MIRA INFORM REPORT

Report No. :	347082
Report Date :	29.10.2015

IDENTIFICATION DETAILS

Name :	ICRA TECHNO ANALYTICS LIMITED
Registered Office :	Infinity Benchmark, 17th Floor, Plot -G1, Block-GP, Sector-V, Salt Lake, Kolkata – 700091, West Bengal
Tel. No.:	91-33-40097800
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	27.07.1992
Com. Reg. No.:	21-056060
Capital Investment / Paid-up Capital :	Rs.214.534 Million
CIN No.: [Company Identification No.]	U30009WB1992PLC056060
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged into providing of IT services.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (61)

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

Maximum Credit Limit :	USD 2200000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is wholly owned subsidiary of ICRA LIMITED, incorporated in the year 1992. It is a well-established company having good track record. The company has achieved decent revenue marked by impressive profitability margin of 21.25%. There is huge increase in its revenue and profit margin as compared to previous year. The company possesses healthy financial risk profile marked by sound net worth base, low borrowings and good liquidity position. Trade relations are fair. Business is active. Payments are regular and as per commitment. In view of strong promoter group, the company can be considered good for 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	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	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 31-03-2015.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Annad Sheik
Designation :	Account Manager
Contact No.:	91-33-40097800
Date :	27.10.2015

LOCATIONS

Registered Office :	Infinity Benchmark, 17th Floor, Plot -G1, Block-GP, Sector-V, Salt Lake, Kolkata – 700091, West Bengal, India
Tel. No.:	91-33-40097800
Fax No.:	91-33-40097801
E-Mail :	info@icteas.com anand.sheik@icteas.com
Website :	www.icteas.com
Area :	30,000 Sq ft
Location :	Owned
Locality:	Commercial

DIRECTORS

AS ON 05.08.2014

Name :

Mr. Prateep Kumar Guha

Designation :

Managing director

Address :

P-245, Purna Das Road, Kolkata - 700029, West Bengal, India

Date of Birth/Age :

16.12.1954

Date of Appointment :

05.08.2011

DIN No.:

00003937

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	U30009WB1992PLC056060	ICRA TECHNO ANALYTICS LIMITED	Managing director	5/8/2011	27/12/1992	-	Active	NO
2	U72900WB1999PLC109180	ICRA ONLINE LIMITED	Director	15/09/2005	15/09/2005	-	Active	NO
3	U72900WB1996PLC079377	AXIOM TECHNOLOGIES LTD	Additional director	4/11/2008	4/11/2008	-	Amalgamated	NO

Name :

Mr. Naresh Takkar

Designation :

Director

Address :

189, Espace Nirvana, Sector - 50, Gurgaon - 122018, Haryana, India

Date of Birth/Age :

10.11.1963

Date of Appointment :

07.12.2006

DIN No.:

00253288

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	L74999DL1991PLC042749	ICRA LIMITED	Managing director	2/7/2015	1/7/2006	-	Active	NO
2	U30009WB1992PLC056060	ICRA TECHNO ANALYTICS LIMITED	Director	7/12/2006	7/12/2006	-	Active	NO
3	U72900WB1999PLC109180	ICRA ONLINE LIMITED	Director	20/07/2009	19/07/2008	-	Active	NO
4	U74140DL2004PLC131454	ICRA MANAGEMENT CONSULTING SERVICES LIMITED	Director	8/8/2015	16/07/2015	-	Active	NO

Name :

Mr. Raghavendra Raghuttama Rao

Designation :

Director

Address :

20/5, Lavanya Vilas, Raghaviah Road, T. Nagar, Chennai - 600017, Tamilnadu, India

Date of Birth/Age :

10.05.1963

Date of Appointment :

20.07.2009

DIN No.:

00146230

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	U72900WB1999PLC109180	ICRA ONLINE LIMITED	Director	29/09/2003	29/09/2003	-	Active	NO
2	U72200TN2005PTC055960	HINOTE SYSTEMS PRIVATE LIMITED	Director	12/9/2005	12/9/2005	30/03/2009	Active	NO
3	U74140DL2004PLC131454	ICRA MANAGEMENT CONSULTING SERVICES LIMITED	Managing director	25/08/2014	26/08/2006	-	Active	NO
4	U30009WB1992PLC056060	ICRA TECHNO ANALYTICS LIMITED	Director	20/07/2009	19/07/2008	-	Active	NO
5	U74140DL2011PLC213174	PRAGATI DEVELOPMENT CONSULTING SERVICES LIMITED	Director	31/01/2011	31/01/2011	-	Active	NO

Name :

Diya Sawhny

Designation :

Director

Address :

219 W 81 ST, APT 7D, New York, 10024, United States of America

Date of Appointment :

11.08.2015

DIN No.:

07010828

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	U72900WB1999PLC109180	ICRA ONLINE LIMITED	Director	11/8/2015	10/11/2014	-	Active	NO
2	U30009WB1992PLC056060	ICRA TECHNO ANALYTICS LIMITED	Director	11/8/2015	10/11/2014	-	Active	NO

Name :

Mr. Uddesh Kumar Kohli

Designation :

Director

Address :

S-50, Greater Kailash - I, New Delhi - 110048, India

Date of Birth/Age :

12.12.1940

Date of Appointment :

11.08.2015

DIN No.:

00183409

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	U72900HR1996PTC035062	CYBIZCALL (INTERNATIONAL) PRIVATE LIMITED	Director	15/03/2001	15/03/2001	17/03/2008	Active	NO
2	L74999DL1991PLC042749	ICRA LIMITED	Director	15/10/2001	15/10/2001	26/07/2014	Active	NO
3	U74899DL1987GOI002354	NATIONAL RESEARCH DEVELOPMENT CORPORATION	Director	8/2/2005	8/2/2005	8/2/2008	Active	NO
4	L13100AP1958GOI001674	NMDC LIMITED	Director	25/10/2005	25/10/2005	24/10/2008	Active	NO
5	L74140MH1992PLC068379	ALSTOM India Limited	Director	25/07/2014	28/12/2005	-	Active	NO
6	L45200TG1993PLC015545	LANCO INFRATECH LIMITED	Director	26/09/2014	16/06/2006	-	Active	NO
7	U14107JK1989SGC001110	J & K MINERAL DEVELOPMENT CORPORATION LIMITED.	Director	30/08/2006	30/08/2006	24/10/2008	Active	NO
8	U65100DL2008PTC175845	Power Equity Capital Advisors Private Limited	Director	25/03/2008	25/03/2008	11/10/2011	Active	NO
9	U40109MP2006PLC019008	D B POWER LIMITED	Director	30/09/2008	15/05/2008	1/5/2009	Active	NO
10	U13100CT2008GOI020711	NMDC-CMDC LIMITED	Director	19/06/2008	19/06/2008	30/10/2008	Active	NO
11	L24129MH2003PLC235007	JYOTHY CONSUMER PRODUCTS LIMITED	Director	11/9/2009	11/9/2009	31/05/2011	Amalgamated	NO
12	U40101HR2004PLC049783	POWERWIND LIMITED	Director	18/07/2011	12/9/2009	19/08/2013	Active	NO
13	U40109TG2000PLC033791	NATIONAL ENERGY TRADING AND SERVICES LIMITED	Director	14/07/2010	14/09/2009	25/03/2015	Active	NO
14	L65999DL2006PLC153373	PTC INDIA FINANCIAL SERVICES LIMITED	Director	25/03/2015	25/09/2009	-	Active	NO
15	U30009WB1992PLC056060	ICRA TECHNO ANALYTICS LIMITED	Director	11/8/2015	29/03/2013	-	Active	NO
16	U40109TG2002PLC038452	LANCO Thermal Power Limited	Director	28/09/2015	30/03/2015	-	Active	NO
17	U40109TG2005PLC045214	LANCO POWER LIMITED	Director	28/09/2015	30/03/2015	-	Active	NO
18	U01111TG1996PLC023347	LANCO HYDRO POWER LIMITED	Director	28/09/2015	30/03/2015	-	Active	NO

Name :

Mr. Radhika Vijay Haribhakti

Designation :

Director

Address :

51 Maker Tower B, Cuffe Parade, Mumbai - 400005, Maharashtra, India

Date of Appointment :

11.08.2015

DIN No.:

02409519

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	U91990MH2005NPL151790	SWADHAAR FINACCESS	Director	12/8/2009	6/9/2008	2/2/2015	Active	NO
2	U65929TG2003PLC040648	SPANDANA SPHOORTY FINANCIAL LIMITED	Whole-time director	26/08/2010	26/08/2010	18/10/2010	Active	NO
3	L24110MH1998PLC115499	NAVIN FLUORINE INTERNATIONAL LIMITED	Director	29/06/2015	30/07/2014	-	Active	NO
4	L92490TN1983PLC009903	EIH ASSOCIATED HOTELS LIMITED	Additional director	8/8/2014	8/8/2014	-	Active	NO
5	U67120KA1991PTC059126	Vistaar Financial Services Private Limited	Director	24/06/2015	28/10/2014	-	Active	NO
6	L26942TG1974PLC001693	RAIN INDUSTRIES LIMITED	Director	11/6/2015	6/11/2014	-	Active	NO
7	L74999DL1991PLC042749	ICRA LIMITED	Director	13/08/2015	4/12/2014	-	Active	NO
8	U30009WB1992PLC056060	ICRA TECHNO ANALYTICS LIMITED	Director	11/8/2015	28/01/2015	-	Active	NO
9	L63090GJ1998PLC034182	ADANI PORTS AND SPECIAL ECONOMIC ZONE LIMITED	Director	11/8/2015	30/03/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Nitish Kumar
Designation :	Secretary / Chief Finance Officer
Address :	44/2/5, New Land, Jheel Road, Kolkata - 700075, West Bengal, India
Date of Birth/Age :	20.07.1974
Date of Appointment :	01.05.2006
PAN No:	AOBPK1633E

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 05.08.2014

Names of Shareholders	No. of Shares
ICRA Limited, India	21453342
R R Rao	1
Naresh Takkar	1
Vijay Wadhwa	1
Prateep Kumar Guha	1
Surottam Banerjee	1
Soumitra Bhattacharya	1
Jayanta Roy	1
Sushmita Ghatak	1
Debasish Choudhary	1
Total	21453351

Equity Share Break up (Percentage of Total Equity)

AS ON 05.08.2014

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged into providing of IT services.

Products :

Item Code No.	Product Description
99979900	Services

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Products :

Software

Countries :

USA

Terms :

Selling :

Cash, Advance Payment and Credit

Purchasing :

Cash, Advance Payment and Credit

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 :

End Users

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 :

200 (Approximately)

Bankers :

Banker Name	Axis Bank
Branch Address	Salt Lake Coty, Kolkata, West Bengal, 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
Rupee term loans from others	79.411	0.000
Loans and advances from others	15.402	0.000
SHORT TERM BORROWING
Rupee term loans from others	2.983	0.000
Total	97.796	0.000

Financial Institute:	Housing Development Finance Corporation Limited, Ramon House 169backbay Reclamation, H T Parekh Marg, Mumbai - 400020, Maharashtra, India
Auditors :
Name :	Pijush Gupta and Company Chartered Accountants
Address :	P-199, C. I. T. Road, Scheme IV-M, Kolkata - 700 010, West Bengal, India
PAN N Income-tax PAN of auditor or auditor's firm :	AACFP9032F
Memberships :	Not Available
Collaborators :	Not Available
Holding company:	ICRA Limited, India [L74999DL1991PLC042749]
Associate:	ICRA Management Consulting Services Limited, India [U74140DL2004PLC131454] ICRA Online Limited, India [U72900WB1999PLC109180]
Subsidiary company:	ICRA Sapphires Inc. United Kingdom ICRA Global Capital Inc. United Kingdom

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
33000000	Equity Shares	Rs.10/- each	Rs. 330.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
21453351	Equity Shares	Rs.10/- each	Rs. 214.534 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	214.534	214.534	85.000
(b) Reserves & Surplus	546.095	486.726	117.328
(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)	760.629	701.260	202.328
(3) Non-Current Liabilities
(a) long-term borrowings	94.813	0.000	0.000
(b) Deferred tax liabilities (Net)	3.508	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	9.506	8.439	7.407
Total Non-current Liabilities (3)	107.827	8.439	7.407
(4) Current Liabilities
(a) Short term borrowings	2.983	0.000	0.000
(b) Trade payables	4.047	3.623	5.078
(c) Other current liabilities	47.924	20.265	16.330
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	54.954	23.888	21.408
TOTAL	923.410	733.587	231.143
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	151.718	24.995	27.021
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	27.713	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	529.490	529.490	72.696
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	8.621	31.529	5.599
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	717.542	586.014	105.316
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	125.811	100.985	68.046
(d) Cash and cash equivalents	52.449	21.157	31.174
(e) Short-term loans and advances	22.574	22.754	24.332
(f) Other current assets	5.034	2.677	2.275
Total Current Assets	205.868	147.573	125.827
TOTAL	923.410	733.587	231.143

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	279.431	180.737	179.844
	Other Income	8.725	8.933	9.350
	TOTAL (A)	288.156	189.670	189.194
Less	EXPENSES
	Purchases of Stock-in-Trade	1.462	0.000	0.019
	Employees benefits expense	129.658	103.720	105.496
	Other expenses	46.885	45.209	38.402
	TOTAL (B)	178.005	148.929	143.917
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	110.151	40.741	45.277
Less	FINANCIAL EXPENSES (D)	4.864	0.479	0.047
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	105.287	40.262	45.230
Less/ Add	DEPRECIATION/ AMORTISATION (F)	16.375	9.599	9.535
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	88.912	30.663	35.695
Less	TAX (H)	29.543	11.005	0.092
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	59.369	19.658	35.603
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	136.986	117.328	81.553
Add	Profit transferred from erstwhile Axiom Technologies Limited	0.000	0.000	3.046
Less	Adjustment arising on Amalgamation of erstwhile Axiom Technologies Limited	0.00	0.000	2.874
	Balance Carried to the B/S	196.355	136.986	117.328
	Earnings / (Loss) Per Share (Rs.)	2.77	1.05	4.19

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	126.509	(12.219)	11.085

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	21.25	10.88	19.80
Operating Profit Margin (PBIDT/Sales)	(%)	39.42	22.54	25.18
Return on Total Assets (PBT/Total Assets}	(%)	24.28	15.02	22.53
Return on Investment (ROI) (PBT/Networth)		0.12	0.04	0.18
Debt Equity Ratio (Total Debt /Networth)		0.13	0.00	0.00
Current Ratio (Current Asset/Current Liability)		3.75	6.18	5.88

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	85.000	214.534	214.534
Reserves & Surplus	117.328	486.726	546.095
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	202.328	701.260	760.629
long-term borrowings	0.000	0.000	94.813
Short term borrowings	0.000	0.000	2.983
Total borrowings	0.000	0.000	97.796
Debt/Equity ratio	0.000	0.000	0.129

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	179.844	180.737	279.431
		0.497	54.606

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	179.844	180.737	279.431
Profit	35.603	19.658	59.369
	19.80%	10.88%	21.25%

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	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	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	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

REVIEW OF OPERATIONS

During the year, the Company remained focused on the niche area of Business Intelligence and Analytics while business from existing customers in this segment continued to report growth. Further, the Company continued with its internal training process and was able to move into newer technologies that are currently in greater demand in the overseas market.

New orders from existing customers contributed significantly to the improvement in the Company’s performance during the year even as it continued to face stiff competition from large software solutions/services organisations.

The Company has set up a state-of-the-art facility in Salt Lake, Kolkata, at the premises taken on long-term lease, and its operations are currently being carried out from this new facility.

Looking ahead, breaking into new accounts would continue to be a challenge for the Company.

BACKGROUND:-

The Company was incorporated on July 27, 1992 as Computer Exchange Private Limited (CEPL) and subsequently became wholly owned subsidiary of ICRA Limited on August 25, 2005 and was renamed as ICRA Techno Analytics Limited (ICTEAS). The company is engaged in the software development and consultancy, engineering services, web development and hosting and subsequently diversified itself into the domain of business analytics and business process outsourcing.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10439329	07/06/2013	105,000,000.00	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	RAMON HOUSE 169BACKBAY RECLAMATION, H T PAREKH MA RG, MUMBAI, MAHARASHTRA - 400020, INDIA	B80549876
2	10439332	07/06/2013	105,000,000.00	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	RAMON HOUSE 169BACKBAY RECLAMATION, H T PAREKH MA RG, MUMBAI, MAHARASHTRA - 400020, INDIA	B80550114
3	90247280	23/03/2005 *	850,000.00	SYNDICATE BANK	SUNNY PARK BRANCH, KOLKATA, WEST BENGAL, INDIA	-

* Date of charge modification

FIXED ASSETS

Tangible assets

• Buildings
• Furniture and fixtures
• Vehicles
• Office equipment
• Leasehold improvements

Intangible assets

• Computer software

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.04
UK Pound	1	Rs.99.58
Euro	1	Rs.71.75

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	AMR
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	6
--CREDIT LINES	1~10	7
--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		61

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.