MIRA INFORM REPORT

Report No. :	327281
Report Date :	16.06.2015

IDENTIFICATION DETAILS

Name :	STERLITE GRID 2 LIMITED (w.e.f 04.09.2014)

Formerly Known As :	STERLITE DISPLAY TECHNOLOGIES PRIVATE LIMITED (w.e.f. 07.03.2011) STERLITE INFRASTRUCTURE PRIVATE LIMITED

Registered Office :	E-1, MIDC, Waluj, Aurangabad – 431036, Maharashtra
Tel. No.:	91-240-2558456

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	11.05.2005

Com. Reg. No.:	11-153211

Capital Investment / Paid-up Capital :	Rs.873.000 Million

CIN No.: [Company Identification No.]	U74999MH2005PLC153211 (New) U74120MH2005PTC153211 (Old)

IEC No.:	Not Available

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

PAN No.: [Permanent Account No.]	Not Available

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Subject is primarily engaged in the manufacturing of high technology glass substrate used for active matrix liquid crystal display. Further, the Company, directly or indirectly, through its subsidiaries, acts as a developer on Build Own Operate and Maintain (BOOM) basis, for designing, financing, construction and maintenance of power transmission systems for concessional periods.

No. of Employees :	1100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is a subsidiary of "STERLITE TECHNOLOGIES LIMITED". It is having a moderate track record. Mr. Ajay Zanjri, Finance head has provided general information to us. For further information our executive also contacted Mr. Amit Deshpande, Company secretary and he claimed that company has change its name to current company name "STERLITE-GRID 2 LIMITED" and company has started its business operations from September 2014. Rating is constrained on account of company's recent commencement of business operations backed by its leverage balance sheet profile. Moreover it is also to be noted that due to huge pre-operating expenses incurred over a year, company has recorded negative reserves. However, rating weakness partially offset by strong financial and managerial support that company receives from its holding company backed by its well experienced management team. However, trade relations are improving. Payments are reported to be slow but correct. In view of being part of STERLITE Group backed by its well experienced management team, the company can be d for business dealing with some caution.

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

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 PARTED BY (GENERAL DETAILS)

Name :	Mr. Ajay Zanjri
Designation :	Finance Head

Name :	Mr. Amit Deshpande
Designation :	Company secretary
Contact No.:	91-20-30514000
Date :	15.06.2015

LOCATIONS

Registered Office :	E-1, MIDC, Waluj, Aurangabad – 431036, Maharashtra, India
Tel. No.:	91-240-2558456
Fax No.:	91-240-2564598
E-Mail :	sandeep.deshmukh@sterlite.com amit.deshpande@sterlite.com
Website :	http://www.sterlitetechnologies.com
Location :	Owned

Corporate Office :	4th Floor, Godrej Millenium 9, Koregaon Road, Pune - 411001, Maharashtra, India
Tel. No.:	91-20-30514000/ 30514000
Fax No.:	91-20-26138083

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Arun Lalchand Todarwal

Designation :

Director

Address :

81, Shivner, 84, Nepean Sea Road,, Mumbai - 400006, Maharashtra, India

Date of Birth/Age :

16.06.1957

Date of Appointment :

30.09.2014

DIN No.:

00020916

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	L31300DN2000PLC000340	STERLITE TECHNOLOGIES LIMITED	Director	25-01-2003	25-01-2003	-	Active	NO
2	U13202TZ1960PLC000372	THE MADRAS ALUMINIUM COMPANY LIMITED	Director	30-12-2005	30-12-2005	18-07-2011	Amalgamated	NO
3	U36911RJ2005PTC021405	HF METALART PRIVATE LIMITED	Alternate director	01-08-2006	01-08-2006	01-09-2006	Active	NO
4	L17110GJ1985PLC033271	WELSPUN INDIA LIMITED	Director	25-09-2014	09-08-2007	-	Active	NO
5	U17111TZ2006PLC013046	MUTHUKUMARASAMY TEXTILES LIMITED	Director	14-08-2007	14-08-2007	20-03-2009	Active	YES
6	U36911MH2008PLC181278	GOLD MINT INDIA LIMITED	Director	17-04-2008	17-04-2008	23-01-2009	Active	NO
7	U63032MH2003PTC142871	LAKECITY VENTURES PRIVATE LIMITED	Director	30-09-2008	12-05-2008	-	Active	NO
8	L55101PN1959PLC012761	Graviss Hospitality Limited	Director	25-06-2009	21-06-2008	06-03-2015	Active	NO
9	U15200MH1996PLC096973	GRAVISS HOTELS & RESORTS LIMITED	Director	25-11-2008	04-07-2008	27-03-2015	Active	NO
10	L24230MH1960PLC011586	ANUH PHARMA LIMITED	Director	16-09-2009	24-10-2008	-	Active	NO
11	L51100GJ2000PLC037204	WELSPUN GLOBAL BRANDS LIMITED	Nominee director	28-09-2010	15-09-2009	-	Amalgamated	NO
12	L52100GJ2008PLC055195	WELSPUN INVESTMENTS AND COMMERCIALS LIMITED	Additional director	08-08-2013	16-12-2009	01-07-2014	Active	NO
13	U65990WB2009PTC139790	SREI MUTUAL FUND TRUST PRIVATE LIMITED	Director	05-07-2012	19-12-2011	-	Active	NO
14	U71210GJ2004PLC045144	WELSPUN GLOBAL BRANDS LIMITED	Director	11-09-2014	07-12-2012	-	Active	NO
15	U40102DL2007PLC158625	East-North Interconnection Company Limited	Director	30-09-2014	16-07-2014	15-04-2015	Active	NO
16	U40104PN2010PLC135953	STERLITE GRID LIMITED	Director	30-09-2014	16-07-2014	-	Active	NO
17	U74999MH2005PLC153211	Sterlite Grid 2 Limited	Director	30-09-2014	16-07-2014	-	Active	NO
18	L27204RJ1966PLC001208	HINDUSTAN ZINC LIMITED	Additional director	11-03-2015	11-03-2015	-	Active	NO
19	U31300TN2001PLC069645	MALCO Energy Limited	Director	30-03-2015	30-03-2015	-	Active	NO

Name :

Mr. Allam Pallam Ramakrishnan Narayanaswamy

Designation :

Director

Address :

A-12, Archana CHS, Juhu Versova Link Road,, Andheri (West), Mumbai - 400053, Maharashtra, India

Date of Birth/Age :

22.12.1951

Date of Appointment :

30.09.2014

DIN No.:

00818169

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	U13202TZ1960PLC000372	THE MADRAS ALUMINIUM COMPANY LIMITED	Director	18-01-1995	18-01-1995	21-07-2011	Amalgamated	NO
2	U67120MH1995PTC086217	IBIS LOGISTICS PVT LTD	Director	01-11-1995	01-11-1995	-	Active	NO
3	U72200MH1999PTC121946	IBIS-SOFTEC-SOLUTIONS PRIVATE LIMITED	Director	27-09-1999	27-09-1999	-	Active	NO
4	U15200MH1972PTC015608	MISTAIR HEALTH AND HYGIENE PRIVATE LIMITED	Director	30-09-2002	30-09-2002	22-11-2008	Active	NO
5	L31300DN2000PLC000340	STERLITE TECHNOLOGIES LIMITED	Director	13-07-2007	30-04-2007	-	Active	NO
6	U72900MH2008PTC177518	IBIS SYSTEMS AND SOLUTIONS PRIVATE LIMITED	Director	08-01-2008	08-01-2008	-	Active	NO
7	L27204RJ1966PLC001208	HINDUSTAN ZINC LIMITED	Nominee director	30-03-2009	30-03-2009	-	Active	NO
8	L65990TN1975PLC062634	STERLITE INDUSTRIES (INDIA) LIMITED	Director	14-07-2012	23-07-2011	-	Amalgamated	NO
9	U93090TN2009PTC071004	PRIMEX HEALTHCARE AND RESEARCH PRIVATE LIMITED	Director	03-04-2012	03-04-2012	-	Active	NO
10	U40102DL2007PLC158625	East-North Interconnection Company Limited	Director	30-09-2014	16-07-2014	15-04-2015	Active	NO
11	U40104PN2010PLC135953	STERLITE GRID LIMITED	Director	30-09-2014	16-07-2014	-	Active	NO
12	U74999MH2005PLC153211	Sterlite Grid 2 Limited	Director	30-09-2014	16-07-2014	-	Active	NO
13	U74120MH2015FTC261727	Caitlyn India Private Limited	Director	10-02-2015	10-02-2015	-	Active	NO
14	U74899DL1965PLC004518	BHARAT ALUMINIUM CO LTD	Additional director	11-03-2015	11-03-2015	-	Active	NO
15	U13209GA1969PLC000091	Sesa Mining Corporation Limited	Additional director	30-03-2015	30-03-2015	-	Active	NO
16	U13209GA1965PLC000030	Sesa Resources Limited	Additional director	30-03-2015	30-03-2015	-	Active	NO
17	U31300TN2001PLC069645	MALCO Energy Limited	Director	30-03-2015	30-03-2015	-	Active	NO
18	U35100TN2010PTC075408	Vizag General Cargo Berth Private Limited	Director	31-03-2015	31-03-2015	-	Active	NO
19	U33120DN2014PLC000454	STERLITE POWER GRID VENTURES LIMITED	Additional director	23-04-2015	23-04-2015	-	Active	NO

Name :

Mr. Anupam Jindal

Designation :

Director

Address :

C-603, Copacabana, Fortleza, Kalyaninagar, Pune - 411006, Maharashtra, India

Date of Birth/Age :

21.07.1975

Date of Appointment :

30.09.2014

DIN No.:

03040078

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	U40102DL2007PLC158625	East-North Interconnection Company Limited	Director	20-09-2010	31-03-2010	31-01-2015	Active	NO
2	U40102DL2009PLC194071	Bhopal Dhule Transmission Company Limited	Director	27-09-2011	31-03-2011	21-01-2015	Active	NO
3	U40108DL2009PLC194057	Jabalpur Transmission Company Limited	Director	27-09-2011	31-03-2011	21-01-2015	Active	NO
4	U40104PN2010PLC135953	STERLITE GRID LIMITED	Director	08-09-2012	03-04-2012	-	Active	NO
5	U32202DN2011PLC000373	Speedon Network Limited	Director	07-09-2012	03-04-2012	-	Active	NO
6	U64201MH2012PLC234316	MAHARASHTRA TRANSMISSION COMMUNICATION INFRASTRUCTURE LIMITED	Director	09-08-2012	09-08-2012	-	Active	NO
7	U40105DL2012GOI246263	Purulia & Kharagpur Transmission Company Limited	Additional director	09-12-2013	09-12-2013	28-07-2014	Active	NO
8	U74999MH2005PLC153211	Sterlite Grid 2 Limited	Director	30-09-2014	22-01-2014	-	Active	NO
9	U40105DL2012GOI246546	RAPP Transmission Company Limited	Additional director	12-03-2014	12-03-2014	28-07-2014	Active	NO
10	U33120DN2014PLC000454	STERLITE POWER GRID VENTURES LIMITED	Director	03-06-2014	03-06-2014	16-07-2014	Active	NO
11	U40106DL2013GOI256050	NRSS XXIX TRANSMISSION LIMITED	Additional director	04-08-2014	04-08-2014	21-01-2015	Active	NO
12	U29130PN2014PLC152212	STERLITE GRID 3 LIMITED	Director	14-08-2014	14-08-2014	-	Active	NO
13	U74120DN2015PLC000475	STERLITE POWER TRANSMISSION LIMITED	Director	05-05-2015	05-05-2015	-	Active	NO

Name :

Mr. Ajay Bhardwaj

Designation :

Additional director

Address :

E-009, Anandlok CGHS, Mayur Vihar, Phase - I, New Delhi - 110091, India

Date of Appointment :

21.01.2015

DIN No.:

05246313

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	U40102DL2007PLC158625	East-North Interconnection Company Limited	Additional director	21-01-2015	06-04-2012	-	Active	NO
2	U40102DL2009PLC194071	Bhopal Dhule Transmission Company Limited	Director	08-09-2012	06-04-2012	-	Active	NO
3	U40108DL2009PLC194057	Jabalpur Transmission Company Limited	Director	08-09-2012	06-04-2012	-	Active	NO
4	U64201MH2012PLC234316	MAHARASHTRA TRANSMISSION COMMUNICATION INFRASTRUCTURE LIMITED	Director	09-08-2012	09-08-2012	21-01-2015	Active	NO
5	U40105DL2012GOI246263	Purulia & Kharagpur Transmission Company Limited	Director	05-06-2014	09-12-2013	-	Active	NO
6	U40105DL2012GOI246546	RAPP Transmission Company Limited	Director	05-06-2014	12-03-2014	-	Active	NO
7	U40106DL2013GOI256050	NRSS XXIX TRANSMISSION LIMITED	Additional director	04-08-2014	04-08-2014	-	Active	NO
8	U29130PN2014PLC152212	STERLITE GRID 3 LIMITED	Additional director	20-01-2015	20-01-2015	-	Active	NO
9	U40104PN2010PLC135953	STERLITE GRID LIMITED	Additional director	21-01-2015	21-01-2015	-	Active	NO
10	U74999MH2005PLC153211	Sterlite Grid 2 Limited	Additional director	21-01-2015	21-01-2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Subhas Chandra Ghosal
Designation :	Manager
Address :	Amrapali Platinum, E-1102, Sector-119, Noida - 201301, Uttar Pradesh, India
Date of Appointment :	21.01.2015
PAN No.:	AEAPG8597E

Name :	Mr. Mrunal Vasant Dixit
Designation :	Secretary
Address :	B-16, Shubhechha, CHS, S.V Road, Bhaskar Colony, Naupada, Thane West - 400602, Maharashtra, India
Date of Appointment :	21.01.2015
PAN No.:	ANAPD0921C

Name :	Mr. Anuj Kumar Sharma
Designation :	Chief Finance Officer
Address :	FC-108, Sector-4, Lajpat Nagar, Ghaziabad - 201005, Uttar Pradesh, India
Date of Appointment :	21.01.2015
PAN No.:	BBGPS6738B

Name :	Mr. Ajay Zanjri
Designation :	Finance Head

Name :	Mr. Amit Deshpande
Designation :	Company secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders		No. of Shares
Sterlite Technologies Limited, India		8729994
Sterlite Technologies Limited Joint /with Pravin Agarwal		1
Sterlite Technologies Limited Joint /with Anand Agarwal		1
Sterlite Technologies Limited Joint /with Anupam Jindal		1
Sterlite Technologies Limited Joint /with Navin Sharma		1
Sterlite Technologies Limited Joint /with Amit Deshpande		1
Sterlite Technologies Limited Joint /with Swapnil Patil		1
Sterlite Power Grid Ventures Limited, India		78570000
Total		87300000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is primarily engaged in the manufacturing of high technology glass substrate used for active matrix liquid crystal display. Further, the Company, directly or indirectly, through its subsidiaries, acts as a developer on Build Own Operate and Maintain (BOOM) basis, for designing, financing, construction and maintenance of power transmission systems for concessional periods.

Products/ Services :

Item Code No.

Product/ Service Description

99833100

Engineering Advisory Services

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Cash and Credit (30,60,90 Days)

Purchasing :

Cash and Credit (30,60,90 Days)

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
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 :

1100 (Approximately)

Bankers :

Banker Name	Axis Bank Limited
Branch Address	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :
Name :	S R B C and Company LLP Chartered Accountant
Address :	C - 401 4^th Floor, Panchshiltech Park, Yerwada, Pune – 411006, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	ABSFS4151K

Memberships :	--

Collaborators :	--

Immediate Holding Company:	Sterlite Technologies Limited, India [L31300DN2000PLC000340]

Ultimate holding company	Volcan Investments Limited

Holding company of immediate holding company:	Twin Star Overseas Limited

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

90000000	Equity Shares	Rs.10/- each	Rs.900.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

87300000	Equity Shares	Rs.10/- each	Rs.873.000 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

12000000	Equity Shares	Rs.10/- each	Rs.120.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

10230000	Equity Shares	Rs.10/- each	Rs.102.300 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	102.300	102.300	102.300
(b) Reserves & Surplus	(83.513)	(79.659)	(75.254)
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	108.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	126.787	22.641	27.046

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000	0.000

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	0.000	0.212	1.369
(c) Other current liabilities	0.235	2.128	1.710
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	0.235	2.340	3.079

TOTAL	127.022	24.981	30.125

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.691	6.347	0.324
(ii) Intangible Assets	0.098	0.140	0.156
(iii) Capital work-in-progress	0.000	0.000	9.435
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.036
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2.789	6.487	9.951

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.212	1.374
(c) Trade receivables	1.385	0.000	0.000
(d) Cash and cash equivalents	5.647	0.102	0.102
(e) Short-term loans and advances	117.201	18.180	18.698
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	124.233	18.494	20.174

TOTAL	127.022	24.981	30.125

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1.370	0.000	3.614
	Other Income	0.000	0.000
	TOTAL (A)	1.370	0.000	3.614

Less	EXPENSES
	Other expenses	0.414	0.115
	TOTAL (B)	0.414	0.115	45.709

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	0.956	(0.115)	(42.095)

Less	FINANCIAL EXPENSES (D)	0.000	0.000	0.014

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	0.956	(0.115)	(42.109)

Less/ Add	DEPRECIATION/ AMORTISATION (F)	4.698	4.290	0.119

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(3.742)	(4.405)	(42.228)

Less	TAX (H)	0.000	0.000	0.000

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	(3.742)	(4.405)	(42.228)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	(79.659)	(75.254)	(33.026)

	Balance Carried to the B/S	NA	(79.659)	(75.254)

	Earnings / (Loss) Per Share (Rs.)	(0.37)	(0.43)	(4.13)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

Cash generated from operations

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(273.14)	0.00	NA

Operating Profit Margin (PBIDT/Sales)	(%)	69.78	0.00	NA

Return on Total Assets (PBT/Total Assets}	(%)	(2.97)	(17.63)	(204.10)

Return on Investment (ROI) (PBT/Networth)		(0.03)	(0.19)	(1.56)

Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00

Current Ratio (Current Asset/Current Liability)		528.65	7.90	6.55

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	102.300	102.300	102.300
Reserves & Surplus	(75.254)	(79.659)	(83.513)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	108.000
Net worth	27.046	22.641	126.787

long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	3.614	0.000	1.370
		(100.000)	--

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	3.614	0.000	1.370
Profit	(42.228)	(4.405)	(3.742)
	(1168.46%)		(273.14%)

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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

Note: The Registered Office of the company has been shifted from Dhanraj Mahal, 5th Floor, CSM Marg, Apollo Bunder, Mumbai – 400039, Maharashtra, India to the present address w.e.f.24.07.2009

REVIEW OF OPERATIONS AND FUTURE OUTLOOK:

Sterlite Technologies Limited is their Immediate Holding Company. The company is primarily engaged in the manufacturing of high technology glass substrate used for active matrix liquid crystal display. Further, the Company, directly or indirectly, through its subsidiaries, acts as a developer on Build Own Operate and Maintain (BOOM) basis, for designing, financing, construction and maintenance of power transmission systems for concessional periods.

During the financial year ended 31st March 2014, the company has incurred a Loss of Rs. 3.742 Million as compared to the net loss of Rs. 4.405 Million in the earlier financial year. However, positives for the year includes that the management has been successful in reporting better operational revenue for the year as compared to previous year. The Directors of the Company are hopeful that Company will earn better financial output in the coming financial years and will strive hard for controlling the administration cost of the company and therefore the management is hopeful of reporting better operational revenue and inturn better profitability in the years to come.

Dynamic challenges faced by the businesses today require companies to evolve with changing times to remain competitive and accordingly the Directors of the Company are working in the direction of bringing in some measures to improve the performance and profitability of the Company. The company is also planning to adopt various strategies and plans which would be advantageous and in the best interests of the Company.

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS

31.03.2014

31.03.2013

Income tax demand*

8.390

It comprises demand from Indian Income tax authorities for payment of additional tax of Rs. 8.390 Million (March 31,2013: Rs. 8.390 Million ), upon completion of assessment under section 143 (3) of Income tax act ,1961 for financial year ended on March 31,2007.

The tax demand is mainly on account of addition of Rs. 18.884 Million under the heading "Income from Other Sources" as deemed dividend u/s 2 (22) (e) of the Income Tax Act, 1961.

The company has contested the demand and consequently the demand raised by Assessing Officer was deleted by the CIT (Appeals). However order made by CIT (Appeals) was challenged in Income Tax Appellate Tribunal by Commissioner of Income tax. The management of the company and tax advisors of the company, believe that the position will likely to be upheld in the appellate process. No tax expense has been accrued in the financial statements for the tax demand raised. The management believes that the ultimate outcome of the proceeding will not have a material adverse effect on company s financial position and results of operation.

FIXED ASSETS

Tangible assets

Plant and equipment
Office equipment
Other equipments

Intangible assets

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.64.09
UK Pound	1	Rs.99.57
Euro	1	Rs.71.84

INFORMATION DETAILS

Information Gathered by :	PPT

Analysis Done by :	KAR

Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		28

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: NO CHARGES EXIST FOR COMPANY

Unit