MIRA INFORM REPORT

Report No. :	339610
Report Date :	07.09.2015

IDENTIFICATION DETAILS

Name :	MANTHAN SOFTWARE SERVICES PRIVATE LIMITED
Registered Office :	No. 40/4, First Floor, Lavelle Road, Bangalore-560001, Karnataka
Tel. No.:	91-80-22990585
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	17.12.2003
Com. Reg. No.:	08-033038
Capital Investment / Paid-up Capital :	Rs. 224.950 Million
CIN No.: [Company Identification No.]	U72300KA2003PTC033038
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AADCM7750M
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in providing software services.
No. of Employees :	550 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 2000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 2003 having a satisfactory track record. Available financial indicates company sound financial risk profile marked by healthy net worth position with low borrowings and favorable gap between trade payable and trade receivable. Further, the rating also takes into consideration good profitability achieved by the company during FY 2014. However, the rating strength are partially offset by working capital intensive nature of operations, and its susceptibility to volatility in foreign exchange movements. Trade relations are reported as fair. Business is active. Payments terms are reported to be usually correct. The company can be considered normal 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	CRISIL
Rating	Long Term Rating = BB
Rating Explanation	Moderate risk of default
Date	30.04.2015

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 (GENERAL DETAILS)

Name :	Mr. Chitrashan
Designation :	Marketing Department
Contact No.:	91-80-22990585
Date :	05.09.2015

LOCATIONS

Registered Office :	No. 40/4, First Floor, Lavelle Road, Bangalore-560001, Karnataka, India
Tel. No.:	91-80-22990585
Fax No.:	91-80-22990586
E-Mail :	atul@manthansystems.com
Website :	http:///www.manthansystems.com

DIRECTORS

AS ON: 11.07.2014

Name :

Mr. Atul Jalan

Designation :

Managing Director

Address :

No.8, Jacranda Apartments, 2^nd Floor, 7 Moyenvilla Road, Langford Town, Bangalore – 560025, Karnataka, India

Date of Birth/Age :

16.07.1967

Date of Appointment :

01.04.2014

PAN No:

ADOPJ0465F

DIN No.:

00109138

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	U72300KA2003PTC033038	MANTHAN SOFTWARE SERVICES PRIVATE LIMITED	Managing director	01/04/2014	17/12/2003	-	Active	NO
2	U74140KA2003PTC033065	MAYFLOWER LANGUAGE SERVICES PRIVATE LIMITED	Director	22/12/2003	22/12/2003	-	Active	NO
3	U74140KA2011PTC059818	EXIGENT SERVICES PRIVATE LIMITED	Director	01/08/2011	01/08/2011	29/10/2013	Active	NO
4	U72200KA2015PTC082672	Handpick3d Solutions Private Limited	Director	03/09/2015	03/09/2015	-	Active	NO

Name :

Mr. Vishesh Shrivastav

Designation :

Nominee director

Address :

11D, GH 10, Paschim Vihar, Delhi, 110087, India

Date of Appointment :

27.04.2015

DIN No.:

02159016

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	U74140DL2008PTC184908	FiveX CAPITAL ADVISORY PRIVATE LIMITED	Director	14/11/2008	14/11/2008	-	Strike off	NO
2	U15135DL1991PLC046758	DEVYANI INTERNATIONAL LIMITED	Nominee director	24/08/2015	26/12/2014	-	Active	NO
3	U72300KA2003PTC033038	MANTHAN SOFTWARE SERVICES PRIVATE LIMITED	Nominee director	27/04/2015	26/03/2015	-	Active	NO

Name :

Mr. Veeraraghavan Mohan Kumar

Designation :

Nominee Director

Address :

No. 615, 80 Feet Road, RMV II Stage, 3^rd Block, Bangalore – 560094, Karnataka, India

Date of Birth/Age :

01.07.1961

Date of Appointment :

08.08.2012

DIN No.:

02974504

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	U72200KA2009PTC050460	BORQS Software Solutions Private Limited	Director	09/07/2010	08/03/2010	-	Active	NO
2	U51507TN2005PTC065950	PERFINT HEALTHCARE PRIVATE LIMITED	Director	22/06/2010	22/06/2010	-	Active	NO
3	U80904DL2009PTC194664	iProf Learning Solutions India Private Limited	Nominee director	31/03/2011	31/03/2011	-	Active	NO
4	U74900PN2011FTC139374	AGREEYA MOBILITY INDIA PRIVATE LIMITED	Director	29/04/2011	29/04/2011	14/10/2012	Active	NO
5	U32109KA2006PTC040482	BLUECAP MOBILE PRIVATE LIMITED	Director	27/08/2011	27/08/2011	-	Active	NO
6	U72300KA2003PTC033038	MANTHAN SOFTWARE SERVICES PRIVATE LIMITED	Nominee director	08/08/2012	17/02/2012	-	Active	NO
7	U85110KA2010PTC053054	NATIONWIDE PRIMARY HEALTHCARE SERVICES PRIVATE LIMITED	Director	07/08/2013	27/08/2012	-	Active	NO
8	U74140KA2003PTC032906	AppNomic Systems Private Limited	Alternate director	21/08/2015	10/03/2014	-	Active	NO
9	U72900DL2001PTC112467	ACIDAES SOLUTIONS PRIVATE LIMITED	Director	27/03/2014	27/03/2014	-	Active	NO

Name :

Mrs. Gita Devi Jalan

Designation :

Director

Address :

No.8, Jacranda Apartments, 2^nd Floor, 7 Moyenvilla Road, Langford Town, Bangalore – 560025, Karnataka, India

Date of Birth/Age :

27.09.1940

Date of Appointment :

05.07.2013

DIN No.:

06432591

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	U72300KA2003PTC033038	MANTHAN SOFTWARE SERVICES PRIVATE LIMITED	Director	05/07/2013	26/11/2012	-	Active	NO

Name :

Mr. Rajesh Kumar Dugar

Designation :

Nominee Director

Address :

31, Chitrakoot, Altamount Road, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

01.07.1969

Date of Appointment :

05.07.2013

DIN No.:

00307729

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	U72200TN1999PTC042375	INTERCEPT TECHNOLOGIES INDIA PRIVATE LIMITED	Nominee director	21/08/2000	21/08/2000	10/02/2003	Active	NO
2	U70100MH1989PTC053972	SRIPAN LAND DEVELOPMENT PRIVATE LIMITED	Director	09/06/2003	09/06/2003	-	Active	NO
3	U73900MH1998PTC116053	NETMAGIC SOLUTIONS PRIVATE LIMITED	Additional director	24/01/2008	24/01/2008	29/08/2012	Active	NO
4	U74140MH2007PTC172259	Eight Roads Investment Advisors Private Limited	Whole-time director	01/04/2014	28/01/2008	-	Active	NO
5	U45203OR1995PLC003982	COASTAL PROJECTS LIMITED	Alternate director	10/11/2008	25/03/2008	01/10/2013	Active	NO
6	U29199AP1997PLC026477	VMC Systems Limited	Alternate director	30/10/2008	30/10/2008	14/11/2013	Active	NO
7	U72300KA2003PTC033038	MANTHAN SOFTWARE SERVICES PRIVATE LIMITED	Nominee director	05/07/2013	18/12/2009	-	Active	NO
8	U45201DL2006PLC156532	PL ENGINEERING LIMITED	Director	07/05/2010	07/05/2010	-	Active	NO
9	U51505PN1976PLC151160	SHREEM ELECTRIC LIMITED	Director	30/09/2011	14/10/2010	-	Active	NO
10	U72900DL2000PTC103915	MIND SHAPER TECHNOLOGIES PRIVATE LIMITED	Director	11/02/2011	05/02/2011	18/04/2011	Active	NO
11	U63013DL2004PTC128680	SBS Transpole Logistics Private Limited	Director	16/05/2011	16/05/2011	31/07/2014	Active	NO
12	U33112KA1993PTC014776	XCYTON DIAGNOSTICS Private LIMITED	Director	25/11/2011	25/11/2011	24/06/2014	Active	NO
13	U24239AP2005PTC047518	LAURUS LABS PRIVATE LIMITED	Director	07/09/2012	14/02/2012	-	Active	NO
14	U74140MH1997NPL111167	YOUNG PRESIDENTS ORGANIZATION (MUMBAI CHAPTER)	Director	01/07/2012	01/07/2012	01/07/2014	Active	NO
15	U40109TG2004PLC043985	JALPOWER CORPORATION LIMITED	Nominee director	30/09/2013	01/10/2012	04/10/2013	Active	NO
16	U85110TN1998PTC040515	TRIVITRON HEALTHCARE PRIVATE LIMITED	Nominee director	23/10/2012	23/10/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Chitrashan
Designation :	Marketing Department
Name :	H N Krishna Murthy
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 11.07.2014

Names of Equity Shareholders	No. of Shares
Atul Jalan	16037257
Ganesh Prasad Jalan	648000
Sanjib Kumar Khemka	180000
Raman	180000
Draper Fisher Jurveston Eplanet Ventures L.P., Islands	1188074
Draper Fisher Jurveston Eplanet Partners Fund, LLC, United States of America	24672
Draper Fisher Jurveston Eplanet Ventures GMBH and Co. KG, Germany	20977
IDG Ventures India I LLC, Mauritius	4782060
Fidelity India Ventures, Mauritius	9771459
Fidelity India Principals, India	73681
Norwest Venture Partners VII-A-Mauritius, Mauritius	1412663
IDG Ventures India I LLC, Mauritius	4091
Norwest Venture Partners VII-A-Mauritius, Mauritius	13909
Fidelity India Ventures, Mauritius	900
Fidelity India Principals, India	100
IDG Ventures India I LLC, Mauritius	1000
Draper Fisher Jurveston Eplanet Ventures L.P., Islands	606
Draper Fisher Jurveston Eplanet Partners Fund, LLC, United States of America	13
Draper Fisher Jurveston Eplanet Ventures GMBH and Co. KG, Germany	11
Norwest Venture Partners VII-A-Mauritius, Mauritius	370
Total	34339843

Names of Preference Shareholders	No. of Shares
IDG Ventures India LLC, Mauritius	40095706
Norwest Venture Partners VII-A-Mauritius, Mauritius	134783294
Fidelity India Ventures, Mauritius	6176165
Fidelity India Principals, India	46478
IDG Ventures India LLC, Mauritius	897547
Draper Fisher Jurveston Eplanet Ventures L.P., Islands	368317
Draper Fisher Jurveston Eplanet Partners Fund, LLC, United States of America	7649
Draper Fisher Jurveston Eplanet Ventures GMBH and Co. KG, Germany	6502
Norwest Venture Partners VII-A-Mauritius, Mauritius	225589
Norwest Venture Partners X-A-Mauritius, Mauritius	3090395
Norwest Venture Partners X-A-Mauritius, Mauritius	3070499
Fidelity India Ventures, Mauritius	1824575
Fidelity India Principals, India	17724
Total	190610440

Names of Allottee	No. of Shares
Dunearn Investments (Mauritius) PTE Limited, Mauritius	8768819
Norwest Venture Partners X-Mauritius, Mauritius	348907
Total	9117726

Equity Share Break up (Percentage of Total Equity)

AS ON: 11.07.2014

Category	Percentage
Venture capital	50.00
Directors or relatives of Directors	49.00
Other top fifty shareholders	1.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in providing software services.
Products :	Product Description	ITC Code
	Right to use IT Software	49070030
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Cheque and Credit
Purchasing :	Cheque 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 :

Others

• Peets Coffee and Tea
• Buehlens Fresh Foods
• Ebay
• Loves
• Supermarket
• Ecco
• Mitra Adiperkasa
• Ripley
• Loves
• Robinsons
• Future Group

No. of Employees :

550 (Approximately)

Bankers :

Banker Name	Vijaya Bank Limited
Branch Address	Bangalore, Karnataka, 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 Loan from Others	100.572	94.286
Loans taken for Vehicles	2.227	3.411
SHORT TERM BORROWING
Rupee Term Loan from Others	94.286	56.572
Loans taken for Vehicles	1.184	1.031
Total	198.269	155.300

Auditors :
Name :	BSR and Associates LLP Chartered Accountants
Address :	Maruthi Info-tech Centre, 11-12/1, Inner Ring Road, Koramangala, Bangalore-400071, Karnataka, India
PAN No.:	AADFB6889R
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary Company:	Manthan Systems Inc., United States of America Exigent Services Private Limited, India Manthan Systems Pte Limited, Singapore Manthan Systems FZ LLC, Saudi Arabia

CAPITAL STRUCTURE

AS ON: 11.07.2014

Authorised Capital: Rs. 296.109 Million

Issued, Subscribed & Paid-up Capital: Rs. 237.753 Million

AS ON: 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
75021000	Equity Shares	Re.1/- each	Rs. 75.021 Million
192728000	Preference Shares	Re.1/- each	Rs. 192.728 Million
267749000	Total		Rs. 267.749 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
34339843	Equity Shares	Re.1/- each	Rs. 34.340 Million
190610440	Preference Shares	Re.1/- each	Rs. 190.610 Million
224950283	Total		Rs. 224.950 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	224.950	224.950	220.037
(b) Reserves & Surplus	301.725	204.992	77.068
(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)	526.675	429.942	297.105
(3) Non-Current Liabilities
(a) long-term borrowings	102.799	97.697	4.453
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	32.314	29.761	19.639
Total Non-current Liabilities (3)	135.113	127.458	24.092
(4) Current Liabilities
(a) Short term borrowings	95.470	57.603	77.234
(b) Trade payables	231.379	105.376	51.770
(c) Other current liabilities	84.487	53.086	48.859
(d) Short-term provisions	3.311	3.019	2.114
Total Current Liabilities (4)	414.647	219.084	179.977
TOTAL	1076.435	776.484	501.174
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	19.192	19.799	20.585
(ii) Intangible Assets	1.927	3.205	1.445
(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	370.172	233.151	122.039
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	75.545	37.111	9.856
(e) Other Non-current assets	20.196	9.396	9.396
Total Non-Current Assets	487.032	302.662	163.321
(2) Current assets
(a) Current investments	0.000	140.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	544.644	281.034	212.236
(d) Cash and cash equivalents	19.661	39.975	107.756
(e) Short-term loans and advances	23.532	11.996	11.262
(f) Other current assets	1.566	0.817	6.599
Total Current Assets	589.403	473.822	337.853
TOTAL	1076.435	776.484	501.174

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1331.358	906.788	678.091
	Other Income	94.542	13.027	37.529
	TOTAL (A)	1425.900	919.815	715.620
Less	EXPENSES	1298.396	969.650	777.451
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)	127.504	(49.835)	(61.831)
Less:	FINANCIAL EXPENSES (D)	24.360	21.049	8.284
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	103.144	(70.884)	(70.115)
Less:	DEPRECIATION/ AMORTISATION (F)	10.586	9.567	7.964
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	92.558	(80.451)	(78.079)
Less	TAX (H)	0.000	5.482	12.981
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	92.558	(85.933)	(91.060)
	Earnings / (Loss) Per Share (Rs.)
	Basic	2.64	(2.54)	(2.45)
	Diluted	1.3	(2.54)	(2.45)

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 flow from (used in) operations	NA	NA	NA
Net cash flow from operating activities	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	6.95	(9.48)	(13.43)
Operating Profit Margin (PBIDT/Sales)	(%)	9.58	(5.50)	(9.12)
Return on Total Assets (PBT/Total Assets}	(%)	13.11	(14.81)	(20.59)
Return on Investment (ROI) (PBT/Networth)		0.18	(0.19)	(0.26)
Debt Equity Ratio (Total Debt /Networth)		0.38	0.36	0.27
Current Ratio (Current Asset/Current Liability)		1.42	2.16	1.88

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	220.037	224.950	224.950
Reserves & Surplus	77.068	204.992	301.725
Net worth	297.105	429.942	526.675
long-term borrowings	4.453	97.697	102.799
Short term borrowings	77.234	57.603	95.470
Total borrowings	81.687	155.300	198.269
Debt/Equity ratio	0.275	0.361	0.376

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	678.091	906.788	1331.358
		33.727	46.821

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	678.091	906.788	1331.358
Profit	(91.060)	(85.933)	92.558
	(13.43%)	(9.48%)	6.95%

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	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	No
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	Yes
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

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10493409	17/10/2014 *	200,000,000.00	VIJAYA BANK	CORPORATE BANKING BRANCH, M G ROAD, BANGALORE, KARNATAKA - 560001, INDIA	C33367764
2	10453079	26/09/2013	110,000,000.00	SVB INDIA FINANCE PRIVATE LIMITED	12TH FLOOR, EXPRESS TOWERS, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B86657251
3	10380441	10/09/2012	165,000,000.00	SVB INDIA FINANCE PRIVATE LIMITED	84, FREE PRESS HOUSE,, 215, NARIMAN POINT,, MUMBAI, MAHARASHTRA - 400021, INDIA	B59653881
4	10280924	30/03/2011	1,600,000.00	VIJAYA BANK	CORPORATE BANKING BRANCH, MEZZANINE FLOOR, H O BUILDING, 41/2, M G ROAD, BANGALORE, KARNATAKA - 560001, INDIA	B10782423

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014	31.03.2013
Guarantees	0.251	0.251

FIXED ASSETS:

Tangible:

• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipment

Intangible:

• 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. 66.40
UK Pound	1	Rs. 101.19
Euro	1	Rs. 73.89

INFORMATION DETAILS

Information Gathered by :	SUV
Analysis Done by :	DIV
Report Prepared by :	THR

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	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		46

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.