MIRA INFORM REPORT

Report Date :

10.12.2012

IDENTIFICATION DETAILS

Name :	RACCA INFOTECH PRIVATE LIMITED
Registered Office :	C- Wing, Alco Market, Rajiv Nagar, Nashik – 422009, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	30.05.2000
Com. Reg. No.:	11-126848
Capital Investment / Paid-up Capital :	Rs.2.490 Millions
CIN No.: [Company Identification No.]	U72200MH2000PTC126848
TAN No.: [Tax Deduction & Collection Account No.]	NSKR00969D
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Dealers of Computer Peripherals.
No. of Employees :	70 (Approximately)

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

Maximum Credit Limit :	USD 30000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Latest financials i.e. 2011-12 are missing from the government department. From the financial of 2011 it seems that the company is doing well. 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.

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

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 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Bhushan
Designation :	Account Head
Contact No.:	91-9326730083
Date :	08.12.2012

LOCATIONS

Registered Office :	C- Wing, Alco Market, Rajiv Nagar, Nashik – 422009, Maharashtra, India
Tel. No.:	91-253-2395513
Mobile No.:	91-9326730083 (Mr. Bhushan) 91-9373900081 (Mr. Adhar Racca) 91-9372795995 (Mr. Anand Racca)
Fax No.:	91-253-2395513
E-Mail :	bdkhairnr@dataone.in accounts@raccinfotech.com adhar@raccainfotech.com anand@raccainfotech.com
Website :	http://www.raccainfotech.com
Location :	Owned
Administrative Office :	D-Wing, Alco Market, Near State Bank Chowk, Rajiv Nagar, Nashik – 422009, Maharashtra, India
Tel. No.:	91-253-2395513/ 2394513/ 3290806/ 3294394
Fax No.:	91-253-2395513

DIRECTORS

(AS ON 30.09.2011)

Name :	Mr. Adhar Kantilal Racca
Designation :	Chairman cum Managing Director
Address :	C- Wing, Alco Market, Rajiv Nagar, Nashik-422009, Maharashtra, India
Date of Birth/Age :	04.11.1969
Date of Appointment :	30.06.2007
DIN No.:	00212421
Name :	Mr. Anand Kantilal Racca
Designation :	Managing Director
Address :	C- Wing, Alco Market, Rajiv Nagar, Nashik-422009, Maharashtra, India
Date of Birth/Age :	08.06.1971
Date of Appointment :	30.06.2007
DIN No.:	00212477
Name :	Mrs. Shilpa Adhar Racca
Designation :	Director
Address :	C- Wing, Alco Market, Rajiv Nagar, Nashik-422009, Maharashtra, India
Date of Birth/Age :	30.03.1975
Date of Appointment :	30.06.2007
DIN No.:	00212581
Name :	Mrs. Jyoti Anand Racca
Designation :	Director
Address :	C- Wing, Alco Market, Rajiv Nagar, Nashik-422009, Maharashtra, India
Date of Birth/Age :	31.10.1975
Date of Appointment :	30.06.2007
DIN No.:	01002343
Name :	Mrs. Nirmala Kantilal Racca
Designation :	Director
Address :	C- Wing, Alco Market, Rajiv Nagar, Nashik-422009, Maharashtra, India
Date of Birth/Age :	15.08.1947
Date of Appointment :	30.06.2007
DIN No.:	01002363

KEY EXECUTIVES

Name :	Mr. Bhushan
Designation :	Account Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Adhar Kantialal Racca	6803
Anand Kantilal Racca	2500
Nirmala Kantilal Racca	3148
Shilpa Adhar Racca	9302
Jyoti Anand Racca	3147
Total	24900

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Dealers of Computer Peripherals.
Brand Name :	· IBM · Lenovo · HP · Microsoft · Cisco/ Linksys · Tyco · APC · Samsung · Sony · Epson
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

· Redington (India) Limited

· Ingram Micro India Limited

Customers :

End Users

No. of Employees :

70 (Approximately)

Bankers :

· Bank of Maharashtra,

Ambad I E Branch, Ambad, Nashik – 422010, Maharashtra, India

· HDFC Bank Limited

· Axis Bank Limited

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Bank of Maharashtra CC 169	(0.053)	1.807
Bank of Maharashtra Van Loan	0.000	0.065
HDFC Car Loan	0.195	0.348
Total	0.142	2.220
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Akash Racca	0.166	0.166
Manish Racca	0.100	0.100
Nirmal Racca	0.100	0.100
Sushila Racca	0.365	0.381
Kantilal M Racca	0.545	0.520
S P Kulkarni	0.000	0.318
Adhar Racca	0.100	0.100
Shipa Racca	0.210	0.210
Agate System	0.000	1.000
Total	1.586	2.895

Banking Relations :	--
Auditors :
Name :	B D Khairnar and Company Chartered Accountant
Address :	6, Madhumalti Market, Sarda Circle, Nashik – 422001, Maharashtra, India
PAN.:	AGDPK8254H
Associates/Subsidiaries :	· Space Computer · Space Systems

CAPITAL STRUCTURE

(AS ON 30.09.2012)

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
24900	Equity Shares	Rs.100/- each	Rs.2.490 Millions

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		2.490	0.990	0.990
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		4.575	3.220	2.266
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		7.065	4.210	3.256
LOAN FUNDS
1] Secured Loans		0.142	2.220	3.474
2] Unsecured Loans		1.586	2.895	3.494
TOTAL BORROWING		1.728	5.115	6.968
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		8.793	9.325	10.224
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.161	2.124	2.472
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.166	1.867	4.386
	Sundry Debtors	8.424	20.725	10.860
	Cash & Bank Balances	0.337	0.432	0.830
	Other Current Assets	0.000	0.000	0.015
	Loans & Advances	1.678	0.820	0.520
Total Current Assets		14.605	23.844	16.611
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	3.761	13.280	6.874
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	4.212	3.363	1.986
Total Current Liabilities		7.973	16.643	8.860
Net Current Assets		6.632	7.201	7.751
MISCELLANEOUS EXPENSES		0.000	0.000	0.001
TOTAL		8.793	9.325	10.224

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	85.177	92.394	66.414
		Annual Maintenance Contracts	4.368	4.326	2.786
		Commission Received	1.912	1.647	1.321
		Service, Web Design and Other Charge	0.865	1.425	0.778
		Rental PC	0.059	0.000	0.038
		Discount Received	0.523	0.681	0.938
		Other Income	0.046	0.070	0.014
		TOTAL	92.950	100.543	72.289
Less	EXPENSES
		Cost of Sales	76.734	85.879	60.180
		Other Expenses	13.909	12.889	10.941
		TOTAL	90.643	98.768	71.119
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		2.307	1.775	1.170
Less/ Add	DEPRECIATION/ AMORTISATION		0.310	0.348	0.302
	PROFIT BEFORE TAX		1.997	1.427	0.868
Less	TAX		0.643	0.473	0.324
	PROFIT AFTER TAX		1.354	0.954	0.544
	Earnings Per Share (Rs.)		54.38	96.36	54.95

Particulars	31.03.2012
Sales Turnover (Approximately)	160.000

Expected Sales (2012-13): Rs.180.000 Millions

The above information has been parted by Mr. Bhushan.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.46	0.95	0.75
Net Profit Margin (PBT/Sales)	(%)	2.34	1.53	1.31
Return on Total Assets (PBT/Total Assets}	(%)	11.91	5.49	4.54
Return on Investment (ROI) (PBT/Networth)		0.28	0.34	0.27
Debt Equity Ratio (Total Liability/Networth)		1.37	5.17	4.86
Current Ratio (Current Asset/Current Liability)		1.83	1.43	1.87

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
Sundry Creditors	3.761	13.280	6.874
Total	3.761	13.280	6.874

PARTIAL DETAILS

Particulars	31.03.2009 (Rs. in Millions)
Acer Cybertech Private Limited	0.311
Alfa Automation	0.007
Atul Electronics	0.100
Master Light House	0.043
Ingram Micro India Private Limited	0.418
Redington (India) Limited	2.196
Right System and Software	0.036
Leading Network System Private Limited	0.245
Space System	0.325
Neoteric Informatic Limited	0.300
Patil Electric and Rewinding	0.003
Quick Heal Technologies Private Limited	0.373
Space Computers	0.095
Rex Infotech Private Limited	0.022

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
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	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

TRADE REFERENCE:

· Redington (India) Limited

· Ingram Micro India Limited

FIXED ASSETS:

· Computer

· Motor Cycle

· Shop

· Furniture

· Active

· Maruti Van

· Air Conditioner

· Swift Car

· Office Equipment

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.54.20
UK Pound	1	Rs.86.99
Euro	1	Rs.70.22

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
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	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	NO
--OTHER MERIT FACTORS	YES/NO	YES
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.