MIRA INFORM REPORT

Report Date :

11.10.2011

IDENTIFICATION DETAILS

Name :	LOYALTY SOLUTIONS AND RESEARCH PRIVATE LIMITED
Registered Office :	4^th and 5^th Floors, Kabra Excelsior, #6A, 7^th Main, 1^st Block, Koramanagala Industrial Layout, Bangalore – 560034, Karnataka
Country :	India
Financials (as on) :	31.03.2009
Date of Incorporation :	28.02.2006
Com. Reg. No.:	11-160084
Capital Investment / Paid-up Capital :	Rs. 200.555 Millions
CIN No.: [Company Identification No.]	U74130MH2006PLC160084
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	They are into customer care services and marketing through “I-mint card”
No. of Employees:	6500 (Factory + Branches)

RATING & COMMENTS

MIRA’s Rating :

Ca

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 :	USD 1000000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a company having moderate track. Latest financial of the company are missing from the government departments. However, business is active. Payments are unknown. The company can be considered for business dealings on a secured trade term 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 DENIED BY

Name :	Mr. Laxmi Narayan
Designation :	Admin Manager
Date :	11.10.2011

LOCATIONS

Registered Office :	4^th and 5^th Floors, Kabra Excelsior, #6A, 7^th Main, 1^st Block, Koramanagala Industrial Layout, Bangalore – 560034, Karnataka, India
E-Mail :	prashant.mohta@imintpoints.com isrl@rediffmail.com contactus@imint.in prashant.mohta@imint.in seemant.shrivastav@imintpoints.com
Website :	www.imintpoints.com
Branch :	Florence Building, CST No. 841 to 846, Nehru Road, Santacruz (East), Vakola, Mumbai - 400 055, Maharashtra, India
Tel. No.:	91-22-26680781/26680782/26696000
Fax No.:	91-22-26680262
Area :	1500 sq.ft
Location :	Rented

DIRECTORS

As On 15.09.2009

Name :	Mr. Vijay Bobba Sreenivas
Designation :	Managing Director
Address:	Villa 40, Prestige Ozone, White Filed Main Road, White Fieled Bangalore-560066, Karnataka, India
Date of Birth/ Age:	30.05.1962
Date of Appointment:	01.10.2008

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U72200WB2004PTC098738	AVISERE TECHNOLOGY PRIVATE LIMITED	Director	03/06/2004	03/06/2004	31/03/2009	Active	NO
2	U74140KA2004PTC035039	LOYALTY MANAGEMENT SERVICES PRIVATE LIMITED	Director	17/11/2004	17/11/2004	-	Active	NO
3	U74130KA2006PTC059425	LOYALTY SOLUTIONS & RESEARCH Private Limited	Managing director	01/10/2008	01/10/2008	-	Active	NO

Name :	Mr. Bikramjit Sen
Designation :	Director
Address:	702, Sea Hill, 31/32, Union Park, Khar, West, Mumbai-400050, Maharashtra, India
Date of Birth/ Age:	16.03.1966
Date of Appointment:	28.02.2006
Name :	Mr. Madhavan Nair Gopinath
Designation :	Director
Address:	206, Hill Side, Raheja, Vihar, Chandival, Mumbai-400072, Maharashtra, India
Date of Birth/ Age:	15.10.1948
Date of Appointment:	28.02.2006

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74130KA2006PTC059425	LOYALTY SOLUTIONS & RESEARCH Private Limited	Director	28/02/2006	28/02/2006	28/05/2010	Active	NO
2	U74899DL1993PLC054134	ICICI Prudential Trust Limited	Director	31/05/2010	04/12/2009	-	Active	NO
3	U66000MH2009PLC191935	ICICI PRUDENTIAL PENSION FUNDS MANAGEMENT COMPANY LIMITED	Director	19/07/2011	21/04/2011	-	Active	NO

Name :	Mr. Anand Trimbak Kusre
Designation :	Director
Address:	15/B, Peregrine Apartments, 400 Veer Sarvakar, Marg, Prabhadevi, Mumbai-400025, Maharashtra, India
Date of Birth/ Age:	18.07.1949
Date of Appointment:	28.02.2006

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74140MH1982PLC026933	MITCON Consultancy & Engineering Services Limited	Nominee director	07/06/2002	07/06/2002	-	Active	NO
2	U91990GJ1978PLC003258	GUJARAT INDUSTRIAL AND TECHNICAL CONSULTANCY ORGANISATION LIMITED	Director	20/12/2002	20/12/2002	-	Active	NO
3	U74210TN1979PLC007894	ITCOT CONSULTANCY AND SERVICES LIMITED	Nominee director	21/06/2004	21/06/2004	-	Active	NO
4	U74130KA2006PTC059425	LOYALTY SOLUTIONS & RESEARCH Private Limited	Director	28/02/2006	28/02/2006	28/05/2010	Active	NO
5	U73100PN2007NPL129455	ENTREPRENEURSHIP DEVELOPMENT CENTER	Director	09/06/2010	30/09/2009	-	Active	NO
6	L24239MH1949PLC007837	IPCA LABORATORIES LIMITED	Director	29/07/2010	21/01/2010	-	Active

Name :	Mr. Vishwapati Trivedi
Designation :	Chairman and Managing Director
Name :	Mr. Pravir Vohra
Designation :	Director
Address:	301, Rahika Apartment, Opposite, Ravindra Natya, Mandir Off Savani Road, Prabhadevi, Mumbai-400025, Maharashtra, India
Date of Birth/ Age:	18.05.1954
Date of Appointment:	08.03.2007

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74130KA2006PTC059425	LOYALTY SOLUTIONS & RESEARCH Private Limited	Director	23/08/2007	08/03/2007	28/05/2010	Active	NO
2	U67120MH1995PLC086241	ICICI SECURITIES LIMITED	Director	26/06/2009	17/02/2009	-	Active	NO
3	L64202MH2001PLC134147	Firstsource Solutions Limited	Director	03/08/2011	27/07/2010	-	Active	NO

Name :	Mr. Madhivanan Balakrishnan
Designation :	Director
Address:	A1, ICICI Apartment, Opposite Tata Press P Balu Marg, Prabhadevi Mumbai-400025, Maharashtra, India
Date of Birth/ Age:	07.06.1969
Date of Appointment:	08.03.2007

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74130KA2006PTC059425	LOYALTY SOLUTIONS & RESEARCH Private Limited	Director	23/08/2007	08/03/2007	28/05/2010	Active	NO
2	U74999DL2002PTC117357	INTERNATIONAL ASSET RECONSTRUCTION COMPANY PRIVATE LIMITED	Nominee director	20/07/2009	21/03/2009	28/07/2010	Active	NO
3	U66010MH2000PLC127837	ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED	Director	09/09/2010	01/08/2010	-	Active	NO

Name :	Mr. Sachin Khandelwal
Designation :	Director
Address:	Radhika Appartment, 201, 2 Floor, Off Sayani Road, Prabhadevi, Mumbai-400025, Maharashtra, India
Date of Birth/ Age:	04.03.1967
Date of Appointment:	27.09.2008

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74130KA2006PTC059425	LOYALTY SOLUTIONS & RESEARCH Private Limited	Director	27/09/2008	04/09/2008	-	Active	NO
2	U74140MH2008NPL188938	SYDENHAM INSTITUTE OF MANAGEMENT ALUMNI ASSOCIATION	Director	16/12/2008	16/12/2008	-	Active	YES
3	U65922MH1999PLC120106	ICICI HOME FINANCE COMPANY LIMITED	Managing director	15/06/2011	29/12/2008	-	Active	NO

Name :	Mr. Parthasarathy Venkatshankar
Designation :	Additional Director
Address:	No. 3C, Nithyashree Apartments, 51, Chamiers Road, R A Puram, Chennai – 600028, Tamiilnadu, India
Date of Birth/ Age:	27.04.1966
Date of Appointment:	29.05.2010
Name :	Mr. Nadigadda Sandeep Reddy
Designation :	Additional Director
Address:	Flat I5 102 Rochester Row, Swipijp, London,
Date of Birth/ Age:	22.07.1968
Date of Appointment:	29.05.2010
Name :	Mr. Alexander Nikolaus Rittweger
Designation :	Additional Director
Address:	Rachelstrasse 4, Munich 81679
Date of Birth/ Age:	19.12.1965
Date of Appointment:	29.05.2010
Name :	Mr. Andreas Hans Berninger Pahernik
Designation :	Additional Director
Address:	Finkenstr 11 Grafelfing 82166
Date of Birth/ Age:	03.10.1969
Date of Appointment:	29.05.2010
Name :	Mr. Kai Niko Klippel
Designation :	Additional Director
Address:	Ismaninger Strasse 124, Munich 81675
Date of Birth/ Age:	24.08.1973
Date of Appointment:	29.05.2010

KEY EXECUTIVES

Name :	Ms. Shilpi Saxena
Designation :	Secretary
Address :	401, Hakimi CHS Building No.2, Liliya Nagar, Goregaon (W), Mumbai – 400062, Maharashtra, India
Date of Birth/Age :	17.01.1980
Date of Appointment :	28.03.2008
Mobile No. :	91-9967596709
E Mail :	shilpi.saxena@imintopoints.com
Name :	Mr. Purshottam
Designation :	Administrative Manager
Mobile No.:	91-9980946468
Name :	Mr. Prashant Mohta
Designation :	Secretary
Address:	A 607/ 608, Ahimsa, Tower, Off Link Road, Malad West, Mumbai-400064, Maharashtra, India
Date of Birth/ Age:	12.07.1975
Date of Appointment:	08.03.2007

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As On 15.09.2009

Names of Shareholders	No. of Shares
Tech Process Solutions Limited - India	49300
Madhvan Nair Gopinath	200
Anand Trimbak Kurse	200
Prashanta Mohta	100
Harshad Haridkar	100
Vikas Chandak	100
ICICI Trusteeship Services Limited A/C ICICI Equity fund	18000000
Bennett Coleman and Company Limited - India	2005515
Total	20055515

List of Allottees:

As On 31.03.2010

Names of Shareholders	No. of Shares
Vijay S Bobba	179500
Trustee-Barclays Wealth Trustees (India) Private Limited - India	6987250
LSC Incorporation	1000000
Total	8166750

As On 15.09.2009

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		99.99
Other top fifty shareholders		0.01
	Total	100.00

BUSINESS DETAILS

Line of Business :	They are into customer care services and marketing through “I-mint card”
Terms :
Selling :	Cash, Credit : 30 Days
Purchasing :	Cash, Credit : 30 Days

GENERAL INFORMATION

Customers :	End Users and OEM’s
No. of Employees :	6500 (Factory + Branches)
Bankers :	ICICI Bank – Santacruz Branch, Mumbai
Banking Relations :	--
Auditors :
Name :	N. M. Rajaji and Company Chartered Accountant
Address :	6^th Floor, Universal Insurance Building, Pherozeshah Mehta Road, Mumbai-400001, Maharashtra, India
Tel No.:	91-22-22870068/ 22873463/ 22837482/22828646
Fax No.:	91-22-22828646/ 22650578
E Mail:	Nmr.ho@nmraiji.com
Associates/ Subsidiaries:	· Hindustan Petroleum Corporation Limited · Bharti Airtel Limited · Lifestyle International (Private) Limited · Indian Airlines Limited · Makemytrip India (Private) Limited · ICICI Bank Limited · Rediff. Com India Limited · Trust Chemists and Druggist Limited · R G Stone Urological Research Limited · Tech Process Solutions Limited
Holding Company:	ICICI Trusteeship Services Limited A/C ICICI Equity fund

CAPITAL STRUCTURE

As on 31.03.2009

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs. 10/- each	Rs. 250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20055515	Equity Shares	Rs. 10/- each	Rs. 200.555 Millions

As on 15.09.2009

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs. 10/- each	Rs. 250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
21056615	Equity Shares	Rs. 10/- each	Rs. 210.566 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2009	31.03.2008	31.03.2007
SHAREHOLDERS FUNDS
1] Share Capital		200.555	200.555	200.555
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		297.858	297.858	298.059
4] (Accumulated Losses)		(233.443)	(169.061)	(78.478)
NETWORTH		264.970	329.352	424.136
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		264.970	329.352	420.136
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		47.398	41.262	30.526
Capital work-in-progress		4.316	0.000	0.000
INVESTMENT		403.379	80.346	40.768
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	317.523	303.755	21.461
	Cash & Bank Balances	100.798	2.830	25.923
	Other Current Assets	1.537	1.072	2.839
	Loans & Advances	340.323	306.925	345.667
Total Current Assets		760.181	614.582	395.890
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000	0.000
	Other Current Liabilities	946.266	395.871	47.048
	Provisions	4.038	10.967	0.000
Total Current Liabilities		950.304	406.838	47.048
Net Current Assets		(190.123)	207.744	348.842
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		264.970	329.352	420.136

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2009	31.03.2008	31.03.2007
	SALES
		Income	838.617	452.713	62.841
		Other Income	22.798	3.765	9.395
		TOTAL (A)	861.415	456.478	72.236
Less	EXPENSES
		Direct cost		323.707	19.448
		Operating expenses		161.966	102.434
		Personnel expenses		54.458	25.733
		Other Expenses		0.000	0.000
		TOTAL (B)	915.880	540.131	147.615
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(54.465)	(83.653)	(75.379)
Less	FINANCIAL EXPENSES (D)		0.173	0.150	0.085
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(54.638)	(83.803)	(75.464)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		8.636	6.015	2.739
	PROFIT BEFORE TAX (E-F) (G)		(63.274)	(89.818)	(78.203)
Less	TAX (I)		1.108	0.765	0.275
	PROFIT AFTER TAX (G-I) (J)		(64.382)	(90.583)	(78.478)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(169.061)	(78.478)	0.000
	BALANCE CARRIED TO THE B/S		(233.442)	(169.061)	(78.478)
	Earnings Per Share (Rs.)		(3.21)	(4.52)	(520.47)

Particulars	31.03.2010
Sales Turnover	1000.000

Expected Sales (2010-2011): Rs. 1500.000 Millions

KEY RATIOS

PARTICULARS		31.03.2009	31.03.2008	31.03.2007
PAT / Total Income	(%)	(7.47)	(19.84)	(108.64)
Net Profit Margin (PBT/Sales)	(%)	(7.55)	(19.84]	(124.45)
Return on Total Assets (PBT/Total Assets}	(%)	(7.84)	(13.69)	(18.34)
Return on Investment (ROI) (PBT/Networth)		0.24	(0.27)	(0.18)
Debt Equity Ratio (Total Liability/Networth)		3.59	1.24	0.11
Current Ratio (Current Asset/Current Liability)		0.80	1.51	8.41

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

The Details of Sundry Creditors is not available.

change of address:-

The Registered office of the company has been shifted from Florence Building, CTS No. 841 to 846, Nehru Road, Santacruz (East), Vakola, Mumbai-400055, Maharashtra, India to present address w.e.f. 20.06.2011

Fixed Assets:-

· Computer

· Furniture and Fittings

· Operating Equipments

· Software Development

· Website Development Cost

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.49.07
UK Pound	1	Rs.76.65
Euro	1	Rs.66.16

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.