MIRA INFORM REPORT

Report Date :

07.08.2013

IDENTIFICATION DETAILS

Name :	ICICI BANK LIMITED
Formerly Known As :	INDUSTRIAL CREDIT AND INVESTMENTS CORPORATION OF INDIA LIMITED
Registered Office :	Landmark, Race Course Circle, Alkapuri, Vadodara – 390 007, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	05.01.1994
Com. Reg. No.:	04-021012
Capital Investment / Paid-up Capital :	Rs.11536.362 Millions
CIN No.: [Company Identification No.]	L65190GJ1994PLC021012
TAN No.: [Tax Deduction & Collection Account No.]	BRD100221E AHMI00471C
Legal Form :	It is a Public Limited Liability Bank. The Bank's shares are listed on the Stock Exchanges.
Line of Business :	Subject is engaged in providing a wide range of banking and financial services including retail lending, commercial lending, trade finance and treasury products.
No. of Employees :	Information denied by the management.

RATING & COMMENTS

MIRA’s Rating :

Aa (81)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	Large
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exists
Comments :	Subject is the second largest bank in India in terms of asset size and also one of the systemically important financial institutions in the country. There appears a slight increase in the sales turnover as well as net profitability during 2013. The ratings take into consideration the subject’s strong market position, significant retail reach supported by wide spread branch network, healthy capitalization levels, strong funding profile led by healthy casa mix. Trade relations are fair. Business is active. Payment terms are regular and as per commitments. The bank 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	AAA [Unsecured Redeemable Bonds]
Rating Explanation	Highest degree of safety and lowest credit risk.
Date	09.07.2013

Rating Agency Name	CARE
Rating	A1+ [Certificate of Deposits]
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	09.07.2013

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.

INFORMATION DECLINED

Management non co-operative [91-22-26538900]

LOCATIONS

Registered Office :	Landmark, Race Course Circle, Alkapuri, Vadodara – 390 007, Gujarat, India
Tel. No.:	91-265-2324318 / 2339923-27
Fax No.:	91-265-2339926
E-Mail :	info@icici.com jyotin.mehta@icicibank.com shanty.venkatesan@icicibank.com
Website :	http://www.icicibank.com
Head Office :	Zenith House, 3^rd Floor, Keshavrao Khade Marg, Mahalakshmi, Mumbai - 400 034, Maharashtra, India
Corporate Office :	ICICI Bank Towers, Bandra-Kurla Complex, Mumbai - 400 051, Maharashtra, India
Tel. No.:	91-22-26531414
Fax No.:	91-22-26531122
E-Mail :	jyotin.mehta@icicibank.com
Branch Office :	Located At: Himachal Pradesh Punjab Haryana Uttaranchal Delhi Rajasthan Uttar Pradesh Bihar Assam Madhya Pradesh Gujarat Jharkhand West Bengal Maharashtra Chattisgarh Orissa Andhra Pradesh Goa Karnataka Tamilnadu Pondicherry Kerala

DIRECTORS

AS ON 31.03.2013

Name :	Mr. K.V. Kamath
Designation :	Chairman
Qualification:	B.E. (Mech.) (PGDBA)
Date of Appointment :	01.05.1996
Previous Employment:	Bakrie Group, Indonesia - Adviser to the Chairman
Name :	Ms. Chanda Kochhar
Designation :	Managing Director & CEO
Name :	Mr. Dileep Choksi
Designation :	Director
Name :	Mr. Homi Khusrokhan
Designation :	Director
Name :	Mr. Arvind Kumar
Designation :	Director
Name :	Ms. Swati Piramal
Designation :	Director
Name :	Mr. M. S. Ramachandran
Designation :	Director
Name :	Mr. Tushaar Shah
Designation :	Director
Name :	Mr. V. Sridar
Designation :	Director
Name :	Mr. N. S. Kannan
Designation :	Executive Director & CFO
Name :	Mr. K. Ramkumar
Designation :	Executive Director
Name :	Mr. Rajiv Sabharwal
Designation :	Executive Director

KEY EXECUTIVES

Name :	Mr. Vijay Chandok
Designation :	President
Name :	Zarin Daruwala
Designation :	President
Name :	Mr. Sandeep Batra
Designation :	Group Compliance Officer & Company Secretary
Senior General Manager :
Name :	Mr. Sudhir Dole Mr. Mukeshkumar Jain Mr. K.M. Jayarao Mr. Rakesh Jha Mr. Maninder Juneja Ms. Shilpa Kumar Ms. Anita Pai Mr. Kumar Ashish Mr. Suresh Badami Mr. Sanjay Chougule Mr. Sujit Ganguli Mr. Ajay Gupta Mr. Anil Kaul Mr. Sanjeev Mantri Mr. Ravi Narayanan Mr. Amit Palt Mr. Sanker Parameswaran Mr. Murali Ramakrishnan Ms. Supritha Shetty Mr. Saurabh Singh Mr. G. Srinivas Mr. Sriram H Mr. T. K. Srirang Mr. Rahul Vohra
Audit Committee:
Name:	Mr. Homi Khusrokhan, Chairman Mr. Dileep Choksi, Alternate Chairman Mr. M. S. Ramachandran Mr. V. Sridar
Board Governance, Remuneration and Nomination Committee:
Name:	Mr. K. V. Kamath, Chairman Mr. Homi Khusrokhan Mr. M. S. Ramachandran
Corporate Social Responsibility Committee:
Name :	Mr. M. S. Ramachandran, Chairman Mr. Arvind Kumar Mr. Tushaar Shah Ms. Chanda Kochhar
Credit Committee:
Name:	Mr. K.V. Kamath, Chairman Mr. Homi Khusrokhan Mr. M. S. Ramachandran Ms. Chanda Kochhar
Customer Service Committee:
Name:	Mr. M. S. Ramachandran Mr. V. Sridar Ms. Chanda Kochhar
Fraud Monitoring Committee:
Name:	Mr. V. Sridar, Chairman Mr. K. V. Kamath Mr. Dileep Choksi Mr. Homi Khusrokhan Mr. Arvind Kumar Ms. Chanda Kochhar Mr. Rajiv Sabharwal

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.06.2013

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
(2) Foreign
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	91946588	11.25
Financial Institutions / Banks	981737	0.12
Central Government / State Government(s)	122884	0.02
Insurance Companies	170873380	20.90
Foreign Institutional Investors	452657029	55.37
Any Others (Specify)	1460426	0.18
FIIs-DR	1239393	0.15
Foreign Bank	221033	0.03
Sub Total	718042044	87.84
(2) Non-Institutions
Bodies Corporate	31021170	3.79
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	50496575	6.18
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	6800662	0.83
Any Others (Specify)	11106524	1.36
Overseas Corporate Bodies	600	0.00
Foreign Corporate Bodies	29140	0.00
Foreign Bodies - D R	700121	0.09
Trusts	1123764	0.14
Directors & their Relatives & Friends	928428	0.11
Foreign Nationals	14596	0.00
Non Resident Indians	1827907	0.22
Clearing Members	5307979	0.65
Hindu Undivided Families	1173989	0.14
Sub Total	99424931	12.16
Total Public shareholding (B)	817466975	100.00
Total (A)+(B)	817466975	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	336587762	0.00
Sub Total	336587762	0.00
Total (A)+(B)+(C)	1154054737	0.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in providing a wide range of banking and financial services including retail lending, commercial lending, trade finance and treasury products.

GENERAL INFORMATION

No. of Employees :

Information denied by the management.

Bankers :

Reserve Bank of India

Facilities :

Borrowings in India	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Reserve Bank of India	156250.000	170550.000
Other banks	18714.125	18815.625
Other institutions and agencies
- Government of India	0.000	52.813
- Financial institutions	60590.413	45750.069
Borrowings in the form of bonds and debentures (excluding subordinated debt)	15517.800	4770.338
Capital instruments
Innovative Perpetual Debt Instruments (IPDI) (qualifying as Tier l capital)	13010.000	13010.000
Hybrid debt capital instruments issued as bonds/debentures (qualifying as upper Tier II capital)	98174.210	98181.421
Redeemable Non-Cumulative Preference Shares (RNCPS) (350 RNCPS of Rs. 10 million each issued to preference share holders of erstwhile ICICI Limited on amalgamation, redeemable at par on April 20, 2018)	3500.000	3500.000
Unsecured redeemable debentures/bonds (subordinated debt included in Tier II capital)	218168.041	201923.361
Total Borrowings in India (1)	583924.589	556553.627
Borrowings Outside India	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Capital instruments
Innovative Perpetual Debt Instruments (IPDI) (qualifying as Tier l capital)	18413.008	17244.895
Hybrid debt capital instruments issued as bonds/debentures (qualifying as upper Tier II capital	48856.500	45787.500
Bonds and notes	306197.996	342580.657
Other borrowings1	496022.851	439482.394
Total Borrowings Outside India (2)	869490.355	845095.446
TOTAL BORROWINGS (1 + 2)	1453414.944	1401649.073

Banking Relations :	--
Statutory Auditors :
Name :	S.R. Batliboi and Company Chartered Accountants
Address :	Express Towers, 6^th Floor, Nariman Point, Mumbai - 400 021, Maharashtra, India
Subsidiaries :	ICICI Bank UK PLC ICICI Bank Canada ICICI Bank Eurasia Limited Liability Company ICICI Prudential Life Insurance Company Limited1 ICICI Lombard General Insurance Company Limited1 ICICI Prudential Asset Management Company Limited1 ICICI Securities Limited ICICI Securities Primary Dealership Limited ICICI Home Finance Company Limited ICICI Venture Funds Management Company Limited ICICI International Limited ICICI Trusteeship Services Limited ICICI Investment Management Company Limited ICICI Securities Holdings Inc. ICICI Securities Inc. ICICI Prudential Trust Limited1 ICICI Prudential Pension Funds Management Company Limited1 NOTE: 1. Jointly controlled entities.
Associates/ Joint Ventures/ Other Related Entities :	ICICI Equity Fund1 ICICI Eco-net Internet and Technology Fund1 ICICI Emerging Sectors Fund1 ICICI Strategic Investments Fund1 ICICI Kinfra Limited1 FINO PayTech Limited (formerly known as Financial Inclusion Network and Operations Limited) TCW/ICICI Investment Partners Limited I-Process Services (India) Private Limited NIIT Institute of Finance, Banking and Insurance Training Limited ICICI Venture Value Fund1 Comm Trade Services Limited ICICI Foundation for Inclusive Growth I-Ven Biotech Limited1 Rainbow Fund ICICI Merchant Services Private Limited Mewar Aanchalik Gramin Bank India Infradebt Limited2 NOTE: 1. Entities consolidated as per Accounting Standard (AS) 21 on ‘Consolidated Financial Statements’. 2. This entity was incorporated and identified as a related party during the three months ended December 31, 2012.
Domestic Subsidiaries :	ICICI Prudential Life Insurance Company Limited ICICI Lombard General Insurance Company Limited ICICI Prudential Asset Management Company Limited ICICI Prudential Trust Limited ICICI Securities Limited ICICI Securities Primary Dealership Limited ICICI Venture Funds Management Company Limited ICICI Home Finance Company Limited ICICI Investment Management Company Limited ICICI Trusteeship Services Limited ICICI Prudential Pension Funds Management Company Limited1 NOTE: 1. Subsidiary of ICICI Prudential Life Insurance Company Limited
International Subsidiaries :	ICICI Bank UK PLC ICICI Bank Canada ICICI Bank Eurasia Limited Liability Company ICICI Securities Holdings Inc.2 ICICI Securities Inc.3 ICICI International Limited NOTE: 1. Subsidiary of ICICI Prudential Life Insurance Company Limited 2. Subsidiary of ICICI Securities Limited 3. Subsidiary of ICICI Securities Holdings Inc

CAPITAL STRUCTURE

AS ON 24.06.2013

Authorised Capital : Rs.17750.000 Millions.

Issued, Subscribed & Paid-up Capital : Rs.15041.257 Millions.

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1275000000	Equity Shares	Rs.10/- each	Rs.12750.000 Millions
15000000	Equity Shares	Rs.100/- each	Rs.1500.000 Millions
350	Preferences Shares	Rs.10/- million each	Rs.3500.000 Millions
	TOTAL		Rs.17750.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1152714442	Equity Shares	Rs.10/- each	Rs.11527.144 Millions
867273	Add: Equity Shares	Rs.10/- each	Rs.8.673 Millions
	TOTAL		Rs.11535.817 Millions
	Less: Call Unpaid		Rs.0.225 Million
111603	Add: Forfeited Equity Shares	Rs.10/- each	Rs.0.770 Million
	TOTAL		Rs.11536.362 Millions

NOTES:

1. These shares will be of such class and with such rights, privileges, conditions or restrictions as may be determined by the Bank in accordance with the Articles of Association of the Bank and subject to the legislative provisions in force for the time being in that behalf.

2. Pursuant to RBI circular no. DBOD.BP.BC No.81/21.01.002/2009-10, the issued and paid-up preference shares are grouped.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

PARTICULAR	31.03.2013	31.03.2012	31.03.2011
CAPITAL AND LIABILITIES
Capital	11536.362	11527.683	11518.200
Employees stock options outstanding	44.835	23.854	2.929
Reserves and Surplus	655478.392	592500.885	539388.244
Deposits	2926136.257	2554999.561	2256021.077
Borrowings	1453414.944	1401649.073	1095542.771
Sundry Creditors	62336.969	34537.725	31879.286
Other Liabilities and Provisions	258999.052	295449.190	127984.181
TOTAL CAPITAL AND LIABILITIES	5367946.811	4890687.971	4062336.688
ASSETS
Cash and Balances with Reserve Bank of India	190527.309	204612.935	209069.703
Balances with Banks and Money at Call and Short Notice	223647.879	157680.199	131831.128
Investments	1713935.993	1595600.430	1346859.630
Advances	2902494.351	2537276.579	2163659.014
Fixed Assets	46470.587	46146.870	47442.551
Other Assets	290870.692	349370.958	163474.662
TOTAL ASSETS	5367946.811	4890687.971	4062336.688

PROFIT & LOSS ACCOUNT

PARTICULAR	31.03.2013	31.03.2012	31.03.2011
INCOME
Interest Earned	400755.969	335426.522	259740.528
Other Income	83457.012	75027.598	66478.925
TOTAL INCOME	484212.981	410454.120	326219.453
EXPENDITURE
Interest Expended	262091.848	228084.964	169571.515
Operating Expenses	90128.837	78504.433	66172.492
Provision and contingencies	48737.569	39212.151	38961.684
TOTAL EXPENDITURE	400958.254	345801.548	274705.691
PROFIT AND LOSS
Net Profit for the Year	83254.727	64652.572	51513.762
Profit Brought Forward	70542.323	50181.837	34643.807
Total Profit / (Loss)	153797.050	114834.409	86157.569
APPROPRIATION / TRANSFERS
Transfer to Statutory Reserve	20820.000	16170.000	12880.000
Transfer to Reserve Fund	27.775	10.665	0.360
Transfer to Capital Reserve	330.000	380.000	832.500
Transfer to Investment Reserve Account	0.000	0.000	(1160.000)
Transfer to General Reserve	0.000	0.000	2.584
Transfer to Revenue and Other Reserves	0.000	3.154
Transfer to Special Reserve	7600.000	6500.000	5250.000
Dividend (including Corporate Dividend Tax for the Previous Year Paid During the Year)	2.491	4.284	21.658
Proposed Equity Share Dividend	23072.271	19020.400	16125.811
Proposed Preference Share Dividend	0.035	0.035	0.035
Corporate Dividend Tax	2921.604	2203.548	2022.784
Balance Carried Over to Balance Sheet	99022.874	70542.323	50181.837
TOTAL	153797.050	114834.409	86157.569
Earnings per share
Basic (Rs.)	72.20	56.11	45.27
Diluted (Rs.)	71.93	55.95	45.06

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	No
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	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

CHARGES:

ENTITY	COMPETENT AUTHORITY	REGULATORY CHARGES	REGULATORY ACTION(S) / DATE OF ORDER
ICICI BANK Limited.  (Old Name: ICICI Limited) (Old Name: Industrial Credit and Investments Corp. of India Limited)	RBI	Did not comply with “know your customer” norms in opening and/or operating the accounts Did not observe certain safeguards in respect of arrangement of “at par” payment of cheques drawn by co-operative banks did not adhere to KYC compliance for walk in customers including for sale of third party products did not file cash transaction reports (CTRS) in respect of some cash transactions, sale of gold coins for cash beyond Rs. 50,000.00 did not obtain permanent account number (pan) card details or form 60/61 did not verify source of funds credited to few non-resident ordinary (NRO) accounts did not re-designate few accounts as NRO accounts	Imposed Penalty Rs.10.010 Million 10-JUN-2013
ICICI BANK Limited.  (Old Name: ICICI Limited) (Old Name: Industrial Credit and Investments Corp. of India Limited)	RBI	Did not comply with “know your customer” norms in opening and/or operating the accounts Did not adhere to anti money laundering (AML) guidelines	Imposed Penalty Rs.3.000 Million 09-OCT-2012
ICICI BANK Limited.  (Old Name: ICICI Limited) (Old Name: Industrial Credit and Investments Corp. of India Limited)	SEBI	Alleged failure in making disclosure of shareholding/changes in shareholding to company as required under regulations 13(3) and 13(5) of SEBI (prohibition of insider trading) regulations, 1992 in matter of Jord Engineers India Limited.	Reached Settlement (Settlement Charges Rs.0.100 Million vide consent order) 09-MAY-2012
ICICI BANK Limited.  (Old Name: ICICI Limited) (Old Name: Industrial Credit and Investments Corp. of India Limited)	RBI	Did not adhere to instructions issued by RBI in respect of derivatives, such as failure to carry out due diligence in regard to suitability of products, selling derivative products to users not having risk management policies and not verifying underlying/adequacy of underlying and eligible limits under past performance route	Imposed Penalty Rs.1.500 Million 26-APR-2011
ICICI BANK Limited.  (Old Name: ICICI Limited) (Old Name: Industrial Credit and Investments Corp. of India Limited)	RBI	Did not adhere to anti money laundering (AML) guidelines	Imposed Penalty Rs.0.500 Million 30-JUL-2010

CASE DETAILS

HIGH COURT OF GUJARAT

CIVIL APPLICATION No. 261 of 2007

In O.J.APPEAL/ 157/ 2007 (PENDING)

Status : PENDING CCIN No : 001073200700261

Next Listing Date: 15/07/2013

Coram: HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI HONOURABLE MR.JUSTICE A.G.URAIZEE	Not Before : HONOURABLE MR.JUSTICE JAYANT PATEL
Name of the Petitioner: STANDARD CHARTERED BANK	Advocate On Record: SINGHI & CO for: Applicant(s) 1
Name of the Respondent:
O.L. OF AHMEDABAD	OFFICIAL LIQUIDATOR for :Respondent(s) 1
MFG. & CALICO PTG.MILLS LIMITED.
I.D.B.I.	RULE SERVED for :Respondent(s) 2 , 5 - 6 , 8
I.I.B.I.
STATE BANK OF INDIA	RULE UNSERVED for :Respondent(s) 3 , 7
BANK OF INDIA	MR PR NANAVATI for :Respondent(s) 4
PUNJAB NATIONAL BANK
ICICI BANK LTD
INDUSTRIAL FINANCE
CORPORATIONOF INDIA

Presented On:	06/08/2007	Registered On:	06/08/2007
Bench Category:	SINGLE BENCH	District:	AHMEDABAD
Case Originated From:	THROUGH ADVOCATE	Listed:	35 times
Stage Name:	FOR FINAL HEARING
Act:	COMPANIES ACT, 1956

OFFICE DETAILS

Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
06/08/2007	APPLICATION	SINGHI & CO ADVOCATE for PETITIONER(s) 1	20	SINGHI & CO:1
13/09/2007	VAKALATNAMA	MR PR NANAVATI ADVOCATE for RESPONDENT(s) 4	5	MR PR NANAVATI:4

COURT PROCEEDINGS

Notified Date	Court Code	Board Sr. No.	Stage	Action	Coram
17/10/2007	3	-	FOR ADMISSION - O.J.APPEALS	NEXT DATE	· HONOURABLE MR.JUSTICE MOHIT S. SHAH · HONOURABLE MR.JUSTICE K.A.PUJ
02/09/2011	3	-	FOR ADMISSION - O.J.APPEALS	NEXT DATE	· HONOURABLE MR.JUSTICE AKIL KURESHI · HONOURABLE MS JUSTICE SONIA GOKANI
29/02/2012	3	-	FOR ADMISSION - O.J.APPEALS	NOTICE	· HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI
28/03/2012	3	-	FOR ADMISSION - O.J.APPEALS	NEXT DATE	· HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI · HONOURABLE MR.JUSTICE A.J.DESAI
25/03/2013	3	-	FOR ADMISSION - O.J.APPEALS	NEXT DATE	· HONOURABLE MR.JUSTICE RAVI R.TRIPATHI · HONOURABLE MR.JUSTICE R.D.KOTHARI
15/04/2013	3	11	FOR ADMISSION - O.J.APPEALS	NEXT DATE	· HONOURABLE MR.JUSTICE RAVI R.TRIPATHI · HONOURABLE MR.JUSTICE R.D.KOTHARI
01/05/2013	3	10	FOR ADMISSION - O.J.APPEALS	NEXT DATE	· HONOURABLE MR.JUSTICE RAVI R.TRIPATHI · HONOURABLE MR.JUSTICE R.D.KOTHARI
28/06/2013	2	-	FOR ADMISSION - O.J.APPEALS	NEXT DATE	· HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI · HONOURABLE MR.JUSTICE A.G.URAIZEE
15/07/2013	2	-	FOR FINAL HEARING	undefined	· HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI · HONOURABLE MR.JUSTICE A.G.URAIZEE

AVAILABLE ORDERS

Case Details	Judge Name	Order Date	CAV	Judgment
O.J.APPEAL/156/2007	· HONOURABLE THE CHIEF JUSTICE Y.R.MEENA · HONOURABLE MR.JUSTICE J.C.UPADHYAYA	22/02/2008	N	N

INDEX OF CHARGES:

NO CHARGES EXIST FOR COMPANY.

HISTORY:

ICICI Bank, a private sector bank under the house of ICICI was incorporated in the year of 1994. It is a multi-specialist financial service provider with leadership position across the spectrum of financial services in India. ICICI Bank is the 2^nd largest bank in India and Bank breaking into the top 100 financial institutions in the world, in terms of market capitalization. It got this position in short time, because the bank doing what customers want. ICICI running its business with six principal groups, such as Retail Banking, Wholesale Banking, International Banking, Rural, Micro Banking and Agri-Business, Government Banking and Corporate Centre. The Bank offers a wide spectrum of domestic and international banking services to facilitate trade, investment banking ,Insurance, Venture Capital, asset management, cross border business and treasury and foreign exchange services besides providing a full range of deposit and ancillary services for both individuals and corporates through various delivery Channels and specialized subsidiaries. ICICI Bank has 14 subsidiaries, out of that 10 in domestic and rest of 4 in international level such as UK, Canada and Russia. To efficiently distribute its products and services, the bank has developed multiple access channels comprising lean brick and mortar branches, ATMs, call centers and Internet banking. The Bank has introduced the concept of mobile ATMs in the remote/rural areas. It has also extended its mobile banking services to all cellular service providers across India and NRI customers in USA, UK, Middle-East and Singapore. 

The merger and acquisition are the key kind to bank. The Bank of Madura (BOM) got merged with ICICI Bank during the period 2000-01 and in 2001 ICICI (Financial Institution) merged with ICICI Bank. The two subsidiaries of ICICI Limited viz ICICI Personal Financial Services and ICICI Capital Services were also merged with the ICICI Bank on March 2002. During May,2003 the bank has acquired Transamerica Appple Distribution Finance Private Limited and renamed it to ICICI Distribution Finance Private Limited which is primarily engaged in financing in the two-wheeler segment.

Bank received many awards and recognitions during the year 2005-06. Some of them are Best Bank in India by Euro money, Best Integrated Consumer Bank Site in Asia by Global Finance, Best Cash Management-Country Awards in India by The Asset and Best Secondary Offering by Finance Asia. ICICI Bank noted as Bank of the year 2006 India by The Banker, it was a award to ICICI Bank at second time from last year. During the year 2006-07 also Bank acquired the number of awards. Samples are, Best Transaction Bank in India by Asset Triple AAA, Best Bank of the Year 2006 by Business India, National Award for Excellence in Energy Management by CII and Excellence in Multi Channel Distribution by Asian Banker.

As on April 2007 Sangli Bank Limited was merged with Subject In the Wholesale Banking segment, the bank has achieved a significant milestone in the market making activity by expanding the product suite to include foreign exchange options. As on May 2007 the bank have market capitalization of Rs 778340.000 Millions. In 2007 June ICICI Bank has entered into an agreement with networking solutions provider GTL Limited to lease out its call centre facility at Mahape worth of around Rs 1000.000 Millions for a period of 25 years. In August of 2007 the bank has availed of a $200-million worth Line of Credit (LoC) from The Export-Import Bank of Korea (Korea Exim bank) for the purpose of the Hong Kong branch of ICICI Bank gets funds from Korea Exim bank, and the bank lends foreign currency loans to domestic companies investing in Korea and the bank had taken a similar LoC of $200 million from the Japan Bank for International Cooperation (JBIC) last year. In 2008 ICICI Bank, come a cropper in the global stage when it comes to their brand value, which is $2,603 million, it reveals by the study of London-based consultancy Brand Finance.

OVERVIEW:

Subject incorporated in Vadodara, India is a publicly held banking company engaged in providing a wide range of banking and financial services including commercial banking and treasury operations. Subject is a banking company governed by the Banking Regulation Act, 1949. The Bank also has overseas branches in Bahrain, Dubai, Hong Kong, Qatar, Sri Lanka, Singapore, United States of America and Offshore Banking Unit.

BUSINESS OVERVIEW:

ECONOMIC OUTLOOK:

During fiscal 2013, the economic environment remained challenging with growth slowing down globally. India was impacted by both global and domestic events that led to moderation in economic activity. India’s gross domestic product (GDP) grew by 5.0% during the first nine months of fiscal 2013 as compared to 6.6% during the corresponding period of fiscal 2012. The Central Statistical Organization, in its advance estimates, has projected GDP to grow by 5.0% during fiscal 2013 compared to growth of 6.2% in fiscal 2012. Banking sector non-food credit growth moderated from 16.8% at March 23, 2012 to 14.0% at March 22, 2013. Deposit growth remained subdued at 14.3% with demand deposits recording a growth of 5.9% at March 22, 2013. Amidst these short term challenges, the Bank continued to stay focused on the long-term prospects of the Indian economy and build capabilities for future growth. They believe that the strong underlying fundamentals of the Indian economy with a young population will support strong growth over the medium to long term, and their strategy revolves around prudently managing short term challenges while being prepared to meet the needs of a vibrant economy.

BUSINESS REVIEW:

During fiscal 2013, the Bank’s strategy focused on balancing growth, profitability and risk management while continuing to invest in growing its franchise and enhancing customer convenience. Despite a challenging macroeconomic environment they made significant progress with sustained improvements in their net interest margins, higher return on assets and healthy loan growth with a balanced funding mix.

RETAIL BANKING:

They continued to focus on their strategy of “Khayaal Aapka” and building long-term relationship with their customers. During the year, they launched a loyalty programme “MySavings Rewards”. This programme allows customers to accumulate reward points on a host of savings account transactions such as bill pay, online shopping, EMI payments and many more. The programme already has over one million customers who have started earning reward points. Further, they set up 24x7 fully electronic branches during the year aimed at providing simple, effortless and convenient banking to their customers. These branches enable customers to undertake real time transactions like cash deposits, cash withdrawals, cheque deposit, fund transfer, opening fixed deposits, generating bank statement and other transactions. These branches are also equipped with video conferencing facility which allows with customer service staff interaction when required.

During the year, they harnessed digital channels innovatively for customer acquisition, customer interactions and cross selling of products and strengthened their presence in this space. They enhanced the product suite offered through their internet banking platform and customized it to meet requirements of different customer segments. Their mobile banking application has also grown and currently has over one million customers. They have emerged as the market leader in mobile transactions in value terms. They also pioneered social media-linked products during fiscal 2013 like Facebook banking and iWish, an online flexible recurring deposit. iWish is an innovatively designed product, launched for the first time in India, where a customer saves funds to fulfill a future desire or goal. The customer has the flexibility to decide on when and how much to save for the particular goal. They can also share their goals on Facebook with friends and family who may choose to contribute towards the purpose. Further, for customers who prefer to transact online, they enhanced their savings account portfolio with the offering of “b2”, a fully online savings account. b2 targets the rapidly growing internet savvy Indian population and offers an effortless banking experience.

They also continued to invest in building robust sales processes to provide a quicker and error-free banking experience to their customers. The sales team in major cities today offer “Tab Banking”, wherein they are able to open bank accounts using tablets in less than 24 hours. These tablets are also equipped with product videos introducing customers to various product features. Further, “E-Locker”, an online service for storing important documents, was introduced for wealth and privilege banking customers.

Customer convenience, superior banking experience, technology innovations and a large network of branches and ATMs continue to differentiate us in the banking industry. They have the largest branch network among private sector banks. The National Payments Corporation of India (NPCI) awarded us the “Best ATM Operational Excellence Award, 2012” for the second consecutive year in fiscal 2013. During fiscal 2013, they added 348 branches and 1,475 ATMs to their network, taking their branch and ATM count to 3,100 and 10,481 respectively at March 31, 2013. This includes 54 dedicated branches and 25 dedicated lounges for wealth segment customers. Their “May I Help You” desks at every branch are now equipped to provide across-the-counter information related to transactions, cheque deposits and account details.

They continue to use advanced analytics to build customer relationships and gain a deeper understanding of services and product needs of their customers. Analytics-based trigger frameworks also play a critical role in the area of risk management and transaction monitoring. These initiatives helped us achieve robust growth in their retail business during fiscal 2013. There was a healthy growth in their retail asset disbursements primarily contributed by secured assets. Their mortgage loan and passenger car loan disbursements grew by 66% and 22% respectively in fiscal 2013. They also continued to see strong momentum in retail customer acquisition and growth in the retail deposit base across both savings and term deposits.

India’s growth potential is underscored by its young population and rising incomes. At ICICI Bank, they believe that with 50% of India’s population under the age of 25 years, banking in the years to come will be led by technology and customer convenience. They will continue to focus on introducing new products, channels and innovative payment modes that blend with a young and changing India.

SMALL AND MEDIUM ENTERPRISES:

Small and medium enterprises (SMEs) are an important constituent of India’s economy. Their role is critical in not only contributing to growth but also meeting the aspirations of a developing economy. At ICICI Bank, they have partnered with SMEs not only in terms of finance, but also by providing support in other areas like transaction banking and investment needs of SMEs. They offer complete banking solutions to SMEs across industry segments with a suite of products customized to their business needs. They adopt a cluster-based financing approach for SMEs with a homogeneous profile in industries such as infrastructure, engineering, information technology, education, life sciences and agri-based industries, to partner their growth ambitions. They also offer supply chain financing solutions to the channel partners of large corporate. They have set up dedicated desks in 364 branches specializing in SME banking. They have also re-organized the business banking services at their branches with dedicated current account desks at select branches. They have also introduced doorstep banking and enhanced internet banking for SME customers.

Fiscal 2013 was a challenging period for SMEs due to the moderation in economic activity. While being cognizant of the subdued economic environment, they focused on judicious portfolio growth by adopting a granular approach and maintaining a cautious outlook on some sectors. They continued to focus on strengthening their delivery capabilities for SME customers. A strong SME sector is fundamental to building a resilient and dynamic corporate sector. ICICI Bank has always viewed the SME segment as integral to India’s growth and will continue to partner with them while building a healthy portfolio.

WHOLESALE BANKING:

Collaborating with their corporate customers by providing comprehensive and customized financial solutions for doing business in India and key geographies overseas has been the core strategy of their Wholesale Banking Group. The Group manages relationships with a number of large and mid-sized Indian corporate and multinational companies operating in India. The Group services the financial requirements of clients through a bouquet of products ranging from working capital finance, export finance, trade and commercial banking products to rupee and foreign currency term loans, and structured finance products.

Their Corporate Banking Group is the front-end relationship team which services client requirements across businesses. The relationship team works closely with specific teams like project finance, structured finance, loan syndication, commercial banking and markets group to develop suitable products that fulfill specific needs of clients. The Structured Finance Group designs innovative and customized products to meet the complex needs of their global clientele in synergy with the Corporate Banking Group and International Banking Group. The Structured Finance Group has been recognized as one of the leading arrangers and underwriters of structured finance transactions in India, deriving strength from its underwriting capabilities combined with the Bank’s extensive experience, industry expertise and global presence.

The Syndications Group is a leading player in the loan syndication market. It specializes in structuring and syndicating large loans. Its knowledge and experience facilitates timely response and seamless execution of corporate and project finance transactions. The diversified pool of clients enables us to align the unique requirements of clients with the varying requirements of investors. The Mid-Markets Group was created recognizing the unique credit requirements of the mid-sized corporate segment and the need to give distinct attention to clients in this segment to enable them to eventually become large sized corporate. The Group aims to be a partner in the growth of these clients, identifying business needs and offering tailor-made banking services including term loans, export and working capital finance, trade and transactional services and cash management services. The target segment of this Group comprises corporates that have transitioned beyond the SME segment and need more complex banking services.

The Commercial Banking Group offers comprehensive banking products and services to meet the trade, transaction banking and cash management needs of companies. The Group works closely with the Corporate Banking Group to diversify the revenue streams from corporate clients and enhance the granularity and stability of revenues for the Bank. Superior customer service levels combined with quick turnaround offered through their mega branches have helped in growing their transaction banking business. The relationship teams also work with the Markets Group to assist customers in addressing currency and market risk in their businesses by offering relevant products.

Fiscal 2013 was a challenging period for the Indian corporate sector due to significant slowdown in new investment opportunities and asset quality concerns in some areas. During the year, they actively managed their portfolio while pursuing selective new lending opportunities. At the same time, they continued to explore and identify sustainable revenue possibilities in synergy with their commercial banking strategy. They will continue to offer comprehensive financial services across a spectrum of financial products to their clients and partner them while judiciously growing their portfolio.

PROJECT FINANCE:

While the momentum in infrastructure investments slowed down during fiscal 2013, certain policy initiatives were taken during the year that have improved the prospects for investments in infrastructure in the coming years.

The Government has proposed modifications to the existing standard bid documents to make fuel a pass through for tariffs which would encourage new investments in the power sector. There are also initiatives towards granting approvals for coal mines. Further, the Government is also actively working on improving the fuel availability for various power projects. The proposal to take up coal mining in partnership with the private sector will improve availability of coal. These measures are expected to ensure the viability of investments in power generation assets. With greater private sector participation, projects in regional and inter-regional transmission corridors are expected which would strengthen the national grid. The renewable energy segment has gained momentum with more states formulating policies to encourage new investments in this segment.

In roads and ports sectors, they expect to see an increase in activity during fiscal 2014 with new projects likely to be awarded. The National Highway Authority of India (NHAI) is planning to award up to 4,000 km of roads through engineering, procurement and construction (EPC) contracts during the year. The Government has also decided to constitute a regulatory authority for the road sector to expedite development and address challenges faced by the sector. In the port sector, about 30 port projects are expected to be awarded. The railway sector is also expected to witness increased investment in logistics development, track infrastructure (including dedicated freight corridors) and rolling stock, enabling higher movement of rakes.

In the oil and gas sector, most of the activity is expected to be linked to demand for natural gas. The demand for gas from priority sectors such as power and fertilizer is likely to continue, maintaining pressure on domestic supplies of gas. Significant additions to LNG import capacity have been announced with commissioning expected over the next four to five years. With the announcement of a new fertilizer policy, the urea sector is also expected to see capacity additions. Their long experience in project finance, deep sectoral expertise and innovative structuring capabilities have placed us in a position to capitalise on these opportunities and cater to the long-term financing requirements of Indian corporates. Infrastructure development is a critical area to improve the economic potential of the country, and they remain committed to partnering with companies in promoting viable projects.

INTERNATIONAL BANKING:

Their international banking strategy is focused on providing end-to-end solutions for the international banking requirements of their Indian corporate clients, leveraging economic corridors between India and the rest of the world and establishing ICICI Bank as the preferred bank for non-resident Indians in key global markets. Further, during fiscal 2013, despite the volatile economic environment, India remained an attractive market for most major global corporations, and ICICI Bank’s International Banking Group seeks to partner them as they expand in India. They also seek to build stable international funding sources and strong syndication capabilities to support their corporate and investment banking business, and to expand private banking operations for India-centric asset classes.

Their international footprint consists of subsidiaries in the United Kingdom, Russia and Canada, branches in the United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Dubai International Finance Centre and Qatar Financial Centre and representative offices in the United Arab Emirates, China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia. The Bank’s wholly owned subsidiary ICICI Bank UK PLC has eleven branches in the United Kingdom and a branch each in Belgium and Germany. ICICI Bank Canada has nine branches. ICICI Bank Eurasia, their Russian subsidiary, is headquartered in Moscow with a branch in St. Petersburg. They opened their second retail branch in Hong Kong in fiscal 2013.

During fiscal 2013, the global economic environment was characterized by slow and prolonged recovery in advanced economies and growth slowdown in emerging economies. In this environment, they continued to focus on managing the risks to growth in their international operations. They also focused on diversifying the mix of their funding profile in their international operations. They continued to focus on expanding their trade finance business and their relationships with global corporate doing business in India.

India continues to remain the largest remittance receiving country in the world and ICICI Bank has a significant market share in remittances. This has been made possible through their diversified products and service offerings to meet the requirements of the widely dispersed NRI diaspora. The emphasis in fiscal 2013 was on further expanding access to remittance services through new partnerships and channels and delivering a superior customer service experience. ICICI Bank received the Best Remittance Business Award 2012, at Asia’s prestigious retail banking event, Excellence in Retail Financial Services Convention, organized by the Asian Banker.

RURAL AND INCLUSIVE BANKING:

At the ICICI Group, they view expanding access to banking and other financial services as a critical element of inclusive growth. During fiscal 2013, they focused on expanding their outreach to rural and semi-urban markets and providing complete financial solutions to customers in this segment.

They improved their presence in rural markets by expanding their branch and business correspondent network. During the year, they added 152 rural branches and 85 semi-urban branches, taking the total count of branches in the rural and semi urban areas to 1,453 at March 31, 2013. This includes 131 low cost Gramin branches opened in unbanked villages across ten states. These branches provide credit and deposit products (including 127 Gramin branches opened in fiscal 2013) specifically catering to rural customers. Their business correspondent network includes over 25 business correspondents with a network of over 7,500 customer service points. They provide micro-savings, remittance and deposit products through this channel. Technology has been a critical contributor to the success of the business correspondent model, with the use of innovative technology solutions such as biometric enabled Point of Sale (POS) devices and mobile handsets. They now cover over 13,500 villages through their branches and business correspondent network.

At March 31, 2013, they had 14.9 million basic savings bank deposit accounts (also known as no-frills savings accounts) compared to 9.8 million basic savings bank deposit accounts at March 31, 2012. Apart from savings products, their rural banking strategy also includes providing a range of asset products like kisan credit cards, jewel loans, self-help group (SHG) loans, commodity financing to farmers, business credit for rural enterprises, farm equipment loans and commercial vehicle loans. They emerged as a leading provider of electronic benefit transfer (EBT) services during fiscal 2013. By March 31, 2013, they had initiated EBT payment facilities in 48 districts across 11 states. The Bank was also among the first to implement Direct Benefit Transfer (DBT), wherein government social benefits are directly transferred to the beneficiaries using the Aadhaar platform. DBT payments have been successfully processed for schemes like Social Security Pension (SSP), Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS), Janani Suraksha Yojna (JSY) and National Rural Health Mission (NRHM) across four states.

They also made significant progress in scaling up their SHG Bank Linkage Programme. They have differentiated their offering in this segment by significantly reducing the turnaround time in providing credit. They work with over 200 entities in this area and have provided credit linkage to about 300,000 individuals, primarily women, through loans to over 25,000 SHGs, of which over 50% were credit-linked for the first time. Their progress has been recognized by several agencies including the National Bank for Agriculture and Rural Development (NABARD).

In urban India, there is a large low-income migrant population which requires customized, low-cost products that can help them transfer funds to their home towns/villages. To fulfill this need, they have set up remittance outlets in over 50 major urban centers including Delhi, Mumbai, Surat, Ahmedabad and Ludhiana. Through these outlets, they have processed over 3,77,000 transactions for over 1,00,000 customers. During the year, they also launched “Mobile Money” in association with telecom companies like Aircel, Tata Teleservices and Vodafone which targets the urban unbanked population. “Mobile Money” can be operated through a simple set of instructions using various access channels. It aims at improving financial inclusion by offering a gamut of financial services such as deposits and cash withdrawals, money transfer to third parties, recharging of prepaid mobile credit and payment of utility bills. Going forward, they will continue to focus on expanding their rural and semi-urban outreach and providing a comprehensive range of products and services customized to the needs of different customer segments in these markets.

KEY SUBSIDIARIES:

ICICI PRUDENTIAL LIFE INSURANCE COMPANY (ICICI LIFE):

ICICI Life successfully maintained its leadership amongst private players in new business premium on retail weighted basis with a market share of 7.0% in fiscal 2013. ICICI Life’s total premium for fiscal 2013 was Rs. 135.38 billion and new business annualized premium equivalent premium was Rs. 35.32 billion. ICICI Life’s unaudited new business profit in fiscal 2013 was Rs. 5.29 billion. The profit after tax was Rs. 14.96 billion in fiscal 2013 compared to Rs. 13.84 billion in fiscal 2012. The total sum assured by ICICI Life, including the group insurance business, increased by 14.1% from Rs. 2,416.86 billion at March 31, 2012 to Rs. 2,757.71 billion at March 31, 2013.

ICICI LOMBARD GENERAL INSURANCE COMPANY (ICICI GENERAL):

ICICI General maintained its leadership in the private sector with an overall market share of 9.5% in fiscal 2013. ICICI General’s gross written premium grew by 19.8% from Rs. 53.58 billion in fiscal 2012 to Rs. 64.20 billion during fiscal 2013. The profit after tax was Rs. 3.06 billion in fiscal 2013 compared to a loss of Rs. 4.16 billion in fiscal 2012. The loss in fiscal 2012 was due to the recognition of additional losses related to the third party motor pool (a multilateral reinsurance arrangement covering all third party risk of commercial vehicles) in accordance with the Insurance Regulatory and Development Authority order dated March 22, 2012 applicable to all general insurance companies.

ICICI PRUDENTIAL ASSET MANAGEMENT COMPANY (ICICI AMC):

ICICI AMC is the third largest asset management company in India with average mutual fund assets under management of Rs. 878.35 billion for the quarter ended March 31, 2013. ICICI AMC achieved a profit after tax of Rs. 1.10 billion in fiscal 2013 compared to Rs. 0.88 billion in fiscal 2012.

ICICI VENTURE FUNDS MANAGEMENT COMPANY (ICICI VENTURE):

ICICI Venture, despite a challenging environment for alternate asset managers, maintained its leadership position as a specialist alternative asset manager based in India through its presence in diversified asset classes of private equity, infrastructure, real estate and special situations. ICICI Venture achieved a profit after tax of Rs. 0.20 billion in fiscal 2013 compared to a profit after tax of Rs. 0.68 billion in fiscal 2012.

ICICI SECURITIES (I-SEC):

Market conditions in fiscal 2013 continued to be difficult for capital market related entities. I-Sec continued to expand its client base across various business segments, assisting its customers in meeting their financial goals by providing them with research, advisory and execution services. I-Sec maintained its market leadership in the retail broking business. The company achieved a profit of Rs. 0.68 billion in fiscal 2013 compared to Rs. 0.77 billion in fiscal 2012.

ICICI SECURITIES PRIMARY DEALERSHIP (I-SEC PD):

I-Sec PD’s corporate debt placement volumes rose to cross Rs. 900.00 billion in fiscal 2013. During the year I-Sec PD was awarded the “Best Bond House – India” by Euromoney. I-Sec PD achieved a profit after tax of Rs. 1.22 billion in fiscal 2013 compared to Rs. 0.86 billion in fiscal 2012.

ICICI BANK UK PLC (ICICI BANK UK):

ICICI Bank UK’s profit after tax for fiscal 2013 was US$ 14.4 million compared to US$ 25.4 million in fiscal 2012. At March 31, 2013, ICICI Bank UK plc had total assets of US$ 3.6 billion compared to US$ 4.1 billion at March 31, 2012. Its capital position was strong with a capital adequacy ratio of 30.8% at March 31, 2013 compared to 32.4% at March 31, 2012. During fiscal 2013, ICICI Bank UK repatriated US$ 100 million of aggregate capital to the Bank, which included redemption of US$ 50 million of preference share capital and return of US$ 50 million of equity capital, after receiving requisite approvals.

ICICI BANK CANADA:

ICICI Bank Canada’s profit after tax for fiscal 2013 was CAD 43.6 million compared to CAD 34.4 million in fiscal 2012. At March 31, 2013, ICICI Bank Canada had total assets of CAD 5.4 billion compared to CAD 5.2 billion at March 31, 2012. ICICI Bank Canada had a capital adequacy ratio of 33.2% at March 31, 2013 compared to 31.7% at March 31, 2012.

MANAGEMENT’S DISCUSSION AND ANALYSIS:

BUSINESS ENVIRONMENT:

Economic activity in India continued to moderate during fiscal 2013. Global economic conditions also remained weak with slowdown in growth in developed and emerging economies. While a supportive policy environment in developed economies prevented any crisis situation, uncertainty around revival in global growth remained a concern through the year.

India’s gross domestic product (GDP) grew by 5.0% during the first nine months of fiscal 2013 compared to a growth of 6.6% in the corresponding period of fiscal 2012. The services sector grew by 6.7% during the first nine months of fiscal 2013 compared to 8.5% during the first nine months of fiscal 2012. The industrial sector grew by 3.2% and agriculture sector by 4.0% during the first nine months of fiscal 2013 compared to a growth of 4.0% and 4.3% respectively in the corresponding period of fiscal 2012. Private consumption growth moderated to 2.9% during the first nine months of fiscal 2013 compared to a growth of 7.4% in the corresponding period of fiscal 2012. Investments, as measured by gross fixed capital formation, grew by 0.1% during the first nine months of fiscal 2013 compared to a growth of 5.0% in the corresponding period of fiscal 2012. The Central Statistical Organization has estimated GDP growth for fiscal 2013 at 5.0% compared to 6.2% in fiscal 2012 and 9.3% in fiscal 2011.

Inflation, measured by the Wholesale Price Index (WPI), remained above 7.0% between April 2012 and January 2013, and subsequently eased to 6.0% in March 2013. The moderation in inflation was driven by the manufactured products segment where inflation increased from 5.3% in April 2012 to 6.5% in September 2012 before easing to 4.1% in March 2013. Inflation in food articles remained high through the year with the average inflation at 9.9% in fiscal 2013 compared to 7.3% in fiscal 2012. Fuel inflation which initially eased picked up in the later part of the year due to hike in petrol prices and partial deregulation of diesel prices. Core inflation (defined as manufactured products excluding food products) reduced from 5.0% in March 2012 to 3.4% in March 2013. Average inflation for fiscal 2013 was 7.3% compared to 8.9% in fiscal 2012.

The Reserve Bank of India (RBI) undertook a calibrated easing of monetary policy during the year. During fiscal 2013, the repo rate was reduced by 100 basis points from 8.50% to 7.50% with a 50 basis points cut in April 2012 followed by a 25 basis points reduction each in January 2013 and March 2013. The cash reserve ratio (CRR) was reduced by 75 basis points during the year from 4.75% to 4.00%, with a 25 basis point cut each effective in September 2012, November 2012 and February 2013. Further, in August 2012, the statutory liquidity ratio was reduced by 100 basis points from 24.0% to 23.0%.

Liquidity in the system continued to remain in deficit through fiscal 2013. Average borrowing by banks under the liquidity adjustment facility window of RBI increased from Rs. 798.78 billion in fiscal 2012 to Rs. 841.16 billion in fiscal 2013. The average borrowing by banks under the liquidity adjustment facility window was over Rs. 960.00 billion in the second half of fiscal 2013. In view of the tight liquidity conditions, RBI injected liquidity through open market operations aggregating around Rs. 1,550.00 billion during fiscal 2013 in addition to the reduction in CRR. The yields on the benchmark 10-year government securities decreased by about 58 basis points from 8.54% at March 30, 2012 to 7.96% at March 28, 2013.

A series of policy measures were announced by the Government during the later part of fiscal 2013. The key developments included approval of the Banking Laws (Amendment) Bill 2011 by both houses of Parliament, announcement of fiscal consolidation roadmap by the Government, approval of 51% foreign direct investment in multi-brand retail, formation of the Cabinet Committee on Investments to expedite investments in projects, partial deregulation of diesel prices, increase in petrol prices and railway passenger fares and deferral of General Anti Avoidance Rules (GAAR) implementation to fiscal 2017. These announcements had a positive impact on market sentiment.

The Indian equity markets improved due to favourable global liquidity conditions and domestic events. The extraordinary liquidity support announced by the US, EU and Japan had a positive impact on global financial markets. This was further supported by gradual improvement in US economic indicators. The benchmark equity index, the BSE Sensex, increased by 8.2% during fiscal 2013, rising from 17,404 at March 31, 2012 to a peak of 20,104 at January 25, 2013, before moderating to 18,835 at March 28, 2013. Foreign institutional investment (FII) flows were significantly higher during the year, with net inflows of USD 29.00 billion during fiscal 2013 compared to USD 16.81 billion inflows during fiscal 2012. Foreign direct investments moderated to USD 21.10 billion and external commercial borrowings to USD 4.72 billion during the first nine months of fiscal 2013 compared to USD 28.74 billion and USD 6.89 billion respectively during the corresponding period of fiscal 2012. During the first nine months of fiscal 2013, a steeper decline in India’s exports compared to imports led to a rise in the current account deficit to 5.3% of GDP. However, India’s balance of payments had a marginal surplus of USD 1.15 billion during the first nine months of fiscal 2013 as against a deficit of USD 7.09 billion during the corresponding period of fiscal 2012, reflecting strong portfolio investment inflows. The rupee depreciated by 6.3% against the US dollar from Rs. 51.16 per US dollar at March 30, 2012 to Rs. 54.39 per US dollar at March 28, 2013.

Non-food credit growth moderated during fiscal 2013 from 16.8% at March 23, 2012 to 14.0% at March 22, 2013. Based on sector-wise data, year-on-year growth in credit to industry was 15.7% and to the services sector was 13.6% at March 22, 2013. Credit to the infrastructure sector grew by 16.5% year-onyear at March 22, 2013 compared to an 20.5% increase at March 23, 2012 and a 37.8% increase at March 25, 2011. Retail loan growth increased to 14.5% year-on-year at March 22, 2013 compared to 12.9% at March 23, 2012. Deposit growth remained muted during the year recording year-on-year growth of 14.3% at March 22, 2013 compared to 13.5% growth at March 23, 2012. Demand deposit growth was 5.9% year-on-year at March 22, 2013.

First year retail premium underwritten in the life insurance sector increased (on weighted received premium basis) to Rs. 389.56 billion in fiscal 2013 from Rs. 382.54 billion in fiscal 2012. Gross premium of the non-life insurance sector (excluding specialised insurance institutions) grew by 18.4% to Rs. 647.07 billion during fiscal 2013 from Rs. 546.45 billion during fiscal 2012. The average assets under management of mutual funds increased by 22.8% from Rs. 6,647.92 billion in March 2012 to Rs. 8,166.57 billion in March 2013.

SOME KEY REGULATORY DEVELOPMENTS IN THE INDIAN FINANCIAL SECTOR DURING FISCAL 2013 INCLUDE:

• In May 2012, RBI’s final guidelines on implementation of Basel III capital regulations were released. These guidelines require, among other things, higher levels of Tier-1 capital and common equity, capital conservation buffers, higher deductions from common equity and Tier-1 capital for investments in subsidiaries and changes in the structure of non-equity instruments eligible for inclusion in Tier-1 capital. The guidelines are to be fully implemented by March 2018. While the initial date for commencing implementation was January 1, 2013, it was later deferred to April 1, 2013.

• In June 2012, RBI prohibited foreclosure charges and pre-payment penalties on home loans on a floating interest rate basis.

• In July 2012, RBI issued revised guidelines on priority sector lending requirements. While keeping the lending targets unchanged, the revised guidelines made certain changes to the categories of lending that would be eligible for classification as priority sector lending and its sub-segments. The guidelines aim to increase direct agricultural lending by banks to individuals. The guidelines also stipulate that investments by banks in securitized assets and outright purchases of loans and assignments would be eligible for classification under the priority sector. The guidelines also increased the priority sector lending requirements for foreign banks in India that have 20 or more branches, in order to bring them on par with domestic banks. In October 2012, RBI announced revisions to the priority sector lending norms. Loans up to Rs. 20.0 million to partnership firms, cooperatives and corporates directly engaged in agricultural activities were made eligible for classification under direct agriculture lending. Also, loans to housing finance companies for on-lending for housing up to Rs. 1.0 million per borrower were included under priority sector lending.

• In November 2012, the RBI increased the general provisioning on restructured standard accounts from 2.00% to 2.75%.

• In November 2012, RBI released draft guidelines on liquidity risk management and the Basel III framework on liquidity standards. The draft guidelines provide for monitoring and reporting of a liquidity coverage ratio, which is designed to ensure that a bank maintains an adequate level of liquid assets to survive an acute liquidity stress scenario lasting one month, and a net stable funding ratio designed to ensure a minimum amount of funding that is expected to be stable over a one-year time horizon.

• In December 2012, Parliament passed the Banking Laws (Amendment) Bill, which, inter alia, permits all banking companies to issue preference shares that will not carry any voting rights; mandates prior approval of RBI for the acquisition of more than 5.0% of a banking company’s paid-up capital or voting rights by any individual or firm or group; empowers RBI, after consultations with the Central Government, to supersede the board of a private sector bank for a total period not exceeding 12 months, during which time RBI will have the power to appoint an administrator to manage the bank; empowers RBI to inspect affiliates of banking entities (affiliates include subsidiaries, holding companies or any joint ventures of banks); and eases the restrictions on voting rights by making them proportionate to the shareholding up to a cap of 26% in case of private sector banks (earlier 10%), and 10% in the case of public sector banks (earlier 1%).

• In December 2012, the Lok Sabha passed the Companies Bill 2011 which would amend the Companies Act 1956. The provisions of the Bill include making independent directors more accountable and improving corporate governance practices. The Bill also seeks to make corporate social responsibility mandatory for companies above a certain size and require them to spend a minimum of 2% of the average net profits of the preceding three years for corporate social responsibility initiatives. Any shortfall in this regard is required to be explained in the annual report. The Bill is pending approval of the Rajya Sabha.

• In January 2013, the RBI issued draft guidelines on restructuring of advances. The draft guidelines propose that with effect from April 1, 2015, loans that are restructured (other than in the infrastructure sector) would be classified as non-performing. The general provision required on restructured standard accounts would increase to 3.75% from March 31, 2014 and to 5.0% from March 31, 2015. General provisions on standard accounts restructured after April 1, 2013 would be at 5.0%.

• RBI through a notification issued on January 31, 2013 mandated banks to disclose further details on restructured accounts in their annual reports. This includes disclosing restructured accounts on a cumulative basis excluding the standard restructured accounts which cease to attract higher provision and/or higher risk weight, the provisions made on restructured accounts under various categories and details of movement of restructured accounts.

• In February 2013, RBI issued guidelines on the entry of new banks in the private sector including eligibility criteria, structure, capital requirements, shareholding structure and corporate governance practices. Select entities or groups in the private sector, entities in the public sector and non-banking financial companies with a successful track record of at least ten years would be eligible to promote banks. The initial minimum capital requirement for these entities is Rs. 5.00 billion, with foreign shareholding not exceeding 49.0% for the first five years. Applications for setting up of new banks have been sought by July 1, 2013.

• In March 2013, the Insurance Regulatory and Development Authority issued guidelines on nonlinked life insurance products which include limits on the commission rates payable by insurance companies, introduction of minimum guaranteed surrender value and minimum death benefits. The new guidelines would require life insurance companies to modify existing non-linked products which do not comply with the revised guidelines.

STANDALONE FINANCIALS AS PER INDIAN GAAP:

SUMMARY:

During fiscal 2013, they focused on sustainable value creation by balancing growth, profitability and risk management. Their profit after tax increased by 28.8% from Rs. 64.65 billion in fiscal 2012 to Rs. 83.25 billion in fiscal 2013. The increase in profit after tax was mainly due to 29.2% increase in net interest income and 11.3% increase in non-interest income offset, in part, by a 14.8% increase in non-interest expenses and 13.9% increase in provisions and contingencies (excluding provisions for tax). Net interest income increased by 29.2% from Rs. 107.34 billion in fiscal 2012 to Rs. 138.66 billion in fiscal 2013, reflecting an increase of 38 basis points in net interest margin and an increase of 13.5% in average interest-earning assets.

Non-interest income increased by 11.3% from Rs. 75.02 billion in fiscal 2012 to Rs. 83.46 billion in fiscal 2013. The increase in non-interest income was primarily due to a gain of Rs. 4.95 billion from treasury-related activities in fiscal 2013 compared to a loss of Rs. 0.13 billion in fiscal 2012 and an increase in dividend income from subsidiaries from Rs. 7.36 billion in fiscal 2012 to Rs. 9.12 billion in fiscal 2013. Fee income increased by 2.9% from Rs. 67.07 billion in fiscal 2012 to Rs. 69.01 billion in fiscal 2013.

Non-interest expenses increased by 14.8% from Rs. 78.50 billion in fiscal 2012 to Rs. 90.13 billion in fiscal 2013 primarily due to an increase in employee expenses and other administrative expenses. Provisions and contingencies (excluding provisions for tax) increased by 13.9% from Rs. 15.83 billion in fiscal 2012 to Rs. 18.03 billion in fiscal 2013. The increase in provisions and contingencies (excluding provisions for tax) was primarily due to an increase in provisions for non-performing and restructured loans in the Small and Medium Enterprises (SME) and corporate loan portfolio.

Total assets increased by 9.8% from Rs. 4,890.69 billion at March 31, 2012 to Rs. 5,367.95 billion at March 31, 2013. Total deposits increased by 14.5% from Rs. 2,555.00 billion at March 31, 2012 to Rs. 2,926.14 billion at March 31, 2013. Savings account deposits increased by 12.6% from Rs. 760.46 billion at March 31, 2012 to Rs. 856.51 billion at March 31, 2013. The current and savings account (CASA) ratio was 41.9% at March 31, 2013 compared to 43.5% at March 31, 2012. Term deposits increased by 17.7% from Rs. 1,444.81 billion at March 31, 2012 to Rs. 1,700.37 billion at March 31, 2013. Total advances increased by 14.4% from Rs. 2,537.28 billion at March 31, 2012 to Rs. 2,902.49 billion at March 31, 2013 primarily due to an increase in the domestic corporate and retail loan book. The net non-performing asset ratio increased marginally from 0.62% at March 31, 2012 to 0.64% at March 31, 2013.

They continued to expand their branch network in India. Their branch network in India increased from 2,752 branches and extension counters at March 31, 2012 to 3,100 branches and extension counters at March 31, 2013. They also increased their ATM network from 9,006 ATMs at March 31, 2012 to 10,481 ATMs at March 31, 2013.

The total capital adequacy ratio of ICICI Bank on a standalone basis at March 31, 2013 in accordance with RBI guidelines on Basel II was 18.74% with a Tier-1 capital adequacy ratio of 12.80% compared to a total capital adequacy ratio of 18.52% and Tier-1 capital adequacy ratio of 12.68% at March 31, 2012.

CONTINGENT LIABILITIES:

Particulars	31.03.2013 [Rs. in millions]	31.03.2012 [Rs. in millions]
Claims against the Bank not acknowledged as debts	36373.051	29310.352
Liability for partly paid investments	128.050	128.050
Liability on account of outstanding forward exchange contracts1	2838503.955	3560050.874
Guarantees given on behalf of constituents
a) In India	717848.338	720946.196
b) Outside India	226321.011	234068.666
Acceptances, endorsements and other obligations	621180.725	568856.614
Currency swaps1	565474.647	616403.680
Interest rate swaps, currency options and interest rate futures1.	2855937.706	3362012.187
Other items for which the Bank is contingently liable	38125.663	62874.440
TOTAL	7899893.146	9154651.059
1. Represents notional amount.

NEWS:

RBI FINES AXIS, ICICI, HDFC ON KYC NORMS, SAYS NO MONEY LAUNDERING

JUNE 10, 2013

According to the notification posted on the Reserve Bank of India’s website, “The Reserve Bank has imposed a monetary penalty on Axis Bank, HDFC Bank and ICICI Bank for violating Reserve Bank of India instructions.”

The penalties are as follows: For Axis Bank – Rs 50.000 Millions, for HDFC bank -Rs 45.000 Millions and for ICICI Bank -Rs 10.000 Millions.  Recently the apex bank had scrutinized these three banks books of accounts, internal control, compliance systems and processes of their corporate offices and some branches. This scrutiny comes after the Cobrapost released a video of alleged money laundering.

The central bank found that though there was no prima facie evidence of money laundering by these banks, they did fall short on a number of occasions to comply with the regulatory requirements.

For instance, there was a violation of certain safeguards in respect of arrangement of “at par” payment of cheques drawn by cooperative banks. These banks also did not adhere to certain aspects of know your customer (KYC) norms and anti money laundering (AML) guidelines.  These banks violated the regulatory requirement of obtaining PAN number of form 60/61 on various occasions.

In fact for few NRO accounts, these banks did not even verify the source of funds. These were a few parameters on which these three banks fell short of meeting the regulatory requirements.

ICICI BANK FOR MORE BRANCH EXPANSION

JUNE 25, 2013

India’s second biggest bank, ICICI Bank Limited, is looking for foreign expansion by opening branches in Australia, South Africa and Mauritius.

The largest private sector lender is also looking to open a full-fledged branch in China, where it already has a representative office, managing director and CEO, Chanda Kochhar said during the bank’s 19th annual general meeting in Vadodara.

“Under the bank’s foreign expansion plans, we will open branches in Australia, South Africa and Mauritius.

"We have sought Reserve Bank of India’s clearance and the same is awaited,” said Kochhar addressing the shareholders in Vadodara on Monday.

“We already have a representative office in China, where we will open a full-fledged branch,” she said.

As on March 31, ICICI Bank had the largest number of foreign branches, 10, among private sector banks in India.

The bank also has three subsidiaries and eight representative offices located in different countries, RBI data showed.

Commenting on the domestic branch network, Kochhar maintained bank will expand its branch presence in the non-banked areas of the country.

“We will open 350 new branches in India.

"About 200 of these will be in non-banked areas.

"The pace of branch network expansion will be much faster over the next three years,” said managing director and chief executive officer Chanda Kochhar at its 19th annual general meeting in Vadodara.

She said they’d also applied to the Reserve Bank of India for permission to open branches in Australia, South Africa and Mauritius.

And, she said, they wished to upgrade the representative office in China to a full branch.

As on March 31, ICICI had 10 branches abroad (the largest among private sector banks in India), three subsidiaries and eight representative offices in different countries.

To a shareholder’s query on the status of the investigation into the money laundering charges made after the ‘sting’ operation by web portal Cobrapost, she said: “We did three-layered investigations. One was an internal inquiry, the second was done by Deloitte, an external agency we appointed, and the third by RBI.

"From these investigations we found there has been no instance of money laundering in ICICI Bank.”

On the economic situation and power sector issues, she said exposure to the latter was not a concern.

“Our exposure to the power sector is less than seven per cent of our total exposure, and over half of it is to companies already operational and generating cash flows,” she explained.

Adding: “While some of the projects, in the current environment, may face certain delays in cash flows but in the country as a whole, there is huge requirement of power.

"As each and every project starts operating and get their raw material, these (would be) very good assets in the long run.”

On the rupee’s volatility, Kochhar said it would not hamper the bank’s plans to raise 50 billion ($510 million) by selling bonds to institutional investors in Japan.

“Even in the most volatile conditions, we have raised funds from the Chinese markets.

"We always look for a window of opportunity, where liquidity is available at the appropriate cost. We go ahead and raise those funds.”

A week before, ICICI had raised money in Chinese yuan and in the past year, raised funds in both US and Singapore dollars and Swiss francs.

ICICI, the country’s largest bank in the private sector, plans more expansion at home and abroad.

Elevate Kochhar to vice-chair: Shareholders

While shareholders of ICICI Bank showered praises on the management for successfully withstanding critical economic situation and yet announce healthy results, some demanded elevation for Chanda Kochhar to vice-chair of the bank.

Chairman Kamath, however, did not respond to the request nor did he deny the possibility of the elevation.

Lender promises Rs 50.000 Millions for Uttarakhand

ICICI Bank on Monday said every employee would contribute a day’s salary towards a relief fund for those affected in the Uttarakhand floods.

“The bank will match that amount and the total fund will not be less than Rs 50.000 Millions (Rs 50.000 millions),” said Chanda Kochhar, managing director, at the annual general meeting in Vadodara.

The AGM also observed a one-minute silence for those who lost their lives in these floods.

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] 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.61.54
UK Pound	1	Rs.94.37
Euro	1	Rs.81.57

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	10
PAID-UP CAPITAL	1~10	9
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	9
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	9
--RESERVES	1~10	9
--CREDIT LINES	1~10	9
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		81

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.