MIRA INFORM REPORT

Report Date :

03.06.2014

IDENTIFICATION DETAILS

Name :	ALTISOURCE BUSINESS SOLUTIONS PRIVATE LIMITED
Registered Office :	Pritech Park, Block No. 12, 3^rd and 5^th Floor, A Wing and 4^th Floor, B Wing, Bellandur Village Bangalore-560103, Karnataka
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	06.08.2007
Com. Reg. No.:	08-054134
Capital Investment / Paid-up Capital :	Rs.83.814 Millions
CIN No.: [Company Identification No.]	U74900KA2007PTC054134
TAN No.: [Tax Deduction & Collection Account No.]	BLRO02246G
PAN No.: [Permanent Account No.]	AAACO9467A
Legal Form :	Private Limited Liability Company
Line of Business :	Providing IT (Information Technology) and ITES (Information Technology Enabled Services)
No. of Employees :	Information denied by the management.

RATING & COMMENTS

MIRA’s Rating :

A (65)

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

Maximum Credit Limit :	USD 6788400
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having good track record. Financial position of the company is good. The company is progressing well. No borrowings recorded by the company. Trade relations are reported as fair. Business is active. Payment terms are reported to be regular and as per commitment. 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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DECLINED BY

Name :	Mr. Mohan
Designation :	Facility Department
Contact No.:	91-9901799917
Date :	29.05.2014

LOCATIONS

Registered Office :	Pritech Park, Block No. 12, 3^rd and 5^th Floor, A Wing and 4^th Floor, B Wing, Bellandur Village Bangalore-560103, Karnataka, India
Tel. No.:	91-80-66177521
Mobile No.:	91-9901799917 [Mr. Mohan]
Fax No.:	91-80-25631790
E-Mail :	kavitha.elumalai@altisource.com

DIRECTORS

AS ON 30.09.2013

Name :

Mr. William B. Shepro

Designation :

Director

Address :

25, Rue Michel Engels, Luxembourg – 1465

Date of Birth/Age :

17.03.1969

Date of Appointment :

12.09.2007

Din No.:

01564635

Name :

Ms. Anupama Subramanian

Designation :

Director

Address :

Flat No. D 702, Mantri Flora Apartment, Sarjapur Main Road, Bangalore-560103, Karnataka, India

Date of Birth/Age :

25.07.1975

Date of Appointment :

06.06.2008

Din No.:

02363276

Name :

Mr. Shekar Sivasubramanian

Designation :

Director

Address :

514, Vars Fantasy, # 33, 1^st Main, Kodihalli, HAL 2^nd Stage, Indiranagar, Bangalore-560008, Karnataka, India

Date of Birth/Age :

23.11.1963

Date of Appointment :

10.08.2009

Din No.:

01829077

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	U67190KA2000PTC027095	OCWEN FINANCIAL SOLUTIONS PRIVATE LIMITED	Director	23-09-2008	19-11-2007	08-08-2009	Active	NO
2	U74900KA2007PTC054134	ALTISOURCE BUSINESS SOLUTIONS PRIVATE LIMITED	Director	30-09-2009	10-08-2009	-	Active	NO

Name :

Kevin James Wilcox

Designation :

Director

Address :

8, Rue Fernand Mertens, Luxembourg-2148

Date of Birth/Age :

13.03.1964

Date of Appointment :

10.08.2009

Din No.:

02769947

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	U74900KA2007PTC054134	ALTISOURCE BUSINESS SOLUTIONS PRIVATE LIMITED	Director	30-09-2009	10-08-2009	Active	NO

Name :

Mr. Pramod Bisht

Designation :

Director

Address :

916, Sobha Quartz Apartment, Sarjapur Road, Bellandur, Bangalore-560037, Karnataka, India

Date of Birth/Age :

19.08.1971

Date of Appointment :

17.05.2011

Din No.:

00120919

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	U72200KA2005PTC036648	AXA GROUP SOLUTIONS PRIVATE LIMITED	Managing director	01-03-2007	01-03-2007	31-03-2011	Amalgamated	NO
2	U74900KA2007PTC054134	ALTISOURCE BUSINESS SOLUTIONS PRIVATE LIMITED	Director	30-09-2011	17-05-2011	-	Active	NO

KEY EXECUTIVES

Name :	Kavitha E
Designation :	Company Secretary
Address :	# 108/5, 5^th Cross, 15^th Main, J C Nagar, Kurubrahalli, Bangalore-560086, Karnataka, India
Date of Birth/Age :	21.06.1984
Date of Appointment :	30.09.2011
Pan No.:	AAWPE6440L
Name :	Mr. Mohan
Designation :	Facility Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Altisource Asia Holdings Limited, Mauritius	8381366
S P Ravi	1
TOTAL	8381367

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00

BUSINESS DETAILS

Line of Business :

Providing IT (Information Technology) and ITES (Information Technology Enabled Services)

GENERAL INFORMATION

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

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Deloitte Centre, Anchorage II, 100/2, Richmond Road, Bangalore-560025, Karnataka, India
PAN No:	AACFD37771D
Holding Company :	Altisource Asia Holdings Limited I, Mauritius
Associates :	Altisource Portfolio Solutions S.A.R.L, Luxembourg
Other Related Parties :	Ocwen Financial Solutions Private Limited [U67190KA2000PTC027095]

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs.10/- each	Rs.120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8381367	Equity Shares	Rs.10/- each	Rs.83.814 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	83.814	83.814	83.814
(b) Reserves & Surplus	1613.295	1126.798	681.648
(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)	1697.109	1210.612	765.462
(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	0.000	0.000	0.000
(d) long-term provisions	82.092	62.069	35.340
Total Non-current Liabilities (3)	82.092	62.069	35.340
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	394.528	448.121	200.783
(c) Other current liabilities	120.754	133.587	102.884
(d) Short-term provisions	70.248	100.187	49.555
Total Current Liabilities (4)	585.530	681.895	353.222
TOTAL	2364.731	1954.576	1154.024
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	541.685	318.436	165.373
(ii) Intangible Assets	134.972	40.138	11.446
(iii) Capital work-in-progress	104.029	341.776	47.158
(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)	41.830	51.337	44.072
(d) Long-term Loan and Advances	292.223	299.945	122.905
(e) Other Non-current assets	2.856	3.423	3.200
Total Non-Current Assets	1117.595	1055.055	394.154
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	971.037	518.225	573.996
(d) Cash and cash equivalents	149.559	119.593	66.789
(e) Short-term loans and advances	85.550	89.540	119.085
(f) Other current assets	40.990	172.163	0.000
Total Current Assets	1247.136	899.521	759.870
TOTAL	2364.731	1954.576	1154.024

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		TOTAL REVENUE	4924.650	3956.270	2261.413
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX		673.200	618.890	294.659
Less	TAX		186.700	173.740	61.352
	PROFIT / (LOSS) AFTER TAX		486.500	445.150	233.307
	Earnings / (Loss) Per Share (Rs.)		58.05	53.11	27.84

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	30.34	39.64	27.72
Return on Investment (ROI) (PBT/Networth)		0.40	0.51	0.38
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		2.13	1.32	2.15

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	83.814	83.814	83.814
Reserves & Surplus	681.648	1,126.798	1,613.295
Net worth	765.462	1,210.612	1,697.109
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)
Total Revenue	2261.413	3956.270	4924.650
		74.947	24.477

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Revenue	2261.413	3956.270	4924.650
Profit	233.307	445.150	486.500
	10.32%	11.25%	9.88%

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	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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth 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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

NOTE:

The registered office of the company has been shifted from 5th Floor, Salarpuria Arena, 24, Hosur Road, Koramangala, Bangalore-560030, Karnataka, India to the present address w.e.f. 03.03.2014.

PERFORMANCE:

The Total Revenue for the year at Rs. 4924.650 Millions (previous year: Rs. 3956.270 Millions) was RS. 968.380 Millions higher than previous year. The Profit before Tax for the year stood at Rs. 673.200 Millions as compared to previous year which stood at Rs. 618.89 Million and the Profit after Tax for the year stood at Rs. 486.500 Millions as compared to previous year which stood at RS. 445.150 Millions.

OPERATIONS:

The Company provides IT (Information Technology) and ITES (Information Technology Enabled Services) services in the domain of Mortgage Services, Technology Services, and Financial Services segment, as a captive unit for the Group’s global operations.

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.59.14
UK Pound	1	Rs.99.02
Euro	1	Rs.80.63

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	DIV
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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		65

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.