MIRA INFORM REPORT

Report No. :	313970
Report Date :	25.03.2015

IDENTIFICATION DETAILS

Name :	RAHI SYSTEMS PRIVATE LIMITED
Registered Office :	Flat No 3, Suyash Residency, 457, Model Colony, Pune – 411016, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.08.2011
Com. Reg. No.:	11-140324
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U72200PN2011PTC140324
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	PNER14226C
PAN No.: [Permanent Account No.]	AAFCR3974C
Legal Form :	Private Limited Liability Company
Line of Business :	Service Provider of Software Developer.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

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 an established company having moderate track record. The company has incurred huge accumulated losses which exceeds the entire net worth of the company. However, business is active. Payment terms are reported to be slow. The company can be considered for business dealings on a 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.

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.

LOCATIONS

Registered Office / Head Office :	Flat No 3, Suyash Residency, 457, Model Colony, Pune – 411016, Maharashtra, India
Tel. No.:	91-20-25663538
Fax No.:	Not Available
E-Mail :	anca.pne@gmail.com
Website :	http://rahisystems.com
Bangalore Office :	#54, 1^st Floor, 2^nd Main Road, Next To Canara Bank,Vyalikaval, Bangalore - 560003, Karnataka, India
Tel. No.:	91-80-41440040
Kolkata Office :	P 217, Block-A, Bangur Avenue, Kolkata – 700055, West Bengal, India

DIRECTORS

As on 30.09.2014

Name :

Mrs. Ritu Sushil Goyal

Designation :

Director

Address :

Flat No. 3, Suyash Residency, 457, Model Colony, Near Om Super Market, Pune - 411016, Maharashtra, India

Date of Birth/Age :

18.02.1979

Date of Appointment :

01.08.2011

DIN No.:

03580829

Name :

Mr. Sushil Kalyan Goyal

Designation :

Director

Address :

Flat No 3, Suyash Residency, 457, Model Colony, Pune - 411016, Maharashtra, India

Date of Birth/Age :

25.02.1975

Date of Appointment :

01.08.2011

DIN No.:

03580835

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	U72200PN2011PTC140324	RAHI SYSTEMS PRIVATE LIMITED	Director	01/08/2011	01/08/2011	-	Active	NO
2	U72200PN2013PTC147626	NETAFORE TECHNOLOGY PRIVATE LIMITED	Director	31/05/2013	31/05/2013	-	Active	NO
3	U72900PN2014FTC152631	Cloud Insights India Private Limited	Director	23/09/2014	23/09/2014	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares	% of Holding
Ritu Sushil Goyal	5000	30.00
Sushil Kalyan Goyal	5000	30.00
Index Technologies Limited, Honk Kong	6667	40.00
Total	16667	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	40.00
Directors or relatives of Directors	60.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Service Provider of Software Developer.
Products :	--
Brand Names :	--
Agencies Held :	--
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

• Comnet Solutions Private Limited
• Cubix Automation Private Limited
• Cubix Micro systems (India ) Private Limited
• I Secure Technology
• Parmar Distributors
• Skynix Technology
• Sujata Computers Private Limited
• Bhrat Test Lab
• Divya Enterprises
• Rajeshwary Logestic and Shipping
• Autocop
• Cynat Systems
• Legalogic
• Fedex Import
• Khivasara Stores
• Rekha Transportation

Customers :

• Ebay Customers
• Amara Raja Batteris Limited
• Appstech Solutions
• Asahi India Glass Limited
• Bharati IT Solutions Private Limited
• Cache Technologies Private Limited
• Concept Information Technology (I) Private Limited
• Eden Infosol Private Limited
• Excel Systems
• Micro Solutions
• Sharada Industries
• Sterlite Networks Limited
• Infotek Services

No. of Employees :

Not Available

Bankers :

Banker Name	Not Available
Branch Address	Not Available
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Auditors :
Name :	Agrawal Naredi and Company Chartered Accountants
Address :	Shop No.4 Sunder Apartment, 391 Narayan Peth Near Modi Ganpati, Pune – 411030, Maharashtra, India
Tel. No.:	91-20-24453958
PAN No.:	AATFS9730Q
Memberships :	--
Collaborators :	--
Sister Concern :	Not Available

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
17000	Equity Shares	Rs.10/- each	Rs.0.170 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16667	Equity Shares	Rs.10/- each	Rs.0.167 Million

As on 31.03.2014

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	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.100	0.100	0.100
(b) Reserves & Surplus	(1.426)	(0.778)	(0.035)
(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)	(1.326)	(0.678)	0.065
(3) Non-Current Liabilities
(a) long-term borrowings	5.796	1.629	0.249
(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)	5.796	1.629	0.249
(4) Current Liabilities
(a) Short term borrowings	5.718	0.469	0.000
(b) Trade payables	9.053	0.794	0.000
(c) Other current liabilities	0.478	-0.054	0.000
(d) Short-term provisions	0.719	0.047	0.009
Total Current Liabilities (4)	15.968	1.256	0.009
TOTAL	20.438	2.207	0.323
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.434	0.038	0.000
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	(0.025)	0.003	0.000
(d) Long-term Loan and Advances	0.030	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.015
Total Non-Current Assets	0.439	0.041	0.015
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	4.321	0.780	0.093
(c) Trade receivables	12.070	1.193	0.006
(d) Cash and cash equivalents	2.832	0.157	0.184
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	0.776	0.036	0.025
Total Current Assets	19.999	2.166	0.308
TOTAL	20.438	2.207	0.323

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income		6.371	0.263
		Other Income		0.047	0.000
		TOTAL (A)	33.115	6.418	0.263
Less	EXPENSES
		Cost of Materials Consumed	33.607	7.147	0.296
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade			(0.093)
		Other Expenses			0.091
		TOTAL (B)	33.607	7.147	0.294
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)				(0.031)
Less	FINANCIAL EXPENSES (D)				0.000
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(0.492)	(0.729)	(0.031)
Less	DEPRECIATION/ AMORTISATION (F)		0.104	0.014	0.004
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		(0.596)	(0.743)	(0.035)
Less	TAX (H)		0.028	0.000	0.000
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		(0.624)	(0.743)	(0.035)
	Earnings / (Loss) Per Share (Rs.)		(6.24)	(7.43)	(3.52)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	NA	(11.67)	(13.31)
Operating Profit Margin (PBDIT/Sales)	(%)	NA	NA	(11.79)
Return on Total Assets (PBT/Total Assets}	(%)	(2.91)	(33.73)	(10.84)
Return on Investment (ROI) (PBT/Networth)		0.45	1.10	(0.54)
Debt Equity Ratio (Total Debt /Networth)		(8.68)	(3.09)	3.83
Current Ratio (Current Asset/Current Liability)		1.25	1.72	34.22

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	0.100	0.100	0.100
Reserves & Surplus	(0.035)	(0.778)	(1.426)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	0.065	(0.678)	(1.326)
Long Term borrowings	0.249	1.629	5.796
Short Term borrowings	0.000	0.469	5.718
Total borrowings	0.249	2.098	11.514
Debt/Equity ratio	3.831	(3.094)	(8.683)

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
Total Income	0.263	6.418	33.115
		2,340.304	415.971

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Total Income	0.263	6.418	33.115
Profit	(0.035)	(0.743)	(0.624)
	(13.31%)	(11.58%)	(1.88%)

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	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	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	No
24]	Banking facility details	No
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 Million	31.03.2013 Rs. In Million
LONG TERM BORROWINGS
Loan From Director
Sushil Goyal	5.396	1.629
Ritu Goyal	0.400	0.000
SHORT TERM BORROWINGS
Loan From Index Technologies Limited	3.074	0.000
Loan From K M Agrawal	1.644	0.000
Loan From Shankar Haldar	1.000	0.000
Loan From Director - Ritu Goyal	0.000	0.469
Total	11.514	2.098

NO CHARGES EXIST FOR COMPANY

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.62.20
UK Pound	1	Rs.92.93
Euro	1	Rs.68.03

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	VNT

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	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	--
--CREDIT LINES	1~10	--
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		11

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.