MIRA INFORM REPORT

Report Date :

14.10.2014

IDENTIFICATION DETAILS

Name :	EMI TRANSMISSION LIMITED
Registered Office :	Unit No. 101, 1^st Floor, Centre Point Building, S.S. Rao Road, Off Babasaheb Ambedkar Road, Parel Mumbai – 400012, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	07.05.1973
Com. Reg. No.:	11-016533
Capital Investment / Paid-up Capital :	Rs. 75.053 Millions
CIN No.: [Company Identification No.]	U28100MH1973PLC016533
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Space Damper and Single Suspension.
No. of Employees :	345 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating takes into consideration company’s established position as a market leader in the power transmission hardware business supported by stable operating margins and sound liquidity profile of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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	CARE
Rating	Long Term Bank Facilities = BBB +
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	25.03.2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A2
Rating Explanation	Strong degree of safety and low credit risk
Date	25.03.2014

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY

Name :	Ms. Priya
Designation :	AGM In Finance
Contact No.:	91-22-24188810
Date :	10.10.2014

LOCATIONS

Registered Office :	Unit No. 101, 1^st Floor, Centre Point Building, S.S. Rao Road, Off Babasaheb Ambedkar Road, Parel Mumbai – 400012, Maharashtra, India
Tel. No.:	91-22-24188810
Fax No.:	91-22-24188886
E-Mail :	priya@emi.co.in rraghavan@emi.co.in
Website :	http://www.emi.co.in
Factory :	157/2/1, Village Brahmanwada, Taluka Sinnar, District Nashik - 422 103, Maharashtra, India
Tel. No.:	91-253-2802504/ 687/ 219/ 250
Fax No :	91-253-2802687
E-Mail :	emico26@sancharnet.in

DIRECTORS

As on 30.09.2013

Name :

Mr. Sanjiv R. Sheth

Designation :

Managing Director

Address :

B-2001, 20^th Floor, Beaumonde, Appasaheb Marathe Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India

Date of Birth/Age :

24.11.1963

Date of Appointment :

29.10.2012

DIN No.:

00034445

Others 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	U28100MH1973PLC016533	E M I TRANSMISSION LIMITED	Whole-time director	29/10/2012	30/04/1992	-	Active	NO
2	U31400MH2011PTC215379	EMI POWER TRANSMISSION PRIVATE LIMITED	Director	28/03/2011	28/03/2011	-	Amalgamated	NO

Name :

Mr. Krishna R. Sheth

Designation :

Whole Time Director

Address :

152-B, Grand Parade Appts, Behind Shalimar Hotel, Kemps Corner, Mumbai – 400036, Maharashtra, India

Date of Birth/Age :

22.11.1933

Date of Appointment :

01.04.2007

DIN No.:

00045415

Others 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	U28100MH1973PLC016533	E M I TRANSMISSION LIMITED	Whole-time director	1/4/2007	15/05/1992	-	Active	NO
2	U31400MH2011PTC215379	EMI POWER TRANSMISSION PRIVATE LIMITED	Director	28/03/2011	28/03/2011	-	Amalgamated	NO

Name :

Mr. Bhasker M. Mehta

Designation :

Director

Address :

NHB, Crystal Tower,75,Gundivali Road No. 3, Andheri – Kurla Road, Andheri (East), Mumbai – 400069, Maharashtra, India

Date of Birth/Age :

17.08.1934

Date of Appointment :

15.12.1994

DIN No.:

00725253

Others 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	U28100MH1973PLC016533	E M I TRANSMISSION LIMITED	Director	15/12/1994	15/12/1994	-	Active	NO
2	U29130MH1994PLC082390	NHB BALL AND ROLLER LIMITED	Managing director	29/11/1996	29/11/1996	-	Active	NO
3	U74140MH2002PTC137905	GREAT CIRCLE ADVISORS PRIVATE LIMITED	Director	21/11/2002	21/11/2002	-	Strike off	NO
4	L99999MH1949PLC007039	PATEL ENGINEERING LIMITED	Director	20/08/2010	22/09/2009	27/09/2013	Active	NO

Name :

Mr. T.N. Balasubramanian

Designation :

Director

Address :

601, Silver Court, M.G. Road, Behind Titan Showroom, Ghatkoper (East), Mumbai – 400 077, Maharashtra, India

Date of Birth/Age :

04.07.1949

Date of Appointment :

16.10.2012

DIN No.:

00045424

Others 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	U65920MH1993PTC074365	GOLDENBOWL FINVEST AND CONSULTANCY PRIVATE LIMITED	Director	6/10/1993	6/10/1993	-	Active	NO
2	U28100MH1973PLC016533	E M I TRANSMISSION LIMITED	Director	16/10/2012	10/7/1995	-	Active	NO

Name :

Mr. Kamalnayan Shantilal Kotak

Designation :

Director

Address :

Seksaria House, 28 Babulnath Road, Mumbai – 400 007, Maharashtra, India

Date of Birth/Age :

05.04.1949

Date of Appointment :

28.07.2006

DIN No.:

00151664

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	U51900MH1959PTC011548	ASIAN MACHINERY AND EQUIPMENT PRIVATE LIMITED	Director	22/12/1979	22/12/1979	28/03/2011	Active	NO
2	U40100MH1997PTC110591	KOTAKURJA PRIVATE LIMITED	Director	10/09/1997	10/09/1997	-	Active	NO
3	U51900MH2000PTC124523	KOTAK EXIM PRIVATE LIMITED	Director	25/02/2000	25/02/2000	-	Active	NO
4	U28100MH1973PLC016533	E M I TRANSMISSION LIMITED	Director	28/07/2006	20/04/2006	-	Active	NO
5	U40108KA2009PTC051516	KOTAK POWER PRIVATE LIMITED	Director	17/11/2009	17/11/2009	-	Active	NO

Name :

Mr. Baburao Prataprao Deshmukh

Designation :

Director

Address :

Snehal, Block No.1, Pestom Sagar Road No.6, Chembur, Mumbai – 400 089, Maharashtra, India

Date of Birth/Age :

15.07.1944

Date of Appointment :

28.07.2006

DIN No.:

00002357

Others 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	L26941TN1957PLC003566	THE RAMCO CEMENTS LIMITED	Director	09/05/2001	09/05/2001	14/05/2007	Active	NO
2	L99999MH1946PLC004768	LARSEN AND TOUBRO LIMITED	Nominee director	19/04/2002	19/04/2002	29/05/2007	Active	NO
3	L26941GJ1956PLC000840	SAURASHTRA CEMENT LIMITED	Director	30/08/2012	15/10/2004	-	Active	NO
4	L65922MH1989PLC054583	GIC HOUSING FINANCE LIMITED	Director	15/10/2004	15/10/2004	09/05/2007	Active	NO
5	U67120WB1993PTC060525	DALMIA SECURITIES PVT LTD	Director	06/12/2005	06/12/2005	30/11/2012	Active	NO
6	U28100MH1973PLC016533	E M I TRANSMISSION LIMITED	Director	28/07/2006	06/07/2006	-	Active	NO

Name :

Mr. Ashok Kotumal Pahalajani

Designation :

Director

Address :

Bherumal Bhavan, Flat No.9, 3rd Road,. Sitladevi Road, Mahim, Mumbai – 400 016, Maharashtra, India

Date of Birth/Age :

18.01.1959

Date of Appointment :

06.07.2006

DIN No.:

00574603

Others 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	U28100MH1973PLC016533	E M I TRANSMISSION LIMITED	Director	06/07/2006	06/07/2006	-	Active	NO
2	U55104RJ2010PTC032574	HAPPY HOSTELS AND BENQUITE PRIVATE LIMITED	Director	10/08/2010	10/08/2010	-	Active	NO

Name :

Mr. S.K. Sadananda Shetty

Designation :

Director

Address :

Ramya 3c/32, Drug Employers Co-Op, Hosing Society, Opposite K.K.Gram, Thane – 400067, Maharashtra, India

Date of Birth/Age :

22.10.1941

Date of Appointment :

16.10.2012

DIN No.:

02136278

Name :

Ms. Subrata Chatterjee

Designation :

Director

Address :

A-301, La Chapelle, Evershine Nagar, Malad, (West) Mumbai – 400064, Maharashtra, India

Date of Birth/Age :

01.11.1950

Date of Appointment :

16.10.2012

DIN No.:

06394988

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

SHAREHOLDING DETAILS FILE ATTACHED

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	98.77
Other top fifty shareholders	1.23
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Space Damper and Single Suspension.

Products :

Item Code No. (ITC Code)	Product Description
01	Power Transmission

Exports :

Products :

Finished goods

Countries :

• Dubai
• Korea

Imports :

Products :

Raw Material

Countries :

• Dubai

GENERAL INFORMATION

Customers :	Domestic Power Grid Corporation Of India Limited Grid Corporation Of Orissa Limited Gujarat Electricity Board. National Thermal Power Corporation Rajasthan Rajya Vidyut Prasaran Nigam Limited Maharashtra State Electricity Board Haryana Vidyut Prasaran Nigam Limited Himachal Pradesh State Electricity Board Kerala State Electricity Board. Western Region Transmission (Gujarat) Private Limited International IVO Power Engineering Limited, Finland ETDE, France NGK, Japan STCK, Burkina Faso UMR, Egypt BAhw an Engineering, Oman Emirate Trading Agency L L C, Dubai Larsen and Toubro Limited, Abu Dhabi KEC International Limited, Abu Dhabi ABB NPPMB INEO Energy Ventures
No. of Employees :	345 (Approximately)
Bankers :	Dena Bank, Corporate Business Branch,C-10, G Block Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra, India
Facilities :	--

Banking Relations :	---
Auditors :
Name :	Chokshi and Chokshi Chartered Accountants
Address :	15/17, Raghavji ‘B’ Bulding, Raghavji Road, Gowalia Tank, Kemps Corner Mumbai - Maharashtra, India
PAN No.:	AAAFC2633B
Sister Concern :	B.M.I Transmission Power Limited
Subsidiary :	EMI Power Transmission Co. (FZC)

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Millions
50000	Preference Shares	Rs.1000/- each	Rs.50.000 Millions
			Rs.200.00 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7505295	Equity Shares	Rs.10/- each	Rs.75.053 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	75.053	87.641	98.049
(b) Reserves & Surplus	2760.866	3027.407	2029.702
(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)	2835.919	3115.048	2127.751
(3) Non-Current Liabilities
(a) long-term borrowings	848.274	442.770	599.016
(b) Deferred tax liabilities (Net)	16.664	13.331	20.271
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	3.056	2.146	1.399
Total Non-current Liabilities (3)	867.994	458.247	620.686
(4) Current Liabilities
(a) Short term borrowings	2128.012	2269.338	359.306
(b) Trade payables	2187.198	2186.722	839.954
(c) Other current liabilities	492.514	255.047	192.656
(d) Short-term provisions	93.716	115.863	90.130
Total Current Liabilities (4)	4901.440	4826.970	1482.046
TOTAL	8605.353	8400.265	4230.483
II. ASSETS
(1) Non-current assets
(a) Fixed Assets	0.000	0.000	0.000
(i) Tangible assets	1491.675	1474.374	824.014
(ii) Intangible Assets	1631.834	1691.171	8.400
(iii) Capital work-in-progress	162.212	141.284	119.119
(iv) Intangible assets under development	0.000	14.530	7.672
(b) Non-current Investments	152.212	152.212	152.212
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	67.271	90.482	71.009
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	3505.204	3564.053	1182.426
(2) Current assets
(a) Current investments
(b) Inventories	2352.096	2505.710	1763.452
(c) Trade receivables	2257.357	1752.346	1221.867
(d) Cash and cash equivalents	55.980	462.282	13.673
(e) Short-term loans and advances	426.626	115.874	48.971
(f) Other current assets	8.090	0.000	0.094
Total Current Assets	5100.149	4836.212	3048.057
TOTAL	8605.353	8400.265	4230.483

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	4121.621	3903.069	3302.872
		Other Income	24.071	5.390	5.321
		TOTAL (A)	4145.692	3908.459	3308.193
Less	EXPENSES
		Cost of Materials Consumed	2849.599	2726.261	1609.268
		Purchases of Stock-in-Trade	(0.012)	2.904	507.122
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(539.522)	(298.640)	(202.541)
		Employees benefits expense	97.456	77.326	81.108
		Other expenses	375.028	270.676	339.814
		TOTAL (B)	2782.549	2778.527	2334.771
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1363.143	1129.932	973.422
Less	FINANCIAL EXPENSES (D)		557.244	339.477	271.585
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		805.899	790.455	701.837
Less/ Add	DEPRECIATION/ AMORTISATION (F)		244.877	143.989	95.413
	PROFIT BEFORE TAX (E-F) (G)		561.022	646.466	606.424
Less	TAX (H)		233.376	222.547	210.604
	PROFIT AFTER TAX (G-H) (I)		327.646	423.919	395.820
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		460.276	1102.435	860.736
Less	APPROPRIATIONS
		Transfer to General Reserve	32.764	1042.392	125.656
		Dividend	17.147	20.380	24.492
		Tax on Dividend	2.782	3.306	3.973
	BALANCE CARRIED TO THE B/S		735.226	460.276	1102.435
	Earnings Per Share (Rs.)		43.6	56.4	52.7

Particulars	31.03.2014
Sales Turnover (Approximately)	4350.000

The above information has been parted by Ms. Priya

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	7.90	10.85	11.96
Net Profit Margin (PBT/Sales)	(%)	13.61	16.56	18.36
Return on Total Assets (PBT/Total Assets}	(%)	6.77	7.99	15.35
Return on Investment (ROI) (PBT/Networth)		0.20	0.21	0.29
Debt Equity Ratio (Total Debt /Networth)		1.05	0.87	0.45
Current Ratio (Current Asset/Current Liability)		1.04	1.00	2.06

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	98.049	87.641	75.053
Reserves & Surplus	2029.702	3027.407	2760.866
Net worth	2127.751	3115.048	2835.919
long-term borrowings	599.016	442.770	848.274
Short term borrowings	359.306	2269.338	2128.012
Total borrowings	958.322	2712.108	2976.286
Debt/Equity ratio	0.450	0.871	1.049

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	3302.872	3903.069	4121.621
		18.172	5.599

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	3302.872	3903.069	4121.621
Profit	395.820	423.919	327.646
	11.98%	10.86%	7.95%

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
19]	Payments terms	No
20]	Export / Import details (if applicable)	Yes
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

Note:

The registered office of the company has been shifted from Unit No. 101, 1^st Floor, Centre Point Building, S.S. Rao Road, Off Babasaheb Ambedkar Road, Parel Mumbai – 400013, Maharashtra to present address w.e.f. 07.05.2011

PERFORMANCE HIGHLIGHTS:

During the year, the Company achieved Net Turnover of Rs.4145.692 Millions as against Net Turnover of Rs.3908.459 Millions in the last Financial Year 2011-12, thereby registering a growth of 6.07% on YOY Basis. The Net Profit after tax has decreased to Rs.327.646 Millions as against Rs.423.919 Millions in the previous year. Decrease in Profit is predominantly on account of increase in depreciation on assets revalued under Scheme of amalgamation as approved by High Court of Mumbai on 13^th July, 2012 and increase in finance cost.

INDUSTRY OVERVIEW AND FUTURE OUTLOOK:

Domestic

At the base level of the Electrical Energy Requirement is estimated to increase at a compound annual growth rate of 8.55% by 2016-17 and 7.17% by 2021-22. The pattern of electricity consumption is expected to be similar level amongst the most of its segments, except a marginal decline in rural consumers.

The power generation segment has performed satisfactorily by adding a capacity of 54,964 MW in the Eleventh Five Year Plan. The draft Twelfth Five Year Plan has envisaged a capacity addition of 88,537 MW, an increase of about 60% over the achievement during the preceding plan.

However, the generation of power has been plagued with fuel shortages, the delays in award of contracts resulting in shortage of orders for the equipment manufacturers, ambiguity about the basis for bidding (BOO: build-own-operate against DBFOT:

design-build-finance-operate-transfer) and deficiency in implementation of reforms.

Government has moved its focus from increasing the generation capacity of power to improve the efficacy of Transmission and Distribution (TandD). Government's higher thrust on TandD is also justifiable via the 12th five year plan. In this plan, the TandD spend has been increased to 56% from 51% in XI Plan, on the total spending on power sector.

Though the transmission line segment is poised for rapid growth during the Twelfth Five Year Plan period, it currently faces major challenges, which will inhibit its progress. The contractors, i.e. customer of EMI, are facing severe lack of liquidity mainly due to frequent changes in scope, slow decision making by utilities in making payments, project delay related to ROW (Right of Way) issues resulting in cost overrun which are not adequately compensated to the contractors by Electrical Utilities. Hence most of the reputed contractors are also delaying their payment commitments to EMI.

During the year, the Cabinet Committee of Economic Affairs (CCEA) approved restructuring of state electricity boards. This is expected to improve the liquidity situation.

Considering the Central Government focused approach to bring back economy on track, infrastructure spending is expected go up and in turn it will lead to resolving the issues of coal supplies, land acquisition, tariff revision etc., hence spending on transmission and distribution will again pick up as a country like India cannot sustain slowdown because of its demography, population and consumption needs for which infrastructure is the backbone.

Asia

In Asia, during 2013-15 many inter-regional projects are expected to connect huge hydro-electric power generation capacity of surplus central Asian countries with power deficit South-East Asian countries through regional links. The changing regulatory environment unshackling of transmission network away from utilities and unbundling of fixed tariff structure is resulting in increasing participation of private companies in the region. Overall around 200,304 km of transmission lines are expected to be added in the region.

Africa

In Africa, countries are investing to build their intra-regional network and cross-border projects. The region is also witnessing increase in overall electricity consumption, which is also driving the demand for new transmission network. A total of 23,274 km of transmission line length is expected to be added during the period 2013-15.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10410765	17/01/2013	700,000,000.00	STANDARD CHARTERED INVESTMENTS AND LOANS (INDIA) LIMITED	FLOOR NO. 3A, CRESCENZO BUILDING, C-38/39,, "G" B  LOCK, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI, MAHARASHTRA - 400051, INDIA	B70427067
2	10399475	03/12/2012	4,315,000,000.00	DENA BANK	CORPORATE BUSINESS BRANCH, C-10, G BLOCK,, BANDRA  KURLA COMPLEX, BANDRA (EAST), MUMBAI, MAHARASHTRA  - 400051, INDIA	B66656729
3	10293374	08/06/2011	150,000,000.00	STANDARD CHARTERED BANK	CRESCENZO, 3A/F, PLOT NO. C-38 & 39, G BLOCK, BANDRA KURLA COMPLEX, BANDRA, MUMBAI, MAHARASHTRA - 400051, INDIA	B15415953
4	10264102	30/12/2010	2,720,000,000.00	DENA BANK	CORPORATE BUSINESS BRANCH, C-10, G-BLOCK, BANDRA  KURLA COMPLEX, BANDRA (E), MUMBAI, MAHARASHTRA - 400051, INDIA	B04193975
5	10245191	22/09/2010	160,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	A96678552
6	10239423	15/09/2010	42,000,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT,, MUMBAI, MAHARASHTRA - 400021, INDIA	A94435971
7	10192017	23/10/2009	100,000,000.00	DENA BANK	CORPORATE BUSINESS BRANCH, C-10, G-BLOCK, BANDRA- KURLA COMPLEX, BANDRA (EAST), MUMBAI, MAHARASHTRA - 400050, INDIA	A74997735
8	10160832	05/05/2009	289,800,000.00	DENA BANK	CORPORATE BUSINESS BRANCH, BANDRA-KURLA COMPLEX, BANDRA (EAST), MUMBAI, MAHARASHTRA - 400050, INDIA	A63376503
9	10100156	31/03/2008	50,000,000.00	DENA BANK	CORPORATE BUSINESS BRANCH, C-10, G BLOCK,, BANDRA  -KURLA COMPLEX, BANDRA (E), MUMBAI, MAHARASHTRA -  400051, INDIA	A37105814
10	90145408	20/09/2004	60,000,000.00	DENA BANK	INDUSTRAIL FINANCE BRANCH, MAKER TOWERS; CUFFE PA  RADE, MUMBAI, MAHARASHTRA - 400005, INDIA	-

* Date of charge modification

FIXED ASSETS

• Land
• Building
• Plant and Machinery
• Furniture and Fixtures
• Computer
• Motor Cycle

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.25
UK Pound	1	Rs.98.68
Euro	1	Rs.77.60

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KRN
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.