MIRA INFORM REPORT

Report Date :

08.12.2011

IDENTIFICATION DETAILS

Name :	VODAFONE INDIA LIMITED (w.e.f. 11.10.2011)
Formerly Known As :	VODAFONE ESSAR LIMITED
Registered Office :	Peninsula Corporate Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400 013, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	21.02.1992
Com. Reg. No.:	11-119108
Capital Investment / Paid-up Capital :	Rs.4140.869 millions
CIN No.: [Company Identification No.]	U32200MH1992PLC119108
TAN No.: [Tax Deduction & Collection Account No.]	MUMH07197B
PAN No.: [Permanent Account No.]	AAACH5332B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Providing Telecom Services.
No. of Employees :	2000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 38000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is one of the leading telecom services provider. It is a well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. Company can be considered normal 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.

INFORMATION DECLINED BY

Management non-cooperative

LOCATIONS

Registered/ Corporate Office :	Peninsula Corporate Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai - 400013, Maharashtra, India
Tel. No.:	91-22-66645000 / 56645000
Fax No.:	91-22-24963645 / 66661222 / 66661200
E-Mail :	krishnan.iyer@vodafone.com
Website :	http://www.vodafone.in
Delhi Office :	C-48, Okhla Industrial Area, Phase II, Delhi - 110020
Tel. No.:	91-9811090001
Mumbai Office : Tel. No.: Tel No : Fax No : Email :	Ganpat Rao, Kadam Marg, Peninsula Corporate Park, Lower Parel, Mumbai – 400013, Maharashtra, India 91-22-66645000 N M Joshi Marg Police Station, Opp. BDD Chawl I and 2, Lower Parel, Mumbai – 400 013, Maharashtra, India 91-22-66645000 91-22-24963645 / 24971069 krishnan.iyer@hutch.in
Karnataka Office:	Maruti Infotech Centre, Ground Floor, B,11/1, 12/1, Koramangala, Intermediate Ring Road, Amar Jyoti Layout, Bangalore - 560071
Tel. No.:	91-80-41193000
Gujarat Office :	6 Floor SAKAR II, ELLIS Bridge Ahmedabad - 380006
Tel. No.:	91-26577228/29
Rajasthan Office :	Gaurav tower, 5^th Floor, Malviya Nagar, Jaipur
Tel. No.:	91-9982212950/51/52
Kolkata Office:	Constantia Office Complex, 4 Floor, 11 UN Bramachari Street, Kolkata - 700017
Tel No.:	91-9830098650
Uttar Pradesh (East) Office:	5 Shahnajaf Road, Hazratganj, Lucknow - 226001
Tel No.:	91-522-6544301
Punjab Office:	C – 131, Phase – VIII Sas Nagar, Eltop, Industrial Area, Mohali , Punjab
Tel No.:	91-172-5090300
Andhra Pradesh Office:	6 Floor Varun Tower II, Begumput, Hyderabad, Andhra Pradesh-500016
Tel No.:	91-9885298852
Uttar Pradesh (West) Office:	135/1 and 137/1,Mangal Pandey Road, University Road Meerut City, Meerut – Uttar Pradesh – 250004
Tel No.:	91-9719018501
Chennai and Tamilnadu Office:	9^th Floor, TVH Beliciaa Towers I , Block No. 94 MRC Nagar, Santhome, Chennai
Tel No.:	91-98841-98841
Haryana Office:	Yogesh Towers Kunjpura Road, Karnal, Haryana
Tel No.:	91-184-2207410
Kerala Office:	Ashish Building Shanmugham Road, P.O. Kochin Kerala - 682031
Tel No.:	91-484-2382281/82/83
Maharashtra and Goa Office:	The Metropolitan F.P. No.27 Survey No. 21 Old Mumbai Pune Highway Wadekawadi , Shivaji Nagar, Pune – 411 005
Tel No.:	91-2030116000/01

DIRECTORS

AS ON : 30.09.2011

Name :

Mr. Chittranjan Dua

Designation :

Director

Address :

88 Sunder Nagar, New Delhi – 110 003, India

Date of Birth/Age :

03.11.1951

Date of Appointment :

15.06.2007

Din No.:

00036080

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U21098MH1962PLC012488	CABOT INDIA LIMITED	Director	9/4/1987	9/4/1987	-	Active	NO
U64203DL1987PTC029740	LINDE ENGINEERING INDIA PRIVATE LIMITED	Director	11/11/1987	11/11/1987	-	Active	NO
U32109DL1990FTC039906	STMICROELECTRONICS PRIVATE LIMITED	Director	19/04/1990	19/04/1990	10/9/2007	Active	NO
U74899DL1993PTC055015	MCDONALD'S INDIA PRIVATE LIMITED	Director	30/08/1993	30/08/1993	-	Active	NO
U19202DL1993PTC052247	FILA SPORT INDIA PRIVATE LIMITED	Director	22/11/1993	22/11/1993	-	Active	NO
U74899DL1993PTC056590	LEXSPHERE PRIVATE LIMITED.	Director	22/12/1993	22/12/1993	-	Active	NO
U74899DL1989PTC038649	RESULT SERVICES PRIVATE LIMITED	Director	2/5/1995	2/5/1995	-	Active	NO
U74899DL1979PTC009714	ASSOCIATED CORPORATE CONSULTANTS INDIA PRIVATE LIMITED	Director	2/5/1995	2/5/1995	-	Active	NO
U74899DL1995PTC068500	PBE INDIA PRIVATE LIMITED	Director	15/05/1995	15/05/1995	-	Under liquidation	NO
U65993DL1979PTC009973	AMIT INVESTMENTS PRIVATE LIMITED	Director	19/07/1995	19/07/1995	-	Active	NO
U74899DL1995PTC064117	BECTON DICKINSON INDIA PRIVATE LIMITED.	Alternate director	18/12/1995	18/12/1995	-	Active	NO
U25209DL1996PTC078605	TUPPERWARE INDIA PRIVATE LIMITED	Director	1/5/1996	1/5/1996	13/01/2010	Active	NO
U33112HR1996PTC038528	BAXTER INDIA PRIVATE LIMITED	Director	11/6/1996	11/6/1996	18/04/2008	Active	NO
U40109DL1997FTC085582	EMERSON PROCESS MANAGEMENT POWER AND WATER SOLUTIONS INDIA PRIVATE LIMITED	Director	26/03/1997	26/03/1997	-	Active	NO
U24291MH1923PLC001082	WIMCO LIMITED	Director	21/04/1998	21/04/1998	-	Active	NO
U74999DL2000PTC103170	ELCA COSMETICS PRIVATE LIMITED	Director	10/1/2000	10/1/2000	20/10/2009	Active	NO
U74899DL1992PTC051031	INAPEX PRIVATE LIMITED	Director	6/9/2001	6/9/2001	-	Active	NO
L35921TN1992PLC022845	TVS MOTOR COMPANY LIMITED	Director	27/12/2001	27/12/2001	-	Active	NO
L28931RJ1984PLC002890	GILLETTE INDIA LIMITED	Director	31/07/2002	31/07/2002	-	Active	NO
U74200KA1997PTC023189	UL INDIA PRIVATE LIMITED	Director	3/4/2003	3/4/2003	-	Active	NO
L33301DL1988PLC033434	TIMEX GROUP INDIA LIMITED	Alternate director	28/05/2009	19/01/2004	30/07/2009	Active	NO
U74899DL1995PTC070306	CONNAUGHT PLAZA RESTAURANTS PRIVATE LIMITED	Alternate director	24/02/2005	24/02/2005	18/08/2008	Active	NO
U29199DL2005FTC142899	LAF FIRE SAFETY SYSTEMS INDIA PRIVATE LIMITED	Director	23/11/2005	23/11/2005	19/12/2006	Active	NO
U72300DL2006PTC149510	VAN SOFTECH SOLUTIONS ONE PRIVATE LIMITED.	Director	6/6/2006	6/6/2006	25/07/2007	Active	NO
U74996DL2006PTC150392	VAN FILMS REMAKE THREE INDIA PRIVATE LIMITED.	Director	29/06/2006	29/06/2006	25/07/2007	Active	NO
U74996DL2006PTC150838	VAN FILMS REMAKE ONE INDIA PRIVATE LIMITED.	Director	11/7/2006	11/7/2006	25/07/2007	Active	NO
U21022DL2006PTC152671	CADMUS PACKAGING PRIVATE LIMITED	Director	29/08/2006	29/08/2006	1/9/2008	Active	NO
U29118DL2006PTC152991	NOSKE-KAESER INDIA PRIVATE LIMITED	Director	4/9/2006	4/9/2006	22/06/2007	Active	NO
L74899DL1989PLC036849	HOUSE OF PEARL FASHIONS LIMITED.	Director	12/9/2006	12/9/2006	-	Active	NO
U32200MH1992PLC119108	VODAFONE INDIA LIMITED	Director	15/06/2007	27/09/2006	-	Active	NO
U34300DL1996FTC078874	STANLEY WORKS (INDIA) PRIVATE LIMITED	Director	28/09/2007	22/11/2006	8/10/2009	Active	NO
U74140DL2006FTC155125	ALCOA INDIA PRIVATE LIMITED	Alternate director	11/6/2007	20/12/2006	-	Active	NO
U13203DL2007PTC158380	LAND MINERALS EXPLORATION PRIVATE LIMITED	Director	24/01/2007	24/01/2007	-	Strike off	NO
U13203DL2007PTC158515	CCRI EXPLORATION PRIVATE LIMITED	Director	29/01/2007	29/01/2007	-	Under Process of Striking off	NO
U63040DL2006PTC154671	UNIVERSAL WEATHER AND AVIATION INDIA PRIVATE LIMITED	Director	31/01/2007	31/01/2007	-	Active	NO
U14291DL2007PTC158715	NEWFOUND EXPLORATION PRIVATE LIMITED	Director	2/2/2007	2/2/2007	-	Strike off	NO
U65910DL1985PTC020969	MCCANN-ERICKSON INDIA PRIVATE LIMITED	Director	6/2/2007	6/2/2007	-	Active	NO
U40101DL2007PTC164163	ALLISON TRANSMISSION INDIA PRIVATE LIMITED	Director	30/05/2007	30/05/2007	1/5/2008	Active	NO
U72900DL2007PTC170969	SINGTEL GLOBAL (INDIA) PRIVATE LIMITED	Director	3/12/2007	3/12/2007	6/12/2007	Active	NO
U34102GJ2008PTC054265	CHEVROLET SALES INDIA PRIVATE LIMITED	Director	20/06/2008	20/06/2008	14/08/2008	Active	NO
U72300TN1996PTC036570	SELLA SYNERGY INDIA PRIVATE LIMITED	Director	8/4/2010	17/04/2009	-	Active	NO
U29129TN1960PLC004337	TRACTORS AND FARM EQUIPMENT LIMITED.	Additional director	24/08/2011	25/01/2011	-	Active	NO

Name :

Mr. Nicholas Jhonathan Read

Designation :

Director

Address :

8, Cresta, Queens Hills Ascot, United Kingdom- SL57DP

Date of Birth/Age :

03.11.1951

Date of Appointment :

28.11.2008

Din No.:

02392270

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U32200MH1992PLC119108	VODAFONE INDIA LIMITED	Director	14/07/2009	28/11/2008	-	Active	NO
U92100DL2007PLC170574	INDUS TOWERS LIMITED	Director	26/06/2009	6/1/2009	-	Active	NO

Name :

Mr. Peter Marten

Designation :

Managing Director

Address :

Room No.801, Taj Wellington Mews, 33, Nathalal Parekh Marg, Colaba, Mumbai- 400001, Maharashtra, India

Date of Birth/Age :

29.04.1953

Date of Appointment :

11.06.2009

Din No.:

02598456

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U92100DL2007PLC170574	INDUS TOWERS LIMITED	Additional director	20/07/2011	8/4/2009	-	Active	NO
U32200MH1992PLC119108	VODAFONE INDIA LIMITED	Managing director	14/07/2009	11/6/2009	-	Active	NO

Name :

Mr. Analjit Mohanbhai Singh

Designation :

Director

Address :

15, Aurangzeb Road, New Delhi – 110011, New Delhi

Date of Birth/Age :

11.01.1954

Date of Appointment :

24.04.2006

Directorship in Other Companies :

· Max Ateev Limited

· Max New York Life insurance Company Limited

· Max Healthcare Institute Limited

· Dynavest India Private Limited

· IDBI Bank Limited

· Hero Honda Motors Limited

· Hero Corporate Services Limited

· Indian School of Business

· Grow Talent Company Limited

· Max Heal Thstaff International Limited

· Acqvire Talent Services Limited

· Malsi Holdings Limited

· Max Medical Services Private Limited

· Liquid Investment and Trading Company Limited

· Mohair Investment and Trading Company Private Limited

Din No.:

00029641

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U74899DL1982PTC013743	MOHAIR INVESTMENT AND TRADINGCOMPANY PRIVATE LIMITED	Director	5/11/1982	5/11/1982	-	Active	NO
L24223PB1988PLC008031	MAX INDIA LIMITED	Director	18/08/2011	24/02/1988	-	Active	NO
U74899DL1988PTC030778	DYNAVEST INDIA PRIVATE LIMITED	Director	26/02/1988	26/02/1988	-	Active	NO
U65993DL1984PTC121971	BOOM INVESTMENTS PRIVATE LIMITED	Director	30/06/1992	30/06/1992	-	Active	NO
U80100AP1997NPL036631	INDIAN SCHOOL OF BUSINESS	Director	29/09/1999	29/09/1999	-	Active	NO
U74899DL2000PLC106723	MAX NEW YORK LIFE INSURANCE COMPANY LIMITED	Director	11/7/2000	11/7/2000	-	Active	NO
U51909DL2000PTC106621	CANDID MARKETING PRIVATE LIMITED	Director	3/10/2000	3/10/2000	14/06/2006	Active	NO
U65993DL1982PTC013728	LIQUID INVESTMENT AND TRADING COMPANY PRIVATE LIMITED	Director	24/12/2001	24/12/2001	-	Active	NO
U74899DL1994PLC061314	MAX MEDICAL SERVICES LIMITED	Director	28/12/2001	28/12/2001	14/01/2009	Active	NO
U72200DL2001PLC111313	MAX HEALTHCARE INSTITUTE LIMITED	Director	28/01/2009	3/5/2002	-	Active	NO
U65993DL2003PTC119032	TROPHY HOLDINGS PRIVATE LIMITED	Director	19/02/2003	19/02/2003	-	Active	NO
U85199DL2003PLC119249	MAX HEALTHSTAFF INTERNATIONAL LIMITED	Director	4/3/2003	4/3/2003	24/10/2008	Active	NO
U74999HR2004PLC035286	ACQVIRE TALENT SERVICES LIMITED	Director	14/01/2004	14/01/2004	-	Amalgamated	NO
U70101DL2004PLC124525	MALSI HOLDINGS LIMITED	Director	9/2/2004	9/2/2004	-	Active	NO
U55101DL1971PTC005570	DELHI GUEST HOUSES PVT LTD	Director	29/07/2004	29/07/2004	-	Active	NO
L35911DL1984PLC017354	HERO MOTOCORP LIMITED	Director	28/09/2004	28/09/2004	-	Active	NO
U70101DL2005PTC132788	TROPHY ESTATES PRIVATE LIMITED	Director	8/2/2005	8/2/2005	-	Active	NO
U74899DL1995PLC065253	HERO CORPORATE SERVICES LIMITED	Director	14/03/2005	14/03/2005	31/01/2009	Active	NO
L65190MH2004GOI148838	IDBI BANK LIMITED	Director	2/5/2005	2/5/2005	1/5/2011	Active	NO
U55101DL2005PTC140056	TROPHY RESORTS AND GUEST HOUSES PRIVATE LIMITED	Director	26/08/2005	26/08/2005	23/03/2009	Active	NO
U55101DL1999PTC099676	DOON HOLIDAY RESORTS PRIVATE LIMITED	Director	26/10/2005	26/10/2005	-	Active	NO
U15549DL2006PTC145754	SCORPIOS BEVERAGES PRIVATE LIMITED	Director	23/02/2006	23/02/2006	-	Active	NO
U74999DL2003PTC122373	MV HEALTHCARE SERVICES PRIVATE LIMITED	Director	23/02/2006	23/02/2006	5/3/2010	Active	NO
U70101DL2004PTC124524	VITASTA ESTATES PRIVATE LIMITED	Director	20/03/2006	20/03/2006	-	Active	NO
U32200MH1992PLC119108	VODAFONE INDIA LIMITED	Director	24/04/2006	23/03/2006	-	Active	NO
U74999DL1999PLC102149	MAX NEEMAN MEDICAL INTERNATIONAL LIMITED	Director	1/6/2006	1/6/2006	-	Active	NO
U65993DL2006PTC148287	BAS ENTERPRISES PRIVATE LIMITED	Director	3/8/2006	3/8/2006	-	Active	NO
U65993DL2006PTC148286	TVP INVESTMENTS PRIVATE LIMITED	Director	3/8/2006	3/8/2006	23/03/2009	Active	NO
U70100CH2006PTC030489	TERRA PLANET ESTATE PRIVATE LIMITED	Director	16/08/2006	16/08/2006	-	Active	NO
U70101PB1999PLC022109	MALSI ESTATES LIMITED	Director	2/1/2007	2/1/2007	-	Active	NO
U74994DL2007PTC165988	URBAN SPACE CONSULTANTS PRIVATE LIMITED	Additional director	1/11/2007	1/11/2007	-	Active	NO
U25200PB2008PLC031807	MAX SPECIALITY PRODUCTS LIMITED	Director	31/03/2008	31/03/2008	14/01/2009	Active	NO
U93091DL2006PTC149385	SYNERGY INFRACON PRIVATE LIMITED	Director	30/09/2008	1/4/2008	23/03/2009	Active	NO
U45400DL2008PTC176962	HOMETRAIL BUILDTECH PRIVATE LIMITED	Director	21/04/2008	21/04/2008	23/03/2009	Active	NO
U45400DL2008PTC176963	HOMETRAIL ESTATE PRIVATE LIMITED	Director	21/04/2008	21/04/2008	23/03/2009	Active	NO
U70109DL2008PTC176967	HOMETRAIL PROPERTIES PRIVATE LIMITED	Director	21/04/2008	21/04/2008	23/03/2009	Active	NO
U74999DL2004PTC131598	WEGMANS BUSINESS PARK PRIVATE LIMITED	Director	26/06/2008	26/06/2008	23/03/2009	Active	NO
U85194DL2008PTC182703	CAPRICORN HEALTH SERVICES PRIVATE LIMITED	Director	1/9/2008	1/9/2008	-	Active	NO
U85110DL2008PTC182707	LEO RETAILING AND HEALTH SERVICES PRIVATE LIMITED	Director	1/9/2008	1/9/2008	-	Active	NO
U85100DL2008PTC182708	NURTURE HEALTH SERVICES PRIVATE LIMITED	Director	1/9/2008	1/9/2008	-	Active	NO
U51109DL2008PTC182764	CAPRICORN HOSPITALITY SERVICES PRIVATE LIMITED	Director	2/9/2008	2/9/2008	-	Active	NO
U85100DL2008PTC182834	VEER HEALTH SERVICES PRIVATE LIMITED	Director	3/9/2008	3/9/2008	25/10/2010	Active	NO
U66000DL2008PLC182918	MAX BUPA HEALTH INSURANCE COMPANY LIMITED	Director	30/09/2008	5/9/2008	-	Active	NO
L15491WB1962PLC031425	TATA GLOBAL BEVERAGES LIMITED	Director	1/9/2009	22/10/2008	-	Active	NO
L24230DL1975PLC007908	DABUR INDIA LIMITED	Director	15/07/2009	30/10/2008	-	Active	NO
U74999HR2000PLC035269	GROW TALENT COMPANY LIMITED	Director	22/09/2009	17/01/2009	29/03/2010	Active	NO
U55101DL2009PLC188676	MALSI HOTELS LIMITED	Director	20/03/2009	20/03/2009	-	Active	NO
U55101DL2009PTC196524	SOLACE HOTELS AND HOSPITALITY SERVICES PRIVATE LIMITED	Director	2/12/2009	2/12/2009	30/03/2010	Active	NO
U92100DL2007PLC170574	INDUS TOWERS LIMITED	Director	19/07/2010	1/2/2010	19/10/2011	Active	NO
U55101DL2010PTC207677	MAX VENTURES PRIVATE LIMITED	Director	30/08/2010	30/08/2010	-	Active	NO
U70102UR2010PTC033234	M.J. INFRAVENTURES PRIVATE LIMITED	Director	12/1/2011	12/1/2011	-	Active	NO

Name :

Mr. Sethi Rajat

Designation :

Director

Address :

181, Jor Bagh, New Delhi – 110003, Delhi, India

Date of Appointment :

10.02.2010

Din No.:

02393521

Name :

Mr. Ravinder Takkar

Designation :

Director

Address :

Villa No.111, Laburnum Condominium Complex, Sushant Lok, Gurgaon – 122001, Haryana, India

Date of Birth/Age :

05.07.1968

Date of Appointment :

06.07.2011

Din No.:

01719511

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U64201GJ1999PTC059542	VODAFONE INDIA SERVICES PRIVATE LIMITED	Director	22/07/2008	30/08/2007	1/2/2010	Active	NO
U92100DL2007PLC170574	INDUS TOWERS LIMITED	Director	19/07/2010	21/01/2008	-	Active	NO
U51101DL2007PLC180238	VODAFONE INFRASTRUCTURE LIMITED	Director	17/07/2008	30/04/2008	-	Active	NO
U74900MH2008PLC183456	MOBILE COMMERCE SOLUTIONS LIMITED	Director	27/09/2010	9/2/2010	-	Active	NO
U64202TZ1995PLC007674	VODAFONE CELLULAR LIMITED	Director appointed in casual vacancy	10/2/2010	10/2/2010	-	Active	NO
U32100GJ1995PLC035282	VODAFONE WEST LIMITED	Director appointed in casual vacancy	10/2/2010	10/2/2010	-	Active	NO
U64202DL1992PLC088087	VODAFONE MOBILE SERVICES LIMITED	Director appointed in casual vacancy	10/2/2010	10/2/2010	-	Active	NO
U72200DL1997PLC085764	VODAFONE SPACETEL LIMITED	Director appointed in casual vacancy	10/2/2010	10/2/2010	-	Active	NO
U32204WB1992PLC079998	VODAFONE EAST LIMITED	Director appointed in casual vacancy	10/2/2010	10/2/2010	-	Active	NO
U64201DL1997PLC088088	VODAFONE DIGILINK LIMITED	Director appointed in casual vacancy	10/2/2010	10/2/2010	-	Active	NO
U74899DL1995PLC074451	VODAFONE SOUTH LIMITED	Director appointed in casual vacancy	10/2/2010	10/2/2010	-	Active	NO
U65999MH2008NPL182612	UNIQUE INTERMEDIARY FACILITATORS	Director appointed in casual vacancy	10/2/2010	10/2/2010	-	Active	NO
U64200DL2007PLC207420	VODAFONE TOWERS LIMITED	Director appointed in casual vacancy	10/2/2010	10/2/2010	-	Active	NO
U74900GJ2009PLC058189	VODAFONE SHARED SERVICES LIMITED	Director	27/09/2010	10/2/2010	-	Active	NO
U32200MH1992PLC119108	VODAFONE INDIA LIMITED	Alternate director	6/7/2011	10/2/2010	29/11/2011	Active	NO

Name :

Mr. Das Kanti Kumar

Designation :

Director

Address :

Flat 2902, 29^th Floor, Phoenix Towers, B Wing, Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra, India

Date of Birth/Age :

21.11.1963

Date of Appointment :

01.07.2011

Din No.:

02035739

Name :

Mr. Witts Karen

Designation :

Director

Address :

14, Kersley ST, united Kingdom – SW114PT, London

Date of Birth/Age :

28.05.1963

Date of Appointment :

08.04.2011

Din No.:

03410673

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U74900GJ2009PLC058189	VODAFONE SHARED SERVICES LIMITED	Additional director	8/4/2011	8/4/2011	-	Active	NO
U64202TZ1995PLC007674	VODAFONE CELLULAR LIMITED	Director	29/09/2011	8/4/2011	-	Active	NO
U64201DL1997PLC088088	VODAFONE DIGILINK LIMITED	Director	29/09/2011	8/4/2011	-	Active	NO
U74899DL1995PLC074451	VODAFONE SOUTH LIMITED	Director	29/09/2011	8/4/2011	-	Active	NO
U72200DL1997PLC085764	VODAFONE SPACETEL LIMITED	Director	29/09/2011	8/4/2011	-	Active	NO
U32200MH1992PLC119108	VODAFONE INDIA LIMITED	Director	29/09/2011	8/4/2011	-	Active	NO
U74900MH2008PLC183456	MOBILE COMMERCE SOLUTIONS LIMITED	Director	29/09/2011	8/4/2011	-	Active	NO
U32204WB1992PLC079998	VODAFONE EAST LIMITED	Director	29/09/2011	8/4/2011	-	Active	NO
U51101DL2007PLC180238	VODAFONE INFRASTRUCTURE LIMITED	Director	29/09/2011	8/4/2011	-	Active	NO
U64202DL1992PLC088087	VODAFONE MOBILE SERVICES LIMITED	Director	29/09/2011	8/4/2011	-	Active	NO
U64200DL2007PLC207420	VODAFONE TOWERS LIMITED	Director	29/09/2011	8/4/2011	-	Active	NO
U32100GJ1995PLC035282	VODAFONE WEST LIMITED	Director	29/09/2011	8/4/2011	-	Active	NO
U65999MH2008NPL182612	UNIQUE INTERMEDIARY FACILITATORS	Director	29/09/2011	8/4/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Joshi Vishnu Pushkaraj
Designation :	Secretary
Address :	5-23, Third Floor, Goregaonkar Lane, Near Central Cinema, Girgaon, Mumbai – 400004, Maharashtra, India
Date of Birth/Age :	14.05.1974
Date of Appointment :	01.11.2010

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON : 30.09.2011

Names of Shareholders	No. of Shares
Central Depository Services India Limited, India	395251799
Vodafone Telecommunications (India) Limited , India	18835021
Telecom Investments India Private Limited, India	30
Total	414086850

Equity Share Break up

AS ON : 30.09.2011

Category	Percentage
Foreign holdings (Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(S), Non-resident Indian(s) or Overseas corporate bodies or Others	64.38
Bodies corporate	35.62
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Telecom Services.

GENERAL INFORMATION

No. of Employees :

2000 (Approximately)

Bankers :

Not Available

Facilities :

Secured Loan	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
From Banks	33444.400	32275.900
Total	33444.400	32275.900
Unsecured Loan	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
From Banks
Short Term	11442.900	13942.900
Total	11442.900	13942.900

Financial Institution:

IL and FS Trust Company Limited

IL and FS Financial Centre, Plot No. C-22, G Block, BA, Kurla Complex Bandra E, Mumbai – 400 051, Maharashtra, India

Auditors :

Name :

Deloitte Haskins and Sells

Chartered Accountants

Address :

12, Dr. Annie Besant Road, Opp. Shiv Sagar Estate, Worli, Mumbai – 400 018, Maharashtra, India

Tel No.:

91-22-66679000

Fax No.:

91-22-66679025

Pan No.:

AACFD4815A

Subsidiaries :

· Vodafone Essar Mobile Services Limited

U64202DL1992PLC088087

· Vodafone Essar East Limited

U32204WB1992PLC079998

· Vodafone Essar Gujarat Limited

U32100GJ1995PLC035282

· Vodafone Essar South Limited

U74899DL1995PLC074451

· Vodafone Essar Digilink Limited

U64201DL1997PLC088088

· Vodafone Essar Cellular Limited

U64202TZ1995PLC007674

· Vodafone Essar Spacetel Limited

U72200DL1997PLC085764

· Vodafone Essar Shared Services Limited

U74900GJ2009PLC058189

· Mobile Commerce Solutions Limited

U74900MH2008PLC183456

· Vodafone Essar Towers Limited

U64200DL2007PLC207420

· Vodafone Essar Infrastructure Limited

U51101DL2007PLC180238

· Unique Intermediary Facilitators

U65999MH2008NPL182612

Fellow Subsidiary where transactions exist :

· Arcor AG and Company KG

· Vodafone Albania Sh.A.

· Vodafone Americas Incorporation

· Vodafone Australia Pty Limited

· Vodafone Czech Republic A.S.

· Vodafone D2 GmbH

· Vodafone Egypt Telecommunications S.A.E.

· Vodafone India Services Private Limited

· Vodafone Espana S.A.

· Vodafone Europe B.V.

· Vodafone Group Services Limited

· Vodafone Holding GmbH

· Vodafone Holdings Europe S.L.

· Vodafone Investments Luxembourg S.a.r.l.

· Vodafone Ireland Limited

· Vodafone Ireland Marketing Limited

· Vodafone Libertel B.V.

· Vodafone Limited

· Vodafone Malta Limited

· Vodafone Marketing S.a.r.l.

· Vodafone Network Pty Limited

· Vodafone Hungary Mobile Telecommunications Limited

· Vodafone New Zealand Limited

· Vodafone Netherlands

· Vodafone Spain S.A

· Vodafone Portugal-Telecommunications Pessoais, S.A.

· Vodafone Romania S.A.

· Vodafone Telekomunikasyon A.S.

· Polkomtel S.A.

· Safaricom Limited

· Vodacom Group (Pty) Limited

· Vodafone Fiji Limited

· Vodafone Omnitel N.V.

· Cellco Partnership

· Société Française du Radiotelephone S.A.

· Vodafone-Panafon Hellenic Telecommunications Company S.A.

Joint Venture :

Indus Towers Limited

Holding Company :

Vodafone Group Plc

Intermediate Holding Company :

Vodafone International Holdings B.V.

CAPITAL STRUCTURE

As on : 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
500000000	Equity Shares	Rs.10/-each	Rs.5000.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
414086850	Equity Shares	Rs.10/-each	Rs.4140.869 millions

Note :

1. Of the above shares, 234,661,713 (March 31, 2009: 234,661,713) equity shares were allotted as fully paid-up pursuant to investments in subsidiary companies without payments being received in cash

2. Of the above 175,307,557 equity shares are held indirectly by Vodafone Group Plc, a company incorporated outside India, a holding company within the meaning of Sec 4 (6) of the Companies Act, 1956.

3. 80,904,431 equity shares are held through Indian affiliates in which Vodafone Group Plc has 37.25% effective interest.

4. 21,163,258 equity shares are held through other Indian affiliates in which Vodafone Group Plc has 38.40% effective interest) .

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008 (15 Months)
SHAREHOLDERS FUNDS
1] Share Capital		4140.868	4140.869	4140.869
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		92457.975	89863.694	88342.115
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		96598.843	94004.563	92482.984
LOAN FUNDS
1] Secured Loans		33444.381	32275.862	8737.494
2] Unsecured Loans		11442.900	13942.900	21400.000
TOTAL BORROWING		44887.281	46218.762	30137.494
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		141486.124	140223.325	122620.478
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8660.717	8731.277	7402.922
Capital work-in-progress		1106.396	1595.538	2762.963
INVESTMENT		69725.563	69724.604	69724.563
DEFERREX TAX ASSETS		347.784	210.674	101.550
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	11.964
	Sundry Debtors	2490.622	2963.541	1450.903
	Cash & Bank Balances	1986.297	631.648	2360.954
	Other Current Assets	2.567	0.500	923.328
	Loans & Advances	69533.927	64861.295	46644.173
Total Current Assets		74013.413	68456.984	51391.322
Less : CURRENT LIABILITIES & PROVISIONS
	Other Current Liabilities	3759.143	1486.485	2585.293
	Sundry Creditors	7897.000	6365.200	5717.000
	Provisions	711.606	644.067	460.549
Total Current Liabilities		12367.749	8495.752	8762.842
Net Current Assets		61645.664	59961.232	42628.480
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		141486.124	140223.325	122620.478

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income from Operations	24876.500	25471.600	27337.600
		Other Income	8319.500	2367.400	1156.800
		TOTAL (A)	33196.000	27839.000	28494.400
Less	EXPENSES
		Cost of SIMs Sold	59.300	79.000	76.800
		Access and Regulatory Charges	11370.600	10577.900	9923.000
		Network Operating Expenditure	2385.400	2246.400	2018.000
		Personnel Expenses	3164.200	2455.600	3378.600
		Advertisement, Marketing, sales and Distribution Expenses	1244.800	1206.400	1481.200
		Administrative, General and other Expenses	3892.900	3641.200	3195.100
		TOTAL (B)	22117.200	20206.500	20072.700
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		11078.800	7632.500	8421.700
Less	FINANCIAL EXPENSES (D)		4944.900	4260.200	2487.300
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		6133.900	3372.300	5934.400
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1823.200	1982.500	2358.000
	PROFIT BEFORE TAX (E-F) (G)		4310.700	1389.800	3576.400
Less	TAX (H)		1807.500	(77.600)	(76.900)
	PROFIT AFTER TAX (G-H) (I)		2503.200	1467.400	3653.300
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		14987.800	13520.400	9867.100
	BALANCE CARRIED TO THE B/S		17491.000	14987.800	13520.400
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	851.000	1065.800	1653.800
	TOTAL EARNINGS		851.000	1065.800	1653.800
	Earnings Per Share (Rs.)		6.00	3.50	8.80

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008 (15 Months)
PAT / Total Income	(%)	7.54	5.27	12.82
Net Profit Margin (PBT/Sales)	(%)	17.32	5.46	13.08
Return on Total Assets (PBT/Total Assets}	(%)	5.21	1.80	6.08
Return on Investment (ROI) (PBT/Networth)		0.04	0.01	0.04
Debt Equity Ratio (Total Liability/Networth)		0.59	0.09	0.09
Current Ratio (Current Asset/Current Liability)		5.98	8.06	5.86

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS :

PARTICULARS	31.03.2010	31.03.2009	31.03.2008 (15 Months)
Sundry creditors
Dues of micro and small enterprises (Refer Note 22 on Schedule 21)	---	---	0.000
Dues from Subsidiaries	----	---	745.000
Dues of creditors from other than micro and small enterprises and subsidiaries	7897.000	6365.200	4972.000
Total	7897.000	6365.200	5717.000

Note:

The registered office of the company has been shifted from Hutch House, Ganpatrao Kadam Marg, Peninsula Corporate Park, Lower Parel, Mumbai - 400 013, Maharashtra, India to the present address w. e. f. 21.09.2007

OPERATIONS – MUMBAI METRO SERVICES AREA

The year ended March 2010 has been a challenging year for the Company. The year finally saw the impact of lower tariffs and increased competition visibly in statistical terms. The revenue shortfall was primarily due to increasingly aggressive competitive offers driving greater multi- SIM ownership and VEL’s market response resulting in both lower outbound usage per SIM and lower RPMs, lower data usage coupled with continued weakness on International Visitors resulting from the tougher macro-economic conditions. During the year, the Company has widened its subscriber base by launch of various segmented products. The company’s customer base grew to a landmark 5.11 million subscribers with a growth rate of 17% on a year on year basis. The Company continues to be the leading operator, having a market share of 19% as at 31 March 2010 in a very competitive 9 players market. During the year 2009-10, the Company has further expanded its network to increase its coverage and networks continue to perform better against acceptable thresholds for the major performance parameters. The Company has added 139 more cell sites to enhance its network coverage, closing with a total of 3,212 cell sites as at 31 March 2010.

VODAFONE ESSAR GROUP

During the year, the subscriber base of Vodafone Essar as a whole achieved the landmark 100 million Customers translating into an increase by more than 45% over the last year from 68.8 million as at 31 March 2009. This constitutes a 23.91% of the total market share in the GSM mobile space.

Subsidiaries (VE Group) and the following major events occurred during the year:

· landmark achievement of 100 million customers

· Awards for best advertising campaign - ZooZoos

· Demerger of Passive Infrastructure Assets

· Demerger of Long Distance Business

· Status of acquisition of BPL Mobile Communications Limited (BMCL)

LANDMARK ACHIEVEMENT OF 100 MILLION CUSTOMERS

The VE Group, which is one of India’s leading cellular service providers, crossed the landmark of 100 million subscribers in India. With this achievement, the VE Group has become the world’s 5th operator with 100 million customers in a single country. The Group has also increased its market share to strengthen its position as India’s second largest operator in terms of revenue.

AWARDS FOR BEST AD CAMPAIGN - ZOOZOOS

The VE Group’s advertisements featuring the Zoozoos have become the favourite of the masses across the country and have bagged several awards and accolades.

DEMERGER OF PASSIVE INFRASTRUCTURE

As a part of the internal restructuring of its business and operations, the VE Group had under a Scheme of Arrangement initiated the demerger of its Passive Infrastructure in 16 circles to a separate subsidiary for effective and focused management of network and resources. The Group has received Orders of three High Courts of a total of five High Courts involved in the process. The management expects to receive approval of the remaining two High Courts shortly.

DEMERGER OF LONG DISTANCE BUSINESS

As a strategic part of internal restructuring, it was decided that the Long Distance Business comprising of National Long Distance and International Long Distance be demerged under a Scheme of Arrangement from Vodafone Essar South Limited into Vodafone Essar Spacetel Limited, both of which entities are subsidiaries of the Company. The requisite Court related processes have been commenced and the management expects to receive approval by an Order of the Honorable Delhi High Court.

ACQUISITION OF BMCL - STATUS

The acquisition of BMCL is still under dispute with the vendors and the matter has been referred to arbitration. The Honorable High Court of Mumbai has granted a stay against the disposal of the shares of BMCL to any other party, which has been continued by the Arbitral Tribunal.

OUTLOOK FOR 2010-11

Intense competition is expected to continue in FY-2010-11. Pricing action that was undertaken by new operators in FY 2009-10 to penetrate the market will continue to impact revenues. However, it is expected that subscribers will bond with the Company in view of the benefits of customer service, relevant pre-positions and a reliable network as is understood by them. With the company along with its group companies being successful in the recently concluded bids for 3G spectrum, relevant value added services will be launched to enhance income from data and other 3G enabled services. The Company is ready for Mobile Number Portability as and when it would be introduced by the Government. Plans to attract new high value customers and retain existing customers are in place. The focus on cost reduction and working capital improvement will continue. The regulatory environment is expected to continue to be challenging in the coming year. Given the strong presence in Mumbai and brand strength of the Vodafone Essar Group, the company is confident of addressing these challenges.

HISTORY

Subject was incorporated on 21.02.1992 as Hutchison Max Telecom Limited. The name was changed to Hutchison Essar w.e.f. 25.03.1999.

CONTINGENT LIABILITIES NOT PROVIDED FOR :

PARTICULARS	31.03.2010 (Rs. In Millions )
Service Tax demands for disputed allowance of CENVAT credit and non payment of tax on SIMs	684.300
Demands from Department of Telecommunications for License fees and WPC demand	562.000
Claims from BSNL and MTNL for payment of Port charges	14.800
Income Tax matters pending in appeals for TDS matters u/s. 201/ 201(1A) for shortfall of TDS	493.100
Custom Duty for classification issue	98.800
Stamp duties and other related demands	76.900
Other claims relating to consumer / civil cases	17.100
Guarantees given by bankers to third parties, counter guaranteed by the Company. Outstanding guarantees issued by the Company jointly and severally with	92.500
Vodafone Essar Mobile Services Limited, Vodafone Essar Gujarat Limited, Vodafone Essar East Limited, Vodafone Essar South Limited, Vodafone Essar Digilink Limited, Vodafone Essar Cellular Limited, Vodafone Essar Spacetel Limited.	158713.400
Total amount of cross guarantees utilised against the above Guarantees	140522.200

Form 8

This form is for	Modification of charge
Charge identification number of the modified	80039461
Corporate identity number of the company	U32200MH1992PLC119108
Name of the company	VODAFONE ESSAR LIMITED
Address of the registered office or of the principal place of business in India of the company	Peninsula Corporate Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400 013, Maharashtra, India
Type of charge	Others
Particular of charge holder	IL and FS Trust Company Limited IL and FS Financial Centre, Plot No. C-22, G Block, BA, Kurla Complex Bandra E, Mumbai – 400 051, Maharashtra, India E-Mail: itclroc@ilfsindia.com
Nature of description of the instrument creating or modifying the charge	Deed of release of hypothecation for limited release of securities covered thereunder.
Date of instrument Creating the charge	30.03.2009
Amount secured by the charge	Rs.140000.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Rate of interest to be fixed under the terms of the individual facility agreements in respect to debt secured under this charge. Terms of Repayment Terms of repayments are to be defined in the individual facility agreement in respect to debt secured by this charges. Margin Margin is to be defined in the individual facility agreement in respect to debt secured by this charge. Extent and Operation of the charge Security provided earlier was movable assets of the company by deed of hypothecation dated 16.02.2006 as modified on 06.12.2007 and Additional security of company’s telecom licence under tripartite agreement dated – 14.01.2009. The lenders have consented to limited release of above security vide deed of release of hypothecation dated 30.03.2009 The security in respect of the company telecom licences under tripartite agreement and shares pledges continues.
Short particulars of the property charged	Tripartite agreement dated 14.01.2009 between the company SBI as agent for security trustee and the D.O.T in respect of telecom licence for Mumbai services area, amended and restated original share pledge agreement and new shares pledge agreement both DTD 14.11.2008. the above were provided as additional Security for a total amount of 140000.000 millions and modification of charge was filed on 13.02.2009 vide SRN-A56143597 Security in respect of telecom licence under tripartite agreement and shares pledge agreement continues.
Date of latest modification prior to the present modification	14.01.2009
Particulars of the present modification	Security provided earlier was movable assets of the company be deed of hypothecation dated 16.02.2006 as modified on 06.12.2007 and Additional security of company’s telecom licence under tripartite agreement dated – 14.01.2009. The lenders have consented to limited release of above security vide deed of release of hypothecation dated 30.03.2009 The security in respect of the company telecom licences under tripartite agreement and shares pledges continues.

FIXED ASSETS

· Computer Software

· Leasehold Improvement

· Plant and Machinery

· Computer Hardware

· Office Equipments

· Furniture and Fixtures

· 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 records 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. 51.44
UK Pound	1	Rs. 80.37
Euro	1	Rs. 69.12

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.