MIRA INFORM REPORT

Report No. :	331467
Report Date :	10.07.2015

IDENTIFICATION DETAILS

Name :	TATA TELE SERVICES (MAHARASHTRA) LIMITED

Formerly Known As :	HUGHES TELECOM (INDIA) LIMITED

Registered Office :	Voltas Premises, T. B. Kadam Marg, Chinchpokli, Mumbai – 400033, Maharashtra
Tel. No.:	91-22-66671414

Country :	India

Financials (as on) :	31.03.2015

Date of Incorporation :	13.03.1995

Com. Reg. No.:	11-086354

Capital Investment / Paid-up Capital :	Rs. 19549.300 Million

CIN No.: [Company Identification No.]	L64200MH1995PLC086354

IEC No.:	Not Divulged

TAN No.: [Tax Deduction & Collection Account No.]	MUMH00331C

PAN No.: [Permanent Account No.]	AAACH1458C

Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

Line of Business :	The Company is engaged in providing telecommunication services.

No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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 a part of “Tata Group.” It is an established company incorporated in the year 1995. It has a satisfactory track record. The company possesses a weak market position which led to continuous losses and highly leveraged capital structure. Management has reported a continuous losses from previous years resulting in accumulation of the same during FY 2015. Also it has low share price on stock exchange. The rating also take into consideration, the strategic importance of the subject of TATA Group to expand its presence in the telecom segment as well as enabling the company to leverage the TATA brand in marketing its products. Moreover, the subject derives technological support from Docomo, which is a market leader in cellular phone market in Japan backed by regular and timely equity infusion by the TATA Group reflecting the groups long term commitment to its telecom business. Trade relations are fair. Business is active. Payment terms are reported as usually correct. In view of strong financial and managerial support from its promoters, the subject can be considered for 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 Bank Loan Facilities = A-
Rating Explanation	Adequate degree of safety and low credit risk.
Date	30.06.2015

Rating Agency Name	CRISIL
Rating	Short Term bank Facilities = A1
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	30.06.2015

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

Management Non Co-operative (91-22-66615445)

LOCATIONS

Registered Office :	Voltas Premises, T. B. Kadam Marg, Chinchpokli, Mumbai – 400033, Maharashtra, India
Tel. No.:	91-22-66671414
Fax No.:	91-22-66605335
E-Mail :	investor.relations@tatatel.co.in
Website :	http://www.tatateleservices.com http://www.tatadocomo.com

Administrative Office :	International Trade Tower, 2nd Floor, Nehru Place, New Delhi – 110019, India

Corporate Office/ Branch :	D-26, TTC Industrial Area, MIDC, Sanpada, P. O. Turbhe, Navi Mumbai – 400 613, Maharashtra, India
Tel. No.:	91-22-66615445
Fax No.:	91-22-66605516/ 5517
E-Mail :	csmumbai@tatatel.co.in

Branches :	Al Aqmar Building, 5, Ganeshkhind Road, Pune – 411005, Maharashtra , India
Fax No.:	91-20-66096300
E-Mail :	ghingorani@tatatel.co.in

Branches :	Tristar Building, 13-B, EDC Complex, Patto Plaza, Panaji, Goa – 403001, India
Tel. No.:	91-832-6647777
E-Mail :	sstalin@tatatel.co.in

Branches :	Plot No. 37-A, M.I.D.C., Ambad, Nasik - 422010, Maharashtra, India
Tel. No.:	91-253-6607777
E-Mail :	vnaidu@tatatel.co.in

Branches :	Vasant Rutu Plaza, "E" Ward, C. S. No. 460, (Daewoo Showroom Building),Venus Corner, New Shahupuri, Kolhapur - 416003, Maharashtra, India
Tel. No.:	91-231-6687777
E-Mail :	vnaik@tatatel.co.in

Branches :	Survey No. 3 (Part), Plot No. Commercial Club Plot, Raj Heights, "Sector P-1, Town Centre, Opposite MGM College, Aurangabad, Maharashtra, India
Tel. No.:	91-240-6627777
E-Mail :	csaurangabad@tatatel.co.in

Branches :	Renavikar Mangal Karyalaya Building, Savedi Cell Site, Savedi Road, Ahmednagar - 414003, Maharashtra, India
Tel. No.:	91-241-6607777

Branch Office :	Ground Floor, Ranjit Empire, Sangli Miraj Road, Sangli, Maharashtra, India
Tel. No.:	91-233-6607777

Branch Office :	Ispat House, B. G. Kher Marg, Worli, Mumbai - 400 018, Maharashtra, India
Tel. No.:	91-22-56615445

Branch Office :	1st Floor, Express Towers, Nariman Point, Mumbai- 400021, Maharashtra, India

Branch Office :	C/O Premco Industries, Premco House, A-26, Street No. 3, MIDC Marol, Andheri (East), Mumbai - 400050, Maharashtra, India

Branch Office :	Laxmi Park, C.H.S., Shop No. D 6 and 7, Near Kores Tower, Phase I Lokmanya Nagar, Thane (West) - 400606, Maharashtra, India

DIRECTORS

AS ON: 31.03.2014

Name :	Mr. Kishor A Chaukar
Designation :	Chairman
Date of Birth/ Age :	01.08.1947
Date of Appointment :	05.09.2012
Qualification :	Post Graduate in Management from the IIM (Ahmedabad)

Name :	Mr. Narasimhan Srinath
Designation :	Managing Director

Name :	Mr. Amal Ganguly
Designation :	Independent Director

Name :	Mr. Nadir Godrej
Designation :	Additional Director
Date of Birth/ Age :	26.08.1951
Date of Appointment :	12.03.2008
Qualification :	B. S. (Chemical Engineering) from the Massachusetts Institution of Technology, USA M.S. (Chem Eng.) from Stanford University, USA and MBA from Harvard Business School.

Name :	Mr. Ashok Jhunjhunwala
Designation :	Director
Date of Birth/ Age :	22.06.1953
Date of Appointment :	12.04.2007
Qualification :	B. Tech from IIT (Kanpur) and MS and Ph. D degrees from the University of Maine

Name :	Mr. D. T. Joseph
Designation :	Independent Director
Date of Birth/ Age :	21.12.1945
Date of Appointment :	08.05.2009
Qualification :	Master’s degrees in English Literature and Economics from the University of Madras and University of Manchester, respectively

Name :	Mr. N. S. Ramachandran
Designation :	Director
Date of Birth/ Age :	25.03.1939
Date of Appointment :	06.12.2002
Qualification :	M. E. (Power Engineering)

Name :	Mr. S Ramadoral
Designation :	Director
Date of Birth/ Age :	06.10.1944
Date of Appointment :	10.08.2006
Qualification :	B. Sc. B. Sc., Bachelor of Engineering degree in Electronics and Telecommunication from India Institute of science, Bangalore and Master’s degree in Computer Science from the University of California (UCLA), USA

Name :	Mr. Koji Ono
Designation :	Director (w. e. f. June 1, 2012)
Date of Birth/ Age :	08.10.1956
Date of Appointment :	01.06.2012
Qualification :	Master’s degree in Engineering from Waseda University in Japan as well as Masters in Computer Science from Syracuse University, USA

KEY EXECUTIVES

Name :	Mr. Kiran Thacker
Designation :	Company Secretary

Name :	Mr. Hiten Koradia
Designation :	Manager – Investor Relations

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 31.03.2015

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	1234358382	63.14
Sub Total	1234358382	63.14
(2) Foreign
Bodies Corporate	229856926	11.76
Sub Total	229856926	11.76
Total shareholding of Promoter and Promoter Group (A)	1464215308	74.90
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	2003459	0.10
Central Government / State Government(s)	44199	0.00
Insurance Companies	935000	0.05
Foreign Institutional Investors	14221295	0.73
Any Others (Specify)	110842	0.01
Foreign Bodies Corporate	4180	0.00
Foreign Corporate Bodies/OCBs	1133	0.00
Foreign Portfolio Investor ( Corporate)	105529	0.01
Sub Total	17314795	0.89
(2) Non-Institutions
Bodies Corporate	53546420	2.74
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	268242322	13.72
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	140354153	7.18
Any Others (Specify)	11254729	0.58
Trusts	16453	0.00
Non Resident Indians	11229624	0.57
Directors & their Relatives & Friends	8426	0.00
Foreign Nationals	226	0.00
Sub Total	473397624	24.22
Total Public shareholding (B)	490712419	25.10
Total (A)+(B)	1954927727	100.00

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

Sl. No.	Name of the Shareholder	Details of Shares held		*Encumbered shares ()**			Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
Sl. No.	Name of the Shareholder	No. of Shares held	As a % of grand total (A)+(B)+(C)	No	As a percentage	As a % of grand total (A)+(B)+(C) of sub-clause (I)(a)
1	Tata Teleservices Limited	71,43,17,891	36.54	508281209	71.16	26.00	36.54
2	Tata Power Company Limited	13,72,63,174	7.02	0	0.00	0.00	7.02
3	Tata Sons Limited	32,77,59,467	16.77	0	0.00	0.00	16.77
4	Tata Sons Limited	5,50,00,000	2.81	0	0.00	0.00	2.81
5	Panatone Finvest Limited	17,850	0.00	0	0.00	0.00	0.00
6	NTT Docomo Inc	22,98,56,926	11.76	0	0.00	0.00	11.76
	Total	1,46,42,15,308	74.90	508281209	34.71	26.00	74.90

BUSINESS DETAILS

Line of Business :	The Company is engaged in providing telecommunication services.

Products :	Not Divulged

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 :

Information declined by the management

Bankers :

Banker Name	Citibank NA
Branch Address	Dr. S. S. Rao Road, Parel, Mumbai-400012, Maharashtra, India
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
· Industrial Development Bank of India Axis Bank Limited

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
Term Loans		29943.700
Less: Current maturities of long term debt		3837.300
External Commercial Borrowings		21031.500

SHORT TERM BORROWING
Short Term Loans		4300.000
Cash Credit Accounts		1846.200
Buyers’ Credit		3828.100
Total	NA	57112.200
AS ON: 31.03.2014 Notes : Long Term Borrowings: (a) Term Loans from banks Stipulated securities for the loans are first pari pasu charge on the assets of the Company and one or more of the following as per terms of the arrangements with respective banks: by pledge of shares held by Tata Teleservices Limited in the Company, by assignment of the proceeds on sale of network in the event of cancellation of the telecom license, by assignment of telecom license, by assignment of insurance policies and material project contracts, by sponsor support undertaking of Tata Sons Limited Terms of repayment :- Term loans from banks are repayable in 36 quarterly instalments ending on 1st January, 2019 Interest rate :- Interest rate for rupee long term loan is in the range of 10.70% to 11.35 % p.a. (b) External Commercial Borrowings (ECB) Stipulated securities for the loans are first pari pasu charge on the assets of the Company and one or more of the following as per terms of the arrangements with respective banks: by pledge of shares held by Tata Teleservices Limited in the Company, by assignment of the proceeds on sale of network in the event of cancellation of the telecom license, by assignment of telecom license, by assignment of insurance policies and material project contracts, by sponsor support undertaking of Tata Sons Limited Terms of repayment :- ECB loans are repayable in 3 annual installments commencing from 31st March, 2020 Interest rate :- Interest rate on ECB is linked to 6 months LIBOR + Spread (Spread not exceeding 4.2% p. a) Short-Term Borrowings: a) Short-Term Loans Stipulated securities for the loans are first pari pasu charge on the assets of the Company Interest rate :- Interest rate for rupee short term loan is in the range of 10.65% to 11.50 % p.a. (b) Cash Credit Accounts I. Stipulated securities for the loans are first pari pasu charge on the assets of the Company II. Interest rate :- Interest rate for cash credit is in the range of bank base rate + 1.50 % to 3.50% p.a. (c) Buyers' Credit Stipulated securities for the loans are first pari pasu charge on the assets of the Company Interest rate :- Buyers' credit is linked with LIBOR + Spread as Applicable

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Indiabulls Finance Centre, Tower 3, 32 Floor, Elphinstone Mills Compound, Senapati Bapat Marg, Elphinstone (West), Mumbai - 400 013, Maharashtra, India

Memberships :	Not Available

Collaborators :	Not Available

Investing Parties : (As on: 31.03.2014)	Tata Sons Limited (Holding Company upto , 2013) Tata Teleservices Limited (Fellow Subsidiary upto March 26, 2013)

Fellow Subsidiaries : (As on: 31.03.2014)	Tata Internet Services Limited Tata Business Support Services Limited Tata Consultancy Services Limited Tata Housing Development Company Limited Tata Realty and Infrastructure Limited Tata AIG Life Insurance Company Limited Tata AIG General Insurance Company Limited Tata Sky Limited CMC Limited Tata Asset Management Limited Tata Securities Limited Infiniti Retail Limited E-Nxt Financials Limited Tata Consulting Engineers Limited Tata Petrodyne Limited Computational Research Laboratories Limited Tcs E-Serve Limited TC Travel And Services Limited Tata Capital Limited Tata Investment Corporation Limited Tata Advanced Systems Limited Viom Networks Limited (Formerly known as Wireless TT Info Services Limited) Drive India Enterprise Solutions Limited Viom Infra Networks (Maharashtra) Limited (Formerly known as 21st Century Infra Tele Limited)

CAPITAL STRUCTURE

As on 31.03.2015

Authorized Capital: Not Available

Issued, Subscribed & Paid-up Capital: Rs. 19549.300 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

2500000000	Equity Shares	Rs.10/- each	Rs.25000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1954927727	Equity Shares	Rs.10/- each	Rs.19549.300 Million

Reconciliation of the number of shares

Equity Shares	Number of Shares	Rs. In Millions
Shares outstanding at the beginning of the year	1897196854	18972.000
Increase during the year	57730873	577.300
Decrease during the year	-	-
Equity shares outstanding at the end of the year	1954927727	19549.300

Terms/rights attached to equity shares:

The Company has only one class of equity shares having par value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share.

Equity shares held by the ultimate holding company and its subsidiaries and associates:

Of the above 1244664393 equity shares are held by Tata Sons Limited (the ultimate holding company) and its subsidiaries and associates as follows:

Name of Shareholder	Relationship	Number of Shares
Tata Teleservices Limited	Ultimate Holding Company	714317891
The Tata Power Company Limited	Subsidiaries of Ultimate Holding Company	137263174
Tata Sons Limited	Associates of Ultimate Holding Company	382759467
NTT Docomo Inc.	Subsidiaries of Ultimate Holding Company	229856926

Details of equity shares held in the Company by each shareholder holding more than 5% shares

Name of Shareholders	Number of Shares	Rs. In Millions
Tata Teleservices Limited	714317891	37.65
The Tata Power Company Limited	393065478	20.72
Tata Sons Limited	229856926	12.12
NTT Docomo Inc.	137263174	7.24

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	19549.300	19549.300	18972.000
(b) Reserves & Surplus	(49230.100)	(43077.600)	(36899.500)
(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)	(29680.800)	(23528.300)	(17927.500)

(3) Non-Current Liabilities
(a) long-term borrowings	50098.500	47137.900	48970.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	120.700	226.300	668.600
(d) long-term provisions	43.300	42.200	51.500
Total Non-current Liabilities (3)	50262.500	47406.400	49690.100

(4) Current Liabilities
(a) Short term borrowings	17613.700	14224.300	10719.100
(b) Trade payables	7049.700	6781.400	7891.900
(c) Other current liabilities	9799.800	6979.200	7598.200
(d) Short-term provisions	5352.200	4747.200	2232.000
Total Current Liabilities (4)	39815.400	32732.100	28441.200

TOTAL	60397.100	56610.200	60203.800

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	42345.300	31235.300	32461.800
(ii) Intangible Assets	0.000	13943.600	15435.500
(iii) Capital work-in-progress	0.000	376.200	267.200
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	13270.700	5597.600	2054.600
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	55616.000	51152.700	50219.100

(2) Current assets
(a) Current investments	0.000	0.000	503.500
(b) Inventories	124.200	44.400	31.900
(c) Trade receivables	1892.800	2523.100	2976.700
(d) Cash and cash equivalents	494.900	216.500	863.100
(e) Short-term loans and advances	981.400	1438.300	3581.700
(f) Other current assets	1287.800	1235.200	2027.800
Total Current Assets	4781.100	5457.500	9984.700

TOTAL	60397.100	56610.200	60203.800

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	28927.300	27311.800	26345.400
	Other Income	462.700	874.900	510.100
	TOTAL (A)	29390.000	28186.700	26855.500

Less:	EXPENSES
	Cost of Materials Consumed	327.000	0.000	0.000
	Network Operations Cost	7635.800	0.000	0.000
	Interconnection and other access costs	5778.000	0.000	0.000
	License Fees and spectrum Charges	2695.000	0.000	0.000
	Employees Cost	1585.300	1726.700	1598.100
	Administration and Other Expenses	3098.700	19323.000	19295.700
	Marketing and Business Promotion Expenses	1441.600	0.000	0.000
	Provision for Contingencies	364.000	994.000	955.400
	TOTAL (B)	22925.400	22043.7	21849.2

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)	6464.600	6143.000	5006.300

Less:	FINANCIAL EXPENSES (D)	6507.800	5650.5	5643.50

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	(43.200)	492.500	(637.200)

Less:	DEPRECIATION/ AMORTISATION (F)	6109.300	6093.3	5950.50

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(6152.500)	(5600.800)	(6587.700)

Less:	TAX (H)	0.000	0.000	0.000

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	(6152.500)	(5600.800)	(6587.700)

Add:	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	NA	(42731.100)	(36143.400)

	Balance Carried to the B/S	NA	(48394.200)	(42817.400)

	EARNINGS IN FOREIGN CURRENCY
	Other Income	NA	62.300	86.300
	TOTAL EARNINGS	NA	62.300	86.300

	IMPORTS
	Capital Goods	NA	183.100	426.600
	TOTAL IMPORTS	NA	183.100	426.600

	Earnings / (Loss) Per Share (Rs.)	3.15	(2.86)	(3.47)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	3837.300	2781.500
Cash generated from operations	NA	7426.800	3275.500
Net Cash Flow from (used in) Operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	(21.27)	(20.51)	(25.01)

Operating Profit Margin (PBIDT/Sales)	(%)	22.35	22.49	19.00

Return on Total Assets (PBT/Total Assets}	(%)	(10.19)	(9.96)	(10.99)

Return on Investment (ROI) (PBT/Networth)		0.21	0.24	0.37

Debt Equity Ratio (Total Debt /Networth)		(2.28)	(2.61)	(3.33)

Current Ratio (Current Asset/Current Liability)		0.12	0.17	0.35

STOCK PRICES

Face Value	Rs. 10.00
Market Value	Rs. 6.97

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	18972.000	19549.300	19549.300
Reserves & Surplus	(36899.500)	(43077.600)	(49230.100)
Net worth	(17927.500)	(23528.300)	(29680.800)

long-term borrowings	48970.000	47137.900	50098.500
Short term borrowings	10719.100	14224.300	17613.700
Total borrowings	59689.100	61362.200	67712.200
Debt/Equity ratio	(3.329)	(2.608)	(2.281)

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)
Sales	26345.400	27311.800	28927.300
		3.668	5.915

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	26345.400	27311.800	28927.300
Profit	(6587.700)	(5600.800)	(6152.500)
	(25.01%)	(20.51%)	(21.27%)

LOCAL AGENCY FURTHER INFORMATION

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

UNSECURED LOAN:

PARTICULARS	31.03.2015 (Rs. in Million)	*31.03.2014* *(Rs. in Million)*
Short Term Loans
Inter corporate deposits	NA	4250.000

*Total*	NA	*4250.000*

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10553375	24/02/2015	2,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R KAMANI MARG, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA	C45765476
2	10545175	09/01/2015	6,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17 R KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	C41483892
3	10468662	26/12/2013	1,400,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING GROUND FLOOR, 17 R KAMANI MARG BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B92920867
4	10446465	28/08/2013	4,246,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B83738583
5	10310340	15/09/2014 *	16,890,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17 R KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	C25451485
6	10239381	20/11/2014 *	61,970,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17 R KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	C34519264

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2015	31.03.2014
Claims against the company not acknowledged as debt
Telecom regulatory matters		4605.500
Others		3144.300
	NA
Bank guarantees		2493.400
Counter guarantees given by the Company on behalf of group company		0.000

FIXED ASSETS:

Leasehold assets

· Land

Office Premises

· Building

Plant and Machinery
Furniture, Fixture and Office Equipment

· Vehicles

· License

· Computer Software

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. 63.51
UK Pound	1	Rs. 97.85
Euro	1	Rs. 70.50

INFORMATION DETAILS

Information Gathered by :	NYA

Analysis Done by :	TRI

Report Prepared by :	THR

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	5
--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		44

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.

MIRA INFORM REPORT

INDEX OF CHARGES:

Unit