MIRA INFORM REPORT

Report Date :

15.04.2014

IDENTIFICATION DETAILS

Name :	AGC NETWORKS LIMITED
Registered Office :	Equinox Business Park, Tower 1 (Peninsula Techno Park), Off. Bandra-Kurla Complex,  LBS Marg, Kurla (West), Mumbai – 400070, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	19.08.1986
Com. Reg. No.:	11-040652
Capital Investment / Paid-up Capital :	Rs.285.000 Millions
CIN No.: [Company Identification No.]	L32200MH1986PLC040652
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in manufacturing, trading and integrating network solutions and selling reputed brand of Video Conference, Voice and Data Products and also provides annual maintenance service for telecom, networking and electronic products.
No. of Employees :	Information declined by management

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 9560000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having satisfactory record. Company has incurred loss from its operation in 2013. However, overall fundamentals of the company seems to be strong and healthy. Trade relations are reported to be fair. Business is active. Payment terms are regular. The company can be considered normal for business dealing at usual trade terms and condition.

NOTES :

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

INDIAN ECONOMIC OVERVIEW

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities: “BBB+”
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	31.03.2014

Rating Agency Name	CARE
Rating	Short term bank facilities: “A2”
Rating Explanation	Have strong degree of safety and carry low credit risk.
Date	31.03.2014

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. (Tel No. 91-22-66617272)

LOCATIONS

Registered Office / Corporate Office:	Equinox Business Park, Tower 1 (Peninsula Techno Park), Off. Bandra-Kurla Complex,  LBS Marg, Kurla (West), Mumbai – 400070, Maharashtra, India
Tel. No.:	91-22-66617272
Fax No.:	91-22-24930644
E-Mail :	neelam.Kapoor@essar.com investors@agcnetworks.com
Website :	www.agcnetworks.com
Factory :	E-1/I, Gandhinagar Electronics Estate,  Gandhinagar - 382044, Gujarat, India
Tel. No.:	91-79-66712200
Regional Offices:	Located At · Bangalore · Chennai · Gandhinagar · Gurgaon · Hyderabad · Kolkata · Mumbai · Pune
Branches and Service Centers :	Located At · Bhopal · Bilaspur · Chandigarh · Guwahati · Kochi · Nagpur · Surat · Vadodara
Global Presence :	Located At · Australia · Bangladesh · Kenya · New Zealand, · Phillipines · Saudi Arabia · Singapore · South Africa · Sri Lanka · UAE · USA

DIRECTORS

As on 31.03.2013

Name :	Mr. Sujay R. Sheth
Designation :	Chairman - Non-Executive and Independent Director
Name :	Mr. S. K. Jha
Designation :	Managing Director and Chief Executive Officer
Name :	Mr. Sudip Rungta (Till 28.05.2013)
Designation :	Director
Name :	Mr. Shuva Mandal
Designation :	Independent Non-Executive Director
Date of Birth/ Age:	50 Years
Date of Appointment:	21.05.2011
Name :	Dr. Haseeb Drabu
Designation :	Director
Date of Appointment:	28.05.2013

KEY EXECUTIVES

Name :	Mr. Pratik Bhanushali
Designation :	Company Secretary
AUDIT COMMITTEE :
Name :	Mr. Sujay R. Sheth
Designation :	Chairman
Name :	Mr. Shuva Mandal
Designation :	Independent Non-Executive Director
Name :	Mr. Sudip Rungta (till 28.05.2013)
Designation :	Director
Name :	Dr. Haseeb Drabu (from 28.05.2013)
Designation :	Director
SHAREHOLDERS’/INVESTORS’ GRIEVANCE COMMITTEE
Name :	Mr. Sujay R. Sheth
Designation :	Chairman
Name :	Mr. S. K. Jha
Designation :	Managing Director and Chief Executive Officer
ETHICS And COMPLIANCE COMMITTEE :
Name :	Mr. Shuva Mandal
Designation :	Chairman
Name :	Mr. Sujay R. Sheth
Designation :	Director
Remuneration Committee
Name :	Mr. Sujay R. Sheth
Designation :	Chairman
Name :	Mr. S. K. Jha
Designation :	Managing Director and Chief Executive Officer
EXECUTIVE COMMITTEE
Name :	Mr. Sujay R. Sheth
Designation :	Chairman
Name :	Mr. S. K. Jha
Designation :	Managing Director and Chief Executive Officer
Name :	Mr. Sudip Rungta (till 28.05.2013)
Designation :	Director
Name :	Dr. Haseeb Drabu (from 28.05.2013)
Designation :	Director

MAJOR SHAREHOLDERS

As on 31.12.2013

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	21349848	75.00
Sub Total	21349848	75.00
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	21349848	75.00
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	10228	0.04
Financial Institutions / Banks	1800	0.01
Central Government / State Government(s)	327834	1.15
Insurance Companies	200	0.00
Foreign Institutional Investors	1988642	6.99
Sub Total	2328704	8.18
(2) Non-Institutions
Bodies Corporate	888665	3.12
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	2915103	10.24
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	798061	2.80
Any Others (Specify)	186083	0.65
Overseas Corporate Bodies	600	0.00
Non Resident Indians	185483	0.65
Sub Total	4787912	16.82
Total Public shareholding (B)	7116616	25.00
Total (A)+(B)	28466464	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	28466464	100.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

Sl.No.	Name of the Shareholder	Details of Shares held
		No. of Shares held	As a %
1	Aegis Limited	2,13,49,848	75.00
	Total	2,13,49,848	75.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as %
1	India Opportunities Growth Fund Limited - Pinewood Strategy	1364630	4.79
2	Emerging India Focus Funds	315895	1.11
	Total	1680525	5.90

BUSINESS DETAILS

Line of Business :

Subject is engaged in manufacturing, trading and integrating network solutions and selling reputed brand of Video Conference, Voice and Data Products and also provides annual maintenance service for telecom, networking and electronic products.

GENERAL INFORMATION

No. of Employees :

Information declined by management

Bankers :

• Bank of India
• Crédit Agricole - CIB
• IDBI Bank Limited
• Yes Bank Limited

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Cash credit from banks (Secured)	1560.000	692.000
Buyers credit from banks (Secured)	362.000	210.000
Indian Rupee Term loan from bank (Secured)	400.000	0.000
Total	2322.000	902.000

NOTE:

1. Cash credit and buyers credit from banks is secured by first exclusive charge on entire current assets of the Company (present and future) including stocks of raw material, WIP, finished goods, book debts, insurances, etc. and by second charge on all moveable fixed assets of the Company. The cash credit is repayable on demand. Buyers credit is repayable on due date.

2. Indian rupee term loan from bank is secured by first charge on all moveable fixed assets of the Company and by corporate guarantee of Aegis Limited (holding company). Same is repayable 10 weekly installments of Rs. 40.000 Millions each starting from 16 April 2013.

Banking Relations :	--
Auditors :
Name :	S. R. Batliboi and Associates Chartered Accountants
Address:	5^th Floor, Block B2, Nirlon Knowledge Park, Off Western Express Highway, Goregaon (East), Mumbai – 400063, Maharashtra, India
Tel. No.:	91-22-61920000
Fax No.:	91-22-61923000
Holding Company:	· Aegis Limited (w.e.f. 03 June 2011) · Aegis Limited - Subsidiary of holding company (w.e.f. 20 Jan 2011 till 02 June 2011) · AGC Holdings Limited [(formerly known as Essar Services Holdings Limited) upto 02 June 2011] · Essar Telecom Limited (Subsidiary of Essar Global Limited)
Ultimate Holding Company:	Essar Global Limited
Subsidiaries :	· AGC Networks Australia Pty. Limited · AGC Networks Pte Limited (formerly known as Aegis Tech. Singapore Pte. Limited) (w.e.f. 01 May 2011, fellow subsidiary upto 30 Apr 2011) · AGC networks Inc. (w.e.f. 22 February 2012)
Fellow Subsidiaries :	· Aegis Tech Limited · Actionline De Argentina SA · Aegis Communications Group Inc · Aegis Services Australia Pty Limited · Aegis Services Philippines Inc · Aegis Aspire Consultancy Services Limited · Aegis BPO Holdings SA · Aegis Outsourcing UK Limited · Global Ventedge Private Limited · Equinox Business Parks Private Limited · Essar Oil Limited · Essar Projects (India) Limited · Essar Power MP Limited · Essar Power Gujarat Limited · Essar Power (Jharkhand) Limited · Essar Steel Limited · Essar Telecom Kenya Limited · Essar Power Transmission Company Limited · Vadinar Power Company Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs. 10/- each	Rs. 300.000 Millions
1000000	Cumulative Redeemable Preference Shares	Rs.100/- each	Rs.100.000 Millions
	Total		Rs. 400.00 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
28466464	Equity Shares	Rs. 10/- each	Rs. 285.000 Millions

NOTE

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

Name of the Shareholder	No. of Shares	Rs In Millions
At the beginning of the period	14233232	142.000
Issued during the period – Bonus issue	14233232	142.000
Outstanding at the end of the period	28466464	284.000

b) Terms / rights attached to equity shares

The Company has only one class of equity shares having par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend if proposed by the Board of Directors is subject to the approval of the shareholders in the Annual General Meeting. During the year ended 31 March 2013, the amount of per share dividend recognized as distributions to equity shareholders was Rs. Nil (31 march 2012: Rs. 15)

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders

c) Shares held by holding Company

Out of equity shares issued by the Company, shares held by its holding Company are as below:

Name of shareholder	31.03.2013 (Rs. In Millions)
Aegis Limited, (Holding Company w.e.f. 3 June 2011) 21349848 equity shares of Rs. 10 each fully paid	213.000

d) Aggregate number of bonus shares issued during the period of five years immediately preceding the reporting date:

Name of the Shareholder	31.03.2013 No. of Shares
Equity shares allotted as fully paid bonus shares by capitalization of securities premium	14233232

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

Name of the Shareholder	31.03.2013
	No. of Shares	% of Holding
Aegis Limited, (Holding Company w.e.f. 3 June 2011) held	21349848	75.00%

As per of the Company, including its register of shareholders / members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares.

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	285.000	142.000	142.000
(b) Reserves & Surplus	2105.000	2479.000	2564.000
(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)	2390.000	2621.000	2706.000
(3) Non-Current Liabilities
(a) long-term borrowings	21.000	0.000	25.000
(b) Deferred tax liabilities (Net)	0.000	40.000	49.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	77.000	46.000	0.000
Total Non-current Liabilities (3)	98.000	86.000	74.000
(4) Current Liabilities
(a) Short term borrowings	2322.000	902.000	0.000
(b) Trade payables	1935.000	1461.000	1347.000
(c) Other current liabilities	1046.000	878.000	403.000
(d) Short-term provisions	52.000	305.000	100.000
Total Current Liabilities (4)	5355.000	3546.000	1850.000
TOTAL	7843.000	6253.000	4630.000
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	213.000	253.000	150.000
(ii) Intangible Assets	12.000	22.000	36.000
(iii) Capital work-in-progress	0.000	0.000	31.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	492.000	150.000	950.000
(c) Deferred tax assets (net)	0.000	125.000	138.000
(d) Long-term Loan and Advances	689.000	527.000	41.000
(e) Other Non-current assets	11.000	7.000	7.000
Total Non-Current Assets	1417.000	1084.000	1353.000
(2) Current assets
(a) Current investments	0.000	800.000	0.000
(b) Inventories	778.000	606.000	410.000
(c) Trade receivables	3169.000	2670.000	1974.000
(d) Cash and cash equivalents	937.000	486.000	94.000
(e) Short-term loans and advances	1465.000	584.000	799.000
(f) Other current assets	77.000	23.000	0.000
Total Current Assets	6426.000	5169.000	3277.000
TOTAL	7843.000	6253.000	4630.000

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	5878.000	6210.000	3056.000
		Other Income	487.000	114.000	29.000
		TOTAL (A)	6365.000	6324.000	3085.000
Less	EXPENSES
		Cost of raw material and components consumed	227.000	237.000	90.000
		Purchase of traded goods	3142.000	3277.000	1623.000
		(Increase)/ decrease in inventories of finished goods, work-in-progress and stores and spares	(162.000)	(298.000)	52.000
		Excise duty	1.000	1.000	7.000
		Employee benefits expense	1142.000	1070.000	459.000
		Other expenses	1735.000	1548.000	623.000
		Exceptional items	0.000	9.000	0.000
		TOTAL (B)	6085.000	5844.000	2854.000
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		280.000	480.000	231.000
Less	FINANCIAL EXPENSES (D)		323.000	63.000	6.000
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		43.000	417.000	225.000
Less/ Add	DEPRECIATION/ AMORTISATION (F)		111.000	127.000	37.000
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		(154.000)	290.000	188.000
Less	TAX (H)		78.000	127.000	60.000
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		(232.000)	163.000	128.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		784.000	885.000	809.000
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	16.000	15.000
		Proposed Dividend	0.000	213.000	32.000
		Corporate Dividend Tax	0.000	35.000	5.000
	BALANCE CARRIED TO THE B/S		552.000	784.000	885.000
	EARNINGS IN FOREIGN CURRENCY
		Sales proceeds from overseas branch / Export Oriented Unit	407.000	893.000	760.000
	TOTAL EARNINGS		407.000	893.000	760.000
	IMPORTS
		Raw materials and components	12.000	44.000	83.000
		Traded Goods	1674.000	2252.000	1259.000
		Capital Goods	14.000	23.000	12.000
	TOTAL IMPORTS		1700.000	2319.000	1354.000
	Earnings Per Share (Rs.)		(8.16)	5.72	8.99

QUARTERLY RESULTS

PARTICULARS	30.06.2013	30.09.2013	31.12.2013
	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	781.000	895.000	736.000
Total Expenditure	1256.000	1200.000	996.000
PBIDT (Excl OI)	(475.000)	(305.000)	(260.000)
Other Income	57.000	54.000	43.000
Operating Profit	(418.000)	(251.000)	(217.000)
Interest	70.000	75.000	75.000
Exceptional Items	0.000	69.000	(164.000)
PBDT	(488.000)	(257.000)	(456.000)
Depreciation	24.000	21.000	23.000
Profit Before Tax	(512.000)	(278.000)	(479.000)
Tax	0.000	0.000	0.000
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	(512.000)	(278.000)	(479.000)
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	(512.000)	(278.000)	(479.000)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(3.64)	2.58	4.15
Net Profit Margin (PBT/Sales)	(%)	(2.62)	4.67	6.15
Return on Total Assets (PBT/Total Assets}	(%)	(2.09)	4.85	5.35
Return on Investment (ROI) (PBT/Networth)		(0.06)	0.11	0.07
Debt Equity Ratio (Total Debt /Networth)		0.98	0.34	0.01
Current Ratio (Current Asset/Current Liability)		1.20	1.46	1.77

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	142.000	142.000	285.000
Reserves & Surplus	2564.000	2479.000	2105.000
Net worth	2706.000	2621.000	2390.000
long-term borrowings	25.000	0.000	21.000
Short term borrowings	0.000	902.000	2322.000
Total borrowings	25.000	902.000	2343.000
Debt/Equity ratio	0.009	0.344	0.980

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	3056.000	6210.000	5878.000
		103.207	(5.346)

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	3056.000	6210.000	5878.000
Profit	128.000	163.000	(232.000)
	4.19%	2.62%	(3.95%)

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITY OF LONG TERM DEBTS

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
Current Maturity of Long Term Borrowings	12.000	0.000	0.000

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)	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	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10436311	23/05/2013	400,000,000.00	IDBI BANK LIMITED	IIDBI COMPLEX, 1ST FLOOR, OFF CG ROAD, AHMEDABAD - 380006, GUJARAT, INDIA	B79385340
2	10416455	27/02/2013	400,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI - 400013, MAHARASHTRA, INDIA	B72211071
3	10363921	14/06/2012	2,500,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI - 400013, MAHARASHTRA, INDIA	B42962977
4	90229724	12/02/2013 *	2,500,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI - 400081, MAHARASHTRA, INDIA	B72227655
5	90231098	20/11/2001	704,000,000.00	BANK OF INDIA	70/80; M. G. ROAD, MUMBAI - 400023, MAHARASHTRA, INDIA	-
6	90232120	15/03/1999	8,500,000.00	CANARA BANK	B. S. MARG, BANDRA KURLA COMPLEX, MUMBAI - 400023, MAHARASHTRA, INDIA	-
7	90232106	07/12/1998	3,600,000.00	THE LAKSHMI VILAS BANK LTD.	BIG BAZAR, COLABA, PALAKKAD - 678014, MAHARASHTRA, INDIA	-
8	90229375	13/05/1999 *	150,000,000.00	BANK OF INDIA	IDBI TOWER, WTC COMPLEX; COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA	-
9	90232096	13/05/1999 *	150,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	IDBI TOWER, WTC COMPLEX; COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA	-
10	90229323	12/03/1998	51,600,000.00	STATE BANK OF TRAVANCORE	CHENNAI, CHENNAI, TAMIL NADU, INDIA	-
11	90232038	03/09/1997	10,000,000.00	CANARA BANK	B. S. MARG, MUMBAI - 400005, MAHARASHTRA, INDIA	-
12	90230936	27/03/1997	4,800,000.00	CANARA BANK	B. S. MARG, MUMBAI - 400005, MAHARASHTRA, INDIA	-
13	90229096	02/08/1996	117,100,000.00	BANK OF INDIA	MUMBAI INDUSTRIAL FINANCE BRANCH, 70/80; M. G. RO AD, MUMBAI, MAHARASHTRA - 400023, INDIA	-
14	90228522	16/10/1999 *	76,000,000.00	CANARA BANK	B. S. MARG; FORT, BOMBAY, MAHARASHTRA - 400023, IN DIA	-
15	90228128	23/06/1999 *	60,000,000.00	BANK OF INDIA	MUMBAI INDUSTRIAL FINANCE BRANCH, 70/80; M. G. ROAD, MUMBAI - 400023, MAHARASHTRA, INDIA	-
16	90230560	08/07/1996 *	60,000,000.00	BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, M. G. ROAD, MUMBAI - 400023, MAHARASHTRA, INDIA	-
17	90228006	04/05/1989 *	7,700,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	NARIMAN POINT, 227; VIJAY K. SHAH MARG; NARIMAN P OINT, BOMBAY - 400021, MAHARASHTRA, INDIA	-
18	90228005	04/05/1989 *	7,800,000.00	THE INDUSTRIAL CREDIT AND INVESTMENT CORPN. OF INDIA LIMITED	163; BACKBAY RECLAMATION, BOMBAY - 400020, MAHARASHTRA, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Loan from Cisco Systems Capital (India) Private Limited (Unsecured)*	21.000	0.000
Total	21.000	0.000
NOTE: *Loan from Cisco Systems Capital (I) Private Limited is repayable in 12 quarterly installments of Rs. 3.000 Millions each starting from 14 February2013.

CORPORATE INFORMATION

The Company is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on two stock exchanges in India. The company is engaged in manufacturing, trading and integrating network solutions and selling reputed brand of Video Conference, Voice and Data Products. The Company caters to both domestic and international markets. The Company also provides annual maintenance service for telecom, networking and electronic products.

FINANCIAL PERFORMANCE

The Company, for the period ended March 31, 2013 recorded a gross turnover of Rs. 5910.000 millions as against Rs. 6240.000 millions For the period ended March 31, 2012. The loss before tax is Rs. 154.000 millions for the period ended March 31, 2013 as against Profit before tax of Rs. 290.000 millions for the previous period. The Net loss is Rs. 232.000 millions as against Profit after tax of Rs. 163.000 millions for the previous period.

OPERATIONS

During the year, the global economy continued to reflect the persistent weakness in Europe, as global GDP growth slowed from the year before. In the same period, the US economy experienced a positive growth in spite of being plagued by worries over a high unemployment rate and the US fiscal cliff. Other major economies such as China were also affected, with its GDP experiencing its slowest growth since 1999. Similarly, India faced its lowest growth rate in ten years amidst internal pressures such as inflation, high nominal rates and a large fiscal deficit.

BUSINESS OUTLOOK

The International Monetary Foundation in its World Economic Outlook Report, April 2013, projects that the world economic recovery will gain traction in 2013 and 2014. It expects the world GDP to grow by 3.3 per cent in 2013 and by a further 4 per cent in 2014. This improvement in the global economic outlook will be followed by stronger spending on IT worldwide. According to Gartner Inc., the global IT spending is anticipated to grow by 4.1 per cent in 2013 and by 4 per cent in 20141. At the same time, worldwide enterprise software spending is forecast to total US$ 297 billion in 2013, a 6.4 per cent increase from 20122. While the IT spending worldwide is expected to grow, there is an increasingly visible shift in spending pattern across all IT sectors towards the nexus of Forces - social, mobile, information and cloud technology.

The Company has aligned its operations to its customers' needs and has positioned itself to ensure that it remains relevant as a Solutions Integrator across the globe. The Company's core growth strategy will continue to be its 10 Cube strategy, which emphasises 10 key practices and offerings through 10 key technology alliances to be taken to 10 key geographies across the globe. These key locations include new geographies like the US, Australia and the Middle East and African region. At the same time, India will continue to be a strong foothold for the Company. The core competencies created across verticals and solutions will be leveraged by the other geographies that AGC is growing in. It plans to expand its core business from the Unified Communication space to business applications, Data and Information Security, and Storage and Server services in other key global markets while also streamlining existing operations to keep them relevant and in line with plans.

As the IT industry is continually evolving, The Company places significant importance on innovation, which it considers a key to expand into new markets and new products. Reflecting this focus, The Company launched Solutions across 4 new verticals during the year:

1. BFSI

2. Education

3. Media and Entertainment

4. Government / Public Sector

These verticals have been developed with a customer-centric approach, as well as with the Company's over-arching approach of ENABLING EXPERIECE for its customers.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

OVERVIEW

The vision of the Company is to grow as a Global organization, delivering enterprise innovation, unlocking value and ultimately creating wealth for customers and stakeholders.

AGC NETWORKS Limited (AGC) is a Global ICT Solutions Provider and Integrator seamlessly delivering technology-based solutions across global markets and verticals layered with a spectrum of applications and services. It is the leader in Enterprise Communications in India with global footprint in locations spanning India, the Middle East, North America, Australia, New Zealand and Africa. It has a differentiated approach to Solutions Integration and offers domain-focused, flexible and customised solutions to its customers. The Company currently serves more than 3000 customers worldwide, including Fortune 500 companies.

The Company is part of Aegis Limited, an Essar enterprise. Essar is a US$39-billion multinational corporation with investments in Steel, Energy, Infrastructure and Services. With operations in more than 25 countries, it employs over 73,000 people.

AGC's global presence spans global markets of India, APAC, North America and the Middle East and Africa with 16 offices across India. It has a strong OEM (Original Equipment Manufacturer) affiliation with 70+ Global technology alliance partners and a network of over 170 channel partners across India. AGC is an ISO 9001 and 27001 certified company.

The core business of the Company is divided into four Solution quadrants and services categories. The Solution quadrants are namely:

1. Unified Communications

AGC offers a Unified Communication (UC) and collaboration experience through varied technologies from global technology providers. AGC has empowered enterprises across verticals like BFSI, Manufacturing, Healthcare, Government and Public Sector Units, IT and ITES for over two and a half decades with effective and relevant communication and collaboration platforms.

AGC's UC solutions suite comprises of:

1) IP Telephony Solutions - Simplified communications hybrid architecture that functionally enhances the user experience across different management levels in an enterprise.

2) Contact Centers - There strategic partnerships with contact center leading OEMs has enabled us to offer best-in-breed solutions that deliver a seamless experience to their client's end-customers.

3) Audio, Video and Control Integrations / Multimedia - AGC believes in experiential selling to deliver the true advantage technology can bring to an organisation.

4) Collaboration Solutions – They create a collaborative environment that removes geographical boundaries, enables communication, enhances productivity and delivers collaboration as a competitive advantage. With the objective of 'Enabling Experience' for the end client, AGC Networks looks at corporate collaboration with a futuristic perspective. At AGC, Video is a logical extension of Voice where Video is the new Voice of tomorrow. With an extensive experience in IP and Converged communications at the core, AGC enables delivery of collaboration solutions by managing the overall experience from an integration viewpoint.

5) IP Surveillance - AGC provides the combined solutions of Video, Situation Intelligence and Access Control solutions using state of the art technologies to make life and assets safe and secure. These solutions bring actionable intelligence for industries, law enforcement agencies and government authorities to perform a variety of critical tasks efficiently which has a positive impact on the society at large.

The industry-leading System Integration Solutions in the electronic security space cover –

• Versatile investigation management capabilities for collecting case-related video, audio and data in a searchable database to enable quicker and productive investigations

• Reduce the complexity involved in advanced IP video systems, with solutions to align with requirements and budgets

• Enablement of rapid implementations, superior performance, and maximum return on investment

• Analytics tools to automatically pinpoint activity of interest in large volumes of video and data, freeing security staff to focus on neutralizing crime, rather than scanning banks' of monitors

2. Network Infrastructure

As part of the Network Infrastructure solutions, AGC has developed and implemented an effective, holistic and flexible security solution strategy through the use of appropriate technologies like Firewall, IDR SIEM, NAC, Identity Management, End Point Protection, Wireless Security and Mobile Device Management.

They deliver on the expectations enterprises have from their network infrastructure through There strong alliance network with global leaders. There Networking Infrastructure offers solutions such as

1) Wired Network - AGC's experience and expertise lies in building multi-location, highly available, optimised LAN and WAN networks. Ensuring high performance, reliable, simplified network layers and intelligent network with zero latency for business applications with ability to prioritize applications are some of the solutions delivered successfully to clients.

2) Metro Ethernet - They deliver Ethernet Edge solutions backed by Ethernet or legacy core MPLS layers to simplify the complexities of provisioning and expanding networks as-per-need.

3) Mobility- AGC fulfils today's growing demand for 'anytime, anywhere' network access by creating innovative Wi-Fi hotspots, Wi-Fi 3G/ LTE offload solutions to ensure connectivity between multiple devices such as laptops, tablets and smartphones, and supports adoption of concepts like BYOD. There rich expertise in WiMAX spans consulting at an extensive survey stage to building WiMAX BTS and providing end user solutions.

4) Network Security - There multi-layer, end-to-end network security solutions safeguard the network externally from unwanted risks and internally through user access defined and compliances adherence.

3. Data Center and Visualization

As a global Solutions Integrator, AGC provides computing, storage and virtualization solutions in the Data Center and Virtualization space. Their expertise in design and implementation across multiple technologies has helped AGC to deliver large-scale, multi-location projects for clients globally. These solutions have helped customers improve productivity and run applications smoothly.

4. Enterprise Applications

AGC offers Business Applications and Customer Experience Applications to enterprises across verticals. The Business Applications focus on services around SAP and Oracle. With the philosophy of 'Enabling Experience' They develop and build key applications that help their customers to enhance their end-customer experience. These key applications like Social Media analytics and customer self service interfaces among others are referred to as Customer Experience applications which form an integral part of the customer care strategy of an enterprise across verticals.

OUTLOOK

CONTINUING GROWTH PROSPECTS

Gartner expects the global IT spending to grow by 4.1 per cent to almost US$ 3.8 trillion in 2013 and by a further 4 per cent to just under US$ 4 trillion in 2014. Worldwide spending on Enterprise Software spending is forecast to total US$ 297 billion in 2013, a 6.4 per cent increase from 2012. In the cloud services sector, Infrastructure as a Service (laaS) and Business Process as a Service (BPaaS) are expected to grow strongly by 13.1 per cent and 47.3 per cent, respectively, in 2013⁶.

FINANCIAL PERFORMANCE

FY13 witnessed a difficult economic environment resulting from the sluggish global economy, as well as tough market conditions due to infrastructure bottlenecks that affected the entire investment sentiment in India. Despite these challenges, AGC achieved 6 per cent higher revenues than it did in FY12. Consolidated revenue increased from Rs. 9980.000 Millions to Rs. 10610.000 Millions in FY13. The year also saw demand from the telecom industry adversely affected due to cancellation of telecom licenses, overall challenging business scenarios at a global level and investments in growing markets as overall contributors.

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER/ NINE MONTHS ENDED 31 DECEMBER, 2013

(Rs. In Millions)

	Particulars		Quarter Ended		Nine Months Ended
			31.12.2013	30.09.2013	31.12.2013
			(Unaudited)	(Unaudited)	(Unaudited)
1	Gross sales/ Income from operations		737.000	874.000	2385.000
	Excise Duty		2.000	3.000	8.000
	a. Net Sales/ Income from operations		735.000	871.000	2377.000
	b. Other Operating Income		1.000	24.000	35.000
	Total Income from Operations (Net)		736.000	895.000	2412.000
2	Expenditure
	a. Cost of Materials Consumed		13.000	12.000	42.000
	b. Purchase of Stock-in-Trade		281.000	361.000	1292.000
	c. Changes in Inventories of Finished Goods, work-in-progress and Stock-in-trade		95.000	115.000	85.000
	d. Employee Benefits Expenses		163.000	181.000	623.000
	e. Depreciation and amortisation Expense		23.000	21.000	68.000
	f. Service Charge		260.000	320.000	715.000
	g. Other Expenses		184.000	211.000	695.000
	Total Expenses		1019.000	1221.000	3520.000
3	Profit/ (Loss) from Operations before Other Income, Finance Costs & Exceptional Items (1-2)		(283.000)	(326.000)	1108.000
4	Other Income		43.000	54.000	154.000
5	Profit/ (Loss) from ordinary activities Before Finance Costs & Exceptional Items (3+4)		(240.000)	(272.000)	(954.000)
6	Finance Costs		75.000	75.000	220.000
7	Profit/ (Loss) from ordinary activities after Finance Cost but before exceptional items (5-6)		(315.000)	(347.000)	(1174.000)
8	Exceptional Items		(164.000)	69.000	(95.000)
9	Profit/ (Loss) from ordinary activities before tax (7-8)		(479.000)	(278.000)	(1269.000)
10	Tax Expense
11	Net Profit/ (Loss) from ordinary activities after tax (9-10)		(479.000)	(278.000)	(1269.000)
12	Extraordinary items (net of tax expense)
13	Net Profit/ (Loss) for the period (11-12)		(479.000)	(278.000)	(1269.000)
14	Share of Profit/ (Loss) of associates
15	Minority Interest
16	Net Profit/ (Loss) after taxes, minority interest and share of profit of associates (13+14+15)		(479.000)	(278.000)	(1269.000)
17	Net Profit/ (Loss) of the period from continuing operations		(479.000)	(278.000)	(1269.000)
18	Net Profit/ (Loss) for the period from discontinuing operation
19	Paid up Equity Share Capital (Face Value of Rs.10/- Each)		285.000	285.000	285.000
20	Reserves excluding Revaluation Reserves as per balance sheet
21	Basic and Diluted Earnings Per Share (Rs.) (Not Annualised)		17.00	10.00	45.00
A	PARTICULARS OF SHAREHOLDING
1	Public shareholding
	a.	Number of shares	7116616	7116616	7116616
	b.	Percentage of shareholding	25.00	25.00	25.00
2	Promoters and promoter group shareholding
	a.	Pledged/Encumbered
	Number of shares		20451976	20451976	20451976
		Percentage of shares (as a % of the total shareholding of promoter and promoter group)	95.79	95.79	95.79
		Percentage of shares (as a % of the total share capital of the Company)	71.85	71.85	71.85
	b.	Non-encumbered
	Number of shares		897872	897872	897872
		Percentage of shares (as a % of the total shareholding of promoter and promoter group)	4.21	4.21	4.21
		Percentage of shares (as a % of the total share capital of the Company)	3.15	3.15	3.15

Particulars	Quarter ended 31.12.2013
B INVESTOR COMPLAINTS (Nos.)
Pending at the beginning of the quarter	2
Received during the quarter	8
Disposed of during the quarter	10
Remaining unresolved at the end of the quarter	0

FIXED ASSETS:

· Buildings

· Plant and Equipment

· Furniture, Fixtures and Office Equipment’s

· Electrical Installations

· Vehicles

· Computers

· Computers Software’s

PRESS RELEASE:

AGC NETWORKS ANNOUNCES RESULTS FOR THE QUARTER ENDED JUNE 30, 2013

Mumbai, 12th August 2013

AGC Networks Limited, a Global ICT Solutions Provider and Integrator in Unified Communications, Network Infrastructure, Data Centre and Virtualization and Enterprise Applications and a subsidiary of Aegis Limited, an Essar enterprise, today announced financial results for Q1 FY 2014.

Key Consolidated Financial and Operational Highlights for Q1 FY 2014

• Revenue for Q1 FY 2014 decreased by 22% to Rs.1920.000 Millions as against Rs. 2460.00 Millions in Q1 FY 2013. Persisting macroeconomic concerns compounded with sluggish economic growth highlights weak demand impacting spending patterns on technology solutions across various industry verticals
• The significant devaluation of the Indian Rupee versus the US dollar during the quarter was weighed down by sluggish investments in infrastructure in a slowing economy. However with its innovative capabilities and international presence, AGC Networks is optimistic about its prospects as both the Indian and global economies work towards their recovery.
• The results include an amount of Rs 110.000 Millions on account of foreign exchange mark to market loss
• The results also include Rs 200.00 Millions on account of total provisioning of certain receivables which are provided as per the provisioning norms of the company
• There has been rationalization of costs in the quarter in tune with the tough market conditions
• The combined effect of all of the above led to a loss of Rs. 840.000 Millions for the quarter

(Rs. In Millions)

Particulars	Q1'14	Q1'13	YoY Growth	Q4' 13	QoQ Growth
Total Revenue	1920.000	2460.000	(22)%	2840.000	(32)%
PBT	(870.000)	160.000		(600.000)
PAT	(840.000)	180.000		(670.000)
EPS (in Rs)	(30)	6		(24)

The Company continues with its global scale-up plans with a continued focus on India and consolidation in the key growth market of North America.

As part of its ongoing efforts to keep pace with the fast changing world of technology and ENABLING EXPERIENCE for its customers, AGC launched innovative industry solutions for the BFSI, Education and the Media and Entertainment sectors. These solutions hold immense potential for growth in view of the unfolding opportunity in these spaces, particularly the Banking and Education sector, which are poised for explosive growth in the coming years.

Q1 FY14 witnessed a significant customer win in the key vertical of BFSI for the CTS (Cheque Truncation System) implementation involving a consortium of public sector banks in the western grid highlighting the core expertise of integrated technology solutions across AGC's quadrants with a deal value of approximately Rs. 1600.000 Millions.

Other highlights include, AGC receiving awards from Juniper Networks for excellence in IT / ITes segment and Strategic win of the year.

Speaking on the occasion, Mr. S. K. Jha, MD and CEO, AGC Networks said "The devaluation of the Rupee versus the US dollar coupled with the sluggish spending patterns on technology solutions across verticals has impacted the company's profitability. However with their continued focus on customer centricity, seamless global delivery model equipped with global technology alliance partnership and technically skilled workforce, going forward, they expect to improve in the second half of the fiscal year. "

IIT BOMBAY JOINS HANDS WITH AGC NETWORKS TO BUILD CAPABILITIES/FACILITIES

Implements an Audio Visual System to Build A State-Of-The-Art Convocation Hall

Mumbai, 17Th August 2013:

One of the premier engineering institutes of India today announced it has implemented an Audio Visual System to build a State-of-the-Art Convocation Hall by joining hands with AGC Networks Limited, (BSE: 500463 and NSE: AGCNET), a Global ICT Solutions Provider and Integrator in Unified Communication, Network Infrastructure, Data Centre and Virtualization and Enterprise Applications to build capabilities of the esteemed educational institution. The success story of collaborative technology solutions deployment in IIT Bombay's convocation hall further demonstrates, AGC Networks commitment towards serving customized solutions for its customers across sectors including education segment in India.

Inaugurated by the Prime Minister of India on the occasion of the 50th year of convocation, IIT Bombay's convocation hall has evolved to be a state-of-art convocation hall, involving government officials and dignitaries. Additionally the management also holds events relating to recent technological advancements by leading professors from noted institutes across the world arranges expert lectures, conducts placement interviews, establishing collaborations with universities.

Over the last 53 years, IIT Bombay has an esteemed recognition of generating around 39,000 engineers and scientists through its quality curriculum, world class faculty and strong research groups in varied areas of science and technology that are making substantial contributions to national projects. However with the growing number of about 14 academic departments across six centers, one school and three interdisciplinary programmers, the institution had the need to upgrade its facility for convocational occasions strictly under short deadlines and challenges unforeseen. Being a worldwide leader in the field of engineering education and research, the institution required a technology solution provider who would understand the ground realities, ensure synchronization of the several projects running in parallel to deliver a greater capacity auditorium for the convocation ceremony.

Understanding the specific need for the IIT Bombay, AGC went beyond the role of a solution integrator and helped IIT in elevating the experience of the convocation hall. Through regular site visits and consultation, AGC advised the client to make changes in their conducting. AGC's consultation led to changes which were beneficial to IIT as it helped in substantial savings of cabling costs and enabled easier maintenance of the equipment. In spite of all the site related and design related challenges AGC synchronized with all the vendors / teams for deploying the Audio Visual system to finally build the state-of-the-art Convocation Hall.

Commenting on the deployment Dr. N Venkataramani, Dean (IPS), IIT Bombay said, "IIT Bombay highly appreciates the dedication shown by AGC team for the successful completion of the project, within the stringent timelines, to their satisfaction". "We are extremely delighted to be part of the state-of-art capability buildup of IIT Bombay and it is indeed a matter of pride to be the technology partners of choice for this esteemed institution" said Mr. S. K. Jha, MD and CEO, AGC Networks. "At AGC Networks There endeavor is to create success stories through There technology solutions such that customers receive best returns on their technology investment".

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 records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.27
UK Pound	1	Rs.101.10
Euro	1	Rs.83.74

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	RAS
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.