MIRA INFORM REPORT

Report No. :	322013
Report Date :	16.05.2015

IDENTIFICATION DETAILS

Name :	SYNTEL PRIVATE LIMITED
Formerly Known As :	SYNTEL LIMITED SYNTEL (INDIA) LIMITED SYNTEL SOFTWARE PRIVATE LIMITED
Registered Office :	Unit No. 112, SDF IV, Seepz, Andheri (East), Mumbai – 400096, Maharashtra
Tel. No.:	91-22-40470150
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	12.05.1992
Com. Reg. No.:	11-066730
Capital Investment / Paid-up Capital :	Rs.5.000 Million
CIN No.: [Company Identification No.]	U72200MH1992PTC066730
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMS15682C
PAN No.: [Permanent Account No.]	AAACS8305D
Legal Form :	Private Limited Liability Company
Line of Business :	Provider of integrated technology and business services.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

A (68)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of “Syntel Inc., USA”. It is a well-established company having a fine track record. Financial position of the company seems to be sound. Liquidity position is good. Promoters and directors are reported as reputed, well experienced and respectable businessmen. Trade relations are fair. Business is active. Payment terms are regular and as per commitments. The company can be considered good for normal business dealings at usual trade term and conditions.

NOTES:

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

EXTERNAL AGENCY RATING

NOT AVAILABLE

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. Yatin Kamat
Designation :	Manager
Contact No.:	91-22-40470150
Date :	11.05.2015

LOCATIONS

Registered Office :	Unit No. 112, SDF IV, Seepz, Andheri (East), Mumbai – 400096, Maharashtra, India
Tel. No.:	91-22-40470150
Fax No.:	91-22-40470408
E-Mail :	smita_pandit@syntelinc.com yatin_kamat@syntelic.com
Website :	www.syntelinc.com
Branches :	Located At: Navi Mumbai Thane Chennai Pune Singapore

DIRECTORS

As on 30.09.2014

Name :	Mr. Arvind Shivram Godbole
Designation :	Whole Time Director
Address :	3/38, Jai Hanuman Society, Hanuman Road, Vile Parle East, Mumbai – 400057, Maharashtra, India
Date of Birth/Age :	02.05.1957
Date of Appointment :	01.01.2015
DIN No.:	02363384
Name :	Mr. Nitin Omprakash Rakesh
Designation :	Whole Time Director
Address :	17, Sea Glimpse, 753 B, B.J. Road, Bandra West, Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	27.12.1971
Date of Appointment :	01.01.2015
DIN No.:	00042261
Name :	Mr. Daniel Michael Moore
Designation :	Director
Address :	1974 Stonington Coury, Rochester Hills 48306, Michigan, USA
Date of Birth/Age :	12.06.1954
Date of Appointment :	30.09.2009
DIN No.:	00063127

KEY EXECUTIVES

Name :	Mr. Kalpesh Harilal Solanki
Designation :	Company Secretary
Address :	401, Sharad Rajani CHS Ashok Chakravati Road, Ashok Nagar, Kandivali –East, Mumbai - 400101, Maharashtra, India
Date of Birth/Age :	25.07.1976
Date of Appointment :	07.03.2012
PAN No :	BHRPS2874M
Name :	Mr. Yatin Sarojkumar Kamat
Designation :	Manager
Address :	401, Visava Saraswat, Bank Staff Chs Near Dra Meshwate Temple, Saraswati Baug, Jogeshwari East, Mumbai - 400060, Maharashtra, India
Date of Birth/Age :	16.05.1976
Date of Appointment :	17.06.2011
PAN No :	AHOPK4865C

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Syntel Inc., USA	499974
Syntel (Singapore) Pte. Limited, Singapore	20
Rajesh Dinanath Save	1
Anil Banwarilal Agarwal	1
Arvind Shivram Godbole	1
Rakesh Hansraj Khanna	1
Makarand Manohar Sawant	1
Sudhir Brijmohan Jhunjhunwala	1
Total	500000

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

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 :

Provider of integrated technology and business services.

Products :

Product Description	Item Code No. (ITC Code)
Other IT Consulting Services	99831319

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

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

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term Loan	9.800	21.800
Total	9.800	21.800

Auditors :
Name :	B S R and Company Chartered Accountants
Address :	1St Floor, Lodha Excelus, Apollo Mills Compound, N. M. Joshi Marg, Mahalakshmi, Mumbai, Maharashtra, India
PAN No.:	AAIFB7357B
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	Syntel, Inc., USA
Fellow Subsidiaries :	Syntel Europe Limited, UK Syntel Deutschland GmbH, Germany Syntel (Australia) Pty. Limited , Australia Syntel Canada Inc., Canada Syntel Consulting Inc., USA SkillBay LLC, USA Intellisourcing SARL, France Syntel Solutions (India) Private Limited, India Syntel International Private Limited, India Syntel Global Private Limited, India Syntel Services Private Limited, India Syntel Infotech, Inc., Philippines
Associate of the Holding Company :	State Street Syntel Services Private Limited, India

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 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	5.000	5.000	5.000
(b) Reserves & Surplus	36302.900	26637.400	19562.000
(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)	36307.900	26642.400	19567.000
(3) Non-Current Liabilities
(a) long-term borrowings	9.800	21.800	33.700
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	246.500	237.200	176.700
(d) long-term provisions	881.700	823.300	613.000
Total Non-current Liabilities (3)	1138.000	1082.300	823.400
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	3627.300	1237.100	2039.700
(c) Other current liabilities	1114.600	989.900	952.700
(d) Short-term provisions	639.600	413.200	230.100
Total Current Liabilities (4)	5381.500	2640.200	3222.500
TOTAL	42827.400	30364.900	23612.900
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	638.700	594.000	781.700
(ii) Intangible Assets	105.900	115.000	78.800
(iii) Capital work-in-progress	0.000	83.300	37.700
(iv) Intangible assets under development	0.000	0.000	1.500
(b) Non-current Investments	6493.200	4552.000	3154.800
(c) Deferred tax assets (net)	323.500	326.100	301.600
(d) Long-term Loan and Advances	2074.700	1553.800	694.400
(e) Other Non-current assets	0.000	18.500	26.600
Total Non-Current Assets	9636.000	7242.700	5077.100
(2) Current assets
(a) Current investments	5524.400	1422.300	1101.800
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	7923.100	10836.900	7056.700
(d) Cash and cash equivalents	17592.000	9016.400	8222.100
(e) Short-term loans and advances	929.500	1108.100	1195.800
(f) Other current assets	1222.400	738.500	959.400
Total Current Assets	33191.400	23122.200	18535.800
TOTAL	42827.400	30364.900	23612.900

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	32731.200	24992.400	19513.700
	Other Income	1532.900	1251.800	1139.700
	TOTAL	34264.100	26244.200	20653.400
Less	EXPENSES
	Employees benefits expense	8740.800	8039.600	7424.200
	Other expenses	13210.800	9122.200	7277.200
	TOTAL	21951.600	17161.800	14701.400
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	12312.500	9082.400	5952.000
Less	FINANCIAL EXPENSES	0.000	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	12312.500	9082.400	5952.000
Less/ Add	DEPRECIATION/ AMORTISATION	314.100	312.600	399.100
	PROFIT/ (LOSS) BEFORE TAX	11998.400	8769.800	5552.900
Less	TAX	2332.900	1694.400	1257.700
	PROFIT/ (LOSS) AFTER TAX	9665.500	7075.400	4295.200
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	22917.300	16490.400	12864.200
Add	Transferred from Special Economic Zone Re-Investment Allowance Reserve Account	330.000	90.000	0.000
Less	APPROPRIATIONS
	Transfer to General Reserve	966.500	707.500	429.000
	Transfer to Special Economic Zone Re-investment allowance reserve account	0.000	31.000	240.000
	Total	966.500	738.500	669.000
	Balance Carried to the B/S	31946.300	22917.300	16490.400
	EARNINGS IN FOREIGN CURRENCY
	Exports Revenue		24841.500	19457.600
	Interest on Deposits		26.700	36.100
	TOTAL EARNINGS	NA	24868.200	19493.700
	IMPORTS
	Capital Goods	186.000	68.900	115.100
	TOTAL IMPORTS	186.000	68.900	115.100
	Earnings / (Loss) Per Share (Rs.)	19331.00	14150.80	8590.40

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	29.53	28.31	22.01
Operating Profit Margin (PBDIT / Sales)	(%)	37.62	36.34	30.50
Return on Total Assets (PBT/Total Assets}	(%)	33.32	34.52	27.60
Return on Investment (ROI) (PBT/Networth)		0.33	0.33	0.28
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		6.17	8.76	5.75

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	5.000	5.000	5.000
Reserves & Surplus	19562.000	26637.400	36302.900
Net worth	19567.000	26642.400	36307.900
long-term borrowings	33.700	21.800	9.800
Short term borrowings	0.000	0.000	0.000
Total borrowings	33.700	21.800	9.800
Debt/Equity ratio	0.002	0.001	0.000

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	19513.700	24992.400	32731.200
		28.076	30.965

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	19513.700	24992.400	32731.200
Profit	4295.200	7075.400	9665.500
	22.01%	28.31%	29.53%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG TERM DEBTS = NOT AVAILABLE

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	No
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

OPERATIONS AND PROSPECTS:

The Revenue from operations during the year amounted to Rs. 32731.200 Million, as compared to Rs. 24992.400 Million in the previous year. The profit after tax was Rs 9665.500 Million as against Rs. 7075.400 Million in the previous year, marking an increase of over 36.60%.

Barring unforeseen situations, the Directors are confident of the Company performing to satisfactory levels in the current year, and hence is investing in infrastructure, people, etc. for the services to keep up to the pace of growth.

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

• Building
• Leasehold Improvements
• Software
• Computers and Equipment
• Furniture and fixture
• Office and other equipment
• Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No 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.100.29
Euro	1	Rs.72.37

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	RAS
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	8
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--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		68

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.