MIRA INFORM REPORT

Report Date :

25.06.2014

IDENTIFICATION DETAILS

Name :	BRILLIO TECHNOLOGIES PRIVATE LIMITED (w.e.f 03.01.2014)
Formerly Known As :	COLLABERA SOLUTIONS PRIVATE LIMITED
Registered Office :	4A Block, 5^th Floor, PECP Park, Bellandur Village, Marathalli, Outer Ring Road, Varthur Hobli, Bangalore – 560037, Karnataka
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	19.05.1997
Com. Reg. No.:	08-022250
Capital Investment / Paid-up Capital :	Rs.250.000 Millions
CIN No.: [Company Identification No.]	U22190KA1997FTC022250
PAN No.: [Permanent Account No.]	AABCP2354A
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of providing Information Technology services of software development, maintenance, software testing and consulting solutions and sale of customised software licence.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 3613000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Overall financial position of the company is sound and healthy. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitment. 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 – 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 31-03-2012.

INFORMATION DENIED BY

Name :	Mr. Subhash
Designation :	Deputy General Manager in Sales
Contact No.:	91-471-4074000
Date :	24.06.2014

LOCATIONS

Registered Office :	4A Block, 5^th Floor, PECP Park, Bellandur Village, Marathalli, Outer Ring Road, Varthur Hobli, Bangalore – 560037, Karnataka, India
Tel. No. :	Not Available
Fax No. :	Not Available
E-Mail :	graplind@gmail.com
Website :	www.brillio.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Sham Patel

Designation :

Director

Address :

6 Johnson Circle, Basking Ridge, NJ – 07920, USA

Date of Birth/Age :

03.11.1961

Date of Appointment :

12.05.2005

DIN No. :

01493030

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	U74200GJ1998PTC035036	COLLABERA TECHNOLOGIES PRIVATE LIMITED	Director	29/12/1998	29/12/1998	21/03/2014	Active	NO
2	U22190KA1997FTC022250	Brillio Technologies Private Limited	Director	12/05/2005	12/05/2005	-	Active	NO
3	U72200KL1995PTC009548	I V L INDIA PRIVATE LIMITED	Director	25/11/2006	25/11/2006	-	Amalgamated	NO
4	U72200KA2000PTC063656	COLLABERA ENTERPRISE SOFTWARE SOLUTIONS PRIVATE LIMITED	Director	25/11/2006	25/11/2006	-	Amalgamated	NO
5	U45209GJ2007PTC051802	AMJ IT INFRASTRUCTURES PRIVATE LIMITED	Director	21/09/2007	21/09/2007	-	Active	NO
6	U45202GJ2011PTC063785	SARVAMANGAL INFRASTRUCTURE PRIVATE LIMITED	Director	25/01/2011	25/01/2011	15/10/2011	Active	NO

Name :

Mr. Dharmender Patadia

Designation :

Director

Address :

2, Sunrise Drive Paripanny, New Jersey – 07054, USA

Date of Birth/Age :

24.12.1965

Date of Appointment :

07.09.2010

DIN No. :

02518781

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	U74200GJ1998PTC035036	COLLABERA TECHNOLOGIES PRIVATE LIMITED	Director	01/03/2001	01/03/2001	-	Active	NO
2	U72200KA2000PTC063656	COLLABERA ENTERPRISE SOFTWARE SOLUTIONS PRIVATE LIMITED	Director	30/09/2010	07/09/2010	-	Amalgamated	NO
3	U22190KA1997FTC022250	Brillio Technologies Private Limited	Director	07/09/2010	07/09/2010	-	Active	NO

Name :

Ramamurthy Krishnamurthy

Designation :

Director

Address :

Villa 178, Adarsh Vista, Basavanagar Main Road, Vibhuthipura, Bangalore – 560037, Karnataka, India

Date of Birth/Age :

26.01.1972

Date of Appointment :

30.09.2013

DIN No. :

06427726

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	U22190KA1997FTC022250	Brillio Technologies Private Limited	Director	30/09/2013	04/10/2012	12/02/2014	Active	NO

KEY EXECUTIVES

Name :	Ms. Sarika Gandhi
Designation :	Secretary
Address :	301, Tulip, Esteem Park, J P Nagar, 5^thPhase, Bangalore – 560078, Karnataka, India
Date of Birth/Age :	09.06.1977
Date of Appointment :	26.12.2012
PAN No. :	Director
Name :	Mr. Subhash
Designation :	Deputy General Manager in Sales

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Mutual Funds	1.94
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	95.64
Other top fifty shareholders	2.31
Others	0.11
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of providing Information Technology services of software development, maintenance, software testing and consulting solutions and sale of customised software licence.

Products :

Item Code No. (ITC Code)	Product Description
99733110	Computer Software

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Long-term maturities of finance lease	2.340	5.330
Total	2.340	5.330

Banking Relations :	--
	Karnataka State Industrial Investment And. Development Corporation Limited, MSIL House, Cunnigham Road, Bangalore – 560052, Karnataka, India
Auditors :
Name :	Price Waterhouse Chartered Accountants
Address :	Bangalore, Karnataka, India
PAN No. :	AAFFP3698A
Subsidiaries :	¨ Collabera Enterprise Software Solutions Private Limited, India (CESS)
Ultimate Holding Company :	¨ Collabera Inc., USA (CIU)
Immediate Holding Company :	¨ GCI Global Ventures, Mauritius (GVM)
Fellow Subsidiaries :	¨ Collabera Technologies Private Limited, India (CTPL)

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
217250000	Equity Shares	Rs.1/- each	Rs.217.250 Millions
327500	Preference Shares	Rs.100/- each	Rs.32.750 Millions
	Total		Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
217250000	Equity Shares	Rs.1/- each	Rs.217.250 Millions
327500	Preference Shares	Rs.100/- each	Rs.32.750 Millions
217577500
	Total		Rs.250.000 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	250.000	250.000	250.000
(b) Reserves & Surplus	653.248	416.498	170.356
(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)	903.248	666.498	420.356
(3) Non-Current Liabilities
(a) long-term borrowings	2.340	5.330	1.094
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	3.039	1.753	0.000
(d) long-term provisions	86.303	61.492	41.581
Total Non-current Liabilities (3)	91.682	68.575	42.675
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	163.316
(b) Trade payables	27.390	26.528	27.166
(c) Other current liabilities	143.653	103.308	92.484
(d) Short-term provisions	7.406	11.893	2.433
Total Current Liabilities (4)	178.449	141.729	285.399
TOTAL	1173.379	876.802	748.430
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	78.140	32.358	31.353
(ii) Intangible Assets	7.768	8.765	3.014
(iii) Capital work-in-progress	0.000	11.161	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	13.952	23.465
(c) Deferred tax assets (net)	78.038	46.218	32.018
(d) Long-term Loan and Advances	76.563	162.892	126.774
(e) Other Non-current assets	73.151	14.516	19.234
Total Non-Current Assets	313.660	289.862	235.858
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	496.190	419.742	382.270
(d) Cash and cash equivalents	216.923	73.280	37.980
(e) Short-term loans and advances	32.624	34.540	54.157
(f) Other current assets	113.982	59.378	38.165
Total Current Assets	859.719	586.940	512.572
TOTAL	1173.379	876.802	748.430

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	2740.930	2257.320	1524.360
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	2354.950	1867.050	1327.110
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		385.980	390.270	197.250
Less	FINANCIAL EXPENSES		0.430	2.330	5.610
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		385.550	387.940	191.640
Less/ Add	DEPRECIATION/ AMORTISATION		68.710	27.000	18.940
	PROFIT/ (LOSS) BEFORE TAX		316.840	360.940	172.700
Less	TAX		80.190	114.800	2.780
	PROFIT/ (LOSS) AFTER TAX		236.650	246.140	169.920
	Earnings / (Loss) Per Share (Rs.)		1.09	1.13	0.78

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	8.63	10.90	11.15
Return on Total Assets (PBT/Total Assets}	(%)	28.93	44.81	24.92
Return on Investment (ROI) (PBT/Networth)		0.35	0.54	0.41
Debt Equity Ratio (Total Debt/Networth)		0.00	0.01	0.39
Current Ratio (Current Asset/Current Liability)		4.82	4.14	1.80

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	250.000	250.000	250.000
Reserves & Surplus	170.356	416.498	653.248
Net worth	420.356	666.498	903.248
long-term borrowings	1.094	5.330	2.340
Short term borrowings	163.316	0.000	0.000
Total borrowings	164.410	5.330	2.340
Debt/Equity ratio	0.391	0.008	0.003

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	1524.360	2257.320	2740.930
		48.083	21.424

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	1524.360	2257.320	2740.930
Profit	169.920	246.140	236.650
	11.15%	10.90%	8.63%

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	Yes
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 address of the company has been shifted from #12, Bannerghatta Road, 6^th Floor, Tower 'D', Subramanya Arcade, Bangalore – 560076, Karnataka, India to the present address w.e.f. 12.02.2014

INDEX OF CHARGES

No Charges Exist for Company

FIXED ASSETS

œ Buildings

œ Plant and Equipment

œ Furniture and Fixtures

œ Vehicles

œ Office Equipment

œ Computer Equipments

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.102.32
Euro	1	Rs.81.35

INFORMATION DETAILS

Information Gathered by :	JML
Analysis Done by :	SUM
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	5
--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		49

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.