MIRA INFORM REPORT

Report Date :

07.03.2014

IDENTIFICATION DETAILS

Name :	AIRCEL LIMITED (w.e.f. 28.10.1999)
Formerly Known As :	SRINIVAS CELLCON LIMITED
Registered Office :	Spencer Plaza, 769, Anna Salai, Chennai - 600002, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	20.12.1994
Com. Reg. No.:	18-029608
Capital Investment / Paid-up Capital :	Rs.83347.704 Millions
CIN No.: [Company Identification No.]	U32201TN1994PLC029608
TAN No.: [Tax Deduction & Collection Account No.]	CHES05271A
PAN No.: [Permanent Account No.]	AAACS4449J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Providing Telecommunication Services.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 190000000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is an established company having moderate track record. There appears huge accumulated losses recorded by the company. Profitability of the company is under pressure However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing with some caution.

NOTES:

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

ECGC Country Risk Classification List – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

The services sector, the largest contributor to India’s GDP, contracted for the sixth consecutive month in December, as orders dipped. However, hiring has risen.  Direct tax collections rose 12.3 % during the April – December period of the current financial year.  The government has decided to retain 100 per cent foreign direct investment in both greenfield (new) and brown field (existing) pharmaceutical companies, despite concerns over genetic drugs going out of production, if multi-national companies take over domestic ones. In M&A deals, a non compete clause would not be allowed, except in special circumstances. The Department of Industrial Policy and Promotion plans to release the next edition of its consolidated foreign direct investment policy document on March 31, incorporating changes made in the past year. DIPP compiles all policies related to India’s FDI regime into a single document to make it easy for investors to understand. 185 million estimated number of mobile internet users in India by June 2014, according to a report by the Internet & Mobile Association of India and IMRB International.  India had 110 million mobile internet users with 25 million in rural areas. $3.77 tn estimated global IT spending in 2014, according to research firm Gartner Inc. The growth forecast for this year is cut to 3.1 %from the earlier estimate of 3.5 %. The spending growth forecast for telecom services – a segment that accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per cent is the main reason for this overall IT cut. A Reserve Bank of India committee has recommended setting up a special category of lenders who would cater to small businesses and households, to expand the number of customers with access to banking services. These banks would focus onproviding payment services and deposit products.  Indian banks want the free use of automated teller machines to be capped at five transactions in a month including that of the bank in which the account is active. This follows state government order to banks to install security guards at ATM booths after a woman banker was assaulted in Bangalore. The government is likely to present a vote on Account in mid-February. The annual Economic Survey will be tabled later in Parliament along with the full Budget. A full Budget for 2014/15 is likely to be present in July by the new government formed after the General Election. The government will soon launch an internet spy system, called Netra, to detect malafide messages. Security agency will deploy the system to capture dubious voice traffic on applications such as Skype and Google Talk, as well as tweeters.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Fund based/ non-fund based limits: BBB-
Rating Explanation	Moderate credit quality and average credit risk.
Date	16.07.2013

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DENIED

Management Non-Cooperative (Tel No.: 91-44-28490849)

LOCATIONS

Registered Office :	Spencer Plaza, 769, Anna Salai, Chennai - 600002, Tamilnadu, India
Tel. No.:	91-44-28490849
Fax No.:	91-44-28496769
E-Mail :	vijay.krishnan@aircel.co.in Care.tn@aircel.co.in
Website :	http://www.aircel.com
Circle Head Office :	Opus Centre, 47, Central Road, Opposite Hotel Tunga Paradise, M.I.D.C., Andheri (East), Mumbai – 400093, Maharashtra, India
E-Mail :	care.mumbai@aircel.co.in
Telecomm Circles:	Located at: · Andhra Pradesh · Assam · Bihar · Chennai · Delhi · Gujarat · Haryana · Himachal Pradesh · Jammu Kashmir · Karnataka · Kerala · Kolkata · Madhya Pradesh · Maharashtra · Mumbai · North East · Orissa · Punjab · Rajasthan · Tamil Nadu · UP East · UP West · West Bengal

DIRECTORS

As on 27.03.2012

Name :

Ms. Suneeta Reddy

Designation :

Director

Address :

No.5, Subba Rao Avenue II Street, Nungambakkam, Chennai – 600 006, Tamilnadu, India,.

Date of Birth/Age :

03.04.1959

Date of Appointment :

21.03.2006

DIN No.:

00001873

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	U65993TN1985PTC011751	PDR INVESTMENTS PRIVATE LIMITED	Director	12/04/1985	12/04/1985	04/09/2009	Active	NO
2	L65993GJ1995PLC064810	ADITYA BIRLA MONEY LIMITED	Director	04/07/1995	04/07/1995	06/03/2009	Active	NO
3	U65191TN1996PTC036440	APOLLO INFRASTRUCTURE PROJECTS FINANCE COMPANY PRIVATE LIMITED	Director	30/08/1996	30/08/1996	27/05/2013	Active	NO
4	L72300TN1998PLC041360	APOLLO SINDOORI HOTELS LIMITED	Director	17/08/2007	13/11/1998	-	Active	NO
5	L85110TN1979PLC008035	APOLLO HOSPITALS ENTERPRISE LIMITED	Whole-time director	01/06/2011	01/05/2000	-	Active	NO
6	U65910TN1991PTC020604	KALPATHARU INFRASTRUCTURE DEVELOPMENT COMPANY PRIVATE LIMITED	Director	30/10/2000	30/10/2000	-	Active	NO
7	U27104TN1981PTC008951	SINDOORI SOFTWARE SOLUTIONS PRIVATE LIMITED	Director	18/04/2001	18/04/2001	-	Strike off	NO
8	U85320TN1974PLC006623	A.B.MEDICAL CENTRES LIMITED	Director	19/07/2001	19/07/2001	25/05/2007	Active	NO
9	U33112WB1988PLC045223	APOLLO GLENEAGLES HOSPITAL LIMITED	Nominee director	26/08/2002	26/08/2002	-	Active	NO
10	U31402TN2002PTC049731	SINDYA AQUA MINERALE PRIVATE LIMITED	Director	16/10/2002	16/10/2002	04/09/2009	Active	NO
11	U17111TN1991PLC021205	VASUMATI SPINNING MILLS LIMITED	Director	05/12/2002	05/12/2002	-	Active	NO
12	U51501GJ2003PLC065196	ADITYA BIRLA COMMODITIES BROKING LIMITED	Director	10/10/2003	10/10/2003	06/03/2009	Active	NO
13	U45203TN2002PTC048844	SINDYA INFRASTRUCTURE DEVELOPMENT COMPANY PRIVATE LIMITED	Director	01/01/2004	01/01/2004	-	Active	NO
14	U72200TN2004PTC052711	FSM LABS SERVICES PRIVATE LIMITED	Director	10/03/2004	10/03/2004	-	Strike off	NO
15	U72200TN2004PTC053718	SINDYA BUILDERS PRIVATE LIMITED	Director	14/07/2004	14/07/2004	-	Active	NO
16	U85110TN1997PLC037382	APOLLO MUMBAI HOSPITAL LIMITED	Director	30/09/2004	30/09/2004	06/11/2006	Active	NO
17	U45201TN1981PTC008782	KALPATHARU ENTERPRISES PRIVATE LIMITED	Director	05/05/2005	05/05/2005	25/04/2013	Active	NO
18	L24232DL1988PLC030958	INDRAPRASTHA MEDICAL CORPORATION LIMITED	Director	31/08/2005	31/08/2005	-	Active	NO
19	U65993TN1996PLC036644	PCR INVESTMENTS LIMITED	Director	20/09/2005	20/09/2005	02/01/2012	Active	NO
20	U85110AP2003PLC040647	SAMUDRA HEALTH CARE ENTERPRISES LIMITED	Director	29/11/2005	29/11/2005	25/05/2007	Active	NO
21	U85110KA1991PLC011781	Imperial Hospital and Research Centre Limited	Nominee director	18/01/2006	18/01/2006	-	Active	NO
22	U67120TN2006PTC058605	SINDYA SECURITIES & INVESTMENTS PRIVATE LIMITED	Director	19/01/2006	19/01/2006	24/01/2011	Active	NO
23	U74999TN1992PLC039395	AIRCEL CELLULAR LIMITED	Director	21/03/2006	21/03/2006	-	Active	NO
24	U74999TN1998PLC040075	DISHNET WIRELESS LIMITED	Director	21/03/2006	21/03/2006	-	Active	NO
25	U32201TN1994PLC029608	AIRCEL LIMITED	Director	21/03/2006	21/03/2006	-	Active	NO
26	U64202DL2006PTC144852	DECCAN DIGITAL NETWORKS PRIVATE LIMITED	Director	25/03/2006	25/03/2006	-	Active	NO
27	U85110TN1997PLC039016	APOLLO HOSPITALS INTERNATIONAL LIMITED	Alternate director	31/07/2006	31/07/2006	16/12/2007	Active	NO
28	U85110TN2006PLC061114	INDIAN HOSPITALS CORPORATION LIMITED	Director	20/03/2010	14/09/2006	26/03/2010	Active	NO
29	U85110TN2006PTC061323	WESTERN HOSPITALS CORPORATION PRIVATE LIMITED	Director	16/10/2006	16/10/2006	-	Active	NO
30	U66030AP2006PLC051760	APOLLO MUNICH HEALTH INSURANCE COMPANY LIMITED	Director	28/12/2007	12/12/2006	-	Active	NO
31	U40109TN2007PTC062868	GARUDA THERMAL POWER PRIVATE LIMITED	Director	29/03/2007	29/03/2007	-	Active	NO
32	U85100TN2007PTC064527	FABER SINDOORI MANAGEMENT SERVICES PRIVATE LIMITED	Director	27/08/2007	27/08/2007	-	Active	NO
33	U40104TN2007PTC064188	THARANI ENERGY INDIA PRIVATE LIMITED	Director	07/03/2008	07/03/2008	-	Active	NO
34	U73100AP2009FTC064239	Quintiles Phase One Clinical Trials India Private Limited	Director	03/07/2009	03/07/2009	17/12/2013	Active	NO
35	U85100AP2007PTC054589	HEALTH SUPERHIWAY PRIVATE LIMITED	Nominee director	01/09/2009	01/09/2009	-	Active	NO
36	U85110TN2007PTC064258	APOLLO COSMETIC SURGICAL CENTER PRIVATE LIMITED	Director	30/09/2010	30/09/2010	28/01/2014	Active	NO
37	U40102TN2010PTC078096	GARUDA ENERGY PRIVATE LIMITED	Director	16/11/2010	16/11/2010	-	Active	NO
38	U45205TN2011PTC079111	SIRKAZHI PORT PRIVATE LIMITED	Director	08/02/2011	08/02/2011	-	Active	NO
39	U67190TN2011PTC079267	HELIOS HOLDINGS PRIVATE LIMITED	Director	18/02/2011	18/02/2011	-	Active	NO
40	U67100TN2012PLC086188	AIRCEL SMART MONEY LIMITED	Director	24/09/2013	06/06/2012	-	Active	NO

Name :

Mr. Bhaskara Nageswararao Mandavilli

Designation :

Director

Address :

Flat No. A, 906, Purva Heights, 14, Bannerghatta Road, Bilekahalli – 560076, Bangalore, India

Date of Birth/Age :

19.06.1948

Date of Appointment :

27.03.2012

DIN No.:

00287260

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	U91110MH1928GAP001391	INDIAN INSTITUTE OF BANKING AND FINANCE	Director	28/06/2005	28/06/2005	27/01/2009	Active	NO
2	U85110KA1995PLC017248	CANBANK VENTURE CAPITAL FUND LIMITED	Director	13/07/2005	13/07/2005	30/06/2008	Active	NO
3	U85110KA1994PLC016174	CANBANK COMPUTER SERVICES LIMITED	Director	01/08/2005	01/08/2005	30/06/2008	Active	NO
4	U85110KA1991PLC011960	CANBANK FACTORS LIMITED	Director	02/08/2005	02/08/2005	01/07/2008	Active	NO
5	U67120MH1996GOI097783	CANARA BANK SECURITIES LIMITED	Nominee director	19/08/2005	19/08/2005	30/06/2008	Active	NO
6	U74999MH2003GOI143150	NABARD CONSULTANCY SERVICES PRIVATE LIMITED	Director	16/07/2007	16/07/2007	16/07/2009	Active	NO
7	U67200MH1972GOI016133	GENERAL INSURANCE CORPORATION OF INDIA	Director	07/08/2007	07/08/2007	01/07/2008	Active	NO
8	U66010DL2007PLC248825	CANARA HSBC ORIENTAL BANK OF COMMERCE LIFE INSURANCE COMPANY LIMITED	Nominee director	22/05/2008	25/09/2007	11/08/2008	Active	NO
9	U65990MH1993PLC071003	CANARA ROBECO ASSET MANAGEMENT COMPANY LIMITED	Nominee director	26/09/2007	26/09/2007	30/06/2008	Active	NO
10	U67190MH1995PTC093356	FRANKLIN TEMPLETON ASSET MANAGEMENT (INDIA) PRIVATE LIMITED	Director	27/01/2010	19/05/2009	-	Active	NO
11	U27310HR2008PTC042218	MMTC - PAMP INDIA PRIVATE LIMITED	Director	15/07/2009	25/05/2009	-	Active	NO
12	L35202KA1964GOI001530	BEML LIMITED	Director	07/07/2009	07/07/2009	06/07/2012	Active	NO
13	L65921MH1991PLC059642	MAHINDRA AND MAHINDRA FINANCIAL SERVICES LIMITED	Director	23/07/2010	27/07/2009	22/10/2010	Active	NO
14	L24211TN1975PLC006989	E.I.D PARRY (INDIA) LIMITED	Director	28/07/2010	01/08/2009	-	Active	NO
15	L26941TN1957PLC003566	THE RAMCO CEMENTS LIMITED	Director	02/08/2010	05/08/2009	-	Active	NO
16	L40109AP1995PLC019349	TAJ GVK HOTELS AND RESORTS LIMITED	Director	26/07/2010	24/10/2009	-	Active	NO
17	L27310OR1955PLC000310	ELECTRO STEEL CASTINGS LTD	Director	12/07/2010	22/01/2010	-	Active	NO
18	U15421KA2002PLC029968	SADASHIVA SUGARS LIMITED	Director	21/07/2010	09/03/2010	01/08/2010	Active	NO
19	U72200AP2009PLC063614	HEALTHNET GLOBAL LIMITED	Additional director	07/04/2010	07/04/2010	30/03/2012	Active	NO
20	U66030AP2006PLC051760	APOLLO MUNICH HEALTH INSURANCE COMPANY LIMITED	Director	03/08/2010	06/05/2010	-	Active	NO
21	U65910KA2010PTC053907	SS Inclusive Development Finance Private Limited	Director	02/06/2010	02/06/2010	30/09/2011	Active	NO
22	L65993TN1978PLC007576	CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LIMITED	Director	28/07/2011	28/07/2010	-	Active	NO
23	U40109AP2001PLC036265	LANCO AMARKANTAK POWER LIMITED	Director	30/09/2011	02/08/2010	-	Active	NO
24	L93090TN1956GOI003507	NEYVELI LIGNITE CORPORATION LIMITED	Director	12/09/2011	30/09/2010	09/08/2013	Active	NO
25	U67120MH2007PLC170358	INDIAN CLEARING CORPORATION LIMITED	Director	29/04/2011	05/10/2010	-	Active	NO
26	U85100KA2010NPL055688	SS Human Development Foundation	Director	29/10/2010	29/10/2010	30/09/2011	Active	NO
27	U40102TN2005GOI058050	NLC TAMIL NADU POWER LIMITED	Director	12/09/2011	11/11/2010	27/02/2013	Active	NO
28	U32201TN1994PLC029608	AIRCEL LIMITED	Director	27/03/2012	14/02/2012	-	Active	NO
29	U74999TN1992PLC039395	AIRCEL CELLULAR LIMITED	Director	27/03/2012	14/02/2012	-	Active	NO
30	U74999TN1998PLC040075	DISHNET WIRELESS LIMITED	Director	27/03/2012	14/02/2012	-	Active	NO
31	U72100MH2000PLC128108	CRISIL Risk and Infrastructure Solutions Limited	Director	09/04/2012	16/02/2012	-	Active	NO
32	U74120AP2008PLC074583	NUZIVEEDU SEEDS LIMITED	Director	23/07/2012	22/06/2012	-	Active	NO
33	U40109AP2005PLC045214	LANCO POWER LIMITED	Director	27/09/2013	06/02/2013	-	Active	NO
34	U80904MH2011NPL222074	BFSI Sector Skill Council of India	Additional director	21/05/2013	21/05/2013	-	Active	NO
35	U65990DL2013GOI256268	BHARATIYA MAHILA BANK LIMITED	Director	05/08/2013	05/08/2013	19/11/2013	Active	NO
36	L26943TN1965PLC005297	RAMCO INDUSTRIES LIMITED	Additional director	29/01/2014	29/01/2014	-	Active	NO

Name :

Mr. Bishnu Mohan Panda

Designation :

Nominee Director

Address :

Flat No. C-307, Surya Vihar, Gurgaon – 122016, Haryana, India

Date of Birth/Age :

03.05.1995

Date of Appointment :

04.12.2013

DIN No.:

06679491

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	U32201TN1994PLC029608	AIRCEL LIMITED	Nominee director	04/12/2013	04/12/2013	-	Active	NO
2	U74999TN1992PLC039395	AIRCEL CELLULAR LIMITED	Nominee director	04/12/2013	04/12/2013	-	Active	NO
3	U74999TN1998PLC040075	DISHNET WIRELESS LIMITED	Nominee director	04/12/2013	04/12/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Nischchint Khanna
Designation :	Manager
Address :	A-76, Ashok Vihar, Delhi – 110052, India
Date of Birth/Age :	30.01.1965
Date of Appointment :	19.03.2009
PAN No. :	AAUPK7488C
Name :	Mr. Radhakrishnan Vijayakrishnan
Designation :	Secretary
Address :	66-C, Padmavathy Nagar, Virugambakkam, Chennai – 600092, Tamilnadu, India
Date of Birth/Age :	19.06.1976
Date of Appointment :	14.03.2007
PAN No. :	AEOPV0833N

MAJOR SHAREHOLDERS

As on 27.03.2012

Names of Equity Shareholders	No. of Shares
Global Communication Services Holdings Limited, Mauritius	158108103
Deccan Digital Networks Private Limited, India	85135135
Global Communication Services Holdings Limited / JT Maxis SMS Games SDN BHD, Mauritius	1
Global Communication Services Holdings Limited / JT Maxis Data Services SDN BHD, Mauritius	1
Global Communication Services Holdings Limited / JT Maxis Events SDN BHD, Mauritius	1
Global Communication Services Holdings Limited / JT Hotlink Telecommunications SDN BHD, Mauritius	1
Global Communication Services Holdings Limited / JT Maxis One Club SDN BHD, Mauritius	1
Total	243243243

Names of Equity Preference Shareholders	No. of Shares
Global Communication Services Holdings Limited, Mauritius	8091527200
Total	8091527200

Equity Share Break up (Percentage of Total Equity)

As on 27.03.2012

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	65.00
Bodies corporate	35.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Telecommunication Services.

GENERAL INFORMATION

Bankers :

· Bank of Baroda, Corporate Finance Services Branch, 1st Floor, 3, Walchand Hirachand Marg, Ballard Pier, Mumbai - 400001, Maharashtra, India

· State Bank of Hyderabad, Overseas Branch, Ashok Mahal, 1204, Tulloch Road, Colaba, Mumbai - 400039, Maharashtra, India

· State Bank of Mysore, Corporate Accounts Branch, Ramanashree Arcade, No.18, Mg Road, Bangalore - 560001, Karnataka, India

· IDBI Bank Limited, IDBI Tower, World Trade Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India

· Indian Bank, Mumbai Fort Branch, United India Building, Sir Pm Road, Fort, Mumbai, Maharashtra, India

· Indusind Bank Limited, Dr. Gopal Das Bhawan, 28, Barakhamba Road, New Delhi - 110001, Delhi, India

· Canara Bank

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.12.2011 Rs. In Millions
Long Term Borrowings
Rupee term loans from banks [Member	82847.363	80415.000
Foreign currency term loans from banks	20491.835	11054.849
Rupee term loans from others	2319.188	2325.000
Loans taken for fixed assets	12692.919	12688.771
Short Term Borrowings
Rupee term loans from banks	0.000	2650.000
Total	118351.305	109133.620

Banking Relations :	--
Financial Institution :	L and T Finance Limited, C-26/C-27, Metropolitan, E Block, Bandra Kurla Complex, Bandra (East), MUMBAI - 400051, Maharashtra, INDIA
Auditors :
Name :	Price Waterhouse Chartered Accountants
Address :	Building No. 8, 7th and 8th Floor Tower - B, DLF Cyber City Gurgaon, India
PAN No.:	AAFFP3698A
Holding Company :	Global Communication Services Holdings Limited
Ultimate Holding Company :	· Maxis Communications, Berhad · Binariang GSM Sdn, bhd.
Subsidiary Companies :	· Aircel Cellular Limited CIN No. : U74999TN1992PLC039395 · Dishnet Wireless Limited CIN No. : U74999TN1998PLC040075 · Aircel Smart Money Limited CIN No.: U67100TN2012PLC086188
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Saudi Telecom Company · Mobitel Private Limited · Maxis Mobile Services Sdn. Bhd.

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000000	Equity Shares	Rs.10/- each	Rs.50000.000 Millions
15000000000	Preference Shares	Rs.10/- each	Rs.150000.000 Millions
	Total		Rs.200000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
243243243	Equity Shares	Rs.10/- each	Rs.2432.432 Millions
8091527200	Preference Shares	Rs.10/- each	Rs.80915.272 Millions
	Total		Rs.83347.704 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013 (15 Months)	31.12.2011 (12 Months)
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	83,347.704	81,848.479
(b) Reserves & Surplus	(101,470.847)	(32,819.667)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	(18,123.143)	49,028.812
(3) Non-Current Liabilities
(a) long-term borrowings	119,862.714	111,826.963
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	1,305.352	907.261
(d) long-term provisions	1,423.423	210.877
Total Non-current Liabilities (3)	122,591.489	112,945.101
(4) Current Liabilities
(a) Short term borrowings	32,140.309	12,875.110
(b) Trade payables	38,701.233	18,348.241
(c) Other current liabilities	8,687.691	14,747.439
(d) Short-term provisions	535.950	35.672
Total Current Liabilities (4)	80,065.183	46,006.462
TOTAL	184,533.529	207,980.375
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	52,567.136	58,499.067
(ii) Intangible Assets	49,774.356	54,489.095
(iii) Capital work-in-progress	3,723.856	7,005.629
(iv) Intangible assets under development	38,388.237	36,829.230
(b) Non-current Investments	14,938.130	14,838.130
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	3,634.203	3,773.380
(e) Other Non-current assets	0.008	3,346.414
Total Non-Current Assets	163,025.926	178,780.945
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	44.544	52.042
(c) Trade receivables	2,447.748	940.069
(d) Cash and cash equivalents	78.043	352.729
(e) Short-term loans and advances	17,988.981	26,199.361
(f) Other current assets	948.287	1,655.229
Total Current Assets	21,507.603	29,199.430
TOTAL	184,533.529	207,980.375

SOURCES OF FUNDS		31.12.2010 (12 Months)
SHAREHOLDERS FUNDS
1] Share Capital		27267.338
2] Share Application Money		0.000
3] Reserves & Surplus		11875.393
4] (Accumulated Losses)		(12258.688)
NETWORTH		26884.043
LOAN FUNDS
1] Secured Loans		67166.650
2] Unsecured Loans		105300.000
TOTAL BORROWING		172466.650
DEFERRED TAX LIABILITIES		0.000
TOTAL		199350.693
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		61286.806
Capital work-in-progress		92988.586
INVESTMENT		17838.130
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	61.477
	Sundry Debtors	1501.698
	Cash & Bank Balances	656.115
	Other Current Assets	3.751
	Loans & Advances	71262.378
Total Current Assets		73485.419
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	30904.373
	Other Current Liabilities	14996.414
	Provisions	347.461
Total Current Liabilities		46248.248
Net Current Assets		27237.171
MISCELLANEOUS EXPENSES		0.000
TOTAL		199350.692

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013 (15 Months)	31.12.2011 (12 Months)	31.12.2010 (12 Months)
	SALES
		Income		46,476.744	29,585.035	24456.162
		Other Income		869.183	2,036.167	10855.676
		TOTAL (A)		47,345.927	31,621.202	35,311.838
Less	EXPENSES
		Cost of Materials Consumed		19,913.410	11,421.072
		Employee Benefits Expenses		4,194.015	3,335.354
		Other Expenses		36,828.117	24,373.113
		Exceptional Items		12,675.428	0.000
		TOTAL (B)		73,610.970	39,129.539	33,330.985
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			(26,265.043)	(7,508.337)	1980.853
Less	FINANCIAL EXPENSES (D)			25,822.331	14,642.809	10678.376
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			(52,087.374)	(22,151.146)	(8697.523)
Less	DEPRECIATION/ AMORTISATION (F)			16,467.044	10,215.611	6990.671
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			(68,554.418)	(32,366.757)	(15688.194)
Less	TAX (H)			0.000	0.000	0.000
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			(68,554.418)	(32,366.757)	(15688.194)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			(54424.926)	(22058.169)	(6369.975)
	BALANCE CARRIED TO THE B/S			(122979.344)	(54424.926)	(22058.169)
	EARNINGS IN FOREIGN CURRENCY
			Roaming Revenue	169.790	85.908	56.588
	TOTAL EARNINGS			169.790	85.908	56.588
	IMPORTS
			Capital Goods	779.989	6266.966	7771.266
	TOTAL IMPORTS			779.989	6266.966	7771.266
	Earnings Per Share (Rs.)			(282.00)	(133.00)	(64.51)

KEY RATIOS

PARTICULARS		31.03.2013 (15 Months)	31.12.2011 (12 Months)	31.12.2010 (12 Months)
PAT / Total Income	(%)	(9144.79)	(102.36)	(44.430
Net Profit Margin (PBT/Sales)	(%)	(147.50)	(109.40)	(64.15)
Return on Total Assets (PBT/Total Assets}	(%)	(53.78)	(21.68)	(11.64)
Return on Investment (ROI) (PBT/Networth)		3.78	(0.66)	(0.58)
Debt Equity Ratio (Total Debt /Networth)		(8.39)	2.54	6.42
Current Ratio (Current Asset/Current Liability)		0.27	0.63	1.59

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.12.2011	31.03.2013
	Rs. In Millions	Rs. In Millions
Share Capital	81848.479	83347.704
Reserves & Surplus	(32819.667)	(101470.847)
Net worth	49028.812	(18123.143)
long-term borrowings	111826.963	119862.714
Short term borrowings	12875.110	32140.309
Total borrowings	124702.073	152003.023
Debt/Equity ratio	2.543	(8.387)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2010	31.12.2011	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	24,456.162	29,585.035	46,476.744
		20.972	57.095

NET PROFIT MARGIN

Net Profit Margin	31.12.2010	31.12.2011	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	24,456.162	29,585.035	46,476.744
Profit	(15,688.194)	(32,366.757)	(68,554.418)
	(64.15%)	(109.40%)	(147.50%)

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	Yes
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

LITIGATION DETAILS:

CHENNAI COURT
CASE STATUS INFORMATION SYSTEM

Case Status:	Pending
Status Of:	COMPANY PETITION
Case No.:	60
Year :	2014
Petitioner :	ACTIS TECHNOLOGIES PRIVATE LIMITED
Respondent :	AIRCEL LIMITED
Pet's Advocate :	M/S.G.SHONA MALVI
Res's Advocate :
Category :	NO CATEGORY MENTIONED
	Last Listed on: No Date Mentioned
Case Updated on :	Feb 5 2014
No Connected Application(s)	No Connected Matter(s)

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.12.2011 Rs. In Millions
Long Term Borrowings
Deferred payment Indian sources	1511.409	5343.343
Short Term Borrowings
Rupee term loans from banks	30574.800	9550.000
Borrowing from foreign institutional	1565.509	675.110
Total	33651.718	15568.453

BACKGROUND OF THE COMPANY

The Company is in the business of providing telecommunication services in India. It has three wholly owned subsidiaries, Aircel Cellular Limited (ACL), Dishnet Wireless Limited (DWL) (which also provides telecommunication services in India) and Aircel Smart Money Limited (ASML). Collectively, AL, ACL, DWL and ASML are referred to as AL Group or the Group or Aircel Group.

AL Group continues to expand its network by rolling out telecom networks in all Circles including the 3G Network. Although there has been a steady growth in the business, lower margins due to a competitive environment has resulted in an adverse condition as at the period end

OPERATION HIGHLIGHTS

In the preceding year, Aircel as an overall company embarked upon a unique circle prioritization program, with an objective of improving operational performance and become monthly EBITDA positive in the year 2013. The Company had adopted a tiered filter approach to prioritize circles and identify the optimal strategic option evaluating full service or metro play opportunity. Accordingly, various services areas were divided into various Strategic Business Units (SBU) thus bringing in much needed operational efficiency.

The above initiative has yielded encouraging results from the overall operation perspective. Subscriber base of the Company as at March 2013 across service areas was 29.62 mn as compared to 27.47 mn in December 2011. The share of the company in the mobility base in these circles was 7.10%, an increase of 0.64% over December 2011 share of 6.46%. The Revenue Generating Subscriber (RGS) base also increased by 2.9 mn over December 2011 to 19.6 mn in March 2013 translating into RGS as percentage to total base of 66.1% as against 60.7% in December 2011.

This reflects the focus of the company on garnering quality base with the objective gaining long term sustainable advantage over the competition. On the revenue share front, the Company has regained the No.2 Rank in Tamil Nadu circle from Vodafone.

The Company also seeks to take advantage of the increase in data usage and consider it to be a key success factor in the forthcoming years. Data subscriber on the Company’s network increased more than 1.5 times over December 2011 (3.8 mn.) to 6.1 mn. in March 2013. This translates to 20.8% of the overall subscriber using data compared to 13.9% in December 2011. Moreover, the Company also possess premium 3G spectrum in the service area of Tamil Nadu, Andhra Pradesh and Karnataka, where the 3G base has grown more than fivefold to over 4 lakh in March 2013 from around 72,000 in December 2011.

· SBU of Tamil Nadu circle - Leadership circle with sizeable revenue, EBITDA and capex. The Company seeks to consolidate its strength and ride on its successful bid of 3G here with focus on building a on-net community. The Company also possesses a best in class network in these circles

· SBU of Delhi, Mumbai these circles are on 1800 MHz spectrum represent emerging/ Challenger markets and Metros.

· SBU of Andhra Pradesh, Karnataka, Rajasthan and Maharashtra This SBU is premised around city and circle strategy with thrust on key city corridors. This circle ride on 1800 MHZ network with key cities contributing sizeable amount to revenue and have high network utilization. City focus would ease margin pressure and advance EBITDA break-even.

· SBU of Gujarat This SBU has a circle with high EBITDA bleed and need focus to re-look the business plan and ICR model.

The Company is expected to benefit immensely from the prioritization initiative as it will converge application of resources to the most profitable areas and improve cash flow. The Company has accordingly realigned its organizational structure to bring in more focus and accountability.

The Company believes that the next phase of telecom growth would be propelled by data usage and with one of the highest footprints of next generation spectrum the Company is well positioned to offer high speed data content product and services. Further, post success of Pocket Internet, the Company is constantly endeavoring to offer more innovative products to the market in form of democratization of 3G, tie up with social network sites, localized content and segmented market offering. Moreover, the Company intends to grow its business through segmented market approach, which will bring focus onto key customer segment of Youth, professional and SME and thus positioning the Company as a customer centric and value based brand.

With a view to improving the Company’s position, the Group has taken a series of measures to restructure its business, rationalize costs and increase revenue. These actions have begun to yield ongoing positive results. Accordingly, the Group has revised its Annual Operating and Long Range Plans as approved by the Board of Directors in their meeting on June 17, 2013.

The ultimate holding Company of Aircel Group (Maxis Communications, Berhad) has provided a letter of support to AL, ACL, DWL and ASML confirming its intention to provide financial support as may be necessary to enable the companies to meet their liabilities and commitments as they fall due and to enable them to carry on business without curtailment of operations.

The Board of Directors of AL, ACL, DWL and ASML have considered all the above factors and based on business plans for 2013 and the letter of support from the ultimate holding company, believes that it is appropriate to prepare the accounts for the period on going concern basis.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10480058	25/02/2014	137,290,000,000.00	Sbicap Trustee Company Limited	202, Maker Tower, 'E', Cuffe Parade, Colaba,, Mumbai, Maharashtra - 400005, India	B97386494
2	10295543	30/12/2011 *	17,026,051,800.00	Sbicap Trustee Company Limited	202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai, Maharashtra - 400005, India	B32519449
3	10302811	29/06/2011	5,000,000,000.00	Punjab National Bank	Large Corporate Branch Office, Tolstoy House, Tolstoy Marg, New Delhi, Delhi - 110001, India	B19035468
4	10286407	30/12/2011 *	188,504,000,000.00	Sbicap Trustee Company Limited	202, Maker Tower, 'E', Cuffe Parade, Colaba,, Mumbai, Maharashtra - 400005, India	B32518441
5	10127625	10/02/2011 *	30,000,000,000.00	State Bank of India	Corporate Accounts Group Br., Sigappi Aachi Bldg., , 18/3, Rukmini Lakshmipathi Road, Egmore, Chennai, Tamil Nadu - 600008, India	B06822886

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

PRESS RELEASE

AIRCEL LAUNCHES UNIQUE PRODUCT WITH 6-MONTHS VALIDITY IN DELHI

The product will enhance customer convenience and enable them to enjoy best value for money tariff for 6 months.

In its endeavor to offer best value for money products to its customers in Delhi, Aircel has launched a unique product – ‘FRC 95’ which will provide customers an extensive validity of 6 months with a tariff of 40p/min on local and STD calls. Also, customers will get 25 Local & National minutes per month for six months and 25 MB data valid for 30 days. The product will enhance customer convenience and enable them to enjoy best value for money tariff for 6 months.

Anil Gupta, Regional Manager – North, Aircel, said, “We at Aircel believe in offering best value propositions for our customers. With this product, a customer can go for balance through any recharge mode and continue using value for money tariff benefit. Also, customer will get 25 Local & National minutes every month for 6 months. Aircel believes in product innovation keeping customer needs in mind and strives to offer innovative products and services to meet these needs.”

Launching simple, value for money and innovative products has been the key to Aircel’s success in the Delhi market. Some of the noteworthy products launched in the Delhi market are  Pocket Internet 24 plan which provides 100MB data for 30days, Full Talk time recharges, Aircel Campus Plan, Local and STD calls @ 10p/min(Aircel to Aircel) – Industry First. 

AIRCEL EXPONENTIAL GROWTH TO BECOME THE 4TH LARGEST TELECOM OPERATOR IN RAJASTHAN

Revenue Market Share grown to 6.1% in Q3 2013, vis-à-vis 5.4% in Q2 2013

Aircel registers a double digit growth

Launches ‘Good Day with Aircel’ – Free on-net calling between 5am to 5pm

Jaipur, December 11, 2013: As a result of our strong focus and commitment to offer innovative and best value for money products and services, Aircel has successfully become the 4th largest telecom operator in Rajasthan as per the last published figures by COAI (September 2013). The revenue market share of Aircel grew from 5.4% in Q2 2013 to 6.1% Q3 2013, registering an impressive double digit positive growth over Q2 2013, thus becoming one of the youngest players to achieve this growth within 3 years of operations in Rajasthan.

Aircel’s growth is attributed to the success of various innovative and value for money products in voice, text and data. To extend its value for money proposition, Aircel today launched a community calling pack – ‘Good Day with Aircel’. Customers will enjoy free Aircel to Aircel calls between 5am – 5pm. New customers can recharge with Rs. 149 and enjoy the benefit for 180 days while the existing customers can recharge with Rs. 99 and enjoy the benefit for 90 days. In addition, the product will offer economical calling rates @ 40p/min for local and STD calls.

Harish Sharma, Regional Business Head – West, Aircel, said, “Rajasthan is one of the key markets for Aircel in the northern region. Through our value for money products and data plans we have been able to capture the market and register growth vis-à-vis industry. Our products have resonated well with our target audience – be it youth or young working professionals and have helped them to save 40-50% on their monthly mobile bills. We are extremely committed to the Rajasthan circle and will constantly strive to provide simple and innovative products and services to our customers.”

He added, “We are happy to introduce the new Aircel to Aircel free calling pack for our existing and new customers starting at Rs. 99. The product will allow us to take giant strides in the voice market by making it convenient and affordable for our customers.”

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.61.32
UK Pound	1	Rs.102.54
Euro	1	Rs.84.19

INFORMATION DETAILS

Information Gathered by :	PRT
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		28

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.