MIRA INFORM REPORT

Report No. :	356285
Report Date :	22.12.2015

IDENTIFICATION DETAILS

Name :	PANGEA3 LEGAL DATABASE SYSTEMS PRIVATE LIMITED
Registered Office :	Level 3, Tower II, Phase II, Raiskaran Tech Park, Andheri-Kurla Road, Saki Naka, Andheri (East), Mumbai – 400072, Maharashtra
Tel. No.:	91-22-61803000
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	30.03.2006
Com. Reg. No.:	11-160867
Capital Investment / Paid-up Capital :	Rs. 16.726 Million
CIN No.: [Company Identification No.]	U72200MH2006PTC160867
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	MUMP21866F
PAN No.: [Permanent Account No.]	AADCP8581H
Legal Form :	Private Limited Liability Company.
Line of Business :	Subject is engaged in the business of providing information enabled services, professional and legal support services. [Registered Activity]
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

A (63)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will nots cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Pangea3 Legal Database Systems Private Limited is a wholly owned subsidiary of “Thomson Reuters Corporation Pte. Ltd. Singapore” which operates as a subsidiary of “Thomson Reuters Corporation”, a major multinational mass media and information firm founded in Toronto and based in New York City and Toronto. The company was incorporated in the year 2006 and it is engaged in the business of providing information technology enabled services, professional and legal support services. It is an established company having fine track. Rating takes into consideration company’s sound financial profile marked by its good profit margins, healthy networth base along with zero debt balance sheet profile of the company. Further, the rating considers company’s strong operational and financial support from its holding company and its well experienced team in the industry. In addition, “Thomson Reuters” was ranked 94^th in the US 500 for the year 2015 with brand value of USD 5,456 million and enterprise value of USD 38,570 million along with brand rating of AA. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. In view of strong financial position and support from holding company, the subject can be considered good for normal 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.

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 DENIED BY

Name :	Ms. Teera
Designation :	Office Executive
Contact No.:	91-22-61803000
Date :	21.12.2015s

LOCATIONS

Registered Office :	Level 3, Tower II, Phase II, Raiskaran Tech Park, Andheri-Kurla Road, Saki Naka, Andheri (East), Mumbai – 400072, Maharashtra, India
Tel. No.:	91-22-61803000
Fax No.:	91-22-61803020
E-Mail :	finance@pangea3.com www.panega3.com

DIRECTORS

AS ON 31.03.2015

Name :	Sai Mohan Ayyangar
Designation :	Whole-Time Director
Address :	A- 6/20, Flat No 4, Indra Dhanush,, Jeevan Bima Nagar, Borivali West, Mumbai - 400103, Maharashtra, India
Date of Birth/Age :	01.09.1973
Date of Appointment :	30.03.20.06
DIN No.:	00292158
Name :	Sriram Ramnarayan
Designation :	Director
Address :	B 1302, Atlantic Sagar, Sagar City, V P Road,, Off S V Road, Andheri (W), Mumbai - 400058, Maharashtra, India
Date of Birth/Age :	11.11.1967
Date of Appointment :	14.12.2011
DIN No.:	05101649
Name :	Paresh Prakash Hede
Designation :	Director
Address :	C 103,Vrindavan, Behind Dindoshi Bus Depot, Goregoan East, Mumbai - 400063, Maharashtra, India
Date of Birth/Age :	05.12.1964
Date of Appointment :	15.02.2012
DIN No.:	05198360
Name :	Naveen Gupta
Designation :	Director
Address :	193-B, Mig Flats, Rajouri Garden, New Delhi - 110027, India
Date of Birth/Age :	05.12.1964
Date of Appointment :	26.04.2012
DIN No.:	00085784

KEY EXECUTIVES

Name :	Ms. Teera
Designation :	Office Executive

MAJOR SHAREHOLDERS

AS ON 31.03.2015

Names of Shareholders	No. of Shares
Thomson Reuters Corporation Pte. Limited, Singapore	1672576
Thomson Reuters Corporation Pte. Limited, Singapore	1
Total	1672577

Equity Share Break up (Percentage of Total Equity)

AS ON 31.03.2015

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of providing information technology enabled services, professional and legal support services. [Registered Activity]
Products/ Services :	Information Technology Enabled Services Professional and Legal Support Services
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

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 :

Information declined by the management

Bankers :

Banker Name	Not Divulged
Branch Address	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
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)	Not Divulged

Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	5^th Floor, Tower D, The Millenia, 1 and 2 Murphy Road, Ulsoor, Bangalore – 560008, Karnataka, India
PAN N Income-tax PAN of auditor or auditor's firm :	AADFP9359C
Memberships :	Not Available
Collaborators :	Not Available
Fellow Subsidiary company :	Pangea3 Global Services Private Limited Pangea3 US LLC Reuters Limited UK Reuters Ltd Gulf,(RLG), Dubai TR Corp Pte Ltd(Prof)(TCPLP) Thomson Reuters (Professional) UK Limited Thomson Reuters Corp Pte Ltd-Php Br-MKT(TRCPLP) Thomson Reuters Corporation Pte Limited Thomson Reuters Holdings B.V Thomson Reuters India Services Private Limited West Publishing Crop (WPC), USA
Holdings :	Thomson Reuters Corporation Pte. Limited, Singapore Thomson Reuters Corporation, Ontario Thomson Reuters Finance S.A Thomson Reuters Holding Inc.
Ultimate Holding Company :	Woodbridge Company Limited Worldscope/Disclosure LLC

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs. 20.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1672577	Equity Shares	Rs.10/- each	Rs. 16.726 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	16.726	16.726	16.726
(b) Reserves & Surplus	621.560	479.497	382.089
(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)	638.286	496.223	398.815
(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	40.603	30.074	23.260
Total Non-current Liabilities (3)	40.603	30.074	23.260
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	5.108	10.690	7.943
(c) Other current liabilities	114.370	75.618	140.492
(d) Short-term provisions	21.546	14.733	13.806
Total Current Liabilities (4)	141.024	101.041	162.241
TOTAL	819.913	627.338	584.316
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	92.816	90.697	122.241
(ii) Intangible Assets	15.584	22.169	46.947
(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	0.000
(c) Deferred tax assets (net)	51.634	42.205	22.140
(d) Long-term Loan and Advances	172.262	96.135	97.721
(e) Other Non-current assets	0.025	0.000	0.000
Total Non-Current Assets	332.321	251.206	289.049
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	362.261	310.474	157.563
(d) Cash and cash equivalents	31.278	33.646	126.549
(e) Short-term loans and advances	38.614	14.278	9.449
(f) Other current assets	55.439	17.734	1.706
Total Current Assets	487.592	376.132	295.267
TOTAL	819.913	627.338	584.316

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	1602.553	1106.376
	Other Income	13.687	8.815
	TOTAL	1616.240	1115.191	1183.724
Less	EXPENSES
	Employees benefits expense	917.140	657.923
	Other expenses	394.509	219.561
	TOTAL	1311.649	877.484	1024.834
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	304.591	237.707	Including
				Financial
Less	FINANCIAL EXPENSES	0.049	0.028	And
				Depreciation
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	304.542	237.679	Expenses
Less/ Add	DEPRECIATION/ AMORTISATION	85.408	91.836
	PROFIT/ (LOSS) BEFORE TAX	219.134	145.843	158.890
Less	TAX	77.071	48.435	51.346
	PROFIT/ (LOSS) AFTER TAX	142.063	97.408	107.544
	IMPORTS
	Raw Materials	37.425	19.466	NA
	TOTAL IMPORTS	37.425	19.466	NA
	Earnings Per Share (Rs.)	84.94	58.24	64.30

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	NA	NA	NA
Net cash flows from (used in) operations	161.829	19.743	120.323

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	8.86	8.80	9.09
Operating Profit Margin (PBIDT/Sales)	(%)	19.01	21.49	0.00
Return on Total Assets (PBT/Total Assets}	(%)	28.52	24.92	28.26
Return on Investment (ROI) (PBT/Networth)		0.34	0.29	0.40
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		3.46	3.72	1.82

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	16.726	16.726	16.726
Reserves & Surplus	382.089	479.497	621.560
Net worth	398.815	496.223	638.286
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

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	1183.724	1115.191	1616.240
		(5.790)	44.929

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	1183.724	1115.191	1616.240
Profit	107.544	97.408	142.063
	9.09%	8.73%	8.79%

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	No
8	Designation of contact person	No
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)	No
16	No. of employees	No
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	No
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	No
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	No
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from Unit No. 102-B, Ground Floor, Leela Business Park Andheri Kurla Road, Andheri, Mumbai – 400059, Maharashtra, India to the present address.

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

• Furniture and fixtures
• Vehicles
• Computer equipments
• Leasehold improvements
• Motor vehicles
• 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. 66.32
UK Pound	1	Rs. 98.99
Euro	1	Rs. 72.13

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	HNA
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		63

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.