MIRA INFORM REPORT

Report Date :

06.11.2012

IDENTIFICATION DETAILS

Name :	E M I TRANSMISSION LIMITED
Registered Office :	Unit No. 101, 1^st Floor, Centre Point Building, S.S. Rao Road, Off Babasaheb Ambedkar Road, Parel, Mumbai-400012, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.05.1973
Com. Reg. No.:	11-016533
Capital Investment / Paid-up Capital :	Rs.98.049 Millions
CIN No.: [Company Identification No.]	U28100MH1937PLC016533
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the business of manufacture and sale of Hardware and Accessories for Power Transmission Lines and its accessories.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (65)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 8510000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having good track record. It has achieved better growth in its sales turnover during 2011. The profitability also appears good. Financial position of the company appears to be strong. Trade relations are reported as trustworthy. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good 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.

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	A2+ [Short Term Bank Facilities]
Rating Explanation	Strong degree of safety and low credit risk.
Date	13.01.2012

Rating Agency Name	CARE
Rating	A – [Long Term Bank Facilities]
Rating Explanation	Adequate degree of safety and low credit risk.
Date	13.01.2012

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 31-03-2012.

LOCATIONS

Registered Office :	Unit No. 101, 1^st Floor, Centre Point Building, S.S. Rao Road, Off Babasaheb Ambedkar Road, Parel, Mumbai-400012, Maharashtra, India
Tel. No.:	91-22-24188810
Fax No.:	91-22-24188886
E-Mail :	rraghavan@emi.co.in emi@bom5.vsnl.net.in srsheth@emi.co.in emico26@sancharnet.in
Website :	http://www.emi.co.in
Factory :	157/2/1, Village Brahmanwada, Taluka Sinnar, District Nashik-422103, Maharashtra, India
Tel. No.:	91-253-2802504/ 687/ 219/ 250
Fax No.:	91-253-2802687

DIRECTORS

AS ON 21.10.2011

Name :

Mr. Sanjiv Rasiklal Sheth

Designation :

Managing Director

Address :

B-2002, 20^th Floor, Beau Monde, Appasaheb Marathe Marg, Prabhadevi, Mumbai-400025, Maharashtra, India

Date of Birth/Age :

24.11.1963

Date of Appointment :

30.04.1992

Din No.:

00034445

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U28100MH1973PLC016533	E M I TRANSMISSION LIMITED	Managing director	01/04/2007	30/04/1992	Active	NO
2	U31400MH2011PTC215379	EMI POWER TRANSMISSION PRIVATE LIMITED	Director	28/03/2011	28/03/2011	Active	NO

Name :

Mr. Krishna Rasiklal Sheth

Designation :

Whole Time Director

Address :

152-B, Grand Paradi Apartments, Behind Shalimar Hotel, Kemps Corner, Mumbai-400036, Maharashtra, India

Date of Birth/Age :

22.11.1933

Date of Appointment :

15.05.1992

Din No.:

00045415

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U28100MH1973PLC016533	E M I TRANSMISSION LIMITED	Whole-time director	01/04/2007	15/05/1992	Active	NO
2	U31400MH2011PTC215379	EMI POWER TRANSMISSION PRIVATE LIMITED	Director	28/03/2011	28/03/2011	Active	NO

Name :

Mr. Bhasker Mohanlal Mehta

Designation :

Director

Address :

Plot No. 7, Cozy Cottage, Adibad Estate, Mathuradas Mukti Const, Opposite Sheetal Building, Mumbai-400056, Maharashtra, India

Date of Birth/Age :

17.08.1934

Date of Appointment :

15.12.1994

Din No.:

00725253

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U28100MH1973PLC016533	E M I TRANSMISSION LIMITED	Director	15/12/1994	15/12/1994	Active	NO
2	U29130MH1994PLC082390	NHB BALL AND ROLLER LIMITED	Managing director	29/11/1996	29/11/1996	Active	NO
3	U74140MH2002PTC137905	GREAT CIRCLE ADVISORS PRIVATE LIMITED	Director	21/11/2002	21/11/2002	Strike off	NO
4	L99999MH1949PLC007039	PATEL ENGINEERING LIMITED	Director	20/08/2010	22/09/2009	Active	NO

Name :

Tiruchengode Balasubramanian Narayanan

Designation :

Director

Address :

601, Silyer Court, M.G. Road, Behind Titan Showroom, Ghatkopar (East), Mumbai-400077, Maharashtra, India

Date of Birth/Age :

04.07.1949

Date of Appointment :

10.07.1995

Din No.:

00045424

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U65920MH1993PTC074365	GOLDENBOWL FINVEST AND CONSULTANCY PRIVATE LIMITED	Director	06/10/1993	06/10/1993	Active	NO
2	U28100MH1973PLC016533	E M I TRANSMISSION LIMITED	Director	10/07/1995	10/07/1995	Active	NO

Name :

Mr. Kamalnayan Shantilal Kotak

Designation :

Director

Address :

Seksaria House, 28, Babulnath Road, Mumbai-400007, Maharashtra, India

Date of Birth/Age :

05.04.1949

Date of Appointment :

20.04.2006

Din No.:

00151664

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51900MH1959PTC011548	ASIAN MACHINERY AND EQUIPMENT PRIVATE LIMITED	Director	22/12/1979	22/12/1979	28/03/2011	Active	NO
2	U40100MH1997PTC110591	KOTAKURJA PRIVATE LIMITED	Director	10/09/1997	10/09/1997	-	Active	NO
3	U51900MH2000PTC124523	KOTAK EXIM PRIVATE LIMITED	Director	25/02/2000	25/02/2000	-	Active	NO
4	U28100MH1973PLC016533	E M I TRANSMISSION LIMITED	Director	28/07/2006	20/04/2006	-	Active	NO
5	U40108KA2009PTC051516	KOTAK POWER PRIVATE LIMITED	Director	17/11/2009	17/11/2009	-	Active	NO

Name :

Mr. Baburao Prataprao Deshmukh

Designation :

Director

Address :

Snehal, Block No. 1, Pestom Sagar, Road No. 6, Chembur, Mumbai-400089, Maharashtra, India

Date of Birth/Age :

15.07.1944

Date of Appointment :

06.07.2006

Din No.:

00002357

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L26941TN1957PLC003566	MADRAS CEMENTS LIMITED	Director	09/05/2001	09/05/2001	14/05/2007	Active	NO
2	L99999MH1946PLC004768	LARSEN AND TOUBRO LIMITED	Nominee director	19/04/2002	19/04/2002	29/05/2007	Active	NO
3	L65922MH1989PLC054583	GIC HOUSING FINANCE LIMITED	Director	15/10/2004	15/10/2004	09/05/2007	Active	NO
4	L26941GJ1956PLC000840	SAURASHTRA CEMENT LIMITED	Director	30/08/2012	15/10/2004	-	Active	NO
5	U67120WB1993PTC060525	DALMIA SECURITIES PVT LTD	Director	06/12/2005	06/12/2005	-	Active	NO
6	U28100MH1973PLC016533	E M I TRANSMISSION LIMITED	Director	28/07/2006	06/07/2006	-	Active	NO

Name :

Mr. Ashok Kotomal Pahlajani

Designation :

Director

Address :

Bherumal Bhavan, Flat No.9, 3rd Road, Sitladevi Road, Mahim, Mumbai-400016, Maharashtra, India

Date of Birth/Age :

18.01.1959

Date of Appointment :

06.07.2006

Din No.:

00574603

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U28100MH1973PLC016533	E M I TRANSMISSION LIMITED	Director	06/07/2006	06/07/2006	Active	NO
2	U55104RJ2010PTC032574	HAPPY HOSTELS AND BENQUITE PRIVATE LIMITED	Director	10/08/2010	10/08/2010	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 21.10.2011

NOTE: SHAREHOLDING DETAILS FILE ATTACHED.

AS ON 21.10.2011

Equity Share Breakup	Percentage of Holding
Category
Venture capital	22.87
Directors or relatives of directors	75.16
Other top fifty shareholders	1.97
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of manufacture and sale of Hardware and Accessories for Power Transmission Lines and its accessories.

Products :

Item Code No. (ITC Code)	852520
Product Description	Power Transmission Products

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Licensed Capacity	Installed Capacity
Hardware Accessories and Fitting For Power Transmission Line	MT	55000	40000

ACTUAL PRODUCTION

PARTICULARS	UNITS	ACTUAL PRODUCTION [QTY.]
Vibration Damper	Nos.	9745
Single Suspension	Sets	2257
Double Suspension	Sets	460
Single Tension	Sets	379
Spacer Damper	Sets	3013
Double Tension	Sets	935
Quad Tension	Sets	0
Triple Tension	Sets	88
Midspan Compression Joint	Nos.	0
Bundle Spacer	Nos.	3655
Rigid Spacer	Nos.	491
Repair Sleeves	Nos.	0
Suspension Clamp	Nos.	0

GENERAL INFORMATION

Customers :

· Power Grid Corporation of India Limited

· Powerlinks Transmission Limited

· Gujarat Electricity Board

· Jindal Power Limited

· Assam State Electricity Board

· Grid Corporation of Orissa Limited

· ABB Limited

· Deepak Cables India Limited

· Jaguar Overseas Limited

· Mohan Exports India Private Limited

· Western Region Transmission (Gujarat) Private Limited

· West Bengal State Electricity Board

No. of Employees :

Not Available

Bankers :

· Dena Bank, Corporate Business Branch, Bandra-Kurla Complex, Bandra (East), Mumbai – 400 050, Maharashtra, India

· Standard Chartered Bank, 90, M.G Road, Fort, Mumbai - 400 001, Maharashtra, India

· Dena Bank, Industrial Finance Branch, Cuffe Parade, Mumbai – 400 005, Maharashtra, India

· HDFC Bank Limited, Motwani Chambers, Manekji Wadia Building, 3^rd Floor, Mumbai – 400 023, Maharashtra, India

· State Bank of Patiala

· Union Bank of India

· Indian Bank

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Rupee term loans banks	189.904	0.774
Rupee term loans financial institutions ([A] Includes From Non Banking Financial Company.)	10.492 [A]	1.968
Foreign currency loans	381.600	409.140
Working capital loans	122.488	278.670
TOTAL	704.484	690.552
Unsecured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Rupee term loans	236.817	393.568
Deferred sales tax loan	117.723	117.723
TOTAL	354.540	511.291

Banking Relations :	--
Auditors :
Name :	Chokshi and Chokshi Chartered Accountants
Address :	101-102, Kshamalaya, 1^st Floor, 37, New Marine Lines, Mumbai-400001, Maharashtra, India
PAN No:	AABPC5914C
Associates/Subsidiaries :	EMI Power Transmission Co. (FZC)

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Millions
50000	Preferences Shares	Rs.1000/- each	Rs.50.000 Millions
	TOTAL		Rs.200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9804897	Equity Shares	Rs.10/- each	Rs.98.049 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		98.049	97.934	97.765
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2029.702	1660.974	1341.387
4] (Accumulated Losses)		0.000	0.00	0.000
NETWORTH		2127.751	1758.908	1439.152
LOAN FUNDS
1] Secured Loans		704.484	690.552	583.790
2] Unsecured Loans		354.540	511.291	117.723
TOTAL BORROWING		1059.024	1201.843	701.513
DEFERRED TAX LIABILITIES		20.271	7.312	12.271
TOTAL		3207.046	2968.063	2152.936
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		832.413	507.918	238.611
Capital work-in-progress		193.381	143.734	115.918
INVESTMENT		152.212	152.212	152.212
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1763.452	1359.413	680.870
	Sundry Debtors	1221.867	1595.012	1074.619
	Cash & Bank Balances	13.673	156.722	647.603
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	53.486	153.091	320.416
Total Current Assets		3052.478	3264.238	2723.508
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	133.914	133.403	104.780
	Other Current Liabilities	797.996	890.541	767.050
	Provisions	91.528	76.095	205.483
Total Current Liabilities		1023.438	1100.039	1077.313
Net Current Assets		2029.040	2164.199	1646.195
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3207.046	2968.064	2152.936

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	3301.860	2638.290	2320.518
		Other Income	6.333	4.075	0.215
		TOTAL (A)	3308.193	2642.365	2320.733
Less	EXPENSES
		Consumption Materials Changes Inventories	1968.623	1587.195
		Manufacturing Service Cost	179.220	134.637	1636.421
		Employee Related Expenses	66.108	57.166
		Administrative Selling and Other Expenses	120.788	101.117
		Prior Period Items	2.420	(3.940)
		TOTAL (B)	2337.159	1876.175	1636.421
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		971.034	766.190	684.312
Less	FINANCIAL EXPENSES (D)		271.242	204.876	183.133
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		699.792	561.314	501.179
Less/ Add	DEPRECIATION/ AMORTISATION (F)		95.412	41.526	33.222
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		604.380	519.788	467.957
Less	TAX (H)		208.560	175.055	177.834
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		395.820	344.733	290.123
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		860.736	639.613	453.345
Add/ Less	INCOME TAX AND OTHER PRIOR YEAR ITEMS		0.000	0.000	4.897
Less	APPROPRIATIONS
		Transfer to General Reserve	125.656	98.436	73.857
		Proposed Dividend on Equity Shares	24.492	21.517	21.455
		Tax on Dividend	3.973	3.657	3.646
	BALANCE CARRIED TO THE B/S		1102.435	860.736	639.613
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Direct Exports	43.392	218.737	115.371
		FOB Value of Indirect Exports*	125.873	55.363	124.870
		Testing Charges	0.000	3.194	1.573
	TOTAL EARNINGS		169.265	277.294	241.814
	IMPORTS
		Raw Materials (Direct Imports)	NA	NA	65.330
		Raw Materials (Indirect Imports)	NA	NA	0.000
		Capital Goods	NA	NA	0.000
	TOTAL IMPORTS		NA	NA	65.330
	Earnings / (Loss) Per Share (Rs.)		40.37	35.20	29.75

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	11.96	13.05	12.50
Net Profit Margin (PBT/Sales)	(%)	18.30	19.70	20.17
Return on Total Assets (PBT/Total Assets}	(%)	15.55	13.77	15.80
Return on Investment (ROI) (PBT/Networth)		0.28	0.30	0.33
Debt Equity Ratio (Total Liability/Networth)		0.98	1.31	1.24
Current Ratio (Current Asset/Current Liability)		2.98	2.97	2.53

LOCAL AGENCY FURTHER INFORMATION

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

NOTE:

The registered office of the company has been shifted from Kolshet Road, Thane-400607, Maharashtra India to the present address w.e.f. 06.05.2011.

PERFORMANCE HIGHLIGHTS:

During the year, the company has achieved a gross turnover of Rs. 3541.563 Millions against turnover of Rs. 28302.20 Millions in the earlier financial year 2009-10 thereby registering a growth of 25.13% of YOY. The net profit after tax increased by 16.86% to Rs. 398.241 Millions as against Rs.340.793 Millions in the previous year.

INDUSTRY OVERVIEW AND FUTURE OUTLOOK

The Global Power Transmission and Distribution sector has strong growth prospects for the years to come. In order to sustain the continued growth of the country, there is a need for developing an efficient infrastructure base. India’s infrastructure has been improving slowly but steadily over the years. In the budget for the year 2011-12, the GOI continued its emphasis on infrastructure development, increasing the allocation for this sector to Rs. 2140 billion, which is over 48% of the planned expenditure. The bulk of investments in the transmission segment still continue to be done by Power Grid Corporation of India Limited (PGCIL) and state utilities, while the private sector constitutes only a small portion. With increase in higher size generation projects coming up, e.g. mega and ultra mega power projects, requirement for power evacuation at higher voltage and longer distance has increased. To create a national grid and reduce the technical losses during transmission, India is increasingly adopting HVDC technology and 765 KV transmission systems for inter-regional transmission lines. Thus, in line with the power requirement of the country, the government has plans to add 62 GW of generation capacity in the 11th Five Year Plan, and another 100 GW of capacity additions are envisaged in the 12th Plan. This capacity expansion would in turn require estimated investment of Rs. 4109 billion in the 11th plan and Rs. 4950 billion in the 12th Plan. In the international market, EMI has presence mainly in Middle East and African countries. Industrial scenarios of these regions are as under.

MIDDLE EAST –

1. The major demand driver in the region is upcoming large power generating plants including nuclear plants, development of inter-country/regional interconnection lines and increasing private investment.

2. Total estimated investment in the Middle East Region as per World Energy Outlook 2009 Report is USD 25 Bn in Transmission segment between 2008 and 2015.

3. Many of the Middle East countries have embarked on restructuring and unbundling process of their power sector into generation, transmission and distribution areas thus providing opportunity for these business segments to focus on their core business, and also encouraging capital investments from the private sector.

AFRICAN COUNTRIES –

1. The power sector in Africa is very small in comparison to its geographical size and population, thus providing scope for growth.

2. Total estimated investment in the African region as per World Energy Outlook 2009 Report is USD 21 Bn in Transmission segment between 2008–2015. The Company is continuously involved in improving the quality of the products through research and development. Items currently under development are: 1. Fittings and accessories for high temperature conductors up to 1200 KV. 2. Fittings and accessories for 800 KV High Voltage Direct Current (HVDC) Hexa Bundle configuration.

3. Fitting and accessories for 765 KV Double Circuit (D/C) Hexa Bundle configuration. The above is expected to generate sizeable growth in business opportunities in the near future.

PARTICIPATION IN FAIRS

During the year, the Company participated in the Middle East Electricity Exhibition-2010 (MEE 2011) held in Dubai (UAE) during February 2011. The Company has received encouraging response from overseas customers. ISO CERTIFICATION The Quality Management System of EMI has been re-certified for ISO 9001:2008 by NQAQSR New Delhi and the certificate is valid till 2013.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	90142885
Corporate identity number of the company	U28100MH1973PLC016533
Name of the company	E M I TRANSMISSION LIMITED
Address of the registered office or of the principal place of business in India of the company	Unit No. 101, 1^st Floor, Centre Point Building, S.S. Rao Road, Off Babasaheb Ambedkar Road, Parel, Mumbai-400012, Maharashtra, India
Type of charge	Book Debts Movable Property [not being lpledge] Floating Charge
Particular of charge holder	Dena Bank, Corporate Business Branch, Bandra-Kurla Complex, Bandra (East), Mumbai – 400 050, Maharashtra, India Email: vlaxman@vsnl.com
Nature of description of the instrument creating or modifying the charge	Tenth Supplemental Joint Deed of Hypothecation.
Date of instrument Creating the charge	28.06.2011
Amount secured by the charge	Rs.4050.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest shall be charged on the outstanding in the said account(s) at such rate or rates as may be determined by the said Banks from time to time. Terms of Repayment On Demand Margin As may be stipulated by each of the Member Banks from time to time. Extent and Operation of the charge The charge created by the Borrower to and in favour of the following Banks jointly and to each of them severally shall be a continuing security for the balance from time to time due to the Banks and each of them under the credit facilities. Others The charge created/to be created by the Company on the Stocks, Book Debts, Plant and Machinery etc. shall rank first pari passu inter se the Banks for all purposes and to all intents without any priority over the other or others.
Short particulars of the property charged	First Pari passu charge on all and singular the Company's stocks of raw materials, Semi-Finished and finished goods manufactured by the unit for export purpose First Pari passu charge on Company's movable plant and machinery now existing and now belonging to and in possession of or in transit to the company First pari passu charge on the machinery Viz
Date of latest modification prior to the present modification	27.06.2011
Particulars of the present modification	The charge shall now stand secured upto Rs.4050.000 Millions in favour of the members of the Dena Bank Consortium (comprising of Dena Bank : Rs.2840.000 Millions [excluding 400.000 Millions which is not to be reckoned for the purpose of security sharing), UBI : Rs.810.000 Millions and SCB : Rs.400.000 Millions] against the security of Stocks, Book Debts, Plant and Machinery of the Borrower.

FIXED ASSETS:

• Land
• Building
• Plant and Machinery
• Furniture and Fixtures
• Computer
• Motor Cycle

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.07
UK Pound	1	Rs.86.69
Euro	1	Rs.69.37

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--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		65

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.