MIRA INFORM REPORT

Report Date :

09.05.2014

IDENTIFICATION DETAILS

Name :	MITCON CONSULTANCY AND ENGINEERING SERVICES LIMITED (w.e.f 15.10.2010)
Formerly Known As :	MITCON CONSULTANCY SERVICES LIMITED (w.e.f. 07.09.2000) MAHARASHTRA INDUSTRIAL AND TECHNICAL CONSULTANCY ORGANISATION LIMITED
Registered Office :	First Floor, Kubera Chambers, Shivajinagar, Pune – 411 005, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	16.04.1982
Com. Reg. No.:	25-026933
Capital Investment / Paid-up Capital :	Rs.5.000 millions
CIN No.: [Company Identification No.]	L74140PN1982PLC026933
TAN No.: [Tax Deduction & Collection Account No.]	PNEM00421B
PAN No.: [Permanent Account No.]	AABCM2681H
Legal Form :	Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in providing industrial consultancy services.
No. of Employees :	Approximately 217 (37 Professionals, 14 Management Staff along with 66 Support Staff)

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 2240000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having a fine track record. Financial position of the company seems to be sound. Trade relation are reported to be fair. Business is active. Payment terms are reported to be regular and as per commitments. The company can be considered for normal business dealing at usual trade terms and conditions. Note: Not listed on BSE.

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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	SME 4/5
Rating Explanation	Grade indicates that the fundamentals of the company are ‘superior’.
Date	September 19, 2013

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.

INFORMATION PARTED BY

Name :	Mr. Ram
Designation :	Accounts Executive
Contact No.:	91-2025533309
Date :	07.05.2014

LOCATIONS

Registered Office :	First Floor, Kubera Chambers, Shivajinagar, Pune – 411 005, Maharashtra, India
Tel. No.:	91-20-25534322/ 25533309/ 66289152
Fax No.:	91-20-25533206
E-Mail :	mitconmail@gmail.com cs@mitconindia.com mitconmail@gmail.com md@mitconindia.com drbavadekar@yahoo.com
Website :	http://www.mitconindia.com
MITCON Udyog Prabodhini:	Agriculture Collage Campus, Next to DIC Office, Shivajinagar, Pune – 411 005, Maharashtra, India
Tel. No.:	91-20-25530308/ 09
Fax No.:	91-20-25530307
E-Mail :	mitcontraining@mitconindia.com
MITCON Skill Development Centre/ MITCON e-School :	Opposite Chhatrapati Shivaji Sports Complex, Near NICMAR, Balewadi, Pune – 411 045, Maharashtra, India
Tel. No.:	91-20-66289645
Ahmedabad Office :	SF/2, 3^rd Floor, Malak Complex, Opposite Loha Bhavan, Old High Court Lane, Navarangapura, Ahmedabad – 380 009, Gujarat, India
Tel. No.:	91-79-30064690-94
Bangalore Office :	510/511/512, B Wing, 5^th Floor, Mittal tower, M.G. Road, Bangalore – 560 001, Karnataka, India
Tel. No.:	91-80-41125695
E-Mail :	darshan.biddappa@mitconindia.com
Chennai Office :	Plot No.22, Maharaja Surya Rao Road, Alwarpet, Chennai – 600 018, Tamilnadu, India
Tel. No.:	91-44-24340515
Fax No.:	91-44-24340515
Delhi Office :	418, Fourth Floor, Somdutta Chambers-II, Building No.9, Bhikaji Cama Place New Delhi – 110 066, India
Tel. No.:	91-11-46032314
Fax No.:	91-11-46032315
Mumbai Office :	1402/1403, 14^th Floor, Dalamal Towers, Free Press Journal Marg, 211, Nariman Point, Mumbai – 400 021, Maharashtra, India
Tel. No.:	91-22-22828200/ 22624810, 22612594
Fax No.:	91-22-22024553/ 22612594
E-Mail :	mitcon_mumbai@rediffmail.com
Nagpur Office :	Plot No.125, Shri Ganesh Snehal Apartments, 1^st Floor, Beside Shraddhanand Anathalay, South Ambazari Road, Nagpur – 440 010, Maharashtra, India
Tel. No.:	91-712-2242878
Fax No.:	91-712-2242878

DIRECTORS

AS ON 31.03.2013

Name :

Dr. Pradeep Raghunath Bavadekar

Designation :

Managing Director

Address :

Flat No.101, Wing B-2, Kumar Pride Park, S.B. Road, Pune, Maharashtra, India

Date of Birth/Age :

02.08.1956

Date of Appointment :

01.07.2013

DIN No.:

00879747

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	L74140PN1982PLC026933	MITCON CONSULTANCY AND ENGINEERING SERVICES LIMITED	Managing director	01-07-2013	23-06-1995	-	Active	NO

Name :

Mr. Anand Trimbak Kusre

Designation :

Nominee Director

Address :

902, Yashowan, Plot No.96-97th, Kataria Marg, Mahim, Mumbai – 400 016, Maharashtra, India

Date of Birth/Age :

18.07.1949

Date of Appointment :

07.06.2002

DIN No.:

00818477

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	L74140PN1982PLC026933	MITCON CONSULTANCY AND ENGINEERING SERVICES LIMITED	Nominee director	07-06-2002	07-06-2002	-	Active	NO
2	U91990GJ1978PLC003258	GUJARAT INDUSTRIAL AND TECHNICAL CONSULTANCY ORGANISATION LIMITED	Director	20-12-2002	20-12-2002	-	Active	NO
3	U74210TN1979PLC007894	ITCOT CONSULTANCY AND SERVICES LIMITED	Nominee director	21-06-2004	21-06-2004	-	Active	NO
4	U74130KA2006PTC059425	LOYALTY SOLUTIONS AND RESEARCH PRIVATE LIMITED	Director	28-02-2006	28-02-2006	28-05-2010	Active	NO
5	U73100PN2007NPL129455	ENTREPRENEURSHIP DEVELOPMENT CENTER	Director	09-06-2010	30-09-2009	-	Active	NO
6	L24239MH1949PLC007837	IPCA LABORATORIES LIMITED	Director	29-07-2010	21-01-2010	-	Active	NO

Name :

Mr. Ashok Dagadu Mahajan

Designation :

Nominee Director

Address :

304, Geetanjali Co-operative Housing Society, Opposite Patkar School, Ground Rajaji Road, Lane 2, Domibavli (East), Thane – 421 201, Maharashtra, India

Date of Birth/Age :

04.07.1956

Date of Appointment :

24.09.2007

DIN No.:

02239716

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	L74140PN1982PLC026933	MITCON CONSULTANCY AND ENGINEERING SERVICES LIMITED	Nominee director	24-09-2007	24-09-2007	-	Active	NO
2	U67190MH1996SGC099632	MAHARASHTRA VIKRIKAR ROKHE PRADHIKARAN LIMITED	Nominee director	23-09-2011	23-09-2011	-	Active	NO
3	U74999PN1997PTC108991	SICOM TRUSTEE COMPANY PRIVATE LIMITED	Nominee director	29-09-2011	29-09-2011	-	Active	NO

Name :

Mr. Harkesh Kumar Mittal

Designation :

Director

Address :

H 33, Nivedita Kunj, Sector 10, R.K. Puram, New Delhi – 110 022, India

Date of Birth/Age :

19.08.1960

Date of Appointment :

25.07.2008

DIN No.:

02159322

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	L74140PN1982PLC026933	MITCON CONSULTANCY AND ENGINEERING SERVICES LIMITED	Director	25-07-2008	06-06-2008	-	Active	NO
2	U73100PN2007NPL129455	ENTREPRENEURSHIP DEVELOPMENT CENTER	Director	09-06-2010	30-09-2009	-	Active	NO
3	U73100DL2011NPL228097	GLOBAL INNOVATION AND TECHNOLOGY ALLIANCE	Nominee director	24-12-2012	29-11-2011	-	Active	NO

Name :

Mr. Omprakash Venkatswamy Bundellu

Designation :

Nominee Director

Address :

Flat No.192, Jolly Maker Apartment, Cuffe Parade, Mumbai – 400 005, Maharashtra, India

Date of Birth/Age :

15.01.1950

Date of Appointment :

20.08.2010

DIN No.:

00032950

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	U65990MH1993GOI075578	IDBI CAPITAL MARKET SERVICES LIMITED	Nominee director	30-03-1998	30-03-1998	04-08-2007	Active	NO
2	U72200MH2000GOI124665	IDBI INTECH LIMITED	Director	23-09-2006	23-09-2006	04-08-2007	Active	NO
3	L65190MH2004GOI148838	IDBI BANK LIMITED	Whole-time director	04-12-2006	04-12-2006	31-01-2010	Active	NO
4	U67120MH2006GOI166186	IDBI GILTS LIMITED	Nominee director	13-12-2006	13-12-2006	01-02-2010	Amalgamated	NO
5	U65999DL2000PLC103177	IDBI HOMEFINANCE LIMITED	Director	17-08-2007	17-08-2007	09-02-2010	Amalgamated	NO
6	U66010MH2007PLC167164	IDBI FEDERAL LIFE INSURANCE COMPANY LIMITED	Director	10-06-2008	12-12-2007	19-02-2010	Active	NO
7	L67190MH1993PLC071691	CREDIT ANALYSIS AND RESEARCH LIMITED	Director	29-09-2010	09-02-2010	03-12-2013	Active	NO
8	L74140PN1982PLC026933	MITCON CONSULTANCY AND ENGINEERING SERVICES LIMITED	Nominee director	20-08-2010	26-03-2010	-	Active	NO
9	U67110MH2000PTC129483	PRINCIPAL TRUSTEE COMPANY PRIVATE LIMITED	Director	28-09-2010	10-08-2010	-	Active	NO
10	U24200MH1989PLC051736	LAXMI ORGANIC INDUSTRIES LIMITED	Director	21-02-2011	21-02-2011	-	Active	NO
11	U74210MH1999PTC118349	CARE KALYPTO RISK TECHNOLOGIES AND ADVISORY SERVICES PRIVATE LIMITED	Nominee director	22-11-2011	22-11-2011	03-12-2013	Active	NO

Name :

Mr. Surajit Roy

Designation :

Director (from 25.09.2012)

KEY EXECUTIVES

Name :	Mr. Ram
Designation :	Accounts Executive
Name :	Mr. Madhav Oak
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.12.2013

Category of Shareholders	No. of Shares	Percentage of Holding
PUBLIC SHAREHOLDING
1. Institutions
Financial Institutions / Banks	6804000	56.23
Central Government / State Government(S)	820000	6.78
2. Non-Institutions
Bodies Corporate	1020000	8.43
Individual shareholders holding nominal share capital upto Rs.0.100 million	246000	2.03
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	750000	6.20
Clearing Member	2000	0.02
Trusts	2458000	20.31
Total	12100000	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in providing industrial consultancy services.
Terms :
Selling :	Credit
Purchasing :	Credit

GENERAL INFORMATION

Customers :	End Users · Ajanta Pharma Limited · Varun Industries Limited
No. of Employees :	Approximately 217 (37 Professionals, 14 Management Staff along with 66 Support Staff)
Bankers :	· Bank of Baroda, Shivajinagar, Pune, Maharashtra, India · Bank of Maharashtra · ICICI Bank Limited · HDFC Bank Limited · State Bank of India · IDBI Bank Limited · YES Bank Limited · Axis Bank Limited
Facilities :	--

Banking Relations :	--
Auditors :
Name :	Joshi and Sahney Chartered Accountants
Address :	1913, Natu Baug, Sadashiv Peth, Pune – 411 030, Maharashtra, India
Tel. No.:	91-20-24471521/ 24471699/ 24471199
Fax No.:	91-20-24478015
E-Mail :	josney@rediffmail.com
Related Party :	MITCON Foundation (Charitable Trust promoted by the Company)

CAPITAL STRUCTURE

AS ON 23.09.2013

Authorised Capital : Rs.150.000 millions

Issued, Subscribed & Paid-up Capital : Rs.121.000 millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs.50.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs.5.000 millions

Reconciliation of the no. of shares:

Particulars	As at 31^st March, 2013
	No. of Shares	Amount (Rs. in millions)
No of Equity shares outstanding at the beginning of the year	50000	0.500
No of Equity shares outstanding at the end of the year	50000	0.500

Rights, preferences and restrictions attached to shares:

The company has one class of equity shares having a par value of INR 100/-per share. Each equity holder is entitled to one vote per share and have a right to receive dividend as recommended by Board of Directors subject to necessary approval from the shareholders.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Shares allotted as fully paid-up by way of bonus shares (during 5 years immediately preceding March 31, 2013):

Particulars	31-Mar-13	31-Mar-12	31-Mar-11	31-Mar-10	31-Mar-09	31-Mar-08
Equity Shares allotted as fully paid-up bonus shares by capitalisation of General Reserve	--	--	--	--	--	30000

Number of Equity shares held by each shareholder holding more than 5% shares in the company are as follows:

Particulars	As at 31^st March, 2013
	No. of Shares	% of shares held
ICICI Bank Limited	9500	19.00%
Small Industries Development Bank of India	6250	12.50%
IFCI Limited	6250	12.50%
SICOM Limited	5000	10.00%
Dr. Pradeep Bavadekar	3500	7.00%

Dividend proposed to be distributed to Shareholders INR 50 per share.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	5.000	5.000
(b) Reserves & Surplus	555.134	460.404
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	560.134	465.404
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	22.015	25.524
(c) Other long term liabilities	1.978	1.521
(d) Long-term provisions	0.000	5.214
Total Non-current Liabilities (3)	23.993	32.259
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	47.877	68.500
(c) Other current liabilities	11.939	17.126
(d) Short-term provisions	11.686	4.020
Total Current Liabilities (4)	71.502	89.646
TOTAL	655.629	587.309
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	179.676	185.388
(ii) Intangible Assets	13.031	13.660
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.075	0.075
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	25.729	17.286
(e) Other Non-current assets	32.891	42.801
Total Non-Current Assets	251.402	259.210
(2) Current assets
(a) Current investments	36.867	29.845
(b) Inventories	3.380	2.905
(c) Trade receivables	143.694	109.176
(d) Cash and cash equivalents	204.208	168.825
(e) Short-term loans and advances	16.029	17.140
(f) Other current assets	0.049	0.208
Total Current Assets	404.227	328.099
TOTAL	655.629	587.309

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012
	SALES
		Revenue from Operations	466.658	543.778
		Other Income	20.398	24.060
		TOTAL (A)	487.056	567.838
Less	EXPENSES
		Operating Costs	139.791	195.538
		Employee Benefit Expense	115.089	117.269
		Other Expenses	76.901	77.816
		TOTAL (B)	331.781	390.623
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		155.275	177.215
Less	FINANCIAL EXPENSES (D)		0.530	0.862
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		154.745	176.353
Less/ Add	DEPRECIATION/ AMORTISATION (F)		15.075	20.377
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		139.670	155.976
Less	TAX (H)		40.491	47.169
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		99.179	108.807
	EARNINGS IN FOREIGN CURRENCY
		Professional fees	4.802	6.600
		Income from training activity	0.000	0.065
		Reimbursement of Expenses	0.042	0.228
	TOTAL EARNINGS		4.844	6.893
	Earnings / (Loss) Per Share (Rs.)		1983.57	2176.13

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012
PAT / Total Income	(%)	20.36	19.16
Net Profit Margin (PBT/Sales)	(%)	29.93	28.68
Return on Total Assets (PBT/Total Assets}	(%)	21.31	26.56
Return on Investment (ROI) (PBT/Networth)		0.25	0.34
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00
Current Ratio (Current Asset/Current Liability)		5.65	3.66

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)
Share Capital	5.000	5.000
Reserves & Surplus	460.404	555.134
Net worth	465.404	560.134
Long-term borrowings	0.000	0.000
Short term borrowings	0.000	0.000
Total borrowings	0.000	0.000
Debt/Equity ratio	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)
Revenue from Operations	543.778	466.658
		(14.182)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)
Revenue from Operations	543.778	466.658
Profit	108.807	99.179
	20.01%	21.25%

LOCAL AGENCY FURTHER INFORMATION

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	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last two years	Yes
12) Profitability for last two 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	Yes
19) Payments terms	Yes
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	No
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

Note:

No Charges Exist for Company.

COMPANY’S PERFORMANCE:

India has strong growth fundamentals but faces challenges in the form of a volatile global market coupled with issues of fiscal consolidation and upside risks of inflation expected from fiscal slippage, currency depreciation and commodity shocks. Throughout the year, policymakers struggled to strike a balance between inflation and growth. Domestic growth rate was impacted by tightening of the monetary policy by RBI and geopolitical concerns. Nationally the effect was witnessed across all industries, as a result it affected on the consultancy business of the Company. During the year, the Company achieved a gross turnover of Rs.487.056 millions (previous year Rs.567.838 millions) which represents 14.23% decrease over the previous year. Profit After Tax is Rs.99.179 millions (Previous year Rs.108.807 millions) represents 8.85% decrease over the previous year. Despite the shortfall in the revenue, the Company has managed to maintain its profitability.

SEGMENT REPORTING

Based on the guiding principle given in the Accounting Standard-17 “Segment Reporting” issued by the Institute of Chartered Accountants of India, the company’s Primary Segments are:

1. Consultancy and Training

2. Wind Power Generation

POWER DIVISION:

During the year, Power division successfully commissioned Power plants viz; Usher Eco (16 MW), Athani Farmers (24 MW), Lakshmi Sugars (20 MW), Kranti Ph II (10 MW), Greta Energy (15 MW) and Nath Industries (2 MW), cumulating to 87 MW. This division handled large variety of and complex pre-investment assignments. The division has shown PAN India presence which helped to stabilized assignments. The division secured total assignment, including civil work for Rs.32.300 millions (Tarini Sugar and Distilleries Limited) and KSIDC assignment for waste to energy projects in Kerala for Rs.2.500 millions.

ENERGY AND CARBON SERVICES DIVISION:

During the year, Energy and Carbon Services division worked on various important assignments from Government as well as private sector. Substantial growth was shown in Safety and Fire Audit Business. In April, 2013, division has started new consultancy line in ISO 50001 (EnMS) in industries. The details of important assignment handled by the division are:

· Successfully completed project related to Energy Efficiency Improvement in Steel Rerolling Mills (SRRM) under United Nations Development Program (UNDP) – Global Environment Facility (GEF) - Ministry of Steel.

· Impact Assessment Study: Energy Conservation Building Code (ECBC) Scheme implemented in 11th Five Year Plan.

· Participation in Vibrant Gujarat 2013

· Prestigious solar power project consultancy assignment from Delhi Mumbai Industrial Corridor Development Corporation Limited, 6.00 MW project with micro grid at Neemrana, Rajasthan

· Detailed engineering and project management consultancy assignment from M/s Alfa Infraprop Private Limited (Sun Pharma Group) for 23.00 MWp solar power project at Kukshi, Madhya Pradesh

· Bagged bid process management consultancy assignment from Punjab Energy Development Agency – Allotment of 500 MW Solar and 300 MW Biomass Power Projects in Punjab

· INR 933.24 lac MNRE subsidy sanction for 22 kW x 100 nos. (2200 kW) off grid solar power systems to be installed at 22 sites by M/s Maharashtra Border Check Post Network Limited

· 95% market share : Third party verification services for MNRE for Solar Thermal Systems implemented by Channel Partners through Jawaharlal Nehru National Solar Mission

· Unique Assignment: Project management consultancy services for implementation of 14.00 to 23.10 MW wind power project on mined out land at Damanjodi, Odisha for National Aluminum Co. Limited

· Registration of 50.4 MW wind power project by The TATA Power Company Limited with UNFCCC, worked for Asian Development Bank, Philippines

ENVIRONMENT MANAGEMENT AND ENGG DIVISION:

Environment Management and Engineering Division provides the services like Environment Impact Assessment (EIA) of developmental projects, Obtaining Consents to Establishment and Operate, Environmental Clearances, Preparation of Environment Management Plan (EMP), Environment Audit, Environmental Risk Assessment. This division has Ministry of Environment and Forests (MoEF) approved laboratory through which testing and analysis of Water, Air and Soil etc. is being carried out.

The division has also accreditation from Quality Council of India (QCI) to carry out EIAs in various sectors including Thermal power plant, Irrigation projects, Townships and Area development, Roads and Highways, Ports and Harbors, Sugar and Distilleries, Cement plants etc.

The laboratory accreditation and QCI accreditation have helped the division to maintain the healthy client base of over 100 plus which includes the corporates likes Mahindra, GE, VolksWagon, TACO, ITC, Piagio, Vasavdatta Cement, MESCO cements, Panchshil Realty, City Corporation etc. The division also got associated with an international consultant (Tokiyo Consulting Firm, Japan) to provide Environmental Audit services for Mergers and Acquisitions of a unit of Mahindra Group. The division has expanded its services into Solid Waste Management and GIS related services.

BANKING AND FINANCE DIVISION:

The Company started Banking and Finance consultancy Division in September, 2006 with basic objective of providing “One Roof Service” to Bankers e.g. Preparation of DPR/ TEV Study/ LIE Services/ Restructuring Exercise/ Assets Valuation/ Business Valuation etc. Over the period, division has made commendable efforts in getting the Company empanelled with most of the leading commercial banks. At present, the division is providing consultancy for various projects located in various parts of India apart from some projects from Dubai, Ghana and Indonesia. It is to be noted with proud that now a day’s report of MITCON is accepted by banks without any reservations. During the year, the division has shown upward trend in business.

Some of the major clients of the division are:

· Ajanta Pharma Limited

· Varun Industries Limited

· Lloyds Steel Industries Limited

· Nitco Limited

· Shri Vile Parle Kelavani Mandal Trust (SVKM)

· Naine Trac Ghana Limited

INFRA CONSULTING GROUP:

Infra Consulting Group intensified its activities during the year.

This division successfully completed the Following Projects:

· Construction of Industrial Shed and Admn. Building for Amcor Flexibles India Limited, Chakan, Pune (Total area 35,000 Sq.ft.)

· Construction of Industrial Shed and Admn. Building for Sonneberg Plastic Private Limited, Sanand, Ahmadabad (Total area 45,000 Sq.ft.)

· Preparation of Master Plan for • University of Pune, Pune for 459 Acres

· Preparation of Master Plan, Block Estimates for Kolhapur Chitranagari, Kolhapur (Total 70 Acres)

· Providing Total Station Survey and Master Plan for Sikaria Infra Projects Private Limited, Tripura (Total area : 68 Acres)

· Providing Total Station Survey and Master Plan for Mahakaleshwar Knowledge Infrastructure Limited, Pune, Raigad (Total Area : 500 Acres)

SECURITISATION DIVISION:

This division continued its services to various banks to recover NPAs in Maharashtra, Goa, Gujarat and even in Northern and southern India. It has received appreciation letter from Oman Bank International (HSBC Group) for carrying out demarcation/legal due diligence assignment at Gujarat. The details of the other important assignment handled by the division are:

1. Partly executed one large order in Pune region for recovery of NPA Account of Rs.2750.000 millions for consortium of banks with Bank of India in the lead.

2. Carried out legal due diligence and valuation for IARC assignment at Bangalore

3. Executed one large order of NPA recovery of State Bank of India, Ahmedabad along with valuation work.

ENTREPRENEURSHIP and VOCATIONAL TRAINING DIVISION:

Conducted Country’s First Ever State-Level Conference on Literature of Addiction Deliverance India’s first ever state level conference on literature of addiction deliverance was organized by this division between 2nd and 3rd October 2012, at Pune. The event was sponsored by the Social Welfare Department, Govt. of Maharashtra.

V-SCHOOL (Vocational Training School):

During the year, with a view to impart the training to the people in rural areas, this division has developed network of V-School. The Company has registered 111 V-School Franchisee in the State.

This division planned to give more focus on CSR, V-School, Cluster, Innovative Scheme, International Assignments and Fee based activities.

MITCON e SCHOOL:

This division received Appreciation Award for Best MKCL’s Ward Lead Center (WLC) for overall participation and support in year 2012 for Pune Network.

BT AND PHARMA DIVISION / CENTRE:

During the year, Bio Pharma Division has started new courses for CSIR-NET aspirants from this year. Division has also launched a job cum knowledge portal ‘BioBrains’ on 12/12/12. So far, more than 5,000 bio-tech aspirants visited this portal.

During the year, Bio Pharma Center has carried out its first soil testing turn-key laboratory assignment for Paithan Taluka Krishi Utpanna Bajar Samiti, Paithan.

CONTINGENT LIABILITY NOT PROVIDED FOR:

Particulars	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Corporate Guarantee to Bank given on behalf of MITCON Foundation (Outstanding loan against this bank guarantee as on 31.03.2013 is Rs.3.123 millions)	78.820	78.820
Guarantees given by bankers to customer on behalf of the Company	9.773	14.637
Show Cause cum Demand Notice received from Commissioner of Central Excise, Pune - III, pertaining to the period 01.07.2011 to 31.03.2012. This claim is disputed by the Company and is being contested before the Service Tax Authorities.	14.640	--

FIXED ASSETS:

Tangible Assets

· Land

· Improvements to Leasehold Premises

· Buildings

· Energy Audit Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Environment / B.T. Lab Equipments

· Computers and Printers

· Electrical Installations

· Wind Turbine Generator

Intangible Assets

· Computer Software

WEBSITE DETAILS:

PROFILE:

Subject is an ISO 9001:2008 certified company, listed on SME Platform (EMERGE) of National Stock Exchange of India Limited.

Subject was formed as a technical consultancy organisation in 1982 jointly by ICICI, IDBI, IFCI, SICOM, MIDC, MSSIDC and various banks.

They are headquartered at Pune (India) and have presence across the country through their offices at Mumbai, New Delhi, Ahmedabad, Chennai, Bangalore and Nagpur which are equipped with high speed communication network with state of the art infrastructure. 

Over the last three decades, they have gained proficiency in providing corporate solutions in power generation, energy efficiency, renewable energy, climate change and environmental management sectors. Over the years, they have diversified into providing services to banking, infrastructure and biotechnology sectors. They provide solutions to their clients depending on their requirements inter alia including feasibility studies, detailed project reports, techno economic feasibility reports, financial syndication, lender's engineer services, Environment Impact Assessment (EIA), basic and detailed engineering, bid process management, project management, cluster development, technical/ financial restructuring, energy audits, corporate debt restructuring, valuations , due diligence, qualitative and market research, assets/ business valuation and consultation services in wind power project registration.

They also conduct IT based training courses and variety of skill based training programs.  

Subject has more than 200 employee base. They provide services to small and medium enterprises (SME's), large corporates, banks, financial institutions and various government organizations.

Subject prides itself in providing the best assistance to existing and new entrepreneurs. They have fostered good working relationships with various state and federal agencies. Their diverse project experience has allowed them to work closely with various industrial sectors.

With a comprehensive and clear understanding of businesses across segments, subject's goal is to integrate environmentally responsible consulting into the framework of every client's project to maximise value and reduce the environmental footprint. They are committed to contributing to the economic and environmental growth of the society in which they work. They believe in the fact that knowledge is everywhere but expertise lies within.

MILESTONES

2013 - 2014

The Equity Shares of the Company listed on SME Platform (EMERGE) of the National Stock Exchange of India Limited effective from 1^st November, 2013.The Company became the first Technical Consultancy Organisation listed on SME Platform in India.

2012 - 2013

Their Company started a new consultancy line for obtaining ISO 50001 (EnMS) in industries.

2011 - 2012

Their Company crossed revenue of Rs.500.000 millions.

2010 - 2011

Their Company successfully completed QCI-NABET accreditation process, which is mandatory for EIA consultants.

Their Company won the Villgro National Award for Best Incubator, 2010.

Their Company established a Food Processing Training Centre at its laboratory in Pune.

2009 - 2010

MITCON succeeded in getting a major assignment from Tamil Nadu Electricity Board for promoting 225 MW co-generation power in 17 sugar mills.

Their Company introduced additional business lines like Energy Service Company (ESCo).

2008 - 2009

Bureau of Energy Efficiency, Government of India as well as Reliance Energy hired the Energy Services of their Company.

MITCON e – School was awarded Maharashtra IT Award in HR by the government of Maharashtra.

2007 - 2008

Their Company set up its own 0.75 MW wind turbine generator at Idukki in Kerala.

Their Company, in association with Sakal Papers, Pune, launched the "Maharashtra Udyogini Awards" to felicitate annually women entrepreneurs from urban and rural Maharashtra.

2006 - 2007

Their Company started a new division for Banking and Finance consultancy in October, 2006.

2004 - 2005

Their Company bagged an assignment on DSIR Commerce initiative to promote High Technology Cooperation and Trade between India and CIS countries.

2002 - 2003

Their Company jointly promoted a Bio-technology Business Incubation center in Pune in association with Asia Pacific Center for Transfer of Technology (APCTT) and Department of Science and Technology, Government of India.

2001 - 2002

Indian Renewable Energy Development Agency Limited (IREDA) adjudged their Company as the Best Business Development Associate in the 'Technical Consultant Organisation' category.

2000 - 2001

Their Company created its own brand of IT education by setting up MITCON e-SCHOOL to take IT literacy to masses.

1993 - 1994

Their Company was appointed as Indian counterpart of an American consultant, Chemonics to implement in India a US $200 lacs program funded by United States Agency for International Development to promote private sector investment in post-farm horticulture.

PRESS RELEASE

MITCON OPENS NEW STATE-OF-THE-ART CENTRE FOR

CSR AND SKILL DEVELOPMENT AT BALEWADI, PUNE

TO AID CORPORATES IN CSR ACTIVITIES AND PREPARE YOUTH WITH PRACTICAL VOCATIONAL TRAINING

Pune April 3, 2014: MITCON Centre for CSR and Skill Development, part of MITCON Consultancy and Engineering Services Limited, announced the opening of its state-of-the-art Training Institute at Balewadi, today. The Institute will offer new courses aimed at Skills Training and Development, which will be vocational courses, complete with skills labs and practical information. This Centre will also have a team of experts to assist the Corporate Sector in their Corporate Social Responsibilities (CSR) activities. Thus MITCON Centre for CSR and Skill Development will provide a variety of innovative interventions to address the capacity building, training and requirements of students, corporate houses, entrepreneurs and executives.

MITCON is a trusted name acting as a catalyst to industrial development and entrepreneurship development for more than 30 years. MITCON Consultancy and Engineering Services Limited is an ISO 9001:2008 certified company, listed on the SME Platform (EMERGE) of National Stock Exchange of India Limited, (NSE). MITCON empowers individuals through training, counselling and information dissemination through self-employment, and entrepreneurship development, by identifying new business opportunities. It conducts industry relevant training programs focused towards developing attitude, skill building, besides imparting knowledge.

Centre for Skills Development

MITCON has well recognized the importance of skilled youth in rapidly changing environment in the industry MITCON Centre for CSR and Skill Development offers various kinds of value added trainings, apart from the regular or general education system; all the courses are industry-endorsed and job-oriented. Training will be assisted with modern cutting-edge laboratories to provide complete technical skill to the participants. While most vocational courses provide theoretical knowledge, the value on practical involvement is on a lower priority. MITCON has labs that will provide intensive and hands-on practical training. MITCON has developed over 25 training courses in various fields ranging from Gemmology, Catering, Hospitality, Food Processing, Fashion Technology,Construction, Stock market, Panchkarma , Four-wheeler Repairing, Computer, Health and Beauty Care, Finance, IT, among others.

All these courses alongwith their state-of-the art labs which students will avail of will ensure that they are not just qualified but readily employable in the industries they choose to enter. In fact, the entrepreneurs among them will be geared to branch out on their own after the grounding and training they receive at MITCON Centre for CSR and Skill Development. MITCON’s facilities include Video Conferencing, Virtual Classroom, Library, Wi-Fi, and Standardized Course material. MITCON’s faculties are experts in their respective fields, through its centres in Pune, Mumbai, Delhi, Chennai, Bangluru and Ahemdabad

Services to Corporates in CSR

On a parallel track MITCON Centre for CSR and Skill Development will also offer services under Corporate Social Responsibility (CSR) which is now mandatory in listed companies having a net worth of INR 5000.000 millions, or turnover of INR 10000+ millions, or a net profit of INR 50.000 millions. 2% of the average net profit made in the preceding 3 financial years needs to be kept aside for CSR activities. Many companies, though are still unclear of the provisions, expectations and implementation of CSR activities and compliances. MITCON Centre for CSR and Skill Development will assist these companies in their CSR activities, right from policy making, execution up to evaluation CSR needs to be credible, effective and strategic within the company and incorporated into a systematic management regime for opportunities to be exploited. MITCON enable Corporate to identify, undertake and execute activities under CSR initiatives. MITCON provide following services under CSR Solutions to Corporate, Need Assessment, Policy Formation, CSR Activity Implementation Planning, On Field Project Implementation, Project Monitoring, Report Preparation and Communication, Project Evaluation.

As a part of its awareness building initiative, MITCON will develop individuals across the Corporate to understand the concept of CSR and it’s facets. It will also conduct training programmes, workshops, awareness programs, MDPs, Workshops for Top Management on CSR strategy formation and Certificate programs.

Assisting this endeavour is Mag. Martin Neuriter, the world’s renowned CSR guru. Neureiter is Founder and CEO of The CSR Company, a consultancy specialized in CSR. He is Chair of the Implementation Task Group within ISO (International Standards Organization) Working Group Social and was responsible for writing the ISO 26000 standard. He will be conducting a half-day Seminar of Global Standards for CSR and Lessons for India at the Centre for CSR and Skill Development on April 5, 2014.

Speaking at the occasion, Dr. Pradeep Bavadekar, MD, MITCON Consultancy and Engineering Services Limited, and Founder of MITCON Centre for CSR and Skill Development said, “It is our endeavour to ensure that we follow an ‘ear to the ground’ approach while we enhance or develop new Course offerings to our students. We ensure that students who pass out of our Centre are geared to take on the challenges in the real world. At MITCON Centre for CSR and Skill Development we go a step further by working closely with leading Corporates while they chart out their CSR activities.”

About MITCON Centre for CSR and Skill Development

MITCON Centre for CSR and Skill Development is a division of MITCON Consultancy and Engineering Services Limited, is a nucleus of training and development catering to different sectors of the society, right from the individuals to educational institutes, to corporate and industry. It believes that learning is a lifelong process and with this belief it imparts various skill and corporate oriented training to corporate clients, students, and aspiring entrepreneurs. It also offers a varied range of training programs to develop resourceful and skilled manpower. It enables Corporate to undertake, identify and execute projects under their Corporate Social Responsibility Initiative as per companies Act 2013 and provide training solutions to the Corporate for their HR Development

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.60.04
UK Pound	1	Rs.101.97
Euro	1	Rs.83.58

INFORMATION DETAILS

Information Gathered by :	PLK
Analysis Done by :	RAS
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		54

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.