MIRA INFORM REPORT

Report Date :

01.09.2007

IDENTIFICATION DETAILS

Name :	AMDOCS BUSINESS SERVICES PRIVATE LIMITED

Registered Office :	Wing A and B, Upper Ground Level, Tower VI, Cyber City, Magarpatta City, Hadapsar, Pune – 411 028, Maharashtra

Country :	India

Financials (as on) :	30.09.2006

Date of Incorporation :	22.02.2005

Com. Reg. No.:	020318

CIN No.: [Company Identification No.]	U72200PN2005PTC020318

TAN No.: [Tax Deduction & Collection Account No.]	PNEA06588B

PAN No.: [Permanent Account No.]	AAFCA0708H

Legal Form :	Private Limited Liability Company

Line of Business :	Subject provides end-to-end business process outsourcing (BPO) services for billing, customer care and directory publishing industries. It also provides BPO for Data Center Operations combined with IT, System and Application Support.

RATING & COMMENTS

MIRA’s Rating :

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

Maximum Credit Limit :	-

Status :	Small Company

Payment Behaviour :	Unknown

Litigation :	Clear

Comments :	Subject is just a 2 year old Company in India. It is a part of Amdoc, USA. Management remained non-co-operative during current investigation. Company’s financials are missing from the Government. We are giving consolidated financials of its company. The company can be considered for small to mediocre business dealings with slight caution initially.

LOCATIONS

Registered Office :	Wing A and B, Upper Ground Level, Tower VI, Cyber City, Magarpatta City, Hadapsar – 411 028, Pune, Maharashtra, India
Tel. No.:	91-20-26703000
Fax No.:	91-20-6824927
E-Mail :	absi@amdocs.com info@amdocs.com jackth@amdocs.com
Website :	http://www.amdocs.com/absi/

PARTNERS

Partners :

v Alcatel-Lucent

v Antenna Software

v ATG

v BEA

v BITECH

v Centive

v Clear Technologies

v ClickSoftware

v Cognitor

v Computer Associates

v Dexterra

v eGlue

v EMC

v Ericsson Telecom AB

v ESI

v ETI

v Flarion

v GoldCRM

v GoldenGate

v Group1

v Hewlett-Packard Company

v HP

v IBM Corporation

v ILOG

v InetSoft

v Information Builders, Inc.

v InStranet

v KNOVA

v Log-On Software

v MDSI

v Mercury

v MicroFocus

v MicroStrategy

v Mobilitec

v Network Appliance, Inc.

v Neural Technologies

v Olive Software

v Oracle Corp (fka TimesTen)

v Princeton Softech

v Radware

v SAS

v SoftLink

v Southern DataComm

v Sun Microsystems, Inc.

v Symantec

v Syncsort

v Vallent

v VDI

v Vertex

v ViryaNet

KEY PERSONNELS

Name :	Mr. Bruce K. Anderson
Designation :	Chairman of the Board

Name :	Mr. Dov Baharav
Designation :	President and Chief Executive Officer

Name :	Mr. Eli Gelman
Designation :	Executive Vice President and Chief Operations Office

Name :	Mr. Ron Moskovitz
Designation :	Senior Vice President and Chief Financial Officer

Name :	Mr. harel kodesh
Designation :	Chief Products Officer

Name :	Mr. Sterling Wilson
Designation :	Division President (Q Pass) Amdocs Digital Commerce Division (Former President of Q pass)

Name :	Mr. Chase Franklin
Designation :	Chief Stragist (Q pass) Amdocs Digital Commerce Division (Former Chief Executive of Q pass)

Name :	Mr. Brian Shepherd
Designation :	Division President (Former Senior Vice President of DST Innovis)

Name :
Designation :	Division President Cramer, Amdocs OSS Division (Former President and Chief Executive officer of Cramer)

BUSINESS DETAILS

Line of Business :

Subject provides end-to-end business process outsourcing (BPO) services for billing, customer care and directory publishing industries.

It also provides BPO for Data Center Operations combined with IT, System and Application Support.

GENERAL INFORMATION

Customers :

Asia Pacific

v ACER

v AIS

v Beijing Mobile Communications Corp. (BMCC)

v China Unicom - Jilin

v J:COM

v Maxis

Europe

v Arcor

v BT

v COSMOTE

v Dumrath & Fassnacht

v Eircom

v Elisa

v FastWeb

v Halton Borough Council

v Hutchinson 3G

v INFOTE

v Megafon

v Mobilkom Austria

v Neuf Cegetel

v O2 Ireland

v ONO

v Orange

v Pages Jaunes of France

v SFR

v Sonofon

v Sunrise (TDC Switzerland)

v TDC

v Tele.ring

v Telewest

v Telia Mobile Denmark

v T-Mobile Austria

v T-Mobile Czech Republic (RadioMobil)

v T-Mobile Deutschland

v Wind

Middle East and Africa

v 012 Golden Lines

v Bezeq

v CellC

v Cellcom

v Partner Communications

v Pelephone

v Telkom SA

North America

v Alestra

v Alltel

v American Family Insurance

v Amp’d Mobile

v Anunios en Directorios S.A. de C.V. (ADSA)

v AT&T

v AT&T Yellow Pages

v Bell Canada

v Boost (PART OF SPRINT NEXTEL)

v Cable One

v CenturyTel

v Cingular

v Comcast

v Comision Federal de Electricidad (CFE)

v CompuCom

v Direct West

v DIRECTTV

v Dobson

v FedEx

v HP

v Idearc Media Corp.

v MetroPCS

v NewSouth Communications

v Nortel Networks

v NuVox Communications

v OfficeMax

v Pacific Bell

v Puerto Rico Telephone Company

v Quixtar, Inc.

v Qwest

v Qwest.com(US West)

v Reuben H.Donnelley(RHD)

v Rogers Communications Inc.

v RR Donnelley&Sons Company(RRD)

v SAS

v Sprint Nextel

v Suncom

v TELUS Communications

v TELUS Mobility

v T-Mobile USA

v TSI Telecommunication Services

v Union Bank of California

v Union Central Life Insurance

v US Cellular

v VanguardMS

v Verizon

v Verizon International

v Western Wireless

v Yellowpages.com

South America

v ADSA - TELMEX (Anuncios en Directorios S.A. de CV)

v Brasil Telecom

v Claro

v Telecom Argentina

v Telet

v TPI (Telefonica Publicidad e Information)

v Verizon Dominicana

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10.00 each	Rs. 100.000 millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7010026	Equity Shares	Rs.10.00 each	Rs. 70.100 millions

FINANCIAL DATA

CONSOLIDATED BALANCE SHEET

Particulars	30.09.2006 (In thousands)	30.09.2005 (In thousands)
Current Assets:
Cash and cash equivalents	$ 607187	$ 707552
Short-term interest-bearing investments	372194	438011
Accounts receivable, net	425805	304237
Deferred income taxes and taxes receivable	136044	101162
Prepaid expenses and other current assets	97476	76780
Total Current Assets	1638706	1627742

Equipment, vehicles and leasehold improvements, net	220290	181812
Deferred income taxes	133690	120217
Goodwill	1461606	969639
Intangible assets, net	347716	159619
Other non-current assets	160820	143439
Total Assets	$ 3962828	$ 3202468

LIABILITIES AND SHAREHOLDER’S EQUITY

Current Liabilities
Account Payable	$ 148398	114392
Accrued expenses and other current liabilities	270268	199458
Accrued personnel costs	178441	148426
Short-term portion of financing arrangements and capital lease obligations	1963	8480
Deferred Revenue	253376	216770
Deferred income taxes and taxes payable	179241	171377
Total Current Liabilities	1031687	858903

Convertible notes	450000	450272
Deferred income taxes	129339	50571
Non-current liabilities and other	197637	186270
Total Liabilities	1808663	1546016

SHAREHOLDERS’ EQUITY
Preferred Shares-Authorized 25000 shares; Euro 0.01 par Value; 0 shares issued and outstanding	-	-
Ordinary Shares – Authorized 550000 shares; Euro 0.01 par value; 233932 and 227321 issued and 206793 and 200182 outstanding, in 2006 and 2005, respectively	3763	3644
Additional paid-in-capital	2035309	1870922
Treasury stock, at cost – 27139 Ordinary Shares in 2006 and 2005	(602392)	(602392)
Accumulated other comprehensive income (loss)	2723	(10886)
Unearned compensation	0.000	(962)
Retained earnings	714762	396126
Total Shareholders’ Equity	2154165	1656452

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 3962828	$ 3202468

CONSOLIDATED STATEMENTS OF INCOME

Particulars	30.09.2006 (In thousands)	30.09.2005 (In thousands)	30.09.2004 (In thousands)
REVENUE:
License	$ 116285	$ 100044	$ 76586
Service	2363765	1938577	1697146
Total	2480050	2038621	1773732

OPERATING EXPENSES:
Cost of license	4003	4083	5022
Cost of service	1579823	1291572	1117810
Research and Development	186760	144457	126407
Selling general and administrative	313997	232066	210384
Amortization of purchased intangible assets	37610	15356	17909
Restructuring charges, in-process research and development and other acquisition-related costs	25725	12595	0.000
Total	2147918	1700129	1477532

OPERATING INCOME	332132	338492	296200
Interest Income and other, net	41741	22303	4903
Income before income taxes	373873	360795	301103
Income taxes	55237	72159	66243
NET INCOME	$ 318636	$ 288636	$ 234860

BASIC EARNINGSPER SHARE	$ 1.57	$ 1.44	$ 1.13

DILUTED EARNINGS PER SHARE	$ 1.48	$ 1.35	$ 1.08

BASIC WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING	203194	201023	208726

DILUTED WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING	218534	217162	220285

LOCAL AGENCY FURTHER INFORMATION

Website details attached:

ABOUT AMDOCS BUSINESS SERVICES PRIVATE

The India Business Process Delivery Center was set up in the beginning of 2005, in the neighborhood of Hadapsar, Pune India.

MISSION

To be a center of excellence for business processing in the Telecom and Yellow Pages publishing industry and to deliver value to their customers by leveraging their global industry expertise and existing customer relationships.

THEY FOCUS ON

> Total accountability - End to End business function accountability to enable and support of the ICM journey.

> Expertise in communication and BPO operations - Delivering quality processes, continuous process improvements and process expertise.

> Result-oriented Business models - Combined offering of domain expertise, process capabilities and software products enabling their customers to reduce transaction cost and increase efficiencies while assuring service levels.

> People - Ensure the best talent from the industry work towards delivering unmatched results to make their clients successful.

CAREERS

To encourage their employees' success, they offer an environment that enhances each individual’s personal and professional growth.

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 records 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. 40.91
UK Pound	1	Rs. 82.57
Euro	1	Rs. 55.72

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	-
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	-
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		16

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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

MIRA INFORM REPORT

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