MIRA INFORM REPORT

Report No. :	323827
Report Date :	27.05.2015

IDENTIFICATION DETAILS

Name :	ZEE ENTERTAINMENT ENTERPRISES LIMITED (w.e.f. 12.02.2007)
Formerly Known As :	ZEE TELEFILMS LIMITED EMPIREHOLDINGS LIMITED
Registered Office :	Continental Building, 135, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra
Tel. No.:	91-22-24965609
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	25.11.1982
Com. Reg. No.:	11-028767
Capital Investment / Paid-up Capital :	Rs.21152.100 Million
CIN No.: [Company Identification No.]	L92132MH1982PLC028767
TAN No.: [Tax Deduction & Collection Account No.]	MUMZ00074E
PAN No.: [Permanent Account No.]	AAACZ0243R
Legal Form :	Public limited liability company. The company's shares are listed on the Stock Exchanges.
Line of Business :	Subject is engaged in business of Broadcasting of Satellite Television Channels uplinked from India, Space Selling agent for other television channels, Sale of Television programs, films / movies and rights including films / movies and program feeds and Production and distribution of films / movies.
No. of Employees :	1826 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (72)

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 131100000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is one of India’s leading television media and Entertainment Company with a wide viewer base of over 730 million across 169 countries. It is a well-established and reputed company having fine track record. The rating reflects company’s long track record in the media and entertainment industry supported by large bouquet of channel offerings covering a wide genre of entertainment and positioning of the flagship channel ‘Zee TV’ amongst the top Hindi General Entertainment Channels (GECs) in terms of Television Viewership, and platform for distribution with a wide subscriber base. Further rating also takes into consideration company’s comfortable financial risk profile characterized by healthy liquidity position and decent profitability margins. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for normal 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	CARE
Rating	Long term bank facilities=AA
Rating Explanation	High degree of safety and very low credit risk.
Date	11.09.2014

Rating Agency Name	CARE
Rating	Short term bank facilities=A1+
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	11.09.2014

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 31-03-2014.

INFORMATION DENIED

Management Non Co-operative (91-22-24815500)

LOCATIONS

Registered Office / Corporate Office :	Continental Building, 135, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India
Tel. No.:	91-22-24965609 / 11 / 16 / 24939011 / 66971234
Fax No.:	91-22-24964334/24931938 / 24900302 / 0213
E-Mail :	dasa@zeenetwork.com sanghavip@zeenetwork.com pushpal.sanghavi@zee.esselgroup.com feedback@esselgroup.com
Website :	http://www.zeetelevision.com
Regional Office :	Located At: · New Delhi · Kolkata · Pune · Hyderabad · Chennai · Bangalore · Noida · Chandigarh
International Office :	Located At: · USA · United Kingdom · South Africa · Singapore · Manutius · China · Malaysia · UAE · Russia

DIRECTORS

AS ON 31.03.2014

Name :	Mr. Subhash Chandra
Designation :	Chairman and Managing Director
Address :	Flat No.: 41, Hyde Park Street, London W22UW, United Kingdom
Date of Birth/Age :	30.11.1950
DIN No.:	00031458
Name :	Subodh Kumar
Designation :	Executive Vice Chairman
DIN No.:	02151793
Name :	Mr. Punit Goenka
Designation :	Managing Director and CEO
Address :	Bungalow No.1, Jolly Maker Apartments, No.1, Cuffe Parade, Mumbai – 400005, Maharashtra, India
Date of Birth/Age :	20.06.1975
DIN No.:	00031263
Name :	Mr. Ashok Kurien
Designation :	Director
Address :	252, Tannee Heights, CHS Building, Petit hall 66, Nepean sea Road, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	21.01.1950
DIN No.:	00034035
Name :	Gulam Kaderbhai Noon
Designation :	Independent Director
Address :	2-3, Polygon, 89 Avenue Road, London, NW86JB, London, United Kindom
Date of Birth/Age :	24.01.1936
DIN No.:	00391683
Name :	Vaidyanathan Ramamurthy
Designation :	Independent Director
Address :	No.226, Pandurang Nagar, Bannerghatta Road, Bangalore – 560076, Karnataka, India
Date of Birth/Age :	21.12.1951
DIN No.:	00221577
Name :	Prof. Sunil Sharma
Designation :	Independent Director
DIN No.:	06781655
Name :	Prof. (Mrs.) Neharika Vohra
Designation :	Independent Director
DIN No.:	06808439

KEY EXECUTIVES

Name :	Mr. M. Lakshminarayanan
Designation :	Company Secretary
Address :	Flat No. 201, 2^nd Floor, Subodh Park CHS, 17^th Road, Chembur, Mumbai – 400071, Maharashtra, India
Date of Birth/Age :	20.05.1962
PAN No.:	AGIPM2651D
SENIOR MANAGEMENT:
Name :	Mr. Punit Goenka
Designation :	Managing Director and CEO
Name :	Mr. Amitabh Kumar
Designation :	Technology
Name :	Arun Kapoor
Designation :	Affiliate Revenue
Name :	Mr. Ashish Sehgal
Designation :	Advertisement Revenue
Name :	Atul Das
Designation :	Corporate Development
Name :	Mr. Bharat Ranga
Designation :	Content
Name :	Debashish Ghosh
Designation :	Digital
Name :	Deepak Jain
Designation :	International Business - Africa
Name :	K. Jayaraman
Designation :	Distribution
Name :	Mihir Modi
Designation :	Finance & Strategy
Name :	Mukund Cairae
Designation :	International Business - UAE
Name :	Neeraj Dhingra
Designation :	International Business - UK
Name :	Rajendra Mehta
Designation :	Human Resources
Name :	Rajesh Sethi
Designation :	Sports
Name :	Roland Landers
Designation :	Corporate Brand
Name :	Romil Ramgarhia
Designation :	Commercial
Name :	Sameer Targe
Designation :	International Business – USA
Name :	Sharada Sunder
Designation :	Regional HSM
Name :	Sunita Uchil
Designation :	International Advt. Sales And Syndication
Name :	Sushruta Samanta
Designation :	International Business – APAC

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
Bodies Corporate	241403408	25.13
Sub Total	241403408	25.13
(2) Foreign
Bodies Corporate	172266804	17.94
Sub Total	172266804	17.94
Total shareholding of Promoter and Promoter Group (A)	413670212	43.07
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	19849324	2.07
Financial Institutions / Banks	256755	0.03
Central Government / State Government(s)	496846	0.05
Insurance Companies	235937	0.02
Foreign Institutional Investors	480025330	49.98
Any Others (Specify)	500	0.00
Foreign Bank	500	0.00
Sub Total	500864692	52.15
(2) Non-Institutions
Bodies Corporate	21820784	2.27
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	17053617	1.78
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	3810983	0.40
Any Others (Specify)	3228432	0.34
Foreign Corporate Bodies	90909	0.01
Overseas Corporate Bodies	984	0.00
Foreign Nationals	3690	0.00
Non Resident Indians	2392345	0.25
Trusts	740504	0.08
Sub Total	45913816	4.78
Total Public shareholding (B)	546778508	56.93
Total (A)+(B)	960448720	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)	960448720	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in business of Broadcasting of Satellite Television Channels uplinked from India, Space Selling agent for other television channels, Sale of Television programs, films / movies and rights including films / movies and program feeds and Production and distribution of films / movies.

Products :

ITC CODE	PRODUCT
85249001	Recorded Video Cassettes
99846310	Advertisement
9984	Broadcasting Services

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

1826 (Approximately)

Bankers :

· BNP Paribas

· Deutsche Bank

· ING Vysya Bank Limited

· Standard Chartered Bank

· Yes Bank Limited

Facilities :

SECURED LOANS	31.03.2015 Rs. In Million	31.03.2014 Rs. In Million
Long Term Borrowings
Vehicle loans	NA	16.000
Total	NA	16.000

Auditors :
Name :	M G B and Company Chartered Accountants
Subsidiary Companies Wholly owned (Direct and indirect subsidiaries) [AS ON 31.03.2014] :	· Asia Today Limited · Asia TV Limited · ATL Media FZ-LLC · Eevee Multimedia Inc. · Essel Vision Productions Limited · Expand Fast Holdings (Singapore) Pte. Limited · OOO Zee CIS LLC · OOO Zee CIS Holding LLC · Taj Television (India) Private Limited · Taj TV Limited · Zee Multimedia (Maurice) Limited · Zee Multimedia Worldwide (Mauritius) Limited · Zee Sports Limited · Zee Technologies (Guangzhou) Limited · Zee Telefilms Middle East FZ-LLC · Zee TV South Africa (Proprietary) Limited · Zee TV USA Inc.
Others – Direct [AS ON 31.03.2014] :	· Zee Turner Limited (extent of holding 74%) · India Webportal Private Limited (extent of holding 51%)
Associate [AS ON 31.03.2014]:	· Aplab Limited (extent of holding 26.42%) · Idea Web Shop and Media Private Limited (held through India Webportal Private Limited) (extent of holding 26%)
Joint Venture (held through Zee Turner Limited) [AS ON 31.03.2014]:	Media Pro Enterprise India Private Limited (extent of holding 50%)
Other Related parties with whom transactions have taken place during the year and balance outstanding as on the last day of the year [AS ON 31.03.2014]:	· Agrani Wireless Services Limited · Cyquator Media Services Private Limited · Diligent Media Corporation Limited · Dish TV India Limited · Essel Propack Limited · E-City Bioscope Entertainment Private Limited · Essel Corporate Resources Private Limited · Essel International Limited · Essel Shyam Communication Private Limited · Pan India Network Infravest Private Limited · Pan India Network Limited · Real Media FZ-LLC · Siti Cable Network Limited · Smart Wireless Private Limited · Zee Akash News Private Limited · Zee Learn Limited · Zee Media Corporation Limited.

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs. 21152.100 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000000	Equity Shares	Re. 1/- each	Rs.2000.000 Million
21000000000	Preference Shares	Re. 1/- each	Rs.21000.000 Million
	Total		Rs.23000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
960448720	Equity Shares	Re. 1/- each	Rs.960.000 Million
20169423120	6% Cumulative Redeemable Non-Convertible Preference Shares	Re. 1/- each	Rs.20170.000 Million
	Total		Rs.21130.000 Million

a) Reconciliation of number of Equity shares and Share capital

	Number of equity shares	Rs. In Million
At the beginning of the year	953957720	954.000
Add : Allotted on exercise of Employee Stock Options	6491000	6.000
Less: Shares cancelled on Buyback	--	--
Outstanding at the end of the year	960448720	960.000

b) Reconciliation of number of Preference shares and Share capital

	Number of Preference shares	Rs. In Million
At the beginning of the year	--	--
Add : Allotted on issue of bonus Preference Shares	20169423120	20170.000
Outstanding at the end of the year	20169423120	20170.000

c) Terms / rights attached to equity shares

The Company has only one class of equity shares having a par value of ` 1 each. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian Rupees. The final dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

d) Terms / rights attached to Redeemable Preference Shares

During the year, the Company has issued 20,169,423,120 6% Cumulative Redeemable Non- Convertible Preference Shares of Rs.1/- each by way of bonus in the ratio of 21 Bonus Preference Shares of Rs.1/- each fully paid up for every one Equity share of Rs.1/- each fully paid up and listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) in India.

The Company will redeem at par value, 20% of the total Bonus Preference Shares allotted, every year from the fourth anniversary of the date of allotment. The Company shall have an option to buy back the Bonus Preference Shares fully or in parts at an earlier date(s) as may be decided by the Board. Further, if on any anniversary of the date of allotment beginning from the fourth anniversary, the total number of Bonus Preference Shares bought back and redeemed cumulatively is in excess of the cumulative Bonus Preference Shares required to be redeemed till the said anniversary, then there will be no redemption on that anniversary. At the 8^th anniversary of the date of allotment, all the remaining and outstanding Bonus Preference Shares shall be redeemed by the Company.

The holders of Bonus Preference Shares shall have a right to vote only on resolutions which directly affect their rights. The holders of Bonus Preference Shares shall also havea right to vote on every resolution placed before the Company at any meeting of the equity shareholders if dividend or any part of the dividend has remained unpaid on the said Bonus Preference Shares for an aggregate period of atleast two years preceding the date of the meeting.

e) Details of aggregate number of bonus shares issued, shares issued for consideration other than cash and shares bought back during five years preceding 31 March, 2014

Name of Shareholder	Number of Shares
Equity Shares allotted as fully paid bonus shares	489038065
Preference Shares allotted by way of Bonus	20169423120
Equity Shares allotted as fully paid for consideration other than cash, pursuant to Scheme(s) of Amalgamation / Arrangement	55030954
Equity Shares bought back and cancelled	24185210

f) Details of Equity Shareholders holding more than 5 % of the aggregate Equity shares in the Company

Name of Shareholder	Number of Shares	% holding
Cyquator Media Services Private Limited	241402908	25.13
Essel Media Ventures Limited	102888286	10.71
Oppenheimer Developing Markets Fund	82290959	8.57

As per the of the Company, including its register of shareholders / members and other declaration received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares.

g) Details of Preference Shareholders holding more than 5 % of the aggregate Preference shares in the Company

Name of Shareholder	Number of Shares	% holding
Essel Landmark Private Limited	4120000000	20.43
Essel Media Ventures Limited	2160654006	10.71
Oppenheimer Developing Markets Fund	1895913054	9.40

h) Employees Stock Option Scheme (ESOP)

The Company has instituted an Employee Stock Option Plan (ESOP 2009) as approved by the Board of Directors and Shareholders of the Company in 2009 for issuance of stock options convertible into equity shares not exceeding in the aggregate 5% of the issued and paid up capital of the Company as at 31 March, 2009 i.e. up to 21,700,355 equity shares of Rs.1 each, to the employees of the Company as well as that of its subsidiaries and also to Non-executive Directors including Independent Directors of the Company at the market price determined as per the Securities and Exchange Board of India (Employee Stock Options Scheme) Guidelines, 1999 (SEBI (ESOS) Guidelines). The said scheme is administered by the Remuneration Committee of the Board.

During the year ended 31 March, 2014, the Company did not grant any stock options. The options earlier granted under the Scheme vested during the year and these would be exercisable at any time within a period of four years from each vesting and the equity shares arising on exercise of options shall not be subject to any lock in.

The options were granted to the employees / directors at an exercise price, being the latest market price as per the SEBI (ESOS) Guidelines.

In view of, there being no intrinsic value on the date of the grant (being the excess of market price of share under the Scheme over the exercise price of the option), the Company is not required to account for the value of options as per the SEBI guidelines.

Summary of Stock Options outstanding is as follows:

Name of Shareholder	Number of Shares
Options outstanding at the beginning of the year	6548800
Options exercised during the year	6491000
Options lapsed during the year	57800
Options outstanding at the end of the year	--

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	21152.100	21130.000	954.000
(b) Reserves & Surplus	24721.600	18551.000	32574.000
(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)	45873.700	39681.000	33528.000
(3) Non-Current Liabilities
(a) long-term borrowings	12.000	16.000	15.000
(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	393.500	275.000	206.000
Total Non-current Liabilities (3)	405.500	291.000	221.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	2235.700	1755.000	2264.000
(c) Other current liabilities	3115.300	2186.000	1643.000
(d) Short-term provisions	4351.100	3256.000	2429.000
Total Current Liabilities (4)	9702.100	7197.000	6336.000
TOTAL	55981.300	47169.000	40085.000
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3813.400	2558.000	2199.000
(ii) Intangible Assets	0.000	70.000	61.000
(iii) Capital work-in-progress	0.000	997.000	69.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	6592.800	8080.000	5995.000
(c) Deferred tax assets (net)	266.500	172.000	128.000
(d) Long-term Loan and Advances	6570.900	6457.000	4036.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	17243.600	18334.000	12488.000
(2) Current assets
(a) Current investments	4495.400	2000.000	4697.000
(b) Inventories	12071.100	11202.000	9585.000
(c) Trade receivables	8318.00	7980.000	7171.000
(d) Cash and cash equivalents	3012.100	1646.000	2394.000
(e) Short-term loans and advances	10325.200	4911.000	2825.000
(f) Other current assets	515.900	1096.000	925.000
Total Current Assets	38737.700	28835.000	27597.000
TOTAL	55981.300	47169.000	40085.000

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2015	31.03.2014	31.03.2013
	SALES
		Income		34261.800	30757.000	25659.000
		Other Income		2272.900	1845.000	1189.000
		TOTAL (A)		36534.700	32602.000	26848.000
Less	EXPENSES
		Operational Cost		13497.800	13101.000	10703.000
		Employee Benefits Expenses		2816.300	2238.000	1904.000
		Other Expenses		4201.100	5103.000	4429.000
		Advertisement and publicity expenses		3299.700	0.000	0.000
		TOTAL (B)		23814.900	20442.000	17036.000
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			12719.800	12160.000	9812.000
Less	FINANCIAL EXPENSES (D)			17.700	72.000	13.000
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			12702.100	12088.000	9799.000
Less	DEPRECIATION/ AMORTISATION (F)			579.700	338.000	280.000
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			12122.400	11750.000	9519.000
Less	TAX (H)			3804.700	4027.000	3112.000
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			8317.700	7723.000	6407.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			16551.000	15998.000	13328.000
Add	DIVIDEND (INCLUDING TAX) ON EQUITY SHARES BOUGHT BACK AND CANCELLED			NA	0.000	8.000
Less	UTILIZED ON ISSUE OF 6% CUMULATIVE REDEEMABLE PREFERENCE SHARES – BONUS			NA	2822.000	0.000
Less	APPROPRIATIONS
			Dividend on 6% Cumulative Redeemable Preference Shares	NA	86.000	0.000
			Tax on dividend on Preference Shares	NA	15.000	0.000
			Proposed dividend on Equity Shares	NA	1921.000	1919.000
			Tax on dividend on Equity Shares	NA	326.000	326.000
			Transferred to general reserve	NA	2000.000	1500.000
	BALANCE CARRIED TO THE B/S			NA	16551.000	15998.000
	EARNINGS IN FOREIGN CURRENCY
			FOB Value of Exports	NA	1606.000	1165.000
			Broadcasting Revenue	NA	227.000	198.000
			Transmission Revenue	NA	152.000	130.000
			Commission- Space Selling	NA	109.000	118.000
			Interest Income	NA	198.000	39.000
			Others	NA	45.000	28.000
	TOTAL EARNINGS			NA	2337.000	1678.000
	IMPORTS
			Capital Equipment	NA	391.000	451.000
			Raw Stock	NA	1.000	1.000
			Software - Intangible asset	NA	7.000	5.000
	TOTAL IMPORTS			NA	399.000	457.000
	Earnings Per Share (Rs.)
	-- Basic			7.15	7.94	6.71
	-- Diluted			7.15	7.94	6.69

CURRENT MATURITIES OF LONG-TERM DEBT BORROWINGS:

Particulars	31.03.2015	31.03.2014	31.03.2013
	(Rs. In Millions)
Current maturities of long-term borrowings	NA	11.000	9.000
Cash generated from operations	NA	8,049	9,823

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	24.28	25.11	24.97
Operating Profit Margin (PBIDT/Sales)	(%)	37.13	39.54	38.24
Return on Total Assets (PBT/Total Assets}	(%)	24.68	30.99	28.09
Return on Investment (ROI) (PBT/Networth)		0.26	0.30	0.28
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		3.99	4.01	4.36

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	954.000	21130.000	21152.100
Reserves & Surplus	32574.000	18551.000	24721.600
Share Application money pending allotment	0.000	0.000	0.000
Net worth	33528.000	39681.000	45873.700
long-term borrowings	15.000	16.000	12.000
Short term borrowings	0.000	0.000	0.000
Current Maturities of Long Term Debt	0.000	0.000	0.000
Total borrowings	15.000	16.000	12.000
Debt/Equity ratio	0.000	0.000	0.000

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	25659.000	30757.000	34261.800
		19.868	11.395

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	25659.000	30757.000	34261.800
Profit	6407.000	7723.000	8317.700
	24.97%	25.11%	24.28%

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)	Yes
16	No. of employees	Yes
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

INDEX OF CHARGE:

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10184111	16/09/2013 *	500,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR.  ANNIE BESANT ROAD, WORLI,, MUMBAI, MAHARASHTRA -  400018, INDIA	B86412277
2	10020837	27/09/2013 *	500,000,000.00	ING VYSYA BANK LIMITED	22, M G ROAD,BANGALORE, BANGALORE, KARNATAKA - 560  001, INDIA	B88445432

*Date of modification Charges

FIXED ASSETS:

· Leasehold Land

· Leasehold Improvements

· Building

· Computers

· Plant and Machinery

· Office Equipments

· Furniture and Fixtures

· Vehicles

· Software

· Trade Mark

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 records 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.63.95
UK Pound	1	Rs.98.64
Euro	1	Rs.69.86

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KRN
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		72

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.