MIRA INFORM REPORT

Report No. :	485014
Report Date :	09.01.2018

IDENTIFICATION DETAILS

Name :	BASIX SUB-K ITRANSACTIONS LIMITED
Registered Office :	317 to 319, 3^rd Floor, Surabhi Arcade, Troop Bazar, Bank Street, Koti, Hyderabad – 500001, Telangana
Tel. No.:	91-40-66585800
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	02.08.2010
Com. Reg. No.:	36-069785
Capital Investment / Paid-up Capital :	INR 36.646 Million
CIN No.: [Company Identification No.]	U74999TG2010PLC069785
IEC No.:	Not Applicable (As informed by the management that firm does not have export and import)
GSTIN/UIN :	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAECB2566M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The Company provides a transactional platform for basic financial inclusion services. The financial services include savings, micro-pensions, micro-insurance, MNREGA (Mahatma Gandhi National Rural Employment Guarantee Act) and other Government payments, money transfer, micro-credit, utility payments, and prepaid mobile top-up through a "Business Correspondent outlet" thus enabling financial inclusion. The Company is also providing services to banks and NSF (handling their credit portfolio. It's includes Identification and promotion of JLG/SHG groups, individual samruddhi loans, mudra loans, training, documentation and disbursal of loans based on approval by Bank / NBFC. [Registered activity and also confirmed by management]
No. of Employees :	1150 (Approximately)

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 :	Clear
Comments :	Subject was incorporated in the year 2010 and it is having fine track. It aims to support financial inclusion by full portfolio of services that include basic banking services, savings, NREGA and other payments, money transfers, utility payments, remittances, through a network of basic convenience outlets (BCO) operated by company agents. For the financial year 2017, the company has increased its revenue from operation as compared to previous year and maintained decent profitability margin of 5.34%. Rating takes into consideration sound financial profile of the company marked by adequate network base and low debt balance sheet. Rating also reflects from its experience of promoters and management team in the micro finance, healthy improvement in the revenue as well as profitability profile during the year. Trade relations are reported as fair. Business is active. Payments terms are reported to be regular. In view of the aforesaid, 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

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Fund Base CC Limit= BB- (Withdrawn)
Rating Explanation	Moderate risk of default.
Date	26.09.2017

Reason for withdrawn= No amount outstanding.

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 31-03-2016.

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 09.01.2018

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 PARTED BY (GENERAL DETAILS)

Name :	Mr. Pawan Kumar
Designation :	Vice President
Contact No.:	91-7337202302
Date :	08.01.2018

LOCATIONS

Registered / Head Office :	317 to 319, 3^rd Floor, Surabhi Arcade, Troop Bazar, Bank Street, Koti, Hyderabad – 500001, Telangana, India
Tel. No.:	91-40-66585800 / 01
Mobile No.:	91-7337202302 (Mr. Pawan Kumar)
Fax No.:	91-40-66585802
E-Mail :	jitender.kalwani@subk.co.in info@subk.co.in
Website :	www.subk.co.in

DIRECTORS

AS ON 31.03.2017

Name :

Mr. Sasidhar Narasimha Thumuluri

Designation :

Managing Director

Address :

Plot No # 79, Balajinagar, Near Kamineni Hospitals, Mansoorabad, Hyderabad – 500068, Telangana, India

Date of Appointment :

01.07.2016

DIN No.:

02066861

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U74999DL2014NPL270298	BUSINESS CORRESPONDENT FEDERATION OF INDIA	30/09/2016	-

Name :

Mr. Sattaiah Devarakonda

Designation :

Director

Address :

Vasavis Lifestyle Residency, No 6-3-1206 to 1213, Flat No 202, Vahannaik Lane, Kundhanbagh, Begumpet, Hyderabad – 500016, Telangana, India

Date of Appointment :

01.07.2016

DIN No.:

02963934

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U80302DL2009PLC196861	BASIX ACADEMY FOR BUILDING LIFELONG EMPLOYABILITY LIMITED	27/08/2016	-
U74140OR2007PLC009274	CTRAN CONSULTING LIMITED	21/07/2016	-
U85320DL1987NPL027141	INDIAN GRAMEEN SERVICES	17/08/2017	-
U01119TG2010PLC068108	BASIX KRISHI SAMRUDDHI LIMITED	20/09/2016	-
U74899DL1996PLC081127	BHARTIYA SAMRUDDHI FINANCE LIMITED	19/08/2017	-
U93000TG2010PLC069614	BASIX CONSULTING AND TECHNOLOGY SERVICES LIMITED	17/09/2016	-
U72900DL2012PLC234376	VAYAM RENEWABLE LIMITED	27/08/2016	-
U90000DL2012PLC234831	BASIX MUNICIPAL WASTE VENTURES LIMITED	18/08/2016	-
U74899DL1996PLC078267	BHARTIYA SAMRUDDHI INVESTMENTS AND CONSULTING SERVICES LIMITED	01/10/2016	-
U74900DL2013PLC248415	SHAMIL MILK PRODUCTS LIMITED	27/08/2016	-

Name :

Mr. Kalyanasundar Palamadai Annaswamy

Designation :

Director

Address :

Survey Number 126/1A, Building D6, Flat No. 202, Kunal Icon, Pimple Saudagar, Pune – 411027, Telangana, India

Date of Appointment :

31.07.2012

DIN No.:

02911280

Name :

Swati Bhargava Desai

Designation :

Director

Address :

C/15/B2 , Harbour Heights, Colaba, Mumbai – 400005, Maharashtra, India

Date of Appointment :

16.09.2016

DIN No.:

02671752

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U85320DL1987NPL027141	INDIAN GRAMEEN SERVICES	01/09/2015	-

Name :

Mr. Mahesh Kanumury

Designation :

Director

Address :

E-602, Aditya Sunshine Izzat Nagar, Kondapur, Hyderabad – 500084, Telangana, India

Date of Appointment :

22.07.2011

DIN No.:

02028993

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U65993TG1991PTC013491	CASPIAN IMPACT INVESTMENTS PRIVATE LIMITED	16/08/2013	-
U45209AP2008PTC059286	MAGRAMA ENERGY INFRASTRUCTURE PRIVATE LIMITED	22/05/2008	-

Name :

Mr. Ved Prakash Gulati

Designation :

Director

Address :

H. No. 48, Quiet Land Gachibowli, Hyderabad – 500032, Telangana, India

Date of Appointment :

11.09.2015

DIN No.:

01944747

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L26109AP1987PLC007306	TECHTRAN POLYLENSES LTD	21/09/2016	-
U93000TG2010PLC069614	BASIX CONSULTING AND TECHNOLOGY SERVICES LIMITED	22/09/2014	-

KEY EXECUTIVES

Name :	Mr. Pawan Kumar
Designation :	Vice President

MAJOR SHAREHOLDERS

AS ON 31.03.2017

Names of Shareholders (Equity Shares)	No. of Shares
Bhartiya Samruddhi Investments and Consulting Services Limited	1354013
Vijay Mahajan	263811
S Ramachandran	2000
D Sattaiah	31357
BL Parthasarathy	373
N Divakara Rao	100
Sajeev Viswanathan	100
Amit Mehta	80625
Babla Shamit Sharan	43750
Girish P Narkede	25000
Mahesh Kanumury	20000
Arijit Dutta	5373
B Mohan Raj	5000
Jameel Ahmed Syed	3358
Sharma RSK	1550
C Amaranath Reddy	1676
G Ram Reddy	839
Ramakrishna Raju PV	9375
Binu Raj Pillai	3358
Suvankar Mishra	3358
Tarun Handa	2200
Atreya Rayaprolu	16789
Shailesh Kumar	3224
Intellectual Capital Advisory Services Private Limited	112500
Michael and Susan Dell Foundation	935688
ECL Finance Limited	294737
Total	3220154

Names of Shareholders (Preference Shares)	No. of Shares
Bhartiya Samruddhi Investments and Consulting Services Limited	222222
Michael and Susan Dell Foundation	222222
Total	444444

Equity Share Break up (Percentage of Total Equity)

AS ON 08.08.2017

Category	Percentage
Promoters [Individual/Hindu Undivided Family (Indian)]	10.70
Promoters [Bodies corporate]	42.05
Public/Other than promoters [Individual/Hindu Undivided Family (Indian)]	5.55
Public/Other than promoters [Foreign institutional investors]	29.06
Public/Other than promoters [Body corporate]	12.64
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company provides a transactional platform for basic financial inclusion services. The financial services include savings, micro-pensions, micro-insurance, MNREGA (Mahatma Gandhi National Rural Employment Guarantee Act) and other Government payments, money transfer, micro-credit, utility payments, and prepaid mobile top-up through a "Business Correspondent outlet" thus enabling financial inclusion. The Company is also providing services to banks and NSF (handling their credit portfolio. It's includes Identification and promotion of JLG/SHG groups, individual samruddhi loans, mudra loans, training, documentation and disbursal of loans based on approval by Bank / NBFC. [Registered activity and also confirmed by management]

Products / Services :

Name and Description of main products / services	ITC Code
Business Correspondent	99711400

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

L/C

Purchasing :

L/C

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 :

End Users

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

No. of Employees :

1150 (Approximately)

Bankers :

Banker Name :	RBL Bank Limited
Branch :	Shahupuri, Kolhapur – 416001, Maharashtra, India
Person Name (With Designation) :	--
Contact Number :	--
Name of Account Holder :	--
Account Number :	--
Account Since (Date/Year of Account Opening) :	--
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	--
Remark :	--

· Axis Bank Limited, Credit Management Centre, 5-2-183/184, III Floor, RP Road, Secunderabad – 500003, Telangana, India

Facilities :

SECURED LOANS	31.03.2017 INR In Million	31.03.2016 INR In Million
LONG TERM BORROWINGS
From The Ratnakar Bank Limited (RBL) - Term loan	1.429	4.857
Less: Current maturity of long term obligations	(1.429)	(3.428)
From The Ratnakar Bank Limited (RBL) - Term loan	3.333	11.333
Less: Current maturity of long term obligations	(3.333)	(8.000)
(Secured by Hypothecation of entire current assets, stocks, other movables including book debts, mortgage of immovable property and assets purchase out of the term loan. (Tenor: 24 months with interest rate: Fixed rate 14.25% p.a.)
Total [A]	0.000	4.762
SHORT TERM BORROWINGS
From The Ratnakar Bank Limited (RBL) – Cash Credit	65.479	16.883
(Secured by Hypothecation of entire current assets, stocks, other movables including book debts, mortgage of Immovable property and assets purchase out of the term loan). (Tenor: 12 months with interest rate: Fixed rate 14.50% p.a.)
(During the year cash credit limit was enhanced from INR 60.000 million to INR 80.000 million and sanctioned term loan of INR 20.000 million. This facility is additionally secured by pledge of shares by a shareholder)
From The Ratnakar Bank Limited (RBL) - Term loan
- Term loan-1	1.428	3.428
- Term loan-2	3.333	8.000
(Secured by Hypothecation of entire current assets, stocks, other movables including book debts, mortgage of immovable property and assets purchase out of the term loan. (Tenor: 24 months with interest rate: Fixed rate 14.25% p.a.) (Repayment: 24 months in equated monthly instalments from December 4, 2015 to August 2017)
From Axis Bank	0.000	2.159
Total [B]	70.240	30.470
TOTAL [A+B]	70.240	35.232

Auditors :
Name :	V Nagarajan and Company Chartered Accountants
Address :	# 612, Lingapur House Amrutha, Himayatnagar, Hyderabad – 500029, Telangana, India
Tel. No.:	91-40-66828743
E-Mail :	nagarajan@accountant.com
Website :	www.nagarajan.co.in
PAN No.:	AADFV7384D
Memberships :	Not Available
Collaborators :	Not Available
Associate Company :	· Bhartiya Samruddhi Investment and Consulting Services ltd
Entity in which directors are interested :	· BASIX Consulting and Technology Services limited · BASIX Krishi Samruddhi Limited · BASIX Academy for Building Lifelong Employability Limited · C-TRAN Consulting Limited · Bhartiya Samruddhi Finance Limited · Indian Grameen Services · Institute of Livelihood Research and Training · VAYAM Renewable Limited

CAPITAL STRUCTURE

AS ON 08.08.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	INR 10/- each	INR 50.000 Million
2500000	Preference Shares	INR 10/- each	INR 25.000 Million
	Total		INR 75.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3220154	Equity Shares	INR 10/- each	INR 32.202 Million
444444	Preference Shares	INR 10/- each	INR 4.444 Million
	Total		INR 36.646 Million

FINANCIAL DATA

[all figures are in INR 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	36.646	36.646	36.646
(b) Reserves & Surplus	58.638	35.347	24.304
(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)	95.284	71.993	60.950
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	4.762	0.000
(b) Deferred tax liabilities (Net)	3.327	3.376	2.094
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	7.360	0.672	0.835
Total Non-current Liabilities (3)	10.687	8.810	2.929
(4) Current Liabilities
(a) Short term borrowings	70.240	30.470	4.626
(b) Trade payables	16.570	8.803	4.573
(c) Other current liabilities	24.167	32.241	14.739
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	110.977	71.514	23.938
TOTAL	216.948	152.317	87.817
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	14.102	12.304	3.714
(ii) Intangible Assets	18.362	22.674	15.900
(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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	13.427	9.086	3.621
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	45.891	44.064	23.235
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	82.392	69.866	31.973
(d) Cash and cash equivalents	67.667	19.602	22.377
(e) Short-term loans and advances	2.578	2.822	1.683
(f) Other current assets	18.420	15.963	8.549
Total Current Assets	171.057	108.253	64.582
TOTAL	216.948	152.317	87.817

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2017	31.03.2016	31.03.2015
	SALES
		Income	436.308	279.756	136.016
		Other Income	1.281	0.883	0.871
		TOTAL	437.589	280.639	136.887
Less	EXPENSES
		Employee benefits expenses	248.782	148.351	56.534
		Other operating expenses	156.330	107.220	58.785
		TOTAL	405.112	255.571	115.319
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		32.477	25.068	21.568
Less	FINANCIAL EXPENSES		4.698	5.223	2.888
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		27.779	19.845	18.680
Less	DEPRECIATION/ AMORTISATION		7.278	4.362	5.282
	PROFIT/(LOSS) BEFORE TAX		20.501	15.483	13.398
Less	TAX		(2.790)	4.439	2.466
	PROFIT/(LOSS) AFTER TAX		23.291	11.044	10.932
	Earnings / (Loss) Per Share (INR)
	- Basic		7.23	3.43	3.39
	- Diluted		6.36	3.01	3.29

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 generated from operating activities before tax	59.192	20.226	(43.083)
Net cash generated from operating activities after tax	57.917	11.998	(36.591)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	68.93	91.15	85.80
Account Receivables Turnover (Income / Sundry Debtors)	5.30	4.00	4.25
Inventory Turnover (Operating Income / Inventories)	0.00	0.00	0.00
Asset Turnover (Operating Income / Net Fixed Assets)	1.00	0.72	1.10

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.51	0.50	0.27
Debt Equity Ratio (Total Liability / Networth)	0.74	0.49	0.08
Current Liabilities to Networth (Current Liabilities / Net Worth)	1.16	0.99	0.39
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.34	0.49	0.32
Interest Coverage Ratio (PBIT / Financial Charges)	6.91	4.80	7.47

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
PAT to Sales ((PAT / Sales) * 100)	%	5.34	3.95	8.04
Return on Total Assets ((PAT / Total Assets) * 100)	%	10.74	7.25	12.45
Return on Investment (ROI) ((PAT / Networth) * 100)	%	24.44	15.34	17.94

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.54	1.51	2.70
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.54	1.51	2.70
G-Score Ratio Financial (Networth / Total Assets)	0.44	0.47	0.69
G-Score Ratio Debt (Debts / Equity Capital)	1.92	0.96	0.13
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.54	1.51	2.70

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	36.646	36.646	36.646
Reserves & Surplus	24.304	35.347	58.638
Net worth	60.950	71.993	95.284
Long Term borrowings	0.000	4.762	0.000
Short Term borrowings	4.626	30.470	70.240
Total borrowings	4.626	35.232	70.240
Debt/Equity ratio	0.076	0.489	0.737

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	136.016	279.756	436.308
		105.679	55.960

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	136.016	279.756	436.308
Profit/(Loss)	10.932	11.044	23.291
	8.04%	3.95%	5.34%

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	No
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	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	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

COMPANY OVERVIEW:

The company was incorporated on August 2, 2010 and has obtained certificate of commencement of business on August 12, 2010. The Company provides a transactional platform for basic financial inclusion services. The financial services include savings, micro-pensions, micro-insurance, MNREGA (Mahatma Gandhi National Rural Employment Guarantee Act) and other Government payments, money transfer, micro-credit, utility payments, and prepaid mobile top-up through a "Business Correspondent outlet" thus enabling financial inclusion.

The Company is also providing services to banks and NSF (handling their credit portfolio. It's includes Identification and promotion of JLG/SHG groups, individual samruddhi loans, mudra loans, training, documentation and disbursal of loans based on approval by Bank / NBFC.

FINANCIALS RESULTS:

The company this year has shown significant increase in revenue earnings when compared to the previous year. They reported profit after tax of INR 23.300 million as against of INR 11.100 million in the previous corresponding year. The revenues from the business facilitation (Credit) vertical increased more than 100% compared to previous year due to expansion in new geographies and increase in loan book. The revenues from financial inclusion (agent banking) vertical remained steady during the year.

The company during the year continued to expand its banking and non-banking relationships. Major breakthrough has been achieved through a new partnership with Reliance Capital Limited and United Bank of India, and deeper partnership with State Bank of India. All in credit.

INDEX OF CHARGES:

S No	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G52955747	10580607	RBL Bank Limited	09/07/2015	31/08/2017	-	80000000.0	Shahupuri ,Kolhapur, 416001, Maharashtra, India
2	G17407909	10511519	RBL Bank Limited	17/07/2014	28/09/2016	-	80000000.0	Shahupuri ,Kolhapur, 416001, Maharashtra, India
3	G35878990	10315506	Axis Bank Limited	19/10/2011	15/03/2013	02/02/2017	5500000.0	Credit Management Centre5-2-183/184, III Floor, RP Road, Secunderabad 500003, Telangana, India
4	C20278149	10333250	ING Vysya Bank Limited	06/01/2012	-	01/09/2014	1500000.0	No.4-1-317 to 319, Troop Bazar, Abid Road, Hyderabad 500001, Telangana, India
5	B24468704	10295847	Axis Bank Limited	20/06/2011	-	25/10/2011	1500000.0	Credit Management Centre5-2-183/184, III Floor, RP Road, Secunderabad 500003, Telangana, India

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2017 INR In Million	31.03.2016 INR In Million
Against counter guarantee	19.488	5.788
Against first loss loan guarantee	57.965	49.238

FIXED ASSETS:

Tangible Assets

· Land and Building

· Office Equipment

· Furniture and Fixtures

· Computers

Intangible Assets

· Technical Knowhow, Logo, Rights, Brand, Business Commercial Rights

· 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 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 63.35
UK Pound	1	INR 85.89
Euro	1	INR 76.15

INFORMATION DETAILS

Information Gathered by :	PUJ
Analysis Done by :	PSD
Report Prepared by :	NKT

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.