MIRA INFORM REPORT

Report Date :

05.09.2013

IDENTIFICATION DETAILS

Name :	INDUSIND MEDIA AND COMMUNICATION LIMITED
Registered Office :	315-G New Charni Road, Mumbai – 400004, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	23.02.1995
Com. Reg. No.:	11-085835
Capital Investment / Paid-up Capital :	Rs. 1569.086 Millions
CIN No.: [Company Identification No.]	U92132MH1995PLC085835
TAN No.: [Tax Deduction & Collection Account No.]	MUMI02300E
Legal Form :	A Closely Held A Public Limited Liability Company.
Line of Business :	Subject is engaged in diversified businesses primarily in operations and distribution of television channels through the medium of terrestrial satellite cable transmission and is also engaged in Internet Service Provider operation in India.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 12470000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Overall financial position of the company appears to be strong and healthy. Trade relations are 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 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	A- (Long Term Rating)
Rating Explanation	Adequate credit quality and average credit risk.
Date	11.01.2013

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DECLINED BY

Management non co-operative

LOCATIONS

Registered Office :	315-G New Charni Road, Mumbai – 400004, Maharashtra, India
Tel. No.:	91-22-28208585
Fax No.:	Not Available
E-Mail :	bijay.kumar@incablenet.net bhvesh.pandya@incablenet.net
Website :	www.indigital.co.in

DIRECTORS

AS ON 30.09.2012

Name :	Mr. Rajendra Prabhakar Chitale
Designation :	Director
Address :	131/B, Tanna Residency, Bayview, Opposite Sidhivinayak Temple, Prabhadevi
Date of Birth/Age :	10.04.1961
Date of Appointment :	16.04.2007
Date of Cessation :	22.04.2013
DIN No.:	00015986
Name :	Mr. Ravi Chandur Mansukhani
Designation :	Managing Director
Address :	134, Basant, Cuff Parade, Mumbai – 400005, Maharashtra, India
Date of Birth/Age :	27.03.1955
Date of Appointment :	27.06.2005
DIN No.:	00155193

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U17200MH1979PLC021551	INNETWORK ENTERTAINMENT LIMITED	Director	04/07/2002	04/07/2002	-	Amalgamated	NO
2	U92132MH1995PLC085835	INDUSIND MEDIA AND COMMUNICATION LIMITED	Managing director	01/04/2013	27/06/2005	-	Active	NO
3	U22121MH2000PLC129433	IN ENTERTAINMENT (INDIA) LIMITED	Director	28/07/2011	25/08/2005	-	Active	NO
4	U45201MH2000PLC129434	PLANET E-SHOP HOLDINGS INDIA LIMITED	Director	25/08/2005	25/08/2005	-	Active	NO
5	L92199MH1995PLC084610	HINDUJA GLOBAL SOLUTIONS LIMITED	Director	29/09/2005	29/09/2005	14/03/2007	Active	NO
6	U32201KA1998PTC024066	U S N NETWORKS PRIVATE LIMITED	Director	15/10/2005	15/10/2005	-	Active	NO
7	U85110KA1996PTC021258	UNITED MYSORE NETWORK PRIVATE LIMITED	Director	15/12/2005	15/12/2005	-	Active	NO
8	L51900MH1985PLC036896	HINDUJA VENTURES LIMITED	Alternate director	30/10/2012	26/04/2006	-	Active	NO
9	U67120MH1997PLC106676	GRANT INVESTRADE LIMITED	Director	10/06/2006	10/06/2006	-	Active	NO
10	U72300DL2007PTC170234	GOLD STAR NOIDA NETWORK PRIVATE LIMITED	Director	01/12/2008	23/01/2008	-	Active	NO
11	U72900MH2008PLC180864	IMCL NETWORKS (INDIA) LIMITED	Director	04/04/2008	04/04/2008	-	Under Process of Striking off	NO
12	U72901KL2006PTC019302	SEVEN STAR INFORMATION TECHNOLOGY PRIVATE LIMITED	Director	27/09/2008	18/06/2008	-	Active	NO
13	U64204GJ2008PTC054986	RMD BARODA NETWORK PRIVATE LIMITED	Director	11/07/2009	10/04/2009	20/10/2009	Active	NO
14	U64201AP2008PTC061307	APNA INCABLE BROADBAND SERVICES PRIVATE LIMITED	Director	17/07/2009	20/04/2009	-	Active	NO
15	U92100PN2008PTC133058	SANGLI MEDIA SERVICES PRIVATE LIMITED	Director	23/11/2009	02/07/2009	-	Active	NO
16	U92132PN2008PTC131620	BHIMA RIDDHI INFOTAINMENT PRIVATE LIMITED	Director	22/07/2010	10/08/2009	-	Active	NO

Name :	Mr. Prakash Hiralal Shah
Designation :	Director
Address :	3012, Forum, Uday Baug, Wanowrite, Pune-411013, Maharashtra, India
Date of Birth/Age :	04.07.1939
Date of Appointment :	28.04.2010
DIN No.:	00120671

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L67120MH1993PLC070709	KHANDWALA SECURITIES LIMITED	Director	24/03/2001	24/03/2001	27/04/2007	Active	NO
2	U74140MH2006PTC164785	TERRAFIRMA REALTY ADVISORS PRIVATE LIMITED	Director	21/09/2006	21/09/2006	02/10/2010	Active	NO
3	U74140MH2006PTC164786	THIRDWAVE REALTY ADVISORS PRIVATE LIMITED	Director	21/09/2006	21/09/2006	15/07/2011	Active	NO
4	U74999MH1993PLC072925	HINDUJA GROUP INDIA LIMITED	Director	25/09/2007	28/03/2007	-	Active	NO
5	U67190MH2002PTC136265	FALCON CORPORATE ADVISORS PRIVATE LIMITED	Director	02/04/2007	02/04/2007	15/07/2011	Active	NO
6	L51900MH1985PLC036896	HINDUJA VENTURES LIMITED	Director	24/09/2007	11/06/2007	-	Active	NO
7	L24292AP1961PLC000876	GULF OIL CORPORATION LIMITED	Director	31/07/2009	25/09/2008	-	Active	NO
8	U40109AP1994PLC017199	HINDUJA NATIONAL POWER CORPORATION LIMITED	Director	28/09/2010	12/03/2010	-	Active	NO
9	U92132MH1995PLC085835	INDUSIND MEDIA AND COMMUNICATION LIMITED	Director	26/07/2010	28/04/2010	-	Active	NO
10	U74900DL2011NPL219518	PATHFINDER INTERNATIONAL INDIA	Director	20/05/2011	20/05/2011	-	Active	NO
11	U92412MH2012PTC232891	MUMBAI TIGERS FOOTBALL CLUB PRIVATE LIMITED	Director	03/07/2012	03/07/2012	-	Active	NO
12	U73100MH2013NPL245009	CENTRE FOR BUSINESS AND STRATEGIC AFFAIRS	Director	29/06/2013	29/06/2013	-	Active	NO

Name :	Mr. Abin Kumar Das
Designation :	Director
Address :	61-A, Atlas Apartments, J Mehta Road, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	02.08.1940
Date of Appointment :	22.03.1995
DIN No.:	00122913

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U63040MH1982PTC027983	VISTA TRAVELS PRIVATE LIMITED	Director	11/08/1982	11/08/1982	-	Active	NO
2	U93090TN1989PLC033174	ASHOK LEYLAND PROJECT SERVICES LIMITED	Director	19/01/1989	19/01/1989	-	Amalgamated	NO
3	U70101DL1973PTC006694	SKYWAYS PROPERTIES PRIVATE LIMITED	Director	31/01/1992	31/01/1992	-	Active	NO
4	L34101TN1948PLC000105	ASHOK LEYLAND LIMITED	Director	19/11/1994	19/11/1994	-	Active	NO
5	U17200MH1979PLC021551	INNETWORK ENTERTAINMENT LIMITED	Director	20/01/1995	20/01/1995	-	Amalgamated	NO
6	U92132MH1995PLC085835	INDUSIND MEDIA AND COMMUNICATION LIMITED	Director	22/03/1995	22/03/1995	-	Active	NO
7	U70101TN1992PLC023319	HINDUJA PROPERTIES LIMITED	Director	31/03/1995	31/03/1995	-	Active	NO
8	U32201KA1998PTC024066	U S N NETWORKS PRIVATE LIMITED	Director	12/08/1998	12/08/1998	-	Active	NO
9	U02002MH1998PLC117080	HINDUJA HEALTHCARE LIMITED	Director	11/11/1998	11/11/1998	-	Active	NO
10	U99999MH1985PTC035983	JAYAM HOLDINGS PRIVATE LIMITED	Director	14/03/2000	14/03/2000	08/09/2010	Active	NO
11	U67120MH1952PTC008925	SIDDHARTH TEXTILES PRIVATE LIMITED	Director	07/07/2000	07/07/2000	-	Active	NO
12	U45201MH2000PLC129434	PLANET E-SHOP HOLDINGS INDIA LIMITED	Director	03/11/2000	03/11/2000	04/08/2011	Active	NO
13	U22121MH2000PLC129433	IN ENTERTAINMENT (INDIA) LIMITED	Director	03/11/2000	03/11/2000	04/08/2011	Active	NO
14	U26999MH1946PTC134186	THE BRITISH METAL CORPORATION (INDIA) PRIVATE LIMITED	Director	02/09/2002	02/09/2002	-	Active	NO
15	L24292AP1961PLC000876	GULF OIL CORPORATION LIMITED	Alternate director	30/10/2010	30/10/2003	15/05/2011	Active	NO
16	U65990MH1990PTC056497	MUSTANG INVESTMENTS PRIVATE LIMITED	Director	30/09/2006	21/04/2006	15/03/2010	Active	NO
17	U51410MH1994PTC079188	AASIA BUSINESS VENTURES PRIVATE LIMITED	Director	30/09/2006	22/06/2006	04/10/2010	Active	NO
18	U74999MH1993PLC072925	HINDUJA GROUP INDIA LIMITED	Whole-time director	26/08/2011	25/07/2006	-	Active	NO
19	U65993MH2006PTC166340	HINDUJA FINANCE PRIVATE LIMITED	Director	20/12/2006	20/12/2006	-	Active	NO
20	U32304MH2007PTC167602	HGS INTERNATIONAL SERVICES PRIVATE LIMITED	Director	06/02/2007	06/02/2007	16/08/2010	Active	NO
21	U32203MH2007PTC167605	HINDUJA ESTATES PRIVATE LIMITED	Director	06/02/2007	06/02/2007	11/12/2008	Active	NO
22	U64203MH2007PTC167603	HTMT TELECOM PRIVATE LIMITED	Director	23/10/2009	06/02/2007	-	Amalgamated	NO
23	U32204MH2007PTC167601	SERENDIPITY FILMS PRODUCTION COMPANY PRIVATE LIMITED	Director	06/02/2007	06/02/2007	-	Active	NO
24	U32203MH2007PTC167604	AASIA ENTERPRISES PRIVATE LIMITED	Director	06/02/2007	06/02/2007	-	Active	NO
25	U67120MH1997PLC106676	GRANT INVESTRADE LIMITED	Director	18/09/2007	04/05/2007	-	Active	NO
26	U45200MH1968PLC014045	HINDUJA REALTY VENTURES LIMITED	Director	29/09/2007	23/05/2007	-	Active	NO
27	U34200TN2008PLC080987	ASHOK LEYLAND DEFENCE SYSTEMS LIMITED	Director	18/03/2008	18/03/2008	-	Active	NO
28	U66030MH2008PLC180206	ASHLEY AVIATION LIMITED	Director	18/03/2008	18/03/2008	-	Active	NO
29	U40105MH2008PLC189213	HINDUJA ENERGY (INDIA) LIMITED	Director	15/09/2011	13/05/2011	-	Active	NO
30	U40109AP1994PLC017199	HINDUJA NATIONAL POWER CORPORATION LIMITED	Alternate director	17/08/2013	09/09/2011	-	Active	NO
31	U74900MH2012PTC226203	CHEMRING AASIA SERVICES PRIVATE LIMITED	Director	19/01/2012	19/01/2012	-	Active	NO

Name :	Mr. Kailash Chandra Samdani
Designation :	Director
Address :	Shanti Kutir, 302, 3^rd Floor, 10^th Road, Santacruz (West), Mumbai – 400055, Maharashtra, India
Date of Birth/Age :	02.03.1940
Date of Appointment :	16.10.1999
DIN No.:	00128600

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L92199MH1995PLC084610	HINDUJA GLOBAL SOLUTIONS LIMITED	Alternate director	04/06/2009	14/05/1999	01/10/2009	Active	NO
2	U74999MH1995PLC088487	IN2CABLE (INDIA) LIMITED	Director	28/05/1999	28/05/1999	-	Amalgamated	NO
3	U92132MH1995PLC085835	INDUSIND MEDIA AND COMMUNICATION LIMITED	Director	16/10/1999	16/10/1999	-	Active	NO
4	U45200MH1968PLC014045	HINDUJA REALTY VENTURES LIMITED	Director	17/04/2001	17/04/2001	-	Active	NO
5	U32304MH2007PTC167602	HGS INTERNATIONAL SERVICES PRIVATE LIMITED	Director	06/02/2007	06/02/2007	16/08/2010	Active	NO
6	U32204MH2007PTC167601	SERENDIPITY FILMS PRODUCTION COMPANY PRIVATE LIMITED	Director	06/02/2007	06/02/2007	-	Active	NO
7	U64203MH2007PTC167603	HTMT TELECOM PRIVATE LIMITED	Director	06/02/2007	06/02/2007	-	Amalgamated	NO
8	U32203MH2007PTC167605	HINDUJA ESTATES PRIVATE LIMITED	Director	06/02/2007	06/02/2007	-	Active	NO
9	U52520AP1988PLC008189	APDL ESTATES LIMITED	Director	28/09/2007	14/06/2007	-	Active	NO
10	U02002MH1998PLC117080	HINDUJA HEALTHCARE LIMITED	Director	30/07/2010	15/04/2010	-	Active	NO
11	U24110MH1971PLC207546	IDL SPECIALITY CHEMICALS LIMITED	Director	29/07/2010	20/04/2010	-	Active	NO
12	U72200MH1995PTC088486	HINDUJA GROUP PRIVATE LIMITED	Director	30/09/2010	01/09/2010	-	Active	NO
13	L24292AP1961PLC000876	GULF OIL CORPORATION LIMITED	Alternate director	27/04/2012	25/05/2011	-	Active	NO

Name :	Mr. Ashok Hiranand Mansukhani
Designation :	Director
Address :	30, Bharat Mahal, 86, Marine Drive, F Road, Mumbai-400002, Maharashtra, India
Date of Birth/Age :	28.04.1950
Date of Appointment :	16.10.1999
DIN No.:	00143001

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U17200MH1979PLC021551	INNETWORK ENTERTAINMENT LIMITED	Director	25/09/1997	25/09/1997	-	Amalgamated	NO
2	U92132MH1995PLC085835	INDUSIND MEDIA AND COMMUNICATION LIMITED	Director	01/05/2007	16/10/1999	-	Active	NO
3	L92199MH1995PLC084610	HINDUJA GLOBAL SOLUTIONS LIMITED	Director	29/03/2005	29/03/2005	14/03/2007	Active	NO
4	U67120MH1997PLC106676	GRANT INVESTRADE LIMITED	Director	18/09/2007	04/05/2007	-	Active	NO
5	U72900MH2008PLC180864	IMCL NETWORKS (INDIA) LIMITED	Director	04/04/2008	04/04/2008	-	Under Process of Striking off	NO
6	U72901KL2006PTC019302	SEVEN STAR INFORMATION TECHNOLOGY PRIVATE LIMITED	Director	27/09/2008	18/06/2008	16/11/2011	Active	NO
7	U92100PN2008PTC133058	SANGLI MEDIA SERVICES PRIVATE LIMITED	Director	23/11/2009	02/07/2009	16/11/2011	Active	NO
8	U92132PN2008PTC131620	BHIMA RIDDHI INFOTAINMENT PRIVATE LIMITED	Director	22/07/2010	10/08/2009	16/11/2011	Active	NO
9	U24110MH1971PLC207546	IDL SPECIALITY CHEMICALS LIMITED	Director	29/07/2010	20/04/2010	-	Active	NO
10	U22121MH2000PLC129433	IN ENTERTAINMENT (INDIA) LIMITED	Director	30/07/2010	28/05/2010	-	Active	NO
11	U45201MH2000PLC129434	PLANET E-SHOP HOLDINGS INDIA LIMITED	Director	28/07/2011	28/07/2011	-	Active	NO
12	L51900MH1985PLC036896	HINDUJA VENTURES LIMITED	Whole-time director	09/08/2012	30/04/2012	-	Active	NO

Name :	Mr. Srinivas Palakorti
Designation :	Director
Address :	66/B, Aviansh, J P Road, Andheri (West), Mumbai-400053, Maharashtra, India
Date of Birth/Age :	15.06.1964
Date of Appointment :	28.04.2010
Date of Cessation :	22.01.2013
DIN No.:	02954206
Name :	Mr. Rajagopalan Raghavan
Designation :	Director
Address :	A-4, Clifton Birla Lane, Juhu, Mumbai-400049, Maharashtra, India
Date of Birth/Age :	09.10.1942
Date of Appointment :	22.10.2010
DIN No.:	02326222

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U99999AP1986PLC006402	LINERS INDIA LIMITED	Director	29/12/2008	29/12/2008	-	Active	NO
2	U70102MH2010PTC202038	RNA CORP PRIVATE LIMITED	Additional director	24/05/2010	24/05/2010	12/08/2011	Active	NO
3	U92132MH1995PLC085835	INDUSIND MEDIA AND COMMUNICATION LIMITED	Director	29/07/2011	22/10/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Bijay Kumar Sanku
Designation :	Secretary
Address :	A-42, Yamuna Shrushti Co-Operative Housing Society Limited, Sector -3, Shrushti, Mira Road (East), Thane-401107, Maharashtra, India
Date of Birth/Age :	04.01.1971
Date of Appointment :	18.08.2008
PAN No.:	AXPPS8546K

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2012

Names of Equity Shareholders	No. of Shares
IndusInd Communications Limited, Mauritius	7440000
IndusInd Bank Limited, India	3750000
Grant Investrade Limited, India	4153000
IndusInd Channel Limited, Mauritius	10310000
Hinduja Ventures Limited, India	40421200
Dilip Kumar Lakhi and Chirag D. Lakhi	150000
Kudelski S A., Switzerland	1534400
Amas Mauritius Limited, Mauritius	5113793
TOTAL	72872393

Names of Preference Shareholders	No. of Shares
Hinduja Ventures Limited, India	15000000
TOTAL	15000000

AS ON 29.11.2012

Names of Equity Shareholders (Allotttees)	No. of Shares
Hinduja Ventures Limited, India	1034483
TOTAL	1034483

AS ON 30.09.2012

Equity Shares Break Up	Percentage of Holding
Nationalized or other banks	5.14
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	33.48
Bodies corporate	61.17
Others	0.21
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in diversified businesses primarily in operations and distribution of television channels through the medium of terrestrial satellite cable transmission and is also engaged in Internet Service Provider operation in India.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· The Hongkong and Shanghai Banking Corporation Limited, 52/60, MG Road, Fort, Mumbai-400001, Maharashtra, India

· Yes Bank Limited, 9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Long Term Borrowings
Term Loans from Banks	14.737	0.000
Term Loans From Others	578.947	789.474
TOTAL	593.684	789.474

Banking Relations :	--
Financial Institution :	IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17 R Kamani Marg, Bellard Estate, Mumbai-400001, Maharashtra, India
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountant
Address :	12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai, Maharashtra, India
PAN No.:	AACFD4815A
Joint Venture Company :	· RMD Baroda Network Private Limited
Holding Company :	· Hinduja Ventures Limited
Associates :	· Planet E-Shop Holdings India Limited · In Entertainment (India) Limited
Subsidiaries :	· USN Networks Private Limited · Gold Star Noida Network Private Limited · Sevenstar Information Technologies Private Limited · Bhima Riddhi Infotainment Private Limited · United Mysore Network Private Limited · Apna Incable Broadband Services Private Limited · Sangli Media Services Private Limited · Sainath In Entertainment Private Limited · Gold Star Infotainment Private Limited · Ajanta Sky Darshan Private Limited · Sunny Infotainment Private Limited · V4U Entertainment Private Limited · Darpita Trading Company Private Limited · RBL Digital Cable Network Private Limited · Vistaar Telecommunication and Infrastructure Private Limited · Jagsumi Perspectives Private Limited (W.e.f. 1st October 2011)
Fellow Subsidiaries :	· HTMT Telecom Private Limited up to December 31,2010 · Grant Investrade Limited
Other Related Parties :	· Aasia Management and Consultancy Private Limited · Hinduja Group India Limited · Hinduja Realty Ventures Limited · Hinduja Global Solutions Limited · APDL Estates Limited

CAPITAL STRUCTURE

AS ON 30.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
85000000	Equity Shares	Rs.10/- each	Rs. 850.000 Millions
15000000	Preference Shares	Rs.10/- each	Rs. 150.000 Millions
75000000	Preference Shares	Rs.10/- each	Rs. 750.000 Millions
	TOTAL		Rs. 1750.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
72872393	Equity Shares	Rs.10/- each	Rs. 728.724 Millions
15000000	Preference Shares	Rs.10/- each	Rs. 150.000 Millions
	TOTAL		Rs. 878.724 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
85000000	Equity Shares	Rs.10/- each	Rs. 850.000 Millions
15000000	Preference Shares	Rs.10/- each	Rs. 150.000 Millions
75000000	Preference Shares	Rs.10/- each	Rs. 750.000 Millions
	TOTAL		Rs. 1750.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
67758600	Equity Shares	Rs.10/- each	Rs. 677.586 Millions
15000000	Convertible Preference Shares	Rs.10/- each	Rs. 150.000 Millions
74150000	Non Convertible Preference Shares	Rs.10/- each	Rs. 741.500 Millions
	TOTAL		Rs. 1569.086 Millions

AS ON 08.08.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
85000000	Equity Shares	Rs.10/- each	Rs. 850.000 Millions
15000000	Preference Shares	Rs.10/- each	Rs. 150.000 Millions
75000000	Preference Shares	Rs.10/- each	Rs. 750.000 Millions
	TOTAL		Rs. 1750.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
72872393	Equity Shares	Rs.10/- each	Rs. 728.724 Millions
1034483	Equity Shares	Rs.10/- each	Rs. 10.345 Millions
	TOTAL		Rs. 739.069 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1569.086	1569.086
(b) Reserves & Surplus	1549.616	913.663
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	3118.702	2482.749
(3) Non-Current Liabilities
(a) long-term borrowings	593.684	789.474
(b) Deferred tax liabilities (Net)	158.546	17.482
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	20.496	13.448
Total Non-current Liabilities (3)	772.726	820.404
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	942.962	688.475
(c) Other current liabilities	543.853	771.922
(d) Short-term provisions	7.028	4.817
Total Current Liabilities (4)	1493.843	1465.214
TOTAL	5385.271	4768.367
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1756.379	1396.845
(ii) Intangible Assets	187.331	163.896
(iii) Capital work-in-progress	99.420	257.651
(b) Non-current Investments	720.581	604.222
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	415.663	391.314
(e) Other Non-current assets	7.633	4.500
Total Non-Current Assets	3187.007	2818.428
(2) Current assets
(a) Current investments	0.012	257.159
(b) Inventories	33.232	37.795
(c) Trade receivables	1383.218	981.833
(d) Cash and cash equivalents	289.848	360.894
(e) Short-term loans and advances	477.396	308.741
(f) Other current assets	14.558	3.517
Total Current Assets	2198.264	1949.939
TOTAL	5385.271	4768.367

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1569.086
2] Share Application Money		0.000
3] Reserves & Surplus		918.400
4] (Accumulated Losses)		(685.480)
NETWORTH		1802.006
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		751.169
TOTAL BORROWING		751.169
DEFERRED TAX LIABILITIES		170.255
TOTAL		2723.430
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1480.012
Capital work-in-progress		319.137
INVESTMENT		309.342
DEFERREX TAX ASSETS		170.255
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	31.277
	Sundry Debtors	618.775
	Cash & Bank Balances	219.589
	Other Current Assets	1.833
	Loans & Advances	789.962
Total Current Assets		1661.436
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	354.007
	Other Current Liabilities	844.618
	Provisions	18.127
Total Current Liabilities		1216.752
Net Current Assets		444.684
MISCELLANEOUS EXPENSES		0.000
TOTAL		2723.430

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	4012.085	3283.804	2768.279
		Other Income	233.025	413.694	242.898
		TOTAL (A)	4245.110	3697.498	3011.177
Less	EXPENSES
		Purchase of Stock In Trade	35.060	30.548	2347.723
		Employees Benefit Expenses	324.833	259.874
		Other Expenses	2528.680	2261.107
		Changes in Inventories of Finished Goods, Work in Progress and Stock in Trade	4.563	(6.518)
		TOTAL (B)	2893.136	2545.011	2347.723
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1351.974	1152.487	663.454
Less	FINANCIAL EXPENSES (D)		102.089	98.931	81.381
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1249.885	1053.556	582.073
Less/ Add	DEPRECIATION/ AMORTISATION (F)		264.395	212.199	200.455
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		985.490	841.357	381.618
Less	TAX (H)		349.537	160.611	35.611
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		635.953	680.746	346.007
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(4.734)	(685.480)	(1031.487)
	BALANCE CARRIED TO THE B/S		631.219	(4.734)	(685.480)
	IMPORTS VALUE		431.380	61.769	NA
	Earnings / (Loss) Per Share (Rs.)		9.12	9.78	3.11

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	14.98	18.41	11.49
Net Profit Margin (PBT/Sales)	(%)	24.56	25.62	13.79
Return on Total Assets (PBT/Total Assets}	(%)	21.59	21.54	12.15
Return on Investment (ROI) (PBT/Networth)		0.32	0.34	0.21
Debt Equity Ratio (Total Debt /Networth)		0.19	0.32	0.42
Current Ratio (Current Asset/Current Liability)		1.47	1.33	1.37

LOCAL AGENCY FURTHER INFORMATION

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

VIEW INDEX OF CHARGES

S. No	Charge ID	Date of Charge Creation /Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN
1	10407871	22/02/2013	500,000,000.00	GE MONEY FINANCIAL SERVICES PRIVATE LIMITED	401 402 4TH FLOORAGGARWAL MILLENIUM TOWER, E1 2 3 NETAJI SUBHASH PLACE, PITAMPURA DELHI, DELHI - 110034, INDIA	B69572246
2	10399009	29/06/2013 *	4,500,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING GROUND FLOOR 17 R KAMANI MARG, BELLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B79944971
3	10363938	18/09/2012 *	2,447,544,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	52/60 MG ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B58005448
4	10330536	22/12/2011	300,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI,, MUMBAI, MAHARASHTRA - 400018, INDIA	B30135867
5	10314000	12/01/2012 *	600,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	B31703200
6	10258885	29/12/2010	1,000,000,000.00	GE MONEY FINANCIAL SERVICES PRIVATE LIMITED	401 402 4TH FLOORAGGARWAL MILLENIUM TOWER, E1 2 3 NETAJI SUBHASH PLACE, PITAMPURA DELHI, DELHI - 110034, INDIA	B01909498
* Date of charge modification

PROFILE

The Company is engaged in diversified businesses primarily in operations and distribution of television channels through the medium of terrestrial satellite cable transmission and is also engaged in Internet Service Provider operation in India.

REVIEW OF PERFORMANCE

During the year, the Company consolidated its growth following the rapid scale up of the preceding years. The low growth in subscription was more than offset by revenues from broadcasters. The launch of new channels both in niche genre and general entertainment category provided additional distribution income. The total Income of the Company during the year was Rs.4245.100 Millions as against Rs. 3697.500 Millions in the previous year. Earning before taxes during the year was Rs.990.000 Millions as against Rs. 841.400 Millions in the previous year. Growth in EBIDTA is attributable to improvement in processes and key service areas, strategic cost reduction initiatives, favourable price negotiations, decline in key operational expenses and content acquisition costs. Despite flat market conditions the results of the Company has been satisfactory during the year.

REVIEW OF OPERATIONS

IndusInd Media and Communications Limited (IMCL) is a leading Multi System Operator having pan India presence with a reach of around 8.5 million subscribers in 34 locations. IMCL has the first mover advantage and premier positioning in India. IMCL presently provides over 350 channels in its Dig ital Cable (INDIGITAL) networks (including Radio/Audio Channels), which is currently the maximum number of channels provided on any distribution platform in India.

IMCL continues to invest in dig ital technology for superior customer viewing experience in its principal business of Pay TV Distribution. Digitization of existing cable infrastructure will bring in the capability to transmit up to 1,000 channels as against 200 today. Digitalization will curb revenue leakage at various levels, increase transparency in reporting numbers and will set rolling the move to Increased Average revenue per user (ARPU), 100 percent collections and increased market share.

IMCL’s digital cable services INDIGITAL are easy to use with rich features of application drivers delivering the best digital viewing to the Indigital TV viewers. Digital TV offers better quality services and greater choice to satisfy customers demand for more number of channels and content.

IMCL has presence in 32 cities of India including key metro cities with 32 analog and 12 digital head ends. The focus is on seeding of STB’s in non CAS areas for head start in digitalization and expansion in newer markets. IMCL shall rollout its presence in Kolkotta. With this IMCL establishes its presence in the third metro of India the other two being Mumbai and Delhi.

IMCL has laid intra city underground Fiber Optic Cables (OFC) in Delhi, Bangalore, Ahmedabad, Baroda etc. IMCL has around 10,000 km of hybrid Fiber Optic Cable network including 2,000 km of underground Fiber which is a key differentiator. The network is two way enabled to the nodes. It is spread over 34 cities which include major metros and others with high Television Rating Points (TRP). The two way enabled network capabilities provide a path to extend reach of Broadband services over existing cable infrastructure.

The Company is revamping the Broadband division. The newly introduced GePON with EOC architecture will enable them to score over the competing cable architectures by:

1. Capability to deliver 8~10 mbps per home

2. Capable of triple play offering Web TV / IPTV / VoIP

There will be a focus on India’s Broadband growth, leveraging its nationwide Category I Internet Service Provider license including Internet Telephony (ITSP) license, which perm its Internet, Broadband and Voice Over Internet Protocol (VoIP) services.

SUBSIDIARIES AND JOINT VENTURES

The Company continues to invest in acquisition of majority stake in Local Cable Operators (LCO), provide digital cable infrastructure and management support services to improve familiarity with services and procedures and ensure uniformity in service quality and enhance the Incable brand. Adequate operational, financial resources and value added services are deployed to retain the existing subscribers base and attract new customers. During the year IMCL acquired majority stake in two more entities and grew organically in few other regions. IMCL has 16 subsidiaries and one equal venture. The following were the Subsidiaries of the Company during the financial year 2011-12.

1. Gold Star Noida Networks Private Limited

2. Bhima Riddhi Infotainment Private Limited

3. Seven Star Information Technology Private Limited

4. Apna InCable Broadband Services Private Limited

5. United Mysore Network Private Limited

6. USN Networks Private Limited

7. Sangli Media Services Private Limited

8. Sainath In Entertainment Private Limited

9. Gold Star Infotainment Private Limited

10. V4U Entertainment Private Limited

11. Ajanta Sky Darshan Private Limited

12. Sunny Infotainment Private Limited

13. RBL Digital Cable Network Private Limited

14. Darpita Trading Company Private Limited

15. Vistaar Telecommunications and Infrastructure Private Limited

16. Jagsumi Perspectives Private Limited

IMCL has a joint venture in Gujarat with RMD Baroda Network Private Limited. There have been no changes either in the business or operations of these Subsidiaries during the year under review. The statement pursuant to Section 212 of the Companies Act, 1956, relating to the Subsidiaries is annexed to this Report. The Audited Financial Statements, Directors Report and Auditors Report of the Subsidiaries form part of this Report. IMCL is in the process of acquiring majority stake in three more cable entities for closure in the new fiscal thereby further ramping up presence and revenues.

INDUSTRY: OUTLOOK, STRUCTURE AND SECTOR DEVELOPMENTS

The Indian M and E industry grew from Rs.652 billion in 2010 to Rs.728 billion in 2011, registering an overall growth of 12 percent. Backed by strong consumption in Tier 2 and 3 cities, continued growth of regional media and fast increasing new media businesses, the industry is estimated to achieve a growth of 13 percent in 2012 to touch Rs.823 billion. Going forward, the sector is projected to grow at a healthy Compound Annual Growth Rate (CAGR) of 14.9 percent to reach Rs.1,457 billion by 2016.

The over-all television industry was estimated to be Rs.329 billion in 2011, and is expected to grow at a CAGR of 17 percent over 2011-16, to reach Rs.735 billion in 2016. The share of subscription to the total industry revenue is expected to increase from 65 percent in 2011 to 69 percent in 2016.

The cable industry totalled 92.5 million subscribers in 2011, representing 65% penetration of TV homes with subscription fees at Rs. 210000.000 Millions approximately out of which Rs. 205000.000 Millions was derived from analog services. Local Cable Operators (LCO) which predominantly own and operate last mile cable networks, retained 80% of subscription fees, Multi System Operators (MSO) 8%, and channel suppliers, 11-12%. The skewed revenue-sharing structure is largely due to non-addressability, fragmentation of LCOs and large scale under reporting, though digitization of cable networks will gradually improve the situation.

The large national MSOs and smaller regional MSOs generated about Rs.42000.000 Millions in combined sales for the financial year March 2011. Some of the MSOs, most notably the top three national players, Indusind Media and Communications Limited, Hathway Cable and Datacom Limited, Den Networks Limited are more profitable at the EBITDA level than most Direct To Home (DTH) platforms, but each is striving to deepen the revenue pool going forward. Most revenues are derived from carriage fees.

Globally, India is the third largest player in the cable TV space. The overall market is highly fragmented with over 60,000 LCOs and around 7,000 MSOs, including around 10 major MSOs. The Cable reaches over 90 million homes in India. The market structure has changed significantly over the last two years with increasing trend towards last mile consolidation.

India has about 11 million broadband subscribers currently compared to a mere 0.9 million in 2005. Even though it grew fast, it is still way behind the target set by the government of 20 million subscribers by 2010. It has penetrated 4.7% of total households in the country. Currently fixed broadband constitutes 90% and wireless segment is 10%. Broadband is a high margin segment with an Average Revenue Per User (ARPU) of Rs.350/- to Rs.400/- per month. Broadband subscriber base is expected to grow at 55% over 2010-15 to reach 98 million subscribers.

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Office Premises

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. 67.02
UK Pound	1	Rs. 104.31
Euro	1	Rs. 88.23

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		51

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.