1. Summary Information

		Country	INDIA
Company Name	MCT CARDS AND TECHNOLOGY PRIVATE LIMITED	Principal Name 1	Mr. Tonse Upendra Pai
Status	Moderate	Principal Name 2	Mr. Tonse Guatham S Pai
		Registration #	08-045316
Street Address	Udayavani Building, Press Corner, Manipal – 576104, Karnataka, India
Established Date	19.02.2008	SIC Code	--
Telephone#	91-820-2571380	Business Style 1	Manufacturer
Fax #	91-820-2571151	Business Style 2	Import
Homepage	www.mctcardstech.com	Product Name 1	Membership Cards
# of employees	50 (Approximately)	Product Name 2	Processing of all types of plastic cards
Paid up capital	Rs. 236,310,000/-	Product Name 3	including smart cards
Shareholders	Foreign holdings -39.98% Bodies corporate -59.97% Directors or relatives of Directors 0.05%	Banking	Syndicate Bank
Public Limited Corp.	NO	Business Period	05 Years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	B (30)
Related Company
Relation	Country	Company Name	CEO
Holding Company	India	Manipal Technologies Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2013		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	232,695,000	Current Liabilities	56,321,000
Inventories	104,222,000	Long-term Liabilities	401,086,000
Fixed Assets	417,573,000	Other Liabilities	200,891,000
Deferred Assets	39,966,000	Total Liabilities	658,298,000
Invest& other Assets	18,101,000	Retained Earnings	(82,051,000)
		Net Worth	154,259,000
Total Assets	812,557,000	Total Liab. & Equity	812,557,000
Total Assets (Previous Year)	889,734,000
P/L Statement as of	31.03.2013		(Unit: Indian Rs.)
Sales	633,674,000	Net Profit / (Loss)	2,004,000
Sales(Previous yr)	433,936,000	Net Profit(Prev.yr) / (Loss)	(18,856,000)

MIRA INFORM REPORT

Report Date :

23.06.2014

IDENTIFICATION DETAILS

Name :	MCT CARDS AND TECHNOLOGY PRIVATE LIMITED
Registered Office :	Udayavani Building, Press Corner, Manipal – 576104, Karnataka
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	19.02.2008
Com. Reg. No.:	08-045316
Capital Investment / Paid-up Capital :	Rs. 236.310 Millions
CIN No.: [Company Identification No.]	U72900KA2008PTC045316
IEC No.:	0707030757
PAN No.: [Permanent Account No.]	AAFCM4088E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Sales, Purchase, Import, Export and Processing of all types of plastic cards, including smart cards, Debit / Credit Cards for banks and financial institutions, Membership Cards, Loyalty Cards, Gift Cards, Chip embedded Cards (Contact and Contactless), Chip embedded smart cards (Contact and Contactless) RIFD Based Cards, Insurance / Health Cards, Printed Plastic Cards, SIM Cards, Plastic Scratches off Cards and any Form of Cards.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 617000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The rating is constrained on account of company’s moderate financial risk profile and accumulated losses incurred by the company over a year. However, trade relations are fair. Business is active. Payments terms are slow but correct. The company can be considered for business dealings on with some caution.

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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating (BB+)
Rating Explanation	Inadeqate degree of safety and high risk.
Date	30.01.2014

Rating Agency Name	CRISIL
Rating	Short term rating (Aa+)
Rating Explanation	Minimal degree of safety and highest credit risk.
Date	30.01.2014

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ 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.

INFORMATION PARTED BY

Name :	Mr. Venkatapathy
Designation :	Accounts Manager
Contact No.:	91-9880973911
Date :	20.06.2013

LOCATIONS

Registered Office :	Udayavani Building, Press Corner, Manipal – 576104, Karnataka, India
Tel. No.:	91-820-2571151
Mobile No.:	91-9880973911 (Mr. Venkatapathy)
Fax No.:	91-820-2571380
E-Mail :	klrao@manipalpress.com bharath_nayak@manipalmedia.com
Website :	www.mctcardstech.com http://www.manipaltechnologies.com
Area :	1000 Sq. Ft.
Location :	Owned
Head Office / Factory :	Property On Plot No.22, Survey No.433/1, Shivaji Village, Industrial Area Manipal – 576104, Karnataka, India
Tel. No.:	91-820-2205370
Fax No.:	91-820-2570831
E-Mail :	Rajesh.shet@mctcardstech.com
Area :	4000 sq ft
Location :	Rented

DIRECTORS

As on : 27.09.2013

Name :	Mr. Tonse Upendra Pai
Designation :	Director
Address :	No. 38, Ananthnagar Manipal, Udupi – 576104, Karnataka, India
Date of Birth/Age :	26.11.1941
Date of Appointment :	19.02.2008
DIN No.:	00104361

Other Directorship:

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 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	WESTTEK ENTERPRISES PRIVATE LIMITED	Director	01-09-92	01-09-92	10-04-08	Active	NO
10	U55101TN1988PLC015585	MANIPAL HOTELS LTD.	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 UTILITY PACKAGING SOLUTIONS PRIVATE LIMITED	Director	15-02-08	15-02-08	-	Active	NO
19	U72900KA2008PTC045316	MCT CARDS & 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 S Pai
Designation :	Director
Address :	No. 38, Ananthnagar Manipal, Karnataka, India
Date of Birth/Age :	26.09.1974
Date of Appointment :	19.02.2008
DIN No.:	00120314

Other Directorship:

/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	01-09-13	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	WESTTEK ENTERPRISES PRIVATE LIMITED	Additional director	10-12-07	10-12-07	10-04-08	Active	NO
10	U21014KA2008PTC045299	MANIPAL UTILITY PACKAGING SOLUTIONS PRIVATE LIMITED	Director	15-02-08	15-02-08	-	Active	NO
11	U72900KA2008PTC045316	MCT CARDS & 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 & 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	U74900KA2011PTC058810	ANTLER FRAGRANCES PRIVATE LIMITED	Director	25-05-11	25-05-11	15-04-13	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. K. Laxminarayan Rao
Designation :	Director
Address :	Vijaylaxmi MGM, Bunder Road, Opposite Paniyadi Uvaka Mandala, Kunjibettu Post, Udupi – 576102, Karnataka, India
Date of Birth/Age :	05.03.1940
Date of Appointment :	02.04.2008
DIN No.:	00879383

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	U22211KA1999PTC024806	MANIPAL THOMAS GREG PRESS PRIVATE LIMITED	Director	02-05-00	02-05-00	17-07-10	Active	NO
2	U22219KA1982PLC005014	CANARA SECURITY PRESS LIMITED	Director	23-08-04	23-08-04	17-07-10	Active	NO
3	U72200KA2000PLC027929	MANIPAL ENTERTAINMENT NETWORK LIMITED	Director	30-09-05	30-09-05	17-07-10	Active	NO
4	U72200MH2007PTC195863	Manipal Informatics Private Limited	Director	30-07-07	30-07-07	31-08-07	Amalgamated	NO
5	U72900KA2008PTC045316	MCT CARDS & TECHNOLOGY PRIVATE LIMITED	Director	02-04-08	02-04-08	-	Active	NO
6	U22219KA1973PTC002395	WESTTEK ENTERPRISES PRIVATE LIMITED	Director	26-09-08	10-04-08	21-08-09	Active	NO
7	L22213TN1995PLC031845	UNIVERSAL PRINT SYSTEMS LIMITED	Director appointed in casual vacancy	13-06-08	13-06-08	17-07-10	Active	NO
8	U72400KA2008PTC047282	MANIPAL GLOBAL SERVICES PRIVATE LIMITED	Director	25-07-08	25-07-08	-	Active	NO
9	U72200KA2009PTC050532	MANIPAL BUSINESS SOLUTIONS PRIVATE LIMITED	Additional director	28-11-09	28-11-09	17-07-10	Active	NO
10	U51900KA2010PTC055404	PRIMACY GLOBAL ENTERPRISES PRIVATE LIMITED	Director	05-10-10	05-10-10	-	Active	NO
11	U21014KA2008PTC045299	MANIPAL UTILITY PACKAGING SOLUTIONS PRIVATE LIMITED	Additional director	03-10-13	03-10-13	-	Active	NO

Name :	Mr. Perdoor Vaman Mallya
Designation :	Additional director
Address :	D63C, Ananth Nagar II Stage, Manipal, Udupi – 576104 Karnataka, India
Date of Birth/Age :	31.08.1948
Date of Appointment :	05.09.2012
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	WESTTEK ENTERPRISES PRIVATE LIMITED	Director	26-09-08	24-04-08	06-03-13	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 & TECHNOLOGY PRIVATE LIMITED	Director	05-09-12	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
8	U24242KA2004PLC034633	PRIMACY INDUSTRIES LIMITED	Director	26-09-13	27-07-13	-	Active	NO
9	U21014KA2008PTC045299	MANIPAL UTILITY PACKAGING SOLUTIONS PRIVATE LIMITED	Additional director	03-10-13	03-10-13	-	Active	NO

Name :	Mr. Marachai Kongboonma
Designation :	Director
Address :	118, Sueksa Witthaya Lane, Silom Sub District, Bangrak District, Bangkok Metropolis, Bangkok
Date of Birth/Age :	10.05.1962
Date of Appointment :	09.09.2011
DIN No.:	03574154

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	U72900KA2008PTC045316	MCT CARDS & TECHNOLOGY PRIVATE LIMITED	Director	09-09-11	14-07-11	-	Active	NO

Name :	Mr. Felipe Bautista Palacio
Designation :	Director
Address :	21200 NE 38th Ave Apt 1501, Aventura, Florida
Date of Birth/Age :	20.04.1955
Date of Appointment :	09.09.2011
DIN No.:	03599282

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	U74900KA2011PTC059510	Manipal Archival Solutions Private Limited	Additional director	17-08-11	17-08-11	-	Active	NO
2	U72900KA2008PTC045316	MCT CARDS & TECHNOLOGY PRIVATE LIMITED	Director	09-09-11	17-08-11	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 27.09.2013

Names of Shareholders	No. of Shares
T. Satish U. Pai	5000
Manipal Press Limited, India	14172600
Thomas Greg & Sons Limited, India	4724200
Glory Wise International Limited, India	4724200
Sandhya S. Pai	5000
Total	23631000

As on : 27.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	39.98
Bodies corporate	59.97
Directors or relatives of Directors	0.05
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Sales, Purchase, Import, Export and Processing of all types of plastic cards, including smart cards, Debit / Credit Cards for banks and financial institutions, Membership Cards, Loyalty Cards, Gift Cards, Chip embedded Cards (Contact and Contactless), Chip embedded smart cards (Contact and Contactless) RIFD Based Cards, Insurance / Health Cards, Printed Plastic Cards, SIM Cards, Plastic Scratches off Cards and any Form of Cards.
Products :	· Smart Cards · Debit / Credit Cards for banks and financial institutions · Membership Cards · Loyalty Cards · Gift Cards · Chip embedded Cards (Contact and Contactless) · Chip embedded smart cards (Contact and Contactless) · RIFD Based Cards · Insurance / Health Cards · Printed Plastic Cards · SIM Cards · Plastic Scratches off Cards · Any Form of Cards
Exports :
Countries :	Barman Bangladesh Sri Lanka Nepal Middle East Countries
Imports :
Products :	Raw Material
Countries :	Thailand US Germany Korea Japan China Taiwan
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Debit Cards, credit Cards, Loyalty Cards etc	Lac cards per annum	780	36708100
Smart Cards	Lac cards per annum	180	1036635
Personalization	Lac cards per annum	350	8265191

GENERAL INFORMATION

Suppliers :

• CPPC Public Company Limited

Customers :

End Users

• Corporation Bank
• State Bank of India

No. of Employees :

50 (Approximately)

Bankers :

• Syndicate Bank, Manipal Branch, Manipal-576104, Karnataka, India
• Indian Overseas Bank, Bunder Branch, Mangalore-575001, Karnataka, India

Facilities :

SECURED LOAN	Rs. In Millions 31.03.2013	Rs. In Millions 31.03.2012
Long term borrowings
Long term borrowings	177.078	216.767
Rupee term loan	0.000	17.947
Term Loans from others	0.000	120.915
Foreign currency term loan	155.315	0.000
Short term borrowings	0	0.000
Short term commercial borrowings	5.821	0.000
TOTAL	338.214	355.629

Banking Relations :	--
Auditors :
Name :	Pai Nayak and Associates Charted Accountant
Address :	3^rd Floor, Raaj Tower, Near Cirty Bus Stand, Udupi – 576101, Karnataka, India
Pan No.:	AAEFP5516E
Holding Company :	Manipal Technologies Limited, India (Formerly known as Manipal Press Limited) CIN No. U22219KA2000PLC026222
Associates :	Manipal Business Solutions Private Limited, India CIN No.: U72200KA2009PTC050532

CAPITAL STRUCTURE

As on : 27.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs. 250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
23631000	Equity Shares	Rs.10/- each	Rs. 236.310 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	236.310	141.900	141.900
(b) Reserves & Surplus	(82.051)	(84.055)	(65.198)
(c) Money received against share warrants	0.000	75.528	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	154.259	133.373	76.702
(3) Non-Current Liabilities
(a) long-term borrowings	239.950	273.619	269.485
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	239.950	273.619	269.485
(4) Current Liabilities
(a) Short term borrowings	161.136	138.862	65.071
(b) Trade payables	56.321	87.527	23.919
(c) Other current liabilities	200.891	256.353	164.599
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	418.348	482.742	253.589
TOTAL	812.557	889.734	599.776
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	417.573	428.372	354.656
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	13.663	0.000	42.447
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	39.966	39.673	32.783
(d) Long-term Loan and Advances	4.438	3.404	4.076
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	475.640	471.449	433.962
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	104.222	78.204	48.335
(c) Trade receivables	179.060	294.057	83.523
(d) Cash and cash equivalents	2.559	7.919	0.189
(e) Short-term loans and advances	41.615	23.719	17.364
(f) Other current assets	9.461	14.386	16.403
Total Current Assets	336.917	418.285	165.814
TOTAL	812.557	889.734	599.776

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	633.674	433.936	232.658
		Other Income	0.364	0.402	0.344
		TOTAL (A)	634.038	434.338	233.002
Less	EXPENSES
		Office Expenses
		Administrative Expenses			226.725
		Advertising Expenses
		Increase / Decrease in Stock			(4.088)
		TOTAL (B)	555.493	371.173	222.623
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		79.144	63.165	10.365
Less	FINANCIAL EXPENSES (D)		23.931	22.913	36.614
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		55.213	40.252	(26.249)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		52.969	63.200	18.753
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		2.244	(22.948)	(45.002)
Less	TAX (H)		0.240	(4.092)	(15.949)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		2.004	(18.856)	(29.053)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(84.054)	(65.198)	(36.145)
	BALANCE CARRIED TO THE B/S		(82.050)	(84.054)	()65.198
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	10.398	14.700	7.498
	TOTAL EARNINGS		10.398	14.700	7.498
	IMPORTS
		Raw Materials	8.535	27.800	58.735
		Stores & Spares	0.648	87.500	5.033
		Capital Goods	12.159	48.000	20.643
	TOTAL IMPORTS		21.342	163.300	84.411
	Earnings / (Loss) Per Share (Rs.)		0.08	NA	(2.05)

Expected Sales (2013-2014) : Rs. 800.000 Millions

The above information has been parted by Mr. Venkatapathy. (Accounts Manager)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.32	(4.34)	(12.47)
Net Profit Margin (PBT/Sales)	(%)	0.35	(5.29)	(19.35)
Return on Total Assets (PBT/Total Assets}	(%)	0.29	(2.70)	(8.07)
Return on Investment (ROI) (PBT/Networth)		0.01	(0.17)	(0.59)
Debt Equity Ratio (Total Debt/Networth)		2.60	3.09	6.31
Current Ratio (Current Asset/Current Liability)		1.01	0.89	4.36

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	141.900	141.9	236.31
Reserves & Surplus	-65.198	-84.055	-82.051
Net worth	76.702	57.845	154.259
long-term borrowings	269.485	273.619	239.95
Short term borrowings	65.071	138.862	161.136
Total borrowings	334.556	412.481	401.086
Debt/Equity ratio	4.362	7.131	2.600

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	232.658	433.936	633.674
		86.512	46.029

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	232.658	433.936	633.674
Profit	-29.053	-18.856	2.004
	-12.49%	-4.35%	0.32%

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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

UNSECURED LOANS

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. In Millions)
Long term borrowings	62.872	56.852
Total	62.872	56.852

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10413739	18/03/2014 *	644,800,000.00	INDIAN OVERSEAS BANK	BUNDER BRANCH, Mangalore - 575001, Karnataka , India	C05662903
2	10329289	17/11/2011	174,700,000.00	INDIAN OVERSEAS BANK	BUNDER BRANCH, Mangalore - 575001, Karnataka , India	B29732823
3	10329299	17/11/2011	190,100,000.00	INDIAN OVERSEAS BANK	BUNDER BRANCH, Mangalore - 575001, Karnataka , India	B29735610
4	10313475	07/09/2011 *	39,334,250.00	INDIAN OVERSEAS BANK	BUNDER BRANCH, Mangalore - 575001, Karnataka , India	B24238354
5	10134302	05/11/2008	650,000.00	SYNDICATE BANK	Manipal Branch, Manipal - 576104, Karnataka -, INDIA	A53228961

FIXED ASSETS

• Freehold Land
• Building
• Plant and Machinery
• Office Equipments
• Furniture and Fixtures
• Computer
• Electrical Fittings

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] 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.60.28
UK Pound	1	Rs.102.77
Euro	1	Rs.82.12

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	NIS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.