MIRA INFORM REPORT

Report Date :

16.12.2013

IDENTIFICATION DETAILS

Name :	COMPUTER INFOTECH (INDIA) PRIVATE LIMITED
Registered Office :	H-6, 9th Floor, Everest Building, Tardeo Road, MUMBAI – 400034, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	28.03.2008
Com. Reg. No.:	11-180602
Capital Investment / Paid-up Capital :	Rs.22.826 Millions
CIN No.: [Company Identification No.]	U72200MH2008PTC180602
Legal Form :	Private Limited Liability Company
Line of Business :	Trader, Exporter and Importer of Data Storage, Server Options, Hardware Items etc.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 135000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. Profitability of the company appears to be low. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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. Prakash Gaikwad
Designation :	General Manager
Contact No.:	91-22-23519301
Date :	13.12.2013

LOCATIONS

Registered Office :	H-6, 9th Floor, Everest Building, Tardeo Road, MUMBAI – 400034, Maharashtra, India
Tel. No.:	91-22-23519301 / 02 / 03
Fax No.:	91-22-23519304
E-Mail :	hs@hsacs.net peakash@cominfo.in custsvc3@cominfo.in
Website :	www.cominfo.in
Godown :	Widson Trade Centre (Mill), 136, 1st Floor, Near Biccho Helmet Showroom, Tardeo Road, Tardeo, Mumbai – 400034, Maharashtra, India
Tel. No.:	91-22-23535828
Branch Office :	Located at: · New Delhi · Bangalore · Chennai

DIRECTORS

As on: 30.09.2013

Name :	Mr. Jignesh Kamlesh Shah
Designation :	Director
Address :	3203, Orbit Heights, C-Wing, J. D. Road, Nana Chowk, Mumbai – 400007, Maharashtra, India
Date of Birth/Age :	05.08.1971
Date of Appointment :	28.03.2008
DIN No.:	01988710
Name :	Mrs. Usha Kamlesh Shah
Designation :	Director
Address :	3203, Orbit Heights, C-Wing, J. D. Road, Nana Chowk, Mumbai – 400007, Maharashtra, India
Date of Birth/Age :	05.07.1950
Date of Appointment :	28.03.2008
DIN No.:	02055191
Name :	Mrs. Neha Jignesh Shah
Designation :	Director
Address :	3203, Orbit Heights, C-Wing, J. D. Road, Nana Chowk, Mumbai – 400007, Maharashtra, India
Date of Birth/Age :	10.12.1973
Date of Appointment :	28.03.2008
DIN No.:	01988690

KEY EXECUTIVES

Name :	Mr. Prakash Gaikwad
Designation :	General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares
Jignesh Kamlesh Shah	1049731
Neha Jignesh Shah	574979
Usha Kamlesh Shah	657898
Total	2282608

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, Exporter and Importer of Data Storage, Server Options, Hardware Items etc.
Exports :
Products :	· Data Storage · Server Options · Hardware Items
Countries :	Dubai
Imports :
Products :	· Data Storage · Server Options · Hardware Items
Countries :	· Korea · USA · Hong Kong · Singapore · China · Dubai
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :	Retailers and End Users
No. of Employees :	50 (Approximately)
Bankers :	Bank of India, D. N. Road

Banking Relations :	--
Auditors :
Name :	P.C. Ghadiali and Company Chartered Accountants
Address :	206, Arun Chambers, Tardeo, Mumbai – 400034, Maharashtra, India
Tel. No.:	91-22-43335000
E-Mail :	pankaj@pcghaiali.com
PAN No.:	AAAFG2737J

CAPITAL STRUCTURE

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2282608	Equity Shares	Rs.10/- each	Rs.22.826 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	22.826	22.826	22.826
(b) Reserves & Surplus	11.083	8.683	6.419
(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)	33.909	31.509	29.245
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.240	0.301	0.369
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.240	0.301	0.369
(4) Current Liabilities
(a) Short term borrowings	0.000	9.000	0.000
(b) Trade payables	69.269	46.626	71.282
(c) Other current liabilities	1.907	1.680	1.707
(d) Short-term provisions	4.522	2.496	1.998
Total Current Liabilities (4)	75.698	59.802	74.987
TOTAL	109.847	91.612	104.601
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	10.631	11.576	12.665
(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	1.751	4.453	0.911
(e) Other Non-current assets	2.483	1.415	2.291
Total Non-Current Assets	14.865	17.444	15.867
(2) Current assets
(a) Current investments	0.000	0.001	0.000
(b) Inventories	52.443	34.587	28.744
(c) Trade receivables	31.349	30.611	48.082
(d) Cash and cash equivalents	1.840	1.306	3.957
(e) Short-term loans and advances	8.746	7.247	7.949
(f) Other current assets	0.604	0.416	0.002
Total Current Assets	94.982	74.168	88.734
TOTAL	109.847	91.612	104.601

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	313.822	247.389	246.415
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	309.457	245.907	239.722
	PROFIT BEFORE TAX		4.365	1.482	6.693
Less	TAX		1.965	0.389	3.235
	PROFIT AFTER TAX		2.400	1.093	3.458
	BALANCE CARRIED TO THE B/S		2.400	1.093	3.458
	Earnings Per Share (Rs.)		1.05	NA	NA

Expected Sales (2013-2014): Rs.500.000 Millions

The above information has been parted by Mr. Prakash Gaikwad

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.76	0.44	1.40
Return on Total Assets (PBT/Total Assets}	(%)	3.97	1.62	8.93
Return on Investment (ROI) (PBT/Networth)		0.13	0.05	0.23
Debt Equity Ratio (Total Debt/Networth)		0.00	0.29	0.00
Current Ratio (Current Asset/Current Liability)		1.25	1.24	1.18

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS – NOT AVAILABLE

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)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	No
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

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2013	As on 31.03.2012
SHORT TERM BORROWING
Loans and advance from related parties	0.000	9.000
Total	0.000	9.000

OPERATIONS

During the year the company has earned a net profit after tax of Rs.2.400 Millions.

The directors expects to achieve better performance and is taking efforts to control the cost and optimize the result in the coming year.

Note: No Charges Exist for Company 

FIXED ASSETS

Tangible Assets

· Factory Building

· Plant and Machinery

· Furniture and Fixture

· Computer

· Motor Car

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 :	SVA
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.