MIRA INFORM REPORT

Report No. :	341681
Report Date :	23.09.2015

IDENTIFICATION DETAILS

Name :	DYNACONS SYSTEMS AND SOLUTIONS LIMITED
Registered Office :	78, Ratnajyot Industrial Estate, Irla Lane, Vile Parle (W), Mumbai – 400056, Maharashtra
Tel. No.:	91-22-66889900
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	26.09.1995
Com. Reg. No.:	11-093130
Capital Investment / Paid-up Capital :	Rs. 59.231 Million
CIN No.: [Company Identification No.]	L72200MH1995PLC093130
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMD09894D / MUMD05367F
PAN No.: [Permanent Account No.]	AABCD1621Q
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Providing software services in e-commerce, enterprise business, Internet solutions and system integration. The company also provides consultancy services.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (35)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 1995 and it is engaged in providing IT services, viz, System Integration, IT infrastructure Management, Networking and Software solution services. For the financial year ended 2015, company has reported growth of 35.69% on total revenue of Rs. 1053.500 Million against previous year revenue of Rs. 776.454 million but company has failed to maintained profitability margins and reported lower margins at 0.64%. Rating remain constrained on account of company's working capital intensive nature of operations and operations in highly fragmented and competitive industry. However, trade relations are reported as fair. Payments are reported to be slow but correct. In view of aforesaid, the company can be considered for business dealing with some caution.

NOTES :

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities = BB+
Rating Explanation	Moderate degree of safety and high credit risk.
Date	10.10.2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A4+
Rating Explanation	Minimal degree of safety.
Date	10.10.2014

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 31-03-2015.

INFORMATION DENIED BY

Name :	Ms. Pooja Dere
Designation :	Accounts Manager
Contact No.:	91-22-66889900
Date :	16.09.2015

LOCATIONS

Registered Office :	78, Ratnajyot Industrial Estate, Irla Lane, Vile Parle (W), Mumbai – 400056, Maharashtra, India
Tel. No.:	91-22-66889900
Fax No.:	91-22-26716641
E-Mail :	dharmesh@dynacons.com sales@dynacons.com
Website :	http://www.dynacons.com
Overseas Office:	Located At USA Singapore Japan Australia
Branch Offices:	Located At Delhi Chennai Kolkata Ahmedabad Goa Nasik
Other Locations:	Located At Ahmedabad Ahmednagar Akola Aurangabad Banglaore Bhilai Bhopal Bhubaneshwar Chandigarh Coimbatore Dhule Gandhidham Gwalior Hyderabad Indore Jaipur Jamnagar Jamshedpur Kandla Kanpur Kochi Kolhapur Lucknow Ludhiana Miraj Nagpur Pune Rajkot Ranchi Ratlam Solapur Vadodara

DIRECTORS

AS ON 31.03.2015

Name :	Mr. Shirish M. Anjaria
Designation :	Chairman and Managing Director
Date of Birth/Age :	30.09.1944
Qualification :	Graduate in Science, Post Graduate in Law, Association of Ferderation of Insurance Institute
Date of Appointment :	26.09.1955
Name :	Mr. Parag J. Dalal
Designation :	Executive Director
Name :	Mr. Dharmesh S. Anjaria
Designation :	Executive Director
Name :	Mr. Viren C. Shah
Designation :	Director
Date of Birth/Age :	47 Years
Qualification :	Advance Post Graduate in Computer and Systems management. Certificate in Oracle / SQL and RDBMS Concepts.
Date of Appointment :	20.03.2001
Name :	Mr. Vishal G. Chappar
Designation :	Additional Director (Appointed w.e.f. Aug 8, 2012)
Date of Birth/Age :	40 Years
Qualification :	B.Com, A.C.A., MBA (NMIMS distance learning), C.I.A (US)
Date of Appointment :	08.08.2012
Name :	Mr. Dilip Palicha
Designation :	Director
Date of Birth/Age :	05.11.1947
Qualification :	Graduate with Certificate in Printing Technology, Associate of Federation of Insurance Institutes.
Date of Appointment :	21.03.2014
Name :	Archana Phadke
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Ravishankar Singh
Designation :	Company Secretary
Name :	Ms. Pooja Dere
Designation :	Accounts Manager

SHAREHOLDING PATTERN

AS ON 30.06.2015

Category of Shareholder	No. of Shares	% of Holdings
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1793509	30.28
Bodies Corporate	71475	1.21
Sub Total	1864984	31.49
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	1864984	31.49
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	276099	4.66
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	2971210	50.16
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	738063	12.46
Any Others (Specify)	72724	1.23
Clearing Members	6210	0.10
Non Resident Indians	66514	1.12
Sub Total	4058096	68.51
Total Public shareholding (B)	4058096	68.51
Total (A)+(B)	5923080	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)	5923080	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
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	Shirish M Anjaria	3,60,948	6.09
2	Dharmesh S Anjaria	3,56,220	6.01
3	Parag J Dalal	3,47,200	5.86
4	Nilam S Anjaria	3,09,602	5.23
5	Jigna D Anjaria	1,56,463	2.64
6	Devangi Parag Dalal	1,34,640	2.27
7	Hasumati Dalal	64,816	1.09
8	Shrish M Anjaria HUF	3,543	0.06
9	Trigem Infosolutions Limited	71,475	1.21
10	Parag J Dalal HUF	60,077	1.01
	Total	18,64,984	31.49

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

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares
1	Sanjay Sohanlalji Jain	75000	1.27
2	Jagannath D Devadiga	61933	1.05
3	Faisal Iqbal	89989	1.52
	Total	226922	3.83

BUSINESS DETAILS

Line of Business :	Providing software services in e-commerce, enterprise business, Internet solutions and system integration. The company also provides consultancy services.
Products :	Not Divulged
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 :

Payment Behaviour

Market Goodwill

Overall

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 :

Product Quality

Delivery Behaviour

Overall

Remark:

Not Divulged

No. of Employees :

Information declined by the management

Bankers :

Banker Name	Dena Bank
Branch Address	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term loans from banks	1.524	1.768
SHORT TERM BORROWING
Working capital loans from banks	126.158	134.353
Total	127.682	136.121

LONG TERM BORROWINGS

Nature of Security and terms of Repayment of secured borrowing:

Term loans from banks are Secured by way of first mortgage / charge on the Plant and Machinery of the Company.

Term loans from Other Parties are Secured by way of first mortgage / charge on the Vehicles of the Company.

Other details

Particulars	Security Coverd	Date of Maturity	Number Of Installments Due	Applicable Rate Of Interest
Motor Car Loan
HDFC Bank
Tata Ace	Motor Car	Aug – 16	5	14.50%
Altis Car	Motor Car	Jun – 18	27	10.17%

SHOR TERM BORROWINGS

Working capital loans are secured by hypothecation of present and future stock, book debts, outstanding monies, receivables, claims, bills, material in transit and Fixed Assets.

Auditors :
Name :	Palan and Company Chartered Accountants
Address :	Mumbai, Maharashtra, India
Email:	ckpalan@gmail.com
Memberships :	Not Available
Collaborators :	Not Available
Firm in which Wholetime Directors have substantial Interest :	S. P. Corporation
Company in which Whole Time Directors have substantial interest :	Trigem Infosolutions Limited
Company in which Directors have substantial interest	Dynacons Technologies Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
30,000,000	Equity Shares	Rs.10/- each	Rs. 300.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
59,23,080	Equity Shares	Rs.10/- each	Rs. 59.231 Million

The reconciliation of the number of shares outstanding is set out below:

Equity Shares	Number of Shares
Equity Shares at the beginning of the year	5923080
Equity Shares at the end of the year	5923080

The details of Shareholders holding more than 5% shares:

Name of Shareholder	Number of Shares	% holding
Shirish Mansingh Anjaria	360948	6.09
Dharmesh Shirish Anjaria	356220	6.01
Parag Jitendra Dalal	347200	5.86
Nilam Anjaria	309602	5.22

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

The company has only one class of equity shares having a par value of 10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company in proportion to their shareholdings.

No bonus shares have been issued to equity shareholders in last five years.

No equity share shares been bought back in last five years.

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	59.231	59.231	59.231
(b) Reserves & Surplus	100.336	103.013	97.221
(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)	159.567	162.244	156.452
(3) Non-Current Liabilities
(a) long-term borrowings	1.524	1.768	4.263
(b) Deferred tax liabilities (Net)	5.228	9.853	9.918
(c) Other long term liabilities	1.914	3.992	3.645
(d) long-term provisions	2.291	1.485	1.044
Total Non-current Liabilities (3)	10.957	17.098	18.870
(4) Current Liabilities
(a) Short term borrowings	126.158	134.353	87.805
(b) Trade payables	19.258	9.771	21.930
(c) Other current liabilities	20.704	21.295	14.553
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	166.120	165.419	124.288
TOTAL	336.644	344.761	299.610
I. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	30.226	46.575	43.490
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	1.689	2.534
(b) Non-current Investments	0.111	15.111	15.111
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	13.892	34.629	40.038
(e) Other Non-current assets	0.000	2.481	2.481
Total Non-Current Assets	44.229	100.485	103.654
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	74.435	54.542	53.248
(c) Trade receivables	155.155	147.891	123.730
(d) Cash and cash equivalents	61.032	40.801	18.047
(e) Short-term loans and advances	1.793	1.042	0.931
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	292.415	244.276	195.956
TOTAL	336.644	344.761	299.610

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	1049.221	773.184	585.263
	Other Income	4.310	3.270	1.733
	TOTAL	1053.531	776.454	586.996
Less	EXPENSES
	Purchases of Stock-in-Trade	959.282	684.116	509.442
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(19.893)	(1.295)	5.725
	Employees benefits expense	45.407	37.662	28.652
	Other expenses	26.911	20.094	13.102
	TOTAL	1011.707	740.577	556.921
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	41.824	35.877	30.075
Less	FINANCIAL EXPENSES	19.386	15.757	12.199
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	22.438	20.120	17.876
Less/ Add	DEPRECIATION/ AMORTISATION	12.122	11.733	10.436
	PROFIT BEFORE TAX	10.316	8.387	7.440
Less	TAX	3.440	2.595	2.273
	PROFIT AFTER TAX	6.876	5.792	5.167
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	83.967	78.175	73.008
	BALANCE CARRIED TO THE B/S	90.843	83.967	78.175
	Earnings Per Share (Rs.)	1.16	0.98	0.87

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	1.707	2.784	2.685
Cash generated from operations	42.548	61.301	(30.024)
Net cash flows from (used in) operations	32.537	55.590	(33.117)

QUARTERLY RESULTS

(Rs. In Million)

PARTICULARS	30.06.2015 Unaudited
Net Sales	273.510
Total Expenditure	264.580
PBIDT (Excl OI)	8.930
Other Income	NA
Operating Profit	8.930
Interest	4.910
Exceptional Items	NA
PBDT	4.020
Depreciation	1.420
Profit Before Tax	2.600
Tax	0.600
Provisions and contingencies	NA
Profit After Tax	2.000
Extraordinary Items	NA
Prior Period Expenses	NA
Other Adjustments	NA
Net Profit	2.000

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	0.66	0.75	0.88
Operating Profit Margin (PBIDT/Sales)	(%)	3.99	4.64	5.14
Return on Total Assets (PBT/Total Assets}	(%)	3.07	2.56	2.64
Return on Investment (ROI) (PBT/Networth)		0.06	0.05	0.05
Debt Equity Ratio (Total Debt /Networth)		0.81	0.86	0.61
Current Ratio (Current Asset/Current Liability)		1.76	1.48	1.57

STOCK PRICES

Face Value	Rs. 10.00/-
Market Value	Rs. 8.45/-

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	59.231	59.231	59.231
Reserves & Surplus	97.221	103.013	100.336
Share Application money pending allotment	0.000	0.000	0.000
Net worth	156.452	162.244	159.567
long-term borrowings	4.263	1.768	1.524
Short term borrowings	87.805	134.353	126.158
Current Maturities of Long Term Debt	2.685	2.784	1.707
Total borrowings	94.753	138.905	129.389
Debt/Equity ratio	0.606	0.856	0.811

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	585.263	773.184	1049.221
		32.109	35.701

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	585.263	773.184	1049.221
Profit	5.167	5.792	6.876
	0.88%	0.75%	0.66%

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	Yes
8	Designation of contact person	Yes
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	No
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

COMPANY OVERVIEW

Subject is an IT solutions company with global perspectives and is engaged in providing a comprehensive range of end-to-end solutions to customers. Dynacons has the technical expertise and the service delivery infrastructure to serve Customers at a level of quality consistent with their expectations. Dynacons helps in the selection of the right technology and application that will yield the greatest return and build a business case for implementation based on lower Total cost of ownership and higher performance.

MANAGEMENT ANALYSIS AND DISCUSSIONS

COMPANY PERFORMANCE:

During the year, the Company earned total revenues of Rs. 1053.531 million compared with Rs. 776.454 million during the previous year, reflecting a growth of 35% over the previous year. The profit before tax stood at Rs. 10.317 million as compared to Rs. 8.387 million in the previous year reflecting a growth of 24%. The Company has made a provision of tax totaling to Rs. 3.440 million and the profit after tax stood at Rs. 6.876 million for the current year. The Operating Profit (earnings before depreciation and interest and tax) grew from Rs. 35.877 million to Rs. 41.824 million.

The Company has continued to delivery strong performance and further strengthened its position in the market. The performance was achieved in the background of a fast changing industry landscape and a challenging economic scenario. The Company's growth has been a result of its customer centric approach and a balanced portfolio of integrated solutions and services. Core focus areas during the year have been customer acquisition and engagement of strategic customers to ensure products aligned with customer expectation and market requirements for sustained growth.

INDUSTRY STRUCTURE AND DEVELOPMENTS:

The year was one of the most challenging ones in recent years. The year saw continued volatility even in the midst of positive factors like declining oil prices and US economy showing signs of revival. The market for IT services is growing in the midst of continued volatility in large global economies in spite of oil prices showing a declining trend. In India although the sentiment continues to be positive, demand on the ground has not picked across product categories.

There is an increasing trend seen in customers both in India and in the Global context, embracing Social media, Mobility, Analytics and Cloud (SMAC) to drive growth and derive competitive advantage especially with analytics and mobility becoming integral to IT strategy. This has led to a dynamic value ecosystem digitally connecting products and services that combine to meet customer needs and deliver more business value

REVIEW OF OPERATIONS:

Dynacons' Enterprise Services offerings include a wide spectrum of Enterprise IT and Office Automation Services including Infrastructure Managed Services, Breakfix Services, Managed Print Services, Cloud Computing, Systems Integration Services, and Applications Development and Maintenance. The Company provides end-to-end technology and technology related services to corporations across industry verticals. The Company has deep domain knowledge across industry sectors and technology expertise across traditional and new age technologies

Dynacons undertakes all activities related to IT infrastructure including infrastructure design and consulting services, turnkey systems integration of large network and data centre infrastructures including supply of associated equipment and software; onsite and remote facilities management of multi- location infrastructure of domestic clients. The Companys' domain knowledge and technology expertise combined with its delivery capability offers unique advantage to its customers. The Company has built a strong customer base, variety of talent and a competent service delivery infrastructure.

The systems integration business focuses on creating solutions and providing services for the IT infrastructure requirements covering infrastructure architecture, design and consulting services; turnkey system integration of large network and data centre infrastructures. The scope of services includes supply of associated equipment and software; On-Site and Remote Support Services for multi-locations for the IT infrastructures. The Company has undertaken several solution deployments such as National Payments Corporation of India, IDBI Bank, Reserve Bank of India, State Bank of India, Central Bank, Bank of India, etc. The Company undertakes large scale network setups and rollouts. We have successfully completed the networking setup of the 2 new lounges at the new Terminal 2, International Airport at Mumbai. This included setup of a wired and Wi-Fi infrastructure alongwith deployment of the server infrastructure.

The Company made several wins in the state of Madhya Pradesh. Notable wins are the MP Advocate General Case Management System, Public Examination Board, IGRS and Water Resource Department. Services offered include Application Development, Data Centre build, System Integration, Digitization, Project Management, Networking and support over multiple years. The Company continues to develop deeper, more strategic relationships with global customers like H & M, British Airways, Sita, Zoetis, Levi's, Schindler etc. The Company is also working on several projects with the Tier I System Integrators like TCS, Tech Mahindra, Atos, UST Global, L and T Infotech etc.

Infrastructure Management Services: This is a key growth engine of our Enterprise Services business. The business significantly increased its annuity contract bank backed by multiple deals in BFSI, Manufacturing, Hospitality, and Government verticals in India. In FY14, they launched many productivity and customer service improvement initiatives including field force automation, spares cycle time reduction, traveltime reduction through optimalroute planning, remote resolution improvement, etc.

They recognise that for most organisations the management of their ICT infrastructure must balance the need for availability, flexibility and security against the need for keeping the cost of ownership as effective as possible. All of their services and operations are fully aligned with the world's most respected standards and frameworks. Their processes are based on the IT Infrastructure Library (ITIL®) service management framework with a focus on continuous service improvement and customer satisfaction. The Company has developed and refined its Service Delivery Model to ensure a consistent and controlled service process.

The Companys' Service Delivery Model is an integrated Service Management process delivery model, with the objective of enabling delivery of high quality, standardised, repeatable and consistent services for their customers. Their teams provide first class onsite and remote support services including logistics management and full equipment lifecycle management. Fully integrated into their service management solutions, their engineering capability enhances workspace delivery across the nation.

The Company's relentless focus on delivery excellence and customer satisfaction has won the Company multiple awards and recognitions in the marketplace. The Company has won awards for work undertaken in the Managed Services, Data Centre, Storage and Security domain. These awards are testimony to the commitment of their team for the hard work and dedication which ensures that we deliver an extraordinary experience to their customer.

Their key differentiators include an end-to-end services and solutions driven model with a strong focus on quality in every aspect of service and product delivery. Dynacons has an established nationwide support network to provide multi location multi-platform support for organizations. Their ability to align their teams to the customer’s business goals, together with their extensive domain and technology expertise, has helped us to remain relevant to their customers.

OUTLOOK

They are at the beginning of a new era - the Digital Revolution - which is resulting in the Consumerisation of IT fuelled by a set of technologies referred to as Social, Mobile, big Data and Cloud. This began as a technological change but is rapidlity transforming and impacting every facet of their lives and work. Such transformations are drivings businesses to change and adapt. Going forward, new concepts like service as a software, agile platforms and artificial intelligence will play a bigger role in enterprise IT and the Company is well positioned to play a significant role in this journey.

There is a rising intensity of technology adoption across industry verticals which are fuelling adoption of newer platforms. The technologies themselves have a shorter shelf life now than ever before. This leads businesses to move from committing and investing on a technology platform to making use of technology on an Opex model. Therefore, there is a greater propensity to outsource which is showing no sign of tapering off. Overall the objective is to minimise the overall transaction costs by appropriate and customised use of Technology. IT companies like theirs are already well positioned and ahead of the curve intaking advantage of the emerging opportunities.

Indian IT industry would continue its growth path and will weather any volatility in the global economy on the back of strong domestic market which is still largely unserved and has unmet needs. The IT skills supply is marked by some very high levels of skills and cutting edge web technologies. In addition there is a strong trend towards digital and e commerce based start-ups indicating a healthy innovative culture building up which would foster IP led as an add-on to services led growth so far witnessed.

The Company's strategy for long term growth continues to be to (a) expand its addressable market by investing in newer geographies and newer businesses and (b) strengthen and deepen existing client relationships through a customer-centric approach, superior execution that gives clients an experience of certainty, a full services capability and a scalable global network delivery model. The Company will continue to invest in the three horizon portfolio of derivative innovation (improvements on current offerings), platform innovations (near term advancements) and disruptive innovations (long term or new market focused investments). With the maturity of technologies around the 'Internet of Things', the Company has scaled up its efforts to build competencies in that area.

As an organization, the Company continues to be driven by a strong performance ethich and a strong set of values and behaviours and is committed to delivering excellence. Their investments in their people, capabilities, technology and infrastructure continue to ensure that the Company remains the partner of choice for customers.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90215775	13/01/2003	19,180,000.00	DEAN BANK	VILL PARLE, MUMBAI, Maharashtra, INDIA	-
2	90215768	12/08/2002	16,300,000.00	DEAN BANK	ANDHERI (W) BRANCH, MUMBAI, Maharashtra, INDIA	-
3	80008670	26/09/2013 *	183,600,000.00	DENA BANK	DEEPAVALI, S.V. ROAD, ANDHERI (WEST), MUMBAI, Maharashtra - 400058, INDIA	B87436382
4	90215714	11/07/2001 *	6,500,000.00	DEAN BANK	VILL PARLE, MUMBAI, Maharashtra, INDIA	-
5	90215509	10/10/1997 *	750,000.00	DEAN BANK	VILL PARLE, MUMBAI, Maharashtra, INDIA	-

* Date of charge modification

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS

FOR THE QUARTER ENDED 30^TH JUNE 2015

(Rs. in million)

Particulars	Quarter Ended
	30.06.2015
	Unaudited
Income from Operations
a) Net Sales / Income from Operations	272.958
b) Other Operating Income	0.550
Total Income from Operations (net)	273.509
Expenditure
a) Cost of materials consumed	0.000
b) Purchase of stock-in-trade	249.147
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(3.675)
d) Employee benefits expense	12.390
e) Depreciation and amortisation expense	1.420
f) Power and Fuel Charges	0.000
g) Other expenses	6.714
Total Expenses	265.996
Profit /(Loss) from Ordinary activities before finance costs and Exceptional items (3+4a+4b)	7.512
Finance Costs	4.911
Profit / (Loss) from ordinary activities after Finance costs but before Exceptional items (5-6)	2.602
Exceptional items	0.000
Profit/ (Loss) from ordinary activities before tax	2.602
Tax expenses	0.600
Net Profit / (Loss) from ordinary activities after tax	2.002
Extraordinary items	0.000
Net Profit / (Loss) for the period	2.002
Paid-up equity share capital (Face Value of Rs. 10 per share)	59.231
Reserve excluding Revaluation reserve
Earnings Per Share (EPS) before and after extraordinary items (of Rs. 10/- each) a) Basic b) Diluted	0.34 0.34
PARTIULARS OF SHAREHOLDINGS
Public Shareholding
- Number of Shares	4058096
- Percentage of Shareholding	68.51
Promoters and Promoter Group Shareholding
a) Pledged/Encumbered
- Number of Shares	Nil
- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	--
- Percentage of Shares (as a % of the Total Share Capital of the Company)	--
b) Non Encumbered
- Number of Shares	1864984
- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	100%
- Percentage of Shares (as a % of the Total Share Capital of the Company)	31.49%

PARTICULARS	For the quarter ended 30^th June 2015
B INVESTORS COMPLAINTS
Pending at the beginning of the quarter	--
Received during the quarter	--
Disposed during the quarter	--
Remaining unresolved at the end of the quarter	--

FIXED ASSETS

• Furniture and Fixture
• Vehicles
• Office Equipments
• Computer

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 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. 65.75
UK Pound	1	Rs. 102.17
Euro	1	Rs. 74.38

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		35

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.