MIRA INFORM REPORT

Report Date :

25.04.2013

IDENTIFICATION DETAILS

Name :	STATE BANK OF MAURITIUS LTD.
Registered Office :	State Bank Tower, 1, Queen Elizabeth II Avenue, Port Louis
Country :	Mauritius
Financials (as on) :	30.06.2012
Year of Establishments:	1973
Legal Form :	Public Parent Company
Line of Business :	Subject is engaged in the financial services sector
No. of Employees :	1,194

RATING & COMMENTS

MIRA’s Rating :

A

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

Status :	Good
Payment Behaviour :	No Complaints
Litigation :	Clear

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^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
Mauritius	A2	A2

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

mauritius ECONOMIC OVERVIEW

Since independence in 1968, Mauritius has developed from a low-income, agriculturally based economy to a middle-income diversified economy with growing industrial, financial, and tourist sectors. For most of this period, annual growth has been on the order of 5% to 6%. This achievement has been reflected in more equitable income distribution, increased life expectancy, lowered infant mortality, and a much-improved infrastructure. The economy rests on sugar, tourism, textiles and apparel, and financial services, and is expanding into fish processing, information and communications technology, and hospitality and property development. Sugarcane is grown on about 90% of the cultivated land area and accounts for 15% of export earnings. The government's development strategy centers on creating vertical and horizontal clusters of development in these sectors. Mauritius has attracted more than 32,000 offshore entities, many aimed at commerce in India, South Africa, and China. Investment in the banking sector alone has reached over $1 billion. Mauritius, with its strong textile sector, has been well poised to take advantage of the Africa Growth and Opportunity Act (AGOA). Mauritius' sound economic policies and prudent banking practices helped to mitigate negative effects of the global financial crisis in 2008-09. GDP grew in the 3-4% per year range in 2010-12, and the country continues to expand its trade and investment outreach around the globe.

Source : CIA

Company name & address

State Bank of Mauritius Ltd.

State Bank Tower

1, Queen Elizabeth II Avenue

Port Louis,

Mauritius

Tel: 230-202-1111

Fax: 230-202-1234

Web: www.sbmgroup.mu

Synthesis

Employees: 1,194

Company Type: Public Parent

Corporate Family: 12 Companies

Traded: Mauritius Stock Exchange: SBM

Incorporation Date: 1973

Auditor: Deloitte

Financials in: USD (Millions)

Fiscal Year End: 30-Jun-2012

Reporting Currency: Mauritius Rupee

Annual Sales: 177.8 1

Net Income: 91.6

Total Assets: 3,198.0 2

Market Value: 1,015.4 (12-Apr-2013)

Business Description

State Bank of Mauritius Ltd is a Mauritius-based company engaged in the financial services sector, principally in commercial banking. The Company offers a range of services, including currency and securities trading, leasing, security broking, fiduciary services and asset management. The Company’s line of business include Personal Banking, which covers loans, accounts, auto least, Internet banking, mobile banking, debit and credit cards, safe deposit box and bancassurance, among others; Corporate, International & Investment Banking, which covers structured finance, asset finance, global business and financial institutions; Treasury activities cover a range of financial products, including foreign exchange, money market, fixed income and commodities trading; Wealth Management & Private Banking is involved in providing tailor-made financial planning solutions, investment advises and services to individuals and families, both locally and abroad. For the six months ended 31 December 2012, State Bank of Mauritius Ltd. interest income increased 6% to MUR3.07B. Net interest income after loan loss provision increased 30% to MUR1.73B. Net income increased 26% to MUR1.7B. Net interest income after loan loss provision reflects increase in interest earning assets and decrease in interest bearing liabilities. Net income was partially offset by Non-int.

Industry

Industry Commercial Banks

ANZSIC 2006: 6221 - Banking

NACE 2002: 6512 - Other monetary intermediation

NAICS 2002: 52211 - Commercial Banking

UK SIC 2003: 65121 - Banks

UK SIC 2007: 64191 - Banks

US SIC 1987: 6021 - National Commercial Banks

Key Executives

Name	Title
Jairaj Sonoo	Chief Executive - Banking and Executive Director
Chandradev Appadoo	Chief Financial Officer and Head of Corporate Affairs, Executive Director
B. M. Kallee	Company Secretary
Sridhar Guru	Chief Information Officer
Bishwajit Mazumder	Head Back Office Operations Management & Trade Finance

Significant Developments

Topic	#*	Most Recent Headline	Date
Officer Changes	1	State Bank of Mauritius Ltd Appoints New Chief Executive Officer	13-Sep-2012
Dividends	1	State Bank of Mauritius Ltd Announces FY 2011/2012 Final Dividend	26-Sep-2012
Debt Ratings	1	Moody's Investors Services Upgrades State Bank of Mauritius Ltd.'s Rating -News	2-Jul-2012

* number of significant developments within the last 12 months

News

Title	Date
BANK OF MAURITIUS: The Bank of Mauritius warns against unauthorised deposit taking activities / La Banque de Maurice met en garde contre les dpts non autoriss 4 Traders (727 Words)	19-Mar-2013
Mauritius Telecom Enables Income Tax Payments with Orange Money Financial Technology Africa (66 Words)	7-Mar-2013
State Bank of Mauritius first-half pretax profit rose 25% Mbendi (28 Words)	18-Feb-2013
State Bank of Mauritius first-half profit rises India (85 Words)	14-Feb-2013
State Bank of Mauritius Q1 pretax profit up 30.5 pct via Yahoo! (112 Words)	14-Nov-2012
-State Bank of Mauritius reports increase in profit Global Banking News (GBN) (105 Words)	14-Nov-2012

Financial Summary

As of 31-Dec-2012

Key Ratios	Company	Industry
Debt to Equity (MRQ)	0.29
Sales 5 Year Growth	5.26	9.28
Net Profit Margin (TTM) %	52.86	23.51
Return on Assets (TTM) %	2.98	0.88
Return on Equity (TTM) %	18.31	7.73

Stock Snapshot

Traded: Mauritius Stock Exchange: SBM

As of 12-Apr-2013

   Financials in: MUR

Recent Price	1.04	EPS	10.28
52 Week High	1.05	Price/Sales	6.13
52 Week Low	0.77	Dividend Rate	0.04
Avg. Volume (mil)	7.59	Price/Earnings	0.08
Market Value (mil)	31,588.98	Price/Book	0.02
		Beta	1.20

	Price % Change	Rel S&P 500%
4 Week	1.96%	2.07%
13 Week	16.20%	6.69%
52 Week	26.83%	19.39%
Year to Date	15.56%	4.58%

1 - Profit & Loss Item Exchange Rate: USD 1 = MUR 28.97085

2 - Balance Sheet Item Exchange Rate: USD 1 = MUR 30.5

Corporate Overview

Location

State Bank Tower

1, Queen Elizabeth II Avenue

Port Louis, Mauritius

Tel: 230-202-1111

Fax: 230-202-1234

Web: www.sbmgroup.mu

Quote Symbol - Exchange

SBM - Mauritius Stock Exchange

Sales MUR(mil): 5,149.7

Assets MUR(mil): 97,537.6

Employees: 1,194

Fiscal Year End: 30-Jun-2012

Industry: Commercial Banks

Incorporation Date: 1973

Company Type: Public Parent

Quoted Status: Quoted

Chief Executive - Banking and Executive Director:

Jairaj Sonoo

Industry Codes

ANZSIC 2006 Codes:

6221 - Banking

6419 - Other Auxiliary Finance and Investment Services

NACE 2002 Codes:

6512 - Other monetary intermediation

6713 - Activities auxiliary to financial intermediation not elsewhere classified

NAICS 2002 Codes:

52211 - Commercial Banking

523930 - Investment Advice

US SIC 1987:

6021 - National Commercial Banks

6282 - Investment Advice

UK SIC 2003:

65121 - Banks

6713 - Activities auxiliary to financial intermediation not elsewhere classified

UK SIC 2007:

64191 - Banks

6619 - Other activities auxiliary to financial services, except insurance and pension funding

Business Description

State Bank of Mauritius Ltd is a Mauritius-based company engaged in the financial services sector, principally in commercial banking. The Company offers a range of services, including currency and securities trading, leasing, security broking, fiduciary services and asset management. The Company’s line of business include Personal Banking, which covers loans, accounts, auto least, Internet banking, mobile banking, debit and credit cards, safe deposit box and bancassurance, among others; Corporate, International & Investment Banking, which covers structured finance, asset finance, global business and financial institutions; Treasury activities cover a range of financial products, including foreign exchange, money market, fixed income and commodities trading; Wealth Management & Private Banking is involved in providing tailor-made financial planning solutions, investment advises and services to individuals and families, both locally and abroad. For the six months ended 31 December 2012, State Bank of Mauritius Ltd. interest income increased 6% to MUR3.07B. Net interest income after loan loss provision increased 30% to MUR1.73B. Net income increased 26% to MUR1.7B. Net interest income after loan loss provision reflects increase in interest earning assets and decrease in interest bearing liabilities. Net income was partially offset by Non-int.

More Business Descriptions

Provision of all services of a universal bank within a diversified business model. The lines of business include: Retail Banking, Small and Medium Enterprises and Wealth Management; Corporate, International and Investment Banking; Treasury services, eBusiness and fiduciary services.

Banking Services

State Bank of Mauritius Ltd (SBM) is a financial service provider. It focuses on offering commercial banking services. Its product and service portfolio comprises a comprehensive range of financial services such as leasing, asset management, security broking, fiduciary services, currency and securities trading. The group also offers investment advisory, sponsoring broking, managed funds and judicious equity investments, portfolio management, leasing, security broking, broking, share registry, debenture holder’s representatives and finance lease services. SBM offers investment solutions to pension funds, high net worth individuals, private clients, mutual funds, institutional investors. These products and services are offered through 48 service units and counters located in Mauritius, India, and Madagascar. The group operates through a single reportable business segment, namely, Banking segment.The group's business activities are organized in different business lines, namely, retail banking, small and medium enterprises, private banking and wealth management; corporate, international and investment banking; treasury services; ebusiness and fiduciary services. the group, under retail banking, SMEs, private banking and wealth management, offers a comprehensive range of savings, investment and financing products in local as well as foreign currency. Furthermore, SBM offers a diverse portfolio of cards designed to address requirements of specific customer segments.SBM’s corporate, international and investment banking business line offers a range of financial solutions, which includes traditional commercial loans, project finance, working capital finance and trade finance facilities in both local and foreign currencies. These products and services are marketed to its diverse customer base across geographical borders and economic sectors. It also offers structured facilities to its clients customized as per their specific requirements. In addition, the group is also engaged in cross-border transactions in various other countries.Its treasury products portfolio consists of foreign exchange, money market, fixed income, and commodities trading. The group also provides a wide array of services ranging from up-to-date market information and advice to timely execution of deals. The products offered range from basic spot, forward and swap transactions to currency options and structured deposits.The groups e-business services comprise of e-Commerce portal, internet, mobile phone banking services and an extensive network of Point of Sales (POS) and ATMs. In addition, SBM offers a comprehensive range of card products addressing specific customer segments.SBM identifies its revenues from three divisions, namely, Banking, Non-bank financial institutions and Non-financial institutions. The Banking division accounted for 96%of the groups interest income, followed by Non-financial institutions (2.7%) and Non-bank financial institutions reported 1.3% of SBM's interest income during the fiscal year ended June 2012.The group also reports its revenues under two geographical segments, namely, Mauritius and Other Countries. For thee fiscal year 2012, Mauritius accounted for 74.6%, followed by Other Countries which constituted 25.4% of SBM's interest income.The company operates through its subsidiaries, namely, SBM Fund Services Ltd, SBM Mauritius Asset Managers Ltd, SBM Securities Limited, SBM Asset Management Limited and SBM Capital Management Limited, SBM Investments Managers Ltd, Banque SBM Madagascar SA and SBM Investments Managers Ltd and others. It also manages an associate company, namely, State Insurance Company of Mauritius Ltd.In July 2012, the group's long term foreign currency deposit rating was upgraded by Moody’s Investors Service from Baa2 to Baa1 with a stable outlook.

State Bank of Mauritius Ltd (SBM) operates in the financial services sector. The group, along with its subsidiaries, offers various banking and financial services. SBM's line of business include small and medium enterprises; retail banking; corporate banking; wealth management & private banking; international banking and global business; asset management; treasury services; and fiduciary services. It offers its services through electronic delivery channels, such as multi-currency Point of Sales (POS), ATMs, mobile phone banking, e-commerce platforms and internet banking. The group manages 48 service units and 35 offsite ATM's in Mauritius, India and Madagascar. It operates through a single reportable business segment, namely, Banking segment. SBM is headquartered in Port Louis, Mauritius.The bank reported interest income of (Mauritius Rupee) MUR 5,897.80 million during the fiscal year ended June 2012, an increase of 20.33% over 2011. The net interest income after loan loss provision of the bank was MUR 2,945.13 million during the fiscal year 2012, an increase of 35.14% over 2011. The net profit of the bank was MUR 2,617.50 million during the fiscal year 2012, an increase of 30.02% over 2011.

Commercial Banking

Brand/Trade Names

SBM

Financial Data

Financials in:	MUR(mil)
Revenue:	5,149.7
Net Income:	2,653.4
Assets:	97,537.6
Long Term Debt:	2,924.8
Total Liabilities:	80,757.7
Date of Financial Data:	30-Jun-2012

1 Year Growth

20.0%

31.8%

1.9%

Market Data

Quote Symbol:	SBM
Exchange:	Mauritius Stock Exchange
Currency:	MUR
Stock Price:	1.0
Stock Price Date:	04-12-2013
52 Week Price Change %:	26.8
Market Value (mil):	31,588,980.0
SEDOL:	6842325
ISIN:	MU0040N00009

Subsidiaries

Company	Percentage Owned	Country
Banque SBM Madagascar SA	100%	MADAGASCAR
SBM Mauritius Asset Managers Ltd	100%	MAURITIUS
SBM Securities Ltd	100%	MAURITIUS

Key Corporate Relationships

Auditor:	Deloitte
Auditor:	Deloitte, Deloitte

Corporate Family	Corporate Structure News:
	State Bank of Mauritius Ltd.
State Bank of Mauritius Ltd. Total Corporate Family Members: 12

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
State Bank of Mauritius Ltd.	Parent	Port Louis	Mauritius	Commercial Banks	177.8	1,194
SBM Securities Ltd	Subsidiary	Port Louis	Mauritius	Investment Services		1,000
Banque SBM Madagascar SA	Subsidiary	Antananarivo	Madagascar	Commercial Banks		45
SBM Asset Management Limited	Subsidiary	Port Louis	Mauritius	Investment Services		10
SBM Capital Management Limited	Subsidiary	Ebene	Mauritius	Investment Services
SBM International Investments Limited	Subsidiary	Port Louis	Mauritius	Investment Services
SBM Lease Limited	Subsidiary	Port Louis	Mauritius	Commercial Banks
SBM Mauritius Asset Managers Ltd	Subsidiary	Port Louis	Mauritius	Investment Services
SBM Financials Limited	Subsidiary	Port Louis	Mauritius	Miscellaneous Financial Services
SBM Investments Limited	Subsidiary	Port Louis	Mauritius	Investment Services
SBM Global Investment Limited	Subsidiary	Port Louis	Mauritius	Investment Services
SBM IT Limited	Subsidiary	Port Louis	Mauritius	Business Services

Competitors Report

Company Name	Location	Employees	Ownership
Gamma Civic Ltd.	Beau Bassin, Mauritius		Public

Executive report

Board of Directors

Name	Title	Function
Muni Krishna T. Reddy	Independent Non-Executive Chairman of the Board	Chairman
Biography: Mr. Muni Krishna T. Reddy, GOSK, has been Independent Non-Executive Chairman of the Board of State Bank of Mauritius Ltd since December 17, 2010. He is also Member of the Audit Committee, of Corporate Governance & Conduct Review Committee, Risk Management Committee of the Company, as well as Chairperson of the Credit Committee, Nomination & Remuneration Committee and Strategic Planning Committee of the Company. He is also Chairman of Banque SBM Madagascar SA subsidiary of the Company. He has over 42 years of experience in the financial services industry. Additionally, he is Director of of various Boards of companies both in Mauritius and outside Mauritius, including Arcelor Mittal Point Lisas Limited (Trinidad), Arcelor Mittal Steel USA Inc and Global Capital PLC (Malta). Previously, he was Non-Executive Independent Chairman of the Board of the Company as well from October 2003 to December 31, 2007. He joined the Company as Chief Executive Officer, the function he held until October 2003. During his professional career, he was also appointed as of Mauritius Telecom, Air Mauritius, National Economic Development Council (Mauritius), India Fund, South Asia Regional Fund, VenturEast Proactive Fund LLC, among others. He was conferred with the title Grand Officer of the Star and Key of the Indian Ocean (G.O.S.K) by the Government of Mauritius. Mr. Reddy, GOSK, obtained a Masters degree in Agricultural Extension Education.
Chandradev Appadoo	Chief Financial Officer and Head of Corporate Affairs, Executive Director	Director/Board Member
Biography: Mr. Chandradev Appadoo, FCCA, ACIB, has served as Chief Financial Officer and Head of Corporate Affairs, Executive Director at State Bank of Mauritius Ltd since 2012. In addition to his duties at the Company, he is also Director of the Company's subsidiaries, including SBM Holdings Ltd and SBM (India) Ltd, among others. Previously, he was Company Secretary and Divisional Leader - Corporate Affairs & Finance, Executive Director at State Bank of Mauritius Ltd from 2009 to December 2011. Prior to this, he was Company Secretary and Divisional Leader Operations Management of the Company from 2007 to 2009. Until 2007, he served as Group Company Secretary and Head of Risk Management Division of the Company. He is Fellow Certified Chartered Accountant and an Associate of Chartered Institute of Bankers. He has more than 27 years of work experience at the Company at various levels, including branches, Corporate Banking, Finance, Legal, Compliance and Risk Management.
Kalindee Bhanji	Non-Executive Director	Director/Board Member
Biography: Ms. Kalindee Bhanji has served as Non-Executive Director of State Bank of Mauritius Ltd since December 19, 2006. She is also Member of the Credit Committee, the Risk Management Committee, the Corporate Governance & Conduct Review and of the Nomination & Remuneration Committee of the Company. Ms. Bhanji has held senior positions in various ministries of the Government of Mauritius, and is Permanent Secretary at the Prime Minister’s Office, Mauritius. She has acted as Secretary to the Cabinet and Home Secretary. Ms. Bhanji obtained a Bachelor of Arts (Honors) degree and a Master of Science degree in Public Sector Management.
Dheerendra Kumar Dabee	Non-Executive Director	Director/Board Member
Biography: Mr. Dheerendra Kumar Dabee, S.C., G.O.S.K. has served as Non-Executive Director of State Bank of Mauritius Ltd since May 14, 2008. He is also Member of the Credit Committee, Nomination & Remuneration Committee, Risk Management Committee and Strategic Planning Committee of the Company. In addition to his duties at the Company, he is also the Solicitor-General in the Attorney General's Office, as well as Director of Air Mauritius Ltd and Mauritius Telecom. He acts as Legal Adviser to public organizations. He is also Member of the Commonwealth Secretariat Appeal Tribunal. Mr. Dabee obtained an LLB degree in Law and Political Science from the University of Birmingham. Education: University of Birmingham, LLB (Political Science and Law)
George John Dumbell	Independent Non-Executive Director	Director/Board Member
Biography: Mr. George John Dumbell has served as Independent Non-Executive Director of State Bank of Mauritius Ltd since February 14, 2008. He is also Member of the Audit Committee, Corporate Governance & Conduct Review Committee and Chairman of the Risk Management Committee of the Company. In addition to his duties at the Company, Mr. Dumbell is also Director of Anglo Mauritius Assurance Society Ltd, Swan Insurance Co Ltd and the Chrys Capital Group of Companies. He has banking and commercial experience, having served in senior positions in nine countries across Asia, the Middle East, Europe and the Bahamas. He was Chairman of the Constance Group of Companies, and sat on the founding Board of the Mauritius Institute of Directors. In 2003, he undertook a two-year contract with the Mauritius Commercial Bank Ltd in the field of Risk Management. Mr. Dumbell is an Associate of Chartered Institute of Bankers (the United Kingdom).
Rohit Ramnawaz	Independent Non-Executive Director	Director/Board Member
Biography: Mr. Rohit Ramnawaz has served as Independent Non-Executive Director of State Bank of Mauritius Ltd since December 2006. He is also Member of the Audit Committee, Credit Committee, Risk Management Committee and of Nomination & Remuneration Committee of the Company. Additionally, he serves as Managing Director of African Links Limited, a consultancy firm on offshore business and tax planning. He also acts as Independent Director on the Board of companies in the Global Business sector. Mr. Ramnawaz has over 26 years of experience in the fields of banking, finance and financial services, and has also been Economist Intelligence Unit freelance country note-sender for Mauritius. He has contributed to books on international taxation. Mr. Ramnawaz is a Fellow Certified Chartered Accountant. Mr. Ramnawaz holds an LLB degree in Law.
Alfred Joseph Gerard Robert Alain Rey	Independent Non-Executive Director	Director/Board Member
Biography: Mr. Alfred Joseph Gerard Robert Alain Rey has been Independent Non-Executive Director at State Bank of Mauritius Ltd since December 2009. He is also Member of the Credit Committee, as well as of Nomination & Remuneration Committee of the Company. He has been Chairman of the Audit Committee of the Company since 2010. He is Project Director and Director of various companies. He is also Chief Executive Officer of the Compagnie Sucriere de Mont Choisy Ltee group. He was Chief Financial Officer of a NASDAQ listed company as well as Regional Corporate Director of a bank in Mauritius. Mr. Rey obtained a Bachelor of Science (Honors) degree in Economics from the London School of Economics and qualified as a Chartered Accountant (ACA) in 1985. Education: London School of Economics, BS (Economics)
Andrew Scott	Independent Non-Executive Director	Director/Board Member
Biography: Prof. Andrew Scott has been Independent Non-Executive Director of State Bank of Mauritius Ltd since December 2009. He is Member of the Risk Management Committee and Strategic Planning Committee of the Company. He is Professor and Deputy Dean at the London Business School. He is also Non-Executive Director of the United Kingdom’s Financial Services Authority and Economic Advisor to the Prime Minister of Mauritius. Prof. Scott holds a Doctorate in Philosophy from the University of Oxford and was a Fellow of All Souls, Oxford and has taught at Harvard and Oxford Universities. He also obtained a Bachelor of Arts and a Master of Science degrees. Education: University of Oxford, PHD
Jairaj Sonoo	Chief Executive - Banking and Executive Director	Director/Board Member
Biog aphy: Mr. Jairaj Sonoo, CSK, MSK, has been Chief Executive - Banking and Executive Director of State Bank of Mauritius Ltd since September 14, 2012. Prior to rejoining State Bank of Mauritius Ltd, he was Chief Executive Officer of a local bank for the previous two years. Prior to this, he worked for the Company as Divisional Leader - Retail Banking of State Bank of Mauritius Ltd from December 19, 2008 to 2011. He was also Divisional Leader - Retail Banking, Executive Director of the Company from December 31, 2007 to December 19, 2008. He served as Member of the Credit and Strategic Planning Committees of the Company. He has experience in the banking industry, particularly in retail banking. He was Executive Vice President of SBM Indian Operations. Mr. Sonoo, CSK, MSK, holds a Masters of Business Administration degree from the Surrey University. Education: Surrey University, MBA
Shakeel Summun	Independent Non-Executive Director	Director/Board Member
Biography: Mr. Shakeel Summun has served as Independent Non-Executive Director of State Bank of Mauritius Ltd since December 2011. He is also Member of the Audit Committee and of Corporate Governance & Conduct Review Committee of the Company. Additionally, he has served as Senior Vice President and Chief Financial Officer of BAI Co (Mtius) Ltd since 2007. He worked at Ernst & Young, Kemp Chatteris Deloitte & Touche and DTOS before joining BAI Co (Mtius) Ltd in 2005. Mr. Summun is Fellow of the Association of Chartered Certified Accountants (FCCA).
Sin, Regis Yat	Board Member	Director/Board Member
Regis Yat Yat Sin	Independent Non-Executive Director	Director/Board Member
Biography: Mr. Regis Yat Sin, CSK, GOSK, has served as Independent Non-Executive Director of State Bank of Mauritius Ltd since December 2011. He is also Member of the Credit Committee, Nomination & Remuneration Committee and Strategic Planning Committee of the Company, as well as Chairperson of Corporate Governance & Conduct Review Committee of the Company. He held the position of Secretary of the Cabinet and Head of Civil Service. He was also Chairman of the Public Service Commission and the Disciplined Forces Service Commission from 2005 to August 2011. He served on various Boards, including Bank of Mauritius, Air Mauritius, Development Bank of Mauritius and Airports of Mauritius. Previously, he was Chairman of the Board of the Company from December 1996 to December 1999. Mr. Yat Sin obtained a Bachelor of Arts (Honors) degree.

Executives

Name	Title	Function
Jairaj Sonoo	Chief Executive - Banking and Executive Director	Chief Executive Officer
Biography: Mr. Jairaj Sonoo, CSK, MSK, has been Chief Executive - Banking and Executive Director of State Bank of Mauritius Ltd since September 14, 2012. Prior to rejoining State Bank of Mauritius Ltd, he was Chief Executive Officer of a local bank for the previous two years. Prior to this, he worked for the Company as Divisional Leader - Retail Banking of State Bank of Mauritius Ltd from December 19, 2008 to 2011. He was also Divisional Leader - Retail Banking, Executive Director of the Company from December 31, 2007 to December 19, 2008. He served as Member of the Credit and Strategic Planning Committees of the Company. He has experience in the banking industry, particularly in retail banking. He was Executive Vice President of SBM Indian Operations. Mr. Sonoo, CSK, MSK, holds a Masters of Business Administration degree from the Surrey University. Education: Surrey University, MBA
Suvalaxmi Chakraborty	Chief Executive Officer of SBM India Operations	Division Head Executive
Biography: Ms. Suvalaxmi Chakraborty is Chief Executive Officer of SBM India Operations at State Bank of Mauritius Ltd. She has 24 years of work experience, out of which 23 years have been spent in the banking and financial sector. She worked for ICICI Bank in senior positions (in Corporate Finance, Project Finance, and Treasury, as General Manager - Corporate Banking and Head of Rural and Agri Banking) and was Commercial Banking Director of the Indian Operations of Barclays Bank PLC before joining the Company in March 2010. She is Certified Accountant (CA). Ms. Chakraborty holds a Bachelor of Commerce (B.Com) with Honors (Hons) degree.
Louis Nallet	Chief Executive Officer of Banque SBM Madagascar SA	Division Head Executive
Biography: Mr. Louis Nallet serves as Chief Executive Officer of Banque SBM Madagascar SA at State Bank of Mauritius Ltd. He has over 49 years of banking experience and held senior positions in Citibank and Standard Bank. Before joining the Company in 2010, he was Director of Stanbic Africa, Member of the Standard Bank Group, and Managing Director of Stanbic in the Democratic Republic of Congo. He obtained a degree from the Institut Technique de Banque (Centre de Formation de la Profession Bancaire) and from the CNAM Paris. Education: CNAM Centre de Formation de la Profession Bancaire
Soopaya Parianen	Chief Executive - Non-Banking Financial Cluster	Division Head Executive
Biography: Mr. Soopaya Parianen has been Chief Executive - Non-Banking Financial Cluster at State Bank of Mauritius Ltd since September 14, 2012. In addition to his duties at the Company, he was also Director at the Companies subsidiaries, including SBM Investments Ltd, SBM IT Ltd (Chairperson), SBM Lease Ltd, SBM Asset Management Ltd (Chairperson), SBM Mauritius Asset Managers Ltd, SBM Securities Ltd, Banque SBM Madagascar, SBM Capital Management Ltd (Chairperson) and SBM International Investments Ltd (Chairperson). Previously, he was Acting Chief Executive Officer of the Company from April 6, 2012 to September 14, 2012. Prior to this, he acted as Head of Retail Banking of the Company from December 17, 2010. In February 2010, he became Chief Operating Officer, Executive Director, Head Retail Banking of the Company and, prior to this, he was Chief Operating Officer, Executive Director as from 2010. Between May 2009 and 2010, he held the function of Chief Operating Officer of the Company. Mr. Parianen has over 35 years of experience in banking out of which 28 years at the Company at senior management level, having been Group Divisional Leader Corporate Banking, Group Divisional Leader Retail Banking and Group Divisional Leader for Credit Management Support Services. Mr. Parianen holds a Bachelor of Arts (Honors) degree in Economics.
Bishwajit Mazumder	Head Back Office Operations Management & Trade Finance	Operations Executive
Biography: Mr. Bishwajit Mazumder is Head Back Office Operations Management & Trade Finance at State Bank of Mauritius Ltd. He worked for 29 years in the banking sector, before joining the Company in February 2010 as Chief Internal Auditor. He worked as Chief Audit Executive for ING Vysya Bank in India, Chief Internal Auditor for Central Bank of Oman for five years (till 2007) and for IDBI Bank for four years (till 2002) as Assistant Vice President. Also, he held positions in front office, back office, branch head and corporate office and Information Technology at multiple banks. Mr. Mazumder holds (Certified Accountant) CA, LLB, MBA, CIA, CISA, CISSP, CFE, CAIIB, ISSMP degrees and certifications.
Satyamurti Ravikumar	Senior VP-Operations-Indian	Operations Executive
B. M. Kallee	Company Secretary	Company Secretary
Chandradev Appadoo	Chief Financial Officer and Head of Corporate Affairs, Executive Director	Finance Executive
Biography: Mr. Chandradev Appadoo, FCCA, ACIB, has served as Chief Financial Officer and Head of Corporate Affairs, Executive Director at State Bank of Mauritius Ltd since 2012. In addition to his duties at the Company, he is also Director of the Company's subsidiaries, including SBM Holdings Ltd and SBM (India) Ltd, among others. Previously, he was Company Secretary and Divisional Leader - Corporate Affairs & Finance, Executive Director at State Bank of Mauritius Ltd from 2009 to December 2011. Prior to this, he was Company Secretary and Divisional Leader Operations Management of the Company from 2007 to 2009. Until 2007, he served as Group Company Secretary and Head of Risk Management Division of the Company. He is Fellow Certified Chartered Accountant and an Associate of Chartered Institute of Bankers. He has more than 27 years of work experience at the Company at various levels, including branches, Corporate Banking, Finance, Legal, Compliance and Risk Management.
Anil Kumar Kundan	Head of Credit Underwriting	Finance Executive
Biography: Mr. Anil Kumar Kundan is Head of Credit Underwriting at State Bank of Mauritius Ltd. Additionally, he serves as Director of SBM Global Investments Limited, SBM Investments Limited and SBM Mauritius Asset Managers Ltd. He worked in the credit department of the bank in India for 22 years and also in Mauritius as Chief Credit Officer for four years. His experience spans from heading branch operations to credit appraisal, loan syndication and control, supervision and credit approval for overseas operations of the Bank in the earlier assignment. He holds a Bachelor of Arts (Humanities) degree and Diploma in Automobile Engineering.
Pauline Seeyave	Divisional Leader Corporate Banking	Finance Executive
Daniel Ng Tseung	Head of Trading	Investment Executive
Biography: Mr. Daniel Ng Tseung has been Head of Trading of State Bank of Mauritius Ltd since 2012. Additionally, he is Director of SBM Securities Ltd, SBM Capital Management Limited and SBM Asset Management Limited. He previously served as Divisional Leader - Treasury from 2010 to 2012. Prior to this, he became Executive Director, Divisional Leader Treasury of the Company on December 19, 2008. From August 20, 2007 to December 19, 2008, he was Division Leader Treasury. In December 2006, he was appointed as Division Leader Treasury, Executive Director and he joined the Company in December 2000 as Group Treasurer. He worked for nine years as Treasurer at HSBC before joining the Bank in December 2000 as Group Treasurer. Mr. Ng Tseung holds a Bachelor of Science (BSc) degree in Economics.
Sridhar Guru	Chief Information Officer	Information Executive
Biography: Mr. Sridhar Guru serves as Chief Information Officer at State Bank of Mauritius Ltd. He has been with the Company since October 2010. Mr. Guru held several information technology (IT) roles within banking, insurance, financial services, e-commerce and commercial technology industries. Prior to joining the Company, he was Regional CIO (India & Indian Ocean) - Global Retail and Commercial Banking for Barclays Bank PLC. Before that he was, amongst other roles, Senior Vice President & Head of Global IT Delivery Center of Expertize for Bank of America, Director of Financial Services & Insurance Practice for American Financial Group Inc and Head of IT Delivery - Institutional and Business Banking for ANZ (Bank). He is Member of The Association of Professional Engineers, Scientists & Managers of Australia and Computer Society of India. Mr. Guru holds a Bachelors degree in Computer Science Engineering and an Executive Masters degree in International Business Administration.

Significant Developments

State Bank of Mauritius Ltd Announces FY 2011/2012 Final Dividend Sep 26, 2012

State Bank of Mauritius Ltd has announced the final dividend of MUR 3.50 per share, payable on November 15, 2012 to shareholders at the record at the close of the business on November 1, 2012, in respect of the fiscal year ended June 30, 2012. Accordingly, the shares of the Company will be traded cum-dividend up to the market day of October 29, 2012 and ex-dividend as from October 30, 2012.

State Bank of Mauritius Ltd Appoints New Chief Executive Officer Sep 13, 2012

State Bank of Mauritius Ltd announced that Mr. Jairaj Sonoo has been appointed to the post of Chief Executive - Banking of the Company, effective September 14, 2012. He will replace Mr. Soopaya Parianen who has acted as Chief Executive of State Bank of Mauritius Ltd since April 6, 2012. Mr. Sonoo will also become Member of the Board of the Company.

Moody's Investors Services Upgrades State Bank of Mauritius Ltd.'s Rating –News Jul 02, 2012

News reported that Moody's Investors Services has raised State Bank of Mauritius Ltd (SBM) long term foreign currency deposit rating to Baa1 from Baa2 with a stable outlook. The move follows the upgrade of Mauritius' foreign currency deposit ceiling and, within a context of economic uncertainty globally, reflects the particularly fundamentals of SBM. SBM's domestic currency deposit ratings remains at Baa1 and its financial strength rating was upheld at C minus by Moody's.

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	30-Jun-2012	30-Jun-2011	30-Jun-2010	30-Jun-2009	30-Jun-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Restated Normal 30-Sep-2012	Restated Normal 31-Mar-2012	Reclassified Normal 30-Jun-2011	Reclassified Normal 30-Jun-2011	Reclassified Normal 30-Jun-2009
Filed Currency	MUR	MUR	MUR	MUR	MUR
Exchange Rate (Period Average)	28.970846	29.565984	30.955943	31.299658	28.75974
Auditor	Deloitte	Deloitte	Kemp Chatteris Deloitte	Kemp Chatteris Deloitte	Kemp Chatteris Deloitte
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Interest & Fees on Loans	203.6	127.4	114.2	120.9	133.9
Interest & Dividends on Investment Securities	-	35.6	37.9	39.9	33.6
Other Interest Income	-	2.1	2.9	8.0	17.5
Trading Account Interest	-	0.7	2.2	1.7	0.2
Interest Income, Bank	203.6	165.8	157.2	170.4	185.3
Interest on Deposit	93.2	75.6	75.8	92.4	113.5
Interest on Other Borrowings	-	5.7	0.9	1.3	0.7
Total Interest Expense	93.2	81.3	76.7	93.7	114.2
Net Interest Income	110.4	84.5	80.5	76.7	71.1
Loan Loss Provision	8.8	10.8	10.3	8.9	13.6
Net Interest Income after Loan Loss Provision	101.7	73.7	70.3	67.8	57.5
Fees & Commissions from Operations	39.9	31.1	21.3	24.2	22.5
Insurance Commissions, Fees & Premiums	-	-1.3	-0.4	-0.3	-0.3
Dealer Trading Account Profit	15.5	-0.2	0.1	0.0	0.6
Investment Securities Gains	-	4.0	0.0	0.0	3.3
Foreign Currency Gains	-	0.0	0.0	0.0	0.0
Other Revenue	12.0	10.3	8.8	12.1	31.5
Non-Interest Income, Bank	67.3	60.6	45.6	52.6	73.8
Labor & Related Expenses	-	-30.8	-25.3	-22.6	-21.3
Depreciation Expense	-	-6.2	-5.4	-9.9	-10.4
Other Expense	-56.0	-13.7	-13.7	-13.0	-16.2
Non-Interest Expense, Bank	-56.0	-50.7	-44.4	-45.5	-47.9
Income Before Tax	113.0	83.7	71.5	74.9	83.3
Total Income Tax	21.4	15.6	11.4	10.2	9.8
Income After Tax	91.6	68.1	60.0	64.7	73.5
Minority Interest	-	-	-	-	0.0
Net Income Before Extraord Items	91.6	68.1	60.0	64.7	73.5
Net Income	91.6	68.1	60.0	64.7	73.5
Income Available to Common Excl Extraord Items	91.6	68.1	60.0	64.7	73.5
Income Available to Common Incl Extraord Items	91.6	68.1	60.0	64.7	73.5
Basic/Primary Weighted Average Shares	258.2	258.2	258.2	258.2	258.2
Basic EPS Excl Extraord Items	0.35	0.26	0.23	0.25	0.28
Basic/Primary EPS Incl Extraord Items	0.35	0.26	0.23	0.25	0.28
Diluted Net Income	91.6	68.1	60.0	64.7	73.5
Diluted Weighted Average Shares	258.2	258.2	258.2	258.2	258.2
Diluted EPS Excl Extraord Items	0.35	0.26	0.23	0.25	0.28
Diluted EPS Incl Extraord Items	0.35	0.26	0.23	0.25	0.28
Dividends per Share - Common Stock Primary Issue	0.12	0.10	0.09	0.09	0.09
Gross Dividends - Common Stock	31.2	26.2	22.9	22.7	22.9
Depreciation, Supplemental	-	5.3	4.4	5.5	5.7
Normalized Income Before Tax	113.0	83.7	71.5	74.9	83.3
Inc Tax Ex Impact of Sp Items	21.4	15.6	11.4	10.2	9.8
Normalized Income After Tax	91.6	68.1	60.0	64.7	73.5
Normalized Inc. Avail to Com.	91.6	68.1	60.0	64.7	73.5
Basic Normalized EPS	0.35	0.26	0.23	0.25	0.28
Diluted Normalized EPS	0.35	0.26	0.23	0.25	0.28
Amort of Intangibles, Supplemental	-	0.9	1.0	4.4	4.7
Rental Expenses	-	1.4	1.0	0.9	0.9
Bank Total Revenue	177.8	145.2	126.1	129.3	144.9
Current Tax - Domestic	-	10.9	9.3	9.4	7.5
Current Tax - Other	-	5.0	3.9	3.0	3.6
Current Tax - Total	-	15.9	13.2	12.4	11.1
Deferred Tax - Total	-	-0.3	-1.8	-2.2	-1.3
Deferred Tax - Total	-	-0.3	-1.8	-2.2	-1.3
Income Tax - Total	-	15.6	11.4	10.2	9.8
Interest Cost - Domestic	-	1.9	1.5	1.3	1.2
Service Cost - Domestic	-	0.7	0.8	0.8	0.8
Prior Service Cost - Domestic	-	-	-	-	0.8
Expected Return on Assets - Domestic	-	-2.0	-1.7	-1.9	-1.9
Actuarial Gains and Losses - Domestic	-	-	0.0	-0.2	-0.2
Domestic Pension Plan Expense	-	0.5	0.7	0.0	0.8
Defined Contribution Expense - Domestic	-	1.6	1.3	1.1	0.9
Total Pension Expense	-	2.1	2.0	1.1	1.7
Discount Rate - Domestic	-	10.00%	10.50%	10.00%	10.50%
Expected Rate of Return - Domestic	-	10.00%	10.50%	10.00%	10.50%
Compensation Rate - Domestic	-	9.00%	9.50%	9.00%	9.00%
Pension Payment Rate - Domestic	-	3.00%	3.50%	3.00%	3.00%
Total Plan Interest Cost	-	1.9	1.5	1.3	1.2
Total Plan Service Cost	-	0.7	0.8	0.8	0.8
Total Plan Expected Return	-	-2.0	-1.7	-1.9	-1.9

Annual Balance Sheet

Financials in: USD (mil)

	30-Jun-2012	30-Jun-2011	30-Jun-2010	30-Jun-2009	30-Jun-2008
UpdateType/Date	Restated Normal 30-Sep-2012	Updated Normal 30-Jun-2011	Updated Normal 30-Jun-2010	Updated Normal 30-Jun-2009	Reclassified Normal 30-Jun-2009
Filed Currency	MUR	MUR	MUR	MUR	MUR
Exchange Rate	30.5	28.25	31.9	32.5	27.25
Auditor	Deloitte	Deloitte	Kemp Chatteris Deloitte	Kemp Chatteris Deloitte	Kemp Chatteris Deloitte
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Due from Banks	392.1	386.7	263.2	448.8	503.9
Trading Account Assets	8.3	5.2	4.6	6.0	5.0
Securities Held	-	67.9	36.8	23.0	10.5
Securities for Sale	-	237.8	126.5	121.4	152.1
Total Investment Securities	637.1	834.4	757.4	585.0	547.0
Other Earning Assets, Total	645.4	839.5	762.0	591.0	552.0
Total Gross Loans	-	2,053.3	1,404.1	1,255.1	1,328.7
Loan Loss Allowances	-	-44.7	-33.2	-30.7	-37.5
Net Loans	2,091.3	2,041.9	1,370.9	1,309.6	1,308.2
Land/Improvements	-	89.9	80.1	67.5	79.9
Machinery/Equipment	-	56.6	51.5	50.7	59.2
Construction in Progress	-	1.3	0.5	0.3	1.3
Property/Plant/Equipment - Gross	-	147.9	132.1	118.5	140.4
Accumulated Depreciation	-	-49.2	-42.7	-48.0	-53.7
Property/Plant/Equipment - Net	43.5	98.7	89.4	70.6	86.8
Intangibles - Gross	-	30.6	27.1	26.2	30.6
Accumulated Intangible Amortization	-	-28.7	-24.6	-23.7	-23.4
Intangibles, Net	2.8	1.9	2.4	2.4	7.2
Pension Benefits - Overfunded	-	0.1	0.0	0.2	0.2
Deferred Income Tax - Long Term Asset	4.7	-	-	-	-
Other Long Term Assets, Total	4.7	0.1	0.0	0.2	0.2
Other Assets	18.1	19.8	14.8	15.3	20.8
Other Assets, Total	18.1	19.8	14.8	15.3	20.8
Total Assets	3,198.0	3,388.6	2,502.8	2,438.0	2,479.2
Accounts Payable	-	10.1	6.7	5.2	8.5
Accrued Expenses	-	9.7	7.6	6.6	5.1
Other Deposits	2,500.8	2,517.0	1,934.1	1,960.6	2,014.0
Total Deposits	2,500.8	2,517.0	1,934.1	1,960.6	2,014.0
Income Taxes Payable	9.4	6.2	7.7	12.3	9.1
Other Current liabilities, Total	9.4	6.2	7.7	12.3	9.1
Long Term Debt	95.9	252.2	65.3	32.5	13.5
Total Long Term Debt	95.9	252.2	65.3	32.5	13.5
Total Debt	95.9	252.2	65.3	32.5	13.5
Deferred Income Tax - LT Liability	0.9	6.3	5.6	4.1	7.3
Deferred Income Tax	0.9	6.3	5.6	4.1	7.3
Other Liabilities	40.7	21.6	16.4	18.3	19.0
Other Liabilities, Total	40.7	21.6	16.4	18.3	19.0
Total Liabilities	2,647.8	2,823.3	2,043.4	2,039.7	2,076.5
Common Stock	10.0	10.8	9.5	9.3	11.1
Common Stock	10.0	10.8	9.5	9.3	11.1
Retained Earnings (Accumulated Deficit)	510.8	483.3	385.9	342.4	357.8
Treasury Stock - Common	-76.5	-82.6	-73.1	-71.8	-85.6
Unrealized Gain (Loss)	123.8	161.5	133.3	114.5	126.9
Translation Adjustment	-17.9	-7.7	3.8	3.8	-7.5
Other Equity, Total	-17.9	-7.7	3.8	3.8	-7.5
Total Equity	550.2	565.3	459.4	398.2	402.7
Total Liabilities & Shareholders’ Equity	3,198.0	3,388.6	2,502.8	2,438.0	2,479.2
Shares Outstanding - Common Stock Primary Issue	258.2	258.2	258.2	258.2	258.2
Total Common Shares Outstanding	258.2	258.2	258.2	258.2	258.2
Treasury Shares - Common Stock Primary Issue	45.6	45.6	45.6	45.6	45.6
Employees	1,194	1,229	1,157	1,116	1,069
Number of Common Shareholders	-	16,548	-	16,939	16,598
Accumulated Intangible Amort, Suppl.	-	28.7	24.6	23.7	23.4
Deferred Revenue - Long Term	-	1.5	2.1	0.4	0.6
Total Risk-Weighted Capital	-	2.1	1.4	1.4	1.6
Tier 1 Capital %	-	18.63%	21.35%	19.63%	-
Total Capital %	-	22.42%	26.49%	24.04%	21.61%
Total Long Term Debt, Supplemental	-	252.2	65.3	32.5	13.5
Long Term Debt Maturing within 1 Year	-	35.0	37.4	0.3	7.6
Long Term Debt Maturing in Year 2	-	18.9	2.4	2.8	0.0
Long Term Debt Maturing in Year 3	-	18.9	2.4	2.8	0.0
Long Term Debt Maturing in Year 4	-	18.9	2.4	2.8	0.0
Long Term Debt Maturing in Year 5	-	18.9	2.4	2.8	0.0
Long Term Debt Maturing in 2-3 Years	-	37.9	4.7	5.7	0.0
Long Term Debt Maturing in 4-5 Years	-	37.9	4.7	5.7	0.0
Long Term Debt Matur. in Year 6 & Beyond	-	141.4	18.4	20.9	5.8
Total Capital Leases, Supplemental	-	43.8	31.1	2.2	5.3
Capital Lease Payments Due in Year 1	-	11.6	9.0	0.4	1.4
Capital Lease Payments Due in Year 2	-	7.2	5.2	1.8	0.9
Capital Lease Payments Due in Year 3	-	7.2	5.2	0.0	1.0
Capital Lease Payments Due in Year 4	-	7.2	5.2	0.0	1.0
Capital Lease Payments Due in Year 5	-	7.2	5.2	0.0	1.0
Capital Lease Payments Due in 2-3 Years	-	14.4	10.4	1.8	1.9
Capital Lease Payments Due in 4-5 Years	-	14.4	10.4	0.0	2.0
Cap. Lease Pymts. Due in Year 6 & Beyond	-	3.4	1.3	-	-
Total Operating Leases, Supplemental	-	1.8	1.6	0.8	2.4
Operating Lease Payments Due in Year 1	-	0.7	0.8	0.2	0.9
Operating Lease Payments Due in Year 2	-	0.2	0.1	0.1	0.4
Operating Lease Payments Due in Year 3	-	0.2	0.1	0.1	0.4
Operating Lease Payments Due in Year 4	-	0.2	0.1	0.1	0.4
Operating Lease Payments Due in Year 5	-	0.2	0.1	0.1	0.4
Operating Lease Pymts. Due in 2-3 Years	-	0.3	0.2	0.3	0.7
Operating Lease Pymts. Due in 4-5 Years	-	0.3	0.2	0.3	0.7
Oper. Lse. Pymts. Due in Year 6 & Beyond	-	0.4	0.3	0.1	0.0
Pension Obligation - Domestic	-	20.9	16.1	14.7	14.1
Plan Assets - Domestic	-	21.8	17.2	15.8	21.0
Funded Status - Domestic	-	0.9	1.1	1.1	6.9
Total Funded Status	-	0.9	1.1	1.1	6.9
Discount Rate - Domestic	-	10.00%	10.50%	10.00%	10.50%
Expected Rate of Return - Domestic	-	10.00%	10.50%	10.00%	10.50%
Compensation Rate - Domestic	-	9.00%	9.50%	9.00%	9.00%
Pension Payment Rate - Domestic	-	3.00%	3.50%	3.00%	3.00%
Prepaid Benefits - Domestic	-	0.1	0.0	0.2	0.2
Net Assets Recognized on Balance Sheet	-	0.1	0.0	0.2	0.2
Equity % - Domestic	-	38.00%	38.00%	43.00%	51.00%
Debt Securities % - Domestic	-	24.00%	26.00%	-	-
Debt Securities % - Foreign	-	33.00%	33.00%	26.00%	26.00%
Other Investments % - Domestic	-	5.00%	3.00%	4.00%	1.00%
Total Plan Obligations	-	20.9	16.1	14.7	14.1
Total Plan Assets	-	21.8	17.2	15.8	21.0

Annual Cash Flows

Financials in: USD (mil)

	30-Jun-2012	30-Jun-2011	30-Jun-2010	30-Jun-2009	30-Jun-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 30-Jun-2012	Updated Normal 30-Jun-2011	Updated Normal 30-Jun-2010	Reclassified Normal 30-Jun-2010	Reclassified Normal 30-Jun-2010
Filed Currency	MUR	MUR	MUR	MUR	MUR
Exchange Rate (Period Average)	28.970846	29.565984	30.955943	31.299658	28.75974
Auditor	Deloitte	Deloitte	Kemp Chatteris Deloitte	Kemp Chatteris Deloitte	Kemp Chatteris Deloitte
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	90.3	68.1	60.0	64.7	73.5
Depreciation	5.3	5.3	4.4	5.5	5.7
Depreciation/Depletion	5.3	5.3	4.4	5.5	5.7
Amortization of Intangibles	0.8	0.9	1.0	4.4	4.7
Amortization	0.8	0.9	1.0	4.4	4.7
Unusual Items	-0.9	-3.7	0.0	0.0	-3.2
Equity in Net Earnings (Loss)	-2.8	-2.9	-2.2	-2.1	-2.1
Other Non-Cash Items	2.7	-0.8	4.1	9.2	-32.5
Non-Cash Items	-1.0	-7.5	1.9	7.1	-37.8
Loan Loss Provision	8.8	10.8	10.3	8.9	13.6
Other Assets	-92.3	-502.5	-210.1	-357.2	-342.4
Other Liabilities	181.4	324.1	-65.8	281.4	228.7
Other Operating Cash Flow	-9.5	-9.5	-11.3	2.1	17.8
Changes in Working Capital	88.3	-177.1	-276.9	-64.8	-82.2
Cash from Operating Activities	183.7	-110.3	-209.6	16.9	-36.1
Purchase of Fixed Assets	-2.2	-3.8	-3.1	-3.0	-4.6
Purchase/Acquisition of Intangibles	-2.0	-0.1	-1.0	-0.7	-0.9
Capital Expenditures	-4.2	-3.9	-4.0	-3.7	-5.5
Sale of Business	0.0	0.0	0.0	-	-
Sale of Fixed Assets	0.0	0.2	1.2	0.2	0.0
Sale/Maturity of Investment	1.9	9.5	0.0	0.0	3.3
Purchase of Investments	-1.4	-0.1	-0.2	-7.2	0.0
Sale of Intangible Assets	0.0	0.0	0.0	0.0	0.0
Other Investing Cash Flow	0.3	0.2	0.2	0.2	0.2
Other Investing Cash Flow Items, Total	0.8	9.8	1.1	-6.9	3.5
Cash from Investing Activities	-3.4	5.9	-2.9	-10.6	-2.0
Cash Dividends Paid - Common	-26.7	-24.0	-22.9	-21.0	-18.9
Total Cash Dividends Paid	-26.7	-24.0	-22.9	-21.0	-18.9
Long Term Debt, Net	-145.0	170.5	33.1	22.1	-21.4
Issuance (Retirement) of Debt, Net	-145.0	170.5	33.1	22.1	-21.4
Cash from Financing Activities	-171.7	146.5	10.2	1.0	-40.2
Net Change in Cash	8.6	42.0	-202.3	7.3	-78.4
Net Cash - Beginning Balance	232.8	186.1	380.0	368.5	479.4
Net Cash - Ending Balance	241.4	228.1	177.7	375.9	401.1
Cash Taxes Paid	17.5	17.0	18.0	7.8	11.6

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	30-Jun-2012	30-Jun-2011	30-Jun-2010	30-Jun-2009	30-Jun-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Restated Normal 30-Sep-2012	Restated Normal 31-Mar-2012	Reclassified Normal 30-Jun-2011	Reclassified Normal 30-Jun-2011	Reclassified Normal 30-Jun-2009
Filed Currency	MUR	MUR	MUR	MUR	MUR
Exchange Rate (Period Average)	28.970846	29.565984	30.955943	31.299658	28.75974
Auditor	Deloitte	Deloitte	Deloitte	Deloitte	Kemp Chatteris Deloitte
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Placements with Banks	-	1.9	2.5	8.0	17.5
Loans and advances to customers	203.6	127.4	114.2	120.9	133.9
Investment securities	-	35.6	37.9	39.9	33.6
Trading assets	-	0.7	2.2	1.7	0.2
Other Interest Income	-	0.2	0.4	0.0	0.0
Total Revenue	203.6	165.8	157.2	170.4	185.3
Interest on Deposits	93.2	75.6	75.8	92.4	113.5
Int. on Borrowings	-	5.1	0.8	1.3	0.7
Other Borrowings	-	0.6	0.0	0.0	0.0
Provisions on Adv.	8.8	10.8	10.3	8.9	13.6
Total Operating Expense	101.9	92.1	87.0	102.6	127.8
Net Fee and Commission Income	39.9	31.1	21.3	24.2	22.5
Fee and commission expense	-	-1.3	-0.4	-0.3	-0.3
Net Gain on Disposal of Investment Sec.	-	-	-	-	3.3
Dividend Income	8.0	7.4	6.6	9.9	29.4
Foreign exchange gain	-	16.8	15.7	16.6	16.2
Net trading income	15.5	-0.2	0.1	0.0	0.6
Investment securities	-	0.2	0.0	0.0	-
Equity investments	-	3.9	0.0	0.0	-
Other	1.2	-0.1	0.0	0.1	-0.1
Personnel expenses	-	-30.8	-25.3	-22.6	-21.3
Depreciation	-	-6.2	-5.4	-9.9	-10.4
Other	-56.0	-13.7	-13.7	-13.0	-16.2
Share of profit of asociates	2.8	2.9	2.2	2.1	2.1
Total Non-Interest Revenue	67.3	60.6	45.6	52.6	73.8
Total Non-Interest Expense	-56.0	-50.7	-44.4	-45.5	-47.9
Net Income Before Taxes	113.0	83.7	71.5	74.9	83.3
Provision for Income Taxes	21.4	15.6	11.4	10.2	9.8
Net Income After Taxes	91.6	68.1	60.0	64.7	73.5
Minority Interst	-	-	-	-	0.0
Net Income Before Extra. Items	91.6	68.1	60.0	64.7	73.5
Net Income	91.6	68.1	60.0	64.7	73.5
Income Available to Com Excl ExtraOrd	91.6	68.1	60.0	64.7	73.5
Income Available to Com Incl ExtraOrd	91.6	68.1	60.0	64.7	73.5
Basic Weighted Average Shares	258.2	258.2	258.2	258.2	258.2
Basic EPS Excluding ExtraOrdinary Items	0.35	0.26	0.23	0.25	0.28
Basic EPS Including ExtraOrdinary Item	0.35	0.26	0.23	0.25	0.28
Diluted Net Income	91.6	68.1	60.0	64.7	73.5
Diluted Weighted Average Shares	258.2	258.2	258.2	258.2	258.2
Diluted EPS Excluding ExtraOrd Items	0.35	0.26	0.23	0.25	0.28
Diluted EPS Including ExtraOrd Items	0.35	0.26	0.23	0.25	0.28
DPS-Common Stock	0.12	0.10	0.09	0.09	0.09
Gross Dividends - Common Stock	31.2	26.2	22.9	22.7	22.9
Normalized Income Before Taxes	113.0	83.7	71.5	74.9	83.3
Inc Tax Ex Impact of Sp Items	21.4	15.6	11.4	10.2	9.8
Normalized Income After Taxes	91.6	68.1	60.0	64.7	73.5
Normalized Inc. Avail to Com.	91.6	68.1	60.0	64.7	73.5
Basic Normalized EPS	0.35	0.26	0.23	0.25	0.28
Diluted Normalized EPS	0.35	0.26	0.23	0.25	0.28
Depreciation	-	5.3	4.4	5.5	5.7
Amortisation of Intangibles	-	0.9	1.0	4.4	4.7
Rental Expenses	-	1.4	1.0	0.9	0.9
Current Tax - Domestic	-	10.9	9.3	9.4	7.5
Exchange Difference	-	0.0	0.0	0.0	0.1
Corporate social responsibility fund	-	0.9	1.0	0.0	0.0
Special levy on banks	-	3.9	3.5	3.4	2.0
Over provision	-	0.2	-0.6	-0.4	1.5
Withoholding of tax	-	0.0	0.0	-	0.0
Current Tax - Total	-	15.9	13.2	12.4	11.1
Deferred Tax	-	-0.3	-1.8	-2.2	-1.3
Deferred Tax - Total	-	-0.3	-1.8	-2.2	-1.3
Income Tax - Total	-	15.6	11.4	10.2	9.8
Current Service Cost - Pension	-	0.7	0.8	0.8	0.8
Interest Cost - Pension	-	1.9	1.5	1.3	1.2
Expected Return on Assets - Pension	-	-2.0	-1.7	-1.9	-1.9
Actuarial Gain/Loss - Pension	-	-	0.0	-0.2	-0.2
Past Service Cost - Pension	-	-	-	-	0.8
Domestic Pension Plan Expense	-	0.5	0.7	0.0	0.8
Defined Contribution Plans	-	1.6	1.3	1.1	0.9
Total Pension Expense	-	2.1	2.0	1.1	1.7
Discount Rate - Pension	-	10.00%	10.50%	10.00%	10.50%
Expected Rate of Return - Pension	-	10.00%	10.50%	10.00%	10.50%
Salary Increase Rate - Pension	-	9.00%	9.50%	9.00%	9.00%
Pension Payment Rate - Domestic	-	3.00%	3.50%	3.00%	3.00%

Annual Balance Sheet

Financials in: USD (mil)

	30-Jun-2012	30-Jun-2011	30-Jun-2010	30-Jun-2009	30-Jun-2008
UpdateType/Date	Restated Normal 30-Sep-2012	Updated Normal 30-Jun-2011	Updated Normal 30-Jun-2010	Updated Normal 30-Jun-2009	Reclassified Normal 30-Jun-2009
Filed Currency	MUR	MUR	MUR	MUR	MUR
Exchange Rate	30.5	28.25	31.9	32.5	27.25
Auditor	Deloitte	Deloitte	Deloitte	Deloitte	Kemp Chatteris Deloitte
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash and Cash Equivalents	229.3	238.7	172.5	362.0	423.3
Investment securities	637.1	-	-	-	-
Loans to Placements	49.6	33.4	0.0	85.1	17.0
Trading Securities	8.3	5.2	4.6	6.0	5.0
Total Gross Loans	-	2,053.3	1,404.1	1,255.1	1,328.7
Allowance for Credit Losses	-	-44.7	-33.2	-30.7	-37.5
Loan/Adv Custom.	2,041.8	-	-	-	-
Held to maturity investment securities	-	67.9	36.8	23.0	10.5
Loans and receivables - Securities	-	528.6	594.1	440.6	384.4
Available for sale investment securities	-	237.8	126.5	121.4	152.1
Mandatory balances with Central Bank	162.8	148.0	90.7	86.8	80.6
Deferred tax assets	4.7	-	-	-	-
Pension asset	-	0.1	0.0	0.2	0.2
Other Assets	18.1	19.8	14.8	15.3	20.8
Fixed Asset, Net	43.5	-	-	-	-
Land/Buildings	-	22.4	20.3	19.1	22.2
Lease Land/Build	-	67.5	59.8	48.4	57.8
Other FX Assets - Plant & equipment	-	55.8	51.0	49.8	58.3
Motor Vehicles	-	0.8	0.5	0.9	1.0
Progress Payment	-	1.3	0.5	0.3	1.3
Depreciation	-	-49.2	-42.7	-48.0	-53.7
Intangibles	2.8	-	-	-	-
Intangibles	-	30.1	26.4	26.1	30.4
WIP Software	-	0.5	0.6	0.0	0.2
Accumulated Intangibles	-	-28.7	-24.6	-23.7	-23.4
Total Assets	3,198.0	3,388.6	2,502.8	2,438.0	2,479.2
Banks Deposits	3.8	7.7	6.1	4.7	1.7
Deposits from non bank Customers	2,497.0	2,509.3	1,928.0	1,956.0	2,012.3
Trading Libilities	5.4	5.0	2.7	1.5	2.0
Derivative liabilities held for risk man	0.6	0.0	0.0	-	-
Current Tax Liability	9.4	6.2	7.7	12.3	9.1
Bills payable	-	5.9	3.8	3.0	5.7
Accruals	-	9.7	7.6	6.6	5.1
Acounts Payable	-	4.2	3.0	2.2	2.8
Deferred Income	-	1.5	2.1	0.4	0.6
Other Liabilities	34.7	15.1	11.6	16.4	16.4
Debenture/Loan	95.9	252.2	65.3	32.5	13.5
Total Long Term Debt	95.9	252.2	65.3	32.5	13.5
Deferred Tax Liability	0.9	6.3	5.6	4.1	7.3
Total Liabilities	2,647.8	2,823.3	2,043.4	2,039.7	2,076.5
Share Capital	10.0	10.8	9.5	9.3	11.1
Treasury Shares	-76.5	-82.6	-73.1	-71.8	-85.6
Reserve Arising on Share Buyback	7.7	8.4	7.4	7.3	8.7
Statutory Reserve	17.1	17.9	15.2	15.5	17.9
Retained earnings/ Revenue Reserve	483.4	454.5	360.9	317.5	328.1
Inv. Fluctuation	-	1.2	1.1	1.1	1.3
Investment Fair Value Reserve	114.1	108.4	84.5	82.3	87.5
Property Revaluation Reserve	9.7	51.9	47.7	31.1	38.1
Translation Res.	-17.9	-7.7	3.8	3.8	-7.5
Other Reserve	2.6	2.6	2.3	2.2	3.0
Total Equity	550.2	565.3	459.4	398.2	402.7
Total Liabilities & Shareholders' Equity	3,198.0	3,388.6	2,502.8	2,438.0	2,479.2
S/O-Common Stock	258.2	258.2	258.2	258.2	258.2
Total Common Shares Outstanding	258.2	258.2	258.2	258.2	258.2
T/S-Common Stock	45.6	45.6	45.6	45.6	45.6
Deferred Income	-	1.5	2.1	0.4	0.6
Accumulated Intangible Amortisation	-	28.7	24.6	23.7	23.4
Total Capital Ratio %	-	22.42%	26.49%	24.04%	21.61%
Tier 1 Ratio %	-	18.63%	21.35%	19.63%	-
Total Risk-Weighted Capital	-	2,127.3	1,449.5	1,367.3	1,588.7
Full-Time Employees	1,194	1,229	1,157	1,116	1,069
Number of Common Shareholders	-	16,548	-	16,939	16,598
Long Term Debt Maturing within 1 Year	-	35.0	37.4	0.3	7.6
Long Term Debt Maturing in Year 5	-	75.8	9.5	11.4	0.0
Long Term Debt - Remaining Maturities	-	141.4	18.4	20.9	5.8
Total Long Term Debt, Supplemental	-	252.2	65.3	32.5	13.5
Capital Lease Due in 1 Year	-	11.6	9.0	0.4	1.4
Capital Lease Due in 1-2 Years	-	-	-	1.8	0.9
Capital Lease Due in 2-5 Years	-	28.8	20.8	0.0	3.0
Capital Leases - Remaining Maturities	-	3.4	1.3	-	-
Total Capital Leases	-	43.8	31.1	2.2	5.3
Operating Leases Due in 1 Year	-	0.7	0.8	0.2	0.9
Operating Leases Due in 2-5 Years	-	0.6	0.5	0.5	1.5
Operating Leases Due after 5 Years	-	0.4	0.3	0.1	0.0
Total Operating Leases	-	1.8	1.6	0.8	2.4
PV of Funded Obligations - Pension	-	20.9	16.1	14.7	14.1
FV of Plan Assets - Pension	-	21.8	17.2	15.8	21.0
Funded Status - Pension	-	0.9	1.1	1.1	6.9
Total Funded Status	-	0.9	1.1	1.1	6.9
Discount Rate - Pension	-	10.00%	10.50%	10.00%	10.50%
Expected Rate of Return - Pension	-	10.00%	10.50%	10.00%	10.50%
Salary Increase Rate - Pension	-	9.00%	9.50%	9.00%	9.00%
Pension Payment Rate - Domestic	-	3.00%	3.50%	3.00%	3.00%
Asset - Pension	-	0.1	0.0	0.2	0.2
Net Assets Recognized on Balance Sheet	-	0.1	0.0	0.2	0.2
Equities - Pension	-	38.00%	38.00%	43.00%	51.00%
Bonds - Pension	-	24.00%	26.00%	27.00%	22.00%
Loan - Pension	-	-	-	0.00%	0.00%
Overseas Bonds and Equities - Pension	-	33.00%	33.00%	26.00%	26.00%
Cash and Other - Pension	-	5.00%	3.00%	4.00%	1.00%

Annual Cash Flows

Financials in: USD (mil)

	30-Jun-2012	30-Jun-2011	30-Jun-2010	30-Jun-2009	30-Jun-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 30-Jun-2012	Updated Normal 30-Jun-2011	Updated Normal 30-Jun-2010	Reclassified Normal 30-Jun-2010	Reclassified Normal 30-Jun-2010
Filed Currency	MUR	MUR	MUR	MUR	MUR
Exchange Rate (Period Average)	28.970846	29.565984	30.955943	31.299658	28.75974
Auditor	Deloitte	Deloitte	Deloitte	Deloitte	Kemp Chatteris Deloitte
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Profit Before Tax	90.3	68.1	60.0	64.7	73.5
Depreciation	5.3	5.3	4.4	5.5	5.7
Amortisation-Intangibles	0.8	0.9	1.0	4.4	4.7
Pension Expense	0.6	0.5	0.7	0.0	0.8
Net impairment of Investments	8.8	10.8	10.3	8.9	13.6
Decrease in Revaluation of Property	0.0	0.0	0.2	0.0	0.0
Exchange Difference	-11.5	-9.7	-1.5	8.9	-13.1
Net Gain on Disposal of Investment Sec.	-0.9	-3.9	0.0	0.0	-3.3
Net Gain from dealing in Trading Securi.	0.3	0.2	-0.1	0.0	-0.6
Dispose Fixed Assets	0.0	0.1	0.0	0.0	0.1
Tax expense	21.2	15.6	11.4	10.2	9.8
Share of Associates	-2.8	-2.9	-2.2	-2.1	-2.1
Dividend Income	-8.0	-7.4	-6.6	-9.9	-29.4
Decrease/(Increase) in Trading Securitie	-4.6	-0.1	1.7	-1.9	4.1
Decrease/(Increase) in Placements	-19.6	-31.9	89.4	-73.6	-12.9
Advances	-197.8	-448.0	-135.6	-152.1	-202.4
Increase in gilt-edged investment securi	158.1	110.7	-163.4	-112.3	-124.8
Increase in other investment securities	1.5	-84.6	0.0	-	-
Increase in mandatory balances with Cent	-27.1	-43.5	-	-	-
Other Assets	-2.7	-5.0	-2.1	-17.5	-6.3
Increase / (decrease) in deposits from b	-3.5	0.8	1.4	3.4	-1.6
Increase in deposits from customers	181.9	317.5	-66.8	279.0	221.2
Decrease) / increase in trading liabilit	1.4	1.9	1.2	-0.2	-1.7
Other Liabilities	1.5	3.9	-1.6	-0.8	10.9
Other dividend received	8.0	7.4	6.6	9.9	29.4
Income tax paid	-17.5	-17.0	-18.0	-7.8	-11.6
Cash from Operating Activities	183.7	-110.3	-209.6	16.9	-36.1
Capital Expenditures	-2.2	-3.8	-3.1	-3.0	-4.6
Purchase of Intangibles	-2.0	-0.1	-1.0	-0.7	-0.9
Disposal Fixed Asset	0.0	0.2	1.2	0.2	0.0
Disposal of Intangibles	0.0	0.0	0.0	0.0	0.0
Dividend Received from Subsidiaries	0.3	0.2	0.2	0.2	0.2
Acq. Equity Invest.	-1.4	-0.1	-0.2	-7.2	0.0
Disposal Inv. Assoc.	0.0	0.0	0.0	-	-
Disposal Other Inv.	1.9	9.5	0.0	0.0	3.3
Cash from Investing Activities	-3.4	5.9	-2.9	-10.6	-2.0
Increase in other borrowed funds	-145.0	170.5	33.1	22.1	-21.4
Dividend Paid	-26.7	-24.0	-22.9	-21.0	-18.9
Cash from Financing Activities	-171.7	146.5	10.2	1.0	-40.2
Net Change in Cash	8.6	42.0	-202.3	7.3	-78.4
Net Cash - Beginning Balance	232.8	186.1	380.0	368.5	479.4
Net Cash - Ending Balance	241.4	228.1	177.7	375.9	401.1
Cash Taxes Paid	17.5	17.0	18.0	7.8	11.6

Financial Health

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Key Indicators USD (mil)
Â	Quarter Ending 31-Dec-2012	Quarter Ending Yr Ago	Annual Year End 30-Jun-2012	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1	57.2	19.21%	177.8	20.00%	8.37%	10.15%
Income Available to Common Excl Extraord Items1	32.8	24.12%	91.6	31.81%	9.42%	12.00%
Basic EPS Excl Extraord Items1	0.13	24.07%	0.35	31.81%	9.42%	15.38%
Capital Expenditures2	-	-	4.2	5.11%	1.80%	3.44%
Cash from Operating Activities2	-8.2	-	183.7	-	115.98%	-4.52%
Free Cash Flow	-8.3	-	170.5	-	132.69%	-4.66%
Total Assets3	3,397.2	7.42%	3,198.0	1.89%	7.17%	10.12%
Total Liabilities3	2,813.1	5.01%	2,647.8	1.25%	6.80%	9.75%
Total Long Term Debt3	170.5	-31.91%	95.9	-58.95%	40.37%	-
Employees3	-	-	1194	-2.85%	2.28%	4.18%
Total Common Shares Outstanding3	258.2	0.00%	258.2	0.00%	0.00%	0.00%
1-ExchangeRate: MUR to USD Average for Period	31.010479	Â	28.970846	Â	Â	Â
2-ExchangeRate: MUR to USD Average for Period	30.817128	Â	28.970846	Â	Â	Â
3-ExchangeRate: MUR to USD Period End Date	30.729519	Â	30.500000	Â	Â	Â

Banking Industry Specific USD (mil)
Â	30-Jun-2012	30-Jun-2011	30-Jun-2010	30-Jun-2009	30-Jun-2008
Interest Income, Bank1	203.6	165.8	157.2	170.4	185.3
Total Interest Expense1	93.2	81.3	76.7	93.7	114.2
Loan Loss Provision1	8.8	10.8	10.3	8.9	13.6
Cash & Due from Banks3	392.1	386.7	263.2	448.8	503.9
Loan Loss Provision2	8.8	10.8	10.3	8.9	13.6
Total Deposits3	2,500.8	2,517.0	1,934.1	1,960.6	2,014.0
1-ExchangeRate: MUR to USD Average for Period	28.970846	29.565984	30.955943	31.299658	28.759740
2-ExchangeRate: MUR to USD Average for Period	28.970846	29.565984	30.955943	31.299658	28.759740
3-ExchangeRate: MUR to USD Period End Date	30.500000	28.250000	31.900000	32.500000	27.250000

Key Ratios
Â	30-Jun-2012	30-Jun-2011	30-Jun-2010	30-Jun-2009	30-Jun-2008
Profitability
Pretax Margin	55.49%	50.49%	45.45%	43.96%	44.98%
Net Profit Margin	44.99%	41.07%	38.19%	37.98%	39.67%
Financial Strength
Long Term Debt/Equity	0.17	0.45	0.14	0.08	0.03
Total Debt/Equity	0.17	0.45	0.14	0.08	0.03
Management Effectiveness
Return on Assets	2.75%	2.29%	2.34%	2.76%	3.31%
Return on Equity	16.20%	13.15%	13.47%	16.94%	20.64%
Efficiency
Receivables Turnover	0.08	0.08	0.09	0.10	0.13
Asset Turnover	0.05	0.05	0.05	0.06	0.07

Market Valuation USD (mil)
P/E (TTM)	0.09	.	Enterprise Value2	769.0
Price/Sales (TTM)	5.56	.	Price/Book (MRQ)	0.01
Enterprise Value/EBITDA (TTM)	3.67	.	Market Cap1	1,015.4
1-ExchangeRate: MUR to USD on 12-Apr-2013	31.109918
2-ExchangeRate: MUR to USD on 31-Dec-2012	30.729519

Annual Ratios

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	30-Jun-2012	30-Jun-2011	30-Jun-2010	30-Jun-2009	30-Jun-2008
Financial Strength
Long Term Debt/Equity	0.17	0.45	0.14	0.08	0.03
Total Debt/Equity	0.17	0.45	0.14	0.08	0.03
Long Term Debt/Total Capital	0.15	0.31	0.12	0.08	0.03
Total Debt/Total Capital	0.15	0.31	0.12	0.08	0.03
Payout Ratio	34.06%	38.47%	38.20%	35.06%	31.14%
Effective Tax Rate	18.92%	18.65%	15.98%	13.62%	11.81%
Total Capital1	646.1	817.5	524.7	430.8	416.2
Efficiency
Asset Turnover	0.05	0.05	0.05	0.06	0.07
Receivables Turnover	0.08	0.08	0.09	0.10	0.13
Days Receivables Outstanding	4,304.75	4,312.79	4,033.85	3,527.49	2,880.83
Revenue/Employee2	141,410	123,607	105,777	111,561	143,027
Profitability
Pretax Margin	55.49%	50.49%	45.45%	43.96%	44.98%
Net Profit Margin	44.99%	41.07%	38.19%	37.98%	39.67%
Management Effectiveness
Return on Assets	2.75%	2.29%	2.34%	2.76%	3.31%
Return on Equity	16.20%	13.15%	13.47%	16.94%	20.64%
Valuation
Free Cash Flow/Share2	0.66	-0.46	-0.80	0.05	-0.17
Operating Cash Flow/Share 2	0.68	-0.45	-0.79	0.06	-0.15
1-ExchangeRate: MUR to USD Period End Date	30.5	28.25	31.9	32.5	27.25
2-ExchangeRate: MUR to USD Average for Period	30.5	28.25	31.9	32.5	27.25

Current Market Multiples
Market Cap/Earnings (TTM)	10.52
Market Cap/Equity (MRQ)	1.76
Market Cap/Revenue (TTM)	5.20
Market Cap/EBIT (TTM)	5.16
Enterprise Value/Earnings (TTM)	7.87
Enterprise Value/Equity (MRQ)	1.32
Enterprise Value/Revenue (TTM)	3.89
Enterprise Value/EBIT (TTM)	3.86

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.30
UK Pound	1	Rs.82.88
Euro	1	Rs.70.80

INFORMATION DETAILS

Report Prepared by :

MNL

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	----

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%)

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.