MIRA INFORM REPORT

Report No. :	301822
Report Date :	07.01.2015

IDENTIFICATION DETAILS

Name :	HACKETT GROUP (INDIA) LIMITED (w.e.f. 03.11.2008)
Formerly Known As :	ANSWERTHINK (INDIA) LIMITED CLEARPATH SYSTEMS LIMITED
Registered Office :	# 1-55/4/RP/L1/W1 and W2, Plot # 6, Raja Praasadamu, Kondapur, Hyderabad – 500084, Telangana
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	23.05.1997
Com. Reg. No.:	36-027166
Capital Investment / Paid-up Capital :	Rs.11.506 Millions
CIN No.: [Company Identification No.]	U72200TG1997FLC027166
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject provides technology and business consulting services.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 300000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations seem to be fair. Business is active. Payment terms are reported as usually correct. In view of prominent parentage, 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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 DENIED

Management Non Co-operative (91-40-44884000)

LOCATIONS

Registered Office :	# 1-55/4/RP/L1/W1 and W2, Plot # 6, Raja Praasadamu, Kondapur, Hyderabad – 500084, Telangana, India
Tel. No.:	91-40-44884000
Fax No.:	91-40-44884224
E-Mail :	sbommireddy@thehackettgroup.com
Website :	www.thehackettgroup.com

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Satya Dev Bommireddy

Designation :

Director

Address :

6-3-597/D/9, Venkataramana Colony, khairatabad, Hyderabad - 500004, Andhra Pradesh, India

Date of Birth/Age :

25.08.1967

Date of Appointment :

13.12.2002

DIN No.:

00009425

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	U72200TG1997FLC027166	HACKETT GROUP (INDIA) LIMITED	Director	31/12/2002	31/12/2002	-	Active	NO
2	U40108AP2010PTC067338	NEOSOLAR SYSTEMS PRIVATE LIMITED	Director	03/03/2010	03/03/2010	-	Strike off	NO
3	U40300AP2010PTC067816	GEOPEAK ENERGY (INDIA) PRIVATE LIMITED	Director	05/04/2010	05/04/2010	-	Strike off	NO

Name :

Mr. Frank Anthony Zomerfeld

Designation :

Director

Address :

16610 SW 77^th Court, Palmetto Bay Florida, 33157, United States of America

Date of Birth/Age :

17.05.1965

Date of Appointment :

03.05.2004

DIN No.:

00297377

Name :

Mr. David Nowlin Dungan

Designation :

Director

Address :

660 N. Sheridan Road, Lake Forest Il, 60045, United States of America

Date of Birth/Age :

18.05.1953

Date of Appointment :

03.05.2004

DIN No.:

00297600

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares
The Hackett Group Inc	1150594
Beacon Analytics Inc	1
Gcsb Acquisition Corp (Fla)	1
Epic Acquisition Cow	1
Cft Consulting Inc (Fla)	1
The Hackett Group Inc	1
Answerthink Florida Inc	1
Total	1150600

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

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	100.00

BUSINESS DETAILS

Line of Business :	Subject provides technology and business consulting services.
Products / Services :	Technology and Business Consulting Services
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

Not Available

Facilities :

--

Banking Relations :	--
Auditors :
Name :	Walker Chandiok and Company LLP Chartered Accountants
Address :	7^th Floor, Block III, White House, Kundan Bagh, Begumpet, Hyderabad – 500016, Andhra Pradesh, India
Tel. No.:	91-40-66308200
Fax No.:	91-40-66308230
PAN No.:	AAAFW4298E
Membership :	--
Holding Company :	The Hackett Group, Inc., USA

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2250000	Equity Shares	Rs.10/- each	Rs.22.500 Millions
1000000	Preference Shares	Rs.10/- each	Rs.10.000 Millions
	Total		Rs. Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1150600	Equity Shares	Rs.10/- each	Rs.11.506 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	11.506	11.506	11.506
(b) Reserves & Surplus	92.396	68.518	59.613
(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)	103.902	80.024	71.119
(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	2.250	1.319	1.355
Total Non-current Liabilities (3)	2.250	1.319	1.355
(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	7.016	6.041	10.776
(d) Short-term provisions	4.252	3.756	3.240
Total Current Liabilities (4)	11.268	9.797	14.016
TOTAL	117.420	91.140	86.490
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	8.626	12.710	9.045
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	9.462
(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)	1.571	1.275	1.814
(d) Long-term Loan and Advances	6.465	6.195	6.628
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	16.662	20.180	26.949
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	77.728	60.016	17.284
(d) Cash and cash equivalents	17.207	4.259	37.399
(e) Short-term loans and advances	5.509	6.249	4.152
(f) Other current assets	0.314	0.436	0.706
Total Current Assets	100.758	70.960	59.541
TOTAL	117.420	91.140	86.490

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	202.886	192.287	174.238
		Other Income	4.165	0.563	1.878
		TOTAL	207.051	192.850	176.116
Less	EXPENSES
		Employee Benefits Expenses	141.906	148.425	130.414
		Other Expenses	25.393	23.689	22.527
		TOTAL	167.299	172.114	152.941
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		39.752	20.736	23.175
Less	DEPRECIATION/ AMORTISATION		4.071	6.137	2.475
	PROFIT/(LOSS) BEFORE TAX		35.681	14.599	20.700
Less	TAX		11.803	5.695	6.868
	PROFIT/(LOSS) AFTER TAX		23.878	8.904	13.832
	IMPORTS – C.I.F. BASIS		0.000	0.000	10.730
	Earnings Per Share (Rs.)		20.75	7.74	12.02

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	11.77	4.63	7.94
Return on Total Assets (PBT/Total Assets}	(%)	30.80	16.25	27.52
Return on Investment (ROI) (PBT/Networth)		0.34	0.18	0.29
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		8.94	7.24	4.25

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	11.506	11.506	11.506
Reserves & Surplus	59.613	68.518	92.396
Net worth	71.119	80.024	103.902
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	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	174.238	192.287	202.886
		10.359	5.512

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	174.238	192.287	202.886
Profit	13.832	8.904	23.878
	7.94%	4.63%	11.77%

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	Yes
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	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	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

NO CHARGES EXIST FOR COMPANY.

FIXED ASSETS:

· Furniture and Fixture

· Office Equipment

· Computer

· Vehicles

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.63.39
UK Pound	1	Rs.96.72
Euro	1	Rs.75.80

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	SUB
Report Prepared by :	NKT

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
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--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		49

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.