MIRA INFORM REPORT

Report No. :	324858
Report Date :	30.05.2015

IDENTIFICATION DETAILS

Name :	HBL POWER SYSTEMS LIMITED (w.e.f.09.12.2006)
Formerly Known As :	HBL NIFE POWER SYSTEMS LIMITED (w.e.f.26.04.2000) SAB NIFE POWER SYSTEMS LIMITED
Registered Office :	8-2-601, Road No. 10, Banjara Hills, Hyderabad – 500034, Telangana
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	29.08.1986
Com. Reg. No.:	01-006745
Capital Investment / Paid-up Capital :	Rs. 253.000 Million
CIN No.: [Company Identification No.]	L40109TG1986PLC006745
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	HYDH00591D
PAN No.: [Permanent Account No.]	AAACH8421K
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Lithium and Lead Reserve Batteries
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 16000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of “Beaver Engineering and Holdings Limited, Hyderabad”. It is an established company having a good track record. Financial position of the company is sound. Trade relations are fair. Business is active. Payment terms are reported to be regular and as per commitment. In view of long standing experience of the promoters and established track record of operations, the company can be considered normal 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	CARE
Rating	Long Term Bank facilities : A-
Rating Explanation	Adequate degree of safety and low credit risk.
Date	09.10.2014

Rating Agency Name	CARE
Rating	Short Term Bank facilities : A2+
Rating Explanation	Strong degree of safety and low credit risk.
Date	09.10.2014

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ 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 PARTED BY

Name :	Mr. G. B. S. Naidu
Designation :	General manager
Contact No.:	91-8498916655
Date :	30.05.2015

LOCATIONS

Registered/ Head Office :	8-2-601, Road No. 10, Banjara Hills, Hyderabad – 500034, Telangana, India
Tel. No.:	91-40-23355575/ 23351934/ 23355085/ 23355585
Fax No.:	91-40-23355048/ 23353189
E-Mail :	contact@hbl.in finance@hbl.in nrkrishna@hbl.in
Website :	http://www.hbl.in
Factory 1 :	Aliabad Post, Lalgadi Malakpet, Shameerpet Mandal, R.R. District, Hyderabad - 500078, Telangana , India
Tel. No.:	91- 8418-244640
Fax No.:	91- 8418-301652/ 301574
E-Mail :	contact@hbl.in
Factory 2 :	Survey No. 64-67, 77-81, Nandigaon Village, Kothur Mandal, Mahaboobnagar District - 509223, Andhra Pradesh, India
Tel. No.:	91-8548-240456
Fax No.:	91-8548-240474
E-Mail :	contact@hbl.in
Factory 3 :	Survey No. 351, Thumukunta Village, Shameerpet Mandal, Rangareddy District, Hyderabad - 500078, Telangana, India
Tel. No.:	91-8418-247680
Fax No.:	91-8418-247683
E-Mail :	emu@hbl.in
Factory 4 :	Sy No 155 to 156 (Post) Bhootpur (Village and Mandal), Mahaboobnagar District - 509001, Andhra Pradesh, India
Tel. No.:	91-8542-236539
Fax No.:	91-8542-236205
E-Mail :	contact@hbl.in
Factory 5 :	Sy 123-126, 138(p) to 144(p), Kandivasala Village, Pusapatirega Mandal, Vizayanagaram District - 535204, Andhra Pradesh, India
Tel. No.:	91-8922-258159
E-Mail :	contact@hbl.in
Factory 6 :	Plot No. Q6 to Q10, R1 to R10 S1 to S9, Phase III, VSEZ, Duvvada, Visakhapatnam - 530046, Andhra Pradesh, India
Tel. No.:	91-891-2543255-56
E-Mail :	contact@hbl.in
Factory 7 :	Plot No. 1, Sector 8A, IIE Ranipur (BHEL Haridwar - 249403, Uttarakhand, India
Tel. No.:	91-1334-235420
Fax No.:	91-1334-235421
E-Mail :	contact@hbl.in
Factory 8 :	Plot No. 425, Sector - 8,  IMT Manesar, Gurgaon - 122050, Haryana, India
Tel. No.:	91-124-4240168/ 4240058
E-Mail :	contact@hbl.in
Sales Offices :	Located at: · Ahmedabad  · Bangalore  · Bhopal  · Bhubneshwar  · Chandigarh  · Chennai  · Delhi  · Guwahati  · Hyderabad  · Jaipur  · Kerala  · Kolkata  · Lucknow  · Raipur  · Mumbai  · Patna  · Ranchi
Channel Sales Offices :	Located at: · Bhopal  · Hyderabad  · Patna  · Ranchi  · Vijayawada
Overseas Offices :	Located at: · USA · Saudi Arabia · Germany

DIRECTORS

AS ON 31.03.2014

Name :	Dr. A.J. Prasad
Designation :	Chairman and Managing Director
Name :	Mr. M S S Srinath
Designation :	Whole Time Director
Date of Birth/Age :	23.04.1969
Qualification :	BA (Economic Hons)
Date of Appointment :	24.11.1997
Name :	Mrs. Kavita Prasad
Designation :	Whole Time Director
Date of Birth/ Age :	11.12.1971
Qualification :	B Com, PGDCA
Expertise in specific functional Area :	Overall in-charge of the Financial activities and specific focus on Exports Marketing and overseas subsidiaries of the company.
Date of Appointment :	10.05.2000
Other Directorship :	· Beaver Engineering and Holdings Private Limited · Kairos Engineering Limited · Naval Systems and Technologies Private Limited · Plumac Batteries Private Limited · HBL Germany GmbH, Germany · HBL America Inc. USA
Name :	Mr. P. Ganapathi Rao
Designation :	Director
Date of Birth/ Age :	01.09.1955
Qualification :	FCA
Expertise in specific functional Area :	Practicing Chartered Accountant and has expertise in Finance, Audit Systems and as well as Capital Market.
Date of Appointment :	25.04.2005
Name :	Mrs. Preeti Khandelwal
Designation :	Director
Date of Birth/ Age :	24.03.1971
Qualification :	B Com, ACS
Expertise in specific functional Area :	She is a qualified Company Secretary and has expertise in Company Law and FEMA related issues.
Date of Appointment :	02.03.2009
Name :	Mr. V.V.S. Ravindra
Designation :	IDBI Nominee Director w.e.f. 25th June, 2012
Date of Birth/ Age :	18.01.1964
Qualification :	B Tech (Chemical)
Date of Appointment :	25.06. 2012
Name :	Mr. J. Vidya Shankar
Designation :	IDBI Nominee Director (upto 14 November 2014)
Date of Birth/ Age :	26.12.1962
Qualification :	M. Tech (Mechanical Engineering)
Expertise in specific functional Area :	Finance and Engineering
Date of Appointment :	14.11.2014
Name :	Mr. Sanjiv Singhal
Designation :	Director
Date of Birth/ Age :	23.03.1967
Qualification :	MBA from the Wharton Business School (USA), MA with distinction from the University of Essex, UK and BA with honours from Delhi University.
Date of Appointment :	14.08.2012
Name :	Mr. Ajay Bhaskar Limaye
Designation :	Director
Date of Birth/Age :	20.05.1969
Qualification :	CFA Charter holder with prior qualification as an Engineer with an MBA in Finance
Date of Appointment :	14.02.2013
Other Directorship :	Data Patterns (India) Private Limited

KEY EXECUTIVES

Name :	M V S S Kumar
Designation :	Company Secretary
Name :	Mr. Ravinder
Designation :	Finance Department
Audit Committee :	· Mr. P Ganapathi Rao, Chairman of the Committee · Mrs. Kavita Prasad · Mr. V V S Ravindra – IDBI Nominee (upto 14 November 2014) · Mr. J. Vidya Shanker – IDBI Nominee (from 14 November 2014) · Mrs. Preeti Khandelwal

SHAREHOLDING PATTERN

AS ON 31.12.2014

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
		As a % of (A+B)
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	43971629	17.38
Bodies Corporate	143410653	56.68
Sub Total	187382282	74.06
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	187382282	74.06
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	12950926	5.12
Financial Institutions / Banks	164939	0.07
Foreign Institutional Investors	456943	0.18
Sub Total	13572808	5.36
(2) Non-Institutions
Bodies Corporate	17415083	6.88
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	27074758	10.70
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	5706404	2.26
Any Others (Specify)	1848665	0.73
Non Resident Indians	932791	0.37
Clearing Members	422667	0.17
Trusts	493207	0.19
Sub Total	52044910	20.57
Total Public shareholding (B)	65617718	25.94
Total (A)+(B)	253000000	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)	253000000	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Lithium and Lead Reserve Batteries

Products :

Product Description	Item Code No. (ITC Code)
Lead Acid Batteries	850720.00
Nickel Cadmium Batteries	850730.00
Silver Zinc and Other Silver based Batteries (Torpedo)	850620.00
Silver Zinc Batteries (Aircraft)	850780.00
Power Electronic Rectifiers	850440.09
Uninterrupted Power Supply Systems	847199.05
Perforated Steel Strip	721250.09
Lithium Batteries	850620.00
Battery Materials	850790.09

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Not Divulged

Countries :

• Spain
• South africa
• Taiwan
• Hongkong
• Sri lanka
• USA
• UK

Imports :

Products :

Not Divulged

Countries :

Germany

Terms :

--

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
Experience :	Not Divulged
Maximum Limit Dealt :	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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

No. of Employees :

500 (Approximately)

Bankers :

· State Bank of India

· State Bank of Hyderabad

· IDBI Bank Limited

· Axis Bank Limited

· ICICI Bank Limited

· Exim Bank Limited

· HDFC Bank Limited

· YES Bank Limited

· Export- Import Bank of India

· Industrial Development Bank of India Limited

Facilities :

SECURED LOANS		31.03.2014 Rs. In Million
LONG TERM BORROWINGS
Secured Loans from
IDBI Bank Limited		171.360
State Bank of India		215.963
State Bank of Hyderabad		105.000
Exim Bank Limited		0.000
Axis Bank Limited		0.000
ICICI Bank Limited		230.000
Secured Loans from Others
Against Vehicles from HDFC Bank		6.221
SHORT TERM BORROWINGS
(Loans repayable on Demand) Working Capital Loans from
State Bank of India		1374.863
State Bank of Hyderabad		254.742
IDBI Bank Limited		362.562
ICICI Bank Limited		497.979
Axis Bank Limited		397.210
Axis Bank Limited EPC		98.053
Buyers Credit from Banks		543.736
Total	NA	4257.689

Financial Institution:	Housing Development Finance Corporation Limited, Basheerbagh, Hyderabad, Andhra Pradesh, India
Auditors 1 :
Name :	Satyanarayana and Company Chartered Accountants
Address :	Amar Mansion, Ranigunj, Secunderabad – 500003, Andhra Pradesh, India
Auditors 2 :
Name :	Rao and Kumar Chartered Accountants
Address :	10-19-15, Soudamani, Seripuram, CBM Compound, Visakhapatnam – 530003, Andhra Pradesh, India
Cost Auditors :
Name :	Narasimha Murthy and Company Cost Accountants
Address :	Hyderabad, Andhra Pradesh, India
Memberships :	Not Available
Collaborators :	Not Available
Holding Company (As on 31.03.2014) :	Beaver Engineering and Holdings Private Limited, Hyderabad
Subsidiaries (As on 31.03.2014) :	Agile Electric Sub Assembly Private Limited SCIL Infracon Private Limited HBL Germany, GMBH HBL America
Joint Venture (As on 31.03.2014) :	Gulf Batteries Company Limited, Kingdom of Saudi Arabia
Associate (As on 31.03.2014) :	Naval Systems and Technologies Private Limited Guided Missile Engineering India Private Limited VARP Power Private Limited
Companies which Directors are Interested (As on 31.03.2014) :	Sankhya Infotech Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
300000000	Equity Shares	Re.1/- each	Rs.300.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
253000000	Equity Shares	Re.1/- each	Rs.253.000 Million

Reconciliation of the shares outstanding at the beginning and at the end of the reporting period

Equity Shares	31.03.2014
	No. of Shares	Rs. in Million
At the beginning of the period	253000000	253.000
Issued during the period	--	--
Outstanding at the end of the period	253000000	253.000

Terms/rights attached to equity shares

The company has only one class of equity shares having a par value of Re.1 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

Shares held by holding/ultimate holding company

Out of equity shares issued by the company, details of shares held by its holding company is as below:

Name of the Shareholder	No. of Shares
Beaver Engineering and Holdings Limited	143059443

Details of shareholders holding more than 5% shares in the company

Name of the Shareholders	31.03.2014
	No. of Shares	% holding in the class
Equity shares of Re.1 each fully paid
Beaver Engineering and Holdings Limited	143059443	56.55
A J Prasad	27654500	10.93
Citigroup Global Markets Mauritius Private Limited	16701761	6.60
Reliance Capital Limited	14360000	5.68

FINANCIAL DATA

[all figures are in Rupees Millions]

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	253.000	253.000	253.000
(b) Reserves & Surplus	5623.338	5598.567	5207.660
(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)	5876.338	5851.567	5460.660
(3) Non-Current Liabilities
(a) long-term borrowings	1987.001	2240.726	3353.057
(b) Deferred tax liabilities (Net)	172.616	245.670	225.142
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	19.789	20.300	15.872
Total Non-current Liabilities (3)	2179.406	2506.696	3594.071
(4) Current Liabilities
(a) Short term borrowings	4266.726	4324.182	3588.664
(b) Trade payables	1821.233	2930.755	1922.144
(c) Other current liabilities	1399.973	1878.503	2100.073
(d) Short-term provisions	198.423	189.782	137.859
Total Current Liabilities (4)	7686.355	9323.222	7748.740
TOTAL	15742.099	17681.485	16803.471
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4933.650	4581.292	4736.372
(ii) Intangible Assets	0.000	160.010	126.061
(iii) Capital work-in-progress	0.000	211.631	262.407
(iv) Intangible assets under development	0.000	349.713	416.054
(b) Non-current Investments	227.498	294.354	1495.314
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	134.375	104.719	98.573
(e) Other Non-current assets	24.323	140.764	122.913
Total Non-Current Assets	5319.846	5842.483	7257.694
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	5092.589	5975.669	4330.269
(c) Trade receivables	4087.675	4580.816	4313.807
(d) Cash and cash equivalents	461.142	464.895	211.798
(e) Short-term loans and advances	780.847	817.622	689.903
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	10422.253	11839.002	9545.777
TOTAL	15742.099	17681.485	16803.471

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2015	31.03.2014	31.03.2013
	SALES
		Income		13300.703	12807.935	11974.169
		Other Income		166.052	100.153	91.319
		TOTAL (A)		13466.755	12908.088	12065.488
Less	EXPENSES
		Cost of Material Consumed		7525.290	8229.468	7303.673
		Purchase of Traded goods		42.082	28.299	102.516
		(Increase) / Decrease in Inventory		639.264	(381.535)	(718.540)
		Employee Benefits Expense		948.230	1283.978	1178.876
		Other Expenses		2691.358	2649.749	2688.657
		Exceptional Items		150.382	(565.398)	(77.856)
		TOTAL (B)			11244.561	10477.326
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			1470.149	1663.527	1588.162
Less	FINANCIAL EXPENSES (D)			706.602	757.387	933.984
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			763.547	906.140	654.178
Less	DEPRECIATION/ AMORTISATION (F)			510.385	385.095	400.850
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			253.162	521.045	253.328
Less	TAX (H)			106.955	70.940	48.886
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			146.207	450.105	204.442
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD				558.204	447.868
Less	APPROPRIATIONS
			Transfer to General Reserve		50.000	50.000
			Dividend		50.600	37.950
			Tax on Dividend		8.599	6.156
	BALANCE CARRIED TO THE B/S				899.110	558.204
	EARNINGS IN FOREIGN CURRENCY			NA
			Export sales		2512.948	2596.324
			Services		44.999	94.471
	TOTAL EARNINGS				2557.947	2690.795
	IMPORTS
			Raw Materials, Components and Spares		3775.041	3198.843
			Capital Items / Equipment		6.594	52.376
	TOTAL IMPORTS				3781.635	3251.219
	Earnings / (Loss) Per Share (Rs.)			0.58	1.78	0.81

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	745.517	1208.853
Cash generated from operations	NA	(307.618)	400.152

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT/Sales)	(%)	1.10	3.51	1.71
Operating Profit Margin (PBDIT/Sales)	(%)	11.05	12.99	13.26
Return on Total Assets (PBT/Total Assets}	(%)	1.63	3.10	1.73
Return on Investment (ROI) (PBT/Networth)		0.04	0.09	0.05
Debt Equity Ratio (Total Debt /Networth)		1.06	1.12	1.27
Current Ratio (Current Asset/Current Liability)		1.36	1.27	1.23

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	253.000	253.000	253.000
Reserves & Surplus	5207.660	5598.567	5623.338
Share Application money pending allotment	0.000	0.000	0.000
Net worth	5460.660	5851.567	5876.338
long-term borrowings	3353.057	2240.726	1987.001
Short term borrowings	3588.664	4324.182	4266.726
Current Maturities of Long Term Debt	0.000	0.000	0.000
Total borrowings	6941.721	6564.908	6253.727
Debt/Equity ratio	1.271	1.122	1.064

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	11974.169	12807.935	13300.703
		6.963	3.847

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	11974.169	12807.935	13300.703
Profit	204.442	450.105	146.207
	1.71%	3.51%	1.10%

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	No
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	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

INDEX OF CHARGE:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10564134	23/03/2015	250,000,000.00	IDBI BANK LIMITED	SPECIALISED CORPORATE BRANCH, CORPORATE BANKING GROUP, CHAPEL ROAD, HYDERABAD, TELANGANA - 500001,  INDIA	C51132553
2	10550947	27/03/2015 *	920,000,000.00	HDFC BANK LIMITED	4TH FLOOR, SURYODAYA, BEGUMPET, HYDERABAD, TELANGANA - 500016, INDIA	C49400476
3	10502462	26/03/2014	750,000,000.00	AXIS BANK LIMITED	AXIS BANK LIMITED, CORPORATE BANKING BRANCH, BEGUMPET ROAD, SOMAJIGUDA, HYDERABAD, TELANGANA - 500016, INDIA	C06353841
4	10450609	28/09/2013 *	300,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR.  ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA -  400018, INDIA	B87600219
5	10263361	20/02/2015 *	1,000,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	C45362845
6	10079748	29/11/2007	400,000,000.00	EXPORT- IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE  COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	A28733962
7	10060541	04/07/2007	350,000,000.00	ICICI BANK LIMITED	ICICI BANK TOWER, LEVEL IV, EAST WING, 1-11-256, STREET NO.1, BEGUMPET, HYDERABAD, ANDHRA PRADESH - 500016, INDIA	A19286574
8	10020777	13/09/2006	7,500,000.00	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	RAMON HOUSE 169BACKBAY RECLAMATION, H T PAREKH MARG, MUMBAI, MAHARASHTRA - 400020, INDIA	A05195300
9	90139505	30/03/2005	3,000,000.00	HOUSING DEVELOPMENT FINANCE CORP. LTD	BASHEERBAGH, HYDERABAD, ANDHRA PRADESH, INDIA	-
10	90140336	16/12/2004	120,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, SECUNDERABAD, ANDHRA PRADESH -  500003, INDIA	-

*Date of modification Charges

UNSECURED LOANS:

Particulars		31.03.2014 Rs. In Million
LONG TERM BORROWINGS
Interest Free Sales Tax Loan (Deferred Payment Liability)		117.162
Loan from HPFSIPL		10.338
Finance Lease Obligations from HPFSIPL		4.682
Loan from Holding Company		1380.000
SHORT TERM BORROWINGS
Unsecured (from Banks)
Purchase Bill Discounting from Kotak Mahindra Bank Limited		233.638
Purchase Bill Discounting from IDBI Bank Limited		143.040
Sale Bill Discounting backed by LCs from Banks		114.437
HDFC Short Term Loan		150.000
Yes Bank Limited EPC		88.259
Yes Bank Limited Current Account		9.063
Unsecured (from others)
Inter Corporate Deposit from Holding Company		24.500
Inter Corporate Deposit from Others		0.000
Loans from Directors		32.100
Total	NA	2307.219

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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. 63.76
UK Pound	1	Rs. 97.80
Euro	1	Rs. 69.91

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	DIV
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		52

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.