MIRA INFORM REPORT

Report Date :

31.03.2014

IDENTIFICATION DETAILS

Name :	PRICEWATERHOUSECOOPERS SERVICE DELIVERY CENTER (BANGALORE) PRIVATE LIMITED (w.e.f. 30.07.2010)
Formerly Known As :	GLOBAL DELIVERY CENTER – INDIA PRIVATE LIMITED
Registered Office :	Pine Valley, 4^th Flr, Embassy Golf Links Business, Park, Challaghatta Village, Varthur Hobli, Bangalore – 560071, Karnataka
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	24.04.2009
Com. Reg. No.:	08-054296
Capital Investment / Paid-up Capital :	Rs. 217.118 Millions
CIN No.: [Company Identification No.]	U72900KA2009PTC054296
PAN No.: [Permanent Account No.]	AADCG4454G
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is engaged in software development and ERP implementation.
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 2300000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Financial position of the company is good. No borrowings are recorded by the company Trade relations are reported as fair. Business is active. Payments terms are reported to be usually correct. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

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 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. Suresh
Designation :	Accounts Manager
Contact No.:	91-80-40170300
Date :	28.07.2014

LOCATIONS

Registered Office :	Pine Valley, 4^th Flr, Embassy Golf Links Business, Park, Challaghatta Village, Varthur Hobli, Bangalore – 560071, Karnataka, India
Tel. No.:	91-80-40170300
Mobile No.:	Not Available
Fax No.:	Not Available
E-Mail :	pradeeppurwarandassociates@gmail.com suresh.d.madhavrao@insdcol.pwc.in suresh.unnikrishnan@insdcol.pwc.in
Website :	Not Available
Branches :	Located at · Ahmedabad · Chennai · Delhi NCR · Hyderabad · Kolkata · Mumbai · Pune

DIRECTORS

AS ON 10.09.2013

Name :

Mr. Brian Joseph Snarzyk

Designation :

Director

Address :

1692 Drewlaine Drive, Vienna, Virginia – 22182, USA

Date of Birth/Age :

14.07.1963

Date of Appointment :

07.07.2010

DIN No. :

02762249

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	U72900KA2009PTC054296	PricewaterhouseCoopers Service Delivery Center (Bangalore) Private Limited	Director	07/07/2010	24/09/2009	-	Active	NO
2	U99999KA2006PTC072228	DIAMOND MANAGEMENT & TECHNOLOGY CONSULTANTS PRIVATE LIMITED	Director	29/09/2011	18/04/2011	-	Active	NO

Name :

Mr. Rakesh Bhatia

Designation :

Director

Address :

1056 Autumn Mist Lane, Great Falls, Virginia 22066, United States of America

Date of Birth/Age :

24.08.1962

Date of Appointment :

07.07.2010

DIN No. :

02881610

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	U72900KA2009PTC054296	PricewaterhouseCoopers Service Delivery Center (Bangalore) Private Limited	Director	07/07/2010	22/12/2009	-	Active	NO
2	U99999KA2006PTC072228	DIAMOND MANAGEMENT & TECHNOLOGY CONSULTANTS PRIVATE LIMITED	Director	29/09/2011	18/04/2011	-	Active	NO

Name :

Mr. Sudhir Deshmangalath Unnikrishnan

Designation :

Director

Address :

0006 Friends Colony, 6

Date of Birth/Age :

17.08.1969

Date of Appointment :

02.09.2011

DIN No. :

03224892

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	U72900KA2009PTC054296	PricewaterhouseCoopers Service Delivery Center (Bangalore) Private Limited	Director	02/09/2011	08/09/2010	-	Active	NO
2	U99999KA2006PTC072228	DIAMOND MANAGEMENT & TECHNOLOGY CONSULTANTS PRIVATE LIMITED	Director	29/09/2011	03/11/2010	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Sonal Dubey
Designation :	Secretary
Address :	28 First Cross,Nsnjs, Reddy Colony, Murgeshpalya, Bangalore – 560017, Karnataka, India
Date of Birth/Age :	29.03.1988
Date of Appointment :	24.04.2012
PAN No.:	BFBPD7490E
Name :	Mr. Suresh
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 10.09.2013

Names of Shareholders	No. of Shares
GDC Information Technologies Holdings ll Limited, Mauritius	21711846
PricewaterhouseCoopers (US) International LLC as Nominee of GDC Information Technologies Holdings ii Limited, New York	1
Total	21711847

As on 10.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is engaged in software development and ERP implementation.

GENERAL INFORMATION

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

Banking Relations :	--
Auditors :
Name :	B K RAMADHYANI AND COMPANY Chartered Accountants
Address :	4-B, 4^thFloor, Chitrapur Bhavan, No. 68, 8^th Main, 15^th Cross, Malleswaram, Bangalore - 560055
PAN No.:	AABFB1153G
Holding Company	GDC Information Technologies Holding ll Limited
Ultimate Holding Company	PricewaterhouseCoopers,LLP

CAPITAL STRUCTURE

As on 10.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
22000000	Equity Shares	Rs.10/- each	Rs.220.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
21711847	Equity Shares	Rs.10/- each	Rs.217.118 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	217.118	217.118	217.118
(b) Reserves & Surplus	362.715	181.980	75.052
(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)	579.833	399.098	292.170
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	1.068	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	17.958	11.064	8.539
Total Non-current Liabilities (3)	17.958	12.132	8.539
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	4.146	4.240	7.139
(c) Other current liabilities	39.948	52.102	20.659
(d) Short-term provisions	47.211	34.022	5.237
Total Current Liabilities (4)	91.305	90.364	33.035
TOTAL	689.096	501.594	333.744
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	176.131	158.265	18.366
(ii) Intangible Assets	3.280	14.314	53.862
(iii) Capital work-in-progress	0.000	0.000	0.000
(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)	5.306	0.000	1.466
(d) Long-term Loan and Advances	56.660	39.684	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	241.377	212.263	73.694
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	333.934	186.345	168.564
(d) Cash and cash equivalents	82.082	67.088	60.524
(e) Short-term loans and advances	25.076	20.499	30.962
(f) Other current assets	6.627	15.399	0.000
Total Current Assets	447.719	289.331	260.050
TOTAL	689.096	501.594	333.744

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income
	Other Income
	TOTAL	1594.790	1014.070	610.130
Less	EXPENSES
	Cost of Materials Consumed
	Purchases of Stock-in-Trade
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade
	Employees benefits expense
	Other expenses
	TOTAL	1244.160	768.620	454.550
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	350.630	245.450	155.580
Less	DEPRECIATION AND INTEREST	73.270	68.490	49.690
	PROFIT/ (LOSS) BEFORE TAX	277.360	176.960	105.890
Less	TAX	96.630	70.030	49.400
	PROFIT/ (LOSS) AFTER TAX	180.730	106.930	56.490
	Balance Carried to the B/S	180.730	106.930	56.490
	EARNINGS IN FOREIGN CURRENCY
	TOTAL EARNINGS	1594.090	1012.900	0.000
	Earnings / (Loss) Per Share (Rs.)	8.32	4.92	2.60

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	11.33	10.54	9.26
Return on Total Assets (PBT/Total Assets}	(%)	40.56	35.28	31.87
Return on Investment (ROI) (PBT/Networth)		0.48	0.44	0.36
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		4.90	3.20	7.87

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	217.118	217.118	217.118
Reserves & Surplus	75.052	181.980	362.715
Net worth	292.170	399.098	579.833
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	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	610.130	1014.070	1594.790
		66.206	57.266

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	610.130	1014.070	1594.790
Profit	56.490	106.930	180.730
	9.26%	10.54%	11.33%

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	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	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Note :

The Registered office of the company has been shifted G-504, Virai Building, Kanchanpushpa Complex, Ghodbunder Road, Thane West – 400601, Maharashtra, India, to the present address w.e.f. 17.06.2010

Performance and Future Outlook

The Company’s total revenue increased to Rs. 1594.79 million during the year ended 31^st March, 2013 as compared to 1014.07 million in the previous period, registering growth of 57.26%. The Net Profit increased to Rs. 180.73 million during the year from Rs. 106.93million in the previous period.

The year was extremely pleasing year for the Company mainly because the financial targets were achieved with good 57% growth over previous year. The year ahead promises an improved performance. The Company is confident of performing better as compared to period

INDEX OF CHARGES: No Charges Exist for Company

FIXED ASSETS

· Furniture and fixtures

· Office Equipment

· Computer Equipments

· Other Equipments

· 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. 60.14
UK Pound	1	Rs. 101.92
Euro	1	Rs. 80.63

INFORMATION DETAILS

Information Gathered by :	PLK
Analysis Done by :	DIV
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--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	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		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

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.