MIRA INFORM REPORT

Report Date :

02.10.2014

IDENTIFICATION DETAILS

Name :	ITC INFOTECH INDIA LIMITED
Registered Office :	Virginia House, 37, J. L. Nehru Road, Kolkata – 700071, West Bengal
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	16.02.1996
Com. Reg. No.:	21-077341
Capital Investment / Paid-up Capital :	Rs. 852.000 Millions
CIN No.: [Company Identification No.]	U65991WB1996PLC077341
PAN No.: [Permanent Account No.]	AAACI7376Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Providing information technology solutions and software development services.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

A (69)

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 13700000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having good track. Fundamentals of the company is decent. Financial position of the company is strong and healthy. Trade relations are reported to be 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION DENIED

Management Non-Cooperative

Contact No.:91-80-22988331

LOCATIONS

Registered Office :	Virginia House, 37, J. L. Nehru Road, Kolkata – 700071, West Bengal, India
Tel. No.:	91-33-22889900
Fax No.:	91-33-22882254
E-Mail :	secretarial.i3l@itcinfotech.com
Website :	www.itcinfotech.com
Corporate Office :	No.18, Banaswadi Main Road, Marutiseva Nagar, Bangalore – 560005, Karnataka, India
Tel. No.:	91-80-22988331
Overseas Office :	Located at · USA  · UK · Netherlands · Sweden · Finland · Germany · France · UAE · South Africa · Singapore · Hong Kong
Branch :	Located at · Pune · Trivandrum

DIRECTORS

AS ON 30.06.2014

Name :

Yogesh Chander Deveshwar

Designation :

Director

Address :

10, Fountain Court, 7/1, Little Russell Street, Kolkata – 700071, West Bengal, India

Date of Birth/Age :

04.02.1947

Date of Appointment :

19.05.2011

PAN No.:

AEBPD7640A

Voter ID No. :

DWK 1395706

DIN No. :

00044171

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	L16005WB1910PLC001985	ITC LIMITED	Whole-time director	05/02/2012	24/02/1994	-	Active	NO
2	U67120WB1893NPL000761	THE BENGAL CHAMBER OF COMMERCE AND INDUSTRY	Director	02/01/1996	02/01/1996	22/09/2010	Active	NO
3	U70100WB1946GAP014545	WOODLANDS MEDICAL CENTRE LIMITED	Director	20/02/1998	20/02/1998	23/06/2008	Amalgamated	NO
4	U80100TG1997NPL036631	INDIAN SCHOOL OF BUSINESS	Director	21/12/1998	21/12/1998	-	Active	NO
5	L22121DL2002PLC117874	HT MEDIA LIMITED	Director	05/05/2004	05/05/2004	19/12/2011	Active	NO
6	U75142WB1967SGC026988	WEST BENGAL INDUSTRIAL DEVELOPMENT CORPN LTD	Director	29/12/2004	29/12/2004	30/09/2010	Active	NO
7	U65991WB1996PLC077341	ITC INFOTECH INDIA LIMITED	Director	19/05/2011	03/01/2011	-	Active	NO

Name :

Sivakumar Surampudi

Designation :

Director

Address :

1, Sunshine Villas,, GundlaPochampally, Hyderabad – 500014, Telangana, India

Date of Birth/Age :

02.09.1960

Date of Appointment :

21.08.2000

PAN No. :

ADKPS8346J

Voter ID No. :

GBZ7550676

DIN No. :

00341392

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	U05001TN1991PLC021250	MINOTA AQUATECH LIMITED	Director	29/04/2000	29/04/2000	-	Dissolved	NO
2	U65991WB1996PLC077341	ITC INFOTECH INDIA LIMITED	Director	21/08/2000	21/08/2000	-	Active	NO
3	L15142TG1986PLC006957	AGRO TECH FOODS LIMITED	Director	07/03/2001	07/03/2001	28/07/2006	Active	NO
4	U01111DL1999PLC098646	TECHNICO AGRI SCIENCES LIMITED	Director	28/09/2007	17/08/2007	-	Active	NO

Name :

Sumant Bhargavan

Designation :

Managing director

Address :

E-102, ITC Garden Enclave Survey – 1B, Jakkur Plantation Village, Bellary Road, Yelahanka, Hobli, Bangalore – 560064, Karnataka, India

Date of Birth/Age :

21.11.1963

Date of Appointment :

01.04.2012

PAN No. :

AGVPB3383J

Voter ID No. :

TQH0614222

DIN No. :

01732482

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	U01111DL1999PLC098646	TECHNICO AGRI SCIENCES LIMITED	Director	28/09/2007	17/08/2007	18/07/2009	Active	NO
2	U65991WB1996PLC077341	ITC INFOTECH INDIA LIMITED	Managing director	01/04/2012	01/09/2009	-	Active	NO

Name :

Biswa Behari Chatterjee

Designation :

Director

Address :

3 Lovelock Street, 1 st Floor, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

03.02.1953

Date of Appointment :

21.08.2000

PAN No. :

ABVPC6650Q

Voter ID No. :

WB/23/146/090131

DIN No. :

00045140

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	U65993WB1994PLC061684	RUSSELL CREDIT LTD	Director	21/04/1999	21/04/1999	-	Active	NO
2	U65991WB1996PLC077341	ITC INFOTECH INDIA LIMITED	Director	21/08/2000	21/08/2000	-	Active	NO
3	U51494WB1958PLC087149	WILLS CORPORATION LIMITED	Director	12/09/2001	12/09/2001	-	Active	NO
4	U16003WB1935PLC008314	GOLD FLAKE CORPORATION LIMITED	Director	12/09/2001	12/09/2001	-	Active	NO
5	U67120WB1893NPL000761	THE BENGAL CHAMBER OF COMMERCE AND INDUSTRY	Director	26/12/2006	26/12/2006	-	Active	NO
6	U65923WB2012PLC176166	ITC Investments & Holdings Limited	Director	19/03/2012	19/03/2012	-	Active	NO

Name :

Anand Nayak

Designation :

Director

Address :

6, Fountain Court, 7/1, Little Russell Street, Kolkata – 700071, West Bengal, India

Date of Birth/Age :

19.06.1951

Date of Appointment :

21.08.2000

PAN No. :

ABWPN8969L

DIN No. :

00973758

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	U55202WB1986PLC049467	GREENACRE HOLDINGS LTD	Director	08/11/1993	08/11/1993	-	Active	NO
2	U65991WB1996PLC077341	ITC INFOTECH INDIA LIMITED	Director	21/08/2000	21/08/2000	-	Active	NO

Name :

Rajiv Tandon

Designation :

Director

Address :

Woodlands Syndicate, Flat No.4, B/7, Alipore Road, Kolkata – 700027, West Bengal, , India

Date of Birth/Age :

05.10.1953

Date of Appointment :

19.05.2011

PAN No. :

AAQPT5694E

Voter ID No. :

WB/23/148/444139

DIN No. :

00042227

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	U55202WB1986PLC049467	GREENACRE HOLDINGS LTD	Director	05/05/1998	05/05/1998	-	Active	NO
2	L15142TG1986PLC006957	AGRO TECH FOODS LIMITED	Director	30/07/1998	30/07/1998	30/07/2008	Active	NO
3	U65993WB1994PLC061684	RUSSELL CREDIT LTD	Director	18/09/2000	18/09/2000	-	Active	NO
4	U74899HR1992PLC052412	LANDBASE INDIA LIMITED	Director	16/02/2001	16/02/2001	-	Active	NO
5	U45201WB1996PLC116323	CLASSIC INFRASTRUCTURE AND DEVELOPMENT LIMITED	Director	03/03/2001	03/03/2001	-	Active	NO
6	U24291MH1923PLC001082	WIMCO LIMITED	Director	01/07/2005	01/07/2005	-	Active	NO
7	U65993WB1987PLC043324	RUSSELL INVESTMENTS LTD	Director	14/07/2010	24/09/2009	24/02/2012	Active	NO
8	U16003WB1935PLC008314	GOLD FLAKE CORPORATION LIMITED	Director	19/05/2010	24/09/2009	-	Active	NO
9	U51494WB1958PLC087149	WILLS CORPORATION LIMITED	Director	19/05/2010	24/09/2009	-	Active	NO
10	U65991WB1996PLC077341	ITC INFOTECH INDIA LIMITED	Director	19/05/2011	03/01/2011	-	Active	NO
11	U65923WB2012PLC176166	ITC Investments & Holdings Limited

KEY EXECUTIVES

Name :	Sanjay V Shah
Designation :	Secretary
Address :	S/4, Spencer Court, 5 Spencer Road, Fraser Town, Bangalore – 560005, Karnataka, India
Date of Birth/Age :	26.06.1960
Voter ID :	TQH0565283
Date of Appointment :	01.04.2008
PAN No.:	ANUPS2303R

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.06.2014

Name of Shareholders	No. of Shares
ITC Limited Joint With Rajendra Kumar Singh, India	1
ITC Limited Joint With Shah V Sanjay	1
ITC Limited Joint With Anand Nayak	1
ITC Limited, India	85,199,994
ITC Limited Joint With Rajiv Tandon	1
ITC Limited Joint With Biswa Behari Chatterjee	1
ITC Limited Joint With Arup Kumar Mukerji	1
Total	85,200,000

AS ON 30.06.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing information technology solutions and software development services.

Product / Services

Item Code No. (ITC Code)	Product/ Services Description
99831319	Information technology solutions
99831327	Acquisition/ purchase of IT hardware and software including software as a service(SAAS)

GENERAL INFORMATION

No. of Employees :	Information declined by the management.
Bankers :	Not Divulged

Banking Relations :	--
Auditors :
Name :	Lovelock and Lewes Chartered Accountants
Address :	Plot No. Y-14, Block EP, Sector-V, Salt lake Electronic Complex, Bidhan Nagar, Kolkata - 700091, West Bengal, India.
PAN No.:	AABFL5878L
Holding Company :	ITC LIMITED [L16005WB1910PLC001985]
Subsidiary Company / Wholly Owned Subsidiaries:	· ITC Infotech Limited (UK) · ITC Infotech (USA), Inc. and its subsidiary · Pyxis Solutions, LLC
Fellow Subsidiary Company :	· Surya Nepal Private Limited · Wimco Limited [U24291MH1923PLC001082] · Technico Agri Sciences Limited [U01111DL1999PLC098646] · Srinivasa Resorts Limited [U74999TG1984PLC005192]

CAPITAL STRUCTURE

AS ON 30.06.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
86,000,000	Equity Shares	Rs.10/- each	Rs. 860.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
85,200,000	Equity Shares	Rs.10/- each	Rs. 852.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	852.000	852.000	852.000
(b) Reserves & Surplus	2550.042	1538.005	850.755
(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)	3402.042	2390.005	1702.755
(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	107.644	88.393	67.607
Total Non-current Liabilities (3)	107.644	88.393	67.607
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	570.000
(b) Trade payables	519.659	497.346	229.167
(c) Other current liabilities	527.340	457.745	719.228
(d) Short-term provisions	237.046	104.955	122.643
Total Current Liabilities (4)	1284.045	1060.046	1641.038
TOTAL	4793.731	3538.444	3411.400
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	638.859	589.967	580.326
(ii) Intangible Assets	90.909	93.145	38.131
(iii) Capital work-in-progress	0.000	0.000	19.222
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	870.434	870.434	870.434
(c) Deferred tax assets (net)	168.694	90.565	76.068
(d) Long-term Loan and Advances	23.540	72.138	189.970
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1792.436	1716.249	1774.151
(2) Current assets
(a) Current investments	540.894	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	1916.445	1258.699	1315.860
(d) Cash and cash equivalents	186.626	398.383	190.612
(e) Short-term loans and advances	93.019	69.006	84.379
(f) Other current assets	264.311	96.107	46.398
Total Current Assets	3001.295	1822.195	1637.249
TOTAL	4793.731	3538.444	3411.400

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Revenue from operations	9029.392	6808.002	5631.051
	Other Income	229.654	258.520	31.276
	TOTAL (A)	9259.046	7066.522	5662.327
Less	EXPENSES
	Employees benefits expense	5104.029	4295.874	3733.641
	Other expenditure	2387.845	1630.614	1429.299
	TOTAL (B)	7491.874	5926.488	5162.940
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	1767.172	1140.034	499.387
Less	FINANCIAL EXPENSES (D)	7.079	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	1760.093	1140.034	499.387
Less/ Add	DEPRECIATION/ AMORTISATION (F)	251.322	234.859	144.646
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	1508.771	905.175	354.741
Less	TAX (H)	496.735	217.925	67.795
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	1012.036	687.250	286.946
	EARNINGS IN FOREIGN CURRENCY
	professional and consultation fees	7388.936	5427.868	4245.269
	Earnings on dividend	211.941	176.317	0.000
	TOTAL EARNINGS	7600.877	5604.185	4245.269
	IMPORTS
	Capital Goods	108.359	81.281	58.172
	TOTAL IMPORTS	108.359	81.281	58.172
	Earnings / (Loss) Per Share (Rs.)	11.88	8.07	3.37

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	10.93	9.73	5.07
Net Profit Margin (PBT/Sales)	(%)	16.71	13.30	6.30
Return on Total Assets (PBT/Total Assets}	(%)	40.18	35.12	14.50
Return on Investment (ROI) (PBT/Networth)		0.44	0.38	0.21
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.33
Current Ratio (Current Asset/Current Liability)		2.34	1.72	1.00

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	852.000	852.000	852.000
Reserves & Surplus	850.755	1538.005	2550.042
Net worth	1702.755	2390.005	3402.042
long-term borrowings	0.000	0.000	0.000
Short term borrowings	570.000	0.000	0.000
Total borrowings	570.000	0.000	0.000
Debt/Equity ratio	0.335	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	5631.051	6808.002	9029.392
		20.901	32.629

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	5631.051	6808.002	9029.392
Profit/(Loss) After Tax	286.946	687.250	1012.036
	5.10%	10.09%	11.21%

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	No
10]	Designation of contact person	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	No

VIEW INDEX OF CHARGES : NO CHARGES EXIST FOR COMPANY

BUSINESS REVIEW

The global IT industry was expected to grow by approximately 1.6% in 2013 (based on reports of analysts) due to slower economic recovery in the US and European markets. In contrast, the Indian IT Industry was expected to grow by 13% in 2013-14 (as per estimate figures released by NASSCOM in February, 2014) with both global multinationals and Indian IT companies driving offshoring for cost and price competitiveness. The favourable exchange rates in India have also benefitted the Indian IT Industry which is largely export oriented.

The Company's consolidated Total Revenue grew by 25.6% to Rs.12790.000 Millions, well above the industry average, while Net Profit grew by 28.9% to Rs.863.000 Millions. This robust performance demonstrates the success of the focused strategies adopted by the Company in (i) identifying and investing in new technology based growth drivers, (ii) striving to create cutting edge world-class capabilities in each of its existing service lines, (iii) building solutions and capabilities around the products of global software vendors and partnering with them to take such products to the market, (iv) offering new and value additive service lines to existing customers with high potential, (v) focusing on geographical expansion to develop new markets and acquire customers, (vi) cost management and resource optimization in managing a balance with growth led investment imperatives, and (vii) creating a pool of skilled talent.

During the year the Company created an independent business unit focused on Treasury and Capital Markets related IT technologies, aligned with a global Independent Software Vendor (ISV); the unit has already gained traction amongst banking customers and is expected to become a future pillar of growth.

The customer list of the Company includes several marquee customers, some of whom feature in the leaders category in their respective business segments. The revenues of the Company reflect billing engagements with 258 customers compared to 232 customers in the previous year.

The Company consolidated its focus on Middle-East, Africa, India and the larger Asia-Pacific region. It has expanded its sales force in each of these regions which has, within a short period, generated a healthy business pipeline. There has also been significant traction in new customer acquisition, particularly in Australia, India and Middle-East. As part of a consolidation exercise, the Company has decided to close the branch office in South Korea (Republic of Korea).

The service delivery capability of the Company continued to earn global recognition. The Company has featured for the 8th consecutive year amongst the Leaders Category in the ‘2013 Global Outsourcing Top 100’ by the International Association of Outsourcing Professionals (IAOP).

The Company also featured for the 9th consecutive year in the Global Services 100 survey conducted by Global Services and Neo Advisory. The Company was re-certified under ISO 9001 for all its locations and obtained ISO/IEC 20000-1:2011 certification for its IT Infrastructure Managed Services for external clients.

Going forward, the Company will continue to review and reinforce its strategies and action plans to rapidly scale up its global footprint by leveraging the network of branch offices set up in the last few years. Building additional technology niches continues to be a key focus area, with SMAC (Social media, Mobility, Analytics and Cloud computing) at the forefront of the technology ecosystem. The Company has established a focus group to tap the emerging opportunities in this space.

The outlook for the Indian IT industry is positive with NASSCOM predicting a growth rate of 13% in the forthcoming year. However, the Company expects to grow significantly through execution of its strategies, which it continues to refine, to ensure differentiated solutions, domain expertise, strong delivery capabilities and above all, a superior customer experience.

TALENT MANAGEMENT

The economic recovery, though slow, visible in the US and European markets, emergent demand from new markets and evolving new generation technological skills, have reinforced the need to ensure a seamless supply chain of skilled resources. The Company has broadened its channels of sourcing quality talent and has strengthened its capability building processes through college affiliations, technology incubation cells and employee ideation panels. Further, demand for talent is expected to rise and retention of critical talent continues to be a high priority and focus area. The Company makes a constant endeavour to enhance employee engagement, invest in employee friendly policies and enable facilitation for smooth transition of talent across various geographies. A recent internal employee satisfaction survey indicates a response level of greater than 80% as well as a significant level of engaged employees which vindicates the efforts of the Company in this area. The Company is confident of meeting the increasing requirements for skilled manpower.

NATURE OF OPERATIONS

The Company is a wholly owned subsidiary of ITC Limited (“the Holding Company”) providing information technology solutions and software development services.

FIXED ASSETS

· Leasehold Land

· Plant and equipment

· Furniture and fixtures

· Office equipment

· 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 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.61.61
UK Pound	1	Rs.100.28
Euro	1	Rs.78.21

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUM
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--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		69

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.