MIRA INFORM REPORT

Report Date :

19.10.2013

IDENTIFICATION DETAILS

Name :	BLOOMBERG DATA SERVICES (INDIA) PRIVATE LIMITED
Registered Office :	Unit No. 1601, 16^th Floor, Tower 2B Wing, One Indiabulls, Centre 841, Off Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	10.10.1996
Com. Reg. No.:	11-103206
Capital Investment / Paid-up Capital :	Rs. 30.000 Millions
CIN No.: [Company Identification No.]	U72300MH1996PTC103206
PAN No.: [Permanent Account No.]	AAACB4260E
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Electronic Information Services.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

A (57)

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 1256000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of “Bloomberg L.P.”. It is a well-established and a reputed company having a fine track record. The financial position of the company is sound and healthy. Directors are well-experienced and knowledgeable businessmen. The performance of the company is good. Trade relations are decent. Business is active. Payment terms are regular and as per commitments. The company can be considered for good 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.

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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 DECLINED

MANAGEMENT NON-COOPERATIVE [91-22-61203600]

LOCATIONS

Registered Office :	Unit No. 1601, 16^th Floor, Tower 2B Wing, One Indiabulls, Centre 841, Off Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-66339000/ 61203600
Fax No.:	Not Available
E-Mail :	pgraues@bloomerg.net

DIRECTORS

AS ON 25.09.2012

Name :	Dara Phirozeshaw Mehta
Designation :	Director
Address :	4th Floor, South Lands, 177, Colaba Road, Mumbai – 400005, Maharashtra, India
Date of Appointment :	10.10.1996
DIN No.:	00041164
Name :	Zubin Sohrab Morris
Designation :	Alternate director
Address :	Motabhoy Mansion, Flat No. 1, Ground Floor, M. Karve, Churchgate, Mumbai – 400020, Maharashtra, India
Date of Appointment :	15.08.2008
DIN No.:	00288690
Name :	Richard Kaltman DeScherer
Designation :	Director
Address :	945, Fifth Avenue, New York- 10021, United States of America
Date of Appointment :	18.01.2007
DIN No.:	01046659
Name :	Daniel Louis Doctoroff
Designation :	Director
Address :	309 W 91 ST, New York - 10024, United States of America
Date of Appointment :	30.09.2008
DIN No.:	02318482

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 25.09.2012

Names of Shareholders	No. of Shares
Mehta P. Dara (Nominee of Bloomberg L.P.)	10
Bloomberg L. P., New York	2999990
Total	3000000

AS ON 25.09.2012

Equity Share Breakup	Percentage of Holding
Category
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 :

Providing Electronic Information Services.

GENERAL INFORMATION

No. of Employees :	Information declined by the management
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	12, Dr Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai – 400018, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AADFD2337G
Holding company :	Bloomberg L. P.
Fellow Subsidiary company :	Ø Bloomberg Korea Ø Bloomberg Television Production Services India Private Limited [U92120MH2005PTC156063] Ø Bloomberg (Malaysia) Sdn Bhd.

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs. 10/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,000,000	Equity Shares	Rs. 10/- each	Rs. 30.000 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	30.000	30.000
(b) Reserves & Surplus	283.986	188.437
(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)	313.986	218.437
(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	78.838	42.061
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	78.838	42.061
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	1326.370	1042.291
(c) Other current liabilities	643.785	618.008
(d) Short-term provisions	4.162	3.755
Total Current Liabilities (4)	1974.317	1664.054
TOTAL	2367.141	1924.552
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	347.611	369.325
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	54.573	90.695
(d) Long-term Loan and Advances	935.783	654.444
(e) Other Non-current assets	4.005	5.606
Total Non-Current Assets	1341.972	1120.070
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	530.827	442.040
(d) Cash and cash equivalents	260.477	104.129
(e) Short-term loans and advances	233.865	258.313
(f) Other current assets	0.000	0.000
Total Current Assets	1025.169	804.482
TOTAL	2367.141	1924.552

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		30.000
2] Share Application Money		0.000
3] Reserves & Surplus		154.318
4] (Accumulated Losses)		0.000
NETWORTH		184.318
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		184.318
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		211.606
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		121.444
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	660.060
	Cash & Bank Balances	276.470
	Other Current Assets	1.259
	Loans & Advances	454.056
Total Current Assets		1391.845
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	990.494
	Other Current Liabilities	547.420
	Provisions	2.663
Total Current Liabilities		1540.577
Net Current Assets		(148.732)
MISCELLANEOUS EXPENSES		0.000
TOTAL		184.318

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	3985.032	3387.753	3038.808
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	3756.005	3246.843	2936.042
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		229.027	140.910	102.766
Less/ Add	DEPRECIATION/ AMORTISATION		85.456	64.031	59.465
	PROFIT BEFORE TAX		143.571	76.879	43.301
Less	TAX		48.021	42.761	16.510
	PROFIT AFTER TAX		95.550	34.118	26.791
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		188.436	154.318	127.527
	BALANCE CARRIED TO THE B/S		283.986	188.436	154.318
	EARNINGS IN FOREIGN CURRENCY
		Sale of Equipments	2.833	18.326	N.A.
	Earnings Per Share (Rs.)		31.85	11.37	8.93

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.40	1.01	0.88
Return on Total Assets (PBT/Total Assets}	(%)	6.21	4.19	2.70
Return on Investment (ROI) (PBT/Networth)		0.46	0.35	0.23
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		0.96	0.86	0.90

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS: NOT AVAILABLE

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	No
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	No
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 51A, Maker Chamber IV, Nariman Point, Mumbai – 400021, Maharashtra, India to the present w.e.f.13.01.2011

INDEX OF CHARGES: No Charges Exist for Company

OPERATIONS

During the year, the Company has increased its business of providing electronic information services and the sales revenue has continued to grow strongly.

FIXED ASSETS:

Ø Furniture and fixtures

Ø Office equipment

Ø Leasehold improvements

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. 61.28
UK Pound	1	Rs. 99.03
Euro	1	Rs. 83.80

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	8
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		57

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.