MIRA INFORM REPORT

Report Date :

07.04.2014

IDENTIFICATION DETAILS

Name :	HARYANA VIDYUT PRASARAN NIGAM LIMITED
Registered Office :	Shakti Bhawan, Sector – 6, Panchkula – 134109, Haryana
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	19.08.1997
Com. Reg. No.:	05-033683
Capital Investment / Paid-up Capital :	Rs. 17975.657 Millions
CIN No.: [Company Identification No.]	U40101HR1997SGC033683
TAN No.: [Tax Deduction & Collection Account No.]	RTKH03452B / RTKH01184B
PAN No.: [Permanent Account No.]	AAACH9216J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Transmission of Power
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 100000000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There are losses recorded by the company during 2013. Reserves of the company also seems to be low. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

India’s current account deficit for the fiscal third quarter ended September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and moderation in gold imports. Manufacturing activity and new orders in India showed their strongest growth in a year in February. The news comes as a relief after data showed Asia’s third largest economy grew by a slower-than-expected 4.7 % annually in the three months through December. The HSBC Manufacturing Purchasing Managers’ Index which gauges the business activity of India’s factories but not its’ utilities, rose to 52.5 in February, its highest in a year from 51.4 in January. Overall new orders for factory goods which rose to a one-year high of 54.9 contributed to the surge. China has emerged as India’s biggest trading partner in the current financial year replacing the United Arab Emirates and pushing it to the third spot. India-China trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The US comes second at $46 billion with 8.1 % share during the first nine months of the current financial year.

The Reserve Bank of India has granted an additional nine months to the public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000 denominations, pushing the deadline to January 1, 2015. A day before dates for the Lok Sabha polls were announced, the government decided to hike interest rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The new rates will be effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s appeal against a ruling over transferring ownership of its local mobile phones plant which is the subject of a tax dispute to Microsoft Corp.

In the last days of the current Government, another scam has surfaced. The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of Investigation will look into allegations that over $80 million was paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a solution for problems with state-owned Air India’s 787 Dreamliners. The aircraft has experienced a series of malfunctions since its debut in 2011.

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DECLINED

MANAGEMENT NON-COOPERATIVE

(CONTACT NO.: 91-172-2592689)

LOCATIONS

Registered Office :	Shakti Bhawan, Sector – 6, Panchkula – 134109, Haryana, India
Tel. No.:	91-172-2565480/ 2592689/ 2561931-2561938
Fax No.:	91-172-2565746
E-Mail :	companysecy@hvpnl.gov.in
Website :	http://www.hvpn.gov.in

DIRECTORS

AS ON 18.12.2013

Name :

Mr. Anurag Agarwal

Designation :

Managing director

Address :

House No. 696, Sector-7, Chandigarh, Haryana,India

Date of Birth/Age :

11.10.1967

Date of Appointment :

04.03.2014

DIN No.:

02294055

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	U99999HR1999SGC034165	DAKSHIN HARYANA BIJLI VITRAN NIGAM LIMITED	Director	04/03/2014	10/07/2008	-	Active	NO
2	U45207HR1997SGC033517	HARYANA POWER GENERATION CORPORATION LIMITED	Director	05/11/2013	26/08/2008	-	Active	NO
3	U40109HR1999SGC034166	UTTAR HARYANA BIJLI VITRAN NIGAM LIMITED	Director	04/03/2014	05/01/2012	-	Active	NO
4	U10101HR2009PTC038702	YAMUNA COAL COMPANY PRIVATE LIMITED	Nominee director	24/06/2013	30/03/2012	19/11/2013	Active	NO
5	U40105DL2006PTC156884	ARAVALI POWER COMPANY PRIVATE LIMITED	Nominee director	29/06/2012	29/06/2012	13/11/2013	Active	NO
6	U40101HR1997SGC033683	HARYANA VIDYUT PRASARAN NIGAM LIMITED	Managing director	04/03/2014	24/07/2012	-	Active	NO
7	U10100HR2013SGC048177	HARYANA COAL COMPANY LIMITED	Director	24/01/2013	24/01/2013	18/11/2013	Active	NO
8	U29199HR1967SGC034545	HARYANA STATE INDUSTRIAL & INFRASTRUCTURE DEVELOPMENT CORPORATION LIMITED	Managing director	25/03/2014	25/03/2014	-	Activ	NO

Name :

Mr. Arun Kumar

Designation :

Director

Address :

House No. 23, Sector-7, Chandigarh, Haryana,India

Date of Birth/Age :

15.02.1963

Date of Appointment :

04.03.2014

DIN No.:

03054493

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	U40109HR1999SGC034166	UTTAR HARYANA BIJLI VITRAN NIGAM LIMITED	Director	05/11/2013	22/04/2010	04/03/2014	Active	NO
2	U45207HR1997SGC033517	HARYANA POWER GENERATION CORPORATION LIMITED	Director	05/11/2013	26/05/2010	-	Active	NO
3	U34101HR1987SGC029904	HARYANA ROADWAYS ENGGINERING CORPORATION LIMITED	Director	25/08/2011	25/08/2011	30/12/2013	Active	NO
4	U40101HR1997SGC033683	HARYANA VIDYUT PRASARAN NIGAM LIMITED	Director	04/03/2014	15/02/2012	-	Active	NO
5	U99999HR1999SGC034165	DAKSHIN HARYANA BIJLI VITRAN NIGAM LIMITED	Director	05/11/2013	05/11/2013	04/03/2014	Active	NO

Name :

Mrs. Indu Shekhar Jha

Designation :

Director

Address :

House No. 654, Sector-10, Gurgaon, Haryana, India

Date of Birth/Age :

30.06.1959

Date of Appointment :

14.05.2012

DIN No.:

00015615

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	U40102DL2006GOI147937	BYRNIHAT TRANSMISSION COMPANY LIMITED	Nominee director	23/03/2006	23/03/2006	-	Strike off	NO
2	L40101DL1989GOI038121	POWER GRID CORPORATION OF INDIA LIMITED	Whole-time director	01/09/2009	01/09/2009	-	Active	NO
3	U40105DL2001PLC110714	POWERLINKS TRANSMISSION LIMITED	Director	23/06/2010	27/10/2009	-	Active	NO
4	U40109MP2001SGC014880	MADHYA PRADESH POWER TRANSMISSION COMPANY LIMITED	Director	21/02/2011	21/02/2011	20/02/2014	Active	NO
5	U40105DL2009GOI188682	POWER SYSTEM OPERATION CORPORATION LIMITED	Nominee director	06/09/2012	01/09/2011	-	Active	NO
6	U40106DL2011GOI219542	POWERGRID NM TRANSMISSION LIMITED	Director	09/08/2012	29/03/2012	-	Active	NO
7	U40300DL2011GOI217975	POWERGRID VEMAGIRI TRANSMISSION LIMITED	Director	09/08/2012	18/04/2012	-	Active	NO
8	U40101HR1997SGC033683	HARYANA VIDYUT PRASARAN NIGAM LIMITED	Director	14/05/2012	14/05/2012	-	Active	NO
9	U40102OR2012PTC016411	KALINGA BIDYUT PRASARAN NIGAM PRIVATE LIMITED	Director	07/12/2013	31/12/2012	-	Active	NO
10	U40100BR2013PLC019722	BIHAR GRID COMPANY LIMITED	Director	08/08/2013	04/01/2013	-	Active	NO
11	U40300DL2011GOI228136	VIZAG TRANSMISSION LIMITED	Additional director	30/08/2013	30/08/2013	-	Active	NO

Name :

Mr. Devender Singh

Designation :

Director

Address :

House No. 307, Sector-4, MDC. Panchkula, Haryana, India

Date of Birth/Age :

11.07.1962

Date of Appointment :

08.11.2013

DIN No.:

01792131

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	L40101DL1969GOI005095	RURAL ELECTRIFICATION CORPORATION LIMITED	Nominee director	29/08/2007	29/08/2007	23/08/2012	Active	NO
2	L65910DL1986GOI024862	POWER FINANCE CORPORATION LIMITED	Nominee director	05/03/2009	05/03/2009	28/08/2012	Active	NO
3	U40200DL2009PLC196789	ENERGY EFFICIENCY SERVICES LIMITED	Director	10/12/2009	10/12/2009	05/09/2011	Active	NO
4	U10101WB2005PLC104024	DVC EMTA COAL MINES LIMITED	Director	30/09/2010	28/09/2010	28/06/2011	Active	NO
5	U45207HR1997SGC033517	HARYANA POWER GENERATION CORPORATION LIMITED	Director	08/11/2013	06/09/2012	-	Active	NO
6	U40109HR1999SGC034166	UTTAR HARYANA BIJLI VITRAN NIGAM LIMITED	Director	08/11/2013	06/09/2012	-	Active	NO
7	U99999HR1999SGC034165	DAKSHIN HARYANA BIJLI VITRAN NIGAM LIMITED	Director	08/11/2013	06/09/2012	-	Active	NO
8	U40101HR1997SGC033683	HARYANA VIDYUT PRASARAN NIGAM LIMITED	Director	08/11/2013	10/09/2012	-	Active	NO
9	U10100HR2013SGC048177	HARYANA COAL COMPANY LIMITED	Director	18/11/2013	18/11/2013	-	Active	NO

Name :

Mr. Harinder Kumar

Designation :

Director

Address :

House No. 3423, Sector-23, Chandigarh, Haryana,India

Date of Birth/Age :

17.10.1967

Date of Appointment :

06.09.2012

DIN No.:

02987218

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	U45203HR1999SGC034240	HARYANA STATE ROADS AND BRIDGES DEVELOPMENT CORPORATION LIMITED	Nominee director	19/01/2010	19/01/2010	22/04/2013	Active	NO
2	U00000CH1982SGC004963	HARYANA STATE ELECTRONICS DEVELOPMENT CORPORATION LIMITED	Nominee director	04/03/2010	04/03/2010	25/04/2013	Active	NO
3	U45207HR1997SGC033517	HARYANA POWER GENERATION CORPORATION LIMITED	Director	06/09/2012	06/09/2012	-	Active	NO
4	U99999HR1999SGC034165	DAKSHIN HARYANA BIJLI VITRAN NIGAM LIMITED	Director	06/09/2012	06/09/2012	-	Active	NO
5	U40101HR1997SGC033683	HARYANA VIDYUT PRASARAN NIGAM LIMITED	Director	06/09/2012	06/09/2012	-	Active	NO
6	U40109HR1999SGC034166	UTTAR HARYANA BIJLI VITRAN NIGAM LIMITED	Director	06/09/2012	06/09/2012	-	Active	NO

Name :

Mr. Rama Rao Modali Kali Venkata

Designation :

Director

Address :

House No. 307, Sector-4, MDC. Panchkula, Haryana, India

Date of Birth/Age :

27.12.1954

Date of Appointment :

05.11.2013

DIN No.:

03257012

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	U40108KL2008PTC023163	KINESCO POWER AND UTILITIES PRIVATE LIMITED	Nominee director	24/09/2010	24/09/2010	30/12/2013	Active	NO
2	U40200DL2009PLC196789	ENERGY EFFICIENCY SERVICES LIMITED	Director	27/09/2012	10/12/2011	31/10/2013	Active	NO
3	U40101HR1997SGC033683	HARYANA VIDYUT PRASARAN NIGAM LIMITED	Director	05/11/2013	05/11/2013	-	Active	NO
4	U40109HR1999SGC034166	UTTAR HARYANA BIJLI VITRAN NIGAM LIMITED	Director	05/11/2013	05/11/2013	-	Active	NO
5	U99999HR1999SGC034165	DAKSHIN HARYANA BIJLI VITRAN NIGAM LIMITED	Director	05/11/2013	05/11/2013	-	Active	NO
6	U45207HR1997SGC033517	HARYANA POWER GENERATION CORPORATION LTD	Managing director	05/11/2013	05/11/2013	-	Active	NO
7	U10100HR2013SGC048177	HARYANA COAL COMPANY LIMITED	Director	18/11/2013	18/11/2013	-	Active	NO
8	U10101HR2009PTC038702	YAMUNA COAL COMPANY PRIVATE LIMITED	Nominee director	23/12/2013	23/12/2013	-	Active	NO

Name :

Mr. Rakesh Chander Malhotra

Designation :

Whole-time director

Address :

14-D, Gulmohar Trend, Dhakoli, Zirakpur Pb, Chandigarh, Haryana, India

Date of Birth/Age :

02.10.1956

Date of Appointment :

01.02.2013

DIN No.:

06494673

Name :

Mr. Anil Malik

Designation :

Director

Address :

House No.299, Sector-16A, Chandigarh - 160016, India

Date of Birth/Age :

04.04.1968

Date of Appointment :

05.03.2014

DIN No.:

01818775

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	U51219HR1967SGC041080	HARYANA AGRO INDUSTRIES CORPORATION LTD	Nominee director	24/08/2007	24/08/2007	24/02/2010	Active	NO
2	U01122HR1974SGC007442	HARYANA SEEDS DEVELOPMENT CORPORATION LIMITED	Nominee director	03/07/2009	03/07/2009	24/11/2009	Active	NO
3	U70109HR1974PLC036793	HARYANA LAND RECLAMATION AND DEVELOPMENT CORPORATION LIMITED	Director	29/07/2009	29/07/2009	19/03/2010	Active	NO
4	U01400DL2009PTC192985	SELECT ORGANIC PRIVATE LIMITED	Director	23/09/2010	16/12/2009	-	Strike off	NO
5	U74140MH2004PLC148859	NATIONAL COLLATERAL MANAGEMENT SERVICES LIMITED	Nominee director	27/09/2010	22/12/2009	18/03/2013	Active	NO
6	U14219TN1955PLC000961	INDIAN POTASH LIMITED	Nominee director	11/02/2010	11/02/2010	08/08/2011	Active	NO
7	U67100GJ1956PLC000597	ACE DERIVATIVES AND COMMODITY EXCHANGE LIMITED	Director	18/12/2010	28/09/2010	21/12/2012	Active	NO
8	U45202CH1974SGC003437	HARYANA TOURISM CORPORATION LIMITED	Nominee director	04/03/2013	04/03/2013	-	Active	NO
9	U99999HR1999SGC034165	DAKSHIN HARYANA BIJLI VITRAN NIGAM LIMITED	Director	05/03/2014	05/03/2014	-	Active	NO
10	U40101HR1997SGC033683	HARYANA VIDYUT PRASARAN NIGAM LIMITED	Director	05/03/2014	05/03/2014	-	Active	NO
11	U40109HR1999SGC034166	UTTAR HARYANA BIJLI VITRAN NIGAM LIMITED	Managing director	05/03/2014	05/03/2014	-	Active	NO
12	U45207HR1997SGC033517	HARYANA POWER GENERATION CORPORATION LIMITED	Director	06/03/2014	06/03/2014	-	Active	NO

Name :

Mr. Arun Kumar Verma

Designation :

Director

Address :

H. No. 2420, Sec-35 C, Chandigarh - 160022, India

Date of Birth/Age :

10.03.1953

Date of Appointment :

05.03.2014

DIN No.:

03111696

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	U40109PB2010SGC033813	PUNJAB STATE POWER CORPORATION LIMITED	Whole-time director	03/06/2010	03/06/2010	22/03/2013	Active	NO
2	U40109HR1999SGC034166	UTTAR HARYANA BIJLI VITRAN NIGAM LIMITED	Director	04/03/2014	04/03/2014	-	Active	NO
3	U99999HR1999SGC034165	DAKSHIN HARYANA BIJLI VITRAN NIGAM LIMITED	Managing director	04/03/2014	04/03/2014	-	Active	NO
4	U40101HR1997SGC033683	HARYANA VIDYUT PRASARAN NIGAM LIMITED	Director	05/03/2014	05/03/2014	-	Active	NO
5	U45207HR1997SGC033517	HARYANA POWER GENERATION CORPORATION LIMITED	Director	06/03/2014	06/03/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Harish Gulati
Designation :	Company  Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 18.12.2013

Names of Shareholders	No. of Shares
Hon’ble Governor, Haryana	19367150
Devender Singh, IAS	1
Sanjeev Kaushal, IAS	1
Tarun Bajaj, IAS	1
Harinder Kumar, IAS	1
Arun Kumar, IAS	1
Sumita Misra, IAS	1
Anurag Agarwal, IAS	1
Total	19367157

AS ON 18.12.2013

Equity Share Breakup	Percentage of Holding
Category
Government [Central and State]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Transmission of Power

PRODUCTION STATUS (AS ON 31.03.2013)

Particulars	Current Year
	In MW
Licensed Capacity
Installed Capacity	794
	Units in Millions	Amount in Millions
Total Units of Power Wheeled	76098.25
Total Units of Power Available with HVPNL	76098.25
Total number of Units received/ sold during the year	2884.01	1958.05
Total wheeling charges during the year		6709.80
Revenue from SLDC, reactive energy charges and open access charges		464.24

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

v Syndicate Bank

v Bank of Maharashtra

v Dena Bank

v Andhra Bank

v Punjab and Sind Bank

v Punjab National Bank

v Canara Bank

v State Bank of India

v National Bank For Agriculture And Rural Development

Plot No. C-24, G-Block, Bandra Kurla Complex, Mumbai - 400051, Maharashtra, India

v State Bank of Patiala

SCO No 414, Sector 8, Panchkula - 134109, Haryana, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
From Banks Syndicate Bank	0.000	416.182
Bank of Maharashtra	554.516	888.120
Dena Bank	221.153	499.156
Andhra Bank	0.000	360.000
Punjab and Sind Bank	0.000	999.387
From Other Parties REC	17795.993	18327.807
NCRPB	759.367	949.211
PFC	3562.839	3395.111
SHORT TERM BORROWINGS
Cash Credit from Banks State Bank of Patiala	417.515	0.000
Punjab National Bank	0.000	8.850
Dena Bank	1008.145	962.925
Canara Bank	230.510	958.102
Andhra Bank	1007.660	0.000
Bank Overdraft - State Bank of India	10.213	0.000
Total	25567.911	27764.851

Banking Relations :	--
Financial Institutions :	v Power Finance Corporation Limited 'Urjanidhi', 1,Barakhamba Lane, Connaught Place,, New Delhi - 110001, Delhi, India v Rural Electrification Corporation Limited Core 4scope Complex, 7 Lodi Road, New Delhi - 110003, Delhi, India
Auditors :
Name :	PDMAG and Company Chartered Accountants
Address :	1207, Sector 42 B, Chandigarh – 160036, India
Income-tax PAN of auditor or auditor's firm :	AAAFP4206H

CAPITAL STRUCTURE

AS ON 18.12.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000,000	Equity Shares	Rs. 1000/- each	Rs. 50000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
19,367,157	Equity Shares	Rs. 1000/- each	Rs. 19367.157 Millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000,000	Equity Shares	Rs. 1000/- each	Rs. 50000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
17,975,657	Equity Shares	Rs. 1000/- each	Rs. 17975.657 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	17975.657	12618.457	12618.457
(b) Reserves & Surplus	5236.616	5141.490	3714.508
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	2142.701	6748.701	3748.701
Total Shareholders’ Funds (1) + (2)	25354.974	24508.648	20081.666
(3) Non-Current Liabilities
(a) long-term borrowings	48334.514	42294.896	40781.230
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	2338.287	2707.046	2806.177
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	50672.801	45001.942	43587.407
(4) Current Liabilities
(a) Short term borrowings	2674.043	1929.877	29.294
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	6287.673	5811.182	5798.764
(d) Short-term provisions	0.000	0.000	689.077
Total Current Liabilities (4)	8961.716	7741.059	6517.135
TOTAL	84989.491	77251.649	70186.208
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	45063.477	35101.929	24590.398
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	10154.542	16355.001	21484.095
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	12876.017	12995.223	13147.234
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	965.408	956.588	1753.323
(e) Other Non-current assets	12153.128	3416.241	3575.254
Total Non-Current Assets	81212.572	68824.982	64550.304
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	664.038	780.145	819.864
(c) Trade receivables	2344.590	6232.807	4053.747
(d) Cash and cash equivalents	619.634	1306.769	666.727
(e) Short-term loans and advances	109.306	97.685	94.256
(f) Other current assets	39.351	9.261	1.310
Total Current Assets	3776.919	8426.667	5635.904
TOTAL	84989.491	77251.649	70186.208

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	9132.102	11125.938	11988.709
		Other Income	2237.990	716.348	656.691
		TOTAL (A)	11370.092	11842.286	12645.400
Less	EXPENSES
		Employees benefits expense	4517.328	3364.033	4253.553
		Other expenses	1156.377	2067.193	1878.597
		TOTAL (B)	5673.705	5431.226	6132.150
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5696.387	6411.060	6513.250
Less	FINANCIAL EXPENSES (D)		3878.041	3061.080	2782.929
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1818.346	3349.980	3730.321
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2195.200	1598.954	1387.178
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(376.854)	1751.026	2343.143
Less	TAX (H)		0.000	350.340	467.001
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(376.854)	1400.686	1876.142
	Earnings/ (Loss) Per Share (Rs.)
	Basic		(29.87)	111.00	183.35
	Diluted		(18.23)	79.28	148.68

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(3.31)	11.83	14.84
Net Profit Margin (PBT/Sales)	(%)	(4.13)	15.74	19.54
Return on Total Assets (PBT/Total Assets}	(%)	(0.61)	3.66	6.59
Return on Investment (ROI) (PBT/Networth)		(0.01)	0.07	0.12
Debt Equity Ratio (Total Debt/Networth)		2.01	1.80	2.03
Current Ratio (Current Asset/Current Liability)		0.42	1.09	0.86

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	12618.457	12618.457	17975.657
Reserves & Surplus	3714.508	5141.490	5236.616
Share Application money pending allotment	3748.701	6748.701	2142.701
Net worth	20081.666	24508.648	25354.974
long-term borrowings	40781.230	42294.896	48334.514
Short term borrowings	29.294	1929.877	2674.043
Total borrowings	40810.524	44224.773	51008.557
Debt/Equity ratio	2.032	1.804	2.012

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	11988.709	11125.938	9132.102
		(7.197)	(17.921)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	11988.709	11125.938	9132.102
Profit	1876.142	1400.686	(376.854)
	15.65%	12.59%	(4.13%)

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	No
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	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	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10456311	11/10/2013	952,000,000.00	NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMEN  T	PLOT NO. C-24, G-BLOCK, BANDRA KURLA COMPLEX, MUMBAI - 400051, MAHARASHTRA, INDIA	B88041595
2	10402268	29/01/2013 *	250,000,000.00	STATE BANK OF PATIALA	SCO NO 414, SECTOR 8, PANCHKULA - 134109, HARYANA, INDIA	B67828061
3	10402161	10/01/2013	361,818,000.00	NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMEN  T	PLOT NO. C-24, G-BLOCK, BANDRA KURLA COMPLEX, MUMBAI - 400051, MAHARASHTRA, INDIA	B67767079
4	10367577	24/07/2012	1,266,504,000.00	RURAL ELECTRIFICATION CORPORATION LIMITED	CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI - 110003, INDIA	B44538742
5	10337085	16/12/2013 *	210,000,000.00	POWER FINANCE CORPORATION LIMITED	'URJANIDHI', 1, BARAKHAMBA LANE, CONNAUGHT PLACE, NEW DELHI - 110001, INDIA	B93666519
6	10333139	17/01/2012	286,395,000.00	RURAL ELECTRIFICATION CORPORATION LIMITED	CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI - 110003, INDIA	B31061203
7	10318329	11/11/2011	520,000,000.00	POWER FINANCE CORPORATION LIMITED	'URJANIDHI', 1, BARAKHAMBA LANE, CONNAUGHT PLACE, NEW DELHI - 110001, INDIA	B25582768
8	10318336	11/11/2011	750,000,000.00	POWER FINANCE CORPORATION LIMITED	'URJANIDHI', 1, BARAKHAMBA LANE, CONNAUGHT PLACE, NEW DELHI - 110001, INDIA	B25585001
9	10299663	29/07/2011	1,112,202,000.00	RURAL ELECTRIFICATION CORPORATION LIMITED	CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI - 110003, INDIA	B17874918
10	10297557	07/07/2011	360,800,000.00	POWER FINANCE CORPORATION LIMITED	'URJANIDHI', 1, BARAKHAMBA LANE, CONNAUGHT PLACE, NEW DELHI - 110001, INDIA	B16973224
11	10297374	07/07/2011	432,600,000.00	POWER FINANCE CORPORATION LIMITED	'URJANIDHI', 1, BARAKHAMBA LANE, CONNAUGHT PLACE, NEW DELHI - 110001, INDIA	B16917395
12	10281739	01/04/2011	390,000,000.00	POWER FINANCE CORPORATION LIMITED	'URJANIDHI', 1, BARAKHAMBA LANE, CONNAUGHT PLACE, NEW DELHI - 110001, INDIA	B11145315
13	10281740	01/04/2011	1,200,000,000.00	POWER FINANCE CORPORATION LIMITED	'URJANIDHI', 1, BARAKHAMBA LANE, CONNAUGHT PLACE, NEW DELHI - 110001, INDIA	B11146529
14	10249851	29/07/2011 *	1,195,274,300.00	RURAL ELECTRIFICATION CORPORATION LIMITED	CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI - 110003, INDIA	B18099879
15	10244012	28/09/2010	1,000,000,000.00	BANK OF MAHARASHTRA	SCO 39, SECTOR 11, PANCHKULA - 134109, HARYANA, INDIA	A96129044
16	10239609	06/12/2012 *	2,000,000,000.00	ANDHRA BANK	SCO 202-204, SECTOR 17-C, CHANDIGARH - 160017, INDIA	B63402564
17	10232934	26/07/2010	877,000,000.00	POWER FINANCE CORPORATION LIMITED	'URJANIDHI', 1, BARAKHAMBA LANE, CONNAUGHT PLACE, NEW DELHI - 110001, INDIA	A90827577
18	10230435	30/06/2010	2,541,200,000.00	POWER FINANCE CORPORATION LIMITED	'URJANIDHI', 1, BARAKHAMBA LANE, CONNAUGHT PLACE, NEW DELHI - 110001, INDIA	A89831861
19	10199094	19/01/2010	2,000,000,000.00	CANARA BANK	SCO 12 SECTOR 10, PANCHKULA - 134109, HARYANA, INDIA	A77807527
20	10193633	30/12/2009	3,900,000,000.00	DENA BANK	SCO 89 SECTOR 21, PANCHKULA - 134116, HARYANA, INDIA	A76090950
21	10188090	13/11/2009	500,000,000.00	THE KARNATAKA BANK LIMITED	SCO 66 SECTOR 11, PANCHKULA - 134109, HARYANA, INDIA	A74004847
22	10184642	29/07/2011 *	596,482,000.00	RURAL ELECTRIFICATION CORPORATION LIMITED	CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI - 110003, INDIA	B18163220
23	10175440	11/09/2009	500,000,000.00	BANK OF MAHARASHTRA	SCO 39, SECTOR 11, PANCHKULA - 134109, HARYANA, INDIA	A69650117
24	10177052	11/08/2010 *	967,000,000.00	POWER FINANCE CORPORATION LIMITED	'URJANIDHI', 1, BARAKHAMBA LANE, CONNAUGHT PLACE, NEW DELHI - 110001, INDIA	A91866640
25	10177055	11/08/2010 *	994,100,000.00	POWER FINANCE CORPORATION LIMITED	'URJANIDHI', 1, BARAKHAMBA LANE, CONNAUGHT PLACE, NEW DELHI - 110001, INDIA	A91746677
26	10173939	13/08/2009	1,778,400,000.00	RURAL ELECTRIFICATION CORPORATION LIMITED	CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI - 110003, INDIA	A68781715
27	10166916	29/07/2011 *	1,240,876,000.00	RURAL ELECTRIFICATION CORPORATION LIMITED	CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI - 110003, INDIA	B18162180
28	10159466	29/07/2011 *	875,147,000.00	RURAL ELECTRIFICATION CORPORATION LIMITED	CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI - 110003, INDIA	B18093534
29	10158132	29/07/2011 *	127,281,600.00	RURAL ELECTRIFICATION CORPORATION LIMITED	CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI - 110003, INDIA	B18106500
30	10147809	13/03/2012 *	10,576,034,000.00	RURAL ELECTRIFICATION CORPORATION LIMITED	CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI - 110003, INDIA	B35513266
31	10150998	18/03/2009	611,700,000.00	NATIONAL CAPITAL REGION PLANNING BOARD	1ST FLOOR CORE 4 B INDIA HABITAT CENTRE, LODHI ROAD, NEW DELHI - 110003, INDIA	A59997924
32	10147204	26/03/2009 *	800,000,000.00	STATE BANK OF PATIALA	SCO 414 SECTOR 8, PANCHKULA - 134109, HARYANA, INDIA	A58811001
33	10140092	23/01/2009	1,000,000,000.00	STATE BANK OF PATIALA	SCO 414 SECTOR 8, PANCHKULA - 134109, HARYANA, INDIA	A55610026
34	10135975	29/07/2011 *	426,960,000.00	RURAL ELECTRIFICATION CORPORATION LIMITED	CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI - 110003, INDIA	B18094417
35	10136271	30/10/2013 *	3,777,023,000.00	RURAL ELECTRIFICATION CORPORATION LIMITED	CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI - 110003, INDIA	B91557447
36	10130867	29/07/2011 *	826,850,000.00	RURAL ELECTRIFICATION CORPORATION LIMITED	CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI - 110003, INDIA	B18091116
37	10126715	29/07/2011 *	1,941,699,000.00	RURAL ELECTRIFICATION CORPORATION LIMITED	CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI - 110003, INDIA	B18100719
38	10101637	05/05/2008	306,838,000.00	RURAL ELECTRIFICATION CORPORATION LIMITED	CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, DELH  I - 110003, INDIA	A37926219
39	10081376	29/07/2011 *	2,296,576,000.00	RURAL ELECTRIFICATION CORPORATION LIMITED	CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, DELH  I - 110003, INDIA	B18086371
40	10076571	29/10/2007	1,174,511,000.00	NATIONAL CAPITAL REGION PLANNING BOARD	1ST FLOOR CORE 4-B INDIA HABITAT CENTRE, LODHI ROAD, NEW DELHI - 110003, INDIA	A27169986
41	10061146	23/07/2007	829,890,000.00	RURAL ELECTRIFICATION CORPORATION LIMITED	CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, DELH  I - 110003, INDIA	A19256262
42	10041749	02/03/2007	692,746,000.00	RURAL ELECTRIFICATION CORPORATION LIMITED	CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, DELH  I - 110003, INDIA	A12020632
43	10028413	20/11/2006	1,773,574,000.00	RURAL ELECTRIFICATION CORPORATION LIMITED	CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, DELH  I - 110003, INDIA	A07335219
44	10020770	22/08/2006	233,238,000.00	RURAL ELECTRIFICATION CORPORATION LIMITED	CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, DELH  I - 110003, INDIA	A05055017
45	10011895	23/06/2006	510,500,000.00	RURAL ELECTRIFICATION CORPORATION LIMITED	CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, DELH  I - 110003, INDIA	A02262780
46	90051560	20/05/2005	816,980,000.00	RURAL ELECTRIFICATION CORPORATION LIMITED	CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, DELH  I - 110003, INDIA	-
47	90051446	31/03/2005	659,729,786.00	RURAL ELECTRIFICATION CORPORATION LIMITED	CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, DELH  I - 110003, INDIA	-
48	90064689	29/03/2005 *	63,394,000.00	RURAL ELECTRIFICATION CORPORATION LIMITED	CORE-4 SCOPE COMPLEX, 7, LODHI ROAD, NEW DELHI, D  ELHI - 110003, INDIA	-
49	80015064	29/03/2005	60,395,000.00	RURAL ELECTRIFICATION CORPORATION LIMITED	CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, DELH  I - 110003, INDIA	-
50	80015062	29/03/2005	72,394,000.00	RURAL ELECTRIFICATION CORPORATION LIMITED	CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, DELH  I - 110003, INDIA	-
51	90064618	24/09/2004	44,180,000.00	RURAL ELECTRIFICATION CORPORATION LIMITED	CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, DELH  I - 110003, INDIA	-
52	80015067	24/09/2004	97,381,000.00	RURAL ELECTRIFICATION CORPORATION LIMITED	CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, DELH  I - 110003, INDIA	-
53	90064566	06/05/2004	214,031,000.00	RURAL ELECTRIFICATION CORPORATION LIMITED	CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, DELH  I - 110003, INDIA	-
54	90064548	24/03/2004	212,795,000.00	RURAL ELECTRIFICATION CORPORATION LIMITED	CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, DELH  I - 110003, INDIA	-
55	80015070	24/03/2004	260,401,000.00	RURAL ELETRIFICATION CORPORATION LIMITED	CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, DELH  I - 110003, INDIA	-
56	80015074	24/03/2004	533,578,000.00	RURAL ELECTRIFICATION CORPORATION LIMITED	CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, DELH  I - 110003, INDIA	-
57	80015073	24/03/2004	682,700,000.00	RURAL ELECTRIFICATION CORPORATION LIMITED	CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, DELH  I - 110003, INDIA	-
58	90064058	24/04/2000 *	2,911,000,000.00	SBP ( LEAD BANK)	SECTOR 7, PANCHKULA - 134109, HARYANA, INDIA	-

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Bonds	16937.180	8594.180
From Other Parties NCRPB	166.301	264.904
PFC	209.708	601.681
NABARD	2.427	0.000
World Bank	6056.562	4974.238
Deferred Payment Liabilities	148.924	179.572
Other Loans and Advances	1919.544	1845.347
Total	25440.646	16459.922

OPERATIONAL PERFORMANCE

The Company has partnership interest in the generating assets of BBMB. The Company had received 2884.007 MUs power from BBMB power plant for its share during the period.

Haryana Vidyut Prasaran Nigam Limited, being a Transmission Company has wheeled 76098.247 MUs 'power during the period as against 36363.127 MUs power in the previous year i.e. 109% more power was wheeled by the Company during the financial year 2012-2013 as compared to the previous year.

CONTINGENT LIABILITIES

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
Contingent Liabilities in respect of Civil suits/ arbitration cases against the company	89.268	113.003
Contingent Liabilities towards fringe benefit tax	68.034	68.034
Contingent liabilities towards other claim	95.888	96.634
Total	253.190	277.671

FIXED ASSETS

v Land

v Building and Civil Structures

v Transmission/Distribution Systems

v Vehicles

v Furniture and Fixtures

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 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. 60.32
UK Pound	1	Rs. 100.04
Euro	1	Rs. 82.65

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	RAS
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.