MIRA INFORM REPORT

Report Date :

27.03.2014

IDENTIFICATION DETAILS

Name :	LOGIX INFOSECURITY PRIVATE LIMITED (w.e.f. 20.11.2008)
Formerly Known As :	LOGIX CONSULTANCE GROUP PRIVATE LIMITED
Registered Office :	Unit No. 127, Building No.2, Sector 1, Millennium Business Park, Mahape, Navi Mumbai - 400710, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	16.08.1999
Com. Reg. No.:	11-121303
Capital Investment / Paid-up Capital :	Rs. 0.100 million
CIN No.: [Company Identification No.]	U72100MH1999PTC121303
TAN No.: [Tax Deduction & Collection Account No.]	MUML03561F
PAN No.: [Permanent Account No.]	AAACL6138R
Legal Form :	Private Limited Liability Company
Line of Business :	Providing IT Services.
No. of Employees :	Information declined by management

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 276000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well-established company having a satisfactory track record. Trade relations are reported as decent. Business is active. Payment terms are usually correct. The company can be considered good 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.

INDIAN ECONOMIC OVERVIEW

India’s current account deficit for the fiscal third quarter ended September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and moderation in gold imports. Manufacturing activity and new orders in India showed their strongest growth in a year in February. The news comes as a relief after data showed Asia’s third largest economy grew by a slower-than-expected 4.7 % annually in the three months through December. The HSBC Manufacturing Purchasing Managers’ Index which gauges the business activity of India’s factories but not its’ utilities, rose to 52.5 in February, its highest in a year from 51.4 in January. Overall new orders for factory goods which rose to a one-year high of 54.9 contributed to the surge. China has emerged as India’s biggest trading partner in the current financial year replacing the United Arab Emirates and pushing it to the third spot. India-China trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The US comes second at $46 billion with 8.1 % share during the first nine months of the current financial year.

The Reserve Bank of India has granted an additional nine months to the public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000 denominations, pushing the deadline to January 1, 2015. A day before dates for the Lok Sabha polls were announced, the government decided to hike interest rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The new rates will be effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s appeal against a ruling over transferring ownership of its local mobile phones plant which is the subject of a tax dispute to Microsoft Corp.

In the last days of the current Government, another scam has surfaced. The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of Investigation will look into allegations that over $80 million was paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a solution for problems with state-owned Air India’s 787 Dreamliners. The aircraft has experienced a series of malfunctions since its debut in 2011.

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. Abhay
Designation :	Accounts Department
Contact No.:	91-22-41024543
Date :	26.03.2014

LOCATIONS

Registered / Corporate Office:	Unit No. 127, Building No.2, Sector 1, Millennium Business Park, Mahape, Navi Mumbai - 400710, Maharashtra, India
Tel. No.:	91-22-24211860/ 41024543/ 41024545
Fax No.:	Not Available
E-Mail :	accounts@logix.in sales@logix.in nitin.patil@logix.in
Website :	www.logix.in
Development Center:	324, Siddharth Towers, Kothrud, Pune, Maharashtra, India
Sales Head Office :	Jaswanti Landmark , Vikhroli (West) , Mumbai, Maharashtra, India
Sales Offices :	Located at · Mumbai Pune Bangalore Hyderabad Ahmedabad New Delhi

DIRECTORS

As on 30.09.2013

Name :

Mr. Nitin Jayasingrao Patil

Designation :

Director

Address :

E-4/14 Bimashankar, Sector 19A, Nerul, Navi Mumbai - 400706, Maharashtra, India

Date of Birth/Age :

30.04.1972

Date of Appointment :

16.08.1999

DIN No.:

00706175

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	U72100MH1999PTC121303	LOGIX INFOSECURITY PRIVATE LIMITED	Director	16/08/1999	16/08/1999	Active	NO
2	U72900PN2011PTC139430	HAMAC INFO SERVICES PRIVATE LIMITED	Director	05/05/2011	05/05/2011	Active	NO

Name :

Adwait Dilip Gadre

Designation :

Director

Address :

1141 Sadashiv Peth, Pune - 411030, Maharashtra, India

Date of Birth/Age :

17.01.1971

Date of Appointment :

16.08.1999

DIN No.:

00706137

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	U72100MH1999PTC121303	LOGIX INFOSECURITY PRIVATE LIMITED	Director	16/08/1999	16/08/1999	Active	NO
2	U72900PN2011PTC139430	HAMAC INFO SERVICES PRIVATE LIMITED	Director	05/05/2011	05/05/2011	Active	NO

Name :

Mr. Prashant Jayant Mudbidri

Designation :

Director

Address :

206 Rim Zim CHS, Plot No. 6, Sector 10A, Vashi, Navi Mumbai - 400703, Maharashtra, India

Date of Birth/Age :

24.08.1972

Date of Appointment :

16.08.1999

DIN No.:

00706218

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	U72100MH1999PTC121303	LOGIX INFOSECURITY PRIVATE LIMITED	Director	16/08/1999	16/08/1999	Active	NO
2	U72900PN2011PTC139430	HAMAC INFO SERVICES PRIVATE LIMITED	Director	05/05/2011	05/05/2011	Active	NO

Name :

Vandana Prashant Mudbidri

Designation :

Director

Address :

206 Rim Zim CHS, Plot No. 6, Sector 10A, Vashi, Navi Mumbai - 400703, Maharashtra, India

Date of Birth/Age :

12.11.1973

Date of Appointment :

16.08.1999

DIN No.:

00706279

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	U72100MH1999PTC121303	LOGIX INFOSECURITY PRIVATE LIMITED	Director	16/08/1999	16/08/1999	Active	NO
2	U72900PN2011PTC139430	HAMAC INFO SERVICES PRIVATE LIMITED	Director	05/05/2011	05/05/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Abhay
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Nitin Jayasingrao Patil	3333
Adwait Dilip Gadre	3333
Prashant Jayant Mudbidri	3333
Vandana Prashant Mudbidri	1
Total	10000

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing IT Service.

GENERAL INFORMATION

No. of Employees :	Information declined by management
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	Shankar Balasuramanian Chartered Accountant
Address :	17 Swagat Plot 2A, Sector 9A, Vashi, Navi Mumbai - 400703, Maharashtra, India
Tel. No.:	91-22-27801355
Mobile No.:	91-9821242576
E-Mail :	shankar@bshankarandco.com
Income-tax PAN of auditor or auditor's firm :	AADPB2832J

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs. 0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs. 0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.100	0.100	0.100
(b) Reserves & Surplus	68.963	57.663	39.246
(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)	69.063	57.763	39.346
(3) Non-Current Liabilities
(a) long-term borrowings	9.338	1.417	2.353
(b) Deferred tax liabilities (Net)	1.244	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	10.582	1.417	2.353
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.795
(b) Trade payables	33.616	23.265	20.486
(c) Other current liabilities	1.849	1.337	0.000
(d) Short-term provisions	31.792	25.592	19.675
Total Current Liabilities (4)	67.257	50.194	40.956
TOTAL	146.902	109.374	82.655
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	26.216	22.239	12.339
(ii) Intangible Assets	0.000	0.000	0.000
(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	19.823	20.000	20.103
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	18.507	5.163	0.000
(e) Other Non-current assets	39.303	29.246	0.000
Total Non-Current Assets	103.849	76.648	32.442
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.076	0.108	0.000
(c) Trade receivables	39.721	29.852	20.119
(d) Cash and cash equivalents	2.254	1.734	2.503
(e) Short-term loans and advances	1.002	1.032	0.000
(f) Other current assets	0.000	0.000	27.591
Total Current Assets	43.053	32.726	50.213
TOTAL	146.902	109.374	82.655

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
SALES
	Income (Gross)	171.986	147.144	131.225
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
EXPENSES
	TOTAL	NA	NA	NA
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		29.207	32.285	24.495
FINANCIAL EXPENSES		0.142	0.053	0.397
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		29.065	32.232	24.098
DEPRECIATION/ AMORTISATION		10.442	6.486	3.574
PROFIT/ (LOSS) BEFORE TAX		18.765	25.746	20.524
TAX		6.200	7.500	5.500
PROFIT/ (LOSS) AFTER TAX		12.565	18.246	15.024
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		57.662	39.245	27.136
APPROPRIATIONS		1.264	0.000	2.915
BALANCE CARRIED TO THE B/S		68.963	57.491	39.245
Earnings / (Loss) Per Share (Rs.)		1256.50	1824.60	1502.40

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	14.77	28.81	32.81
Return on Investment (ROI) (PBT/Networth)		0.27	0.45	0.52
Debt Equity Ratio (Total Debt/Networth)		0.14	0.02	0.08
Current Ratio (Current Asset/Current Liability)		0.64	0.65	1.23

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.100	0.100	0.100
Reserves & Surplus	39.246	57.663	68.963
Net worth	39.346	57.763	69.063
long-term borrowings	2.353	1.417	9.338
Short term borrowings	0.795	0.000	0.000
Total borrowings	3.148	1.417	9.338
Debt/Equity ratio	0.080	0.025	0.135

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)
Income (Gross)	131.225	147.144	171.986
		12.131	16.883

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Income (Gross)	131.225	147.144	171.986
Profit	15.024	18.246	12.565
	11.45%	12.40%	7.31%

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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

CURRENT MATURITIES OF LONG TERM DEBTS: NOT AVAILBALE

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	80035496	05/03/2004	800,000.00	THE VAISHYA SAHAKARI BANK LIMITED	7, TATYA GHARPURE PETH, MUMBAI - 400004, MAHARASHTRA, INDIA	-

CHANGE OF ADDRESS

The registered office of the company has been shifted from 12, Sat Sang, Plot No. 32, Sector-9A, Vashi, Navi Mumbai – 400703, Maharashtra, India to the present address w.e.f. 01.12.2008.

YEAR IN RETROSPECT

On a Sales turnover of Rs. 171.900 Millions (Rs. 147.100 Millions), the profit of the company amounted to Rs. 29.200 Millions (Rs. 32.200 Millions). After providing for interest and finance charges, depreciation, current taxation, the net profit amounted to Rs. 12.500 Millions compared to a profit of Rs. 18.200 Millions in the previous year. On comparison of the previous year’s performance, the company has achieved a 18% growth in its turnover which is quite encouraging.

Mandate to leverage on existing customer base and grow the revenues offering them value added services. They partnered with Symantec to offer cloud security and with Commvault for Cloud Backup solutions.

Zimbra gave a significant boost to the cloud Services business, their Email hosting services grew more than 30% in the year. They got the early mover advantage and became the No. 1 Zimbra hosting company in India.

More Services are being offered on the cloud platform, giving more options to the mid and large enterprise to avail the services as per the budgeted values. This is gaining acceptance and will add more revenue contribution.

FUTURE PROSPECTS

As more and more public sector and BFSI companies adopt cloud services, they anticipate that their participations and customer acquisitions will grow in this sector. Adding more value added functions to the cloud messaging portfolio will help growing revenues from existing customers. Email Archiving, Instant Messaging and Mobility Solutions are some of the solution which have got added to the cloud messaging bouquet.

Process of evaluating Intellectual Rights Management, Data Loss Prevention, Audio – Video Instant Messenger and Access Control Mechanism is on, they are sure of incorporating the most suitable solutions soon.

FIXED ASSETS

· Office Premises

Computers and Printer

Furniture and Fittings

Office Equipment’s

Motor Car

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.60.17
UK Pound	1	Rs.99.39
Euro	1	Rs.83.09

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	MRI

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	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	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	NO
--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.