRECIATION AND AMORTISATION	1.073
Less	FINANCIAL EXPENSES	0.240
	PROFIT / (LOSS) BEFORE DEPRECIATION AND AMORTISATION	0.833
Less	DEPRECIATION/ AMORTISATION	0.125
	NET PROFIT	0.708

Note: Sole Proprietary and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry Records.

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017
Average Collection Days (Sundry Debtors / Income * 365)	39.35
Account Receivables Turnover (Income / Sunday Debtors)	9.28
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	83.94
Inventory Turnover (Operating Income / Inventories)	0.15
Asset Turnover (Operating Income / Net Fixed Assets)	1.86

LEVERAGE RATIOS

PARTICULARS	31.03.2017
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.88
Debt Equity Ratio (Total Liability / Networth)	0.33
Current Liabilities to Networth (Current Liabilities / Net Worth)	7.48
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.31
Interest Coverage Ratio (PBIT / Financial Charges)	4.47

PROFITABILITY RATIOS

PARTICULARS		31.03.2017
Net Profit Margin [(PAT / Sales) * 100]	%	1.17
Return on Total Assets ((PAT / Total Assets) * 100)	%	4.54
Return on Investment (ROI) ((PAT / Networth) * 100)	%	38.46

SOLVENCY RATIOS

PARTICULARS	31.03.2017
Current Ratio (Current Assets / Current Liabilities)	1.09
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.56
G-Score Ratio Financial (Networth / Total Assets)	0.12
G-Score Ratio Debt (Debts / Equity Capital)	0.33
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.09

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

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	Yes
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	No
11	Pan Card No. of Proprietor / Partners	Yes
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	Yes
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	No
21	Banking facility details	No
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	No
26	Turnover of firm for last one year	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last one year	Yes
30	Major shareholders, if available	No
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

OBSERVATION POINTS

Name of Company :	SYSCON SYSTEM
Address :	Office No. 25, 2^nd Floor, Yamuna Building, Tara Temple Lane, Opposite Police Station, Lamington Road, Grand Road (East), Mumbai-400008, Maharashtra, India
Mobile No.:	91-9820330214
Person to whom we met:	Mr. Chandrakant (Designation not Divulged)
Name Board:	Sighted
Location:	Easy
Landmark (If Any):	Tara Temple Lane
Total Floors of the building:	4 Floors
Subject situated on :	2^nd Floor
Locality:	Commercial
Area :	Upmarket
No. of Employees seen at Premises :	2
Visibility of Items:	Telephone Computers Office Equipment’s
Furniture Items sighted :	Yes
Proof of visit:	Photograph

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	INR
US Dollar	1	INR 64.99
UK Pound	1	INR 90.83
Euro	1	INR 80.58

INFORMATION DETAILS

Information Gathered by :	SHW
Analysis Done by :	VAR
Report Prepared by :	BHG

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.