MIRA INFORM REPORT

Report Date :

10.12.2011

IDENTIFICATION DETAILS

Name :	DEVHARSH INFOTECH PRIVATE LIMITED (w.e.f. 30.11.2004)
Formerly Known As :	HARMONY INFOTECH PRIVATE LIMITED
Registered Office :	1103 Adinath Tower Sudha Park, Opposite Shanti Park, Garodia Nagar, Ghatkopar (East), Mumbai – 400077, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.06.2004
Com. Reg. No.:	11-146993
Capital Investment / Paid-up Capital :	Rs.0.100 million
CIN No.: [Company Identification No.]	u30007mh2004ptc146993
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Importer and Exporter of ATM Rolls, Theatre Ticket Rolls and All Types of Rolls
No. of Employees :	15 + 50 Contract Worker (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 57000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appears to be some dip in the turnover and profitability of the company. However, trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

INFORMATION PARTED BY

Name :	Mr. Firoz
Designation :	Export Assistance
Contact No.:	91-22-67979911
Date :	09.12.2011

LOCATIONS

Registered Office :	1103 Adinath Tower Sudha Park, Opposite Shanti Park, Garodia Nagar, Ghatkopar (East), Mumbai – 400 077, Maharashtra, India
Tel. No.:	91-22-25784858
Mobile No.:	91-9321028626 [Mr. Rakesh Shah]
Fax No.:	91-22-25772712
E-Mail :	dilip@luckyforms.com rakesh@luckyforms.com dilip@luckyforms.com mhjain@vsnl.net accounts@luckyforms.com
Website :	http://www.luckyforms.com
Area :	1500 Sq. ft.
Location :	Owned
Factory :	Plot No. A/205, ITC Industrial Area, Pawane Village, Khairdhe, Navi Mumbai – 400 705, Maharashtra, India
	91-22-67974911/32501891
	91-22-25772712
E-Mail:	rakesh@luckyforms.com
Websites:	www.luckyforms.com
Area :	5000 Sq. ft.
Location :	Rented

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Dilip Mansukhlal Shah
Designation :	Director
Address :	1103 Adinath Tower Sudha Park, Opposite Shanti Park, Garodia Nagar, Ghatkopar (East), Mumbai – 400077, Maharashtra, India
Date of Birth/Age :	25.03.1963
Date of Appointment :	16.06.2004
DIN No.:	01263227

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U30007MH2004PTC146993	DEVHARSH INFOTECH PRIVATE LIMITED	Director	16-06-04	16-06-04	-	Active	NO
2	U30007MH2004PTC148736	SRD INFOTECH PRIVATE LIMITED	Director	21-09-04	21-09-04	01-04-08	Active	NO
3	U26991MH2004PTC068955	LUCKY FORMS PRIVATE LIMITED	Director	30-09-04	30-09-04	-	Active	NO

Name :	Mr. Rakesh Shah
Designation :	Director
Address :	601, Parhwanath, Sudha Park, Garodia, Nagar, Ghatkopar (East), Mumbai – 400 077, Maharashtra, India
Date of Birth/Age :	08.02.1969
Date of Appointment :	16.06.2004
DIN No.:	01627360

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U30007MH2004PTC146993	DEVHARSH INFOTECH PRIVATE LIMITED	Director	16-06-04	16-06-04	-	Active	NO
2	U30007MH2004PTC148736	SRD INFOTECH PRIVATE LIMITED	Director	21-09-04	21-09-04	01-04-08	Active	NO
3	U26991MH2004PTC068955	LUCKY FORMS PRIVATE LIMITED	Director	30-09-04	30-09-04	-	Active	NO
4	U91920PN2009NPL133681	CARD MANUFACTURERS' ASSOCIATION OF INDIA	Additional director	18-08-11	18-08-11	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Firoz
Designation :	Export Assistance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Dilip Mansukhlal Shah	490
Rakesh M Shah	490
Dhiruvi R Shah	10
Lucky Forms (Private) Limited, India	10
Total	1000

AS ON 30.09.2011

Equity Shares Break Up	Percentage
Directors or relatives of Directors	99.00
Other top fifty shareholders	1.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Importer and Exporter of ATM Rolls, Theatre Ticket Rolls and All Types of Rolls
Exports :
Products :	§ ATM Rolls § Theatre Rolls
Countries :	· Srilanka · Africa · Gulf Countries · Dubai
Imports :
Products :	Papers
Countries :	· Germany · Japan · China
Terms :
Selling :	Cash, Advance
Purchasing :	Cash, Advance

GENERAL INFORMATION

Suppliers :

· Siranty

Customers :

Manufacturer

· Suragat Business Farm

No. of Employees :

15 + 50 Contract Worker (Approximately)

Bankers :

§ The Saraswat co-Operative Bank Limited, Rasec Branch, Ishan Arcade, Opposite Gaondevi Temple, Third Floor, Naupada, Thane – 400602, Maharashtra, India

§ HDFC Bank, Ghatkopar, Mumbai, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Saraswat Bank (Term Loan A/c 3043)	0.000	0.709
Saraswat Bank (Term Loan A/c 44)	5.435	7.203
Saraswat Bank (Term Loan A/c 5696)	0.522	1.941
Saraswat Bank (Term Loan A/c 6333) (Bhumi Associates)	14.545	14.564
Saraswat Bank (Term Loan A/c 6122)	0.516	0.000
Saraswat Bank (Term Loan A/c 6544)	0.578	0.000
Saraswat Bank (Term Loan A/c 6545)	0.579	0.000
Total	22.175	24.417
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Directors	0.819	7.342
From shareholders	2.295	2.516
Total	3.114	9.858

Sarswat Co-operative Bank Over Draft Limit Rs. 1800.000 Millions

Banking Relations :	--
Auditors :
Name :	M H Jain and Company Chartered Accountant
Address :	103, Kothari Niwas, Sanitorium Lane, Ghatkopar (West), Mumbai-400086, Maharashtra, India
Tel. No.:	91-22-25125416
Fax No.:	91-22-23449097
PAN No.:	AACCC0642D
Associates/Subsidiaries :	§ Lucky Forms Private Limited, Mumbai Activity: Manufacturer of Security Items in Paper for eg. Cheque Railway Ticket.

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs. 2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000	Equity Shares	Rs.100/- each	Rs. 0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		14.375	13.091	8.168
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		14.475	13.191	8.268
LOAN FUNDS
1] Secured Loans		22.175	24.417	4.535
2] Unsecured Loans		3.114	9.858	8.076
TOTAL BORROWING		25.289	34.275	12.611
DEFERRED TAX LIABILITIES		0.000	0.098	0.111
TOTAL		39.764	47.564	20.990
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		17.777	17.863	16.011
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		19.053	18.806	3.435
DEFERREX TAX ASSETS		0.163	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.868	25.466	22.950
	Sundry Debtors	15.432	25.611	28.714
	Cash & Bank Balances	2.149	2.282	1.963
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	19.717	33.801	14.950
Total Current Assets		43.166	87.160	68.577
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	39.889	28.452	41.199
	Other Current Liabilities		42.516	22.674
	Provisions	0.532	5.331	3.200
Total Current Liabilities		40.421	76.299	67.073
Net Current Assets		2.745	10.861	1.504
MISCELLANEOUS EXPENSES		0.026	0.034	0.040
TOTAL		39.764	47.564	20.990

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES		155.330	227.113	202.848
Less	EXPENSES
		Office Expenses	NA	NA	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		8.487	12.748	7.320
Less	FINANCIAL EXPENSES		4.758	3.664	2.565
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		3.729	9.084	4.755
Less/ Add	DEPRECIATION/ AMORTISATION		2.173	2.040	0.974
	PROFIT BEFORE TAX		1.556	7.044	3.781
Less	TAX		0.272	2.121	1.089
	PROFIT AFTER TAX		1.284	4.923	2.692
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		13.090	8.167	5.568
Less	APPROPRIATIONS
		Frienge Benefit Tax	0.000	0.000	0.093
	BALANCE CARRIED TO THE B/S		14.374	13.090	8.167
	Earnings Per Share (Rs.)		1284.00	4923.00	2692.00

Expected Sales (2011-2012) : Rs. 150.000 Millions.

The above information has been parted by Mr. Firoz.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	1.00	3.10	1.86
Return on Total Assets (PBT/Total Assets}	(%)	2.55	6.71	4.47
Return on Investment (ROI) (PBT/Networth)		0.11	0.53	0.46
Debt Equity Ratio (Total Liability/Networth)		4.54	8.38	9.64
Current Ratio (Current Asset/Current Liability)		1.07	1.14	1.02

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS: -

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Creditors for Expenses	NA	0.338	0.425
Creditors for Goods	NA	28.114	40.774
Total	NA	28.452	41.199

Check List by Info Agents	Available in Report (Yes / No)
1. Year of Establishment	Yes
2. Locality of the firm	Yes
3. Constructions of the firm	Yes
4. Premises details	Yes
5. Type of Business	Yes
6. Line of Business	Yes
7. Promoter’s background	------
8. No. of Employees	Yes
9. Name of person contacted	Yes
10. Designation of contact person	Yes
11. Turnover of firm for last three years	Yes
12. Profitability for last three years	Yes
13. Reasons for variation <> 20%	------
14. Estimation for coming financial year	Yes
15. Capital in the business	Yes
16. Details of sister concerns	Yes
17. Major suppliers	Yes
18. Major customers	Yes
19. Payments terms	Yes
20. Export / Import details	Yes
21. Market information	------
22. Litigations that the firm / promoter involved	------
23. Banking Details	Yes
24. Banking facility details	Yes
25. Conduct of the banking account	------
26. Buyer visit details	------
27. Financials, if provided	No
28. Incorporation details, if applicable	------
29. Last accounts filed at ROC	------
30. Major Shareholders, if available	------

FORM 8

Corporate identity number of the company	U30007MH2004PTC146993
Name of the company	DEVHARSH INFOTECH PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	1103 Adinath Towersudha Park Opposite Shanti Park, Garodia Nagar, Ghatkopar (East), Mumbai -400077, Maharashtra, India mhjain@vsnl.net
This form is for	Creation of charge
Type of charge	· Book debts · Movable property (not being pledge) · Vehicles
Particular of charge holder	The Saraswat Co-Operative Bank Limited RASEC Branch, Ishan Arcade, Opposite Gaondevi Temple, Third Floor, Naupada, Thane – 400602, Maharashtra, India kamalax_saraf@hotmail.com
Nature of instrument creating charge	Agreement of Hypothecation of Vehicles.
Date of instrument Creating the charge	02.09.2010
Amount secured by the charge	Rs.0.710 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 9.50% p.a. or at such other rates may be fixed by the Bank from time to time. Terms of repayment 36 Monthly Installment of Rs.27,800/- each Margin As per sanction term and Conditions. Extent and operation of the charge Not Applicable Others Not Applicable
Short particulars of the property charged (Including location of the property)	Borrower Hypothecate in favour of the Bank the said vehicles registered with the regional transport office lying and being at borrowers place of parking or wherever else the same may be kept on in. The course of Transit to the borrowers the hypothecated vehicles.

TRADE REFERENCES:

· Suragat Business Farm

· Siranty

· Prism Payments Services

· Punjab and Maharashtra Bank

fixed assets:-

· Computer

· Land and Building

· Office Equipments

· Plant and Machinery

· Vehicles

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. 52.22
UK Pound	1	Rs. 81.54
Euro	1	Rs. 69.60

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.