MIRA INFORM REPORT

Report Date :

03.01.2014

IDENTIFICATION DETAILS

Name :	COMVIVA TECHNOLOGIES LIMITED (w.e.f. 15.04.2009)
Formerly Known As :	BHARTI TELESHOFT LIMITED
Registered Office :	A-26, Info City, Sector – 34, Gurgaon – 122001, Haryana
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	07.05.1999
Com. Reg. No.:	05-041214
Capital Investment / Paid-up Capital :	Rs. 218.649 Millions
CIN No.: [Company Identification No.]	U72200HR1999PLC041214
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is an integrated value added services (VAS) solution provider for the mobile operations in the emerging markets.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 9800000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Overall financial position of the company appears to be strong and healthy. Trade relation reported to be trustworthy. Business is active. Payment terms are reported to be regular. The company can be considered for business dealing 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, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

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.

LOCATIONS

Registered Office :	A-26, Info City, Sector – 34, Gurgaon – 122001, Haryana
Tel. No.:	91-124-4819000
Fax No.:	91-124-4819777
E-Mail :	compliance@comviva.com komal.singhal@bharti.in
Website :	http://www.comviva.com

DIRECTORS

AS ON 17.06.2013

Name :	Mr. Rakesh Bharti Mittal
Designation :	Chairman cum Managing Director
Address :	E – 26, Vasant Marg, Vasant Vihar, New Delhi – 110 057, India
Date of Birth/Age :	18.09.1955
Qualification :	Electronics Engineer
Date of Appointment :	07.05.1999
PAN No.:	ABBPM8872C
DIN No.:	00042494

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	U74899DL1983PTC015323	BHARTI INFOTEL PRIVATE LIMITED	Director	04/03/1983	04/03/1983	-	Active	NO
2	L74899DL1995PLC070609	BHARTI AIRTEL LIMITED	Director	07/07/1995	07/07/1995	26/09/2012	Active	NO
3	U32204HR1999PLC042204	BEETEL TELETECH LIMITED	Director	01/04/2011	30/03/1999	-	Active	NO
4	U72200HR1999PLC041214	COMVIVA TECHNOLOGIES LIMITED	Director	07/05/1999	07/05/1999	-	Active	NO
5	U72900DL2003PLC119377	AEGIS BPO SERVICES (GURGAON) LIMITED	Director	13/06/2006	12/03/2003	18/12/2007	Active	NO
6	U70101DL2003PTC120760	BHARTI REALTY PRIVATE LIMITED	Director	06/06/2003	06/06/2003	-	Amalgamated	NO
7	U15133HR2004PTC041215	FIELDFRESH FOODS PRIVATE LIMITED	Director	06/09/2004	06/09/2004	-	Active	NO
8	U72300DL2005PTC142757	BHARTI OVERSEAS PRIVATE LIMITED	Director	01/08/2009	21/11/2005	-	Active	NO
9	U72300DL2005PLC142756	BHARTI VENTURES LIMITED	Managing director	11/01/2010	21/11/2005	-	Active	NO
10	U74993DL2007PLC163757	BHARTI ENTERPRISES LIMITED.	Director	23/09/2008	22/05/2007	28/12/2009	Active	NO
11	U32039HR1985PLC032091	BHARTI TELECOM LIMITED	Director	24/09/2007	17/07/2007	-	Active	NO
12	U65923DL2007PTC168641	BHARTI (RM) HOLDINGS PRIVATE LIMITED	Director	18/09/2008	25/09/2007	-	Active	NO
13	U74900DL2007PTC169368	GOURMET INVESTMENTS PRIVATE LIMITED	Director	18/09/2008	12/10/2007	05/10/2011	Active	NO
14	U51909DL2007PLC158953	BHARTI RETAIL LIMITED	Director	20/03/2008	20/03/2008	12/01/2010	Active	NO
15	U45201DL2006PTC147183	DM BUILDWELL PRIVATE LIMITED	Director	22/08/2008	22/08/2008	07/11/2009	Active	NO
16	U80100AP1997NPL036631	INDIAN SCHOOL OF BUSINESS	Director	29/09/2008	25/08/2008	-	Active	NO
17	U74900DL2009PTC190106	BHARTI (RM) TRUSTEES PRIVATE LIMITED	Director	30/09/2010	08/05/2009	-	Active	NO
18	U74900DL2009PTC190214	BHARTI (SATYA) TRUSTEES PRIVATE LIMITED	Director	30/09/2010	12/05/2009	-	Active	NO
19	U74140DL2009PTC190298	BHARTI (RM) RESOURCES PRIVATE LIMITED	Director	30/09/2010	14/05/2009	-	Active	NO
20	U74140DL2009PTC190300	BHARTI (RM) SERVICES PRIVATE LIMITED	Director	30/09/2010	14/05/2009	-	Active	NO
21	U74900DL2009PTC190495	BHARTI MANAGEMENT PRIVATE LIMITED	Director	30/09/2010	21/05/2009	-	Active	NO
22	U74120DL2007PLC158956	CENTUM LEARNING LIMITED	Director	07/06/2010	24/07/2009	-	Active	NO
23	U66030KA2007PLC043362	BHARTI AXA GENERAL INSURANCE COMPANY LIMITED	Director	17/08/2011	24/08/2009	-	Active	NO
24	U66010MH2005PLC157108	BHARTI AXA LIFE INSURANCE COMPANY LIMITED	Director appointed in casual vacancy	10/09/2009	10/09/2009	-	Active	NO
25	U74140DL2010PTC197775	BHARTI ENTERPRISES (HOLDING) PRIVATE LIMITED	Director	06/12/2010	08/01/2010	-	Active	NO
26	L74899DL1993PLC053677	IFCI LIMITED	Director	13/09/2011	27/10/2010	05/01/2013	Active	NO
27	U66010DL2010PTC211456	BHARTI INSURANCE HOLDINGS PRIVATE LIMITED	Director	30/09/2011	15/12/2010	-	Active	NO
28	U67120MH1996PTC250182	FIRST AMERICAN SECURITIES PRIVATE LIMITED	Alternate director	18/02/2013	10/08/2011	08/05/2013	Active	NO
29	U55101DL2011PTC228190	ATRIUM RESTAURANTS INDIA PRIVATE LIMITED	Director	28/09/2012	07/06/2012	-	Active	NO
30	L64201DL2006PLC156038	BHARTI INFRATEL LIMITED	Director	03/07/2013	03/09/2012	-	Active	NO
31	U92100DL2007PLC170574	INDUS TOWERS LIMITED	Director	30/04/2013	04/09/2012	-	Active	NO
32	U74140KA2007PTC043520	GIBA HOLDINGS PRIVATE LIMITED	Alternate director	07/08/2013	07/08/2013	-	Active	NO

Name :	Mr. Manoranjan Mohapatra
Designation :	Whole Time Director
Address :	House No. C – 121, Belvedete Towers, DLF Phase II, Gurgaon – 122 002, Haryana, India
Date of Birth/Age :	01.04.1962
Qualification :	B.E
Date of Appointment :	29.07.2010
PAN No.:	AAIPM0426G
DIN No.:	00043930

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	U72200DL1991PLC046909	FLEXTRONICS SOFTWARE SYSTEMS LIMITED	Whole-time director	21/12/2006	26/07/2006	31/07/2007	Amalgamated	NO
2	U65993DL2006PLC149728	ARICENT TECHNOLOGIES (HOLDINGS) LIMITED	Additional director	08/12/2006	08/12/2006	31/07/2007	Active	NO
3	U72900KA2000PTC027735	UNIFIED TECHNOLOGIES PRIVATE LIMITED	Director	30/09/2008	15/10/2007	-	Active	NO
4	U72200DL2000PLC184006	JATAAYU SOFTWARE LIMITED	Director	12/09/2008	20/03/2008	-	Amalgamated	NO
5	U85100HR2008FTC037855	MEDICAL SECOND OPINION PRIVATE LIMITED	Director	23/04/2008	23/04/2008	-	Active	NO
6	U72200HR1999PLC041214	COMVIVA TECHNOLOGIES LIMITED	Whole-time director	29/07/2010	03/11/2009	-	Active	NO

Name :	Mr. Chander Prakash Gurnani
Designation :	Director
Address :	Flat No.202, Building A, 2^nd Floor, Lapiz Lazulli, South Koregaon Park, Pune-411001, Maharashtra, India
Date of Birth/Age :	19.12.1958
Date of Appointment :	13.12.2012
DIN No.:	00018234

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	U85110KA1995PLC018673	TECH MAHINDRA ( R AND D SERVICES) LIMITED	Nominee director	28/11/2005	28/11/2005	-	Amalgamated	NO
2	U72900MH2006PLC163373	CANVASM TECHNOLOGIES LIMITED	Nominee director	20/06/2007	03/10/2006	03/02/2012	Active	NO
3	U72100DL1992PLC047686	IPOLICY NETWORKS LIMITED	Additional director	22/01/2007	22/01/2007	-	Amalgamated	NO
4	U30001MH1999PLC119360	MAHINDRA LOGISOFT BUSINESS SOLUTIONS LIMITED	Director	05/09/2008	07/11/2007	03/02/2012	Active	NO
5	U70101MH2007PTC176705	H S MANGALAM REALTORS PRIVATE LIMITED	Additional director	06/06/2008	06/06/2008	-	Strike off	NO
6	U74140KA2008PTC046976	CG AND SK CONSULTANCY PRIVATE LIMITED	Director	30/06/2008	30/06/2008	10/07/2008	Strike off	NO
7	L72200AP1987PLC007564	SATYAM COMPUTER SERVICES LIMITED	Nominee director	21/12/2010	27/05/2009	-	Active	NO
8	U72900AP2002PLC039080	TECH MAHINDRA BPO LIMITED	Director	30/08/2010	04/09/2009	28/02/2012	Active	NO
9	U72200AP2000PTC033213	SATYAM VENTURE ENGINEERING SERVICES PRIVATE LIMITED	Nominee director	04/09/2009	04/09/2009	-	Active	NO
10	L74899DL1994PLC058032	DION GLOBAL SOLUTIONS LIMITED	Nominee director	20/12/2012	31/03/2012	-	Active	NO
11	L64200MH1986PLC041370	TECH MAHINDRA LIMITED	Managing director	26/09/2013	10/08/2012	-	Active	NO
12	U72900MH2006PLC159149	TECH MAHINDRA BUSINESS SERVICES LIMITED	Director	26/09/2013	04/09/2012	-	Active	NO
13	U72200HR1999PLC041214	COMVIVA TECHNOLOGIES LIMITED	Director	17/06/2013	13/12/2012	-	Active	NO
14	U80300AP2013NPL086878	MAHINDRA EDUCATIONAL INSTITUTIONS	Nominee director	09/04/2013	09/04/2013	-	Active	NO

Name :	Mr. Vineet Nayyar
Designation :	Director
Address :	5A, Friends (West), Mathura Road, New Delhi-110065, India
Date of Birth/Age :	30.11.1938
Date of Appointment :	13.12.2012
DIN No.:	00018243

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	U74899DL1995PTC064096	NAMM INTERTRADE PRIVATE LIMITED	Director	05/01/1995	05/01/1995	-	Active	NO
2	U74899DL1995PTC073241	MANOR FINLEASE PRIVATE LIMITED	Director	17/10/1995	17/10/1995	-	Active	NO
3	L23201MH1959GOI011388	INDIAN OIL CORPN. LIMITED	Director	29/01/1999	29/01/1999	30/04/2008	Active	NO
4	U85310DL1999GAT100781	ESSEL SOCIAL WELFARE FOUNDATION	Director	22/07/1999	22/07/1999	-	Active	NO
5	U65900MH1988PLC047985	DAYKON FINANCIAL SERVICES LIMITED	Director	22/12/1999	22/12/1999	-	Strike off	NO
6	U66030MH2000PLC128503	KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED	Director	17/08/2001	17/08/2001	-	Active	NO
7	L74899DL1964GOI004281	BHARAT HEAVY ELECTRICALS LIMITED	Director	01/03/2004	01/03/2004	28/02/2007	Active	NO
8	L35110MH1948PLC006472	THE GREAT EASTERN SHIPPING COMPANY LIMITED	Director	24/03/2004	24/03/2004	-	Active	NO
9	U80301DL2004PTC130211	VIDYA EDUCATION INVESTMENTS PRIVATE LIMITED	Director	26/10/2004	26/10/2004	-	Active	NO
10	L64200MH1986PLC041370	TECH MAHINDRA LIMITED	Whole-time director	10/08/2012	17/01/2005	-	Active	NO
11	U00000DL1970PLC100242	BUSINESS STANDARD LIMITED	Nominee director	28/09/2006	24/11/2005	09/07/2008	Active	NO
12	U85110KA1995PLC018673	TECH MAHINDRA ( R AND D SERVICES) LIMITED	Nominee director	28/11/2005	28/11/2005	-	Amalgamated	NO
13	U72900MH2006PLC163373	CANVASM TECHNOLOGIES LIMITED	Nominee director	20/06/2007	03/10/2006	-	Active	NO
14	U80210MH1993NPL073071	THE MAHINDRA UNITED WORLD COLLEGE OF INDIA	Director	24/09/2007	17/01/2007	-	Active	NO
15	L55101TN1996PLC036595	MAHINDRA HOLIDAYS AND RESORTS INDIA LIMITED	Director	25/07/2007	23/01/2007	-	Active	NO
16	U85310MH2006PLC160651	TECH MAHINDRA FOUNDATION	Nominee director	20/07/2007	14/04/2007	-	Active	NO
17	U80301MH2008PTC181110	MAURYA EDUCATION COMPANY PRIVATE LIMITED	Director	29/09/2009	15/04/2008	-	Active	NO
18	U72200PN2004PTC019520	VENTURBAY CONSULTANTS PRIVATE LIMITED	Director	21/07/2009	17/03/2009	-	Active	NO
19	U30001MH1999PLC119360	MAHINDRA LOGISOFT BUSINESS SOLUTIONS LIMITED	Director	22/07/2009	10/04/2009	-	Active	NO
20	L72200AP1987PLC007564	SATYAM COMPUTER SERVICES LIMITED	Nominee director	21/12/2010	27/05/2009	-	Active	NO
21	U63090MH2002PLC136326	GREATSHIP (INDIA ) LIMITED	Director	25/06/2010	24/07/2009	-	Active	NO
22	U74900MH2008PLC179152	POWER EXCHANGE INDIA LIMITED	Director	28/09/2012	15/12/2011	-	Active	NO
23	U72200HR1999PLC041214	COMVIVA TECHNOLOGIES LIMITED	Director	17/06/2013	13/12/2012	-	Active	NO
24	U80300AP2013NPL086878	MAHINDRA EDUCATIONAL INSTITUTIONS	Nominee director	09/04/2013	09/04/2013	-	Active	NO

Name :	Mr. Ulhas Narayan Yargop
Designation :	Director
Address :	S-11, Pemino 1-B, Altamount Road, Mumbai-4000026, Maharashtra, India
Date of Birth/Age :	28.01.1954
Date of Appointment :	13.12.2012
DIN No.:	00054530

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	U74140MH1992PLC066606	MAHINDRA AND MAHINDRA CONTECH LIMITED	Director	22/02/1993	22/02/1993	02/11/2012	Active	NO
2	U30007MH1991PLC064368	BRISTLECONE INDIA LIMITED	Director	26/03/1999	26/03/1999	-	Active	NO
3	L64200MH1986PLC041370	TECH MAHINDRA LIMITED	Nominee director	01/04/1999	01/04/1999	-	Active	NO
4	U72400MH1995PLC091404	MAHINDRA ENGINEERING SERVICES LIMITED	Director	24/05/1999	24/05/1999	-	Active	NO
5	U30001MH1999PLC119360	MAHINDRA LOGISOFT BUSINESS SOLUTIONS LIMITED	Director	16/06/1999	16/06/1999	-	Active	NO
6	U74999MH2000PLC126610	OFFICEMART INDIA .COM LIMITED	Director	17/05/2000	17/05/2000	16/11/2010	Active	NO
7	U72200MH2000PTC173332	PLEXION TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	16/02/2006	16/02/2006	-	Amalgamated	NO
8	U63040MH1993PTC070642	MAHINDRA TELECOMMUNICATIONS INVESTMENT PRIVATE LIMITED (CN)	Director	30/09/2006	06/06/2006	-	Active	NO
9	U72900DL2005PTC142096	AT AND T GLOBAL NETWORK SERVICES INDIA PRIVATE LIMITED	Director	17/04/2007	14/06/2006	-	Active	NO
10	U85110KA1995PLC018673	TECH MAHINDRA ( R AND D SERVICES) LIMITED	Director	26/06/2007	17/11/2006	-	Amalgamated	NO
11	U72100DL1992PLC047686	IPOLICY NETWORKS LIMITED	Additional director	13/07/2007	13/07/2007	-	Amalgamated	NO
12	U72200MH2008PTC186789	MAHINDRA BUSINESS AND CONSULTING SERVICES PRIVATE LIMITED	Director	16/09/2008	16/09/2008	16/06/2009	Active	NO
13	U72900MH2006PLC163373	CANVASM TECHNOLOGIES LIMITED	Nominee director	23/06/2009	08/12/2008	-	Active	NO
14	U80210MH1993NPL073071	THE MAHINDRA UNITED WORLD COLLEGE OF INDIA	Director	22/09/2009	16/02/2009	-	Active	NO
15	U72200PN2004PTC019520	VENTURBAY CONSULTANTS PRIVATE LIMITED	Director	21/07/2009	09/04/2009	-	Active	NO
16	L72200AP1987PLC007564	SATYAM COMPUTER SERVICES LIMITED	Nominee director	21/12/2010	27/05/2009	-	Active	NO
17	U72200HR1999PLC041214	COMVIVA TECHNOLOGIES LIMITED	Director	17/06/2013	13/12/2012	-	Active	NO
18	U85310MH2006PLC160651	TECH MAHINDRA FOUNDATION	Director	07/08/2013	22/05/2013	-	Active	NO

Name :	Mr. Devendra Khanna
Designation :	Director
Address :	Devi Sadan, Ground Floor, L-1/5, Hauz Khas, Delhi-110016, New Delhi, India
Date of Birth/Age :	14.07.1960
Date of Appointment :	31.12.2012
DIN No.:	01996768

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	U64201DL1997PLC091001	BHARTI AIRTEL SERVICES LIMITED	Director	01/08/2008	18/01/2008	29/10/2013	Active	NO
2	U74999DL2000PLC108006	BHARTI AQUANET LIMITED	Director	01/08/2008	21/01/2008	-	Amalgamated	NO
3	U32308DL2007PLC161809	IFFCO KISAN SANCHAR LIMITED	Director	05/09/2008	23/01/2008	30/06/2009	Active	NO
4	U32039HR1985PLC032091	BHARTI TELECOM LIMITED	Managing director	08/08/2008	29/01/2008	22/07/2009	Active	NO
5	U74899DL1995PLC067527	BHARTI HEXACOM LIMITED	Director	19/09/2013	27/03/2008	-	Active	NO
6	U74140DL2008PTC173843	BHARTI RETAIL RESOURCES PRIVATE LIMITED	Director	24/04/2009	19/06/2008	-	Amalgamated	NO
7	U15133HR2004PTC041215	FIELDFRESH FOODS PRIVATE LIMITED	Director	21/08/2009	19/08/2008	-	Active	NO
8	U32204DL2008PLC183976	BHARTI TELEPORTS LIMITED	Managing director	29/10/2012	06/10/2008	-	Active	NO
9	U32204HR1999PLC042204	BEETEL TELETECH LIMITED	Director	27/07/2009	27/01/2009	-	Active	NO
10	U74140KA2007PTC043520	GIBA HOLDINGS PRIVATE LIMITED	Director	30/05/2012	24/06/2011	-	Active	NO
11	U74900DL2011FLC221516	BSB INNOVATION INDIA LIMITED	Director	27/06/2011	27/06/2011	22/11/2011	Active	NO
12	U74900DL2007PTC169368	GOURMET INVESTMENTS PRIVATE LIMITED	Director	28/09/2012	05/10/2011	-	Active	NO
13	U55101DL2011PTC228190	ATRIUM RESTAURANTS INDIA PRIVATE LIMITED	Director	28/09/2012	01/12/2011	-	Active	NO
14	U66010DL2010PTC211456	BHARTI INSURANCE HOLDINGS PRIVATE LIMITED	Director	28/09/2012	06/01/2012	-	Active	NO
15	U66030KA2007PLC043362	BHARTI AXA GENERAL INSURANCE COMPANY LIMITED	Director	30/05/2012	10/01/2012	-	Active	NO
16	U67120MH1996PTC250182	FIRST AMERICAN SECURITIES PRIVATE LIMITED	Director	28/09/2012	12/01/2012	-	Active	NO
17	U66010MH2005PLC157108	BHARTI AXA LIFE INSURANCE COMPANY LIMITED	Director	07/06/2012	17/01/2012	-	Active	NO
18	U92200DL2006PLC156075	BHARTI TELEMEDIA LIMITED	Director	24/09/2012	08/02/2012	-	Active	NO
19	U65900MH2007FTC173079	BOI AXA INVESTMENT MANAGERS PRIVATE LIMITED	Director appointed in casual vacancy	15/02/2012	15/02/2012	07/05/2012	Active	NO
20	U74993DL2007PLC163757	BHARTI ENTERPRISES LIMITED.	Director	28/09/2012	07/03/2012	-	Active	NO
21	U72900MH2007PTC175384	AIRTEL BROADBAND SERVICES PRIVATE LIMITED	Director	24/05/2012	24/05/2012	-	Active	NO
22	U64200DL2010PTC205336	WIRELESS BROADBAND BUSINESS SERVICES (KERALA) PRIVATE LIMITED	Director	24/05/2012	24/05/2012	-	Amalgamated	NO
23	U64200DL2010PTC205334	WIRELESS BROADBAND BUSINESS SERVICES (HARYANA) PRIVATE LIMITED	Director	24/05/2012	24/05/2012	-	Amalgamated	NO
24	U64200DL2010PTC205333	WIRELESS BROADBAND BUSINESS SERVICES (DELHI) PRIVATE LIMITED	Director	24/05/2012	24/05/2012	-	Amalgamated	NO
25	U51909DL2007PLC158953	BHARTI RETAIL LIMITED	Director	28/06/2013	30/11/2012	-	Active	NO
26	U52599DL2007PLC159150	CEDAR SUPPORT SERVICES LIMITED	Director	28/06/2013	30/11/2012	-	Active	NO
27	U74120DL2007PLC158956	CENTUM LEARNING LIMITED	Director	17/09/2013	19/12/2012	-	Active	NO
28	U93000DL2010PLC208520	CENTUM WORKSKILLS INDIA LIMITED	Director	17/09/2013	19/12/2012	-	Active	NO
29	U72200HR1999PLC041214	COMVIVA TECHNOLOGIES LIMITED	Director	17/06/2013	31/12/2012	-	Active	NO
30	U51909DL2007PTC167118	BHARTI WAL-MART PRIVATE LIMITED	Director	16/05/2013	27/02/2013	-	Active	NO
31	U72200DL2013PLC254747	NXTRA DATA LIMITED	Director	02/07/2013	02/07/2013	09/08/2013	Active	NO
32	U74140DL2008PLC184218	MEHRAULI REALTY AND CONSULTANTS LIMITED	Director	30/09/2013	12/07/2013	-	Active	NO
33	U45208DL2003PLC123388	BHARTI REALTY HOLDINGS LIMITED	Director	30/09/2013	05/09/2013	-	Active	NO
34	U93000DL2013NPL259599	SATYA ELECTORAL TRUST.	Director	25/10/2013	25/10/2013	-	Active	NO

Name :	Mr. Jagdish Mitra
Designation :	Director
Address :	462, ATS Green-II, Sector-50, Noida-201301, Uttar Pradesh, India
Date of Birth/Age :	01.09.1966
Date of Appointment :	13.12.2012
DIN No.:	06445179

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	Company/ LLP Status	Defaulting status
1	U72200HR1999PLC041214	COMVIVA TECHNOLOGIES LIMITED	Director	17/06/2013	13/12/2012	Active	NO

KEY EXECUTIVES

Name :	Mr. Sriram Gopalakrishnan
Designation :	Secretary
Address :	Flat No.1203, Uniworld Gardens, Sohna Road, Gurgaon – 122002, Haryana, India
Date of Birth/Age :	29.07.1969
Date of Appointment :	27.07.2011
PAN No.:	ABYPS2131B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 17.06.2013

Note: Shareholder details file attached.

AS ON 17.06.2013

Equity Shares Break Up	Percentage of Holding
Venture Capital	9.93
Bodies corporate	79.12
Other top fifty shareholders	10.95
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Subject is an integrated value added services (VAS) solution provider for the mobile operations in the emerging markets.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Standard Chartered Bank, Credit Documentation Unit, Naain Manzil, 23, Barakhamba Road, New Delhi-110001, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2013	Rs. In Millions 31.03.2012
Short Term Borrowings
Packing credit foreign currency loan*	108.580	0.000
TOTAL	108.580	0.000
*The above facility is secured by hypothecation of book debts and stock of the company.

Banking Relations :	--
Auditors :
Name :	S.R. Batliboi and Associates Chartered Accountants
Address :	Golf View, Corporate Tower B, Sector Road, Sector 42, Gurgaon – 122 002, Haryana, India
Tel. No.:	91-124-4644000
Fax No.:	91-124-4644050
PAN No.:	AABFS3421N
Subsidiaries :	· Comviva Technologies Inc, USA · Comviva Technologies Nigeria Limited · Comviva Technologies Pte Limited · Comviva Technologies Fz-LLC
Other Related Parties :	· Bharti Airtel Limited · Airtel Burkina Faso · Airtel Congo Brazzaville · Airtel DRC Congo · Airtel Gabon · Airtel Kenya Limited, Kenya · Airtel Malawi · Airtel Niger · Airtel Nigeria · Airtel Sierra Leone · Airtel Tanzania · Airtel Tchd S.A. · Airtel Uganda Limited · Airtel Zambia · Airtel Communications Ghana · Airtel Madagascar · Airtel Bangladesh · Airtel Rwanda · Jersey Airtel Limited · Bharti Telemedia Limited · Bharti Hexacom Limited · Telecom Seychelles Limited · Bharti Airtel Services Limited · Bharti Enterprises Limited · BTSL ESOP Trust · Bharti Realty (Private) Limited · Bharti Airtel International (Neitherland BV) · Bharti Realty Holdings Limited · Bharti Airtel Lanka (Private) Limited · Bharti Axa General Insurance Company Limited · Bharti Foundation

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
25500000	Equity Shares	Rs.10/- each	Rs. 255.000 Millions
8000000	0.001% Fully Convertible Non-Cumulative Preference Shares	Rs.10/- each	Rs. 80.000 Millions
	TOTAL		Rs. 335.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
21864850	Equity Shares	Rs.10/- each	Rs. 218.649 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	218.649	218.220
(b) Reserves & Surplus	2237.060	1826.209
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	1.620
Total Shareholders’ Funds (1) + (2)	2455.709	2046.049
(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	0.536	10.417
(d) long-term provisions	23.259	38.578
Total Non-current Liabilities (3)	23.795	48.995
(4) Current Liabilities
(a) Short term borrowings	108.580	0.000
(b) Trade payables	1128.715	1002.205
(c) Other current liabilities	406.993	224.264
(d) Short-term provisions	222.918	45.589
Total Current Liabilities (4)	1867.206	1272.058
TOTAL	4346.710	3367.102
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	188.286	186.067
(ii) Intangible Assets	2.873	68.377
(iii) Capital work-in-progress	15.246	0.591
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	7.196	7.196
(c) Deferred tax assets (net)	289.120	196.342
(d) Long-term Loan and Advances	263.213	131.866
(e) Other Non-current assets	9.972	21.951
Total Non-Current Assets	775.906	612.390
(2) Current assets
(a) Current investments	112.767	50.000
(b) Inventories	97.091	273.617
(c) Trade receivables	2092.310	1871.687
(d) Cash and cash equivalents	470.264	130.737
(e) Short-term loans and advances	468.675	227.882
(f) Other current assets	329.697	200.789
Total Current Assets	3570.804	2754.712
TOTAL	4346.710	3367.102

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		217.886
2] Share Warrants		14.702
3] Reserves & Surplus		1449.597
4] (Accumulated Losses)		0.000
NETWORTH		1682.185
LOAN FUNDS
1] Secured Loans		245.974
2] Unsecured Loans		0.000
TOTAL BORROWING		245.974
DEFERRED TAX LIABILITIES		0.000
TOTAL		1928.159
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		173.151
Capital work-in-progress		33.142
INVESTMENT		3.440
DEFERREX TAX ASSETS		141.733
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	95.526
	Sundry Debtors	2059.735
	Cash & Bank Balances	86.519
	Other Current Assets	8.092
	Loans & Advances	290.849
Total Current Assets		2540.721
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	755.339
	Other Current Liabilities	141.742
	Provisions	66.947
Total Current Liabilities		964.028
Net Current Assets		1576.693
MISCELLANEOUS EXPENSES		0.000
TOTAL		1928.159

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	4927.478	3697.725	3131.014
		Other Income	53.573	58.147	62.179
		TOTAL (A)	4981.051	3755.872	3193.193
Less	EXPENSES
		Purchase of Stock In Trade	787.597	614.043	595.905
		Employee benefits expenses	1486.806	1306.689	1018.050
		Other Expenses	1615.207	1376.065	977.120
		Changes in inventories of Finished goods, work in progress and stock in trade	176.526	(178.091)	(73.658)
		TOTAL (B)	4066.136	3118.706	2517.417
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		914.915	637.166	675.776
Less	FINANCIAL EXPENSES (D)		18.383	22.755	16.735
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		896.532	614.411	659.041
Less/ Add	DEPRECIATION/ AMORTISATION (F)		254.107	128.768	106.564
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		642.425	485.643	552.477
Less	TAX (H)		204.222	157.523	127.554
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		438.203	328.120	424.923
	EARNINGS IN FOREIGN CURRENCY
		Sale of Traded Products	1001.091	519.598	519.572
		Sale of Services	2950.912	2108.255	1619.200
	TOTAL EARNINGS		3952.003	2627.853	2138.772
	IMPORTS
		Capital Goods	71.006	96.196	36.305
		Purchase of traded products	490.803	364.910	323.145
	TOTAL IMPORTS		561.809	461.106	359.450
	Earnings / (Loss) Per Share (Rs.)		29.65	15.04	30.21

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	8.80	8.74	13.31
Net Profit Margin (PBT/Sales)	(%)	13.04	13.13	17.65
Return on Total Assets (PBT/Total Assets}	(%)	15.92	15.35	20.36
Return on Investment (ROI) (PBT/Networth)		0.26	0.24	0.33
Debt Equity Ratio (Total Debt /Networth)		0.04	0.00	0.15
Current Ratio (Current Asset/Current Liability)		1.91	2.17	2.64

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)	Yes
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
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

VIEW INDEX OF CHARGES

S. No	Charge ID	Date of Charge Creation /Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN
1	10292005	22/03/2012 *	450,000,000.00	STANDARD CHARTERED BANK	CREDIT DOCUMENTATION UNIT, NARAIN MANZIL, 23 BARA KHAMBA ROAD, NEW DELHI, Delhi - 110001, INDIA	B38009064
2	10087240	13/05/2011 *	710,000,000.00	IDBI BANK LIMITED	INDIAN RED CROSS SOCIETY BUILDING, 1,RED CROSS RO AD, NEW DELHI, DELHI - 110001, INDIA	B12556338
3	90038118	13/02/2004 *	103,900,000.00	CANARA BANK	JANPATH, NEW DELHI, DELHI, INDIA	-
* Date of charge modification

NOTE

The registered office of the company has been shifted from “Crescent, 1, Nelson Mandela Road, Vasant Kunj, Phase II New Delhi — 110 070, India” to the present address

CORPORATE INFORMATION

Subject is a public company domiciled in India and was incorporated on May 7, 1999, under the provisions of the Companies Act, 1956. The Company is an integrated value added services (VAS) solution provider for the mobile operations in the emerging markets. The Company’s extensive portfolio includes mobile financial solutions, mobile music and video applications, messaging and business support systems.

The Company is operational from its facilities in Gurgaon and Bangalore and has overseas branches in Africa, Europe and Asia. The Company also has wholly owned subsidiaries in USA, Nigeria, United Arab Emirates and Singapore.

Effective December 13, 2012 the company has become subsidiary of Tech Mahindra Limited.

BUSINESS REVIEW

During the year, Company has seen a lot of traction in international markets, particularly Africa and MENA regions. They won a major breakthrough Winback deal from a leading operator in Africa and MENA. Company also signed its first public sector deal with Centre for Railway Information System (CRIS) for MSDP and USSD Flares in Asia Region.

Order book of traditional products like Messaging, Lifestyle, and mobiquity® is quite strong. Company’s strategy of entering framework agreements with leading operators is showing dividends as successful implementations lead to further orders for other properties of these operators. Company continues to focus on developing economies and leveraging its customer relationships for cross selling. The company continues its focus on recurring revenue business and on being closer to the customer via increased international presence.

In past few years, company has invested heavily in expanding its product portfolio. In addition to continued investment in Managed Services, Data Applications, mobiquity®; Revenue Plus Winback is gaining popularity.

The company has been regularly participating in international events and has been able to achieve significant recognition nationally and internationally.

FIXED ASSETS

· Leasehold Improvements

· Plant and Machinery

· Furniture and Fittings

· Vehicles

· 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. 61.90
UK Pound	1	Rs. 102.74
Euro	1	Rs. 85.15

INFORMATION DETAILS

Report Prepared by :

DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.