MIRA INFORM REPORT

Report Date :

12.12.2014

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) :	31.03.2014
Date of Incorporation :	05.09.2000
Com. Reg. No.:	11-015278
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 (48)

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

Status :	Satisfactory
Payment Behavior :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company is sound. Trade relations are reported as fair. Business is active. Payments terms are reported to be usually correct. 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.

EXTERNAL AGENCY RATING

Not Available

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Harshad Kulkarni
Designation :	Director
Contact No.:	91-9011075750
Date :	11.12.2014

LOCATIONS

Registered Office :	101 and 102, Giridhar Avenue, Opposite Big Bazaar, Near City Pride, Kothrud, Pune – 411 038, Maharashtra, India
Tel. No.:	91-20-67211400
Mobile No.:	91-9011075750 (Mr. Harshad Kulkarni)
Fax No.:	Not Available
E-Mail :	harshad_k@citilindia.com kiran_k@citilindia.com sales@citilindia.com helpdesk@citilindia.com
Website :	www.citilindia.com
Area :	4000 Sq. ft.
Location :	Owned
Warehouse :	At Post Talegaon Dhamdhere, Taluka Shirur, Pune – 412 208, Maharashtra, India
Location :	Rented

DIRECTORS

As on 30.09.2014

Name :	Mr. Kiran Sushakar Kirtane
Designation :	Managing Director
Address :	Sr. No.1282, Plot No. 62, Parnil, Near Ideal Colony, Navketan Co-Operative Housing Society, 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 :	Sr. No.1282, Plot No. 62, Parnil, Near Ideal Colony, Navketan Co-Operative Housing Society, 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 / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	Percentage
Kiran Kirtane	212500	42.50
Ashwini Kirtane	175000	35.00
Santosh Kirtane	25	0.01
Rahul Chaudhary	99975	19.99
Harshad Kulkarni	12500	2.50
Total	500000	100.00

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

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.
Products :	-
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :
Products :	· Servers · Hardware
Countries :	Singapore
Terms :
Selling :	Cash and Advance Payment
Purchasing :	Cash and Advance Payment

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Wholesalers, Retailers and End Users

· HP India ORC

· Redingtion India Limited, ORC

· Ingram Micro India Limited, Backend

· Redingtion India Limited, ORC

No. of Employees :

45 (Approximately)

Bankers :

· State Bank of India

Banker Name :	The Saraswat Co-operative Bank,
Branch Address :	C-2, Kohinoor Estate Co-Opertive Housinf Society, Plot No.12, Mula Road, Sangamwadi, Pune – 411003, Maharashtra, India
Facilities :	CC- Rs.38.600 Millions BC- Rs. 30.000 Millions
Person Name :	Mr. Subhash Apte
Contact No.:	-
Report :	-

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
Short Term Borrowings
Loan from The Saraswat Co-op Bank (Secured Against 1^st Charge on Company Vehicle Maruti Alto K-10)	0.049	0.162
Buyer Credit from The Saraswat Co-op Bank (Secured Against Collateral Security of Flat No 701 in Pinnac Sadiccha, Flat in Tatagiri Apartment, Company Debtors, Stock Less Creditors)	7.387	0.000
Total	7.436	0.162

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
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available
Sister Concern :	Green IT Solutions (India) Private Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorized 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	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	5.000	5.000	5.000
(b) Reserves & Surplus	27.676	22.816	19.168
(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)	32.676	27.816	24.168
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.182
(b) Deferred tax liabilities (Net)	0.000	0.465	0.291
(c) Other long term liabilities	3.086	6.468	6.826
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	3.086	6.933	7.299
(4) Current Liabilities
(a) Short term borrowings	7.436	0.162	1.257
(b) Trade payables	8.486	12.283	13.218
(c) Other current liabilities	2.472	3.253	1.412
(d) Short-term provisions	9.864	9.139	9.007
Total Current Liabilities (4)	28.258	24.837	24.894
TOTAL	64.020	59.586	56.361
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	11.001	11.828	12.844
(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	11.001	11.828	12.844
(2) Current assets
(a) Current investments	0.075	7.077	5.733
(b) Inventories	0.395	0.469	1.128
(c) Trade receivables	29.079	24.060	19.820
(d) Cash and cash equivalents	10.448	10.514	11.628
(e) Short-term loans and advances	13.022	5.638	5.208
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	53.019	47.758	43.517
TOTAL	64.020	59.586	56.361

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income			137.967
		Other Income			3.611
		TOTAL	161.802	110.818	141.578
Less	EXPENSES
		Cost of Material Consumed			103.213
		Employees Benefits Expenses			12.472
		Other Expenses			16.417
		TOTAL	154.084	104.386	132.102
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		[Including Financial Expenses]	[Including Financial Expenses]	9.476
Less	FINANCIAL EXPENSES				0.480
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		7.718	6.432	8.996
Less/ Add	DEPRECIATION/ AMORTISATION		0.918	1.084	1.267
	PROFIT / (LOSS) BEFORE TAX		6.800	5.348	7.729
Less	TAX		1.940	1.699	2.268
	PROFIT / (LOSS) AFTER TAX		4.860	3.649	5.461
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		22.816	19.167	13.706
	Balance Carried to the B/S		27.675	22.816	19.167
	EARNINGS IN FOREIGN CURRENCY		4.179	4.011	NA
	Earnings Per Share (Rs.)		9.72	7.30	11.00

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	NA	NA	3.96
Operating Profit Margin (PBIDT/Sales)	(%)	NA	NA	6.87
Return on Total Assets (PBT/Total Assets}	(%)	10.62	8.98	13.71
Return on Investment (ROI) (PBT/Networth)		0.21	0.19	0.32
Debt Equity Ratio (Total Debt /Networth)		0.23	0.01	0.06
Current Ratio (Current Asset/Current Liability)		1.88	1.92	1.75

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	5.000	5.000	5.000
Reserves & Surplus	19.168	22.816	27.676
Net worth	24.168	27.816	32.676
long-term borrowings	0.182	0.000	0.000
Short term borrowings	1.257	0.162	7.436
Total borrowings	1.439	0.162	7.436
Debt/Equity ratio	0.060	0.006	0.228

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	141.578	110.818	161.802
		(21.727)	46.007

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	141.578	110.818	161.802
Profit	5.461	3.649	4.859
	3.86%	3.29%	3.00%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT 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	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 CHARGES

S.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, Opposites Hotel Vaishali Shivaji Nagar, Pune, Maharashtra - 411004, India	B19695592
2	10044542	24/01/2014 *	38,650,000.00	The Saraswat Co-Oprative Bank Limited	C-2, Kohinoor Estate Co-Operative Housing Society, Plot No. 12, Mula Road Sangamwadi, Pune, Maharashtra - 411003, India	B96050018
3	90092640	24/01/2014 *	30,000,000.00	The Saraswat Co-Opereative Bank	C-2, Kohinoor Estate Co-Operative Housing Society, Plot No. 12, Mula Road Sangamwadi, Pune, Maharashtra - 411003, India	B96049606

* Date of charge modification

OPERATIONS:

The turnover and profits of the company has gone up as compared to the previous year due to acquisition of new customers. The Director feel that the overall performance of the company will continue to maintain its good quality of product and Director are optimistic for bright future of the Company.

FIXED ASSETS:

· Computer

· Furniture and Fixture

· Vehicle

· Building

· Office Equipments

· Mobile and Telephone

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.61.95
UK Pound	1	Rs.97.16
Euro	1	Rs.76.75

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	DIV
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--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		48

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.