MIRA INFORM REPORT

Report Date :

06.11.2014

IDENTIFICATION DETAILS

Name :	PCS TECHNOLOGY LIMITED (w.e.f.22.11.2004)
Formerly Known As :	PCS INDUSTRIES LIMITED (w.e.f.25.03.1994) PCS DATA PRODUCTS PRIVATE LIMITED
Registered Office :	Office Premise No.1, Gat No. 478, Alandi Markaal Road, Alandi Taluka, Khed, Pune – 412106, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	22.04.1981
Com. Reg. No.:	11-024279
Capital Investment / Paid-up Capital :	Rs.249.257 Millions
CIN No.: [Company Identification No.]	L74200MH1981PLC024279
TAN No.: [Tax Deduction & Collection Account No.]	PNEP08887E
PAN No.: [Permanent Account No.]	AABCP0316J
Legal Form :	A Public Limited Liability company. The company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Trader, Exporter and Importers of Computers, Peripherals, Computer Parts and Maintenance
No. of Employees :	2000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Exist
Comments :	Subject is an established company having satisfactory track record. Rating reflects sound financial risk profile marked by improvement in performance of the company and long track record of promoters in IT business. Tarde relations are reported to be fair. Business is active. Payments are reported to be usually correct. 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.

INDIAN ECONOMIC OVERVIEW

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	BBB- (Fund Based Limits)
Rating Explanation	Moderate credit quality and average credit risk
Date	June 2014

Rating Agency Name	ICRA
Rating	A3 (Non Fund Based Limits)
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	June 2014

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Sunil Sawant
Designation :	Accountant
Contact No.:	91-22-41296111
Date :	04.11.2014

LOCATIONS

Registered Office :	Office Premise No.1, Gat No. 478, Alandi Markaal Road, Alandi Taluka, Khed, Pune – 412106, Maharashtra, India
Tel. No.:	91-22-28521177
Fax No.:	Not Available
E-Mail :	abhishek.mehta@pcstech.com
Website :	www.pcstech.com
Location :	Owned
Locality :	Commercial
Head Office	6th and 7th Floor, Technocity, Plot No. X 5/3, MIDC, Mahape, Opposite MBP, Next to Sarovar Portico, Navi Mumbai – 400701, Maharashtra, India
Tel. No.:	91-22-41296111
Branch Office :	Located at: Ø Hyderabad Ø Vishakhapatnam Ø Assam Ø Bihar Ø Chhattisgarh Ø New Delhi Ø Goa Ø Ahmedabad Ø Baroda Ø Mohali Ø Jharkhand Ø Bangalore Ø Kerala Ø Navi Mumbai Ø Mumbai Ø Pune Ø Nagpur Ø Bhopal Ø Indore Ø Odisha Ø Kolkatta Ø Rajasthan Ø Uttar Pradesh Ø Tamilnadu
Overseas Office :	Located at: Ø U.A.E. Ø USA Ø Africa

DIRECTORS

As on: 31.03.2014

Name :	Mr. Gajendrakumar S Patni
Designation :	Chairman
Address :	42-A, Jolly Maker Apartment, Cuffe Parade, Mumbai – 400005, Maharashtra, India
Date of Birth :	24.03.1941
Qualification :	B.Chem.
Date of Appointment :	22.04.1981
DIN No. :	00014163
Name :	Mr. Ashokkumar S Patni
Designation :	Vice Chairman
Address :	22-A, Jolly Maker Apartment, Cuffe Parade, Mumbai – 400005, Maharashtra, India
Date of Birth :	01.08.1951
Qualification :	B. Tech.
Date of Appointment :	22.04.1981
Name :	Mr. H. C. Tandon
Designation :	Managing Director and Chief Executive Officer
Name :	Mr. Apoorva Ashokkumar Patni
Designation :	Director
Address :	22-A, Jolly Maker Apartment No. 1, Cuffe Parade, Mumbai – 400005, Maharashtra, India
Date of Birth	18.06.1982
Date of Appointment :	18.12.2007
DIN No. :	01647791
Name :	Mr. Satish B. Ajmera
Designation :	Director
Address :	B. L. Ajmera and Company, Malji Chhoganlalji Trust Building, M J Road, Jaipur – 302001, Rajasthan, India
Date of Birth :	26.10.1944
Date of Appointment :	25.06.1990
DIN No. :	00208919
Name :	Mr. Dadi B. Engineer
Designation :	Director
Address :	Sea Shells, 1^st Floor, 13 Darabsha Road, Off Nepeansea Road, Mumbai – 400036, Maharashtra, India
Date of Birth :	02.05.1933
Date of Appointment :	29.09.1995
DIN No. :	00047028
Name :	Mr. Girish Mohanlal Dave
Designation :	Director
Address :	1^st Floor, Sethna Building, 55 Maharshi Karve Road, Marine Lines, Mumbai – 400002, Maharashtra, India
Date of Birth :	12.07.1938
Qualification :	M.Com., LLB, C.A.I.I.B.
Date of Appointment :	29.09.1995
DIN No. :	00036455
Name :	Mr. Prakash V. Mehta
Designation :	Director
Address :	123-A, Maker Apartments, Cuffe Parade, Mumbai – 400005, Maharashtra, India
Date of Birth :	12.02.1942
Date of Appointment :	23.07.1987
Name :	Mr. Kamal Kumar Barjatya
Designation :	Director
Address :	39 Worli Sea Face, Mumbai – 400025, Maharashtra, India
Date of Birth :	25.03.1938
Date of Appointment :	30.10.1995

KEY EXECUTIVES

Name :	Mr. Bhaskar J. Patel
Designation :	Company Secretary
Name :	Mr. M. P. Jain
Designation :	Chief Financial Officer
Name :	Mr. Sunil Sawant
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2014

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1750504	8.36
Bodies Corporate	5704679	27.23
Any Others (Specify)	7244812	34.58
Directors/Promoters & their Relatives & Friends	7244812	34.58
Sub Total	14699995	70.16
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	14699995	70.16
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	131583	0.63
Financial Institutions / Banks	995	0.00
Insurance Companies	213383	1.02
Foreign Institutional Investors	700	0.00
Sub Total	346661	1.65
(2) Non-Institutions
Bodies Corporate	224562	1.07
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	3576932	17.07
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	1906636	9.10
Any Others (Specify)	195891	0.94
Directors & their Relatives & Friends	748	0.00
Non Resident Indians	33770	0.16
Overseas Corporate Bodies	100800	0.48
Clearing Members	60573	0.29
Sub Total	5904021	28.18
Total Public shareholding (B)	6250682	29.84
Total (A)+(B)	20950677	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)	20950677	100.00

SHAREHOLDING BELONGING TO THE CATEGORY "PROMOTER AND PROMOTER GROUP"

Sl. No.	Name of the Shareholder	Details of Shares held
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	RAJNIKANTA G PATNI	23,86,116	11.39
2	PCS FINANCE LTD	19,01,560	9.08
3	ASHOKA COMPUTER SYSTEMS PVT LTD	19,01,560	9.08
4	PCS CULLINET PVT LTD	19,01,559	9.08
5	SADHANA A PATNI	16,52,122	7.89
6	VASUNDHARA APOORVA PATNI	10,00,000	4.77
7	POONAM NARENDRAKUMAR PATNI	6,01,547	2.87
8	GAJENDRAKUMAR S PATNI	5,79,685	2.77
9	ASHOKKUMAR S PATNI	5,75,995	2.75
10	ANIRUDH NARENDRAKUMAR PATNI	5,59,270	2.67
11	APOORVA ASHOK KUMAR PATNI	3,89,676	1.86
12	ARIHANT GAJENDRA KUMAR PATNI	2,83,056	1.35
13	AMIT KUMAR PATNI	2,61,899	1.25
14	RUCHI AMIT KUMAR PATNI	1,52,540	0.73
15	SOBHAGMAL PATNI	1,30,936	0.62
16	APOORVA ASHOK KUMAR PATNI	1,11,069	0.53
17	ARIHANT GAJENDRAKUMAR PATNI	1,01,130	0.48
18	NARENDRA KUMAR PATNI	94,079	0.45
19	KANCHANBAI S PATNI	60,286	0.29
20	SADHANA A PATNI	42,814	0.20
21	RAJNIKANTA G PATNI	4,965	0.02
22	AAKRITI AMITKUMAR PATNI	2,830	0.01
23	AYUSHI AMITKUMAR PATNI	2,830	0.01
24	KANCHANBAI PATNI	1,000	0.00
25	RAJKUMAR BARJATYA	760	0.00
26	SOORAJ BARJATYA	145	0.00
27	RAJRANI GANGWAL	128	0.00
28	PANKAJ PATNI	86	0.00
29	MEETA DEVI GANGWAL	64	0.00
30	MUNISH KUMAR GANGWAL	64	0.00
31	MEETA DEVI GANGWAL	56	0.00
32	RAJRANI GANGWAL	56	0.00
33	RAJRANI GANGWAL	56	0.00
34	MUNISH KUMAR GANGWAL	56	0.00
	Total	1,46,99,995	70.16

SHAREHOLDING BELONGING TO THE CATEGORY "PUBLIC" AND HOLDING MORE THAN 1% OF THE TOTAL NO. OF SHARES

No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares
1	BALRAM BHARWANI	640202	3.06
2	MUKESH MOHANLAL KELAWALA HUF	255300	1.22
	Total	895502	4.27

BUSINESS DETAILS

Line of Business :	Trader, Exporter and Importers of Computers, Peripherals, Computer Parts and Maintenance
Products / Services :	Infrastructure Management Services (IMS) Governance and Risk Consultancy Services Healthcare Software Solutions Audio Video Solutions and Integration IT Service Management Real Time Vehicle Tracking Solutions Staffing
Exports :
Products :	Infrastructure Management Services (IMS) Governance and Risk Consultancy Services Healthcare Software Solutions Audio Video Solutions and Integration IT Service Management Real Time Vehicle Tracking Solutions Staffing
Countries :	Nigeria Dubai Ghana
Imports :
Products :	Computer Spare Parts
Countries :	China
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

GENERAL INFORMATION

Customers :

End Users

• Jacobson’s
• ICICI Infotech
• GTL
• Etisalat
• ICLP
• BNP Paribas
• Bharat Petroleum
• United Computer
• Trignosis
• Tata Infotech
• Tata Chemicals Limited
• Reliance Industries Limited
• MIEL
• L&T Infotech
• Kotak Mahindra Bank
• Polaris
• Andhra Bank
• AB Bank
• Bank of Baroda
• Bank of India
• Deutsche Bank
• State Bank of Patiala
• State Bank of Mysore

No. of Employees :

2000 (Approximately)

Bankers :

• Canara Bank, Nariman Point, Mumbai, Maharashtra, India
• Indian Bank
• Dena Bank
• Union Bank of India, Mahape, Navi Mumbai, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2014	As on 31.03.2013
	(Rs. In Millions)
LONG TERM BORROWINGS:
TERM LOANS
From banks	0.648	1.551
Other than banks	0.000	6.405
SHORT TERM BORROWINGS:
Term Loans	0.000	0.078
Cash credit from banks	94.096	119.515
Working capital loan	24.255	24.295
Total	118.999	151.844

Long Term Borrowings

Term loans taken from Banks is secured by hypothecation of vehicles. Details as regards interest and repayment are as follows:

- The vehicle loan of Rs.16,86,608 was taken from ICICI Bank Limited and carries interest @10- 11% p.a. The loan is repayable in 36 monthly instalments of Rs. 60,730 from January 2013.

- The vehicle loan of Rs. 7,71,000 was taken from Volkswagen Finance Private Limited and carries interest @10-11% p.a. The loan is repayable in 36 monthly instalments of Rs. 24,272 from January 2013.

The Term Loan from HDFC Limited (original loan amount – Rs. 12.000 Millions) carries interest @ 12 to 15% p.a. and fully repaid in current year.

c) The loans taken from Directors are interest free and are returnable after 31st March, 2015.

SHORT TERM BORROWINGS

Cash credit and Working Capital Demand Loan is secured against hypothecation of inventories and book debts of the Company as well as first charge on the fixed assets of the Company and carries interest @ 12.00%-12.50% p.a.

Banking Relations :	--
Auditors :
Name :	S. C. Bandi and Company Chartered Accountants
Address :	812, Maker Chamber V, 221, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-22834298
Subsidiary Companies :	PCS International Limited, Mauritius PCS Technology USA, Inc. PCS Positioning Systems (India) Limited PCS Infotech Limited
Affiliates (Enterprises over which Key Management personnel or their relatives have significant influence) :	Ashoka Computer Systems Private Limited PCS Cullinet Private Limited PCS Finance Private Limited Kalpavruksh Systems Limited - (Formerly known as Vraksh Technologies Limited) Saulese Energija Limited AAP and Associates LLP Patni Healthcare Limited

CAPITAL STRUCTURE

As on: 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
21025000	Equity Shares	Rs.10/- each	Rs.210.250 Millions
3975000	Redeemable, Non-Convertible and Non-Cumulative Preference Shares	Rs.10/- each	Rs.39.750 Millions
	Total		Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20950677	Equity Shares	Rs.10/- each	Rs.209.507 Millions
3975000	9% Redeemable, Non-Convertible and Non-Cumulative Preference Share	Rs.10/- each	Rs.39.750 Millions
	Total		Rs.249.257 Millions

A) Terms/ Rights attached to Equity Shares:

The Company has only one class of equity shares having a par value of `10 per share. Each holder of equity share is entitled to one vote per share. 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.

B) Terms/ Rights attached to Preference Shares:

The Company has only one class of preference shares having a par value of `10 per share, redeemable in the 12th and 13th year from the date of allotment or earlier as the Board of Directors may decide. Each holder of preference share is entitled to one vote per share. In the event of liquidation of the company, before any entitlement of assets to holders of equity shares, the holders of preference shares will be entitled to receive remaining assets of the company, after distribution of all other preferential amounts. The distribution will be in

proportion to the number of preferencial shares held by the shareholders.

Particulars	Equity Shares
	Number	Rs. IN Millions
Shares outstanding at the beginning of the year	20,950,677	209.507
Shares outstanding at the end of the year	20,950,677	209.507

e) Details of shareholding more than 5% Equity Shares of total Equity Shares in the company:

Name of shareholder	As at 31.03.2013
	No. of shares	% holding
Rajnikanta Patni	2386116	11.39
PCS Finance Private Limited	1901560	9.08
Ashoka Computer Systems Private Limited	1901560	9.08
PCS Cullinet Private Limited	1901559	9.08
Sadhana A. Patni	1652122	7.89

f) Details of shareholding more than 5% Preference Shares of total Preference Shares in the company:

Name of shareholder	As at 31.03.2013
	No. of shares	% holding
Mr. Ashok Kumar Patni	1965000	49.43
Mr. Gajendra Kumar Patni	1480000	37.23

FINANCIAL DATA

[All figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	249.257	249.257	210.240
(b) Reserves & Surplus	761.682	723.324	217.076
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1010.939	972.581	427.316
(3) Non-Current Liabilities
(a) long-term borrowings	33.648	107.706	627.023
(b) Deferred tax liabilities (Net)	33.838	32.934	29.956
(c) Other long term liabilities	0.000	0.000	5.750
(d) long-term provisions	3.173	3.671	0.000
Total Non-current Liabilities (3)	70.659	144.311	662.729
(4) Current Liabilities
(a) Short term borrowings	118.351	143.888	215.776
(b) Trade payables	93.508	128.347	205.182
(c) Other current liabilities	42.453	60.032	136.840
(d) Short-term provisions	0.847	1.103	1.116
Total Current Liabilities (4)	255.159	333.370	558.914
TOTAL	1336.757	1450.262	1648.959
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	258.377	267.499	372.276
(ii) Intangible Assets	1.320	1.379	0.000
(iii) Capital work-in-progress	0.000	0.000	2.188
(iv) Intangible assets under development	1.779	5.872	5.452
(b) Non-current Investments	65.575	65.735	65.735
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	103.549	103.758	134.993
(e) Other Non-current assets	2.718	3.384	8.585
Total Non-Current Assets	433.318	447.627	589.229
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	80.374	82.126	87.455
(c) Trade receivables	705.597	758.833	734.046
(d) Cash and cash equivalents	29.884	31.280	89.742
(e) Short-term loans and advances	60.947	61.612	64.680
(f) Other current assets	26.637	68.784	83.807
Total Current Assets	903.439	1002.635	1059.730
TOTAL	1336.757	1450.262	1648.959

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1005.959	975.356	1332.425
		Other Income	13.230	7.836	32.471
		TOTAL (A)	1019.189	983.192	1364.896
Less	EXPENSES
		Cost of Materials Consumed	0.000	0.000	9.931
		Purchases of Stock-in-Trade	190.390	132.229	327.149
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	2.139	2.436	17.754
		Employees benefits expense	506.069	567.841	633.467
		Other expenses	209.441	178.338	243.439
		Extra-ordinary items	0.000	0.000	1.334
		TOTAL (B)	908.039	880.844	1233.074
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		111.150	102.348	131.822
Less	FINANCIAL EXPENSES (D)		29.032	45.881	70.974
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		82.118	56.467	60.848
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.342	7.332	39.101
	PROFIT BEFORE TAX (E-F) (G)		74.776	49.135	21.747
Less	TAX (H)		34.627	13.752	7.306
	PROFIT AFTER TAX (G-H) (I)		40.149	35.383	14.441
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		59.823	24.441	237.888
Less	TRANSFER TO STATEMENT OF PROFIT AND LOSS		0.000	0.000	227.888
	BALANCE CARRIED TO THE B/S		99.972	59.823	24.441
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	40.964	9.572	3.028
	IMPORTS
		Raw Material, Store & spares and Computer Peripherals	1.615	2.659	5.420
	TOTAL IMPORTS		1.615	2.659	5.420
	Earnings Per Share (Rs.)		1.92	1.69	0.69

QUARTERLY / SUMMARISED RESULTS

Particulars (Rs. Millions)	Sep 2014	Jun 2014
Audited / UnAudited	UnAudited	UnAudited
Net Sales	273.700	253.000
Total Expenditure	251.600	225.700
PBIDT (Excl OI)	22.100	27.300
Other Income	4.600	0.300
Operating Profit	26.700	27.600
Interest	2.900	5.600
Exceptional Items	0.000	0.000
PBDT	23.800	22.000
Depreciation	2.700	2.600
Profit Before Tax	21.100	19.400
Tax	9.100	7.500
Provisions and contingencies	0.000	0.000
Profit After Tax	12.000	11.900
Extraordinary Items	0.000	0.000
Prior Period Expenses	0.000	0.000
Other Adjustments	0.000	0.000
Net Profit	12.000	11.900

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	3.99	3.63	1.08
Operating Profit Margin (PBDIT / Sales)	(%)	67.27	48.01	16.50
Return on Total Assets (PBT/Total Assets}	(%)	5.89	3.56	1.38
Return on Investment (ROI) (PBT/Networth)		0.07	0.05	0.05
Debt Equity Ratio (Total Debt/Networth)		0.15	0.26	1.97
Current Ratio (Current Asset/Current Liability)		3.54	3.01	1.90

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	210.240	249.257	249.257
Reserves & Surplus	217.076	723.324	761.682
Net worth	427.316	972.581	1010.939
long-term borrowings	627.023	107.706	33.648
Short term borrowings	215.776	143.888	118.351
Total borrowings	842.799	251.594	151.999
Debt/Equity ratio	1.972	0.259	0.150

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1332.425	975.356	1005.959
		(26.798)	3.138

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1332.425	975.356	1005.959
Profit	14.441	35.383	40.149
	1.08%	3.63%	3.99%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG TERM DEBT

(Rs. In Millions)

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Current maturities of long term debt	0.904	3.118	1.978
Total	0.904	3.118	1.978

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	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	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)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	Yes
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

LITIGATIONS DETAILS:

LITIGATION DETAILS
Bench:- Bombay
Presentation Date - 05/05/2014
Lodging No:- ITXAL/945/2014		Failing Date:- 05/05/2014	Reg. No.:- ITXA/1386/2014		Reg. Date:- 11/09/2014
Petitioner:-	THE COMMISSIONER OF INCOME-TAX-II.PUNE		Respondent:-	PCS TECHNOLOGY LTD.
Petn.Adv:-	VIPUL ARUN BAJPAYEE (I4135)
District:-	MUMBAI
Bench:-	DIVISION		Category:-	TAX APPEALS
Status:-	Pre-Admission		Stage:-	FOR REJECTION [ORIGINAL SIDE MATTERS]
Next Date:-	18.11.2014
Coram:-	ACCORDING TO SITTING LIST ACCORDING TO SITTING LIST
Act:-	Income Tax Act, 1961
Under Section:-	260A

UNSECURED LOAN

Particulars	As on 31.03.2014	As on 31.03.2013
	(Rs. In Millions)
LONG TERM BORROWINGS:
Directors	33.000	98.800
Inter corporate deposits	0.000	0.950
Total	33.000	99.750

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90092317	08/10/2003	25,000,000.00	CANARA BANK	MITTAL TOWER, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	-
2	90085178	12/03/2004 *	100,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	IDBI TOWER, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA	-
3	90090890	12/10/2000 *	30,000,000.00	THE UNITED WESTERN BANK LTD.	FORT BRANCH, MUMBAI, MAHARASHTRA - 400001, INDIA	-
4	90084793	30/05/2014 *	380,000,000.00	CANARA BANK (LEAD BANK)	NARIMAN POINT BRANCH, MITTAL TOWER, 'C' WING, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	C07838576
5	90090652	20/05/2005 *	453,500,000.00	CANARA BANK	MITTAL TOWER, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA

OPERATIONS

In the year under review the Company continued to witness the challenges in the price competition.

During the year under review, your Company has achieved Net Sales of `10,060 lakhs as against ` 9,753 lakhs in the previous year.

As planned in the interest of the Company, the Company has started focusing more on expanding IT & Facility Management Services which is now a major key driver over IT Hardware business operations, for improvement of margins & profitability. We are pleased that with the discontinuing of the manufacturing of computer hardware related activities, the overall profitability has improved. However, the current margins will remain under pressure due to rising trend in the manpower cost in the IT industry.

INDUSTRY SCENARIO & REVIEW

The domestic IT sector comprises of Computer hardware – manufacturing and selling and IT services- software development, implementation, IT infrastructure and facility management services. The Company is mainly engaged in the activities of IT infrastructure facility management services. The domestic IT sourcing services market in India had been under pressure during the last couple of years, with large enterprises either cutting down or deferring their spending decisions largely because of weakness in the domestic economy. During the year the IT spending in Government as well in private sector were under the impact of slow-down in decision making on account of economic uncertainties, inflation and rupee volatility and others.

PERFORMANCE & REVIEW

IT Services The Company continued to focus on its IT infrastructure & Facility Management Services. The Company has achieved Net Sales of `10,060 lakhs against previous year’s ` 9,753 lakhs and net profit of ` 401.49 lakhs as against previous year’s net profit of ` 353.82 lakhs.

OPERATIONS

The Company has maintained its upward trend on sales as well as net profit by focusing on its business of IT Infrastructure and Facility Management Services and enjoyed customer confidence. However, the pricing competition continued with MNC and major players also put pressure on margins. Other services such as Laboratory and Hospital Management Solutions, GPS have performed well and the Company has established overseas market in Africa, Nigeria, Philipines, etc.

FUTURE OUTLOOK

PAN India presence coupled with strong existing client relationship, the Company is well placed and able to meet potential business opportunities. The Company will continue to develop and improve service offerings in IT infrastructure and Facility Management to clients. However, we may face competition from IT and ITES companies operating on large volume services. The Company has a good overseas customer base for its Laboratory and Hospital Management solutions. The Company will continue to give its focus on these services.

In order to meet the challenging environment, your Company is taking all measures to remain financially stable and cost efficient.

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE HALF YEAR ENDED 30TH SEPTEMBER, 2014

Sr. No.	Particulars			Rs in Millions	Rs in Millions	Rs in Millions
				Quarter ended	Quarter ended	Half Year ended
				as on 30.09.2014	As on 30.06.2014	As on 30.09.2014
				(Unaudited)	(Unaudited)	(Unaudited)
1	(a) Net Sales/Income from Operations			273.662	252.963	526.625
	(b)Other Operating Income			--	--	--
	Total Income From Operations (Net)			273.662	252.963	526.625
2	Expenditure
	(a)		Purchases of Stock-in-Trade	68.869	45.513	114.382
	(b)		Stores and spares	11.725	10.146	21.871
	(c)		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.828	1.564	2.392
	(d)		Employees benefits expense	130.489	123.978	254.467
	(e)		Depreciation and amortization expense	2.653	2.609	5.262
	(f )		Other expenses	39.638	44.471	84.109
			TOTAL (B)	254.202	228.281	482.483
3	Profit from operation before other income, interest and other exceptional items(1-2)			19.460	24.682	44.142
4	Other Income			4.575	0.303	4.875
5	profit before interest and exceptional items(3+4)			24.032	24.985	49.017
6	Interest			2.929	5.626	8.555
7	Profit after interest but before exceptional items(5-6)			21.103	19.359	40.462
8	Exceptional Items			--	--	--
9	Profit(+)/Loss(-) from Ordinary Activities before tax (7-8)			21.103	19.359	40.462
10	Tax Expenses			9.079	7.480	16.559
11	Net Profit(+)/Loss(-) from Ordinary Activities after tax( 9-10)			12.024	11.879	23.903
12	Extra Ordinary Items			--	--	--
13	Net Profit(+)/Loss(-) for the period (1112)			12.024	11.879	23.903
14	Paid-up Equity Share Capital Rs.10/ per share			209.507	209.507	209.507
15	Reserves excluding revaluation reserves			--	--	--
16		Earnings Per Share
(a)		Basic and diluted EPS before Extraordinary items for the period, for the year to date and for the previous year(not to be annualised)		0.57	0.57	1.14
(b)		Basic and diluted EPS after Extraordinary items for the period, for the year to date and for the previous year(not to be annualised)		0.57	0.57	1.14
17		Public Shareholding
		Number of Shares		6250682	6250682	6250682
		Percentage of Shareholding		29.83	29.83	29.83
18		Promoters and Promoter group
		a) Pledged/Encumbered
		Number of shares		--	--	--
		Percentage of Shares (as a % of the total shareholding of promoter and promoter group)		--	--	--
		Percentage of Shares (as a % of the total share capital of the Company)		--	--	--
		b) Non-encumbered
		Number of shares		14699995	14699995	14699995
		Percentage of Shares (as a % of the total shareholding of promoter and promoter group)		100.00	100.00	100.00
		Percentage of Shares (as a % of the total share capital of the Company)		70.17	70.17	70.17
		Particulars				3 months ended 30.09.2014
		INVESTOR COMPLAINTS
		Pending at the beginning of the quarter				NIL
		Received during the quarter				2
		Disposed off during the quarter				2
		Remaining unresolved at the end of the quarter				NIL

STATEMENT OF ASSETS AND LIABILITIES

SOURCES OF FUNDS	30.09.2014
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	249.257
(b) Reserves & Surplus	783.373
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	1032.630
(3) Non-Current Liabilities
(a) long-term borrowings	21.110
(b) Deferred tax liabilities (Net)	31.038
(c) Other long term liabilities	0.000
(d) long-term provisions	4.021
Total Non-current Liabilities (3)	56.169
(4) Current Liabilities
(a) Short term borrowings	62.574
(b) Trade payables	66.050
(c) Other current liabilities	56.935
(d) Short-term provisions	0.000
Total Current Liabilities (4)	185.559
TOTAL	1274.358
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	248.186
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	90.370
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	84.269
(e) Other Non-current assets	5.320
Total Non-Current Assets	428.145
(2) Current assets
(a) Current investments	0.000
(b) Inventories	74.886
(c) Trade receivables	649.942
(d) Cash and cash equivalents	23.639
(e) Short-term loans and advances	46.630
(f) Other current assets	51.116
Total Current Assets	846.213
TOTAL	1274.358

Notes:

1. The above un-audited financial results after being reviewed by the Audit committee were approved by the Board of Directors in their meeting held on 29^th October, 2014. The statutory auditors of the Company have carried out limited review of the above results.

2. Figures of the previous periods have been regrouped/ rearranged wherever necessary to make them comparable with current period's classification.

3. The Company is primary engaged in computers and related softwares & IT services. As the basic nature of these activities are governed by same set of operating procedures, as such it is the only reportable business segment.

The Board of Directors at its meeting held on 30th May, 2014 has approved, subject to the approval of the members, court and other authorities whose approval is required, the “Scheme of Amalgamation & Arrangement between PCS International Limited, Mauritius ('PIL Mauritius') and PCS Technology Limited ('PTL' or 'the Company') and their respective Shareholders ” pursuant to Section 391 to 394 to read with sections 100 to 103 of the Companies Act, 1956 and Section 52 of the Companies Act, 2013. The Company has received approvals from BSE Ltd and Pune Stock Exchange Ltd pursuant to clause 24(f) of the Listing Agreement. The Company has filed necessary application with the Hon’ble High Court of Bombay, seeking their directions to convene meetings of the shareholders and creditors for their considerations. The Company is awaiting the directions of the Hon’ble High Court of Bombay in this regards.

FIXED ASSETS:

Tangible Assets

• Freehold Land
• Leasehold Land
• Building
• Plant and Equipment
• Furniture and Fixture
• Vehicle
• Office Equipment

Intangible Assets

• 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 judgment 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.61.39
UK Pound	1	Rs.98.00
Euro	1	Rs.76.98

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUM
Report Prepared by :	JAY

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.