MIRA INFORM REPORT

Report Date :

12.03.2013

IDENTIFICATION DETAILS

Name :	CESC LIMITED
Registered Office :	CESC House, Chowringhee Square, Kolkata – 700001, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	28.03.1978
Com. Reg. No.:	21-031411
Capital Investment / Paid-up Capital :	Rs.1249.359 Millions
CIN No.: [Company Identification No.]	L31901WB1978PLC031411
Legal Form :	A Public Limited Liability company. The company’s Shares are Listed on the Stock Exchange.
Line of Business :	The subject engaged in the business of Generation and Distribution of Electricity
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 240000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well-established company having a good track record. Financial position of the company appears good. Performance capability of the company appears high. Trade relations are reported as fair. Business is active. Payment terms are regular and as per commitment. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – June 30, 2012

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

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

INDIAN ECONOMIC OVERVIEW

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

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	COMMERCIAL PAPER : ICRA A+ (ON WATCH WITH “DEVELOPING IMPLICATIONS”)
Rating Explanation	Very strong degree of safety and lowest credit risk
Date	November, 2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office / Head Office :	CESC House, Chowringhee Square, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22256040
Fax No.:	91-33-22255155
E-Mail :	secretarial@rp-sg.in cesc@rp-sg.in
Website :	www.cesc.co.in
Generating Station 1 :	Budge Budge Village and P.O. - Pujali, P.S. Budge Budge, South 24 Parganas – 700138, West Bengal, India
Tel. No.:	91-33-24821709 / 24822957
Generating Station 2 :	New Cossipore 28 Jheel Road, Kolkata – 700002, West Bengal, India
Tel. No.:	91-33-25566695 / 25566696
Generating Station 3 :	Southern 28 Garden Reach Road, Kolkata – 700024, West Bengal, India
Tel. No.:	91-33-24696886 / 24697557
Generating Station 4 :	Titagarh B. T. Road, P.O. Khardah, Titagarh, North 24 Parganas - 700119 , West Bengal, India
Tel. No.:	91-33-25011042 / 25533392
Regional Office :	Located at · Kolkata

DIRECTORS

As on 27.07.2012

Name :	Mr. Sumantra Banerjee
Designation :	Managing Director
Address :	2C Alipore Avenue, Kolkata – 700027, West Bengal, India
Date of Birth/Age :	31.12.1949
Date of Appointment :	15.04.1992
PAN No.:	AACPB4480B
DIN No.:	00075243
Name :	Mr. Rama Prasad Goenka
Designation :	Director
Address :	19, Belvedere Road, Kolkata – 700027, West Bengal, India
Date of Birth/Age :	01.03.1930
Date of Appointment :	29.04.1989
PAN No.:	AEFPG4687J
DIN No.:	00074606
Name :	Mr. Sanjiv Goenka
Designation :	Director
Address :	19, Belvedere Road, Kolkata – 700027, West Bengal, India
Date of Birth/Age :	29.01.1961
Date of Appointment :	29.04.1989
PAN No.:	AEFPG4689J
DIN No.:	00074796
Name :	Mr. Pradip Kumar Khaitan
Designation :	Director
Address :	B-103, Ravi Enclave, 7/1A, Sunny Park, Kolkata – 700019, West Bengal, India
Date of Birth/Age :	25.03.1941
Date of Appointment :	29.10.1992
PAN No.:	AFYPK7991R
DIN No.:	00004821
Name :	Mr. Brij Mohan Khaitan
Designation :	Director
Address :	10 Queens Park, Ballygunge, Kolkata – 700019, West Bengal, India
Date of Birth/Age :	14.08.1927
Date of Appointment :	10.05.1994
PAN No.:	AGEPK6970B
DIN No.:	00023771
Name :	Mr. Srinivasan Kothandaraman Vaidyanathan Srinivasan
Designation :	Nominee Director
Address :	1101, Raheja Majestic, Near Star City, Matunga (West), Mumbai – 400016, Maharashtra, India
Date of Birth/Age :	06.07.1956
Date of Appointment :	16.02.2009
PAN No.:	AJEPS4893E
DIN No.:	02564527
Name :	Mr. Srikandath Narayan Menon
Designation :	Director
Address :	P 404/5a, Gariahat Road, Kolkata – 700029, West Bengal, India
Date of Birth/Age :	20.09.1946
Date of Appointment :	07.09.2011
PAN No.:	AEBPM4272K
DIN No.:	01475746
Name :	Mr. Om Prakash Vaish
Designation :	Director
Address :	10 Hailey Road, New Delhi – 110001, India
Date of Birth/Age :	29.04.1931
Date of Appointment :	07.09.2011
PAN No.:	AACPV1181D
DIN No.:	00001360
Name :	Mr. Chandra Kumar Dhanuka
Designation :	Director
Address :	Dhanuka Niket, 14B U N Bramachary Street, Kolkata – 700017, West Bengal, India
Date of Birth/Age :	19.01.1954
Date of Appointment :	04.05.2012
PAN No.:	ADGPD0857K
DIN No.:	00005684

KEY EXECUTIVES

Name :	Mr. Subhasis Mitra
Designation :	Secretary and Vice President
Address :	14 Olai Chandi Road, Belgachia, Kolkata – 700037, West Bengal, India
Date of Birth/Age :	03.04.1953
Date of Appointment :	01.04.1995
PAN No.:	AFJPM6956P

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.12.2012

Category of Shareholder	Total No. of Shares	% of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	300398	0.24
Bodies Corporate	65271911	52.27
Sub Total	65572309	52.51
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	65572309	52.51
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	18452711	14.78
Financial Institutions / Banks	133957	0.11
Central Government / State Government(s)	2152	0.00
Insurance Companies	2705458	2.17
Foreign Institutional Investors	18961994	15.18
Qualified Foreign Investor	1754206	1.40
Sub Total	42010478	33.64
(2) Non-Institutions
Bodies Corporate	9066647	7.26
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	6528121	5.23
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	896066	0.72
Qualified Foreign Investor	808643	0.65
Sub Total	17299477	13.85
Total Public shareholding (B)	59309955	47.49
Total (A)+(B)	124882264	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	53661	0.00
Sub Total	53661	0.00
Total (A)+(B)+(C)	124935925	0.00

BUSINESS DETAILS

Line of Business :

The subject engaged in the business of Generation and Distribution of Electricity

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Allahabad Bank

· Andhra Bank

· Axis Bank Limited

· Bank of Baroda

· Bank of India

· ICICI Bank Limited

· IDBI Bank Limited

· Indian Overseas Bank

· Punjab National Bank

· Standard Chartered Bank

· State Bank of India

· The Royal Bank of Scotland N.V.

· UCO Bank

· Union Bank of India

· United Bank of India

· YES Bank Limited

· HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
LONG TERM LOANS
RUPEE LOANS
- From Banks	15770.300	14851.800
- From Financial Institutions	3895.500	5105.100
FOREIGN CURRENCY LOANS
- From Banks	6067.900	4690.900
SHORT TERM LOANS
LOANS REPAYABLE ON DEMAND
- Overdraft from Banks	4327.600	3747.300
Total	30061.300	28395.100

Notes:

Nature of Security (Long Term):

Term loans are secured by equitable mortgage / hypothecation of the fixed assets of the Company including its land, buildings and other constructions thereon where exits, plant and machinery etc. as a first charge and as a second charge, by hypothecation of the Company's current assets comprising stock of stores, coal and other consumables, book debts, monies receivable and bank balances. However, creation of the said mortgage security in respect of two Rupee Loans and one Foreign Currency Loan aggregating Rs.3975.000 Millions (31.03.2011 - Rs. Nil) is in process. User rights in respect of a freehold land having a book value of Rs.689.500 Millions have been offered for financial assistance availed of by a subsidiary company to their lenders

The security for the term loans ranks pari passu inter se

Major terms of repayment of long term borrowings disclosed in (A) and (B) above :

(Rs. In Millions)

Maturity Profile of Long Term Borrowings outstanding as at 31 March 2012	Rupee Term Loan from Banks	Rupee Term Loan from Financial Institutions	Foreign Currency Loans	Total
Loans with residual maturity of upto 1 year	69.100	651.700	798.800	1519.600
Loans with residual maturity between 1 and 3 years	438.700	300.000	265.800	1004.500
Loans with residual maturity between 3 and 5 years	-	-	502.900	502.900
Loans with residual maturity between 5 and 10 years	14312.500	2943.800	5208.900	22465.200
Loans with residual maturity beyond 10 years	950.000	-	-	950.000
Total	15770.300	3895.500	6776.400	26442.200
Interest rates on Rupee Term Loans from Banks and Financial Institutions are based on spread over respective Lenders' benchmark rate and that ofon Foreign Currency Loans are based on spread over LIBOR.

Nature of Security (Short Term) :

Overdraft facilities from banks are secured by hypothecation of the Company's current assets comprising stock of stores, coal and other consumables, book debts, monies receivable and bank balances as a first charge and as a second charge by equitable mortgage / hypothecation of fixed assets of the Company including its land, buildings and other constructions thereon where exists, plant and machinery etc. However, creation of the said mortgage security in respect of overdraft facilities from banks aggregating Rs.976.000 Millions (31.03.2011 - Rs.976.000 Millions) is in process.

The security for the overdraft facilities ranks pari passu inter se

Banking Relations :	--
Auditors :
Name :	Lovelock and Lewes Chartered Accountants
Solicitors :
Name 1 :	Khaitan and Company
Name 2 :	Sandersons and Morgans
Subsidiaries :	· Spencer's Retail Limited · CESC Properties Limited · CESC Infrastructure Limited · Nalanda Power Company Limited · CESC Projects Limited (w.e.f 13th June, 2011) · Bantal Singapore Pte. Limited (w.e.f 30th May, 2011)
Joint Venture :	· Mahuagarhi Coal Company Private Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
150000000	Equity Shares	Rs.10/- each	Rs.1500.000 Millions

Issued Capital :

No. of Shares	Type	Value	Amount
131235897	Equity Shares	Rs.10/- each	Rs.1312.400 Millions

Subscribed & Paid-up Capital

No. of Shares	Type	Value	Amount
124935925	Equity Shares	Rs.10/- each	Rs.1249.400 Millions
	Add : Forfeited Shares		Rs. 6.600 Millions
	Total		Rs.1256.000 Millions

Notes:

a) Reconciliation of the shares outstanding at the beginning and at the end of the reporting period

Particulars	As at 31st March 2012
	Number of shares	Rs. In Millions
Opening and Closing Balances	124935925	1249.400

b) Terms / rights attached to equity shares:

The Company has only one class of equity shares having a par value of Rs. 10 per share fully paid up. Each holder of equity share is entitled to one vote per share. During the year ended 31st March, 2012 the amount of dividend per share recommended by the Board of Directors as distributions to equity shareholders is Rs. 5 (31.03.2011 - Rs. 4) subject to declaration at the ensuing Annual General Meeting by the members. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive sale proceeds from remaining assets of the Company after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

c) Details of shareholders holding more than 5% shares in the Company

Name of shareholder	As at 31st March 2012
	Number of shares	% of holding
Rainbow Investments Limited	31058414	25
Universal Industrial Fund Limited	17791421	14

d) 3,10,58,414 Equity Shares of Rs. 10 each were allotted as fully paid-up on 12 October, 2007 pursuant to a Scheme of Amalgamation sanctioned by the Hon'ble High Court at Calcutta, without consideration being received in cash.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1256.000	1256.000	1256.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		58861.700	54436.400	50712.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		60117.700	55692.400	51968.000
LOAN FUNDS
1] Secured Loans		30061.300	28395.100	27490.400
2] Unsecured Loans		708.500	1770.700	626.700
TOTAL BORROWING		30769.800	30165.800	28117.100
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
Current maturities of long term borrowings transferred to Other Current Liabilities		(4770.900)	(3739.200)	0.000
Consumers Security Deposits		10509.000	9354.600	8964.900
Advance against Deprecation		5660.300	5142.600	4467.100
TOTAL		102285.900	96616.200	93517.100
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		77150.500	74785.500	72327.100
Capital work-in-progress		3764.500	2569.000	2782.600
INVESTMENT		11331.800	10843.200	6785.800
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2947.000	2944.400	2382.800
	Sundry Debtors	9770.100	5589.400	5129.600
	Cash & Bank Balances	8598.400	8388.400	11197.900
	Other Current Assets	801.800	522.400	154.900
	Loans & Advances	12910.100	11678.400	10098.400
Total Current Assets		35027.400	29123.000	28963.600
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2910.300	2803.400	2639.200
	Other Current Liabilities	20301.500	16507.300	13547.500
	Provisions	1776.500	1393.800	1226.700
Total Current Liabilities		24988.300	20704.500	17413.400
Net Current Assets		10039.100	8418.500	11550.200
MISCELLANEOUS EXPENSES		0.000	0.000	71.400
TOTAL		102285.900	96616.200	93517.100

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	46805.400	41725.400	32928.400
		Other Income	1013.100	741.100	1562.000
		TOTAL (A)	47818.500	42466.500	34490.400
Less	EXPENSES
		Cost of Electrical Energy purchased	6360.500	6654.200	25431.300
		Cost of Fuel	17619.700	14283.000
		Employee Benefits Expenses	4709.600	4327.100
		Other Expenses	6542.700	5631.300
		TOTAL (B)	35232.500	30895.600	25431.300
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		12586.000	11570.900	9059.100
Less	FINANCIAL EXPENSES (D)		2758.100	2754.700	1782.200
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9827.900	8816.200	7276.900
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2894.800	2673.700	2056.400
	PROFIT BEFORE TAX (E-F) (G)		6933.100	6142.500	5220.500
Less	TAX (H)		1390.000	1258.500	887.500
	PROFIT AFTER TAX (G-H) (I)		5543.100	4884.000	4333.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1904.100	1335.600	1259.100
Less	APPROPRIATIONS
		Reserve for unforeseen exigencies	281.000	234.700	173.800
		Transfer to General Reserve	4000.000	3500.000	3500.000
		Dividend	726.000	499.700	499.700
		Tax on Dividend		81.100	83.000
	BALANCE CARRIED TO THE B/S		2440.200	1904.100	1335.600
	EARNINGS IN FOREIGN CURRENCY
		Income from Carbon Credit	0.000	23.800	29.100
	TOTAL EARNINGS		0.000	23.800	29.100
	IMPORTS
		Fuel	1909.900	1588.500	1585.100
		Capital Goods	0.000	0.000	7.500
	TOTAL IMPORTS		1909.900	1588.500	1592.600
	Earnings Per Share (Rs.)		44.37	39.09	34.68

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012	31.12.2012
	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	1,4200.000	1,3440.000	1,0400.000
Total Expenditure	1,1300.000	1,0330.000	7740.000
PBIDT (Excl OI)	2900.000	3110.000	2660.000
Other Income	210.000	240.000	240.000
Operating Profit	3110.000	3350.000	2900.000
Interest	780.000	890.000	860.000
Exceptional Items	0.000	0.000	0.000
PBDT	2330.000	2460.000	2040.000
Depreciation	770.000	760.000	770.000
Profit Before Tax	1560.000	1700.000	1270.000
Tax	310.000	340.000	260.000
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	1250.000	1360.000	1010.000
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	1250.000	1360.000	1010.000

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	11.59	11.50	12.56
Net Profit Margin (PBT/Sales)	(%)	14.81	14.72	15.85
Return on Total Assets (PBT/Total Assets}	(%)	6.18	5.91	5.15
Return on Investment (ROI) (PBT/Networth)		0.12	0.11	0.10
Debt Equity Ratio (Total Debt/Networth)		0.51	0.54	0.54
Current Ratio (Current Asset/Current Liability)		1.40	1.41	1.66

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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

DETAILS OF UNSECURED LOAN

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011
LONG TERM LOANS
Floating Rates	708.500	620.700
SHORT TERM LOANS
From Banks	0.000	1150.000
Total	708.500	1770.700

LITIGATION DETAILS

Case Status : PENDING

Status of TEMP APO (APOT) 566 OF 2010

THE SUN BATTERY AND CO. Vs. CESC LIMITED AND ORS.

Pet’s adv. : SWARUP KUMAR GHOSH

Res’s Adv. :

Court No.: 19 Last Listed On : Tuesday, January 25, 2011

Category : ELECTRICITY CONNECTION/DISCONNECTION : ESSENTIAL SER

CONNECTED APPLICATION (S)	CONNECTED MATTERS (S)
No Connected Application	No Connected Cases

Case Updated on : Tuesday, January 11, 2011

PERFORMANCE OVERVIEW

During the year, the Company's revenue from operations increased by 12.17% over last year to reach Rs.46805.400 Millions. Including other income, total income grew by 12.60% from Rs.42466.500 Millions in 2010-11 to Rs.47818.500 Millions in 2011-12. Profit before depreciation and taxation (PBDT) grew by 11.48% to Rs.9827.900 Millions during the year. After providing for depreciation of Rs.2894.800 Millions and taxation of Rs.1390.000 Millions, the profit after taxes (PAT) for 2011-12 stands at Rs.5543.100 Millions, which reflects a 13.50% increase over Rs. 4884.000 Millions during 2010-11.

ECONOMIC OVERVIEW

Global Energy Outlook

The world energy scenario witnessed significant changes during 2011, some of which can have long-term and structural implications. First, after the incident in Fukushima, Japan, nuclear fuel as a source of energy faces considerable uncertainty. Second, geopolitical tensions in Middle East and North Africa have increased the risks of disruption of oil supplies and prices in the short- to medium-term, and raised questions about the region's investment plan. Third, economic concerns have diverted attention from energy policy: carbon dioxide emissions rebounded to a record high and global energy efficiency worsened for the second consecutive year.

What has not changed, however, is that emerging economies continue to drive the global demand for energy. According to the World Energy Outlook 2011, world primary energy demand under the 'New Policies Scenario' will grow by around 4,829 million tonnes of oil equivalent (Mtoe) between 2009 and 2035-a CAGR of 1.3% (Chart A). As expected, the demand in non-OECD countries will grow much faster, and will account for 88% of this increase in energy demand.

More important, as much as 50% of this increase will come from China and India, which along with the United States, are the top three consumers of energy in the world. Energy demand from China and India is expected to surge during this period to 5,299 Mtoe (Chart B) and they will account for almost half the incremental energy demand between now and 2035. As a result, by 2035, these two countries will account for 31% of global energy demand, up from 15.6% in 2000.

Fossil fuels-coal, oil and gas-are the dominant source of energy, meeting around 81% of energy demand. This will continue, even as their share in the energy mix is expected to come down to 75% by 2035. In any case, most of this shift is only expected to take place from around 2020.

The situation of the power sector, which accounts for 54% of the increase in global primary energy demand, is not much different. Coal remains the leading fuel for generating electricity, accounting for over 40% of total power generation, followed by gas, nuclear and hydro. Capacity addition of 4,081 GW in the power sector is projected between 2009 and 2035. As shown in Chart C, this dominance of coal is expected to continue, although its share will come down in the long term with policies favouring the use of other renewable sources such as solar, geothermal and wind.

Not surprisingly, therefore, international coal markets and prices have become increasingly sensitive to developments in China and India-where the reliance on coal for their energy requirement is higher. Their combined share in global coal trade is projected to increase from around 20% in 2009 to around 40% in 2035. In an important development, India is expected to surpass China as the largest coal importer soon after 2020 given its increasing reliance on coal and poor domestic availability.

India's Power Scenario

The dynamics of the Indian power sector saw important shifts during 2011-12. The positive development was that it met the generation capacity targets for the year-adding 19.7 GW against a target of 17.7 GW-and, perhaps for the first time, also the transmission and distribution targets. But, on the flipside, this created significant shortage of coal, which is the dominant source of fuel for the sector and accounts for 56% share of the total generation capacity

With domestic coal availability virtually stagnant at around 440 million tonnes, imports met a majority of this increase in demand and now account for 15% of the total requirement in terms of volume and 18% in terms of energy . Given the growing importance of India in the global market for coal, this rise in demand has pushed up global prices-increasing not only the cost of generation, but also the uncertainty of availability.

The immediate challenge facing the industry is the poor availability of coal and its high international price. But, the shortfall in generation and transmission capacities is far from over. During 2011-12, the all-India peak demand for power was 130 GW of power, whereas the actual power met was 116 GW - a shortfall of 10.6% The southern and western regions were the worst affected in terms of power availability.

By 2016-17, demand for power is expected to increase to 1,200 billion units-up from 937 billion units in 2011-12". This translates to a grid supply of 1,350 billion units, if one takes into account curtailing energy inefficient capacities based on diesel and fuel oil. The Approach Paper for the Twelfth Five Year Plan (2012¬2017) estimates an additional capacity requirement of 100 GW, around 50% of which is expected to come from the private sector -up from 33% in the last five years. This will need to be complemented with adequate transmission capacities.

There is little doubt that power sector in India needs to grow at a much higher pace in the next few years. For this to continue, there is an need to address the challenges facing the sector-be it availability of coal and gas or mounting losses of distribution utilities, which have their cascading effects on the health and outlook for the entire sector. Also, greater focus needs to be accorded to alternative and renewable sources of fuel such as hydro, solar and wind to have a balanced portfolio of generation capacities in the longer term.

Generation

CESC operates four generating stations: Budge Budge, Southern, Titagarh and New Cossipore, which cumulatively produce 1,225 MW. Three of these stations (Budge Budge, Southern and Titagarh) use pulverised fuel (PF) as the primary energy source. In spite of the different age, capacity and technologies of the four generating stations, CESC has achieved the best possible results, some of which are nationally and internationally benchmarked.

Output from a power plant is measured by plant load factor (PLF) which is the ratio of actual power produced to the maximum power producing capacity. PLF for CESC's power generating stations has been consistently better than the all-India average for thermal plants. During the year, CESC's composite PLF of the three PF plants was 87.96%, as compared to the national average of 73.3%.

To achieve this, the Company has taken various steps such as full utilisation of designed limit, benchmarking with best-class power plants, integrated operation and maintenance planning and exploring the fullest export opportunity. Export of power, after meeting consumers demand, however, is totally dependent on the commercial viability of selling power.

Budge Budge

Budge Budge is CESC's newest power generation plant, which comprises three units of 250 MW each. The first two units are little over a decade old and the third unit started commercial operations from February 2010. During 2011-12, Budge Budge generated 5,940 MU (million units) of power, with a PLF of 90.16%. This represents an increase in generation by 501 MU, which is a more than 9% increase compared to the previous year. The plant availability factor (PAF) achieved in this year was 95.21%, which is 3% higher than a year ago.

Titagarh

CESC's Titagarh station generated 1,716 MU of power during the year, with a PLF of 81.38% and a PAF of 96.15%. The station could generate these efficiencies in spite of its age (29 years) which bears ample testimony to the continuous and rigorous maintenance programmes that CESC conducts.

Southern

Southern generated 1,036 MU of power during the year, with a PLF of 87.40% and a PAF of 95.38%. Various energy savings initiatives, energy audits, in-house refurbishment/renewal of major energy consuming equipment, adopting industry best practices and other similar measures are being undertaken at Southern.

New Cossipore

The Company's generating station at New Cossipore was established way back in 1949. Yet, the sixty two years old station generated 363 MU of power with a PAF of 82.9% during the year, thus extending reliable support to the system during peak hours.

PROJECTS

THERMAL

Haldia, West Bengal: This is a 2 x 300 MW coal fired thermal power project at Haldia in West Bengal, which is being executed by Haldia Energy Limited (HEL), a 100% subsidiary of CESC Infrastructure Limited. All requisite clearances, including environmental clearances for the project are in place.

During the year, site enabling work was completed and orders for all major packages were placed. The contractors have been mobilised at the site, and civil construction work is currently in progress. Order for the railway infrastructure and raw water pipe lines have also been placed and work is in progress. Work on the 400kV transmission line, which will have 240 metre high towers for crossing a two-kilometre stretch of the river Hooghly, has also commenced.

Chandrapur, Maharashtra: This is a 2 x 300 MW coal fired thermal power project at Chandrapur in Maharashtra, which is being executed by Dhariwal Infrastructure Limited (DIL), a 100% subsidiary of CESC Infrastructure Limited. Construction work of project is now in its advanced stages.

For the main plant, boiler drainable hydro tests are planned to be done in June 2012. For power evacuation, the work on a 400 kV transmission line is also nearly complete, and the task of establishing connectivity with Maharashtra State Electricity Transmission Company Limited (MSETCL) is in progress. The construction of the railway line as well as associated yards is also in the advanced stages. Water for the project will be sourced from the river Wardha, for which the intake well and 17 kilometres of pipeline work is complete. The two units, 'Unit 1' and 'Unit 2' are expected to be commissioned in April 2013 and July 2013 respectively.

Bhagalpur, Bihar: Nalanda Power Company Limited, another 100% subsidiary of CESC, has signed an MoU with the Bihar State Electricity Board (BSEB) for development of a 2,000 MW power project in Bhagalpur district of Bihar, in two phases of 1,000 MW each. The pre-feasibility report has been completed and the project has received Prior Environmental Clearance from Ministry of Environment and Forests, and approval for use of consumptive water from the river Ganga from both State Water Resources Department and Central Water Commission. The project has also been pre-qualified and included by CEA in the list for sanctions of long term coal linkage by Ministry of Coal. Further progress will be taken up upon allocation of coal and securing sources of coal supply over the life of the plant.

Dhenkanal, Orissa (Phase I): This is a 2 x 660 MW thermal plant based on super-critical technology. During the year, the Company acquired additional land at Dhenkanal in Orissa to take the total to around 900 acres. Most of the statutory clearances have already been obtained and the project is waiting for coal linkage to be granted by Ministry of Coal, Government of India.

SOLAR

Kutch, Gujarat: This is a 9 MW solar power project that was allocated to ICML, a Group company, in October 2010 by Government of Gujarat in accordance with the State Solar Power Policy. The plant is based on the most advanced and proven photovoltaic (PV) technology incorporating a combination of crystalline-silicon and thin-film solar modules.

The plant was commissioned on 9 March 2012 and marks RP-Sanjiv Goenka Group's foray into the renewable energy space. It was dedicated to the nation on 19 April 2012 by the Hon'ble Chief Minister of Gujarat at a function held at Charanka Solar Park, close to the plant site. The power generated from the project is being purchased by Gujarat Urja Vikas Nigam Limited through a 25 year power purchase agreement.

Bikaner, Rajasthan: Crescent Power Limited, a Group company, is setting up a 10 MW Solar PV based power project in the district of Bikaner in Rajasthan. Around 125 acres of land have been acquired for this purpose. The project is being set up under the Rajasthan Solar Energy Policy 2011 for supply of power to the distribution licensees in the state of Rajasthan. On behalf of power distribution companies in Rajasthan, Rajasthan Renewable Energy Corporation Limited, which is the nodal agency, will select the solar power producer through a tariff based competitive bidding process. The 'Request for Selection' process for the same is underway.

HYDRO

Jarong, Arunachal Pradesh: CESC signed a memorandum with the Government of Arunachal Pradesh for developing a 90 MW Jarong Hydro-Electric Project in West Siang District of Arunachal Pradesh. The Jarong Hydro-Electric Power Company Limited, a SPV has been incorporated for development of the project.

Topographical survey and surface geological mapping for the project was completed during the year, and a detailed project report is being prepared. The Hydrology part of the project report has been submitted to CEA and CWC for their approval. The Company has engaged a consultant for the environmental studies and an application for first stage environmental clearance has been submitted to Ministry of Environment and Forest. Financial closure for the project is expected in 2013-14 after receiving approvals on the final project report and environmental clearances, including acquisition of land and diversion of forest area.

FUTURE OUTLOOK

The global economic scenario has become more uncertain over the year. The energy outlook, too, has changed considerably with the nuclear incident in Japan and worsening of the geo-political environment in Middle East and North Africa. These can have long term impact on the way energy demands are met globally, and at the same time delay policy commitments important to address environmental concerns.

India is also facing considerable headwinds on several fronts: economic growth has moderated to a nine-year low of 6.5% during 2011-12, inflationary pressures continue to persist and is not at its best business sentiment. The situation is equally worrying for the power sector, which is reeling under the additional pressure of severe coal shortages.

The only comfort in this difficult environment is that there is considerable pent-up demand for power, and the medium- to long-term demand is projected to increase significantly. This will not be restricted to additional demand from businesses. Consumer demand will increase as more and more people have the incomes to afford energy intensive products and services. What is perhaps more important is that private sector investment will be the key constituent of this growth.

CESC, with its experience and capabilities in the sector, is well positioned to benefit from the opportunity. The Company, through its subsidiaries and Group entities, has been active in planning and implementing various power projects, both in West Bengal and in other states. Some of the projects are under execution, whereas others are in different stages of planning. Over the next few years, CESC will endeavour to become a significant player in the power sector - with a pan-India presence and strong capabilities across conventional and renewable fuel sources.

CONTINGENT LIABILITY AS ON 31.03.2012:

Claims against the Company not acknowledged as debts:

The West Bengal Taxation Tribunal had held meter rentals received by the Company from consumers to be deemed sales under the provisions of the Bengal Finance (Sales Tax) Act, 1941 and that sales tax was payable on such rentals. Based on such findings the Commercial Taxes Directorate assessed Rs. 0.69 crore as sales tax on meter rentals received during the year ended 31 March, 1993 and raised a demand of Rs. 0.36 crore on account of interest. Against the above demand, the Company had deposited a sum of Rs. 0.75 crore with the sales tax authorities and obtained a stay against the balance demand from the Deputy Commissioner of Commercial Taxes. The sales tax authorities also indicated their intention to levy such sales tax on meter rentals for the subsequent years as well, against which, the Company filed a writ petition in the Calcutta High Court and prayed for an interim order, inter alia, restraining the sales tax authorities from proceeding with the assessment for the subsequent years till disposal of the appeal. An interim order has been issued by the High Court permitting the sales tax authorities to carry out assessments but restraining them from serving any assessment order on the Company. The disposal of the case is still pending.

Other money for which the company is contingently liable:

1. Municipal Tax : Rs. 1.01 crore (31.03.2011 : Rs. 0.95 crore) in respect of certain properties, the rates of which are disputed by the Company.

2. Water Cess: Rs. Nil (31.03.2011 : Rs.6.74crore)-disputed by the Company.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	L31901WB1978PLC031411
Name of the company	CESC LIMITED
Address of the registered office or of the principal place of business in India of the company	CESC House, Chowringhee Square, Kolkata – 700001, West Bengal, India E-Mail Id : secretarial@rp-sg.in
This form is for	Creation of charge
Charge identification (ID) number of the charge to be modified
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India E-mail Id : avishek.kumar@hdfcbank.com
Nature of instrument creating charge	Letter of Hypothecation to secure financial assistance of Rs.1500.000 Millions
Date of instrument Creating the charge	26.11.2012
Amount secured by the charge	Rs.1500.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 10.30% per annum payable with monthly rest Terms of Repayment In 30 equal monthly installment Margin One time processing fee of 0.38% Extent and Operation of the charge Subservient charge to 1st and 2nd -charge holders and pari passu with other subservient charge holders on the entire current assets of the company both present and future.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Subservient charge to 1st and 2nd -charge holders and pari passu with other subservient charge holders on the entire current assets of the company both present and future.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31 DECEMBER 2012

(Rs. In Millions)

Particulars	Three months	Three months	Nine months
	Ended	ended	ended
	31.12.2012	30.09.2012	31.12.2012
	(Unaudited)	(Unaudited)	(Unaudited)
Income from operations
(a) Net Sales	10220.000	13240.000	37500.000
(b) Other Operating Income	180.000	200.000	540.000
Total Income from operations	10400.000	13440.000	38040.000
Expenses
(a) Cost of electrical energy purchased	1060.000	2900.000	7390.000
(b) Cost of fuel	4010.000	4550.000	13600.000
(c) Employee benefits expense	1300.000	1390.000	3990.000
(d) Depreciation and amortisation expense	770.000	760.000	2300.000
(e) Other expenses	1370.000	1490.000	4390.000
Total expenses	8510.000	11090.000	31670.000
Profit from Operations before Other Income and Finance Costs	1890.000	2350.000	6370.000
Other Income	240.000	240.000	690.000
Profit before Finance Costs	2130.000	2590.000	7060.000
Finance Costs	(860.000)	(890.000)	(2530.000)
Profit after Finance Costs but before tax	1270.000	1700.000	4530.000
Tax Expenses
Current Tax	260.000	340.000	910.000
Deferred Tax	330.000	320.000	980.000
Less : Recoverable	(330.000)	(320.000)	(980.000)
Net Profit after Tax	1010.000	1360.000	3620.000
Paid-up Equity Share Capital	1260.000	1260.000	1260.000
(Shares of Rs. 10 each)
Reserves (excluding Revaluation
Reserve of Rs.11560.000 Millions) as per latest audited Balance Sheet as on31 March 2012
Earnings Per Share (EPS) (Rs.)
(Face value of Rs 10/- each)
Basic & Diluted (*not annualised)	*8.14	*10.94	*29.03
A. Particulars of Shareholding
Public Shareholding
Number of Shares	59,309,955	59,309,955	59,309,955
Percentage of Shareholding	47.47	47.47	47.47
Promoters and Promoter Group Shareholding
a) Pledged/Encumbered
Number of Shares	7,160,000	7,160,000	7,160,000
Percentage of Shares	10.92	10.92	10.92
(as a % of the total shareholding of promoter and promoter group)
Percentage of Shares	5.73	5.73	5.73
(as a % of the total share capital of the Company)
b) Non-encumbered
Number of Shares	58,412,309	58,412,309	58,412,309
Percentage of Shares	89.08	89.08	89.08
(as a % of the total shareholding of promoter and promoter group)
Percentage of Shares	46.75	46.75	46.75
(as a % of the total share capital of the Company)
B. Investor Complaints
Pending at the beginning of the quarter	NIL
Received during the quarter	9
Disposed of during the quarter	9
Remaining unresolved at the end of the quarter	NIL

NOTES:

1 In the above standalone financial results of the Company, net sales have been arrived at based on the relevant orders of the West Bengal Electricity Regulatory Commission taking into consideration the adjustments relating to advance against depreciation, arrear revenue, cost of fuel and purchase of power and those having bearing on revenue account, as appropriate, based on the Company's understanding of the applicable available regulatory provisions and available orders of the competent authorities ; which may, however, necessitate further adjustments upon receipt of subsequent orders/directions in this regard.

2 Other expenses contained in columns (1) to (6) above include interest on security deposit of Rs.160.000 Millions, Rs.210.000 Millions, Rs.160.000 Millions, Rs.530.000 Millions, Rs.480.000 Millions and Rs.650.000 Millions for the respective periods.

3 The Company does not foresee any diminution, other than temporary, in the value of the Company's long term investments in the subsidiaries and share application money placed therein.

4 During the quarter, Firstsource Solutions Limited, a listed company engaged in business process outsourcing services, has become a subsidiary of the Company.

5 The Company is engaged in generation and distribution of electricity and does not operate in any other reportable segment.

6 The Auditors of the Company have carried out a limited review of the above unaudited financial results.

7 Figures for the previous periods are regrouped /rearranged, wherever necessary, and reclassified as per the format revised by SEBI in conformity with the revised Schedule VI to the Companies Act, 1956

FIXED ASSETS:

· Land and Buildings

· Plant and Equipment

· Distribution System

· River Tunnel

· Furniture and Fixtures

· Office Equipment

· Vehicles

· Railway Sidings

· Computer Software

PRESS RELEASE

CESC TO DO MAINTENANCE WORK, POWER SUPPLY MAY BE AFFECTED

POWER UTILITY CESC LTD SAID ITS POWER SUPPLY TO CONSUMERS IN SOME AREAS OF THE CITY COULD BE AFFECTED TOMORROW AS IT WOULD CARRY OUT MAINTENANCE OF THE KIDDERPORE DISTRIBUTION STATION.

DECEMBER 21 2012

Power utility CESC Limited said its power supply to consumers in some areas of the city could be affected tomorrow as it would carry out maintenance of the Kidderpore Distribution station. "To strengthen its distribution system, CESC will carry out urgent maintenance job at Kidderpore Distribution Station on Saturday, December 22, 2012," CESC said in a statement.

As a result, power supply to consumers in Karl Marx Sarani, Manastala Lane, Ramkamal Street, CGR Road (part), Watgunge, Kidderpore bridge, Orphangunge Market and Road, Remount Road, Mayurbhanj Road, Mominpore, Ekbalpore, Ibrahimpore Road, Hastings, Diamond Harbour Road (Kidderpore), Ramkamal Pal Road and Muhamadan Burrial Ground areas may be affected between 11 am and 3 pm, it added. The RPG-Sanjeev Goenka Group firm has about 26.5 lakh customers, with an addition of one lakh customers every year.

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.29
UK Pound	1	Rs.81.09
Euro	1	Rs.70.61

INFORMATION DETAILS

Report Prepared by :

BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		53

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.