MIRA INFORM REPORT

Report No. :	344105
Report Date :	07.10.2015

IDENTIFICATION DETAILS

Name :	UST GLOBAL TECHNOLOGY SERVICES (INDIA) PRIVATE LIMITED
Registered Office :	Leela Infopark, Infopark SEZ, Kuusumagiri, Kakkanad, Cochin-682030, Kerala
Tel. No.:	91-484-4040000
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	10.03.2010
Com. Reg. No.:	09-025653
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U72200KL2010PTC025653
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCU1636Q
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in Offering IT Services such as Application Development, Application Management Services, Testing, Infrastructure Management etc.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a part of "UST Group”, Incorporated in 2010. UST Global Technology Services (India) Private Limited is primarily engaged in offering IT services such as application development, application management services testing infrastructure management etc. and acts as an off-shore development unit for UST Group’s international operations. The ratings derive strength from the comfortable financial risk profile characterized by low leverage comfortable debt coverage indicators along with decent liquidity position of the company characterised by improving scale of operations and profitability margin of the company. The assigned ratings consider the experience of the group in the IT services industry, the renowned customer profile of the group and its established relationships with clients as reflected in a healthy customer retention. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. In view of strong financial, managerial and technical support from the group, the company can be considered good for the business dealings at usual 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	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

Rating Agency Name	ICRA
Rating	Long term bank facilities: BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	September 2014

Rating Agency Name	ICRA
Rating	Short term bank facilities: A3+
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	September 2014

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 31-03-2015.

INFORMATION DECLINED

MANAGEMENT NON CO-OPERATIVE (91-484-4040000)

LOCATIONS

Registered Office :	Leela Infopark, Infopark SEZ, Kuusumagiri, Kakkanad, Cochin-682030, Kerala, India
Tel. No.:	91-484-4040000
Fax No.:	91-484-4040100
E-Mail :	finance.cerpl@ust-global.com

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Sunil Balakrishnan
Designation :	Director
Address :	XVII-399-C Achyutam, First Floor, Rherlek Lane, Sanskriti College Road, Tripunithura-682301, Ernakulam, Kerala, India
Date of Birth/Age :	19.05.1967
Date of Appointment :	30.06.2011
DIN No.:	03552957
Name :	Mr. Subhash Kanhilimadhom Parameswaran
Designation :	Director
Address :	TC28/408, Vilayil House Kaithamukku, Trivandrum-69504, Kerala, India
Date of Birth/Age :	17.11.1965
Date of Appointment :	15.11.2011
DIN No.:	03572163

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Alexander Virghese	1
US Technology International Private Limited, India	9999
Total	10000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Bodies corporate	99.99
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in Offering IT Services such as Application Development, Application Management Services, Testing, Infrastructure Management etc.

Products :

Description of product	ITC code
IT consulting services	99831319

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

Banker Name	State Bank of India
Branch Address	Commercial Branch, Sree Ganesh Kripa,, Jas Hotel, Road, Thycaud,, Thiruvananthapuram -69501, Kerala, 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 :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Other loans and advances, others	14.965	28.626
Total	14.965	28.626

Auditors :
Name :	S R B C and Company LLP Chartered Accountants
Address :	12th and 13th Floor, UB City, Canberra Block, No.24, Vittal Mallya Road, Bengaluru – 560001, Karnataka, India
PAN N Income-tax PAN of auditor or auditor's firm :	ABSFS4151K
Memberships :	Not Available
Collaborators :	Not Available
Holding company:	US Technology International Private Limited, India [U72200KL1999PTC013385]
Ultimate Holding Company:	UST Holdings Limited
Parent of UST Holdings Limited:	Tricase Investment Holdings Inc.
Fellow Subsidiary Company:	UST Global (Singapore) Pte Limited, Singapore UST Global Private Limited UK) UST Global Information Technology Parks Private Limited, India [U72200KL2008PTC022985] UST Global Inc

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs. 5.000 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	167.673	69.524	20.351
(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)	167.773	69.624	20.451
(3) Non-Current Liabilities
(a) long-term borrowings	14.965	28.626	48.544
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.294	1.348	0.915
(d) long-term provisions	5.321	4.910	0.730
Total Non-current Liabilities (3)	20.580	34.884	50.189
(4) Current Liabilities
(a) Short term borrowings	90.241	76.668	59.608
(b) Trade payables	37.840	82.375	5.511
(c) Other current liabilities	25.598	23.247	21.562
(d) Short-term provisions	6.607	7.182	2.480
Total Current Liabilities (4)	160.286	189.472	89.161
TOTAL	348.639	293.980	159.801
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	23.864	46.962	69.306
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	24.951	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	48.328	21.358	11.688
(e) Other Non-current assets	0.050	0.050	0.050
Total Non-Current Assets	97.193	68.370	81.044
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	244.986	223.245	76.166
(d) Cash and cash equivalents	0.500	0.180	0.076
(e) Short-term loans and advances	5.960	0.458	0.498
(f) Other current assets	0.000	1.727	2.017
Total Current Assets	251.446	225.610	78.757
TOTAL	348.639	293.980	159.801

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	590.487	333.287	174.595
	Other Income
	TOTAL	590.487	333.287	174.595
Less	EXPENSES	491.994	284.112	147.340
	PROFIT/ (LOSS) BEFORE TAX	98.493	49.175	27.255
Less	TAX	0.344	0.003	0.000
	PROFIT/ (LOSS) AFTER TAX	98.149	49.172	27.255
	Earnings / (Loss) Per Share (Rs.)	9814.93	4917.26	2725.53

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	13.698	19.918	20.543
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	55.328	18.889	(4.255)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	30.43	16.73	17.06
Return on Investment (ROI) (PBT/Networth)		0.59	0.71	1.33
Debt Equity Ratio (Total Debt /Networth)		0.71	1.80	6.29
Current Ratio (Current Asset/Current Liability)		1.57	1.19	0.88

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	20.351	69.524	167.673
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	20.451	69.624	167.773
long-term borrowings	48.544	28.626	14.965
Short term borrowings	59.608	76.668	90.241
Current maturities of long-term debts	20.543	19.918	13.698
Total borrowings	128.695	125.212	118.904
Debt/Equity ratio	6.293	1.798	0.709

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)
Total Income	174.595	333.287	590.487
		90.891	77.171

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	174.595	333.287	590.487
Profit	27.255	49.172	98.149
	15.61%	14.75%	16.62%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	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	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

CORPORATE INFORMATION

Subject was incorporated on March 10 2010 under the Companies Act, 1956. The registered office of the Company is located at Kochi, Kerala.

The Company is registered as a unit in Special Economic Zone (SEZ), Kochi, Kerala. Approval for the units was granted by SEZ Development Commissioner under the provisions of Special Economic Zone Act, 2005 through letter dated April 26 2010.

The Company provides software development services to UST Global (Singapore) Pte Limited, Singapore (a fellow subsidiary) on a cost plus model.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Loans and advances from others	90.241	76.668
Total	90.241	76.668

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10542212	16/12/2014	261,400,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, SREE GANESH KRIPA,, JAS HOTEL ROAD, THYCAUD,, THIRUVANANTHAPURAM, KERALA - 69501 4, INDIA	C40039307

FIXED ASSETS

Tangible assets

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

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 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.65.39
UK Pound	1	Rs.99.05
Euro	1	Rs.73.19

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAS
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--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	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		50

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.