MIRA INFORM REPORT

Report No. :	329937
Report Date :	03.07.2015

IDENTIFICATION DETAILS

Name :	ABSOLUTE IT SOLUTIONS PRIVATE LIMITED
Registered Office :	Flat No.26, Chembur Neelkanth Apartment Co-Operative Housing Society, Amar Mahal, Chembur, Mumbai – 400 089, Maharashtra
Tel. No.:	91-22-25790051
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	09.07.2013
Com. Reg. No.:	11-245401
Capital Investment / Paid-up Capital :	Rs.0.100 million
CIN No.: [Company Identification No.]	U52100MH2013PTC245401
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of computer, laptop, computer peripherals and its accessories.
No. of Employees :	5 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a relatively new company having moderate track record. Mr. Deepak Gupta, Director has provided information to us and claimed that company has started its business operations from August 2013. Company possesses moderate operational performance and reported loss from operations activities. Due to huge loss incurred it has eroded networth of the company. Business is active. Payment terms are slow. In view of weak balance sheet profile, the company can be considered for business dealings on safe and secured 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

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Deepak Laxman Gupta
Designation :	Director
Contact No.:	91-8655858501
Date :	02.07.2015

LOCATIONS

Registered Office :	Flat No.26, Chembur Neelkanth Apartment Co-Operative Housing Society, Amar Mahal, Chembur, Mumbai – 400 089, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-8655858501 (Mr. Deepak Gupta)
Fax No.:	Not Available
E-Mail :	ramsurat@absoluteit.net.in
Location :	Owned
Locality :	Commercial
Head Office :	212, Veena Industrial Estate, L.B.S. Road, Vikhroli (West), Mumbai – 400 083, Maharashtra, India
Tel. No.:	91-22-25790051

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Ramsurat Ramfer Yadav
Designation :	Director
Address :	Room No.18, Ram Mandir Road, Paras Yadav Chawl No.2, Goregaon (West), Mumbai – 400 104, Maharashtra, India
Date of Birth/Age :	18.08.1976
Date of Appointment :	09.07.2013
DIN No.:	06594638
Name :	Ms. Prapthi Shyam Bolar
Designation :	Director
Address :	E-603, Grandeur, Plot No.33-34, Sector - 20, Kanothe, Khandeshwar, Panvel, Navi Mumbai – 410 209, Maharashtra, India
Date of Birth/Age :	15.11.1988
Date of Appointment :	09.07.2013
DIN No.:	06594700
Name :	Mr. Dinesh Narayan Belchada
Designation :	Director
Address :	26, Neelkanth Appartments, Amarmahal, Chembur, Mumbai – 400 089, Maharashtra India
Date of Birth/Age :	18.03.1969
Date of Appointment :	09.07.2013
DIN No.:	06594713
Name :	Mr. Deepak Laxman Gupta
Designation :	Director
Address :	242, Railway Quarters, Murbad Road, Kalyan (West), Thane – 421 301, Maharashtra, India
Date of Birth/Age :	16.08.1975
Date of Appointment :	09.07.2013
DIN No.:	06594755

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Ramsurat Ramfer Yadav	2250	22.50
Prapthi Shyam Bolar	2500	25.00
Dinesh Narayan Belchada	3000	30.00
Deepak Laxman Gupta	2250	22.50
Total	10000	100.00

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Trader of computer, laptop, computer peripherals and its accessories.
Products :	Computer Laptop Desktops
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Cash, Cheque and Credit (60/ 90 days)
Purchasing :	Cash, Cheque and Credit (60/ 90 days)

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

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour	Market Goodwill	Overall
Not Divulged	Not Divulged	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

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality	Delivery Behaviour	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

No. of Employees :

5 (Approximately)

Bankers :

Banker Name	The Bharat Co-Operative Bank (Mumbai) Limited
Branch Address	Bhandup Branch, Mumbai, Maharashtra , India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	DSRA and Associates LLP Chartered Accountants
Address :	A-201, Shanta Jyot Shopping Center CHSL, Near ICICI Bank, Manickpur, Vasai (West), Thane – 401 202, Maharashtra, India
Mobile No.:	91-9022906704/ 9920195654/ 9867478572
E-Mail :	dsrallp@gmail.com
Income-tax PAN of auditor or auditor's firm :	AAJFD0963E
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 30.09.2014

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 Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014
I.              EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	0.100
(b) Reserves & Surplus	(1.573)
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	(1.473)
(3) Non-Current Liabilities
(a) Long-term borrowings	5.657
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	0.000
(d) Long-term provisions	0.000
Total Non-current Liabilities (3)	5.657
(4) Current Liabilities
(a) Short term borrowings	0.000
(b) Trade payables	19.414
(c) Other current liabilities	0.478
(d) Short-term provisions	0.000
Total Current Liabilities (4)	19.892
TOTAL	24.076
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.754
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.001
(c) Deferred tax assets (net)	0.704
(d) Long-term Loan and Advances	0.000
(e) Other Non-current assets	0.000
Total Non-Current Assets	1.459
(2) Current assets
(a) Current investments	0.000
(b) Inventories	9.129
(c) Trade receivables	6.429
(d) Cash and cash equivalents	3.743
(e) Short-term loans and advances	2.212
(f) Other current assets	1.104
Total Current Assets	22.617
TOTAL	24.076

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014
	SALES TURNOVER (APPROXIMATELY)		95.000
Less	EXPENSES
		TOTAL	NA
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(2.227)
Less/ Add	DEPRECIATION/ AMORTISATION		0.051
	PROFIT/ (LOSS) BEFORE TAX		(2.278)
Less	TAX		(0.704)
	PROFIT/ (LOSS) AFTER TAX		(1.574)
	Earnings/ (Loss) Per Share (Rs.)		(157.40)

Particulars	31.03.2015
Sales Turnover (Approximately)	340.000

Expected Sales (2015-2016): Rs.600.000 million

The above information has been parted by Mr. Deepak Gupta (Director).

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014
Current Maturities of Long term debt	NA
Cash generated from operations	NA

KEY RATIOS

PARTICULARS		31.03.2014
Return on Total Assets (PBT/Total Assets}	(%)	(9.75)
Return on Investment (ROI) (PBT/Networth)		1.55
Debt Equity Ratio (Total Debt /Networth)		(3.84)
Current Ratio (Current Asset/Current Liability)		1.14

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity-Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last about 1 year 8 months	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last about 8 months	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)
LONG-TERM BORROWINGS
Loan from Director and Related Parties	5.657
Total	5.657

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/ Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10574569	10/06/2015	3,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI – 400 013, MAHARASHTRA, INDIA	C56273824

FIXED ASSETS:

· Buildings

· Electricals

· Furniture and Fixtures

· Vehicles

· Office Equipment

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.63.57
UK Pound	1	Rs.99.20
Euro	1	Rs.70.35

INFORMATION DETAILS

Information Gathered by :	MNJ
Analysis Done by :	KAR
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILITY	1~10	-
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	-
--CREDIT LINES	1~10	-
--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		12

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.