MIRA INFORM REPORT

Report No. :	331548
Report Date :	15.07.2015

IDENTIFICATION DETAILS

Name :	EIH LIMITED (w.e.f. 01.11.1997)
Formerly Known As :	EAST INDIA HOTELS LIMITED
Registered Office :	4, Mangoe Lane, Kolkata - 700001, West Bengal
Tel. No.:	91-22-22486751 / 91-11-23890505
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	26.05.1949
Com. Reg. No.:	21-017981
Capital Investment / Paid-up Capital :	Rs. 1143.139 Million
CIN No.: [Company Identification No.]	L55101WB1949PLC017981
TAN No.: [Tax Deduction & Collection Account No.]	CALT00271F
PAN No.: [Permanent Account No.]	AAACE6898B
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 hotel business.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

A (64)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 76000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well-established and reputed company having fine track record. Rating takes into consideration subject’s healthy financial profile marked by strong liquidity position supported by healthy net worth base, good profitability and low gearing. Trade rations are fair. Business is active. Payment terms are reported to be regular and as per commitments. In the view of established brand presence, extensive experience of promoters and long track record of operations, 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.

ECGC Country Risk Classification List – March 31, 2015

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

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

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 (91-22-22486751 / 91-11-23890505)

LOCATIONS

Registered Office :	4, Mangoe Lane, Kolkata - 700001, West Bengal, India
Tel. No.:	91-33-22486751/ 55/ 40002200
Fax No.:	91-33-22486785
E-Mail :	eihcal@giascl01.vsnl.net.in eihdp@vsnl.com isdho@eihho.com amho@eihho.com isdho@oberoigroup.com
Website :	http://www.oberoihotel.com www.eihltd.com
Hotels owned and managed by EIH Limited :	The Oberoi, Mumbai The Oberoi, New Delhi The oberoi, Bangalore The Oberoi Grand, Kolkata The Oberoi Udaivilas, Udaipur The oberoi Vanyavilas, Ranthambhore Trident, Bandra Kurla, Mumbai Trident, Bandra Kurla, Mumbai
Hotels managed by EIH Limited :	The Oberoi, Gurgaon Trident, Gurgaon.
Hotels owned through Subsidiary/Associate Companies and managed by EIH Limited	The Oberoi Amarvilas, Agra Trident, Chennai The Oberoi Rajvilas, Jaipur Trident, Agra Wildflower Hall, Himalayas (An Oberoi Resort) Trident, Jaipur Trident, Udaipur The Oberoi Cecil, Shimla Trident, Cochin The Oberoi, Sahl Hasheesh Trident, Bhubaneswar The Oberoi, Bali The Oberoi, Lombok The Oberoi, Mauritius
Other Business Units owned and managed by EIH Limited :	· Motor Vessel Vrinda, Cochin (A Luxury Cruiser) · Maidens Hotel, Delhi · Printing Press, Manesar, Gurgaon · Oberoi Flight Services Located at Mumbai, Delhi, Chennai, Kolkata · Oberoi Airport Services Located at Mumbai, Delhi, Chennai, Kolkata, Cochin, Bangalore · Luxury Car Hire · Business Aircraft Charters

DIRECTORS

As on 31.03.2014

Name :

Mr. Prithviraj Singh Oberoi

Designation :

Chairman and Chief Executive

Address :

Villa Aashiana, Kapashera Bijwasan, New Delhi - 110 037, India

Date of Appointment :

27.06.2012

DIN No :

00051894

Name :

Mr. Shib Sanker Mukherji

Designation :

Vice Chairman

Address :

6, Lansdowne Place, Kolkata - 700 029, West Bengal, India

Date of Appointment :

27.06.2012

DIN No :

00103770

Name :

Mr. Vikram Oberoi

Designation :

Chief Operating Officer and Joint Managing Director

Address :

Suite 150, The Oberoi, Dr Zakir Hussain Marg, New Delhi - 110 003, Delhi, India

Date of Appointment :

01.07.2014

DIN No :

00052014

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	U55101WB1946PTC014548	OBEROI HOTELS PVT.LTD.	Director	01/12/1991	01/12/1991	-	Active	NO
2	L55101WB1949PLC017981	EIH LIMITED	Managing director	01/07/2014	15/12/1993	-	Active	NO
3	U74899DL1970PTC005350	VIKRAMADITYA EXPORTS PRIVATE LIMITED	Director	16/11/1996	16/11/1996	-	Active	NO
4	L92490TN1983PLC009903	EIH ASSOCIATED HOTELS LIMITED	Managing director	23/06/2010	22/03/1997	-	Active	NO
5	U74200WB1981PTC090742	ARAVALI POLYMERS PRIVATE LIMITED	Director	28/07/1998	28/07/1998	-	Converted to LLP and dissolved	NO
6	U70101WB1972PTC028274	OBEROI BUILDINGS & INVESTMENTS PVT LTD	Director	25/07/2001	25/07/2001	-	Active	NO
7	U45205WB1972PTC028275	OBEROI PROPERTIES PVT LTD	Director	27/07/2001	27/07/2001	-	Active	NO
8	U70101WB1972PTC028273	OBEROI INVESTMENTS PVT LTD	Director	27/07/2001	27/07/2001	-	Active	NO
9	U70101WB1972PTC028276	OBEROI HOLDINGS PVT. LTD.	Director	27/07/2001	27/07/2001	-	Active	NO
10	U55101MP1996PLC010955	RAJGARH PALACE HOTEL AND RESORTS LIMITED	Director	27/07/2001	27/07/2001	-	Amalgamated	NO
11	U55101WB1990PLC095270	MUMTAZ HOTELS LIMITED	Director	25/01/2002	25/01/2002	-	Active	NO
12	U67190WB1985PTC038355	OBEROI LEASING AND FINANCE CO PVT LTD	Director	15/04/2003	15/04/2003	-	Active	NO
13	U67120WB1984PTC037589	OBEROI PLAZA PVT LTD	Director	15/04/2003	15/04/2003	-	Active	NO
14	U65921WB1991PTC051424	BOMBAY PLAZA PVT LTD	Director	15/04/2003	15/04/2003	-	Active	NO
15	U55101TN1972PLC075041	ISLAND HOTEL MAHARAJ LTD	Director	10/09/2007	26/09/2006	-	Amalgamated	NO
16	U55101HP1995PLC017440	MASHOBRA RESORT LIMITED	Nominee director	16/05/2014	17/04/2008	-	Active	NO
17	U45100TG1996PTC025994	GOLDEN JUBILEE HOTELS Private Limited	Alternate director	09/12/2008	09/12/2008	17/06/2014	Active	NO
18	U22110MH1984PTC031783	B I PUBLICATIONS PRIVATE LIMITED	Additional director	31/08/2009	31/08/2009	-	Active	NO
19	AAA-2027	ARAVALI POLYMERS LLP	Designated Partner	13/08/2010	13/08/2010	-	Active	NO

Name :

Mr. Arjun Oberoi

Designation :

Chief Planning Officer and Joint Managing Director

Address :

61-A, Friends Colony, New Delhi - 110 065, Delhi, India

Date of Appointment :

01.07.2014

DIN No :

00052106

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	U55101WB1946PTC014548	OBEROI HOTELS PVT.LTD.	Director	06/11/1992	06/11/1992	-	Active	NO
2	L55101WB1949PLC017981	EIH LIMITED	Managing director	01/07/2014	15/12/1993	-	Active	NO
3	U55101MP1996PLC010955	RAJGARH PALACE HOTEL AND RESORTS LIMITED	Director	31/07/1997	31/07/1997	-	Amalgamated	NO
4	U74200WB1981PTC090742	ARAVALI POLYMERS PRIVATE LIMITED	Director	28/07/1998	28/07/1998	-	Converted to LLP and dissolved	NO
5	U55101HP1995PLC017440	MASHOBRA RESORT LIMITED	Managing director	24/04/2009	04/12/1998	-	Active	NO
6	U74899DL1992PTC050556	OBEROI CAMAR CO PRIVATE LIMITED	Director	28/10/1999	28/10/1999	-	Strike off	NO
7	U70101WB1972PTC028274	OBEROI BUILDINGS & INVESTMENTS PVT LTD	Director	25/07/2001	25/07/2001	-	Active	NO
8	U45205WB1972PTC028275	OBEROI PROPERTIES PVT LTD	Director	27/07/2001	27/07/2001	-	Active	NO
9	U70101WB1972PTC028273	OBEROI INVESTMENTS PVT LTD	Director	27/07/2001	27/07/2001	-	Active	NO
10	U70101WB1972PTC028276	OBEROI HOLDINGS PVT. LTD.	Director	27/07/2001	27/07/2001	-	Active	NO
11	U55101WB1990PLC095270	MUMTAZ HOTELS LIMITED	Director	25/01/2002	25/01/2002	-	Active	NO
12	U67190WB1985PTC038355	OBEROI LEASING AND FINANCE CO PVT LTD	Director	15/04/2003	15/04/2003	-	Active	NO
13	U67120WB1984PTC037589	OBEROI PLAZA PVT LTD	Director	15/04/2003	15/04/2003	-	Active	NO
14	U65921WB1991PTC051424	BOMBAY PLAZA PVT LTD	Director	15/04/2003	15/04/2003	-	Active	NO
15	U45100TG1996PTC025994	GOLDEN JUBILEE HOTELS Private Limited	Director	18/06/2011	20/11/2010	-	Active	NO

Name :

Mr. Santosh Kumar Dasgupta

Designation :

Director

Address :

3 D, 3rd Floor, 17A, Central Road, Jadavpur, Kolkata - 700 032, West Bengal, India

Date of Appointment :

06.08.2014

DIN No :

00038804

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	U26994OR1992PLC003132	ORIND EXPORTS LIMITED.	Director	01/04/1994	01/04/1994	01/04/2012	Active	NO
2	L50103WB1920PLC003679	FRENCH MOTOR CAR CO LTD	Director	22/07/2014	29/09/2000	-	Active	NO
3	L55101WB1949PLC017981	EIH LIMITED	Director	06/08/2014	30/10/2000	-	Active	NO
4	U17297WB1940PLC010328	BENGAL WATERPROOF LTD	Director	08/12/2003	08/12/2003	20/02/2009	Active	NO
5	U45309WB2006PLC109285	BENGAL SUNNY ROCK ESTATES HOUSING DEVELOPMENT CO LTD	Director	08/06/2006	08/06/2006	-	Active	NO
6	U24223WB1946PLC013403	SULEKHA WORKS LTD	Additional director	30/09/2013	30/09/2013	-	Active	NO
7	U85110WB2002PTC095292	FMC HEALTHCARE PRIVATE LIMITED	Additional director	14/08/2014	14/08/2014	-	Active	NO

Name :

Mr. Anil Nehru

Designation :

Director

Address :

71 Sector-9, Union Territory, Chandigarh - 160 009, Chandigarh, India

Date of Appointment :

06.08.2014

DIN No :

00038849

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	L55101WB1949PLC017981	EIH LIMITED	Director	06/08/2014	23/11/2002	-	Active	NO
2	L92490TN1983PLC009903	EIH ASSOCIATED HOTELS LIMITED	Director	08/08/2014	22/11/2004	-	Active	NO
3	U24111UP1984PLC006565	SANAT PRODUCTS LIMITED	Director	13/02/2006	13/02/2006	-	Active	NO
4	U74899DL1992PLC050587	AYURVET LIMITED	Director	30/09/2006	24/02/2006	-	Active	NO
5	L35999TN1936PLC002202	RANE HOLDINGS LIMITED	Director	12/08/2014	06/02/2013	-	Active	NO

Name :

Mr. Lakshminarayan Ganesh

Designation :

Director

Address :

Door No. 5A, Valliammai Achi Road, Kotturpuram, Chennai - 600 085, Tamil Nadu, India

Date of Appointment :

06.08.2014

DIN No :

00012583

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	L35999TN1936PLC002202	RANE HOLDINGS LIMITED	Managing director	01/04/2014	26/06/1986	-	Active	NO
2	L35999TN1964PLC005276	RANE BRAKE LININGS LIMITED	Director	26/09/1986	26/09/1986	-	Amalgamated	NO
3	U35999TN1987PTC014600	RANE TRW STEERING SYSTEMS Private Limited	Nominee director	03/07/1987	03/07/1987	-	Active	NO
4	L34103TN1967PLC005539	RANE ENGINE VALVES LIMITED	Managing director	10/04/1989	10/04/1989	-	Amalgamated	NO
5	L85110TN1936PLC071646	KAR MOBILES LIMITED	Director	06/01/1994	06/01/1994	-	Amalgamated	NO
6	L92490TN1983PLC009903	EIH ASSOCIATED HOTELS LIMITED	Director	08/08/2014	23/03/1994	-	Active	NO
7	U29141TN1995PTC030621	RANE NSK STEERING SYSTEMS Private Limited	Nominee director	22/03/1995	22/03/1995	-	Active	NO
8	U65993TN1982PLC009748	RANE INVESTMENTS LIMITED	Director	26/06/1995	26/06/1995	-	Amalgamated	NO
9	U51909DL1991PLC042645	JMA RANE MARKETING LIMITED	Director	26/04/1997	26/04/1997	-	Active	NO
10	L74999TN1972PLC006127	RANE ENGINE VALVE LIMITED	Managing director	01/04/2014	29/03/1999	-	Active	NO
11	L65993TN2004PLC052856	RANE (MADRAS) LIMITED	Director	31/03/2004	31/03/2004	-	Active	NO
12	U27104TN1996PLC060251	RANE DIECAST LIMITED	Nominee director	17/08/2005	17/08/2005	-	Amalgamated	NO
13	L63011TN2004PLC054948	RANE BRAKE LINING LIMITED	Director	22/07/2008	18/06/2007	-	Active	NO
14	L55101WB1949PLC017981	EIH LIMITED	Director	06/08/2014	30/01/2008	-	Active	NO
15	U72900KA2007PLC044415	SASMOS HET TECHNOLOGIES LIMITED	Director	26/07/2012	03/11/2011	-	Active	NO
16	U65991TN1921NPL001337	CHENNAI WILLINGDON CORPORATE FOUNDATION	Director appointed in casual vacancy	02/06/2015	02/06/2015	-	Active	NO

Name :

Mrs. Nita Mukesh Ambani

Designation :

Director

Name :

Mrs. Renu Sud Karnad

Designation :

Director

Name :

Mr. Manoj Harjivandas Modi

Designation :

Director

Name :

Mr. Rajeev Gupta

Designation :

Director

KEY EXECUTIVES

Name :	Mr. S. N. Sridhar
Designation :	Company Secretary and compliance officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	26352663	4.61
Bodies Corporate	175105576	30.64
Sub Total	201458239	35.25
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	201458239	35.25
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	15958460	2.79
Financial Institutions / Banks	939424	0.16
Insurance Companies	56992371	9.97
Foreign Institutional Investors	17138708	3.00
Sub Total	91028963	15.93
(2) Non-Institutions
Bodies Corporate	211401027	36.99
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	54726830	9.57
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	10609805	1.86
Any Others (Specify)	2011520	0.35
Non Resident Indians	1844577	0.32
Foreign Nationals	38953	0.01
Trusts	38373	0.01
Directors & their Relatives & Friends	435	0.00
Clearing Members	89182	0.02
Sub Total	278749182	48.77
Total Public shareholding (B)	369778145	64.70
Total (A)+(B)	571236384	99.94
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	333030	0.06
Sub Total	333030	0.06
Total (A)+(B)+(C)	571569414	100.00

BUSINESS DETAILS

Line of Business :	The company is engaged in hotel business.
Products :	Not Divulged
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
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 :

Bank Name	Not Divulged
Branch	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of 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 :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Secured Loan from Bank
ICICI Bank Limited (ICICI)	NA	1000.000
Long Term maturity of Finance Lease Obligations	NA	35.170
Short-term borrowings
Short Term Loan From Banks
The Hong Kong and Shanghai Banking Corporation Limited (HSBC)	NA	450.000
ICICI Bank Limited (ICICI)	NA	0.000
Cash Credit From Banks
United Bank of India	NA	201.970
The Hong Kong and Shanghai Banking Corporation Limited (HSBC)	NA	212.440
Total	NA	1899.580
Note : (As on 31.03.2014) PARTICULARS OF TERM LOANS : (i) Term Loan from ICICI carries interest at the rate of 1.5% above bank’s base rate, repayble in quarterly installments of Rs. 100 million each. Repayment will be complete in July 2017. (ii) The Finance Lease obligations are secured by hypothecation of vehicles taken under Lease. Repayments are done by equated monthly installment over 36 to 60 months. PARTICULARS OF SECURITIES : Term loan from ICICI is secured by way of equitable mortgage by deposit of title deeds in respect of the Company’s hotel in Delhi known as Maidens Hotel, ranking pari passu. PARTICULARS OF SHORT TERM BORROWINGS : Cash credit facilities and short term loan from HSBC are secured by way of hypothecation of all Stock of Inventories, book debts and other current assets of the company, both present and future, ranking pari passu. Cash credit with United Bank of India is additionally secured by way of second charge in respect of the company’s hotel in Kolkata known as the Oberoi Grand. Cash Credit is repayable on demand and carries interest at floating rate linked to the base rates of the respective banks.

Auditors :
Name :	Ray and Ray Chartered Accountants
Address :	6, Church Lane, Kolkata - 700 001, West Bengal, India
Memberships :	--
Collaborators :	--
Subsidiaries : (As on 31.03.2014)	Mercury Car Rentals Private Limited (ceased to be subsidiary w.e.f. 30.09.2013) Mashobra Resort Limited, India Oberoi Kerala Hotels and Resorts Limited, India Mumtaz Hotels Limited, India EIH Flight Services Limited, Mauritius EIH International Limited, British Virgin Islands EIH Holding Limited, British Virgin Islands EIH Marrakech Limited, British Virgin Islands J and W Hongkong Limited, Hongkong Oberoi Turtle Bay Limited, Mauritius EIHH Corporation Limited, Hongkong EIH Investments NV, Netherlands Antilles EIH Management Services BV, The Netherlands PT Widja Putra Karya, Indonesia PT Waka Oberoi Indonesia, Indonesia PT Astina Graha Ubud, Indonesia
Associates and Joint Ventures : (As on 31.03.2014)	EIH Associated Hotels Limited, India L and T Bangalore Airport Hotel Limited, India Golden Jubilee Hotels Limited, India Oberoi Mauritius Limited, British Virgin Islands
Enterprises in which Key Management Personnel have significant influence : (As on 31.03.2014)	Oberoi Hotels Private Limited, India Oberoi Properties Private Limited, India Oberoi Holdings Private Limited, India Oberoi Investments Private Limited, India Oberoi Buildings and Investments Private Limited, India Oberoi Plaza Private Limited, India Bombay Plaza Private Limited, India Oberoi Leasing and Finance Company Private Limited, India Aravali Polymers LLP, India Golden Jubilee Hotels Limited Oberoi International LLP, India B I Publications Private Limited, India Vikramaditya Exports Private Limited, India

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs.1143.100 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000000	Equity Shares	Rs.2/- each	Rs.3000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
571569414	Equity Shares	Rs.2/- each	Rs.1143.139 Million

a) Reconciliation of Share Capital:

Particulars	31.03.2014
	Number of Shares	Rs. In Millions
Balance at the beginning of the year	571569414	1143.140
Add : Shares issued on Rights basis	-	--
Balance at the end of the year	571569414	1143.140

b) The Company has one class of equity shares having a par value of Rs. 2 per share. These shares rank pari passu in all respects including voting rights and entitlement to dividend.

c) Shares held by Shareholders holding more than 5 percent shares in the Company:

Particulars	31.03.2014
	Number of Shares	% holding
Reliance Industries Investment and Holding Private Limited	105,907,273	18.53
ITC Limited	85,621,473	14.98
Oberoi Hotels Private Limited	83,646,328	14.63
Life Insurance Corporation of India	34,747,348	6.08
Oberoi Holdings Private Limited	35,257,278	6.17
Oberoi Investments Private Limited	29,968,293	5.24

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	1143.100	1143.140	1143.140
(b) Reserves & Surplus	25430.100	25332.720	25106.100
(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)	26573.200	26475.860	26249.240
(3) Non-Current Liabilities
(a) long-term borrowings	640.100	1035.170	1442.820
(b) Deferred tax liabilities (Net)	1903.200	1924.560	1738.870
(c) Other long term liabilities	48.700	20.710	32.540
(d) long-term provisions	166.200	150.820	128.640
Total Non-current Liabilities (3)	2758.200	3131.260	3342.870
(4) Current Liabilities
(a) Short term borrowings	1038.800	1364.410	1953.960
(b) Trade payables	764.400	744.790	675.800
(c) Other current liabilities	1785.200	1688.830	1569.560
(d) Short-term provisions	752.200	722.280	617.290
Total Current Liabilities (4)	4340.600	4520.310	4816.610
TOTAL	33672.000	34127.430	34408.720
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	20324.600	20676.460	21162.570
(ii) Intangible Assets	0.000	4.300	4.180
(iii) Capital work-in-progress	0.000	456.840	399.800
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	7290.800	7039.500	7057.300
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	3145.900	3311.930	3214.880
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	30761.300	31489.030	31838.730
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	390.900	397.500	341.150
(c) Trade receivables	1886.700	1701.240	1735.630
(d) Cash and cash equivalents	236.700	164.600	203.640
(e) Short-term loans and advances	393.800	370.900	251.950
(f) Other current assets	2.600	4.160	37.620
Total Current Assets	2910.700	2638.400	2569.990
TOTAL	33672.000	34127.430	34408.720

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Revenue from Operations	13413.100	12305.400	11334.980
	Other Income	250.000	484.010	435.090
	TOTAL (A)	13663.100	12789.410	11770.070
Less	EXPENSES
	Consumption of Provisions, Wines and Others	1932.700	1886.040	1686.310
	Exceptional Items	0.000	(118.440)	150.660
	Extra Ordinary Items	0.000	65.040	116.960
	Employees benefits expense	3633.000	3525.850	3289.340
	Other expenses	5038.000	4584.850	4350.890
	TOTAL (B)	10603.700	9943.340	9594.160
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	3059.400	2846.070	2175.910
Less	FINANCIAL EXPENSES (D)	306.100	406.500	450.130
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	2753.300	2439.570	1725.780
Less/ Add	DEPRECIATION/ AMORTISATION (F)	1240.800	991.750	1007.480
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	1512.500	1447.820	718.300
Less	TAX (H)	546.200	497.410	208.660
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	966.300	950.410	509.640
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)		3145.960	3368.230
Add	Earlier year excess proposed dividend and dividend distribution tax (L)		0.000	0.000
Less	APPROPRIATIONS
	Transfer to General Reserve		150.000	150.000
	Dividend		628.730	514.410
	Tax on Dividend		65.070	67.500
	Total (M)		843.800	731.910
	Balance Carried to the B/S (J+K+L-M)		3252.570	3145.960
	EARNINGS IN FOREIGN CURRENCY
	On Sales (as per return submitted to DGFT)		5626.890	4689.160
	Consultation fees		50.550	50.880
	Export of Printing and other materials on FOB basis		27.880	29.390
	Dividend		59.970	55.300
	TOTAL EARNINGS		5765.290	4824.730
	IMPORTS
	Provisions, Wines & Others		119.350	81.920
	Components and Stores parts		38.680	26.120
	Capital Goods		115.020	140.170
	TOTAL IMPORTS	NA	273.050	248.210
	Earnings / (Loss) Per Share (Rs.)	1.69	1.78	1.1

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	400.000	400.000
Cash generated from operations	NA	2595.820	1477.570
Net cash flow from operating activity	NA	2219.870	1336.130

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	7.20	7.72	4.50
Operating Profit Margin (PBIDT/Sales)	(%)	22.81	23.13	19.20
Return on Total Assets (PBT/Total Assets}	(%)	5.73	5.44	2.67
Return on Investment (ROI) (PBT/Networth)		0.06	0.05	0.03
Debt Equity Ratio (Total Debt /Networth)		0.06	0.11	0.14
Current Ratio (Current Asset/Current Liability)		0.67	0.58	0.53

STOCK PRICES

Face Value	Rs.2.00
Market Value	Rs.98.30

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	1143.140	1143.140	1143.100
Reserves & Surplus	25106.100	25332.720	25430.100
Net worth	26249.240	26475.860	26573.200
long-term borrowings	1442.820	1035.170	640.100
Short term borrowings	1953.960	1364.410	1038.800
Current Maturities of Long-Term Debts	400.000	400.000	0.000
Total borrowings	3796.780	2799.580	1678.900
Debt/Equity ratio	0.145	0.106	0.063

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	11770.070	12789.410	13663.100
		8.660	6.831

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	11770.070	12789.410	13663.100
Profit	509.640	950.410	966.300
	4.33%	7.43%	7.07%

LOCAL AGENCY FURTHER INFORMATION

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

LITIGATION DETAILS

Status of INCOME TAX APPEAL (ITA) 72 OF 2011

COMMISSIONER OF INCOME TAX, KOL-III Vs. M/S. EIH LIMITED

Pet’s Adv. : S.S. SARKAR

Res’s Adv. : KHAITAN AND COMPANY

Court No. : 9 Last Listed On : Monday, June 15, 2015

Category : INCOME TAX : REVENUE

CONNECTED APPLICATION (S) No Connected Application

CONNECTED MATTERS (S) No Connected Cases.

Case Updated on : Friday, 12, 2015

MANAGEMENT DISCUSSION AND ANALYSIS (As on 31.03.2014)

Industry Structure, Developments and Outlook

Global economic growth in 2013 has remained subdued at about 3%. This is largely due to weak domestic demand and slow growth in several key emerging market economies coupled with a protracted recession in the Euro zone. Furthermore, the year 2013-2014has not been a year of economic recovery in India. GDP growth in India is estimated at 4.9% for the financial year. This lower GDP growth is driven by high inflation, low industrial production and investment.

In the last few years, the Indian Hotel Industry has been facing weak demand and an excess supply of rooms caused by optimism about the Indian growth story prior to 2008. This has led to new hotel openings by Indian and International hospitality brands. However, due to the economic slowdown, supply outpaced demand, suppressing Average Room Rates (ARR) and reducing occupancy.

As we look to the future, the Travel and Tourism industry has globally emerged as one of the fastest growing sectors, contributing significantly to economic growth and development. The World Travel and Tourism Council (WTTC) in its Annual Economic Impact Report 2014 estimates that the contribution of travel and tourism to the Indian GDP will be 7.3% in 2014. This is expected to grow by 7% p.a. reaching INR 14,000 billion by 2024.

India has potential to become a preferred tourist destination globally. The long term outlook for the Indian hospitality industry continues to be buoyant with growth outperforming the general economy. Inbound tourism continues to have modest growth of international tourists arrival and receipts. However, the domestic market will see strong growth with more Indians travelling, resulting in an expected revenue growth of 8.2% in the financial year 2014-2015.

The tourism sector in India faces several issues that needs to be addressed for the sector to realize its true potential. Visa on arrival from key markets in Europe and America, safety and security of tourists, specially women, infrastructure development, identification of new tourist destinations and regulatory and policy changes need attention from all stakeholders.

Recently, the Government of India announced a proposal to extend a visa on arrival scheme (VOA) for visitors from 180 countries. A proposal for an electronic travel authorization system will allow foreign travelers to apply for a visa electronically and receive an online confirmation in five working days has also been cleared. Presently, the

VOA scheme is available to tourists from eleven countries, mainly from South East Asia and two European countries. Since its introduction, there is a continuous and significant growth of tourist arrivals reconfirming the need to quickly extend this facility to the identified 180 countries. According to a study undertaken by WTTC and UNWTO , these improvements in the Visa regime could result in upto 6 million more international visitors traveling to India resulting in corresponding growth in revenue and creating 1.8 million jobs over three years.

FINANCIAL AND OPERATING PERFORMANCE (As on 31.03.2014)

Inspite of weak demand and excess supply of rooms, the company has not only achieved increased revenue but also substantial increase in profitability for the financial year 2013-14.

The Company’s Total Revenue was Rs. 12789.410 million compared to Rs.11770.070 million in the previous year, an increase of about 9%.

Earnings Before Interest, Depreciation, Taxation, Exceptional items and Amortisation (EBIDTA) was Rs. 2792.670 million as compared to Rs. 2443.530 million in the previous year, an increase of about 14%.

Profit Before Tax was Rs. 1447.820 million compared to Rs. 718.300 million in the previous year, an increase of about 102%.

The Profit After Tax was Rs. 950.410 million as compared to Rs. 509.640 million in the previous year, an increase of about 87%.

The Company continues to be largely engaged in hospitality and related services.

Business consolidation and expansion

The Oberoi, Dubai opened in June 2013 followed by Trident, Hyderabad which opened in September 2013. The Oberoi, Dubai has been recognized for its distinctive service and all round excellence in a very competitive market.

Construction of an Oberoi luxury beach resort in Ajman, UAE is currently underway. The ocean front site is a 30 minute drive from Dubai International Airport and is part of a prestigious luxury residential and retail development project along with a 18 hole golf course. The hotel will be managed by a wholly owned overseas subsidiary of the company.

The Oberoi, Marrakech is under construction. The hotel will have 84 luxury rooms. In addition to the hotel, Oberoi branded villas for sale are planned at the adjacent site. The hotel is scheduled to open in late 2015 and will be managed by a wholly owned overseas subsidiary of the company.

Planning is underway for an Oberoi Hotel located on a prime marina front site in the city of Casablanca, Morocco. The hotel will be managed by a wholly owned overseas subsidiary of the company.

Construction is currently underway for The Oberoi, Chandigarh. Adjoining a 400 acre forest, the 20 acre hotel site will consist of luxury villas and tents with private swimming pools surrounded by extensive landscaped gardens. The hotel will be managed by the Company.

Planning for the Company’s 55 acre beach front luxury Oberoi hotel at Goa is currently under way. Government and environmental approvals are in the process of being obtained.

Planning in respect of a new Oberoi Hotel along with luxury branded residences on a lake front site in Bangalore is presently in progress.

Construction of a Trident Hotel in Navi Mumbai is scheduled to commence shortly. The hotel is located on a 6 acre site and has been planned with extensive landscape gardens. The hotel will be managed by the Company.

Planning for The Oberoi, Pune is in progress. The hotel will be managed by the Company.

Awards

Oberoi Hotels and Resorts was voted the World’s Highest Rated Luxury Hotel Brand by Review Pro’s 2014 Top Luxury Hotel and Brand Report. The report also ranks Oberoi Hotels and Resorts the best for service, value, location and cleanliness.

Oberoi Hotels and Resorts was voted the World’s Best Hotel Brand by Travel + Leisure, World’s Best Awards, 2013 and was also voted “World’s Leading Luxury Hotel Brand” for the second consecutive year by World Travel Awards 2013.

The Oberoi Group was ranked 13th among India’s Top 100 Companies to Work for and 2nd in the Hospitality Industry for the year 2013. The recognition has come as part of the “India’s Best Companies to Work for” 2013 study conducted by Great Place to Work

Institute (GPTW).

Mr. P.R.S. Oberoi received the Lifetime Achievement Award for Management by the All India Management Association (AIMA) in February 2013.

Some of the other major recognitions received by Oberoi Hotels and Resorts during the financial year have been:

Hotel	Award	Awarded By
The Oberoi, New Delhi, India	Best Hotel in New Delhi India’s Leading Business Hotel	Destin Asian Readers’ Choice Awards 2014 World Travel Awards 2013
The Oberoi, Mumbai, India	Top 25 Luxury Hotels in India (Ranked 2nd) Top 25 Hotels in Asia (Ranked 4th)	TripAdvisor, Travellers’ Choice Awards 2014 TripAdvisor, Travellers’ Choice, Awards 2014
The Oberoi Rajvilas, Jaipur, Rajasthan, India	Top 15 Resorts in Asia (Ranked 4th) Top Resorts in Asia for Service, (Ranked 4th) Top 15 Hotels in India (Ranked 5th)	Travel + Leisure, World’s Best Awards, Readers’ Survey 2013 Travel + Leisure, World’s Best Service Awards, Condé Nast Traveler, USA, Readers’ Choice Awards 2013
The Oberoi Amarvilas, Agra, Uttar Pradesh,	India’s Leading Resort Top 15 Hotels in India (Ranked 4th)	World Travel Awards 2013, Condé Nast Traveler, USA, Readers’ Choice Awards 2013
The Oberoi Vanyavilas, Ranthambhore, Rajasthan, India	Top 25 Small Hotels in India (Ranked 1st) Top 25 Luxury Hotels in India (Ranked 3rd) Best Wildlife Resort in India (Ranked 1st)	Trip Advisor, Travellers’ Choice, Awards 2014 Trip Advisor, Travellers’ Choice Awards 2014 Lonely Planet, The Travel, Awards 2013
The Oberoi Udaivilas, Udaipur, Rajasthan, India	Top 15 Resorts in Asia (Ranked 1st) Top Resorts in Asia for Service (Ranked 2nd) Top 10 Resorts in the World for Service (Ranked 3rd) Best Luxury Resort in India (Ranked 1st) Top 15 Hotels in India (Ranked 1st) Top 25 Luxury Hotels in India (Ranked 1st) Top 25 Hotels in India (Ranked 1st)	Travel + Leisure, World’s Best Awards, Readers’ Survey 2013 Travel + Leisure, World’s Best Service Awards, Readers’ Survey 2013 Travel + Leisure, World’s Best Service Awards, Readers’ Survey 2013 Travel + Leisure, India and South Asia, India’s Best Awards 2013 Condé Nast Traveler, USA, Readers’ Choice Awards 2013 Trip Advisor, Travellers’ Choice Awards 2014 Trip Advisor, Travellers’ Choice Awards 2014
Wildflower Hall, Shimla in the Himalayas, Himachal Pradesh, India	Top 25 Hotels for Romance in India (Ranked 2nd) Top 25 Hotels in India (Ranked 4th)	Trip Advisor, Travellers’ Choice Awards 2014 Trip Advisor, Travellers’ Choice Awards 2014
The Oberoi, Sahl Hasheesh, Red Sea, Egypt	Top 25 Hotels for Romance in Egypt (Ranked 5th) Favourite Resort/Hotel Spas in Africa and Middle East (Ranked 5th)	Trip Advisor, Travellers’ Choice Awards 2014 Spa, USA, Readers’ Choice Awards 2010
The Oberoi, Mauritius	Top 25 Hotels in Africa (Ranked 1st) Top 10 Hotels in Mauritius (Ranked 1st) Top 25 Hotels for Romance in Mauritius (Ranked 1st)	Trip Advisor, Travellers’ Choice Awards 2014 Trip Advisor, Travellers’ Choice Awards 2014 Trip Advisor, Travellers’ Choice Awards 2014
The Oberoi, Gurgaon Delhi National Capital Region, India	Best Business Hotel in New Delhi Favourite Hotel Visited on Business in India World’s Leading Luxury Hotel Asia’s Leading Luxury Hotel Best Overseas Business Hotel (Ranked 1st) Top 30 City Hotels in Asia (Ranked 5th)	Travel + Leisure, India and South Asia, India’s Best Awards 2013 Condé Nast Traveller, India, Readers’ Travel Awards 2013 World Travel Awards 2013 World Travel Awards 2013 Condé Nast Traveller, UK, Readers’ Travel Awards 2013 Travel + Leisure, World’s Best Awards, Readers’ Survey 2013
The Oberoi, Dubai, United Arab Emirates	The Best New Hotel The Best New Hotel in the World Middle East’s Leading Luxury City Hotel Best New Business Hotel	Travel + Leisure, US, It List 2014 Condé Nast Traveller, UK, The Hot List 2014 World Travel Awards Business Traveller Awards, Middle East
Trident, Gurgaon	Hotel of the Decade Asia’s Leading Hotel for the Fifth consecutive year	HICSA 2014 World Travel Awards 2013
Trident, Bandra Kurla, Mumbai	Certificate of Excellence Best Business Hotel in India Favourite New Hotel in India (Ranked 2nd)	TripAdvisor, 2013 India Today Travel Plus 2010 – 2011 Condé Nast Traveller, India, Readers’ Travel Awards 2011

UNSECURED LOAN

Unsecured Loan	31.03.2015 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
From Bank
Axis Bank Limited		500.000
Total	NA	500.000
Note : (As on 31.03.2014) Short term loan from HSBC carries interest at the rate of 10.90% and short term unsecured loan from AXIS Bank Limited carries interest at the rate of 1% above bank’s base rate.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10509040	27/06/2014	200,000,000.00	The Hongkong and Shanghai Banking Corporation Limited	Hongkong House, 31, B.B. D. Bagh, Kolkata, West Bengal - 700001, INDIA	C11321148
2	10388214	29/10/2012	400,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	B62669023
3	10379330	04/10/2012	600,000,000.00	The Hongkong and Shanghai Banking Corporation Limited	Hongkong House, 31 B B D Bagh, Kolkata, West Bengal - 700001, INDIA	B59223990
4	10301260	10/08/2011	2,000,000,000.00	ICICI BANK LIMITED	LANDMARK RACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	B18454264
5	10045450	11/12/2013 *	1,100,000,000.00	UNITED BANK OF INDIA	NEW MARKET BRANCH, 6A, S. N. BANERJEE ROAD, KOLKA  TA, West Bengal - 700013, INDIA	B92219427

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014
Value Added Tax	38.760
Income-tax	717.500
Tax Deducted at Source	28.870
Service Tax	132.600
Property Tax	50.430
Entertainment Tax	4.310
Customs Duty	429.660
Employees State Insurance dues	0.000
Excise Duty	99.070
Others	13.480

FIXED ASSETS

TANGIBLE ASSETS

• Leasehold Land
• Buildings
• Sanitary Installation
• Office Equipment
• Plant & Machinery
• Leased Machinery
• Furniture & Fittings
• Vehicles
• Leased Vehicles
• Boats
• Aircrafts

INTAGIBLE ASSETS

• Business Rights
• Computer Softwares

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.63.49
UK Pound	1	Rs.98.19
Euro	1	Rs.69.72

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SAN
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		64

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.