MIRA INFORM REPORT

Report No. :	336875
Report Date :	19.08.2015

IDENTIFICATION DETAILS

Name :	GATEWAY DISTRIPARKS LIMITED
Registered Office :	Sector-6, Dronagiri, Taluka-Uran, District. Raigad, Navi Mumbai-400707, Maharashtra
Tel. No.:	91-022-27246500
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	06.04.1994
Com. Reg. No.:	11-164024
Capital Investment / Paid-up Capital :	Rs. 1087.280 Million
CIN No.: [Company Identification No.]	L74899MH1994PLC164024
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	The Company’s primary business is to operate Container Freight Stations (“CFS”), which are facilities set up for the purpose of in-transit container handling, examination, assessment of cargo with respect to regulatory clearances, both import and export.
No. of Employees :	238 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (58)

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 20000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track. Rating takes into consideration sound financial risk profile of the company marked by strong networth base and decent profitability. Overall financial condition of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be regular and as per the commitments. The company can be considered normal for business dealings with usual trade terms and conditions.

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	FITCH
Rating	Long Term Issuer Rating AA-
Rating Explanation	High degree of safety and very low credit risk.
Date	24.06.2015

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 DENIED BY

Name :	Ms. Gauri
Designation :	Receptionist
Contact No.:	91-22-27246500
Date :	13.08.2015

LOCATIONS

Registered Office :	Sector 6, Dronagiri, Taluka Uran, District Raigad, Navi Mumbai - 400 707
Tel. No.:	91 22 2724 6500
Fax No.:	91 22 2724 6538
E-Mail :	investor@gateway-distriparks.com
Website :	www.gateway-distriparks.com

DIRECTORS

AS ON: 31.03.2015

Name :	Mr. Prem Kishan Gupta
Designation :	Chairman and Managing Director
Other Directorship: Gateway Rail Freight Limited Gateway Distriparks (Kerala) Limited Snowman Logistics Limited
Name :	Mr. Shabbir Hassanbhai
Designation :	Director
Other Directorship: Gateway Rail Freight Limited Gateway Distriparks (Kerala) Limited Snowman Logistics Limited
Name :	Mr. Sat Pal Khattar
Designation :	Director
Other Directorship: Gateway Rail Freight Limited
Name :	Mr. M. P. Pinto
Designation :	Director
Other Directorship: Snowman Logistics Limited
Name :	Mr. Saroosh Dinshaw
Designation :	Director
Other Directorship: Snowman Logistics Limited
Name :	Mr. Bhaskar Avula Reddy
Designation :	Director
Other Directorship: Gateway Distriparks (Kerala) Limited
Name :	Mrs. Chitra Gouri Lal
Designation :	Director
Other Directorship: Gateway Rail Freight Limited Snowman Logistics Limited
Name :	Mr. Arun Agarwal
Designation :	Director
Name :	Mr. Ishaan Gupta
Designation :	Director
Other Directorship: Gateway Rail Freight Limited

KEY EXECUTIVES

Audit Committee:	Mr. Shabbir Hassanbhai-Chairman of the Committee Mr. Prem Kishan Gupta Mr. M. P. Pinto Mr. Saroosh Dinshaw Mr. Bhaskar Avula Reddy
Stakeholders Relationship Committee:	Mr. Bhaskar Avula Reddy -Chairman of the Committee Mr. Prem Kishan Gupta Mr. Shabbir Hassanbhai Mr. M. P. Pinto Mr. Saroosh Dinshaw
Nomination, Remuneration And ESOP Committee:	Mr. M. P. Pinto-Chairman of the Committee Mr. Sat Pal Khattar Mr. Saroosh Dinshaw
Corporate Social Responsibility Committee:	Mr. Prem Kishan Gupta-Chairman of the Committee Mrs. Chitra Gouri Lal

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 30.06.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
		As a % of (A+B)
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	3170000	2.92
Bodies Corporate	24200000	22.26
Sub Total	27370000	25.17
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	4087018	3.76
Bodies Corporate	4275187	3.93
Sub Total	8362205	7.69
Total shareholding of Promoter and Promoter Group (A)	35732205	32.86
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	24540970	22.57
Financial Institutions / Banks	2650606	2.44
Central Government / State Government(s)	1000	0.00
Insurance Companies	684176	0.63
Foreign Institutional Investors	32369821	29.77
Sub Total	60246573	55.41
(2) Non-Institutions
Bodies Corporate	4769525	4.39
Individuals
Individual shareholders holding nominal share capital up to Rs. 1 lakh	6034373	5.55
Individual shareholders holding nominal share capital in excess of Rs. 1 lakh	976013	0.90
Any Others (Specify)	969360	0.89
Non Resident Indians	646169	0.59
Clearing Members	318191	0.29
Others	5000	0.00
Sub Total	12749271	11.73
Total Public shareholding (B)	72995844	67.14
Total (A)+(B)	108728049	100.00

BUSINESS DETAILS

Line of Business :	The Company’s primary business is to operate Container Freight Stations (“CFS”), which are facilities set up for the purpose of in-transit container handling, examination, assessment of cargo with respect to regulatory clearances, both import and export.
Products :	Product Description	Code
	Storage and warehousing n. e. c	52109
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	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 :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

238 (Approximately)

Bankers :

• HDFC Bank Limited
• Yes Bank Limited

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
Vehicle Finance Loan From a Bank	124.565	98.791
Term Loan from a Bank	125.000	158.333
Buyers Credit from Bank	0.000	54.174
Total	249.565	311.298

Auditors :
Name :	Price Waterhouse Chartered Accountants
Internal Auditors:
Name :	Varma and Varma Chartered Accountants
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries :	Gateway Rail Freight Limited, New Delhi -110 017, India Gateway East India Private Limited, Visakhapatnam-530012, Andhra Pradesh, India Chandra CFS And Terminal Operators Private Limited, Visakhapatnam-530012, Andhra Pradesh, India Gateway Distriparks (Kerala) Limited., Kochi - 682 504, Ernakulum, Kerala, India
Associate:	Snowman Logistics Limited., Bangalore - 560 049, Karnataka, India

CAPITAL STRUCTURE

AS ON: 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
125000000	Equity Shares	Rs.10/- each	Rs. 1250.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
108728049	Equity Shares	Rs.10/- each	Rs. 1087.280 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1087.280	1086.066	1085.046
(b) Reserves & Surplus	5795.979	5011.340	5520.540
(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)	6883.259	6097.406	6605.586
(3) Non-Current Liabilities
(a) long-term borrowings	249.565	311.298	108.355
(b) Deferred tax liabilities (Net)	78.904	90.016	89.819
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	45.328	33.366	24.633
Total Non-current Liabilities (3)	373.797	434.680	222.807
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	43.302	40.342	17.115
(c) Other current liabilities	285.447	207.154	256.392
(d) Short-term provisions	385.690	387.464	12.154
Total Current Liabilities (4)	714.439	634.960	285.661
TOTAL	7971.495	7167.046	7114.054
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1633.752	1510.400	1687.706
(ii) Intangible Assets	164.000	188.000	212.000
(iii) Capital work-in-progress	0.000	78.876	17.411
(iv) Intangible assets under development	1.348	0.000	0.000
(b) Non-current Investments	5019.565	4585.280	4145.645
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	88.228	199.618	355.613
(e) Other Non-current assets	133.156	72.189	71.295
Total Non-Current Assets	7040.049	6634.363	6489.670
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	195.817	95.495	102.898
(d) Cash and cash equivalents	557.988	392.147	434.487
(e) Short-term loans and advances	40.217	35.391	70.504
(f) Other current assets	137.424	9.650	16.495
Total Current Assets	931.446	532.683	624.384
TOTAL	7971.495	7167.046	7114.054

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Revenue from Operations	2758.887	1960.804	2058.652
	Other Income	319.044	44.773	82.723
	TOTAL (A)	3077.931	2005.577	2141.375
Less:	EXPENSES
	Operating Expenses	1208.183	876.714	770.579
	Employees benefits expense	136.527	107.763	107.765
	Other expenses	326.989	263.460	257.778
	TOTAL (B)	1671.699	1247.937	1136.122
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)	1406.232	757.640	1005.253
Less:	FINANCIAL EXPENSES (D)	44.678	21.142	9.746
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	1361.554	736.498	995.507
Less:	DEPRECIATION/ AMORTISATION (F)	267.720	179.323	152.727
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	1093.834	557.175	842.780
Less:	TAX (H)	286.913	186.445	267.230
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	806.921	370.730	575.550
	IMPORTS
	Capital Goods	0.000	0.000	47.559
	TOTAL IMPORTS	0.000	0.000	47.559
	Earnings / (Loss) Per Share (Rs.)	7.42	3.41	5.31

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	148.200	83.014	120.427
Cash generated from operations	1074.216	736.751	928.979
Net cash from Operating Activities	731.984	603.634	831.894

QUARTERLY / SUMMARISED RESULTS

PARTICULARS	30.06.2015 (Quarter Ended)
Net Sales	721.260
Total Expenditure	482.910
PBIDT (Excl OI)	238.350
Other Income	25.350
Operating Profit	263.700
Interest	9.080
Exceptional Items	630.660
PBDT	885.280
Depreciation	63.970
Profit Before Tax	821.310
Tax	204.770
Provisions and contingencies	NA
Profit After Tax	616.540
Extraordinary Items	NA
Prior Period Expenses	NA
Other Adjustments	NA
Net Profit	616.540

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	29.25	18.91	27.96
Operating Profit Margin (PBIDT/Sales)	(%)	50.97	38.64	48.83
Return on Total Assets (PBT/Total Assets}	(%)	37.07	22.26	28.56
Return on Investment (ROI) (PBT/Networth)		0.16	0.09	0.13
Debt Equity Ratio (Total Debt /Networth)		0.06	0.06	0.03
Current Ratio (Current Asset/Current Liability)		1.30	0.84	2.19

STOCK PRICES

Face Value	Rs.10/-
Market Value	Rs.339.05/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	1085.046	1086.066	1087.280
Reserves & Surplus	5520.540	5011.340	5795.979
Net worth	6605.586	6097.406	6883.259
long-term borrowings	108.355	311.298	249.565
Short term borrowings	0.000	0.000	0.000
Current Maturities of Long-Term Debts	120.427	83.014	148.200
Total borrowings	228.782	394.312	397.765
Debt/Equity ratio	0.035	0.065	0.058

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from Operations	2058.652	1960.804	2758.887
		(4.753)	40.702

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from Operations	2058.652	1960.804	2758.887
Profit	575.550	370.730	806.921
	27.96%	18.91%	29.25%

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	Yes
8	Designation of contact person	Yes
9	Promoter’s background	No
10	Date of Birth of Proprietor / Partners / Directors	No
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	Yes
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

OUTLOOK:

Over the medium term, growth in port volumes and resulting increased throughput at our CFSs, increase in volume of rail movement of containers and growth in the cold chain logistics business are expected to have positive impact on the Company’s long term business and profitability. Containerized EXIM trade is expected to show consistent performance at major Indian ports over the next few years.

FINANCIAL / OPERATIONAL PERFORMANCE:

OPERATIONS:

Since Gateway Distriparks (South) Private Limited was amalgamated with the Company with effect from April1, 2014, current year results are not comparable with the previous year. Total income of the company (stand alone) from operations and other income (including dividend from subsidiaries Rs. 272.000 Million (2013-14: Rs. Nil)) during 2014-15 was Rs. 3,077.930 Million (2013-14: Rs. 2,005.580 Million). The Profit before tax for 2014-15 was Rs. 1,093.830 Million (2013-14: Rs. 557.170 Million). The Profit after tax for 2014-15 was Rs. 806.920 Million (2013-14: Rs. 370.730 Million). After considering surplus on amalgamation of Gateway Distriparks (South) Private Limited Rs. 962.790 Million, dividend Rs. 761.100 Million, tax on dividend distribution Rs. 91.110 Million (net of credit for dividend distribution tax Rs. 48.020 Million on dividend received from subsidiary company), the surplus carried forward in Statement of Profit and Loss is Rs. 1,802.210 Million. During the year, Excess of Book value of Investment over the Share Capital of the amalgamated Subsidiary Company Gateway Distriparks (South) Private Limited Rs. 124.380 Million and Book value of Fixed Assets with expired useful life as on April 1, 2014 (net of deferred tax Rs. 9.800 Million) Rs. 19.040 Million were reduced from General Reserves. No amounts are proposed to be transferred to Reserves. There are no material changes and commitments affecting the financial position of the company which have occurred between the end of the financial year of the company to which the financial statements relate and the date of the report. Together with its subsidiary companies in the CFS business at Chennai, Visakhapatnam and Kochi, the total income from operations for FY 2014-15 was Rs. 3,437.120 Million (2013-14: Rs. 2,922.770 Million) and Profit after Tax for FY 2014-15 was Rs. 742.950 Million (2013-14: Rs. 725.870 Million).

FINANCE:

The Company has outstanding loans including loans for transport / handling equipment Rs.397.760 Million with HDFC Bank Limited as on March 31, 2015. The Company has been sanctioned cash credit / overdraft facilities / Buyers credit of Rs.500.000 Million and non-funded facilities to Rs. 770.000 Million by HDFC Bank Limited. Yes Bank Limited has granted facilities totaling Rs. 500.000 Million, which includes sub-limits of cash credit / working capital demand loan of Rs. 200.000 Million each. The Company has given guarantees in respect of outstanding funded / non-funded borrowing facilities of Rs. 1,216.290 Million of subsidiary company Gateway Rail Freight Limited, Rs. 22.260 Million of subsidiary company Chandra CFS and Terminal Operators Private Limited and Rs. 157.500 Million of subsidiary company Gateway Distriparks (Kerala) Limited as on 31st March, 2015. The income from interest on fixed deposits with banks and investments was Rs. 32.430 Million in the current year (2013-14: Rs.40.220 Million).

BACKGROUND

In the Companies Act, 2013 under Section 177 every listed company or such class or classes of companies, as may be prescribed shall establish a vigil mechanism for the directors and employees to report genuine concerns in such a manner as may be prescribed. Such a vigil mechanism shall provide for adequate safeguards against victimization of persons who use such mechanism and make provision for direct access to the chairperson of the Audit Committee in appropriate or exceptional cases.

Effective October 1, 2014, Clause 49 of the Listing Agreement between listed companies and the Stock Exchanges, inter alia, provides for a mandatory requirement for all listed companies to establish a mechanism called “Whistle Blower Policy” for employees and directors to report to the management instances of unethical behavior, actual or suspected, fraud or violation of the company’s code of conduct.

Gateway Distriparks Limited (“Company”) has adopted a Code of Conduct for Directors and Senior Management Personnel (“the Code”), which lays down the principles and standards that should govern the actions of the Directors and Senior Management Personnel.

Any actual or potential violation of the Code, howsoever insignificant or perceived as such, is a matter of serious concern for the Company. Such a vigil mechanism shall provide for adequate safeguards against victimization of persons who use such mechanism and also make provision for direct access to the chairperson of the Audit Committee in appropriate or exceptional cases.

In compliance of the above requirements, Gateway Distriparks Limited has established a vigil mechanism and formulated a policy in order to provide a framework for responsible and secure whistle blowing/vigil mechanism (Whistle Blower Policy).

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30^TH JUNE 2015

(Rs. In Millions)

Particulars	3 months Ended ( Unaudited)
	30.06.2015
1. Income from operations
a) Net Income from operation	712.063
b) Other operating income	9.199
Total income from Operations(net)	721.262
2.Expenditure
a) Employees benefit expenses	34.950
b) Depreciation and amortization expenses	63.971
c) Road Transportation	146.975
d) Labor Charges	64.340
e) Sub Contract Charges	64.108
f) Fees on Operations and Management of Punjab Conwares Container Freight Station	41.361
g) Other Expenses	131.179
Total expenses	546.884
3. Profit from operations before other income and financial costs and Exceptional Items	174.378
4. Other income	25.353
5. Profit from ordinary activities before finance costs and Exceptional Items	199.731
6. Finance costs	9.084
7. Profit from ordinary activities after finance costs but before exceptional items	190.647
8. Exceptional item	630.661
9. Profit from ordinary activities before tax Expense:	821.308
10.Tax expenses	204.772
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	616.536
12.Paid-up equity share capital (Nominal value Rs.10/- per share)	1087.280
13. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year	0.000
14.i) Earnings per share (before extraordinary items) of Rs.10/- each) (not annualised):
(a) Basic	5.67
(b) Diluted	5.67

Particulars	3 months Ended ( Unaudited)
	30.06.2015
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	72995844
- Percentage of shareholding	67.14%
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	10300000
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	28.83%
Percentage of shares (as a % of total share capital of the company)	9.47%
b) Non Encumbered
Number of shares	25432205
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	71.17%
Percentage of shares (as a % of total share capital of the company)	23.39%
B. Investor Complaints
Pending at the beginning of the quarter	Nil
Receiving during the quarter	15
Disposed of during the quarter	15
Remaining unresolved at the end of the quarter	Nil

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10523871	27/09/2014	1,246,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA	C25285495
2	10489686	28/04/2014	2,495,001.00	HDFC BANK LIMITED	HDFC BANK LIMITED, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA	C03136173
3	10489216	15/04/2014	98,400,000.00	HDFC BANK LIMITED	HDFC BANK LIMITED, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA	C03135654
4	10485650	22/03/2014	42,939,790.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA	C00747402
5	10484504	18/03/2014	42,939,790.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA	C00354928
6	10402307	02/02/2013	37,725,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA	B67847533
7	10391023	05/12/2012	63,625,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA	B63768162
8	10379666	03/10/2012	44,500,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA	B59360453
9	10288407	28/04/2011	18,470,500.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA	B13538574
10	10113413	10/10/2013 *	1,250,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA	B88313770

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2015	31.03.2014
Bank Guarantees and Continuity Bonds issued in favour of The President of India through the Commissioners of Customs and in favour of Sales Tax Authorities.	7743.850	3169.550
Bank Guarantee and Continuity Bonds issued in favor of Punjab State Container and Warehousing Corporation Limited in respect of Operations and Management Contract of their CFS at Dronagiri Node, Nhava Sheva.	2165.000	2160.900
Corporate guarantees issued in favour of banks, financial institutions and State Industrial Development Corporation for loans taken by subsidiaries	1396.044	2769.286
Others	1.700	--
Disputed Income Tax Claims (including Interest and Penalty to the extent ascertainable) not acknowledged as debts	1588.171	1369.402
TOTAL	12894.765	9469.138

FIXED ASSETS:

Tangible

• Freehold Land
• Leasehold Land
• Buildings
• Plant and Machinery
• Rail Siding
• Rolling Stocks-Rakes
• Rolling Stocks-Container and Reefer Power Packs
• Furniture and Fixtures
• Motor Vehicles
• Office Equipment
• Electrical Installations
• Other Equipment
• Leasehold Improvements
• Computers

Intangible

• Punjab Conware's
• Container Freight Station - Upfront Fees
• Rail License Fees
• Technical Know-how Fees
• Computer Software
• Leasehold Premium

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 65.22
UK Pound	1	Rs. 102.23
Euro	1	Rs. 72.39

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	KIN
Report Prepared by :	THR

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		58

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.