MIRA INFORM REPORT

Report Date :

22.12.2014

IDENTIFICATION DETAILS

Name :	BITSCAPE INFOTECH PRIVATE LIMITED
Registered Office :	409, Shefali Centre, Near Paldi Cross Road, Paldi, Ahmedabad - 380007, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	06.07.2010
Com. Reg. No.:	04-061449
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U72900GJ2010PTC061449
TAN No.: [Tax Deduction & Collection Account No.]	AHMB05284G
PAN No.: [Permanent Account No.]	AAECB1642E
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Infrastructure Planning, Architectural Planning, Consulting, Sizing and Securing Organization Information Services.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Management of the company has not file its latest financial i.e. 2014 with the government department. As per available financial of 2013, the networth of the company is modest. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealing 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.

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 DECLINED

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-79-65530689)

LOCATIONS

Registered Office :	409, Shefali Centre, Near Paldi Cross Road, Paldi, Ahmedabad - 380007, Gujarat, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	kbig11@gmail.com info@bitscape.com ca.sdco@gmail.com
Website :	www.bitscape.com
Corporate Office :	502, ISCON Elegance, Opposite Karnavati Club, SG Highway, Ahmedabad - 380051, Gujarat, India
Tel. No.:	91-79-65530689
Branch Office :	1/386, Ghanshyam Nivas, Bhaya Mohalia, Near Dutch Garden, Nanpura, Surat - 395003, Gujarat, India

DIRECTORS

AS ON 30.09.2013

Name :	Mr. Ashish Bhagvatiprasad Bahuguna
Designation :	Director
Address :	17, Shree Apartment, Old Dhor Bazar, Kankaria Road, Ahmedabad - 380022, Gujarat, India
Date of Birth/ Age:	14.08.1975
Date of Appointment :	06.07.2010
Din No.:	00295232
Name :	Mr. Kartikkumar Rajanikant Shah
Designation :	Director
Address :	A-3, Gopal Complex, Krishna Baug, Maninagar, Ahmedabad - 380008, Gujarat, India
Date of Birth/ Age:	16.06.1977
Date of Appointment :	06.07.2010
Din No.:	01222246

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Ashish Bhagvatiprasad Bahuguna	5000
Kartikkumar Rajanikant Shah	5000
Total	10000

AS ON 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Providing Infrastructure Planning, Architectural Planning, Consulting, Sizing and Securing Organization Information Services.
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

GENERAL INFORMATION

Supplier :

Not Divulged

Customers :

· ABG Cement Limited

Cargo Motors

GIDB

Ajanta Manufacturing Limited

Cadila

Cargo Motors

Connective

Ecologist

Vadilal

Zydus

No. of Employees :

Information denied by management

Bankers :

· Axis Bank Limited

ICICI Bank Limited

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Term Loan from Bank Kotak Mahindra Prime Limited (Secured against hypothecation of Vehicle)	0.136	0.231
Total	0.136	0.231

Banking Relations :	--
Financial Institution:	Kotak Mahindra Prime Limited
Auditors :
Name :	Sunil Dad and Company Chartered Accountants
Address :	1016, Anand Mangal, III, Opposite Core House, Near Parimal Cross Road, Ambawadi, Ahmedabad - 380015, Gujarat, India
Tel. No.:	91-79-30027085
E-Mail :	info@sdco.co.in
Website :	www.sdco.co.in
Income-tax PAN of auditor or auditor's firm :	ABGFS4675L
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

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	0.100	0.100	0.100
(b) Reserves & Surplus	0.620	(0.724)	(1.463)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	4.150	4.150
Total Shareholders’ Funds (1) + (2)	0.720	3.526	2.787
(3) Non-Current Liabilities
(a) long-term borrowings	0.136	0.231	0.000
(b) Deferred tax liabilities (Net)	0.125	0.122	0.099
(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)	0.261	0.353	0.099
(4) Current Liabilities
(a) Short term borrowings	5.426	1.319	1.253
(b) Trade payables	20.791	9.363	0.438
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	1.295	1.521	0.971
Total Current Liabilities (4)	27.512	12.203	2.662
TOTAL	28.493	16.082	5.548
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.862	2.161	1.494
(ii) Intangible Assets	0.428	0.380	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	0.389	0.777
Total Non-Current Assets	3.290	2.930	2.271
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3.500	2.169	0.000
(c) Trade receivables	18.783	9.106	2.591
(d) Cash and cash equivalents	1.148	0.547	0.409
(e) Short-term loans and advances	0.295	0.145	0.020
(f) Other current assets	1.477	1.185	0.257
Total Current Assets	25.203	13.152	3.277
TOTAL	28.493	16.082	5.548

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	110.364	35.994	10.043
		Other Income	0.045	0.017	0.090
		TOTAL	110.409	36.011	10.133
Less	EXPENSES
		Purchase Cost	88.509	24.359
		Operational Cost	1.492	1.235
		Employee Benefit Expenses	13.051	7.391
		Selling, Administration and Other Expenses	4.222	1.459
		Miscellaneous Expenses	0.000	0.102
		Extraordinary Items	(0.053)	0.000
		TOTAL (B)	107.221	34.546	11.497 (Including Depreciation and Financial Expenses)
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3.188	1.465
Less	FINANCIAL EXPENSES (D)		0.234	0.093
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.954	1.372
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.893	0.610
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		2.061	0.762	(1.364)
Less	TAX (H)		0.716	0.023	0.099
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		1.345	0.739	(1.463)
	EARNINGS IN FOREIGN CURRENCY
		Export Sales (Realizable in foreign currency)	10.094	7.193	3.169
	TOTAL EARNINGS		10.094	7.193	3.169
	Earnings / (Loss) Per Share (Rs.)		134.46	73.92	--

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT / Sales)	(%)	1.22	2.05	-14.57
Operating Profit Margin (PBIDT/Sales)	(%)	2.89	4.07	-13.58
Return on Total Assets (PBT/Total Assets}	(%)	7.23	4.74	-24.59
Return on Investment (ROI) (PBT/Networth)		2.86	0.22	-0.49
Debt Equity Ratio (Total Debt/Networth)		7.73	0.44	0.45
Current Ratio (Current Asset/Current Liability)		0.92	1.08	1.23

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.100	0.100	0.100
Reserves & Surplus	(1.463)	(0.724)	0.620
Share Application money pending allotment	4.15	4.15	0.000
Net worth	2.787	3.526	0.720
long-term borrowings	0.000	0.231	0.136
Short term borrowings	1.253	1.319	5.426
Total borrowings	1.253	1.550	5.562
Debt/Equity ratio	0.450	0.440	7.725

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	10.043	35.994	110.364
		258.399	206.618

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	10.043	35.994	110.364
Profit	(1.463)	0.739	1.345
	(14.57%)	2.05%	1.22%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG TERM DEBTS: 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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	No
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	No
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	No
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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Loans and advances from Related Parties Form Directors	0.576	1.319
Loans and advances from others Premjayanti Enterprise Private Limited	4.850	0.000
Total	5.426	1.319

PERFORMANCE REVIEW

Company has during the year developed its business 3 fold. Accordingly the profit of the company has also been increased more than 2.5 times. Company has inspite making substantial growth in the business, company has managed to maintain its operating margin ratio as compared to previous year. There was slight slip in operating margin ratio from 2.1% person to 1.87%. Company is expected to Increase the same in next year as company has incurred substantial expense to strengthen its human resourse base.

FIXED ASSETS

v Tangible Assets

Air Conditioners

Computer Lan Cable

Computers

Furniture and Fixtures

LED TV

Mobile Phones

New Car – 110

v Intangible Assets

Computer Software

Webdomain

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.63.07
UK Pound	1	Rs.98.73
Euro	1	Rs.77.46

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis done by :	DIV
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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		26

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.