MIRA INFORM REPORT

Report No. :	323288
Report Date :	09.07.2015

IDENTIFICATION DETAILS

Name :	AZURE KNOWLEDGE CORPORATION PRIVATE LIMITED (w.e.f. 04.06.2008)
Formerly Known As :	STYX INFOSOFT PRIVATE LIMITED
Registered Office :	AKC, "Azure House", Ground Floor, Opposite Nagari Eye Hospital, Opposite Chamber Hotel, Ellisbridge, Ahmedabad – 380006, Gujarat
Tel. No.:	91-79-32453600
Country :	India
Financials (as on) :	31.03.2015 (Provisional)
Date of Incorporation :	23.04.2001
Com. Reg. No.:	04-039445
Capital Investment / Paid-up Capital :	Rs. 35.467 Million
CIN No.: [Company Identification No.]	U72200GJ2001PTC039445
IEC No.:	0802002455
TAN No.: [Tax Deduction & Collection Account No.]	AHMS08621E
PAN No.: [Permanent Account No.]	AAFCS3464A
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is in the business of providing information and technology enabled services in the sector of Knowledge process outsourcing and business process outsourcing.
No. of Employees :	417 (Approximately) [In Office: 40 + In Branch Office: 377]

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company incorporated as on 23.04.2001 having satisfactory track record. The company is continuously incurring losses from its operation. However, the rating takes into consideration company decent networth position with low borrowings and favorable balance between trade payable and trade receivable. General financial position of the company is normal and acceptable for business dealings. Trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered normal for business dealings at usual trade terms and conditions. NOTE: Our executive contacted Mr. Harkant Shukla a Finance Manager for networth statement inspite of several reminders Mr. Harkant Shukla has not provided the networth statement.

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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Harkant Shukla
Designation :	Finance Manager
Contact No.:	91-9099949072
Date :	09.06.2015

LOCATIONS

Registered Office :	AKC, "Azure House", Ground Floor, Opposite Nagari Eye Hospital, Opposite Chamber Hotel, Ellisbridge, Ahmedabad – 380006, Gujarat, India
Tel. No.:	91-79-32453600/ 3601/ 30401901
Mobile No.:	91-9099949072 (Mr. Harkant Shukla)
Fax No.:	Not Available
E-Mail :	shiv.dodiya@azureknowledge.com contact@azureknowledge.com akshaya.prasad@gs.com
Website :	www.azureknowledge.com www.azurecrm.com
Branch Office 1 :	AKC 2, IFFCO Bhavan, Near Shivranjani Cross Road, 132ft Ring Road, Satellite, Ahmedabad – 380015, Gujarat, India
Tel. No.:	91-79-30401900
Area :	25320 Sq. Ft.
Location:	Leased
Branch Office 2 :	Azure Knowledge Corporation, Spaze Tech Park, Town A, 10^th Floor, Office No. 1021, Sohna Road, Gurgaon, Haryana, India
Area :	2502 Sq. Ft.
Location:	Leased

DIRECTORS

AS ON 25.08.2014

Name :

Mr. Dushyant Mukundbhai Joshi

Designation :

Managing Director

Address :

20, Asopalav Bunglow, Drive In Road, Thaltej, Ahmedabad - 380054, Gujarat, India

Date of Birth/Age :

17.12.1969

Qualification :

Management Graduate from Anand

Experience :

20 Years

Date of Appointment :

01.05.2014

PAN No.:

ACHPJ6009M

DIN No.:

00627907

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	U66000GJ2000PTC038471	SHUBH LABH CONSULTANCY INSURANCE BROKING PRIVATE LIMITED	Director	01-08-2000	01-08-2000	28-08-2008	Active	NO
2	U72200GJ2000PTC038551	TRILOCHAN TECHNOLOGIES PRIVATE LIMITED	Director	18-08-2000	18-08-2000	06-07-2009	Active	NO
3	U72200GJ2000PTC039050	AZURE COMPUTECH PRIVATE LIMITED	Director	13-12-2000	13-12-2000	08-03-2010	Strike off	NO
4	U72200GJ2001PTC039445	AZURE KNOWLEDGE CORPORATION PRIVATE LIMITED	Managing director	01-05-2014	12-06-2003	-	Active	NO
5	U72900GJ2006PTC049583	WHITE CALLS SERVICES PRIVATE LIMITED	Director	14-12-2006	14-12-2006	-	Amalgamated	NO
6	U80903GJ2003PTC042374	ACME TRAINING SERVICES PRIVATE LIMITED	Director	22-03-2007	22-03-2007	-	Active	NO
7	U72200GJ2007PTC049891	ASK KNOWLEDGE SERVICES PRIVATE LIMITED	Director	22-03-2007	22-03-2007	-	Active	NO
8	U72300GJ2007PTC050947	AZURE KNOWLEDGE SERVICES PRIVATE LIMITED	Nominee director	24-05-2007	24-05-2007	-	Active	NO
9	U67190GJ2007PTC051219	MERCURY CORPORATE SERVICES PRIVATE LIMITED	Director	27-06-2007	27-06-2007	-	Active	NO
10	U67190GJ2007PTC051237	SKYLINE CORPORATE SERVICES PRIVATE LIMITED.	Director	28-06-2007	28-06-2007	-	Active	NO
11	U72900GJ2008FTC052793	SUCCESS CRAFT SOLUTIONS PRIVATE LIMITED	Director	01-02-2008	01-02-2008	-	Amalgamated	NO
12	U72900GJ2008PTC052863	M R SYNERGY PRIVATE LIMITED	Director	08-02-2008	08-02-2008	-	Strike off	NO
13	U93000GJ2008PTC054471	CITIZENS FINANCIAL MORTGAGE PRIVATE LIMITED	Director	14-07-2008	14-07-2008	13-05-2010	Active	NO
14	U74999GJ2010PTC059074	SMILEINDIA KNOWLEDGE SERVICES PRIVATE LIMITED	Director	04-01-2010	04-01-2010	-	Active	NO

Name :

Mr. Jay Navinchandra Ruparel

Designation :

Whole-time Director

Address :

House No.50, Bopal-444, Near Sun City, Sardar Patel Ring Road, Bopal, Ahmedabad - 380058, Gujarat, India

Date of Birth/Age :

09.08.1976

Qualification :

Electronics and Communications Engineer with Post-Graduation in Management from IIM Bangalore

Experience :

10 Years

Date of Appointment :

01.05.2014

PAN No.:

ABXPR5265L

DIN No.:

00628105

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	U72200GJ2000PTC038551	TRILOCHAN TECHNOLOGIES PRIVATE LIMITED	Director	14-03-2001	14-03-2001	06-07-2009	Active	NO
2	U80903GJ2003PTC042374	ACME TRAINING SERVICES PRIVATE LIMITED	Director	07-06-2003	07-06-2003	-	Active	NO
3	U72200GJ2001PTC039445	AZURE KNOWLEDGE CORPORATION PRIVATE LIMITED	Whole-time director	01-05-2014	12-06-2003	-	Active	NO
4	U72200GJ2007PTC049891	ASK KNOWLEDGE SERVICES PRIVATE LIMITED	Director	22-03-2007	22-03-2007	-	Active	NO
5	U72900GJ2006PTC049583	WHITE CALLS SERVICES PRIVATE LIMITED	Director	24-03-2007	24-03-2007	-	Amalgamated	NO
6	U72300GJ2007PTC050947	AZURE KNOWLEDGE SERVICES PRIVATE LIMITED	Nominee director	24-05-2007	24-05-2007	-	Active	NO
7	U72900GJ2008FTC052793	SUCCESS CRAFT SOLUTIONS PRIVATE LIMITED	Director	01-02-2008	01-02-2008	-	Amalgamated	NO
8	U72900GJ2008PTC052863	M R SYNERGY PRIVATE LIMITED	Director	08-02-2008	08-02-2008	-	Strike off	NO
9	U93000GJ2008PTC054471	CITIZENS FINANCIAL MORTGAGE PRIVATE LIMITED	Director	14-07-2008	14-07-2008	20-03-2010	Active	NO
10	U74999GJ2010PTC059074	SMILEINDIA KNOWLEDGE SERVICES PRIVATE LIMITED	Director	04-01-2010	04-01-2010	-	Active	NO
11	U74900GJ2009NPL055842	YPO (GUJARAT)	Director	30-09-2014	22-07-2014	-	Active	NO

Name :

Akshaya Ajay Prasad

Designation :

Nominee Director

Address :

Flat No.191/192, 19th Floor, Kalpataru Horizon, S.K. Ahire Marg, Worli, Mumbai - 400018, Maharashtra, India

Date of Birth/Age :

12.01.1977

Experience :

15 Years

Date of Appointment :

29.09.2012

DIN No.:

02028253

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	U45201WB2001PTC109652	SECOND VIVEKANANDA BRIDGE TOLLWAY COMPANY PRIVATE LIMITED	Director	04-07-2008	04-07-2008	27-02-2009	Active	NO
2	U74140MH2006FTC166128	GREATER PACIFIC CAPITAL INDIA PRIVATE LIMITED	Managing director	01-01-2011	26-09-2009	-	Active	NO
3	U24239MH2001PTC131153	ACCUTEST RESEARCH LABORATORIES INDIA PRIVATE LIMITED	Nominee director	23-09-2010	23-09-2010	-	Active	NO
4	U52109DL1986PTC026416	TDI INTERNATIONAL INDIA PRIVATE LIMITED	Director	27-09-2011	20-10-2010	-	Active	NO
5	U51909DL2000PTC108262	BHADRA INTERNATIONAL (INDIA) PRIVATE LIMITED	Director	27-09-2011	22-10-2010	-	Active	NO
6	U72200GJ2001PTC039445	AZURE KNOWLEDGE CORPORATION PRIVATE LIMITED	Nominee director	29-09-2012	15-11-2011	-	Active	NO
7	U74900MH2012PTC234115	ACCUTEST BIOLOGICS PRIVATE LIMITED	Director	30-09-2013	26-06-2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Harkant Shukla
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 25.08.2014

Names of Shareholders	No. of Shares
Dushyant M. Joshi	129500
Jay Navinchandra Ruparel	111100
Shangrila Exports Private Limited, India	10000
Acme Training Services Private Limited, India	509400
Ask Knowledge Services Private Limited, India	882000
Mercury Corporate Services Private Limited, India	475000
Skyline Corporate Services Private Limited, India	223000
Bennett Coleman and Company Limited, India	76975
GPC Mauritius VI LLC, Mauritius	1091429
Shashi P. Udhas	33333
Abhilash Mankad	500
Alpesh Kiritbhai Soni	210
Archana Thirani	105
Arvind Khodabhai Parmar	105
Dharmendra Prajapati	75
Jignesh Hasmukhbhai Panchal	300
Muquit Gulamjafar Khan Pathan	240
Nilesh Jineshkumar Shah	500
Ranjit Suvarna Rao	180
Saurabh Singhvi	450
Shivlal Naranbhai Dodia	300
Zahid Khan	350
Shivang Anand Bhatt	500
Sohil Dilipkumar Parekh	500
Veeresh Shankar Radharam	300
Rupal Rahul Ghiya	300
Total	3546652

AS ON 25.08.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings (Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	31.00
Bodies corporate	61.00
Directors or relatives of Directors	7.00
Other top fifty shareholders	1.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is in the business of providing information and technology enabled services in the sector of Knowledge process outsourcing and business process outsourcing.
Brand Names :	“Azure”
Agencies Held :	--
Exports :	--
Imports :	--
Terms :
Selling :	Credit (90 Days/ 180 Days)
Purchasing :	Credit (30 Days)

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Abhi Electrical
Address:	3/A, Shivdarshan Tenanment, Opposite Ayodhya Nagari Society, Bank of Baroda, New Ranip, Ahmedabad, Gujarat, India
Name of the Person (Designation):	Mr. Narendra Patel
Contact Number:	91-9824345369 91-2717-241236
Since how long known:	3-4 Years
Maximum limit dealt:	--
Experience:	Payment Behaviour: Good Market Goodwill: Good Overall: Good
Remark	Satisfactory

SR. NO.	NAME OF SUPPLIERS	ADDRESS	CONTACT PERSON	CONTACT NUMBER
1.	Ace India Consultancy	405, Platinum Plaza, Bodakdev, Ahmedabad, Gujarat, India	--	91-79-40035762
2.	Bhagwat Nursery	Opposite D.K. Patel Hall, Naranpura, Ahmedabad, Gujarat, India	--	91-79-27681117 91-9825069309
3.	Core Integra Consulting Services Private Limited	Core Integra House, Krishna Niwas, Kadamwadi Lane, B/H Leela Business Park, Andheri, Mumbai, Maharashtra, Inida	--	--
4.	Datar infotech	D/4, Uttam Nagar, Near Power House, Nicol Road, Ahmedabad, Gujarat, India	--	--
5.	Dipti Enterprise	123/1, Arbudanagar Park-II, Gota Road, Chandlodia, Ahmedabad, Gujarat, India	--	91-989820859
6.	Dotline Informatics Private Limited	CB-153/6, 1^st Floor, Ring Road, Naraina, Delhi, India	--	91-11-25778871/ 25776813/ 28855625
7.	Orion Appliances Private Limited	805, Abhijeet, Mithakhali Six Road, Ellisbridge, Ahmedabad, Gujarat, India	--	91-79-26402392/ 26402393
8.	Panchratna	Piplawalo Khancho, Ratanpole, Ahmedabad, Gujarat, India	--	91-79-25381896
9.	Sahara Hospitality Limited	Sahara Star, Opposite Domestic Airport, Vile Parle (East), Mumbai – 400099, Maharashtra, India	Mr. Vinay Muralidharan	91-22-39807218
10	Y. J. Trivedi and Company	“YAGNAJYOT”, Opposite Kashiram Hall, Polytechnic, Ahmedabad, Gujarat, India	Mr. Y. J. Trivedi	91-79-26303777/ 26305040/ 32916809

Customers :

End users

Reference:	Market Xcel Data Matrix Private Limited
Address	16, LGF Sant Nagar, New Delhi – 110065, India
Name of the Person (Designation):	Mr. Amit Narola (Senior Manager)
Contact Number:	91-11-42343500
Since how long known:	--
Maximum limit dealt:	--
Experience:	Product Quality: Good Delivery Behaviour: Good Overall: Good
Remark	Satisfactory

SR. NO.	NAME OF CUSTOMERS	ADDRESS	CONTACT PERSON	CONTACT NUMBER
1.	Absolut Data Research and Analytics (Private) Limited	264, Okhla Industrial Estate, Phase III, New Delhi – 110020, India	--	--
2.	Callson	137-139, Rue Marcadet 75118-Paris	--	--
3.	Double Check Research LLC	33, Bradford Street Concord MA 01742 USA	Ryan Sorley	--
4.	Frost and Sullivan	Malaysiya	--	603 62045855
5.	Datamonitor PLC	Charles House, 108-110, Finchley Road, London NW35JJ, UK	Sumit Chopra	442076767000
6.	Indian Overseas Bank	763, Anna Salai, Chennai – 60002, Tamilnadu, India	--	--
7.	Locon Solutions Private Limited	3^rd Floor, Bhawani Industrial Estate, Opposite Asiad Medical Store Near IIT Main Gate, Powai, Mumbai, Maharashtra, India	--	--
8.	Reliance BPO Private Limited	A Block, Dhirubhai Ambani Knowledge City, Navi Mumbai, Maharashtra, India	Aleksandra Oheda	--
9.	Sanghi Industries Limited	10^th Floor, Kataria Arcade, Opposite SG Highway Makarba, Ahmedabad, Gujarat, India	--	--
10.	The Parthenon Group	1015, Rajeja Chambers Free Press Jounal Marg, Nariman Point, Mumbai – 400021, Maharashtra, India	--	--

No. of Employees :

417 (Approximately) [In Office: 40 + In Branch Office: 377]

Bankers :

Bank Name:	Bank of India
Branch:	S.M. Road
Person Name (with Designation):	Mr. Ramesh Kumar (Credit Manager)
Contact Number:	91-9638198904
Name of Account Holder:	202420110000592
Account Number:	AZURE KNOWLEDGE CORPORATION PRIVATE LIMITED
Account Since (Date/ Year of A/c Opening):	02.04.2015
Average Balance Maintained (Optional):	--
Credit Facilities Enjoyed (CC/OD/Term Loan):	Current Account
Account Operation:	Satisfactory
Remarks:	--

· HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

· ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

· Axis Bank Limited, Trishul 3rd Floor Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad - 380006, Gujarat, India

· Indian Overseas Bank, Stadium Road Branch, Stadium Road, Ahmedabad - 380013, Gujarat, India

· Centurion Bank of Punjab Limited, Silver Brook Branch, Opposite Doctor House, Near Parimal Crossing, Ahmedabad - 380006, Gujarat, India

· Corporation Bank, Navrangpura Branch, Navrangpura, Ahmedabad - 380009, Gujarat, India

Facilities :

SECURED LOANS	31.03.2015 (Rs. In Million) (Provisional)	31.03.2014 (Rs. In Million)
LONG TERM BORROWINGS
Term Loans from Banks	0.000	0.335
SHORT TERM BORROWINGS
Cash Credit facilities from Banks (This facility carry interest at the range of 12 to 12.5% and are repayable loan from the holding company * Azure Knowledge Corporation Private Limited)	3.614	34.047
Total	3.614	34.382

Banking Relations :	--
Auditors :
Name :	B S R and Company Chartered Accountants
Address :	Safal Profitaire, B4 3^rd Floor, Corporate Road, Opposite Auda Garden, Prahlad Nagar, Ahmedabad – 380015, Gujarat, India
Tel. No.:	91-79-40402200
Fax No.:	91-79-40402244
Income-tax PAN of auditor or auditor's firm :	AAIFB4734C
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Smileindia Knowledge Services Private Limited, India Activity: Education Help Desk Azure Knowledge Corporation (Mauritius) Limited, Mauritius Activity: KPO and BPO Center AKS Mortgage Corporation INC, USA Activity: KPO and BPO Center Azure Knowledge Corporation, USA Activity: KPO and BPO Center

CAPITAL STRUCTURE

AS ON 25.08.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
4,270,000	Equity Shares	Rs.10/- each	Rs. 42.700 Million
48,035,000	Preference Shares	Rs.10/- each	Rs. 480.350 Million
	Total		Rs. 523.050 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,546,652	Equity Shares	Rs.10/- each	Rs. 35.467 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015 (Provisional)	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	35.467	35.467	35.467
(b) Reserves & Surplus	490.335	495.932	539.870
(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)	525.802	531.399	575.337
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.335	1.029
(b) Deferred tax liabilities (Net)	5.097	8.370	25.335
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	3.275	3.695	4.742
Total Non-current Liabilities (3)	8.372	12.400	31.106
(4) Current Liabilities
(a) Short term borrowings	3.614	34.047	25.457
(b) Trade payables	40.003	16.154	9.823
(c) Other current liabilities	48.821	15.446	17.064
(d) Short-term provisions	0.000	0.385	0.368
Total Current Liabilities (4)	92.438	66.032	52.712
TOTAL	626.612	609.831	659.155
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	23.738	34.632	74.378
(ii) Intangible Assets	46.181	62.463	102.971
(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	198.452	169.933	1.050
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	80.597	83.887	73.368
(e) Other Non-current assets	0.000	54.214	58.939
Total Non-Current Assets	348.968	405.129	310.706
(2) Current assets
(a) Current investments	9.100	0.000	6.200
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	104.097	116.687	79.958
(d) Cash and cash equivalents	129.718	62.402	74.877
(e) Short-term loans and advances	30.760	22.776	185.742
(f) Other current assets	3.969	2.837	1.672
Total Current Assets	277.644	204.702	348.449
TOTAL	626.612	609.831	659.155

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015 (Provisional)	31.03.2014	31.03.2013
	SALES
		Sale of Services	297.261	260.748	338.311
		Other Income	17.243	23.954	23.574
		TOTAL (A)	314.504	284.702	361.885
Less	EXPENSES
		Employee Benefits	101.685	139.070	179.566
		Other Expenses	182.503	114.816	142.431
		Exceptional Items	3.450	0.000	0.000
		TOTAL (B)	287.638	253.886	321.997
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		26.866	30.816	39.888
Less	FINANCIAL EXPENSES (D)		2.194	4.145	1.359
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		24.672	26.671	38.529
Less/ Add	DEPRECIATION/ AMORTISATION (F)		28.385	47.523	48.842
	PROFIT BEFORE TAX (E-F) (G)		(3.713)	(20.852)	(10.313)
Less	TAX (H)		1.884	23.086	3.190
	PROFIT AFTER TAX (G-H) (I)		(5.597)	(43.938)	(13.503)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(32.355)	11.583	25.086
	BALANCE CARRIED TO THE B/S		(37.952)	(32.355)	11.583
	EARNINGS IN FOREIGN CURRENCY
		Export Sales	NA	92.669	120.653
	TOTAL EARNINGS		NA	92.669	120.653
	Earnings Per Share (Rs.)		NA	(12.39)	(3.81)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015 (Provisional)	31.03.2014	31.03.2013
Current Maturities of Long term debt	0.000	0.993	0.831
Cash generated from operations	NA	NA	NA
Net Cash from/ (used in) Operating Activities	NA	(6.796)	(12.549)

KEY RATIOS

PARTICULARS		31.03.2015 (Provisional)	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	(1.88)	(16.85)	(3.99)
Operating Profit Margin (PBDIT/Sales)	(%)	9.04	11.82	11.79
Return on Total Assets (PBT/Total Assets}	(%)	(0.87)	(4.74)	(1.57)
Return on Investment (ROI) (PBT/Networth)		(0.01)	(0.04)	(0.02)
Debt Equity Ratio (Total Liability/Networth)		0.01	0.06	0.05
Current Ratio (Current Asset/Current Liability)		3.00	3.10	6.61

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015 (Provisional)
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	35.467	35.467	35.467
Reserves & Surplus	539.870	495.932	490.335
Money received against Share Warrants	0.000	0.000	0.000
Share Application Money Pending Allotment	0.000	0.000	0.000
Net Worth	575.337	531.399	525.802
Long-term Borrowings	1.029	0.335	0.000
Short-term Borrowings	25.457	34.047	3.614
CURRENT MATURITIES OF LONG-TERM DEBTS	0.831	0.993	0.000
Total Borrowings	27.317	35.375	3.614
Debt/Equity Ratio	0.047	0.067	0.007

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015 (Provisional)
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	338.311	260.748	297.261
		(22.927)	14.003

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015 (Provisional)
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	338.311	260.748	297.261
Profit/ (Loss)	(13.503)	(43.938)	(5.597)
	(3.99%)	(16.85%)	(1.88%)

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	Yes
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
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	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	Yes
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	Yes
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

------------------------------------------------------------------------------------------------------------------------------

ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(RS. IN MILLION)

PARTICULARS	31.03.2016	31.03.2017	31.03.2018	31.03.2019	31.03.2020	31.03.2021
	Projected	Projected	Projected	Projected	Projected	Projected
Sales
i. Domestic sales	360.282	396.310	435.941	479.536	527.489	580.238
ii. Direct income	0.000	0.000	0.000	0.000	0.000	0.000
iii. Export sales	119.718	131.690	144.859	159.345	175.279	192.807
Gross sales	480.000	528.000	580.800	638.880	702.769	773.045
Less: Excise duty	0.000	0.000	0.000	0.000	0.000	0.000
Net sales	480.000	528.000	580.800	638.880	702.769	773.045
% age rise (+) or fall (-) in net sales	61.50%	10.00%	10.00%	10.00%	10.00%	10.00%
Cost of sales
i. Raw materials	0.000	0.000	0.000	0.000	0.000	0.000
a. Imported	0.000	0.000	0.000	0.000	0.000	0.000
b. Indigenous	0.000	0.000	0.000	0.000	0.000	0.000
ii. Other spares	0.000	0.000	0.000	0.000	0.000	0.000
a. Imported	0.000	0.000	0.000	0.000	0.000	0.000
b. Indigenous	0.000	0.000	0.000	0.000	0.000	0.000
iii. Depreciation	56.485	40.920	16.814	15.492	15.125	14.361
iv. Other manufacturing expense	0.000	0.000	0.000	0.000	0.000	0.000
v. Sub-total	56.485	40.920	16.814	15.492	15.125	14.361
vi. Add: Opening stock-in-process	0.000	0.000	0.000	0.000	0.000	0.000
vii. Sub-total	56.485	40.920	16.814	15.492	15.125	14.361
viii. Deduct: Closing stock-in-process	0.000	0.000	0.000	0.000	0.000	0.000
ix. Cost of production	56.485	40.920	16.814	15.492	15.125	14.361
x. Add: Opening stock of finished goods	0.000	0.000	0.000	0.000	0.000	0.000
xi. Sub-total	56.485	40.920	16.814	15.492	15.125	14.361
xii. Deduct: Closing stock of finished goods	0.000	0.000	0.000	0.000	0.000	0.000
Sub-total (Total cost of sales)	56.485	40.920	16.814	15.492	15.125	14.361
Selling, General and Administrative Expenses	394.681	432.385	473.860	519.482	569.666	624.868
Sub-total	451.166	473.305	490.674	534.974	584.791	639.229
Operating profit before interest	28.834	54.695	90.126	103.906	117.978	133.816
Interest	22.087	22.539	20.261	17.660	14.690	12.525
Interest on fixed loans/ term loans	10.867	11.118	8.619	5.775	2.538	0.079
Other Interest	11.220	11.421	11.642	11.885	12.152	12.446
Operating profit after interest	6.747	32.156	69.865	86.246	103.288	121.291
i. Add: Other non-operating income	34.087	28.661	45.357	53.045	72.322	85.899
ii. Deduct: Other non-operating expenses	18.334	0.000	0.000	0.000	0.000	0.000
iii. Net of other non-operating income/ expenses	15.753	28.661	45.357	53.045	72.322	85.899
Profit before tax/loss	22.500	60.817	115.222	139.291	175.610	207.190
Provision for taxes	3.680	15.520	32.331	39.768	50.991	60.749
Income tax provision + fringe benefit tax + interest on income tax + interest on TDS	6.952	18.792	35.604	43.041	54.263	64.022
Deferred tax liability	0.000	0.000	0.000	0.000	0.000	0.000
Deferred tax asset	3.273	3.273	3.273	3.273	3.273	3.273
Net profit/ loss	18.820	45.297	82.891	99.523	124.619	146.441
a. Equity dividend paid/ proposed amount (Interim div. paid + final div. proposed)	0.000	0.000	0.000	0.000	0.000	0.000
b. Dividend rate (% age)	--	--	--	--	--	--
Retained profit	18.820	45.297	82.891	99.523	124.619	146.441
Retained profit/ net profit (% age)	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%

------------------------------------------------------------------------------------------------------------------------------

ANALYSIS OF BALANCE SHEET

(RS. IN MILLION)

PARTICULARS	31.03.2016	31.03.2017	31.03.2018	31.03.2019	31.03.2020	31.03.2021
	Projected	Projected	Projected	Projected	Projected	Projected
CURRENT LIABILITIES
1. Short term borrowings from bank
(i) From Applicant Banks	0.000	0.000	0.000	0.000	0.000	0.000
(ii) From Other Banks	120.000	120.000	120.000	120.000	120.000	120.000
(iii) (Of which BP and BD)	0.000	0.000	0.000	0.000	0.000	0.000
Sub Total [i+iii] (A)
2. Short term borrowings from others	0.000	0.000	0.000	0.000	0.000	0.000
3. Sundry Creditors for Goods	0.000	0.000	0.000	0.000	0.000	0.000
4. Advance received from Customers	0.000	0.000	0.000	0.000	0.000	0.000
5. Provision for Taxation	0.000	12.500	35.604	43.041	54.263	64.022
6. Dividend Payable	0.000	0.000	0.000	0.000	0.000	0.000
7. Other Statutory Liabilities (Due within 1Year)	3.853	4.239	4.663	5.129	5.642	6.206
8. Instalments of Term Loans/ Debentures, etc. (Due within 1Year)	9.529	18.102	20.601	23.445	26.682	4.791
9. Other Current Liabilities and Provisions	53.788	62.870	69.099	75.763	68.962	77.134
a. Interest accrued but not due	0.000	0.000	0.000	0.000	0.000	0.000
b. Interest accrued and due	0.000	0.000	0.000	0.000	0.000	0.000
c. Creditors for expenses	32.890	36.032	39.488	43.290	47.472	52.072
d. Other current liability	20.898	26.837	29.521	32.473	21.490	25.062
Sub total (2 to 9) (B)	67.170	97.710	129.877	147.378	155.549	152.153
10. Total Current Liabilities [A+B]	187.170	217.710	249.877	267.378	27.549	272.153
TERM LIABILITIES
11. Debentures (not maturing within 1 Year)	0.000	0.000	0.000	0.000	0.000	0.000
12. Preference Shares (Redeemable after 1Year)	0.000	0.000	0.000	0.000	0.000	0.000
13. Term Loans	93.621	75.519	54.918	31.473	4.791	0.000
14. Deferred tax liability	1.824	0.000	0.000	0.000	0.000	0.000
15. Other Term Liabilities	3.275	3.275	3.275	3.275	3.275	3.275
16. Total Term Liabilities [11 to 15]	98.720	78.794	58.193	34.748	8.066	3.275
17. Total Outside Liabilities [10+16]	285.890	296.504	308.070	302.126	283.615	275.428
NET WORTH
18. Ordinary Share Capital	35.467	35.467	35.467	35.467	35.467	35.467
19. Share Application Money	0.000	0.000	0.000	0.000	0.000	0.000
20. General Reserve	29.981	29.981	29.981	29.981	29.981	29.981
21. Balance in profit and loss a/c	(19.132)	26.165	109.058	208.581	333.200	479.641
22. Share Premium	486.957	486.957	486.957	486.957	486.957	486.957
23. Revaluation Reserve	11.350	11.350	11.350	11.350	11.350	11.350
24. Other Reserve	0.000	0.000	0.000	0.000	0.000	0.000
25. Quasi Equity	0.000	0.000	0.000	0.000	0.000	0.000
26. Net Worth	544.622	589.919	672.811	772.335	896.954	1043.395
Total Liabilities [17+26]	830.512	886.423	980.881	1074.461	1180.569	1318.823
CURRENT ASSETS
1. Cash and Bank Balance	27.159	30.065	32.862	36.149	39.764	43.740
i. Cash Balance	0.359	0.395	0.434	0.477	0.525	0.578
ii. Bank Balance	26.800	29.670	32.428	35.671	39.238	43.162
2. Investments (Other than Long Term Investments)	80.000	128.000	155.000	160.000	155.000	155.000
i. Government and Other Trustee Securities	20.000	68.000	120.000	135.000	135.000	135.000
ii. Fixed Deposits with Banks	60.000	60.000	35.0000	25.000	20.000	20.000
3. Sundry Debtors	120.000	132.000	145.200	159.720	175.692	193.261
i. Domestic Receivables	90.071	99.078	108.985	119.884	131.872	145.060
ii. Export Receivables	29.930	32.922	36.215	39.836	43.820	48.202
4. Inventories
i. Raw material	0.000	0.000	0.000	0.000	0.000	0.000
a. Imported	0.000	0.000	0.000	0.000	0.000	0.000
b. Indigenous	0.000	0.000	0.000	0.000	0.000	0.000
ii. Stock-in-Process	0.000	0.000	0.000	0.000	0.000	0.000
iii. Finished Goods	0.000	0.000	0.000	0.000	0.000	0.000
iv. Stores and Spares	0.000	0.000	0.000	0.000	0.000	0.000
(a) Imported	0.000	0.000	0.000	0.000	0.000	0.000
(b) Indigenous	0.000	0.000	0.000	0.000	0.000	0.000
5. Advances recoverable in cash or in kind	0.998	1.097	1.207	1.328	1.460	1.606
6. Advances to Suppliers of Raw Materials	0.000	0.000	0.000	0.000	0.000	0.000
7. Advance Income Tax	0.000	0.000	0.000	0.000	0.000	0.000
8. Other Current Assets	12.038	13.242	14.566	16.023	17.625	19.388
a. Prepaid expenses	0.125	0.138	0.152	0.167	0.183	0.202
b. Other advances/ current asset	11.913	13.104	14.415	15.856	17.442	19.186
9. Total Current Asset [Total 1 to 8]	240.195	304.404	348.836	373.219	389.541	412.995
FIXED ASSETS
10. Gross Block	208.286	208.286	208.286	208.286	208.286	208.286
11. Add: Capital Work in Progress	0.000	0.000	0.000	0.000	0.000	0.000
12. Total	208.286	208.286	208.286	208.286	208.286	208.286
13. Less Accumulated Depreciation	54.073	67.993	81.913	95.834	109.754	122.928
Net Block (12-13)	154.214	140.293	126.373	112.453	98.532	85.358
Other Non-current Assets
14. Exposure in group companies	205.016	205.016	205.016	205.016	205.016	205.016
a. Investments	198.452	198.452	198.452	198.452	198.452	198.452
b. Advances	6.564	6.564	6.564	6.564	6.564	6.564
15. Debtors more than six months	0.000	0.000	0.000	0.000	0.000	0.000
16. Investments	0.000	40.000	100.000	150.000	225.000	337.500
17. Fixed Deposits (Non Current)	70.000	70.000	70.000	70.000	70.000	70.000
18. Others
a. Dues from directors/ partners/ promoters	0.000	0.000	0.000	0.000	0.000	0.000
b. Advances to suppliers of capital goods	0.000	0.000	0.000	0.000	0.000	0.000
c. Security deposits with government departments	5.013	5.514	6.066	6.672	7.340	8.074
d. Other non current assets	123.919	101.616	103.869	134.106	159.872	172.340
19. Total Other Non-current assets (14 to 18)	403.948	422.147	484.951	565.794	667.228	792.929
20. Intangible Assets	32.156	19.579	20.721	22.994	25.267	27.540
21. Total Assets (Total of 9,13,19 and 20)	830.512	886.423	980.881	1074.460	1180.569	1318.823
Tangible Net Worth	501.116	558.991	640.740	737.990	860.337	1004.505
Net Working Capital	53.025	86.694	98.959	105.841	113.992	140.842
Current Ratio	1.28	1.40	1.40	1.40	1.41	1.52
TOL/ TNW	0.57	0.53	0.48	0.41	0.33	0.27
Total Term Liabilities/ TNW	0.20	0.14	0.09	0.05	0.01	0.00

------------------------------------------------------------------------------------------------------------------------------

COMPARATIVE STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES

(RS. IN MILLIONS)

PARTICULARS	31.03.2016	31.03.2017	31.03.2018	31.03.2019	31.03.2020	31.03.2021
	Projected	Projected	Projected	Projected	Projected	Projected
A. CURRENT ASSETS
1. Raw Material
(a) Imported	0.000	0.000	0.000	0.000	0.000	0.000
(Months Consumption)	0.00	0.00	0.00	0.00	0.00	0.00
(b) Indigenous	0.000	0.000	0.000	0.000	0.000	0.000
(Months Consumption)	0.00	0.00	0.00	0.00	0.00	0.00
2. Stores and Spares
(a) Imported	0.000	0.000	0.000	0.000	0.000	0.000
(Months Consumption)	0.00	0.00	0.00	0.00	0.00	0.00
(b) Indigenous	0.000	0.000	0.000	0.000	0.000	0.000
(Months Consumption)	0.00	0.00	0.00	0.00	0.00	0.00
3. Stock in Process	0.000	0.000	0.000	0.000	0.000	0.000
(Months Cost of Production)	0.00	0.00	0.00	0.00	0.00	0.00
4. Finished Goods	0.000	0.000	0.000	0.000	0.000	0.000
(Months Cost of Sales)	0.00	0.00	0.00	0.00	0.00	0.00
5. Domestic Receivables (Including bills purchase and discounted)	90.071	99.078	108.985	119.884	131.872	145.060
(Months Domestic Sales)	3.00	3.00	3.00	3.00	3.00	3.00
6. Export Receivables (Including Bills Purchased and Discounted)	29.930	32.922	36.215	39.836	43.820	48.202
(Months Export Sales)	3.00	3.00	3.00	3.00	3.00	3.00
7. Advances recoverable in cash or in kind	0.998	1.097	1.207	1.328	1.460	1.606
8. Advances to Suppliers of Raw Materials	0.000	0.000	0.000	0.000	0.000	0.000
9. Other current assets incl. cash and bank balances	119.197	171.307	202.429	212.172	212.389	218.128
i. Cash Balance	0.359	0.395	0.434	0.477	0.525	0.578
ii. Bank Balance	26.800	29.670	32.428	35.671	39.238	43.162
Investments (Other than long term)
i. Govt. and other trustee securities	20.000	68.000	120.000	135.000	135.000	135.000
ii. Fixed Deposits with banks	60.000	60.000	35.000	25.000	20.000	20.000
Advance Income Tax	0.000	0.000	0.000	0.000	0.000	0.000
Other current assets	12.038	13.242	14.566	16.023	17.625	19.388
Total Current Assets	240.195	304.404	348.836	373.219	389.541	412.995
B. CURRENT LIABILITIES (Other than Bank Borrowings for Working Capital)
10 Sundry Creditors for goods	0.000	0.000	0.000	0.000	0.000	0.000
(Months Purchases)	0.00	0.00	0.00	0.00	0.00	0.00
11. Advance received from Customers	0.000	0.000	0.000	0.000	0.000	0.000
12. Provision for Taxation	0.000	12.500	35.604	43.041	54.263	64.022
13. Dividend Payable	0.000	0.000	0.000	0.000	0.000	0.000
14. Other Statutory Liabilities (Due within 1 Year)	3.853	4.239	4.663	5.129	5.642	6.206
15. Instalments of term loans/ debentures, etc. (Due within 1 Year)	9.529	18.102	20.601	23.445	26.682	4.791
16. Short Term Borrowings from others	0.000	0.000	0.000	0.000	0.000	0.000
17. Other Current Liabilities and Provisions	53.788	62.870	69.009	75.763	68.962	77.134
a. Interest Accrued but not due	0.000	0.000	0.000	0.000	0.000	0.000
b. Interest Accrued and due	0.000	0.000	0.000	0.000	0.000	0.000
c. Creditors for Expenses	32.890	36.032	39.488	43.290	47.472	52.072
d. Other Current Liabilities	20.898	26.837	29.521	32.473	21.490	25.062
18. Total Current Liabilities	67.170	97.710	129.877	147.378	155.549	152.153

------------------------------------------------------------------------------------------------------------------------------

COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE AND WORKING CAPITAL

(RS. IN MILLIONS)

PARTICULARS	31.03.2016	31.03.2017	31.03.2018	31.03.2019	31.03.2020	31.03.2021
	Projected	Projected	Projected	Projected	Projected	Projected
First Method of Lending
1. Total Current Assets	240.195	304.404	348.836	373.219	389.541	412.995
2. Other Current Liabilities (Other than Bank Borrowings)	67.170	97.710	129.877	147.378	155.549	152.153
3. Working Capital Gap (WCG) (1-2)	173.025	206.694	218.959	225.841	233.992	260.842
4. Minimum Stipulated Net Working Capital i.e. 25% of WCG excluding export receivable)	35.774	43.443	45.686	46.501	47.543	53.160
5. Actual/ Projected Net Working Capital	53.025	86.694	98.959	105.841	113.992	140.842
6. Item 3 minus item 4	137.251	163.251	173.273	179.340	186.449	207.682
7. Item 3 minus item 5	120.000	120.000	120.000	120.000	120.000	120.000
8. Maximum Permissible Bank Finance (item 6 or 7 whichever is Lower)	120.000	120.000	120.000	120.000	120.000	120.000
9. Excess Borrowings Representing Short Fall in Net Working Capital (4-5)	--	--	--	--	--	--
Second Method of Lending
1. Total Current Assets	240.195	304.404	348.836	373.219	389.541	412.995
2. Other Current Liabilities (Other than bank borrowings)	67.170	97.710	129.877	147.378	155.549	152.153
3. Working Capital Gap (WCG) (1-2)	173.025	206.694	218.959	225.841	233.992	260.842
4. Minimum Stipulated Net Working Capital i.e. 25% of total current assets excluding export receivable)	52.566	67.870	78.155	83.346	86.430	91.198
5. Actual/ Projected Net Working Capital	53.025	86.694	98.959	105.841	113.992	140.842
6. Item 3 minus Item 4	120.458	138.823	140.804	142.495	147.562	169.644
7. Item 3 minus Item 5	120.000	120.000	120.000	120.000	120.000	120.000
8. Maximum permissible bank finance (item 6 or 7 whichever is lower)	120.000	120.000	120.000	120.000	120.000	120.000
9. Excess borrowings representing shortfall in NWC (4-5)	--	--	--	--	--	--

------------------------------------------------------------------------------------------------------------------------------

COMPANY OVERVIEW

Subject is a leading provider of market research services and business process outsourcing services with more than twelve years of experience in serving fortune 500 clients across the world. Azure is globally recognized and respected for its capabilities and experience and is a preferred service provider to leading companies in market research, consulting, telecom, banking, insurance, healthcare, automotive, consumer goods and retail sectors.

Subject specializes in providing primary research, secondary research and research support services and business process outsourcing solutions to the clients. Subject has been the recipient of several international accolades and awards by industry associations as well as Clients for performance and service excellence.

· Amongt the largest and most respected market research service outsourcing providers

· Over 300 trained knowledge professionals.

· Multi-location operations including India, China, Kenya and the US.

· Serving fortune 500 clients since 2003.

· ISO 9001 certified operations and quality processes.

· ISO 27001 certified information security infrastructure and practices.

· Multilingual staff interacting with respondents/ customers across more than 105 countries in 24 international languages.

· State-of-the-art infrastructure with best-in-class technology including hardware, software, connectivity and storage

Line of Activity:

Primary Market Research

There is a distinct importance of quantitative primary market research for both old and new business. Primary market research is conducted by business for various reasons say for example, which launching a new business, launching a new product, or as a service to obtain facts regarding a particular target market so as to reduce investor concerns. Primary market research is also utilized by companies for estimating sales forecasts for various products and services. Primary market research data focuses on customer rates a pricing behavior among respondents for arriving at projected sales forecasts.

Quantitative Market Research allows comparison of various types of data and emerging trends in various markets of interest by companies.

There are various ways of obtaining primary market research data but the technique which are the most commonly employed by market research companies are Survey Programming and Web Surveys, Phone/ CATI Surveys, In-Person Surveys/ Face to face interviews and Email and Mail Surveys.

Subject – The one the stop shop for all qualitative and quantitative data collection.

Qualitative Primary Market Research is important for organizations to understand target market opinions on the various products and services available in the market.

By understanding the opinions of the targeted market respondents, managers are able to take decisions to launch a new product, understand the consumer behavior so as to ensure their market competitiveness.

There are various ways of conducting primary market research like Focus groups containing (6-8 participants), Mini group discussion, Triad (3 respondents), Paired (2 respondents) and ‘One on one’ depth interview. Ethnography/ Consumer Immersions, Journal/Day in the Life Studies.

Subject has necessary capabilities, experience and resources including trained staff, defined processes, technology and tools to provide Primary Research Services using multiple methodologies including Phone/ CATI, Web/CA WI, In-Person/CAPI/PAPI, Email and Postal Mail.

Mystery Shopping is one of the most vital knowledge research processes for companies to gain unbiased information about their products and services.

Subject excels in mystery shopping the results are able to meet the desired client benchmarks with accuracy. With more than 22 million B2C surveys, and 1 million B2B surveys (decision makers, top executives) under its belt. Subject is undisputedly one of the most trusted knowledge research partners of Fortune 500 companies, when it comes to mystery shopping surveys.

Some Key facts about Subjects Primary Research Services:

Preferred service provider to 12 of the Top 20 Global Market Research companies.

100% retention of MR clients since 2003.

Over a million B2B surveys conducted with decision makers, senior executives, managers, key opinion leaders and other B2B respondents.

Over 22 million B2C surveys conducted with consumers, special interest/ respondent groups, HNIs and other B2C respondents.

In-depth experience in multiple data collection methodologies including phone, phone-to-web, web, face-to-face, email and postal mail.

Experience of data collection using various technology platforms (CATI, CAWI, CAPI) and tools

Covers respondents across 105 countries in 24 international languages

MARKET RESEARCH DATA SOLUTIONS

Data Processing

· Data staff with multiple years of experience

· Data tabulation using multiple tools – SPSS, Wincross adbn Quantum

· Data conversion and validation (Cleaning)

· Data map creation, reformatting, quota balancing and weighting

· Multi-format output in Excel, Word and PDF

· Macro based processes

Leverage Subjects full-service Market Research services to field surveys, process, analyze and report data. Share data from the surveys, along with banner and tab specs with Azure’s data processing team. Put subject directly in touch with the field agency for managing download, validation and tabulation of the data.

SURVEY PROGRAMMING

· Programming resources with multiple years of experience

· Using industry standard tools such as ConfirmIT, Qualtrics and Kinesis.

· Also offering a highly customizable ASP. NET based in-house programming platform.

· Ability to handle multiple quotas, complex logic, all major languages, multimedia and cross-platform suveys.

· Analysis with business and management backgrounds for reporting and insight generation.

· Data analysis with extensive SPSS experience for executing multiple procedures.

· Experience across multiple sectors – Consumer Goods, Retail, Technology, Healthcare and BFS.

SECONDARY RESEARCH

Company capsules or company profiling is one of the most important non-voice processes in the market research/ business research department of subject. Subject has been doing company/ competitor profiling for its clients for over a decade with success. They use the most advanced software to integrate their work with client systems and databases.

Company profiling mainly consists of mining and collecting data from all available resources and archives, both offline and online. Collected data is sorted, collated and presented usually, in the following categories:

· Names including past and present names, trademarks, brand names, addresses including operational center and registered offices addresses both past and present. Ownership status/ type of business entity; stock exchange related information; strengths and weaknesses analysis

· Project name, industry tagging, communication addresses, phone numbers, email ids.

· Revenue related information including LCU Revenue, currency of trade, revenue in desired currency, financial year, revenue year.

· Number of employees and departments, key personnel, office and trade locations and markets and subsidiaries and associates.

· Overview of key competitors and market position against competitors

BUSINESS PROCESS OUTSOURCING

Subjects bouquet of key Customer Interaction Services include:

· Customer Helpdesk – Inbound

· Customer Retention – Inbound and Outbound

· Customer Verification and Complaint Resolution

· Welcome and Awareness Calls

· Order Processing Services

Subject has defined processes and Standard Operating Procedures (SOPs) to, provide Customer Acquisition, Customer Support, Customer Retention, Order Processing and other CIS. Subject’s dedicated service team and best practices in Customer Interaction Services led Ernst and Young and AC Nielsen to adjudge Subject as the winner of Best Customer Responsiveness Practice Award in 2008.

Subject has experience of more than a decade in serving the needs of Fortune 500 clients with awards winning performances and experience in serving large Telecom clients across the globe. Subject has successfully transitioned and managed more than 500 seat operations across multiple shifts for several large clients.

Subject has created its own solution including customized workflow systems, predictive dialer, Real-time Reporting portal, etc. for Telco clients. Further, subject has investments in state-of-the-art technology solutions from Avaya, Cisco, Nortel, etc. to provide best-in-class technology supported CIS to clients.

Subject provides support for client’s customers over phone and internet, and helps customers get accustomed to new products and services. As their support staff is multilingual and multicultural, it is easier for them to establish rapport with customers, as they use simple language that is easy for technical guidance over the phone.

Subject support system includes helpdesk service and other customer support services that can be conducted from remote locations. Every call and response is fully recorded and accessible by clients for verification, and by supervisor for quality control and assessment of employee performance.

Subject provides a full spectrum of transaction processing services with its end-to-end software integrated with client systems. All calls and web transactions are recorded with computer assisted technology and are available for data verification. Subjects everyday transaction processes on behalf of clients include, but are not limited to:

· Data entry

· Application processing

· Loan processing

· Mortgage processing

· Credit card verification by phone

· Transaction criteria compliance

· Order and payment processing

· And others as required and requested by clients

PROMOTERS

Dushyant Joshi and Jay Ruparel are the Promoters

BORD OF DIRECTORS

Dushyant Joshi

Founder and Managing Director

Dushyant Joshi, Founder and Managing Director, is a management graduate from Anand, India who started as a first generation entrepreneur at a very early age in his career. He launched innovative business models in the IT Training industry in 1991 and built a very successful IT Training business to become the largest player in the state of Gujarat, India by setting up more than 100 IT academies. In 1996, he formalized all his business ventures under the name of subject, thus making subject a leading IT Training brand in Western India.

In the year 2000, under his leadership subject decided to diversify into IT-enable services (ITES) and sep up Gujarat’s first BPO and KPO center in Ahmedabad with 200 seats, which later expanded to more than 2500 seats and is now respected and recognized to be among the largest KPO companies of India. He is recognized as the pioneer of IT training and ITES industry in Gujarat.

In 2009, he pioneered a new-age digital business called Smile of India, which focuses on bridging the digital divide in the education sector through an innovative digital platform ZOOMI.

Dushyant is known to mentor several entrepreneurs and start-ups and devotes his time on several social initiatives concerning youth and education.

Jay Ruparel

Co-Founder and Executive Director

Jay Ruparel is the co-founder of subject and currently serves as its chief executive officer. Jay is an Electronics and Communications Engineer with post graduation in management from IIM Bangalore. He has worked with Infosys Technologies in Bangalore for 4 years and with Bell labs in Boston, prior to starting Subject.

Jay is Chairperson of the Information, Communication and Technology (ICT) and Automation Committee of CII Gujarat and the Co-Chairperson of ASSOCHAM Gujarat. He is also Hon. Secretary and a Board of Director at GESIA. In the recent past, he has been the Chairperson for India 75 Committee of CLL for 2 years and the Chairperson for CII, Yi (Yound Indians) Ahmedabad.

Jay is currently on the Board of Advisors of the Entrepreneurship Development Center at MICA and on the Academic Council of Entrepreneurship Development Institute of India (EDI). He has been a visiting faculty taking sessions on Entrepreneurship at IIM Ahmedabad, MIC and EDI. He has presented white papers and articles at leading international symposiums and conferences.

Akshaya Prasad

Non-Executive Director

Akshay co-heads the Indian office of Greater Pacific Capital, a India-China focused Private Equity fund. Previously, Akshaya spent nine years at Goldman Sachs in London and Mumbai. Most recently, he set up Goldman’s infrastructure investment business in India and was part of the senior team managing Goldman Sachs’ US$6.5bn Infrastructure Fund.

Previously, Akshaya was an Executive Director in Goldman Sachs’ Investment Banking team based in London. In that role, he executed a number of large and complex international transactions across various industry sectors. Akshaya started his career as a strategy consultant in London.

LEADERSHIP TEAM

Praving Dadoo (CEO BPO Business)

Pravin is an Master of Science graduate in Computer Engineering from Clarkson College of Technology, NY. A business manager with well diversified senior management experience across industries, he has over 25 years of work experience.

Pravin has been associated with world class companies such as Modi Xerox, a Xerox Corp JV in India for Office Automation, and Birla Ericsson, an Ericsson JV for Telecom Cables (Copper and Optical Fibre), before joining the mobile telecommunication industry with Hutch/ Vodafone, where he spent the last 6 years in various roles.

He joined in October, 2013. He brings with him, a very rich experience from the BPO industry along with vast experience in Sales and Markeing, Customer Operations and General Management. He was instrumental in setting up Vodafone India Services Private Limited, the captive BPO arm of Vodafone in India. He built the company from scratch to 3000 FTEs, working round the clock for India and International business catering to Vodafone Group’s internal needs. As Business Head he has set up and expanded call centre operations at VISPL and ran it successfully.

Shivang Bhatt (VP BPO Business)

Shivang Bhatt, Vice President at subject, brings significant training and operational experience of serving Fortune 500 Companies to subject. With a Masters degree in Law and Business Management, Shivang has been associated with subject since its inception in 2001. He has expertise in setting up and managing Training and Operations ecosystem, processes and resources, as necessary, for various industry verticals including Telecom, BFSI and Education.

Shivang’s other key area of expertise is Political and Educational Research. He also manages operations and training for “Smile of India”, an associated venture of subject, which provides digital platform and services to universities and educational institutes across the globe.

Shivang is a prolific speaker, having addressed audiences at national and international seminars/ conferences, a voracious reader of books and popularly called the walking Wikipedia at subject.

Andrew Adelson (VP Sales: US)

· More than 25 years of experience in research, analysis and consulting

· Previously worked with leading market research and KPO companies, and built his own firm

· Specialties include research, analytics, analysis, primary research, secondary research, competitive intelligence, in-depth interviews, win/loss, emerging markets, outsourcing, offshoring, and KPO.

Tim Connolly (President, Business Solutions)

· More than 25 years experience as a business leader, entrepreneur and consultant

· Founded, grew and sold his own consulting business

· Extensive cross-sector experience of managing key client relationships and leading delivery teams

· Formerly with KPMG and with a First from Oxford University

Abhilash Mankad (Chief Operating Officer)

· 16 years experience in IT and market research industries

· With subject since inception, previously as Chief Technology Officer

· In-depth experience in managing large scale, multi-lingual, multi-mode research studies for leading market research companies

Sonil Parekh (Chief Financial Officer)

· A Chartered Accountant and holds a degree in law with more than 10+ years of experience

· Responsible for finance, accounting, audit, legal

· Advises management on strategic business partnerships, joint ventures and viability of new business avenues

· Previously worked with SIS as Vice President and with Motif as as Director, Finance

Neil Blefeld (Senior Vice President, Sales)

· Most recently headed his own market research firm

· Previously worked at Evalueserve as Director of Client Engagements

· Nearly three decades of experience in the market research industry

Biraj Ganguly (Vice President, Client Servicing)

· Six years of experience in client servicing and development and partner relationship management.

· Previously established and managed the global vendor network for a leading market research outsourcing firm

· ESOMAR member

· 10 years of experience in market research, information technology, business process outsourcing, operations management, process management and client servicing

· Manage subject’s delivery operations, including data collection, programming and data processing teams

REWARDS

Recognitions/ Contributions to Industry and Clients

AWARD DESCRIPTION	AWARDED BY	MONTH/ YEAR
Top Emerging Companies to reach Revenue Milestone 2011	NASSCOM	July, 2012
Best Global Rising Star: 2011 Best Global Rising Star: 2010	IAOP	April, 2012 April, 2011
Business Excellence Award for 2010	Reliance	December, 2010
Top 50 ITES Companies of India: 2009 Top 50 Companies of India: 2007	Dun and Bradstreet	January, 2010 January, 2008
Top 50 Emerging IT/ITES companies of India	NASSCOM	September, 2009
Best BPO Company of Gujarat: 2007, 2008, 2009	GESIA	2008, 2009, 2010, 2011
Highest Employment Generator in Gujarat for 2012, 2011, 2010, 2009, 2008, 2007	GESIA	2012, 2011, 2010, 2009 and 2008
Best Service Partner for Hiring Excellence	Vodafone	2008, 2009, 2010
50 Best Work Places of India	Great Places to Work Institute	July, 2008
Best Customer Responsiveness Practice Award	Avaya Global Connect	April, 2008

KEY INDUSTRY TRENDS

1. Growth in market research spending is slowing due to changing dynamics such as easier access to and acquisition of data and insights.

2. Increasing Cost pressures on data collection budgets

3. Move to web-based research (vs. CATI)

4. Increasing premium and margins for qualitative vs. quantitative research

5. Rapidly growing demand for analytics solutions and business intelligence and insights

6. Fragmented competitor landscape in outsourcing space

7. Most firms developing specialization in certain verticals and/or horizontals

Note on Brand Azure

Azure’s stature and brand value amongst its key stakeholders has been growing consistently over the years and Azure is a recognized and respected knowledge Process Outsourcing (KPO) and Business Process Outsourcing (BPO) company with more than 12 years of growth record.

Over the last few years “Azure” has become synonymous with high quality primary research and desk research services in the market research industry. Subject now is a preferred partner to 14 of the Honomichl Top 20 Market Research companies including Nielsen, lpsos, GfK, Kantar Group, Harris among others and is a unique service provider covering 105 countries in 24 international languages through its primary and desk research service offerings.

The International Association of Outsourcing Professionals (IAOP) has rated subject among the Top Outsourcing Providers in 2010, 2011 and 2012. Azure has also been rated among the Top Emerging IT Companies by NASSCOM in 2011.

In the last 2 years, subject established its presence in Nairobi (Kenya) and in Guangzhou (China) to further enhances its on ground research capabilities. Recently subject established its presence in Jakarta (Indonesia) and Lagos (Nigeria) in collaboration with a local country partner and plans to further augment its footprint globally by setting up presence in Brazil, Mexico and Coumbia through collaboration with local partners. This makes subject the only Indian KPO company with physical presence of KPO staff across more than 12 cities globally. Subject has served in 75 plus countries and has capabilities in 15 international languages French, German, Spanish, Russian, Japanese, Mandarin among others.

Since the last years subject has started providing full cycle research services to end clients including large MNCs like Deustche Bank, western Union, Nestle, etc. this has enhanced the brand presence and value of subject significantly in the international market with subject’s increased market research services, it is poised to have significant growth both with market research companies as well as end clients over the coming years.

In the BPO space, subject has been trusted by international clients like Pizza Hut, Liberty United Bank, Greenchoice Bank, Roundpoint Mortgage, etc. and domestic clients lke Vodafone, Reliance, Uninor, Kotak, etc. to provide high quality BPO and Customer Interaction Services (CISI) and in the last couple of years subject has been approached by several clients without any solicitation for providing BPO or CIS services. Subject has capabilities to provide Customer interaction Services in 8 Indian languages including Hindi, Gujarati, Marathi, Rajasthan, Tamil, Telugu, Malayalam and Kannada.

Subject is certified for ISO 9001-certified operations and quality processes and ISO 27001-certified information security infrastructure and practices.

Subject has been an employer of choice in most of the regions it operates. In Ahmedabad where a large percentage of its total staff operates from subjects recognition as a company to work for and a brand that can be tursted has grown manifold over the years. Subject has won the “Highest Empolyment Generator Award” in the state of Gujarat for five years in a row and due to the recognition and brand value it enjoys, there is a continuous inflow of unsolicited prospective employees for walk-in interviews every day in large numbers which has been increasing over the years.

Strategic Investment in subject has been done by Bennett Coleman and Company Limited (Time of India Group) a valuation of USD 50 million in 2007. Further, USD 32.5 million investment is done in subject by London based Greater Pacific Capital in April 2008. Greater Pacific Capital is actively involved in the management of strategic affairs of the company and execution of business plan.

What clients appreciate about Subject is :

· Process Oriented approach in providing services by meticulously planning the workflow and support systems

· Setting the right benchmarks for quality and delivery

· Using technology as a backbone to provide faster, better and cost-effective services to clients

Subject has enviable board, with the right mix in terms of Promoters/ Directors who are driven with passion and experience:

Under subject label, for market research business there are very aggressive investments and step growth plans as under

Services:

· “Productize” existing services

· Laying out Roadmap for analytics

· Select sectors for growth. Likely focus: Tech and Telecom; Financial Services; Healthcare. Consumer Goods

Market:

· Initiate creation of brand/ positioning of subject market research

· Ceate collateral on services and company; full and short versions: modular; modern and client-oriented

· Creating sales channels

· Build global quality sales force and sales management

· Inorganic growth

· Organize, Sponsor and attend conferences, publications, speaking engagements, Featured TV airtime

Under subject label, for BPO business, the company is keen on increasing volumes with exhaustive recruitment strategies in place, so that the entire business creates its on valuation for the investors on stand-alone basis.

Hence, subject management strongly feels that Azure Brand value has continuously increased over the year due to various such reasons and it continues to grow as per the ambitious business plan in place for next couple of years.

------------------------------------------------------------------------------------------------------------------------------

VALUATION REPORT

INTRODUCTION

Property under valuation	Scan House, B/h. Town Hall, Near M J Library, Near Ankur Complex, Opposite Hasubhai Chamber, Ashram Road, Ellisbridge, Ahmedabad Sub Plot No.: A, Paiki, F. P. No.: 559/2, T.P. S No.: 3, (As per agreement to sale Sub Plot No.: 2 paiki of F.P. No.: 559, T.P.S. No.: 3/5, Moje: Chadawad) Mouje: Ellisbridge, Taluka, City, District and Sub District: Ahmedabad
Owner/ Seller	Scan Point Geomatics Limited
Purchaser/ Buyer	Azure Knowledge Corporation Private Limited
Tenure	Freehold
Occupied by	Owned
Local authority	AMC
Purpose of valutional	Owner purpose
Date of inspection	21.03.2015
Date of valuation	23.03.2015
Valuation done for	For owner purpose
Valuation done by	Bear Appraisal Consultants

LOCATION

OVERVIEW OF PROPERTY UNDER VALUATION

General details of the property under valuation (hereinafter referred to as subject property) are tabulated as below:

TYPE OF PROPERTY	SUB-TYPE OF PROPERTY	ADDRESS	SURROUNDING DEVELOPMENT	NEAREST MAIN APPROACH ROAD	LANDMARK TO REACH THE SUBJECT PROPERTY
Commercial	Commercial building	Scan House, B/h. Town Hall, Near M J Library, Near Ankur Complex, Opposite Hasubhai Chamber, Ashram Road, Ellisbridge, Ahmedabad	Commercial	Ashram Road	Town Hall

Distance of Subject Property from major transport nodes are as follows:

TRANSPORT NODES	APPROXIMATE DISTANCE IN KM
Airport	8-10 Km from Ahmedabad
Railway Station	3-4 Km
Bus Station	3-4 Km

AREA OF SUBJECT PROPERTY

As per approved impact plan plot area is 790.13 SYD, construction area is 2171.29 SYD of subject property. Document area has been adopted for the purpose of the valuation exercise.

PHYSICAL DETAILS

SR. NO.	DESCRIPTION	OBSERVATION
1	Type or property	Commercial building
2	Total No. of floors	Cellar + GF + Four Floor
3	Type of structure	RCC Frame Structure
4	Stage of construction	Complete
5	If under construction, extent of completion	100%
6	Year of construction	1993 (As per verbal information)
7	Approximate age of property	22 Years
8	Residual age of property	38 Years if well maintained
9	Total estimate life of building	60 Years (For valuation purpose)
10	Approved use	Commercial purpose
11	Present use	Commercial use
12	Permissible FSI and Zoning	As per local rules

SPECIFICATIONS

SR. NO.	DESCRIPTION	OBSERVATIONS
1	Accommodation	Commercial building
2	Wall	Brick masonry
3	Doors and window	Wooden/ Glass/ Aluminium frame
4	Flooring	Tiles
5	Finishes	Plaster with Putty and Whitewash
6	Electrification	Concealed
7	Floor height	@ 3M
8	Roofing	RCC Slab

DOCUMENT ANALYSIS

SUMMARY OF DOCUMENTS RECEIVED AND PERUSED

SR. NO.	NAME OF DOCUMENT	AVAILABILITY	DATE OF ISSUE	REFERENCE NO.	SANCTIONING AUTHORITY
1	Bankhat	Yes	07.02.2015	62	Notary by Vinod K. Soni
2	Approved impact plan	Yes	08.06.2001	GRUDA/2001/westmzone/ 10/1652	AMC
3	Approved layout plan	Yes	08.06.2001	GRUDA/2001/westmzone /10/1652	AMC
4	Construction permission	Yes	22.07.1993	Ref. No.: BNM/W2/59/17, No. 30	AMC
5	NA Permission	Yes	23.03.1994	NA /U.1/Chadavad/140/94	DTO, Ahmedabad

DETAILS CONSIDERED FOR BASIS OF VALUATION

SR. NO.	NAME OF DOCUMENT	DESCRIPTION
1.	Banakhat/ Approved Impact Plan	Owner/ Seller: Scan Point Geomatics Limited
		Purchaser/ Buyer: Azure Knowledge Corporation Private Limtied
		Property Address: Scan House, B/h. Town Hall, Near M J Library, Near Ankur Complex, Opposite Hasubhai Chamber, Ashram Road, Ellisbridge, Ahmedabad Sub Plot No.: A, Paiki, F. P. No.: 559/2, T.P. S No.: 3, (As per agreement to sale Sub Plot No.: 2 paiki of F.P. No.: 559, T.P.S. No.: 3/5, Moje: Chadawad) Mouje: Ellisbridge, Taluka, City, District and Sub District: Ahmedabad
		Construction area : 2171.29 SYD Plot area : 790.13 SYD

MARKET VALUE

Market value of land	= Area (SYD) X Rate (Rs./SYD) = 790.13 SYD X 1,30,000 = Rs. 102.717 Million
Total building value (DRC)	= Area (SYD) X Rate (Rs./SYD) = 2171.29 x 10,000 = Rs. 21.713 Million
Market value of subject property	= Rs. 102.717 Million + Rs. 21.713 Million = Rs. 124.430 Million
Say	Rs. 124.500 Million

REALISABLE VALUE

Realizable/ Forced Sale Value is the price that property would realize in open market on “As is where is basis” in shortest possible time. As forced sale is conducted by negotiations amongst limited group of buyers or by public auction but it is conducted with the sense of utmost urgency and with assumption of unwilling seller and the seller is compeled and forced to sale the property to liquidate it in the terms of money to clear his debt or compelling circumstances. Thus above can therefore be kept in view while financial appraisal by financial institute/ bank.

Realizable value is considered about 10% - 20% less than market value. Realizable value of the subject property with the existing condition and specifications is to best of their opinion can be round up and is considered as Rs. 99.600 Million.

DISTRESS VALUE

Value of a property offered for immediate sale by its owner, who is under legal compulsion for immediate recovery of legal dues from him is called distress sale value of the property. There is absolute urgency to liquidate assets in terms of money. Owner may be in financial difficulty due to which he has been unable to meet legal liabilities. Thus above can therefore be kept in view while financial appraisal by financial institute/ bank.

Distress sale value is considered about 20% - 30% less than market value. Distress sale value of the subject property with the existing condition and specifications is to best of their opinion can be round up and is considered as Rs. 87.200 Million.

INSURABEL VALUE

Insurable value is the value of property provided by definitions contained in an insurance contract or policy.

Area of the subject property	1815.46 SMT
Insurance rate	Rs. 11,000.00 SMT
Cost of construction	1815.46 X Rs. 11,000.00
Insurable value	Rs. 19.970 Million
Say	Rs. 20.000 Million

Insurance/ Insurable Value (Reinstatement Value) of the subject property is to best of their opinion can be round up and is considered as Rs. 20.000 Million.

JANTRI VALUE

Jantri Value as per verbal information is as follows:

Land Area of the Subject Property	660.64 SMT
Jantri Rate	Rs. 32,500.00 SMT
Jantri Value	660.00 x Rs. 32,500.00
	Rs. 21.471 Million
Build up area of the subject property	1815.46 SMT
Jantri Rate	Rs. 9900.00 per SMT
Jantri Value of Building	1815.46 x Rs. 9900.00
Jantri Value	Rs. 17.973 Million
Depreciation @ 1.2% per Year (26.4%)	Rs. 4.745 Million
Depreciation Replacement Cost	Rs. 13.228 Million
Total Jantri Value (Land + Building)	Rs. 21.471 Million + Rs. 13.228 Million
	Rs. 34.699 Million
Say	Rs. 34.700 Million

Jantri Value of the Subject Property is to best of their opinion can be round up and is considered as Rs. 34.700 Million.

CONCLUSION

Estimated Value of subject property as mentioned above is as follows:

SR. NO.	DESCRIPTION	AMOUNT
1.	Market Value	Rs. 124.500 Million
2.	Realisable Value	Rs. 99.600 Million
3.	Distress Value	Rs. 87.200 Million
4.	Insurance Value	Rs. 20.000 Million
5.	Jantri Value	Rs. 34.700 Million

------------------------------------------------------------------------------------------------------------------------------

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10466140	26/02/2015 *	120,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	C45063468

CHANGE OF ADDRESS

The registered office of the company has been shifted from 502, 503, 5th Floor, GNFC Info Tower, S.G. Highway, Ahmedabad, Gujarat, India to the present address w.e.f. 01.05.2007.

BACKGROUND

Subject is a private limited company incorporated in the year 2001 under the Indian Companies Act, 1956. The company is in the business of providing information and technology enabled services in the sector of Knowledge process outsourcing and business process outsourcing.

CONTINGENT LIABILITIES

Particulars	31.03.2014 (Rs. In Million)
Claims against the company not acknowledged as debt – Income tax demand	30.002

FIXED ASSETS

TANGIBLE ASSETS

· Building

· Office Equipment’s

· Furniture and Fixtures

· Electric Installations

· Laser Distance Meter

· Laser Range Finder

· Motor Car 10 Moter Cy

· Computers

INTANGIBLE ASSETS

· Computer Software

· Dialers

· Brand Name

· Knowhow

------------------------------------------------------------------------------------------------------------------------------

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. 63.57
UK Pound	1	Rs. 98.22
Euro	1	Rs. 69.93

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	DIV
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	5
--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		41

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.