MIRA INFORM REPORT

Report Date :

27.01.2012

IDENTIFICATION DETAILS

Name :	HEWITT ASSOCIATES (INDIA) PRIVATE LIMITED
Registered Office :	710, Ansal Chamber, II6 Bhikaji Cama Place, New Delhi – 110066
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.04.1995
Com. Reg. No.:	55-067542
Capital Investment / Paid-up Capital :	Rs.741.886 Millions
CIN No.: [Company Identification No.]	U74899DL1995PTC067542
TAN No.: [Tax Deduction & Collection Account No.]	DELH04431A
Legal Form :	Private Limited Liability Company
Line of Business :	The company is engaged in providing Business Processing outsourcing and Technology Development Services, Human Resources Consulting and Human Resources Outsourcing Services.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (59)

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 20000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. Financial position of the company appears to be good. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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 :	710, Ansal Chamber, II6 Bhikaji Cama Place, New Delhi – 110066, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	ravi.bhatia@hewitt.com
Branch Office :	Vishwaroop IT Park, Plot Nos. 34,35 and 38, Sector 30A of Vashi International Info-Tech Park of CIDCO, Navi Mumbai – 400705, Maharashtra, India
Tel. No.:	91-22-67919700
Fax No.:	91-22-67919766

DIRECTORS

As on 30.09.2011

Name :	Mr. Ravinder Paul Bhatia
Designation :	Director
Address :	85, E- Space, Nirvana Country, Sector-49-50, Near South City-2, Gurgaon - 122002, Haryana, India
Date of Birth/Age :	16.01.1967
Date of Appointment :	20.04.2009
DIN No.:	02606423

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74999DL1997PLC129061	Hewitt Outsourcing Services India Limited	Director	30-09-09	02-04-09	Active	NO
2	U74140DL1999PLC128578	Hewitt Human Resource Services Limited	Director	30-09-09	02-04-09	Active	NO
3	U74899DL1995PTC067542	Hewitt Associates (India) Private Limited	Director	30-09-09	20-04-09	Active	NO

Name :	Mr. Mohit Kapoor
Designation :	Additional director
Address :	B-1/1758, Vasant Kunj, New Delhi-110070, India
Date of Birth/Age :	17.04.1968
Date of Appointment :	17.02.2011
DIN No.:	03423327

Name :	Mr. Gurinder Singh
Designation :	Additional director
Address :	Flat No. 304A, Management Society, Plot No.17, F/F Block No.3, Sector-5, Dwarka, New Delhi-110075, India
Date of Birth/Age :	24.08.1964
Date of Appointment :	17.02.2011
DIN No.:	03424277

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74899DL1995PTC067542	Hewitt Associates (India) Private Limited	Director	30-09-11	17-02-11	Active	NO
2	U74999DL1997PLC129061	Hewitt Outsourcing Services India Limited	Additional director	01-12-11	01-12-11	Active	NO
3	U74140DL1999PLC128578	Hewitt Human Resource Services Limited	Additional director	01-12-11	01-12-11	Active	NO

Name :	Mr. Arjun Singh
Designation :	Managing Director
Address :	15, Poorvi Marg, Vasant Vihar, Delhi-110057, India
Date of Birth/Age :	03.11.1960
Date of Appointment :	30.11.2009
Date of Cessation :	14.11.2011
DIN No.:	01942319

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	U72900MH2003PTC173792	WNS Business Consulting Services Private Limited	Director	15-11-06	15-11-06	19-12-08	Active	NO
2	U72200MH1996PTC100196	WNS Global Services Private Limited	Director	30-03-07	30-03-07	10-10-08	Active	NO
3	U74899DL1995PTC067542	Hewitt Associates (India) Private Limited	Managing director	30-09-10	30-11-09	14-11-11	Active	NO
4	U74999DL1997PLC129061	Hewitt Outsourcing Services India Limited	Director	30-09-11	14-01-11	01-12-11	Active	NO
5	U74140DL1999PLC128578	Hewitt Human Resource Services Limited	Director	30-09-11	14-01-11	01-12-11	Active	NO

KEY EXECUTIVES

Name :	Mr. Nitin Kaul
Designation :	Secretary
Address :	A-3, 11-D, Green Apartments, Paschim Vihar, New Delhi-110063, India
Date of Birth/Age :	01.07.1977
Date of Appointment :	22.11.2010
PAN No.:	ALFPK1443B
Name :	Mr. Syed Moinuddin
Designation :	Ind Re & Fm Leader
Name :	Mr. Harmeet Tuteja
Designation :	Ind Delivery Group Manager 1
Name :	Mr. Sandeep Aggarwal
Designation :	Financial Leader I
Name :	Mr. Vineet Kapoor
Designation :	IS Leader I
Name :	Mr. Bindu Malini Krishnan
Designation :	Ind Business Group Manager
Name :	Mr. Kabir Pandit
Designation :	Associate
Name :	Mr. Narinder B Lakhani
Designation :	Ind Business Group Manager
Name :	Mr. Shaswat Kumar
Designation :	Associate
Name :	Mr. Nitin Sethi
Designation :	Associate
Name :	Mr. Ramendrajit Sen
Designation :	HR Leader I
Name :	Mr. Sandeep Joshi
Designation :	Domain Leader I
Name :	Mr. Radhika Gopalakrishnan
Designation :	Associate
Name :	Mr. Tarandeep Singh Pahwa
Designation :	Ind Business Group Manager
Name :	Mr. Sanjay Bhatnagar
Designation :	Ind Delivery Leader II
Name :	Mr. Akshay Sabharwal
Designation :	Ind Talent Acquisition Ldr I
Name :	Mr. Ajay Mulgaokar
Designation :	Ind Delivery Leader II
Name :	Mr. Sandeep Chaudhary
Designation :	Associate
Name :	Mr. Ravinder P Bhatia
Designation :	Domain Leader Iv
Name :	Mr. Rakesh Malik
Designation :	Associate
Name :	Mr. Shailja Singh
Designation :	Ind Hr Leader I
Name :	Mr. Deepak Puggal
Designation :	Ind Business Group Leader I
Name :	Mr. Ajay Soni
Designation :	Associate
Name :	Mr. Yash Pal Syngal
Designation :	Domain Leader IV
Name :	Mr. Arjun Singh
Designation :	Ind- Managing Director HRO
Name :	Mr. Mohit Kapoor
Designation :	Ind General Counsel Apac Ldr
Name :	Mr. Saket Singhal
Designation :	Associate
Name :	Mr. Gurinder Singh
Designation :	Domain Leader VI
Name :	Mr. Prashant Srivastava
Designation :	Associate
Name :	Mr. Jasjit Singh Kang
Designation :	Domain Leader IV
Name :	Mr. S. Asokan
Designation :	IS Leader II
Name :	Mrs. Purva Misra
Designation :	Asia Pacific HR Leader
Name :	Mr. Anupam Prakash
Designation :	Associate
Name :	Mr. Rohit Jain
Designation :	Associate
Name :	Mr. Gina Lewis
Designation :	Associate
Name :	Mr. Hemant Upadhyay
Designation :	Associate
Name :	Mr. Avtar Singh
Designation :	Ind Delivery Groupmanager 1
Name :	Mr. Yogesh Kumar
Designation :	Ind Delivery Group Manager 1
Name :	Ms. Kavita Mathur
Designation :	Associate
Name :	Mr. Harpreet Bhinder
Designation :	Domain Leader IV
Name :	Mr. Joby Joseph
Designation :	Domain Leader IV
Name :	Mr. Anand Venkateswaran
Designation :	Ind Delivery Group Manager 2
Name :	Mr. Ajay Kumar Parakkal
Designation :	Ind-Hr Group Leader I
Name :	Mr. Vishal Pandit
Designation :	Associate
Name :	Mr. Rajeev Moza
Designation :	Associate
Name :	Mr. Partika Raj
Designation :	Ind-Hr Group Leader I
Name :	Mr. Vivek Chachra
Designation :	Associate
Name :	Mr. R. Arunachalam
Designation :	Associate

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Hewitt International Holdings Corporation, USA	100
Consulting Hewitt Mauritius Limited, Mauritius	74188544
Total	74188644

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

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 Business Processing outsourcing and Technology Development Services, Human Resources Consulting and Human Resources Outsourcing Services.
Services :	· Consulting · B.P.O. · Software Development

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Citi Bank, Dubai

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Loans Taken for Vehicles Secured	(A) 0.301	(B) 2.055
Total	0.301	2.055

Notes:

(A) Vehicle loans from banks are secured by way of hypothecation of underlying vehicles. Payable within one year Rs.0.301 Million

(B) Vehicle loans from banks are secured by way of hypothecation of underlying vehicles. Payable within one year Rs. 1.263 Millions

Banking Relations :	--
Auditors :
Name :	S. R. Batliboi and Company Chartered Accountants
Address :	S. R. Batliboi, Golf View Corporate Tower-B, Near DLFGolf Course, Sector-42, Sector Road, Gurgaon, Haryana, India
PAN.:	AALFS0506L
Immediate Holding of Holding Company :	· Hewitt Associates LLC, USA (from 31st May 2010)
Holding company :	· Hewitt Associates LLC, USA (till 31st May 2010) · Consulting Hewitt Mauritius Limited (after 31 th May 2010)
Subsidiaries :	· Hewitt Human Resource Services Limited CIN No.: U74140DL1999PLC128578 · Hewitt Outsourcing Services India Limited CIN No.: U74999DL1997PLC129061
Fellow Subsidiaries :	· Hewitt Associates Pty. Limited, Australia · Hewitt Associates Consulting, China · Hewitt Associates, S.A., Belgium · Hewitt Associates Corp, Canada · Hewitt Associates GMBH, Germany · Hewitt Associates Limited, Hong Kong · Hewitt Associates Kabushiki Gaisya, Japan · Hewitt Associates Korea LLC · Hewitt Associates Sdn Bhd, Malaysia · Hewitt Associates Inc, Philippines · Hewitt Associates Pte. Limited, Singapore · Hewitt Associates (Thailand) Limited · Hewitt Associates Limited , United Kingdom · Hewitt Keijin and Koelman BV, Netherlands · Hewitt Associates SARL, France · Hewitt Associates, Puerto Rico · Hewitt Associates, Russia · Hewitt Associates, Hungary · Hewitt Associates Human Resource Consultant, GMBH-Austria · Hewitt Associates Ser De Res Humans Limited-Brazil · Hewitt Associates, Chile · Hewitt Associates, Venezuela · Hewitt Farrell, Mexico · Hewitt Associates, Switzerland · Hewitt Associates, Ukarain · Hewitt Associates, Italy · Hewitt Associates, Bacon and Woodrow · Hewitt Associates, Czech Republic · Hewitt Associates, Argentina · Hewitt Associates, Sweden · Hewitt Associates, Bulgaria · Hewitt Associates, Greece · Hewitt Associates, Romania · Hewitt Associates, Slovania · Hewitt Associates, Turkey · Hewitt Associates, Mauritius · Hewitt Associates, Poland

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
90000000	Equity Shares	Rs.10/- each	Rs.900.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
74188644	Equity Shares	Rs.10/- each	Rs.741.886 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		741.886	741.886	741.886
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		4253.209	3149.042	2508.437
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		4995.095	3890.928	3250.323
LOAN FUNDS
1] Secured Loans		0.301	2.055	4.219
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.301	2.055	4.219
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		4995.396	3892.983	3254.542
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		303.220	317.709	457.094
Capital work-in-progress		14.539	9.242	1.959
INVESTMENT		3.029	3.029	3.029
DEFERREX TAX ASSETS		439.716	301.412	228.749
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	1911.943	360.278	1561.573
	Cash & Bank Balances	1834.709	2700.776	838.763
	Other Current Assets	789.583	625.063	608.550
	Loans & Advances	985.279	739.888	589.583
Total Current Assets		5521.514	4426.005	3598.469
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	647.639	638.633	699.787
	Other Current Liabilities	161.636	165.024	101.031
	Provisions	477.347	360.757	233.940
Total Current Liabilities		1286.622	1164.414	1034.758
Net Current Assets		4234.892	3261.591	2563.711
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		4995.396	3892.983	3254.542

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	8044.071	7020.604	6294.396
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	7028.455 (Including Depreciation)	6203.234	5245.705
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION			817.370	1048.691
Less/ Add	DEPRECIATION/ AMORTISATION			249.426	302.119
	PROFIT BEFORE TAX		1015.616	567.944	746.572
Less	TAX		(88.551)	(72.661)	30.485
	PROFIT AFTER TAX		1104.167	640.605	716.087
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3018.448	2377.843	1661.756
	BALANCE CARRIED TO THE B/S		4122.615	3018.448	2377.843
	EARNINGS IN FOREIGN CURRENCY
		Export at FOB Value		6137.804	5673.776
		Other Earnings		70.756	129.783
	TOTAL EARNINGS		7028.217	6208.560	5803.559
	IMPORTS
		Capital Goods	NA	15.268	12.118
	TOTAL IMPORTS		NA	15.268	12.118
	Earnings Per Share (Rs.)		14.88	8.63	9.65

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	13.73	9.12	11.38
Return on Total Assets (PBT/Total Assets}	(%)	17.44	11.97	18.41
Return on Investment (ROI) (PBT/Networth)		0.20	0.15	0.23
Debt Equity Ratio (Total Liability/Networth)		0.26	0.30	0.32
Current Ratio (Current Asset/Current Liability)		4.29	3.80	3.48

LOCAL AGENCY FURTHER INFORMATION

PERFORMANCE REVIEW

During the year, the Company has earned a net profit of Rs.1104.167 Millions against previous year of Rs.640.605 Millions. The directors expect that the initiatives undertaken will result in improvement in financial results in the coming years. The details of financial performance of the company are appearing in the Balance Sheet and Profit and Loss account for the year.

OPERATIONS

The Company continues to take effective steps in broad-basing its range of activities. The performance of the Company during the period has been satisfactory.

FUTURE OUTLOOK

In the current year, The directors are putting up efforts and it is hoped that the company will do better in the current year. The outlook for the current year is also very bright and the directors are hopeful of doing a good business during the current year

FIXED ASSETS

· Leasehold Improvements

· Computers

· Furniture and Fittings and Electrical Appliances

· Office Equipments

· 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.50.02
UK Pound	1	Rs.78.05
Euro	1	Rs.65.13

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
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	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		59

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.