MIRA INFORM REPORT

Report No. :	348454
Report Date :	04.11.2015

IDENTIFICATION DETAILS

Name :	BANK OF MAHARASHTRA
Registered Office :	‘Lokmangal’, 1501, Shivaji Nagar, Pune – 411 005, Maharashtra
Tel. No.:	91-20 -25532731
Country :	India
Financials (as on) :	31.03.2015
Year of Establishment :	1935
Capital Investment / Paid-up Capital :	Rs. 10631.829 Million
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Government of India Bank.
Line of Business :	Banking Activities
No. of Employees :	14189 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (68)

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

Status :	Good
Payment Behaviour :	Slow
Litigation :	Exist
Comments :	Bank of Maharashtra is a major public sector bank supported by Government of India which holds majority of stake in the bank. It was incorporated in the year 1935. The bank had a network of 1,880 branches and 1,850 ATMs as on June 30, 2015 with 61.44% of the branches in the state of Maharashtra followed by 7.55% of the branches in the state of Madhya Pradesh. About 58% of branches are in rural and semi urban areas. Financial position of the bank is sound. Fundamentals are strong and healthy. Directors are reported to be well experienced, resourceful and knowledgeable businessmen. Moreover, it is also to be noted that subject has found with RBI defaulter list and has default with IndusInd Bank Limited The Bank’s trade relations are reported as fair. Business is active. Payments are reported as slow. In view of Government support, the bank can be considered good for business dealings at usual trade terms and condition.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank Facilities : Lower Tier II Bonds (Under Basel II) : AA
Rating Explanation	High degree of safety and carry low credit risk.
Date	13.10.2015

RBI DEFAULTERS’ LIST STATUS

Subject’s name has been found enlisted as a defaulter in the publicly available RBI Defaulters’ list and the details of the same are as under:

Suit-filed accounts of Rs. 10.000 Million and above

Bank	Branch	Quarter	Borrower Name	Director Name	Outstanding Amount (Rs. In Million)
INDUSIND BANK LIMITED	BANGALORE	31-03-02	BANK OF MAHARASHTRA		16.821
INDUSIND BANK LIMITED	BANGALORE	30-06-02	BANK OF MAHARASHTRA		16.821
INDUSIND BANK LIMITED	BANGALORE	30-09-02	BANK OF MAHARASHTRA		16.821
INDUSIND BANK LIMITED	BANGALORE	31-12-02	BANK OF MAHARASHTRA		16.821
INDUSIND BANK LIMITED	BANGALORE	31-03-06	Bank of Maharashtra	A Ali Azizi, P N Deshpande, Tarun Bajaj, Tuljapurkar Devidas Ramchandra, Anand Kamalnayan Pandit, H R Khan, M D Mallya, Rajiv Madhok, Avinash Laxmikant Patil, Subhash Chandra Bhargava	16.821
INDUSIND BANK LIMITED	BANGALORE	30-06-06	Bank of Maharashtra	H R Khan, M D Mallya, Rajiv Madhok, Avinash Laxmikant Patil, Subhash Chandra Bhargava, Tarun Bajaj, A Ali Azizi, Anand Kamalnayan Pandit, P N Deshpande, Tuljapurkar Devidas Ramchandra	16.821
INDUSIND BANK LIMITED	BANGALORE	30-09-06	Bank of Maharashtra	Tuljapurkar Devidas Ramchandra, H R Khan, Subhash Chandra Bhargava, P N Deshpande, A Ali Azizi, Avinash Laxmikant Patil, Anand Kamalnayan Pandit, Rajiv Madhok, Tarun Bajaj, M D Mallya	16.821
INDUSIND BANK LIMITED	BANGALORE	31-12-06	Bank of Maharashtra	Tarun Bajaj, A Ali Azizi, P N Deshpande, M D Mallya, Rajiv Madhok, Anand Kamalnayan Pandit, Tuljapurkar Devidas Ramchandra, H R Khan, Avinash Laxmikant Patil, Subhash Chandra Bhargava	16.821
INDUSIND BANK LIMITED	BANGALORE	31-03-07	Bank of Maharashtra	Tuljapurkar Devidas Ramchandra, H R Khan, P N Deshpande, Rajiv Madhok, Avinash Laxmikant Patil, M D Mallya, Subhash Chandra Bhargava, A Ali Azizi, Tarun Bajaj, Anand Kamalnayan Pandit	16.821
INDUSIND BANK LIMITED	BANGALORE	30-06-07	Bank of Maharashtra	A Ali Azizi, Anand Kamalnayan Pandit, Rajiv Madhok, Tarun Bajaj, M D Mallya, Tuljapurkar Devidas Ramchandra, P N Deshpande, Subhash Chandra Bhargava, H R Khan, Avinash Laxmikant Patil	16.821
INDUSIND BANK LIMITED	BANGALORE	30-09-07	Bank of Maharashtra	H R Khan, Anand Kamalnayan Pandit, Tuljapurkar Devidas Ramchandra, Avinash Laxmikant Patil, Subhash Chandra Bhargava, A Ali Azizi, P N Deshpande, Tarun Bajaj, M D Mallya, Rajiv Madhok	16.821
INDUSIND BANK LIMITED	BANGALORE	31-12-07	Bank of Maharashtra	P N Deshpande, Tuljapurkar Devidas Ramchandra, H R Khan, Avinash Laxmikant Patil, Subhash Chandra Bhargava, M D Mallya, Rajiv Madhok, Tarun Bajaj, A Ali Azizi, Anand Kamalnayan Pandit	16.821
INDUSIND BANK LIMITED	BANGALORE	31-03-08	Bank of Maharashtra	A Ali Azizi, Anand Kamalnayan Pandit, M D Mallya, Rajiv Madhok, Tarun Bajaj, Tuljapurkar Devidas Ramchandra, Avinash Laxmikant Patil, H R Khan, Subhash Chandra Bhargava, P N Deshpande	16.821
INDUSIND BANK LIMITED	BANGALORE	30-06-08	Bank of Maharashtra	H R Khan, Anand Kamalnayan Pandit, M D Mallya, Subhash Chandra Bhargava, Avinash Laxmikant Patil, A Ali Azizi, Tarun Bajaj, P N Deshpande, Tuljapurkar Devidas Ramchandra, Rajiv Madhok	16.821
INDUSIND BANK LIMITED	BANGALORE	30-09-08	Bank of Maharashtra	P N Deshpande, Tuljapurkar Devidas Ramchandra, Rajiv Madhok, M D Mallya, Avinash Laxmikant Patil, Subhash Chandra Bhargava, H R Khan, Tarun Bajaj, A Ali Azizi, Anand Kamalnayan Pandit	16.821
INDUSIND BANK LIMITED	BANGALORE	31-03-09	Bank of Maharashtra	P N Deshpande, Tuljapurkar Devidas Ramchandra, M D Mallya, Avinash Laxmikant Patil, H R Khan, Rajiv Madhok, Subhash Chandra Bhargava, A Ali Azizi, Tarun Bajaj, Anand Kamalnayan Pandit	16.821
INDUSIND BANK LIMITED	BANGALORE	30-06-09	Bank of Maharashtra	A Ali Azizi, Avinash Laxmikant Patil, Anand Kamalnayan Pandit, Tarun Bajaj, Rajiv Madhok, M D Mallya, Tuljapurkar Devidas Ramchandra, H R Khan, Subhash Chandra Bhargava, P N Deshpande	16.821
INDUSIND BANK LIMITED	BANGALORE	30-09-09	Bank of Maharashtra	Anand Kamalnayan Pandit, H R Khan, Tuljapurkar Devidas Ramchandra, Avinash Laxmikant Patil, Subhash Chandra Bhargava, A Ali Azizi, Tarun Bajaj, P N Deshpande, Rajiv Madhok, M D Mallya	16.821
INDUSIND BANK LIMITED	BANGALORE	31-12-09	Bank of Maharashtra	P N Deshpande, Tuljapurkar Devidas Ramchandra, Subhash Chandra Bhargava, Anand Kamalnayan Pandit, Avinash Laxmikant Patil, M D Mallya, H R Khan, Rajiv Madhok, Tarun Bajaj, A Ali Azizi	16.821
INDUSIND BANK LIMITED	BANGALORE	31-03-10	Bank of Maharashtra	H R Khan, Anand Kamalnayan Pandit, Subhash Chandra Bhargava, M D Mallya, Rajiv Madhok, Avinash Laxmikant Patil, A Ali Azizi, P N Deshpande, Tarun Bajaj, Tuljapurkar Devidas Ramchandra	16.821
INDUSIND BANK LIMITED	BANGALORE	30-06-10	Bank of Maharashtra	H R Khan, Tuljapurkar Devidas Ramchandra, P N Deshpande, M D Mallya, Rajiv Madhok, Avinash Laxmikant Patil, Subhash Chandra Bhargava, Tarun Bajaj, A Ali Azizi, Anand Kamalnayan Pandit	16.821
INDUSIND BANK LIMITED	BANGALORE	30-09-10	Bank of Maharashtra	Tarun Bajaj, A Ali Azizi, M D Mallya, Anand Kamalnayan Pandit, Rajiv Madhok, Tuljapurkar Devidas Ramchandra, Avinash Laxmikant Patil, H R Khan, Subhash Chandra Bhargava, P N Deshpande	16.821
INDUSIND BANK LIMITED	BANGALORE	31-12-10	Bank of Maharashtra	Anand Kamalnayan Pandit, M D Mallya, Rajiv Madhok, H R Khan, Subhash Chandra Bhargava, Avinash Laxmikant Patil, A Ali Azizi, P N Deshpande, Tarun Bajaj, Tuljapurkar Devidas Ramchandra	16.821
INDUSIND BANK LIMITED	BANGALORE	31-03-11	Bank of Maharashtra	Rajiv Madhok, Avinash Laxmikant Patil, Tuljapurkar Devidas Ramchandra, A Ali Azizi, M D Mallya, Subhash Chandra Bhargava, Tarun Bajaj, Anand Kamalnayan Pandit, H R Khan, P N Deshpande	16.821
INDUSIND BANK LIMITED	BANGALORE	30-06-11	Bank of Maharashtra	P N Deshpande, Subhash Chandra Bhargava, H R Khan, Tarun Bajaj, Rajiv Madhok, Avinash Laxmikant Patil, Tuljapurkar Devidas Ramchandra, M D Mallya, A Ali Azizi, Anand Kamalnayan Pandit	16.821
INDUSIND BANK LIMITED	BANGALORE	30-09-11	Bank of Maharashtra	M D Mallya, A Ali Azizi, H R Khan, Anand Kamalnayan Pandit, P N Deshpande, Subhash Chandra Bhargava, Tarun Bajaj, Rajiv Madhok, Avinash Laxmikant Patil, Tuljapurkar Devidas Ramchandra	16.821
INDUSIND BANK LIMITED	BANGALORE	31-12-11	Bank of Maharashtra	Rajiv Madhok, Avinash Laxmikant Patil, A Ali Azizi, Tuljapurkar Devidas Ramchandra, Tarun Bajaj, M D Mallya, Subhash Chandra Bhargava, H R Khan, Anand Kamalnayan Pandit, P N Deshpande	16.821
INDUSIND BANK LIMITED	BANGALORE	31-03-12	Bank of Maharashtra	P N Deshpande, H R Khan, Subhash Chandra Bhargava, Tarun Bajaj, Rajiv Madhok, Tuljapurkar Devidas Ramchandra, Avinash Laxmikant Patil, M D Mallya, Anand Kamalnayan Pandit, A Ali Azizi	16.821
INDUSIND BANK LIMITED	BANGALORE	30-06-12	Bank of Maharashtra	M D Mallya, A Ali Azizi, H R Khan, P N Deshpande, Anand Kamalnayan Pandit, Tarun Bajaj, Subhash Chandra Bhargava, Rajiv Madhok, Avinash Laxmikant Patil, Tuljapurkar Devidas Ramchandra	16.821
INDUSIND BANK LIMITED	BANGALORE	30-09-12	Bank of Maharashtra	Rajiv Madhok, Tuljapurkar Devidas Ramchandra, A Ali Azizi, Avinash Laxmikant Patil, M D Mallya, Subhash Chandra Bhargava, Tarun Bajaj, H R Khan, Anand Kamalnayan Pandit, P N Deshpande	16.821
INDUSIND BANK LIMITED	BANGALORE	31-12-12	Bank of Maharashtra	P N Deshpande, H R Khan, Rajiv Madhok, Tuljapurkar Devidas Ramchandra, A Ali Azizi, Avinash Laxmikant Patil, M D Mallya, Subhash Chandra Bhargava, Tarun Bajaj, Anand Kamalnayan Pandit	16.821
INDUSIND BANK LIMITED	BANGALORE	30-09-13	Bank of Maharashtra	P N Deshpande, H R Khan, Rajiv Madhok, Avinash Laxmikant Patil, A Ali Azizi, Tuljapurkar Devidas Ramchandra, M D Mallya, Subhash Chandra Bhargava, Tarun Bajaj, Anand Kamalnayan Pandit	16.821
INDUSIND BANK LIMITED	BANGALORE	31-12-13	Bank of Maharashtra	M D Mallya, P N Deshpande, A Ali Azizi, Anand Kamalnayan Pandit, H R Khan, Subhash Chandra Bhargava, Tarun Bajaj, Rajiv Madhok, Avinash Laxmikant Patil, Tuljapurkar Devidas Ramchandra	16.821
INDUSIND BANK LIMITED	BANGALORE	31-03-14	Bank of Maharashtra	Avinash Laxmikant Patil, Tuljapurkar Devidas Ramchandra, A Ali Azizi, Tarun Bajaj, Subhash Chandra Bhargava, M D Mallya, Anand Kamalnayan Pandit, P N Deshpande, H R Khan, Rajiv Madhok	16.821
INDUSIND BANK LIMITED	BANGALORE	30-06-14	Bank of Maharashtra	P N Deshpande, Tarun Bajaj, Subhash Chandra Bhargava, Rajiv Madhok, Tuljapurkar Devidas Ramchandra, Avinash Laxmikant Patil, M D Mallya, Anand Kamalnayan Pandit, H R Khan, A Ali Azizi	16.821
INDUSIND BANK LIMITED	BANGALORE	30-09-14	Bank of Maharashtra	P N Deshpande, Tarun Bajaj, Subhash Chandra Bhargava, Rajiv Madhok, Tuljapurkar Devidas Ramchandra, Avinash Laxmikant Patil, M D Mallya, Anand Kamalnayan Pandit, H R Khan, A Ali Azizi	16.821
INDUSIND BANK LIMITED	BANGALORE	31-12-14	Bank of Maharashtra	P N Deshpande, Tarun Bajaj, Subhash Chandra Bhargava, Rajiv Madhok, Tuljapurkar Devidas Ramchandra, Avinash Laxmikant Patil, M D Mallya, Anand Kamalnayan Pandit, H R Khan, A Ali Azizi	16.821
INDUSIND BANK LIMITED	BANGALORE	31-03-15	Bank of Maharashtra	M D Mallya, Rajiv Madhok, P N Deshpande, Tuljapurkar Devidas Ramchandra, Anand Kamalnayan Pandit, Subhash Chandra Bhargava, Avinash Laxmikant Patil, A Ali Azizi, Tarun Bajaj, H R Khan	16.821

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 31-03-2015.

INFORMATION DENIED BY

Name :	Mr. Dheeraj Tiwari
Designation :	Accountant
Contact No.:	91-20-25532731
Name :	Mr. Sriniwas
Designation :	Accountant
Contact No.:	91-20-25532731
Date :	04.11.2015

LOCATIONS

Registered Office/ Head Office/ Central Offices :	‘Lokmangal’, 1501, Shivaji Nagar, Pune – 411 005, Maharashtra, India
Tel. No.:	91-20 -25532731, 733, 734, 735, 736, 25532728, 25514501-12, 25513781
Fax No.:	Not Available
Website :	http://www.bankofmaharashtra.in
Training Centers :	Located at Pune Mumbai Nagpur
Zonal Offices :	Located at : Ahmedabad Ahmednagar Akola Amravati Bengaluru Aurangabad Bhopal Chandigarh Chandrapur Chennai Delhi Goa Hyderabad Indore Jabalpur Jaipur Jalgaon Kolhapur Kolkata Latur Lucknow Mumbai City Mumbai Suburb Thane Nagpur Nasik Pune City Pune East Pune West Raigad Raipur Ratnagiri Solapur Satara
	Note: The bank has 1880 Branch offices

DIRECTORS

As on 31.03.2015

Name :	Mr. S. Muhnot
Designation :	Chairman and Managing Director
Date of Birth	19.09.1956
Qualifications :	B. Tech, MBA with CAIIB and Masters in Ecology and Environment.
Date of Appointment :	09.11.2013
Name :	Mr. R. Athmaram
Designation :	Executive Director
Date of Birth	27.10.1956
Qualifications :	B.E., MBA , CAIIB
Date of Appointment :	07.08.2013
Name :	Mr. R. K. Gupta
Designation :	Executive Director
Date of Birth	16.04.1960
Qualifications :	M.Sc. (Physics), LL.B, CAIIB, Dip. in Banking Management
Date of Appointment :	31.12.2013
Name :	Mr. Ateesh Singh
Designation :	Government Nominee
Name :	Mr. Ramadev Saydiwal
Designation :	Workmen Employee Director
Name :	Mr. Sanjeev Jain
Designation :	Part Time Non-Official Director
Name :	Mr. G. Sreekumar
Designation :	Director - RBI Representative
Name :	Mr. Premchandra Amolakchand Sethi
Designation :	Shareholder Director
Name :	R. Thamodharan
Designation :	Shareholder Director

KEY EXECUTIVES

Name :	Makarand Krishana Deval
Designation :	Chief Manager, Customer Service
Name :	Mr. Narender T. Kabra
Designation :	General Manager
Name :	Mr. S. Bharat Kumar
Designation :	General Manager
Name :	Mr. P. N. Deshpande
Designation :	General Manager
Name :	Mr. Nandkumar V. Pujari
Designation :	General Manager, FMA and Treasury
Name :	Mr. M.C. kulkarni
Designation :	General Manager, IT
Name :	Mr. R.K. Pandey
Designation :	General Manager, Vigilance and CVO
Name :	Mr. Philip D’Silva
Designation :	General Manager
Name :	Mr. A.Y. Shedshale
Designation :	General Manager
Name :	Mr. Rajkiran Bhoir
Designation :	General Manager
Name :	Mr. L. M. Deshmukh
Designation :	General Manager
Name :	Mr. Manoj Biswal
Designation :	General Manager
Name :	Mr. R.H. Phadnis
Designation :	General Manager
Name :	Mr. Dheeraj Tiwari
Designation :	Accountant
Name :	Mr. Sriniwas
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2015

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Central Government / State Government(s)	848373774	79.80
Sub Total	848373774	79.80
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	848373774	79.80
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	43496	0.00
Financial Institutions / Banks	428086	0.04
Insurance Companies	152690471	14.36
Foreign Institutional Investors	3572229	0.34
Sub Total	156734282	14.74
(2) Non-Institutions
Bodies Corporate	4342532	0.41
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	41510232	3.90
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	10177487	0.96
Any Others (Specify)	2044614	0.19
Trusts	112000	0.01
Non Resident Indians	1932514	0.18
Overseas Corporate Bodies	100	0.00
Sub Total	58074865	5.46
Total Public shareholding (B)	214809147	20.20
Total (A)+(B)	1063182921	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	1063182921	0.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

Sl.No.	Name of the Shareholder	No. of Shares held	As a % of grand total (A)+(B)+(C)
1	President of India	84,83,73,774	79.80
	Total	84,83,73,774	79.80

(*) The term encumbrance has the same meaning as assigned to it in regulation 28(3) of the SAST Regulations, 2011.

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares
1	Life Insurance Corporation of India P & GS Fund	27165676	2.56
2	Life Insurance Corporation of India	121407028	11.42
	Total	148572704	13.97

Shareholding of securities (including shares, warrants, convertible securities) of persons (together with PAC) belonging to the category “Public” and holding more than 5% of the total number of shares of the company

Sl. No.	Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them	No. of Shares	Shares as % of Total No. of Shares
1	Life Insurance Corporation of India	121407028	11.42
	Total	121407028	11.42

Details of Locked-in Shares

Sl. No.	Name of the Shareholder	No. of Shares	Locked-in Shares as % of Total No. of Shares
1	President of India	84,83,73,774	79.80
	Total	84,83,73,774	79.80

BUSINESS DETAILS

Line of Business :	Banking Activities
Products/ Services :	Banking Services
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour	Market Goodwill	Overall
Not Divulged	Not Divulged	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 :

Product Quality	Delivery Behaviour	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

No. of Employees :

14189 (Approximately)

Bankers :

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

Facilities :

(Rs. In Million)

BORROWING	As on 31.03.2015	As on 31.03.2014
Reserve Bank of India	24900.000	26640.000
Other Banks	3000.000	0.000
Other Institutions and Agencies	32256.936	24411.328
Innovative Perpetual Debt Instruments (IPDI)	12950.000	2950.000
Hybrid Debt Capital Instruments issued as Bonds	12500.000	12500.000
Subordinated Debt Bonds	15550.000	15550.000
Infra Bonds	10000.000	0.000
Borrowings Outside India	110.309	1213.407
Total	111267.245	83264.735

Auditor 1 :
Name :	G Basu and Company Chartered Accountants
Address :	3 Chowringhee Approach, Basu House, Kolkata- 700 072, West Bengal, India
Auditor 2 :
Name :	Singh Ray Mishra and Company Chartered Accountants
Address :	S R 31, Ashoka Market, Station Sequre, Bhubaneshwar-751001, Odisha, India
Auditor 3 :
Name :	A.R. Sulakhe and Company Chartered Accountants
Address :	Anand Apartment, 1180/2, Shivaji Nagar, Pune-411005, Maharashtra, India
Auditor 4 :
Name :	Parakh and Company Chartered Accountants
Address :	323, third Floor, Ganpati Plaza, Jaipur – 302001, Rajasthan, India
Memberships :	--
Collaborators :	--
Subsidiary of the Bank:	The Maharashtra Executor and Trustee Company Private Limited
Associate of the Bank:	Maharashtra Gramin Bank

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
300,00,00,000	Equity Shares	Rs.10/- each	Rs. 30000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
84,83,73,774	Equity Shares	Rs.10/- each	Rs. 8483.738 Million
21,48,09,147	Equity Shares	Rs.10/- each	Rs. 2148.091 Million
	Total		Rs. 10631.829 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

PARTICULAR	31.03.2015	31.03.2014	31.03.2013
CAPITAL AND LIABILITIES
Capital	10631.829	14270.958	12494.759
Reserves and Surplus	70041.517	59410.459	51474.623
Deposits	1221189.425	1168030.891	943369.318
Borrowings	111267.245	83264.735	128774.882
Other Liabilities and Provisions	47057.911	38223.477	33414.474
TOTAL CAPITAL AND LIABILITIES	1460187.927	1363200.520	1169528.056
ASSETS
Cash and Balances with Reserve Bank of India	66527.493	59913.872	52652.908
Balances with Banks and Money at Call and Short Notice	1003.649	1109.099	9075.545
Investments	367147.914	372495.839	314303.140
Advances	985990.998	889203.990	754707.779
Fixed Assets	14321.730	14460.078	14294.744
Other Assets	25196.143	26017.642	24493.940
TOTAL ASSETS	1460187.927	1363200.520	1169528.056
Contingent Liabilities	310058.684	251198.441	243617.556
Bills for Collection	33347.451	30673.111	25489.973

PROFIT & LOSS ACCOUNT

PARTICULAR	31.03.2015	31.03.2014	31.03.2013
INCOME
Interest Earned	126654.435	119566.568	96134.321
Other Income	10059.808	8941.899	9120.007
TOTAL INCOME	136714.243	128508.467	105254.328
EXPENDITURE
Interest Expended	87904.047	84477.252	65800.848
Operating Expenses	25259.304	23967.488	17966.428
Provision and contingencies	19043.974	16204.046	13891.856
TOTAL EXPENDITURE	132207.325	124648.786	97659.132
NET PROFIT FOR THE YEAR	4506.918	3859.681	7595.196
Add: Profit brought forward	301.420	0.000	4453.538
Total	4808.338	3859.681	12048.734
APPROPRIATION / TRANSFERS
Transfer to Statutory Reserve	1126.730	964.921	1898.799
Transfer to Capital Reserve	353.906	128.642	206.254
Transfer to Revenue Reserve	301.420	0.000	4453.538
Special Reserve	500.000	750.000	1500.000
Investment Reserve	140.625	113.862	161.147
Proposed dividend (PNCPS)	0.000	529.200	499.800
Proposed dividend (Equity)	850.546	0.000	1521.395
Tax on Dividend	170.059	89.938	343.502
Balance Carried Over to Balance Sheet	1365.052	301.418	1464.299
TOTAL	4808.338	3859.681	12048.734
Earnings per share
Basic & Diluted (Rs.)	4.50	4.56	11.88

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	NA	NA	NA

QUARTERLY RESULTS

PARTICULARS	30.06.2015 1^st Quarter
Audited / UnAudited	UnAudited
Interest Earned	33212.600
Income On Investments	6640.100
Interest On Balances With Rbi Other Inter Bank Funds	59.000
Interest / Discount On Advances / Bills	25479.600
Others	1033.900
Other Income	2048.700
Total Income	35261.300
Interest Expended	22980.600
Operating Expenses	6183.000
Total Expenditure	6183.000
Operating Profit Before Provisions and Contingencies	6097.700
Exceptional Items	NA
Provisions and contingencies	4839.100
Profit Before Tax	1258.600
Tax	664.200
Profit After Tax	594.400
+/- Extraordinary Items	NA
+/- Prior period items	NA
Net Profit	594.400

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	12494.759	14270.958	10631.829
Reserves & Surplus	51474.623	59410.459	70041.517
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	63969.382	73681.417	80673.346
Borrowings	128774.882	83264.735	111267.245
Total borrowings	128774.882	83264.735	111267.245
Debt/Equity ratio	2.013	1.130	1.379

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)
Interest Earned	96134.321	119566.568	126654.435
		24.374	5.928

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Interest Earned	96134.321	119566.568	126654.435
Profit	7595.196	3859.681	4506.918
	7.90%	3.23%	3.56%

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	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	No
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	Yes
33]	Market information	--
34]	Payments terms	No
35]	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS
Bench:- Bombay
Presentation Date:- 05/03/2015
Lodging No. :	SL/220/2015	Failing Date:-	05/03/2015	Reg. No.:-	S/361/2015
Reg. Date:-	28/04/2015
Petitioner:-	THE RAILWAY GOODS CLEARING AND FORWARDING ESTABLISHMENTS LABOUR BOARD FOR GREATER BOMBAY	Respondent:-	BANK OF MAHARASHTRA
Petn.Adv:-	DIVEKAR AND CO. (303)
District:-	MUMBAI
Bench:-	SINGLE	Category:-	CIVIL SUITS.
Status:-	Pre-Admission	Stage:-	FOR DISMISSAL
Next Date:-	20/11/2015
Coram:-	REGISTRAR(OS)/PROTHONOTARY & SR. MASTER
Last Date:-	11/08/2015	Stage:-	FOR DIRECTION
Last Coram:-	REGISTRAR(OS)/PROTHONOTARY AND SR. MASTER
Act. :	Code of Civil Procedure 1908

MANAGEMENT DISCUSSION AND ANALYSIS

ECONOMIC AND BANKING SCENARIO 2014-15:

Global economy is expected to grow at 3.5 per cent in 2015 (weaker by 0.3 percentage point from earlier projections) as per the World Economic Outlook (WEO) April 2015 update, with unequal spread and higher growth projections for the advanced economies relative to 2014.

RBI’s projection of growth of 5.5% for domestic economy for 2014-15, is widely divergent from the CSO forecast of around 7% based on new GDP data.

Slowly reaffirming growth pattern, reigned in inflation, benign global commodity prices riding on low crude oil prices, commitment to keep fiscal deficit in check, more or less stabilised rupee and current account deficit; have presented India as one amongst the most attractive Investment destinations to the investors across the globe.

However economy is back on growing track is yet to be confirmed by some very important indicators. Indian banking industry recorded the slowest growth of 11.4% in deposits in last 51 years, in comparison to 14.1% in 2014. Bank Credit of Scheduled Commercial Bank’s also posted slow growth with year end figure of Rs. 65646.80 billion( Y-O-Y rise is 9.5%). Reserve Bank of India came out with rate cut twice in the year 2014-15 with 50 basis point in order to encourage Banks to lend more to boost investment in the economy.

OUTLOOK FOR 2015-16

Better growth prospects in the emerging markets are projected to drive the global growth to 3.8 percent in 2016. (WEO, April 2015)

Assuming no major changes in the economic structure and fiscal road map, normal monsoon and no major external or policy shocks, the inflation will be contained at around 5%. Domestic demand will guide the growth to 8.1 to 8.5% as per the Economic Survey.

PERFORMANCE OF BUSINESS: 2014-15

BUSINESS

Total Business of the Bank stood at Rs. 2233290.000 Million as on 31.03.2015 as compared to Rs.2071720.000 Million last year (growth of 7.80%).

DEPOSITS

Total deposit stood at Rs. 1221190.000 Million as compared to Rs. 1168030.000 Million last year (growth of 4.55%). CASA deposit stood at Rs. 452970.000 Million against last year figure of Rs. 419210.000 Million (growth of 8.05%). Total CASA percentage stood at 37.09 as against last year CASA % of 35.89, denoting low cost deposit growth.

Credit Deployment

Gross advances of the Bank increased from Rs. 903690.000 Million as on 31.3.2014 to Rs. 1012100.000 Million as on 31.3.2015 (growth of 12.00%) as a result of Bank’s customer centric approach. Establishing Central Processing Cells at all the 34 zones was a major initiative during the year. The centralized processing is expected to improve quality of appraisal and reduce undue delays in credit delivery mechanism. Efforts are continued to improve portfolio yield by reshuffling the portfolio mix.

STATEMENT OF UNAUDITED (REVIEWED) FINANCIAL RESULT FOR THE QUARTER YEAR ENDED 30TH JUNE 2015

(Rs. In Million)

	Particulars	Quarter Ended
		30.06.2015
		Unaudited
	Interest earned	33212.600
	Interest / discount on Advances / bills	25479.600
	Income on Investments	6640.100
	Interest on Balances with RBI & other interbank funds	59.000
	Interest Others	1033.900
	Other Income	2048.700
	Total Income	35261.300
	Interest Expended	22980.600
	Operating Expenses	6183.000
	Employee Cost	3857.400
	Other operating expenses	2325.600
Less	Total Expenditure for Banks	29163.600
	Operating Profit Before Provisions and Contingencies	6097.700
Less	Provisions (other than tax) and Contingencies	4839.100
	Exceptional Items	0.000
	Profit (+)/ Loss (-) from Ordinary Activities before Tax	1258.600
Less	Tax	664.200
	Net Profit (+)/ Loss (-) from Ordinary Activities after Tax	594.400
Less	Extraordinary Items	0.000
	Net Profit	594.400
	Equity Capital
	Paid-up equity share capital Face Value (in Rs.10 .00 each)	10631.800
	Reserves excluding revolution reserves (As per balance sheet of previous accounting year)	59880.100
	Percentage of Share held by Government of India	79.800
	Capital Adequacy Ratio Basel II	12.45
	Capital Adequacy Ratio Basel III	11.61
	EPS before Extraordinary items (in Rs)
	Basic & Diluted EPS before and After Extraordinary items, net of tax expenses not annualized for quarter	0.56
	NPA Ratio
	Gross NPA	75748.600
	Net NPA	47081.100
	% of Gross NPA	7.86
	% of Net NPAs	5.04
	Return on Assets (annualized) (%)	0.16
	Public Share holding
	Number of Shares	214809147
	Percentage of Shares	20.20
	Promoters and Promoter Group Shareholding
	Pledged / Encumbered
	Number of Shares	NIL
	Percentage of Shares (as a% of the total shareholding of promoter & prom group)	NIL
	Percentage of Shares (as a % of the total share capital of the company)	NIL
	Non-encumbered
	Number of Shares	848373774
	Percentage of Shares (as a% of the total shareholding of promoter & prom group)	100.00
	Percentage of Shares (as a % of the total share capital of the company)	79.80

NOTE:

The financial results for the quarter ended June 30, 2015 have been arrived at after considering provision for non-performing assets, standard assets, depreciation on investments, fixed assets, taxes and other usual and necessary provisions and on the basis of the same accounting policies as followed in the preceding financial year ended March 31, 2015.

In accordance with RBI circular No DBOD.NO.BP.BC.2/21.06.201/2013-14 dated July 1, 2013 Banks are required to make pillar III disclosure under Basel III capital requirement w.e.f from September 30, 2013. The disclosers are being made available.

Pursuant to the RBI circular DBR.BP.BC.No dated July 16, 2015, the Bank has classified deposits placed with NABARD / SIDBI / NHB for meeting shortfall in priority sector lending under “Other Assets” which were hitherto included under “Investments”. Consequently, interest income from such deposits has been classified under the head "Interest Others” which was hitherto included under “Interest on Investments”.

In respect of revision in pay and allowances payable to employees from November 2012, the Bank has made provision of Rs. 215.000 Million during the quarter June 30, 2015 on estimate basis (Provision made for previous quarter Rs. 407.500 Million). The aggregate provision held as on June 30, 2015 stands at Rs. 333.7000 Million.

Pursuant to RBI Circular DBR.No.BP.BC.dated July 02, 2015, the Bank has changed the discount rate to ascertain the diminution in the fair value of restructured advances on Net Present Value basis for making provision on such advances and has recomputed the diminution in fair value; accordingly, an amount of Rs.2232.800 Million has been written back during the quarter.

The figures of the earlier periods have been regrouped / reclassified / rearranged, wherever necessary.

The above results have been reviewed by the Audit Committee of the Board and approved by the Board of Directors of the Bank in its meeting held on August 12, 2015. The results have been subjected to Limited Review by the Statutory Central Auditors, and compiled as per the Listing Agreement with Stock Exchanges.

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED

Sr. No.	Particular	Quarter Ended
		30.06.2015
		(Unaudited)
1.	Segment Revenue
	Treasury Operations	7190.700
	Corporate/ Wholesale Banking Operations	16409.400
	Retail Banking Operations	10376.700
	Other Banking Operations	1284.500
	Add/Less : Unallocated	0.000
	TOTAL	35261.300
	Less: Inter Segment Revenue	0.000
	Income from operations	35261.300
2.	Segment Revenue
	Treasury Operations	(385.600)
	Corporate/ Wholesale Banking Operations	3363.800
	Retail Banking Operations	(2135.500)
	Other Banking Operations	415.900
	Unallocated	0.000
	TOTAL	1258.600
	Less : Other Unallocated Expenditure net off	0.000
	TOTAL PROFIT BEFORE TAX	1258.600
	Taxes including deferred taxes	664.200
	Extraordinary profit / loss	0.000
	NET PROFIT After TAX	594.400
3.	CAPITAL EMPLOYED
	(Segment Assets-Segment Liabilities)
	Treasury Operations	7220.800
	Corporate/ Wholesale Banking Operations	52767.600
	Retail Banking Operations	32236.400
	Other Banking Operations	(19997.000)
	Unallocated	8927.500
	TOTAL	81155.300

WEBSITE DETAILS:

MAHARASHTRA BANK UNION SAYS RS. 845800.000 MILLION IN WILFUL DEFAULTS

Date : 02.01.2015

The Maharashtra State Bank Employees Federation released the list with names and amount outstanding as on 30 March

A bank union in Maharashtra on Thursday released a list of wilful defaulters of loans over Rs.10.000 Million each that totalled Rs.845797.200 Million.

Maharashtra State Bank Employees Federation released the list with names and amount outstanding as on 30 March. The union’s general secretary Vishwas Utagi claimed the list been prepared by the Reserve Bank of India (RBI). Mintcould not independently verify the claim.

While the central bank tracks wilful defaulters closely and maintains a list, it is not available to the public. It is, however, circulated among banks to prevent further lending to such firms and individuals.

RBI has not released the total quantum of loans classified under the wilful default category but in a 2 December interaction with the media, governor Raghuram Rajan had said the number was large.

“It’s big, depending on what you call big, but I would doubt that it would extend into the lakhs of Million. I think it would be more in the tens of thousands of Million. That in itself is a big number, but it’s not the central number that’s responsible for the weakness in the banking sector in terms of stressed assets,” said Rajan.

Under the present RBI guidelines issued in July 2012, a wilful default is said to have happened when either a borrower has not paid the bank even if he has the capacity to repay, when the funds sanctioned by the bank have been diverted by the borrower for other purposes, when the borrower has siphoned off funds sanctioned by the bank or when the borrower, without the knowledge of the lender, has disposed of the property or moveable assets which were pledged for availing the loan.

Once a company is termed as a wilful defaulter, it cannot access further financing from the banking sector.

Rajan has been stressing the need to deal firmly with wilful defaulters and termed such defaulters as freeloaders in a 25 November speech. RBI has also tightened its rules and created a new category called non-cooperative borrowers and has asked banks to make higher provisions against any further lending to such firms and promoters.

According to the list released by the Maharashtra State Bank Employees Federation, the total number of wilful defaulter accounts stands at 4,387. Maharashtra tops the list of states with most wilful defaulters. In Maharashtra, 1,145 accounts, amounting to Rs.345854.300 Million, has wilfully defaulted on repayments. This is followed by Delhi, with 423 accounts defaulting on Rs.83670.500 Million and West Bengal, with 526 accounts defaulting on Rs.6,6350.800 Million.

The list doesn’t have all-India details of banks and the defaulters, but in Maharashtra the highest outstanding wilful default was seen at Life Insurance Corp. of India (LIC). LIC’s wilful default outstanding as on March 2014 was atRs.101095.900 Million, followed by Central Bank of India at Rs.34301.900 Million and State Bank of India at Rs.28765.500 Million.

The union also released names of a number of companies, including that of Kingfisher Airlines Limited Banks, including United Bank of India, are in the process of declaring them wilful defaulters. However, last week, the Calcutta high court quashed that claim on technical grounds.

Mint is not publishing the names of these companies as there is no independent confirmation that the companies names have been declared as wilful defaulters.

MAHARASHTRA BK ALLOTS 105.200 MILLION SHARES TO GOVERNMENT FOR RS 3940.000 MILLION

Oct 15, 2015

Post the issuance, the government's holding in the bank would increase to 81.61 percent from the existing 79.80 percent.

Bank of Maharashtra today said it has allotted over 105.200 Million equity shares to the government valued at Rs 3939.900 Million in exchange of infusion of capital into the bank. "... on receipt of the funds from the government, the Board of Directors of the Bank at its meeting held today, has issued and allotted 10,51,50,787 equity shares at the issue price of Rs 37.47 per equity shares on preferential basis to government," it said in a regulatory filing. The equity allotment was decided at the board meeting of the bank today. The shares so allotted will be locked in for a period of three years from the date of receipt of trading approval from stock exchanges, it added. Post the issuance, the government's holding in the bank would increase to 81.61 percent from the existing 79.80 percent.

BANK OF MAHARASHTRA BAGGED TWO AWARDS FROM IDRBT

Bank of Maharashtra has bagged two prestigious awards in the 11th “banking Technology Excellence Awards 2014‐15” organized by IDRBT (Institute for Development and Research in Banking Technology – Established by RBI)

The Bank has been awarded as the “Best Bank among Mid –Sized Banks” in the following categories:

1. Use of Technology for Fraud Prevention and NPA Management and

2. Managing IT Infrastructure

Shri Raghuram G. Rajan, Governor, Reserve Bank of India handed over these coveted awards to Shri R Athmaram, Executive Director of the Bank at a function held at IDRBT, Hyderabad on 23.10.2015

The receipt of these awards is ample testimony of the Bank’s commitment towards rendering safe and secured services for its esteemed customers through adoption of the best of the breed technologies. The Bank’s IT division has been awarded ISO Certification of IS 27001:2013. It may be noted that Bank has got the IDRBT awards for the third year in the succession.  

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.65.45
UK Pound	1	Rs.100.96
Euro	1	Rs.72.10

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	KVT/JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	YES
--EPF	YES/NO	NO
TOTAL		68

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.