MIRA INFORM REPORT

Report No. :	307058
Report Date :	09.02.2015

IDENTIFICATION DETAILS

Name :	VEERAS INFOTEK PRIVATE LIMITED
Registered Office :	No. 5 C, Kences Towers, No.1, Ramakrishna Street, North Usman Road, T. Nagar, Chennai – 600017, Tamilnadu
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	04.03.1999
Com. Reg. No.:	18-042010
Capital Investment / Paid-up Capital :	Rs.2.449 Millions
CIN No.: [Company Identification No.]	U72200TN1999PTC042010
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	CHEV02347C
PAN No.: [Permanent Account No.]	AAACV9345E
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Computer Related Services.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 131000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Profitability of the company is low. However, the rating takes into consideration company sound financial risk profile and fair liquidity position of the company. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings 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.

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

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 DENIED BY

Name :	Mr. Ram
Designation :	Finance Department
Contact No.:	91-44-42210000
Date :	06.02.2015

LOCATIONS

Registered Office / Headquarters :	No. 5 C, Kences Towers, No.1, Ramakrishna Street, North Usman Road, T. Nagar, Chennai – 600017, Tamilnadu, India
Tel. No.:	91-44-42210000
Fax No.:	91-44-43851066
E-Mail :	info@veeras.com ram@veeras.com
Website :	http://www.veeras.com
Branch Office 1 :	Flat No 303, 3rd Floor, Plot No 32, Vijay Enclave, Srinagar Colony Main Road, Hyderabad – 500073, Telangana, India
Tel. No.:	91-40-66996000
Branch Office 2 :	II Floor, No.53, 17th A Main Road, V Block, Koramangala, Bangalore – 560095, Karnataka, India
Tel. No.:	91-80-49292666
Branch Office 3 :	Survey No. 60/1/1, 60/1/2, Atul Nagar, Building B4, Flat No. G-2, Udri Post, Mohemmad Wadi, Pune – 411060, Maharashtra, India
Branch Office 4 :	No 1996/5, MR Gardens, Trichy Road, Coimbatore – 641005, Tamilnadu, India
Tel No.:	91-422-4367003 / 4367004

DIRECTORS

As on 30.12.2014

Name :

Mr. Ranganathan Sudarsan

Designation :

Managing Director

Address :

No 8, N. No. 2nd Asvini Abhinitha Cauvery Salai, Kalakshetra Colony, Besant Nagar, Chennai - 600090, Tamilnadu, India

Date of Birth/Age :

10.01.1970

Date of Appointment :

04.03.1999

DIN No.:

01060648

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U72200TN1999PTC042010	VEERAS INFOTEK PRIVATE LIMITED	Managing director	04/03/1999	04/03/1999	-	Active	NO
2	U52392TN2010PTC075546	VEERAS RETAIL SOLUTIONS PRIVATE LIMITED	Director	03/05/2010	03/05/2010	-	Active	NO

Name :

Mr. Vijayaraghavachariar Ranganathan

Designation :

Director

Address :

D2, Asvini Abhinita Apartment, No. 3, Cauvery Salai, Kalashetra Colony, Besant Nagar, Chennai - 600090, Tamilnadu, India

Date of Birth/Age :

01.05.1933

Date of Appointment :

04.03.1999

DIN No.:

01873555

Name :

Mrs. Sudarsan Rekha

Designation :

Director

Address :

2 - D, Asvini Abhinitha Apartments, No. 3, Kalashetra Colony, Cauvery Street, Besant Nagar, Chennai - 600090, Tamilnadu, India

Date of Birth/Age :

26.04.1973

Date of Appointment :

08.03.1999

DIN No.:

01878107

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U72200TN1999PTC042010	VEERAS INFOTEK PRIVATE LIMITED	Director	08/03/1999	08/03/1999	-	Active	NO
2	U52392TN2010PTC075546	VEERAS RETAIL SOLUTIONS PRIVATE LIMITED	Director	03/05/2010	03/05/2010	-	Active	NO

Name :

Mr. Somayajilu Kumar

Designation :

Director

Address :

Flat. No. 1, Sailakshmi Apartments, No.2, Rajaji Street, West Mambalam, Chennai - 600033, Tamilnadu, India

Date of Birth/Age :

31.01.1969

Date of Appointment :

30.12.2014

DIN No.:

06947744

KEY EXECUTIVES

Name :	Mr. Ram
Designation :	Finance Department

MAJOR SHAREHOLDERS

As on 30.12.2014

Names of Shareholders	No. of Shares	% of Holding
Ranganathan Sudarsan	96010	39.20
Sudarsan Rekha	23990	9.80
Veeras Retails Solutions Private Limited, India	120000	49.00
Vijayaraghavachariar Ranganathan	4898	2.00
Total	244898	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.12.2014

Category	Percentage
Bodies corporate	49.00
Directors or relatives of Directors	51.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Providing Computer Related Services.
Products / Services :	Computer Related Services
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

No. of Employees :

Information denied by management

Bankers :

· HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai - 400013, Maharashtra, India

· Indian Overseas Bank, Nungambakkam Branch, #109, Nungambakkam High Road, Chennai - 600034, Tamilnadu, India

· Axis Bank Limited, Chennai Main Branch, No.82 Dr. Radhakrishnan Salai, Mylapore, Chennai - 600004, Tamilnadu, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
From Bank	0.531	1.275
SHORT TERM BORROWINGS
Cash Credit From Bank	65.462	65.873
Total	65.993	67.148

Auditors :
Name :	Gopinath and Sharma Chartered Accountants
Address :	No. 17 Kennedy, First Street, Mylapore, Chennai – 600004, Tamilnadu, India
Tel. No.:	91-44-24354113
Fax No.:	91-44-43174474
E-Mail :	chenniho@cmacs.co.in
PAN No.:	AAEPK2009D
Memberships :	--
Collaborators :	--
Sister Concern :	Not Divulged

CAPITAL STRUCTURE

As on 30.12.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.10/- each	Rs.3.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
244898	Equity Shares	Rs.10/- each	Rs.2.449 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	2.449	2.449	2.449
(b) Reserves & Surplus	43.266	42.815	37.693
(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)	45.715	45.264	40.142
(3) Non-Current Liabilities
(a) long-term borrowings	10.690	21.821	3.969
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	10.690	21.821	3.969
(4) Current Liabilities
(a) Short term borrowings	65.462	65.873	40.463
(b) Trade payables	109.441	75.818	113.481
(c) Other current liabilities	11.132	12.208	3.863
(d) Short-term provisions	0.349	0.577	8.760
Total Current Liabilities (4)	186.384	154.476	166.567
TOTAL	242.789	221.561	210.678
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	13.263	14.442	13.493
(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	0.100	0.100	0.100
(c) Deferred tax assets (net)	1.124	1.002	0.562
(d) Long-term Loan and Advances	2.153	1.718	1.137
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	16.640	17.262	15.292
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	4.827	4.281	4.188
(c) Trade receivables	140.594	71.133	117.984
(d) Cash and cash equivalents	47.995	44.193	34.341
(e) Short-term loans and advances	32.181	84.561	38.650
(f) Other current assets	0.552	0.131	0.223
Total Current Assets	226.149	204.299	195.386
TOTAL	242.789	221.561	210.678

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income		533.506	513.526	NA
		Other Income		NA	NA	NA
		TOTAL		NA	NA	NA
	EXPENSES			NA	NA	NA
	PROFIT/(LOSS) BEFORE TAX			0.678	0.405	10.758
Less	TAX			0.226	0.138	3.582
	PROFIT/(LOSS) AFTER TAX			0.452	0.267	7.176
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	25.440	5.266	4.161
	TOTAL EARNINGS			25.440	5.266	4.161
	IMPORTS
			Value of Imports	0.799	6.022	6.442
	TOTAL IMPORTS			0.799	6.022	6.442
	Earnings / (Loss) Per Share (Rs.)			1.85	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.08	0.05	NA
Return on Total Assets (PBT/Total Assets}	(%)	0.28	0.18	5.12
Return on Investment (ROI) (PBT/Networth)		0.01	0.01	0.27
Debt Equity Ratio (Total Debt /Networth)		1.67	1.94	1.11
Current Ratio (Current Asset/Current Liability)		1.21	1.32	1.17

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	2.449	2.449	2.449
Reserves & Surplus	37.693	42.815	43.266
Share Application money pending allotment	0.000	0.000	0.000
Net worth	40.142	45.264	45.715
Long Term borrowings	3.969	21.821	10.690
Short Term borrowings	40.463	65.873	65.462
Total borrowings	44.432	87.694	76.152
Debt/Equity ratio	1.107	1.937	1.666

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions
Sales	513.526	533.506
		3.891

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions
Sales	513.526	533.506
Profit	0.267	0.452
	0.05%	0.08%

LOCAL AGENCY FURTHER INFORMATION

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 two 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	No
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	No
34]	External Agency Rating, if available	No

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
From Bank	10.159	20.546
Total	10.159	20.546

REVIEW OF OPERATIONS

During the year, the company has achieved a turnover of Rs.533.506 Millions. The net profit for the year has been Rs.0.452 Millions. The steps are being taken by the company, which will result in significant growth with regards to turnover and profits for the year to come.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10338422	25/09/2014 *	69,790,000.00	HDFC Bank Limited	HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India	C23291958

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.61.74
UK Pound	1	Rs.94.95
Euro	1	Rs.70.79

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KAR
Report Prepared by :	VNT

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
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		42

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.