MIRA INFORM REPORT

Report Date :

04.01.2014

IDENTIFICATION DETAILS

Name :	VODAFONE SPACETEL LIMITED (w.e.f. 13.10.2011)
Formerly Known As :	VODAFONE ESSAR SPACETEL LIMITED (w.e.f. 04.07.2007) ESSAR SPACETEL LIMITED
Registered Office :	C-48, Okhla Industrial Area, Phase – II, New Delhi - 110020
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	12.03.1997
Com. Reg. No.:	55-085764
Capital Investment / Paid-up Capital :	Rs.255.000 Millions
CIN No.: [Company Identification No.]	U72200DL1997PLC085764
PAN No.: [Permanent Account No.]	AABCE2207R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The Subject is engaged in providing mobile telecommunication services.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is Vadafone group company world’s leading international mobile communications group. It is a well established and reputed company having satisfactory track record. The company is continuously incurring losses from its operations. However, the company receives good financial support from its group companies. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. In view of strong group the company can be considered normal 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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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 narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	A1+ (Short Term Rating)
Rating Explanation	Strongest degree of safety and carry lowest credit risk.
Date	July 8, 2013

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

LOCATIONS

Registered Office :	C-48, Okhla Industrial Area, Phase – II, New Delhi – 110020, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	pushkaraj.joshi@vodafone.com

DIRECTORS

As on: 28.09.2012

Name :

Mr. Suresh Bagrodia

Designation :

Director

Address :

Flat No. 601/2, Green Acres, Building No.1/B, Lokhandwala Complex, Andheri (West), Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

21.08.1967

Date of Appointment :

16.02.2012

DIN No.:

05201062

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	U74899DL1995PLC074451	VODAFONE SOUTH LIMITED	Director	28/09/2012	16/02/2012	-	Active	NO
2	U64202TZ1995PLC007674	VODAFONE CELLULAR LIMITED	Director	28/09/2012	16/02/2012	-	Active	NO
3	U74900GJ2009PLC058189	VODAFONE SHARED SERVICES LIMITED	Director	28/09/2012	16/02/2012	-	Active	NO
4	U72200DL1997PLC085764	VODAFONE SPACETEL LIMITED	Director	28/09/2012	16/02/2012	-	Active	NO
5	U64201DL1997PLC088088	VODAFONE DIGILINK LIMITED	Director	28/09/2012	16/02/2012	-	Active	NO
6	U64200DL2007PLC207420	VODAFONE TOWERS LIMITED	Director	28/09/2012	25/06/2012	-	Active	NO
7	U65999MH2008NPL182612	UNIQUE INTERMEDIARY FACILITATORS	Director	28/09/2012	25/06/2012	-	Active	NO
8	U51101DL2007PLC180238	VODAFONE INFRASTRUCTURE LIMITED	Director	28/09/2012	25/06/2012	-	Amalgamated	NO
9	U32100GJ1995PLC035282	VODAFONE WEST LIMITED	Additional director	19/12/2013	19/12/2013	-	Active	NO
10	U64202DL1992PLC088087	VODAFONE MOBILE SERVICES LIMITED	Additional director	19/12/2013	19/12/2013	-	Active	NO
11	U32204WB1992PLC079998	VODAFONE EAST LIMITED	Additional director	19/12/2013	19/12/2013	-	Active	NO

Name :

Mr. Sunil Sood

Designation :

Director

Address :

Flat No. 2401/2402 Petit Towers, August Kranti Marg, Kemps Corner, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

09.02.1961

Date of Appointment :

25.06.2012

DIN No.:

03132202

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	U74899DL1995PLC074451	VODAFONE SOUTH LIMITED	Managing director	10/07/2013	09/07/2010	-	Active	NO
2	U64202TZ1995PLC007674	VODAFONE CELLULAR LIMITED	Managing director	10/07/2013	09/07/2010	-	Active	NO
3	U92100DL2007PLC170574	INDUS TOWERS LIMITED	Director	18/07/2012	06/01/2012	-	Active	NO
4	U64200DL2007PLC207420	VODAFONE TOWERS LIMITED	Director	28/09/2012	16/02/2012	-	Active	NO
5	U51101DL2007PLC180238	VODAFONE INFRASTRUCTURE LIMITED	Director	28/09/2012	16/02/2012	-	Amalgamated	NO
6	U74900MH2008PLC183456	MOBILE COMMERCE SOLUTIONS LIMITED	Director	28/09/2012	25/06/2012	-	Active	NO
7	U72200DL1997PLC085764	VODAFONE SPACETEL LIMITED	Director	28/09/2012	25/06/2012	-	Active	NO

Name :

Mr. Rajiv Kohli

Designation :

Director

Address :

Tower 4, Flat 1401, Vipul Belmounte, Golf Course Road, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

05.12.1960

Date of Appointment :

25.06.2012

DIN No.:

05307604

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	U72200DL1997PLC085764	VODAFONE SPACETEL LIMITED	Director	28/09/2012	25/06/2012	-	Active	NO
2	U64202DL1992PLC088087	VODAFONE MOBILE SERVICES LIMITED	Director	28/09/2012	25/06/2012	-	Active	NO
3	U32204WB1992PLC079998	VODAFONE EAST LIMITED	Director	28/09/2012	25/06/2012	-	Active	NO
4	U92100DL2007PLC170574	INDUS TOWERS LIMITED	Alternate director	22/11/2013	22/03/2013	-	Active	NO

Name :

Mr. Vivek Mathur

Designation :

Managing Director

Address :

Flat No. 202, Clayton Apartments, Sherly Rajan Road, Bandra, Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

07.02.1964

Date of Appointment :

01.04.2013

DIN No.:

02673593

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	U24240MH1997PTC105714	Hershey India Private Limited	Director	27/07/2011	20/05/2009	01/11/2011	Active	NO
2	U15432MH1952PTC169547	NUTRINE CONFECTIONERY COMPANY Private Limited	Director	21/07/2010	21/10/2009	19/01/2011	Active	NO
3	U32202MH1999PTC120818	CONNECT (INDIA) MOBILE TECHNOLOGIES PRIVATE LIMITED	Director	19/09/2013	30/10/2012	-	Active	NO
4	U64202TZ1995PLC007674	VODAFONE CELLULAR LIMITED	Director	12/08/2013	30/10/2012	-	Active	NO
5	U74899DL1995PLC074451	VODAFONE SOUTH LIMITED	Director	12/08/2013	30/10/2012	-	Active	NO
6	U74900MH2008PLC183456	MOBILE COMMERCE SOLUTIONS LIMITED	Director	30/09/2013	30/10/2012	-	Active	NO
7	U72200DL1997PLC085764	VODAFONE SPACETEL LIMITED	Managing director	01/04/2013	30/10/2012	-	Active	NO
8	U64201DL1997PLC088088	VODAFONE DIGILINK LIMITED	Managing director	01/04/2013	30/10/2012	-	Active	NO

Name :

Mr. Venkatesh Viswanathan

Designation :

Additional Director

Address :

604 Erbent Building, Building No. 4, Skyline Oasis Premier Road, Vidyavihar, Ghatkopar (West), Mumbai – 400086, Maharashtra, India

Date of Birth/Age :

08.07.1968

Date of Appointment :

19.12.2013

DIN No.:

03122706

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	U64200DL2007PLC207420	VODAFONE TOWERS LIMITED	Director	27/09/2010	09/07/2010	-	Active	NO
2	U74900MH2008PLC183456	MOBILE COMMERCE SOLUTIONS LIMITED	Director	27/09/2010	09/07/2010	16/02/2012	Active	NO
3	U64202DL1992PLC088087	VODAFONE MOBILE SERVICES LIMITED	Director	27/09/2010	09/07/2010	-	Active	NO
4	U32204WB1992PLC079998	VODAFONE EAST LIMITED	Director	28/09/2010	09/07/2010	-	Active	NO
5	U65999MH2008NPL182612	UNIQUE INTERMEDIARY FACILITATORS	Director	27/09/2010	09/07/2010	-	Active	NO
6	U74900GJ2009PLC058189	VODAFONE SHARED SERVICES LIMITED	Director	27/09/2010	09/07/2010	-	Active	NO
7	U32100GJ1995PLC035282	VODAFONE WEST LIMITED	Director	27/09/2010	09/07/2010	-	Active	NO
8	U51101DL2007PLC180238	VODAFONE INFRASTRUCTURE LIMITED	Director	27/09/2010	09/07/2010	-	Amalgamated	NO
9	U64202TZ1995PLC007674	VODAFONE CELLULAR LIMITED	Additional director	19/12/2013	19/12/2013	-	Active	NO
10	U64201DL1997PLC088088	VODAFONE DIGILINK LIMITED	Additional director	19/12/2013	19/12/2013	-	Active	NO
11	U74899DL1995PLC074451	VODAFONE SOUTH LIMITED	Additional director	19/12/2013	19/12/2013	-	Active	NO
12	U72200DL1997PLC085764	VODAFONE SPACETEL LIMITED	Additional director	19/12/2013	19/12/2013	-	Active	NO

Name :

Mr. Dilip Pal

Designation :

Additional Director

Address :

Flat 701/702, Khar Pushparaj CHS Limited, Plot No. 5, 16th Road, Khar West, Mumbai – 400052, Maharashtra, India

Date of Birth/Age :

15.02.1966

Date of Appointment :

19.12.2013

DIN No.:

05201144

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	U32100GJ1995PLC035282	VODAFONE WEST LIMITED	Director	28/09/2012	16/02/2012	-	Active	NO
2	U64202DL1992PLC088087	VODAFONE MOBILE SERVICES LIMITED	Director	28/09/2012	16/02/2012	-	Active	NO
3	U32204WB1992PLC079998	VODAFONE EAST LIMITED	Director	28/09/2012	16/02/2012	-	Active	NO
4	U65999MH2008NPL182612	UNIQUE INTERMEDIARY FACILITATORS	Director	28/09/2012	25/06/2012	-	Active	NO
5	U74900GJ2009PLC058189	VODAFONE SHARED SERVICES LIMITED	Director	28/09/2012	25/06/2012	-	Active	NO
6	U51101DL2007PLC180238	VODAFONE INFRASTRUCTURE LIMITED	Director	28/09/2012	25/06/2012	-	Amalgamated	NO
7	U64200DL2007PLC207420	VODAFONE TOWERS LIMITED	Director	28/09/2012	25/06/2012	-	Active	NO
8	U92100DL2007PLC170574	Indus Towers Limited	Alternate director	12/10/2012	11/07/2012	-	Active	NO
9	U64202TZ1995PLC007674	VODAFONE CELLULAR LIMITED	Additional director	19/12/2013	19/12/2013	-	Active	NO
10	U64201DL1997PLC088088	VODAFONE DIGILINK LIMITED	Additional director	19/12/2013	19/12/2013	-	Active	NO
11	U74899DL1995PLC074451	VODAFONE SOUTH LIMITED	Additional director	19/12/2013	19/12/2013	-	Active	NO
12	U72200DL1997PLC085764	VODAFONE SPACETEL LIMITED	Additional director	19/12/2013	19/12/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Rabindra Kumar Purohit
Designation :	Secretary
Address :	J-1/123A, Mahavir Kunj, Khiriki Extn., Malviya Nagar, New Delhi – 110017, India
Date of Birth/Age :	20.05.1974
Date of Appointment :	09.02.2010
PAN No.:	AGSPP4869Q

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 28.09.2012

Names of Shareholders	No. of Shares
Central Depository Services (India) Limited - Beneficiary - Vodafone West Limited, India	25499900
Vodafone West Limited, India	40
Vodafone India Limited Jointly With Vodafone West Limited, India	10
Vodafone Mobile Services Limited Jointly With Vodafone West Limited, India	10
Vodafone South Limited Jointly With Vodafone West Limited, India	10
Vodafone Digilink Limited Jointly With Vodafone West Limited, India	10
Vodafone East Limited Jointly With Vodafone West Limited, India	10
Vodafone Cellular Limited Jointly With Vodafone West Limited, India Limited, India	10
Total	25500000

Equity Share Break up (Percentage of Total Equity)

As on: 28.09.2012

Category	Percentage
Bodies Corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The Subject is engaged in providing mobile telecommunication services.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
LONG-TERM BORROWINGS
Rupee term loans from banks (Rs.3903.0000 millions repayable in financial year 2014-15.)	3903.000	8715.000
Total	3903.000	8715.000

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Tower 3, 27th - 32nd Floor, India Bulls, Finance Centre, Elphinstone Mill Compound, Senapati Bapat Marg, Elphinstone West, Mumbai – 400013, Maharashtra, India
PAN No.:	AACFD4815A
Memberships :
Holding Company :	· Vodafone West Limited CIN No.: U32100GJ1995PLC035282 · Vodafone India Limited CIN No.: U32200MH1992PLC119108
Fellow Subsidiary Company :	· Vodafone Mobile Services Limited CIN No.: U64202DL1992PLC088087 · Vodafone South Limited CIN No.: U74899DL1995PLC074451 · Vodafone Digilink Limited CIN No.: U64201DL1997PLC088088 · Vodafone Cellular Limited CIN No.: U64202TZ1995PLC007674 · Vodafone East Limited CIN No.: U32204WB1992PLC079998 · Vodafone Shared Services Limited CIN No.: U74900GJ2009PLC058189 · Vodafone Sales and Services Limited · Vodafone Group Services Limited · Vodafone Investments Luxembourg S.a.r.l. · Vodafone Ireland Marketing Limited

CAPITAL STRUCTURE

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
26000000	Equity Shares	Rs.10/- each	Rs.260.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25500000	Equity Shares	Rs.10/- each	Rs.255.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	255.000	255.000	255.000
(b) Reserves & Surplus	(87588.000)	(64819.000)	(43100.400)
(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)	(87333.000)	(64564.000)	(42845.400)
(3) Non-Current Liabilities
(a) long-term borrowings	13797.000	12278.000	8715.300
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	632.000	126.000	27.500
(d) long-term provisions	952.000	827.000	604.000
Total Non-current Liabilities (3)	15381.000	13231.000	9346.800
(4) Current Liabilities
(a) Short term borrowings	108718.000	90894.000	68855.300
(b) Trade payables	8712.0000	6687.000	5938.300
(c) Other current liabilities	10489.000	6652.000	6709.100
(d) Short-term provisions	759.000	580.000	10.100
Total Current Liabilities (4)	128678.000	104813.000	81512.800
TOTAL	56726.000	53480.000	48014.200
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	35664.000	36186.000	33810.200
(ii) Intangible Assets	435.000	408.000	450.000
(iii) Capital work-in-progress	1930.000	3621.000	4876.300
(iv) Intangible assets under development	2970.000	4.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	5439.000	4103.000	3890.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	46438.000	44322.000	43026.500
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	926.000	576.000	253.800
(d) Cash and cash equivalents	3347.000	3608.000	535.600
(e) Short-term loans and advances	4191.000	3708.000	2880.600
(f) Other current assets	1824.000	1266.000	1317.700
Total Current Assets	10288.000	9158.000	4987.700
TOTAL	56726.000	53480.000	48014.200

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	28276.000	22350.000	14218.400
		Other Income	249.000	31.000	73.900
		TOTAL (A)	28525.000	22381.000	14292.300
Less	EXPENSES
		Cost of materials consumed	26202.000	21844.000	14509.100
		Employee benefit expense	1486.000	1596.000	1377.900
		Other expenses	7498.000	7349.000	6319.700
		TOTAL (B)	35186.000	30789.000	22206.700
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(6661.000)	(8408.000)	(7914.400)
Less	FINANCIAL EXPENSES (D)		8926.000	7011.000	5076.100
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(15587.000)	(15419.000)	(12990.500)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7182.000	6300.000	5226.200
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(22769.000)	(21719.000)	(18216.700)
Less	TAX (H)		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(22769.000)	(21719.000)	(18216.700)
	Earnings/ (Loss) Per Share (Rs.)		(892.90)	(851.70)	(714.38)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(79.82)	(97.04)	(127.46)
Net Profit Margin (PBT/Sales)	(%)	(80.52)	(97.18)	(128.12)
Return on Total Assets (PBT/Total Assets}	(%)	(43.93)	(43.56)	(42.23)
Return on Investment (ROI) (PBT/Networth)		0.26	0.34	0.43
Debt Equity Ratio (Total Debt/Networth)		(1.40)	(1.60)	(1.81)
Current Ratio (Current Asset/Current Liability)		0.08	0.09	0.06

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	No
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

FINANCIAL PERFORMANCE

This being the Company's fifth year of operations, the earning Per Share for the year is Rs. (892.90) per share, an increase from Rs. (851.72) per share in the previous year which can be attributed primarily due to substantial costs that have been incurred in setting up operations and network roll-out. The resultant benefits of the company's operations would be recovered in the coming years.

OPERATIONS

The year ended March 2013 has been a good year for the Company. The favourable revenue performance was primarily due to both higher Outbound and Inbound Voice and greater Messaging and Data usage. During the year, the Company has widened its subscriber base by launch of various segmented products.

The company's customer base grew to a landmark 18.6 million subscribers with a growth rate of 10.0% on a year on year basis. The company is having a Revenue market share of 11.4% (Includes fixed line revenue of all operators) as at 31 March 2013 in a very competitive multi-player market.

During the year 2012-13, the Company has further expanded its network to increase its coverage and networks continue to perform better against acceptable thresholds for the major performance parameters. The Company has added 1,473 more cell sites to enhance its network coverage, closing with a total of 21,534 cell sites as at 31 March 2013.

OUTLOOK FOR 2013-14

Tightened acquisition norms and reduced viability of marginal players will likely see a reduction in competitive intensity and improved position for incumbents. This is most likely to translate into improvement in RpM and reduction in SAC. While past impact on VF RMS has been muted, we expect a resumption of market share gains by Vodafone India. Vodafone is one among the top multinational consumer brands in India and we expect to leverage the brand especially in the areas of fixed and mobile data business with Multinationals, Small and Medium enterprise segments.

Revenue growth in FY14 is expected to be driven by a mix of growth in subs, MOU per sub, RpM hardening and data. Browsing revenue is expected to increase significantly as usage per sub is expected to record double digit growth due to increase penetration and use of smart phones. There will be an enhanced focus on 3G and value added services. Further, plans to attract new high value quality customers and retain existing customers are in place. The focus on cost reduction and working capital improvement will continue with more rigor in the coming year. Given the strong presence in the circles along with the brand strength of Vodafone, the management is confident of delivering consistent results.

SCHEME OF AMALGAMATION

During the year, the Company has along with its immediate holding Company Vodafone West Limited, filed a Scheme of Amalgamation with the Hon'ble High Court of Delhi for merging with and into Vodafone Mobile Services Limited with 1 April 2012 as the Appointed Date.

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2013	As on 31.03.2012
LONG-TERM BORROWINGS
Deferred payment Indian sources (Deferred payment liability is repayable in ten equal annual installments of Rs.199.000 millions commencing on December 25, 2015.)	1989.000	0.000
Loans and advances from related parties	7905.000	3563.000
SHORT-TERM BORROWINGS
Rupee term loans from banks	13160.000	20766.000
Loans and advances from related parties	95558.000	70128.000
Total	118612.000	94457.000

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10143502	20/07/2009 *	280,000,000,000.00	IL & FS TRUST COMPANY LIMITED	IL AND FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA EAST, MUMBAI, MAHARASHTRA  - 400051, INDIA	A65857443

* Date of charge modification

FIXED ASSETS

Tangible Assets

· Leasehold Improvements

· Plant and Machinery

· Computer Hardware

· Office Equipments

· Furniture and Fixtures

· Vehicles

Intangible Assets

· Computer Software

· Licenses and Franchise

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.62.41
UK Pound	1	Rs.102.54
Euro	1	Rs.85.20

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		43

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.