MIRA INFORM REPORT

Report No. :	346808
Report Date :	27.10.2015

IDENTIFICATION DETAILS

Name :	ADITYA BIRLA MONEY LIMITED
Registered Office :	Indian Rayon Compound, Veraval - 362266, Gujarat
Tel. No.:	91-44-39190000
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	04.07.1995
Com. Reg. No.:	04-064810
Capital Investment / Paid-up Capital :	Rs. 155.400 Million
CIN No.: [Company Identification No.]	L65993GJ1995PLC064810
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is a broking and distribution player, offering Equity and Derivative trading through NSE and BSE and Currency Derivative on MCX-SX, and also provides Portfolio Management Services.
No. of Employees :	930 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Aditya Birla Money Limited (ABML) has a presence in retail equity broking, depository services, and distribution of mutual funds. It also offers commodity broking services through its wholly owned subsidiary, Aditya Birla Commodities Broking Limited. Rating derive strength from its ultimate ownership company Aditya Birla Nuvo Limited (ABNL), one of the flagship companies of the “Aditya Birla group”. The rating also reflects ABML's adequate resource profile. Rating take consideration on its significant improvement in its total revenue from its previous year as company turned profitable in 2014-15 after reporting losses for four consecutive years. This was majorly driven by an increase in broking income given the higher broking volumes. Rating further take consideration as Aditya Birla Nuvo Limited (ABNL) will continue to indirectly hold its current stake in, and provide financial and managerial support as well as timely infusion into the capital through preference share in the company. This rating strengths is partially offset by the company's weak earnings profile, and its exposure to uncertainties inherent in the equity broking business. Trade relations are reported as fair. Business is active. Payment terms are reported to be regular. The company can be considered good for normal 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	CRISIL
Rating	CRISIL A1+ (Reaffirmed)
Rating Explanation	Rs. 1500.000 Million Short-Term Debt Programme (Enhanced from Rs. 1000.000 Million)
Date	18.09.2015

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 31-03-2015.

INFORMATION DECLINED

Management non-cooperative (91-44-39190000)

LOCATIONS

Registered Office :	Indian Rayon Compound, Veraval - 362266, Gujarat, India
Tel. No.:	91-44-3919 0002/3 91-2876-245711
Fax No.:	91-2876-243257
E-Mail :	abml.investorgrievance@adityabirla.com abm.care@adityabirla.com
Website :	www.adityabirlamoney.com
Corporate Office :	Ali Centre, No.53, Greams Road, Chennai - 600006, Tamilnadu, India
Tel. No.:	91-44-3919 0002/3
Fax No.:	91-44-2829 0835

DIRECTORS

As on 31.03.2015

Name :	Mr. Sudhakar Kadathur Ramasubramanian
Designation :	Managing Director
Address :	1303, 13th Floor, Lodha Grandeur, Sayani Road, Prabhadevi, Mumbai - 400025, Maharashtra, India
Date of Appointment :	06.03.2009
DIN No.:	02584713
Name :	Mr. Gopi Krishna Tulsian
Designation :	Director
Address :	32, Peacock Palace, 69, Bhulabhai Desai Road, Mumbai - 400026, Maharashtra, India
Date of Appointment :	25.03.2014
DIN No.:	00017786
Name :	Mr. Palepu Sudhir Rao
Designation :	Director
Address :	12 F, Regalia, No.3, Sardar Patel Road, Taramani, Chennai, 600113, Tamil Nadu, India
Date of Appointment :	06.03.2009
DIN No.:	00018213
Name :	Mrs. Pinky Atul Mehta
Designation :	Director
Address :	602, Shree Vishwas Chsl, 6th Floor, Sir P M Road,, Near Kunku Wadi, Hanuman Temple Vile Parle (East), Mumbai - 400057, Maharashtra, India
Date of Appointment :	30.03.2015
DIN No.:	00020429
Name :	Mr. Ganesan Vijayaraghavan
Designation :	Director
Address :	New No 10 Old No 7, 47th. Street, Ashok Nagar, Chennai - 600083, Tamilnadu, India
Date of Appointment :	06.03.2009
DIN No.:	00894134
Name :	Mr. Shriram Jagetiya
Designation :	Director
Address :	302, Prathmesh Pooja, Tps Road ,Near Shimpoli Ganpati Temple, Borivali (West), Mumbai - 400092, Maharashtra, India
Date of Appointment :	25.03.2014
DIN No.:	01638250

KEY EXECUTIVES

Name :	Mr. Vikash Kumar Agarwal
Designation :	Secretary
Address :	#211, B T Road, Malancha Abasik, Flat 4/1 and 2, Bl-C5, 3rd Floor, Near Tobin Road, Kolkata - 700036, West Bengal, India
Date of Appointment :	28.01.2015
PAN No.:	ACXPA6332J
Name :	Mr. Srinivas Subudhi
Designation :	CFO
Address :	No.5, Jains Reshab Garden,, 10, Anna Main Road, Kodambakkam,, Chennai, 600024, Tamil Nadu, India
Date of Appointment :	15.05.2014
PAN No.:	ATIPS9641N

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2015

Category of Shareholder	Total No. of Shares	% of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	41550000	75.00
Sub Total	41550000	75.00
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	41550000	75.00
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	778146	1.40
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	6629059	11.97
Individual shareholders holding nominal share capital in excess of Rs. Rs. 0.100 Million	5908663	10.67
Any Others (Specify)	534132	0.96
Clearing Members	29144	0.05
Non Resident Indians	290536	0.52
Hindu Undivided Families	212452	0.38
Trusts	2000	0.00
Sub Total	13850000	25.00
Total Public shareholding (B)	13850000	25.00
Total (A)+(B)	55400000	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1)	0	0.00
(2)	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	55400000	0.00

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		Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
		No. of Shares held	As a % of grand total
1	Aditya Birla Financial Services Private Limited	4,15,50,000	75.00	75.00
	Total	4,15,50,000	75.00	75.00

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	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	Sucharitha P Reddy	5517460	9.96	9.96
	Total	5517460	9.96	9.96

Shareholding of securities (including shares, warrants, convertible securities) of persons (together with PAC) belonging to the category “Public” and holding more than 5% of the total number of shares of the company

Sl. No.	Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them	No. of Shares	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	Sucharitha P Reddy	5517460	9.96	9.96
	Total	5517460	9.96	9.96

BUSINESS DETAILS

Line of Business :	Subject is a broking and distribution player, offering Equity and Derivative trading through NSE and BSE and Currency Derivative on MCX-SX, and also provides Portfolio Management Services.
Products/Services :	Broking and related activities
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	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
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 :

930 (Approximately)

Bankers :

• HDFC Bank Limited – Anna Salai Branch, Chennai
• Bank of India – Anna Nagar Branch, Chennai
• State Bank of India – Thousand Lights Branch, Chennai
• Allahabad Bank – Thousand Lights Branch, Chennai
• Axis Bank Limited – Mylapore Branch, Chennai
• ICICI Bank Limited – Nugambakkam Branch, Chennai
• Standard Chartered Bank – Rajaji Salai Branch, Chennai

Auditors :
Name :	S. R. Batliboi and Company LLP Chartered Accountants
Address :	14^th Floor, The Ruby 29, Senapati Bapat Marg, Dadar (West), Mumbai - 400028, Maharashtra, India
Tel. No.:	91-22-61920000
Mobile No.:	91-22-61921000
Memberships :	--
Collaborators :	--
Holding Company:	Aditya Birla Nuvo Limited
Ultimate Holding Company:	Aditya Birla Financial Services Limited
Subsidiary Company:	Aditya Birla Commodities Broking Limited
Fellow Subsidiaries:	Aditya Birla Finance Limited Aditya Birla Money Mart Limited Aditya Birla Financial Shared Services Limited Birla Sun Life Insurance Company Limited Aditya Birla Customer Services Limited

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
150000000	Equity Shares	Re.1/- each	Rs. 150.000 Million
1000000	8% Redeemable Non-Convertible Non-Cumulative Preference Shares of Rs. 100/- each	Rs.100/- each	Rs. 100.000 Million
	Total		Rs. 250.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
55400000	Equity Shares	Re.1/- each	Rs. 55.400 Million
1000000	Preference Share (8% Redeemable Non-Convertible Non-Cumulative Preference Shares of Rs. 100/- each)	Rs.100/- each	Rs. 100.000 Million
	Total		Rs. 155.400 Million

Reconciliation of the number of Equity Shares outstanding at the beginning and at the end of the period

(Rs. In Million)

Sl. No	Description	As at 31.03.2015
1	At the beginning of the year	55,400,000	55.400
2	Issued during the year	-	-
3	Outstanding at the end of the year	55,400,000	55.400

Reconciliation of the number of Preference Shares outstanding at the beginning and at the end of the period

(Rs. In Million)

Sl. No	Description	As at 31.03.2015
1	At the beginning of the year	1,000,000	100.000
2	Issued during the year	-	-
3	Outstanding at the end of the year	1,000,000	100.000

Term / right attached to Equity Shares

The Company has only one class of Equity Shares having a par value of Re.1/- per share. Each holder of Equity Shares is entitled to one vote per share. The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the Shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the Company, the holders of Equity Shares will receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of the Equity Shares held by the shareholders.

Term / right attached to Preference Shares

Preference Share carry non-cumulative dividend of 8% per annum. The company declares and pays dividends in Indian rupees.

In the year ended 31st March, 2011, the Company had allotted 800,000 8% Redeemable Non-Convertible Non-Cumulative Preference Shares of Rs.100/- each, fully paid up at a premium of Rs.150/- per share to Aditya Birla Financial Services Limited, the holding Company. These Preference Shares are redeemable at the end of 5 years from the date of issue at a price of Rs.320/- per share.

In the year ended 31st March, 2014, the Company had allotted 200,000 8% Redeemable Non-Convertible Non-Cumulative Preference Shares of Rs.100/- each, fully paid up at a premium of Rs.400/- per share to Aditya Birla Financial Services Limited, the holding Company. These Preference Shares are redeemable at the end of 5 years from the date of issue at a price of Rs.725/- per share.

During the year, the rights attached to the 800,000 8% Redeemable Non-Convertible Non-Cumulative Preference Shares of Rs. 100/- each were varied to the extent and manner given below with the written consent of the preference shareholders dated 30th March 2015:

1. The period of redemption extended by 39 months from March 2016 to June 2019 and

2. The redemption price of Redeemable Non-Convertible Non-Cumulative Preference Shares shall be varied from Rs.320/- (Face value Rs.100/- and Premium of Rs.220/- per share) to Rs.411/- (Face value Rs.100/- and Premium of Rs.311/- per share)

3. Same as what is mentioned here in above, all other terms and conditions of the said Preference Shares remain the same.

4 Shares held by Holding Company 41,550,000 equity shares of Re.1/- each fully paid and 1,000,000 8% Redeemable Non-Convertible Non-Cumulative Preference Shares Rs.100/-each fully paid are held by Aditya Birla Financial Services Limited, the Holding Company.

5 Shares in the Company held by each shareholder holding more than 5 percent shares and the number of shares held are as under:-

Sl. No	Name of Share Holder	As at 31.03.2015
		Number of Shares held	% of total paid-up equity share capital
1	Aditya Birla Financial Services Limited	41,550,000	75.00
2	PCR Investments Limited	-	-
3	Sucharitha P. Reddy	5,517,460	9.96

As per of the company, including its register of Shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.

ii) Preference Share Capital

Sl. No	Name of Share Holder	As at 31.03.2015
		Number of Shares held	% of total paid-up equity share capital
1	Aditya Birla Financial Services Limited	1,000,000	100

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	155.400	155.400	135.400
(b) Reserves & Surplus	204.285	217.641	219.683
(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)	359.685	373.041	355.083
(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	5.460	4.100	5.305
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	5.460	4.100	5.305
(4) Current Liabilities
(a) Short term borrowings	690.631	98.724	508.356
(b) Trade payables	103.644	57.616	61.058
(c) Other current liabilities	940.426	1416.992	649.348
(d) Short-term provisions	24.722	11.530	11.201
Total Current Liabilities (4)	1759.423	1584.862	1229.963
TOTAL	2124.568	1962.003	1590.351
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	46.579	163.447	212.458
(ii) Intangible Assets	28.770	41.653	58.244
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.784	0.000	2.145
(b) Non-current Investments	52.566	50.066	20.066
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	51.251	49.760	58.713
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	179.950	304.926	351.626
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	914.084	883.774	506.276
(d) Cash and cash equivalents	793.710	403.175	492.927
(e) Short-term loans and advances	200.014	339.049	204.071
(f) Other current assets	36.810	31.079	35.451
Total Current Assets	1944.618	1657.077	1238.725
TOTAL	2124.568	1962.003	1590.351

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	1120.059	650.870	658.897
	Other Income	67.100	48.206	56.848
	TOTAL (A)	1187.159	699.076	715.745
Less	EXPENSES
	Business Partners Payout	318.157	173.983	180.194
	Employees benefits expense	457.397	316.501	299.988
	Other expenses	266.563	205.533	241.047
	TOTAL (B)	1042.117	696.017	721.229
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	145.042	3.059	(5.484)
Less	FINANCIAL EXPENSES (D)	19.936	23.931	45.732
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	125.106	(20.872)	(51.216)
Less/ Add	DEPRECIATION/ AMORTISATION (F)	57.247	61.170	75.440
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	67.859	(82.042)	(126.656)
Less	TAX (H)	(2.913)	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	70.772	(82.042)	(126.656)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	(255.298)	(173.256)	(46.600)
	Balance Carried to the B/S (J+K+L-M)	(184.526)	(255.298)	(173.256)
	Earnings / (Loss) Per Share (Rs.)	1.28	(1.48)	(2.29)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	N.A	N.A	N.A
Cash generated from operations	165.849	90.878	211.578
Net cash flow from operating activity	165.849	90.878	211.578

QUARTERLY RESULTS

PARTICULARS	30.06.2015 1^st Quarter
Unaudited
Net Sales	285.620
Total Expenditure	268.630
PBIDT (Excl OI)	16.990
Other Income	19.990
Operating Profit	36.980
Interest	16.500
Exceptional Items	NA
PBDT	20.480
Depreciation	10.540
Profit Before Tax	9.940
Tax	NA
Provisions and contingencies	NA
Profit After Tax	9.940
Extraordinary Items	NA
Prior Period Expenses	NA
Other Adjustments	NA
Net Profit	9.940

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	6.32	(12.60)	(19.22)
Operating Profit Margin (PBIDT/Sales)	(%)	12.95	0.47	(0.83)
Return on Total Assets (PBT/Total Assets}	(%)	3.28	(4.29)	(8.08)
Return on Investment (ROI) (PBT/Networth)		0.19	(0.22)	(0.36)
Debt Equity Ratio (Total Debt /Networth)		1.92	0.26	1.43
Current Ratio (Current Asset/Current Liability)		1.11	1.05	1.01

STOCK PRICES

Face Value	Rs.1.00/-
Market Value	Rs.26.00/-

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	135.400	155.400	155.400
Reserves & Surplus	219.683	217.641	204.285
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	355.083	373.041	359.685
long-term borrowings	0.000	0.000	0.000
Short term borrowings	508.356	98.724	690.631
Total borrowings	508.356	98.724	690.631
Debt/Equity ratio	1.432	0.265	1.920

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	658.897	650.870	1120.059
		(1.218)	72.086

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	658.897	650.870	1120.059
Profit	(126.656)	(82.042)	70.772
	(19.22)%	(12.60)%	6.32%

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	No
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

(Rs. In Million)

Particulars	As on 31.03.2015	As on 31.03.2014
SHORT TERM BORROWING
Commercial Paper	690.631	98.724
Total	690.631	98.724

Note:

• Maximum balance outstanding during the year
• Repayable in 30 to 90 days from the date of draw down. The interest on this loan ranges from 8.75% to 10.70%.

NATURE OF OPERATIONS

The company was incorporated on July 04, 1995 in Chennai, Tamil Nadu. ABML is a broking and distribution player, offering Equity and Derivative trading through NSE and BSE and Currency Derivative on MCX-SX. It is registered as a Depository Participant with both NSDL and CDSL in terms of the Securities and Exchange Board of India (Depository Participants) Regulations, 1996 and also provides Portfolio Management Services.

BUSINESS PERFORMANCE

The Company on a Standalone basis has achieved total income of Rs.1187.200 Crore as compared to Rs.699.100 Million during the previous year, a growth of 69.8%. The Income from Operations during the year was Rs.1120.100 Million as compared to Rs.650.900 Million during the previous year. The Company's overall top down and bottom up approach has resulted in a Profit before Depreciation and Taxation of Rs.125.100 Million as compared to a loss of Rs.20.900 Million in the previous year. Interest Cost was down at Rs.19.800 Million as compared to Rs.23.900 Million in the previous year. The Company has posted a Net Profit of Rs.70.800 Million as compared to Net Loss of Rs.82.000 Million in the previous year.

MANAGEMENT’S DISCUSSION AND ANALYSIS

Macroeconomic Scenario

The Indian Economy and Markets

During the financial year 2014-15, we saw most macroeconomic indicators improving as far as India is concerned

and it became visible in the GDP growth projections. GDP after being well below 5% for the past two years is expected to grow above 5.5% on the old base; while on the new base GDP for FY15 is expected to be above 7.4%. Inflation, as measured by CPI, which was at 10% for FY14, has fallen drastically to 5.92% for FY15. This is way below the RBI's initial target of 8%, which was later revised downwards to 6%. The fall in global commodity prices, particularly crude oil and agri commodities have benefitted India. Index of Industrial Production (IIP), an indicator of economic growth, is slowly showing signs of revival as it grew 2.8% for FY15, which is higher than the preceding two years. However, IIP needs to reach high single digit numbers if GDP needs to head towards 8-10% growth. The only weak spot among the macro indicators currently is the exports sector which has barely grown over FY14 and missed FY15 target of USD 350 bn. Government has set up an ambitious target of USD 900 bn of exports by FY20. Recently, slew of measures have been announced by the Government to boost manufacturing sector at home through “Make in India” initiative but the dampener remains the lower global growth.

FII flows for FY15 at USD 45.44 bn are the highest inflows India has ever received and we believe that this trend will continue in FY16 as well. FY15 saw debt inflows garnering a lion's share of total inflows at USD 27.07 bn and equities saw inflows of USD 18.37 bn. Debt inflows were higher on account of three factors – a relatively stable Indian Rupee among the emerging markets currencies, attractive bond yields and falling inflation. Indian equities (Nifty) delivered 26.65% in FY15; the second best performance amongst markets, on account of strong political mandate, falling inflation, softening interest rates and reforms by the government to boost growth.

Global Developments

US Fed in the month of October 2014, ended its QE3. It has purchased bonds (MBS, Treasuries, etc.) worth USD 4.5 tn from the time it launched the first QE in November 2008. US economy on the other hand has seen growth picking up at 2.4% in 2014 vs. unemployment rate fall to 5.6%, the lowest level in 8 years, as the private sector has rebounded with confidence to hire more people. US Fed is now expected to hike its interest rate for the first time in 8 years as most macro indicators point towards a 2.7-3% growth in 2015.

Europe on the other hand has just managed to escape from a triple dip recession as growth remains very modest at 0.1-0.2% growth. Germany continues to remain the most stable economy among the core countries and its unemployment level now is at a two decade low. Peripheral countries like Spain, Portugal and Ireland have emerged out of recession and are in fact, posting some growth after 2 years of economic contraction. ECB in January announced its first ever QE with EUR 60bn of bond purchases starting from Mar'15 till Sept'16 but maybe extended, if needed, as it attempts to boost growth and make investors enter risky assets such as equities and real estate. In recent weeks, the fear of Greece exit has started haunting the markets and investors again as a newly elected government is against the austerity measures and controls imposed by the EU. Chinese GDP growth for 2014 came in at a two decade low of 7.4% and a bit lower than the government estimate of 7.5%. Further slowdown in China was due to government clamping down on property prices as it entered a bubble zone, cutting down on capital investments and weak economic growth taking a toll on its exports.

INDUSTRY STRUCTURE AND DEVELOPMENTS

The market capitalization of India crossed Rs.100 tn in FY15 amidst high investor interest. During 1HFY15, cash market volumes surged post the outcome of 2014 general elections. Retail investor participation rose as a general sense of “ache din” to come, prevailed (Retail volumes @ 50% were higher by 300bps in FY15). Daily cash volumes rose to Rs.213 bn in FY15, a rise of ~60% yoy. This is a marginally positive sign indicating that investments happened for longer tenure than for speculative gains, but it is still abysmal looking at the overall pie wherein the total volumes and the option volumes increased 65%+. Product mix on an overall basis still continued to favor low yielding derivative segment. The overall delivery volumes remained flattish @ 30% within the cash volumes. The structural shift (from high yield cash delivery to low yield derivatives market) over the years, is resulting in prolonged earnings pressure on the entire broking space. Institutional investors showed similar trend - while FII's continued to dominate the market place with investment of Rs.1.1 tn against Rs.0.8 tn last year, DII's continue to sell (Rs.220 bn vs Rs.542 bn). However within the DII, MF's recorded net positive inflows in all the four quarters of FY15. Difficult economic conditions in the first half of FY15, led to fewer public issuances which in turn meant that distribution income remained weak.

FINANCIAL PERFORMANCE AND REVIEW OF OPERATIONS

The Company recorded an Income from Operations of Rs.1120.100 Million. for the year under review as against Rs.650.900 Million. for the previous year. The total income for the year under review stood at Rs.1187.200 Million. compared to Rs.699.100 Million. during the previous year, an in Million ease of 70%. Revenues from equity broking during the year in Million eased by 78% to Rs.945.400 Million. The Net Profit for the year stood at Rs.70.800 Million. As compared to a Net Loss of Rs.82.000 Million. in the previous year. The derivative market share in retail segment improved from 1.37% in FY14 to 2.25% in FY15. The Equity (Cash) market share in retail segment was stable at 1.45% in FY15.

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2015

Standalone of profit and loss

(Rs. In Million)

Sr. No	Particulars		30.06.2015 Quarter Ended
			Unaudited
1	Income From Operations
	a. Net Sales/ Income from Operations (Net of Excise Duty)		236.094
	b. Other Operating Income		49.525
	Total Income from Operations (Net)		285.619
2	Expenditure
	a. Payout to Business Partner		70.038
	b. Employees Benefit Expenses		119.392
	c. Depreciation and Amortisation Expenses		10.537
	d. Other expenses		79.199
	Total Expenses		279.166
3	Profit from Operations before Other Income, Interest and Exceptional Items		6.453
4	Other Income		19.990
5	Profit from ordinary activities before finance cost & exceptional items		26.443
6	Finance Costs		16.499
7	Profit from ordinary activities after finance costs & exceptional items		9.944
8	Exceptional items		-
9	Profit from ordinary activities before tax		9.944
10	Tax Expense		-
11	Net Profit from ordinary activity after tax		9.944
12	Extraordinary Items		-
13	Net Profit After Tax		9.944
14	Paid-up equity share capital (face value of Rs.10 per share)		55.400
15	Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year		-
16	Earning Per Share (of Rs.10 each) (not annualized)		0.18
	Basic EPS		0.18
	Diluted EPS
A		PARTICULARS OF SHAREHOLDING
17		Public Shareholding
		- No. of shares	13850000
		- Percentage of shareholding	25%
18		Promoter & Promoter Group Shareholding
		a) Pledged/Encumbered
		- No. of shares	Nil
		- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)	Nil
		- Percentage of shareholding (as a % of the total share capital of the company)	Nil
		b) Non-encumbered
		- No. of shares	41550000
		- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)	100.00%
		- Percentage of shareholding (as a % of the total share capital of the company)	75%

	Particulars	Quarter ended 30.06.2015
B	Investor Complaints
	Pending at the beginning of the quarter	Nil
	Received during the quarter	Nil
	Disposed off during the quarter	Nil
	Remaining unresolved at the end of the quarter	Nil

Note:

1. The above results have been reviewed by the Audit Committee of the Board and taken on record at the meeting of the Board of Directors held on July 23, 2015.

2. The Statutory Auditors of the Company have carried out 'limited Review' as required under Clause 41 of Listing Agreement and the related report is being submitted to the concerned stock exchanges.

3. The Companys business is to provide brokerage services to its clients in the capital markets within India. All other activities of the Company revolve around the main business. As such, there no reportable segments as per the Accounting Standard on Segment Reporting (AS-17), under section 133 of the Companies Act, 2013, read with rule 7 of the Companies (Accounts) Rules, 2014.

4. Assets in the nature of net trade receivables, advances, other assets etc., aggregating to Rs.145.730 Million (net of write off In earlier years of Rs. 1809.100 Million) as on June 30, 2015 are subject matter of an arbitration claim under a share purchase agreement entered into between Aditya Birla Nuvo Limited ('ABNL'), the Company’s ultimate parent company and its erstwhile Promoters, PCR Investments Limited and Others. On May 17, 2014, the Arbitral Tribunal passed an award allowing claim of Rs. 99.190 Million, which excluded claims pertaining to income tax, service tax, other advances, etc. amounting to Rs. 46.540 Million. Further, out of the allowed claim of Rs. 99.190 Million, the Arbitral Tribunal directed the Erstwhile Promoters to pay a sum of Rs. 55.547 Million (being 55% of Rs 99.190 Million, as ABNL has purchased only 55% of shares). On August 23, 2014, ABNL has filed a petition to the High Court of Madras, seeking to set aside the Arbitral award to the extent it entitles ABNL to only 55% of the allowed claim (i.e. 55% of Rs. 99.190 Million). On August 25, 2014, erstwhile promoters have filed a petition to the High Court of Madras, seeking to set aside the Arbitral award and pass such orders as the High Court may deem fit and proper. The Company holds a provision of Rs. 59.451 Million as on June 30, 2015. The Company, based on Internal assessments Is confident of recovering the Income Tax and Service Tax receivables, from the tax authorities which were excluded by Arbitral Tribunal. Based on legal opinion received and internal assessment, ABNL is confident of recovering the allowed claim through the legal process. Further, ABNL has committed to transfer funds received, if any, on settlement to the Company. Consequently no further adjustments have been made In the Financial results for the quarter ended June 30, 2015.

5. Figures for the last quarter are the balancing figures between audited figures In respect of the full financial year up to March 31, 2015 and the unaudited published year-to-date figures up to December 31, 2014, being the date of third quarter of the financial year which were subjected to limited review.

6. Earnings Per Share - Basic and Diluted has been calculated in accordance with Accounting Standard on Earnings Per Share (AS-20), specified under section 133 of the Companies Act, 2013, read with rule 7 of the Companies (Accounts) Rules, 2014.

7. Previous period/year figures have been regrouped or reclassified wherever necessary.

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2015	31.03.2014
Disputed tax and other statutory liabilities not provided for:
(a) Income tax & Interest on Tax - for various assessment years in respect of which Company has gone on appeal. (Based on judicial pronouncements, the claim of the Company is likely to be accepted by the judicial authorities).	45.545	45.545
(b) Service tax - for various assessment years in respect of which Company has gone on appeal. (Based on judicial pronouncements, the claim of the Company is likely to be accepted by the judicial authorities).	7.957	7.957
(c) Provident fund – for the period from March 2009 to May 2011 for noninclusion of certain components like allowances etc. while computing and remitting the employer and employees' contribution to provident fund. (Based on judicial pronouncements, the claim of the Company is likely to be accepted by the judicial authorities).	14.036	14.036
(d) Karnataka Stamp duty for the period from 2003 - 2008. Based on judicial pronouncements, the	9.060	9.060
Total	76.598	76.598

FIXED ASSETS

• Land
• Computers
• V-Sat
• Office Equipment
• Vehicles
• Furniture & Fixtures
• Batteries
• Vehicles

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 records 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 Millioniminal conduct or a prohibited transaction.

4] Record on Financial Millionime :

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] Millioniminal 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 Millionime 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 Millioneated vulnerabilities to Millionedit 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.64.96
UK Pound	1	Rs.99.54
Euro	1	Rs.71.64

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	KSH
Report Prepared by :	RKI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--MILLIONEDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

This score serves as a reference to assess SC’s Millionedit risk and to set the amount of Millionedit 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%)

Millionedit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED MILLIONEDIT 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 Millionedit 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 Millionedit risk exists. Caution needed to be exercised	Millionedit 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.