MIRA INFORM REPORT

Report No. :	338781
Report Date :	11.09.2015

IDENTIFICATION DETAILS

Name :	SODEXO FACILITIES MANAGEMENT SERVICES INDIA PRIVATE LIMITED (w.e.f. 20.08.2008)
Formerly Known As :	SODEXHO PASS SERVICES INDIA PRIVATE LIMITED
Registered Office :	1st Floor, Gemstar Commercial Complex, Ramchandra Lane Extension, Kanchpada, Malad (West), Mumbai-400064, Maharashtra
Tel. No.:	91-22-44214421
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	09.04.1997
Com. Reg. No.:	11-107149
Capital Investment / Paid-up Capital :	Rs. 505.601 Million
CIN No.: [Company Identification No.]	U74140MH1997PTC107149
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCS4166M
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged into providing Manpower Services.
No. of Employees :	6000 (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 751280
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a subsidiary of Sodexo S.A., France, established during the year 1997. It has a satisfactory track record. For the financial year 2014, the company possesses healthy operational activity marked by upstanding top line growth and decent sales turnover along with profitability margin of 1.4%. Further, the company has healthy financial risk profile marked by efficient net worth position and favourable gap between trade payables and receivables. Trade relations are fair. Business is active. Payments terms are usually correct. In view of healthy financial risk profile, the company can be considered 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

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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Satish Mahto
Designation :	Indirect Tax Manager
Contact No.:	91-22-44214421
Date :	09.09.2015

LOCATIONS

Registered Office :	1st Floor, Gemstar Commercial Complex, Ramchandra Lane Extension, Kanchpada, Malad (West), Mumbai-400064, Maharashtra, India
Tel. No.:	91-22-44214421
Fax No.:	91-22-44214370
E-Mail :	shaista.shaikh@sodexo.com Satish.mahto@sodexo.com
Website :	www.sodexo.com
Location :	Rented
Locality :	Commercial
Branch Office :	Located at: · Pune · Mumbai · Vadodara · Bangalore · Gurgaon · Jodhpur · Hyderabad · Chennai · Noida · Kolkata · Mohali · Kakinada

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Satish Kezhukutayil Konuath

Designation :

Additional Director

Address :

C1/15, Asmita Jyoti Chs Limited, Marve Road, Charkop Naka, Malad (West), Mumbai-400095, Maharashtra, India

Date of Appointment :

27.01.2015

DIN No.:

07068164

Name :

Mr. Sunil Taranath Nayak

Designation :

Whole-Time Director

Address :

E-2 Mandar Co.Operative Housing. Society, Raut Lane, Juhu, Mumbai-400049, Maharashtra, India

Date of Birth/Age :

09.02.1969

Qualification :

Hotel Management

Experience :

24 Years

Date of Appointment :

30.09.2009

PAN No.:

AADPN0429K

DIN No.:

01595007

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	U74140MH1995PTC092674	UNISOL INFRASERVICES PRIVATE LIMITED	Director	05/10/2001	05/10/2001	31/08/2009	Amalgamated	NO
2	U55101MH2007PTC170771	RADHAKRISHNA BUSINESS SOLUTIONS PRIVATE LIMITED	Director	11/05/2007	11/05/2007	25/03/2009	Active	NO
3	U74899MH1996PTC192296	SODEXHO INDIA PRIVATE LIMITED	Director	30/09/2009	28/04/2009	-	Amalgamated	NO
4	U74140MH1997PTC107149	SODEXO FACILITIES MANAGEMENT SERVICES INDIA PRIVATE LIMITED	Whole-time director	30/09/2009	28/04/2009	-	Active	NO
5	U74120MH2008FTC186546	UNIVERSAL REMOTE SITE SERVICES INDIA PRIVATE LIMITED	Director	27/09/2012	16/07/2012	-	Under liquidation	NO
6	U74999MH2006PTC246150	SODEXO TECHNICAL SERVICES INDIA PRIVATE LIMITED	Director	30/09/2013	21/12/2012	27/01/2015	Active	NO

Name :

Mr. Joel Anthony

Designation :

Director

Address :

S-124, Greater Kailash - II, Kalkaji Chittaranjan Park, Delhi-110048, Delhi, India

Date of Birth/Age :

18.12.1966

Qualification :

B.A. (Hons.), MBA

Experience :

24 Years

Date of Appointment :

28.09.2012

PAN No.:

AAEPA0128P

DIN No.:

02122980

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	Company/ LLP Status	Defaulting status
1	U15400MH2008FTC185100	SODEXO FOOD SERVICES INDIA PRIVATE LIMITED	Director	25/07/2008	25/07/2008	Strike off	NO
2	U74120MH2008FTC186546	UNIVERSAL REMOTE SITE SERVICES INDIA PRIVATE LIMITED	Director	30/11/2009	10/09/2009	Under liquidation	NO
3	U74140MH1997PTC107149	SODEXO FACILITIES MANAGEMENT SERVICES INDIA PRIVATE LIMITED	Director	28/09/2012	10/05/2012	Active	NO

KEY EXECUTIVES

Name :	Ms. Binju Nirlap Vora
Designation :	Secretary
Address :	B/8,Kapol Society, Marve Road, Malad (West), Mumbai-400064, Maharashtra, India
Date of Birth/Age :	16.10.1981
Date of Appointment :	10.03.2009
PAN No.:	ANSPP9076E
Name :	Mr. Satish Mahto
Designation :	Indirect Tax Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Jijina B. Sam	10
Sodexo Services Asia Pte Limited, Singapore	15000000
Sodexo SA, France	35560101
Sofinsod Sas, France	02
Total	50560113

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged into providing Manpower Services.

Products/ Services :

ITC Code No.	Product Descriptions
99633910	Food Services and Facility Management

Brand Names :

“Sodexo”

Agencies Held :

--

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Cash, Advance Payment and Cheque

Purchasing :

Cash, Advance Payment and Cheque

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Others

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

6000 (Approximately)

Bankers :

Bank Name:	Citi Bank
Branch:	D. N. Road, Fort, Mumbai, Maharashtra, 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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	252, Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai-400028, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAFP8828M
Memberships :	--
Collaborators :	--
Ultimate Holding Company :	Sodexo S. A., France
Related Parties :	· Sodexo Technical Services India Private Limited · Sodexo S.V.C India Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
94000000	Equity Shares	Rs. 10/- each	Rs. 940.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50560113	Equity Shares	Rs. 10/- each	Rs. 505.601 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	505.601	505.601	347.000
(b) Reserves & Surplus	(242.653)	(300.535)	(318.320)
(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)	262.948	205.066	28.680
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	67.000	67.000	67.000
(d) long-term provisions	92.387	61.195	41.666
Total Non-current Liabilities (3)	159.387	128.195	108.666
(4) Current Liabilities
(a) Short term borrowings	199.770	132.003	301.865
(b) Trade payables	353.674	222.679	211.668
(c) Other current liabilities	218.169	251.753	257.658
(d) Short-term provisions	63.114	74.740	47.740
Total Current Liabilities (4)	834.727	681.175	818.931
TOTAL	1257.062	1014.436	956.277
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	61.516	42.806	37.028
(ii) Intangible Assets	1.790	0.000	0.046
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	129.679	116.305	108.243
(d) Long-term Loan and Advances	164.359	121.384	146.302
(e) Other Non-current assets	2.194	0.035	0.635
Total Non-Current Assets	359.538	280.530	292.254
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	16.448	12.548	7.966
(c) Trade receivables	617.308	553.727	539.606
(d) Cash and cash equivalents	73.726	33.879	56.778
(e) Short-term loans and advances	49.508	40.683	27.359
(f) Other current assets	140.534	93.069	32.314
Total Current Assets	897.524	733.906	664.023
TOTAL	1257.062	1014.436	956.277

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	TOTAL REVENUE		3885.627	3459.244	2971.454
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		109.348	88.962	NA
Less	FINANCIAL EXPENSES		5.991	9.829	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		103.357	79.133	(21.232)
Less/ Add	DEPRECIATION/ AMORTISATION		21.649	22.076	48.445
Less	LOSS BEFORE EXCEPTIONAL ITEMS		0.000	0.000	(27.213)
Add	PROFIT ON TRANSFER OF FOOD SERVICES BUSINESS ON SLUMP SALE BASIS		0.000	0.000	35.588
	PROFIT BEFORE TAX		81.708	57.057	8.375
Less	TAX		23.826	15.938	(103.244)
	PROFIT AFTER TAX		57.882	41.119	111.619
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(277.701)	(318.320)	(429.939)
	BALANCE CARRIED TO THE B/S		(219.319)	(277.201)	(318.320)
	Earnings Per Share (Rs.)		1.15	0.81	2.21

Expected Sales (2015-2016): Rs. 4000.000 Million

The above information has been parted by Mr. Satish Mahto (Indirect Tax Manager)

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	74.452	35.568	(22.288)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.49	1.19	3.76
Operating Profit Margin (PBDIT/Sales)	(%)	2.81	2.57	NA
Return on Total Assets (PBT/Total Assets}	(%)	7.25	6.35	0.99
Return on Investment (ROI) (PBT/Networth)		0.31	0.28	0.29
Debt Equity Ratio (Total Debt/Networth)		0.76	0.64	10.53
Current Ratio (Current Asset/Current Liability)		1.08	1.08	0.81

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	347.000	505.601	505.601
Reserves & Surplus	(318.320)	(300.535)	(242.653)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	28.680	205.066	262.948
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	301.865	132.003	199.770
Total borrowings	301.865	132.003	199.770
Debt/Equity ratio	10.525	0.644	0.760

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 Revenue	2971.454	3459.244	3885.627
		16.416	12.326

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 Revenue	2971.454	3459.244	3885.627
Profit	111.619	41.119	57.882
	3.76%	1.19%	1.49%

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	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	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	Yes
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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
Rupee term loans from banks	199.770	132.003
Total	199.770	132.003

CHANGE OF ADDRESS:

The Registered Office of the company has been shifted from 1^st and 2^nd Floor, Indabrator Building, Nesco Complex, Gate No. 3, Western Express Highway, Goregaon (East), Mumbai, Maharashtra, India to the present address w.e.f 18.08.2008

FIXED ASSETS:

Tangible Assets

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

· Leasehold Improvements

· Other Equipment

Intangible Assets

· Computer Software

· Goodwill

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. 66.58
UK Pound	1	Rs. 102.29
Euro	1	Rs. 74.71

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	TRI
Report Prepared by :	IND

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	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--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.