MIRA INFORM REPORT

Report Date :

29.07.2013

IDENTIFICATION DETAILS

Name :	PTC SOFTWARE (INDIA) PRIVATE LIMITED
Formerly Known As :	COMPUTERVISION RESEARCH DEVELOPMENT (INDIA) PRIVATE LIMITED
Registered Office :	Survey No. 15, Marisoft 2, Vadagaonsheri, Pune - 411014, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	30.09.1993
Com. Reg. No.:	11-074267
Capital Investment / Paid-up Capital :	Rs. 18.625 Millions
CIN No.: [Company Identification No.]	U30007MH1993PTC074267
TAN No.: [Tax Deduction & Collection Account No.]	PNEP07414B PNEC00685G
PAN No.: [Permanent Account No.]	AABCC1268J
Legal Form :	Private Limited Liability Compan
Line of Business :	The Company is engaged in Software Development Services and Technical Support Services to PTC, USA.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (63)

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 3300000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having a good track record. The financial strength of the company appears to be strong liquidity position seems to be good. There appears no external borrowing. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered for normal business dealings at usual trade terms and condition.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DENIED BY

Management non co-operative.

LOCATIONS

Registered Office / Factory :	Survey No. 15, Marisoft 2, Vadagaonsheri, Pune - 411014, Maharashtra, India
Tel. No.:	91-20-66053000
Fax No.:	91-20-66063008
E-Mail :	ptcindia_wc@ptc.com sanasing@ptc.com vpatel@ptc.com
Website :	www.ptc.com http://www.grotal.com

DIRECTORS

As on: 27.09.2012

Name :	Mr. Aaron Cherles Von Staats
Designation :	Director
Address :	2 Gusset Road, Wehham, MA – 01984 USA
Date of Birth/Age :	17.12.1965
Date of Appointment :	30.09.2002
DIN No.:	00386119
Name :	Mr. Vispi Behram Patel
Designation :	Director
Address :	16, Mody Colony Synagogue, Pune, Maharashtra, India
Date of Birth/Age :	03.12.1960
Date of Appointment :	29.09.2006
PAN No.:	ABQPP4996F
DIN No.:	00862837
Name :	Mr. Stephen Gerald Bouchard
Designation :	Director
Address :	15, Still Brook Lane, Mansfield-02048
Date of Birth/Age :	23.11.1968
Date of Appointment :	03.12.2009
DIN No.:	02861336

KEY EXECUTIVES

Name :	Mr. A Srinivasa Rao
Designation :	Secretary
Address :	A 6/11, Sarith Mangalya ganeshmala, Pune, Maharashtra, India
Date of Birth/Age :	02.06.1972
Date of Appointment :	04.04.2006
PAN No.:	ADZPA0253B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 27.09.2012

Names of Shareholders	No. of Shares
C V Holdings (Mauritius) Limited, Mauritius	1862499
Computervission LLC, Mauritius	02
Total	1862501

Equity Share Break up (Percentage of Total Equity)

As on: 27.09.2012

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is engaged in Software Development Services and Technical Support Services to PTC, USA.

Products :

ITC Code	Product or Services
49119910	Software

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	ICICI Bank Limited, Band Garden, Pune, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountants
Address :	5th Floor, Tower D, The Millenia, 1 and 2 Murphy Road, Ulsoor - 560008, Bangalore, India
PAN No.:	AAEFP5579P
Ultimate Holding Company :	Parametric Technology Corporation, USA (PTC, USA)
Holding Company	C V Holdings (Mauritius) Limited (CV)

CAPITAL STRUCTURE

As on: 27.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs. 40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1862501	Equity Shares	Rs.10/- each	Rs. 18.625 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	18.625	23.939
(b) Reserves & Surplus	827.025	1116.674
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	845.650	1140.613
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	241.518	221.616
Total Non-current Liabilities (3)	241.518	221.616
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	24.056	11.141
(c) Other current liabilities	49.078	43.238
(d) Short-term provisions	58.285	51.801
Total Current Liabilities (4)	131.419	106.180
TOTAL	1218.587	1468.409
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	173.026	192.903
(ii) Intangible Assets	0.631	1.640
(iii) Capital work-in-progress	2.405	0.233
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	100.535	87.736
(d) Long-term Loan and Advances	152.182	151.725
(e) Other Non-current assets	10.104	9.659
Total Non-Current Assets	438.883	443.896
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	133.011	325.204
(d) Cash and cash equivalents	606.517	650.949
(e) Short-term loans and advances	40.036	40.109
(f) Other current assets	0.140	8.251
Total Current Assets	779.704	1024.513
TOTAL	1218.587	1468.409

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		23.939
2] Share Application Money		0.000
3] Reserves & Surplus		943.314
4] (Accumulated Losses)		0.000
NETWORTH		967.253
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		967.253
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		204.293
Capital work-in-progress		15.994
INVESTMENT		0.000
DEFERREX TAX ASSETS		72.311
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	239.621
	Cash & Bank Balances	547.047
	Other Current Assets	2.464
	Loans & Advances	140.333
Total Current Assets		929.465
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	28.060
	Other Current Liabilities	22.894
	Provisions	203.856
Total Current Liabilities		254.810
Net Current Assets		674.655
MISCELLANEOUS EXPENSES		0.000
TOTAL		967.253

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Turnover	1695.206	NA	1548.760
		Other Income	NA	NA	21.310
		TOTAL	NA	NA	1570.070
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	1345.862
	PROFIT BEFORE TAX		315.609	NA	224.208
Less	TAX		NA	NA	70.455
	PROFIT AFTER TAX		NA	NA	153.753
	Balance transferred to the balance sheet		211.907	NA	--
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1695.205	NA	1548.759
	TOTAL EARNINGS		1695.205	NA	1548.759
	IMPORTS
		Capital Goods	NA	NA	102.989
	TOTAL IMPORTS		NA	NA	102.989
	Earnings Per Share (Rs.)		NA	NA	64.23

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	NA	9.79
Net Profit Margin (PBT/Sales)	(%)	18.61	NA	14.48
Return on Total Assets (PBT/Total Assets}	(%)	28.29	NA	19.78
Return on Investment (ROI) (PBT/Networth)		0.37	NA	0.23
Debt Equity Ratio (Total Debt/Networth)		0.00	NA	0.00
Current Ratio (Current Asset/Current Liability)		5.93	NA	3.65

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	No
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS: NOT AVAILABLE

Index of No Charges Exist for Company

FINANCIAL RESULTS AND OPERATIONS:

During the year under operation, the company recorded a turnover of Rs. 1695.205 Millions. The earnings before tax for the year was Rs. 315.608 Millions and the balance transferred to the balance sheet was Rs. 211.907 Millions.

FIXED ASSETS:

• Plant and Machinery
• Office Equipment
• Furniture and Fixtures
• Leasehold Improvements
• 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 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 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. 58.91
UK Pound	1	Rs. 90.68
Euro	1	Rs. 78.21

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
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	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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		63

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.