MIRA INFORM REPORT

Report No. :	310669
Report Date :	07.03.2015

IDENTIFICATION DETAILS

Name :	DEV INFORMATION TECHNOLOGY PRIVATE LIMITED
Registered Office :	14, Aryan Corporate Park, Near Shilaj Crossing, Thaltej, Ahmedabad - 380064, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	23.12.1997
Com. Reg. No.:	04-033479
Capital Investment / Paid-up Capital :	Rs. 5.000 Million
CIN No.: [Company Identification No.]	U30000GJ1997PTC033479
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 :	Providing integrated information technology Solutions.
No. of Employees :	350 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered 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

Rating Agency Name	CARE
Rating	NSIC – CARE MSE Rating = SE1B
Rating Explanation	Moderate financial strength and higher performance capability.

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. Harshil Shah
Designation :	Account Head
Contact No.:	91-79-26304241
Date :	03.03.2015

LOCATIONS

Registered / Corporate Office:	14, Aryan Corporate Park, Near Shilaj Crossing, Thaltej, Ahmedabad - 380064, Gujarat, India
Tel. No.:	91-79-26304241/26305751/26308854
Fax No.:	Not Available
E-Mail :	info@devitpl.com harshil.shah@devitpl.com mnshahco@gmail.com
Website :	www.devitpl.com
Regional Office 1:	102, JB Apartment, Plot No.96, Shivaji Nagar, Civil Lines, Jaipur - 302006, Rajasthan, India
Tel. No.:	91-141-2224818
Regional Office 2:	1717 Califaonia Ave, Windors, Onario, N9B 3T5 Canada
Tel. No.:	+1-586-925-5600

DIRECTORS

As on: 30.09.2013

Name :	Mr. Pranav Niranjanbhai Pandya
Designation :	Director
Address :	B/82, Akash Flats, Opposite Premchandnagar, Judges Bunglows Road, Bodakdev, Ahmedabad – 380054, Gujarat, India
Date of Birth/Age :	15.03.1968
Qualification:	Microprocessor Engineer
Date of Appointment :	23.12.1997
DIN No.:	00021744
Name :	Mr. Jaiminbhai Jagdishbhai Shah
Designation :	Director
Address :	8, Satellite Society, Jodhpur Tekra, Near Central Bank of India, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	25.04.1973
Qualification:	Bachelor Degree in Computer
Date of Appointment :	23.12.1997
DIN No.:	00021880

KEY EXECUTIVES

Name :	Mr. Harshil Shah
Designation :	Account Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares
Jaimin Jagdishbhai Shah	4400
Jaimin Jagdishbhai Shah ( HUF )	1225
Pranav Niranjanbhai Pandya	2600
Pranav Niranjanbhai Pandya (HUF )	1225
Rakhi Jagdishbhai Shah	150
Jayshree Jagdishbhai Shah	2500
Hemant Suryakant. Shah	5000
Jagdishbhai Chinubhai Shah	50
Amisha Jaiminbhai Shah	5000
Saryuben Mahendrabhai Shah	5000
Pratimaben Mohanlal Dersai	5000
Kruti Pranavbhai Pandya	5000
Maduriben Niranjan Pandya	5000
Kiran Jiteshkumar Shah	2500
Manisha Mahendrabhai Shah	2600
Chetanbhai Desai	2500
Academy for Computer Training Private Limited	20
Meetaben Hemantbhai Shah	30
Urmilaben S. Parikh	100
Niranjanaben Satishbhai Jambudi	100
Total	50000

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	0.04
Directors or relatives of Directors	99.70
Others	0.26
Total	100.00

BUSINESS DETAILS

Line of Business :	Providing integrated information technology Solutions.
Products/Service: :	---
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash and credit (30/60/90 Days)
Purchasing :	Cash and credit (30/60/90 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 :	Not Divulged
Remark:	Not Divulged

Customers :

• End Users and OEMs

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 :	Not Divulged
Remark:	Not Divulged

No. of Employees :

350 (Approximately)

Bankers :

· Karur Vysya Bank Limited, Ashram Road Branch, Ahmedabad, Gujarat, India

· Axis Bank Limited

· The H.D.F.C Bank Limited

Bank Name	The Kalupur Commercial Co-Operative Bank Limited
Branch	S.M. Road Branch, Shivranjani Cross Road, Ahmedabad - 380015, Gujarat, 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

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Term loans
Vehicle Loan from HDFC Bank and Axis Bank ** (Against Hypothecation of Vehicles of Company )	0.877	0.618
The Kalupur commercial cop Bank Ltd ** (Against Equitabale Mortgage of immovable properties situtated at 14‐Aryans Corporate Park , Shilaj Railway Crossing , Thaltej, Ahmedabad and guaranteed by directors .Repayable in 84 monthly instalments starting from 07‐01‐2012)	11.979	16.054
SHORT TERM BORROWINGS
Loans repayable on demand
The Kalupur Commercial Co‐operative Bank Limited (OD)** (Secured against hypothecation of Fixed Deposits)	1.859	0.000
The Kalupur Commercial Co‐operative Bank Limited ** (Secured against hypothecation of stock in trade and book debts,and further guaranteed by Director )	32.259	24.328
Total	46.974	41.000

NOTE

LONG TERM BORROWINGS

**

The above amount have been guaranteed by Directors of Company.

There is no continuing default as on the balance sheet date in repayment of loans and interest.

SHORT TERM BORROWINGS

** There is no default as on the balance sheet date in repayment of loans and interest.

Auditors :
Name :	Milin J. Jani and Company Chartered Accountants
Address :	3^rd Floor, Shital Varsha Arcade, C G Road, Ahmedabad – 380009, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	ABMPJ6309E
Memberships :	Not Available
Collaborators :	Not Available
Enterprises having common Key Management Personnel and/or their Relatives:	· Devna Commercial Complex Private Limited · Anjanj Infrastructure Private Limited · Anjani Softech Private Limited · Byte Technosys Private Limited · Xduce Infotech Private Limited

CAPITAL STRUCTURE

As on 31.03.2014

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs. 5.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs. 5.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	0.500
(b) Reserves & Surplus	73.894	63.846	62.362
(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)	78.894	68.846	62.862
(3) Non-Current Liabilities
(a) long-term borrowings	20.824	22.528	27.381
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	2.130	2.249	1.414
(d) long-term provisions	0.621	0.502	0.000
Total Non-current Liabilities (3)	23.575	25.279	28.795
(4) Current Liabilities
(a) Short term borrowings	37.118	24.328	9.851
(b) Trade payables	221.358	100.881	89.177
(c) Other current liabilities	11.429	26.344	30.139
(d) Short-term provisions	2.682	1.351	9.444
Total Current Liabilities (4)	272.587	152.904	138.611
TOTAL	375.056	247.029	230.268
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	47.300	49.176	50.090
(ii) Intangible Assets	0.100	0.159	0.266
(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	3.466	3.250	2.780
(c) Deferred tax assets (net)	0.000	0.000	3.758
(d) Long-term Loan and Advances	10.745	14.957	7.707
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	61.611	67.542	64.601
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	40.998	58.375	46.282
(c) Trade receivables	220.100	93.840	82.858
(d) Cash and cash equivalents	31.115	10.507	23.860
(e) Short-term loans and advances	21.232	16.765	12.667
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	313.445	179.487	165.667
TOTAL	375.056	247.029	230.268

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	568.555	431.374	347.496
		Other Income	2.587	1.221	1.318
		TOTAL (A)	571.142	432.595	348.814
Less	EXPENSES
		Cost of Materials Consumed	397.933	318.619	190.043
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	17.377	(12.092)	(30.989)
		Employees benefits expense	95.722	83.302	130.547
		Other expenses	29.130	19.190	21.238
		TOTAL (B)	540.162	409.019	310.839
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		30.980	23.576	37.975
Less	FINANCIAL EXPENSES (D)		10.659	6.459	8.897
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		20.321	17.117	29.078
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.323	5.017	3.590
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		14.998	12.100	25.488
Less	TAX (H)		4.081	6.007	8.473
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		10.917	6.093	17.015
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		11.870	7.362	0.928
Less	APPROPRIATIONS
		Transfer to General Reserve	1.000	1.000	10.000
		Dividend Distribution Tax	0.750	5.000	0.081
		Proposed Dividend	0.127	0.085	0.500
	BALANCE CARRIED TO THE B/S		20.910	7.370	7.362
	Earnings / (Loss) Per Share (Rs.)		21.83	13.47	37.81

Expected Sales (2014-2015): Rs. 600.000 Million

The above information has been parted by Mr. Harshil Shah (Accounts Head).

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.92	1.41	4.90
Operating Profit Margin (PBIDT/Sales)	(%)	5.45	5.47	10.93
Return on Total Assets (PBT/Total Assets}	(%)	4.04	4.96	11.39
Return on Investment (ROI) (PBT/Networth)		0.19	0.18	0.41
Debt Equity Ratio (Total Debt /Networth)		0.73	0.68	0.59
Current Ratio (Current Asset/Current Liability)		1.15	1.17	1.20

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	0.500	5.000	5.000
Reserves & Surplus	62.362	63.846	73.894
Net worth	62.862	68.846	78.894
long-term borrowings	27.381	22.528	20.824
Short term borrowings	9.851	24.328	37.118
Total borrowings	37.232	46.856	57.942
Debt/Equity ratio	0.592	0.681	0.734

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Income	347.496	431.374	568.555
		24.138	31.801

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Income	347.496	431.374	568.555
Profit	17.015	6.093	10.917
	4.90%	1.41%	1.92%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS:

Particulars	31.03.2014	31.03.2013	31.03.2012
	(Rs. In Million)
Current maturities of long-term debt	4.746	5.440	5.103
Total	4.746	5.440	5.103

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	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	No
18]	Major customers	No
19]	Payments terms	Yes
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	Yes

CHANGE OF ADDRESS

The registered office of the company has been shifted from F/1, janpath Apartments, Ambawadi ahmedabad- 380015, Gujarat, India to the present address w.e.f. 01.06.2011

OPERATIONS:

The company posted a very healthy growth picture for the financial year 2013-14 in continuation to the last 6 year precedents of year on year positive growth story. During the year, the Company has achieved turnover of Rs.566.919 Million, as against previous year turnover of Rs. 431.374 Million. However, due to constant watch and vigil over operating expenses, during the year Gross Operating Profit before Depreciation and Tax is Rs. 20.321 Million as compared to Rs. 17.117 Million in previous year. The Company has penetrated deeply in Government Segment and also performed remarkably well in Private Corporate.

PERFORMANCE:

Income from services like I.T. enabled consultancy, software development etc. has increase from Rs 65.749 Million in previous year to Rs. 109.599 Million during the current year.

Whereas turnover of sale of I.T. products like Microsoft has increased from Rs.358.432 Million in Previous year to Rs.450.429 million in current year.

The change in composition and product mix has adversely affected the margins of the Company since margins of services Sector are always better compared to trading activities. The change in Income pattern has adversely affected Gross and Net margins of the Company. The Management is rigorously working hard to improve revenue from service sector.

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
From Directors	1.242	0.642
From Shareholders	6.725	5.214
Total	7.967	5.856

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10230871	17/04/2014 *	30,000,000.00	THE KALUPUR COMMERCIAL CO-OP BANK LIMITED	S.M.ROAD BRANCH, SHIVRANJANI CROSS ROAD, AHMEDABAD, Gujarat - 380015, INDIA	C04734356
2	10230870	07/04/2014 *	100,000,000.00	THE KALUPUR COMMERCIAL CO-OP BANK LIMITED	S.M.ROAD BRANCH, SHIVRANJANI CROSS ROAD, AHMEDABAD, Gujarat - 380015, INDIA	C04735346

* Date of charge modification

FIXED ASSETS

v Tangible Assets

· Office Building

· Furniture and Fixtures

· Office Equipment

· Computers

· Vehicles

v Intangible Assets

· Software

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.61.20
UK Pound	1	Rs.94.71
Euro	1	Rs.68.60

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	RSM
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	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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		46

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.