MIRA INFORM REPORT

Report Date :

29.04.2013

IDENTIFICATION DETAILS

Name :	MOLD-TEK TECHNOLOGIES LIMITED
Registered Office :	Plot No.700, Door No.8-2-293/82/A/700, Road No.36, Jubilee Hill, Hyderabad-500033, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	04.07.1985
Com. Reg. No.:	01-005631
Capital Investment / Paid-up Capital :	Rs. 46.621 millions
CIN No.: [Company Identification No.]	L25200AP1985PLC005631
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Provides structural engineering, detailing and mechanical engineering services.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (55)

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

Maximum Credit Limit :	USD 860000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having a fine track record. The financial position and the performance capability of the company are good. Trade relations are decent. Business is active. Payment terms are regular and as per commitment. 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 – 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

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 / Head Office :	Plot No.700, Door No.8-2-293/82/A/700, Road No.36, Jubilee Hill, Hyderabad-500033, Andhra Pradesh, India
Tel. No.:	91-40-40300300 / 01 / 02 / 03 / 04
Fax No.:	91-40-40300328
E-Mail :	ir@moldtekindia.com finance@moldtekindia.com
Website :	www.moldtekindia.com
Overseas Office :	Heinrich Lanz Ring 41a 68519 Viernheim, Germany

DIRECTORS

As on 31.03.2012

Name :	Mr. J. Lakshmana Rao
Designation :	Chairman and Managing Director
Date of Birth / Age	53 Years
Qualification :	B.Tech. (Civil), M.B.A. (IIM -B)
Experience :	28 Years
Name :	J. Sudharani
Designation :	Wholetime Director
Name :	Mr. A. Subrahmanyam
Designation :	Director - Technical
Name :	Mr. P. Venkateswara Rao
Designation :	Director - Commercial
Name :	Mr. P. Shyam Sunder Rao
Designation :	Non-Executive Director
Name :	Dr. K. Venkata Appa Rao
Designation :	Non-Executive Director
Name :	Mr. C. Vasanth Kumar Roy
Designation :	Non-Executive Director
Name :	Mr. M. Srinivas
Designation :	Non-Executive Director
Name :	Dr. Surya Prakash Gulla
Designation :	Non-Executive Director

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2013

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1769156	37.74
Bodies Corporate	423433	9.03
Sub Total	2192589	46.77
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	2192589	46.77
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	41107	0.88
Sub Total	41107	0.88
(2) Non-Institutions
Bodies Corporate	233983	4.99
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	1210123	25.81
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	863210	18.41
Any Others (Specify)	147294	3.14
Non Resident Indians	104492	2.23
Clearing Members	42802	0.91
Sub Total	2454610	52.36
Total Public shareholding (B)	2495717	53.23
Total (A)+(B)	4688306	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	4688306	0.00

BUSINESS DETAILS

Line of Business :

Provides structural engineering, detailing and mechanical engineering services.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

ICICI Bank Limited

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Term loan from banks	45.456	65.440
Hire purchases finance	2.414	0.560
ICICI Bank cash credit	46.702	40.705
Short term loans	8.411	0.000
Total	102.983	106.705
Notes: Long-term loan and working capital facilities from the ICICI Bank is secured by hypothecation by way of first charge on the following assets of the Company: a. Exclusive first charge by way of hypothecation of the borrowers' entire current assets which inter-alia include, work in process, and such other movable including book debts, outstanding monies, receivables both present and future of such form satisfactory to the bank. b. Exclusive first charge on the movable fixed assets of the Company. c. First charge by way of equitable mortgage of land measuring 988 sq. yards & building thereon in Municipal No. 8-2-293/82/A/700 and 967 sq. yards & buildings thereon in Municipal No. 8-2-293/82/A/700/1, in Survey No. 403/1(old), 120(New) of Shaikpet Village and 102/1 of Hakeempet Village, Road No. 36, Jubilee Hills, Hyderabad belonging to the Company. Of the above, undivided share of 400 sq. yards and building of 8,258 sq. feet are sold by the Company to Mold-Tek Packaging Limited under NOC from ICICI Bank Limited. d. Personal guarantees of Directors namely J. Lakshmana Rao, A. Subrahmanyam, J. Mytreyi and P. Venkateswara Rao The Company is availing four vehicle loans from various financial institutions. While for two vehicle loan repayment schedule is over 36 monthly installments, the balance two vehicle loans are repayable in 60 monthly installments. The Company availed working capital facility of Rs. 50.000 Millions from ICICI Bank Limited. The Company during the year has been sanctioned/availed non-fund based limit of Rs. 50.000 Millions from ICICI Bank Limited.

Banking Relations :	--
Statutory Auditors :
Name :	Praturi and Sriram Chartered Accountants
Address :	201, Sapthagiri Residency 1-10-98/A, Chikoti Gardens, Begumpet, Hyderabad – 500016, Andhra Pradesh, India
Internal Auditors :
Name :	GMK Associates Chartered Accountants
Address :	607, Raghava Ratna Towers, Chirag Ali Lane, Hyderabad – 500001, Andhra Pradesh, India
Legal Advisor :	M. Radhakrishna Murthy Advocate
	Vidya Nagar, Hyderabad, Andhra Pradesh, India
Wholly owned subsidiary :	Cross Roads Detailing Inc., USA RMM Global Inc., USA
Associates :	Mold-Tek Packaging Limited (Comprising the plastic division demerged from the Company effective 1^st April, 2007.)

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1,30,00,000	Equity Shares	Rs. 10/- each	Rs. 130.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
46,62,106	Equity Shares	Rs. 10/- each	Rs. 46.621 Millions

1. As per the Scheme of Arrangement approved by the Hon'ble High Court of Andhra Pradesh vide its Order dated 25^th July, 2008, entire share capital of the Company was restructured into 30,90,024 equity share of Rs.10 each consequent to the demerger of the plastics division of the Company into a separate company, viz., Mold-Tek Plastics Limited (Since renamed as, Mold-Tek Packaging Limited).

2. 5,00,000 equity shares of Rs.10 each issued at a premium of Rs.38 per share on 24^th April, 2006 by way of preferential offer.

3. 5,24,957 equity shares of Rs.10 each issued at a premium of Rs.65 per share on 8^th April, 2010 by way of preferential offer.

4. 37,125 equity shares of Rs.10 each issued at a premium of Rs.60.00 per share on 29^th April, 2011 by way of Employee Stock Option Scheme.

5. 5,10,000 equity shares of Rs.10 each issued at a premium of Rs.70 per share on 29^th June, 2011 by way of preferential offer.

The reconciliation of the number of shares outstanding is set out below:

Particulars	31.03.2012
	Number	Rs. in Millions
Shares outstanding at the beginning of the year	41,14,981	41.150
Add: Shares issued on exercise of Employee Stock Option Scheme	37,125	0.371
Shares issued on exercise of warrants by preferential offer	5,10,000	5.100
Shares outstanding at the end of the year	46,62,106	46.621

The details of shareholders holding more than 5% shares

Name of shareholder	31.03.2012
	No. of shares	% Held
Mold-Tek Packaging Limited	4,23,433	9.08
A. Subrahmanyam	2,56,236	5.50
Total	6,79,669	14.58

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		46.621	41.150	35.900
2] Share Application Money		0.000	41.901	52.472
3] Reserves & Surplus		167.321	93.211	144.003
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		213.942	176.262	232.375
LOAN FUNDS
1] Secured Loans		102.983	106.705	130.711
2] Unsecured Loans		0.000	0.000	12.453
TOTAL BORROWING		102.983	106.705	143.164
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		316.925	282.967	375.539
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		233.669	244.637	267.897
Capital work-in-progress		0.000	0.121	5.342
INVESTMENT		2.459	2.459	46.660
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	19.893	18.817	16.931
	Sundry Debtors	80.024	42.189	63.607
	Cash & Bank Balances	2.059	0.560	0.931
	Other Current Assets	5.024	6.804	1.079
	Loans & Advances	22.125	16.243	14.498
Total Current Assets		129.125	84.613	97.046
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.741	5.221	25.578
	Other Current Liabilities	28.758	30.083	8.078
	Provisions	13.829	13.559	14.649
Total Current Liabilities		48.328	48.863	48.305
Net Current Assets		80.797	35.750	48.741
MISCELLANEOUS EXPENSES		0.000	0.000	6.899
TOTAL		316.925	282.967	375.539

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	258.817	190.039	158.561
		Other Income	11.558	7.652	16.095
		TOTAL (A)	270.375	197.691	174.656
Less	EXPENSES
		Employees remuneration & benefits	160.789	107.953	77.392
		Selling & distribution expenses	0.566	1.295	1.363
		Other expenses	27.537	22.972	30.025
		Preliminary & deferred expenses written off	1.723	1.723	1.228
		Derivative loss	21.593	12.413	13.692
		Provision for bad debts & back charges	1.877	2.013	8.417
		Work-in-process increase	(1.076)	(1.886)	(16.039)
		TOTAL (B)	213.009	146.483	116.078
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		57.366	51.208	58.578
Less	FINANCIAL EXPENSES (D)		15.893	16.613	20.032
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		41.473	34.595	38.546
Less/ Add	DEPRECIATION/ AMORTISATION (F)		25.842	24.262	19.358
	PROFIT BEFORE TAX (E-F) (G)		15.631	10.333	19.188
Less	TAX (H)		5.614	1.754	1.235
	PROFIT AFTER TAX (G-H) (I)		10.017	8.579	17.953
Less	EXTRAORDINARY ITEMS & PRIOR PERIOD ADJUSTMENTS		1.020	(2.593)	0.245
	BALANCE CARRIED TO THE B/S		8.997	11.172	17.708
	EARNINGS IN FOREIGN CURRENCY
		FOB value of exports	226.998	174.379	158.196
	Earnings Per Share (Rs.)
	Basic		1.99	2.72	4.93
	Diluted		1.94	1.86	4.71

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012	31.12.2012
Type	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	81.600	76.900	75.900
Total Expenditure	65.200	67.900	62.500
PBIDT (Excl OI)	16.400	09.00	13.400
Other Income	5.800	1.800	4.900
Operating Profit	22.200	10.700	18.200
Interest	3.300	3.300	3.100
Exceptional Items	0.000	0.000	0.000
PBDT	19.000	07.400	15.200
Depreciation	6.500	6.600	6.600
Profit Before Tax	12.500	0.800	8.600
Tax	0.000	0.000	0.000
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	12.500	0.800	8.600
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	(1.100)	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	11.400	00.800	08.600

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.70	4.34	10.28
Net Profit Margin (PBT/Sales)	(%)	6.04	5.44	12.10
Return on Total Assets (PBT/Total Assets}	(%)	4.31	3.14	5.26
Return on Investment (ROI) (PBT/Networth)		0.07	0.06	0.08
Debt Equity Ratio (Total Debt/Networth)		0.48	0.61	0.62
Current Ratio (Current Asset/Current Liability)		2.67	1.73	2.01

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	No
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	No

REVIEW OF OPERATIONS

The Ministry of Corporate Affairs (MCA) vide Notification No. S.O. 447(E) dated 28^th February, 2011 amended the existing Schedule VI to the Companies Act, 1956. The Revised Schedule VI is applicable from financial year commencing from 1^st April, 2011. The financial statements of the Company for the year ended 31st March, 2012 have been prepared in accordance with the Revised Schedule VI and accordingly, the previous year's figures have been reclassified/regrouped to conform to this year's classification.

Financial year 2011-12 was a challenging year; Europe is under tremendous pressure. Even in this environment, the Company performed reasonably well. Consequent to the Company's strategic entry in to mechanical services and broad basing of the business two years ago, addition of significant number of customers was made during the year under review. On standalone basis for the year 2011-12, revenues at Rs.258.817 millions were higher by 36.19% over the previous year's revenues of Rs.190.039 millions. Profit before tax correspondingly increased to Rs.10.017 millions from Rs.8.579 millions, an increase of 16.76%. On consolidated basis for the year 2011-12, revenues at Rs.298.209 millions were higher by 14.95% over the previous year's revenues of Rs.259.436 millions.

FUTURE OUTLOOK

The Company gained momentum in ME Services and created a strong presence in Europe and Middle East apart from USA. The relations with tier-1 suppliers of Ford, Mercedes and Porsche in Europe for ME services has created strong outlook to acquire more projects in the near future. The MES delivery team is expanding rapidly and is expected to reach 100+ within this year. Using these contacts and work done as examples, the Company is striving to enter in to the huge US automobile engineering market.

The Company also perceives increased activity and orders flow for its construction and structural engineering services. The steps taken in the previous year to widen the services has turned the future prospects brighter and the Mold-Tek team is confident that the Company will continue to deliver better performance in 2012-13 and beyond.

MANAGEMENT DISCUSSION AND ANALYSIS

GLOBAL KPO INDUSTRY

KPO refers to process of outsourcing knowledge intensive tasks and functions and India is a dominant player in this market with 70% market share. Indian KPO players offer engineering services, market research, data analytics, legal services, content and publishing services, pharma data processing etc. Evalueserve estimates global KPO industry to grow to USD 17 billion by 2014, from current USD 9 billion in 2011 and is expected to grow at an annual rate of approximately 24% for the next four years (2010- 14).

INDIAN KPO INDUSTRY

The popularity and maturity over time of the Business Process Outsourcing (BPO) sector led to the evolution of yet another form of global outsourcing known as Knowledge Process Outsourcing (KPO). BPOs aimed at managing the most critical and/or non-critical processes of an organization through technology and specialized approaches. On the other hand, KPO refers to the outsourcing of knowledge intensive tasks and functions to outside experts. Unlike BPOs (which nowadays have become more like a commodity business), KPOs offer domain based expert services to various construction, automobile, manufacturing, IT, investment and equity research firms, market research companies, etc.

The Indian KPO services industry is estimated to be around USD 5.7 billion currently and grew by 15- 17% in the recent past. Even though the Indian KPO industry is facing stiff competition from Philippines, Russia, China, Poland and Hungary, Indian KPOs have their own competitive advantages in terms of lowcost offerings, skilled manpower with sales and marketing capabilities and domain expertise and knowledge of regulatory compliances amongst others. Management Discussion and Analysis The Indian KPO providers offer a range of solutions to diverse industry segments such as FMCG, engineering, automobile, telecom, RandD, banking and financial services, insurance, etc. In the coming years, the volume and complexity of work being outsourced to the Indian KPOs is expected to increase tremendously, due to the competitive advantages mentioned above.

Another factor fuelling the growth of the KPO sector in India is the scarcity of skilled and qualified knowledge professionals in developed economies like US, UK, especially in knowledge-intensive areas such as RandD in Very Large Scale Integration (VLSI), engineering design, IT, financial risk management, etc. Moreover, as per a research, in India, the average annual salary of a KPO professional is around USD 8,000 per annum as compared to USD 6,000 per annum of a BPO professional. KPO professionals in India are currently earning double the salary they had 4 years back. This high average salary compared to other sectors in India further makes the Indian KPO sector lucrative.

Today, the Indian KPO industry faces the challenge of adequate talent availability and high attrition rate among young professionals. Further, services in this sector are specialized and professionals with specific domain knowledge are only preferred. A higher education degree and an experience within the sector most often becomes a prerequisite to getting employed with a KPO company. However, these knowledge professionals often lack the inclination towards continuous learning and understanding of the dynamic nature of this profession. Furthermore, continuous training of business-related skills is essential in the outsourcing services sector. This is

because, unlike the BPO industry, which is process oriented, the KPO market demands professionals with decision making, problem solving and analytical skills. During the recent economic crisis, all the industries across the globe felt the pinch on their revenues, forcing them to cut down their costs. The situation was further fuelled by the growing political pressure, driven by the ever increasing unemployment in developed countries. This had a huge impact on the Indian outsourcing sector. Some other challenges faced within the Indian KPO sector is the continuously improving quality standards, further investment towards the KPO infrastructure, requirements of higher level of control, confidentiality and enhanced risk management. Despite all these challenges, the Indian KPO industry is expected to reach USD 8 billion in 2011 and USD 10 billion by 2012, implying a CAGR of around 32.5% (2010-12).

OUTLOOK

As expected last year company achieved reasonable growth in 2011-12 and it is expected that the growthin 2012-13 will be further improved as new segments start contributing significant revenues apart from benefits of Rupee depreciation. Technology related spending is expected to grow led by adoption of outsourcing and this would augur well for the Company.

In USA there seems to be an improvement in construction activity resulting in better flow of orders from this segment. Europe is still reeling under various problems, but due to smaller dependency on this region, it is not affecting the company's performance. Significant depreciation in Rupee is going to improve both the top and bottom lines for the company. Company has set up controls on salaries and the costs to improve margins. The derivative contracts close by September 2012 there will be improvement in the profits and cash flows of the Company after October 2012. The Company would remain focused on tactical measures to improve margins by increase in prices, offering more value added products, cost savings through fresh hirings and higher efficiency and productivity.

CONTINGENT LIABILITIES:

(Rs. in millions)

PARTICULARS	31.03.2012
Tax disputes	3.683
Derivatives	14.328

Tax disputes are in respect of demands raised by Income Tax Department (International Taxation) amounting to Rs. 3.683 millions for which the Company has filed an appeal with the Income Tax Appellate Tribunal.

Contingent liabilities with respect to derivatives are arrived at based on the unexpired derivative contracts the Company has entered into, at foreign currency rate as on 31st March, 2012.

UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER & NINE MONTHS ENDED 31ST DECEMBER 2012

(Rs. In millions)

SI No	Particulars	Quarter Ended		Nine Months Ended
		31.12.2012	30.09.2012	31.12.2012
1	Net Sales / Operating Income	75.849	76.912	231.950
2	Increase / (Decrease) in Work in Process	(2.502)	(0.048)	(4.861)
3	Gross Revenue	73.347	76.864	227.089
4	Expenditure
	a) Employees cost	47.517	46.417	135.114
	b) Other Operating Expenditure	12.458	21.459	53.232
	c) Depreciation	6.640	6.592	19.715
	Total Expenditure (a+b+c)	66.615	74.468	208.061
5	Profit / (Loss) from Operations before Other Income, Interest & Exceptional Items (3-4)	6.732	2.396	19.028
6	Other Income	4.862	1.754	12.462
7	Profit before Interest & Exceptional Items (5+6)	11.594	4.150	31.490
8	Interest and Financial Charges	3.047	3.323	9.630
9	Exceptional item	0.000	0.000	0.000
10	Profit before tax (7-8-9)	8.547	0.827	21.860
11	Provision for Current Tax[including Fringe Benefit tax]	0.000	0.000	0.000
12	Profit after tax (10-11)	8.547	0.827	21.860
13	Prior Period Adjustments	0.000	0.000	1.047
14	Net Profit after Prior Period Adjustments (12-13)	8.547	0.827	20.813
15	Paid up Equity Share Capital, Equity Shares of Rs 107-each.	46.883	46.883	46.883
16	Reserves excluding revaluation reserves	189.808	180.987	189.808
17	Basic Earnings per share (Face value of Rs. 10)
	Quarterly/Nine-Months	1.82	0.18	4.44
	Annualised	7.29	0.71	5.92
18	Diluted Earnings per share (Face value of Rs. 10)
	Quarterly/Nine Months	1.79	0.17	4.36
	Annualised	7.16	0.69	5.81
19	Aggregate of Public shareholding
	- Number of Shares (in millions)	2.507	2.645	2.507
	- Percentage of Shareholding (%)	53.47	56.42	53.47
20	Promoters & Promoter Group Shareholding a) Pledged / Encumbered
	- Number of Shares (in millions)	0.075	0.075	0.075
	- Percentage of Total Promoters & Promoter Group
	Shareholding	3.44	3.67	3.44
	- Percentage of Total Sharecapital of the Company	1.60	1.60	1.60
	b) Non Encumbered
	- Number of Shares (in millions)	2.107	1.968	2.107
	- Percentage of Total Promoters & Promoter Group
	Shareholding	96.56	96.33	96.56
	- Percentage of Total Sharecapital of the Company	44.93	41.98	44.93

Note

The above results have been taken on record by the Board of Directors at their meeting held on 12.02.2013

Financials have been prepared in accordance with generally accepted accounting principles and accounting standards applicable, except where mentioned by the auditors.

Segment reporting as required under AS -17 is not applicable as revenue comes from a single segment.

The Status of Investor Complaints for the quarter ended 31st Dec 2012 is as follows: Pending as on 30.09.2012 : Nil Received - 3 Resolved- 3 pending as on 31.12.2012 Nil

Provision for Current tax and terminal benefits under AS 22 and AS 15 has not been considered

Prior period adjustment included Rs. 1.047 millions towards Gtatuity of whole time directors for earlier years

FIXED ASSETS

TANGIBLE ASSETS

· Land

· Building

· Electrical installations

· Office equipments

· Computers

· Furniture and Fixtures

· Vehicles

INTANGIBLE ASSETS

· Goodwill

· 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 exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.29
UK Pound	1	Rs.83.88
Euro	1	Rs.70.68

INFORMATION DETAILS

Report Prepared by :

BVA / MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		55

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.