MIRA INFORM REPORT

Report Date :

20.10.2014

IDENTIFICATION DETAILS

Name :	HURIX SYSTEMS PRIVATE LIMITED (w.e.f. 04.10.2000)
Formerly Known As :	ORITAM SOLUTIONS PRIVATE LIMITED
Registered Office :	102, Multistoried Building Seepz-SEZ, Andheri (East) Mumbai – 400096, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	22.05.2000
Com. Reg. No.:	11-126681
Capital Investment / Paid-up Capital :	Rs. 41.270 Millions
CIN No.: [Company Identification No.]	U64200MH2000PTC126681
Legal Form :	Private Limited Liability Company
Line of Business :	To Design and Develop Content Management Solutions.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 933000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There seems drastic dip in the profit of the company during 2013. However, general financial position of the company appears to be decent. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow but 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 – 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 DECLINED

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-44-66674888)

LOCATIONS

Registered Office :	102, Multistoried Building Seepz-SEZ, Andheri (East) Mumbai – 400096, Maharashtra, India
Tel. No. :	91-22-61914888
Fax No. :	91-22-61914899
E-Mail :	accounts@hurix.com gaurav.singh@hurix.com
Website :	www.hurix.com
Chennai Office :	Hurix House, Old No. 10, New No. 34, Taylors Road, Kilpauk, Chennai – 600010, Tamilnadu, India
Overseas Offices :	Located at · Texas, USA · Massachusetts, USA · New York, USA

DIRECTORS

As on 30.09.2013

Name :

Mr. Natarajan Ranganathan

Designation :

Director

Address :

D-609, Sobha Garnet, Iblur Junction, Sarjapur Road, Bangalore – 560102, Karnataka, India

Date of Birth/Age :

07.10.1965

Date of Appointment :

27.09.2007

DIN No. :

00218008

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	U74899KA2000PTC039852	TAVANT TECHNOLOGIES INDIA PRIVATE LIMITED	Director	02-06-2004	02-06-2004	26-10-2007	Active	NO
2	L72200AP1999PLC030997	CAMBRIDGE TECHNOLOGY ENTERPRISES LIMITED	Director	29-09-2007	25-04-2006	04-04-2008	Active	NO
3	U64200MH2000PTC126681	HURIX SYSTEMS PRIVATE LIMITED	Director	27-09-2007	25-06-2007	-	Active	NO
4	U72900KA2000PTC027763	CTE GLOBAL SOLUTIONS PRIVATE LIMITED	Additional director	28-12-2007	28-12-2007	04-04-2008	Active	NO
5	U74140KA2006PTC038431	KNOWLEDGE WORKS (INDIA) PRIVATE LIMITED	Director	20-09-2008	11-03-2008	10-02-2009	Active	NO
6	U67110KA2006PTC038879	HELION ADVISORS PRIVATE LIMITED	Director	30-04-2009	09-07-2008	-	Active	NO
7	U74140KA2007PTC042317	TAPASYA BUSINESS SOLUTIONS PRIVATE LIMITED	Director	20-09-2008	20-09-2008	-	Active	NO
8	U15419KA2010PTC052323	PAINTED PLATTERS CATERING SERVICES PRIVATE LIMITED	Director	29-01-2010	29-01-2010	11-09-2013	Active	NO
9	U72200TN2006PTC060794	ANANTARA SOLUTIONS PRIVATE LIMITED	Director	28-09-2011	25-10-2010	26-09-2014	Active	NO
10	U72900KA2005PTC035942	HUMMING BIRD TRAVEL AND STAY PRIVATE LIMITED	Nominee director	16-11-2010	16-11-2010	28-04-2014	Active	NO
11	U40106DL2008PTC174774	AZURE POWER INDIA PRIVATE LIMITED	Alternate director	02-12-2010	02-12-2010	-	Active	NO
12	U72900MH2009PTC195115	ATTANO MEDIA AND EDUCATION PRIVATE LIMITED	Director	30-11-2011	15-11-2011	28-03-2014	Active	NO
13	U74999KA2011PTC058717	BOOST ENTERPRISES INDIA PRIVATE LIMITED	Alternate director	12-01-2012	12-01-2012	21-08-2012	Active	NO
14	U40108HR2009PTC038824	AZURE POWER ( HARYANA ) PRIVATE LIMITED	Director	14-03-2012	14-03-2012	-	Active	NO
15	L65991TN2000PLC058466	EVERONN EDUCATION LIMITED	Director	26-09-2013	03-04-2013	-	Active	NO

Name :

Mr. Kanwaljit Singh

Designation :

Director

Address :

Sy-2, Sukhmani, Ramagondanahalli PO, Palm Meadows Lane, Bangalore - 560066, Karnataka, India

Date of Birth/Age :

15.08.1963

Date of Appointment :

27.09.2007

DIN No. :

01388140

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
1	U72900KA2004PTC033421	TEXTUAL ANALYTICS SOLUTIONS PRIVATE LIMITED	Director	23-02-2004	23-02-2004	15-12-2009	Active
2	L85110DL1994PLC166888	RELIGARE TECHNOVA GLOBAL SOLUTIONS LIMITED	Director	04-10-2005	04-10-2005	30-07-2008	Amalgamated
3	U67110KA2006PTC038879	HELION ADVISORS PRIVATE LIMITED	Director	31-03-2006	31-03-2006	-	Active
4	U72200KA2004PTC033790	JIGRAHAK MOBILITY SOLUTIONS PRIVATE LIMITED	Director	25-08-2006	25-08-2006	31-03-2013	Active
5	U64200MH2000PTC126681	HURIX SYSTEMS PRIVATE LIMITED	Director	27-09-2007	25-06-2007	-	Active
6	U72900KA2005PTC035942	HUMMING BIRD TRAVEL AND STAY PRIVATE LIMITED	Director	13-02-2008	13-02-2008	30-04-2014	Active
7	U93020KA2008PTC045619	R&R SALONS PRIVATE LIMITED	Nominee director	08-05-2008	08-05-2008	-	Active
8	U65923DL2008PLC176849	RELIGARE ARTS INVESTMENT MANAGEMENT LIMITED	Director	23-09-2009	17-07-2008	09-08-2010	Active
9	U72200KA2006PTC040891	QWIKCILVER SOLUTIONS PRIVATE LIMITED	Director	10-10-2008	10-10-2008	-	Active
10	U51399KA2008PTC048483	BRAND CALCULUS FRANCHISING (INDIA) PRIVATE LIMITED	Director	22-01-2009	22-01-2009	14-12-2012	Active
11	U52100KA2008PTC046273	F. A. N. BRANDS PRIVATE LIMITED	Nominee director	28-01-2009	28-01-2009	14-12-2012	Active
12	U15205KA2009PTC050781	BRAND CALCULUS ICE CREAM PRIVATE LIMITED	Nominee director	14-09-2009	14-09-2009	14-12-2012	Active
13	U05190KA2004PTC034678	SPRING LEAF RETAIL PRIVATE LIMITED	Nominee director	30-09-2010	30-09-2010	-	Active
14	U72300DL2008PTC173847	VAS DATA SERVICES PRIVATE LIMITED	Director	29-09-2012	20-04-2011	-	Active
15	U72900MH2009PTC195115	ATTANO MEDIA AND EDUCATION PRIVATE LIMITED	Director	30-11-2011	15-11-2011	28-03-2014	Active
16	U74900KA2011PTC061168	FASHIONARA ENTERPRISES PRIVATE LIMITED	Director	28-05-2012	28-05-2012	-	Active
17	U85196TN2004PTC053577	LIFECELL INTERNATIONAL PRIVATE LIMITED	Director	21-02-2013	15-02-2013	-	Active

Name :

Mr. Subrat Mohanty

Designation :

Director

Address :

2b, Balmoral Hall, Mount Mary Road, Bandra (West), Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

23.10.1970

Date of Appointment :

22.05.2000

DIN No. :

01517155

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	U64200MH2000PTC126681	HURIX SYSTEMS PRIVATE LIMITED	Director	22-05-2000	22-05-2000	Active	NO
2	U72900MH2009PTC195115	ATTANO MEDIA AND EDUCATION PRIVATE LIMITED	Director	20-08-2009	20-08-2009	Active	NO

Name :

Mr. Viswamitra Sachidananda Hariharan

Designation :

Whole-Time Director

Address :

8C, Balmoral Hall, 7, Mt Mary Road, Bandra (West), Mumbai - 400050, Maharashtra, India

Date of Birth/Age :

24.05.1970

Date of Appointment :

22.05.2000

DIN No. :

01628947

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	U64200MH2000PTC126681	HURIX SYSTEMS PRIVATE LIMITED	Whole-time director	22-05-2000	22-05-2000	-	Active	NO
2	U80301MH2008PTC182496	LEARNING FACTOR INTERNATIONAL PRIVATE LIMITED	Director	21-05-2008	21-05-2008	31-03-2010	Strike off	NO
3	U72900MH2009PTC195115	ATTANO MEDIA AND EDUCATION PRIVATE LIMITED	Director	20-08-2009	20-08-2009	-	Active	NO

KEY EXECUTIVES

Name :	CS Piyush A. Gohil
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Viswamitra Hariharan	915886
Mohanty Subrat	915888
Helion Venture Partners India LLC, India	1972287
Rajit Anand	55000
Praveen Thomas	30600
Vishal Dani	34890
Srikanth Subramanian	103200
Rahul Bansal	17867
Anand Lunia	29400
Ambika Prasad Das	10720
Sunil Lopes	167
Kanchan Shine, India	333
Raja Laskar	167
Deepak Kumar Sahu	266
S Ramadevi	667
Ashok Kumar T	1428
Sumesh Yognathan C	734
Manoj Deori	3834
Sanjay Rathor	2100
Krishna Prathab	83
Anuradha Srivastav	603
Anurag Dayal	165
Shweta Nirvan Biswas	2239
Venudhar Bhatt	2970
Mehul Dedhia	1350
Siddhartha Agarwal	6750
Ravishankar C.	14000
K Balamourougan	1245
Sanjay Gaggar	4467
Piyush Bhartiya	900
Amit Gaonkar	1800
Total	4132006

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	47.73
Directors or relatives of Directors	44.33
Other top fifty shareholders	7.94
Total	100.00

BUSINESS DETAILS

Line of Business :

To Design and Develop Content Management Solutions.

GENERAL INFORMATION

Customers:

· Hachette Livre

· Hatier

· Carnegie Learning

· Nelson Thomas

· Star Walk Kids Media

· Attano

No. of Employees :

Not Divulged

Bankers :

Kotak Mahindra Bank Limited, 36-38a, Nariman Bhavan, 227, D, Nariman Point, Mumbai - 400021, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Term Loans from a Bank
Term Loan I	0.000	7.841
Term Loan II	1.176	2.458
Term Loan III	0.531	1.110
(Secured by hypothecation of all existing and future current assets and movable fixed assets of the company and further secured by mortgage of deposit of title deeds relating to an immovable property situated at Unit No. 102, (Non A.C. Wing), Multistored building, Seepz – SEZ, Andheri (East), Mumbai – 400096, Maharashtra, India, leased from MIDC)
SHORT TERM BORROWINGS
Loans repayable on demand From Banks – Bank Overdraft	15.735	19.735
Invoice Discounting facility from a Bank	54.992	55.190
Total	72.434	86.334

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Tower 3, 27^th-32^nd Floor, Indiabulls Finance Centre, Senapati Bapat Marg, Elphinstone (West), Mumbai – 400013, Maharashtra, India
Tel. No. :	91-22-61854000
Fax No. :	91-22-61854501/ 4601
Income-tax PAN of auditor or auditor's firm :	AACED4815A

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000,000	Equity Shares	Rs.10/- each	Rs. 50.000 Millions
900,000	Preference Shares	Rs.10/- each	Rs. 9.000 Millions
	Total		Rs. 59.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4,132,006	Equity Shares	Rs.10/- each	Rs. 41.320 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000,000	Equity Shares	Rs.10/- each	Rs. 50.000 Millions
900,000	Preference Shares	Rs.10/- each	Rs. 9.000 Millions
	Total		Rs. 59.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4,127,006	Equity Shares	Rs.10/- each	Rs. 41.270 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	41.270	43.033	43.033
(b) Reserves & Surplus	192.099	250.400	206.909
(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)	233.369	293.433	249.942
(3) Non-Current Liabilities
(a) long-term borrowings	1.707	11.409	21.079
(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	8.936	7.582	6.956
Total Non-current Liabilities (3)	10.643	18.991	28.035
(4) Current Liabilities
(a) Short term borrowings	70.727	74.925	38.705
(b) Trade payables	31.159	19.818	16.869
(c) Other current liabilities	31.526	29.347	30.128
(d) Short-term provisions	2.247	9.880	9.236
Total Current Liabilities (4)	135.659	133.970	94.938
TOTAL	379.671	446.394	372.915
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	48.744	54.305	57.454
(ii) Intangible Assets	2.938	1.478	4.401
(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	0.000	0.000	0.100
(c) Deferred tax assets (net)	4.692	5.397	7.429
(d) Long-term Loan and Advances	19.882	15.518	18.447
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	76.256	76.698	87.831
(2) Current assets
(a) Current investments	56.929	0.000	10.037
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	121.528	88.426	77.353
(d) Cash and cash equivalents	22.899	16.137	13.758
(e) Short-term loans and advances	19.922	210.454	139.521
(f) Other current assets	82.137	54.679	44.415
Total Current Assets	303.415	369.696	285.084
TOTAL	379.671	446.394	372.915

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	531.100	457.100	440.900
Less	EXPENSES
		TOTAL	402.300	385.100	371.700 (Including Depreciation and Financial Expenses)
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		128.800	72.000
Less	FINANCIAL EXPENSES		7.900	5.700
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		120.900	66.300
Less/ Add	DEPRECIATION/ AMORTISATION		6.600	9.900
Less	EXCEPTIONAL ITEMS		100.800	(0.200)
	PROFIT/ (LOSS) BEFORE TAX		13.500	56.600	69.200
Less	TAX		3.400	13.300	8.300
	PROFIT/ (LOSS) AFTER TAX		10.100	43.300	60.900
	EARNINGS IN FOREIGN CURRENCY		524.000	432.200	440.200
	Earnings / (Loss) Per Share (Rs.)		2.45	10.06	14.15

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.90	9.47	13.81
Return on Total Assets (PBT/Total Assets}	(%)	3.60	12.83	18.94
Return on Investment (ROI) (PBT/Networth)		0.06	0.19	0.28
Debt Equity Ratio (Total Debt/Networth)		0.31	0.29	0.24
Current Ratio (Current Asset/Current Liability)		2.24	2.76	3.00

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	43.033	43.033	41.270
Reserves & Surplus	206.909	250.400	192.099
Net worth	249.942	293.433	233.369
long-term borrowings	21.079	11.409	1.707
Short term borrowings	38.705	74.925	70.727
Total borrowings	59.784	86.334	72.434
Debt/Equity ratio	0.239	0.294	0.310

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	440.900	457.100	531.100
		3.674	16.189

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	440.900	457.100	531.100
Profit	60.900	43.300	10.100
	13.81%	9.47%	1.90%

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	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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10217408	22/07/2013 *	135,500,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B82294141
2	10033690	15/04/2014 *	182,400,000.00	KOTAK MAHINDRA BANK LIMITED	27BKC, C 27, G BLOCK, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI, MAHARASHTRA - 400051, INDIA	C03988862
3	80042095	30/01/2006	20,000,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A NARIMAN BHAVAN, 227, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	-
4	80005538	05/06/2006 *	10,000,000.00	KOTAK MAHINDRA BANK LIMITED	27BKC, C 27, G BLOCK, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI, MAHARASHTRA - 400051, INDIA	-
5	90144142	23/10/2002	524,160.00	KOTAK MAHINDRA FINANCE LIMITED	38A; NARIMAN BHAVAN, 227; NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	-
6	90147657	23/03/2001	388,700.00	KOTAK MAHINDRA FINANCE LIMITED	5-C; II MITHAL COURT, 224; NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	-

* Date of charge modification

CHANGE OF ADDRESS

The registered office of the company has been shifted from 2nd Floor, Sumer Plaza, Near Temptation Restaurant, Marol Maroshi Road, Andheri (East), Mumbai – 400059, Maharashtra, India to the present address w.e.f. 27.03.2012.

OPERATION REVIEW AND BUSINESS OUTLOOK:

SALES GROWTH

The overall consolidated revenue for the year was Rs. 5,311 lakhs as against Rs. 4,571 lakhs in the corresponding previous year. Platform Business revenue for the year was Rs. 892 lakhs as against Rs. 366 Lakhs in the corresponding previous year. Year on Year Platform Buisness revenue grew by 144%.

BUSINESS AND OPERATIONS REVIEW:

The Company has delivered a strong performance in terms of revenue and profitability growth. Year-onyear, revenue grew by 16% and EBIDTA grew by 79%. This has achieved by signing new customers, growing existing customers, and focusing on margin expansion.

SERVICES BUSINESS:

On the service side, the company improved its performance with continuous focus on cost reduction, cost rationalization, optimization of productivity, and reduction of the bench, thereby keeping overheads and margins under check. The costs were controlled efficiently, increasing the revenue margins in the business.

They continue to participate in high visibility events to build the brand and demonstrate their capabilities to a global customer base across the US and Europe. The Company will continue to focus on strengthening its customer base and rejuvenating existing relationships with customers in the key verticals.

PLATFORM-BASED BUSINESS

The Company continues to invest in the two platforms under the brand names Kitaboo and Dictera.

 Kitaboo eBook Platform and Player: Kitaboo is a cloud-based platform that streamlines multiformat, multi-platform DRM-enabled ebook production. With Kitaboo, clients can create richebooks for different platforms (PC/Mac, Android, Apple’s IOS) and in multiple formats (Flash/XML, ePUB, native iOS, Android). The Kitaboo platform is one of the most exciting products of Hurix.

 Dictera: It is a cloud-based, collaborative digital content authoring, management, and publishing platform. Dictera allows their clients to create engaging, interactive, and media rich digital elearning content and publish it to multiple platforms (PC/Mac, iOS, Android) and in multiple formats (Flash/XML, HTML, native iOS and Android formats).

These platforms are significantly adding value to their customers in the education and publishing segments, who are going through business transformation. The objective behind investing in new products is to help their clients to rapidly capitalize on changing technology environments.

During the year, they have signed up a number of marquee clients for both the platforms and they expect these platforms to be significant business drivers in the coming years.

FIXED ASSETS

Tangible Assets

· Furniture and Fixtures

· Office Equipment

· Computers

· Leasehold Improvements

· Buildings

· Motor Car

Intangible Assets

· Computer Software - Acquired

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.61.62
UK Pound	1	Rs.99.12
Euro	1	Rs.78.89

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	RAS
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	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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.