MIRA INFORM REPORT

Report No. :	356497
Report Date :	24.12.2015

IDENTIFICATION DETAILS

Name :	VODAFONE INDIA LIMITED (w.e.f.11.10.2011)
Formerly Known As :	VODAFONE ESSAR LIMITED (w.e.f.12.07.2007) HUTCHISON ESSAR LIMITED (w.e.f.26.08.2005) HUTCHISON MAX TELECOM LIMITED (w.e.f.01.12.2004) HUTCHISON MAX TELECOM PRIVATE LIMITED
Registered Office :	Peninsula Corporate Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400013, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	21.02.1992
Com. Reg. No.:	11-119108
Capital Investment / Paid-up Capital :	Rs. 4140.869 Million
CIN No.: [Company Identification No.]	U32200MH1992PLC119108
IEC No.:	Not Applicable (As claimed by company management that company does not export and import)
TAN No.: [Tax Deduction & Collection Account No.]	MUMH07197B
PAN No.: [Permanent Account No.]	AAACH5332B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Providing Mobile Telecommunication Services. (Registered Activity)
No. of Employees :	Information declined by the management

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 :	Exist
Comments :	Subject is a subsidiary of “VODAFONE GROUP PLC”. It is the second largest mobile network operator in India. It is well-established company having fine track record. The rating takes into consideration on company’s healthy market position in the Indian wireless telecommunication industry marked by its adequate liquidity position and comfortable debt protection metrics. Rating, father takes into consideration on strong managerial and financial support that company receives from its parent company. This rating strength is partially offset by the losses from its operational activities and tough competition face from same peer group of company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. In view of strong holding support, 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 : AA
Rating Explanation	High degree of safety and very low credit risk.
Date	08.06.2015

Rating Agency Name	CRISIL
Rating	Short term rating : A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	08.06.2015

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 DECLINED

MANAGEMENT NON-COOPERATIVE [CONTACT NO.: 91-22-66645000]

LOCATIONS

Registered/ Corporate Office :	Peninsula Corporate Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-66645000/ 66661222/ 66661200
Fax No.:	91-22-24963645
E-Mail :	krishnan.iyer@vodafone.com pushkaraj.joshi@vodafone.com krishnan.iyer@hutch.in sudhakar.shetty@vodafone.com
Website :	http://www.vodafone.in
Branch Offices :	Located at: · Delhi · Mumbai · Bangalore · Ahmedabad · Jaipur · Kolkata · Lucknow · Mohali · Hyderabad · Meerut · Chennai · Karnal · Kochi · Pune

DIRECTORS

AS ON 31.03.2015

Name :	Mr. Sunil Sood
Designation :	Managing director
Address :	Flat No. 2401/2402 Petit Towers, August Kranti Marg, Kemps Corner, Mumbai, 400036, Maharashtra, India
Date of Appointment :	01.04.2015
DIN No.:	03132202
Name :	Mr. Chittranjan Dua
Designation :	Director
Address :	88, Sunder Nagar, New Delhi – 110003, India
Date of Birth/Age :	03.11.1951
Qualification :	B.A. (Hon) & M.A. (Hon) in Economics, LL.B.
Date of Appointment :	27.09.2006
DIN No.:	00036080
Name :	Mr. Analjit Singh
Designation :	Director
Address :	15, Aurangzeb Road, New Delhi – 110011, India
Date of Birth/Age :	11.01.1954
Qualification :	B.A, B.S, MBA (Boston)
Date of Appointment :	23.03.2006
DIN No.:	00029641
Name :	Mrs. Ashwani Windlass
Designation :	Director
Address :	N-53, Panchshila Park, New Delhi - 110017, India
Date of Birth/Age :	02.07.1956
Qualification :	B.Com, MBA
Date of Appointment :	26.05.2012
DIN No.:	00042686
Name :	Mr. John William Lorimer Otty
Designation :	Director
Address :	1, Harvest Place, Wargrave, Reading Berkshire U. K. RG10 8AQ
Date of Birth/Age :	13.01.1964
Qualification :	Degree in Electronic Engineering from Cambridge University, ACA - 1989
Date of Appointment :	08.08.2013
DIN No.:	02432741
Name :	Mr. Vikram Singh Mehta
Designation :	Director
Address :	18, Friends' Colony West, New Delhi – 110065, India
Date of Birth/Age :	30.10.1952
Qualification :	BA Maths (Hons), MA Economics, Oxford University and MA (Energy Economics) , Tufts University
Date of Appointment :	08.08.2013
DIN No.:	00041197
Name :	Mr. Serpil Orhan Timuray
Designation :	Director
Address :	Acarlar Mahallesi Keklik Sokak Beykoz Konaklari, Sitesi No. 114,Daire A-6, 34800 Beykoz, Istanbul - 34800, Turkey
Date of Birth/Age :	07.07.1969
Date of Appointment :	22.11.2013
DIN No.:	06737415
Name :	Shyamala Gopinath
Designation :	Director
Address :	DG-4, Vasant Vihar, 85, Napean Sea Road, Mumbai – 400020, Maharashtra, India
Date of Birth/Age :	20.06.1949
Date of Appointment :	17.04.2014
DIN No.:	02362921
Name :	Mr. Marten Pieters
Designation :	Director
Address :	Lyndewood House, Flat No 4, 1st Floor, 9 Bomanji Petit Road, Mumbai - 400026, Maharashtra, India
Date of Appointment :	14.07.2009
DIN No.:	02598456

KEY EXECUTIVES

Name :	Mr. Sudhakar H. Shetty
Designation :	Secretary
Address :	1203, Ozone tower 1, Rustomjee Builders, Off. S.V. Road, Goregaon West, Mumbai – 400062, Maharashtra, India
Date of Birth/Age :	06.06.1968
Date of Appointment :	01.03.2014
PAN No.:	AALPS9504Q
Name :	Mr. Thomas Reisten
Designation :	Chie Finance Officer
Address :	2302/2402 Vivaria Tower A, Sane Guruji Marg,, Near Jacob Circle, Mumbai, 400011, Maharashtra, India
Date of Appointment :	16.04.2014
PAN No.:	BTPPR4470N
Name :	Prasanna Kumar Das
Designation :	VP - Distribution Projects
Name :	Ajay Patel
Designation :	EVP - Central Operations Group
Name :	Sunil Sood
Designation :	Chief Operating Officer
Name :	Deepak Sachdeva
Designation :	GM - Sales and Marketing Ops
Name :	Suresh Bagrodia
Designation :	EVP – Finance and Accounts
Name :	Balesh Sharma
Designation :	CEO (Malta)
Name :	Zahir Wykes
Designation :	VP Retail Business Experience
Name :	Himanshu Jain
Designation :	GM- Applic. Devpt and Maint
Name :	Rajiv Kohli
Designation :	Operations Director - North
Name :	JPS Choudhary
Designation :	AVP - Human Resources
Name :	Sambasivan G
Designation :	EVP - Finance
Name :	Jagadish B
Designation :	AVP - HR Business Partner
Name :	Sundeep Kathuria
Designation :	Sr. VP - Regulatory

MAJOR SHAREHOLDERS

As on 31.03.2015

Names of Shareholders	No. of Shares
Al-Amin Investments Limited	21664425
Asian Telecommunications Investments (Mauritius) Limited	26146344
CCII (Mauritius) Inc	11900979
Euro Pacific Securities Limited	106370228
Vodafone Telecommunications (India) Limited	43328879
Mobilvest	44689012
Prime Metals Limited	58299560
Trans Crystal Limited	38963997
Total Direct foreign Shareholding (A)	351363424
Omega Telecom Holdings Private Limited	21163258
Telecom Investments India Private Limited, India	53658519
Jaykay Finholding (India) Private Limited	2122557
Usha Martin Telematics Limited	25123355
Total Indirect foreign Shareholding (B)	102067689
Total (A+B)	453431113

As on 04.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	75.35
Bodies corporate	24.65
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Mobile Telecommunication Services. (Registered Activity)

Products :

ITC Code No.	Product Descriptions
99841310	Mobile telecommunications services- access and use

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

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 :

Information declined by the management

Bankers :

Banker Name	Not Divulged
Branch Address	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 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 :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term loan from Banks	62458.000	58711.000
Total	62458.000	58711.000

Auditors :
Name :	Delloite Haskins and Sell LLP Chartered Accountants
Address :	Tower 3, 27^th-32^nd Floor, India Bulls Finance Centre, Elphinstone Mill Compound, Senapati Bapat Marg, Elphinstone [West], Mumbai – 400013, Maharashtra, India
PAN No.:	AACFD4815A
Holding Company :	Vodafone Group Plc
Intermediate Holding Company :	Vodafone International Holdings B.V.
Subsidiary Company :	· Vodafone West Limited [U32100GJ1995PLC035282] · Vodafone South Limited [U74899DL1995PLC074451] · Vodafone Cellular Limited [U64202TZ1995PLC007674] · Vodafone Digilink Limited [U64201DL1997PLC088088] · Vodafone Mobile Services Limited [U64202DL1992PLC088087] · Vodafone Shared Services Limited [U74900GJ2009PLC058189] · Vodafone Spacetel Limited [U72200DL1997PLC085764] · Mobile Commerce Solutions Limited [U74900MH2008PLC183456] · Vodafone Towers Limited [U64200DL2007PLC207420] · Unique Intermediary Facilitators [U65999MH2008NPL182612] · Vodafone East Limited [U32204WB1992PLC079998] · Connect (India) Mobile Technologies Private Limited ( w.e.f February 24, 2012) [U32202MH1999PTC120818]
Fellow Subsidiary Company :	· Vodafone Investments Luxembourg S.A.R.L · Vodafone Group Services Limited · Vodafone India Services Private Limited [U64201GJ1999PTC059542] · Vodafone Procurement Company · Vodafone Netherlands · Vodafone Qatar, Q.S.C · Vodafone Sales and Services Limited · Vodafone Ireland Marketing Limited · Vodafone Overseas Finance Limited · Vodafone Albania · Vodafone Egypt · Vodafone Czech Republic a.s. · Vodafone D2 GmbH · Vodafone Panafon S.A. · Vodafone Hungary Limited · Vodafone Malta Limited · Vodafone Netherlands · Vodafone Portugal · Vodafone Romania S.A. · Vodafone Spain · Telsim Mobile Turkey · Vodafone Limited · Vodafone Omnitel N.V. · Vodafone Espana S.A. · Vodacom Group (Pty) Limited · Vodafone Fiji · Vodafone Asia Pacific Limited · Vodafone Germany (Mobile) · Ghana Telecommunications Company Limited · Vodafone Turkey · Vodacom South Africa · Vodafone New Zealand Limited · Cable and wireless (w.e.f March 31,2013) · Vodafone Global Enterprise INC · Vodafone Australia Limited · Vodafone Procurement Company Sarl
Joint Venture :	Indus Towers Limited [U92100DL2007PLC170574]

CAPITAL STRUCTURE

As on 28.09.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000000	Equity Shares	Rs. 10/- each	Rs. 10000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
453431113	Equity Shares	Rs. 10/- each	Rs. 4534.311 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
500,000,000	Equity Shares	Rs. 10/- each	Rs. 5000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
414,086,850	Equity Shares	Rs. 10/- each	Rs. 4140.870 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	4140.869	4140.869	4140.870
(b) Reserves & Surplus	71721.000	72870.000	76298.000
(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)	75861.869	77010.869	80438.870
(3) Non-Current Liabilities
(a) long-term borrowings	136212.000	70656.000	70090.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	2925.000	1676.000	1294.000
(d) long-term provisions	4505.000	3717.000	2645.000
Total Non-current Liabilities (3)	143642.000	76049.000	74029.000
(4) Current Liabilities
(a) Short term borrowings	59543.000	53893.000	53981.000
(b) Trade payables	9694.131	9600.131	7274.000
(c) Other current liabilities	11029.000	5527.000	5338.000
(d) Short-term provisions	511.000	292.000	210.000
Total Current Liabilities (4)	80777.131	69312.131	66803.000
TOTAL	300281.000	222372.000	221270.870
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	20019.000	13040.000	11575.000
(ii) Intangible Assets	30764.000	32452.000	34215.000
(iii) Capital work-in-progress	3743.000	1939.000	2210.870
(iv) Intangible assets under development	84244.000	0.000	0.000
(b) Non-current Investments	71224.000	71224.000	71226.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	78305.000	81784.000	59524.000
(e) Other Non-current assets	0.000	77.000	335.000
Total Non-Current Assets	288299.000	200516.000	179085.870
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	1760.000	1942.000	1849.000
(d) Cash and cash equivalents	1854.000	2942.000	2302.000
(e) Short-term loans and advances	6223.000	14924.000	36463.000
(f) Other current assets	2145.000	2048.000	1571.000
Total Current Assets	11982.000	21856.000	42185.000
TOTAL	300281.000	222372.000	221270.870

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	36840.000	32227.000	29875.000
	Other Income	15171.000	17222.000	10822.000
	TOTAL (A)	52011.000	49449.000	40697.000
Less	EXPENSES
	Cost of Materials Consumed	23621.000	21531.000	18428.000
	Employees benefits expense	5515.000	4460.000	4281.000
	Other expenses	6301.000	5810.000	6495.000
	Exceptional Item before tax	0.000	3218.000	0.000
	TOTAL (B)	35437.000	35019.000	29204.000
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	16574.000	14430.000	11493.000
Less	FINANCIAL EXPENSES (D)	11984.000	12793.000	11886.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	4590.000	1637.000	(393.000)
Less/ Add	DEPRECIATION/ AMORTISATION (F)	5739.000	5066.000	4300.000
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(1149.000)	(3429.000)	(4693.000)
Less	TAX (I)	0.000	0.000	(252.000)
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	(1149.000)	(3429.000)	(4441.000)
	EARNINGS IN FOREIGN CURRENCY
	Romaing Revenue	1907.000	473.000	620.000
	TOTAL EARNINGS	1907.000	473.000	620.000
	IMPORTS
	Capital Goods	2816.000	3289.000	2115.000
	TOTAL IMPORTS	2816.000	3289.000	2115.000
	Earnings / (Loss) Per Share (Rs.)	(2.77)	(8.28)	(10.72)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	1550.000	804.000	782.000
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	8419.000	7829.000	10576.000

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	(3.12)	(10.64)	(14.87)
Operating Profit Margin (PBDIT / Sales)	(%)	44.99	44.78	38.47
Return on Total Assets (PBT/Total Assets}	(%)	(0.81)	(2.30)	(3.17)
Return on Investment (ROI) (PBT/Networth)		(0.02)	(0.04)	(0.06)
Debt Equity Ratio (Total Debt /Networth)		2.58	1.62	1.54
Current Ratio (Current Asset/Current Liability)		0.15	0.32	0.63

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	4140.870	4140.869	4140.869
Reserves & Surplus	76298.000	72870.000	71721.000
Net worth	80438.870	77010.869	75861.869
long-term borrowings	70090.000	70656.000	136212.000
Short term borrowings	53981.000	53893.000	59543.000
Current Maturities of Long-Term Debts	782.000	804.000	1550.000
Total borrowings	124071.000	124549.000	195755.000
Debt/Equity ratio	1.542	1.617	2.580

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	29875.000	32227.000	36840.000
		7.873	14.314

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	29875.000	32227.000	36840.000
Profit	(4441.000)	(3429.000)	(1149.000)
	(14.87%)	(10.64%)	(3.12%)

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	Yes
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)	Yes
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	No
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	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS

CASE DETAILS

BENCH:-BOMBAY

Presentation Date:-				09/12/2015
	Lodging No.:-	WPL/3479/2015	Filing Date:-	09/12/2015

Petitioner:-

PRINCIPAL COMMISSIONER OF INCOME TAX-8 MUMBAI

Respondent:-VODAFONE INDIA LIMITED

Petn.Adv.:-

BIRMAL CHANDRA MOHANTY (I10407)

District:-

MUMBAI

Bench:-	DIVISION
Status:-	Pre-Admission	Category:-	WRIT PETITIONS (INCOME TAX)

Last Date:-

16/12/2015

Stage:-

Last Coram:-

REGISTRAR(OS)/PROTHONOTARY & SR. MASTER

Act :-

Income Tax Act, 1961

Under Section:-

260A

PERFORMANCE IN BRIEF

Vodafone India Group comprising of the Company and its subsidiaries offers mobility services for consumers and total communication services to enterprise customers. The Group continued its consistent growth performance during the current year. It is the second largest mobile operator in India with a total subscriber base of 167 million as at 31st March 2014.

During financial year 2014, M-Pesa has been launched across 16 additional circles with over 50,000 agents and 1 million customers. PAN India footprint has been achieved in April 2014.

During the year, on a standalone basis:

1. Revenue from operations of the Company stood at Rs 36,840.000 million, representing a growth of 14 % as compared to previous year, primarily driven by growth in data and price hardening.

2. The PBITDA decreased to Rs 16,574.000 million, a decline of 6% compared to the previous year, mainly driven by lower Interim dividend from JV partner Indus Towers Limited during this financial year.

3. The Loss after tax stood at Rs 1,149.000 million for the current year as compared to Rs 3,429.000 million during the previous year.

OUTLOOK FOR FY15

FY15 industry growth is expected to be driven by customer addition, data revenue and price hardening. The focus on customer data will be further strengthened post TDSAT's favorable ruling on 3G ICR. The competition is likely to stay fierce. This may result in higher acquisitions in the market and put pressure on operator's margins.

Vodafone revenue growth in FY15 is expected to be driven by data and price hardening. Increasing data usage resulting from growth of smartphone penetration and high bandwidth consuming applications, video streaming and downloads would also be a contributing factor to revenue growth during FY15. Additional spectrum acquired in Feb-14 would enable Vodafone network to be ready to accelerate revenue growth on the data growth projected in these markets and increase revenue market share.

The voice revenue will show moderate growth as the operations will continue their drive to increase voice rates therefore putting pressure on the volumes. Vodafone will also leverage the brand value especially in areas of mobile data and fixed business with multinationals and Small and Medium enterprise segments.

In November 2015, seven of the Vodafone circles namely Maharashtra and Goa, Gujarat, Tamil Nadu (excluding Chennai), UP East, Haryana, Kerala and Rajasthan are due for extension. It is expected that DoT will opt to conduct auctions in 900MHz and 1800MHz band in these circles in this financial year.

In April 2014, Vodafone extended m-pesa services Pan-India. The focus on cost reduction and working capital improvement will continue in FY15. Given the strong presence across India and brand strength of Vodafone, the management is confident of delivering consistent results.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Deferred payment liabilities	61399.000	0.000
Loan and advances from related parties	11945.000	11945.000
Other Loans and advances	410.000	0.000
SHORT TERM BORROWING
Term loan from banks	23000.000	7000.000
Rupee term loan from others	2843.000	1893.000
Commercial paper	33700.000	45000.000
	59543.000	53893.000
Total	133297.000	65838.000

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80039461	25/05/2009 *	280,000,000,000.00	IL & FS TRUST COMPANY LIMITED	IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA EAST, MUMBAI, Maharashtra - 400051, INDIA	A65857302

* Date of charge modification

FIXED ASSETS

· Plant and equipment

· Other plant and equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipments

· Other equipments

· Leasehold improvements

· Computer software

· Licenses and franchise

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.66.20
UK Pound	1	Rs.98.30
Euro	1	Rs.72.41

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAS
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	--
--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	YES
--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		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.