MIRA INFORM REPORT

Report Date :

14.10.2011

IDENTIFICATION DETAILS

Name :	BNP PARIBAS INDIA SOLUTIONS PRIVATE LIMITED
Registered Office :	Infinity Building No.4, Unit No.601, 6^th Floor, Opposite. Film City Road, Malad (East), Mumbai – 400097, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	22.02.2005
Com. Reg. No.:	11-151511
Capital Investment / Paid-up Capital :	Rs.10.000 Millions
CIN No.: [Company Identification No.]	U72200MH2005PTC151511
TAN No.: [Tax Deduction & Collection Account No.]	MUMB14700A
PAN No.: [Permanent Account No.]	AACCB5717E
Legal Form :	Private Limited Liability Company
Line of Business :	The company is engaged in providing support services to BNP Paribas (‘BNPP’) operations worldwide
No. of Employees :	Not Divulged by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 1100000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of BNP PARIBAS SA, France. It is a well established and reputed company having fine track. The company is doing well. 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 dealings 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 DECLINED BY

Management Non Co-Operative [ Name not Disclosed]

LOCATIONS

Registered Office :	Infinity Building No.4, Unit No.601, 6^th Floor, Opposite. Film City Road, Malad (East), Mumbai – 400097, Maharashtra, India
Tel. No.:	91-22-67831000
Fax No.:	91-22-67831620
E-Mail :	jesal.shah@asia.bnpparibas.com cvispl.cmit@asia.bnpparibas.com cvispl.others@asia.bnpparibas.com anita.fernandes@asia.bnpparibas.com
Website :	http://www.bnpparibas.com

DIRECTORS

AS ON 30.09.2010

Name :

Mr. Harshal Akshaykumar Vora

Designation :

Director

Address :

505, Raheja Classique, Building No.3, Link Road, Oshiwara, Andheri (West), Mumbai – 400061, Maharashtra, India

Date of Birth/Age :

27.08.1962

Date of Appointment :

03.06.2005

Din No.:

01732539

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
U72200MH2005PTC151511	BNP PARIBAS INDIA SOLUTIONS PRIVATE LIMITED	Director	3/6/2005	3/6/2005	-	Active	NO
U51909MH2005PTC156636	VORAS TRADING PRIVATE LIMITED	Director	10/10/2005	10/10/2005	-	Active	NO
U71110MH2007PTC173843	ARVAL INDIA PRIVATE LIMITED	Director	11/9/2009	18/06/2009	-	Active	NO
U72900TN2008PTC069413	BNP PARIBAS SUNDARAM GLOBAL SECURITIES OPERATIONS PRIVATE LIMITED	Director	19/01/2010	10/9/2009	31/12/2010	Active	NO
U74999MH2011FTC220472	BNP PARIBAS INDIA HOLDING PRIVATE LIMITED	Director	4/8/2011	4/8/2011	-	Active	NO

Name :

Mr. Jacques Andre Rene Michal

Designation :

Director

Address :

Madhu Kunj, Flat 1^st Floor, 7, Narayan Dabholkar Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

28.07.1952

Date of Appointment :

29.06.2010

Din No.:

02968626

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
U74920MH2008FTC182807	BNP PARIBAS SECURITIES INDIA PRIVATE LIMITED	Director	9/7/2010	12/3/2010	-	Active	NO
U72200MH2005PTC151511	BNP PARIBAS INDIA SOLUTIONS PRIVATE LIMITED	Director	24/09/2010	29/06/2010	-	Active	NO
U65922TN1999PLC042759	SUNDARAM BNP PARIBAS HOME FINANCE LIMITED	Additional director	10/12/2010	10/12/2010	9/2/2011	Active	NO
U74999MH2011FTC220472	BNP PARIBAS INDIA HOLDING PRIVATE LIMITED	Additional director	22/08/2011	22/08/2011	-	Active	NO

Name :

Mr. Ivan Elvin Saldanha

Designation :

Director

Address :

4 Co-operating Society 2^nd Hasanab Road, Santacruz, West, Mumbai – 400054, Maharashtra, India

Date of Birth/Age :

20.07.1956

Date of Appointment :

24.09.2010

Din No.:

03255861

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
BNP Paribas S A	999999
Harshal Vora	1
Total	1000000

Equity Share Breakup (AS ON 30.09.2010)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is engaged in providing support services to BNP Paribas (‘BNPP’) operations worldwide

GENERAL INFORMATION

No. of Employees :

Not Divulged by the management

Bankers :

Not Available

Facilities :

Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Term Loans from Bank (Due within one year Rs. 0.024)	66.000	90.000
Bank Overdraft (Including Interest Accrued and Due nil)	92.325	24.865
Total	158.325	114.865

Banking Relations :	---
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountant
Address :	Heritage 3^rd Floor, Near Gujarat Vidyapith, Off, Ashram Road, Ahmadabad – 380014, Gujarat, India
Tel. No.:	91-79-27582542
Fax No.:	91-79-27582543
Holding Company :	BNP Paribas S.A.
Fellow Subsidiaries :	· BNP Paribas Securities India Private Limited · BNP Paribas Securities Services India Private Limited · BNP Paribas Investment Services India Private Limited · BNP Paribas Arval India Private Limited · BNP Procurement Tech · BNP Paribas Net Limited · BNP Paribas Arbitrange · BNP Paribas Securities Services France

CAPITAL STRUCTURE

As on : 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

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		10.000	10.000	10.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		264.009	132.184	130.754
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		274.009	142.184	140.754
LOAN FUNDS
1] Secured Loans		0.00	0.000	0.000
2] Unsecured Loans		158.325	114.865	41.742
TOTAL BORROWING		158.325	114.865	41.742
DEFERRED TAX LIABILITIES		1.998	0.000	0.000
TOTAL		434.332	257.049	182.496
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		246.392	252.689	58.253
Capital work-in-progress		5.193	0.313	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	355.135	194.636	67.161
	Cash & Bank Balances	0.292	0.284	57.883
	Other Current Assets	0.014	0.012	0.006
	Loans & Advances	131.160	126.298	170.871
Total Current Assets		486.601	321.230	295.921
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	161.250	94.484	59.774
	Other Current Liabilities	68.058	70.424	100.213
	Provisions	74.546	152.275	11.691
Total Current Liabilities		303.854	317.183	171.678
Net Current Assets		182.747	4.047	124.243
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		434.332	257.049	182.496

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	TOTAL INCOME		1435.364	1151.022	593.616
Less	TOTAL EXPENDITURE		1215.893	981.176	491.937
	PROFIT BEFORE TAX		219.471	169.846	101.679
Less	TAX		40.628	26.899	14.803
	PROFIT AFTER TAX		178.843	142.947	86.875
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		117.884	130.754	--
	AVAILABLE FOR APPROPRIATIONS		296.727	273.701	--
	PROPSOED DIVIDEND		40.320	120.960	--
	DIVIDENT DISTRIBUTION TAX		6.697	20.557	--
	BALANCE		249.709	132.184	--
	- Transfer To General Reserves		131.825	14.300	--
	- Capitalized for Issue of Bonus Shares		0.000	0.000	4.897
	BALANCE CARRIED TO THE B/S		117.884	117.884	130.753
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1264.518	1127.143	581.164
	TOTAL EARNINGS		1264.518	1127.143	581.164
	IMPORTS
		Capital Goods	9.647	62.082	10.870
	TOTAL IMPORTS		9.647	62.082	10.870
	Earnings Per Share (Rs.)		178.84	142.95	86.88

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	15.29	12.41	85.44
Return on Total Assets (PBT/Total Assets}	(%)	29.94	29.59	28.70
Return on Investment (ROI) (PBT/Networth)		0.80	1.19	0.72
Debt Equity Ratio (Total Liability/Networth)		1.68	3.03	1.51
Current Ratio (Current Asset/Current Liability)		1.60	1.01	1.72

LOCAL AGENCY FURTHER INFORMATION

NOTE :

The Registered office address of the company has been shifted from Akruti Trade Centre, 6^th Floor Road No.7 MIDC, Andheri (East), Mumbai – 400093, Maharashtra, India to Akruti SoftechPark, 2^Nd Floor, Road No. 21, C Cross Road, MIDC, Andheri, Mumbai, Maharashtra, India w.e.f. 15.10.2006.

The registered office address has against shifted from Akruti SoftechPark, 2^Nd Floor, Road No. 21, C Cross Road, MIDC, Andheri, Mumbai, Maharashtra, India to Present address w.e.f. 01.08.2008

BACKGROUND :

Subject (‘the Company’) was incorporated in India on February 22, 2005 and commenced operations on April 1, 2005. The company is a Captive Business Process Outsourcing (‘BPO’) of BNP Paribas S.A. which holds 100% of its equity share Capital.

The company is engaged in providing support services to BNP Paribas (‘BNPP’) operations worldwide. The company is registered under the software Technology Parks of India (‘STPI’) as manufacturer of Computer Software and Information technology Enabled Services.

OPERATIONS :

During the year, the company has made a profit of Rs. 178.800 millions.

FIXED ASSETS :

· Leasehold Improvement

· Office Equipments

· Computers

· Furniture and Fixtures

· Vehicles

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. 49.02
UK Pound	1	Rs. 77.12
Euro	1	Rs. 67.55

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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.