MIRA INFORM REPORT

Report Date :

14.04.2014

IDENTIFICATION DETAILS

Name :	HPL ELECTRIC AND POWER PRIVATE LIMITED (w.e.f. 10.03.2010)
Formerly Known As :	HPL-SOCOMEC PRIVATE LIMITED
Registered Office :	1/21, Asaf Ali Road, New Delhi - 110002
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	28.05.1992
Com. Reg. No.:	55-048945
Capital Investment / Paid-up Capital :	Rs. 185.717 Millions
CIN No.: [Company Identification No.]	U74899DL1992PTC048945
TAN No.: [Tax Deduction & Collection Account No.]	DELH01646B
PAN No.: [Permanent Account No.]	AAACH0165J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers of Electrical Switchgear, Metering and Energy Management Equipment.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 11530000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is established company having satisfactory track record. The rating reflects healthy financial risk profile marked by sound liquidity position and fair probability levels of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – 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 PARTED BY

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-11-23234411)

LOCATIONS

Registered/ Corporate Office :	1/21, Asaf Ali Road, New Delhi - 110002, India
Tel. No.:	91-11-23234811/ 23234411/ 23236811
Fax No.:	91-11-23232639
E-Mail :	hpl@hpindia.com gsm@hplindia.com
Website :	http://www.hplindia.com
Factory:	133 Pace City-1, Sector 37, Gurgaon-122001, Haryana, India
Factory :	Also Located at: · Delhi · Haryana · Noida · Jabli · Sonepat
Branches :	Located at: · Ahmedabad · Guwahati · Mumbai · Bangalore · Hyderabad · Nagpur · Bhubaneswar · Indore · Pune · Chandigarh · Jaipur · Raipur · Chennai · Kanpur · Ranchi · Cochin · Kolkata · Vadodara · Coimbatore · Lucknow · Vijaywada · Vizag

DIRECTORS

As on 30.09.2013

Name :

Mr. Lalit Seth

Designation :

Director

Address :

35, Sunder Nagar, New Delhi - 110003, India

Date of Birth/Age :

25.05.1946

Date of Appointment :

28.05.1992

PAN No.:

AATPS1284R

DIN No.:

00312007

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	U74899DL1968PTC004931	AMEREX INDIA PRIVATE LIMITED	Director	30/08/1968	30/08/1968	-	Active	NO
2	U74899DL1956PTC002736	HAVELL'S PRIVATE LIMITED	Director	24/04/1971	24/04/1971	-	Active	NO
3	U74899DL1989PLC034489	HPL INDIA LIMITED	Director	02/01/1989	02/01/1989	-	Active	NO
4	U74899DL1991PTC043094	LK HPL PRIVATE LIMITED	Director	14/02/1991	14/02/1991	-	Active	NO
5	U74899DL1992PTC048945	HPL ELECTRIC AND POWER PRIVATE LIMITED	Director	28/05/1992	28/05/1992	-	Active	NO
6	U00000HR1999PTC038504	SOCOMEC INDIA PRIVATE LIMITED	Director	02/11/1999	02/11/1999	31/03/2008	Active	NO
7	U74899DL1974PTC007504	HAVELLS ELECTRONICS PVT LTD	Director	03/07/2003	03/07/2003	-	Active	NO
8	U31909HP2003PTC027983	HIMACHAL ENERGY PRIVATE LIMITED	Director	03/07/2003	03/07/2003	-	Active	NO
9	U74899DL2000PLC107001	HPL PROTECTION TECHNOLOGIES LIMITED	Director	30/09/2005	30/09/2005	-	Amalgamated	NO
10	U74899DL2005PTC142648	EATON ELECTRIC PRIVATE LIMITED	Director	17/11/2005	17/11/2005	03/10/2011	Active	NO
11	U74899DL1974PTC005351	JESONS IMPLEX PRIVATE LIMITED	Additional director	26/03/2009	26/03/2009	-	Active	NO
12	U40107DL2010PLC202938	HPL POWER CORPORATION LIMITED	Director	20/05/2010	20/05/2010	-	Active	NO

Name :

Mr. Gautam Seth

Designation :

Director

Address :

35, Sunder Nagar, New Delhi - 110003, India

Date of Birth/Age :

02.01.1970

Date of Appointment :

15.02.2008

PAN No.:

AATPS1285Q

DIN No.:

00203405

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	U00000HR1999PTC038504	SOCOMEC INDIA PRIVATE LIMITED	Director	09/12/1999	09/12/1999	31/03/2008	Active	NO
2	U74899DL2000PLC107001	HPL PROTECTION TECHNOLOGIES LIMITED	Managing director	31/12/2007	27/07/2000	-	Amalgamated	NO
3	U74899DL2005PTC142648	EATON ELECTRIC PRIVATE LIMITED	Director	17/11/2005	17/11/2005	03/10/2011	Active	NO
4	U74899DL1989PLC034489	HPL INDIA LIMITED	Director	30/09/2006	30/09/2006	-	Active	NO
5	U74899DL1992PTC048945	HPL ELECTRIC AND POWER PRIVATE LIMITED	Director	15/02/2008	15/02/2008	-	Active	NO
6	U74899DL1974PTC005351	JESONS IMPLEX PRIVATE LIMITED	Additional director	03/04/2008	03/04/2008	-	Active	NO
7	U40107DL2010PLC202938	HPL POWER CORPORATION LIMITED	Director	20/05/2010	20/05/2010	-	Active	NO
8	U74899DL1974PTC007504	HAVELLS ELECTRONICS PRIVATE LIMITED	Additional director	30/06/2012	30/06/2012	-	Active	NO

Name :

Mr. Rishi Seth

Designation :

Director

Address :

35, Sunder Nagar, New Delhi - 110003, India

Date of Birth/Age :

21.12.1970

Date of Appointment :

14.04.2005

PAN No.:

AATPS1286P

DIN No.:

00203469

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	U74899DL1989PLC034489	HPL INDIA LIMITED	Director	11/01/1995	11/01/1995	-	Active	NO
2	U74899DL2000PLC107001	HPL PROTECTION TECHNOLOGIES LIMITED	Director	27/07/2000	27/07/2000	-	Amalgamated	NO
3	U74899DL1956PTC002736	HAVELL'S PRIVATE LIMITED	Director	26/03/2001	26/03/2001	-	Active	NO
4	U31909HP2003PTC027983	HIMACHAL ENERGY PRIVATE LIMITED	Director	03/07/2003	03/07/2003	-	Active	NO
5	U74899DL1992PTC048945	HPL ELECTRIC AND POWER PRIVATE LIMITED	Director	14/04/2005	14/04/2005	-	Active	NO
6	U74899DL1974PTC005351	JESONS IMPLEX PRIVATE LIMITED	Additional director	03/04/2008	03/04/2008	-	Active	NO
7	U40107DL2010PLC202938	HPL POWER CORPORATION LIMITED	Director	20/05/2010	20/05/2010	-	Active	NO
8	U74899DL1974PTC007504	HAVELLS ELECTRONICS PRIVATE LIMITED	Additional director	30/05/2012	30/05/2012	-	Active	NO

Name :

Mr. Chandra Prakash Jain

Designation :

Additional Director

Address :

GH-1, 0A Orchid Garden, Sun City, Sector -54, Gurgaon - 122002, India

Date of Birth/Age :

03.05.1960

Date of Appointment :

18.05.2009

PAN No.:

ABPPJ3669N

DIN No.:

00311643

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	Company/ LLP Status	Defaulting status
1	U74899DL2000PLC107001	HPL PROTECTION TECHNOLOGIES LIMITED	Additional director	15/05/2008	15/05/2008	Amalgamated	NO
2	U74899DL1992PTC048945	HPL ELECTRIC AND POWER PRIVATE LIMITED	Additional director	18/05/2009	18/05/2009	Active	NO

KEY EXECUTIVES

Name :	Mr. Deepak Singhal
Designation :	Secretary
Address :	3675 B, Narang Colony Road, Tri Nagar, Delhi - 110035, India
Date of Birth/Age :	04.11.1976
Date of Appointment :	25.05.2007
PAN No.:	AUAPS8825K

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Lalit Seth	3081239
Praveen Seth	853239
Socomec SA, France	993316
Amerex India Private Limited, India	84000
Jeasons Impex Private Limited, India	9600
Rishi Seth	396038
Gautam Seth	396038
HPL India Limited, India	4695295
Havells Private Limited, India	1137062
Havell’s Electronic Private Limited, India	4660852
Chandra Prakash Jain	15000
Himachal Energy Private Limited, India	2250000
Total	18571679

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	5.35
Bodies corporate	69.12
Directors or relatives of Directors	25.45
Others	0.08
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of Electrical Switchgear, Metering and Energy Management Equipment.

Products :

Item Code No. (ITC Code)	Product Description
90283000	Electronic Energy Static Meter
85393100	Lighting
85449000	Cables

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· State Bank of India, Overseas Branch, Jawahar Vyapar Bhawan,1 Tolstoy Marg, New Delhi - 110001, Delhi, India

· Indusind Bank Limited, Dr. Gopal Das Building, 28, Barakhamba Road, New Delhi - 10001, Delhi, India

· Axis Bank Limited, 2^nd Floor, Statesman House, 148, Barakhamba Road, New Delhi - 110001, India

· The Bank of Nova Scotia, Dr. Gopal Das Bhawan, 28, Barakhamba Road, New Delhi - 110001, India

· Dbs Bank Limited, Capitol Point, Baba Kharak Singh Marg,, Connaught Place - 110001, Delhi, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Term loans from Banks	82.811	0.000
Rupee term loans from others	0.000	134.463
Other external commercial borrowings	307.345	461.962
Loans taken for fixed assets	5.115	4.778
Loans taken for vehicles	115.617	222.999
SHORT TERM BORROWINGS
Loans repayable on demand from banks	2770.056	2230.695
Total	3280.944	3054.897

Banking Relations :	--
Auditors :
Name :	Sahni Mehra and Company Chartered Accountants
Address :	73, Sunder Nagar, New Delhi, India
Income-tax PAN of auditor or auditor's firm :	AAKPS4256J
Associate:	· Himachal Energy Private Limited CIN No.: U31909HP2003PTC027983 · HPL India Limited CIN No.: U74899DL1989PLC034489

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
20,000,000	Equity Shares	Rs.10/- each	Rs.200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
18,571,679	Equity Shares	Rs.10/- each	Rs.185.717 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	185.717	179.797	179.797
(b) Reserves & Surplus	2697.714	2294.250	2007.350
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	2883.431	2474.047	2187.147
(3) Non-Current Liabilities
(a) long-term borrowings	510.888	824.202	569.640
(b) Deferred tax liabilities (Net)	133.006	103.934	73.795
(c) Other long term liabilities	155.651	76.721	58.452
(d) long-term provisions	11.551	11.893	5.438
Total Non-current Liabilities (3)	811.096	1016.750	707.325
(4) Current Liabilities
(a) Short term borrowings	2770.056	2230.695	1493.196
(b) Trade payables	1767.203	1469.701	829.484
(c) Other current liabilities	456.252	418.956	346.435
(d) Short-term provisions	26.722	15.777	40.196
Total Current Liabilities (4)	5020.233	4135.129	2709.311
TOTAL	8714.760	7625.926	5603.783
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2129.992	1746.608	1268.663
(ii) Intangible Assets	1.200	0.000	0.000
(iii) Capital work-in-progress	277.173	407.419	470.947
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	150.667	150.667	150.667
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	11.442	13.921	14.949
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2570.474	2318.615	1905.226
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2612.646	2107.395	1380.697
(c) Trade receivables	2680.983	2404.040	1752.993
(d) Cash and cash equivalents	524.194	472.010	297.355
(e) Short-term loans and advances	318.562	317.294	263.561
(f) Other current assets	7.901	6.572	3.951
Total Current Assets	6144.286	5307.311	3698.557
TOTAL	8714.760	7625.926	5603.783

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	9032.414	7157.341
		Other Income	43.027	31.198
		TOTAL	9075.441	7188.539
Less	EXPENSES
		TOTAL	8539.726	6737.204	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		535.715	451.335
Less/ Add	DEPRECIATION/ AMORTISATION		113.503	66.935
	PROFIT/ (LOSS) BEFORE TAX		422.212	384.400
Less	TAX		104.414	93.321
	PROFIT/ (LOSS) AFTER TAX		317.798	291.079	377.232
	EARNINGS IN FOREIGN CURRENCY		177.014	24.945	NA
	Earnings / (Loss) Per Share (Rs.)				20.98

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.50	4.05	NA
Net Profit Margin (PBT/Sales)	(%)	4.67	5.37	NA
Return on Total Assets (PBT/Total Assets}	(%)	5.09	5.44	NA
Return on Investment (ROI) (PBT/Networth)		0.15	0.16	NA
Debt Equity Ratio (Total Debt/Networth)		1.14	1.23	0.94
Current Ratio (Current Asset/Current Liability)		1.22	1.28	1.37

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	179.797	179.797	185.717
Reserves & Surplus	2007.350	2294.250	2697.714
Net worth	2187.147	2474.047	2883.431
long-term borrowings	569.640	824.202	510.888
Short term borrowings	1493.196	2230.695	2770.056
Total borrowings	2062.836	3054.897	3280.944
Debt/Equity ratio	0.943	1.235	1.138

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Sales	7157.341	9032.414
		26.198

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Sales	7157.341	9032.414
Profit	291.079	317.798
	4.07%	3.52%

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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10444358	19/08/2013	350,000,000.00	THE BANK OF NOVA SCOTIA	DR. GOPAL DAS BHAWAN, 28, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B82748914
2	10443625	08/02/2014 *	8,500,000,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, JAWAHAR VYAPAR BHAWAN, 1 TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA	C00498097
3	10429094	23/05/2013	400,000,000.00	IDBI BANK LIMITED	IRCS BUILDING,1, RED CROSS ROAD, NEW DELHI, DELHI - 110001, INDIA	B76307800
4	10422515	06/04/2013	120,000,000.00	RATNAKAR BANK LIMITED	SHAHUPURI, VYAPARI PETH, KOLHAPUR, MAHARASHTRA - 416001, INDIA	B73965915
5	10369809	25/07/2012	200,000,000.00	CANARA BANK	JEEVAN BHARTI BUILDING, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA	B45412228
6	10367946	18/07/2012	60,000,000.00	ICICI BANK LIMITED	ICICI BANK TOWER, NBCC PLACE, BHISHMA PITAMAH MARG, PRAGATI VIHAR, NEW DELHI, DELHI - 110003, INDIA	B44658169
7	10371143	26/06/2012	110,000,000.00	RATNAKAR BANK LIMITED	SHAHUPURI, VYAPARI PETH, KOLHAPUR, MAHARASHTRA - 416001, INDIA	B55871800
8	10344589	08/09/2012 *	240,000,000.00	AXIS BANK LTD.	TRISHUL 3RD FLOOR, OPPOSITE SAMARTHESHWAR TEMPLE, LAW GARDEN, ELLIS BRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	B60985579
9	10315779	21/06/2012 *	250,000,000.00	CHINATRUST COMMERCIAL BANK	A1-16, WENGER HOUSE, RAJIV CHOWK, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA	B43993518
10	10307880	21/09/2011	353,500,000.00	ICICI BANK LIMITED	LANDMARK, RACE COURSE CIRCLE, VADODARA, GUJARAT - 390007, INDIA	B21306105
11	10316940	08/01/2013 *	7,993,980,000.00	ICICI BANK LIMITED	NBCC PLACE, BHISHMA PITAMAH MARG, PRAGATI VIHAR, NEW DELHI, DELHI - 110003, INDIA	B66217480
12	10299937	18/07/2012 *	500,000,000.00	ICICI BANK LIMITED	ICICI BANK TOWER, NBCC PLACE, BHISHMA PIITAMAH MARG, PRAGATI VIHAR, NEW DELHI, DELHI - 110003, INDIA	B45599164
13	10282910	05/02/2013 *	8,050,000,000.00	DBS BANK LTD	CAPITOL POINT, BABA KHARAK SINGH MARG, CONNAUGHT PLACE, DELHI - 110001, INDIA	B69006377
14	10280483	28/12/2011 *	200,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA	B32836470
15	10238860	09/08/2010	200,000,000.00	DBS BANK LTD.	UPPER GROUND FLOOR, BIRLA TOWER, 25, BARAKHAMBA R OAD, NEW DELHI, DELHI - 110001, INDIA	A94122272
16	10234688	01/01/2013 *	8,050,000,000.00	ING VYSYA BANK LIMITED	NARIAN MANZIL, GROUND FLOOR, SHOP NO. G1 TO G5, I FLOOR, SHOP NO.1001 TO 1007, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B66261389
17	10233428	28/07/2012 *	500,000,000.00	ING VYSYA BANK LIMITED	NARIAN MANZIL GROUND FLOOR, SHOP NO. G1 TO G5, I FLOOR,SHOP NO.1001 TO 1007, BARAKHAMBA ROAD,, NEW DELHI, DELHI - 110001, INDIA	B45519600
18	10198720	21/09/2013 *	430,000,000.00	AXIS BANK LIMITED	2ND FLOOR, STATESMAN HOUSE, 148, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B86455326
19	10183805	29/01/2013 *	7,650,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA	B68139716
20	10182246	27/12/2012 *	8,090,000,000.00	AXIS BANK LIMITED	TRISHUL 3RD FLOOR, OPPOSITE SAMARTHESHWAR TEMPLE, LAW GARDEN, ELLIS BRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	B65214652
21	10172536	18/09/2012 *	800,000,000.00	IDBI BANK LIMITED	3RD FLOOR, INDIAN RED CROSS SOCIETY BUILDING, 1, RED CROSS ROAD, NEW DELHI, DELHI - 110001, INDIA	B59252676
22	10165927	12/10/2011 *	450,000,000.00	DBS BANK LIMITED	UPPER GROUND FLOOR, BIRLA TOWERS, 25 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B24447930
23	10150091	05/12/2013 *	450,000,000.00	INDUSIND BANK LIMITED	DR. GOPAL DAS BUILDING,, 28, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B93934602
24	10150112	05/12/2012 *	830,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, CHANDRALOK BUILDING, 36, JANPATH , NEW DELHI, DELHI - 110001, INDIA	B64736952
25	10137050	06/04/2011 *	329,000,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, JAWAHAR VYAPAR BHAWAN, 1, TOLST OY MARG, NEW DELHI, DELHI - 110001, INDIA	B13557178
26	10085808	09/08/2012 *	2,070,000,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, JAWAHAR VYAPAR BHAWAN, 1, TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA	B56866064
27	10081683	14/12/2009 *	250,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA	A78381753
28	10021735	05/04/2011 *	91,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, CHANDRALOK BUILDING, JANPATH, NEW DELHI, DELHI - 110001, INDIA	B13509849
29	10021737	05/04/2011 *	47,024,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, CHANDRALOK BUILDING, JANPATH, NEW DELHI, DELHI - 110001, INDIA	B13510151
30	80004367	04/04/2012 *	850,000,000.00	ORIENTAL BANK OF COMMERCE	M-1,2,3, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA	B38997540
31	80004371	03/01/2013 *	7,650,000,000.00	ORIENTAL BANK OF COMMERCE	E - BLOCK, HARSHA BHAWAN, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA	B66585985

* Date of charge modification

UNSECURED LOANS

Unsecured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. In Millions)
Total

FIXED ASSETS

v Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipment

· Other Equipments

v Intangible Assets

· Computer Software

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.60.27
UK Pound	1	Rs.101.10
Euro	1	Rs.83.74

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	KAR
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		49

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.