MIRA INFORM REPORT

Report Date :

21.11.2014

IDENTIFICATION DETAILS

Name :	STERLITE TECHNOLOGIES LIMITED (w.e.f. 14.07.2007)
Formerly Known As :	STERLITE OPTICAL TECHNOLOGIES LIMITED
Registered Office :	Survey No. 68 / 1, Rakholi Village, Madhuban Dam Road, Silvassa – 396230, Dadra and Nagar Haveli
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	24.03.2000
Com. Reg. No.:	54-000340
Capital Investment / Paid-up Capital :	Rs.787.600 Millions
CIN No.: [Company Identification No.]	L31300DN2000PLC000340
TAN No.: [Tax Deduction & Collection Account No.]	SRTS01199C
PAN No.: [Permanent Account No.]	AAECS8719B
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Power and Telecom Products and Solutions.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having fine track record. Sales turnover of the company has declined during financial year 2014. However, the rating reflects company’s sound financial risk profile marked by adequate liquidity position and leadership position in the power transmission conductors (PTC) and telecommunications (Telecom) cable segments. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for normal 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = A+
Rating Explanation	Adequate degree of safety and low credit risk
Date	18.08.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A1
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	18.08.2014

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 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. Bhupendra
Designation :	Accounts Manager
Contact No.:	91-20-66235700
Date :	20.11.2014

LOCATIONS

Registered Office/Factory 1 :	Survey No. 68 / 1, Rakholi Village, Madhuban Dam Road, Silvassa – 396230, Dadra and Nagar Haveli, India
Tel. No.:	91-260-6612000
Fax No.:	91-260-6612013
E-Mail :	sandeep.deshmukh@sterlite.com swapnil.patil@sterlite.com
Website :	http://www.sterlitetechnologies.com
Location :	Owned
Corporate Office :	4^th Floor Godrej Millenium 9, Koregaon Road, Pune – 411001, Maharashtra, India.
Tel. No.:	91-20-30514000/ 66235700
Fax No.:	91-20-26138083
E-Mail :	communications@sterlite.com
Factory 2 :	Optical Fiber, E2, E3, MIDC, Waluj, Aurangabad - 431136, Maharashtra, India
Tel. No.:	91-240-2564599
Fax No.:	91-240-2564598
Factory 3 :	Optical Fiber, AL-23, Shendra MIDC SEZ, Aurangabad – 431201, Maharashtra, India
Tel. No.:	91-240-2622020
Fax No.:	91-240-2564598
Factory 4 :	Copper Telecom Cables and Structured Data Cables, Survey No. 33 / 1 / 1, Waghdara Road, Dadra – 396191, Union Territory of Dadra and Nagar Haveli, India
Tel. No.:	91-260-6452959
Fax No.:	91-260-6612122
Factory 5 :	Power Transmission Conductors, Survey No. 99, Rakholi Village, Madhuban Dam Road, Silvassa – 396230, Union Territory of Dadra and Nagar Haveli, India
Tel. No.:	91-260-6612200
Fax No.:	91-260-6612260
Factory 6:	Plot 2D, Sector 10, IIE SIDCUL, Haridwar – 249403, Uttarakhand, India
Tel. No.:	91-1334-239463
Fax No.:	91-1334-239375
Factory 7:	Burkhamunda, Jharsuguda - 768 202, Orissa, India
Factory 8 :	Power Cables, No. 5, Vardhaman Industrial Estate, Haridwar – 249402, Uttranchal, India
Factory 9 :	Survey No. 209, Phase II, Piparia Industrial Estate, Piparia, Union Territory of Dadra and Nagar Haveli
Sales Office :	Unit No 202, 2^nd Floor, Pentagon Tower 2 Magarpatta Township, Hadapsar, Pune – 410028, Maharashtra, India
Sales, Marketing and Representative Offices:	Located at: China India Netherlands Russia South Africa Turkey United Arab Emirates United Kingdom United States of America Vietnam

DIRECTORS

As on 31.03.2013

Name :	Mr. Anil Agarwal
Designation :	Non - Executive Chairman
Date of Birth/Age :	16.06.1957
Name :	Mr. Pravin Agarwal
Designation :	Whole Time Director
Date of Birth/Age :	16.10.1954
Name :	Mr. A. R. Narayanaswamy
Designation :	Non – Executive and Independent Director
Date of Birth/Age :	22.12.1951
Name :	Mr. Arun Todarwal
Designation :	Non – Executive and Independent Director
Name :	Mr. C V Krishnan
Designation :	Non – Executive and Independent Director
Name :	Mr. Haigreve Khaitan
Designation :	Non – Executive and Independent Director
Name :	Dr. Anand Agarwal
Designation :	Chief Executive Officer and Whole Time Director
Date of Birth/Age :	07.08.1967
Name :	Mr. Pratik Agarwal
Designation :	Director

KEY EXECUTIVES

Executive Committee :
Name :	Mr. Anupam Jindal
Designation :	Whole-time Director
Name :	Dr. Anand Agarwal
Designation :	Chief Executive Officer
Name :	Mr. Anupam Jindal
Designation :	Chief Finance Officer
Name :	Mr. K. S. Rao
Designation :	COO - Telecom Business and Power Conductors
Name :	Mr. Pratik Agarwal
Designation :	Head – Infrastructure Business
Name :	Mr. Ajay Bhardwaj
Designation :	Chief Operating Officer – Grid Business
Name :	Mr. Vijay Jain
Designation :	Chief Operating Officer – Networks Business
Name :	Mr. Ankit Agarwal
Designation :	Global Head - Telecom Products
Name :	Mr. Prasanth Puliakottu
Designation :	Chief Information Officer
Name :	Mr. Pankaj Priyadarshi
Designation :	CCO
Name :	Mr. Kamal Sehgal
Designation :	Leader – Business Excellence
Name :	Mr. Vimal Malhotra
Designation :	Head – Human Resources
Name :	Mr. Rajendra Mishra
Designation :	COO - Power Cables
Name :	Mr. Ravindra Utgikar
Designation :	Head - Communication Services

SHAREHOLDING PATTERN

As on 30.09.2014

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1283056	0.33
Bodies Corporate	4764295	1.21
Sub Total	6047351	1.54
(2) Foreign
Bodies Corporate	209402750	53.16
Sub Total	209402750	53.16
Total shareholding of Promoter and Promoter Group (A)	215450101	54.70
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	14952808	3.80
Financial Institutions / Banks	21596208	5.48
Central Government / State Government(s)	500	0.00
Insurance Companies	914737	0.23
Foreign Institutional Investors	6858843	1.74
Sub Total	44323096	11.25
(2) Non-Institutions
Bodies Corporate	21073376	5.35
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	84997507	21.58
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	23159507	5.88
Any Others (Specify)	4883340	1.24
Non Resident Indians	3705182	0.94
Overseas Corporate Bodies	200	0.00
Trusts	6705	0.00
Clearing Members	831608	0.21
Directors & their Relatives & Friends	223445	0.06
Foreign Nationals	116200	0.03
Sub Total	134113730	34.05
Total Public shareholding (B)	178436826	45.30
Total (A)+(B)	393886927	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	85550	0.00
Sub Total	85550	0.00
Total (A)+(B)+(C)	393972477	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Power and Telecom Products and Solutions.

Products :

Product Description	Item Code No. (ITC Code)
Optical Fiber	9001 1000
Optical Fiber Cable	9001 1000
Jelly Filled Telephone Cable	8544 2019
Aluminium Conductors (AAC / ACSR)	761410
Broadband Access Networks	8517 6230

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

Information denied by management

Bankers :

· Axis Bank

· Bank of Baroda

· Bank of India

· Bank of Maharashtra

· Citibank

· Corporation Bank

· EXIM Bank

· HDFC Bank

· ICICI Bank

· Kotak Mahindra Bank

· Oriental Bank of Commerce

· Punjab National Bank

· State Bank of India

· Union Bank

· Yes Bank

· Deutsche Bank

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
Long Term Borrowings
Debentures
2500(31st March 2013: Nil) 11.45% Non-convertible debentures of Rs.1.000 Millions each (secured)	2500.000	0.000
Term Loans
Indian rupee term loans from bank	4334.400	2066.300
Short-Term Borrowings
Cash credit from banks	170.400	528.900
Working capital demand loan from banks	0.000	797.000
Other loan from banks	5426.800	6997.600
Total	12431.600	8323.500

Notes:

Long Term Borrowings

a) 11.45 % Non-convertible debentures are redeemable at par in financial year 2016-17, and secured by way of first pari passu charge on entire movable fixed assets (both present and future) and mortgage of certain immovable fixed assets of the Company.

b) Indian rupee term loan from banks amounting to Rs.925.000 Millions carries interest @ LTMLR + 1.10% p.a. Loan amount is repayable in 19 quarterly equated installments of Rs.48.700 Millions (excluding interest) from the end of this financial year. The term loan is secured by first charge on the movable fixed assets of the Company (both present and future).

c) Indian rupee term loan from bank amounting to Rs.1098.300 Millions carries interest @ Base rate + 1% p.a. Loan amount is repayable in 13 quarterly equated installments of Rs.84.500 Millions (excluding interest) from the end of this financial year. The term loan is secured by first charge on the movable fixed assets of the Company (both present and future).

d) Indian rupee term loan from the bank amounting to Rs.2500.000 Millions carries interest @ Base rate + 1% p.a. Loan amount is repayable in 16 quarterly equated installments of Rs.156.200 Millions (excluding interest) starting from quarter ended March 2015 The term loan is secured by first charge on the movable fixed assets of the Company (both present and future).

e) Indian rupee term loan from the bank amounting to Rs.500.000 Millions carries interest @ Base rate. Loan amount is repayable in April 2016. The term loan is secured by stand by letter of credit issued by a bank which inturn is secured by movable fixed assets of the Company

Short Term Borrowings

a) Cash credit is secured by hypothecation of raw materials, work in progress, finished goods and trade receivables. The cash credit is repayable on demand and carries interest @ 9.5-11.5 %

b) Other loans from banks include buyer’s credit arrangements. They are secured by hypothecation of raw materials, work in progress, finished goods and trade receivables. Buyer’s credit is repaid / rolled over after a period of six months and carry interest @0.95-2% (excluding hedging premium)

Banking Relations :	--
Auditors :
Name :	S. R. Batliboi and Company LLP Chartered Accountants
Address :	C-401, 4^th Floor, Panchasil Tech Park, Yerwada (Near Din Bosco School), Pune – 411066, Maharashtra, India
Tel. No.:	91-20-66036000
Fax No.:	91-20-66015900
Membership :	--
Holding Company :	· Twin Star Overseas Limited, Mauritius (Immediate holding company) · Volcan Investments Limited, Bahamas (Ultimate holding company)
Subsidiaries :	· Sterlite Display Technologies Private Limited · East North Interconnection Company Limited · Sterlite Grid Limited · Jabalpur Transmission Company Limited · Bhopal Dhule Transmission Company Limited · Sterlite Global Ventures (Mauritius) Limited · Jiangsu Sterlite and Tongguang Fiber Co. Limited · Sterlite Networks Limited · Sterlite Technologies Americas LLC · Sterlite Technologies Europe Ventures Limited · Sterlite Technologies UK Ventures Limited · Purulia and Kharagpur Transmission Company Limited · RAPP Transmission Company Limited · Maharashtra Transmission Communication Infrastructure Limited
Joint Ventures :	· Sterlite Conduspar Industrial Ltda (50:50 joint venture between Sterlite Technologies UK Ventures Limited and Conduspar Condutores Eletricos Limitada)
Entities where key management personnel / relatives of key management personnel have significant influence :	· Sesa Sterlite Limited* (erstwhile “Sesa Goa Limited”) · Fujairah Gold FZE · Bharat Aluminium Company Limited · Hindustan Zinc Limited · Vedanta Resources PLC · Sterlite Industries (India) Limited* · Sterlite Energy Limited* · Vedanta Aluminium Limited* * During the year, Sterlite Industries (India) Limited, Sterlite Energy Limited, Vedanta Aluminium Limited, Ekateriana Limited, Madras Aluminium Company Limited were amalgamated into and with Sesa Goa Limited. Later the name of Sesa Goa Limited was changed to Sesa Sterlite Limited.

CAPITAL STRUCTURE

After 31.03.2014

Authorised Capital : Rs.1500.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.787.945 Millions

As on 31.03.2014

Authorised Capital :

No. of Shares (In Crore)	Type	Value	Amount
75.00	Equity Shares	Rs.2/- each	Rs.1500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares (In Crore)	Type	Value	Amount
39.38	Equity Shares	Rs.2/- each	Rs.787.600 Millions

1. Reconciliation of the shares outstanding at the beginning and at the end of the reporting period

Equity Shares	Number in Crores	Rs. In Millions
At the beginning of the year	39.34	786.900
Issued during the year	0.02	0.400
Issued during the year	0.02	0.400
Outstanding at the end of the year *	39.38	787.700

* The difference in reconciliation of the number of shares is due to rounding off.

2. Terms/rights attached to equity shares

The Company has only one class of equity shares having a par value of Rs.2 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 proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year ended 31 March 2014, the amount of per share dividend recognised as distributions to equity shareholders was Rs.0.30 (31 March 2013 Rs.0.30)

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.

3. Shares held by holding company and their subsidiaries/associates

Particulars	Number In Crore	% holding
Holding Company
Twin Star Overseas Limited, Mauritius	20.94	53.17%
Subsidiary of Volcan Investments Limited, Bahamas
(Ultimate Holding Company)
Sesa Sterlite Limited (Erstwhile Sesa Goa Limited *)	0.48	1.21%
Sterlite Industries (I) Limited *	--	--
Madras Aluminium Company Limited *	--	--

*During the year, Sterlite Industries (India) Limited, Sterlite Energy Limited, Vedanta Aluminium Limited and Madras Aluminium Company Limited were amalgamated into and with Sesa Goa Limited. Later the name of Sesa Goa Limited was changed to Sesa Sterlite Limited

4. Aggregate number of bonus shares issued, share issued for consideration other than cash during the period of five years immediately preceding the reporting date:

Particulars	Rs. In Millions
Equity shares allotted as fully paid bonus shares by capitalisation of securities premium	196.900

In addition company has issued total 1208596 shares (31 March 2013 : 1173950 shares) during the period of five years immediately preceding the reporting date on exercise of option granted under the employee stock option plan (ESOP) wherein part consideration was received in form of employee services

5. Detail of shareholders holding more than 5% of shares in the Company

Particulars	Number in Crore	% holding
Twin Star Overseas Limited (Holding Company)	20.94	53.17
Life Insurance Corporation of India	2.13	5.40

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	787.600	786.900	786.500
(b) Reserves & Surplus	11,395.300	11,043.000	10,702.300
(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)	12,182.900	11,829.900	11,488.800
(3) Non-Current Liabilities
(a) long-term borrowings	6,834.400	2,066.800	0.000
(b) Deferred tax liabilities (Net)	866.400	872.100	735.200
(c) Trade Payables	0.000	15.900	194.200
(d) long-term provisions	51.800	153.100	397.100
Total Non-current Liabilities (3)	7,752.600	3,107.900	1,326.500
(4) Current Liabilities
(a) Short term borrowings	5,597.200	8,323.500	6,643.700
(b) Trade payables	6,194.600	6,192.500	5,211.700
(c) Other current liabilities	3,461.400	3,238.400	3,142.700
(d) Short-term provisions	274.500	172.300	151.700
Total Current Liabilities (4)	15,527.700	17,926.700	15,149.800
TOTAL	35,463.200	32,864.500	27,965.100
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	9,982.100	9,934.900	9,530.100
(ii) Intangible Assets	78.900	77.600	59.500
(iii) Capital work-in-progress	161.300	289.700	410.800
(iv) Fixed Assets Held for Sale	2.700	0.000	80.500
(b) Non-current Investments	2,286.500	1,891.000	1,763.400
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	8,840.300	6,764.500	2,251.500
(e) Other Non-current assets	18.000	0.000	0.000
(f) Trade receivables	105.200	691.200	1,172.200
Total Non-Current Assets	21,475.000	19,648.900	15,268.000
(2) Current assets
(a) Current investments	2,050.000	0.000	0.000
(b) Inventories	2,994.100	2,915.400	2,727.000
(c) Trade receivables	6,712.800	6,403.700	6,667.500
(d) Cash and cash equivalents	441.200	1,957.500	1,847.700
(e) Short-term loans and advances	1,734.200	1,930.900	1,371.400
(f) Other current assets	55.900	8.100	83.500
Total Current Assets	13,988.200	13,215.600	12,697.100
TOTAL	35,463.200	32,864.500	27,965.100

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	27,263.400	33537.100	27274.700
		Other Income	169.500	145.400	236.700
		TOTAL (A)	27,432.900	33682.500	27511.400
Less	EXPENSES
		Cost of raw material and components consumed	17,768.600	22737.400	19050.000
		Purchase of traded goods	281.200	708.300	545.700
		Increase (decrease) in finished goods, stock in trade and WIP	(180.500)	60.300	(560.200)
		Staff Cost	1,223.900	0.000	0.000
		Employee benefits expense	0.000	1177.000	987.000
		Other expenses	5,627.300	6396.200	5256.600
		TOTAL (B)	24,720.500	31079.200	25279.100
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2,712.400	2603.300	2232.300
Less	FINANCIAL EXPENSES (D)		952.800	1055.700	951.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1,759.600	1547.600	1281.300
Less	DEPRECIATION/ AMORTISATION (F)		1,028.800	859.500	713.600
	PROFIT BEFORE TAX (E-F) (G)		730.800	688.100	567.700
Less	TAX (H)		228.800	213.500	129.300
	PROFIT AFTER TAX (G-H) (I)		502.000	474.600	438.400
	Transfer on amalgamation of subsidiary		0.000	0.000	5.500
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		7715.000	7402.200	7117.400
Less	APPROPRIATIONS
		Proposed final equity dividend	118.200	118.000	118.100
		Tax on proposed equity dividend	20.100	20.100	19.100
		Transfer to general reserve	25.100	23.700	21.900
		Transfer to debenture redemption reserve	625.000	0.000	0.000
	BALANCE CARRIED TO THE B/S		7428.600	7715.000	7402.200
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	9074.300	9529.900	8132.500
		FOB Value of Deemed Exports	325.700	1436.700	2051.400
		Corporate Guarantee commission	1.500	0.000	0.000
	TOTAL EARNINGS		9401.500	10966.600	10183.900
	IMPORTS
		Raw Materials	8932.600	7008.800	5406.700
		Stores & Spares	134.500	137.700	120.000
		Capital Goods	463.600	469.200	255.800
	TOTAL IMPORTS		9530.700	7615.700	5782.500
	Earnings / (Loss) Per Share (Rs.)
	Basic		1.28	1.21	3.95
	Diluted		1.27	1.20	3.72

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	1.83	1.41	1.59
Net Profit Margin (PBT/Sales)	(%)	2.68	2.05	2.08
Return on Total Assets (PBT/Total Assets}	(%)	3.80	4.10	4.76
Return on Investment (ROI) (PBT/Networth)		0.06	0.06	0.05
Debt Equity Ratio (Total Debt /Networth)		1.02	0.88	0.58
Current Ratio (Current Asset/Current Liability)		0.00	0.00	0.01

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	786.500	786.900	787.600
Reserves & Surplus	10702.300	11043.000	11395.300
Net worth	11488.800	11829.900	12182.900
long-term borrowings	0.000	2066.800	6834.400
Short term borrowings	6643.700	8323.500	5597.200
Total borrowings	6643.700	10390.300	12431.600
Debt/Equity ratio	0.578	0.878	1.020

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	27,274.700	33,537.100	27,263.400
		22.960	(18.707)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	27,274.700	33,537.100	27,263.400
Profit	438.400	474.600	502.000
	1.61%	1.42%	1.84%

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	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

UNSECURED LOAN:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
Long-Term Borrowings
Deferred payment liabilities
Sales tax loan (interest free)	0.000	0.500
Total	0.000	0.500

CORPORATE INFORMATION

Subject 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 primarily engaged in the manufacture and sale of Power and Telecom products and solutions. Telecom products and solutions mainly include integrated optical fiber, other Telecom products such as fiber optical cables, copper Telecom cables, structured data cables, access equipments, fiber connectivity and system integration solution offerings for Telecom networks and other service providers. Power products and solutions mainly includes power transmission conductors and cables.

PERFORMANCE

Fiscal year 2013-14 closed with revenues of Rs.2760.000 Millions, EBITDA of Rs.2710.000 Millions, PAT of Rs.500.000 Millions and EBITDA margins of 10%. The telecom business had revenues of Rs.11200.000 Millions at an EBITDA margin of 17% and the power business had revenues of Rs.16070.000 Millions at an EBITDA margin of 5%.

SUBSIDIARY COMPANIES AND JOINT VENTURES

The Company has following major Subsidiary and Joint Venture Companies, the details of which are given below –

a. Jiangsu Sterlite Tongguang Fiber Company Limited (JSTFCL)

The Company is a Joint Venture with Tongguang Group of China to set up an Optical Fiber Manufacturing Facility in China. During the year, JSTFCL commenced commercial production and achieved 90% capacity utilization. The Company also achieved ISO9001 certification. China market continues to contribute approximately 55% of the global optical fiber market. JSTFCL will cater to 95% of Optical Fiber sales of STL in the China market in 2014-15 which will play a major role in driving future growth of the Company.

b. Sterlite Conduspar Industrial Ltda

During the year, the Company has entered into a Joint Venture with Conduspar Condutores Eletricos Limitada (“Conduspar”) in Brazil. Conduspar is one of the largest companies in Brazil specializing in providing copper and aluminium cables for low and medium voltage applications in Latin America. The 50-50 Joint Venture entered between the Company and Conduspar (Sterlite Conduspar Industrial Ltda) will be a key milestone towards Sterlite’s global expansion strategy of its telecommunication business and is expected to commence production during mid of FY 2014-15.

c. Sterlite Grid Limited (SGL)

SGL is a wholly owned subsidiary of the Company incorporated to undertake power transmission (Grid) projects. SGL is currently executing power transmission system projects, Pan-India via its wholly-owned subsidiary companies awarded on a ‘Build, Own, Operate and Maintain’ (BOOM) basis. In accordance with this, transmission lines would be commissioned and the Company would operate and maintain the same for a tenure of 25-35 years through project SPVs acquired through competitive bidding process.

d. Sterlite Display Technologies Private Limited (SDTPL)

SDTPL is subsidiary of the Company which was earlier exploring growth opportunities in glass manufacturing and other related products. During the period, the management of the Company decided to use this entity for making investments for various power transmission (Grid) projects. During the year, SDTPL has acquired two mega power transmission projects to establish the Transmission System for “Eastern Region System Strengthening Scheme – VII” and “Part ATS of RAPP U-7&8 in Rajasthan”.

e. Sterlite Networks Limited (SNL)

SNL provides ‘Fiber-to-the-Premise (FTTP)’ networks on ‘Open Access’ model in Telecom last mile, in chosen clusters (micro-markets) in top cities of India, on lease to carriers of High speed Internet, Voice, Video and Value added services. SNL operates in 7 major cities Mumbai, Bangalore, Chennai, Delhi, Noida, Ahmedabad and Pune, connecting 1,30,000 homes with 25,000 revenue generating homes with 99.17% network uptime. SNL has filed 45 Trademark applications for the mark FiON, 16 domestic and 5 international applications for Patents of which many have been published.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30^TH SEPTEMBER 2014

(Rs. In Millions)

Particulars	Quarter Ended (Unaudited)		Half Year Ended (Unaudited)
	30.09.2014	30.06.2014	30.09.2014
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	5740.200	5506.800	11247.000
b) Other operating income	180.500	137.200	317.700
Total income from Operations(net)	5920.700	5644.000	11564.700
2.Expenditure
a) Cost of material consumed	3446.400	3603.900	7050.300
b) Purchases of stock in trade	133.800	141.900	275.700
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	11.700	(313.600)	(301.900)
d) Employees benefit expenses	394.400	294.200	688.600
e) Depreciation and amortization expenses	274.500	266.700	541.200
f) Other expenditure	1347.300	1232.200	2579.500
Total expenses	5608.100	5225.300	10833.400
3. Profit from operations before other income and financial costs	312.600	418.700	731.300
4. Other income	227.700	27.400	255.100
5. Profit from ordinary activities before finance costs	540.300	446.100	986.400
6. Finance costs	424.200	296.600	720.800
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	116.100	149.500	265.600
8. Exceptional item	0.000	0.000	0.000
9. Profit from ordinary activities before tax Expense:	116.100	149.500	265.600
10.Tax expenses	(9.500)	54.600	45.100
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	125.600	94.900	220.500
12.Extraordinary Items (net of tax expense)	0.000	0.000	0.000
13.Net Profit / (Loss) for the period (11 -12)	125.600	94.900	220.500
14.Paid-up equity share capital (Nominal value Rs.10/- per share)	787.900	787.600	787.900
15. Paid-up debt capital			16963.900
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year
16.i) Earnings per share
(a) Basic	0.32	0.24	0.56
(a) diluted	0.32	0.24	0.56
Debt Equity Ratio			1.41
Debt Service Coverage Ratio			0.86
Interest Service Coverage Ratio			1.28
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	178522376	178373680	178522376
- Percentage of shareholding	45.31%	25.29%	45.31%
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	--	--	--
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	--	--	--
Percentage of shares (as a % of total share capital of the company)	--	--	--
b) Non Encumbered
Number of shares	215450101	215450601	215450101
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100%	100%	100%
Percentage of shares (as a % of total share capital of the company)	54.69%	54.71%	54.67%

UNAUDITED SEGMENT WIE REVENUE, RESULTS AND CAPITAL EMPLOYED

(Rs. In Millions)

Particulars	Quarter Ended (Unaudited)		Half Year Ended (30.09.2014)
	30.09.2014	30.06.2014	30.09.2014
Segment Revenue
Telecom Product and Solutions	2873.300	3316.000	5164.100
Power Product and Solutions	2866.900	2290.800	6082.900
Total	5740.200	5606.800	11247.000
Profit before interest, depreciation and tax
Telecom Product and Solutions	56.400	695.400	73.800
Power Product and Solutions	758.400	17.400	1453.800
Total	814.800	712.800	1527.600
Profit before Interest and Tax
Telecom Product and Solutions	574.000	503.400	1077.400
Power Product and Solutions	(33.700)	(57.300)	(91.000)
Total	540.300	446.100	986.400
Net Interest Cost	424.200	296.600	720.800
Profit before Tax	116.100	149.500	265.600
Capital Employed (Segment Assets- Segment Liabilities)
Telecom Product and Solutions	10633.400	10971.200	10633.400
Power Product and Solutions	4965.800	4353.600	4965.800
Unallocable	13437.300	11952.700	13437.300
Total	29036.400	27277.500	29036.400

STANDALONE STATEMENT OF ASSTES AND LIABILITIES AS ON 30.09.2014

Rs. In Millions

SOURCES OF FUNDS	30.09.2014 (Unaudited)
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	787.900
(b) Reserves & Surplus	11284.600
(c) Pending Call Money	0.000
Sub-total Shareholders’	12072.500
(2) Non-Current Liabilities
(a) long-term borrowings	5510.600
(b) Deferred tax liabilities (Net)	623.100
(c) Other long term liabilities	92.200
(d) long-term provisions	47.400
Sub-total of Non-Current liabilities	6273.300
(3) Current liabilities
(a) Short term borrowings	9898.700
(b) Trade payables	4220.900
(c) Other current liabilities	4487.200
(d) Short-term provisions	140.700
Sub-total of Current liabilities	18747.500
TOTAL	37093.300
II. ASSETS
(1) Non-current assets
(a) Fixed Assets	9445.200
(b) Non-Current investments	13094.700
(c) Deferred tax assets (net)	0.000
(d) Long term loans and advances	1072.900
(e) Other non-current assets	66.800
Sub-total of Non-Current Assets	23679.600
(2) Current assets
(a) Current investments	1500.000
(b) Inventories	3747.600
(c) Trade receivables	5524.100
(d) Cash and cash equivalents	562.100
(e) Short-term loans and advances	2051.800
(f) Other current assets	28.100
Sub-total of Current Assets	13413.700
TOTAL	37093.300

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10401862	22/01/2013	2,500,000,000.00	State Bank Of India	State Bank Bhavan, Madame Cama Road, Mumbai, Maharashtra - 400021, India	B67457549
2	10402643	22/01/2013	1,500,000,000.00	Export-Import Bank Of India	Centre One Building, 21st Floor, World Trade Centre, Cuffe Parade, Mumbai, Maharashtra - 400005, India	B67905901
3	10403684	22/01/2013	5,730,000,000.00	State Bank Of India	Neville House, J.N. Heredia Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India	B68308972
4	10403874	22/01/2013	1,750,000,000.00	Yes Bank Limited	9th Floor, Nehru Centre, Discovery Of India, Dr. Annie Besant Road, Worli, Mumbai, Maharashtra-400018, India	B68452630
5	10403942	22/01/2013	1,500,000,000.00	Kotak Mahindra Bank Limited	36-38 A, Nariman Bhavan, 227,D, Nariman Point, Mumbai, Maharashtra - 400021, India	B68489483
6	10405909	22/01/2013	3,000,000,000.00	Corporation Bank	Corporate Banking Branch, 104 Bharat House, M S Marg, Fort, Mumbai, Maharashtra - 400023, India	B68634260
7	10405941	22/01/2013	8,920,000,000.00	ICICI Bank Limited	Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India	B68594027
8	10406455	22/01/2013	4,250,000,000.00	Bank Of Maharashtra	Lokmangal, 1501, Shivajinagar, Pune, Maharashtra- 411005, India	B68926468
9	10406463	22/01/2013	3,930,000,000.00	Bank Of Baroda	Corporate Financial Services Branch, Mantri Court, 1st Floor, 39 Ramabai Ambedkar Road, Pune, Maharashtra - 411001, India	B68906957
10	10406828	22/01/2013	3,000,000,000.00	Axis Bank Limited	Trishul 3rd Floor Opp Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad, Gujarat - 380006, India	B69045763
11	10406831	22/01/2013	750,000,000.00	Citi Bank N.A.	Citigroup Centre, 7th Floor, Bandra -Kurla Complex, Bandra (East), Mumbai, Maharashtra - 400051, India	B69079408
12	10406841	22/01/2013	2,000,000,000.00	Export-Import Bank Of India	Centre One Building, 21st Floor, World Trade Centre, Cuffe Parade, Mumbai, Maharashtra - 400005, India	B69101673
13	10406848	22/01/2013	1,500,000,000.00	HDFC Bank Limited	HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India	B69045904
14	10406868	22/01/2013	6,750,000,000.00	Oriental Bank Of Commerce	F.C. Road,, 917-20/20a, OBC Tower, Pune, Maharashtra - 411004, India	B69045854
15	10406870	22/01/2013	2,750,000,000.00	Union Bank Of India Limited	Union Bank Bhavan, 239, Vidhan Bhavan Marg, Mumbai, Maharashtra - 400021, India	B69078129
16	90141388	09/11/2004	2,240,500,000.00	Housing Development Finance Corporation Limited	Raman House; H.T Parakh Marg, Backbay Reclamation; Churchgate, Mumbai, Maharashtra - 400020, India	-
17	90144133	19/10/2002	457,700,000.00	Il And Fs Trust Company Limited	Il And Fs Centre, C-22;Block G; Bandra Kurla, Mumbai, Maharashtra - 400051, India	-

FIXED ASSETS:

· Freehold land

· Leasehold land

· Buildings

· Plant and machinery

· Furniture and fixtures

· Data processing equipment

· Office equipment

· Electric fittings

· Vehicles

NEWS

STERLITE GRID WINS TWO MORE POWER TRANSMISSION PROJECTS

... Projects valued at Rs.6500.000 Millions

... The RAPP-Unit 7, 8 transmission project involves establishment of 400 kV double circuit line; to further strengthen power transfer capability from Northern Grid to Western Grid

... The ERRS-7 project will transmit power using two 400 kV double circuit lines as well as 400 kV Multi-circuit towers a first in private sector in India

... Forms a part of the transmission systems strengthening project awarded to Sterlite Grid Limited on a 'Build, Own, Operate and Maintain' (BOOM) basis

...Transmission lines to be commissioned in 28 months; Sterlite Grid Limited Company would thereafter operate and maintain the same for a minimum tenure of 35 years thereafter.

Pune, India – September 20, 2013: Sterlite Grid Limited, a subsidiary of Sterlite Technologies Limited, has secured two major projects with a total project outlay of about Rs.6500.000 Millions. Both the transmission projects will be developed on BOOM basis, and has been awarded by Power Finance Corporation of India – the nodal agency.

The first project – Rajasthan Atomic Power Project “RAPP-Unit 7, 8” transmission project – will transfer power from the atomic power plant near Kota in Rajasthan to Shujalpur in Madhya Pradesh. The transmission systems will evacuate and transmit power through a network of about 200 km long 400 kV double circuit line. This line, when commissioned, will further strengthen power transfer capability from Northern Grid to Western Grid.

The second project, namely “ERRS-7” will include establishment of two 400 kV double circuit lines between Ranchi and Chaibasa in Jharkhand; besides Kharagpur and Purulia in West Bengal. The total line length is around 450 km and the project will include 400 kV Multi-circuit towers near Ranchi substation. This is considered to be the first of its kind private sector transmission projects in India. The project will further strengthen Sterlite’s presence in the Eastern region after the recent commissioning of the Purnia-Bihar Sharif line in Bihar

“These projects strengthen our presence in Eastern and Western regions and will also mark our entry into the states of Rajasthan and Jharkhand. Further, in terms of growth potential in the transmission sector, these states have significant growth potential and fit well in our future growth plans,” said Pravin Agarwal, Director, Sterlite Technologies Limited.

About Sterlite Technologies Limited

Sterlite Technologies Limited (“Sterlite”) [BSE: 532374, NSE: STRTECH], is a leading global provider of transmission solutions for the power and telecom industries. Equipped with a product portfolio that includes power conductors, optical power ground wire, EHV/HV power cables, optical fibers, telecommunication cables and a comprehensive telecom systems / solutions portfolio, Sterlite's vision is to 'Connect every home on the planet'.

STERLITE TECHNOLOGIES POSTS H1SALES OF RS 14000.000 MILLIONS

... Commences Q3 FY14 with confirmed orders of about Rs 25000.000 Millions

Pune, India – October 25, 2013: Sterlite Technologies Limited [BSE: 532374, NSE: STRTECH], a leading global provider of transmission solutions for the telecom and power industries, today announced its second quarter and half year results for Financial Year 2014.

Financial highlights:

• Sterlite closed H1 of FY 14 with EBITDA of Rs 1440.000 Millions over revenues of Rs 14010.000 Millions translating into a profitability margin of 10%

• Net Income for the company has Rs.230.000 Millions in H1 FY 13 to Rs 350.000 Millions in H1, FY14 improved by 120 basis points from

• The company had a healthy flow of orders in the quarter and starts the Q3, FY 14 with a strong open order book of Rs 25000.000 Millions.

• Q2 FY 14 accounted for International revenues of Rs. 2700.000 Millions (42% of total revenues)

Business Highlights

In the Telecom Segment

• Launch of 3 new products in the Bend-insensitive, BOW-LITE family of fiber, extending the telecom portfolio catering to FTTx applications.

• Global footprints expanded with orders from one of the fastest growing telecom companies in Africa.

• Received one of largest cable orders in the last 3 years from a leading domestic operator which will be using Sterlite’s enhanced fiber.

In The Power segment

• Strengthened global presence with entry in to two new geographies with exports now contributing more than 50% of the open order book

• Secured the largest export order ever (~ 95 M USD) in the Latin America market.

In the Infrastructure segment

• Successful completion of the first line (Purnia – Bihar Sharif) for the ENICL, India’s first Ultra mega transmission project in a record period of 26 months

• Two new projects won in this Quarter: RAPP 7, 8 and ERSS – 7, with total project outlay of Rs. 6500.000 Millions.

“We continue to see consistent demand visibility for optical fiber and power conductors across geographies driven by trends like National Broadband Plan, 4G and improving regulatory environment in power sector. In a challenging economic environment, we remain committed to our strategy and our customers, and we are encouraged by increasing customer interest in our end-to-end solutions offerings,” says Mr Pravin Agarwal, Whole-time

Director, Sterlite Technologies Limited

STERLITE TECHNOLOGIES SALES OF RS.6800.000 MILLIONS IN Q3

...Commences Q4 FY14 with order book of Rs. 26000.000 Millions

Pune, India – January 30, 2014: Sterlite Technologies Limited [BSE: 532374, NSE: STRTECH], a leading global provider of transmission solutions for the telecom and power industries, today announced its third quarter results for Financial Year 2014

Financial highlights for Q3 FY14

Sterlite closed Q3FY14 with total revenue of Rs. 6800.000 Millions and EBITDA of Rs. 540.000 Millions, translating in a profitability margin of 8%

The EBITDA margin for 9M FY 14 at 9.5% shows improvement compared to same period last year

Exports account for 35% of total revenues in Q3 FY14, with addition of six new key customer accounts

Open order book at end of the Q3 FY14 at Rs. 26000.000 Millions with exports constituting close to 50%

Segment Review:

Telecom Segment

• Highest ever sales volumes in a quarter for optical fiber cable at 1.6 million fiber km

• Secured largest share for supply of Optical fiber cables and accessories in the prestigious National Optical Fiber Network (NOFN) project to connect 2,50,000 village panchayat

Power Segment

• Healthy flow of orders supported by addition of new strategic customer accounts in the European and African region. Open order book at end of the Q3 FY14 at Rs. 24000.000 Millions with an exports accounting to around 55%

• Received a certificate of appreciation for best product by an Indian exhibitor at ELECRAMA 2014 for registered product UltraEFF®, low loss power cable that reduces energy loss by 10%.

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.62.10
UK Pound	1	Rs.97.32
Euro	1	Rs.77.91

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		52

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.