MIRA INFORM REPORT

Report No. :	336848
Report Date :	17.08.2015

IDENTIFICATION DETAILS

Name :	NOIDA POWER COMPANY LIMITED
Registered Office :	Commercial Complex, H Block, Alpha – II, Greater Noida City, District Gautam Budh Nagar – 201308, Uttar Pradesh
Tel. No.:	91-120-2326560
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	29.06.1992
Com. Reg. No.:	20-014506
Capital Investment / Paid-up Capital :	Rs. 600.000 Million
CIN No.: [Company Identification No.]	U31200UP1992PLC014506
TAN No.: [Tax Deduction & Collection Account No.]	MRTN00243F
PAN No.: [Permanent Account No.]	AAACN4984D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The Company is a Distribution Licensee undertaking Distribution and Supply of Electricity.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

A (64)

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

Maximum Credit Limit :	USD 14400000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company incorporated during the year 1992 having a good track record. Available financial indicates strong financial risk profile marked by healthy net worth position with low borrowings and favorable gap between trade payable and trade receivable. Further, the rating also takes into consideration decent profitability margin of the company. Promoters are reported to be well experienced and knowledgeable businessmen. Trade relations are reported as fair. Business is active. Payment terms are reported to be regular and as per commitment. In view of long track record and strong financial base, 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	India Rating
Rating	Fund based working capital facilities = (A+)
Rating Explanation	Adequate degree of safety and carry low credit risk
Date	January, 2015

Rating Agency Name	India Rating
Rating	Short term facilities = (A1+)
Rating Explanation	Very strong degree of safety and carry lowest credit risk
Date	January, 2015

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 31-03-2013.

INFORMATION DECLINED

MANAGEMENT NON – COOPERATIVE

(TEL. NO.: 91-120- 2326560/2326561)

LOCATIONS

Registered Office :	Commercial Complex, H Block, Alpha – II, Greater Noida City, District Gautam Budh Nagar – 201308, Uttar Pradesh, India
Tel. No.:	91-120-2326559-61
Fax No.:	91-120-2326448/ 2326972
E-Mail :	npcl@rp-sg.in
Website :	http://www.noidapower.com

DIRECTORS

AS ON 05.09.2014

Name :

Mr. Sanjiv Goenka

Designation :

Director

Address :

19 Belvedere Road, Kolkata - 700027, West Bengal, India

Date of Birth/Age :

29.01.1961

Date of Appointment :

23.12.1994

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	L23109WB1960PLC024602	PHILLIPS CARBON BLACK LIMITED	Director	30/10/1986	30/10/1986	-	Active	NO
2	U74140MH1988PLC046122	R P G ENTERPRISES LIMITED	Director	05/02/1988	05/02/1988	-	Active	NO
3	L01119KL1978PLC002947	HARRISONS MALAYALAM LIMITED	Director	22/09/1988	22/09/1988	24/02/2015	Active	NO
4	U74999TN1918PLC002341	SPENCER AND COMPANY LIMITED	Director	05/01/1989	05/01/1989	-	Active	NO
5	L31901WB1978PLC031411	CESC LIMITED	Director	29/04/1989	29/04/1989	-	Active	NO
6	L22213WB1946PLC014346	SAREGAMA INDIA LIMITED	Director	17/08/1991	17/08/1991	-	Active	NO
7	U70100WB1946GAP014545	WOODLANDS MEDICAL CENTRE LIMITED	Director	27/06/1994	27/06/1994	12/01/2011	Amalgamated	NO
8	U31200UP1992PLC014506	NOIDA POWER COMPANY LIMITED	Director	23/12/1994	23/12/1994	-	Active	NO
9	U55101TN1977PLC007261	SPENCER INTERNATIONAL HOTELS LIMITED	Director	24/09/1999	24/09/1999	-	Active	NO
10	L10101WB1974PLC094602	GRAPHITE INDIA LIMITED	Director	08/06/2002	08/06/2002	18/08/2014	Active	NO
11	U63040TN2001PLC047809	SPENCER'S TRAVEL SERVICES LIMITED	Director	16/04/2003	16/04/2003	10/02/2011	Active	NO
12	L31402WB1934PLC007993	EVEREADY INDUSTRIES INDIA LIMITED	Director	25/07/2014	28/04/2005	-	Active	NO
13	U32202DL2006PTC153361	CELLUCOM RETAIL INDIA PRIVATE LIMITED	Additional director	27/12/2006	27/12/2006	01/12/2008	Active	NO
14	L65993KL1990PLC005811	STEL HOLDINGS LIMITED	Director	30/12/2010	17/09/2010	24/02/2015	Active	NO
15	U85110WB2009PLC140464	WOODLANDS MULTISPECIALITY HOSPITAL LIMITED	Director	25/08/2011	13/01/2011	-	Active	NO
16	L64202MH2001PLC134147	FIRSTSOURCE SOLUTIONS LIMITED	Director	06/08/2013	03/12/2012	-	Active	NO
17	U85300WB1926GAP005585	INDIAN CHAMBER OF COMMERCE CALCUTTA	Director	26/07/2013	26/07/2013	02/08/2014	Active	NO

Name :

Sumantra Banerjee

Designation :

Director

Address :

2C, Alipore Avenue, Kolkata - 700027, West Bengal, India

Date of Birth/Age :

31.12.1949

Date of Appointment :

23.12.1994

DIN No.:

00075243

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	U55101TN1977PLC007261	SPENCER INTERNATIONAL HOTELS LIMITED	Director	17/02/1989	17/02/1989	20/06/2015	Active	NO
2	L22213WB1946PLC014346	SAREGAMA INDIA LIMITED	Director	30/07/2014	16/11/1990	-	Active	NO
3	L31901WB1978PLC031411	CESC LIMITED	Managing director	01/08/2008	15/04/1992	01/08/2013	Active	NO
4	U31200UP1992PLC014506	NOIDA POWER COMPANY LIMITED	Director	23/12/1994	23/12/1994	-	Active	NO
5	U67120WB1984PLC038346	HILLTOP HOLDINGS INDIA LIMITED	Director	06/05/1995	06/05/1995	-	Amalgamated	NO
6	U10400UP1995PLC019228	GHAZIABAD POWER COMPANY LIMIED	Director	27/12/1995	27/12/1995	06/04/2010	Active	NO
7	U70101MH1989PTC217205	RPG PROPERTIES PRIVATE LIMITED	Director	08/11/1999	08/11/1999	06/04/2010	Converted to LLP and dissolved	NO
8	U67120MH1980PLC249582	CARNIWAL INVESTMENTS LIMITED	Director	08/11/1999	08/11/1999	30/11/2010	Active	NO
9	U74899WB1995PLC121756	JUBILEE INVESTMENTS AND INDUSTRIES LIMITED	Director	27/06/2002	27/06/2002	-	Amalgamated	NO
10	U51229WB2000PLC154278	SPENCER' S RETAIL LIMITED	Director	29/12/2006	31/03/2006	22/06/2011	Active	NO
11	U32202DL2006PTC153361	CELLUCOM RETAIL INDIA PRIVATE LIMITED	Additional director	08/09/2006	08/09/2006	30/10/2007	Active	NO
12	U10100JH2008PTC013086	MAHUAGARHI COAL COMPANY PRIVATE LIMITED	Director	17/03/2008	17/03/2008	30/11/2013	Active	NO
13	U91990WB1907GAP001754	THE BENGAL CLUB LIMITED	Director	29/03/2014	25/06/2009	-	Active	NO
14	U15411WB2008PLC124062	AU BON PAIN CAFE INDIA LIMITED	Director	12/07/2010	08/07/2009	-	Active	NO
15	U70109WB2006PLC111457	DHARIWAL INFRASTRUCTURE LIMITED	Director	30/09/2009	27/08/2009	-	Active	NO
16	U93090WB2009PTC138394	MYRIAD VENTURES PRIVATE LIMITED	Director	14/09/2009	14/09/2009	-	Active	NO
17	U74140WB1991PTC053189	AROHAN FINANCIAL SERVICES PRIVATE LIMITED	Director	25/07/2014	29/04/2014	-	Active	NO

Name :

Mr. Utpal Bhattacharyya

Designation :

Director

Address :

AE 525, Salt Lake, Kolkata - 700064, West Bengal, India

Date of Birth/Age :

27.06.1956

Date of Appointment :

06.10.2009

DIN No.:

01794591

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	U40102WB2008PLC124401	RPG POWER TRADING COMPANY LIMITED	Director	24/03/2008	24/03/2008	19/05/2008	Active	NO
2	U31200UP1992PLC014506	NOIDA POWER COMPANY LIMITED	Director	06/10/2009	16/12/2008	-	Active	NO
3	U70101WB2011PLC159584	CESC INFRASTRUCTURE LIMITED	Director	26/07/2012	27/10/2011	14/05/2013	Active	NO
4	U74999WB2011PLC163658	CESC PROJECTS LIMITED	Director	26/07/2012	29/02/2012	-	Active	NO
5	U40109DL2007PLC171035	PAPU HYDROPOWER PROJECTS LIMITED	Director	29/09/2012	16/05/2012	11/06/2015	Active	NO
6	U40109DL2007PLC171032	PACHI HYDROPOWER PROJECTS LIMITED	Director	29/09/2012	16/05/2012	11/06/2015	Active	NO

Name :

Mr. Rama Raman

Designation :

Director

Address :

R-640, Asiad Games Village Complex, New Delhi - 110049, India

Date of Birth/Age :

04.05.1961

Date of Appointment :

23.09.2010

DIN No.:

01120265

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	U40101DL2007GOI157558	REC TRANSMISSION PROJECTS COMPANY LIMITED	Director	09/07/2011	08/01/2007	04/04/2010	Active	NO
2	U40101DL2007GOI165779	REC POWER DISTRIBUTION COMPANY LIMITED	Director	12/07/2007	12/07/2007	04/04/2010	Active	NO
3	U40101UP2004SGC028687	U.P. POWER TRANSMISSION CORPORATION LIMITED	Nominee director	22/07/2008	22/07/2008	03/04/2010	Active	NO
4	U40200DL2009PLC196789	ENERGY EFFICIENCY SERVICES LIMITED	Director	10/12/2009	10/12/2009	06/05/2010	Active	NO
5	U40300UP2010SGC040291	YAMUNA POWER GENERATION COMPANY LIMITED	Nominee director	04/07/2010	04/07/2010	-	Active	NO
6	U31200UP1992PLC014506	NOIDA POWER COMPANY LIMITED	Director	23/09/2010	01/09/2010	-	Active	NO
7	U74900UP2014PLC063430	INTEGRATED INDUSTRIAL TOWNSHIP GREATER NOIDA LIMITED	Managing director	30/06/2014	18/03/2014	-	Active	NO
8	U60231UP2014SGC066849	NOIDA METRO RAIL CORPORATION LIMITED	Managing director	19/11/2014	05/11/2014	-	Active	NO

Name :

Mr. Ramesh Chandra Agarwala

Designation :

Managing director

Address :

H. No. 1103, Sector 16, Faridabad -121002, Haryana, India

Date of Birth/Age :

29.01.1956

Qualification :

B.com (H), LLB, C.A.

Experience :

34 Years

Date of Appointment :

09.12.2011

DIN No.:

00087492

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	U64110DL1988PTC108945	RPG COMMUNICATIONS HOLDINGS PRIVATE LIMITED	Director	20/12/2000	20/12/2000	-	Amalgamated	NO
2	U65993MH2000PTC219686	RPG CELLULAR INVESTMENTS AND HOLDINGS PRIVATE LIMITED	Director	18/01/2001	18/01/2001	26/11/2010	Amalgamated	NO
3	U40102MH1995PTC204464	RPG DHOLPUR POWER COMPANY PRIVATE LIMITED	Director	18/10/2001	18/10/2001	-	Amalgamated	NO
4	L65921MH1997PLC194571	SUMMIT SECURITIES LIMITED	Director	19/10/2002	19/10/2002	30/10/2009	Active	NO
5	U64203MP1986PLC003409	NATIONAL INFORMATION TECHNOLOGIES LIMITED.	Director	31/03/2003	31/03/2003	-	Amalgamated	NO
6	U67190MH2005PLC182834	DUNCAN INVESTMENTS AND INDUSTRIES LIMITED	Director	14/02/2005	14/02/2005	26/11/2010	Active	NO
7	U74899MH1995PLC221218	BLOSSOM TELECOM LIMITED	Director	19/10/2006	19/10/2006	-	Amalgamated	NO
8	U64202MH1995PLC221084	BASIC TELE SERVICES LIMITED	Director	30/09/2009	01/10/2008	-	Amalgamated	NO
9	U31200UP1992PLC014506	NOIDA POWER COMPANY LIMITED	Managing director	09/12/2011	09/12/2011	-	Active	NO
10	U45200DL2007PTC158774	BLUE OCEAN INFRASTRUCTURES PRIVATE LIMITED	Director	01/10/2012	24/07/2012	-	Active	NO

Name :

Mr. Pradip Roy

Designation :

Director

Address :

Bldg, 2C, Flat N0 -42, Kalpataru Estate, J V L Road, Andheri East, Mumbai -400093, Maharashtra, India

Date of Birth/Age :

12.08.1948

Date of Appointment :

22.08.2012

DIN No.:

00026457

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	L31901WB1978PLC031411	CESC LIMITED	Nominee director	08/02/2000	08/02/2000	16/02/2009	Active	NO
2	L65999MH1986PLC147981	IL & FS INVESTMENT MANAGERS LIMITED	Nominee director	11/06/2003	11/06/2003	28/04/2008	Active	NO
3	L74999RJ1938PLC019511	JK LAKSHMI CEMENT LIMITED	Nominee director	06/06/2009	21/07/2003	15/11/2010	Active	NO
4	U35111GJ1993FLC053434	VADINAR OIL TERMINAL LIMITED	Nominee director	29/10/2005	29/10/2005	16/02/2009	Active	NO
5	U72900MH1995PLC095642	NSDL E-GOVERNANCE INFRASTRUCTURE LIMITED	Director	13/08/2008	09/08/2007	20/11/2008	Active	NO
6	U67190MH2008PLC181062	INDIA SME ASSET RECONSTRUCTION COMPANY LIMITED	Director	09/09/2009	31/12/2008	24/08/2011	Active	NO
7	U23209WB1985SGC039487	HALDIA PETROCHEMICALS LIMITED	Nominee director	16/02/2009	16/02/2009	01/11/2010	Active	NO
8	L23109WB1960PLC024602	PHILLIPS CARBON BLACK LIMITED	Director	29/07/2011	31/01/2011	-	Active	NO
9	L31300MH1989PLC054356	PRECISION WIRES INDIA LIMITED	Director	29/09/2014	14/11/2011	-	Active	NO
10	U31200UP1992PLC014506	NOIDA POWER COMPANY LIMITED	Director	22/08/2012	09/12/2011	-	Active	NO
11	U65993MH1996PLC211198	L AND T MUTUAL FUND TRUSTEE LIMITED	Director	03/08/2012	22/02/2012	20/11/2012	Active	NO
12	U74999AP1992PLC014388	GVK INDUSTRIES LIMITED	Director	30/01/2015	04/05/2012	-	Active	NO
13	L64202MH2001PLC134147	FIRSTSOURCE SOLUTIONS LIMITED	Director	01/08/2014	03/12/2012	-	Active	NO
14	U65191MH2013PLC239438	IL AND FS INFRA ASSET MANAGEMENT LIMITED	Director	19/06/2014	08/01/2013	-	Active	NO
15	U40102TG1996PLC024970	GVK GAUTAMI POWER LIMITED	Director	28/07/2014	13/05/2014	-	Active	NO
16	U45200MH2006PTC160164	MUMBAI INTERNATIONAL AIRPORT PRIVATE LIMITED	Director	01/07/2014	23/05/2014	-	Active	NO
17	U67190TN2006PLC059527	L AND T INFRASTRUCTURE FINANCE COMPANY LIMITED	Director	15/12/2014	20/10/2014	-	Active	NO

Name :

Mr. Mathu Shalini Sivanandan

Designation :

Director

Address :

70, Chokanatha Nagar, Maduravoyal, Chennai - 600095, Tamil Nadu, India

Date of Birth/Age :

21.02.1985

Date of Appointment :

05.09.2013

DIN No.:

06663336

Name :

Mr. Harish Kumar Verma

Designation :

Director appointed in casual vacancy

Address :

House No. 7A, Sector 14 A,Noida, Gautam Budh Nagar, Noida - 201301, Uttar Pradesh, India

Date of Birth/Age :

01.07.1955

Date of Appointment :

18.11.2014

DIN No.:

06813356

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	U99999DL2001PLC110396	INDIA EXPOSITION MART LIMITED	Nominee director	03/09/2012	03/09/2012	-	Active	NO
2	U74900UP2014PLC063430	INTEGRATED INDUSTRIAL TOWNSHIP GREATER NOIDA LIMITED	Director	18/03/2014	18/03/2014	30/06/2015	Active	NO
3	U31200UP1992PLC014506	NOIDA POWER COMPANY LIMITED	Director appointed in casual vacancy	18/11/2014	18/11/2014	-	Active	NO

Name :

Mr. Satyendra Nath Kuckreja

Designation :

Director

Address :

23, Sunder Nagar, New Delhi - 110003, India

Date of Birth/Age :

28.10.1934

Date of Appointment :

10.03.2015

DIN No.:

00152350

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	Company/ LLP Status	Defaulting status
1	U40101MP1951PLC016113	RPG TRANSMISSION LIMITED	Director	20/02/1995	20/02/1995	Amalgamated	NO
2	U31200UP1992PLC014506	NOIDA POWER COMPANY LIMITED	Director	10/03/2015	09/12/1995	Active	NO
3	U40102MH1995PTC204464	RPG DHOLPUR POWER COMPANY PRIVATE LIMITED	Director	15/01/2002	15/01/2002	Amalgamated	NO
4	U74900DL2012PTC241946	TASANAYA HOSPITALITY PRIVATE LIMITED	Director	11/09/2012	10/09/2012	Active	NO

Name :

Mr. Ajai Raj Sharma

Designation :

Director

Address :

B-184, Sector-44, Noida - 201301, Uttar Pradesh, India

Date of Birth/Age :

06.12.1944

Date of Appointment :

10.03.2015

DIN No.:

01436846

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	U31200UP1992PLC014506	NOIDA POWER COMPANY LIMITED	Director	10/03/2015	26/03/2007	-	Active	NO
2	U99999TG1995PLC019129	ECIL-RAPISCAN LIMITED	Director	10/09/2007	18/04/2007	30/09/2011	Active	NO
3	U65191UP1990PTC045609	UTKARSH MICRO FINANCE PRIVATE LIMITED	Director	01/07/2010	25/02/2010	11/11/2013	Active	NO

KEY EXECUTIVES

Name :	Mr. Sharad Kumar Sinha
Designation :	Secretary
Address :	P - 489, Sector - 21, Noida - 201301, Uttar Pradesh, India
Date of Birth/Age :	05.01.1971
Date of Appointment :	05.06.2000
PAN No.:	AONPS6970A
Name :	Mr. Manoj Jain
Designation :	Chief Fiancé Officer
Address :	C-202, Aditya Mega City, Indirapuram, Ghaziabad - 201010, Uttar Pradesh, India
Date of Appointment :	18.06.2014
PAN No.:	AFGPJ5046Q

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 05.09.2014

Names of Shareholders	No. of Shares
Greater Noida Industrial Development Authority, India	16362249
Shatt investments Private Limited, India	10909204
CESC Infrastructure Limited, India	29728500
Stel Holing Limited, India	3000000
Devyani Rekha	1
Sri Vastava Lalit	1
Raghav S. SP	1
Thapliyal N. N.	1
Ram Komal	1
Prakash Kailash	1
Garg Sudhir	1
Agarwala C. R.	10
Sinha K. S.	10
Jain Manoj	10
Gupta K. V.	10
Total	60000000

AS ON 05.09.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	The Company is a Distribution Licensee undertaking Distribution and Supply of Electricity.
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

Not Divulged

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

· Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India

· HDFC Bank Limited, Bank House, Senapati Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

· IDBI Bank Limited

· Central Bank of India

· Bank of Maharashtra

· Axis Bank Limited

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Term Loans
From Banks	3078.800	2884.100
Deferred Payment Liabilities for Leasehold Land	0.000	13.900
SHORT TERM BORROWINGS
Working Capital Loans repayable on demand from banks	142.000	1314.100
Total	3220.800	4212.100
SHORT TERM BORROWINGS Working Capital Loans are secured by : (a) First pari passu charge on stocks of raw materials, semi-finished and finished goods, stores, receivables including regulatory assets and other current assets of the company except "Incremental Receivables". (b) Second pari-passu charge on all movable property of the Company situated at Greater Noida in the State of Uttar Pradesh and "Incremental Receivables", both present and future. (c) Standby Letter of Credit amounting to Rs. 7,000 Lakhs in favour IndusInd Bank (Issuing and Paying Agent) have been issued by the Company as security for redemption of Commercial Paper.

Banking Relations :	--
Auditors :
Name :	Lovelock and Lewes Chartered Accountants
Address :	Building No. 8, 7th and 8th Floor, Tower-B, DLF Cyber City, Gurgaon – 122002, Haryana, India
Income-tax PAN of auditor or auditor's firm :	AABFL5878L
Memberships :	--
Collaborators :	--
Entities having Significant Influence :	· Greater Noida Industrial Development Authority (GNIDA ) · CESC Infrastructure Limited (w.e.f 19th March, 2013)

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
75,000,000	Equity Shares	Rs. 10/- each	Rs. 750.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
60,000,000	Equity Shares	Rs. 10/- each	Rs. 600.000 Million

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	600.000	600.000	150.000
(b) Reserves & Surplus	4440.400	3469.100	2148.200
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	327.300
Total Shareholders’ Funds (1) + (2)	5040.400	4069.100	2625.500
(3) Non-Current Liabilities
(a) Long-term borrowings	3078.800	2898.000	2453.200
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	1302.800	1234.600	638.900
(d) long-term provisions	25.700	18.500	15.700
Total Non-current Liabilities (3)	4407.300	4151.100	3107.800
(4) Current Liabilities
(a) Short term borrowings	842.000	1814.100	1495.300
(b) Trade payables	505.600	456.700	133.700
(c) Other current liabilities	1859.800	878.200	738.800
(d) Short-term provisions	178.400	305.400	0.600
Total Current Liabilities (4)	3385.800	3454.400	2368.400
TOTAL	12833.500	11674.600	8101.700
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5358.500	4519.800	3523.100
(ii) Intangible Assets	66.800	67.500	51.500
(iii) Capital work-in-progress	248.100	5.600	17.600
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	38.600	38.600	39.600
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	129.300	170.000	147.500
(e) Other Non-current assets	1.100	6.300	6.300
Total Non-Current Assets	5842.400	4807.800	3785.600
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	85.700	94.400	164.100
(c) Trade receivables	525.400	421.600	299.600
(d) Cash and cash equivalents	94.900	103.800	27.500
(e) Short-term loans and advances	346.600	326.700	300.100
(f) Other current assets	5938.500	5920.300	3524.800
Total Current Assets	6991.100	6866.800	4316.100
TOTAL	12833.500	11674.600	8101.700

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	7742.300	8028.300	4967.400
		Other Income	106.300	81.300	82.400
		TOTAL (A)	7848.600	8109.600	5049.800
Less	EXPENSES
		Cost of Electrical Energy Purchased	5040.400	4932.100	3608.800
		Employees benefits expense	122.100	80.500	68.000
		Other expenses	374.900	291.000	222.700
		TOTAL (B)	5537.400	5303.600	3899.500
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2311.200	2806.000	1150.300
Less	FINANCIAL EXPENSES (D)		765.800	798.700	599.100
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1545.400	2007.300	551.200
Less/ Add	DEPRECIATION/ AMORTISATION (F)		353.000	286.600	238.800
	PROFIT BEFORE TAX (E-F) (G)		1192.400	1720.700	312.400
Less	TAX (H)		299.900	452.800	64.200
	PROFIT AFTER TAX (G-H) (I)		892.500	1267.900	248.200
	Earnings Per Share (Rs.)		14.87	27.52	16.55

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	623.200	488.000	466.000
Cash Generated from Operations	2815.000	1183.700	295.300
Net Cash Generated from Operating Activities	2367.000	1079.200	193.400

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	11.53	15.79	5.00
Operating Profit Margin (PBDIT/Sales)	(%)	29.85	34.95	23.16
Return on Total Assets (PBT/Total Assets}	(%)	9.50	14.79	3.88
Return on Investment (ROI) (PBT/Networth)		0.24	0.42	0.12
Debt Equity Ratio (Total Liability/Networth)		0.90	1.28	1.68
Current Ratio (Current Asset/Current Liability)		2.06	1.99	1.82

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	150.000	600.000	600.000
Reserves & Surplus	2148.200	3469.100	4440.400
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	327.300	0.000	0.000
Net worth	2625.500	4069.100	5040.400
Long-term borrowings	2453.200	2898.000	3078.800
Short term borrowings	1495.300	1814.100	842.000
CURRENT MATURITIES OF LONG-TERM DEBTS	466.000	488.000	623.200
Total borrowings	4414.500	5200.100	4544.000
Debt/Equity ratio	1.681	1.278	0.902

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	4967.400	8028.300	7742.300
		61.620	(3.562)

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	4967.400	8028.300	7742.300
Profit	248.200	1267.900	892.500
	5.00%	15.79%	11.53%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10579278	13/07/2015	1,500,000,000.00	IDBI BANK LIMITED	3RD FLOOR, INDIAN RED CROSS SOCIETY BUILDING, 1, RED CROSS ROAD, NEW DELHI - 110001, INDIA	C58584673
2	10533561	15/05/2015 *	500,000,000.00	STATE BANK OF MYSORE	F-6, UPPER GROUND FLOOR, EAST OF KAILASH, LALA LA  JPATRAI ROAD, NEW, DELHI - 110065, INDIA	C55328280
3	10495385	15/05/2015 *	750,000,000.00	HDFC BANK LIMITED	BANK HOUSE, SENAPATI MARG, LOWER PAREL WEST, MUMBAI - 400013, MAHARASHTRA, INDIA	C55327712
4	10436760	15/01/2014 *	1,000,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	B93959815
5	10427192	26/04/2013	250,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B75644245
6	10358180	09/05/2012	620,000,000.00	ESSAR POWER (JHARKHAND ) LIMITED	PRAKASH DEEP- 10TH FLOOR, 7 TOLSTOY MARG, NEW DELHI - 110001, INDIA	B40626210
7	10350364	27/03/2012	500,000,000.00	CENTRAL BANK OF INDIA	GROUND FLOOR (RIGHT WING), LINK HOUSE 3, BAHADUR  SHAH ZAFAR MARG, NEW DELHI - 110002, INDIA	B37784634
8	10339085	18/01/2013 *	800,000,000.00	AXIS BANK LTD	G-04,G-05,G-06,G-07,G-17,G-18,F-03,F-04, D-1, ALP  HA COMMERCIAL BELT 1, GREATER NOIDA - 201308, UTTAR PRADESH, INDIA	B69164135
9	10323608	22/02/2012 *	400,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	B32971251
10	10239056	22/02/2012 *	1,250,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURSE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	B35111871
11	10239058	26/09/2012 *	100,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	B58516626
12	10212711	10/10/2013 *	1,000,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI - 400018, MAHARASHTRA, INDIA	B88424676
13	10211890	31/01/2011 *	750,000,000.00	IDBI BANK LIMITED	IDBI TOWER, WORLD TRADE COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	B06247308
14	10211898	10/05/2011 *	500,000,000.00	IDBI BANK LIMITED	INDIAN RED CROSS SOCIETY BUILDING, 1, RED CROSS ROAD, NEW DELHI - 110001, INDIA	B12997409
15	10184447	31/01/2011 *	800,000,000.00	BANK OF MAHARSHTRA	B - 29, CONNAUGHT PLACE, NEW DELHI - 110001, INDIA	B06354658

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
Commercial Paper	700.000	500.000
Total	700.000	500.000

REVIEW OF OPERATIONS

During the year, the Company recorded a growth of 16% in energy sales (in MU) and 31% in billed revenue (excluding Regulatory Surcharge). Concurrently, the average demand also increased to 162 MVA, and the customer base increased by 6% to 60485.

Year-on-year, energy sale to industrial units increased by 15% as compared to an increase of 11% in FY 2012–13 due to better supply availability as well as capacity utilisation / new capacity addition by the industries. Energy consumption under other metered categories also raised, the growth being particularly high at 16% in the metered domestic segment due to the combined effect of increased occupancy in new urban sectors and enhancement of the power infrastructure in rural areas. As an after effect of the increased occupancy in urban sectors, the electricity consumption under the Institutional and Commercial category went up by 16%.

Requisite investments were made to reinforce the backbone of the supply system and meet the demand of the new load centres in urban and industrial areas. During the year, the Company commissioned three nos. of 33/11 kV Sub-stations having transformation capacity of 12.5 MVA each and also augmented transformation capacity of one existing Sub-station from 5 MVA to 17.5 MVA, thereby, increasing total transformation capacity from 338 MVA to 388 MVA during the year. Further, the Under construction 220/33kV Gharbara Sub-station and associated transmission lines have been handed over to the Company by GNIDA on 31st March, 2014 on “As Is Where Is” basis. It will be completed and commissioned by the Company in FY 2014-15 which will facilitate availment of additional evacuation of 90 MW power supply from intra-state transmission network from FY 2015-16 onwards to meet the growing demand of consumers of the area.

During the year, the Company has constructed modern central store for safe and proper storage of materials. The Company has also set up an in-house modernised work-shop at 33/11 kV Ecotech – 2 Sub-station to repair and maintain distribution transformers in order to improve life of transformers.

The Company has been able to keep the T and D Loss at around 8%, despite increased growth in the LT segment, by undertaking intensive vigilance drives, periodic inspections, testing of meters and upgradation of distribution network. High Voltage Distribution System (HVDS) using bare as well as 11 kV Aerial Bunched Cables (ABC) along with erection LT Aerial Bunched Cables (ABC) in villages continued in the year under review to control T&D losses in the rural segment. These, in turn, prevent accidents and protect the environment by avoiding cutting of trees. During the year under review, the primary 11 kV overhead network has been extended by 55 ckt-km. along with extension of 36 km. of 11 kV underground mains.

During the year, the Company has continued its initiative of undertaking meter reading of all consumers having load more than 5.0 kW and upto 24.0 kW through Low Power Radio Frequency technology as done in the previous year. The Company has covered all designated consumers and has been successful in automating meter reading with efficiency level more than 95%.

The Automatic Meter Test Lab of the Company, which was commissioned in FY 2011 – 12 and accredited by NABL in FY 2012 – 13, has successfully passed the Surveillance Audit during the year under review and is preparing for NABL re-certification Audit in FY 2014 – 15, i.e. two years after NABL first certification. During the year, the Company has successfully participated in two Inter-lab Comparison (ILC) programme and one Proficiency Testing (PT) programme to meet the norms specified by NABL. Apart from above, the Meter Test Lab is being continuously used as effective in-house facilities to carry out testing of Meters on regular basis.

The Cable Test Van, which was introduced in FY 2011 – 12, has been successful used in tracing and pin pointing fault location during development of cable faults. During the year, all the cable faults, approx. 650 in number were located by the Cable Test Van, thereby nullifying the cost of deputation of external fault locating agencies. In addition to this, the Cable Test Van is being also used for testing of High Voltage overhead Lines, underground Cables and 33/11 kV Sub-stations.

GENERAL INFORMATION

The Company is a Distribution Licensee undertaking distribution and supply of electricity in the area of Greater Noida, Uttar Pradesh. The operations of the Company are governed by the Electricity Act, 2003 and various Regulations and/or Policies framed thereunder by the appropriate authorities. Accordingly, in preparing the financial statements the relevant provisions of the said Act, Regulations etc. have been duly considered.

CONTINGENT LIABILITIES:

Particulars	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
Income Tax matters	1266.300	109.500
Other matters	0.500	0.500

Notes

i. During the year the Company received an assessment order dated 21th March, 2014 from Joint Commissioner of Income Tax (JCIT) for Assessment Year 2011-12 raising a demand of Rs. 122.900 Million. The Company filed an appeal before CIT (A) against the said order on 24th April, 2014 and also filed petition before JCIT to keep the demand in abeyance till disposal of appeal by CIT (A) and deposited Rs. 43.100 Million under protest till date.

ii. During the year the Company received orders from Joint Commissioner of Income Tax (JCIT) imposing penalties u/s 271 (1)(c) for various Assessment Years the detail of which are given below :

S. No.	Assessment Year	Penalty Amount
1	2004-05	460.000
2	2005-06	530.000
3	2009-10	6.900
	Total	996.900

The Company has filed appeals before CIT (A) against the above orders on 15th April, 2014 and also filed petitions before JCIT to keep the demands in abeyance till disposal of appeals by CIT (A).

iii JCIT vide its order dated 29th March, 2012 raised a demand of Rs. 88.000 Million u/s 271(1)(c)for Assessment Year 2007-08 against which the Company filed appeal before CIT(A). CIT (A) vide its order dated 24^th December, 2012 quashed the demand and decided the appeal in favour of the Company. JCIT has now filed appeal before ITAT against the order of CIT (A).

iv During the year the Company received an order dated 27th March, 2014 from Deputy Commissioner of Income Tax (DCIT-TDS) raising a demand of Rs. 585 Lakhs u/s 201(1) and (1A) for Assessment Years 2011- 12 and 2012-13 for non-deduction of TDS on transmission charges u/s 194J. The Company has filed an appeal before CIT(A) against the said order on 30th April, 2014 and also filed petition before DCIT-TDS to keep the demand in abeyance till disposal of the appeal.

v Outstanding Bank Guarantee (favouring Govt. of U. P. in respect of Licence u/s 14 of the Act, 2003) – Rs. 0.500 Million (March 31, 2013: Rs. 0.500 Million).

FIXED ASSETS:

· Freehold land

· Leasehold land

· Building and structures

· Plant and Machinery

· Solar power generation Equipment’s

· Transmission and distribution system

· Meters and Other apparatus on consumers’ premises

· Furniture and fixtures

· Office equipment

· Computers

· Assets acquired from UPSEB

· Leasehold improvements

· Vehicles

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.65.12
UK Pound	1	Rs.101.62
Euro	1	Rs.72.56

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	DIV
Report Prepared by :	ARC

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		64

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.