MIRA INFORM REPORT

Report Date :

04.04.2013

IDENTIFICATION DETAILS

Name :	COSMIC INFORMATION AND TECHNOLOGY LIMITED
Registered Office :	203, Shaival Plaza, Near Gujarat College, Ellisbridge, Ahmedabad – 380007, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	14.07.1999
Com. Reg. No.:	04-036286
Capital Investment / Paid-up Capital :	Rs.0.699 Million
CIN No.: [Company Identification No.]	U72200GJ1999PLC036286
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Provider of Telephonic Services, Cellular Telephone Services, Email Services and Internet Access.
No. of Employees :	10 (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 32000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears some dip in the revenue earned from operation during 2012. However, trade relations are slow but correct. The company can be considered for business dealings at usual trade terms and conditions. Note: Banker denied to disclose any details.

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. Sujal Nanavati
Designation :	Director
Contact No.:	91-9924044077
Date :	03.04.2013

LOCATIONS

Registered Office :	203, Shaival Plaza, Near Gujarat College, Ellisbridge, Ahmedabad – 380007, Gujarat, India
Tel. No.:	91-79-66665555/ 26577740
Mobile No.:	91-9924044077 (Mr. Sujal Nanavati)
Fax No.:	91-79-26441600
E-Mail :	jvparikh@yahoo.com sales@cilmail.com support@cilmail.com
Website :	www.cosmicinfotech.com
Location :	Owned

DIRECTORS

As on: 20.08.2012

Name :	Mr. Sujal Arvindbhai Nanavati
Designation :	Whole Time Director
Address :	18, Dasha Porwad Society, Paldi, Ahmedabad – 380007, Gujarat, India
Date of Birth/Age :	21.07.1967
Date of Appointment :	14.07.1999
DIN No.:	00647410
Name :	Mr. Dharmendra Champaklal Shah
Designation :	Director
Address :	B-33, Ishita Apartment, Near Commercial College, Ahmedabad – 380009, Gujarat, India
Date of Birth/Age :	16.06.1965
Date of Appointment :	28.11.2008
DIN No.:	02481230
Name :	Mr. Arvindbhai Ramnikbhai Nanavati
Designation :	Director
Address :	18, Dasha Porwad Society, Paldi, Ahmedabad – 380007, Gujarat, India
Date of Birth/Age :	09.09.1933
Date of Appointment :	28.11.2008
DIN No.:	00005260
Name :	Mr. Champaklal Chandulal Shah
Designation :	Director
Address :	B13, Ishita Tower, Navrangpura, Ahmedabad – 380007, Gujarat, India
Date of Birth/Age :	28.04.1939
Date of Appointment :	26.07.2011
DIN No.:	03584609
Name :	Mr. Rameshchandra Jivabhai Shah
Designation :	Director
Address :	103, Anurag Tower, Ashram Road, Usmanpura, Ahmedabad – 380014, Gujarat, India
Date of Birth/Age :	11.11.1935
Date of Appointment :	19.08.2011
DIN No.:	03603212
Name :	Mr. Gaurav Prashantbhai Sutaria
Designation :	Whole Time Director
Address :	2, Devpriya-II, Near Madhur Hall, Shivaliki, Satellite, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	07.06.1977
Date of Appointment :	01.06.2011
DIN No.:	03535985

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 20.08.2012

Names of Shareholders	No. of Shares
Vinaben Arvindbhai Nanavati	1325
Sujal Arvindbhai Nanavati	65600
Manisha Sujal Nanavati	100
Arvind Ramnik Nanavati	2600
Dharmendra C Shah	100
Sapan Arvindbhai Nanavati	100
Champaklal Shah	100
Total	69925

Equity Share Break up (Percentage of Total Equity)

As on: 20.08.2012

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Provider of Telephonic Services, Cellular Telephone Services, Email Services and Internet Access.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

10 (Approximately)

Bankers :

• Bank of Baroda, Ambawadi Branch, Opposite Central Mall, Ahmedabad - 380006, Gujarat, India

Tel. No.: 91-79-26409244

• ICICI Bank Limited, Ahmedabad, Gujarat, India
• Kotak Mahindra Bank Limited, Ahmedabad, Gujarat, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Term Loan
From Bank
Vehicle Term loan from Bank (Hypothecation of Vehicles)	0.153	0.398
Overdraft from Bank (Secured against Pleadge of Fixed Deposit From Bank)	5.263	2.847
Overdraft from Bank (Secure by Equitable Mortgage of Deposite of Title deeds to collaterally secure the over draft against Director. and Share Holder Land and Building and Hypothecation Book Debts, Plant and Machinery of the company and guarantee given by A R Nanavati, Sujal Nanavati-Direetor Manisha Nanavati-Share Holder)	3.277	0.000
Total	8.693	3.245

Banking Relations :	--
Auditors :
Name :	J M Parikh and Associates Chartered Accountants
Address :	B-705, Nirman Complex, Opposite Havmor Restaurant, Navrangpura, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26563949/ 26569093
Fax No.:	91-79-26569093
E-Mail :	jvparikh@yahoo.com
PAN No.:	AABFJ9885B

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
69925	Equity Shares	Rs.10/- each	Rs.0.699 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.699	0.699	0.699
2] Share Application Money		0.000	0.000	0.475
3] Reserves & Surplus		7.409	5.549	3.694
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		8.108	6.248	4.868
LOAN FUNDS
1] Secured Loans		8.693	3.245	1.430
2] Unsecured Loans		1.984	3.078	4.816
TOTAL BORROWING		10.677	6.323	6.246
DEFERRED TAX LIABILITIES		0.121	0.179	0.144
TOTAL		18.906	12.750	11.258
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.696	3.851	2.955
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.600	1.791	1.734
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	6.865	9.650	5.675
	Cash & Bank Balances	9.008	3.464	5.239
	Other Current Assets	1.532	1.466	0.165
	Loans & Advances	0.896	0.745	3.529
Total Current Assets		18.301	15.325	14.608
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.607	5.226	6.647
	Other Current Liabilities	2.084	2.991	0.928
	Provisions	0.000	0.000	0.464
Total Current Liabilities		5.691	8.217	8.039
Net Current Assets		12.610	7.108	6.569
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		18.906	12.750	11.258

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	28.029	30.881	28.231
		Other Income	0.766	1.480	0.700
		TOTAL (A)	28.795	32.361	28.931
Less	EXPENSES
		Operating Expenses	9.988	12.892
		Employees Benefit Expenses	5.583	5.566
		Other Expenses	8.396	8.962
		TOTAL (B)	23.967	27.420	25.251
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.828	4.941	3.680
Less	FINANCIAL EXPENSES (D)		0.562	0.164	0.175
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.266	4.777	3.505
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.600	1.781	1.309
	PROFIT BEFORE TAX (E-F) (G)		2.666	2.996	2.196
Less	TAX (H)		0.806	1.141	0.899
	PROFIT AFTER TAX (G-H) (I)		1.860	1.855	1.297
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		5.549	3.694	2.397
	BALANCE CARRIED TO THE B/S		7.409	5.549	3.694
	Earnings Per Share (Rs.)		26.61	26.53	18.55

Expected Sales (2012-2013): Above Rs.30.000 Millions

The above information has been parted by Mr. Sujal Nanavati

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	6.46	5.73	4.48
Net Profit Margin (PBT/Sales)	(%)	9.51	9.70	7.78
Return on Total Assets (PBT/Total Assets}	(%)	11.59	15.62	11.45
Return on Investment (ROI) (PBT/Networth)		0.33	0.48	0.45
Debt Equity Ratio (Total Debt/Networth)		1.32	1.01	1.28
Current Ratio (Current Asset/Current Liability)		3.22	1.87	1.82

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011	31.03.2010
Sundry Creditors
Micro, small and medium enterprises	0.000	0.000
Others	3.607	5.226
Total	3.607	5.226	6.647

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	No
17]	Major suppliers	No
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	Yes
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

Note:

The Registered Office of the company has been shifted from 137, Azad Road, Near Milan Subway, Vile Parle (East), Mumbai – 400057, Maharashtra, India to the present address

OPERATIONS

During the year the turnover of the company has decreased from Rs.32.361 Millions to Rs.28.795 Millions" The decrease in turnover is due to unfavorable market condition" However, the directors are expecting better growth of the company In the next year.

UNSECURED LOAN

(Rs. In Millions)

	As on 31.03.2012	As on 31.03.2011
From Others
Vehicles term loan form other than Bank	0.616	0.000
From Related Parties
From Director	0.787	1.812
From Shareholders	0.581	1.266
Total	1.984	3.078

FIXED ASSET:

Tangible Assets

• Computer
• Furniture and Fixture
• Vehicles

Intangible Assets

• Software

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 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.54.39
UK Pound	1	Rs.82.05
Euro	1	Rs.69.59

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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	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		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.