MIRA INFORM REPORT

Report Date :

10.03.2014

IDENTIFICATION DETAILS

Name :	BIT MAPPER INTEGRATION TECHNOLOGIES PRIVATE LIMITED

Registered Office :	B-1, Mayur Complex, S.No.39/3,4,5,6, CTS No. 748, Opposite Bhelke Nagar, Near Kothrud, Pune – 411038, Maharashtra

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	03.11.1999

Com. Reg. No.:	11-014134

Capital Investment / Paid-up Capital :	Rs.4.000 Millions

CIN No.: [Company Identification No.]	U72200PN1999PTC014134

TAN No.: [Tax Deduction & Collection Account No.]	PNEB04495B

PAN No.: [Permanent Account No.]	AABCB4815E

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturing of Printed Circuits Boards, Designing of PCB.

No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 33000

Status :	Moderate

Payment Behaviour :	Sloe but correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track record. There seems some dip in the profits of the company during 2013, borrowings of the company are also huge. However, trade relations are reported to be fair. Business is active. Payments terms 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 services sector, the largest contributor to India’s GDP, contracted for the sixth consecutive month in December, as orders dipped. However, hiring has risen. Direct tax collections rose 12.3 % during the April – December period of the current financial year. The government has decided to retain 100 per cent foreign direct investment in both greenfield (new) and brown field (existing) pharmaceutical companies, despite concerns over genetic drugs going out of production, if multi-national companies take over domestic ones. In M&A deals, a non compete clause would not be allowed, except in special circumstances. The Department of Industrial Policy and Promotion plans to release the next edition of its consolidated foreign direct investment policy document on March 31, incorporating changes made in the past year. DIPP compiles all policies related to India’s FDI regime into a single document to make it easy for investors to understand. 185 million estimated number of mobile internet users in India by June 2014, according to a report by the Internet & Mobile Association of India and IMRB International. India had 110 million mobile internet users with 25 million in rural areas. $3.77 tn estimated global IT spending in 2014, according to research firm Gartner Inc. The growth forecast for this year is cut to 3.1 %from the earlier estimate of 3.5 %. The spending growth forecast for telecom services – a segment that accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per cent is the main reason for this overall IT cut. A Reserve Bank of India committee has recommended setting up a special category of lenders who would cater to small businesses and households, to expand the number of customers with access to banking services. These banks would focus onproviding payment services and deposit products. Indian banks want the free use of automated teller machines to be capped at five transactions in a month including that of the bank in which the account is active. This follows state government order to banks to install security guards at ATM booths after a woman banker was assaulted in Bangalore. The government is likely to present a vote on Account in mid-February. The annual Economic Survey will be tabled later in Parliament along with the full Budget. A full Budget for 2014/15 is likely to be present in July by the new government formed after the General Election. The government will soon launch an internet spy system, called Netra, to detect malafide messages. Security agency will deploy the system to capture dubious voice traffic on applications such as Skype and Google Talk, as well as tweeters.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	SE 2C
Rating Explanation	High performance capability and low financial strength
Date	July 2013

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 DENIED BY

Name :	Mr. Ashish
Designation :	Finance Department
Contact No.:	91-20-25386927
Date :	07.03.2014

LOCATIONS

Registered Office :	B-1, Mayur Complex, S.No.39/3,4,5,6, CTS No. 748, Opposite Bhelke Nagar, Near Kothrud, Pune – 411038, Maharashtra, India
Tel. No.:	91-20-25386927/ 26/ 28
Fax No.:	91-20-25386930
E-Mail :	bitmapper@vsnl.net info@bitmapper.com
Website :	http://www.bitmapper.com

DIRECTORS

As on 30.09.2013

Name :	Mr. Rakesh Ramlal Mehta
Designation :	Director
Address :	Flat No.1, Gaurihar Complex, Rohan Corner, Opposite Pratik Nagar Paud Road, Pune – 411038, Maharashtra, India
Date of Birth/Age :	21.12.1957
Date of Appointment :	03.11.1999
Voter ID No.:	MT 0042/0247/345972
DIN No.:	00273589

Name :	Mrs. Pournima Rakesh Mehta
Designation :	Director
Address :	Flat No.1, Gaurihar Complex, Rohan Corner, Opposite Pratik Nagar Paud Road, Pune – 411038, Maharashtra, India
Date of Birth/Age :	25.07.1959
Date of Appointment :	03.11.1999
DIN No.:	00273395

KEY EXECUTIVES

Name :	Mr. Ashish
Designation :	Finance Department

Name :	P.L. Shettigar
Designation :	Company Secretary
Address :	Manek Hall, Monaa Hotel Private Limited, 2, East Street, Pune – 411001, Maharashtra, India
Tel No.:	91- 20-26990048
Email ID :	laxmanshettigar@rediffmail.com

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares	% of Holding
Rakesh Ramlal Mehta	19280	48.20
Pournima Rakesh Mehta	19280	48.20
Rakesh Ramlal Mehta and Pournima Rakesh Mehta	1440	3.60
Total	40000	100.00

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 :

Manufacturing of Printed Circuits Boards, Designing of PCB.

GENERAL INFORMATION

Suppliers :

Advanced Electronics
Amphenol Interconnect India Private Limited
Anusaya Air and Sea Clearing Agency
Ashalata Lahoti
Avnet Asia Pte. Limited
Avnet Electronics Marketing
Baghwandas Mandhana
Blue Dart Express Limited
BNB Software Solutions Private Limited
Comptek Computer Systems Private Limited
Deccan Rendzezvous
Design and Assemblies Inc
Digi Key Corporation
Dipti Kulkarni
Dolphin Advertising
Element 14 India Private Limited
Federal Express Corporation
Gadgets and Laptops
Gaurav Electronics
Gokul Lahoti
Helios Ingredients Limited
Hi Q Electronics Private Limited
Hiral Enterprise
Horizon Interiors

Customers :

Alpha Design Technologies Private Limited
BEL, Bangalore
BEL , Machilipatnam
BEL, Panchkula
Dover India Private Limited
DPS (BARC)
I.R.D.E. Deharadun
Naval Science and Technological Laboratory
Professional Industrial Engineering Company
Space Application Centre
TIFR Mumbai
JSE Tech Suppliers
DLRL Hyderabad
National Remote Sensing
Vedang Advanced Radio Electronic Systems Private Limited
VSSC Trivandrum

No. of Employees :

Information denied by management

Bankers :

Janata Sahakari Bank Limited, 1444, Shukrawar Peth, Thorale Bajirao Road, Pune - 411002, Maharashtra, India
Axis Bank Limited, Corporate Banking Branch, 214/215, City Mall, Near Pune University, Pune - 411007, Maharashtra, India
Bank of Maharashtra

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
JSB C/C. No.153100001061	0.000	16.462
Bom Vento Car Loan A/c	0.413	0.555
Bom CC A/c-75303	17.508	0.000
Bom Swift Car Loan A/c-75152	0.481	0.000
MTE ICD A/c	0.000	0.024
Short Term Borrowings
SCB Credit Card-RPM	0.056	0.000
HDFC Credit Card-RPM	0.047	0.000
Credit Card ICICI Bank PRM	0.052	0.003
Total	18.557	17.044

Notes:

Long Term Borrowings

C/C from Bank of Maharashtra is secured against 2 flat in kothrud which are in name of directors, hypotecation of stock, Sundry Debtors and Sundry Creditors, and personal guarantee of Directors.
Vento Car Loan From Bank of Maharashtra is secured against Car.
Swift Dezire Car Loan from Bank of Maharashtra is secured against Car.


Banking Relations :	--

Auditors :
Name :	Birla and Company Chartered Accountants
Address :	5^th Floor, Arthavishwa Building, 5^th Lane, Koregoan Park, Pune – 411001, Maharashtra, India
Tel. No.:	91-20-30461581/82
PAN No.:	ABBPB2792A

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

40000	Equity Shares	Rs.100/- each	Rs.4.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

40000	Equity Shares	Rs.100/- each	Rs.4.000 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	4.000	1.000	1.000
(b) Reserves & Surplus	4.187	2.998	(1.581)
(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)	8.187	3.998	(0.581)

(3) Non-Current Liabilities
(a) long-term borrowings	22.411	23.941	7.634
(b) Deferred tax liabilities (Net)	1.130	1.056	0.939
(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)	23.541	24.997	8.573

(4) Current Liabilities
(a) Short term borrowings	0.155	0.003	0.088
(b) Trade payables	2.066	4.988	1.641
(c) Other current liabilities	1.350	1.551	0.644
(d) Short-term provisions	1.605	2.157	1.134
Total Current Liabilities (4)	5.176	8.699	3.507

TOTAL	36.904	37.694	11.499

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4.828	2.734	1.568
(ii) Intangible Assets	1.767	1.360	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	2.956	3.259	1.568
(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	9.551	7.353	3.136

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	10.634	7.431	3.237
(c) Trade receivables	10.958	22.207	4.854
(d) Cash and cash equivalents	5.264	0.055	0.064
(e) Short-term loans and advances	0.059	0.055	0.008
(f) Other current assets	0.438	0.593	0.200
Total Current Assets	27.353	30.341	8.363

TOTAL	36.904	37.694	11.499

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	60.891	60.503	19.890
		Other Income	0.329	0.175	0.164
		TOTAL	61.220	60.678	20.054

Less	EXPENSES		59.165	54.676	18.887

	PROFIT/(LOSS) BEFORE TAX		2.055	6.002	1.167

Less	TAX		0.659	1.423	0.245

	PROFIT/(LOSS) AFTER TAX		1.396	4.579	0.922

	Earnings Per Share (Rs.)		34.92	114.49	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.28	7.55	4.60

Net Profit Margin (PBT/Sales)	(%)	3.37	9.92	5.87

Return on Total Assets (PBT/Total Assets}	(%)	6.05	17.43	11.75

Return on Investment (ROI) (PBT/Networth)		0.25	1.50	(2.01)

Debt Equity Ratio (Total Debt /Networth)		2.76	5.99	(13.29)

Current Ratio (Current Asset/Current Liability)		5.28	3.49	2.38

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	1.000	1.000	4.000
Reserves & Surplus	(1.581)	2.998	4.187
Net worth	(0.581)	3.998	8.187

long-term borrowings	7.634	23.941	22.411
Short term borrowings	0.088	0.003	0.155
Total borrowings	7.722	23.944	22.566
Debt/Equity ratio	(13.291)	5.989	2.756

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	19.890	60.503	60.891
		204.188	0.641

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	19.890	60.503	60.891
Profit	0.922	4.579	1.396
	4.64%	7.57%	2.29%

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	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	No
17]	Major suppliers	Yes
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	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	Yes
34]	External Agency Rating, if available	Yes

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Pournima Mehta	1.924	4.605
Rakesh Mehta	2.043	2.295
Nupur Mehta	0.042	0.000
Total	4.009	6.900

Note: Loan from Director is unsecured and repayable on demand.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10472263	17/12/2013	40,000,000.00	Axis Bank Limited	Corporate Banking Branch, 214/215, City Mall, Near Pune University, Pune, Maharashtra - 411007, India	B94278140

FIXED ASSETS:

Air Conditioner
Books and Periodicals
Chairs and Desks
Computer
Cycle
Electrical Fittings
Car A/c Vento and Swift
Furniture
Mobile
Machinery
Mobile
Vehicles
Office Equipment
Printer
Projector LCD
CCTV Camera
Software
SAP Software
UPS System
ERP Software
EPBS

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.60.98
UK Pound	1	Rs.102.07
Euro	1	Rs.84.52

INFORMATION DETAILS

Information Gathered by :	PDT

Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
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	3
--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		30

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.

MIRA INFORM REPORT

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