MIRA INFORM REPORT

Report Date :

14.12.2013

IDENTIFICATION DETAILS

Name :	CONCEPT INFORMATION TECHNOLOGIES (INDIA) PRIVATE LIMITED
Registered Office :	101 and 102, Giridhar Avenue, Opposite Big Bazaar, Near City Pride, Kothrud, Pune – 411 038, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	05.09.2000
Com. Reg. No.:	25-015278
Capital Investment / Paid-up Capital :	Rs.5.000 Millions
CIN No.: [Company Identification No.]	U72200PN2000PTC015278
IEC No.:	3105007342
TAN No.: [Tax Deduction & Collection Account No.]	PNEC05821E
PAN No.: [Permanent Account No.]	AABCC8276G
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Dealer of Computer and Computer Peripherals.
No. of Employees :	45 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 111000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Sales and profit of the company has dipped in 2013. However, liquidity position appears to be strong. Trade relations are reported to be fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealing 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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6 % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

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. Harshad Kulkarni
Designation :	Director
Contact No.:	91-9011075750
Date :	11.12.2013

LOCATIONS

Registered Office :	101 and 102, Giridhar Avenue, Opposite Big Bazaar, Near City Pride, Kothrud, Pune – 411 038, Maharashtra, India
Tel. No.:	91-20-25463261
Mobile No.:	91-9011075750
Fax No.:	91-20-25403261
E-Mail :	Harshad_k@citilindia.com Kiran_k@citilindia.com
Website :	www.citilindia.com
Area :	4000 Sq. ft.
Location :	Owned
Warehouse :	At Post TalegaonDhamdhere, Taluka Shirur, Pune – 412 208, Maharashtra, India
Location :	Rented

DIRECTORS

AS ON 30.09.2013

Name :	Mr. Kiran Sushakar Kirtane
Designation :	Managing Director
Address :	B-2, Taragiri Apartments, 56/57 Ideal Colony, Kothrud, Pune-411029, Maharashtra, India
Date of Birth/Age :	19.08.1968
Qualification :	B E
Experience :	22 Years
Date of Appointment :	05.09.2000
DIN No.:	00020353
Name :	Mr. Harshad Mukund Kulkarni
Designation :	Director
Address :	“Harshad”, 126, Snehvardhan Society, Golwalkar Guruji Peth, Sahakar Nagar No. 1, Pune-411009, Maharashtra, India
Date of Birth/Age :	01.12.1967
Qualification :	DETE
Experience :	22 Years
Date of Appointment :	15.10.2004
DIN No.:	00032348
Name :	Mrs. Ashwini Kiran Kirtane
Designation :	Director
Address :	B-2, Taragiri Apartments, 56/57 Ideal Colony, Kothrud, Pune-411029, Maharashtra, India
Date of Birth/Age :	11.07.1970
Qualification :	M.E.
Experience :	20 Years
Date of Appointment :	05.09.2000
DIN No.:	00020361
Name :	Mr. Rahul Bhimrao Chaudhary
Designation :	Director
Address :	C-701, Pinnac Sadichha, Near MIT. Rambaug Colony, Off Pune Road, Kothrud, Pune-411038, Maharashtra, India
Date of Birth/Age :	07.06.1971
Qualification :	B E MBA
Experience :	18 Years
Date of Appointment :	15.10.2004
DIN No.:	00020374

MAJOR SHAREHOLDERS

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Kiran Kirtane	212500
Ashwini Kirtane	175000
Santosh Kirtane	25
Rahul Chaudhary	99975
Harshad Kulkarni	12500
Total	500000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Dealer of Computer and Computer Peripherals.
Agencies Held :	· IBM · CISCO · Hewlett Packard
Imports :
Products :	· Servers · Hardware
Countries :	Singapore
Terms :
Selling :	Cash and Credit
Purchasing :	Credit (30 Days)

GENERAL INFORMATION

Suppliers :

Savex Computers - Mr. Rahul Purani

Customers :

SMS Concast Engineering India Private Limited

No. of Employees :

45 (Approximately)

Bankers :

The Saraswat Co-operative Bank,

· SME Branch, C-2, Kohinoor Estate Co-Operative Housing Society, Plot No.12, Mulaa Road, Near Kamal Nayan Bajaj Garden, Sangamwadi, Pune-411003, Maharashtra, India

· 2^nd Floor Above F C Road Branch, Ganeshwadi Opposite Hotel Vaishali Shivaji Nagar, Pune-411004, Maharashtra, India

· ICICI Bank Limited

Facilities :

Total facility= Rs.30.000 Millions (From The Saraswat Co-operative Bank)

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Loan from The Saraswat Co-op Bank (Secured Against 1^st Charge on Company Vehicle Maruti Alto K-10)	0.052	0.182
Short Term Borrowings
Loan from The Saraswat Co-op Bank (Secured Against 1^st Charge on Company Vehicle Maruti Alto K-10)	0.110	0.083
Loan from The Saraswat Co-op Bank	0.000	1.174
Total	0.162	1.439

Banking Relations :	--
Auditors :
Name :	Rajesh V Kirloskar Chartered Accountant
Address :	Nandadeep, 32/2B, Sharma Saphalya Society, Erandwane, Pune-411004, Maharashtra, India
Tel No.:	91-20-25433804
Fax No.:	91-20-25457586
Email :	rvk@pn2.vsnl.net.in
PAN No.:	ACDPK4987B
Sister Concern :	Green IT Solutions (India) Private Limited

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	5.000	5.000	5.000
(b) Reserves & Surplus	22.816	19.168	13.706
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	27.816	24.168	18.706
(3) Non-Current Liabilities
(a) long-term borrowings	0.052	0.182	0.000
(b) Deferred tax liabilities (Net)	0.465	0.291	0.360
(c) Other long term liabilities	6.468	6.826	6.325
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	6.985	7.299	6.685
(4) Current Liabilities
(a) Short term borrowings	0.110	1.257	0.000
(b) Trade payables	12.283	13.218	28.707
(c) Other current liabilities	3.253	1.412	0.628
(d) Short-term provisions	9.139	9.007	5.635
Total Current Liabilities (4)	24.785	24.894	34.970
TOTAL	59.586	56.361	60.361
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	11.828	12.844	13.640
(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	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	11.828	12.844	13.640
(2) Current assets
(a) Current investments	7.077	5.733	19.583
(b) Inventories	0.469	1.128	2.416
(c) Trade receivables	24.060	19.820	9.287
(d) Cash and cash equivalents	10.514	11.628	11.826
(e) Short-term loans and advances	5.638	5.208	3.609
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	47.758	43.517	46.721
TOTAL	59.586	56.361	60.361

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		137.967	128.484
		Other Income		3.611	3.273
		TOTAL	110.818	141.578	131.757
Less	EXPENSES
		Cost of Material Consumed		103.213	100.411
		Employees Benefits Expenses		12.472	10.192
		Other Expenses		16.417	12.238
		TOTAL	104.386	132.102	122.841
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		[Including Financial Expenses]	9.476	8.916
Less	FINANCIAL EXPENSES			0.480	0.789
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		6.432	8.996	8.127
Less/ Add	DEPRECIATION/ AMORTISATION		1.084	1.267	1.402
	PROFIT / (LOSS) BEFORE TAX		5.348	7.729	6.725
Less	TAX		1.699	2.268	2.116
	PROFIT / (LOSS) AFTER TAX		3.649	5.461	4.609
	Earnings Per Share (Rs.)		7.30	11.00	9.00

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.29	3.86	3.50
Net Profit Margin (PBT/Sales)	(%)	NA	5.60	5.23
Return on Total Assets (PBT/Total Assets}	(%)	8.98	13.71	11.14
Return on Investment (ROI) (PBT/Networth)		0.19	0.32	0.36
Debt Equity Ratio (Total Debt /Networth)		0.01	0.06	0.00
Current Ratio (Current Asset/Current Liability)		1.93	1.75	1.34

LOCAL AGENCY FURTHER INFORMATION

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	Yes
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	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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: Registered office has been shifted from B-1, Taragiri Plot No. 56/57 Ideal Colony, Kothrud, Pune – 411 029, Maharashtra, India to the present address w.e.f. 10.11.2010.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10304369	02/08/2011	318,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	2ND FLOOR ABOVE F C ROAD BRANCH GANESHWADI, OPP HOTEL VAISHALI SHIVAJI NAGAR, PUNE – 411 004, MAHARASHTRA, INDIA	B19695592
2	10044542	04/01/2008 *	8,650,000.00	THE SARASWAT CO-OPERATIVE BANK LTD	KARVE ROAD BRANCH, PUNE - 411 004, MAHARASHTRA, INDIA	A30962658
3	90092640	05/08/2011 *	30,000,000.00	THE SARASWAT CO-OPEREATIVE BANK	C-2, KOHINOOR ESTATE CO-OPERATIVE HOUSING SOCIETY, PLOT NO. 12, MULA ROAD, SANGAMWADI, PUNE – 411 003, MAHARASHTRA, INDIA	B19535244

* Date of charge modification

OPERATIONS:

The Turnover and profits subject of has gone as compared to the previous year due to general economic slack- down. However, the Directors feel that the overall performance of the subject is satisfactory. The Directors are confident that subject will continue to maintain its good quality of product and Directors are optimistic for a bright future of the subject.

FIXED ASSETS:

· Office Computer Printer

· Battery

· Rental Excellence

· Maruti Alto

· Electrical Installation

· Furniture

· Mobile Tel

· Building

· Office Equipments

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.62.13
UK Pound	1	Rs.101.53
Euro	1	Rs.85.41

INFORMATION DETAILS

Information Gathered by :	HNA
Report Prepared by :	NKT

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	4
--PROFITABILIRY	1~10	4
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.