MIRA INFORM REPORT

Report Date :

01.11.2012

Summary Information

		Country	India
Company Name	MANIPAL TECHNOLOGIES LIMITED	Principal Name 1	Mr. Tonse Satish Upendra Pai
Status	Satisfactory	Principal Name 2	Mr. Sachin Tonse Pai
		Registration #	08-026222
Street Address	Udayavani Building, Press Corner, Manipal – 576104, Karnataka, India
Established Date	13.01.2000	SIC Code	--
Telephone#	91-820-2571121/ 2571151/52/53/54/55/ 2571149/59	Business Style 1	Providing Printing Related Services
Fax #	91-820-2570131/ 2571162/ 70563/ 2571380	Business Style 2	-
Homepage	http://www.manipalpress.com http://www.manipaltechnologies.com	Product Name 1	Printing
# of employees	Not Available	Product Name 2	-
Paid up capital	Rs. 94,872,000/-	Product Name 3	-
Shareholders	Foreign holdings 34.27% Bodies corporate 58.44% Directors or relatives of Directors 7.29%	Banking	The Saraswat Co-Operative Bank Limited
Public Limited Corp.	NO	Business Period	12 Years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	Ba (50)
Related Company
Relation	Country	Company Name	CEO
Subsidiary	India	Universal Print Systems Limited, India	-
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	1432,136,000	Current Liabilities	355,282,000
Inventories	501,308,000	Long-term Liabilities	3,363,879,000
Fixed Assets	2,984,538,000	Other Liabilities	188,255,000
Deferred Assets	000	Total Liabilities	3,907,416,000
Invest& other Assets	395,492,000	Retained Earnings	1,311,186,000
		Net Worth	1,406,058,000
Total Assets	5,313,474,000	Total Liab. & Equity	5,313,474,000
Total Assets (Previous Year)	5,130,383,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	3,139,259,000	Net Profit	51,894,000
Sales(Previous yr)	2,893,563,000	Net Profit(Prev.yr)	36,181,000

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) :	31.03.2011
Date of Incorporation :	13.01.2000
Com. Reg. No.:	08-026222
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 :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 5000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The company is progressing well. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitment. 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	BBB
Rating	BBB : LONG TERM LOAN
Rating Explanation	Moderate degree of safety. It carry moderate credit risk.
Date	14.06.2012

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 31-03-2012..

LOCATIONS

Registered Office :	Udayavani Building, Press Corner, Manipal – 576104, Karnataka, India
Tel. No.:	91-820-2571121/ 2571151/52/53/54/55/ 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
Head Office :	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 · Mumbai · New Delhi · Kochi · Chennai · Kolkata · Gurgaon

DIRECTORS

As on: 28.09.2012

Name :

Mr. Tonse Satish Upendra Pai

Designation :

Director

Address :

No.38, Anant Nagar, Manipalv, Udupi – 576104, Karnataka, India

Date of Birth/Age :

26.11.1941

Qualification :

S.S.L.C

Date of Appointment :

13.01.2000

DIN No.:

00104361

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	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 COMPANY 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	U65910KA2005PTC036616	DSP CONSULTANTS (BANGALORE) PRIVATE LIMITED	Director	30-01-06	30-01-06	04-02-12	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. Tonse Guatham Pai

Designation :

Managing director

Address :

38, Ananthnagar, Manipal, Udupi – 576104, Karnataka, India

Date of Birth/Age :

26.09.1974

Qualification :

B.E

Date of Appointment :

01.11.2011

DIN No.:

00120314

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	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	01-11-11	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	24-11-11	20-08-09	15-12-11	Active	NO
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, Ananthnagar, Manipal, Udupi – 576104, Karnataka, India

Date of Birth/Age :

10.03.1976

Qualification :

M.B.A

Date of Appointment :

16.04.2004

DIN No.:

00795780

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	U22219KA2000PLC026222	MANIPAL TECHNOLOGIES LIMITED	Director	16-04-04	16-04-04	-	Active	NO
2	U18100MH2005PTC154899	BEST SELLERS APPARELS PRIVATE LIMITED PART IX	Managing director	01-04-12	19-07-05	-	Active	NO
3	U28992KA2007PTC041395	GENESIS PACKAGING PRIVATE LIMITED	Director	05-01-07	05-01-07	-	Active	NO

Name :

Mr. Perdoor Vaman Mallya

Designation :

Director

Address :

D63C, Ananth Nagar II Stage, Udupi, Manipal – 576104, Karnataka, India

Date of Birth/Age :

31.08.1948

Qualification :

FCA

Date of Appointment :

25.01.2000

DIN No.:

00120272

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	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	U72900KA2008PTC045316	MCT CARDS AND TECHNOLOGY PRIVATE LIMITED	Additional director	07-10-11	07-10-11	-	Active	NO
6	U22221KA1948PLC001159	MANIPAL MEDIA NETWORK LIMITED	Director	15-09-12	12-10-11	-	Active	NO
7	U92100KA2011PLC061061	MANIPAL BROADCAST NETWORK LIMITED	Director	03-11-11	03-11-11	-	Active	NO

Name :

Mr. Prabhakara Dayananda Kamath

Designation :

Director

Address :

Shivaprabha, Katapady, Katapady, Udupi – 576105, Karnataka, India

Date of Birth/Age :

21.04.1966

Qualification :

FCA

Date of Appointment :

25.01.2000

DIN No.:

00935434

Name :

Mr. Giulio Olivotto

Designation :

Nominee director

Address :

VIA GM Brunori, 45, Monteviale VI, Monteviale VI, Italy 36050

Date of Birth/Age :

24.11.1945

Qualification :

Graduate

Date of Appointment :

28.07.2007

DIN No.:

01595753

Name :

Mr. John Charles Fowler

Designation :

Director

Address :

825 N Prospect Ave, Unit 1801, Milwaukee, Wi Milwaukee – 53202, USA

Date of Birth/Age :

26.07.1950

Date of Appointment :

28.09.2012

DIN No.:

06367208

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 28.09.2012

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	3314
Manipal Prakashana Private Limited, India	1215000
T. Sachin Pai	6000
Sandhya S. Pai	174064
T. Gayathri Pai	23436
K. Kamalaksha 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 Pai	7032
T Sanjay pai	9375
T. Narayan Pai and Mrs. Vijaylaxmi N. Pai	8202
T. Satish U. Pai	3750
Manipal Media Network Limited, India	6117087
Legoprint Spa, taly	2246170
Simest SPA, Italy	600000
Quad Graphics Mauritius Limited, Italy	1533000
Total	12777912

Equity Share Break up (Percentage of Total Equity)

As on: 28.09.2012

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	34.27
Bodies corporate	58.44
Directors or relatives of directors	7.29
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Printing Related Services

Products :

PRODUCT DESCRIPTION	ITEM CODE NO.
Printing	21012

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

The Saraswat Co-Operative Bank Limited, Ballal Towers, Court Road, Jodukatte, Opposite T.M.C.A. Udupi-576101, Karnataka, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans secured
Rupee term loans banks secured	1556.192	2497.285
Rupee term loans financial institutions secured	0.000	0.794
Foreign currency loans secured
Foreign currency loans banks secured	1773.330	656.429
TOTAL	3329.522	3154.508
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Loans subsidiaries unsecured	27.063	61.500
Loans directors unsecured	0.000	2.000
Finance lease obligation long-term unsecured	7.294	11.684
TOTAL	34.357	75.184

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
Subsidiaries :	Universal Print Systems Limited, India CIN No.:- L22213TN1995PLC031845 MCT Cards and Technology Private Limited, India CIN No.:- U72900KA2008PTC045316 Manipal Business Solutions Private Limited, India CIN No.:- U72200KA2009PTC050532 · Manipal Energy and Infratech Limited · Manipal International Printing Press Limited, Kenya
Associates :	· Manipal Media Network Limited · Manipal Prakashana Limited · Shivalli Investment Company Private Limited · Sharath Investments Private Limited · Manipal Digital Systems Private Limited · Genesis Packaging Private Limited Manipal Thomas Greg Press Private Limited, India CIN No.:- U22211KA1999PTC024806 Manipal Logistics Private Limited, India CIN No.:- U74900KA2010PTC053146

CAPITAL STRUCTURE

As on: 28.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs. 200.000 Millions
5000000	Preferences Shares	Rs.10/- each	Rs. 50.000 Millions
	Total		Rs. 250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12777912	Equity Shares	Rs.10/- each	Rs. 127.779 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs. 200.000 Millions
5000000	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

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		94.872	94.872	94.872
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1311.186	1259.292	1223.110
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1406.058	1354.164	1317.982
LOAN FUNDS
1] Secured Loans		3329.522	3154.508	2959.717
2] Unsecured Loans		34.357	75.184	293.011
TOTAL BORROWING		3363.879	3229.692	3252.728
DEFERRED TAX LIABILITIES		186.082	168.250	150.130
TOTAL		4956.019	4752.106	4720.840
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2984.538	2924.854	2944.387
Capital work-in-progress		158.359	229.519	133.233
INVESTMENT		237.133	263.370	156.695
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	501.308	412.878	343.294
	Sundry Debtors	862.572	884.966	710.663
	Cash & Bank Balances	100.777	85.270	450.568
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	468.787	329.526	233.235
Total Current Assets		1933.444	1712.640	1737.760
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	320.601	338.152	104.087
	Other Current Liabilities	34.681	37.953	133.908
	Provisions	2.173	2.172	13.240
Total Current Liabilities		357.455	378.277	251.235
Net Current Assets		1575.989	1334.363	1486.525
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		4956.019	4752.106	4720.840

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales	3139.259	2893.563	2320.728
		Other Income	88.741	103.584	60.924
		TOTAL (A)	3228.000	2997.147	2381.652
Less	EXPENSES
		Consumption materials changes inventories	1575.673	1499.644	1199.727
		Manufacturing service costs	456.017	423.534	263.252
		Employee related expenses	267.106	224.218	180.470
		Administrative selling other expenses	351.480	369.864	46.209
		Prior period Items	35.414	11.033	50.906
		Selling Expense	0.000	0.000	257.967
		Increase / (Decrease) in Stock	0.000	0.000	(23.702)
		TOTAL (B)	2685.690	2528.293	1974.829
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		542.310	468.854	406.823
Less	FINANCIAL EXPENSES (D)		301.267	262.950	152.851
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		241.043	205.904	253.972
Less/ Add	DEPRECIATION/ AMORTISATION (F)		171.676	151.603	75.302
	PROFIT BEFORE TAX (E-F) (G)		69.367	54.301	178.670
Less	TAX (H)		17.473	18.120	63.345
	PROFIT AFTER TAX (G-H) (I)		51.894	36.181	115.325
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		430.830	394.649	301.423
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	11.000
		Dividend	0.000	0.000	9.487
		Tax on Dividend	0.000	0.000	1.612
	BALANCE CARRIED TO B/S		482.724	430.830	394.649
	EARNINGS IN FOREIGN CURRENCY
		Export of goods calculated on F.O.B. basis	58.982	185.880	115.172
	TOTAL EARNINGS		58.982	185.880	115.172
	IMPORTS
		Raw Materials	149.517	125.690	233.214
		Stores & Spares	14.538	17.952	6.186
		Capital Goods	15.126	204.237	828.528
	TOTAL IMPORTS		179.181	347.879	1067.928
	Earnings Per Share (Rs.)		11.41	8.79	12.15

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.61	1.20	4.84
Net Profit Margin (PBT/Sales)	(%)	2.21	1.81	7.70
Return on Total Assets (PBT/Total Assets}	(%)	1.41	1.17	3.82
Return on Investment (ROI) (PBT/Networth)		0.05	0.04	0.14
Debt Equity Ratio (Total Liability/Networth)		2.79	2.79	2.77
Current Ratio (Current Asset/Current Liability)		5.41	4.53	6.92

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

BANKERS CHARGES REPORT AS PER REGISTRY

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 – 576104, Karnataka, India bharath_nayak@manipalmedia.com
This form is for	Creation of charge
Type of charge	Immovable property
Particular of charge holder	The Saraswat Co-Operative Bank Limited, Ballal Towers, Court Road, Jodukatte, Opposite T.M.C.A. Udupi-576101, Karnataka, India rm_prabhu@saraswatbank.com
Nature of instrument creating charge	Loan agreement dated 30.03.2012 Recording letter evidencing deposit of title deeds
Date of instrument Creating the charge	30.03.2012
Amount secured by the charge	Rs. 300.000 Millions
Brief of the principal terms and conditions and extent and operation of the charge	Rate of interest PLR-1 i.e. 13.50% p.a. Terms of repayment Repayable in 60 monthly installments of Rs.5.000 Millions (exclusive of interest) Margin @25% Extent and operation of the charge The Charge extends on all the aforesaid assets throughout the period of sanctioned limit by way of first charge.
Short particulars of the property or assets charged (including complete address and location of the property)	Equitable mortgage of land bearing S.No.412/1a, 412/2a2, 52/1a, 52/1b1, and 52/1b totally ad measuring 375.50 cents along with part building of unit 1 and 21 staff quarters of the company.

OVERVIEW

The Company’s Gross Revenue increased from Rs. 2976.400 Millions to Rs. 3257.800 Millions, during the year posting a growth of 9.45%. The Operating profit for the year increased to Rs. 577.700 Millions from Rs. 479.900 Millions in the previous year, an increase of 20.37%. The Interest charge was at Rs. 301.300 Millions as against Rs. 262.900 Millions in the previous year and the depreciation charge went up to Rs. 171.600 Millions from Rs. 151.600 Millions. The higher charge of Interest and Depreciation is on account of the expansion plan carried out by the Company in the last 2 years. The Profit before tax stood at Rs. 104.800 Millions as against Rs. 65.300 Millions in the previous year.

The Company has explored European market for its Exports and due to melt down in European markets some of the Clients defaulted in payment. As a matter of prudence, the Company decided to make provisions against these receivables. The Company is pursuing legal recourse against these clients. This has been provided under Exceptional items as the Company feels that this will not be a routine thing in the future.

The Profit after Tax after adjusting for exceptional items stood at Rs. 51.900 Millions as against Rs. 36.200 Millions in the previous year.

PROJECTIONS FOR THE YEAR 2011-12

The Company has set a Revenue target of Rs. 4600.000 Millions for the year 2011-12. The Company expects its Commercial and Packaging divisions will continue to grow and contribute substantial revenue during the year. Cost saving and lean manufacturing measures initiated during the year will continue and is likely to result in enhanced profits in the year 2011-12.

SUBSIDIARIES AND JOINT VENTURES

MCT Cards and Technology Private Limited: Catering to plastic card segment such as banking cards and non-banking cards has grown by 102 %, with a Gross Turnover of Rs. 237.100 Millions during the year. Order flow has substantially increased resulting in higher utilization of the machines, for the year 2010-11 posted Earnings before Interest, Depreciation of Rs. 10.400 Millions. The Company will start making profit in the year 2011-12.

Manipal International Printing Press Limited, Nairobi, Kenya: During the calendar year 2010, the Company posted a revenue growth of 92.10% to Ksh 2,279 Lakhs from Ksh 1,186 Lakhs. For the year 2010 the Company posted a profit of Ksh 215 Lakhs.

Universal Print Systems Limited: Company’s revenue for the financial year 2010-11 stood at Rs. 297.700 Millions as against Rs. 191.100 Millions an increase of 56%. Profit after tax for the year stood at Rs. 10.400 Millions as against Rs. 0.009 Million in the financial year 2009-10.

Genesis Packaging Private Limited: Genesis Packaging Private Limited ceased to be a Subsidiary during the year.

Manipal Business Solutions Private Limited: The Company has set-up a new state of the art unit in Gurgaon to develop software products to address payment solutions, track and trace and solution for financial inclusions. The Company’s revenue stood at Rs. 1.400 Millions as against Rs. 0.007 Million in the previous year.

CONTINGENT LIABILITIES

(Rs in Millions)

Particular	31.03.2011	31.03.2010
Letter of Credit	32.097	29.052
Bank Guarantees	44.090	43.987
In respect of Guarantees given for loans taken by the following companies from Banks:-
Manipal International Printing Press Ltd, Kenya (Guarantee given in US$ 24,23,000 P Y US$ 21,13,000)	108.986	95.931
MCT Cards and Technology Private Limited, Manipal	398.150	363.630
Universal Print Systems Limited, Chennai	361.884	199.571
Genesis Packaging Private Limited, Manipal	40.470	40.470

FIXED ASSETS

· Freehold Land

· Leasehold Land

· Buildings – Freehold

· Buildings – Leasehold

· Electrical Fittings

· Furniture and Fittings

· Office Equipments

· Plant and Machinery

· Car, Van and Other Vehicles

· Computers and Peripherals

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 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. 54.53
UK Pound	1	Rs. 87.48
Euro	1	Rs. 70.89

INFORMATION DETAILS

Report Prepared by :

UDS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--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
TOTAL		50

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.