MIRA INFORM REPORT

Report No. :	324797
Report Date :	29.05.2015

IDENTIFICATION DETAILS

Name :	XAVIENT SOFTWARE SOLUTIONS (INDIA) PRIVATE LIMITED

Registered Office :	54, NSEZ Phase – II, Gautam Buddha Nagar, Noida – 201305, Uttar Pradesh
Tel. No.:	91-120-4743034 / 4743000

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	17.08.2006

Com. Reg. No.:	20-032292

Capital Investment / Paid-up Capital :	Rs.0.100 Million

CIN No.: [Company Identification No.]	U72900UP2006PTC032292

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	Not Available

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is engaged in providing software Development and IT consultancy.

No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 1900000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track record. It is engaged into business of providing services of Software Development and IT Consultancy. Financial position of the company seems to be decent during 2014. Trade relations are reported as fair. Business is active. Payment terms are usually correct. The company can be considered for the business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Rupesh Kumar
Designation :	Finance Manager
Contact No.:	91-9910201660
Date :	27.05.2015

LOCATIONS

Registered Office :	54, NSEZ Phase – II, Gautam Buddha Nagar, Noida – 201305, Uttar Pradesh, India
Tel. No.:	91-120-4743000
Mobile No.:	91-9910201660 (Mr. Rupesh Kumar)
Fax No.:	91-120-4240948
E-Mail :	ajain@xavient.com idnca.1985@gmail.com
Location :	Owned

DIRECTORS

As on : 30.09.2014

Name :

Mr. Arshad Najeed

Designation :

Director

Address :

V-10, Ground Floor, Eldeco Green, Meadows Sector – PI, Greater Noida – 201308, Uttar Pradesh, India

Date of Birth/Age :

01.01.1972

Date of Appointment :

17.08.2006

DIN No.:

00259878

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	U72900UP1999PTC046550	XAVIENT INFORMATION SYSTEMS INDIA PRIVATE LIMITED	Additional director	18/04/2005	18/04/2005	-	Active	NO
2	U20211DL1996PTC080959	SUPERIOR WOOD AND BUILDING PRODUCTS PRIVATE LIMITED	Additional director	18/04/2005	18/04/2005	22/09/2008	Active	NO
3	U72900UP2006PTC032292	XAVIENT SOFTWARE SOLUTIONS (INDIA) PRIVATE LIMITED	Director	17/08/2006	17/08/2006	-	Active	NO
4	U74900UP2009PTC039005	ADVANCED BUSINESS INTELLIGENCE AND ANALYTICS PRIVATE LIMITED	Director	21/12/2009	21/12/2009	-	Active	NO
5	U72300DL2010PTC197821	XAVIENT INFOTECH PRIVATE LIMITED	Director	11/01/2010	11/01/2010	-	Active	NO
6	U74120DL2010PTC205203	JUMP SPORTS INDIA PRIVATE LIMITED	Director	05/07/2010	05/07/2010	-	Active	NO
7	U74120UP2015PTC068346	HALLWAZE CONNECTION INDIA PRIVATE LIMITED	Director	19/01/2015	19/01/2015	-	Active	NO

Name :

Mr. Saif Ahmad

Designation :

Director

Address :

PH-702, Tennessee Tower, Omaxe Forest, Sector – 92, Noida – 201301, Uttar Pradesh, India

Date of Birth/Age :

06.12.1977

Date of Appointment :

17.08.2006

DIN No.:

00260543

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	U72900UP1999PTC046550	XAVIENT INFORMATION SYSTEMS INDIA PRIVATE LIMITED	Additional director	25/02/2004	25/02/2004	-	Active	NO
2	U20211DL1996PTC080959	SUPERIOR WOOD AND BUILDING PRODUCTS PRIVATE LIMITED	Additional director	30/04/2004	30/04/2004	22/09/2008	Active	NO
3	U72900UP2006PTC032292	XAVIENT SOFTWARE SOLUTIONS (INDIA) PRIVATE LIMITED	Director	17/08/2006	17/08/2006	-	Active	NO
4	U74900UP2009PTC039005	ADVANCED BUSINESS INTELLIGENCE AND ANALYTICS PRIVATE LIMITED	Director	21/12/2009	21/12/2009	-	Active	NO
5	U72300DL2010PTC197821	XAVIENT INFOTECH PRIVATE LIMITED	Director	11/01/2010	11/01/2010	-	Active	NO
6	U74120DL2010PTC205203	JUMP SPORTS INDIA PRIVATE LIMITED	Director	05/07/2010	05/07/2010	-	Active	NO
7	U74120UP2015PTC068346	HALLWAZE CONNECTION INDIA PRIVATE LIMITED	Director	19/01/2015	19/01/2015	-	Active	NO
8	U45200DL2012PTC235777	SARV UTTAM INFRASTRUCTURES PRIVATE LIMITED	Director	20/04/2015	20/04/2015	-	Active	NO

Name :

Mr. Ajay Chauhan

Designation :

Director

Address :

C-1/708, Vasant Kunj, New Delhi – 110070, India

Date of Birth/Age :

31.07.1976

Date of Appointment :

29.09.2011

DIN No.:

02827004

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	U74900UP2009PTC039005	ADVANCED BUSINESS INTELLIGENCE AND ANALYTICS PRIVATE LIMITED	Director	21/12/2009	21/12/2009	-	Active	NO
2	U74120DL2010PTC205203	JUMP SPORTS INDIA PRIVATE LIMITED	Director	05/07/2010	05/07/2010	-	Active	NO
3	U72300DL2010PTC197821	XAVIENT INFOTECH PRIVATE LIMITED	Director	29/09/2011	05/10/2010	-	Active	NO
4	U72900UP2006PTC032292	XAVIENT SOFTWARE SOLUTIONS (INDIA) PRIVATE LIMITED	Director	29/09/2011	28/01/2011	-	Active	NO
5	U72900UP1999PTC046550	XAVIENT INFORMATION SYSTEMS INDIA PRIVATE LIMITED	Director	30/09/2011	28/01/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Rupesh Kumar
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 30.09.2014

Names of Shareholders	No. of Shares	%age holding
Ahmad Saif	9800	98.00
Arshad Majeed	100	1.00
Zudin Ahmad	100	1.00
Total	10000	100.00

Equity Share Break up (Percentage of Total Equity)

As on : 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in providing software Development and IT consultancy.

Products :	Not Divulged

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

Exports :
Countries :	USA

Imports :	Not Divulged

Terms :
Selling :	Cash and Credit

Purchasing :	Cash and Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	C.I Infotech Private Limited - Noida
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Dish Network - USA
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

1000 (Approximately)

Bankers :

Bank Name	ICICI Bank Limited
Branch	Landmarkrace Cource Circle, Alkapuri, Barodra – 390015, Gujarat, India
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 :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term loan from bank (Secured against hypothecation of vehicle)	0.176	1.422

Total	0.176	1.422

Auditors :
Name :	Indra D. Narayan and Company Chartered Accountants
Address :	165, Vinoba Puri, Lajpat Nagar – II, New Delhi – 110024, india
Tel. No.:	91-11-29837399 / 29832137
Fax No.:	91-11-41725626
Website :	www.caida.in
PAN No. Income-tax PAN of auditor or auditor's firm :	AABF14237J

Memberships :	Not Available

Collaborators :	Not Available

Other related parties :	Xavient Software Solutions Private Limited (Director has substantial interest)

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

100000	Equity Shares	Rs.10/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

10000	Equity Shares	Rs.10/- each	Rs.0.100 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	0.100	0.100	0.100
(b) Reserves & Surplus	663.905	556.312	454.935
(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)	664.005	556.412	455.035

(3) Non-Current Liabilities
(a) long-term borrowings	34.159	35.293	31.695
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.069
(d) long-term provisions	32.858	24.614	9.250
Total Non-current Liabilities (3)	67.017	59.907	41.014

(4) Current Liabilities
(a) Short term borrowings	16.963	0.000	0.000
(b) Trade payables	8.704	5.504	4.412
(c) Other current liabilities	77.474	65.256	55.389
(d) Short-term provisions	96.335	52.857	37.619
Total Current Liabilities (4)	199.476	123.617	97.420

TOTAL	930.498	739.936	593.469

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	132.950	122.383	136.523
(ii) Intangible Assets	4.504	0.194	0.379
(iii) Capital work-in-progress	41.424	11.589	13.078
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	6.744	14.769	8.646
(d) Long-term Loan and Advances	85.234	44.190	3.977
(e) Other Non-current assets	0.030	0.030	0.588
Total Non-Current Assets	270.886	193.155	163.191

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	558.350	423.420	307.439
(d) Cash and cash equivalents	7.752	8.289	2.980
(e) Short-term loans and advances	93.083	82.549	82.101
(f) Other current assets	0.427	32.523	37.758
Total Current Assets	659.612	546.781	430.278

TOTAL	930.498	739.936	593.469

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013
	SALES
	Income	774.914	655.189
	Other Income	31.550	18.674
	TOTAL	806.464	673.863

Less	EXPENSES	NA	NA

	PROFIT/ (LOSS) BEFORE TAX	NA	NA

Less	TAX	NA	NA

	PROFIT/ (LOSS) AFTER TAX	107.593	101.377

	EARNINGS IN FOREIGN CURRENCY
	Exports of Services	763.349	632.051
	TOTAL EARNINGS	763.349	632.051

	Earnings / (Loss) Per Share (Rs.)	0.07	0.06

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

Cash generated from operations

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	13.88	15.47	NA

Debt Equity Ratio (Total Debt /Networth)		0.08	0.06	0.07

Current Ratio (Current Asset/Current Liability)		3.31	4.42	4.42

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	0.100	0.100	0.100
Reserves & Surplus	454.935	556.312	663.905
Net worth	455.035	556.412	664.005

long-term borrowings	31.695	35.293	34.159
Short term borrowings	0.000	0.000	16.963
Total borrowings	31.695	35.293	51.122
Debt/Equity ratio	0.070	0.063	0.077

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	655.189	774.914
	--	18.273

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	655.189	774.914
Profit	101.377	107.593
	15.47%	13.88%

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	No
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	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
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	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from J-66, Sector – 41, Noida – 201301, Uttar Pradesh, India to the present address w.e.f. 01.06.2007.

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans and advances from related parties	33.983	33.511
Security Deposit	0.000	0.360

Short-term borrowings
Loans and advances from related parties	16.963	0.000
Total	50.946	33.871

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10128743	17/11/2008	1,203,520.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	A50382340
2	10113069	20/03/2007	908,620.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	A12492104

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014	31.03.2013
Guarantee executed	0.030	0.230

FIXED ASSETS

Tangible Assets

Building
Computer
Furniture and Fixture
Office Equipment
Vehicle

Intangible Assets

Computer Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.90
UK Pound	1	Rs.98.16
Euro	1	Rs.69.73

INFORMATION DETAILS

Information Gathered by :	RKA

Analysis Done by :	RSM

Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

INDEX OF CHARGES

Unit