MIRA INFORM REPORT

Report Date :

20.01.2012

IDENTIFICATION DETAILS

Name :	INDIAIDEAS.COM LIMITED (w.e.f.04.02.2002)
Formerly Known As :	INDIAIDEAS.COM PRIVATE LIMITED
Registered Office :	E-510, Crystal Plaza, New Link Road, Andheri (West), Mumbai – 400053, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	29.03.2000
Com. Reg. No.:	11-125441
Capital Investment / Paid-up Capital :	Rs.55.168 Millions
CIN No.: [Company Identification No.]	U72300MH2000PLC125441
TAN No.: [Tax Deduction & Collection Account No.]	MUMI04030F
PAN No.: [Permanent Account No.]	AAACI7986C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Provides electronic bill payment and collections services.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 2000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct 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.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	E-510, Crystal Plaza, New Link Road, Andheri (West), Mumbai – 400053, Maharashtra, India
Tel. No.:	91-22-40920000
Fax No.:	91-22-40920002
E-Mail :	vasu@billdesk.com
Website :	www.billdesk.com
Branches :	Located at : · Ahmedabad · Ajmer · Allahabad · Aurangabad · Bangalore · Chennai · Coimbatore · Delhi · Goa · Hyderabad · Indore · Jabalpur · Kanpur · Kochi · Kolhapur · Kolkata · Lucknow · Ludhiana · Mangalore · Pune · Rajkot · Solapur · Surat · Trivandrum · Vadodara

DIRECTORS

As on 30.09.2010

Name :

Mr. Srinivasu Nagesvar Mallapragada

Designation :

Whole-time director

Address :

B 1503, Royal Classic Apartments, New Link Road, Andheri (West), Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

28.08.1968

Date of Appointment :

29.03.2000

DIN No.:

01692982

Other Directorship :

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
U72300MH2000PLC125441	Indiaideas Com Limited	Whole-time director	1/10/2009	29/03/2000	-	Active	NO

Name :

Mr. Ajay Kaushal

Designation :

Whole-time director

Address :

302, Rajgir Milap, Juhu Dhara Complex, Juhu Versova Link Road, Andheri (West), Mumbai – 400058, Maharashtra, India

Date of Birth/Age :

09.04.1968

Date of Appointment :

29.03.2000

DIN No.:

01605394

Other Directorship :

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
U72300MH2000PLC125441	Indiaideas Com Limited	Whole-time director	1/10/2009	29/03/2000	-	Active	NO

Name :

Mr. Sajit Kumar

Designation :

Nominee director

Address :

Flat No. 203, SIDBI Officers Apartments, 25 Veera Desai Road, Andheri (West), Mumbai, Maharashtra, India

Date of Birth/Age :

04.06.1966

Date of Appointment :

23.03.2001

DIN No.:

00108263

Other Directorship :

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
U72300MH2000PLC125441	Indiaideas Com Limited	Nominee director	23/03/2001	23/03/2001	-	Active	NO
U85110KA1998PLC024110	Winfoware Technologies Limited	Nominee director	3/10/2002	3/10/2002	29/03/2010	Active	NO
U72900MH2004PTC146578	iSmart Business Solutions Private Limited	Nominee director	29/12/2004	29/12/2004	26/09/2011	Active	NO
U72900MH2002PTC138297	Eisodus Networks Private Limited	Director	20/07/2005	20/07/2005	2/08/2008	Strike off	NO
U72300KA2003PTC033038	Manthan Software Services Private Limited	Nominee director	25/07/2005	25/07/2005	4/07/2007	Active	NO
U72300PN1993PTC072002	Mithi Software Technologies Private Liimited	Nominee director	3/05/2006	3/05/2006	13/01/2010	Active	NO
U72900KA2000PTC026794	Skelta Software Private Limited	Nominee director	31/01/2007	31/01/2007	20/04/2010	Active	NO
L72900MH1996PLC096866	Compulink Systems Limited	Nominee director	25/06/2007	25/06/2007	-	Amalgamated	NO
U74140KA2004PTC034965	Basil Communications Private Limited	Nominee director	20/08/2007	20/08/2007	-	Active	NO
U29301KA1999PTC025387	Stove Kraft Private Limited	Nominee director	11/04/2008	11/04/2008	-	Active	NO
U31902KA2007PTC044766	HHV Solar Technologies Private Limited	Nominee director	4/12/2008	12/09/2008	28/10/2009	Active	NO
U24230MH1980PTC023291	Centaur Pharmaceuticals Private Limited	Nominee director	21/04/2011	21/04/2011	-	Active	NO
U72200KA1999PLC025904	KMG Infotech Limited	Nominee director	5/05/2011	5/05/2011	-	Active	NO

Name :

Mr. Rahul Khanna

Designation :

Nominee director

Address :

Kalpa Taru Apartments, Flat #3, 39 Pedder Road, Mumbai – 400036, Maharashtra, India

Date of Birth/Age :

18.02.1972

Date of Appointment :

29.06.2006

DIN No.:

01512304

Other Directorship :

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
U72300MH2000PLC125441	Indiaideas Com Limited	Nominee director	29/06/2006	29/06/2006	-	Active	NO
U74140MH2006PTC163095	Clearstone Venture Advisors Private Limited	Director	14/07/2006	14/07/2006	23/02/2011	Active	NO
U72200MH2006PTC160596	Games2win India Private Limited	Nominee director	25/04/2007	25/04/2007	13/04/2011	Active	NO
U64120MH2003PTC143115	Elbee Express Private Limited	Director	18/02/2008	18/02/2008	13/11/2009	Under liquidation	NO
U52190MH2008PTC179371	Naaptol Online Shopping Private Limited	Nominee director	30/08/2011	30/08/2011	-	Active	NO
U74140MH2006PTC162836	Loylty Rewardz Management Private Limited	Nominee director	5/10/2011	5/10/2011	-	Active	NO

Name :

Sumant Mandal

Designation :

Nominee director

Address :

2215 California Avenue, Santa Monica, CA, USA 90403

Date of Birth/Age :

31.07.1969

Date of Appointment :

29.06.2006

DIN No.:

01298049

Other Directorship :

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
U72300MH2000PLC125441	Indiaideas Com Limited	Nominee director	29/06/2006	29/06/2006	-	Active	NO
U72200KA2004PLC047834	Digibee Microsystems Limited	Director	19/09/2007	18/01/2007	19/02/2009	Active	YES
U72200MH2006PTC160596	Games2win India Private Limited	Nominee director	25/04/2007	25/04/2007	-	Active	NO

Name :

Mr. Agnihotra Dakshina Murthy Chavali

Designation :

Nominee director

Address :

G – 14, Venus Cooperative Housing Society, 14 Dr RG Thadani Marg, Worli, Mumbai – 400018, Maharashtra, India

Date of Birth/Age :

09.10.1954

Date of Appointment :

26.06.2009

DIN No.:

00374673

Other Directorship :

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
U67120MH1997PLC112443	Central Depository Services (India) Limited	Nominee director	12/06/2009	12/06/2009	-	Active	NO
U65990MH2001PLC131804	The Clearing Corporation of India Limited	Nominee director	24/06/2009	24/06/2009	28/12/2011	Active	NO
U72300MH2000PLC125441	Indiaideas Com Limited	Nominee director	26/06/2009	26/06/2009	-	Active	NO
U74120MH2011PLC219665	Central Insurance Repository Limited	Nominee director	12/07/2011	12/07/2011	-	Active	NO
U74120MH2011PTC225365	Baroda Pioneer Trustee Company Private Limited	Director	23/12/2011	23/12/2011	-	Active	NO

Name :

Mr. Rakesh Khanna

Designation :

Nominee director

Address :

13 Hasa Mahal, Dalamal Park, CHS 89, Cuffe Parade, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

30.10.1958

Date of Appointment :

31.12.2009

DIN No.:

03010203

Other Directorship :

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
U72300MH2000PLC125441	Indiaideas Com Limited	Nominee director	31/12/2009	31/12/2009	-	Active	NO
U63030MH2005PLC152747	National Bulk Handling Corporation Limited	Alternate director	30/03/2010	30/03/2010	25/03/2011	Active	NO
U55101OR1995PLC004224	Mayfair Hotels and Resorts Limited	Nominee director	20/05/2010	20/05/2010	25/03/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Equity Shares
M N Srinivasu	662428
Ajay Kaushal	622505
Karthik Ganapathy	534755
S Misra	39187
Leo Puri	98099
SIDBI Trustee Company Limited A/c National Venture Fund for Software and Information Technology, India	447698
Bank of Baroda, India	398465
Clearstone Venture Mauritius, Mauritius	843330
State Bank of India, India	370370
Total	4016837

Names of Shareholders	No. of Preference Shares
Bank of Baroda, India	150000
Total	150000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2010

Category	Percentage
Banks Nationalized/ Other	19.00
Venture Capital	11.00
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	21.00
Directors or relatives of Directors	32.00
Other top fifty shareholders	17.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Provides electronic bill payment and collections services.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	12, Dr. Annie Besant Road, Opposite Shivsagar Estate, Worli, Mumbai – 400018, Maharashtra, India
PAN.:	AACFD4815A

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
4500000	Equity Shares	Rs.10/- each	Rs.45.000 Millions
700000	Redeemable Preference Shares	Rs.100/- each	Rs.70.000 Millions
	Total		Rs.115.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4016837	Equity Shares	Rs.10/- each	Rs.40.168 Millions
150000	7.80% Redeemable Cumulative Optionally Convertible Preference Shares	Rs.100/- each	Rs.15.000 Millions
	Total		Rs.55.168 Millions

Notes:

(Of the above 1,583,537 (Previous Year 1,583,537) Equity Shares of Rs. 10 each fully paid up have been issued as Bonus Shares by capitalization of Securities Premium)

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		55.168	80.168	110.168
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		446.722	349.711	333.223
4] (Accumulated Losses)		0.000	0.000	(26.001)
NETWORTH		501.890	429.879	417.390
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		501.890	429.879	417.390
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		67.370	35.472	28.200
Capital work-in-progress		15.565	2.896	0.510
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		5.018	5.569	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.372	0.000	0.000
	Sundry Debtors	127.204	97.769	85.421
	Cash & Bank Balances	555.378	629.623	478.198
	Other Current Assets	0.166	0.458	0.000
	Loans & Advances	17.339	13.883	9.437
Total Current Assets		701.459	741.733	573.056
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	225.826	283.294	166.147
	Other Current Liabilities	17.317	14.446	13.337
	Provisions	44.379	58.051	4.892
Total Current Liabilities		287.522	355.791	184.376
Net Current Assets		413.937	385.942	388.680
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		501.890	429.879	417.390

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	692.558	422.420	242.851
		Interest on Fixed Deposits	31.219	34.063	30.893
		Other Income	0.000	0.240	0.000
		Profit on Sale of Assets	0.013	0.005	0.000
		TOTAL (A)	723.790	456.728	273.744
Less	EXPENSES
		Office Expenses	482.041	283.506	0.000
		Administrative and other Expenses	65.313	63.270	210.359
		TOTAL (B)	547.354	346.776	210.359
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		176.436	109.952	63.385
Less	FINANCIAL EXPENSES (D)		0.000	0.000	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		176.436	109.952	63.385
Less/ Add	DEPRECIATION/ AMORTISATION (F)		14.857	11.278	8.143
	PROFIT BEFORE TAX (E-F) (G)		161.579	98.674	55.242
Less	TAX (H)		55.137	23.485	6.014
	PROFIT AFTER TAX (G-H) (I)		106.442	75.189	49.228
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		16.488	(26.001)	(75.229)
	APPROPRIATIONS
		Dividend on Preference Shares	3.066	23.287	0.000
		Corporate Dividend Tax on Preference Shares	0.509	3.958	0.000
		Dividend on Equity Shares	5.021	4.016	0.000
		Corporate Dividend Tax on Equity Shares	0.834	0.683	0.000
	BALANCE CARRIED TO THE B/S		113.500	16.488	(26.001)
	Earnings Per Share (Rs.)		25.61	17.40	10.67

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	14.71	16.46	17.98
Net Profit Margin (PBT/Sales)	(%)	23.33	23.36	22.75
Return on Total Assets (PBT/Total Assets}	(%)	21.02	12.69	9.19
Return on Investment (ROI) (PBT/Networth)		0.32	0.23	0.13
Debt Equity Ratio (Total Liability/Networth)		0.57	0.83	0.44
Current Ratio (Current Asset/Current Liability)		2.44	2.08	3.11

LOCAL AGENCY FURTHER INFORMATION

RESULTS OF OPERATIONS

During the period the Company registered impressive growth. Total Income increased to Rs 723.790 millions – a growth of 58.5% over the previous year; and Profits Before Taxes increased by 63.8% to Rs. 161.650 millions. The Company also earned a profit after taxes of Rs. 106.520 millions reflecting a growth of about 43.1% over the previous year.

AWARDS AND CERTIFICATIONS

During the period, your Company’s certification for compliance with PCI Data Security Standards Version 1.2, the common data security standard used by all the leading Card Programs, Brands in the world, was also renewed.

The Company is also has the ISO 27001:2005 accreditation for its business, covering the Electronic payments and Collections operations, remittance and transaction processing services, payment gateway services, Electronic bill presentment and payment services and other support functions – a testimony to the highest standards of management of information security followed by the Company in respect of its businesses.

FIXED ASSETS

· Leasehold Improvements

· Computers and Peripherals

· Furniture and Fixtures

· Office Equipment

· Motor Vehicle

· Plant and Machinery

· Bill Presentment and Payment Service Platform

· Computer Software

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.50.29
UK Pound	1	Rs.77.60
Euro	1	Rs.64.67

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		48

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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.