MIRA INFORM REPORT

Report Date :

19.03.2014

IDENTIFICATION DETAILS

Name :	APARAJITHA CORPORATE SERVICES LIMITED (w.e.f. 13.03.2012)
Formerly Known As :	APARAJITHA CORPORATE SERVICES PRIVATE LIMITED
Registered Office :	10, Venkataraman Road, Kamala II Street, Chinna Chokkikulam, Madurai – 625002, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	31.11.2000
Com. Reg. No.:	18-046218
Capital Investment / Paid-up Capital :	Rs.1.050 Millions
CIN No.: [Company Identification No.]	U74910TN2000PLC046218
TAN No.: [Tax Deduction & Collection Account No.]	MRIA01119G
PAN No.: [Permanent Account No.]	AADCA4080A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Providing HR Solutions.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 1100000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There appears dip in sales turnover of the company during the financial year 2013. However, profitability of the company is fair. General financial position of the company seems to be sound and healthy. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

State-run banks hired nearly 300000 personnel including more than 94000 officers in the last four years, according to the Indian Banks Association. A study by trade lobby Assocham in September 2013 indicated that banks would need 800000 people in the next six years. It estimated that state-run lenders alone would hire 50000 people in 2013/14.

The Competition Commission of India plans to issue final orders within a broad time-frame of one year in matters where it decides to carry out detailed investigations. The number of complaints received by the watchdog which keeps tabs on unfair trade practices in the marketplace.

The government has detected custom tax evasion totaling around Rs 37920 mn in 14 states until December. Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs 8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.

Connaught Place in New Delhi slipped four notches to become the world’s eighth most expensive office locations. London’s West End is the world’s most expensive office market.

There are 4.072 mn number of high value spenders under the scanner of the income tax department. The income tax department has information that they have made cash deposits announcing to Rs 1 mn or more in their savings bank accounts in the current financial year. It plans to check potential evasion before the closing of the financial year on March 31.

Estimated pharmaceutical sales in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago. The life sciences and health care industry is up against challenges such as quality management, says a recent Deloitte report.

The gross non-performing assets of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months of the financial year. In absolute terms, the 40 listed banks added Rs 3386 crore to their gross NPAs in nine months with the State Bank of India leading with the State Bank of India leading with an accretion of Rs 16610 crore.

The inflow of smuggled gold doubled in 2013 following restrictions to curb the supply from official channels to contain the current account deficit. China surpassed India in the demand for gold for the first time in 2013 due to liberalization of gold trading norms by its local governments.

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. Rajesh
Designation :	Marketing Manager
Contact No.:	91-9994939987
Date :	18.03.2014

LOCATIONS

Registered Office :	10, Venkataraman Road, Kamala II Street, Chinna Chokkikulam, Madurai – 625002, Tamilnadu, India
Tel. No.:	91-452-4360771/72/73
Mobile No.:	91-9994939987 (Mr. Rajesh)
Fax No.:	Not Available
E-Mail :	venkateshkumar@aparajitha.com rajesh@aparajitha.com girish@aparajitha.com
Website :	http://www.aparajitha.com
Corporate Office :	5A, V.P. Rathinasamy Nadar Road, B B Kulam, Madurai – 625002, Tamilnadu, India
Tel. No.:	91-452-4020202
Marketing Office :	No: 21/36, YRK Towers, DK Swamy Koil Street, Alandur, Guindy, Chennai – 600016, Tamilnadu, India
Tel No.:	91-44-42180069/ 42111264
Branch Offices :	Located At: Gandhi Nagar, Hyderabad · Andra Pradesh · Hyderabad Office: · Aparajitha Corporate Services Limited, Gandhi Nagar, Hyderabad. · bihar · Patna · Delhi · Delhi Office : · Aparajitha Corporate Services Limited, Uttam Nagar, New Delhi. · Gujarat · Ahamedabad Office:: · Aparajitha Corporate Services Limited, C.G. Road, Ahamedabad. · Haryana · Chandigarh Office: · Aparajitha Corporate Services Limited, Panchkula, Haryana. · Karnataka · Bangalore Office : · Aparajitha Corporate Services Limited, Koramangala, Bangalore. · Kerala · Ernakulam Office: · Aparajitha Corporate Services Limited, KP Vallon Road, Kadavandra, Ernakulam. · Madhya Pradesh · Bhopal Office : · Aparajitha Corporate Services Limited, MP Nagar, Bhopal, Madhya Pradesh. · Maharashtra · Mumbai Office: · Aparajitha Corporate Services Limited, Andheri (East), Mumbai. · Orissa · Bhuvaneshwar Office : · Aparajitha Corporate Services Limited, Po-Rasulgarh, Bhubaneshwar. · Rajasthan · Jaipur Office : · Aparajitha Corporate Services Limited, Sodala, Jaipur, Rajasthan. · Tamilnadu · Madurai Office: · Aparajitha Corporate Services Limited, 10, Venkataraman Road, Kamala IInd Street, Chinna Chokkikulam, Madurai - 625 002. · Uttar Pradesh · Lucknow Office : · Aparajitha Corporate Services Limited, Janakipuram, Lucknow. · Uttrakhand · Dehradun Office : · Aparajitha Corporate Services Limited, Dehradun, Uttrakhand. · West Bengal

DIRECTORS

As on 16.09.2013

Name :

Mr. Krishnan Nagaraj

Designation :

Director

Address :

No 462, 14^th Cross Street, 1 St Floor, Karpaga Nagar, K. Pudar, Madurai – 625007, Tamilnadu, India

Date of Birth/Age :

15.04.1973

Date of Appointment :

15.02.2013

DIN No.:

00866612

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	U74910TN2000PLC046218	APARAJITHA CORPORATE SERVICES LIMITED	Managing director	15/02/2013	25/05/2002	-	Active	NO
2	U17219TN2003PTC051527	APARAJITHA DYNAMIC SYNERGIES PRIVATE LIMITED	Director	25/10/2006	25/10/2006	-	Active	NO
3	U72300TN1997PTC039111	APARAJITHA TOTAL SOLUTIONS PRIVATE LIMITED	Director	07/03/2007	07/03/2007	-	Active	NO
4	U74910TN2008PTC067748	DIKSHA CORPORATE SERVICES PRIVATE LIMITED	Director	14/05/2008	14/05/2008	-	Active	NO
5	U70101TN2008PTC067792	APARAJITHA PROPERTY SHELTERS PRIVATE LIMITED	Director	19/05/2008	19/05/2008	-	Active	NO
6	U93000TN2008PTC068222	FIT Consulting and Services Private Limited	Director	16/06/2008	16/06/2008	08/11/2013	Active	NO
7	U80903TN2009PTC072333	Aparajitha Partnering ProgreZ Private Limited	Director	13/09/2010	13/09/2010	-	Active	NO
8	U67190TN2011PTC083092	APARAJITHA CAPITAL GROWTH PRIVATE LIMITED	Director	11/11/2011	11/11/2011	-	Active	NO
9	U74900TN2013PTC093077	Dasa Consulting Private Limited	Director	20/09/2013	20/09/2013	-	Active	NO

Name :

Mr. Ramachandhran Dinesh

Designation :

Director

Date of Birth/Age :

25.02.1965

Date of Appointment :

28.03.2013

DIN No.:

00363300

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	U34101TN1929PLC002973	T.V. SUNDRAM IYENGAR and SONS LIMITED	Managing director	01/04/2013	27/05/1998	-	Active	NO
2	U72300TN1997PLC039110	TVS INTERCONNECT SYSTEMS LIMITED	Director	28/09/1998	28/09/1998	24/09/2013	Active	NO
3	U35202TN1998PLC041466	IRIZAR TVS LIMITED	Director	23/11/1998	23/11/1998	-	Active	NO
4	U63011TN2004PLC054655	TVS LOGISTICS SERVICES LIMITED	Managing director	06/11/2013	16/11/2004	-	Active	NO
5	U72900TN2007PLC063049	India Telecom Infra Limited	Director	09/04/2007	09/04/2007	04/03/2008	Amalgamated	NO
6	U65921TN2007PLC063294	NSM Holdings Limited	Director	27/04/2007	27/04/2007	17/10/2013	Active	NO
7	U45200MH2005PLC154628	TVS Infrastructure Limited	Director	24/09/2007	30/04/2007	-	Active	NO
8	U63010TN2007PLC064282	TVS DYNAMIC GLOBAL FREIGHT SERVICES LIMITED	Director	19/07/2007	19/07/2007	-	Active	NO
9	U60200TN2008PLC068631	TVS COMMUTATION SOLUTIONS LIMITED	Director	21/07/2008	21/07/2008	-	Active	NO
10	U51220MH1944PLC004124	THE ASSOCIATED AUTO PARTS LIMITED	Director	29/09/2008	01/09/2008	-	Active	NO
11	U50102MH2009PTC195226	FIXALL AUTOMOTIVE SERVICES PRIVATE LIMITED	Director	25/08/2009	25/08/2009	-	Active	NO
12	U60100TN2010PLC074341	TVS GMR AVIATION LOGISTICS LIMITED	Director	22/01/2010	22/01/2010	04/06/2013	Active	NO
13	U34100TN2009PLC071439	TVS AUTOMOBILE SOLUTIONS LIMITED	Director	13/12/2010	12/11/2010	-	Active	NO
14	U60200TN2009PLC071624	TVS RHR FINISHED VEHICLES LOGISTICS SOLUTIONS LIMITED	Director	29/09/2011	29/12/2010	31/03/2013	Active	NO
15	U51109TN2011PTC083208	DINRAM HOLDINGS PRIVATE LIMITED	Director	18/11/2011	18/11/2011	-	Active	NO
16	U74910TN2000PLC046218	APARAJITHA CORPORATE SERVICES LIMITED	Director	28/03/2012	28/03/2012	-	Active	NO
17	U50300GJ2012PLC069099	ESSEX AUTOMOBILE SOLUTIONS LIMITED	Director	14/08/2013	29/03/2012	-	Active	NO
18	U74990TN2010PLC076131	FLEXOL PACKAGING (INDIA) LIMITED	Director	29/09/2012	31/03/2012	-	Active	NO
19	U50300KL2012PLC030459	FOCUZ AUTOMOBILE SERVICES LIMITED	Director	05/08/2013	24/04/2013	-	Active	NO

Name :

Mr. Bharath Krishna Sankar

Designation :

Director

Address :

No.5, Jawahar Road, Chokkikulam. Madurai – 625002, Tamilnadu, India

Date of Birth/Age :

22.04.1965

Date of Appointment :

15.02.2013

DIN No.:

00473636

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	U17219TN2003PTC051527	APARAJITHA DYNAMIC SYNERGIES PRIVATE LIMITED	Director	05/09/2003	05/09/2003	-	Active	NO
2	U72300TN1997PTC039111	APARAJITHA TOTAL SOLUTIONS PRIVATE LIMITED	Director	01/08/2011	29/04/2004	-	Active	NO
3	U74910TN2000PLC046218	APARAJITHA CORPORATE SERVICES LIMITED	Director	15/02/2013	16/02/2006	-	Active	NO
4	U70101TN2008PTC067792	APARAJITHA PROPERTY SHELTERS PRIVATE LIMITED	Director	19/05/2008	19/05/2008	22/12/2012	Active	NO
5	U93000TN2008PTC068222	FIT Consulting & Services Private Limited	Director	16/06/2008	16/06/2008	05/07/2013	Active	NO
6	U80903TN2009PTC072333	Aparajitha Partnering ProgreZ Private Limited	Director	20/07/2009	20/07/2009	-	Active	NO
7	U85193TN2010PTC074323	AUROWELL HEALTH SYSTEMS PRIVATE LIMITED	Director	21/01/2010	21/01/2010	-	Active	NO
8	U74910TN2008PTC067748	DIKSHA CORPORATE SERVICES PRIVATE LIMITED	Director	18/09/2010	18/09/2010	22/12/2012	Active	NO
9	U67190TN2011PTC083092	APARAJITHA CAPITAL GROWTH PRIVATE LIMITED	Director	11/11/2011	11/11/2011	-	Active	NO
10	U74900TN2013PTC093077	Dasa Consulting Private Limited	Director	20/09/2013	20/09/2013	-	Active	NO

Name :

Mr. Venkatraman Anantha Nageswaran

Designation :

Director

Address :

132 Anna Nagar, Madurai – 250520, Tanilnadu, India

Date of Birth/Age :

05.10.1963

Date of Appointment :

25.07.2011

DIN No.:

00760377

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	U74899DL2000PLC145223	DRISHTEE DEVELOPMENT AND COMMUNICATION LIMITED	Director	30/09/2005	30/09/2005	20/10/2010	Active	NO
2	U72900DL2006PLC150106	QUIVER INFOSERVICES LIMITED.	Director	15/09/2006	15/09/2006	20/10/2010	Active	NO
3	U85110KL2005PTC018434	KERALA FIRST HEALTH SERVICES PRIVATE LIMITED	Director	04/04/2008	04/04/2008	-	Active	NO
4	U74910TN2000PLC046218	APARAJITHA CORPORATE SERVICES LIMITED	Director	25/07/2011	16/12/2009	-	Active	NO
5	U74899DL1996PLC081127	BHARTIYA SAMRUDDHI FINANCE LIMITED	Director	23/07/2010	23/07/2010	20/02/2011	Active	NO

Name :

Mr. Krishnan Nagaraj

Designation :

Director

Address :

, India

Date of Birth/Age :

15.04.1973

Date of Appointment :

15.02.2013

DIN No.:

00866612

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	U74910TN2000PLC046218	APARAJITHA CORPORATE SERVICES LIMITED	Managing director	15/02/2013	25/05/2002	-	Active	NO
2	U17219TN2003PTC051527	APARAJITHA DYNAMIC SYNERGIES PRIVATE LIMITED	Director	25/10/2006	25/10/2006	-	Active	NO
3	U72300TN1997PTC039111	APARAJITHA TOTAL SOLUTIONS PRIVATE LIMITED	Director	07/03/2007	07/03/2007	-	Active	NO
4	U74910TN2008PTC067748	DIKSHA CORPORATE SERVICES PRIVATE LIMITED	Director	14/05/2008	14/05/2008	-	Active	NO
5	U70101TN2008PTC067792	APARAJITHA PROPERTY SHELTERS PRIVATE LIMITED	Director	19/05/2008	19/05/2008	-	Active	NO
6	U93000TN2008PTC068222	FIT Consulting & Services Private Limited	Director	16/06/2008	16/06/2008	08/11/2013	Active	NO
7	U80903TN2009PTC072333	Aparajitha Partnering ProgreZ Private Limited	Director	13/09/2010	13/09/2010	-	Active	NO
8	U67190TN2011PTC083092	APARAJITHA CAPITAL GROWTH PRIVATE LIMITED	Director	11/11/2011	11/11/2011	-	Active	NO
9	U74900TN2013PTC093077	Dasa Consulting Private Limited	Director	20/09/2013	20/09/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Rajesh
Designation :	Marketing Manager

MAJOR SHAREHOLDERS

As on 16.09.2013

Names of Shareholders	No. of Shares
Bharath Krishna Sankar	84996
Bharath Krishna Sankar and K Rishanah Nagrajan Trustees of Durgamma Wellness Private Trust, India	10000
Krishnan Nagaraj and Bharath Krishna Sankar	10000
K Durga	1
Aparajitha Capital Growth Private Limited, India	1
Aparajitha Partnering Progrez Private Limited, India	1
Aparajitha Property Shelters Private Limited, India	1
Total	105000

Equity Share Break up (Percentage of Total Equity)

As on 16.09.2013

Category	Percentage
Bodies corporate	90.00
Directors or relatives of Directors	10.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing HR Solutions.

GENERAL INFORMATION

Customers :

• Acurus Solutions
• Aditya Birla Finance
• Aditya Birla Money
• Airtel
• Almondz
• Amara Raja
• Amba
• American Power Conversion
• Apollo
• Arcelormittal
• Axies India Limited
• Bajaj Allianz General Insurance
• BOSCH
• MBR and Associates
• Bharat Petrolium

No. of Employees :

Information denied by management

Bankers :

Axis Bank Limited, Madurai Branch, No 4 Goods Shed Street, Madurai,
Tamil Nadu - 625001, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Term Loans	7.842	2.577
Short Term Borrowings
Loans repayable on Demand	41.315	47.677
Total	49.157	50.254

Banking Relations :	--
Financial Institution :	Sundaram Finance Limited, 21 Patullos Road, Chennai – 600002, Tamilnadu, India
Auditors :
Name :	Manian and Rao Chartered Accountants
Address :	Old No.11, New No.29, Goods, Shed Street, Madurai – 625001, India
PAN No.:	AAHFM0757B
Associates :	· Diksha Corporate Services Private Limited · Aparajitha Dynamic · Synergies Private Limited · Aparajitha Capital Growth Private Limited · Aparajitha Partnering Progrez Private Limited · Fit Consulting And Services Private Limited · Aparajitha Total Solutions Private Limited
Subsidiaries :	Aparajitha Property Shelters Private Limited
Others :	Aparajitha Foundations

CAPITAL STRUCTURE

After 16.09.2013

Authorised Capital : Rs.292.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.291.050 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.10/- each	Rs.2.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
105000	Equity Shares	Rs.10/- each	Rs.1.050 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	1.050	1.050	1.050
(b) Reserves & Surplus	273.792	192.923	134.550
(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)	274.842	193.973	135.600
(3) Non-Current Liabilities
(a) long-term borrowings	7.842	2.577	3.350
(b) Deferred tax liabilities (Net)	0.550	0.000	0.000
(c) Other long term liabilities	1.586	2.404	2.227
(d) long-term provisions	5.126	0.000	0.045
Total Non-current Liabilities (3)	15.104	4.981	5.622
(4) Current Liabilities
(a) Short term borrowings	41.440	48.420	43.583
(b) Trade payables	26.749	84.742	63.261
(c) Other current liabilities	15.509	18.048	38.218
(d) Short-term provisions	14.144	17.541	16.546
Total Current Liabilities (4)	97.842	168.751	161.608
TOTAL	387.788	367.705	302.830
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	26.288	17.620	17.408
(ii) Intangible Assets	17.586	15.433	0.750
(iii) Capital work-in-progress	37.828	0.000	9.515
(iv) Intangible assets under development	3.053	0.948	0.000
(b) Non-current Investments	0.806	2.959	3.099
(c) Deferred tax assets (net)	0.000	2.332	3.018
(d) Long-term Loan and Advances	83.803	67.075	3.905
(e) Other Non-current assets	1.478	9.295	3.472
Total Non-Current Assets	170.842	115.662	41.167
(2) Current assets
(a) Current investments	7.645	0.305	0.381
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	117.465	184.158	157.983
(d) Cash and cash equivalents	18.513	25.377	15.384
(e) Short-term loans and advances	11.859	19.706	72.024
(f) Other current assets	61.464	22.497	15.891
Total Current Assets	216.946	252.043	261.663
TOTAL	387.788	367.705	302.830

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	455.525	383.316	321.183
		Other Income	4.105	3.487	4.100
		TOTAL (A)	459.630	386.803	325.283
Less	EXPENSES
		Employee Benefits Expenses	197.716	188.037	156.799
		Other Expenses	57.795	48.833	46.112
		TOTAL (B)	255.511	236.870	202.911
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		204.119	149.933	122.372
Less	FINANCIAL EXPENSES (D)		5.127	7.457	5.155
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		198.992	142.476	117.217
Less	DEPRECIATION/ AMORTISATION (F)		12.046	7.808	6.666
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		186.946	134.668	110.551
Less	TAX (H)		62.083	44.933	36.844
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		124.863	89.735	73.707
	Earnings Per Share (Rs.)		1189	855	702

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	27.17	23.20	22.66
Net Profit Margin (PBT/Sales)	(%)	41.04	35.13	34.42
Return on Total Assets (PBT/Total Assets}	(%)	54.01	37.26	38.49
Return on Investment (ROI) (PBT/Networth)		0.68	0.69	0.82
Debt Equity Ratio (Total Debt /Networth)		0.18	0.26	0.35
Current Ratio (Current Asset/Current Liability)		2.22	1.49	1.62

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	1.050	1.050	1.050
Reserves & Surplus	134.550	192.923	273.792
Net worth	135.600	193.973	274.842
long-term borrowings	3.350	2.577	7.842
Short term borrowings	43.583	48.420	41.440
Total borrowings	46.933	50.997	49.282
Debt/Equity ratio	0.346	0.263	0.179

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	321.183	383.316	455.525
		19.345	18.838

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	321.183	383.316	455.525
Profit	73.707	89.735	124.863
	22.95%	23.41%	27.41%

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	Yes
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 LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Short Term Borrowings
Loans and Advances from related parties	0.125	0.743
Total	0.125	0.743

COMPANY OVERVIEW

Subject is a leading end to end HR Solutions Company with a focus on Compliance Audit, Establishment Compliance Management, Factory Compliance Management, Contract Labour Regulation, Contract Labour Compliance, Flexi Staffing Services, Payroll Services, Payroll Compliance Services to Client Organizations. With a national presence covering 28 states and distinguished list of clients across all segments, it has the expertise in labour laws.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10469045	25/12/2013	231,752.00	SUNDARAM FINANCE LIMITED	21 PATULLOS ROAD, CHENNAI, TAMIL NADU - 600002, INDIA	B93068989
2	10469071	25/12/2013	365,271.00	SUNDARAM FINANCE LIMITED	21 PATULLOS ROAD, CHENNAI, TAMIL NADU - 600002, INDIA	B93067601
3	10469072	25/12/2013	672,603.00	SUNDARAM FINANCE LIMITED	21 PATULLOS ROAD, CHENNAI, TAMIL NADU - 600002, INDIA	B93069615
4	10457350	26/10/2013	308,923.00	SUNDARAM FINANCE LIMITED	21 PATULLOS ROAD, CHENNAI, TAMIL NADU - 600002, INDIA	B88457221
5	10457348	26/10/2013	338,750.00	SUNDARAM FINANCE LIMITED	21 PATULLOS ROAD, CHENNAI, TAMIL NADU - 600002, INDIA	B88456355
6	10455453	09/10/2013	248,032.00	SUNDARAM FINANCE LIMITED	21 PATULLOS ROAD, CHENNAI, TAMIL NADU - 600002, INDIA	B87691119
7	10451079	20/09/2013	249,455.00	SUNDARAM FINANCE LIMITED	21 PATULLOS ROAD, CHENNAI, TAMIL NADU - 600002, INDIA	B85740173
8	10451732	20/09/2013	2,419,116.00	SUNDARAM FINANCE LIMITED	21 PATULLOS ROAD, CHENNAI, TAMIL NADU - 600002, INDIA	B86031069
9	10434354	07/06/2013	491,725.00	SUNDARAM FINANCE LIMITED	21 PATULLOS ROAD, CHENNAI, TAMIL NADU - 600002, INDIA	B78521770
10	10429781	20/05/2013	415,256.00	SUNDARAM FINANCE LIMITED	21 PATULLOS ROAD, CHENNAI, TAMIL NADU - 600002, INDIA	B76605609
11	10415573	08/03/2013	1,805,854.00	SUNDARAM FINANCE LIMITED	21 PATULLOS ROAD, CHENNAI, TAMIL NADU - 600002, INDIA	B72001357
12	10410522	21/02/2013	202,573.00	SUNDARAM FINANCE LIMITED	21 PATULLOS ROAD, CHENNAI, TAMIL NADU - 600002, INDIA	B70336292
13	10410517	21/02/2013	270,109.00	SUNDARAM FINANCE LIMITED	21 PATULLOS ROAD, CHENNAI, TAMIL NADU - 600002, INDIA	B70336052
14	10410513	28/01/2013	445,958.00	SUNDARAM FINANCE LIMITED	21 PATULLOS ROAD, CHENNAI, TAMIL NADU - 600002, INDIA	B70335708
15	10389532	06/11/2012	191,351.00	SUNDARAM FINANCE LIMITED	21 PATULLOS ROAD, CHENNAI, TAMIL NADU - 600002, INDIA	B63172639
16	10384002	16/10/2012	514,649.00	SUNDARAM FINANCE LIMITED	21 PATULLOS ROAD, CHENNAI, TAMIL NADU - 600002, INDIA	B61117479
17	10383174	09/10/2012	224,386.00	SUNDARAM FINANCE LIMITED	21 PATULLOS ROAD, CHENNAI, TAMIL NADU - 600002, INDIA	B60779220
18	10383168	09/10/2012	245,801.00	SUNDARAM FINANCE LIMITED	21 PATULLOS ROAD, CHENNAI, TAMIL NADU - 600002, INDIA	B60778461
19	10377553	04/08/2012	265,965.00	SUNDARAM FINANCE LIMITED	21 PATULLOS ROAD, CHENNAI, TAMIL NADU - 600002, INDIA	B58488099
20	10377090	04/08/2012	278,652.00	SUNDARAM FINANCE LIMITED	21 PATULLOS ROAD, CHENNAI, TAMIL NADU - 600002, INDIA	B58343336
21	10362751	07/05/2012	296,688.00	SUNDARAM FINANCE LIMITED	21 PATULLOS ROAD, CHENNAI, TAMIL NADU - 600002, INDIA	B42514794
22	10362748	07/05/2012	300,475.00	SUNDARAM FINANCE LIMITED	21 PATULLOS ROAD, CHENNAI, TAMIL NADU - 600002, INDIA	B42514166
23	10348647	22/03/2012	222,200.00	SUNDARAM FINANCE LIMITED	21 PATULLOS ROAD, CHENNAI, TAMIL NADU - 600002, INDIA	B37273208
24	10348420	20/03/2012	194,425.00	SUNDARAM FINANCE LIMITED	21 PATULLOS ROAD, CHENNAI, TAMIL NADU - 600002, IN DIA	B37208337
25	10348424	20/03/2012	334,563.00	SUNDARAM FINANCE LIMITED	21 PATULLOS ROAD, CHENNAI, TAMIL NADU - 600002, INDIA	B37209368
26	10339994	03/02/2012	525,200.00	SUNDARAM FINANCE LIMITED	21 PATULLOS ROAD, CHENNAI, TAMIL NADU - 600002, INDIA	B34040352
27	10323874	28/11/2011	50,000,000.00	AXIS BANK LIMITED,	MADURAI BRANCH, NO 4 GOODS SHED STREET, MADURAI, TAMIL NADU - 625001, INDIA	B28123685
28	10317290	03/11/2011	622,413.00	SUNDARAM FINANCE LIMITED	21 PATULLOS ROAD, CHENNAI, TAMIL NADU - 600002, INDIA	B25167305
29	10311720	20/09/2011	469,650.00	SUNDARAM FINANCE LIMITED	21 PATULLOS ROAD, CHENNAI, TAMIL NADU - 600002, INDIA	B23142771
30	10301276	05/08/2011	315,625.00	SUNDARAM FINANCE LIMITED	21 PATULLOS ROAD, CHENNAI, TAMIL NADU - 600002, INDIA	B18465872
31	10296568	24/06/2011	579,937.00	SUNDARAM FINANCE LIMITED	21 PATULLOS ROAD, CHENNAI, TAMIL NADU - 600002, INDIA	B16648362
32	10292465	04/06/2011	148,096.00	SUNDARAM FINANCE LIMITED	21 PATULLOS ROAD, CHENNAI, TAMIL NADU - 600002, INDIA	B15088651
33	10292460	04/06/2011	527,668.00	SUNDARAM FINANCE LIMITED	21 PATULLOS ROAD, CHENNAI, TAMIL NADU - 600002, INDIA	B15087463
34	10286765	16/05/2011	148,096.00	SUNDARAM FINANCE LIMITED	21 PATULLOS ROAD, CHENNAI, TAMIL NADU - 600002, INDIA	B12907317
35	10280344	20/04/2011	454,243.00	SUNDARAM FINANCE LIMITED	21 PATULLOS ROAD, CHENNAI, TAMIL NADU - 600002, INDIA	B10745214
36	10274082	18/03/2011	243,922.00	SUNDARAM FINANCE LIMITED	21 PATULLOS ROAD, CHENNAI, TAMIL NADU - 600002, IN DIA	B08737520
37	10269691	02/03/2011	359,661.00	SUNDARAM FINANCE LIMITED	21 PATULLOS ROAD, CHENNAI, TAMIL NADU - 600002, INDIA	B07507684
38	10264996	02/02/2011	283,746.00	SUNDARAM FINANCE LIMITED	21 PATULLOS ROAD, CHENNAI, TAMIL NADU - 600002, INDIA	B05687124

* Date of charge modification

FIXED ASSETS:

· Land

· Building

· Furniture and Fixture

· Office Equipment

· Vehicle

· Computer

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 records 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.60.95
UK Pound	1	Rs.101.37
Euro	1	Rs.84.89

INFORMATION DETAILS

Information Gathered by :	PRT
Report Prepared by :	NKT/VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--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		48

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.