MIRA INFORM REPORT

Report No. :	322984
Report Date :	18.05.2015

IDENTIFICATION DETAILS

Name :	CREATIVE INFOTECH SOLUTIONS PRIVATE LIMITED
Registered Office :	C-222, Belgium Chambers, Opposite Linear Bus Stand, Delhi Gate, Surat – 395002, Gujarat
Tel. No.:	91-261-2411554
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	12.10.1995
Com. Reg. No.:	04-027752
Capital Investment / Paid-up Capital :	Rs.1.230 Million
CIN No.: [Company Identification No.]	U72200GJ1995PTC027752
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 :	The subject is engaged in business of providing IT services and solutions.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (35)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Even though the company has achieved marginal growth in its sales turnover, but the net profitability is decreasing during FY 2014. However, trade relations are fair. Business is active. Payment terms are 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.

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 PARTED BY

Name :	Mr. Manthan
Designation :	Accounts Department
Contact No.:	91-261-2411554
Date :	16.05.2015

LOCATIONS

Registered Office :	C-222, Belgium Chambers, Opposite Linear Bus Stand, Delhi Gate, Surat – 395002, Gujarat, India
Tel. No.:	91-261-2411554/ 2421964/ 2601045
Mobile No.:	91-9374713975 (Mr. Rajesh Malani)
Fax No.:	91-261-2601044
E-Mail :	mcafiling@yahoo.com praveen@creativeinfotech.co.in accounts@creativeinfotech.co.in srv_surat@creativeinfotech.co.in paresh@creativeinfotech.co.in roc@rragroup.com
Website :	http://www.creativeinfotech.com http://www.creativeinfotech.co.in
Area :	5000 sq. ft.
Location :	Owned
Factory:	202 J B House, Near Ishwar Bhavan, Navrangpura, Ahmedabad-380014, Gujarat
Location :	Owned
Branch Office 1 :	Ankleshwar SF - 32, Ravi Kiran Complex, Opposite G.I.D.C. Bus Stand, Ankleshwar – 393002, India
Tel. No.:	91-2646-223686 / 221598
Email:	paresh@creativeinfotech.co.in srv_ank@creativeinfotech.co.in
Branch Office 2 :	Vapi 104, Riddhi Siddhi Chambers, Nr. Indian Bank, New Telephone Exchange Road, G.I.D.C. Char Rasta, Vapi – 396195, Gujarat, India
Tel. No.:	91-260-2432316, 2410654
Email:	cispl_vapi@rediffmail.com sales_vapi@creativeinfotech.co.in
Branch Office 3 :	Vadodara 001, Yogikrupa Apartment, 19, Nutan Bharat Society, Alkapuri, Vadodara-390007, Gujarat, India
Tel. No.:	91-265-3259858
Branch Office 4 :	Mumbai 1st Floor, "SMRUTI" Plot No. 22, Road No. 4 Jaiprakash Nagar, Goregaon (East), Mumbai – 400063, Maharashtra, India
Tel. No.:	91-22-32259367

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Praveen Ravindran Ponnarassery
Designation :	Director
Address :	A/703, Rutvan Co-Operative Housing Society Limited, Near Sahaj Super Store, Adajan, Surat-395009, Gujarat, India
Date of Birth/Age :	21.12.1966
Qualification :	BE
Date of Appointment :	12.10.1995
DIN No.:	00756103
Name :	Mr. Paresh Ramjibhai Mathukia
Designation :	Director
Address :	A-302, Millennium Residency, Gujarat Gas, Palanpur Road, Adajan, Surat-395009, Gujarat, India
Date of Birth/Age :	15.05.1971
Qualification :	BE
Date of Appointment :	01.04.2005
DIN No.:	00737299
Name :	Mrs. Geeta Praveen Ponnarassery
Designation :	Director
Address :	A/703, Rutvan Co-Operative Housing Society Limited, Near Sahaj Super Store, Adajan, Surat-395009, Gujarat, India
Date of Birth/Age :	10.04.1970
Date of Appointment :	01.04.2005
DIN No.:	01862415
Name :	Mrs. Bintuben Paresh Mathukia
Designation :	Director
Address :	A-302, Millennium Residency, Gujarat Gas, Palanpur Road, Surat-395009, Gujarat, India
Date of Birth/Age :	11.10.1974
Date of Appointment :	01.04.2005
DIN No.:	01048791

KEY EXECUTIVES

Name :	Mr. Manthan
Designation :	Accounts Department

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares
P R Praveen	36900
Paresh Mathuka	33300
Geeta P R Praveen	27210
Umang Tekriwal	100
Bintuben Paresh Mathuka	22700
P R Praveen RE: P R Praveen HUF	1400
Paresh Mathukia RE: Paresh Mathuka - HUF	1400
Total	123010

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	99.92
Other top fifty shareholders	0.08
Total	100.00

BUSINESS DETAILS

Line of Business :	The subject is engaged in business of providing IT services and solutions.
Products / Services :	IT Services and Solutions
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash, Advance Payment and Credit
Purchasing :	Cash, Advance Payment and Credit

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	Ingram Micro Income Private Limited
Name of the Person :	Mr. Digant (Sale Co-ordinator)
Contact No.:	91-9824700781
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark :	Constantly Ringing

Customers :

Company Name :	J. B. Chem and Pharma Limited, Ankleshwar
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark :	--

· Gujarat Insecticides Limited

· Aditya Birla Group

· Solvay Pharmaceuticals

· Gharda Chemicals Limited

· Piramal Glass Limited

· Alok Industries Limited

· Nuclear Power Corporation of India Limited

· Jubilant Industries Limited

· Essel Propack Limited

Cogencis Information Services Limited

No. of Employees :

150 (Approximately)

Bankers :

Banker Name :	ICICI Bank Limited
Branch :	Shyam Chambers, Opp. Sub Jail, Ring Road, Surat - 395002, Gujarat, India
Person Name :	Not Divulged
Contact Number :	Not Divulged
Name of Account Holder :	Not Divulged
Account Number :	Not Divulged
Account Since :	Not Divulged
Average Balance Maintained :	Not Divulged
Credit Facilities Enjoyed :	Cash Credit= Rs.13.000 Million
Account Operation :	Not Divulged
Remark :	Not Divulged

• ICICI Bank Limited, Landmark Building, West Wing, Race Course Circle, Alkapuri, Baroda - 390007, Gujarat, India
• Central Bank of India, Sahara Darwaja, Textile Market Branch, Ring Road, Surat - 395002, Gujarat, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Short Term Borrowings
From ICICI Bank (Over draft A/c)	14.515	11.195
Total	14.515	11.195

Auditors :
Name :	RRA and Company Chartered Accountants
Address :	HG-1D, International Trade Centre, Majuragate, Ring Road, Surat – 395002, Gujarat, India
PAN No.:	AAFFR4860E
Membership :	--
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.10/- each	Rs.1.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
123010	Equity Shares	Rs.10/- each	Rs.1.230 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	1.230	1.230	1.230
(b) Reserves & Surplus	27.206	25.065	22.873
(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)	28.436	26.295	24.103
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.211
(b) Deferred tax liabilities (Net)	0.629	0.506	0.432
(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)	0.629	0.506	0.643
(4) Current Liabilities
(a) Short term borrowings	25.708	28.115	15.113
(b) Trade payables	29.712	26.781	38.974
(c) Other current liabilities	2.756	3.247	6.002
(d) Short-term provisions	2.956	1.175	2.617
Total Current Liabilities (4)	61.132	59.318	62.706
TOTAL	90.197	86.119	87.452
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6.027	6.134	5.872
(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	0.013	0.013	0.013
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.648	0.809	1.537
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	6.688	6.956	7.422
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	11.126	13.809	10.266
(c) Trade receivables	61.874	55.597	62.594
(d) Cash and cash equivalents	4.197	3.203	1.810
(e) Short-term loans and advances	5.746	5.831	4.895
(f) Other current assets	0.566	0.723	0.465
Total Current Assets	83.509	79.163	80.030
TOTAL	90.197	86.119	87.452

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	282.939	267.942	354.178
		Other Income	0.282	0.149	0.551
		TOTAL	283.221	268.091	354.729
Less	EXPENSES		279.715	264.134	346.263
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		3.506	3.957	8.466
Less	DEPRECIATION/ AMORTISATION		0.370	0.592	0.523
Less	EXTRA ORDINARY ITEMS		0.000	0.099	0.000
	PROFIT BEFORE TAX		3.136	3.266	7.943
Less	TAX		0.993	1.074	2.486
	PROFIT AFTER TAX		2.143	2.192	5.457
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		23.432	21.240	15.783
	BALANCE CARRIED TO THE B/S		25.575	23.432	21.240
	Earnings Per Share (Rs.)		17.42	17.82	44.36

Particulars	31.03.2015
Sales Turnover (Approximately)	300.000

Expected Sales (2015-2016): Rs.310.000 Million

The above information has been parted by Mr. Manthan

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	0.000	0.211	0.209
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	0.76	0.82	1.54
Return on Total Assets (PBT/Total Assets)	(%)	3.48	3.79	9.08
Return on Investment (ROI) (PBT/Networth)		0.11	0.12	0.33
Debt Equity Ratio (Total Debt /Networth)		0.90	1.08	0.64
Current Ratio (Current Asset/Current Liability)		1.37	1.33	1.28

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	1.230	1.230	1.230
Reserves & Surplus	22.873	25.065	27.206
Share Application money pending allotment	0.000	0.000	0.000
Net worth	24.103	26.295	28.436
long-term borrowings	0.211	0.000	0.000
Short term borrowings	15.113	28.115	25.708
Current Maturities of Long term debt	0.209	0.211	0.000
Total borrowings	15.533	28.326	25.708
Debt/Equity ratio	0.644	1.077	0.904

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
Sales	354.178	267.942	282.939
		(24.348)	5.597

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	354.178	267.942	282.939
Profit	5.457	2.192	2.143
	1.54%	0.82%	0.76%

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	Yes
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	Yes
19	Major customers	Yes
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 three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last three years	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

THE YEAR IN RETROSPECT AND FUTURE OUTLOOK:

Subject is primarily engaged in business of providing IT services and solutions and the directors inform that subject has decrease in sales turnover compared to previous year. The company achieved turnover of Rs.282.942 Million. The profitability of the company has decreased due to competition in the field. The Net profit after tax of the company is Rs.2.143 Million compared to last year profit of Rs.2.192 Million. The financial results of the Company both on profitability and performance wise has not been encouraging comparatively. Your directors are confident that the company will achieve better result in the current year.

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Short Term Borrowings
Standard Chartered Bank Limited (Pur. Bill Discounting)	11.190	16.907
AEBC Credit Card	0.003	0.013
Total	11.193	16.920

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10270572	12/07/2014 *	16,000,000.00	ICICI Bank Limited	Shyam Chambers, Opp. Sub Jail,, Ring Road, Surat, Gujarat - 395002, India	C13710421
2	10290840	11/07/2014 *	16,000,000.00	ICICI Bank Limited	Shyam Chambers, Opp. Sub Jail,, Ring Road, Surat, Gujarat - 395002, India	C13657143

*Date of modification Charges

FIXED ASSETS:

· Building

· Office Equipment

· Computer

· Furniture and Fixtures

· Vehicle

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 records 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.63.58
UK Pound	1	Rs.100.30
Euro	1	Rs.72.38

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	SUM
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--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		35

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.