MIRA INFORM REPORT

Report Date :

26.09.2014

IDENTIFICATION DETAILS

Name :	EPICENTER TECHNOLOGIES PRIVATE LIMITED
Registered Office :	Salasar Business Park, Off 150 ft. Flyover Road, Near Maxus Mall, Bhayander (West), Bhayander – 401101, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	05.01.2000
Com. Reg. No.:	11-140702
Capital Investment / Paid-up Capital :	Rs. 583.806 Millions
CIN No.: [Company Identification No.]	U72900MH2000PTC140702
PAN No.: [Permanent Account No.]	AAACE6662P
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is a Customer Contact Centre providing Voice and Non Voice Services in the areas of Collections, Sales and Customer Service.
No. of Employees :	800 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is an established company having moderate track record. The rating takes into consideration company’s moderate financial risk profile and huge accumulated losses incurred by the company. However, trade relations are fair. Business is active. Payment terms ae reported to be slow but correct. The company can be considered for business dealing 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

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.

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 (GENERAL DETAILS)

Name :	Ms. Pramila
Designation :	Finance Department
Contact No.:	91-22-67582800
Date :	25.09.2014

LOCATIONS

Registered Office :	Salasar Business Park, Off 150 ft. Flyover Road, Near Maxus Mall, Bhayander (West), Bhayander – 401101, Maharashtra, India
Tel. No. :	91-22-67582800/ 67582850/ 67582806
Fax No. :	91-22-67582900
E-Mail :	manjari.sabnis@epicentertechnology.com info@epicentertechnology.com sales@epicentertechnology.com
Website :	www.epicentertechnology.com
Location :	Rented

DIRECTORS

As on 30.09.2013

Name :

Mr. Babasaheb Neelkanth Kalyani

Designation :

Director

Address :

'Amit', 221 / A, Kalyani Nagar, Pune – 411006, Maharashtra, India

Date of Birth/Age :

07.01.1949

Date of Appointment :

06.10.2000

DIN No. :

00089380

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	L27104MH1973PLC016350	KALYANI STEELS LIMITED	Director	15-02-1984	15-02-1984	-	Active	NO
2	L15421PN1939PLC006738	THE UGAR SUGAR WORKS LIMITED	Director	31-01-1986	31-01-1986	19-03-2010	Active	NO
3	L24200MH1988PTC048028	HIKAL LIMITED	Director	05-02-1992	05-02-1992	-	Active	NO
4	L25209PN1961PLC012046	BHARAT FORGE LIMITED	Managing director	30-03-2013	30-03-1993	-	Active	NO
5	U29303PN1996PLC096395	KALYANI HAYES LEMMERZ LIMITED	Director	18-01-1996	18-01-1996	-	Active	NO
6	U91110PN1965NPL018870	ASSOCIATION OF INDIAN FORGING INDUSTRY	Director	29-12-1997	29-12-1997	-	Active	NO
7	L51909KA1981PLC004198	AUTOMOTIVE AXLES LIMITED	Director	05-03-1998	05-03-1998	-	Active	NO
8	U85110KA1996PLC019619	NANDI INFRASTRUCTURE CORRIDOR ENTERPRISE LIMITED	Director	19-02-1999	19-02-1999	27-06-2013	Active	NO
9	U29221KA1998PLC023383	MERITOR HVS (INDIA) LIMITED	Director	25-03-1999	25-03-1999	-	Active	NO
10	U27106PN1998PTC012742	CARPENTER KALYANI SPECIAL ALLOYS PRIVATE LIMITED	Director	02-08-1999	02-08-1999	24-12-2009	Active	NO
11	U27105PN1998PLC012724	KALYANI CARPENTER SPECIAL STEELS LIMITED	Director	26-08-2014	02-08-1999	-	Active	NO
12	L40108PN2000PLC015323	BF UTILITIES LIMITD	Director	15-09-2000	15-09-2000	-	Active	NO
13	U72900MH2000PTC140702	EPICENTER TECHNOLOGIES PRIVATE LIMITED	Director	06-10-2000	06-10-2000	-	Active	NO
14	U74999PN2003PLC018350	TRUE VALUE HOLDINGS LIMITED	Director	12-09-2003	12-09-2003	09-07-2010	Amalgamated	NO
15	U99999MH1956NPL009708	THE INDO GERMAN CHAMBER OF COMMERCE	Director	28-09-2005	28-09-2005	-	Active	NO
16	U85110KA2000PLC026939	NANDI ECONOMIC CORRIDOR ENTERPRISES LIMITED.	Director	30-09-2006	20-01-2006	27-06-2013	Active	NO
17	U65991MH2002GOI137868	UTI TRUSTEE COMPANY PRIVATE LIMITED	Director	26-09-2006	27-03-2006	23-08-2011	Active	NO
18	U31909PN2006PLC129138	BF SYSTEMS LIMITED	Director	29-09-2006	29-09-2006	-	Strike off	NO
19	U45203PN2008PTC131242	KHED ECONOMIC INFRASTRUCTURE PRIVATE LIMITED	Director	04-01-2008	04-01-2008	-	Active	NO
20	U70102PN2008PLC131478	KHED DEVELOPERS LIMITED	Director	21-02-2008	21-02-2008	24-12-2009	Active	NO
21	U40102PN2007PTC130881	KENERSYS INDIA PRIVATE LIMITED	Nominee director	13-05-2008	13-05-2008	30-03-2009	Active	NO
22	U40106DL2008PLC179793	BF-NTPC ENERGY SYSTEMS LIMITED	Nominee director	19-06-2008	19-06-2008	-	Active	NO
23	L65993PN2009PLC134021	BF INVESTMENT LIMITED	Director	22-11-2010	26-05-2009	-	Active	NO
24	U29128DL2010PLC197806	KALYANI ALSTOM POWER LIMITED	Director	06-07-2011	08-01-2010	-	Active	NO
25	U29111DL2010FLC197807	ALSTOM BHARAT FORGE POWER LIMITED	Director	08-01-2010	08-01-2010	-	Active	NO
26	U45203PN2010PLC136755	BF INFRASTRUCTURE LIMITED	Director	02-08-2011	05-07-2010	01-06-2012	Active	NO
27	U35923PN2010PLC137191	IMPACT AUTOMOTIVE SOLUTIONS LIMITED	Director	25-08-2010	25-08-2010	-	Active	NO
28	U85100PN2011NPL141427	INSTITUTE FOR PROSTATE CANCER	Director	22-11-2011	22-11-2011	-	Active	NO
29	U29270PN2012PTC144268	BF ELBIT ADVANCED SYSTEMS PRIVATE LIMITED	Director	24-07-2013	29-01-2013	-	Active	NO

Name :

Mr. Amit Babasaheb Kalyani

Designation :

Director

Address :

'Amit', 221 / A, Kalyani Nagar, Pune – 411006, Maharashtra, India

Date of Birth/Age :

26.07.1975

Date of Appointment :

06.10.2000

DIN No. :

00089430

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	U72200PN2000PTC014486	Tomtom India Private Limited	Director	15-02-2000	15-02-2000	18-05-2009	Active	NO
2	U72900MH2000PTC140702	EPICENTER TECHNOLOGIES PRIVATE LIMITED	Director	06-10-2000	06-10-2000	-	Active	NO
3	U74999PN2003PLC018350	TRUE VALUE HOLDINGS LIMITED	Director	12-09-2003	12-09-2003	09-07-2010	Amalgamated	NO
4	U85110KA2000PLC026939	NANDI ECONOMIC CORRIDOR ENTERPRISES LIMITED.	Director	23-12-2003	23-12-2003	27-06-2013	Active	NO
5	U85110KA1996PLC019619	NANDI INFRASTRUCTURE CORRIDOR ENTERPRISE LIMITED	Director	21-04-2004	21-04-2004	27-06-2013	Active	NO
6	L25209PN1961PLC012046	BHARAT FORGE LIMITED	Whole-time director	11-05-2014	11-05-2004	-	Active	NO
7	L27104MH1973PLC016350	KALYANI STEELS LIMITED	Director	22-05-2004	22-05-2004	-	Active	NO
8	U65999PN1982PTC026572	BALACHANDRA INVESTMENT LIMITED	Director	01-08-2005	01-08-2005	26-12-2009	Amalgamated	NO
9	U65993MH1987PLC045103	JALAKUMBHI INVESTMENT AND FINANCE LIMITED	Director	01-08-2005	01-08-2005	26-12-2009	Amalgamated	NO
10	U65993MH1987PLC045104	JALAKAMAL INVESTMENT AND FINANCE LIMITED.	Director	01-08-2005	01-08-2005	26-12-2009	Amalgamated	NO
11	U65993MH1983PLC031155	FORGE INVESTMENT LIMITED	Director	01-08-2005	01-08-2005	26-12-2009	Amalgamated	NO
12	U65993MH1983PLC031149	MUNDHWA INVESTMENT LIMITED	Director	01-08-2005	01-08-2005	25-02-2009	Amalgamated	NO
13	L40108PN2000PLC015323	BF UTILITIES LIMITD	Director	01-08-2005	01-08-2005	-	Active	NO
14	L72200PN1990PLC059594	KPIT TECHNOLOGIES LIMITED	Director	06-07-2007	30-05-2006	-	Active	NO
15	U31909PN2006PLC129138	BF SYSTEMS LIMITED	Director	29-09-2006	29-09-2006	-	Strike off	NO
16	U45209PN2006PTC128339	CROCUS PROPERTIES PRIVATE LIMITED	Director	22-01-2007	22-01-2007	09-07-2010	Active	NO
17	U27100PN2007PTC129759	PUNE POWER DEVELOPMENT PRIVATE LIMITED	Director	19-03-2007	19-03-2007	01-09-2009	Active	NO
18	U74210MH1997PLC105730	KALYANI INFOTECH SOLUTIONS LIMITED	Director	12-07-2007	12-07-2007	03-09-2012	Active	NO
19	U45203PN2008PTC131242	KHED ECONOMIC INFRASTRUCTURE PRIVATE LIMITED	Director	04-01-2008	04-01-2008	-	Active	NO
20	U70102PN2008PLC131478	KHED DEVELOPERS LIMITED	Director	21-02-2008	21-02-2008	24-09-2012	Active	NO
21	U40102PN2007PTC130881	KENERSYS INDIA PRIVATE LIMITED	Nominee director	13-05-2008	13-05-2008	30-03-2009	Active	NO
22	U40106DL2008PLC179793	BF-NTPC ENERGY SYSTEMS LIMITED	Nominee director	19-06-2008	19-06-2008	-	Active	NO
23	U65993PN1976ULT018893	AJINKYA INVESTMENT AND TRADING COMPANY	Director	29-09-2008	04-08-2008	08-05-2012	Active	NO
24	L65993PN2009PLC134021	BF INVESTMENT LIMITED	Director	22-11-2010	26-05-2009	-	Active	NO
25	L65993PN2009PLC134196	KALYANI INVESTMENT COMPANY LIMITED	Director	24-11-2010	16-09-2009	-	Active	NO
26	U29128DL2010PLC197806	KALYANI ALSTOM POWER LIMITED	Director	06-07-2011	08-01-2010	-	Active	NO
27	U10100DL2010PTC204914	KALYANI MINING VENTURES PRIVATE LIMITED	Director	29-06-2010	29-06-2010	-	Active	NO
28	U45203PN2010PLC136755	BF INFRASTRUCTURE LIMITED	Director	02-08-2011	05-07-2010	08-10-2013	Active	NO
29	L24200MH1988PTC048028	HIKAL LIMITED	Additional director	09-02-2012	22-07-2010	-	Active	NO
30	U35923PN2010PLC137191	IMPACT AUTOMOTIVE SOLUTIONS LIMITED	Director	25-08-2010	25-08-2010	-	Active	NO
31	U99999DL1959PLC176013	AUTOMOTIVE COMPONENT MANUFACTURERS ASSOCIATION OF INDIA	Director	06-09-2011	06-09-2011	05-09-2012	Active	NO
32	U74999PN2011PTC141365	KHED TEXTILE PARK PRIVATE LIMITED	Director	17-11-2011	17-11-2011	-	Active	NO
33	U85100PN2011NPL141427	INSTITUTE FOR PROSTATE CANCER	Director	22-11-2011	22-11-2011	-	Active	NO
34	U29270PN2012PTC144268	BF Elbit Advanced Systems Private Limited	Director	24-07-2013	29-01-2013	-	Active	NO
35	U27105PN1998PLC012724	KALYANI CARPENTER SPECIAL STEELS LIMITED	Additional director	19-08-2013	19-08-2013	-	Active	NO
36	L51909KA1981PLC004198	AUTOMOTIVE AXLES LIMITED	Director	10-02-2014	25-11-2013	-	Active	NO

Name :

Mr. Pravin Ratilal Gandhi

Designation :

Nominee Director

Address :

19, Fulchand Niwas, Chowpatti, Seaface, Mumbai – 400007, Maharashtra, India

Date of Birth/Age :

29.06.1944

Date of Appointment :

05.02.2009

DIN No. :

00694153

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	U67120MH1992PTC065756	RATILAL HOLDINGS PVT LIMITED	Director	18-06-1992	18-06-1992	01-06-2009	Active	NO
2	U51900MH1993PTC071333	RATILAL GENERAL TRADING COMPANY PVT LIMITED	Director	26-03-1993	26-03-1993	01-06-2009	Active	NO
3	U33110MH1997PTC111307	SCHILLER HEALTHCARE INDIA PRIVATE LIMITED	Director	15-10-1997	15-10-1997	-	Active	NO
4	U67120MH1992PTC065765	GAURANG SECURITIES PVT LIMITED	Director	26-05-1999	26-05-1999	-	Active	NO
5	U67120MH1992PTC067411	RAKU HOLDING PRIVATE LIMITED	Director	26-05-1999	26-05-1999	-	Active	NO
6	U67120MH1992PTC065747	RATI HOLDING PRIVATE LIMITED	Director	01-07-1999	01-07-1999	01-06-2009	Active	NO
7	U65991MH1999PTC121901	INFINITY TECHNOLOGY TRUSTEE PRIVATE LIMITED	Director	23-09-1999	23-09-1999	-	Active	NO
8	U67120MH1999PTC209227	INFINITY TECHNOLOGY INVESTMENTS PRIVATE LIMITED	Director	25-09-1999	25-09-1999	-	Active	NO
9	U72300TN1998PTC041627	CENZA TECHNOLOGIES PRIVATE LIMITED	Director	22-09-2000	22-09-2000	-	Active	NO
10	U72900MH2000PTC140702	EPICENTER TECHNOLOGIES PRIVATE LIMITED	Nominee director	05-02-2009	25-05-2002	-	Active	NO
11	U22190KA1997FTC022250	BRILLIO TECHNOLOGIES PRIVATE LIMITED	Director	29-07-2003	29-07-2003	30-06-2007	Active	NO
12	L74140PN1986PLC041033	ACCELYA KALE SOLUTIONS LIMITED	Director	31-01-2004	31-01-2004	07-07-2011	Active	NO
13	U85110KA1989PLC014450	MICROLAND LIMITED	Director	07-09-2004	07-09-2004	-	Active	NO
14	U72900MH2004PTC149997	SAFE HOUSE INFORMATION MANAGEMENT SOLUTIONS PRIVATE LIMITED	Director	28-09-2005	20-04-2005	-	Active	NO
15	U99999MH1999PTC123358	AVENDUS CAPITAL PRIVATE LIMITED	Director	24-05-2005	24-05-2005	-	Active	NO
16	U67120MH2006PTC162412	SEED ADVISORS PRIVATE LIMITED	Director	17-05-2006	17-05-2006	-	Active	NO
17	U72900MH2005PTC157623	PRINTO DOCUMENT SERVICES PRIVATE LIMITED	Director	24-09-2007	25-11-2006	-	Active	NO
18	U72900DL2000PTC104376	BANYAN NETFAQS PRIVATE LIMITED	Additional director	09-08-2007	09-08-2007	27-05-2011	Active	NO
19	U65910TG1999PLC031548	SHARE MICROFIN LIMITED	Director	25-09-2007	25-09-2007	24-03-2009	Active	NO
20	U72200MH2003PTC244158	Automotive Exchange Private Limited	Director	20-10-2008	11-10-2008	16-12-2010	Active	NO
21	U72200GJ2006PTC049294	THINKLABS TECHNOSOLUTIONS PRIVATE LIMITED	Nominee director	14-11-2008	14-11-2008	-	Active	NO
22	U51909MH2011PTC213538	Promada Marketing Private Limited	Additional director	20-12-2011	20-12-2011	22-11-2013	Active	NO
23	U85100MH2011PTC215949	Jeevanti Healthcare Private Limited	Nominee director	20-01-2012	20-01-2012	06-02-2014	Active	NO
24	U74999MH2010PTC199387	NEVALES NETWORKS PRIVATE LIMITED	Additional director	19-03-2012	19-03-2012	07-10-2013	Active	NO
25	U33112MH2010PTC209530	TOTAL DENTAL CARE PRIVATE LIMITED	Nominee director	30-09-2013	25-01-2013	-	Active	NO
26	AAA-2639	SEEDFUND ADVISORS LLP	Designated Partner	28-10-2010	28-10-2010	-	Active	NO

Name :

Mr. Rajesh Thankappan

Designation :

Director

Address :

1497, Hopkins Street 2b Berkeley, California, 94702, United States of America

Date of Birth/Age :

47 Years

Qualification :

M.S.

Experience :

19 Years

Date of Appointment :

09.10.2006

DIN No. :

01237885

Name :

Kenneth Alan Eldred

Designation :

Director

Address :

1075, West Ridge, Dr. Portolo Valley, C.A. 9 4028, U.S.A

Date of Appointment :

06.10.2000

DIN No. :

01309621

KEY EXECUTIVES

Name :	Ms. Pramila
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
BF Investment Limited, India	16183636	27.72
Kenneth Eldred	11113495	19.04
Kenneth and Roberta Eldred	5081887	8.70
Sundaram Trading And Investment Private Limited, India	16467445	28.21
Seignior Exports Private Limited, India	3000000	5.14
Suarabh Srivastava	3000000	5.14
Pravin Gandhi	3534118	6.05
Total	58380581	100.00

As on 30.09.2013

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	27.74
Bodies corporate	61.07
Directors or relatives of Directors	6.05
Other top fifty shareholders	5.14
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is a Customer Contact Centre providing Voice and Non Voice Services in the areas of Collections, Sales and Customer Service.
Terms :
Selling :	Cheque
Purchasing :	Cheque

GENERAL INFORMATION

No. of Employees :

800 (Approximately)

Bankers :

· Axis Bank Limited, Trishul, 3^rd Floor Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad - 380006, Gujarat, India

State Bank of India, SME Branch, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Working capital loans from banks (Hypothecation of the Fixed Assets like hardware, equipments, telecom, furniture and fixtures outs etc to be purchased out of bank finance)	100.351	77.224
Rupee term loans from banks (Hypothecation of the Fixed Assets like hardware, equipments, telecom, furniture and fixtures outs etc to be purchased out of bank finance)	0.000	17.630
Total	100.351	94.854

Banking Relations :	--
Auditors :
Name :	D.A. Oak and Company Chartered Accountants
Address :	Thane, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAPO6133A
Subsidiary Companies :	Epicenter Technologies Inc., U. S. A Epicenter Technologies (Canada) Inc.
Other Related Parties :	· Sundaram Trading and Investement Private Limited CIN No.: U67110MH1976PTC018904 BF Investment Limited CIN No.: L65993PN2009PLC134021

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
60,000,000	Equity Shares	Rs.10/- each	Rs. 600.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
58,380,581	Equity Shares	Rs.10/- each	Rs. 583.806 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	583.806	571.429	493.730
(b) Reserves & Surplus	(687.804)	(644.760)	(610.559)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	10.085	0.400	56.696
Total Shareholders’ Funds (1) + (2)	(93.913)	(72.931)	(60.133)
(3) Non-Current Liabilities
(a) long-term borrowings	94.803	94.425	122.311
(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	25.507	21.943	19.045
Total Non-current Liabilities (3)	120.310	116.368	141.356
(4) Current Liabilities
(a) Short term borrowings	100.351	96.854	62.997
(b) Trade payables	27.841	37.255	44.908
(c) Other current liabilities	1.529	1.596	1.749
(d) Short-term provisions	13.141	19.253	19.902
Total Current Liabilities (4)	142.862	154.958	129.556
TOTAL	169.259	198.395	210.779
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	62.145	86.898	108.943
(ii) Intangible Assets	4.661	8.911	7.321
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.008	0.038	0.138
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	66.814	95.847	116.402
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	68.837	71.021	57.596
(d) Cash and cash equivalents	2.301	3.447	1.335
(e) Short-term loans and advances	29.914	26.354	34.583
(f) Other current assets	1.393	1.726	0.863
Total Current Assets	102.445	102.548	94.377
TOTAL	169.259	198.395	210.779

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
SALES
	Income
	Other Income
	TOTAL	330.238	429.573	NA
EXPENSES
	TOTAL	373.277	463.774	NA
PROFIT/ (LOSS) BEFORE TAX		(43.040)	(34.201)	(62.327)
TAX		0.000	0.000	0.000
PROFIT/ (LOSS) AFTER TAX		(43.040)	(34.201)	(62.327)
EARNINGS IN FOREIGN CURRENCY		325.857	NA	353.596
IMPORTS
	Capital Goods	NA	NA	7.434
TOTAL IMPORTS		NA	NA	7.434
Earnings / (Loss) Per Share (Rs.)		(0.74)	(0.60)	(1.26)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(13.03)	(7.96)	NA
Return on Total Assets (PBT/Total Assets}	(%)	(25.43)	(17.24)	(29.59)
Return on Investment (ROI) (PBT/Networth)		0.46	0.47	1.04
Debt Equity Ratio (Total Debt/Networth)		(2.08)	(2.62)	(3.08)
Current Ratio (Current Asset/Current Liability)		0.72	0.66	0.73

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	493.730	571.429	583.806
Reserves & Surplus	(610.559)	(644.760)	(687.804)
Share Application money pending allotment	56.696	0.400	10.085
Net worth	(60.133)	(72.931)	(93.913)
long-term borrowings	122.311	94.425	94.803
Short term borrowings	62.997	96.854	100.351
Total borrowings	185.308	191.279	195.154
Debt/Equity ratio	(3.082)	(2.623)	(2.078)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Total Income	429.573	330.238
		(23.124)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Total Income	429.573	330.238
Profit	(34.201)	(43.040)
	(7.96%)	(13.03%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	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 three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
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	No

LITIGATION DETAILS

HIGH COURT OF BOMBAY
CASE DETAILS
BENCH:- BOMBAY
PRESENTATION DATE:- 11/06/2014
LODGING NO:- ARBPL/901/2014		FILING DATE:- 11/06/2014		REG. NO.: ARBP/963/2014		REG. DATE: 15/07/2014
PETITIONER:-	VECTOR PROJECTS (INDIA) PRIVATE LIMITED		RESPONDENT:-		EPICENTER TECHNOLOGIES PRIVATE LIMITED
PETN.ADV:-	SURENKUMAR B SHETTY (I2992)
DISTRICT:-	MUMBAI
BENCH:-	SINGLE
STATUS:-	PRE-ADMISSION		CATEGORY:-		ARBITRATION ACT.
LAST DATE:-	11/08/2014		STAGE:-		ARBP FOR HEARING AND FINAL DISPOSAL U/S 9
LAST CORAM:-	PROVISIONAL BOARD
ACT:-	ARBITRATION AND CONCILIATION ACT 1996
UNDER SECTION:-	9

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90350212	18/06/2013 *	142,500,000.00	AXIS BANK LIMITED	TRISHUL 3RD FLOOR OPPOSITE SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	B81209777

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	51.270	50.711
Rupee term loans from others	43.533	43.714
SHORT TERM BORROWINGS
Pravin Gandhi (Short Term Loan)	0.000	2.000
Total	94.803	96.425

CORPORATE INFORMATION

Subject is a company registered and formed under the Companies Act,1956. It is a Customer Contact Centre providing Voice and Non Voice Services in the areas of Collections, Sales and Customer Service.

FIXED ASSETS

Tangible Assets

· Leasehold Building

Computer Equipment

Furniture and Fixtures

Plant and Machinery

Intangible Assets

· Software Licenses

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.61.02
UK Pound	1	Rs.99.43
Euro	1	Rs.77.84

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KAR
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	--
--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	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.