MIRA INFORM REPORT

Report No. :	307663
Report Date :	18.02.2015

IDENTIFICATION DETAILS

Name :	E M I TRANSMISSION LIMITED

Registered Office :	Unit No. 101, 1^st Floor, Centre Point Building, S.S. Rao Road, Off Babasaheb Ambedkar Road, Parel Mumbai – 400012, Maharashtra

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	07.05.1973

Com. Reg. No.:	11-016533

Capital Investment / Paid-up Capital :	Rs.75.052 Millions

CIN No.: [Company Identification No.]	U28100MH1973PLC016533

IEC No.:	0390027472

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AAACE1095J

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer of Hardware and accessories for high voltage transmission lines used in overhead lines / sub station.

No. of Employees :	350 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track record. The rating reflects company’s established position as a market leader in the power transmission hardware business supported by adequate financial base and fair liquidity profile of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

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	CRISIL
Rating	Long term bank facilities = BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	January 22, 2015

Rating Agency Name	CRISIL
Rating	Short term bank facilities = A2
Rating Explanation	Strong degree of safety and low credit risk
Date	January 22, 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 31-03-2014.

INFORMATION PARTED BY

Name :	Ms. Priya Shaikh
Designation :	Assistant General Manager (Finance)
Contact No.:	91-22-24188810
Date :	12.02.2015

LOCATIONS

Registered Office :	Unit No. 101, 1^st Floor, Centre Point Building, S.S. Rao Road, Off Babasaheb Ambedkar Road, Parel Mumbai – 400012, Maharashtra, India
Tel. No.:	91-22-24188810
Fax No.:	91-22-24188886
E-Mail :	priya@emi.co.in emi@vsnl.net
Website :	www.emi.co.in

Factory :	157/211, Village Brahmanwada, Tal. Sinnar, District – Nashik – 422103, Maharashtra, India
Tel. No.:	91-253-2802504
Fax No.:	91-253-2802687

DIRECTORS

As on 30.09.2014

Name :

Mr. Sanjiv R. Sheth

Designation :

Managing Director

Address :

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

Date of Birth/Age :

24.11.1963

Date of Appointment :

29.10.2012

DIN No.:

00034445

Others Directorship :

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U28100MH1973PLC016533	E M I TRANSMISSION LIMITED	Whole-time director	29/10/2012	30/04/1992	-	Active	NO
2	U31400MH2011PTC215379	EMI POWER TRANSMISSION PRIVATE LIMITED	Director	28/03/2011	28/03/2011	-	Amalgamated	NO

Name :

Mr. Krishna R. Sheth

Designation :

Whole Time Director

Address :

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

Date of Birth/Age :

22.11.1933

Date of Appointment :

01.04.2007

DIN No.:

00045415

Others Directorship :

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U28100MH1973PLC016533	E M I TRANSMISSION LIMITED	Whole-time director	01/04/2007	15/05/1992	-	Active	NO
2	U31400MH2011PTC215379	EMI POWER TRANSMISSION PRIVATE LIMITED	Director	28/03/2011	28/03/2011	-	Amalgamated	NO

Name :

Mr. Bhasker M. Mehta

Designation :

Director

Address :

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

Date of Birth/Age :

17.08.1934

Date of Appointment :

15.12.1994

DIN No.:

00725253

Others Directorship :

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U28100MH1973PLC016533	E M I TRANSMISSION LIMITED	Director	15/12/1994	15/12/1994	-	Active	NO
2	U29130MH1994PLC082390	NHB BALL AND ROLLER LIMITED	Managing director	29/11/1996	29/11/1996	-	Active	NO
3	U74140MH2002PTC137905	GREAT CIRCLE ADVISORS PRIVATE LIMITED	Director	21/11/2002	21/11/2002	-	Strike off	NO
4	L99999MH1949PLC007039	PATEL ENGINEERING LIMITED	Director	20/08/2010	22/09/2009	27/09/2013	Active	NO

Name :

Mr. T.N. Balasubramanian

Designation :

Director

Address :

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

Date of Birth/Age :

04.07.1949

Date of Appointment :

30.09.2014

DIN No.:

00045424

Others Directorship :

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U65920MH1993PTC074365	GOLDENBOWL FINVEST AND CONSULTANCY PRIVATE LIMITED	Director	06/10/1993	06/10/1993	-	Active	NO
2	U28100MH1973PLC016533	E M I TRANSMISSION LIMITED	Director	30/09/2014	10/07/1995	-	Active	NO

Name :

Mr. Kamalnayan Shantilal Kotak

Designation :

Director

Address :

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

Date of Birth/Age :

05.04.1949

Date of Appointment :

30.09.2014

DIN No.:

00151664

Other Directorship :

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51900MH1959PTC011548	ASIAN MACHINERY AND EQUIPMENT PRIVATE LIMITED	Director	22/12/1979	22/12/1979	28/03/2011	Active	NO
2	U40100MH1997PTC110591	KOTAKURJA PRIVATE LIMITED	Director	10/09/1997	10/09/1997	-	Active	NO
3	U51900MH2000PTC124523	KOTAK EXIM PRIVATE LIMITED	Director	25/02/2000	25/02/2000	-	Active	NO
4	U28100MH1973PLC016533	E M I TRANSMISSION LIMITED	Director	30/09/2014	20/04/2006	-	Active	NO
5	U40108KA2009PTC051516	KOTAK POWER PRIVATE LIMITED	Director	17/11/2009	17/11/2009	-	Active	NO

Name :

Mr. Baburao Prataprao Deshmukh

Designation :

Director

Address :

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

Date of Birth/Age :

15.07.1944

Date of Appointment :

30.09.2014

DIN No.:

00002357

Others Directorship :

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L26941TN1957PLC003566	THE RAMCO CEMENTS LIMITED	Director	09/05/2001	09/05/2001	14/05/2007	Active	NO
2	L99999MH1946PLC004768	LARSEN AND TOUBRO LIMITED	Nominee director	19/04/2002	19/04/2002	29/05/2007	Active	NO
3	L26941GJ1956PLC000840	SAURASHTRA CEMENT LIMITED	Director	30/08/2012	15/10/2004	-	Active	NO
4	L65922MH1989PLC054583	GIC HOUSING FINANCE LIMITED	Director	15/10/2004	15/10/2004	09/05/2007	Active	NO
5	U67120WB1993PTC060525	DALMIA SECURITIES PVT LTD	Director	06/12/2005	06/12/2005	30/11/2012	Active	NO
6	U28100MH1973PLC016533	E M I TRANSMISSION LIMITED	Director	30/09/2014	06/07/2006	-	Active	NO

Name :

Mr. Ashok Kotumal Pahalajani

Designation :

Director

Address :

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

Date of Birth/Age :

18.01.1959

Date of Appointment :

30.09.2014

DIN No.:

00574603

Others Directorship :

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U28100MH1973PLC016533	E M I TRANSMISSION LIMITED	Director	30/09/2014	06/07/2006	-	Active	NO
2	U55104RJ2010PTC032574	HAPPY HOSTELS AND BENQUITE PRIVATE LIMITED	Director	10/08/2010	10/08/2010	-	Active	NO

Name :

Mr. S.K. Sadananda Shetty

Designation :

Director

Address :

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

Date of Birth/Age :

22.10.1941

Date of Appointment :

30.09.2014

DIN No.:

02136278

Name :

Ms. Subrata Chatterjee

Designation :

Director

Address :

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

Date of Birth/Age :

01.11.1950

Date of Appointment :

30.09.2014

DIN No.:

06394988

KEY EXECUTIVES

Name :	Ms. Priya Shaikh
Designation :	Assistant General Manager (Finance)

MAJOR SHAREHOLDERS

As on 30.09.2014

SHAREHOLDERS FILE ATTACHED

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	98.18
Other top fifty shareholders	1.82
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Hardware and accessories for high voltage transmission lines used in overhead lines / sub station.

Products :

Item Code No. (ITC Code)	Product Description
84835010	Power Transmission

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Hardware and Accessories

Countries :

Korea
Dubai
UAE
UK
Malaysia
Italy
Japan
France
Oman
Srilanka
Tailand
Jordan
Vietnam

Imports :

Products :

Raw Material

Countries :

Dubai

Terms :

Selling :

Cash and Credit (30/60/90 Days)

Purchasing :

Cash and Credit (30/60/90 Days)

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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Southern Petrochemical Industries Corporation Limited
LANCO Infratech Limited
Jyoti Structures Limited
ICOMM Tele Limited
Japur Overseas Limited

International

Tenga National Berhad, Malaysia
Dubai Electricity and Water Authority, UAE
Nuova Electromeccanica Sud S.P.A., Italy
DAMP S.R.L., Italy
ETDE, France

No. of Employees :

350 (Approximately)

Bankers :

Dena Bank, Corporate Business Branch, Mumbai, Maharashtra, India

Cash Credit = Rs. 5580.000 Millions

Standard Chartered Bank, Bandra Kurla Complex, Mumbai, Maharashtra, India

Cash Credit = Rs. 150.000 Millions

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Term loan from banks	96.449	169.590
Term loan from others	262.750	439.253
SHORT TERM BORROWINGS
Loans repayable on demand from banks	2680.654	1979.323
Total	3039.853	2588.166

Auditors :
Name :	Chokshi and Chokshi Chartered Accountants
Address :	Mumbai, Maharashtra,India
PAN No.:	AAAFC2633B

Memberships :	Not Available

Collaborators :	Not Available

Subsidiaries :	EMI Power Transmission Company (FZC), United Arab Emirates

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

15200000	Equity Shares	Rs.10/-each	Rs.152.000 Millions
50000	Preference Shares	Rs.1000/-each	Rs.50.000 Millions
	Total		Rs.202.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

7505295	Equity Shares	Rs.10/-each	Rs.75.052 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	75.052	75.052	87.640
(b) Reserves & Surplus	3011.719	2760.866	3027.407
(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)	3086.771	2835.918	3115.047

(3) Non-Current Liabilities
(a) long-term borrowings	547.732	848.273	442.770
(b) Deferred tax liabilities (Net)	16.244	16.664	13.331
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	2.585	3.056	2.146
Total Non-current Liabilities (3)	566.561	867.994	458.247

(4) Current Liabilities
(a) Short term borrowings	2680.654	2128.013	2269.338
(b) Trade payables	2612.047	2187.198	2186.722
(c) Other current liabilities	379.154	492.514	255.047
(d) Short-term provisions	104.434	93.716	115.863
Total Current Liabilities (4)	5776.289	4901.441	4826.970

TOTAL	9429.621	8605.352	8400.264

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1367.628	1491.675	1474.374
(ii) Intangible Assets	1541.398	1631.833	1691.170
(iii) Capital work-in-progress	300.833	162.212	141.284
(iv) Intangible assets under development	0.000	0.000	14.530
(b) Non-current Investments	152.212	152.212	152.212
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	46.405	70.870	90.482
(e) Other Non-current assets	28.285	27.969	0.000
Total Non-Current Assets	3436.761	3536.772	3564.052

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2970.427	2352.096	2505.710
(c) Trade receivables	2655.968	2257.358	1752.346
(d) Cash and cash equivalents	14.019	28.011	462.282
(e) Short-term loans and advances	348.217	423.027	115.874
(f) Other current assets	4.229	8.089	0.000
Total Current Assets	5992.860	5068.581	4836.212

TOTAL	9429.621	8605.352	8400.264

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	4311.314	4040.796	3903.069
	Other Income	46.778	30.185	5.390
	TOTAL	4358.092	4070.981	3908.459

Less	EXPENSES
	Cost of Materials Consumed	2239.203	2020.349	2726.261
	Purchases of Stock-in-Trade	625.740	754.540	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(322.311)	(539.522)	(298.640)
	Employees benefits expense	136.151	130.395	77.326
	Other expenses	358.327	342.147	270.676
	TOTAL	3037.110	2707.909	2775.623

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	1320.982	1363.072	1132.836

Less	FINANCIAL EXPENSES	588.207	557.244	339.477

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	732.775	805.828	793.359

Less/ Add	DEPRECIATION/ AMORTISATION	244.487	244.876	143.989

Add	PRIOR PERIOD ITEMS BEFORE TAX	(1.415)	0.012	(2.904)

	PROFIT/ (LOSS) BEFORE TAX	486.873	560.964	646.466

Less	TAX	216.593	233.318	222.547

	PROFIT/ (LOSS) AFTER TAX	270.280	327.646	423.919

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	735.230	460.277	1102.436

Less	APPROPRIATIONS
	Transfer to General Reserve	27.028	32.764	1042.392
	Dividend	21.807	19.929	23.686
	Total	48.835	52.693	1066.078

	Balance Carried to the B/S	956.675	735.230	460.277

	Earnings / (Loss) Per Share (Rs.)	36.01	43.66	56.48

Expected Sales (2014-2015) : Rs.5000.000 Millions

The above information has been parted by Ms. Priya Shaikh (AGM – Finance).

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012

Net Profit Margin PAT / Sales	(%)	6.26	8.10	10.86

Operating Profit Margin (PBDIT/Sales)	(%)	30.63	33.73	29.02

Return on Total Assets (PBT/Total Assets}	(%)	5.42	6.77	7.99

Return on Investment (ROI) (PBT/Networth)		0.16	0.20	0.21

Debt Equity Ratio (Total Debts/Networth)		1.05	1.05	0.87

Current Ratio (Current Asset/Current Liability)		1.04	1.03	1.00

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	87.640	75.052	75.052
Reserves & Surplus	3027.407	2760.866	3011.719
Net worth	3115.047	2835.918	3086.771

long-term borrowings	442.770	848.274	547.732
Short term borrowings	2269.338	2128.013	2680.654
Total borrowings	2712.108	2976.287	3228.386
Debt/Equity ratio	0.871	1.049	1.046

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	3903.069	4040.796	4311.314
		3.529	6.695

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	3903.069	4040.796	4311.314
Profit	423.919	327.646	270.280
	10.86%	8.11%	6.27%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

PERFORMANCE HIGHLIGHTS:

During the year, the Company achieved Net Turnover of Rs. 43458.093 Millions as against Net Turnover of Rs. 4070.982 Millions in the last Financial Year 2012-13, thereby registering a growth of 7% on YOY Basis. The Net Profit after tax has decreased to Rs. 270.281 Millions as against Rs. 327.646 Millions in the previous year. Decrease in Profit is predominantly on account of increase in cost of material and increase in finance cost.

INDUSTRY OVERVIEW AND FUTURE OUTLOOK:

Domestic

The Indian economy continued to grow at moderate levels of 4.9% in F.Y-14 and 4.5% in F.Y- 13 as compared to high growth level of around 8% during earlier years. Lower growth rate can be attributed mainly due to policy related issues, inflationary pressure and slow growth rate of advanced economies.

At the base level of the Electrical Energy Requirement is estimated to increase at a compound annual growth rate of 8.55% by 2016-17 and 7.17% by 2021-22. The pattern of electricity consumption is expected to be similar level amongst the most of its segments, except a marginal decline in rural consumers. The Twelfth Five Year Plan has envisaged a capacity addition of 88,537 MW, an increase of about 60% over the achievement during the preceding plan.

However, the generation of power has been plagued with fuel shortages, the delays in award of contracts resulting in shortage of orders for the equipment manufacturers, ambiguity about the basis for bidding (BOO: build-own-operate against DBFOT: design-build-finance-operate-transfer) and deficiency in implementation of reforms.

Government has moved its focus from increasing the generation capacity of power to improve the efficacy of Transmission and Distribution (TandD). Government's higher thrust on TandD is also justifiable via the 12th five year plan. The announcement in the budget for formation of Infrastructure Investment Trust for financing infrastructure projects will provide more opportunities and promote Public-Private Partnership (PPP) model and bring private sector investment in the power sector.

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

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

improve the liquidity situation.

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

Asia Pacific

The growing energy demand in the region continues to attract high investment for strengthening of its transmission network. Many inter-regional projects are expected to connect huge hydro-electric power generation capacity of surplus central Asian countries with power deficit South-East Asian countries through regional links. The changing regulatory environment unshackling of transmission network away from utilities and unbundling of fixed tariff structure is resulting in increasing participation of private companies in the region. The region has been witnessing increasing thrust on integration of regional networks to build Ultra-High Voltage (UHV) backbone network that can enhance inter-region and inter-state transmission capacity.

African Region

Africa faces energy deficit and has significant growth potential. The per capita consumption of the region is lowest globally and two-third of its population is still without access to electricity. Various multilateral funding agencies are allocating funds for development in the region. In Africa, countries are investing to build their intra-regional network and cross-border projects. The region is also witnessing increase in overall electricity consumption, which is also driving the demand for new transmission network. The region is expected to double its power generation capacity from 123 GW in the year 2013 to 241 GW by 2020.

INDEX OF CHARGES

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

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Deferred payment liabilities	105.589	112.125
Intercorporate deposits	40.418	93.335
Loans and Advances from related parties	42.526	33.970
SHORT TERM BORROWINGS
Loans repayable on demand from banks	0.000	148.690
Total	188.533	388.120

FIXED ASSETS

Land
Building
Plant and Machinery
Furniture and Fixtures
Computer
Motor Cycle

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.20
UK Pound	1	Rs.95.99
Euro	1	Rs.71.00

INFORMATION DETAILS

Information Gathered by :	PPT

Analysis Done by :	KAR

Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.