MIRA INFORM REPORT

Report Date :

02.08.2014

IDENTIFICATION DETAILS

Name :	SAPIENT CONSULTING LIMITED (w.e.f. 27.08.2013) SAPIENT CORPORATION PRIVATE LIMITED AMALGAMATED WITH SAPIENT CONSULTING LIMITED
Formerly Known As :	SAPIENT CONSULTING PRIVATE LIMITED
Registered Office :	104, Ashoka Estate, Barakhamba Road, New Delhi – 110001, Delhi
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	13.11.2009
Com. Reg. No.:	55-195985
Capital Investment / Paid-up Capital :	Rs. 513.520 Millions
CIN No.: [Company Identification No.]	U72900DL2009PLC195985
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Provides Technology Consulting and Software Applications / Development
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (64)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavorable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 22420000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having good track record. Fundamentals of the company is sound. Financial position of the company is strong and healthy. Trade relation reported to be fair. Business is active. Payment terms are reported to be regular and as per commitment. The company can be considered normal for business dealing at usual trade terms and conditions. Note - Mr. Deepak, Concerned person informed that Sapient Corporation Private Limited got Amalgamated with Sapient Consulting Limited.

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

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

Name :	Mr. Deepak
Designation :	Not Divulged
Contact No.:	91-124-4996000
Date :	30.07.2013

LOCATIONS

Registered Office :	104, Ashoka Estate, Barakhamba Road, New Delhi – 110001, Delhi
Tel. No.:	91-124-4996000
Fax No.:	91-124-4996001
E-Mail :	Akhera2@sapient.com
Branches :	Floor – 1 to 14, Sector 25 –A, DLF Phase III, Gurgaon – 122002, Haryana, India
Unit 1 :	Building No – 2, Tower –A, Ground and First Floor / Building No – 5, Ground and First Floor / Building No – 1, Tower – B, Ground, 1, 2,3,4,5 Floor, Gurgaon Info space Limited, SEZ Sector – 21, Village Dundahera. Gurgaon – 122016, Haryana, India
Unit 2 :	Building No – 8, Tower – B, Ground To 9 Floor, Gurgaon Info Space Ltd, SEZ, Sector – 21, Village Dundahera, Gurgaon – 122016, Haryana, India

DIRECTORS

As on: 30.09.2013

Name :

Mr. Rajdeep Endow

Designation :

Managing Director

Address :

L – 083, Ridgewood Estate, DLF Phase IV, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

21.09.1972

Date of Appointment :

01.10.2013

DIN No.:

02063258

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	U72900DL2000PTC104287	SAPIENT CORPORATION PRIVATE LIMITED	Managing director	12/12/2011	16/01/2008	-	Amalgamated	NO
2	U72900DL2009PLC195985	SAPIENT CONSULTING LIMITED	Managing director	01/10/2013	16/01/2012	-	Active	NO

Name :

Mr. Ashok Sethi

Designation :

Whole Time Director

Address :

House No. 18, Sundar Nagar, Delhi – 110003, India

Date of Birth/Age :

14.11.1961

Date of Appointment :

01.10.2013

DIN No.:

02840833

Name :

Mr. Sanjay Menon

Designation :

Whole Time Director

Address :

83, Birch court, Nirwana Country – 50, Gurgaon – 122001, Haryana, India

Date of Birth/Age :

21.09.1972

Date of Appointment :

01.10.2013

DIN No.:

02861785

Name :

Mr. Joseph Jr. Tibbetts

Designation :

Director

Address :

116, Farm Street Dover, MA – 02030, USA

Date of Birth/Age :

03.10.1952

Date of Appointment :

02.03.2012

DIN No.:

02138523

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	U72900DL2000PTC104287	SAPIENT CORPORATION PRIVATE LIMITED	Director	27/06/2008	24/08/2007	-	Amalgamated	NO
2	U72900DL2009PLC195985	SAPIENT CONSULTING LIMITED	Director	02/03/2012	16/01/2012	-	Active	NO

Name :

Mr. Markus Ruhl

Designation :

Director

Address :

Wessobrunner Street 28, Gauting – 82131, Germany

Date of Birth/Age :

17.04.1967

Date of Appointment :

30.09.2013

DIN No.:

06696527

KEY EXECUTIVES

Name :	Mr. Amit Khera
Designation :	Secretary
Address :	Flat No. 801, Supertech Avant Garde, Sector - 5
Date of Birth/Age :	26.05.1971
Date of Appointment :	01.02.2012
PAN No.:	ADIPK2718E

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares	% of Holding
Sapient Mauritius Holdings Limited	51352001	100.00
Sapient US Holdings LLC	50	0.00
Sapient Holdings Luxembourg SARL	1	0.00
Sapient Operations Luxembourg SARL	1	0.00
Sapient Asia Holdings Luxembourg SARL	1	0.00
Sapient Consulting (Singapore) Pte. Limited	1	0.00
Sapient Limited	1	0.00
Total	51352056	100.00

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

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 :	Provides Technology Consulting and Software Applications / Development
Products :	· Strategic Advisory Services · Financial Consultants · Project Consultancy Services · Legal Advisory Services · Consultants · Trading Consultancy Services

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Not Available
Facilities :	--

Banking Relations :	--
Auditors :
Name :	M/s. Price Waterhouse Chartered Accountants
Holding Company :	Sapient Mauritius Holdings Limited
Subsidiaries :	Sapient US Holdings LLC

CAPITAL STRUCTURE

As on: 30.09.2013

Authorized Capital:

No. of Shares	Type	Value	Amount
52000000	Equity Shares	Rs.10/- each	Rs.520.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
51352056	Equity Shares	Rs.10/- each	Rs.513.520 Millions

As on: 31.03.2013

Authorized Capital:

No. of Shares	Type	Value	Amount
45000000	Equity Shares	Rs.10/- each	Rs.45.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
20512181	Equity Shares	Rs.10/- each	Rs.205.121 Millions

FINANCIAL DATA

[All figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	205.121	205.121	92.742
(b) Reserves & Surplus	5399.380	4097.144	123.101
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	5604.501	4302.265	215.843
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	105.639	101.226	50.710
(d) long-term provisions	305.967	247.079	3.288
Total Non-current Liabilities (3)	411.606	348.305	53.998
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	60.000
(b) Trade payables	822.320	642.243	170.314
(c) Other current liabilities	211.228	287.859	51.359
(d) Short-term provisions	739.453	693.675	50.392
Total Current Liabilities (4)	1773.001	1623.777	332.065
TOTAL	7789.108	6274.347	601.906
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1025.865	707.360	241.543
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	295.938	160.906
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	397.306	286.822	0.000
(d) Long-term Loan and Advances	380.308	268.905	90.804
(e) Other Non-current assets	0.300	0.400	0.000
Total Non-Current Assets	1803.779	1559.425	493.253
(2) Current assets
(a) Current investments	348.845	325.427	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	757.581	1493.540	79.612
(d) Cash and cash equivalents	4508.125	2546.999	23.579
(e) Short-term loans and advances	185.049	148.946	5.354
(f) Other current assets	185.729	200.010	0.108
Total Current Assets	5985.329	4714.922	108.653
TOTAL	7789.108	6274.347	601.906

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	10117.255	8660.554	NA
		Other Income	337.850	419.604	NA
		TOTAL (A)	10455.105	9080.158	NA
Less	EXPENSES
		Employees benefits expense	6631.110	5793.717
		Other expenses	1812.485	1533.133
		TOTAL (B)	8443.595	7326.850
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2011.510	1753.308
Less	FINANCIAL EXPENSES (D)		24.828	14.855	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1986.682	1738.453
Less/ Add	DEPRECIATION/ AMORTISATION (F)		401.203	285.394
	PROFIT BEFORE TAX (E-F) (G)		1585.479	1453.059	1033.684
Less	TAX (H)		283.244	417.552	103.798
	PROFIT AFTER TAX (G-H) (I)		1302.235	1035.507	929.886
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	8704.632	7471.999	4709.348
	TOTAL EARNINGS		8704.632	7471.999	4709.348
	IMPORTS
		Capital Goods	219.213	329.453	171.768
	TOTAL IMPORTS		219.213	329.453	171.768
	Earnings Per Share (Rs.)		25.36	19.56	48.29

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	12.46	11.40	NA
Net Profit Margin (PBT/Sales)	(%)	15.67	16.78	NA
Return on Total Assets (PBT/Total Assets}	(%)	21.45	25.53	234.40
Return on Investment (ROI) (PBT/Networth)		0.28	0.34	4.79
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.28
Current Ratio (Current Asset/Current Liability)		3.38	2.90	0.33

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	92.742	205.121	205.121
Reserves & Surplus	123.101	4097.144	5399.380
Net worth	215.843	4302.265	5604.501
long-term borrowings	0.000	0.000	0.000
Short term borrowings	60.000	0.000	0.000
Total borrowings	60.000	0.000	0.000
Debt/Equity ratio	0.278	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Sales	8660.554	10117.255
		16.820

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Sales	8660.554	10117.255
Profit	1035.507	1302.235
	11.96%	12.87%

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	Yes
10]	Designation of contact person	Yes
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	No
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES:

No Charges Exist for Company

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 judgment 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.6085
UK Pound	1	Rs.102.69
Euro	1	Rs.81.46

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	SUM
Report Prepared by :	JAY

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		64

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.