MIRA INFORM REPORT

Report Date :

10.05.2013

IDENTIFICATION DETAILS

Name :	DEV INFORMATION TECHNOLOGY PRIVATE LIMITED
Registered Office :	14, Aryan Corporate Park, Near Shilaj Crossing, Thaltej, Ahmedabad-380064, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	23.12.1997
Com. Reg. No.:	04-033479
Capital Investment / Paid-up Capital :	Rs. 0.500 Million
CIN No.: [Company Identification No.]	U30000GJ1997PTC033479
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Information Technology Services.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 250000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for business dealing at usual trade terms and condition.

NOTES :

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	SE2B
Rating Explanation	High performance capability and moderate financial strength.
Date	May, 2011

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. Pradeep Joshi
Designation :	Accounts Department
Contact No.:	91-79-26304241
Date :	09.05.2013

LOCATIONS

Registered / Corporate Office:	14, Aryan Corporate Park, Near Shilaj Crossing, Thaltej, Ahmedabad-380064, Gujarat, India
Tel. No.:	91-79-26308854 / 26304241
Fax No.:	Not Available
E-Mail :	mnshahco@gmail.com harshil@devitpl.com
Website :	www.devitpl.com
Regional Office :	1717 Califaonia Ave, Windors, Onario, N9B 3T5 Canada
Tel. No.:	+1-586-925-5600
Regional Office :	102, JB Apartment, Plot No.96, Shivaji Nagar, Civil Lines, Jaipur-302006, Rajasthan, India
Tel. No.:	91-141-2224818

DIRECTORS

As on 27.09.2012

Name :	Mr. Pranav Niranjanbhai Pandya
Designation :	Director
Address :	B/82, Akash Flats, Opposite Premchandnagar, Judges Bunglows Road, Bodakdev, Ahmedabad – 380054, Gujarat, India
Date of Birth/Age :	15.03.1968
Date of Appointment :	23.12.1997
DIN No.:	00021744
Name :	Mr. Jaiminbhai Jagdishbhai Shah
Designation :	Director
Address :	8, Satellite Society, Jodhpur Tekra, Near Central Bank of India, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	25.04.1973
Date of Appointment :	23.12.1997
DIN No.:	00021880

KEY EXECUTIVES

Name :	Mr. Pradeep Joshi
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2012

Names of Shareholders	No. of Shares
Jaimin Jagdishbhai Shah	4400
Jaimin Jagdishbhai Shah ( HUF )	1225
Pranav Niranjanbhai Pandya	2600
Pranav Niranjanbhai Pandya (HUF )	1225
Rakhi Jagdishbhai Shah	150
Jayshree Jagdishbhai Shah	2500
Hemant Suryakant. Shah	5000
Jagdishbhai Chinubhai Shah	50
Amisha Jaiminbhai Shah	5000
Saryuben Mahendrabhai Shah	5000
Pratimaben Mohanlal Dersai	5000
Kruti Pranavbhai Pandya	5000
Maduriben Niranjan Pandya	5000
Kiran Jiteshkumar Shah	2500
Manisha Mahendrabhai Shah	2600
Chetanbhai Desai	2500
Academy for Computer Training Private Limited	20
Meetaben Hemantbhai Shah	30
Urmilaben S. Parikh	100
Niranjanaben Satishbhai Jambudi	100
Total	50000

As on 27.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	0.04
Directors or relatives of Directors	99.70
Others	0.26
Total	100.00

BUSINESS DETAILS

Line of Business :	Providing Information Technology Services.
Terms :
Selling :	Credit
Purchasing :	Credit

GENERAL INFORMATION

Customers :

Others (Corporate)

• Microsoft
• Oracle
• Symantec
• Safe Scrypt
• Intel
• Adobe

No. of Employees :

Not Divulged

Bankers :

• Karur Vysya Bank Limited, Ashram Road Branch, Ahmedabad, Gujarat, India

• The Kalupur Commercial Co-Operative Bank Limited, S.M. Road Branch, Shivranjani Cross Road, Ahmedabad - 380015, Gujarat, India

• HDFC Bank

• Axis Bank Limited
• State Bank of India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
HDFC Bank car Loan ** (Against Hypothecation of Car of Company and personal guarantee of Director)	0.987	1.401
The Kalupur commercial cop Bank Limited ** (Against Equitabale Mortgage of immovable property situtated at 14‐Aryans Corporate Park, Near Silaj Railway Crossing, Thaltej, Ahmedabad) (Repayable in 84 Monthly installments starting from 07‐01‐ 2012)	20.526	24.492
The Kalupur Commercial Co‐operative Bank Limited FD/OD ** (Secured against hypothecation of Fixed Deposits)	1.652	1.514
The Kalupur Commercial Co‐operative Bank Limited ** (Secured against hypothecation of stock in trade and book debts, and further guaranteed by Director)	6.136	10.004
Total	29.301	37.411

** (Of the above amount have been guaranteed by Directors of Company)

Banking Relations :	--
Auditors :
Name :	Milin J. Jani and Company Chartered Accountants
Address :	3^rd Floor, Shital Varsha Arcade, C G Road, Ahmedabad – 380009, Gujarat, India
PAN No.:	ABMPJ6309E
Enterprises having common Key Management Personnel and/or their Relatives:	Devna Commercial Complex Private Limited Anjanj Infrastructure Private Limited Anjani Softech Private Limited Byte Technosys Private Limited Xduce Infotech Private Limited

CAPITAL STRUCTURE

As on 31.03.2012

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
50000	Equity Shares	Rs.10/- each	Rs. 0.500 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		0.500	0.500	0.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		62.362	45.928	37.016
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		62.862	46.428	37.516
LOAN FUNDS
1] Secured Loans		29.301	37.411	4.579
2] Unsecured Loans		7.931	8.633	8.041
TOTAL BORROWING		37.232	46.044	12.620
DEFERRED TAX LIABILITIES		0.000	0.915	0.435
TOTAL		100.094	93.387	50.571
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		50.356	45.941	8.376
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		2.780	2.780	1.780
DEFERREX TAX ASSETS		3.758	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	46.282	15.293	5.822
	Sundry Debtors	82.858	92.695	79.478
	Cash & Bank Balances	23.860	5.251	12.224
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	20.375	11.783	5.113
Total Current Assets		173.375	125.022	102.637
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	86.346	39.326	55.934
	Other Current Liabilities	35.328	28.383	5.040
	Provisions	8.501	12.647	1.248
Total Current Liabilities		130.175	80.356	62.222
Net Current Assets		43.200	44.666	40.415
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		100.094	93.387	50.571

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	347.496	232.541	178.349
		Other Income	1.318	3.537	3.177
		TOTAL	348.814	236.078	181.526
Less	EXPENSES
		Purchases of Stock‐in‐Trade	174.719	123.647	163.957
		Employee benefits expense	130.451	60.676
		Other expenses	36.705	37.711
		Changes in inventories of Stock‐in‐Trade and Work in Progress Services	(30.989)	(9.471)
		TOTAL	310.886	212.563	163.957
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		37.928	23.515	17.569
Less	FINANCIAL EXPENSES		8.796	6.412	2.298
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		29.132	17.103	15.271
Less/ Add	DEPRECIATION/ AMORTISATION		3.590	1.881	1.440
	PROFIT BEFORE TAX		25.542	15.222	13.831
Less	TAX		8.527	5.728	5.145
	PROFIT AFTER TAX		17.015	9.494	8.686
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.928	2.016	3.768
Less	APPROPRIATIONS
		Transfer to General Reserve	10.000	10.000	10.000
		Dividend Distribution Tax	0.081	0.082	0.063
		Proposed Dividend	0.500	0.500	0.375
	BALANCE CARRIED TO THE B/S		7.362	0.928	2.016
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.000	1.583	0.969
	TOTAL EARNINGS		0.000	1.583	0.969
	Earnings Per Share (Rs.)		340.00	190.00	173.73

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	4.88	4.02	4.78
Net Profit Margin (PBT/Sales)	(%)	7.35	6.55	7.76
Return on Total Assets (PBT/Total Assets}	(%)	11.42	8.90	12.46
Return on Investment (ROI) (PBT/Networth)		0.41	0.33	0.37
Debt Equity Ratio (Total Debt/Networth)		0.59	0.99	0.34
Current Ratio (Current Asset/Current Liability)		1.33	1.56	1.65

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2012	31.03.2011	31.03.2010
	(Rs. In Millions)
Sundry Creditor	86.346	39.326	55.934

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	No
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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
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	Yes

NOTE

The registered office of the company has been shifted from F/1, janpath Apartments, Ambawadi ahmedabad- 380015, Gujarat, India to the present address w.e.f. 01.06.2011

UNSECURED LOAN

Particulars	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. In Millions)
From Directors	0.614	1.789
From Shareholders	5.254	3.785
Loans repayable on demand From standard chartered bank Limited **	0.000	3.059
Term Loans From Kotak Mahindra bank Limited ** (Repayable in 12 Monthly installments starting from 10.10.2011) (Against personal guarantee of directors)	2.063	0.000
Total	7.931	8.633

**There is no default as on the balance sheet date in repayment of loans

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U30000GJ1997PTC033479
Name of the company	DEV INFORMATION TECHNOLOGY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	14, Aryan Corporate Park, Near Shilaj Crossing, Thaltej, Ahmedabad-380064, Gujarat, India Email: mnshahco@gmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10230871
Type of charge	Book debts
Particular of charge holder	The Kalupur Commercial Co-Operative Bank Limited, S.M. Road Branch, Shivranjani Cross Road, Ahmedabad - 380015, Gujarat, India Email: mauli@kalupurbank.com
Nature of instrument creating charge	Hypothecation of book debt agreement
Date of instrument Creating the charge	18.04.2012
Amount secured by the charge	Rs. 15.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 13% Terms of Repayment On demand review every year Margin 40% on book debts. Extent and Operation of the charge Bank has first and exclusive charge on book debt till the repayment of book debts facility of Rs. 15.000 millions.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All the borrowers present and future, book outstanding money, receivables, claims, bills, contracts, engagements, securities, investments, rights and assets shall be hypothecated to the bank.
Particulars of the present modification	Charge on book debt is enhanced from 6.000 millions to 15.000 millions.

FIXED ASSETS

v Tangible Assets

• Office Building
• Furniture and Fixtures
• Office Equipment
• Computers
• Vehicles

v 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.54.24
UK Pound	1	Rs.84.30
Euro	1	Rs.71.36

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	MRI

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	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.