MIRA INFORM REPORT

Report No. :	307333
Report Date :	12.02.2015

IDENTIFICATION DETAILS

Name :	GLODYNE TECHNOSERVE LIMITED (w.e.f. 28.09.2007)
Formerly Known As :	PARADYNE INFOTECH LIMITED
Registered Office :	801, Balarama, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	05.12.1997
Com. Reg. No.:	11-112281
Capital Investment / Paid-up Capital :	Rs.270.906 Millions
CIN No.: [Company Identification No.]	L51100MH1997PLC112281
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACP6847P
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in Technology Infrastructure Management Services and Application Software Services including providing turnkey solutions for large scale technology projects, technology maintenance and management.
No. of Employees :	Information declined by the management.

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
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Management of the company has not filed its latest financials i.e.2014 with the government department. As per the available financial of 2013, there seems some dip in the turnover and profit of the company. However, trade relations are reported as fair. Business is active. Payments terms are reported to be slow. The company can be considered for business dealings with great caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Commercial Paper Programme (D) (Suspended)
Rating Explanation	The company is in default or expected to be in default soon.
Date	October, 2013

Reason for Suspended : Inability to carry out rating in absence of requisite information from the company.

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 DENIED

Management Non-Co-operative (91-22-26518383)

LOCATIONS

Registered Office :	801, Balarama, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India
Tel. No.:	91-22-26518383
Fax No.:	Not Available
E-Mail :	amit.jaste@glodyne.com mumbai@glodyne.com
Website :	http://www.glodynetechnoserve.in
Corporate Office :	C-03, Ground Floor, Fortune 2000, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra, India
Tel. No.:	91-22-66963333
Fax No.:	91-22-66963344
E-Mail :	corporate@glodyne.com cs@glodyne.com
Support Center :	53-2476, Radheshyam, Gandhinagar, Bandra (East), Mumbai – 400 051, Maharashtra, India
Pune (Tech-Center 1) :	Kshitij, Plot No.38, Rajeev Gandhi Infortech Park, Hinjewadi, Pune – 411 057, Maharashtra, India
Mumbai (Tech-Center 2) :	A-3, Unit No.215, Sector 1, Millennium Business Park, Mahape, Navi Mumbai – 400 709, Maharashtra, India
Tel No.:	91-22-27781018
Fax No.:	91-22-27781019
Email :	support@glodyne.com
Branch Office :	Located at: v Pune v Bangalore v Patna v Hyderabad v Lucknow v Noida v Kolkata v Gadchiroli v Ahmedabad v Chandigarh
Overseas Office 1 :	West Coast 2700 Augustine Drive Ste 190, Santa Clara CA 95054
Tel. No.:	(408) 340-5017
Fax No.:	(408) 988-3965
Overseas Office 2 :	North America 426 West Lancaster Avenue, Devon, Pennsylvania 19333
Tel. No.:	(800) 767-2876 Sales Inquiries: (888) 287-9202
Fax No.:	(610) 296-2910

DIRECTORS

As on 29.12.2012

Name :	Mr. Annand Madhavrao Sarnaaik
Designation :	Chairman cum Managing Director
Address :	402, Jairaj CHS Limited, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra, India
Date of Birth/Age :	15.02.1968
Date of Appointment :	25.09.2007
DIN No.:	00041562
Name :	Mrs. Divvyani Annand Sarnaaik
Designation :	Whole-Time Director
Address :	402, Jairaj CHS Limited, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra, India
Date of Birth/Age :	31.07.1971
Date of Appointment :	25.09.2007
DIN No.:	00041482
Name :	Mr. Ram Sharan Ganesh Prasad Sinha
Designation :	Director
Address :	W-106, Iind Floor, Block –W, Greater Kaila SH-I, New Delhi – 110048, Delhi, India
Date of Birth/Age :	21.09.1951
Date of Appointment :	24.12.2010
DIN No.:	00300530
Name :	Mr. Samar Sudhindranath Ray
Designation :	Director
Address :	719, Cornfield Road, Kolkata – 700 019, West Bengal, India
Date of Birth/Age :	19.01.1949
Date of Appointment :	15.09.2011
DIN No.:	03599839

KEY EXECUTIVES

Name :	Mr. Amit Prakash Jaste
Designation :	Company Secretary
Address :	B-404, Chamunda Apartments, Dahisar (East), Mumbai – 400 068, Maharashtra, India
Date of Birth/ Age :	18.02.1980
Date of Appointment :	27.12.2004
PAN No.:	AGDPJ1508R

SHAREHOLDING PATTERN

As on 30.06.2014

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	8167945	18.09
Bodies Corporate	1240000	2.75
Sub Total	9407945	20.84
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	9407945	20.84
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	1004425	2.22
Venture Capital Funds	5966	0.01
Foreign Institutional Investors	1899484	4.21
Any Others (Specify)	333333	0.74
Foreign Financial Institutions	333333	0.74
Sub Total	3243208	7.18
(2) Non-Institutions
Bodies Corporate	10456166	23.16
Individuals
Individual shareholders holding nominal share capital up to Rs. 1 lakh	11743818	26.01
Individual shareholders holding nominal share capital in excess of Rs. 1 lakh	8971657	19.87
Any Others (Specify)	1328300	2.94
Clearing Members	135319	0.30
Non Resident Indians	1192898	2.64
Trusts	83	0.00
Sub Total	32499941	71.98
Total Public shareholding (B)	35743149	79.16
Total (A)+(B)	45151094	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)	45151094	100.00

Shareholding of securities (including shares, warrants, convertible securities) of persons 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	Annand Sarnaaik	5560163	12.31
2	Divvyani A Sarnaaik	2607782	5.78
3	Glodyne Global Private Limited	1240000	2.75
	Total	9407945	20.84

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares
1	Karvy Financial Services Limited	1430816	3.17
2	ACG Associated Capsules Private Limited	1060999	2.35
3	Cerberus Partners L P	1025000	2.27
4	Vanaja Sundar	870667	1.93
5	Vanaja Sundar Iyer	833667	1.85
6	Sicom Limited	710700	1.57
7	ICICI Securities Limited	617140	1.37
8	Rinsel Technologies India Private Limited	507407	1.12
	Total	7056396	15.63

Details of Locked-in Shares

Sl. No.	Name of the Shareholder	No. of Shares	Locked-in Shares as % of Total No. of Shares
1	Glodyne Global Private Limited	10,00,000	2.21
	Total	10,00,000	2.21

BUSINESS DETAILS

Line of Business :

Subject is engaged in Technology Infrastructure Management Services and Application Software Services including providing turnkey solutions for large scale technology projects, technology maintenance and management.

Products :

Item Code No. (ITC Code)	Product Description
99611841	Technology Infrastructure Management Services

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Information declined by the management.

Bankers :

• ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India
• Saraswat Co-operative Bank Limited

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loans from banks	1398.782	1464.488
Other loans and advances	0.000	4.152
SHORT TERM BORROWINGS
Loans repayable on demand	1764.194	1611.349
Total	3162.976	3079.989

Auditors :
Name :	N.M. Kapadia and Company Chartered Accountants
Address :	104, Amrapali, R S Maharaj Marg, Telli Gulli, Andheri, Mumbai – 400069, Maharashtra, India
PAN No.:	AAEFN0307K
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries :	· DecisionOne Corporation (Subsidiary of Glodyne Technoserve Inc.-U.S.A.), 426 West Lancaster Avenue, Devon, Pennsylavania 19333 · Smaarftech Technologies Private Limited, Plot 538, A.G. Palace, East Boring Canal Road, Patna – 800 001, Bihar, India · Glodyne Technoserve Inc., 2700 Augustine Drive Ste 190, Santa Clara CA 95054 · Glodyne Peoplepower Limited, India · Compulink USA Inc., USA · Compulink Europe Limited - U.K. · Glodyne Technoserve (East) Inc.-U.S.A. (Subsidiary of Glodyne Technoserve Inc.-U.S.A)
Enterprise over which certain KMP exercise significant influence :	· Growdyne Techzone Services Limited · Glodyne Global Private Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
90000000	Equity Shares	Rs.6/-each	Rs.540.000 Millions
8500000	Preference Shares	Rs.6/-each	Rs.51.000 Millions
	Total		Rs.591.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
45151094	Equity Shares	Rs.6/-each	Rs.270.906 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	270.907	269.959	262.951
(b) Reserves & Surplus	5959.988	7868.397	4867.832
(c) Money received against share warrants	0.000	150.000	108.000
(2) Share Application money pending allotment	0.000	2.521	0.408
Total Shareholders’ Funds (1) + (2)	6230.895	8290.877	5239.191
(3) Non-Current Liabilities
(a) long-term borrowings	1398.782	1468.640	79.462
(b) Deferred tax liabilities (Net)	0.000	70.552	162.038
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	5.746	11.222	9.097
Total Non-current Liabilities (3)	1404.528	1550.414	250.597
(4) Current Liabilities
(a) Short term borrowings	2552.080	1861.349	1326.144
(b) Trade payables	696.437	465.704	147.461
(c) Other current liabilities	1458.712	893.094	156.928
(d) Short-term provisions	467.891	1373.194	503.872
Total Current Liabilities (4)	5175.120	4593.341	2134.405
TOTAL	12810.543	14434.632	7624.193
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2604.337	2694.601	777.332
(ii) Intangible Assets	180.680	313.180	376.493
(iii) Capital work-in-progress	24.593	60.080	34.770
(iv) Intangible assets under development	0.000	0.000	14.584
(b) Non-current Investments	1846.481	1871.229	1515.485
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2923.176	3772.232	1621.545
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	7579.267	8711.322	4340.209
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	480.739	42.260	15.737
(c) Trade receivables	2497.058	3011.712	1813.901
(d) Cash and cash equivalents	16.013	295.159	350.172
(e) Short-term loans and advances	2201.644	2300.523	1097.278
(f) Other current assets	35.822	73.656	6.896
Total Current Assets	5231.276	5723.310	3283.984
TOTAL	12810.543	14434.632	7624.193

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	11456.171	15576.531	9820.745
	Other Income	415.708	548.174	67.437
	TOTAL	11871.879	16124.705	9888.182
Less	EXPENSES
	Employees benefits expense	1096.991	1417.059	857.329
	Other expenses	9379.865	10094.600	6588.073
	TOTAL	10476.856	11511.659	7445.402
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	1395.023	4613.046	2442.780
Less	FINANCIAL EXPENSES	678.276	428.125	205.466
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	716.747	4184.921	2237.314
Less/ Add	DEPRECIATION/ AMORTISATION	693.751	407.942	234.884
	PROFIT/ (LOSS) BEFORE TAX	22.996	3776.979	2002.430
Less	TAX	22.896	1206.495	560.815
	PROFIT/ (LOSS) AFTER TAX	0.100	2570.484	1441.615
	Earnings / (Loss) Per Share (Rs.)	0.00	56.93	31.93

QUARTERLY RESULTS

Particulars (Rs.In Millions)	Dec 2013	Sep 2013	Jun 2013	Mar 2014	Jun 2014	Sep 2014
Audited / UnAudited	UnAudited	UnAudited	UnAudited	UnAudited	UnAudited	UnAudited
Net Sales	105.000	311.200	916.700	42.600	31.900	16.400
Total Expenditure	860.000	961.100	1451.400	5149.500	107.300	545.200
PBIDT (Excl OI)	(755.000)	(650.000)	(534.700)	(5106.900)	(75.400)	(528.800)
Other Income	140.400	248.100	237.400	21.200	36.600	17.800
Operating Profit	(614.700)	(401.900)	(297.300)	(5085.700)	(38.800)	(511.000)
Interest	163.500	207.900	143.200	189.500	171.300	222.500
Exceptional Items	0.000	0.000	0.000	0.000	0.000	0.000
PBDT	(778.100)	(609.800)	(440.500)	(5275.200)	(210.100)	(733.500)
Depreciation	175.600	180.000	175.600	126.500	44.100	44.300
Profit Before Tax	(953.700)	(789.800)	(616.100)	(5401.700)	(254.100)	(777.800)
Tax	0.000	0.000	0.000	0.000	0.000	0.000
Provisions and contingencies	0.000	0.000	0.000	0.000	0.000	0.000
Profit After Tax	(953.700)	(789.800)	(616.100)	(5401.700)	(254.100)	(777.800)
Extraordinary Items	0.000	0.000	0.000	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000	0.000	0.000	0.000
Net Profit	(953.700)	(789.800)	(616.100)	(5401.700)	(254.100)	(777.800)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin PAT / Sales	(%)	0.00	16.50	14.67
Operating Profit Margin (PBDIT/Sales)	(%)	12.17	29.61	24.87
Return on Total Assets (PBT/Total Assets}	(%)	0.21	30.21	33.05
Return on Investment (ROI) (PBT/Networth)		0.00	0.46	0.38
Debt Equity Ratio (Total Debts/Networth)		0.63	0.40	0.27
Current Ratio (Current Asset/Current Liability)		1.01	1.25	1.54

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	262.951	269.959	270.907
Reserves & Surplus	4867.832	7868.397	5959.988
Money received against share warrants	108.000	150.000	0.000
Share Application money pending allotment	0.408	2.521	0.000
Net worth	5239.191	8290.877	6230.895
long-term borrowings	79.462	1468.640	1398.782
Short term borrowings	1326.144	1861.349	2552.080
Total borrowings	1405.606	3329.989	3950.862
Debt/Equity ratio	0.268	0.402	0.634

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	9820.745	15576.531	11456.171
		58.608	(26.452)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	9820.745	15576.531	11456.171
Profit	1441.615	2570.484	0.100
	14.68%	16.50%	0.00%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG TERM DEBTS

(Rs. In Millions)

Particulars	31.03.2013	31.03.2012	31.03.2011
Current Maturities Of Long-Term Debt	598.323	441.043	0.000
Total	598.323	441.043	0.000

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
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

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10449958	24/09/2013	180,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	B85355832
2	10449959	24/09/2013	471,890,951.54	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	B85355931
3	10449960	24/09/2013	239,589,251.31	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	B85355980
4	10422678	03/04/2013	110,000,000.00	CAPARO FINANCIAL SOLUTIONS LIMITED	101-104, 1st FLOOR, NAURANG HOUSE, 21 KASTURBA GANDHI MARG,, NEW DELHI, Delhi - 110001, INDIA	B73990582
5	10373935	30/08/2012	470,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	B57023954
6	10390967	10/07/2014 *	330,000,000.00	THE RATNAKAR BANK LIMITED	SHAHUPURI,KOLHAPUR, KOLHAPUR, Maharashtra - 416001, INDIA	C18860619
7	10336678	04/02/2012	920,000,000.00	DBS BANK LIMITED	221, Fort House, 3rd Floor, D.N.Road, Fort, Mumbai, Maharashtra - 400001, INDIA	B32595019
8	10333583	06/01/2012	150,000,000.00	DBS BANK LIMITED	221, Fort House, 3rd Floor, D.N.Road, Fort, Mumbai, Maharashtra - 400001, INDIA	B31252281
9	10277763	28/03/2014 *	330,000,000.00	Phoenix ARC Private Limited	DANI CORPORATE PARK, 7TH FLOOR, 158 CST ROAD, KALINA, SANTACRUZ (E), MUMBAI, Maharashtra - 400098, INDIA	C19274299
10	10273287	11/02/2011	815,000.00	CORPORATION BANK	BAITUAL SARAF,105,HILL ROAD, BANDRA WEST, MUMBAI, Maharashtra - 400050, INDIA	B07559594

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
SHORT TERM BORROWINGS
Commercial Paper	787.886	250.000
Total	787.886	250.000

REVIEW OF PERFORMANCE

The Company has recorded a total income of 11871.880 Millions for the financial year ended March 31, 2013, an decrease of 27% compared to last year’s figure of Rs. 16124.706 Millions. The Company’s profit /loss after tax stood at Rs. 0.100 Millions. Due to subdued per fo rmance of the US subsidiary in view of the non av ailability of the working capital at US, hence delayed integration and delays in the indian projects execution, the results were lower as compared to the previous year. In view of the losses and key investmentsbeing held in va rious projects and US subsidiary, the Company has been facing liquidity issues. The detailed analysis on the Company Standalone /Consolidated financial results for the year end is given in the Management Discussion & Analysis (MD&A) Report which is sepa r atelyann exed as part of the An nual Report.

STANDALONE UNAUDITED RESULTS FOR THE QUARTER ENDED 30^TH SEPTEMBER, 2014

(Rs. in millions)

Particulars	Quarter Ended		Half Year Ended
	Unaudited	Unaudited	Unaudited
	30.09.2014	30.06.2014	30.09.2014
Income
1. Net Sales/Income from Operations	16.362	31.873	48.235
Total	16.362	31.873	48.235
2. Expenses
a. Operating Expenses	544.339	106.473	650.812
b. Employee Benefit Expenses	0.810	0.793	1.603
c. Depreciation and Amortization	44.313	44.072	88.385
Total	589.462	151.338	740.800
3. Profit from Operations before Other Income, Interest and Exceptional Items	(573.100)	(119.465)	(692.565)
4. Other Income	17.799	36.617	54.416
5. Profit / (Loss) from ordinary activities before finance costs and exceptional items	(555.301)	(82.848)	(638.149)
6. Finance Cost	222.491	171.278	393.769
7.Profit / (Loss) from ordinary activities after finance costs but before exceptional items	(777.792)	(254.126)	(1031.918)
8. Exceptional items	---	---	---
9. Profit / Loss from Ordinary Activities before tax	(777.792)	(254.126)	(1031.918)
10. Tax expense	---	---	---
11. Net Profit / Loss from Ordinary Activities after taxes	(777.792)	(254.126)	(1031.918)
12. Prior Period Items	---	---	---
13. Net Profit/ Loss for the period	(777.792)	(254.126)	(1031.918)
14. Share of profit / (loss) of associates	---	---	---
15. Minority interest	---	---	---
16.Net Profit / (Loss) after taxes, minority interest and share of profit / (loss) of associates	(777.792)	(254.126)	(1031.918)
17. Paid-up equity share capital (Face Value of Rs.6 each.)	270.907	270.907	270.907
18. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year	---	---	---
19. Earnings Per Share (EPS)
a) Basic EPS before Extraordinary items	(17.23)	(5.63)	(22.85)
b) Diluted EPS before Extraordinary items	(17.23)	(5.63)	(22.85)
c) Basic EPS after Extraordinary items	(17.23)	(5.63)	(22.85)
d) Diluted EPS after Extraordinary items	(17.23)	(5.63)	(22.85)

	Particulars	Quarter ended	Quarter ended	Year to date period ended
		30.09.2014	30.06.2014	30.09.2014
		Unaudited	Unaudited	Unaudited
A	PARTICULARS OF SHAREHOLDING
1	Public shareholding
	- Number of shares	35743149	35743149	35743149
	- Percentage of shareholding	79.16%	79.16%	79.16%
2	Promoters and Promoter Group Shareholding **
	a) Pledged / Encumbered
	- Number of shares	8538145	8538145	8538145
	- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	90.75%	90.75%	90.75%
	- Percentage of shares (as a % of the total share capital of the company)	18.91%	18.91%	18.91%
	b) Non - encumbered
	- Number of shares	869800	869800	869800
	- Percentage of shares (as a % of the total shareholding of the Promoter and Promoter group)	9.25%	9.25%	9.25%
	- Percentage of shares (as a % of the total share capital of the company)	1.93%	1.93%	1.93%

	Particulars	3 months ended
		September 30, 2014
B	INVESTOR COMPLAINTS
	Pending at the beginning of the quarter	0
	Received during the quarter	3
	Disposed of during the quarter	3
	Remaining unresolved at the end of the quarter	0

STANDALONE STATEMENT OF ASSETS AND LIABILITIES AS AT 30^TH SEPTEMBER, 2014

(Rs. in millions)

Particulars	Half Year Ended
	Unaudited
	30.09.2014
A. EQUITY AND LIABILITIES
1. Shareholders' funds
(a) Share capital	270.907
(b) Reserves and surplus	(2833.203)
Sub-total - Shareholders' funds	(2562.296)
2. Share application money pending allotment
3. Minority interest
4. Non-current liabilities
(a) Long-term borrowings	---
(b) Long-term provisions	2.200
Sub-total - Non-current liabilities	2.200
5. Current liabilities
(a) Short-term borrowings	2581.710
(b) Trade payables	1084.785
(c) Other current liabilities	4196.270
(d) Short-term provisions	463.473
Sub-total - Current liabilities	8326.238
TOTAL - EQUITY AND LIABILITIES	5766.142
B. ASSETS
1. Non-current assets
(a) Fixed assets	292.949
(b) Non-current investments	5025.062
(c) Long-term loans and advances	---
Sub-total - Non-current assets	5318.011
2. Current assets
(a) Inventories	0.005
(b) Trade receivables	24.029
(c) Cash and Bank Balances	6.237
(d) Short-term loans and advances	417.751
(e) Other current assets	0.109
Sub-total - Current assets	448.131
TOTAL - ASSETS	5766.142

Note :

1.The financial results of the Company for the quarter ended September 30, 2014 were reviewed by the Audit Committee and adopted by the Board of Directors at their meeting held on 14th and 15th November 2014 and the auditors of the Company has carried out Limited Review of the same.

2. The accounts have been prepared in accordance with the accepted Accounting standards as notified by Companies (Accounting Standard) Rules, 2006.

3. Operating Expenses of Rs. 544.349 Millions includes amounts written off / provisions in respect of the bad debt/assets. In view of some of the repayment defaults in respect of certain bank borrowings / interest and restructuring of borrowings in certain cases, as well certain legal disputes about the same, have given rise to differences in the amount of debt /interest as may be charged by the Banks, and amounts estimated by the Company and recorded in the books and therefore such balances are subject to reconciliation.

4. In view of legal disputes with some of the creditors, the creditors have filed winding up petitions against the company, some which has been admitted by the Court. The Company has presently filed appeal against such order and taking possible steps to try and safeguard the company from the same.

5. The Company’s advances to some of its wholly owned subsidiaries have been outstanding with the subsidiaries. In view of the long term nature of the same, the said advances have been classified as equity and resultant notional interest income has been discarded from the current financial year.

6. Figures for the previous periods / year are re-grouped / re-arranged / re-classified, wherever considered necessary, to confirm to the figures of the current period.

FIXED ASSETS

· Leasehold Land

· Leasehold Premises

· Leasehold Improvements

· Office Premises

· Office Equipments

· Electrical Installation

· Furniture and Fixtures

· Vehicles

· Computer Systems

· Plant and Machineries

· Books

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.61.96
UK Pound	1	Rs.94.41
Euro	1	Rs.70.20

INFORMATION DETAILS

Information Gathered by :	GAY
Analysis Done by :	DIV
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO
--OTHER ADVERSE INFORMATION	YES/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

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.