MIRA INFORM REPORT

Report No. :	327623
Report Date :	17.06.2015

IDENTIFICATION DETAILS

Name :	PCS TECHNOLOGY LIMITED (w.e.f.22.11.2004)
Formerly Known As :	PCS INDUSTRIES LIMITED (w.e.f.25.03.1994) PCS DATA PRODUCTS PRIVATE LIMITED
Registered Office :	Office Premise No.1, Gat No. 478, Alandi Markaal Road, Alandi Taluka, Khed, Pune – 412106, Maharashtra
Tel. No.:	91-22-28521177
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	22.04.1981
Com. Reg. No.:	11-024279
Capital Investment / Paid-up Capital :	Rs.249.257 Million
CIN No.: [Company Identification No.]	L74200MH1981PLC024279
TAN No.: [Tax Deduction & Collection Account No.]	PNEP08887E
PAN No.: [Permanent Account No.]	AABCP0316J
Legal Form :	A Public Limited Liability company. The company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Trader, Exporter and Importers of Computers, Peripherals, Computer Parts and Maintenance
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	PCS Technology Limited (PCS), started in 1981, is promoted by Mr. Gajendra Patni, Late Mr. Narendra Patni and Mr. Ashok Patni who were also the promoters of Patni Computer Systems (Promoter’s stake was subsequently sold to iGate in January 2011) which later merged with iGate. Subject is well established company having satisfactory track record. Rating draw strength from established operations, moderate financial risk profile marked by moderate profitability backed by company’s premium bolstering net worth. Rating continues to drive strength on the long track record of the promoters in the IT business backed by an experienced top management team remains a key positive. The strengths are however, partially offset by continued high outstanding receivable position and competitive market which adversely impacts operational efficiency and profitability. However, trade relation are fair. Business is active. Payments are reported to be usually correct. In view of decent financials, strong net worth position backed by extensive experienced of its promoters, the company can be considered for business dealings at usual trade terms and conditions.

NOTES:

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

EXTERNAL AGENCY RATING

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

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

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

INFORMATION DENIED

Management non co-operative (91-22-41296111)

LOCATIONS

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

DIRECTORS

As on: 31.03.2014

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

KEY EXECUTIVES

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

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 31.03.2015

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1750504	8.36
Bodies Corporate	5704679	27.23
Any Others (Specify)	7244812	34.58
Directors/Promoters & their Relatives & Friends	7244812	34.58
Sub Total	14699995	70.16
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	14699995	70.16
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	131583	0.63
Financial Institutions / Banks	995	0.00
Insurance Companies	213383	1.02
Foreign Institutional Investors	700	0.00
Sub Total	346661	1.65
(2) Non-Institutions
Bodies Corporate	150270	0.72
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	3499025	16.70
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	2045482	9.76
Any Others (Specify)	209244	1.00
Directors & their Relatives & Friends	748	0.00
Non Resident Indians	33791	0.16
Overseas Corporate Bodies	100800	0.48
Clearing Members	73905	0.35
Sub Total	5904021	28.18
Total Public shareholding (B)	6250682	29.84
Total (A)+(B)	20950677	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	20950677	0.00

Shareholding belonging to the category "Promoter and Promoter Group"

Sl. No.	Name of the Shareholder	Details of Shares held
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	Rajnikanta G Patni	23,86,116	11.39
2	PCS Finance Limited	19,01,560	9.08
3	Ashoka Computer Systems Private Limited	19,01,560	9.08
4	PCS Cullinet Private Limited	19,01,559	9.08
5	Sadhana A Patni	16,52,122	7.89
6	Vasundhara Apoorva Patni	10,00,000	4.77
7	Poonam Narendrakumar Patni	6,01,547	2.87
8	Gajendrakumar S Patni	5,79,685	2.77
9	Ashokkumar S Patni	5,75,995	2.75
10	Anirudh Narendrakumar Patni	5,59,270	2.67
11	Apoorva Ashok Kumar Patni	3,89,676	1.86
12	Arihant Gajendra Kumar Patni	2,83,056	1.35
13	Amit Kumar Patni	2,61,899	1.25
14	Ruchi Amit Kumar Patni	1,52,540	0.73
15	Sobhagmal Patni	1,30,936	0.62
16	Apoorva Ashok Kumar Patni	1,11,069	0.53
17	Arihant Gajendrakumar Patni	1,01,130	0.48
18	Narendra Kumar Patni	94,079	0.45
19	Kanchanbai S Patni	60,286	0.29
20	Sadhana A Patni	42,814	0.20
21	Rajnikanta G Patni	4,965	0.02
22	Aakriti Amitkumar Patni	2,830	0.01
23	Ayushi Amitkumar Patni	2,830	0.01
24	Kanchanbai Patni	1,000	0.00
25	Rajkumar Barjatya	760	0.00
26	Sooraj Barjatya	145	0.00
27	Rajrani Gangwal	128	0.00
28	Pankaj Patni	86	0.00
29	Meeta Devi Gangwal	64	0.00
30	Munish Kumar Gangwal	64	0.00
31	Meeta Devi Gangwal	56	0.00
32	Rajrani Gangwal	56	0.00
33	Rajrani Gangwal	56	0.00
34	Munish Kumar Gangwal	56	0.00
	Total	1,46,99,995	70.16

Shareholding belonging to the category "Public" and holding more than 1% of the total no. Of shares

No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares
1	Balram Bharwani	722700	3.45
2	Mukesh Mohanlal Kelawala HUF	255300	1.22
	Total	978000	4.67

BUSINESS DETAILS

Line of Business :	Trader, Exporter and Importers of Computers, Peripherals, Computer Parts and Maintenance
Products / Services :	Infrastructure Management Services (IMS) Governance and Risk Consultancy Services Healthcare Software Solutions Audio Video Solutions and Integration IT Service Management Real Time Vehicle Tracking Solutions Staffing
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

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

Facilities :

Secured Loan	As on 31.03.2015	As on 31.03.2014
	(Rs. In Million)
LONG TERM BORROWINGS:
TERM LOANS
From banks		0.648
Other than banks		0.000
SHORT TERM BORROWINGS:
Term Loans		0.000
Cash credit from banks		94.096
Working capital loan		24.255
Total	NA	118.999

Long Term Borrowings

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

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

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

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

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

SHORT TERM BORROWINGS

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

Auditors :
Name :	S. C. Bandi and Company Chartered Accountants
Address :	812, Maker Chamber V, 221, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-22834298
Memberships :	--
Collaborators :	--
Subsidiary Companies (As on 31.03.2014) :	PCS International Limited, Mauritius PCS Technology USA, Inc. PCS Positioning Systems (India) Limited PCS Infotech Limited
Affiliates (Enterprises over which Key Management personnel or their relatives have significant influence) (As on 31.03.2014) :	Ashoka Computer Systems Private Limited PCS Cullinet Private Limited PCS Finance Private Limited Kalpavruksh Systems Limited - (Formerly known as Vraksh Technologies Limited) Saulese Energija Limited AAP and Associates LLP Patni Healthcare Limited

CAPITAL STRUCTURE

As on: 31.03.2015

Authorised Capital :

Issued, Subscribed & Paid-up Capital : Rs.249.257 Million

As on: 31.03.2014

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

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

A) Terms/ Rights attached to Equity Shares:

The Company has only one class of equity shares having a par value of `10 per share. Each holder of equity share is entitled to one vote per share. In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

B) Terms/ Rights attached to Preference Shares:

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

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

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

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

Name of shareholder	As at 31.03.2014
	No. of shares	% holding
Rajnikanta Patni	2386116	11.39
PCS Finance Private Limited	1901560	9.08
Ashoka Computer Systems Private Limited	1901560	9.08
PCS Cullinet Private Limited	1901559	9.08
Sadhana A. Patni	1652122	7.89

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

Name of shareholder	As at 31.03.2014
	No. of shares	% holding
Mr. Ashok Kumar Patni	1965000	49.43
Mr. Gajendra Kumar Patni	1480000	37.23

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	249.257	249.257	249.257
(b) Reserves & Surplus	812.499	761.682	723.324
(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)	1061.756	1010.939	972.581
(3) Non-Current Liabilities
(a) long-term borrowings	20.000	33.648	107.706
(b) Deferred tax liabilities (Net)	31.196	33.838	32.934
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	3.289	3.173	3.671
Total Non-current Liabilities (3)	54.485	70.659	144.311
(4) Current Liabilities
(a) Short term borrowings	96.978	118.351	143.888
(b) Trade payables	22.334	93.508	128.347
(c) Other current liabilities	52.149	42.453	60.032
(d) Short-term provisions	0.408	0.847	1.103
Total Current Liabilities (4)	171.869	255.159	333.370
TOTAL	1288.110	1336.757	1450.262
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	241.610	258.377	267.499
(ii) Intangible Assets	0.000	1.320	1.379
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	1.779	5.872
(b) Non-current Investments	134.078	65.575	65.735
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	76.639	103.549	103.758
(e) Other Non-current assets	1.128	2.718	3.384
Total Non-Current Assets	453.455	433.318	447.627
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	72.509	80.374	82.126
(c) Trade receivables	585.850	705.597	758.833
(d) Cash and cash equivalents	104.504	29.884	31.280
(e) Short-term loans and advances	47.205	60.947	61.612
(f) Other current assets	24.587	26.637	68.784
Total Current Assets	834.655	903.439	1002.635
TOTAL	1288.110	1336.757	1450.262

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	1004.592	1005.959	975.356
		Other Income	8.506	13.230	7.836
		TOTAL (A)	1013.098	1019.189	983.192
Less	EXPENSES
		Purchases of Stock-in-Trade	192.761	190.390	132.229
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	2.799	2.139	2.436
		Employees benefits expense	507.535	506.069	567.841
		Other expenses	200.755	209.441	178.338
		TOTAL (B)	903.850	908.039	880.844
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		109.248	111.150	102.348
Less	FINANCIAL EXPENSES (D)		13.046	29.032	45.881
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		96.202	82.118	56.467
Less/ Add	DEPRECIATION/ AMORTISATION (F)		10.449	7.342	7.332
	PROFIT BEFORE TAX (E-F) (G)		85.753	74.776	49.135
Less	TAX (H)		31.169	34.627	13.752
	PROFIT AFTER TAX (G-H) (I)		54.584	40.149	35.383
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		99.972	59.823	24.440
	BALANCE CARRIED TO THE B/S		154.556	99.972	59.823
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	40.964	9.572
	IMPORTS
		Raw Material, Store & spares and Computer Peripherals	NA	1.615	2.659
	TOTAL IMPORTS		NA	1.615	2.659
	Earnings Per Share (Rs.)		2.61	1.92	1.69

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	0.903	3.118
Cash generated from operations	NA	164.379	(48.272)

QUARTERLY RESULTS

PARTICULARS	1^st Quarter 30^th Sep	2^nd Quarter 31^st Dec	3^rd Quarter 31^st Mar
Net Sales	273.660	272.690	205.270
Total Expenditure	251.550	246.930	179.680
PBIDT (Excl OI)	22.110	25.760	25.590
Other Income	4.570	2.170	1.460
Operating Profit	26.680	27.930	27.050
Interest	2.930	2.980	1.520
Exceptional Items	0.000	0.000	0.000
PBDT	23.750	24.950	25.530
Depreciation	2.650	2.660	2.530
Profit Before Tax	21.100	22.290	23.000
Tax	9.080	6.670	7.940
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	12.020	15.620	15.060
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	12.020	15.620	15.060

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	5.43	3.99	3.63
Operating Profit Margin (PBDIT / Sales)	(%)	10.87	11.05	10.49
Return on Total Assets (PBT/Total Assets}	(%)	7.43	5.89	3.56
Return on Investment (ROI) (PBT/Networth)		0.08	0.07	0.05
Debt Equity Ratio (Total Debt/Networth)		0.11	0.15	0.26
Current Ratio (Current Asset/Current Liability)		4.86	3.54	3.01

STOCK PRICES

Face Value	Rs.10.00
Market Value	Rs.20.10

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	249.257	249.257	249.257
Reserves & Surplus	723.324	761.682	812.499
Net worth	972.581	1010.939	1061.756
long-term borrowings	107.706	33.648	20.000
Short term borrowings	143.888	118.351	96.978
Total borrowings	254.712	152.902	116.978
Debt/Equity ratio	0.262	0.151	0.110

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	975.356	1005.959	1004.592
		3.138	(0.136)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	975.356	1005.959	1004.592
Profit	35.383	40.149	54.584
	3.63%	3.99%	5.43%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of establishment	Yes
2]	Constitution of the entity -Incorporation details	Yes
3]	Locality of the entity	Yes
4]	Premises details	No
5]	Buyer visit details	--
6]	Contact numbers	Yes
7]	Name of the person contacted	No
8]	Designation of contact person	No
9]	Promoter’s background	Yes
10]	Date of Birth of Proprietor / Partners / Directors	Yes
11]	Pan Card No. of Proprietor / Partners	No
12]	Voter Id Card No. of Proprietor / Partners	No
13]	Type of business	Yes
14]	Line of Business	Yes
15]	Export/import details (if applicable)	No
16]	No. of employees	Yes
17]	Details of sister concerns	Yes
18]	Major suppliers	No
19]	Major customers	No
20]	Banking Details	Yes
21]	Banking facility details	Yes
22]	Conduct of the banking account	--
23]	Financials, if provided	Yes
24]	Capital in the business	Yes
25]	Last accounts filed at ROC, if applicable	Yes
26]	Turnover of firm for last three years	Yes
27]	Reasons for variation <> 20%	--
28]	Estimation for coming financial year	No
29]	Profitability for last three years	Yes
30]	Major shareholders, if available	Yes
31]	External Agency Rating, if available	Yes
32]	Litigations that the firm/promoter involved in	--
33]	Market information	--
34]	Payments terms	No
35]	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

Particulars	As on 31.03.2015	As on 31.03.2014
	(Rs. In Million)
LONG TERM BORROWINGS:
Directors		33.000
Inter corporate deposits		0.000
Total	NA	33.000

INDEX OF CHARGES:

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

OPERATIONS (As on 31.03.2014)

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

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

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

INDUSTRY SCENARIO & REVIEW

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

PERFORMANCE & REVIEW

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

OPERATIONS

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

FUTURE OUTLOOK

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

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

FIXED ASSETS:

Tangible Assets

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

Intangible Assets

• Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgment or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration:

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration:

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime:

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws:

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards:

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government:

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package:

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report:

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.15
UK Pound	1	Rs.100.03
Euro	1	Rs.72.27

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAS
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.