MIRA INFORM REPORT

Report No. :	330116
Report Date :	04.07.2015

IDENTIFICATION DETAILS

Name :	ACCENTIV (INDIA) PRIVATE LIMITED (w.e.f. 05.08.2013)

Formerly Known As :	SURF GOLD.COM (INDIA) PRIVATE LIMITED

Registered Office :	L. M. Krishna Building, No. 5, Balavinayagar Nagar, Main Road, Arumbakkam, Chennai – 600106, Tamilnadu
Tel. No.:	91-44-43445122

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	30.05.2000

Com. Reg. No.:	18-075891

Capital Investment / Paid-up Capital :	Rs.15.899 Million

CIN No.: [Company Identification No.]	U00063TN2000PTC075891

IEC No.:	Not Available

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 :	Subject is principally involved in trading activity which includes dealing in products and gift vouchers, also provides start-end services to its customers in form of arranging and facilitating travel tours for its customers, rendering of courier, packaging and despatch services, creation of catalogues etc.

No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track record. The company has incurred a huge loss from its operation during 2014. However, trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered for business dealings with some caution.

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 31-03-2013.

INFORMATION DECLINED

MANAGEMENT NON CO-OPERATIVE (91-7829000182)

LOCATIONS

Registered Office :	L. M. Krishna Building, No. 5, Balavinayagar Nagar, Main Road, Arumbakkam, Chennai – 600106, Tamilnadu, India
Tel. No.:	91- 44-43445122
Mobile No.:	91-95606019761 (Mr. Gangandeep Singh)
Fax No.:	91- 44-43445122
E-Mail :	debabrata.saha@edenred.com

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Ashok Sundararaman Manachanallur
Designation :	Whole-time director
Address :	A-1303, Hill Grange, Hiranandani Estate,Off Ghodbunder Road, Thane West, Thane, 400607, Maharashtra, India
Date of Birth/Age :	28.05.1966
Date of Appointment :	19.12.2013
DIN No.:	06766187

Name :	Mr. Madhulika Sudhir Rai
Designation :	Director
Address :	405/6 - Drewberry, Building 12, Everest World Com, Kolshet Road, Balkum, Thane, Thane, 400607, Maharashtra, India
Date of Birth/Age :	10.09.1973
Date of Appointment :	04.12.2010
DIN No.:	01418522

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders		No. of Shares
Edenred S A, France		1589860
A S M, France		1
Total		1589861

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
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is principally involved in trading activity which includes dealing in products and gift vouchers, also provides start-end services to its customers in form of arranging and facilitating travel tours for its customers, rendering of courier, packaging and despatch services, creation of catalogues etc.

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 :	Deloitte Haskins and Sells Chartered Accountant
Address :	Chennai, Tamilnadu, India
PAN N Income-tax PAN of auditor or auditor's firm :	AACFD3771D

Memberships :	--

Collaborators :	--

Holding company:	Edenred SA, France (From 12th June 2012)

Fellow Subsidiary Company:	Edenred Pte Limited - Singapore (From 12th June 2012) Edenred (India) Private Limited, India [U74999MH1996PTC100899] Edenred North America Inc Edenred Pte Limited – Hong Kong Edenred Pte Limited - Taiwan

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

3000000	Equity Shares	Rs.10/- each	Rs. 30.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1589861	Equity Shares	Rs.10/- each	Rs. 15.899 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	15.899	15.690	15.690
(b) Reserves & Surplus	-9.306	42.682	10.522
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.209	0.000
Total Shareholders’ Funds (1) + (2)	6.593	58.581	26.212

(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	10.928	11.410	0.593
(d) long-term provisions	0.000	4.624	1.878
Total Non-current Liabilities (3)	10.928	16.034	2.471

(4) Current Liabilities
(a) Short term borrowings	189.469	232.297	57.518
(b) Trade payables	443.316	342.919	161.539
(c) Other current liabilities	39.406	44.335	19.833
(d) Short-term provisions	2.441	0.121	0.322
Total Current Liabilities (4)	674.632	619.672	239.212

TOTAL	692.153	694.287	267.895

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	9.948	17.095	6.920
(ii) Intangible Assets	4.901	3.739	1.283
(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	74.697	56.768	18.290
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	89.546	77.602	26.493

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	90.448	98.844	17.179
(c) Trade receivables	378.293	360.004	181.729
(d) Cash and cash equivalents	14.983	11.546	5.012
(e) Short-term loans and advances	52.115	62.264	37.482
(f) Other current assets	66.768	84.027	0.000
Total Current Assets	602.607	616.685	241.402

TOTAL	692.153	694.287	267.895

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1810.567	1854.369	658.418
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA

Less	EXPENSES	NA	NA	NA

	PROFIT/ (LOSS) BEFORE TAX	NA	NA	NA

Less	TAX	NA	NA	NA

	PROFIT/ (LOSS) AFTER TAX	(51.988)	(39.365)	(38.562)

	Earnings / (Loss) Per Share (Rs.)	(32.70)	(27.76)	NA

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

Cash generated from operations

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(2.87)	(2.12)	(5.86)

Debt Equity Ratio (Total Debt /Networth)		28.74	3.97	2.19

Current Ratio (Current Asset/Current Liability)		0.89	1.00	1.01

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	15.690	15.690	15.899
Reserves & Surplus	10.522	42.682	-9.306
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.209	0.000
Net worth	26.212	58.581	6.593

long-term borrowings	0.000	0.000	0.000
Short term borrowings	57.518	232.297	189.469
Total borrowings	57.518	232.297	189.469
Debt/Equity ratio	2.194	3.965	28.738

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	658.418	1854.369	1810.567
		181.640	-2.362

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	658.418	1854.369	1810.567
Profit	(38.562)	(39.365)	(51.988)
	(5.86%)	(2.12%)	(2.87%)

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	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	No
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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

NOTE: Registered office of the company has been shifted from s-10, 3^rd Floor, green Park Extetion, New dEhi, India to the present address w.e.f. 21.04.2010

CORPORATE INFORMATION

Subject was incorporated on May 30, 2000 vide Registration No 01-34530/2000. The Company is principally involved in trading activity for supporting the loyalty management programs of its clients. The trading activity includes dealing in products and gift vouchers. The Company also provides start-end services to its customers in form of arranging and facilitating travel tours for its customers, rendering of courier, packaging and despatch services, creation of catalogues etc.

OPERATING RESULTS:

During the year, the Company earned an income of Rs. 1810.567 Million as against Rs. 1,854.369 Million during previous year.

The Company has incurred a loss of Rs. 51.988 Million after tax as against a net loss of Rs. 39.365 Million during the previous year.

UNSECURED LOAN

Particulars	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
SHORT TERM BORROWING
Loans repayable on demand from banks	154.469	197.297
Intercorporate borrowings	35.000	35.000
Total	189.469	232.297

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014	31.03.2013

Bank Guarantees	1.400	0.255

FIXED ASSETS

Tangible assets

Furniture and fixtures
Vehicles
Office equipment
Computer equipments
Other equipments
Leasehold improvements

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.63.40
UK Pound	1	Rs.98.94
Euro	1	Rs.70.33

INFORMATION DETAILS

Information Gathered by :	SUP

Analysis Done by :	RAS

Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		27

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.

MIRA INFORM REPORT

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

Unit