MIRA INFORM REPORT

Report Date :

31.07.2013

IDENTIFICATION DETAILS

Name :	GLOBAL INNOVSOURCE SOLUTIONS PRIVATE LIMITED
Formerly Known As :	INNOVSOURCE SOLUTIONS PRIVATE LIMITED
Registered Office :	A-2, Kailas Industrial Complex, Park Site, Vikhroli (West), Mumbai – 400079, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	16.03.2004
Com. Reg. No.:	145086
Capital Investment / Paid-up Capital :	Rs. 66.500 millions
CIN No.: [Company Identification No.]	U63040MH2004PTC145086
PAN No.: [Permanent Account No.]	AABCI2382R
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of providing Manpower Services.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (55)

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

Maximum Credit Limit :	USD 1130000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having a fine track record. The financial position of the company is sound and healthy. Trade relations are reported as decent. Business is active. Payment terms are regular and as per commitment. The company can be considered good 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

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 PARTED BY (GENERAL DETAILS)

Name :	Ms. Aanshu
Designation :	Accountant
Contact No.:	91-20-41021111
Date :	30.07.2013

LOCATIONS

Registered Office / Corporate Office:	A-2, Kailas Industrial Complex, Park Site, Vikhroli (West), Mumbai – 400079, Maharashtra, India
Tel. No. :	91- 22-42180000
Fax No. :	91-22-42180100
E-Mail :	tejass@globali.in info@globali.in
Website :	www.globali.in
Location :	owned
Branch Office :	G44 Kailas Vaibhav Complex, Park Site, Vikhroli (West), Mumbai – 400079, Maharashtra, India
Tel. No. :	91-22-42180150
Other Branch Offices :	Located at North Region · Gurgaon · Chandigarh · Jaipur · Rudrapur · Jammu East Region · Kolkata · Bhubhaneshwar · Guwahati · Ranchi · Siliguri · Patna · Lucknow · Kanpur · Meerut West Region · Aurangabad · Baroda · Ahmedabad · Pune · Goa · Mundra South Region · Bangalore · Chennai  · Coimbatore · Cochin Central Region · Hyderabad · Vizag · Nagpur · Raipur · Indore

DIRECTORS

As on 28.09.2012

Name :

Mr. Shishir Rambhau Gorle

Designation :

Director

Address :

2602, Orchid, Hiranandani Meadows, Off Pokharan Road No.2, Hiranandani Meadows, Thane (West) - 400610, Maharashtra, India

Date of Birth/Age :

28.12.1966

Date of Appointment :

29.09.2007

DIN No. :

00364970

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74910MH2004PTC147324	GLOBAL INNOVSOURCE SEARCH SOLUTIONS PRIVATE LIMITED	Director	01/04/2007	01/04/2007	-	Amalgamated	NO
2	U63040MH2004PTC145086	GLOBAL INNOVSOURCE SOLUTIONS PRIVATE LIMITED	Director	29/09/2007	01/04/2007	-	Active	NO
3	AAA-8145	TOWER INFRA ENERGY LLP	Designated Partner	28/02/2012	28/02/2012	-	Active	NO

Name :

Mr. Raja Sekhar Reddy

Designation :

Director

Address :

202B Apollo, Hiranandani Estate, Thane (West) - 400607, Maharashtra, India

Date of Birth/Age :

07.12.1968

Date of Appointment :

16.03.2004

DIN No. :

01084935

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U63040MH2004PTC145086	GLOBAL INNOVSOURCE SOLUTIONS PRIVATE LIMITED	Director	16/03/2004	16/03/2004	-	Active	NO
2	U74910MH2004PTC147324	GLOBAL INNOVSOURCE SEARCH SOLUTIONS PRIVATE LIMITED	Director	06/07/2004	06/07/2004	-	Amalgamated	NO

KEY EXECUTIVES

Name :	Ms. Aanshu
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2012

Names of Shareholders	No. of Shares
Vahanvati Consultants Private Limited, India	5720000
Tulsidas Gopal Alai as Trustee of Global Innovsource Employees Welfare	930000
Total	6650000

As on 28.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	86.00
Other top fifty shareholders	14.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of providing Manpower Services.

Products :

Item Code No. (ITC Code)	Product Description
85167990	Manpower Solution Provider

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Customers :	End Users
No. of Employees :	Not Divulged
Bankers :	HDFC Bank Limited

Banking Relations :	--
Auditors :
Name :	Yeolekar and Associates Chartered Accountants
Address :	11/12, Laxmi Nivas Subhash B Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India
PAN No. :	AACFD6671N
Sisters Concern :	Global Telecom Limited
Related Parties :	· Vahanvati Consultants Private Limited CIN No.: U74140MH1989PTC050934 · Global Holding Corporation Private Limited CIN No.: U65990MH1994PTC076078

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
9650000	Equity Shares	Rs.10/- each	Rs. 96.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6650000	Equity Shares	Rs.10/- each	Rs. 66.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	66.500	66.500
(b) Reserves & Surplus	216.375	95.650
(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)	282.875	162.150
(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	360.514	510.186
(d) long-term provisions	23.321	48.460
Total Non-current Liabilities (3)	383.835	558.646
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	0.000	0.000
(c) Other current liabilities	341.138	301.189
(d) Short-term provisions	51.761	0.049
Total Current Liabilities (4)	392.899	301.238
TOTAL	1059.609	1022.034
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	15.972	19.612
(ii) Intangible Assets	20.853	41.055
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.704
(c) Deferred tax assets (net)	17.251	6.253
(d) Long-term Loan and Advances	11.505	13.728
(e) Other Non-current assets	0.528	0.598
Total Non-Current Assets	66.109	81.950
(2) Current assets
(a) Current investments	1.500	0.000
(b) Inventories	0.842	0.000
(c) Trade receivables	681.758	690.439
(d) Cash and cash equivalents	169.408	137.338
(e) Short-term loans and advances	74.504	71.984
(f) Other current assets	65.488	40.323
Total Current Assets	993.500	940.084
TOTAL	1059.609	1022.034

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		66.500
2] Share Application Money		0.000
3] Reserves & Surplus		27.508
4] (Accumulated Losses)		0.000
NETWORTH		94.008
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
00DEFERRED TAX LIABILITIES		0.000
TOTAL		94.008
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		69.107
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		2.509
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	204.413
	Cash & Bank Balances	91.633
	Other Current Assets	0.000
	Loans & Advances	70.144
Total Current Assets		366.190
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	160.392
	Other Current Liabilities	160.170
	Provisions	24.516
Total Current Liabilities		345.078
Net Current Assets		21.112
MISCELLANEOUS EXPENSES		0.280
TOTAL		90.008

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income		3486.444	1691.636
		Other Income		1.158	0.262
		TOTAL (A)		3487.602	1691.898
Less	EXPENSES
		Care Taking and Facility Management Expenses			391.869
		Payments to and provision for Employees			1160.234
		Administrative and Other Expenses			76.136
		Preliminary Expenses written off			0.091
		TOTAL (B)		3385.204	1628.330
				(Including
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	Financial and Depreciation)	63.568
Less	FINANCIAL EXPENSES (D)				3.434
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)				60.134
Less/ Add	DEPRECIATION/ AMORTISATION (F)				7.881
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)			102.398	52.253
Less	TAX (H)			34.256	17.546
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		120.725	68.142	34.707
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		85.650	17.508	(17.199)
	BALANCE CARRIED TO THE B/S		206.375	85.650	17.508
	EARNINGS IN FOREIGN CURRENCY
		Recruitment & HR Back Office Services	0.227	1.027	4.644
	TOTAL EARNINGS		0.227	1.027	4.644
	Earnings / (Loss) Per Share (Rs.)		18.15	10.25	7.46

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	1.95	2.05
Net Profit Margin (PBT/Sales)	(%)	NA	2.94	3.09
Return on Total Assets (PBT/Total Assets}	(%)	NA	10.09	12.00
Return on Investment (ROI) (PBT/Networth)		NA	0.63	0.56
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		2.53	3.12	1.06

LOCAL AGENCY FURTHER INFORMATION

INDEX OF CHARGES : No Charges Exist for Company

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two 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	Yes
20]	Export / Import details (if applicable)	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE

The registered office of the company has been shifted from A 203, Kailas Industrial Compl, Park Site, Vikhroli (West), Mumbai – 400079, Maharashtra India to the present address w.e.f. 13.08.2009

FIXED ASSETS

v Intangible Assets

· Furniture and Fixtures

· Office Equipment

· Computer Equipments

· Other Equipments

v Intangible Assets

· 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.59.83
UK Pound	1	Rs.91.76
Euro	1	Rs.79.33

INFORMATION DETAILS

Information Gathered by :	PLV
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	6
--CREDIT LINES	1~10	7
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		55

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

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.