MIRA INFORM REPORT

Report No. :	504070
Report Date :	17.04.2018

IDENTIFICATION DETAILS

Name :	SAS INSTITUTE (INDIA) PRIVATE LIMITED
Registered Office :	BL-D, 3rd Floor, A Drive in Theater Kala Nagar, Bandra Kurla Complex, S. 341 (Pt), Near MKE MAC City, Mumbai – 400051, Maharashtra, India
Tel. No.:	91-22-67492222
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	10.07.1998
Com. Reg. No.:	11-115706
Capital Investment / Paid-up Capital :	INR 50.523 Million
CIN No.: [Company Identification No.]	U72900MH1998PTC115706
TIN No.:	27670001374
IEC No.: [Import-Export Code No.]	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAECS3149K
GSTN : [Goods & Service Tax Registration No.]	27AAECS3149K1Z3
Legal Form :	Private Limited Liability Company.
Line of Business :	The Company is engaged in the business of licensing, marketing and providing related consultancy and training services for the business intelligence software products. (Registered activity)
No. of Employees :	Information declined by the management

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject was incorporated in the year 1998. It is a subsidiary of SAS Institute Inc. United States. As per the financial of 2017, the company has reported a decline in its revenue as compared to the previous year’s revenue but has managed to maintain an average net profit margin of 1.64%. The company possesses healthy financial position marked by above average net worth base along with zero debt balance sheet profile and average liquidity position. Rating takes into consideration the strength that the company derives from its holding company and its experienced management team. Business is active. Payment seems to be regular. In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition.

NOTES :

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

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 31-03-2018.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 17.04.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DENIED BY

Name :	Mr. Sagar
Designation :	Officer Executive
Contact No.:	91-22-66934500
Date :	14.04.2018

LOCATIONS

Registered Office :	BL-D, 3rd Floor, A Drive in Theater Kala Nagar, Bandra Kurla Complex, S. 341 (Pt), Near MKE MAC City, Mumbai – 400051, Maharashtra, India
Tel. No.:	91-22-67492222
Fax No.:	91-22-67492299
E-Mail :	kiran.chitale@sas.com
Website :	https://www.sas.com
Delhi Office :	Office Unit No. - 504, 5th Floor, World Mark 3, Asset-7, Aero City, NH-8, New Delhi – 110037, India
Tel. No.:	91-11-4937 5000
Fax No.:	91-11-4143 6830
Bangalore Office :	207 and 208, 2nd Floor, Prestige Meridian I, 29, M G Road, Bangalore – 560001, Karnataka, India
Tel. No.:	91-80-4112 9567

DIRECTORS

As on 31.03.2017

Name :	Mr. Ketan Dattatraya Paranjape
Designation :	Alternate Director
Address :	B-403, Pate Sanskruti, Tulsibaugwale Colony, Sahakar Nagar – 2, Pune- 411009, Maharashtra, India
Date of Birth/Age :	15.10.1976
Qualification :	Professional
Date of Appointment :	06.10.2014
PAN No.:	AIGPP7274D
DIN No.:	02585787
Name :	Mr. John Gerard Boswell
Designation :	Director
Address :	310 Nantucket Drive Cary North Carolina 27513 US
Date of Birth/Age :	06.02.1960
Date of Appointment :	01.04.2012
DIN No.:	02614053
Name :	Noshin Zoeb Kagalwala
Designation :	Managing Director
Address :	105, Floor - 1, 5, Prabhukunj, Dr. Gopalrao Deshmukh Marg, Cumballa Hill, Mumbai-400026, Maharashtra, India
Date of Birth/Age :	05.10.1968
Qualification :	Professional
Date of Appointment :	08.01.2016
PAN No.:	AABPK2574N
DIN No.:	06743937

KEY EXECUTIVES

Name :	Mr. Sagar
Designation :	Officer Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2017

Names of Shareholders (Equity)	No. of Shares
SAS Institute Inc., USA	5052317
Total	5052317

As on 05.04.2017

Names of Shareholders (Preference)	No. of Shares
SAS Research and Development (India) Private Limited	825000
Total	825000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2016

Category	Percentage
Promoter - Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is engaged in the business of licensing, marketing and providing related consultancy and training services for the business intelligence software products. (Registered activity)

Products :

Item Code No.	Product Description
99733110	Licensing services for the right to use computer software

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

Bank Name	HDFC Bank Limited
Branch	HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India
Person Name (With Designation)	--
Contact Number	--
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

Auditors :
Name :	Kalyaniwalla and Mistry LLP Chartered Accountants
Address :	Kalpataru Heritage,
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFK7554R
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	SAS Institute Inc, USA
Fellow Subsidiary Company :	SAS Institute AIS Denmark SAS Institute A.G., Switzerland SAS Institute Pte. Limited, Singapore SAS Software Limited, UK SAS Institute Philippines, Philippines SAS Institute Thailand, Thailand SAS Institute Pty Limited Australia SAS Malaysia Sdn. Bhd, Malaysia SAS Institute Software Lda, UK SAS Institute, Ireland SAS Research & Development (India) SAS Institute GmbH, Germany SAS Institute, Japan SAS Institute Inc – Dubai Rep Office, UAE Integrated Decisions and Systems Inc USA PT SAS Institute (Indonesia)

CAPITAL STRUCTURE

After 30.09.2016

Authorised Capital : INR 60.000 Million

Issued, Subscribed & Paid-up Capital : INR 58.773 Million

As on 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
5175000	Equity Shares	INR 10/- each	INR 51.750 Million
825000	Preference Shares	INR 10/- each	INR 8.250 Million
	Total		INR 60.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5052317	Equity Shares	INR 10/- each	INR 50.523 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	50.523	50.523	50.523
(b) Reserves and Surplus	313.565	286.218	169.944
(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)	364.088	336.741	220.467
(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	213.504	72.441	57.128
(d) long-term provisions	58.286	45.086	29.312
Total Non-current Liabilities (3)	271.790	117.527	86.440
(4) Current Liabilities
(a) Short-term borrowings	0.000	0.000	0.000
(b) Trade payables	286.012	540.426	443.831
(c) Other current liabilities	1251.453	986.596	1014.842
(d) Short-term provisions	9.456	14.533	27.094
Total Current Liabilities (4)	1546.921	1541.555	1485.767
TOTAL	2182.799	1995.823	1792.674
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	27.746	27.515	34.129
(ii) Intangible Assets	0.034	0.000	0.000
(iii) Tangible assets capital work-in-progress	0.598	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)	239.818	227.102	242.102
(d) Long-term loans and advances	612.825	438.320	321.482
(e) Other Non-current assets	3.240	37.603	30.297
Total Non-Current Assets	884.261	730.540	628.010
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	549.173	366.718	405.329
(d) Cash and bank balances	442.727	345.397	236.457
(e) Short-term loans and advances	118.634	112.289	110.549
(f) Other current assets	188.004	440.879	412.329
Total Current Assets	1298.538	1265.283	1164.664
TOTAL	2182.799	1995.823	1792.674

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Total Revenue from operations	1670.359	1826.295	1507.168
	Other Income	8.150	12.110	9.737
	TOTAL	1678.509	1838.405	1516.905
Less	EXPENSES
	Cost of Materials Consumed	656.206	810.362	689.407
	Employee benefit expense	632.602	470.183	475.286
	CSR expenditure	3.100	2.007	0.000
	Other expenses	327.502	356.331	261.281
	TOTAL	1619.410	1638.883	1425.974
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	59.099	199.522	90.931
Less	FINANCIAL EXPENSES	0.000	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	59.099	199.522	90.931
Less/ Add	DEPRECIATION/ AMORTISATION	16.338	15.852	13.045
	PROFIT/ (LOSS) BEFORE TAX	42.761	183.670	77.886
Less	TAX	15.414	67.396	33.362
	PROFIT/ (LOSS) AFTER TAX	27.347	116.274	44.524
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	177.353	210.660	0.000
	TOTAL EARNINGS	177.353	210.660	0.000
	Earnings / (Loss) Per Share (INR)	5.413	23.014	8.813

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	NA	NA	NA
Net cash flows from (used in) operations	(130.291)	300.355	110.248
Net cash flows from (used in) operating activities	(97.730)	291.286	(13.884)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days [Sundry Debtors / Income * 365]	120.00	73.29	98.16
Account Receivables Turnover [Income / Sunday Debtors]	3.04	4.98	3.72
Average Payment Days [Sundry Creditors / Purchases * 365]	159.09	243.42	234.98
Inventory Turnover [Operating Income / Inventories]	0.00	0.00	0.00
Asset Turnover [Operating Income / Net Fixed Assets]	2.08	7.25	2.66

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio [(Borrowing + Current Liabilities) / Total Assets]	0.71	0.77	0.83
Debt Equity Ratio (Borrowings / NetWorth)	0.00	0.00	0.00
Current Liabilities to Networth (Current Liabilities / NetWorth)	4.25	4.58	6.74
Fixed Assets to NetWorth (Net Fixed Assets / NetWorth)	0.08	0.08	0.15
Interest Coverage Ratio [PBIT / Financial Charges]	0.00	0.00	0.00

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin [(PAT / Sales) * 100]	(%)	1.64	6.37	2.95
Return on Total Assets [(PAT / Total Assets) * 100]	(%)	1.25	5.83	2.48
Return on Investment (ROI) [(PAT / NetWorth) * 100]	(%)	7.51	34.53	20.20

SOLVENCY RATIO

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio [Current Assets / Current Liabilities]	0.84	0.82	0.78
Quick Ratio [(Current Assets - Inventories) / Current Liabilities]	0.84	0.82	0.78
G-Score Ratio Financial [NetWorth / Total Assets]	0.17	0.17	0.12
G-Score Ratio Debt [Debts / Equity Capital]	0.00	0.00	0.00
G-Score Ratio Liquidity [Total Current Assets / Total Current Liabilities]	0.84	0.82	0.78

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	(INR In Million)	(INR In Million)	(INR In Million)
Share Capital	50.523	50.523	50.523
Reserves & Surplus	169.944	286.218	313.565
Net worth	220.467	336.741	364.088
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	1507.168	1826.295	1670.359
		21.174	(8.538)

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	1507.168	1826.295	1670.359
Profit/ (Loss)	44.524	116.274	27.347
	2.95 %	6.37 %	1.64 %

LEGAL CASE

HIGH COURT

THE COMMISSIONER OF INCOM E TAX 3 MUMBAI VS SAS INSTITUTE INDIA VT. LTD.

high court-Mumbai

Case no:32. ITXAL/2647/2009

Case status:Pending

Judge:TAXING MASTER

Date:2009-05-12T00:00:00Z

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	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	No
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	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

CORPORATE INFORMATION

The company is a private limited Company domiciled in India and incorporated under the Companies Act, 1956 on 16 July 1998. The Company is engaged in the business of licensing, marketing and providing related consultancy and training services for the business intelligence software products.

INDEX OF CHARGES:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G51118297	100018628	HDFC BANK LIMITED	08/02/2016	30/06/2017	-	168719262.0	HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India

FIXED ASSETS

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer 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 records 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 records 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	INR
US Dollar	1	INR 65.45
UK Pound	1	INR 93.28
Euro	1	INR 80.74

INFORMATION DETAILS

Information Gathered by :	PON
Analysis Done by :	NYT
Report Prepared by :	KJL

SCORE FACTORS

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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.