MIRA INFORM REPORT

Report No. :	300982
Report Date :	12.01.2015

IDENTIFICATION DETAILS

Name :	POWER EXCHANGE INDIA LIMITED
Registered Office :	5^th Floor, Tower 3, Equinox Business Park, Peninsula Techno Park, Off BKC, LBS Marg, Kurla (West), Mumbai – 400070, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	20.02.2008
Com. Reg. No.:	11-179152
Capital Investment / Paid-up Capital :	Rs. 564.701 Millions
CIN No.: [Company Identification No.]	U74900MH2008PLC179152
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject operates an institutionally promoted electronic power exchange that enables buyers and sellers to trade electricity.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has incurred huge accumulated losses which has eroded net worth of the company. Liquidity position of the company is under pressure. Business is active. Payment are reported to be slow. The company can be considered for business dealings on safe and secured 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.

ECGC Country Risk Classification List – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

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-cooperative (Tel No.: 91-22-26530500)

LOCATIONS

Registered/ Corporate Office :	5^th Floor, Tower 3, Equinox Business Park, Peninsula Techno Park, Off BKC, LBS Marg, Kurla (West), Mumbai – 400070, Maharashtra, India
Tel. No.:	91-22-26530500
Fax No.:	91-22-26598512
E-Mail :	legal-secretarial@pxil.co.in
Website :	www.powerexindia.com

DIRECTORS

AS ON 30.09.2014

Name :

Dr. Kirti Shantilal Parikh

Designation :

Director

Address :

C-50, Choota Singh Block, Asian Games Village Complex, Khelgaon, New Delhi – 110049, India

Date of Birth/Age :

01.08.1935

Date of Appointment :

24.09.2010

DIN No.:

00684234

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	U74900MH2008PLC179152	Power Exchange India Limited	Director	24/09/2010	29/09/2009	-	Active	NO
2	U85191DL2009NPL190959	Climate Change Association India	Director	08/09/2011	16/03/2011	-	Active	NO

Name :

Mr. Chander Mohan Vasudev

Designation :

Director

Address :

House No. B-44, Sector 44, Gautam Budh Nagar, Noida – 201301, Uttar Pradesh, India

Date of Birth/Age :

05.04.1943

Date of Appointment :

24.09.2010

DIN No.:

00143885

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	U74140DL2004PLC131454	ICRA MANAGEMENT CONSULTING SERVICES LIMITED	Director	12/06/2006	12/06/2006	-	Active	NO
2	U67120MH2005PLC155188	BSE Limited	Director	26/09/2006	26/09/2006	07/08/2007	Active	NO
3	L65920MH1994PLC080618	HDFC BANK LIMITED	Director	12/03/2014	17/10/2006	26/08/2014	Active	NO
4	U67120MH1997PLC112443	CENTRAL DEPOSITORY SERVICES (INDIA) LIMITED	Nominee director	28/11/2006	28/11/2006	26/09/2007	Active	NO
5	U74140DL2007PTC157976	NOESIS STRATEGIC CONSULTING SERVICES PRIVATE LIMITED	Director	20/12/2007	09/03/2007	31/12/2009	Active	NO
6	U31200UP1992PLC014506	NOIDA POWER COMPANY LIMITED	Director	29/09/2007	26/03/2007	21/10/2010	Active	NO
7	U40101UR2001SGC025866	UJVN Limited	Director	24/11/2008	24/11/2008	-	Active	NO
8	L21011WB1936PLC008726	STAR PAPER MILLS LTD.	Director	27/09/2014	22/06/2009	-	Active	NO
9	U67120DL2009PTC192138	BEDROCK VENTURE MANAGEMENT PRIVATE LIMITED	Director	27/07/2010	09/10/2009	-	Active	NO
10	U65921PB1990PTC010120	ASA INTERNATIONAL INDIA MICROFINANCE PRIVATE LIMITED	Director	25/08/2010	05/03/2010	15/02/2012	Active	NO
11	U74140DL2010PTC202426	CENTENNIAL DEVELOPMENT ADVISORY SERVICES INDIA PRIVATE LIMITED	Director	08/05/2010	08/05/2010	-	Active	NO
12	U74900MH2008PLC179152	Power Exchange India Limited	Director	24/09/2010	26/05/2010	-	Active	NO
13	U72400MH2004PLC147094	NSDL DATABASE MANAGEMENT LIMITED	Director	24/09/2014	15/11/2010	-	Active	NO
14	U74120MH2012PLC230380	National Securities Depository Limited	Director	24/09/2014	23/05/2012	-	Active	NO
15	U67120MH1995PLC092283	NATIONAL SECURITIES CLEARING CORPORATION LIMITED	Director	11/07/2014	23/08/2012	-	Active	NO
16	U80900DL2011PTC227374	Skills Academy Private Limited	Director	24/09/2013	18/12/2012	-	Active	NO
17	U72900MH1995PLC095642	NSDL e-Governance Infrastructure Limited	Director	25/09/2014	07/02/2013	-	Active	NO
18	U40109UR2001SGC025867	Uttarakhand Power Corporation Limited	Director	10/04/2014	10/04/2014	-	Active	NO

Name :

Mr. Vijay Kumar Aggarwal

Designation :

Director

Address :

F-401, Tower – II, Ashok Garden, T.J. Road, Sewree, Mumbai – 400015, Maharashtra, India

Date of Birth/Age :

02.10.19848

Date of Appointment :

28.09.2012

DIN No.:

00238097

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	U40100MH2005SGC153649	MSEB HOLDING COMPANY LIMITED	Director	19/01/2006	19/01/2006	31/10/2008	Active	NO
2	U65920MH1996SGC102273	MAHARASHTRA PATBANDHARE VITTIYA COMPANY LIMITED	Director	01/04/2006	01/04/2006	01/12/2008	Active	YES
3	U15130PN2003PLC134014	CHITALI DISTILLERY LIMITED	Nominee director	15/07/2008	15/07/2008	05/08/2008	Amalgamated	NO
4	U60231MH2008PTC183538	NAGPUR MASS TRANSPORT COMPANY PRIVATE LIMITED	Managing director	01/12/2009	01/12/2009	04/08/2010	Active	NO
5	U51909MH2003PLC140116	NATIONAL COMMODITY AND DERIVATIVES EXCHANGE LIMITED	Nominee director	22/02/2010	22/02/2010	31/03/2012	Active	NO
6	U74899DL1965PLC004322	CEMENT CORPORATION OF INDIA LIMITED	Director	09/09/2010	09/09/2010	08/09/2013	Active	NO
7	U74900MH2008PLC179152	Power Exchange India Limited	Director	28/09/2012	26/06/2012	-	Active	NO

Name :

Mr. Kamlesh Kumar Jangid

Designation :

Director

Address :

A-1 (old) Bunglow, Vidyut Nagar Colony, Old Padra Road, Vadodara – 390007, Gujarat, India

Date of Birth/Age :

20.11.1971

Date of Appointment :

26.09.2013

DIN No.:

06401190

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	U74900MH2008PLC179152	Power Exchange India Limited	Director	26/09/2013	02/11/2012	-	Active	NO
2	U40102GJ2003SGC042906	UTTAR GUJARAT VIJ COMPANY LIMITED	Director	24/12/2013	24/12/2013	-	Active	NO
3	U40102GJ2003SGC042909	DAKSHIN GUJARAT VIJ COMPANY LIMITED	Nominee director	24/12/2013	24/12/2013	-	Active	NO
4	U40102GJ2003SGC042908	PASCHIM GUJARAT VIJ COMPANY LIMITED	Nominee director	24/12/2013	24/12/2013	-	Active	NO
5	U40102GJ2003SGC042907	MADHYA GUJARAT VIJ COMPANY LIMITED	Nominee director	24/12/2013	24/12/2013	-	Active	NO

Name :

Mr. Ramkrishna Gopalasamudram Chitra

Designation :

Director

Address :

601, Neat House, 766, College Street, Dadar (West), Mumbai – 400028, Maharashtra, India

Date of Birth/Age :

14.04.1963

Date of Appointment :

20.02.2008

DIN No.:

00062654

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	U72900MH2000PLC126952	DOTEX INTERNATIONAL LIMITED	Director	25/04/2013	02/06/2000	-	Active	NO
2	U67120MH1995PLC092283	NATIONAL SECURITIES CLEARING CORPORATION LIMITED	Director	01/04/2013	18/08/2000	-	Active	NO
3	U73100MH1998PLC114976	INDIA INDEX SERVICES AND PRODUCTS LIMITED	Director	26/04/2014	29/09/2000	-	Active	NO
4	U67120MH1992PLC069769	NATIONAL STOCK EXCHANGE OF INDIA LTD.	Managing director	01/04/2013	11/03/2003	-	Active	NO
5	U72200MH1999PLC122456	NSE IT LIMITED	Director	29/04/2003	29/04/2003	-	Active	NO
6	U99999MH2000PLC129113	SBI LIFE INSURANCE COMPANY LIMITED	Director	21/10/2005	21/10/2005	14/07/2012	Active	NO
7	U72900MH2006PLC163468	NSE Infotech Services Limited	Director	25/04/2013	02/08/2006	-	Active	NO
8	U74992MH2006PLC163550	National Commodity Clearing Limited	Director	04/08/2006	04/08/2006	22/07/2013	Active	NO
9	U74900MH2008PLC179152	Power Exchange India Limited	Director	20/02/2008	20/02/2008	-	Active	NO
10	U74140KA1997PTC021830	OMNESYS TECHNOLOGIES PRIVATE LIMITED	Director	29/09/2008	02/07/2008	29/03/2010	Active	NO
11	U93090MH2006PLC165172	NCDEX e MARKETS LIMITED	Director	15/07/2009	25/07/2008	16/06/2011	Active	NO
12	U65999MH2013PLC240078	NSE Strategic Investment Corporation Limited	Director	26/04/2014	31/01/2013	-	Active	NO
13	U80904MH2011NPL222074	BFSI Sector Skill Council of India	Director	30/06/2014	28/06/2013	26/09/2014	Active	NO

Name :

Shah Amrit Samir

Designation :

Director

Address :

901, Satguru Sanskar Co op Housing Society Limited No. 19 TPS IV 3^rd Road Off Turner Road, Bandra (West), Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

18.10.1968

Date of Appointment :

26.09.2013

DIN No.:

00912693

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	U74899DL1971PTC005895	ANI MEDIA PRIVATE LIMITED	Director	01/07/2006	01/07/2006	26/07/2009	Active	NO
2	U64200MH1994FTC124764	Thomson Reuters India Private Limited	Managing director	06/07/2006	06/07/2006	16/07/2009	Active	NO
3	U93090MH2006PLC165172	NCDEX e MARKETS LIMITED	Director	18/07/2013	05/06/2013	-	Active	NO
4	U74900MH2008PLC179152	Power Exchange India Limited	Director	26/09/2013	07/06/2013	-	Active	NO
5	U74992MH2006PLC163550	National Commodity Clearing Limited	Director	13/09/2013	12/06/2013	-	Active	NO
6	U74900MH2007NPL174229	NCDEX Institute of Commodity Markets and Research	Director	18/07/2013	13/06/2013	-	Active	NO
7	U51909MH2003PLC140116	NATIONAL COMMODITY AND DERIVATIVES EXCHANGE LIMITED	Managing director	20/08/2013	15/06/2013	-	Active	NO
8	U65910TN1989PTC017021	IFMR Capital Finance Private Limited	Director	05/05/2014	25/07/2013	-	Active	NO
9	U74140MH2004PLC148859	NATIONAL COLLATERAL MANAGEMENT SERVICES LIMITED	Director	26/09/2013	06/08/2013	-	Active	NO
10	U01200KA2014PTC073119	Rashtriya e Market Services Private Limited	Additional director	29/01/2014	29/01/2014	-	Active	NO

Name :

Raoot Govind Manohar

Designation :

Managing Director

Address :

101, Gorai Friends Chsl, Plot No.71, Gorai II, Borivali (West), Mumbai – 400092, Maharashtra, India

Date of Birth/Age :

22.07.1951

Date of Appointment :

01.04.2013

DIN No.:

03311527

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	U40100DL2008PLC185689	National Power Exchange Limited	Managing director	29/08/2011	01/08/2011	31/03/2013	Active	NO
2	U74900MH2008PLC179152	Power Exchange India Limited	Managing director	01/04/2013	01/04/2013	-	Active	NO

Name :

Agarwal Kumar Pawan

Designation :

Whole Time Director

Address :

B-208, 2^nd Floor, Karachi Chs. Juhu Versova Link Road, Andheri (West), Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

22.10.1970

Date of Appointment :

26.07.2013

DIN No.:

02723352

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	U74900DL2009FTC267609	Grass Valley India Private Limited	Director	15/09/2009	15/09/2009	18/06/2010	Active	NO
2	U92132KA2006PTC041326	Technicolor India Private Limited	Alternate director	20/11/2009	20/11/2009	04/05/2010	Amalgamated	NO
3	U74900MH2008PLC179152	Power Exchange India Limited	Whole-time director	26/07/2013	26/07/2013	-	Active	NO

Name :

Narain Dharm Ravi

Designation :

Director

Address :

B-3, Diwan Shree Apartment, 30 Firozshah Road, New Delhi – 110001, India

Date of Birth/Age :

19.08.1955

Date of Appointment :

05.12.2013

DIN No.:

00062596

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	U67120MH1992PLC069769	NATIONAL STOCK EXCHANGE OF INDIA LTD.	Director	01/04/2013	15/04/1994	-	Active	NO
2	U67120MH1995PLC092283	NATIONAL SECURITIES CLEARING CORPORATION LIMITED	Director	25/07/2013	31/08/1995	-	Active	NO
3	U72900MH1995PLC095642	NSDL e-Governance Infrastructure Limited	Nominee director	01/04/2014	27/12/1995	-	Active	NO
4	U73100MH1998PLC114976	INDIA INDEX SERVICES AND PRODUCTS LIMITED	Director	25/04/2014	18/05/1998	-	Active	NO
5	U72200MH1999PLC122456	NSE IT LIMITED	Director	29/10/1999	29/10/1999	-	Active	NO
6	U72900MH2000PLC126952	DOTEX INTERNATIONAL LIMITED	Director	25/04/2013	02/06/2000	-	Active	NO
7	U51909MH2003PLC140116	NATIONAL COMMODITY AND DERIVATIVES EXCHANGE LIMITED	Nominee director	29/04/2003	29/04/2003	-	Active	NO
8	U99999MH2000PLC128245	HDFC STANDARD LIFE INSURANCE COMPANY LIMITED	Director	24/04/2014	28/04/2005	-	Active	NO
9	U72900MH2006PLC163468	NSE Infotech Services Limited	Director	25/04/2013	02/08/2006	-	Active	NO
10	U74992MH2006PLC163550	National Commodity Clearing Limited	Director	04/08/2006	04/08/2006	16/05/2013	Active	NO
11	U74900MH2008PLC179152	Power Exchange India Limited	Director	24/09/2014	20/02/2008	-	Active	NO
12	U66020MH2007GOI176785	UTI RETIREMENT SOLUTIONS LIMITED	Director	08/06/2009	11/04/2008	28/11/2013	Active	NO
13	U72400MH2004PLC147094	NSDL DATABASE MANAGEMENT LIMITED	Director	09/06/2009	12/02/2009	-	Active	NO
14	U74120MH2012PLC230380	National Securities Depository Limited	Director	27/04/2012	27/04/2012	-	Active	NO
15	U65999MH2013PLC240078	NSE Strategic Investment Corporation Limited	Director	25/04/2014	31/01/2013	-	Active	NO
16	U51909WB2009PLC136998	INDOSTAR CAPITAL FINANCE Limited	Director	27/06/2013	17/05/2013	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Swati Sunil Talgaonkar
Designation :	Company Secretary
Address :	Room No.6, Gangwati Niwas, LBS Marg, Opposite Canara Bank, Bhandup (West), Mumbai – 400078, Maharashtra, India
Date of Birth/Age :	14.06.1986
Date of Appointment :	01.09.2014

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Equity Shareholders	No. of Shares
NSE Strategic Investment Corporation Limited, India	15,000,000
National Commodity and Derivatives Exchange Limited, India	15,000,000
Mr. Nirmalendu A. Jajodia, India	10
NSE Strategic Investment Corporation Limited, India	10
NSE Strategic Investment Corporation Limited, India	10
NSE Strategic Investment Corporation Limited, India	10
Mr. M. K. Ananda Kumar, India	10
Gujarat Urja Vikas Nigam Limited, India	2,500,000
Power Finance Corporation Limited, India	3,220,000
GMR Energy Limited, India	4,000,000
WB State Electricity Distribution Company Limited, India	4,000,000
JSW Energy Limited, India	1,250,000
MP Power Management Company Limited, India	1,000,000
Tata Power Trading Company Limited, India	2,500,000
Total	48,470,050

Name of Preference Shareholders	No. of Shares
NSE Strategic Investment Corporation Limited, India	5,000,000

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Government Companies	22.12
Bodies corporate	77.88
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject operates an institutionally promoted electronic power exchange that enables buyers and sellers to trade electricity.
Products/ Servies :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	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 :

• Axis Bank
• Punjab National Bank
• HDFC Bank Limited
• State Bank of India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
SHORT TERM BORROWINGS
Loans repayable on demand	0.671	14.832
Total	0.671	14.832

Auditors :
Name :	Khandelwal Jain and Company Chartered Accountants
Address :	6-B, PIL Court, Maharashi Karve Road, Churchgate, Mumbai – 400020, Maharashtra, India
PAN No.:	AAAFK0985C
Memberships :	Not Available
Collaborators :	Not Avaialble
Associates :	National Stock Exchange of India Limited (CIN No.: U67120MH1992PLC069769) National Commodity and Derivatives Exchange Limited (CIN No.: U51909MH2003PLC140116) NSE IT Limited (CIN No.: U72200MH1999PLC122456) NCDEX e Markets Limited

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000,000	Equity Shares	Rs. 10/- each	Rs. 1000.000 Millions
20,000,000	Preference Shares	Rs. 10/- each	Rs. 200.000 Millions
	Total		Rs. 1200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
48,470,050	Equity Shares	Rs. 10/- each	Rs. 484.701 Millions
10,000,000	Preference Shares	Rs. 10/- each	Rs. 100.000 Millions
	Total		Rs. 584.701 Millions

AS ON 31.03.2014

Authorised Capital : Rs. 1200.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 564.701 Millions

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	564.701	560.501	460.501
(b) Reserves & Surplus	(573.436)	(558.101)	(466.230)
(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)	(8.735)	2.400	(5.729)
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	135.031	108.081	101.086
(d) long-term provisions	2.068	1.970	3.209
Total Non-current Liabilities (3)	137.099	110.051	104.295
(4) Current Liabilities
(a) Short term borrowings	0.671	14.832	22.917
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	193.246	276.568	295.507
(d) Short-term provisions	1.056	0.231	0.372
Total Current Liabilities (4)	194.973	291.631	318.796
TOTAL	323.337	404.082	417.362
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.123	4.025	8.456
(ii) Intangible Assets	21.535	38.880	56.919
(iii) Capital work-in-progress	1.705	1.577	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	19.664
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	18.466	18.237	0.000
(e) Other Non-current assets	162.845	4.975	57.344
Total Non-Current Assets	206.674	67.694	142.383
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	2.648	5.704	8.521
(d) Cash and cash equivalents	101.129	309.718	253.520
(e) Short-term loans and advances	9.096	11.356	9.578
(f) Other current assets	3.790	9.610	3.360
Total Current Assets	116.663	336.388	274.979
TOTAL	323.337	404.082	417.362

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	121.879	76.065	65.732
		Other Income	24.889	24.699	14.176
		TOTAL	146.768	100.764	79.908
Less	EXPENSES
		Employees benefits expense	55.759	65.331	79.585
		Other expenses	81.823	92.642	118.643
		TOTAL	137.582	157.973	198.228
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		9.186	(57.209)	(118.320)
Less	FINANCIAL EXPENSES		1.907	0.320	0.386
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		7.279	(57.529)	(118.706)
Less/ Add	DEPRECIATION/ AMORTISATION		21.808	33.800	35.669
Less/ Add	PRIOR PERIOD ITEMS BEFORE TAX		(0.805)	(0.541)	(0.093)
	PROFIT/ (LOSS) BEFORE TAX		(15.334)	(91.870)	(154.468)
Less	TAX		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX		(15.334)	(91.870)	(154.468)
	Earnings / (Loss) Per Share (Rs.)		(0.33)	(2.04)	(3.84)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	(12.58)	(120.77)	(234.50)
Operating Profit Margin (PBDIT/Sales)	(%)	7.54	(75.21)	(180.00)
Return on Total Assets (PBT/Total Assets}	(%)	(4.77)	(22.82)	(38.84)
Return on Investment (ROI) (PBT/Networth)		1.76	(38.28)	26.96
Debt Equity Ratio (Total Debt/Networth)		(0.08)	6.18	(4.00)
Current Ratio (Current Asset/Current Liability)		0.60	1.15	0.86

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	460.501	560.501	564.701
Reserves & Surplus	(466.230)	(558.101)	(573.436)
Net worth	(5.729)	2.400	(8.735)
long-term borrowings	0.000	0.000	0.000
Short term borrowings	22.917	14.832	0.671
Total borrowings	22.917	14.832	0.671
Debt/Equity ratio	(4.000)	6.180	(0.077)

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	65.732	76.065	121.879
		15.720	60.230

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	65.732	76.065	121.879
Profit	(154.468)	(91.870)	(15.334)
	(235.00%)	(120.78%)	(12.58%)

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	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	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

Note: Registered office of the company has been shifted from Exchange Plaza, C1, Block G, Bandra Kurla Complex, Bandra East, Mumbai – 400051, Maharashtra, India to the present address w.e.f.29.03.2012.

INDEX OF CHARGES

NO CHARGES EXIST FOR THE COMPANY.

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. 62.40
UK Pound	1	Rs. 94.17
Euro	1	Rs. 73.6

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	--
--CREDIT LINES	1~10	--
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		12

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.