MIRA INFORM REPORT

Report No. :	307054
Report Date :	11.02.2015

IDENTIFICATION DETAILS

Name :	SP SOFTWARE PRIVATE LIMITED
Registered Office :	Thrushna, Plot No: 7, 3rd and 4th Floor, Software Units Layout, Infocity, Madhapur, Hyderabad – 500081, Telangana
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	05.06.1995
Com. Reg. No.:	36-020593
Capital Investment / Paid-up Capital :	Rs.74.758 Millions
CIN No.: [Company Identification No.]	U72200TG1995PTC020593
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCS8407N
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Consulting, Technology and Outsourcing Services.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 1050000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The company has shown a significant growth in its profit of the company during FY 2014. General financial position of company is good. Trade relations are reported as fair. Business is active. Payment terms 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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

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 31-03-2014.

INFORMATION PARTED BY

Name :	Ms. Sukeshimi
Designation :	MD’s Secretary
Contact No.:	91 -40-23117779
Date :	09.02.2015

LOCATIONS

Registered Office :	Thrushna, Plot No: 7, 3rd and 4th Floor, Software Units Layout, Infocity, Madhapur, Hyderabad – 500081, Telangana, India
Tel. No.:	91 -40-23117779
Fax No.:	91-40-23115559
E-Mail :	spsoft@spsoftglobal.com sales@spsoftglobal.com support@spsoftglobal.com careers@spsoftglobal.com webmaster@spsoftglobal.com
Website :	http://www.spsoftglobal.com
Location :	Rented
Overseas Offices :	Located At US Canada

DIRECTORS

As on 26.09.2013

Name :

Mr. Pulla Sagireddy Reddy

Designation :

Managing Director

Address :

Flat No 103, Swarna Heavens, JV Construction, Road No 14, Hyderabad - 500034, Telangana, India

Date of Birth/Age :

12.07.1967

Date of Appointment :

05.06.1995

DIN No.:

00899051

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	U72200TG1995PTC020593	SP SOFTWARE PRIVATE LIMITED	Managing director	05/06/1995	05/06/1995	-	Active	NO
2	U72200TG1998PTC029733	JP INFORMATICS PRIVATE LIMITED	Managing director	10/07/1998	10/07/1998	-	Active	NO
3	U72200TG2000PLC034055	YBRANT DIGITAL LIMITED	Additional director	01/12/2006	01/12/2006	-	Amalgamated	NO
4	U72200TG2006PTC051963	SP SOFT DIGITAL MEDIA PRIVATE LIMITED	Managing director	12/12/2006	12/12/2006	-	Active	NO
5	U72200TG2007PTC055507	EMBEDDED IT SOLUTIONS (INDIA) PRIVATE LIMITED	Managing director	01/04/2012	13/09/2007	-	Active	NO
6	U14200TG2011PTC075926	NORTHSTAR CALCITE PRIVATE LIMITED	Director	11/08/2011	11/08/2011	-	Active	NO
7	L64203TG1999PLC030996	LYCOS INTERNET LIMITED	Director	26/12/2012	26/06/2012	24/06/2013	Active	NO
8	U85110TN2013PTC093404	ETERNAL HOSPITALS PRIVATE LIMITED	Director	21/10/2013	21/10/2013	-	Active	NO

Name :

Mr. Sagireddy Devasena

Designation :

Director

Address :

Flat No 103, Swarna Heavens, JV Construction, Road No 14, Hyderabad - 500034, Telangana, India

Date of Birth/Age :

14.08.1976

Date of Appointment :

05.06.1995

DIN No.:

00911332

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	U72200TG1995PTC020593	SP SOFTWARE PRIVATE LIMITED	Director	05/06/1995	05/06/1995	-	Active	NO
2	U72200TG1998PTC029733	JP INFORMATICS PRIVATE LIMITED	Managing director	08/07/2002	08/07/2002	-	Active	NO
3	U72200TG2006PTC051963	SP SOFT DIGITAL MEDIA PRIVATE LIMITED	Director	12/12/2006	12/12/2006	-	Active	NO
4	U72200TG2007PTC055507	EMBEDDED IT SOLUTIONS (INDIA) PRIVATE LIMITED	Director	31/05/2011	31/05/2011	-	Active	NO

Name :

Amudalapadu Jitender Reddy

Designation :

Director

Address :

Plot No 8, J R Towers, Road No 2, Banjara Hills, Hyderabad - 500034, Telangana, India

Date of Birth/Age :

26.06.1954

Date of Appointment :

21.03.2007

DIN No.:

01613813

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	U45200TG2005PTC045228	J.R. INFRASTRUCTURE PRIVATE LIMITED	Director	02/02/2005	02/02/2005	-	Dormant	NO
2	U72200TG1995PTC020593	SP SOFTWARE PRIVATE LIMITED	Director	21/03/2007	21/03/2007	-	Active	NO

Name :

Mr. Jayaram Subramanian

Designation :

Director

Address :

6-3-1216/82and83 502 Msrs Kunwar Rani Palace, Methodist Colony Begum Pet, Hyderabad - 500016, Telangana, India

Date of Birth/Age :

20.01.1968

Date of Appointment :

01.02.2000

DIN No.:

01958965

Name :

Dontha Ramesh Kumar

Designation :

Director

Address :

Plot No-70, Shringeri Colony, Mohan Nagar, Hyderabad - 500036, Telangana, India

Date of Birth/Age :

15.03.1963

Date of Appointment :

01.04.2003

DIN No.:

02273158

KEY EXECUTIVES

Name :	Ms. Sukeshimi
Designation :	MD’s Secretary

MAJOR SHAREHOLDERS

As on 26.09.2013

Names of Shareholders	No. of Shares	% of Holding
Pulla Sagireddy Reddy	6019040	80.50
Sagireddy Devasena	588170	7.87
S. Narapa Reddy	32450	0.43
Jayaram Subramanian	131100	1.75
M. Sukumar Reddy	385000	5.15
AJ Power Electronics, India	310000	4.15
Eranga Kumar	10000	0.15
Total	7475760	100.00

Equity Share Break up (Percentage of Total Equity)

As on 26.09.2013

Category	Percentage
Bodies corporate	95.85
Other top fifty shareholders	4.15
Total	100.00

BUSINESS DETAILS

Line of Business :	Providing Consulting, Technology and Outsourcing Services.
Products :	--
Brand Names :	--
Agencies Held :	--
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

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
Experience :	Not Divulged
Maximum Limit Dealt :	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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

No. of Employees :

200 (Approximately)

Bankers :

• HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel W, Mumbai – 400013, Maharashtra, India
• Syndicate Bank, Sarojini Devi Road Branch, 9-1-83 and 84, 1^st Floor, Amarchand Sarma Complex, Secunderabad – 500003, Telangana, India

Facilities :

--

Auditors :
Name :	Nalam and Associates Chartered Accountants
Address :	Ground Floor, Block 2, Cyber Pearl Hitech City, Madhapur, Hyderabad, Telangana, India
PAN No.:	AAHFN0653M
Memberships :	--
Collaborators :	--
Sister Concern :	Not Divulged

CAPITAL STRUCTURE

As on 26.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7475760	Equity Shares	Rs.10/- each	Rs.74.758 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	74.758	74.758	74.758
(b) Reserves & Surplus	292.861	264.535	254.893
(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)	367.619	339.293	329.651
(3) Non-Current Liabilities
(a) long-term borrowings	2.684	2.430	2.882
(b) Deferred tax liabilities (Net)	6.856	7.355	7.385
(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)	9.540	9.785	10.267
(4) Current Liabilities
(a) Short term borrowings	5.525	2.329	17.005
(b) Trade payables	48.641	24.574	37.487
(c) Other current liabilities	19.623	29.590	14.840
(d) Short-term provisions	24.376	11.081	8.968
Total Current Liabilities (4)	98.165	67.574	78.300
TOTAL	475.324	416.652	418.218
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	31.853	32.905	34.846
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	16.993	16.993	16.993
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	209.409	181.429	179.744
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	258.255	231.327	231.583
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	73.032	51.011	2.543
(c) Trade receivables	7.008	9.099	52.316
(d) Cash and cash equivalents	25.504	23.274	43.458
(e) Short-term loans and advances	111.525	101.941	93.318
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	217.069	185.325	191.635
TOTAL	475.324	416.652	423.218

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	275.750	237.275
		Other Income	18.238	15.920
		TOTAL (A)	293.988	253.195	208.526
Less	EXPENSES
		Cost of Materials Consumed	103.360	84.556
		Employee Benefits Expenses	102.347	93.730
		Other Expenses	32.955	41.892
		TOTAL (B)	238.662	220.178	191.395
					(Including Financial Expenses)
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		55.326	33.017
Less	FINANCIAL EXPENSES (D)		0.955	0.607
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		54.371	32.410	17.131
Less	DEPRECIATION/ AMORTISATION (F)		8.993	10.029	8.297
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		45.378	22.381	8.834
Less	TAX (H)		17.052	12.739	2.741
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		28.326	9.642	6.093
	EARNINGS IN FOREIGN CURRENCY		NA	33.861	NA
	Earnings / (Loss) Per Share (Rs.)		3.79	1.29	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	10.27	4.06	NA
Operating Profit Margin (PBDIT/Sales)	(%)	20.06	13.92	NA
Return on Total Assets (PBT/Total Assets}	(%)	9.90	5.60	2.17
Return on Investment (ROI) (PBT/Networth)		0.12	0.07	0.03
Debt Equity Ratio (Total Debt /Networth)		0.02	0.01	0.06
Current Ratio (Current Asset/Current Liability)		2.21	2.74	2.45

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	74.758	74.758	74.758
Reserves & Surplus	254.893	264.535	292.861
Share Application money pending allotment	0.000	0.000	0.000
Net worth	329.651	339.293	367.619
Long Term borrowings	2.882	2.430	2.684
Short Term borrowings	17.005	2.329	5.525
Total borrowings	19.887	4.759	8.209
Debt/Equity ratio	0.060	0.014	0.022

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
Total Income	208.526	253.195	293.988
		21.421	16.111

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Total Income	208.526	253.195	293.988
Profit	6.093	9.642	28.326
	2.92%	3.81%	9.64%

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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 CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10118944	01/07/2008	925,000.00	HDFC Bank Limited	HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India	A44006070
2	10112484	06/06/2008	350,000.00	Syndicate Bank	Sarojini Devi Road Branch, 9-1-83 & 84, 1st Floor, Amarchand Sarma Complex, Secunderabad, Andhra Pradesh - 500003, India	A41901307
3	10065939	08/08/2007	53,000,000.00	Syndicate Bank	Sarojinidevi Road Branch, 9-1-83 & 84, Ist Floor, Amarchand Sarma Complex, Secunderabad, Andhra Pradesh - 500003, India	A22179790

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.61.96
UK Pound	1	Rs.94.41
Euro	1	Rs.70.20

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	DIV
Report Prepared by :	VNT

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	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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		50

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.