MIRA INFORM REPORT

Report No. :	355193
Report Date :	22.12.2015

IDENTIFICATION DETAILS

Name :	INGENUITY GAMING PRIVATE LIMITED (w.e.f. 03.09.2012)
Formerly Known As :	ISHIR INFOTECH PRIVAE LIMITED
Registered Office :	21B-1, Friends Colony (West), New Delhi – 110065
Tel. No.:	91-120-4119961
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	02.03.2000
Com. Reg. No.:	55-104119
Capital Investment / Paid-up Capital :	Rs. 2.200 Million
CIN No.: [Company Identification No.]	U72900DL2000PTC104119
IEC No.:	0501019545
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACI6767P
Legal Form :	Private Limited Liability Company
Line of Business :	Providing complete solution for game development. [Confirmed by management]
No. of Employees :	240 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 170000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2000 and it is having satisfactory track record. The rating takes consideration on company’s satisfactory financial risk profile characterized by low leverage, comfortable debt coverage indicators along with strong liquidity position. The rating further takes consideration on company’s steady growth into is revenue over the years and maintaining good profitability margin from its operations backed by long experience of the promoters. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Pravesh Singhal
Designation :	Finance Controller
Contact No.:	91-120-4119961
Date :	22.12.2015

LOCATIONS

Registered Office :	21B-1, Friends Colony (West), New Delhi – 110065, India
Tel. No.:	91-120-4119961
Fax No.:	Not Available
E-Mail :	psinghal@ingenuitygaming.com sswarup@ingenuitygaming.com
Location :	Owned
Locality :	Commercial
Corporate Office :	F-14, Sector – B, Noida – 201301, Uttar Pradesh, India
Location :	Owned

DIRECTORS

AS ON 31.03.2015

Name :

Govind Swarup

Designation :

Director

Address :

21-B/1, Friends Colony(West), New Delhi - 110065, India

Date of Birth/Age :

20.01.1951

Date of Appointment :

22.06.2007

DIN No.:

00003145

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	U15209UP1970PTC003344	HARSHA DAIRIES PRIVATE LIMITED	Director	10/11/1979	10/11/1979	-	Active	NO
2	U01122UP1970PTC003343	HARAR FOODS PRODUCTS PRIVATE LIMITED	Director	10/11/1979	10/11/1979	11/08/2014	Active	NO
3	U34102UP1960PTC002812	MEENAKSHI INDUSTRIES AND FINANCE PRIVATE LIMITED	Director	10/11/1979	10/11/1979	-	Active	NO
4	L65929DL1947PLC001240	P N B FINANCE AND INDUSTRIES LIMITED	Director	29/06/1984	29/06/1984	-	Active	NO
5	U01110MH1979PTC099792	KALPATARU BOTANICAL GARDENS PRIVATE LIMITED	Director	21/01/1988	21/01/1988	-	Active	NO
6	U21011UP1961PLC002861	SVP INDUSTRIES LIMITED	Managing director	01/03/1992	01/03/1992	-	Active	NO
7	U74899DL1994PTC058738	MANSURPUR SALE & SERVICES PRIVATE LIMITED	Director	02/05/1994	02/05/1994	-	Active	NO
8	U99999MH1980PTC099787	GOMATESHWAR INVESTMENTS PRIVATE LIMITED	Director	20/11/2002	20/11/2002	-	Active	NO
9	U93098DL2006PLC148520	JACARANDA CORPORATE SERVICES LIMITED.	Director	20/05/2006	20/05/2006	-	Active	NO
10	U99999DL1961PLC003570	Friends Club Limited	Director	17/09/2006	17/09/2006	25/09/2011	Active	NO
11	U72900DL2000PTC104119	INGENUITY GAMING PRIVATE LIMITED	Director	22/06/2007	22/06/2007	-	Active	NO
12	U72900DL2009PTC188772	Mediarun Digital Private Limited	Director	24/03/2009	24/03/2009	-	Active	NO
13	U93000DL2011PTC213491	INGENUITY E SERVICES PRIVATE LIMITED	Director	07/02/2011	07/02/2011	-	Active	NO
14	U72900DL2008PTC182697	ISHIR DIGITAL PRIVATE LIMITED	Director	25/04/2011	25/04/2011	-	Active	NO
15	U15549DL1996PLC079678	PEARL BEVERAGES LIMITED	Director	30/09/2015	26/03/2015	-	Active	NO
16	U15541DL1988PTC170355	PEARL BOTTLING PRIVATE LIMITED	Director	30/09/2015	31/03/2015	-	Active	NO

Name :

Anant Vikram Swarup

Designation :

Director

Address :

Rambagh Jansath Road,, Muzaffarnagar - 251001, Uttar Pradesh, India

Date of Appointment :

29.05.2015

DIN No.:

02177495

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	U34102UP1960PTC002812	MEENAKSHI INDUSTRIES AND FINANCE PRIVATE LIMITED	Additional director	16/01/2009	16/01/2009	-	Active	NO
2	U93000DL2011PTC213491	INGENUITY E SERVICES PRIVATE LIMITED	Director	07/02/2011	07/02/2011	-	Active	NO
3	U72900DL2009PTC188772	Mediarun Digital Private Limited	Managing director	01/04/2011	01/04/2011	-	Active	NO
4	U72900DL2000PTC104119	INGENUITY GAMING PRIVATE LIMITED	Director	29/05/2015	29/05/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Pravesh Singhal
Designation :	Finance Controller

MAJOR SHAREHOLDERS

AS ON 31.03.2015

Names of Shareholders	No. of Shares
Govind Swarup	120000
Sidharth Kumar Swarup	100000
Total	220000

Equity Share Break up (Percentage of Total Equity)

AS ON 31.03.2015

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Providing complete solution for game development. [Confirmed by management]
Products :	Not Divulged
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Testing Services
Countries :	UK USA European Countries Gulf Countries Singapore
Imports :	Not Divulged
Terms :
Selling :	Cash and Credit (30/60/90 days)
Purchasing :	Cash and Credit (30/60/90 days)

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

240 (Approximately)

Bankers :

Banker Name	Citi Bank
Branch Address	Cannaught Place, New Delhi, India
Person Name (With Designation)	Not Divulged
Contact Number	91-11-42545557
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Concern person was not available

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
From Bank	3.649	0.488
Other	0.874	1.660
SHORT TERM BORROWING
Standard Chartered Bank	2.266	0.000
Kotak Mahindra Bank	0.836	0.000
Total	7.625	2.148

Auditors :
Name :	Dewan P. N. Chopra and Company Chartered Accountants
Address :	H-57, Couught Circus, New Delhi – 110001, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFD1961D
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Median Run Search Limited Ingenuity E Services Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
220000	Equity Shares	Rs.10/- each	Rs. 2.200 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2.200	2.200	2.200
(b) Reserves & Surplus	58.199	43.444	30.935
(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)	60.399	45.644	33.135
(3) Non-Current Liabilities
(a) long-term borrowings	4.523	2.148	3.180
(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	0.000	0.000	0.000
Total Non-current Liabilities (3)	4.523	2.148	3.180
(4) Current Liabilities
(a) Short term borrowings	3.102	0.000	0.000
(b) Trade payables	12.819	7.832	1.000
(c) Other current liabilities	2.108	1.312	6.366
(d) Short-term provisions	0.000	0.000	0.820
Total Current Liabilities (4)	18.029	9.144	8.186
TOTAL	82.951	56.936	44.501
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	23.186	10.757	10.486
(ii) Intangible Assets	2.360	1.067	0.011
(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	42.802	30.464	15.887
(c) Deferred tax assets (net)	0.981	0.128	0.222
(d) Long-term Loan and Advances	5.976	4.414	3.949
(e) Other Non-current assets	0.050	0.050	0.050
Total Non-Current Assets	75.355	46.880	30.605
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1.264	1.160	0.832
(c) Trade receivables	3.653	3.629	9.899
(d) Cash and cash equivalents	0.213	4.142	2.449
(e) Short-term loans and advances	0.251	0.103	0.362
(f) Other current assets	2.215	1.022	0.354
Total Current Assets	7.596	10.056	13.896
TOTAL	82.951	56.936	44.501

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	159.426	108.037	70.089
	Other Income	3.481	1.030	1.338
	TOTAL	162.907	109.067	71.427
Less	EXPENSES
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	-0.104	-0.328	0.154
	Employees benefits expense	88.454	58.800	30.620
	Other expenses	39.371	24.757	16.933
	TOTAL	127.721	83.229	47.707
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	35.186	25.838	23.720
Less	FINANCIAL EXPENSES	0.823	0.519	0.529
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	34.363	25.319	23.191
Less/ Add	DEPRECIATION/ AMORTISATION	10.422	3.538	2.808
	PROFIT/ (LOSS) BEFORE TAX	23.941	21.781	20.383
Less	TAX	7.859	7.986	3.561
	PROFIT/ (LOSS) AFTER TAX	16.082	13.795	16.822
	Earnings Per Share (Rs.)	73.10	62.71	76.47

Expected Sales (2015-16): Rs. 150.000 Million

The above information has been parted by Mr. Pravesh Singhal (Finance Controller)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	33.660	31.583	NA
Net cash flows from (used in) operations	25.705	28.183	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	10.09	12.77	24.00
Operating Profit Margin (PBIDT/Sales)	(%)	22.07	23.92	33.84
Return on Total Assets (PBT/Total Assets}	(%)	61.12	82.68	71.79
Return on Investment (ROI) (PBT/Networth)		0.40	0.48	0.62
Debt Equity Ratio (Total Debt /Networth)		0.13	0.05	0.10
Current Ratio (Current Asset/Current Liability)		0.42	1.10	1.70

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	2.200	2.200	2.200
Reserves & Surplus	30.935	43.444	58.199
Net worth	33.135	45.644	60.399
long-term borrowings	3.180	2.148	4.523
Short term borrowings	0.000	0.000	3.102
Total borrowings	3.180	2.148	7.625
Debt/Equity ratio	0.096	0.047	0.126

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	70.089	108.037	159.426
		54.143	47.566

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	70.089	108.037	159.426
Profit	16.822	13.795	16.082
	24.00%	12.77%	10.09%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10555256	17/03/2015	10,000,000.00	KOTAK MAHINDRA BANK LIMITED	27BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai, Maharashtra - 400051, INDIA	C46777231

* Date of charge modification

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2015
Demand of entry tax under UP Trade Tax Act, 1948	0.063
Bank Guarantee	0.005
Total	0.113

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. 66.32
UK Pound	1	Rs. 98.99
Euro	1	Rs. 72.13

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	KAS
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.