MIRA INFORM REPORT

Report No. :	317389
Report Date :	14.04.2015

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 Million
CIN No.: [Company Identification No.]	L31300DN2000PLC000340
IEC no. :	0300039000
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 :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

A (62)

RATING		STATUS	PROPOSED CREDIT LINE
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

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.

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 PARTED BY

Name :	Mr. Ajay
Designation :	Jhanjhari
Contact No.:	Account Manager
Date :	13.04.2015

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 ajay.jhanjhari@sterlite.com yogesh.rawat@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 31.12.2014

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1318756	0.33
Bodies Corporate	4764295	1.21
Sub Total	6083051	1.54
(2) Foreign
Bodies Corporate	209402750	53.15
Sub Total	209402750	53.15
Total shareholding of Promoter and Promoter Group (A)	215485801	54.70
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	15029358	3.81
Financial Institutions / Banks	21592783	5.48
Central Government / State Government(s)	500	0.00
Insurance Companies	914737	0.23
Foreign Institutional Investors	10693157	2.71
Sub Total	48230535	12.24
(2) Non-Institutions
Bodies Corporate	19194906	4.87
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	83638477	21.23
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	23022968	5.84
Any Others (Specify)	4314240	1.10
Non Resident Indians	3622123	0.92
Overseas Corporate Bodies	200	0.00
Trusts	6705	0.00
Clearing Members	345567	0.09
Directors & their Relatives & Friends	223445	0.06
Foreign Nationals	116200	0.03
Sub Total	130170591	33.04
Total Public shareholding (B)	178401126	45.28
Total (A)+(B)	393886927	99.98
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	85550	0.02
Sub Total	85550	0.02
Total (A)+(B)+(C)	393972477	100.00

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

Sl.No	Name of the shareholder	Details of share held
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	Twin Star Overseas Limited	20,94,02,750	53.15
2	Sesa Sterlite Limited	47,64,295	1.21
3	Ankit Agarwal	5,30,171	0.13
4	Navin Kumar Agarwal	2,86,945	0.07
5	Pratik Pravin Agarwal	2,81,140	0.07
6	Pravin Agarwal	1,54,500	0.04
7	Jyoti Agarwal	50,000	0.01
8	Ruchira Agarwal	16,000	0.00
	Total	21,54,85,801	54.70

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

Sl. No	Name of the shareholder	Details of share held
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	Life Insurance Corporation of India	21282975	5.40
2	Reliance Capital Trustee Co Ltd A/c Reliance Diversified Power Sector Fund	9396070	2.38
	Total	30679045	7.79

Shareholding of securities (including shares, warrants, convertible securities) of persons (together with PAC) belonging to the category “Public” and holding more than 5% of the total number of shares of the company

Sl. No	Name of the shareholder	Details of share held
		No. of Shares held	As a % of grand total (A)+(B)+(C)
	Life Insurance Corporation of India	21282975	5.40
	Total	21282975	5.40

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 :

Products :

Finished Goods

Countries :

• UK
• US
• Israel
• UAE

Imports :

Products :

Raw Material

Countries :

• Germany
• Japan
• USA

Terms :

Selling :

Cash and Credit (30/60/90 Days)

Purchasing :

Cash and Credit (30/60/90 Days)

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

End Users and OEM’s

No. of Employees :

Not Divulged

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

· Union Bank

· Yes Bank

· Deutsche Bank

Banker Name	State Bank of India
Branch Address	Commercial Branch
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Debentures
2500(31st March 2013: Nil) 11.45% Non-convertible debentures of Rs.1.000 Million 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 Million carries interest @ LTMLR + 1.10% p.a. Loan amount is repayable in 19 quarterly equated installments of Rs.48.700 Million (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 Million carries interest @ Base rate + 1% p.a. Loan amount is repayable in 13 quarterly equated installments of Rs.84.500 Million (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 Million carries interest @ Base rate + 1% p.a. Loan amount is repayable in 16 quarterly equated installments of Rs.156.200 Million (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 Million 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 :	Not Available
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 Million

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

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 Million

Issued, Subscribed & Paid-up Capital :

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

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

Equity Shares	Number in Crores	Rs. In Million
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 Million
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 Million]

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

Particulars	31.03.2015
Sales Turnover (Approximately)	30000.000 Million

The above information has been parted by Mr. Ajay Jhanjhari

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 Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
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 Million	Rs. In Million	Rs. In Million
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 Million	Rs. In Million	Rs. In Million
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

CURRENT MATURITIES OF LONG-TERM DEBT

Rs. In Million

Particular	31.03.2014	31.03.2013	31.03.2012
Current maturities of long-term debt	1937.100	505.900	1.400

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last four 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	Yes
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

UNSECURED LOAN:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
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 Million, EBITDA of Rs.2710.000 Million, PAT of Rs.500.000 Million and EBITDA margins of 10%. The telecom business had revenues of Rs.11200.000 Million at an EBITDA margin of 17% and the power business had revenues of Rs.16070.000 Million 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.

STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTH ENDED DECEMBER 31, 2014

(Rs. In Million)

Particulars	Quarter Ended (Unaudited)		Nine months Ended (Unaudited)
	31.12.2014	30.06.2014	31.12.2014
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	8732.300	5740.200	19979.300
b) Other operating income	213.000	180.500	530.700
Total income from Operations(net)	8975.300	5920.700	20510.000
2.Expenditure
a) Cost of material consumed	5891.300	3446.400	12941.600
b) Purchases of stock in trade	114.700	133.800	390.400
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	13.100	11.700	(288.800)
d) Staff Cost	355.600	394.400	1044.200
e) Depreciation and amortization expenses	266.300	274.500	807.500
f) Other expenditure	1571.100	1347.300	4150.600
Total expenses	8212.100	5608.100	4150.600
3. Profit from operations before other income and financial costs	733.200	312.600	1464.500
4. Other income	25.200	227.700	280.300
5. Profit from ordinary activities before finance costs	758.400	540.300	1744.800
6. Finance costs	516.400	424.200	1237.200
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	242.000	116.100	507.600
8. Exceptional item	0.000	0.000	0.000
9. Profit from ordinary activities before tax Expense:	242.000	116.100	507.600
10.Tax expenses	11.400	(9.500)	56.500
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	230.600	125.600	451.100
12.Extraordinary Items (net of tax expense)	0.000	0.000	0.000
13.Net Profit / (Loss) for the period (11 -12)	230.600	125.600	451.100
14.Paid-up equity share capital (Nominal value Rs.10/- per share)	787.900	787.900	787.900
15. Paid-up debt capital
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year
16.i) Earnings per share
(a) Basic	0.59	0.32	1.15
(a) diluted	0.59	0.32	1.14
Debt Equity Ratio
Debt Service Coverage Ratio
Interest Service Coverage Ratio
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	178486676	178522376	178486676
- Percentage of shareholding	45.30%	45.31%	45.30%
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	215485801	215450101	215485801
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)	54.70%	54.69%	54.70%

UNAUDITED SEGMENT WIE REVENUE, RESULTS AND CAPITAL EMPLOYED

(Rs. In Million)

Particulars	Quarter Ended (Unaudited)		Nine months Ended (Unaudited)
	31.12.2014	30.06.2014	31.12.2014
Segment Revenue
Telecom Product and Solutions	4613.800	2873.300	9777.900
Power Product and Solutions	4118.500	2866.900	10201.400
Total	8732.300	5740.200	19979.300
Profit before interest, depreciation and tax
Telecom Product and Solutions	143.400	56.400	217.200
Power Product and Solutions	881.300	758.400	2335.100
Total	1024.700	814.800	2552.300
Profit before Interest and Tax
Telecom Product and Solutions	74.000	574.000	(17.000)
Power Product and Solutions	684.400	(33.700)	1761.800
Total	758.400	540.300	1744.800
Net Interest Cost	516.400	424.200	237.200
Profit before Tax	242.000	116.100	5047.600
Capital Employed (Segment Assets- Segment Liabilities)
Telecom Product and Solutions	3923.700	10633.400	3923.700
Power Product and Solutions	11543.000	4965.800	11543.000
Unallocable	13521.700	13437.300	13521.700
Total	28988.400	29036.400	28988.400

STANDALONE STATEMENT OF ASSTES AND LIABILITIES AS ON 30.09.2014

Rs. In Million

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

Press Release

Sterlite Technologies report revenue growth of 32% and EBITDA growth of 90% on YoY basis

- Announces Doubling of its Optical Fiber Cable Capacity

- Commences the Quarter With a Healthy Order Book of Rs 4700 Crore

Sterlite Technologies "Sterlite" [BSE: 532374, NSE:STRTECH], today announced its results for the quarter ended December 31, 2014. Sterlite develops and delivers products, solutions and infrastructure for telecom and power transmission networks globally and has clear leadership position in all of its business segments in India. It has operations on a global scale with manufacturing facilities in India, China and Brazil and exports panning across all major regions in the world.

YOY growth of 32% in revenues translating into an EBITDA growth of 90% and a PAT growth of 325%.

Highest ever quarterly revenues for the quarter at Rs 895 crores on the back of strong performance in both the telecom and power segment.

Profitability continues to show an upward trend with Q3 FY15 EBITDA at Rs 102 crores up 90% from same period last year.

Current order book for the company at Rs 4700 crores represents an increase of almost 80% to our order book levels a year back.

Telecom Segment highlights

Telecom products and solutions business revenues were at Rs 412 crores driven by highest ever quarterly volumes for our Optical fiber and Optical fiber cable business at 4.6m fkm and 2.2m fkm respectively.

With our China operations now operating at near full capacity and Brazil operations ramping up, we recorded a growth of 34% in optical fiber volumes on a Y-O-Y basis.

With increased traction in India market demand for optical fiber cable, we have seen a significant jump of 56% on a Q-O-Q basis in our optical fiber cable volumes. This quarter also marked the start of revenues from our recently won NFS project.

Company announces expansion of optical cabling capacity from 8 Mn to 15 Mnfkm in light of growing opportunities in optical fiber industry.

Power Segment highlights

The power products and solutions business revenues stood at Rs 461 crores, up 61% Q-O-Q as conductor volumes at about 27,000 MT have started showing signs of improvement.

In the power products and solutions segment, we have added new accounts in the European markets for power conductors and in India for OPGW products.

Order book at Rs 2400 crores in power products segment remains healthy and well diversified with exports nearly accounting for 40% of total order book.

Power Transmission Segment

East-North Interconnection Company Ltd. (ENICL) became fully operational with completion of the second 400 KV double-circuit quad transmission line connecting Bongaigaon in Assam to Siliguri in West Bengal which makes us the only private transmission utility to successfully commission the first private mega transmission project in the country.

In Bhopal Dhule Transmission Company Ltd. (BDTCL) project, few more milestones were achieved with commissioning of two more lines and two substations taking us to nearly 60% completion for the project

The current revenue generating elements of the first three projects have an annualized revenue run rate of Rs 287 crorewhich has shown a major increase from the annualized revenue run rate of Rs 68 crores at end of previous quarter.

With Sterlite's investments completed in these projects, we expect the other 2 projects BDTCL and JTCL to be fully operational progressively in next 2 quarters.

Mr. Pravin Agarwal, Whole-time Director, Sterlite Technologies Ltd. said, "As we move into the next calendar year backed by solid performance in the last quarter, we feel much more confident of the brighter prospects for our company. Over the years, we have developed unique capabilities required for transmission of high speed data and high voltage power and are strongly positioned to capture opportunities globally and closer home."

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.38
UK Pound	1	Rs.91.06
Euro	1	Rs.66.16

INFORMATION DETAILS

Information Gathered by :	PRP
Analysis Done by :	KAR
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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		62

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.