MIRA INFORM REPORT

Report No. :	305351
Report Date :	30.01.2015

IDENTIFICATION DETAILS

Name :	INDIABULLS TECHNOLOGY SOLUTIONS LIMITED
Registered Office :	M-62 & 63, First Floor, Connaught Place, New Delhi - 110001
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	31.05.2011
Com. Reg. No.:	55-220071
Capital Investment / Paid-up Capital :	Rs. 0.500 Million
CIN No.: [Company Identification No.]	U72200DL2011PLC220071
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCI6243C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the business to providing business and technology consulting, application services, systems integration, product engineering, custom software development, maintenance, re-engineering, independent testing and validation services, IT infrastructure services, trading of computer hardware and business process outsourcing, etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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. There seems drastic dip in the profit of the company during 2014. However, general financial position of 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 dealing 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.

LOCATIONS

Registered Office :	M-62 & 63, First Floor, Connaught Place, New Delhi – 110001, India
Tel. No. :	91-11-30252900
Fax No. :	91-11-30252901
E-Mail :	kumarsachin@indiabulls.com
Website :	http://www.ibtechnology.com
Head Office :	Indiabulls House, Indiabulls Finance Centre, Senapati Bapat Marg, Elphinstone Road, Mumbai – 400013, Maharashtra, India
Tel. No. :	91-22-61899800
Corporate Office :	248, Udyog Vihar, Phase-IV, Gurgaon – 122015, Haryana, India
Tel. No.:	91-124-4345900/01/02
Regional Office :	Embassy Signet, 13/1, Kadubeesanahalli Varthur Hubli, Outer Ring Road, Bangalore – 560103, Karnataka, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Tejinderpal Singh Miglani

Designation :

Whole-time Director

Address :

A-1/166, Ground Floor, Safdarjung Enclave, New Delhi - 110029, India

Date of Birth/Age :

01.08.1974

Qualification :

B.Tech, M.B.A

Date of Appointment :

26.09.2012

PAN No.:

AEHPM5081N

DIN No. :

00051485

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	U74999DL2003PLC122874	INDIABULLS COMMODITIES LIMITED	Director	01-04-2004	01-04-2004	-	Active	NO
2	U72200DL2002PLC114257	INDIABULLS INSURANCE ADVISORS LIMITED	Director	01-04-2004	01-04-2004	-	Active	NO
3	L74999DL1995PLC069631	INDIABULLS SECURITIES LIMITED	Director	01-04-2004	01-04-2004	18-03-2008	Active	NO
4	U65929DL2004PLC130202	INDIABULLS CREDIT SERVICES LIMITED	Director	26-10-2004	26-10-2004	-	Amalgamated	NO
5	U45201DL2005PTC134232	INDIABULLS PROPERTIES PRIVATE LIMITED	Director	18-03-2005	18-03-2005	03-04-2007	Active	NO
6	U65993DL2005PLC134948	INDIABULLS CAPITAL SERVICES LIMITED	Director	13-04-2005	13-04-2005	12-01-2015	Active	NO
7	U70101DL2005PTC136028	INDIABULLS REAL ESTATE COMPANY PRIVATE LIMITED	Nominee director	09-06-2008	10-05-2005	01-09-2014	Active	NO
8	L65922DL2005PLC136029	INDIABULLS HOUSING FINANCE LIMITED	Director	14-01-2010	10-05-2005	23-08-2011	Active	NO
9	U45201DL2005PLC139676	INDIABULLS ESTATE LIMITED	Director	16-08-2005	16-08-2005	01-11-2008	Active	NO
10	U74899DL2005PTC142717	INDIABULLS INFRASTRUCTURE PRIVATE LIMITED	Director	21-11-2005	21-11-2005	04-10-2008	Active	NO
11	U72200DL2005PLC143654	NILGIRI FINANCIAL CONSULTANTS LIMITED	Director	14-12-2005	14-12-2005	-	Active	NO
12	U45203DL2006PLC146531	INDIABULLS ENGINEERING LIMITED	Director	20-02-2006	20-02-2006	15-11-2010	Active	NO
13	U70101DL2003PLC120425	NOBLE REALTORS LIMITED	Director	31-08-2006	01-06-2006	18-08-2008	Active	NO
14	U74900DL2007PLC164760	INDIABULLS ASSET HOLDING COMPANY LIMITED	Director	29-08-2008	14-06-2007	-	Active	NO
15	U70109DL2006PLC151172	SELENE INFRASTRUCTURE LIMITED	Director	01-09-2008	25-09-2007	15-11-2010	Active	NO
16	U66000DL2007PLC171001	INDIABULLS LIFE INSURANCE COMPANY LIMITED	Director	04-09-2008	03-12-2007	-	Active	NO
17	U67120DL2008PLC182140	INDIAN COMMODITY EXCHANGE LIMITED	Director	29-09-2009	18-08-2008	30-12-2009	Active	NO
18	U72200DL2011PLC220071	INDIABULLS TECHNOLOGY SOLUTIONS LIMITED	Whole-time director	26-09-2012	31-05-2011	-	Active	NO

Name :

Zeaul Arfin Khan

Designation :

Director

Address :

F-2, Plot No. 204, Sector - 4, Vaishali, Ghaziabad - 201012, Uttar Pradesh, India

Date of Birth/Age :

01.02.1973

Date of Appointment :

30.09.2014

DIN No. :

00473010

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	U70109DL2006PLC151128	CERES LAND DEVELOPMENT LIMITED	Director	19-07-2006	19-07-2006	04-08-2014	Active	NO
2	U70109DL2006PLC151133	VINDHYACHAL BUILDWELL LIMITED	Director	31-07-2007	19-07-2006	04-08-2014	Active	NO
3	U70109DL2006PLC151151	CERES INFRASTRUCTURE LIMITED	Director	19-07-2007	20-07-2006	04-08-2014	Active	NO
4	U70109DL2006PLC151145	CERES PROPERTIES LIMITED	Director	16-08-2007	20-07-2006	04-08-2014	Active	NO
5	U70109DL2006PLC151155	ATHENA BUILDWELL LIMITED	Director	14-08-2007	20-07-2006	04-08-2014	Active	NO
6	U70109DL2006PLC151150	ATHENA LAND DEVELOPMENT LIMITED	Director	20-08-2007	20-07-2006	04-08-2014	Active	NO
7	U70109DL2006PLC151384	VINDHYACHAL INFRASTRUCTURE LIMITED	Director	13-08-2007	28-07-2006	04-08-2014	Active	NO
8	U70109DL2006PLC151374	SHIVALIK LAND DEVELOPMENT LIMITED	Director	13-08-2007	28-07-2006	04-12-2008	Active	NO
9	U70109DL2006PLC151540	LUCINA POWER AND INFRASTRUCTURE LIMITED	Director	01-08-2007	02-08-2006	-	Active	NO
10	U70109DL2006PLC151702	FLORA LAND DEVELOPMENT LIMITED	Director	01-08-2007	05-08-2006	04-08-2014	Active	NO
11	U70109DL2006PLC151649	VINDHYACHAL LAND DEVELOPMENT LIMITED	Director	31-07-2007	05-08-2006	04-08-2014	Active	NO
12	U70109DL2006PLC151648	CERES ESTATE LIMITED	Director	06-08-2007	05-08-2006	04-08-2014	Active	NO
13	U70109DL2006PLC151650	CERES CONSTRUCTIONS LIMITED	Director	06-08-2007	05-08-2006	04-08-2014	Active	NO
14	U70109DL2006PLC151703	KARAKORAM BUILDWELL LIMITED	Director	21-08-2007	05-08-2006	04-08-2014	Active	NO
15	U70109DL2006PLC152060	AMADIS LAND DEVELOPMENT LIMITED	Director	17-08-2007	17-08-2006	04-08-2014	Active	NO
16	U74999DL2009PLC191143	INDIABULLS DISTRIBUTION SERVICES LIMITED	Director	12-06-2010	11-06-2009	09-07-2014	Active	NO
17	U70109DL2011PTC218653	CLETA CONSTRUCTIONS PRIVATE LIMITED	Director	05-05-2011	05-05-2011	22-08-2011	Active	NO
18	U70200DL2011PTC218659	CLETA INFRASTRUCTURE PRIVATE LIMITED	Director	05-05-2011	05-05-2011	22-08-2011	Active	NO
19	U72900DL2011PTC225700	PAIDIA SOFTINFO PRIVATE LIMITED	Director	28-09-2012	30-09-2011	04-08-2014	Active	NO
20	U72200DL2011PTC225731	PAIDIA CONCONNECTION PRIVATE LIMITED	Director	29-09-2012	30-09-2011	04-08-2014	Active	NO
21	U70109DL2012PTC236641	CALLEIS LAND DEVELOPMENT PRIVATE LIMITED	Director	29-05-2012	29-05-2012	03-07-2012	Active	NO
22	U70109DL2012PTC236648	CALLEIS INFRAESTATE PRIVATE LIMITED	Director	29-05-2012	29-05-2012	03-07-2012	Active	NO
23	U70102DL2012PTC237837	CALLEIS REALTECH PRIVATE LIMITED	Director	21-06-2012	21-06-2012	16-07-2012	Active	NO
24	U70109DL2012PTC239428	TUPELO LAND DEVELOPMENT PRIVATE LIMITED	Director	27-07-2012	27-07-2012	03-10-2012	Active	NO
25	U70200DL2012PTC239554	TUPELO CONSTRUCTIONS PRIVATE LIMITED	Director	30-07-2012	30-07-2012	06-10-2012	Active	NO
26	U70200DL2012PTC239761	TUPELO PROPERTIES PRIVATE LIMITED	Director	03-08-2012	03-08-2012	08-02-2013	Active	NO
27	U70200DL2009PTC196612	PRIAPUS CONSTRUCTIONS PRIVATE LIMITED	Director	30-09-2014	26-09-2013	-	Active	NO
28	U14200DL2011PTC213500	ERWAN MINING PRIVATE LIMITED	Director	30-09-2014	09-07-2014	-	Active	NO
29	U45207DL2008PLC180606	POENA POWER SOLUTIONS LIMITED	Director	24-09-2014	04-08-2014	-	Active	NO
30	U72200DL2011PLC220071	INDIABULLS TECHNOLOGY SOLUTIONS LIMITED	Director	30-09-2014	04-08-2014	-	Active	NO
31	U45400DL2007PLC163007	CITRA REAL ESTATE LIMITED	Whole-time director	30-09-2014	29-08-2014	-	Active	NO
32	U45300DL2007PLC163109	SEPSET CONSTRUCTIONS LIMITED	Director	30-09-2014	29-08-2014	-	Active	NO

Name :

Mr. Ashish Choudhary

Designation :

Director

Address :

914, Sector 14, Sonipat - 131001, Haryana, India

Date of Birth/Age :

24.10.1976

Date of Appointment :

30.09.2014

DIN No. :

00154699

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	U55209HR2008PTC038301	AAMER CUISINE PRIVATE LIMITED	Director	27-08-2008	27-08-2008	-	Strike off	NO
2	U72900DL2009PTC189767	DYNAMIC VISUAL TECHNOLOGIES PRIVATE LIMITED	Director	27-04-2009	27-04-2009	-	Strike off	NO
3	U74900HR2010PTC041155	HEADVANTAGE STANDARDS CERTIFICATION PRIVATE LIMITED	Director	06-09-2010	06-09-2010	-	Strike off	NO
4	U55101DL2011PTC212683	ALLIANCE FRANCHISINGFOOD PRIVATE LIMITED	Director	17-01-2011	17-01-2011	27-07-2014	Active	NO
5	U52100HR2011PTC043949	XERION RETAIL PRIVATE LIMITED	Director	23-09-2011	23-09-2011	01-10-2012	Active	NO
6	U72900DL2011PLC229278	ARCHALIA SOFTWARE SOLUTIONS LIMITED	Director	26-09-2012	26-12-2011	-	Active	NO
7	U51909HR2012PTC047324	BREN RETAIL PRIVATE LIMITED	Director	04-10-2012	04-10-2012	10-10-2012	Active	NO
8	U52300HR2012PTC047329	ALIX RETAIL PRIVATE LIMITED	Director	04-10-2012	04-10-2012	10-10-2012	Active	NO
9	U51504HR2012PTC047326	VILMOS CORPORATE SERVICES PRIVATE LIMITED	Director	04-10-2012	04-10-2012	10-10-2012	Active	NO
10	U72200DL2011PLC220071	INDIABULLS TECHNOLOGY SOLUTIONS LIMITED	Director	30-09-2014	15-05-2014	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Nomos Properties Private Limited, India	49994
Tejinderpal Singh Miglani*	1
Gaurav Sareen *	1
Hitnder Kumar*	1
Manish Rathi*	1
Arun Sangal*	1
Santosh Mittal*	1
Total	50000

Note:

* Held as a Nominee of Nomos Properties Private Limited, India

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business to providing business and technology consulting, application services, systems integration, product engineering, custom software development, maintenance, re-engineering, independent testing and validation services, IT infrastructure services, trading of computer hardware and business process outsourcing, etc.

Products :

Item Code No. (ITC Code)	Product Description
99831326	Systems integration, systems maintenance, packaged software implementation, packaged IT software services and support Services

Brand Names :

--

Agencies Held :

--

Exports :

--

Imports :

--

Terms :

--

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :	Not Available
Customers :	Not Available
No. of Employees :	Not Available
Bankers :	· HDFC Bank Limited, Senapati Bapat Road, Lower Parel (West), Mumbai - 400013, Maharashtra, India The Ratnakar Bank Limited, Shahupuri, Kolhapur - 416001, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	Sharma Goel and Company LLP Chartered Accountants
Address :	A-47, Lower Ground Floorhauz Khas, New Delhi – 110016, India
Income-tax PAN of auditor or auditor's firm :	AABFS1604B
Memberships :	--
Collaborators :	--
Holding Company:	Indiabulls Wholesale Services Limited, India CIN No.: L51101DL2007PLC166209
Subsidiary Company :	· IB Technology Solutions, Inc. IB Technology (Pty.) Limited ITSL Holdings (Mauritius) Limited Archalia Software Solutions Limited CIN No.: U72900DL2011PLC229278
Fellow Subsidiary Company :	Store One Retail India Limited CIN No.: L52190DL2005PLC181536

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
500,000	Equity Shares	Rs.10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50,000	Equity Shares	Rs.10/- each	Rs. 0.500 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	0.500	0.500	0.500
(b) Reserves & Surplus	141.369	134.272	83.279
(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)	141.869	134.772	83.779
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	5.000	0.000
(b) Deferred tax liabilities (Net)	0.672	1.157	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	22.866	18.593	14.509
Total Non-current Liabilities (3)	23.538	24.750	14.509
(4) Current Liabilities
(a) Short term borrowings	91.907	0.000	0.000
(b) Trade payables	12.674	8.022	1.704
(c) Other current liabilities	147.072	77.941	16.885
(d) Short-term provisions	0.739	1.235	10.411
Total Current Liabilities (4)	252.392	87.198	29.000
TOTAL	417.799	246.720	127.288
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	67.588	50.302	2.618
(ii) Intangible Assets	2.385	2.624	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	24.101	24.101	24.101
(c) Deferred tax assets (net)	0.000	0.000	1.449
(d) Long-term Loan and Advances	30.766	55.717	9.554
(e) Other Non-current assets	1.189	0.195	0.100
Total Non-Current Assets	126.029	132.939	37.822
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.421	4.375	0.000
(c) Trade receivables	178.236	59.728	35.014
(d) Cash and cash equivalents	40.419	12.274	21.664
(e) Short-term loans and advances	72.433	37.397	32.788
(f) Other current assets	0.261	0.007	0.000
Total Current Assets	291.770	113.781	89.466
TOTAL	417.799	246.720	127.288

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	618.755	473.471	319.241
		Other Income	6.949	4.250	1.229
		TOTAL (A)	625.704	477.721	320.470
Less	EXPENSES
		Purchases of Stock-in-Trade	13.799	5.701	0.000
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	3.954	(4.375)	0.000
		Employees benefits expense	513.113	323.406	159.935
		Other expenses	76.982	72.086	37.538
		TOTAL (B)	607.848	396.818	197.473
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		17.856	80.903	122.997
Less	FINANCIAL EXPENSES (D)		0.659	2.904	0.027
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		17.197	77.999	122.970
Less/ Add	DEPRECIATION/ AMORTISATION (F)		10.585	5.421	0.170
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		6.612	72.578	122.800
Less	TAX (H)		(0.486)	21.586	39.521
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		7.098	50.992	83.279
	EARNINGS IN FOREIGN CURRENCY		296.203	72.239	1.716
	Earnings / (Loss) Per Share (Rs.)		141.95	1019.84	1665.59

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.15	10.77	26.09
Operating Profit Margin (PBDIT/Sales)	(%)	2.89	17.09	38.53
Return on Total Assets (PBT/Total Assets}	(%)	1.68	32.60	120.70
Return on Investment (ROI) (PBT/Networth)		0.05	0.54	1.47
Debt Equity Ratio (Total Debt/Networth)		0.65	0.04	0.00
Current Ratio (Current Asset/Current Liability)		1.16	1.30	3.09

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	0.500	0.500	0.500
Reserves & Surplus	83.279	134.272	141.369
Net worth	83.779	134.772	141.869
long-term borrowings	0.000	5.000	0.000
Short term borrowings	0.000	0.000	91.907
Total borrowings	0.000	5.000	91.907
Debt/Equity ratio	0.000	0.037	0.648

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	319.241	473.471	618.755
		48.311	30.685

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	319.241	473.471	618.755
Profit	83.279	50.992	7.098
	26.09%	10.77%	1.15%

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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10536131	19/08/2014	52,000.00	HDFC BANK LIMITED	SENAPATI BAPAT ROAD, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	C36693588
2	10490574	26/03/2014	100,000,000.00	THE RATNAKAR BANK LIMITED	SHAHUPURI, KOLHAPUR - 416001, MAHARASHTRA, INDIA	C03894755

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Intercorporate deposits	0.000	5.000
SHORT TERM BORROWINGS
Working capital loans from banks	91.907	0.000
Total	91.907	5.000

CHANGE OF ADDRESS

The registered office of the company has been shifted from 1A, Hamilton House, 1st Floor, Connaught Place, New Delhi – 110001, India to the present address w.e.f. 04.03.2012.

GENERAL INFORMATION ABOUT COMPANY

The Company was incorporated on May 31, 2011 as a wholly owned subsidiary of Indiabulls Wholesale Services Limited. The Company is providing business and technology consulting, application services, systems integration, product engineering, custom software development, maintenance, re-engineering, independent testing and validation services, IT infrastructure services, trading of computer hardware and business process outsourcing etc. in India and abroad. The Company has developed specialized and deep domain expertise to deliver solutions across select verticals including Financial Services, Capital Markets, Pharma and Life Sciences, Real Estate (and Construction), Utilities and Telecom sectors.

FIXED ASSETS

Tangible Assets

· Furniture and Fixtures

Vehicles

Office Equipment

Computer Equipments

Other Equipments

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.61.50
UK Pound	1	Rs.93.12
Euro	1	Rs.69.33

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		48

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.