MIRA INFORM REPORT

Report Date :

07.11.2011

IDENTIFICATION DETAILS

Name :	MANIPAL TECHNOLOGIES LIMITED (w.e.f. 23.05.2011)
Formerly Known As :	MANIPAL PRESS LIMITED (w.e.f. 04.04.2000) MANIPAL PRESS PRIVATE LIMITED
Registered Office :	Udayavani Building, Press Corner, Manipal – 576104, Karnataka
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	13.01.2000
Com. Reg. No.:	08-26222
Capital Investment / Paid-up Capital :	Rs.94.872 millions
CIN No.: [Company Identification No.]	U22219KA2000PLC026222
TAN No.: [Tax Deduction & Collection Account No.]	BLRM05742C
PAN No.: [Permanent Account No.]	AABCM9516H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Providing Printing Related Services.
No. of Employees :	1102 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (65)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 5400000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mr. Adiga
Designation :	Accounts Department

LOCATIONS

Registered Office :	Udayavani Building, Press Corner, Manipal – 576104, Karnataka, India
Tel. No.:	91-820-2571121/ 2571151 to 55/ 2571149-59
Fax No.:	91-820-2570131/ 2571162/ 70563/ 2571380
E-Mail :	info@manipalpress.com pvmallya@manipalpress.com murali@manipalpress.com bharath_nayak@manipalmedia.com
Website :	http://www.manipalpress.com http://www.manipaltechnologies.com
Area :	50000 sq. ft.
Location :	Owned
Corporate Office :	Manipal Press Limited, Press Corner, Manipal – 576104, Karnataka, India
Tel no :	91-820-2571151 to 2571155
Fax No :	91-820-2570131 / 2571162
E-Mail :	info@manipalpress.com
Branch Offices :	Located at : · Bangalore · Chennai · Coimbatore · Hyderabad · Mangalore · Mumbai · New Delhi · Kochi · Ahmedabad · Chennai · Pune · Kolkata · Gurgaon
Warehousing and Distribution :	· Mumbai · Bangalore · Chennai · Delhi · Jaipur · Kochi · Kolkata · Hyderabad · Coimbatore · Ahmedabad / Surat · Alexandria · Barcelona · Birmingham · Chicago · Colombo · Felixstowe · Frankfurt · Istanbul · London · Manchester · Melbourne · Montreal · New York · Philadelphia · Rotterdam · Toronto

DIRECTORS

AS ON 28.09.2010 

Name :

Mr. Giulio Olivotto

Designation :

Nominee Director

Address :

VIA G. M. Brunori, 45 Monteviale VI – 36050, Italy

Date of Birth/Age :

24.11.1945

Date of Appointment :

28.07.2007

Nominee Company :

Legoprint S.P.A., Italy

Email :

giulio.olivotto@legolivotto.com

DIN No.:

01595753

Name :

Mr. Satish T Pai

Designation :

Director

Address :

No.38, Anant Nagar, Manipal – 576104, Karnataka, India

Date of Birth/Age :

26.11.1941

Date of Appointment :

13.01.2000

DIN No.:

00104361

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U09214KA1941PLC001222	SRI RAMAKRISHNA THEATRE LIMITED	Director	18-03-67	18-03-67	25-01-08	Active	NO
2	U22221KA1948PLC001159	MANIPAL MEDIA NETWORK LIMITED	Managing director	18-07-10	11-08-69	-	Active	NO
3	U85110KA1932PLC001078	CANARA LAND INVESTMENTS LIMITED	Director	06-04-73	06-04-73	-	Active	NO
4	U51909KA1979PTC003517	SHARAT IMPEX CO PRIVATE LIMITED	Director	25-04-79	25-04-79	-	Active	NO
5	U02212KA1980PLC004010	MANIPAL PRAKASHAN LIMITED	Director	25-11-80	25-11-80	-	Active	NO
6	U65910KA1983PTC005626	SHARATH INVESTMENTS PRIVATE LIMITED	Director	13-10-83	13-10-83	-	Active	NO
7	U67120KA1988PTC009192	SHIVALLY INVESTMENT COMPANY PRIVATE LIMITED	Director	14-06-88	14-06-88	-	Active	NO
8	U74140KA1990PLC010763	MPL ENTERPRISES LIMITED	Director	07-06-11	20-02-90	-	Active	NO
9	U22219KA1973PTC002395	MANIPAL ENTERPRISES PRIVATE LIMITED	Director	01-09-92	01-09-92	10-04-08	Active	NO
10	U55101TN1988PLC015585	MANIPAL HOTELS LIMITED	Director	19-04-95	19-04-95	-	Active	NO
11	U22219KA2000PLC026222	MANIPAL TECHNOLOGIES LIMITED	Director	13-01-00	13-01-00	-	Active	NO
12	U64202KA1997PTC022991	ZETA INFOTECH PRIVATE LIMITED	Director	24-07-00	24-07-00	-	Active	NO
13	U66010KA2001PLC029877	MANIPAL INSURANCE SERVICES LIMITED	Director	12-12-01	12-12-01	-	Active	NO
14	U55101KA2002PTC030183	MANIPAL RESORTS COMPANY PRIVATE LIMITED	Director	01-03-02	01-03-02	22-05-09	Active	NO
15	U45201TN1999PLC043271	MANIPAL PROPERTIES LIMITED	Director	29-09-03	29-09-03	-	Active	NO
16	U05110KA2005PTC036616	KONKAN COMMODITY AND DERIVATIVES PRIVATE LIMITED	Director	30-01-06	30-01-06	-	Active	NO
17	L65110KA1995PLC017907	ICDS SECURITIES LIMITED	Director	30-01-06	30-01-06	-	Active	NO
18	U21014KA2008PTC045299	MANIPAL PACKAGING SOLUTIONS PRIVATE LIMITED	Director	15-02-08	15-02-08	-	Active	NO
19	U72900KA2008PTC045316	MCT CARDS AND TECHNOLOGY PRIVATE LIMITED	Director	19-02-08	19-02-08	-	Active	NO
20	U72200KA2009PTC050532	MANIPAL BUSINESS SOLUTIONS PRIVATE LIMITED	Director	31-07-09	31-07-09	-	Active	NO
21	U92100KA2011PLC061061	MANIPAL BROADCAST NETWORK LIMITED	Director	03-11-11	03-11-11	-	Active	NO

Name :

Mr. Perdoor V. Mallya

Designation :

Director

Address :

D63C, Ananthnagar, II Stage, Near Water tank, Manipal, Udupi-576104, Karnataka

Date of Birth/Age :

31.08.1948

Date of Appointment :

25.01.2000

DIN No.:

00120272

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U65910KA1983PTC005626	SHARATH INVESTMENTS PRIVATE LIMITED	Director	30-01-99	30-01-99	-	Active	NO
2	U22219KA2000PLC026222	MANIPAL TECHNOLOGIES LIMITED	Director	25-01-00	25-01-00	-	Active	NO
3	U22219KA1973PTC002395	MANIPAL ENTERPRISES PRIVATE LIMITED	Director	26-09-08	24-04-08	-	Active	NO
4	U72200KA1998PTC023347	ZETA CYBER SOLUTIONS PRIVATE LIMITED	Director	11-07-08	11-07-08	25-03-11	Active	NO
5	U92100KA2011PLC061061	MANIPAL BROADCAST NETWORK LIMITED	Director	03-11-11	03-11-11	-	Active	NO

Name :

Mr. Katapady Prabhakar Kamath

Designation :

Director

Address :

Shivaprabha, Udupi, Katapady – 547 105, Karnataka, India

Date of Birth/Age :

21.04.1966

Date of Appointment :

25.01.2000

DIN No.:

00935434

Name :

Mr. Gautam T Pai

Designation :

Director

Address :

38, Ananth Nagar, Manipal – 576 119, Karnataka, India

Date of Birth/Age :

26.09.1974

Date of Appointment :

30.09.2003

DIN No.:

00120314

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U22221KA1948PLC001159	MANIPAL MEDIA NETWORK LIMITED	Director	31-03-09	24-06-97	-	Active	NO
2	U64202KA1997PTC022991	ZETA INFOTECH PRIVATE LIMITED	Director	01-09-98	01-09-98	-	Active	NO
3	U65910KA1983PTC005626	SHARATH INVESTMENTS PRIVATE LIMITED	Director	20-03-99	20-03-99	-	Active	NO
4	U22219KA2000PLC026222	MANIPAL TECHNOLOGIES LIMITED	Managing director	01-11-06	29-07-03	-	Active	NO
5	U24242KA2004PLC034633	PRIMACY INDUSTRIES LIMITED	Managing director	01-04-09	03-09-04	-	Active	NO
6	U28992KA2007PTC041395	GENESIS PACKAGING PRIVATE LIMITED	Director	05-01-07	05-01-07	-	Active	NO
7	U22300KA2007PTC041394	MANIPAL DIGITAL SYSTEMS PRIVATE LIMITED	Director	05-01-07	05-01-07	-	Active	NO
8	U72200MH2007PTC195863	MANIPAL INFORMATICS PRIVATE LIMITED	Additional director	23-08-07	23-08-07	19-07-08	Amalgamated	NO
9	U22219KA1973PTC002395	MANIPAL ENTERPRISES PRIVATE LIMITED	Additional director	10-12-07	10-12-07	10-04-08	Active	NO
10	U21014KA2008PTC045299	MANIPAL PACKAGING SOLUTIONS PRIVATE LIMITED	Director	15-02-08	15-02-08	-	Active	NO
11	U72900KA2008PTC045316	MCT CARDS AND TECHNOLOGY PRIVATE LIMITED	Director	19-02-08	19-02-08	-	Active	NO
12	U74140KA2008PTC046520	MANIPAL ACE EVENT MANAGEMENT COMPANY PRIVATE LIMITED	Director	22-05-08	22-05-08	-	Active	NO
13	L22213TN1995PLC031845	UNIVERSAL PRINT SYSTEMS LIMITED	Director appointed in casual vacancy	13-06-08	13-06-08	-	Active	NO
14	U72200KA2009PTC050532	MANIPAL BUSINESS SOLUTIONS PRIVATE LIMITED	Director	31-07-09	31-07-09	-	Active	NO
15	U92200DL1959NPL003169	UNITED NEWS OF INDIA	Director	20-08-09	20-08-09	-	Active	YES
16	U74900KA2010PTC053146	MANIPAL LOGISTICS PRIVATE LIMITED	Director	07-04-10	07-04-10	-	Active	NO
17	U92190KA2010PTC053930	MANIPAL STUDIOS PRIVATE LIMITED	Director	03-06-10	03-06-10	-	Active	NO
18	U72200KA2000PLC027929	MANIPAL ENTERTAINMENT NETWORK LIMITED	Director	24-09-10	17-07-10	-	Active	NO
19	U51900KA2010PTC055404	PRIMACY GLOBAL ENTERPRISES PRIVATE LIMITED	Director	05-10-10	05-10-10	-	Active	NO
20	U40108KA2011PLC056610	MANIPAL ENERGY AND INFRATECH LIMITED	Director	12-01-11	12-01-11	-	Active	NO
21	U73100KA2011PTC057905	MANIPAL PRINTRONICS PRIVATE LIMITED	Director	29-03-11	29-03-11	-	Active	NO
22	U72200KA2011PTC058810	MANIPAL DIGITAL SOLUTIONS PRIVATE LIMITED	Director	25-05-11	25-05-11	-	Active	NO
23	U74900KA2011PTC059510	MANIPAL ARCHIVAL SOLUTIONS PRIVATE LIMITED	Director	07-07-11	07-07-11	-	Active	NO
24	U92100KA2011PLC061061	MANIPAL BROADCAST NETWORK LIMITED	Director	03-11-11	03-11-11	-	Active	NO

Name :

Mr. Sachin Tonse Pai

Designation :

Director

Address :

14, Ananth Nagar, Manipal – 576 104, Karnataka, India

Date of Birth/Age :

10.03.1976

Date of Appointment :

16.04.2004

DIN No.:

00795780

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U22219KA2000PLC026222	MANIPAL TECHNOLOGIES LIMITED	Director	16-04-04	16-04-04	Active	NO
2	U18100MH2005PTC154899	BEST SELLERS APPARELS PRIVATE LIMITED PART IX	Director	19-07-05	19-07-05	Active	NO
3	U28992KA2007PTC041395	GENESIS PACKAGING PRIVATE LIMITED	Director	05-01-07	05-01-07	Active	NO

KEY EXECUTIVES

Name :	Mr. Bharat K. Nayak
Designation :	Chief Financial Officer
Name :	Mr. Adiga
Designation :	Accounts Department
Name :	Mr. Anjani Mandal
Designation :	Chief Executive Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 28.09.2010)

Names of Shareholders	No. of Shares
T. Mohandas Pai	40500
T. Satish U. Pai	170904
Madhav Ramadas Pai	190128
T. Narayana Pai	81000
T. Ashok Pai	186474
T. Gautam Pai	163314
Manipal Prakashana Private Limited, India	1215000
T. Sachin Pai	6000
Sandhya S Pai	14064
T. Gayathri Pai	23436
K. K. Pai	5450
Rajan Ramdas Pai	7026
Vasanthi Ramdas Pai	14064
Sharath Investment Company Private Limited, Manipal, India	47808
Shivalli Investment Company Private Limited, Manipal, India	88128
T Sunil Ponse	7032
T Sanjay pai	9375
T. Narayan Pai and Mrs. Vijaylaxmi N. Pai	3516
Savoy Investment Private Limited, Manipal, India	4686
T Upendra Satish Pai, HUF, Manipal, India	3750
Manipal Media Network Limited, Manipal, India	4359409
Legoprint SpA, Italy	2246170
Simest SPA, Italy	600000
Total	9487234

(AS ON 30.09.2010)

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	30.00
Bodies corporate	60.24
Directors or relatives of directors	9.76
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Printing Related Services.

GENERAL INFORMATION

Customers :

Domestic

• Accor
• APL Limited
• Axis Bank
• Bharti Airtel Limited
• Birla Sunlife Mutual Fund
• Central Bank of India
• Citibank
• Conde Nast India Private Limited
• Corporation Bank
• Dr. Reddy’s Laboratories
• Federal Bank Limited
• HDFC Bank
• Himalaya Drug Company Private Limited
• IDG
• Infiniti Retail Limited
• Kingfisher Airlines
• LIC of India
• Malabar Group of Companies
• Navneet Publications India Limited
• Pantaloons Retail Private Limited
• Reliance Communications Limited
• Wipro Limited

International

• Geddes and Grosset, UK
• RMS International, UK
• Alligator, UK
• Imago, UK
• Autumn Publishing, UK
• BK Books, UK
• Saldana, Spain
• AM Productions, Canada
• Jiri Models, Czech Republic
• A1 Graphics, Belgium
• EGMONT, Denmark
• Proforma, USA
• Hutch, Sri Lanka
• Ghana Telecom, Ghana
• Etisalcom, Bahrain
• Oberthur Technologies, Denmark
• Cheque Bureau Centre, Bangladesh

No. of Employees :

1102 (Approximately)

Bankers :

· South Indian Bank

Udupi Branch, Udupi – 576102, Karnataka, India

· Corporation Bank

Manipal Branch, Manipal-576104, Karnataka, India

· Syndicate Bank

Manipal Branch, Manipal-576104, Karnataka, India

· Vijaya Bank

Founders Branch, Vijaya Towers, LHH Road, Bangalore-575003, Karnataka, India

· Manipal Co-operative Bank Limited

· State Bank of India, Maiithri Complex, Udupi

· Canara Bank

· Bank of India

· State Bank of India,

Bangalore Corporate Bnaking Branch, No.25/1, Skip House, Museum Road, Bangalore – 560 025, Karnataka, India

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
From Scheduled Bank
i] Working Capital Loan from Banks
- Foreign Currency Loan	624.509	348.550
- External Commercial Borrowings Supplier/ Buyers Credit	49.152	85.168
- Rupee Loan	296.137	372.695
ii] Term Loan From Banks
- Foreign Currency Loan	31.920	--
- External Commercial Borrowings Supplier/ Buyers Credit	876.666	669.232
- Rupee Loan	1275.330	1353.892
iii] Loan against term Deposit	--	126.403
Lease Financial From HP Financial Services (India) Limited	0.794	3.777
Total	3154.508	2959.717
Unsecured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Deposit From Directors	2.000	3.600
Inter Corporate Deposit	61.500	5.000
Deferred Payment to Suppliers	11.683	284.411
Total	75.183	293.011

Banking Relations :	--
Auditors :
Name :	Sriramulu Naidu and Company Chartered Accountants
Address :	2^nd Floor, Rambhavan Complex, Kodialbail, Mangalore - Manipal, Karnataka, India
PAN No.:	AAVFS3877R
Name :	Pai Nayak and Associates Chartered Accountants
Address :	III Floor, Raaj Towers, Near City Bus Stand, Udupi – 571001, Karnataka, India
PAN No.:	AAEFP5516E
Associates :	· Sharath Investment Company Private Limited · Shivally Investment Company Private Limited · Manipal Prakashna Private Limited · Manipal Media Network Limited · Manipal Digital Systems Private Limited · Manipal Thomas Greg Press Private Limited
Subsidiaries :	· Manipal Business Solutions Private Limited U72200KA2009PTC050532 · MCT Cards and Technology Private Limited U72900KA2008PTC045316 · Universal Print Systems Private Limited U22213TN1995PLC031845 · Genesis Packaging Private Limited U28992KA2007PTC041395 · Mancil International Printing Press Limited

CAPITAL STRUCTURE

AS ON 31.03.2010 

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 millions
5000000	8% Redeemable Preference Shares	Rs.10/- each	Rs.50.000 millions
Total			Rs.250.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9487234	Equity Shares	Rs.10/- each	Rs.94.872 millions

NOTE:

(9,00,000 Equity shares were issued otherwise than for cash on the conversion of erstwhile firm ‘Manipal Power Press’ into Company)

(22,13,688 Equity shares fully paid are allotted by way of bonus shares)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		94.872	94.872	94.872
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1259.293	1223.110	1118.885
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1354.165	1317.982	1213.757
LOAN FUNDS
1] Secured Loans		3154.508	2959.717	1343.208
2] Unsecured Loans		75.183	293.011	437.495
TOTAL BORROWING		3229.691	3252.728	1780.703
DEFERRED TAX LIABILITIES		168.250	150.130	88.784
TOTAL		4752.106	4720.840	3083.244
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2924.856	2944.387	1100.269
Capital work-in-progress		229.519	133.233	750.547
INVESTMENT		263.369	156.695	64.971
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	412.878	343.294	277.746
	Sundry Debtors	884.966	710.663	409.466
	Cash & Bank Balances	85.270	450.568	432.530
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	329.526	233.235	354.086
Total Current Assets		1712.640	1737.760	1473.828
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	168.582	104.087	82.940
	Current Liabilities	207.524	133.908	84.566
	Provisions	2.172	13.240	138.865
Total Current Liabilities		378.278	251.235	306.371
Net Current Assets		1334.362	1486.525	1167.457
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		4752.106	4720.840	3083.244

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales	2893.563	2320.728	1702.525
		Other Income	103.584	60.924	32.929
		TOTAL (A)	2997.147	2381.652	1735.454
Less	EXPENSES
		Increase / Decrease in stock	20.774	(23.701)	(12.249)
		Raw Material Consumed	1478.863	1199.726	784.068
		Production Expenses	423.533	263.251	189.538
		Salary, Wages and Employee Benefit	224.218	180.469	138.961
		Selling Expenses	317.932	256.344	193.148
		Other Expenses	62.975	75.039	43.763
		TOTAL (B)	2528.295	1974.829	1338.229
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		468.852	406.823	397.225
Less	FINANCIAL EXPENSES (D)		262.949	152.851	92.117
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		205.903	253.972	305.108
Less/ Add	DEPRECIATION/ AMORTISATION (F)		151.602	75.302	58.113
	PROFIT BEFORE TAX (E-F) (G)		54.301	178.670	246.995
Less	TAX (H)		18.120	63.345	86.901
	PROFIT AFTER TAX (G-H) (I)		36.181	115.325	160.094
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		430.830	416.748	344.447
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	11.000	20.000
		Dividend	NA	9.487	19.680
		Tax on Dividend	NA	1.612	3.344
	EARNINGS IN FOREIGN CURRENCY
		Export of goods calculated on F.O.B. basic	185.880	115.172	39.944
		Informatics Division	0.000	0.000	16.003
	TOTAL EARNINGS		185.880	115.172	55.947
	IMPORTS
		Raw Materials	125.690	233.214	110.206
		Stores & Spares	17.952	6.186	14.531
		Capital Goods	204.237	828.528	451.818
	TOTAL IMPORTS		347.879	1067.928	576.555
	Earnings Per Share (Rs.)		3.81	12.15	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.20	4.84	9.43
Net Profit Margin (PBT/Sales)	(%)	1.81	7.70	14.51
Return on Total Assets (PBT/Total Assets}	(%)	3.17	3.82	9.59
Return on Investment (ROI) (PBT/Networth)		0.04	0.14	0.20
Debt Equity Ratio (Total Liability/Networth)		0.27	2.66	0.25
Current Ratio (Current Asset/Current Liability)		4.52	6.92	4.81

LOCAL AGENCY FURTHER INFORMATION

HISTORY:

The company was Partnership concern reconstituted on 28.11.1999, with name and style of ‘Manipal Power Press’. Later on it has converted as Joint Stock Company on 13.01.2000 with the name and style of “Manipal Press Private Limited”.

Again the company has been converted as public limited company w.e.f. 04.04.2000.

OVERVIEW:

The turnover of the company increased to Rs.3016.300 Millions during the year as compared to Rs.2409.100 Millions a growth of 25.20% the export turnover grew from Rs.222.200 Millions to Rs.322.400 Millions with an increase of 45.22%. The operating profit increased by 4.85% despite recessionary conditions prevailing due to downturn in US economy and other parts of the World which have impacted the margins, throughout the year. The market conditions were extremely competitive both had domestic and international market there by causing reduction in the Gross margins. The company had invested in the state of art technology and created huge infrastructure by setting up a modern plant especially for commercial and packing divisions.

During the year company interest cost and depreciation charge went up substantially i.e. Rs.263.900 Millions and Rs.151.600 Millions as against Rs.152.800 Millions and Rs.753.000 Millions in the previous year due to the huge capital expenditure incurred by the company during the previous year. This has resulted in lower profit before tax of Rs.653.000 Millions as against Rs.229.600 Millions in the previous year. The profit after tax adjusting for exceptional items stood at Rs.362.000 Millions as against Rs.115.300 Millions in the previous year.

The Company has taken steps to improve the performance by resorting to cost reduction measures and by eliminating unrewarded businesses.

PROJECTIONS FOR THE YEAR 2010-11

The company has set an ambitious target for top-line at Rs.350.000 Millions for the year 2010-2011. The Consolidated Revenue target for the year is Rs.4000.000 Millions. The company expects its commercial and packaging division to contribute substantial revenue during the year thereby enhancing the profits. The cost reduction measures being undertaking by the company will continue during this year also.

CONTINGENT LIABILITIES

Particulars	31.03.2010	31.03.2009
	(Rs. In Millions)
Letter of Credit	29.052	40.041
Bank Guarantee	43.987	1.907
In respect of Guarantee given for loan taken by the
Following companies from Banks -
- Manipal International Printing Press Limited – Kenya	95.930	102.500
- MCT Cards and Technology Private Limited	363.630	30.000
- Universal Print Systems Limited, Chennai	199.571	210.000
- Genesis Packaging Private Limited, Manipal	40.470	Nil

FORM: 8

Name of the company	MANIPAL PRESS LIMITED
Presented By	P.V. Mallya
1) Date and description of instrument creating the change	Composite Hypothecation Agreement dt.02.09.2005
2) Amount secured by the charge/amount owing on the securities of charge	Rs.10.000 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Stock in trade and charge on book debts
4) Gist of the terms and conditions and extent and operation of the charge.	Hypothecation of stock in trade consist of raw materials such as paper, all kinds of board, gum etc, work-in-progress and finished goods already stored, to be brought and to be stored from time to time at various godowns mentioned in the hypothecation Deed and book debts Interest at 9% per annum (PLR minus 2%) or at such rate of interest as may be fixed by the bank
5) Name and Address and description of the person entitled to the charge.	Syndicate Bank Manipal Branch, Manipal – 576 104, India
6) Date and brief description of instrument modifying the charge	NA
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	NA

Corporate identity number of the company	U22219KA2000PLC026222
Name of the company	Manipal Technologies Limited
Address of the registered office or of the principal place of business in India of the company	Udayavani Building, Press Corner, Manipal – 576 104, Karnataka, India bharath_nayak@manipalmedia.com
This form is for	Creation of charge
Type of charge	Movable Properties Others: Hypothecation of Machinery
Particular of charge holder	· South Indian Bank Udupi Branch, Udupi – 576102, Karnataka, India br0630@sib.co.in
Nature of description of the instrument creating or modifying the charge	Agreement of Hypothecation
Date of instrument Creating the charge	13.07.2011
Amount secured by the charge	Rs.88.900 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest BR 10.00 +2.5% = 12.50% Terms of Repayment Repayable in 40 quarterly installment of Rs.22.225 after the holiday Period of 12 months Margin Margin at 20% Extent and Operation of the charge Charge extends on all the aforesaid assets acquired from the proceeds of the terms Loans throughout the period of sanctioned limit by way of first charge.
Short particulars of the property charged	Hypothecation of Machinery (i.e.Heidelberg Hartis Machine 1 No. and Komori Model Is640 + Ix1 No.) belonging to the company

FIXED ASSETS:

v Freehold Land

v Leasehold Land

v Buildings – Freehold

v Buildings – Leasehold

v Electrical Fittings

v Furniture and Fittings

v Office Equipments

v Plant and Machinery

v Car, Van and Other Vehicles

v Computers and Pheripherals

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	Indian Rupees
US Dollar	1	Rs.49.08
UK Pound	1	Rs.78.65
Euro	1	Rs.67.79

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		65

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.