MIRA INFORM REPORT

Report Date :

17.05.2011

IDENTIFICATION DETAILS

Name :	YARDI SOFTWARE INDIA PRIVATE LIMITED
Registered Office :	Second Floor, Sigma House, Senapati Bapat Road, Pune- 411016, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	06.09.2004
Com. Reg. No.:	11- 019711
Capital Investment / Paid-up Capital :	Rs.0.298 Million
CIN No.: [Company Identification No.]	U72900PN2004PTC019711
TAN No.: [Tax Deduction & Collection Account No.]	PNEY01526A
Legal Form :	Private limited liability company
Line of Business :	The company is engaged in the business of software development.
No. of Employees:	450 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (61)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 664988
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealing 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.

INFORMATION PARTED BY

Name :	Mr. Ramesh
Designation :	Accountant
Date :	16.05.2011

LOCATIONS

Registered Office :	Second Floor, Sigma House, Senapati Bapat Road, Pune- 411016, Maharashtra, India
Tel. No.:	91-20-25609000
Fax No.:	91-20-25651914
E-Mail :	ravi.natu@yardi.com
Website :	www.yardi.com
Area:	10000sq.fts
Location:	Owned

DIRECTORS

AS On 08.09.2010

Name :	Mr. Jayant Madhukar Yardi
Designation :	Director
Address :	4 Wiaktun Crescent, Mount Waverley- 3149, Victoria, Australia
Date of Birth/Age :	17.11.1944
Date of Appointment :	06.09.2004
Name :	Mr. Ashok Gopal Kotwal
Designation :	Director
Address :	32, National Co-Op Housing Society, Baner Road, Pune-411007, Maharashtra, India
Date of Birth/Age :	03.09.1943
Date of Appointment :	06.09.2004
Name :	Mrs. Bharti Ashok Kotwal
Designation :	Director
Address :	32, National Co-Op Housing Society, Baner Road, Pune-411007, Maharashtra, India
Date of Birth/Age :	14.08.1948
Date of Appointment :	06.09.2004
Name :	Mr. Raghunath Vishnu Natu
Designation :	Director
Address :	C-1, Chaitraban Residency, Off ITI Road, Aundh, Pune-411007, Maharashtra, India
Date of Birth/Age :	25.12.1946
Date of Appointment :	21.09.2004

KEY EXECUTIVES

Name :	Mr. Ramesh
Designation :	Accounts

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS On 08.09.2010

Names of Shareholders	Address	No. of Shares
Bharati Ashok Kotwal	32, National Co-Op Housing Society, Baner Road, Pune-411007, Maharashtra, India	10
Ashok Gopal Kotwal	32, National Co-Op Housing Society, Baner Road, Pune-411007, Maharashtra, India	10
Anant Madhukar Yardi	1721 Hillcrest Road, Santa Barbara CA - 93101	29730
Jayant Madhukar Yardi	4 Wiaktun Crescent Mount Waverley, Victoalia, Australia	10
Total		29760

AS On 08.09.2010

Equity Share Breakup
Category	Percentage
Foreign holding (Foreign institution investor(s), Foreign companie(s), Foreign finance institution(s), Non-resident india(s) or Overseas corporate bodies or Other	99.90
Directors or relatives of directors	0.10
Total	100.00

BUSINESS DETAILS

Line of Business :	The company is engaged in the business of software development.
Products :	Computer Software Services
Terms :
Selling :	Cash / Credit (30 days)
Purchasing :	Cash / Credit (30 days)

GENERAL INFORMATION

No. of Employees :	450 (Approximately)
Bankers :	ICICI Bank Limited, Aundh Branch, Pune, Maharashtra, India
Facilities :	--

Banking Relations :	--
Auditors :	Shripad Godbole and Associates Chartered Accountant
Address :	Flat No.3, Mini Apartments, Bhandarkar Institute Road, Pune-41104, Maharashtra, India
Associates/Subsidiaries :	Yardi Software INC.

CAPITAL STRUCTURE

As on 31.03.2009

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Share	Rs.10/- Each	Rs.0.500 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
29760	Equity Share	Rs.10/- Each	Rs.0.298 million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		0.298	0.298	0.298
2] Share Application Money (Pending Allotment)		0.003	0.003	0.003
3] Reserves & Surplus		165.946	112.886	63.716
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		166.247	113.187	64.017
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		166.247	113.187	64.017
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		24.445	26.757	40.004
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	97.285	48.240	0.000
	Cash & Bank Balances	9.231	17.647	19.371
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	70.282	50.016	33.195
Total Current Assets		176.798	115.903	52.566
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	10.303	12.561	18..246
	Other Current Liabilities	0.000	0.004	2.042
	Provisions	24.693	16.908	8.265
Total Current Liabilities		34.996	29.473	28.553
Net Current Assets		141.802	86.430	24.013
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		166.247	113.187	64.017

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Software Development Fees		377.079	302.176
		Other Income	396.793	0.323	0.007
		Provision Written Back		0.000	0.017
		Total Income	396.793	377.402	302.200
Less	EXPENSES
		Personal Expenses	NA	179.464	124.588
		Administrative Expenses	NA	112.919	101.663
		Prior Period Expenditure	NA	0.744	0.177
		TOTAL	NA	293.127	226.428
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		77.173	84.275	75.772
Less/ Add	DEPRECIATION/ AMORTISATION		23.576	33.874	35.402
	PROFIT BEFORE TAX		53.597	50.401	40.370
Less	TAX		0.537	1.231	5.751
	PROFIT AFTER TAX		53.060	49.170	34.619
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		112.886	63.715	29.096
	BALANCE CARRIED TO THE B/S		165.946	112.886	96.715
	EARNINGS IN FOREIGN CURRENCY
		Software Development Income	394.823	377.079	301.021
	TOTAL EARNINGS		394.823	377.079	301.021
	Earnings Per Share (Rs.)		1783	--	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	13.37	13.03	11.46
Net Profit Margin (PBT/Sales)	(%)	NA	13.37	13.36
Return on Total Assets (PBT/Total Assets}	(%)	26.63	35.33	43.61
Return on Investment (ROI) (PBT/Networth)		0.32	0.45	0.63
Debt Equity Ratio (Total Liability/Networth)		0.21	0.26	0.45
Current Ratio (Current Asset/Current Liability)		5.05	3.93	1.84

LOCAL AGENCY FURTHER INFORMATION

Sundry Creditors Details:

Particulars	31.03.2010 Rs. in Millions	31.03.2009 Rs. in Millions	31.03.2008 Rs. in Millions
Sundry creditors and outstanding expenses	10.303	12.561	18..246

Review of Business Operations:

The company’s operations continued to grow marginally. Some more verticals matured during the year and growth in number of resources has tapered off, primarily because the market is reaching a point of stabilization and also because existing resources have matured over time with resultant increase in productivity.

During the year the company has recognized MAT Credit entitlement of Rs.8.815 Millions as an asset by crediting to Current tax.

Trade References:

· Continuum Healthcare (Alberlta) Limited

· Catellus Development Corporation

· Shalam Management, LLC

Fixed Assets

• Computer
• Office Equipment
• Furniture and Fixture
• Computer Software
• Leasehold Improvements

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.45.07
UK Pound	1	Rs.72.97
Euro	1	Rs.63.57

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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
TOTAL		61

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.