MIRA INFORM REPORT

Report No. :	339434
Report Date :	03.09.2015

IDENTIFICATION DETAILS

Name :	MINDCRAFT SOFTWARE PRIVATE LIMITED
Registered Office :	17-A, Mehta Estate, Andheri-Kurla Road, Andheri (East), Mumbai – 400093, Maharashtra
Tel. No.:	91-22-42216200
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	13.09.2002
Com. Reg. No.:	11-137199
Capital Investment / Paid-up Capital :	Rs.24.284 Million
CIN No.: [Company Identification No.]	U72900MH2002PTC137199
IEC No.:	0302080805
TAN No.: [Tax Deduction & Collection Account No.]	MUMM17208C
PAN No.: [Permanent Account No.]	AADCM1893K
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Software Implementation Services.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

B (34)

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 record. The company possesses moderate operational performance and it has reported low profitability margins from its operations. Rating further constrained on account of company’s moderate financial risk profile marked by low reserves and modest networth of the company. However, trade relations are reported as fair. Payment are reported to be slow but correct. In view of aforesaid, the company can be considered for business dealing 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 31-03-2013.

INFORMATION DENIED BY

Name :	Mr. Ravindra
Designation :	Accountant
Contact No.:	91-22-42216200
Date :	02.09.2015

LOCATIONS

Registered Office :	17-A, Mehta Estate, Andheri-Kurla Road, Andheri (East), Mumbai – 400093, Maharashtra, India
Tel. No.:	91-22-42216200 / 66926200 / 66996200
Fax No.:	91-22-66939730
E-Mail :	accounts@mcsil.com accounts@mindcraft.in pawan@mindcraft.in
Website :	www.mindcraft.in
Branch Office :	159, Ground Floor, 6^th Main Road, HVR Layout, Bangalore – 560079, Karnataka, India
Tel. No.:	91-80-23482270

DIRECTORS

As on 30.09.2014

Name :	Mr. Hemant Ladoba Nerurkar
Designation :	Managing Director
Address :	5, Swapan Lok Darshan, Military Road, Marol, Mumbai - 400059, Maharashtra, India
Date of Appointment :	13.09.2002
DIN No.:	00627401
Name :	Mr. Haresh Sankalchand Hirani
Designation :	Director
Address :	B 802/8th Floor, Rudrakash Bluiding,, Nariman Road, Vile Parle (East), Mumbai - 400057, Maharashtra, INDIA
Date of Appointment :	07.08.2006
DIN No.:	00325005
Name :	Mr. Anuraag Sunil Gupta
Designation :	Additional Director
Address :	A 502, Delphi, Hiranandani Gardens, Powai, Mumbai - 400076, Maharashtra, India
Date of Appointment :	14.10.2014
DIN No.:	06367983
Name :	Mr. Neeraj Jagdish Manchanda
Designation :	Additional Director
Address :	Flat No. 6, D3, Avanti, Deonar Baug, Deonar, Mumbai - 400088, Maharashtra, India
Date of Appointment :	14.10.2014
DIN No.:	06630390

KEY EXECUTIVES

Name :	Mr. Ravindra
Designation :	Accountant

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Hemant L. Nerurkar	322000
Anagha H. Nerurkar	7500
Viral Doshi	10000
Amol Bavdekar	10000
Rajesh Mehta	10000
Sandesh Chavan	10000
Haresh Hirani	115000
Sanjay S. Sathaye and Sandhya S. Sathaye	150000
Hemant Mirji	10000
Kantaben Sankalchand Hirani	35000
Raja Roychoudhury	10000
Mallikarjun Jainapur	10000
Paresh V. Sheth	500
Total	700000

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	69.93
Other top fifty shareholders	30.07
Total	100.00

BUSINESS DETAILS

Line of Business :	Providing Software Implementation Services.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
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

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

No. of Employees :

Information declined by the management.

Bankers :

Banker Name	Corporation Bank
Branch Address	Vile Parle (East) Branch, 8 and 9 Kadamgiri Complex, Hanuman Road, Vile Parle (East), Mumbai – 400057, 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

• Vijaya Bank, Mahim Branch, Mumbai – 400016, Maharashtra, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Car Loan	0.359	0.618
SHORT TERM BORROWING
Corporation Bank working capital loan	27.880	17.986
Standard Chartered Bank	7.609	10.016
Inter Corporate Deposit	10.826	11.626
Total	46.674	40.246

Auditors :
Name :	May and Company Chartered Accountants
Address :	501, Rajgruh CHSL, Subhash Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India
Tel. No.:	91-22-40155115
Fax No.:	91-22-66970366
E-Mail :	office@camay.net
PAN No.:	AEMPP7749D
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 Million
2500000	Preference Shares	Rs.10/- each	Rs.25.000 Million
	Total		Rs.50.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
700000	Equity Shares	Rs.10/- each	Rs.7.000 Million
1728350	Preference Shares	Rs.10/- each	Rs.17.283 Million
	Total		Rs.24.284 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	24.284	25.284	26.101
(b) Reserves & Surplus	13.848	11.538	4.492
(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)	38.132	36.822	30.593
(3) Non-Current Liabilities
(a) long-term borrowings	0.359	0.618	14.126
(b) Deferred tax liabilities (Net)	0.193	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)	0.552	0.618	14.126
(4) Current Liabilities
(a) Short term borrowings	46.315	39.628	26.751
(b) Trade payables	57.700	93.549	8.745
(c) Other current liabilities	14.827	8.384	1.813
(d) Short-term provisions	24.426	16.886	9.043
Total Current Liabilities (4)	143.268	158.447	46.352
TOTAL	181.952	195.887	91.071
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5.590	4.432	2.791
(ii) Intangible Assets	58.767	37.269	35.511
(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	1.818	0.318	0.318
(c) Deferred tax assets (net)	0.000	0.248	2.525
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	66.175	42.267	41.145
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3.092	3.092	3.092
(c) Trade receivables	84.740	126.321	23.167
(d) Cash and cash equivalents	3.865	3.806	6.490
(e) Short-term loans and advances	2.840	2.830	2.906
(f) Other current assets	21.240	17.571	14.271
Total Current Assets	115.777	153.620	49.926
TOTAL	181.952	195.887	91.071

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	341.097	321.397	187.795
	Other Income	0.565	1.069	1.049
	TOTAL	341.662	322.466	188.844
Less	EXPENSES	336.936	310.605	182.638
	PROFIT/ (LOSS) BEFORE TAX	4.726	11.861	6.206
Less	TAX	2.417	4.816	4.079
	PROFIT/ (LOSS) AFTER TAX	2.309	7.045	2.127
	Earnings / (Loss) Per Share (Rs.)	3.29	10.06	3.03

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.68	2.19	1.13
Return on Total Assets (PBT/Total Assets}	(%)	2.62	6.07	7.03
Return on Investment (ROI) (PBT/Networth)		0.12	0.32	0.20
Debt Equity Ratio (Total Debt/Networth)		1.22	1.09	1.34
Current Ratio (Current Asset/Current Liability)		0.81	0.97	1.08

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	26.101	25.284	24.284
Reserves & Surplus	4.492	11.538	13.848
Net worth	30.593	36.822	38.132
long-term borrowings	14.126	0.618	0.359
Short term borrowings	26.751	39.628	46.315
Total borrowings	40.877	40.246	46.674
Debt/Equity ratio	1.336	1.093	1.224

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	187.795	321.397	341.097
		71.142	6.129

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	187.795	321.397	341.097
Profit	2.127	7.045	2.309
	1.13%	2.19%	0.68%

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	No
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	No
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 three years	Yes
27	Reasons for variation <> 20%	----------------------
28	Estimation for coming financial year	No
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	No
35	Negative Reporting by Auditors in the Annual Report	No

Note:

Registered address has been shifted from the WICEL Administrative Building, 2nd floor Central Road, MIDC, Andheri (East), Mumbai – 400093, Maharashtra, India to the present address w.e.f. 15.05.2009.

OPERATIONS

During the year, the company has earned income from operations amounting to Rs.341.097 Million (Previous year Rs.321.397 Million). The other income of the company stood at Rs.0.565 Million (Previous year Rs.1.069 Million).

The above financial results show that the company has earned a profit of Rs.2.309 Million (Previous Year Rs.7.045 Million), after providing depreciation and taxes for the year.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10025360	16/09/2014 *	46,500,000.00	CORPORATION BANK	VILE PARLE (E) BRANCH, 8 & 9 KADAMGIRI COMPLEX,  HANUMAN ROAD, VILE PARLE (E), MUMBAI - 400057, MAHARASHTRA, INDIA	C30280028
2	90148708	29/06/2006 *	1,500,000.00	VIJAYA BANK	ARADHANA, LADY JAMSHEDJI ROAD, MAHIM (WEST), MUMBAI - 400016, MAHARASHTRA, INDIA	A03333531

* Date of charge modification

FIXED ASSETS

• Computer and Peripherals
• Communication Equipments
• Office Equipment
• Furniture and Fixture
• Motor Car
• Refrigerator

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.66.16
UK Pound	1	Rs.101.21
Euro	1	Rs.74.60

INFORMATION DETAILS

Information Gathered by :	GAY
Analysis Done by :	KAR
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--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		34

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.