MIRA INFORM REPORT

Report No. :	325320
Report Date :	04.06.2015

IDENTIFICATION DETAILS

Name :	MARUTI SUZUKI INDIA LIMITED (w.e.f.17.09.2007)
Formerly Known As :	MARUTI UDYOG LIMITED
Registered Office :	Plot No. 1, Nelson Mandela Road, Vasant Kunj, New Delhi - 110070
Tel. No.:	91-11-46781000
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	24.02.1981
Com. Reg. No.:	55-011375
Capital Investment / Paid-up Capital :	Rs. 1510.400 Million
CIN No.: [Company Identification No.]	l34103dl1981plc011375
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	DELM00046E
PAN No.: [Permanent Account No.]	AAACM0829Q
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing, Purchasing and Selling of Motor Vehicles, Components and Spare Parts ("Automobiles") and other activities like facilitation of Pre-Owned Car sales, Fleet Management and Car Financing.
No. of Employees :	12547 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (79)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 600000000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a subsidiary of SUZUKI MOTOR CORPORATION. It is a well-established and a reputed company having an excellent track record. The financial position of the company is sound. Fundamentals of the company are strong and healthy. The rating also takes into consideration company established brand image and dominant position in the domestic passenger car segment. Trade relations are trustworthy. Business is active. Payments are regular and as per commitment. The company can be considered good for business dealings under 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	CRISIL
Rating	Long term rating : AAA
Rating Explanation	Highest degree of safety and carry lowest credit risk.
Date	09.05.2014

Rating Agency Name	CRISIL
Rating	Short term rating : A1+
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	09.05.2014

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-cooperative (91-11-46781000)

LOCATIONS

Registered / Head Office :	Plot No. 1, Nelson Mandela Road, Vasant Kunj, New Delhi - 110070, India
Tel No.:	91-11-46781000
Fax No.:	91-11-46150275/ 46150276
Email :	sanjeev.grover@maruti.co.in
Website :	www.marutisuzuki.com
Corporate office :	11^th Floor, Jeevan Prakash Building, 25 Kasturba Gandhi Marg, New Delhi – 110001, India
Tel No.:	91-11-23316831
Factory 1 :	Gurgaon Plant Old Palam Gurgaon Road, Gurgaon – 122015, Haryana, India
Tel No.:	91-124-2346721-30
Fax No.:	91-124-2341404
Factory 2:	Manesar Plant Manesar Plant, Plot No.1, Phase 3A, IMT Manesar, Haryana, India
Tel No.:	91-124-4884000
Regional Offices :	Located at: · Kolkata · Guwahati · New Delhi · Lucknow · Chennai   · Cochin · Mumbai · Ahmedabad · Ranchi · Indore · Chandigarh · Jaipur · Bangalore · Hyderabad · Pune

DIRECTORS

As on 31.03.2014

Name :	Mr. R C Bhargava
Designation :	Chairman
Name :	Mr. Keiichi Asai
Designation :	Director and Managing Executive Officer [Engineering]
Name :	Mr. Kazuhiko Ayabe
Designation :	Director and Managing Executive Officer [Supply Chain]
Name :	Mrs. Pallavi Shroff
Designation :	Director
Name :	Mr. Davinder Singh Brar
Designation :	Director
Date of Birth/Age :	60 Years
Name :	Mr. O. Suzuki
Designation :	Director
Name :	Mr. Kenichi Ayukawa
Designation :	Managing Director and Chief Executive Officer
Date of Birth/Age :	57 Years
Qualification :	Law Graduate from Osaka University, Japan
Name :	Mr. Shinzo Nakanishi
Designation :	Director
Name :	Mr. Amal Ganguli
Designation :	Director
Date of Birth/Age :	73 Years
Name :	Mr. R.P. Singh
Designation :	Director
Date of Birth/Age :	61 Years
Name :	Mr. K. Saito
Designation :	Director

KEY EXECUTIVES

Name :	Mr. S. Ravi Aiyar
Designation :	Executive Officer (Legal) and Company Secretary
Audit Committee :	· Mr. Amal Gaguli, Chairman · Mr. K. Ayukawa, Member · Mrs. Pallavi Shroff, Member · Mr. Davinder Singh Brar, Member
Shareholder and Investors Grievance committee :	· Mr. R C Bhargava, Chairman · Mr. Shinzo Nakanishi, Member · Mr. Kenichi Ayukawa, Member · Mr. Davinder Singh Brar, Member

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2015

Category of Shareholder	Total No. of Shares	As a %
(A) Shareholding of Promoter and Promoter Group
(1) Indian
(2) Foreign
Bodies Corporate	169788440	56.21
Sub Total	169788440	56.21
Total shareholding of Promoter and Promoter Group (A)	169788440	56.21
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	22337623	7.39
Financial Institutions / Banks	22047450	7.30
Foreign Institutional Investors	65830983	21.79
Sub Total	110216056	36.49
(2) Non-Institutions
Bodies Corporate	14795549	4.90
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	5927758	1.96
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	312000	0.10
Any Others (Specify)	1035772	0.34
Trusts	532643	0.18
Clearing Members	184182	0.06
Foreign Nationals	150	0.00
Non Resident Indians	318797	0.11
Sub Total	22071079	7.31
Total Public shareholding (B)	132287135	43.79
Total (A)+(B)	302075575	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	302075575	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing, Purchasing and Selling of Motor Vehicles, Components and Spare Parts ("Automobiles") and other activities like facilitation of Pre-Owned Car sales, Fleet Management and Car Financing.

Products :

Product Description	Item Code No. (ITC Code)
8703.00	Motor Cars

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS (As on 31.03.2014)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Passenger Cars and Light Duty Utility Vehicles	Nos.		1,510,000	1,153,645

Notes:

· Licensed Capacity is not applicable from 1993-94.

**Installed Capacity is as certified by the management and relied upon by the auditors, being a technical matter

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 :

12547 (Approximately)

Bankers :

· State Bank of Travancore, New Delhi, India

· Punjab National Bank, Parliament Street, New Delhi, India

· Bank of America, New Delhi, India

· Bank of Tokyo – Mitsubishi Limited, New Delhi, India

· State Bank of India, New Delhi, India

· American Express Bank, New Delhi, India

· Corporation Bank, New Delhi, India

· BNP Paribas, Kasturba Gandhi Marg, New Delhi - 110001, India

· Sanwa Bank, Kasturba Gandhi Marg, New Delhi – 110001, India

· ABN Amro Bank, Barakhamba Road, New Delhi – 110001, India

· Union Bank of India, New Delhi, India

· Credit Lyonnais Bank, New Delhi, India

· Citibank N.A., Barakhamba Road, New Delhi, India

· State Bank of India, Gurgaon, Haryana, India

Name :

Price Waterhouse

Chartered Accountants

Memberships :

--

Collaborators :

--

Joint Ventures (As on 31.03.2014) :

· Mark Exhaust Systems Limited

· Bellsonica Auto Component India Private Limited

· FMI Automotive Components Limited

· Krishna Auto Mirrors Limited

· Inergy India Automotive Components Limited

· Maruti Insurance Broking Private Limited

· Manesar Steel Processing India Private Limited

Subsidiaries (As on 31.03.2014) :

· Maruti Insurance Agency Services Limited

· Maruti Insurance Agency Logistics Limited

· Maruti Insurance Distribution Services Limited

· Maruti Insurance Agency Network Limited

· Maruti Insurance Agency Solutions Limited

· True Value Solutions Limited

· Maruti Insurance Business Agency India Limited

· Maruti Insurance Broker Limited

· JJ. Impex (Delhi) Private Limited

Associates (As on 31.03.2014) :

· Asa hi India Glass Limited

· Bharat Seats Limited

· Caparo Maruti Limited

· Climate Systems India Limited

· Denso India Limited

· Jay Bharat Maruti Limited

· Krishna Maruti Limited

· Machino Plastics Limited

· SKH Metals Limited

· Nippon Thermostat (India) Limited

· Sona Koyo Steering Systems Limited

· Magneti Marelli Powertrain India Private Limited

· Suzuki Powertrain India Limited

Fellow Subsidiaries (Only with whom the Company had transactions during the current year) (As on 31.03.2014) :

· Jinan Oingqi Suzuki Motorcycle Company Limited

· Magyar Suzuki Corporation Limited

· PT Suzuki Indomobil Motor (Former PT Indomobil Suzuki International)

· Suzuki Australia Pty. Limited

· Suzuki Austria Automobile Handels G.m.b.H.

· Suzuki Auto South Africa (Pty) Limited

· Suzuki Cars (Ireland) Limited

· Suzuki France S.A.S.

· Suzuki GB PLC

· Suzuki International Europe G.m.b.H.

· Suzuki Italia S.P.A.

· Suzuki Motor (Thailand) Company Limited

· Suzuki Motor lberica, S.A.U.

· Suzuki Motor Poland SP.Z.O.O. (Former Suzuki Motor Poland Limited)

· Suzuki Motorcycle India Private Limited

· Suzuki New Zealand Limited

· Suzuki Philippines Inc.

· Taiwan Suzuki Automobile Corporation

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs 1510.400 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
3744000000	Equity Shares	Rs. 5/- each	Rs. 18720.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
302080060	Equity Shares	Rs. 5/- each	Rs. 1510.000 Millions

NOTES:

RECONCILIATION OF THE NUMBER OF SHARES OUTSTANDING

	31.03.2014
	NUMBER OF SHARES	RS. IN MILLIONS
Balance as at the beginning of the year and at the end of the year	302,080,060	1510.000
Share issued in the ratio of 1:70 to the shareholders of erstwhile Suzuki Powertrain India Limited pursuant to a scheme of amalgamation	--	--
Balance as at the end of the year	302,080,060	1510.000

EQUITY SHARES HELD BY THE HOLDING COMPANY AND ITS NOMINEES

	31.03.2014
	NUMBER OF SHARES	RS. IN MILLIONS
Suzuki Motor Corporation, the holding company	169788440	848.000
	169788440	848.000

RIGHTS, PREFERENCES AND RESTRICTION ATTACHED TO SHARES

The Company has one class of equity shares with a par value of Rs. 5 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

SHARES HELD BY EACH SHAREHOLDER HOLDING MORE THAN 5% OF THE AGGREGATE SHARES IN THE COMPANY

Particular	%	NUMBER OF SHARES
Suzuki Motor Corporation (the holding company)	56.21	169788440
Life Insurance Corporation of India	6.63	20018385

SHARES ALLOTTED AS FULLY PAID UP PURSUANT TO CONTRACT (S) WITHOUT PAYMENT BEING RECEIVED ON CASH (DURING 5 YEARS IMMEDIATELY PRECEDING 31.03.2014)

13170000 Equity Shares have been allotted as fully paid up during the current year to Suzuki Motor Corporation pursuant to the scheme of amalgamation with Suzuki Powertrain India Limited

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	1510.400	1510.000	1510.000
(b) Reserves & Surplus	235532.100	208270.000	184279.000
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	237042.500	209780.000	185789.000
(3) Non-Current Liabilities
(a) long-term borrowings	1448.200	4604.000	5429.000
(b) Deferred tax liabilities (Net)	4810.200	5866.000	4087.000
(c) Other long term liabilities	1053.400	2386.000	2503.000
(d) long-term provisions	2926.600	1980.000	2259.000
Total Non-current Liabilities (3)	10238.400	14836.000	14278.000
(4) Current Liabilities
(a) Short term borrowings	353.600	12247.000	8463.000
(b) Trade payables	55614.200	48975.000	41579.000
(c) Other current liabilities	18657.500	12742.000	10751.000
(d) Short-term provisions	13604.100	6777.000	6482.000
Total Current Liabilities (4)	88229.400	80741.000	67275.000
TOTAL	335510.300	305357.000	267342.000
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	141420.800	106077.000	95765.000
(ii) Intangible Assets	0.000	1827.000	2227.000
(iii) Capital work-in-progress	0.000	26214.000	19409.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	98175.600	13048.000	18735.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	13492.900	16384.000	12800.000
(e) Other Non-current assets	441.400	90.000	8946.000
Total Non-Current Assets	253530.700	163640.000	157882.000
(2) Current assets
(a) Current investments	29964.400	88131.000	52048.000
(b) Inventories	26150.300	17059.000	18407.000
(c) Trade receivables	10697.900	14137.000	14699.000
(d) Cash and cash equivalents	183.100	6297.000	7750.000
(e) Short-term loans and advances	11727.700	12511.000	11153.000
(f) Other current assets	3256.200	3582.000	5403.000
Total Current Assets	81979.600	141717.000	109460.000
TOTAL	335510.300	305357.000	267342.000

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Net Sale of Products	486055.300	426,448.000	426,126.000
	Other Operating Revenue	13651.100	10,558.000	9,753.000
	Other Income	8315.800	8229.000	8124.000
	TOTAL (A)	508022.200	445235.000	444003.000
Less	EXPENSES
	Cost of Materials Consumed	327986.600	288989.000	303492.000
	Purchases of Stock-in-Trade	26651.900	24314.000	21864.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(4558.600)	185.000	234.000
	Employees benefits expense	16065.500	13681.000	10696.000
	Other expenses	66431.300	59221.000	57735.000
	Vehicles / Dies for own use	0.000	(343.000)	(438.000)
	TOTAL (B)	432576.700	386047.000	393583.000
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	75445.500	59188.000	50420.000
Less	FINANCIAL EXPENSES (D)	2060.200	1759.000	1898.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	73385.300	57429.000	48522.000
Less/ Add	DEPRECIATION/ AMORTISATION (F)	24703.300	20844.000	18612.000
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	48682.000	36585.000	29910.000
Less	TAX (I)	11569.800	8755.000	5989.000
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	37112.200	27830.000	23921.000
Less	APPROPRIATIONS
	Transfer to General Reserve		2783.000	2392.000
	Dividend		3625.000	2417.000
	Tax on Dividend	NA	616.000	411.000
	Total (M)		7024.000	5220.000
	EARNINGS IN FOREIGN CURRENCY		41125.000	45514.000
	IMPORTS
	Raw Materials and Components		30955.000	42344.000
	Capital Goods		17312.000	14762.000
	Maintenance Spares		683.000	663.000
	Dies and Moulds	NA	59.000	8.000
	Other Items		357.000	120.000
	TOTAL IMPORTS		49366.000	57897.000
	Earnings / (Loss) Per Share (Rs.)	122.85	92.13	79.19

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT/Sales)	(%)	7.64	6.53	5.61
Operating Profit Margin (PBDIT / Sales)	(%)	15.52	13.88	11.83
Return on Total Assets (PBT/Total Assets}	(%)	20.51	13.75	13.05
Return on Investment (ROI) (PBT/Networth)		0.21	0.17	0.16
Debt Equity Ratio (Total Debt /Networth)		0.01	0.08	0.07
Current Ratio (Current Asset/Current Liability)		0.93	1.76	1.63

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	1510.000	1510.000	1510.400
Reserves & Surplus	184279.000	208270.000	235532.100
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	185789.000	209780.000	237042.500
long-term borrowings	5429.000	4604.000	1448.200
Short term borrowings	8463.000	12247.000	353.600
Total borrowings	13892.000	16851.000	1801.800
Debt/Equity ratio	0.075	0.080	0.008

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	426126.000	426448.000	486055.300
		0.076	13.978

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	426126.000	426448.000	486055.300
Profit	23921.000	27830.000	37112.200
	5.61%	6.53%	7.64%

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

LITIGATION DETAILS

IN THE HIGH COURT OF DELHI AT NEW DELHI

  ITA 34/2014

COMMISSIONER OF INCOME TAX –II

  ..... Appellant

  Through: Mr. Sanjeev Sabharwal, Sr. Standing Counsel with Mr. Ruchir

  Bhatia, Advocate

versus

  MARUTI SUZUKI INDIA LTD.

  ..... Respondent

  Through: Mr.S.Ganesh, Sr. Advocate with Mr.Neeraj Jain, Advocate

CORAM:

HON'BLE MR. JUSTICE SANJIV KHANNA

HON'BLE MR. JUSTICE V. KAMESWAR RAO

O R D E R

16.07.2014

  Heard.

  Admit.

  The following substantial questions of law is framed:

  ?Whether the Income Tax Appellate Tribunal was right in deleting

  addition of Rs.98.13 Crores made by the Assessing Officer/Transfer

  Pricing Officer by making adjustment and party dis-allowing royalty.?

Filing of the printed paper book is dispensed with. However,

  parties are given liberty to file documents/papers in terms of the High

  Court Rules.

  To be shown in the category of ?Regular Matters? as per its turn.

SANJIV KHANNA, J

  V. KAMESWAR RAO, J

  JULY 16, 2014/km

  $ R18 (Part B)

UNSECURED LOAN

Particulars	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
Foreign currency loans from banks	NA	3493.000
Loans from holding company	NA	1111.000
SHORT TERM BORROWING
From banks – Cash credit and overdraft	NA	4271.000
From banks – buyers credit and packing credit loans	NA	7976.000
Total	NA	16851.000

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	80042727	22/08/2000	500,000,000.00	HDFC BANK LIMITED	HINDUSTAN TIMES HOUSE, 5 TH FLOOR, 18-20 K.G. MARG, NEW DELHI - 110001, INDIA	-
2	80045189	22/09/2003 *	200,000,000.00	STATE BANK OF TRAVANCORE	KAROL BAGH, NEW DELHI - 110005, INDIA	-
3	80042726	02/02/2000	1,000,000,000.00	CORPORATION BANK	I.F. B., K.G. MARG, NEW DELHI - 110001, INDIA	-
4	80043903	28/02/2003 *	950,000,000.00	STATE BANK OF INDIA	CORPORATE ACOOUNT, 17, BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA	-

* Date of charge modification

FIXED ASSETS:

· Freehold Land

· Leasehold Land

· Building

· Plant and Machinery

· Electronic Data Processing Equipments

· Furniture, Fixtures and Office Appliances

· Vehicles

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.63.85
UK Pound	1	Rs.98.12
Euro	1	Rs.71.28

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	DIV
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILITY	1~10	9
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	9
--RESERVES	1~10	9
--CREDIT LINES	1~10	9
--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		79

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.