MIRA INFORM REPORT

Report No. :	307998
Report Date :	17.02.2015

IDENTIFICATION DETAILS

Name :	XL DYNAMICS INDIA PRIVATE LIMITED
Registered Office :	Unit No. 301/302, Building No.5, Sector-II, MBP, Mahape, Navi Mumbai – 400701, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	03.01.2005
Com. Reg. No.:	11-150359
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U72900MH2005PTC150359
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	IT and ITES Service provider offer a wide array of services including Mortgage Origination, Risk Analysis, Closing and Post Closing Activities, Servicing, Process Audits and IT services
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Financial position o the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings with 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 31-03-2014.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Sobhagramal Singhvi
Designation :	Director
Contact No.:	91-9324773336
Date :	14.02.2015

LOCATIONS

Registered Office :	Unit No. 301/302, Building No.5, Sector-II, MBP, Mahape, Navi Mumbai – 400701, Maharashtra, India
Tel. No.:	91-22-27781211
Mobile No.:	91-9324773336 (Sobhagramal Singhvi)
Fax No.:	Not Available
E-Mail :	india@xldynamics.com contact@cldynamics.co.in india@xldynamics.co.in
Website :	www.xldynamics.com

DIRECTORS

As on 30.09.2014

Name :	Sobhagya Mal Singhvi
Designation :	Director
Address :	2/144, Anand Bharti, Dr M B Raut Road, Shivaji Park, Mumbai – 400028, Maharashtra, India
Date of Appointment :	03.01.2005
DIN No.:	02063471
Name :	Mr. Chapala Sobhagya Singhvi
Designation :	Director
Address :	2/144, Anand Bharti, Dr M B Raut Road, Shivaji Park, Mumbai – 400028, Maharashtra, India
Date of Appointment :	03.01.2005
DIN No.:	02016941
Name :	Ms. Preeti Agarwal
Designation :	Director
Address :	19212 Bechad Ave, Californi, Cerritos, 90703, United State of America
Date of Appointment :	03.01.2005
DIN No.:	02291400
Name :	Mr. Pavan Agarwal
Designation :	Director
Address :	19212 Bechad Ave, Californi, Cerritos, 90703, United State of America
Date of Appointment :	03.01.2005
DIN No.:	02291529

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	%age holding
Preeti Agarwal	5000	50.00
Pavan Agarwal	5000	50.00
Total	10000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	IT and ITES Service provider offer a wide array of services including Mortgage Origination, Risk Analysis, Closing and Post Closing Activities, Servicing, Process Audits and IT services
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
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
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 :

50 (Approximately)

Bankers :

Bank Name	Not Divulged
Branch	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 :	Ashish H. Goyal and Company Chartered Accountants
Address :	Office No. 27, Second Floor, 381-F, Kalbadevi Road, Narottam Wadi, Mumbai – 400002, Maharashtra, India
Tel. No.:	91-22-32505858
Fax No.:	91-22-40229698
PAN N Income-tax PAN of auditor or auditor's firm :	AANFA5614P
Memberships :	--
Collaborators :	--
Related parties with whom there were transactions during the year and nature of relationship parties (as identified and certified by the management) :	Sun West Mortgage Company Inc Sobhagya Advertising Services Asian New Age Publishers Private Limited Sarvodaya Saving and Investment Company Private Limited Sobhagya Advertising Private Limited Newspaper advertising Agency Sobhagya Exports Private Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs. 0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs. 0.100 Million

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	0.100	0.100	0.100
(b) Reserves & Surplus	67.356	28.153	14.956
(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)	67.456	28.253	15.056
(3) Non-Current Liabilities
(a) long-term borrowings	16.800	16.800	16.800
(b) Deferred tax liabilities (Net)	4.053	2.206	0.501
(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)	20.853	19.006	17.301
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	55.995	27.687	1.691
(d) Short-term provisions	14.663	13.095	2.500
Total Current Liabilities (4)	70.658	40.782	4.191
TOTAL	158.967	88.041	36.548
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	57.352	50.545	20.104
(ii) Intangible Assets	10.091	4.028	0.025
(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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	67.443	54.573	20.129
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	37.863	10.878	9.208
(d) Cash and cash equivalents	18.721	10.226	6.631
(e) Short-term loans and advances	34.864	12.329	0.578
(f) Other current assets	0.076	0.035	0.002
Total Current Assets	91.524	33.468	16.419
TOTAL	158.967	88.041	36.548

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	NA	NA	NA
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
Less	EXPENSES	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	82.012	27.984	9.648
Less/ Add	DEPRECIATION/ AMORTISATION	23.437	8.445	2.001
	PROFIT/ (LOSS) BEFORE TAX	58.575	19.539	7.647
Less	TAX	19.372	6.343	2.168
	PROFIT/ (LOSS) AFTER TAX	39.203	13.196	5.479
	Earnings / (Loss) Per Share (Rs.)	3290.30	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	36.85	22.19	20.92
Return on Investment (ROI) (PBT/Networth)		0.87	0.69	0.51
Debt Equity Ratio (Total Debt /Networth)		0.25	0.59	1.12
Current Ratio (Current Asset/Current Liability)		1.30	0.82	3.92

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	0.100	0.100	0.100
Reserves & Surplus	14.956	28.153	67.356
Net worth	15.056	28.253	67.456
long-term borrowings	16.800	16.800	16.800
Short term borrowings	0.000	0.000	0.000
Total borrowings	16.800	16.800	16.800
Debt/Equity ratio	1.116	0.595	0.249

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS: NOT AVAILABLE

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	Yes
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	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	No
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

NOTE:

· INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

• Registered office of the company has been shifted from B-16, Bal Govind Cooperative Housing Society, Taiklwadi Near Badal Bijlee Cinema, Mahim, Mumbai – 400016, Maharashtra, India to the present address w.e.f. 12.02.2008

BUSINESS REVIEW AND FUTURE PROSPECTS:

During the year, The Company has performed fairly; they as IT and ITES Service provider offer a wide array of services including Mortgage Origination, Risk Analysis, Closing and Post Closing Activities, Servicing, Process Audits and IT services to their client whose customers are through out USA region.

In the coming year they are planning to further expand the operation, hoping to get more business from our clients and for meeting the requirements.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Loans from director	16.800	16.800
Total	16.800	16.800

FIXED ASSETS

Tangible Assets

• Building
• Computer hardware
• Furniture and Fixtures
• Office Equipment’s

Intangible Assets

• Computer Software

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.62.20
UK Pound	1	Rs.96.00
Euro	1	Rs.71.00

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUC
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		45

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.