MIRA INFORM REPORT

Report Date :

07.05.2013

IDENTIFICATION DETAILS

Name :	STERLITE TECHNOLOGIES LIMITED (w.e.f. 14.07.2007)
Formerly Known As :	STERLITE OPTICAL TECHNOLOGIES LIMITED
Registered Office :	Survey No. 68 / 1, Rakholi Village, Madhuban Dam Road, Silvassa – 396 230, Dadar Nagar Haveli
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	24.03.2000
Com. Reg. No.:	54-000340
Capital Investment / Paid-up Capital :	Rs.786.500 Millions
CIN No.: [Company Identification No.]	L31300DN2000PLC000340
TAN No.: [Tax Deduction & Collection Account No.]	SRTS01199C
PAN No.: [Permanent Account No.]	AAECS8719B
Legal Form :	A Public Limited Liability Company. The company’s Shares are Listed on the Stock Exchanges.
Line of Business :	The company is primarily engaged in the manufacture and sale of Power and Telecom products and solutions.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (57)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 45000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track record. There appears a dip in the profitability of the company. However, networth of the company is good. General financial position of the company is good. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealing at usual trade terms and condition.

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Term Loan = A+
Rating Explanation	Adequate degree of safety it carry low credit risk
Date	06.03.2013

Rating Agency Name	CRISIL
Rating	Short Term Debt = A1
Rating Explanation	Highest degree of safety it carry lowest credit risk
Date	06.03.2013

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.

LOCATIONS

Registered Office/Factory 1 :	Survey No. 68 / 1, Rakholi Village, Madhuban Dam Road, Silvassa – 396 230, Dadar Nagar Haveli, India
Tel. No.:	91-260-6612000
Fax No.:	91-260-6612013
E-Mail :	sandeep.deshmukh@sterlite.com swapnil.patil@sterlite.com
Website :	http://www.sterlitetechnologies.com
Corporate Office :	4^th Floor Godrej Millenium 9, Koregaon Road, Pune – 411001, Maharashtra, India.
Tel. No.:	91-20-30514000
Fax No.:	91-20-26138083
E-Mail :	communications@sterlite.com
Center of Excellence :	E1, MIDC, Waluj, Aurangabad - 431136, Maharashtra, India
Factory 2 :	Optical Fiber, E2, E3, MIDC, Waluj, Aurangabad-431136, Maharashtra, India
Tel. No.:	91-240-2564599
Fax No.:	91-240-2564598
Factory 3 :	Optical Fiber, AL-23, Shendra MIDC SEZ, Aurangabad – 431 201, Maharashtra, India
Tel. No.:	91-240-2622020
Fax No.:	91-240-2564598
Factory 4 :	Copper Telecom Cables and Structured Data Cables, Survey No. 33 / 1 / 1, Waghdara Road, Dadra – 396191, Union Territory of Dadra and Nagar Haveli, India
Tel. No.:	91-260-6452959
Fax No.:	91-260-6612122
Factory 5 :	Power Transmission Conductors, Survey No. 99, Rakholi Village, Madhuban Dam Road, Silvassa – 396230, Union Territory of Dadra and Nagar Haveli, India
Tel. No.:	91-260-6612200
Fax No.:	91-260-6612260
Factory 6:	Plot 2D, Sector 10, IIE SIDCUL, Haridwar – 249403, Uttarakhand, India
Tel. No.:	91-1334-239463
Fax No.:	91-1334-239375
Factory 7:	Burkhamunda, Jharsuguda - 768 202, Orissa, India
Factory 8 :	Power Cables, No. 5, Vardhaman Industrial Estate, Haridwar – 249 402, Uttranchal, India
Sales, Marketing and Representative Offices:	Located at: · China · Denmark · India · Netherlands · Russia · South Africa · Turkey · United Arab Emirates · United Kingdom · United States of America

DIRECTORS

As on 31.03.2012

Name :	Mr. Anil Agarwal
Designation :	Non - Executive Chairman
Date of Birth/Age :	16.06.1957
Name :	Mr. Arun Todarwal
Designation :	Non – Executive and Independent Director
Name :	Mr. A. R. Narayanaswamy
Designation :	Non – Executive and Independent Director
Date of Birth/Age :	22.12.1951
Name :	Mr. Haigreve Khaitan
Designation :	Non – Executive and Independent Director
Name :	Mr. Pravin Agarwal
Designation :	Whole Time Director
	16.10.1954
Name :	Mr. Anand Agarwal
Designation :	Chief Executive Officer and Whole Time Director
Date of Birth/Age :	07.08.1967

KEY EXECUTIVES

Name :	Mr. Anupam Jindal
Designation :	Chief Financial Officer
Name :	Mr. Sandeep Deshmukh
Designation :	Company Secretary
Name :	Mr. K. S. Rao
Designation :	Chief Operating Officer (Telecom)
Name :	Mr. Rajendra Mishra
Designation :	Vice President – Strategic Business Initiatives and Head Power Cables Business
Name :	Mr. Vijay Jain
Designation :	Chief Operating Officer – Networks Business
Name :	Mr. Pratik Agarwal
Designation :	Head – Infrastructure Business
Name :	Mr. Prasanth Puliakottu
Designation :	Chief Information Officer
Name :	Mr. Dharmendra Jain
Designation :	Assistant Vice President – Finance
Name :	Mr. Ajay Bhardwaj
Designation :	Chief Operating Officer – Grid Business
Name :	Mr. Rajagopalan Paliyath
Designation :	Vice President – Human Resources)
Name :	Mr. R. Ramesh
Designation :	Deputy Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2013

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1051611	0.27
Bodies Corporate	4764295	1.21
Sub Total	5815906	1.48
(2) Foreign
Bodies Corporate	209402750	53.22
Sub Total	209402750	53.22
Total shareholding of Promoter and Promoter Group (A)	215218656	54.70
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	10980418	2.79
Financial Institutions / Banks	21909001	5.57
Central Government / State Government(s)	500	0.00
Insurance Companies	914737	0.23
Foreign Institutional Investors	6937790	1.76
Sub Total	40742446	10.36
(2) Non-Institutions
Bodies Corporate	19695613	5.01
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	89373439	22.72
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	20337243	5.17
Any Others (Specify)	8071738	2.05
Non Resident Indians	4487705	1.14
Overseas Corporate Bodies	13700	0.00
Trusts	6705	0.00
Clearing Members	3211763	0.82
Foreign Corporate Bodies	85550	0.02
Directors & their Relatives & Friends	174765	0.04
Foreign Nationals	91550	0.02
Sub Total	137478033	34.94
Total Public shareholding (B)	178220479	45.30
Total (A)+(B)	393439135	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	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	393439135	0.00

BUSINESS DETAILS

Line of Business :

The company is primarily engaged in the manufacture and sale of Power and Telecom products and solutions.

Products :

Item Code No. (ITC Code)	Product Description
9001 1000	Optical Fiber
9001 1000	Optical Fiber Cable
8544 2019	Jelly Filled Telephone Cable
761410	Aluminium Conductors (AAC / ACSR)
8517 6230	Broadband Access Networks

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity
Power Transmission Line – Distribution Conductor **	MT	N.A.	160000
Copper Telecom Cables	CKM	9500000	2828400
Fiber Optic cables*	FKM	5309059	4500000
Optical Fiber	KM	12000000	12000000
Broadband Access Networks	NOS.	1500000	1000000

* Based on Average Fibre KM.

** N.A. – Delicenced vide notification no. 477 (E) Dated 27th July, 1991.

Particulars (including for captive consumption)	Unit	Actual Production
Copper Telecom Cables	CKM	720524
Fiber Optic cables	FKM	3775878
Optical Fibre*	KM	9130523
Power Transmission Line – Distribution Conductor (AAC/ACSR) **	MT	125530

* It includes 3,742,671 KM (2,906,150 KM) produced for captive consumption

** Current Year 140,952 KM (129,036 KM)

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Axis Bank

· Bank of Baroda

· Bank of India

· Bank of Maharashtra

· Barclays Bank

· Citibank

· Corporation Bank

· EXIM Bank

· HDFC Bank

· ICICI Bank

· Kotak Mahindra Bank

· Oriental Bank of Commerce

· Punjab National Bank

· State Bank of India

· Union Bank of India

· Yes Bank

· Deutsche Bank.

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Cash credit from banks	161.400	1749.800
Working capital demand loan from banks	650.000
Total	811.400	1749.800
Note: Cash credit and working capital demand loans from banks are secured by hypothecation of raw materials, work-in-progress, finished goods and trade receivables. The cash credit is repayable on demand and carries interest @ 10-14%. Working capital demand loans from banks carries interest @ 8-12%.
Unsecured Loan	As on 31.03.2012	As on 31.03.2011
Deferred payment liabilities Sales tax loan (Interest free)	0.000	4447.900
Other loan from banks	5832.300
Total	5832.300	4447.900
Note: Other loans from banks include buyer’s credit arrangements and export bill discounting. They are repaid/rolled over after a period of six months and carries interest @ 2-4% (excluding hedging premium).

Banking Relations :	--
Auditors :
Name :	S. R. Batliboi and Company Chartered Accountants
Subsidiaries:	· Sterlite Display Technologies Private Limited · Sterlite Infra-Tech Limited · East North Interconnection Company Limited · Sterlite Grid Limited (Formerly known as Sterlite Transmission Projects Private Limited) · Jabalpur Transmission Company Limited · Bhopal Dhule Transmission Company Limited · Sterlite Global Ventures (Mauritius) Limited · Jiangsu Sterlite and Tongguang Optical Fiber Company Limited · Sterlite Networks Limited · Sterlite Technologies Americas, LLC · Sterlite Technologies Europe Ventures Limited
Entities where key management personnel / relative of key management personnel have significant influence (EKMP)	· Sterlite Industries (India) Limited · Fujairah Gold FZE · Bharat Aluminium Company Limited · Hindustan Zinc Limited · Sterlite Energy Limited · Vedanta Aluminium Limited · Vedanta Resources PLC
Ultimate Holding Company :	Volcan Investments Limited
Immediate Holding Company	Twin Star Overseas Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
750000000	Equity shares	Rs.2/- each	Rs.1500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
393250000	Equity Shares	Rs.2/- each	Rs.786.500 Millions

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

Particular	Nos. in Crores	Rs. in Millions
At the beginning of the year	35.64	712.800
Issue during the year - exercise of share warrants*	1.83	36.500
Issued during the year – ESOP	0.02	0.400
Issued during the year - bonus on share warrants and ESOP	1.84	36.900
Outstanding at the end of the year	39.33	786.500

* During the year the company has issued 3.65 Crores equity shares (including 1.83 Crores bonus shares) of Rs.2 each to Twin Star Overseas Limited on exercise of share warrants.

b. Terms/rights attached to equity shares

The company has only one class of equity shares having a par value of Rs.2 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees.

The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year ended 31 March, 2012, the amount of per share dividend recognised as distributions to equity shareholders was Rs.0.30 (31 March, 2011: Rs.0.50).

In the event of liquidation of the company, the holders of equity shares will be entitled to receive 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. Shares held by holding company and their subsidiaries/associates:

Particular	Nos. in Crores	% holding
Holding company
Twin Star Overseas Limited, Mauritius	20.94	53.25%
Subsidiary of Volcan Investments Limited, Bahamas Ultimate Holding Company)
Sterlite Industries (India) Limited	0.43	1.08%
Associate of ultimate holding company
Madras Aluminium Company Limited	0.05	0.13%

d. Aggregate number of bonus shares issued, share issued for consideration other than cash during the period of five years immediately preceding the reporting date

Particular	31.03.2012 Rs. In Millions
Equity shares allotted as fully paid bonus shares by capitalisation of securities premium	196.600

In addition, the company has issued total 1,270,994 shares (31 March, 2011: 1,079,647 shares) during the period of five years immediately preceding the reporting date on exercise of options granted under the employee stock option plan (ESOP) wherein part consideration was received in the form of employee services.

e. Detail of shareholders holding more than 5% of shares in the company

Particular	Nos. in Crores	% holding
1. Twin Star Overseas Limited (Holding Company)	20.94	53.25%
2. Life Insurance Corporation of India	2.13	5.41%

f. Shares reserved for issue under options:

For details of shares reserved for issue under the employee stock option (ESOP) plan of the company,

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		786.500	712.800	711.000
2] Share Application Money		0.000	271.200	271.100
3] Employee Stock Option Outstanding		0.000	29.800	39.100
4] Reserves & Surplus		10702.300	9345.200	8139.100
5] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		11488.800	10359.000	9160.300
LOAN FUNDS
1] Secured Loans		811.400	1749.800	2323.000
2] Unsecured Loans		5832.300	4447.900	1258.600
TOTAL BORROWING		6643.700	6197.700	3581.600
DEFERRED TAX LIABILITIES		735.200	660.100	601.600
TOTAL		18867.700	17216.800	13343.500
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9670.100	7061.700	6264.300
Capital work-in-progress		410.800	1607.600	569.700
INVESTMENT		1763.400	1088.400	1061.100
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2727.000	1913.800	1709.100
	Sundry Debtors	7839.700	8665.000	6289.700
	Cash & Bank Balances	1847.700	1300.600	2097.100
	Other Current Assets	83.500	0.000	0.000
	Non Other Current Assets	0.000	0.000	0.000
	Loans & Advances	3622.900	3503.400	1566.600
Total Current Assets		16120.800	15382.800	11662.500
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5405.900	4872.200	4422.200
	Other Current Liabilities	3142.700	2685.700	1281.300
	Provisions	548.800	365.800	510.600
Total Current Liabilities		9097.400	7923.700	6214.100
Net Current Assets		7023.400	7459.100	5448.400
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		18867.700	17216.800	13343.500

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Turnover (Net)	27274.700	22625.500	24316.300
		Other Income	236.700	159.700	228.800
		TOTAL (A)	27511.400	22785.200	24545.100
Less	EXPENSES
		Manufacturing and Other Expenses	--	17855.900	18130.500
		Cost of raw material and components consumed	19050.000	--	--
		Purchase of traded goods	545.700	--	--
		Personnel Expenses	987.000	825.600	580.100
		Selling and Distribution expenses	--	930.000	783.600
		Increase in inventories of finished goods work-in-progress and traded goods	(560.200)	--	--
		Administration and General Expenses	--	311.900	952.800
		Research and Development Expenses	--	45.700	59.800
		Other expenses	5256.600	--	--
		TOTAL (B)	25279.100	19969.100	20506.800
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2232.300	2816.100	4038.300
Less	INTEREST AND FINANCE CHARGES (D)		951.000	474.100	381.200
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1281.300	2342.000	3657.100
Less/ Add	DEPRECIATION/ AMORTISATION (F)		713.600	560.100	482.600
	PROFIT BEFORE TAX (E-F) (G)		567.700	1781.900	3174.500
Less	TAX (H)		129.300	376.600	713.800
	PROFIT AFTER TAX (G-H) (I)		438.400	1405.300	2460.700
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		7117.400	6080.500	4073.900
Less	APPROPRIATIONS
	Transfer to General Reserve		20.000	140.600	246.100
	Proposed Dividend on Equity Shares of Rs. 0.50 per share		120.000	196.500	177.800
	Tax on Proposed Dividend		20.000	31.300	30.200
	BALANCE CARRIED TO THE B/S		7395.800	7117.400	6080.500
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	8132.500	6998.500	5542.200
		FOB Value of Deemed Exports	2051.400	928.500	2648.600
	TOTAL EARNINGS		10183.900	7927.000	8190.800
	IMPORTS
		Raw Materials	5406.700	3728.500	5936.800
		Stores Spares and Consumables	120.000	122.900	104.000
		Capital Goods	255.800	785.000	268.400
	TOTAL IMPORTS		5782.500	4636.400	6309.200
	Earnings Per Share (Rs.)
	Basic		1.12	3.95	7.61
	Diluted		1.11	3.72	7.34

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012	31.12.2012	31.03.2013
Type	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter
Net Sales	8661.100	8420.800	8290.000	8165.200
Total Expenditure	7965.300	7917.900	7721.900	7471.400
PBIDT (Excl OI)	695.800	502.900	568.100	693.800
Other Income	40.900	40.900	35.100	28.500
Operating Profit	736.700	543.800	603.200	7.223
Interest	279.900	261.700	263.800	2.503
Exceptional Items	0.000	0.000	0.000	0.000
PBDT	456.800	282.100	339.400	472.200
Depreciation	206.100	207.200	214.800	231.400
Profit Before Tax	250.700	74.900	124.600	240.600
Tax	67.400	32.800	23.900	92.100
Provisions and contingencies	0.000	0.000	0.000	0.000
Profit After Tax	183.300	42.100	100.700	148.500
Extraordinary Items	0.000	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000	0.000
Net Profit	183.300	42.100	100.700	148.500

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.59	6.17	10.03
Net Profit Margin (PBT/Sales)	(%)	2.08	7.88	13.06
Return on Total Assets (PBT/Total Assets}	(%)	2.20	7.94	17.71
Return on Investment (ROI) (PBT/Networth)		0.05	0.17	0.35
Debt Equity Ratio (Total Liability/Networth)		1.19	1.36	1.07
Current Ratio (Current Asset/Current Liability)		1.77	1.94	1.88

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	Yes
10]	Designation of contact person	Yes
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	----------------------
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	No
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN 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

PERFORMANCE

Fiscal year 2011-12 closed with Revenues of Rs.27270.000 Millions, EBITDA of Rs.2230.000 Millions, PAT of Rs.440.000 Millions and EBITDA margins of 8.2 %. The telecom business earned revenues of Rs.8040.000 Millions at an EBITDA margin of 17.3% and the power business earned revenues of Rs.19230.000 Millions at an EBITDA margin of 4.4%.

During the year, good Tier-1 clients were added for all businesses, across geographies. Revenue from international sales in FY 12 accounted for Rs.8030.000 Millions, which is 29% of net revenues in FY 12 and this has been achieved with a right mix of repeat orders from current clients and addition of new eminent global clients.

During the year, Sterlite increased the breadth of its portfolio by introducing new products and solutions etc. The Company has enhanced its intellectual property portfolio with the grant of 11more patents, taking the total up to 44.

SUBSIDIARY COMPANIES

The Company has ten Subsidiary Companies, the details of which are given below:

· Sterlite Display Technologies Private Limited (SDTPL)

The Company is currently exploring on new business opportunities including liquid crystal display (LCD) glass manufacturing and other related products.

· Sterlite Infra-Tech Limited (SITL)

To achieve operational efficiencies, the management decided to merge SITL in the Company. The Hon’ble Court vide its order dated October 21, 2011 approved the Amalgamation wherein the appointed date was April 1, 2011 which is now in effect.

· Sterlite Grid Limited (SGL)

During the year, the name and legal status of Sterlite Transmission Projects Private Limited was changed to Sterlite Grid Limited (SGL). SGL is a wholly owned subsidiary of the Company incorporated as Special Purpose Vehicle for transmission projects. SGL is currently executing two mega power transmission projects via its fully owned subsidiary companies Bhopal Dhule Transmission Company Limited (BDTCL) and Jabalpur Transmission Company Limited (JTCL). Sterlite Grid’s current transmission portfolio consists of a network of about 2200 kilometers of transmission lines and 2 substations in the States of Maharashtra, Gujarat, Madhya Pradesh, Chhattisgarh, West Bengal, Bihar and Assam.

· East-North Interconnection Company Limited (ENICL)

ENICL project involves establishment of two 400 kV Double Circuit transmission lines that would respectively connect the Indian states of Assam with West Bengal and Bihar. The project, under construction phase, is on schedule with expected commencement date before March 2013.

· Bhopal Dhule Transmission Company Limited (BDTCL)

BDTCL project involves establishment of four 765 kV Single Circuit and two 400 kV Double Circuit transmission lines that would strengthen the transmission system in the Indian states of Madhya Pradesh, Maharashtra and Gujarat. The project has been awarded on a ‘Build, Own, Operate and Maintain’ (BOOM) basis, wherein the transmission lines would be commissioned and the Company would operate and maintain the same for a minimum tenure of 35 years. The project, under construction phase, is on schedule with expected commencement date before March 2014.

· Jabalpur Transmission Company Limited (JTCL)

JTCL project involves establishment of a 765 kV Double Circuit and a 765 kV Single Circuit transmission line each, that would strengthen the transmission system in the Indian states of Chhattisgarh and Madhya Pradesh. The project has been awarded on a ‘Build, Own, Operate and Maintain’ (BOOM) basis, wherein the transmission lines would be commissioned and the Company would operate and maintain the same for a minimum tenure of 35 years. The project, under construction phase, is on schedule with expected commencement date before March 2014.

· Jiangsu Sterlite Tongguang Fiber Company Limited (JSTFCL)

The Company is a Joint Venture with Tongguang Group of China to set up an Optical Fiber Manufacturing Facility in China. During the year JSTFCL has started construction of the factory along with required ancillary facilities. The Project is moving as per Schedule and the commencement of commercial production is expected during second half of this financial year.

· Sterlite Networks Limited (SNL)

SNL is a 100% wholly owned subsidiary of the Company that undertakes business operations in the telecom sector. It serves as an infrastructure provider, providing dark fibre, right of way, duct space, tower (IP Category 1), electronic mail and voice mail services. Major highlights during the year include 25,000 homes connected through networks, launch of the ‘FiON’ brand, and partnership with BSNL for its FTTH rollout in Chennai.

· Sterlite Global Ventures (Mauritius) Limited (SGVML)

SGVML holds downstream investments of the Company made in Jiangsu Sterlite Tongguang Fiber Company Limited

· Sterlite Technologies American, LLC (STA)

STA is a limited liability corporation set up in USA to carry and manage the business operations in the Americas geographies. The Company will be operational during the current year.

· Sterlite Technologies Europe Ventures Limited – Cyprus (STEVL)

STEVL, incorporated in Cyprus is a 100% wholly owned subsidiary of the Company, with an objective to carry on business operations in the European Union.

CORPORATE INFORMATION

Subject is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on two stock exchanges in India. The company is primarily engaged in the manufacture and sale of Power and Telecom products and solutions. Telecom products and solutions mainly include integrated optical fiber, other telecom products such as fiber optical cables, copper telecom cables, structured data cables, access equipments, fiber connectivity and system integration solution off erings for telecom networks and other service providers. Power products and solutions mainly include power transmission conductors and cables.

MANAGEMENT DISCUSSION AND ANALYSIS

TELECOM SEGMENT

GROWTH IN IP TRAFFIC

Technology has been playing a crucial role in the evolution of telecommunication that has resulted in an exponential surge in IP traffic across the globe in the past. The global IP traffic has been doubling every two years in the last decade and is expected to emulate this growth in the future as well.

Internet traffic continues to be the biggest component of IP traffic representing about 75% of the global IP traffic of 95 tbps in 2011.

OPTICAL FIBER: THE MEDIUM FOR TRANSMITTING HIGH-SPEED DATA

Though early form of optical fiber was developed in 1950’s, it was nearly a decade later that the thought of using optical fibers for communication was conceived though the commercial use happened much later. Optical fibers is what permits transmission over longer distances and at higher bandwidths (data rates) than other forms of communication. When they talk about a network backbone capable of transmitting data across the globe in real time, the sole medium capable of making it possible is optical fiber. As communication has evolved, over the past two decades, both in quality and quantity, the case for deploying more fiber has increased. This can be better appreciated by mapping the fiber deployments that have taken place in the last ten years.

The fiber industry has grown at a steady pace post the 2001 Internet bubble and continues to do so even now. As per estimates from CRU, the global fiber demand last year was about 215 million - fkm which is the highest ever showcasing a growth of about 10% over previous year.

If they observe the fiber deployment pattern globally, different regions have contributed to the growth in fiber demand at periodic intervals depending upon the respective stage of network evolution in that region. The last few years have seen mammoth growth in fiber deployments in China on the backdrop of the 3G infrastructure build up. China presently accounts for around 45% of the global fiber demand. They believe that India market with the highest number of wireless subscribers is also at an inflexion point of growth and should witness strong growth in fiber deployments in the next few years to come.

BOARD OF DIRECTORS

Anil Agarwal

Non-Executive Chairman

Anil Agarwal founded the Sterlite Group in 1976 and has been overseeing its operations since its inception. He is the Executive Chairman of Vedanta Resources Plc and also the Chairman of Sterlite Industries (India) Limited. He has over three decades of experience in business strategy, general management and commercial matters

Pravin Agarwal

Whole-time Director

Pravin Agarwal has been closely involved with the Sterlite Group’s operations in India since its inception and has been instrumental for the growth of telecom and power businesses. His rich experience in general management and commercial matters spans about three decades

Arun Todarwal

Non-Executive and Independent Director

Arun Todarwal, partner of Todarwal and Todarwal, a Mumbai-based firm of Chartered Accountants, is a member of The Institute of Chartered Accountants of India. He has a rich and varied experience spanning over three decades in management consultancy, fi nance and audit.

A. R. Narayanaswamy

Non-Executive and Independent Director

A. R. Narayanaswamy is a Chartered Accountant and Management Consultant with over 35 years of industry experience. He is a Fellow Member of The Institute of Chartered Accountants of India and provides consulting services in accounting, fi nancial management and information technology across several industry verticals.

Haigreve Khaitan

Non-Executive and Independent Director

Haigreve Khaitan is a Corporate and Commercial lawyer and a Senior Partner of Khaitan and Company. He joined Khaitan and Company in the year 1988 and heads Khaitan and Company Mergers and Acquisitions (M and A) practice. He comes highly recommended by world’s leading law chambers / legal accreditation bodies as one of the leading lawyers in India and as the leading lawyer for project finance in Asia. He is on the Board of directors of various leading companies.

Anand Agarwal

CEO and Whole-time Director

Anand Agarwal joined Sterlite in 1995 and has held various positions, including manufacturing, quality assurance and business development. Prior to joining Sterlite, he worked with Siemens. He completed his B Tech in metallurgical engineering from IIT Kanpur and was awarded Masters and PhD from the Rensselaer Polytechnic Institute, USA.

CONTINGENT LIABILITIES:

Rs. In Millions

Particulars	31.03.2012	31.03.2011
1. Disputed Liabilities in Appeal
a) Sales tax	4.300	5.900
b) Excise duty (Including excise duty case in supreme court,	2481.800	2470.700
c) Customs duty	672.400	743.100
d) Service tax	0.000	24.800
e) Income tax	69.200	112.600
f) Claims lodged by a bank against the company (*)	188.700	188.700
g) Claims against the company not acknowledged as debt	223.200	198.000
2) Outstanding amount of export obligation against advance licence	365.800	871.900

3) The company has given corporate guarantee to the Income Tax department on behalf of group companies. The outstanding amount is Rs.1140.000 Millions (31 March, 2011: Rs.1140.000 Millions) on this account as at the year-end.

4) The company has given corporate guarantee to long term transmission customers and State Bank of India on behalf of its subsidiary company. The outstanding amount is Rs.1195.900 Millions (31 March, 2011: Rs.300.000 Millions) on this account as at the year-end.

The Company has not provided for disputed sales tax, excise duty, customs duty and service tax arising from disallowances made in assessments which are pending with appellate authorities for its decision. It is not practical to indicate the uncertainties which may affect the future outcome and estimate the financial effect of the above liabilities.

(*) In an earlier year, one of the bankers of the company had wrongly debited an amount of Rs.188.700 Millions, towards import consignment under Letter of Credit not accepted by the company, owing to discrepancies in the documents. The company has filed the case against the bank in the High Court of Mumbai. The bank has also filed a claim against the company in the Debt Recovery Tribunal. The company does not believe that any liability will arise to the company.

STANDALONE FINANCIAL RESULTS FOR THE QUARTER JUNE 30, 2012

Rs. In Millions

Particulars	Quarter ended 30.06.2012 (Unaudited)
Income from Operations
a) Net Revenue	8458.700
b) Other Operating Income	202.400
Total Income from operations (Net)	8661.100
Total Expenditure	8171.400
a) Cost of materials consumed	5599.800
b) Purchase of stock-in-trade	97.200
c) Increase) / Decrease in Stock in Trade and WIP	216.000
d) Staff Cost	305.900
e) Depreciation and Impairment	206.100
f) Other Expenditure	1746.400
Profit from operations before other income, finance costs	489.700
Other Income	40.900
Profit from ordinary activities before finance costs	530.600
Finance costs	279.90
Profit before tax	250.700
Provision for :
Current Tax	9.400
Minimum Alternate Tax	(9400)
Provision for earlier years
Deferred Tax	67.400
Net Profit after tax	183.300
Paid-up Equity Capital (Face value ? 2 per share)	786.600
Reserves excluding revaluation reserves
Earning Per Share (?)- Basic	0.47
Earning Per Share (?)- Diluted	0.46
Aggregate of Public Share Holding
Number of Shares	178,132,790
Percentage of Shareholding	45.29%
Promoters and promoter group Shareholding
Pledged/Encumbered
Number of Shares	-
Percentage of Shares (as a % of the total shareholding of promoter and promoter group)	-
Percentage of Shares (as a % of the total share capital of the company)	-
Non-encumbered
Number of Shares	215,154,855
Percentage of Shares (as a % of the	100%
total shareholding of promoter and promoter group)
Percentage of Shares (as a % of the total share capital of the company)	54.71%

Segment Reporting

Rs. In Millions

Particulars	Quarter ended 30.06.2012 (Unaudited)
Segment Revenue
Power Product and Solutions	5695.300
Telecom Product and Solutions	2763.400
Total	8458.700
Profit before interest, depreciation and tax
Power Product and Solutions	268.600
Telecom Product and Solutions	468.100
Total	736.700
Profit before finance costs
Power Product and Solutions	201.800
Telecom Product and Solutions	328.800
Total	530.600
Finance costs	279.900
Profit before Tax	250.700
Capital Employed (Segment Assets- Segment Liabilities)
Power Product and Solutions	5149.500
Telecom Product and Solutions	11009.700
Unallocable	3391.600
Total	19550.800

NOTES:

1. In terms of clause 41 of the listing agreement, details of number of investor complaints for the quarter ended June 30, 2012: Beginning - 0, Received - 90, Disposed off - 89, Pending - 1.

2. During the year 2005-06, the CESTAT had upheld a demand of Rs.1880.000 Millions (including penalties and excluding interest) thereon in the pending Excise matter. The auditors have expressed their qualification on this matter. The Company is contesting this case and the matter is pending the decision of the Hon'ble Supreme Court.

3. The above results have been reviewed by the Audit Committee. The Board of directors at its meeting held on July 27, 2012 approved the above results.

4. Previous period figures have been regrouped / rearranged wherever considered necessary

WEB DETAILS

PRESS RELEASE

STERLITE TECHNOLOGIES’ NET REVENUES GROW TO RS.33540.000 MILLIONS IN FY 13

Strong revenue growth of 23% Y-O-Y; Export revenues account for 28%

NEWS RELEASE

FOR IMMEDIATE PUBLICATION

Pune, India – April 26, 2013:

Sterlite Technologies Limited “Sterlite” [BSE: 532374, NSE:STRTECH], a leading global provider of transmission solutions for the telecom data and power industries, today announced its results for the quarter and fiscal year ended March 31, 2013.

Financial highlights for FY 13

· Revenue growth of 23% from Rs 27270.000 Millions in FY 12 to of Rs 33540.000 Millions in FY 13

· Highest volumes for all businesses including both power and telecom segments

· EBITDA of Rs 2600.000 Millions, PAT of Rs 470.000 Millions

· Telecom business revenues of Rs 10560.000 Millions at an EBITDA margin of 16 %

· Power business revenues of Rs 22300.000 Millions at an EBITDA margin of 4%

· International sales revenues of about Rs 9500.000 Millions; approximately 28 % of net revenues.

· The Board has recommended a dividend of 15% for the year, subject to approval from shareholders.

At the start of FY14, the Company has a decent order book size of about Rs 19000.000 Millions for its telecom and power products, of which the export order book is about Rs 4700.000 Millions.

Business highlights in FY 13

· FY 13 has been an important milestone for the company achieving highest ever volumes for each of the segments and reviving its performance in difficult macro-economic environment moving a step towards sustainable growth in market share and profitability.

· More than 5% of the revenues this fiscal have come from new products enabling the customers to reduce their losses and total cost of ownership while ensuring high speed data and power transmission.

· Sales to customers in almost 60 countries across the world together for both our segments.

· The company was also granted 1 more patent in FY 13; taking the total up to 46 patents granted in USA, Europe, India and China.

Telecom Business

· The fiber industry has been growing year on year and 2012 saw the peak demand in the industry of 250 Million fkm. This is a growth of about 10% from the previous year and a decent global growth is also anticipated for 2013.

· The segment being highly export driven, had almost 60% of the sales coming from global markets.

· Jiangsu Sterlite Tongguang Fiber Company Limited., the joint venture company formed between Sterlite and Jiangsu Tongguang Communication Company Limited commenced production of optical fiber at the new facility located in Haimen, Jiangsu Province, China.

· Within the year the Company enhanced its telecom portfolio with the launch of a new product -96F/288F dry core Ribbon cables in the telecom segment for faster installation in dense city requirements

· The company is involved in several landmark Fibre-to-the-Home (FTTH) deployments, as FTTH continues to be an important growth driver of its business. In the Netherlands, a country that is experiencing a significant upswing in FTTH connectivity, Sterlite has over 10,000 connected homes.

Power Business

· The global power transmission industry continues to show signs of growth at a macro level, with some geographies being prime driver of demand. The overall transmission conductor market is estimated at around 4.4 Mn MT/ annum with China and India taking more than 50% of the world market. With a generation capacity addition plan of 75 GW in India as per the 12th five year plan (2012-17), the country is expecting an addition of around 1 lakh circuit km of transmission lines along with 270,000 MVA of substation capacity.

· The company over the years has maintained its leadership position with the central utility PGCIL and has achieved the same in FY 13 as well. While the strategy going forward will be the same for PGCIL, as a company the focus has been to diversify the customer base and geographical spread. The highlight for this segment this year has been the fact that the current order book of the company boasts of highest ever Non-PGCIL order book of about 90,000 MT.

· Sterlite also executed several small projects which required high performance conductors for increased flow of electricity across choked corridors in the country.

Infrastructure Business

· In line with the long term strategy, the company had forayed into Build Operate Own and Maintain (BOOM) model of transmission lines in 2010. The company is happy to report that the first line of the East-North Interconnection Company Limited (ENICL) has almost reached to a completion stage which will start generating revenues from Q1 FY 14.

· Sterlite also achieved financial closure through its wholly owned subsidiaries - Bhopal-Dhule Transmission Company Limited and Jabalpur Transmission Company Limited (JTCL) - for two grid projects in India.

· Execution of both BDTCL and JTCL projects is in full steam and is being managed by a dedicated team. JTCL has already started the stringing activity on 765kV single circuit Jabalpur-Bina transmission line (Package A) project

Awards and Certifications received during the year

· EMC2 AWARD 2012 (Transform IT +Business) received for innovative solutions in IT, product integrations and applications that have created business value and agility

· ISO 27001:2005 certification for all operating units

· Voice and Data "Top Telecom Cable Company 2011-12" award for being India's biggest player in FY 2011-12

Says Pravin Agarwal, Director, Sterlite Technologies, "The fiscal year 2012-13 has been a year with focused efforts in moving in line with the vision and goals of the company. With continued focus on technology and newer product designs, the company is well positioned to serve our customers towards their growth. "

About Sterlite Technologies Limited

Sterlite Technologies Limited ("Sterlite") [BSE: 532374, NSE: STRTECH], is a leading global provider of transmission solutions for the telecom and power industries. Equipped with a product portfolio that includes optical fibers, telecommunication cable, comprehensive telecom systems / solutions portfolio, power conductors, optical power ground wire and EHV/ HV power cable, Sterlite's vision is to 'Connect every home on the planet'. Sterlite is also executing multi-million dollar power transmission system projects, pan-India.

STERLITE TECHNOLOGIES RECEIVES NEW ORDERS PEGGED AT AROUND RS. 6300.000 MILLIONS

NEWS RELEASE

FOR IMMEDIATE PUBLICATION

Pune, India - April 11, 2013:

Sterlite Technologies Limited ("Sterlite") [BSE: 532374, NSE: STRTECH], a leading global provider of connectivity and infrastructure solutions for the power and telecom industries today announced that the Company has received new orders valued at approximately Rs. 6300.000 Millions in Q4 FY13. The orders booked were sourced from a diversified customer base with varying delivery schedules, most of which would be executed over the course of FY14.

Power Transmission Business

Order bookings for the quarter in the power transmission business were about Rs 4300.000 Millions which includes:

· Orders worth about Rs 800.000 Millions from Power Grid Corporation of India for system strengthening in the southern region of India

· Export orders worth Rs 1300.000 Millions; making it the highest ever export orders booked in a quarter, for this segment. Of these, orders from new customers in Africa and Latin America were worth Rs 850.000 Millions

· Orders for new high ampacity, low losses products developed by the company, mainly in India and Europe for both new lines and re-conductoring applications

Telecom Business

Order bookings for the quarter in the telecom business were about Rs 2000.000 Millions which includes:

· Export orders worth Rs 1400.000 Millions

· Pilot orders from new customers in Afghanistan, Kenya and the US

Mr. Pravin Agarwal, Director, Sterlite Technologies Limited, mentioned, "We continue to extend our reach with key Global Customers, establishing a strong connect backed by our application engineering strengths, customer service and flexible offerings suited to our customers' requirements."

STERLITE TECHNOLOGIES ACCELERATES DEPLOYMENT IN THE NETHERLANDS

NEWS RELEASE

FOR IMMEDIATE PUBLICATION

Eindhoven, The Netherlands -March 12, 2013: Sterlite Technologies Limited [BSE: 532374, NSE: STRTECH], a leading global provider of transmission solutions for the telecom and power industries, today announced that it is currently involved in several landmark Fibre-to-the-Home (FTTH) deployments in the Netherlands, a country that is experiencing a significant upswing in FTTH connectivity. As a leading provider of optical fibre-based products and services, Sterlite is bringing high-speed, fibre-based broadband access to people living in the Netherlands.

By December 2012, Sterlite had 10,000 connected homes across 2 cities in the country. The company now aims to add another 40,000 households to the fibre-optic network by the end of 2013, thereby extending its services to 5 cities. Sterlite's scope of work includes delivery of all optical fiber passive components, project management, warehousing, logistics and product training.

“This is a very positive development for us and the Industry," said Pravin Agarwal, Director, Sterlite Technologies Limited. "FTTH continues to be an important driver of our business. The rollout of fibre continues to grow steadily across the globe, with over a million homes and businesses having access to fiber solutions bringing faster broadband speeds, better quality and greater network reliability."

In the Netherlands, Sterlite will continue to implement projects in a phased manner. This will involve deploying more than 400 km of fibre cable and 3,000 km of direct buried fibre access cable together with ducts, micro-tubes, ODF drawers and cabinets, as part of the entire project requirements to complete the FTTH installation.

“The key to Sterlite's success in rollouts of complex FTTH networks has been working closely with customers to develop innovative solutions" added Ron Bron, Head-Benelux Region for Sterlite. "In fact, Sterlite is helping its customers to minimize the cost of installation, reduce delays in deployment, and design networks offering simple on-site integrations."

According to the FTTH council, the Netherlands currently has a Fiber-to-the-Home penetration of close to 5% and with the European nations racing towards Fiber maturity, it is expected to reach as high as 70% by the end of 2018. Being a part of this network expansion, Sterlite aims to enable a sizeable fraction of FTTH connections in households across the Netherlands.

STERLITE AND TONGGUANG OINT VENTURE IN CHINA STARTS PRODUCTION OF OPTICAL FIBER

NEWS RELEASE

FOR IMMEDIATE PUBLICATION

Haimen, China - February 18, 2013:

Jiangsu Sterlite Tongguang Fiber Company Limited (JSTFCL), the joint venture (JV) company formed between Sterlite Technologies Limited (Sterlite) andjiangsu Tongguang Communication Company Limited (TGCI), today announced the commencement of production of optical fiber at their new facility located in Haimen, Jiangsu Province, China.

Sterlite is a leading global provider of transmission solutions for the telecom and power industries, while TGCI is a China-based manufacturer of optical fiber cables as well as power transmission wires and cables.

The greenfield factory has been set up with an investment of around US $ 25 million. China with a total annual demand of optical fiber of more than 100 million km is an extremely important market for Sterlite Technologies and this strategic investment will help the Company establish a stronger foothold in the market. While Sterlite brings expertise in optical fiber technology, TGCI brings significant fiber cable manufacturing expertise and market reach in China. With the benefits of extended product lines, Jiangsu Sterlite Tongguang Fiber Company Limited would make it faster, easier and more cost-effective for utilities and service providers to build new age communication infrastructures.

This joint venture leverages the strengths of two great companies to offer high-quality and competitive optical fiber to our China customers," said Pravin Agarwal, Whole-time Director, Sterlite Technologies Limited. "Additionally, it strategically positions both companies for global growth in the telecommunications segment."

"This partnership combines the expertise of both companies to become a technology leader for the global market," said Tang Jinming, Chairman of Jiangsu Tongguang Communication. "We look forward to continued cooperation and innovation with Sterlite to provide our customers the best in class products at competitive prices." The first phase of the project, which has started operations, has an installed capacity of 5 million km optical fiber annually and the state-of-the-art facility today provides direct employment to over 90 people.

Background

In November 2010, Sterlite partnered with Jiangsu Tongguang Communication Company Limited (TGCI) to form a joint venture company Jiangsu Sterlite Tongguang Fiber Company Limited (JSTFCL) in Haimen, Jiangsu Province, China to manufacture, market and distribute optical fiber used in the production of fiber optical cables. This was an important milestone for Sterlite becoming a localized player in the largest optical fiber market in the world from being primarily an exporter of optical fiber in that market. The registered capital of this JV is US $ 10 million and Sterlite is 75% shareholder of the JV.

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.95
UK Pound	1	Rs.84.03
Euro	1	Rs.70.72

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		57

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.