MIRA INFORM REPORT

Report Date :

30.07.2014

IDENTIFICATION DETAILS

Name :	INVESCO (HYDERABAD) PRIVATE LIMITED
Registered Office :	SEZ Unit, Divyasree Orion, 14^th and 15^th Floor, Block 6 –North Tower, Survey No. – 66/1, Raidurga, Hyderabad – 500032, Telangana
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	26.08.2009
Com. Reg. No.:	01-064852
Capital Investment / Paid-up Capital :	Rs. 0.126 Million
CIN No.: [Company Identification No.]	U72200TG2009PTC064852
PAN No.: [Permanent Account No.]	AACCI1644M
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Information Technology Services
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 1610000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well- established company having fine track record. The rating reflects company’s strong financial risk profile marked by adequate liquidity position and decent profitability levels of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for normal 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 – 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 DENEID BY

Name :	Mr. Nishant Mohta
Contact No.:	91- 40-67480613 / 67480840
Date :	28.07.2014

LOCATIONS

Registered Office :	SEZ Unit, Divyasree Orion, 14^th and 15^th Floor, Block 6 –North Tower, Survey No. – 66/1, Raidurga, Hyderabad – 500032, Telangana, India
Tel. No.:	91-40-67480613
Fax No.:	91-40-67480840
E-Mail :	Nishant.mohta@invesco.com

DIRECTORS

As on: 30.09.2013

Name :

Mr. Pablo De La Rosa III

Designation :

Whole Time Director

Address :

House No. 8-2-293/82/L/59 C/D MLA Colony, Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India

Date of Birth/Age :

11.11.1965

Date of Appointment :

12.12.2013

DIN No.:

06753267

Name :

Mr. Gary Stephen Didier

Designation :

Director

Address :

5271, Vernon Springs, Trl Nw, Atlanta – 30327, Georgia, USA

Date of Birth/Age :

27.03.1953

Date of Appointment :

16.12.2010

DIN No.:

02750058

Name :

Mr. Roderick George Howard Ellis

Designation :

Director

Address :

790, Stovall Blvdne, Atlanta – 30342, GA, USA

Date of Birth/Age :

13.03.1967

Date of Appointment :

21.07.2011

DIN No.:

03505169

Name :

Mr. Jeremy Charles Simpson

Designation :

Director

Address :

18/F, Repulse Baygarden, 38, Belle View Drive, Repulse Bay, Hongknog, China

Date of Birth/Age :

15.11.1965

Date of Appointment :

21.07.2011

DIN No.:

03551915

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	U72200TG2009PTC064852	INVESCO (HYDERABAD) PRIVATE LIMITED	Director	21/07/2011	21/06/2011	-	Active	NO
2	U72200TG2012PTC078512	HYDERABAD IT SUPPORT SERVICES PRIVATE LIMITED	Director	08/07/2013	18/06/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.06.2013

Names of Shareholders	No. of Shares	% of Holding
IVZ Mauritius Services Private Limited, Mauritius	12599	99.99
Deenanath Harapanahalli	1	0.01
Total	12600	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]	99.99
Directors or relatives of directors	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Information Technology Services

GENERAL INFORMATION

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

Banking Relations :	--
Auditors :
Name :	S. V. Ghatalia and Associates Chartered Accountants
Address :	6^th Floor, Express Towers, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-66579200
Fax No.:	91-22-22876401
PAN No.:	AACFS6921Q
Subsidiaries :	· Hyderabad IT Support Services Private Limited, India CIN No. : U72200AP2012PTC078512 · Invesco Group Services Incorporation · Invesco Asset Management (Japan) Limited (IAMJ), Japan · Invesco Asset Management S. A. Italian Branch (IAMSA), France · Invesco Global Asset Management Limited (IGAM), Ireland · Invesco UK Limited (IUK), United Kingdom · Invesco Fund Managers Limited (IFML), United Kingdom · Invesco Asset Management Limited (IAML), United Kingdom · Invesco Hong Kong Limited (IHKL), Hong Kong · Invesco Asset Management Deutschland GmbH (IAMD), Germany · Invesco Canada Limited (ICL), Canada · Invesco Australia Limited (IAL), Australia · Invesco Limited (IL), United States · Invesco Asset Management S. A. Belgian Branch (IAMSA), France · Invesco Asset Management S. A. Paris (IAMSA), France · Invesco Taiwan Limited (ITL), Taiwan
Holding Company :	· IVZ Mauritius Services Private Limited (IVZ), Mauritius · Invesco Limited, Bermuda

CAPITAL STRUCTURE

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs.300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12600	Equity Shares	Rs.10/- each	Rs. 0.126 Million

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	0.126	0.126	0.126
(b) Reserves & Surplus	402.858	263.300	146.321
(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)	402.984	263.426	146.447
(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	27.977	23.928	0.765
(d) long-term provisions	12.586	5.762	0.791
Total Non-current Liabilities (3)	40.563	29.690	1.556
(4) Current Liabilities
(a) Short term borrowings	0.000	107.478	0.000
(b) Trade payables	17.841	23.315	26.691
(c) Other current liabilities	120.991	246.337	377.107
(d) Short-term provisions	0.520	0.456	0.428
Total Current Liabilities (4)	139.352	377.586	404.226
TOTAL	582.899	670.702	552.229
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	280.950	308.041	335.728
(ii) Intangible Assets	2.160	2.776	0.000
(iii) Capital work-in-progress	14.224	0.000	2.302
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	160.100	160.100	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	26.414	21.350	20.936
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	483.848	492.267	358.966
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	36.499	40.298	0.000
(d) Cash and cash equivalents	40.522	90.361	170.925
(e) Short-term loans and advances	22.030	47.776	22.338
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	99.051	178.435	193.263
TOTAL	582.899	670.702	552.229

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	1120.301	963.705	224.842
		Other Income	5.299	0.171	0.000
		TOTAL (A)	1125.600	963.876	224.842
Less	EXPENSES
		Employees benefits expense	574.940	520.477	121.564
		Other expenses	303.394	233.780	55.083
		TOTAL (B)	878.334	754.257	176.647
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		247.266	209.619	48.195
Less	FINANCIAL EXPENSES (D)		0.920	1.056	0.154
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		246.346	208.563	48.041
Less/ Add	DEPRECIATION/ AMORTISATION (F)		70.915	61.938	11.104
	PROFIT BEFORE TAX (E-F) (G)		175.431	146.625	36.937
Less	TAX (H)		35.891	29.647	0.000
	PROFIT AFTER TAX (G-H) (I)		139.540	116.978	36.937
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		154.125	37.147	0.210
	BALANCE CARRIED TO THE B/S		293.665	154.125	37.147
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1024.042	890.261	39.857
	TOTAL EARNINGS		1024.042	890.261	39.857
	Earnings Per Share (Rs.)		11074.61	9284.01	3654.67

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	12.40	12.14	16.43
Net Profit Margin (PBT/Sales)	(%)	15.66	15.21	16.43
Return on Total Assets (PBT/Total Assets}	(%)	42.94	28.72	6.72
Return on Investment (ROI) (PBT/Networth)		0.44	0.56	0.25
Debt Equity Ratio (Total Debt/Networth)		0.00	0.41	0.00
Current Ratio (Current Asset/Current Liability)		0.71	0.47	0.48

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	0.126	0.126	0.126
Reserves & Surplus	146.321	263.300	402.858
Net worth	146.447	263.426	402.984
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	107.478	0.000
Total borrowings	0.000	107.478	0.000
Debt/Equity ratio	0.000	0.408	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	224.842	963.705	1120.301
		328.614	16.249

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	224.842	963.705	1120.301
Profit	36.937	116.978	139.540
	16.43%	12.14%	12.46%

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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Unsecured Loan:

Particulars	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
SHORT TERM BORROIWNGS
Other loans and advances	107.478	107.478
Total	107.478	107.478

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 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.60.10
UK Pound	1	Rs.102.04
Euro	1	Rs.80.74

INFORMATION DETAILS

Information Gathered by :	PDT
Analysis Done by :	KAR
Report Prepared by :	JAY

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
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	6
--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		54

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.