MIRA INFORM REPORT

Report No. :	344377
Report Date :	10.10.2015

IDENTIFICATION DETAILS

Name :	CAIRN INDIA LIMITED
Registered Office :	101, First Floor, ‘C’ Wing, Business Square, Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra
Tel. No.:	91-124-4593000
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	21.08.2006
Com. Reg. No.:	11-163934
Capital Investment / Paid-up Capital :	Rs. 18748.500 Million
CIN No.: [Company Identification No.]	L11101MH2006PLC163934
IEC No.:	0311020950
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in the business of surveying, prospecting, drilling, exploring, acquiring, developing, producing, maintaining, refining, storing, trading, supplying, transporting, marketing, distributing, importing, exporting and generally dealing in minerals, oils, petroleum, gas and related by-products and other activities incidental to the above.
No. of Employees :	1619 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an oil and gas exploration and production company. It produces oil and gas from three blocks in India. The company financial flexibility is driven by large net worth of Rs. 370511 million and current investments of Rs. 123029 million as on March 31, 2015. Rating takes into consideration company’s well established track record of business operations marked by its healthy operating efficiencies along with adequate financial base and favorable liquidity position of the company. However, the company financial leverage is expected to increase because of merger between Vedanta limited and Cairn India limited. Vedanta has a high financial leverage, whereas Carin has no such financial leverage. In view of aforesaid, 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	ICRA
Rating	Issuer rating (withdrawn)=AAA
Rating Explanation	Highest degree of safety and Carry lowest credit risk
Date	May, 2015

NOTE: The rating was earlier put on notice of withdrawal for two months in March 2015. The withdrawal is at the request of the company.

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 31-03-2015.

INFORMATION DECLINED

MANAGEMENT NON-COOPERATIVE

(Contact No: 91-124-4593000)

LOCATIONS

Registered Office :	101, First Floor, ‘C’ Wing, Business Square, Andheri Kurla Road, Andheri (East), Mumbai - 400059, Maharashtra, India
Tel. No.:	91-22-40902613
Fax No.:	91-22-40902633
E-Mail :	neerja.sharma@cairnindia.com
Website :	www.cairnindia.com
Corporate Office:	DLF Atria, Phase 2, Jacaranda Marg, DLF City, Gurgaon - 122 002, Haryana, India
Tel. No.:	91-124-4593000
Fax No.:	91-124-4145612
E-Mail :	cilmedia@cairnindia.com

DIRECTORS

AS ON 31.03.2015

Name :	Mr. Navin Agarwal
Designation :	Chairman and Non- Executive Director
Date of Birth/Age :	54 Years
Profile :	Is the Chairman of Vedanta Limited (erstwhile Sesa Sterlite Limited) and Cairn India Limited, and Deputy Executive Chairman of Vedanta Resources Plc. Mr. Agarwal plays a key role in developing the strategic thinking and governance framework of the Vedanta Group, and provides leadership for its long-term planning, business and leadership development and capital planning. He has been part of the Group for the last 33 years since its inception, and has been instrumental in shaping and executing the strategy of the Group, as it has expanded through a combination of inorganic and organic growth, executing projects of global scale.
DIN No.:	00006303
Name :	Mr. Naresh Chandra
Designation :	Non-Executive and Independent Director
Date of Birth/Age :	80 Years
Qualification :	Graduated with Masters’ degree in Mathematics from Allahabad University.
Profile :	A former civil servant, he joined the Indian Administrative Services in 1956 and has served as Chief Secretary of Government of Rajasthan, Commonwealth Secretariat Advisor on Export Industrialization and Policy in Colombo (Sri Lanka), advisor to the Governor of Jammu and Kashmir, and successively Secretary to the Ministries of Water Resources, Defence, Home and Justice in the Government of India. In December 1990, he became Cabinet Secretary, the highest post in the Indian Civil Service. In 1992, he was appointed as the Senior Advisor to the Prime Minister of India. He has served as the Governor of the state of Gujarat during 1995-1996 and Ambassador of India to the United States of America during 1996-2001. He has also chaired the Committee on Corporate Audit and Governance, the Committee on Private Companies and Limited Liability Partnerships and the Committee on Civil Aviation Policy for the Government of India. He has been honoured with the Padma Vibhushan, a high civilian award, by the President of India in 2007. He is currently serving as a director on Board of some listed companies like Bajaj Auto, Bajaj Finserv, Vedanta Limited (erstwhile Sesa Sterlite Limited) etc.
DIN No.:	00015833
Name :	Mr. Aman Mehta
Designation :	Non-Executive and Independent Director
Date of Birth/Age :	68 Years
Qualification :	Is an economics graduate from Delhi University.
Profile :	He has over 38 years’ experience in various positions with the HSBC Group from where he retired in January 2004 as CEO Asia Pacific. Mr. Mehta occupies himself primarily with corporate governance, with Board and advisory roles in a range of Companies and Institutions in India as well as overseas. Formerly, he has been a Supervisory Board member of ING Group NV and a Director of Raffles Holdings, Singapore. He is also a member of the governing board of the Indian School of Business, Hyderabad and a member of the International Advisory Board of Prudential of America.
DIN No.:	00009364
Name :	Mr. Edward T. Story
Designation :	Non-Executive and Independent Director
Date of Birth/Age :	71 Years
Qualification :	Holds a Bachelor of Science degree from Trinity University, San Antonio, Texas, a Masters degree in Business Administration from the University of Texas and an honorary Doctorate degree by the Institute of Finance and Economics of Mongolia.
Profile :	He is a member of the North America Mongolia Business Council. Mr. Story has 49 years’ experience in the international oil and gas industry and is the founder, President and Chief Executive Officer of the London Stock Exchange listed SOCO International Plc.
DIN No.:	02582353
Name :	Ms. Priya Agarwal
Designation :	Non- Executive Director
Date of Birth/Age :	25 Years
Qualification :	Has done B.Sc. Psychology with Business Management from the University of Warwick in the UK.
Profile :	She had experience in Public Relations with Ogilvy and Mather and in Human Resources with KornFerry International, Vedanta Resources and HDFC Bank and in Strategic Planning with Rediffusion Y and R.
DIN No.:	05162177
Name :	Dr. Omkar Goswami
Designation :	Non-Executive and Independent Director
Date of Birth/Age :	58 Years
Qualification :	Holds a Master of Economics Degree from the Delhi School of Economics. He is a D. Phil in Economic History from Oxford University.
Profile :	He has taught in several academic institutions in India and abroad; edited one of India’s best known business magazines; was the Chief Economist of the Confederation of Indian Industry; and is the Executive Chairman of CERG Advisory Private Limited, a consulting and advisory firm. Dr. Goswami serves as an independent director on the boards of a number of companies and is an author of various books and research papers on economic history, industrial economics, public sector, bankruptcy laws and procedures, economic policy, corporate finance, corporate governance, public finance, tax enforcement and legal reforms.
DIN No.:	00004258
Name :	Mr. Tarun Jain
Designation :	Non- Executive Director
Date of Birth/Age :	06.03.1960
Qualification :	CWA, CA and CS
Expertise in specific functional areas :	Finance, Audit, taxation, secretarial and legal matters
Date of Appointment :	16.12.2011
DIN No.:	00006843
Name :	Mr. Mayank Ashar
Designation :	Managing Director and Chief Executive Officer
Date of Birth/Age :	30 April, 1955
Qualification :	MBA and Masters in Engineering
Expertise in specific functional areas :	Oil and Gas industry
Date of Appointment :	17.11.2014
DIN No.:	07001153

KEY EXECUTIVES

Name :	Mr. Sudhir Mathur
Designation :	Chief Financial Officer
Qualification :	Sudhir is a Bachelor of Economics from Shriram College of Commerce, Delhi University and MBA from Cornell University, New York.
Profile :	Sudhir has 27 years’ experience across core functions like Corporate Strategy, Finance and M and A, Restructuring and Regulatory Affairs, in reputed organizations like Aircel, GMR and Idea Cellular amongst others. A seasoned CFO with commercial orientation, Sudhir has been exposed to highgrowth sectors like Oil & Gas, Telecom and Infrastructure. He stepped into the role of Interim CEO in Cairn India at a critical time when the company had just embarked on executing its biggest ever 3 Year strategic plan of development and exploration.
Name :	Mr. Neerja Sharma
Designation :	Director - Assurance And Communication And Company Secretary
Board Committees:	Audit Committee · Aman Mehta (Chairman) · Naresh Chandra · Dr. Omkar Goswami · Edward T. Story · Tarun Jain Nomination and Remuneration Committee · Naresh Chandra (Chairman) · Aman Mehta · Dr. Omkar Goswami · Navin Agarwal · Tarun Jain CSR Committee · Naresh Chandra (Chairman) · Tarun Jain · Aman Mehta Risk Management Committe · Mayank Ashar (Chairman) · Sudhir Mathur · Tarun Jain Stakeholders’ Relationship Committee · Dr. Omkar Goswami (Chairman) · Edward T. Story · Tarun Jain

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2015

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	477227940	25.45
Sub Total	477227940	25.45
(2) Foreign
Bodies Corporate	645486059	34.43
Sub Total	645486059	34.43
Total shareholding of Promoter and Promoter Group (A)	1122713999	59.88
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	19013272	1.01
Financial Institutions / Banks	169783465	9.06
Central Government / State Government(s)	174532	0.01
Insurance Companies	5093392	0.27
Foreign Institutional Investors	245251708	13.08
Sub Total	439316369	23.43
(2) Non-Institutions
Bodies Corporate	13467121	0.72
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	49089682	2.62
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	6131807	0.33
Any Others (Specify)	244133774	13.02
Non Resident Indians	2539137	0.14
Clearing Members	1397021	0.07
Foreign Portfolio Investors	52758647	2.81
Hindu Undivided Families	2126093	0.11
Trusts	1187112	0.06
Others	184125764	9.82
Sub Total	312822384	16.69
Total Public shareholding (B)	752138753	40.12
Total (A)+(B)	1874852752	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)	1874852752	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of surveying, prospecting, drilling, exploring, acquiring, developing, producing, maintaining, refining, storing, trading, supplying, transporting, marketing, distributing, importing, exporting and generally dealing in minerals, oils, petroleum, gas and related by-products and other activities incidental to the above.
Brand Names :	--
Agencies Held :	--
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Available
Name of the Person (Designation):	Not Available
Contact Number:	Not Available
Since how long known:	Not Available
Maximum limit dealt:	Not Available
Experience:	Not Available
Remark	Not Available

Customers :

Reference:	Not Available
Name of the Person (Designation):	Not Available
Contact Number:	Not Available
Since how long known:	Not Available
Maximum limit dealt:	Not Available
Experience:	Not Available
Remark	Not Available

No. of Employees :

1619 (Approximately)

Bankers :

Bank Name:	Not Available
Branch:	Not Available
Person Name (with Designation):	Not Available
Contact Number:	Not Available
Name of Account Holder:	Not Available
Account Number:	Not Available
Account Since (Date/ Year of A/c Opening):	Not Available
Average Balance Maintained (Optional):	Not Available
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Available
Account Operation:	Not Available
Remarks:	Not Available

· State Bank of India

· Deutsche Bank

· Citibank

· JP Morgan Chase Bank N.A.

· HDFC Bank Limited

· ICICI Bank Limited

· Standard Chartered Bank

· Axis Bank Limited

Statutory Auditors :
Name :	S.R. Batliboi and Company LLP Chartered Accountants
Address :	Golf View Corporate Tower B Sector 42, Sector Road, Gurgaon-122002, Haryana, India
Memberships :	--
Collaborators :	--
Holding / Ultimate holding company	· Vedanta Resources Plc. · Vedanta Resources Holdings Limited · Volcan Investments Limited · Vedanta Limited (formerly Sesa Sterlite Limited) * * With effect from 26 August 2013 Vedanta Limited became the Company’s holding company. Prior to that date, it was a fellow subsidiary and also had significant influence over the Company.
Subsidiary Companies :	· Cairn Energy Australia Pty Limited · Cairn Energy India Pty Limited · CEH Australia Pty Limited *** · Cairn Energy Asia Pty Limited *** · Sydney Oil Company Pty Limited *** · Cairn Energy Investments Australia Pty Limited *** · Wessington Investments Pty Limited *** · CEH Australia Limited** · Cairn India Holdings Limited · CIG Mauritius Holding Private Limited · CIG Mauritius Private Limited · Cairn Energy Holdings Limited · Cairn Energy Discovery Limited · Cairn Exploration (No. 2) Limited · Cairn Exploration (No. 6) Limited · Cairn Energy Hydrocarbons Limited · Cairn Petroleum India Limited *** · Cairn Energy Gujarat Block 1 Limited · Cairn Exploration (No. 4) Limited *** · Cairn Exploration (No. 7) Limited · Cairn Lanka Private Limited · Cairn Energy Group Holdings BV *** · Cairn Energy India West BV ** · Cairn Energy India West Holding BV *** · Cairn Energy Gujarat Holding BV *** · Cairn Energy India Holdings BV *** · Cairn Energy Netherlands Holdings BV ** · Cairn Energy Gujarat BV ** · Cairn Energy Cambay BV ** · Cairn Energy Cambay Holding BV *** · Cairn South Africa Proprietary Limited ** Liquidated during the year. *** Liquidated during previous year
Fellow Subsidiaries:	· Twin Star Mauritius Holdings Limited **** · Sterlite Industries (India) Limited [merged into Vedanta Limited on 17 August 2013] · Sesa Resources Limited ****also has significant influence over the Company.

CAPITAL STRUCTURE

AFTER 23.07.2014

Authorised Capital : Rs. 50000.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 18748.528 Million

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
225.00 crore	Equity Shares	Rs. 10/- each	Rs. 22500.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
187.49 crore	Equity Shares	Rs. 10/- each	Rs. 18748.500 Million

(a) Reconciliation of the shares outstanding at the beginning and at the end of the year

Particulars	31.03.2015
At the beginning of the year	No. Crore	Rs. In Million
Issued during the period – ESOP	1907.600	19076.300
Shares extinguished pursuant to buy back (refer note 40)	0.600	6.500
Outstanding at the end of the year	(33.400)	(334.300)
	1874.800	18748.500

(a) Terms/ rights attached to equity shares

The Company has only one class of equity shares having par value of ` 10 per share. Each holder of equity shares is entitled to one vote per share. The dividend, if any, proposed by the Board of Directors will be 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 assets of the Company remaining after settlement of all liabilities. The distribution will be in proportion to the number of equity shares held by the shareholders.

(b) Shares held by holding/ ultimate holding company and/ or their subsidiaries/ associates

	31.03.2015
Vedanta Limited (formerly Sesa Sterlite Limited), the holding company 351.100 Million (31 March 2014: 351.100 Million) equity shares of Rs. 10 each fully paid	3511.40
Twin Star Mauritius Holdings Limited, subsidiary of Vedanta Limited 738.900 Million (31 March 2014: 738.900 Million) equity shares of Rs. 10 each fully paid	7388.700
Sesa Resources Limited, subsidiary of Vedanta Limited 32.700 Million (31 March 2014: 32.700 Million) equity shares of Rs.10 each fully paid	327.000

(c) Aggregate no. of shares issued for consideration other than cash during the period of five years immediately preceding the reporting date:

The Company has issued total 1.46 crore equity shares (31 March 2014: 1.42 crore equity shares) during the period of five years immediately preceding the reporting date on exercise of options granted under the employee stock option plan (ESOP scheme) wherein part consideration was received in form of employee services. No other equity shares have been issued for consideration other than cash during the period five years immediately preceding the end of current period.

(d) Aggregate number and class of shares bought back during the period of five years immediately preceding the reporting date:

The Company bought back 3.67 crore equity shares (31 March 2014: 03.300 Million) during the period of five years immediately preceding the reporting date.

(e) Details of shareholders holding more than 5% shares in the Company

	31.03.2015
Equity Shares of Rs. 10 Each Fully Paid	No. Crore	% holding in the class
Twin Star Mauritius Holdings Limited	738.900	39.41%
Vedanta Limited	351.100	18.73%
Cairn UK Holdings Limited	184.100	9.82%
Life Insurance Corporation of India	169.800	9.06%

As per of the Company, including its register of shareholders/ members, the above shareholding represents legal ownership of shares.

(f) Shares reserved for issue under options

For details of shares reserved for issue under the ESOP scheme of the Company.

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	18748.500	19076.300	19102.400
(b) Reserves & Surplus	351762.500	368705.300	321071.200
(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)	370511.000	387781.600	340173.600
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	6059.000	4229.400	2508.300
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	9580.400	16946.500	13197.000
Total Non-current Liabilities (3)	15639.400	21175.900	15705.300
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	7186.600	5016.900	4355.700
(c) Other current liabilities	18495.500	12031.700	5265.100
(d) Short-term provisions	12207.300	16062.600	16916.200
Total Current Liabilities (4)	37889.400	33111.200	26537.000
TOTAL	424039.800	442068.700	382415.900
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	43134.900	49668.300	47760.200
(ii) Intangible Assets	246.900	391.800	359.600
(iii) Capital work-in-progress	11473.800	17691.000	15217.300
(iv) Intangible assets under development	18886.900	10222.600	3795.100
(b) Non-current Investments	150897.000	160382.500	160382.500
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	42414.00	37380.300	23932.100
(e) Other Non-current assets	5349.500	3473.500	2235.600
Total Non-Current Assets	272403.000	279210.000	253682.400
(2) Current assets
(a) Current investments	123029.400	135361.700	103720.200
(b) Inventories	1854.300	1632.600	1070.400
(c) Trade receivables	6200.300	14993.000	11695.400
(d) Cash and cash equivalents	3645.900	1722.900	1510.500
(e) Short-term loans and advances	15549.700	8492.100	8862.600
(f) Other current assets	1357.200	656.400	1874.400
Total Current Assets	151636.800	162858.700	128733.500
TOTAL	424039.800	442068.700	382415.900

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	78068.100	99275.300	92009.800
		Other Income	10483.800	19016.400	8996.700
		TOTAL (A)	88551.900	118291.700	101006.500
Less	EXPENSES
		Cess on Crude Oil	14108.300	14595.700	14157.500
		Share of Expenses from Producing Oil and gas Blocks	9951.500	6584.100	4855.900
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(16.800)	(98.700)	(140.600)
		Employees benefits expense	1079.400	2728.100	960.400
		Exploration costs written Off	8226.600	1814.900	682.800
		Other expenses	3247.100	3031.000	2757.400
		TOTAL	36596.100	28655.100	23273.400
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		51955.800	89636.600	77733.100
Less	FINANCIAL EXPENSES		81.100	64.500	664.100
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		51874.700	89572.100	77069.000
Less/ Add	DEPRECIATION/ AMORTISATION		13370.400	11817.600	9618.000
Less	EXCEPTIONAL ITEMS		22560.700	0.000	0.000
	PROFIT/ (LOSS) BEFORE TAX		15943.600	77754.500	67451.000
Less	TAX		2743.300	3211.200	2644.500
Add	IMPACT OF SCHEME OF ARRANGEMENT RELATING TO EARLIER PERIODS		0.000	0.000	82661.200
	PROFIT/ (LOSS) AFTER TAX		13200.300	74543.300	147467.700
	EARNINGS IN FOREIGN CURRENCY
		Revenue from operations	77736.900	98945.200	92009.800
		Interest income on bank deposits	0.000	0.000	605.100
	TOTAL EARNINGS		77736.900	98945.200	92614.900
	IMPORTS
		Stores & Spares	406.100	830.400	454.200
	TOTAL IMPORTS		406.100	830.400	454.200
	Earnings Per Share (Rs.)
	Basic		7.03	39.03	33.95
	Diluted		7.01	38.95	33.90

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	52266.000	64244.000	69025.800
Net Cash Flow from Operating Activities	45660.400	49141.300	135991.400

QUARTERLY RESULTS

PARTICULARS	30.06.2015
Type	1^rd Quarter
Net Sales	14029.100
Total Expenditure	7391.700
PBIDT (Excl OI)	6637.400
Other Income	2224.400
Operating Profit	8861.800
Interest	10.100
Exceptional Items	0.000
PBDT	8851.700
Depreciation	4519.800
Profit Before Tax	4331.900
Tax	1109.700
Provisions and contingencies	0.000
Profit After Tax	3222.200
Extraordinary Items	0.000
Prior Period Expenses	0.000
Other Adjustments	0.000
Net Profit	3222.200

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	16.91	75.09	160.27
Operating Profit Margin (PBDIT/Sales)	(%)	66.55	90.29	84.48
Return on Total Assets (PBT/Total Assets}	(%)	6.57	30.64	33.22
Return on Investment (ROI) (PBT/Networth)		0.04	0.20	0.20
Debt Equity Ratio (Total Liability/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		4.00	4.92	4.85

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

STOCK PRICES

Face Value	Rs. 10.00/-
Market Value	Rs. 168.30/-

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	19102.400	19076.300	18748.500
Reserves & Surplus	321071.200	368705.300	351762.500
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	340173.600	387781.600	370511.000
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	92009.800	99275.300	78068.100
		7.896	(21.362)

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	92009.800	99275.300	78068.100
Profit	147467.700	74543.300	13200.300
	160.27%	75.09%	16.91%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	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 CHARGES: NO CHARGES EXIST FOR COMPANY

NATURE OF OPERATIONS

Cairn India Limited (‘the Company’) was incorporated in India on 21 August 2006. The equity shares of the Company are listed in India on the Bombay stock exchange and the National stock exchange. The Company is primarily engaged in the business of surveying, prospecting, drilling, exploring, acquiring, developing, producing, maintaining, refining, storing, trading, supplying, transporting, marketing, distributing, importing, exporting and generally dealing in minerals, oils, petroleum, gas and related by-products and other activities incidental to the above. As part of its business activities, the Company also holds interests in its subsidiary companies which have been granted rights to explore and develop oil exploration blocks. The Company is a participant in various Oil and Gas blocks/fields, which are in the nature of jointly controlled assets, granted by the Government of India through Production Sharing Contracts (‘PSC’) entered into between the Company and Government of India and other venture partners.

MANAGEMENT DISCUSSION AND ANALYSIS

MANGALA, BHAGYAM AND AISHWARIYA (MBA)

The Mangala, Bhagyam and Aishwariya (MBA) fields with 2.2 bn barrels of discovered hydrocarbons in place remain vital to our growth trajectory.

Both Mangala and Aishwariya fields produced better than expectations this year driven by efficient reservoir management, strong performance of infill wells and production optimization techniques undertaken during the year.

Aishwariya surpassed production mark of 30,000 barrel of oil equivalent per day (boepd) in the third quarter and is now producing at a stable rate.

At Bhagyam, increased water cut has posed some challenges for us but we remain focused on maximizing their recovery through better reservoir management and eventual polymer flood.

In the core MBA reservoirs, focus continues on infrastructure creation and prudent reservoir management in both water flood and EOR implementation. As part of building capabilities to deliver the next phase of growth, four key development projects were completed in the Rajasthan Block during FY2015. These were:

MANGALA POLYMER EOR

First polymer injection at Mangala field was achieved ahead of schedule in October 2014. By end of FY2015, the polymer injection rate was ramped-up to approximately 25,000 barrels of liquid per day (blpd). Two high-performance rigs operating in the field have enabled new injectors to be brought online in support of the injection ramp-up plan. Focus will be to continue to ramp-up injection and scale it up to full field by the end of FY2016

MPT DE-BOTTLENECKING

In the course of FY2015, the de-bottlenecking project relating to Mangala Processing Terminal (MPT) was successfully completed. Liquid handling capacity has now been ramped up to 800,000 barrels of fluid per day (blpd) by leveraging on the existing infrastructure.

The higher capacity will enable increased water injection which is critical to efficient reservoir management.

MANGALA ALKALI SURFACTANT POLYMER (ASP) PILOT

The Mangala ASP pilot was successfully completed in FY2015. The pilot area showed encouraging response to the injected ASP chemicals. For instance, a water-cut decline from 90% to between 20% and 30% was observed within three weeks of the ASP injection. Core samples are being studied to measure levels of oil saturation. The pilot wells produced 10% to 15% incremental oil over polymer flood indicating potential commercial viability. The pilot provided positive data on surface separation post ASP flood - which will be up scaled through modeling to evaluate the potential of a full commercial expansion across MBA.

GRID CONNECTED POWER

Connectivity with the national grid took place during the year. This should significantly enhance the reliability of power supply at the MPT and reduce unit costs. The delivery on above key projects was a key focus area at MBA in FY2015. With the four projects completed and substantial progress made on others, we are on track to maximize the value creation from the core MBA fields. In addition, significant progress was made in other projects across the block. Some of these are worth mentioning.

At Aishwariya, a revised FDP for an infill-drilling program of 20 wells has been approved by JV. The necessary preparations for this programme are underway.

Also at Bhagyam, the plan for EOR has been optimized to improve the economics andn allow Cairn India to undertake polymer flood recovery in the near term.

BARMER HILL AND SATELLITE FIELDS

Here the focus is on monetizing the tight oil reservoirs through efficient reserve development and deployment of fraccing technologies. During FY2015, Cairn India successfully completed the appraisal phase of the Barmer Hill development. A total of eight horizontal and four vertical wells were drilled. At present nine of these wells are online. The remaining three are expected to be so by Q1 FY2016.

In this appraisal phase of the project, initial well productivity rates lie within a range of 800 bopd to 1,000 bopd, which is very encouraging. The wells have been placed under testing to ascertain decline rates. At present the construction costs are between US$ 5 million and US$ 7 million mper well. This should decline as the development is scaled up.

The appraisal phase produced key learning around productivity and ‘fraccability’ across various zones of the Barmer Hill reservoir; about horizontal versus vertical well development; and on fluid characterizations. As part of the ramped up field development, the first phase will be focused on Mangala and Aishwariya fields; the second phase on DP and NL fields; and the third phase on V&V fields. Satellite fields will also follow a similar phased development plan. Several technological feats were achieved during the appraisal phase, which included application of Microseismic hydrofrac monitoring technology, and multistage fraccing of wells that involved pumping three stages in a single day at one of the wells –a first in India by any operator in the conventional Oil and Gas field. Going forward the focus will be on optimizing both capex and opex costs, and maximizing recovery.

In an effort to maximize value from the Rajasthan block, more satellite fields are being brought into production. During FY2015, four satellite fields were brought online taking the total number of such producing fields to six. By using existing infrastructure in the block and exploiting lean, reusable, modular production facilities, we achieved substantial reduction in the development cost per barrel – thus enabling economically sound development of additional fields. Development planning for the Guda and Tukaram fields is currently in advanced stages, with Field Development Plans (FDPs) likely to be submitted in early FY2016.

Tight oil monetization remains a strategic focus area for them. They will continue to invest in Barmer Hill; and are working closely with keyglobal strategic partners to develop commercially feasible solutions and optimize both capex and opex for such reservoirs.

GAS

Gas promises to be a key growth area for Cairn India. The Rajasthan block has significant gas potential and we are working towards creating the appropriate infrastructure for monetizing it. In the years ahead, they expect gas production to be an important part of the Company’s product mix.

Gas development in the Raageshwari Deep Gas (RDG) field in Rajasthan is a priority. During FY2015, average gas production from RDG was 16 mmscfd. This is expected to increase to 25 mmscfd in FY2016. During the year four compressors were installed and commissioned, all on schedule. This has provided us the capacity to ramp-up production from RDG with existing infrastructure, and, hence, secure higher sales from next quarter.

The Management Committee approved the RDG Field Development Plan for 100 mmscfd. Work on execution, planning and contracting is underway. Two key packages for this project will be the EPCs for the pipeline and the gas terminal. An application has been submitted to the Petroleum and Natural Gas Regulatory Board (PNGRB) for authorizing a pipeline under their policy for Tie-in Provisions. The EPC for gas terminal is at the tendering process. They anticipate the Gas project to be completed by end FY2017, subject to regulatory approval.

MANGALA DEVELOPMENT PIPELINE (MDP)

The MDP is designed to evacuate the crude oil and transport Gas from the Rajasthan block. At around 670 km, it is world’s longest continuously heated and insulated pipeline. Beginning at the Mangala Processing Terminal (MPT) and Raageshwari terminal respectively, the 24”crude and 8”gas pipelines pass through eight districts across two states, Rajasthan and Gujarat, go through Viramgam and Salaya and end at Bhogat near Jamnagar on the western coast of India. There are buffer Crude storage terminals at Radhanpur and Viramgam for sales to Indian Oil Corporation Limited (IOCL); and off-take lines at Salaya for sales to the Reliance and Essar refineries in Jamnagar.

Since its commissioning, the total cumulative crude oil sales of approximately 271 million barrels have been achieved through the pipeline facilities up to March 2015. With the use of drag reducing agents, the proven dispatch capacity of MDP has been enhanced to around 250,000 bbls/day. Given its length, the MDP incorporates a Pipeline Intrusion Detection System to provide surveillance along its entire length using fiber optics. Cairn India’s pipeline operations received the prestigious OISD award for “Best Near-Miss reporting” and accreditation of both OHSAS:18001 and ISO: 14001 systems.

In previous year, Gas sales commenced through the 8” gas line. Notable capacity enhancement initiatives were executed in FY2015. These include the installing of higher capacity Gas compressors at Raageshwari and Viramgam terminals to nearly double gas sales capability; as well as modification of impellers of the mainline booster pumps at Viramgam.

Salaya-Bhogat pipeline and the terminal at Bhogat are ready to receive crude. Once fully commissioned, Cairn India will be able to utilize sea routes for the evacuation of Rajasthan crude oil.

BUSINESS OUTLOOK

In view of the current oil price scenario, Cairn India is taking a proactive approach to capital allocation and shareholder returns. Cairn India’s near term focus lies in optimizing project economics and driving operational efficiencies for core fields. Although there has been a partial deferment of capex, the Company remains agile to make selective investment in growth projects and thus enhance production volumes. Delays in obtaining necessary approvals, inherent uncertainty around global crude oil prices, and rising government profit oil share may further impact the Company’s topline and profitability. Cairn India remains cautiously optimistic about FY2016.

PART I

STATEMENT OF STANDALONE UNAUDITED RESULTS FOR THE QUARTER ENDED 30 JUNE 2015

(RS. IN MILLION)

Sr. No.	Particulars	Unaudited Quarter ended 30.06.2015
1.	Income from operations
	a) Income from Operations	14029.100
	b) Other Operating Income	--
	Total Income from Operations (net)	14029.100
2.	Expenses
	a) Share of expenses in producing oil and gas blocks	2617.800
	b) (Increase)/Decrease in inventories of finished goods	(27.100)
	c) Employee benefits expense	317.900
	d) Depreciation and amortisation expense	4519.800
	e) Cess on crude oil	3485.900
	f) Exploration costs written off	428.100
	g) Other expenses	514.200
	Total Expenses	11856.600
3.	Profit from Operations before other income, exchange fluctuation, finance costs and exceptional Items (1-2)	2172.500
4.	a) Other Income	2224.400
	b) Foreign exchange fluctuation gain/(loss)-net	(54.900)
5.	Profit before finance costs, tax and exceptional Items (3+4)	4342.00
6.	Finance costs	10.100
7.	Profit before tax and exceptional Items (5-6)	4331.900
8.	Exceptional Items (refer note 4)	--
9.	Profit/(Loss) before tax (7-8)	4331.900
10.	Tax expense
	a) Current tax	880.700
	b) MAT credit entitlement	(55.600)
	c) Deferred tax (Credit) on exceptional items	284.600
	d) deferred tax (credit) on exceptional items	--
	Total	1109.700
11	Net Profit/(Loss) for the period (9-10)	3222.200
12	Paid-up equity share capital (Face value of Rs 10 each)	18748.500
13	Reserves excluding revaluation reserves
14	Earnings/(Loss) per share (in Rs) (nor annualized):
	a) Basic	1.72
	b) Diluted	1.71
	c) Basic (before exceptional item)	1.72
	d) Diluted (before exceptional item)	1.71

PART II

SELECT INFORMATION FOR THE QUARTER ENDED 30.06.2015
A.	PARTICULARS OF SHAREHOLDING	30.06.2015
1.	Public Shareholding
	- Number of Shares	752138753
	- Percentage of Shareholding	40.12%
2.	Promoter and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares	645486059
	-Percentage of Shares (as a % of the total share shareholding of promoter and promoter group)	57.49%
	-Percentage of Shares (as a % of the total share capital of the Company)	34.43%
	b) Non-Encumbered
	- Number of Shares	4772279402
	-Percentage of Shares (as a % of the total share shareholding of promoter and promoter group)	42.51%
	-Percentage of Shares (as a % of the total share capital of the Company)	25.45%
	Particulars	Quarter Ended 30.06.2015
B.	INVESTOR COMPLAINTS
	Pending at the beginning of the quarter	--
	Received during the quarter	585
	Disposed of during the quarter	584
	Remaining unresolved at the end of the quarter	1*

NOTES:

1) The above unaudited financial results for the current quarter ended 30 June 2015 were subjected to a limited review by the auditors of the Company and reviewed and recommended by the Audit Committee at its meeting held on 20 July 2015 and approved by the Board of Directors at their meeting held on 21 July 2015.

2) The figures for the quarter ended 31 March 2015 are the balancing figures between audited figures in respect of the full financial year ended 31 March 2015 and the unaudited published year to date figures up to 31 December 2014, being the end of the third quarter of the financial year, which were subjected to a limited review.

3) The individual items in the above financial results are net of amounts cross charged to oil and gas blocks where the Company is the operator. The Company’s share of such net expenses in oil and gas blocks is treated as exploration, development or production costs, as the case may be.

4) In previous year, the Company had changed the method of depreciation on some of its oil and gas assets from ‘Straight Line’ method to the ‘Unit of Production’ method. The additional charge of Rs. 10463.900 Million due to the same for the period up to 31 March 2014 had been disclosed as an exceptional item in quarter ended 30 June 2014 and year ended 31 March 2015. Further, the value of Company's investment in CIG Mauritius Holding Private Limited (“CMHPL”) of Rs. 9497.600 Million had been considered as permanently diminished in the quarter and year ended 31 March 2015. Further, additional provision of Rs. 2599.200 Million to fund the outstanding liabilities of the subsidiary of CMHPL had been made. The cumulative loss on this account had been considered as an exceptional item for the quarter and year ended 31 March 2015.

5) The Board of Directors at their meeting held on 14 June 2015, have approved a Scheme of Arrangement (the “Scheme”) between the Company and its parent company Vedanta Limited and their respective shareholders and creditors. As per the Scheme, the implementation of which is subject to the receipt of necessary approvals from the non-promoter group shareholders and relevant regulatory authorities, the Company is proposed to be amalgamated into Vedanta Limited, with effect from 1 April 2015 or such date as may be approved by the High Court.

6) The Company operates in only one segment i.e. "Oil and Gas".

7) Previous quarter’s / year’s figures have been regrouped / rearranged wherever necessary to confirm to the current quarter’s presentation.

FIXED ASSETS:

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

· Leasehold Improvements

PRESS RELEASE:

VEDANTA-CAIRN MERGER AT RISK AS COMMODITIES PRICES FALL OVER CHINESE MARKET ROUT

JULY 10, 2015

MUMBAI: The meltdown in Chinese market, which has dragged global commodity prices down, has put the Vedanta-Cairn merger plan at risk, with the possibility of minority shareholders of Cairn voting against such a move.

The risk of swap ratio rejection by minority shareholders of Cairn has increased because Vedanta has a high financial leverage with a net debt at Rs 50,7000.000 Million, whereas Cairn has no such financial leverage. It has net cash of Rs 23,9000.000 Million, including inter-corporate deposit of Rs 8,0000.000 Million to Vedanta.

"Vedanta's share value would drop more sharply than Cairn if commodity prices remain weak or decline further. This may prompt minority shareholders of Cairn to vote against the merger," said Sanjay Jain, senior vice president - research, at Motilal Oswal Securities.

Vedanta's share price has plunged about 25 per cent to Rs 139 since the announcement of the merger on June 15, while the Cairn India stock has dropped only 10 per cent to Rs 165 over the same period — this difference has raised the risk of a swap ratio rejection.

Vedanta had announced that Cairn India was merging with itself to create a natural resources conglomerate that would produce everything from aluminium and copper to crude oil. Shareholders would receive one Vedanta share for every Cairn India share held and one preference share with a coupon of 7.5 per cent. Vedanta, which is struggling to pare its debt of Rs 77,0000.000 Million, will get access to Cairn's cash pile of Rs 17,0000.000 Million once the deal goes through.

"Cairn shareholders should vote against the merger with Vedanta because after the stock price correction, the merger ratio has become unfavourable," said Shriram Subramanian, managing director at InGovern, a proxy advisory firm. "The Chinese implosion suggests that metal companies will remain under pressure, whereas crude prices are nearing their bottom."

Large investors and some leading brokerages have also slammed the proposed merger of oil producer Cairn India with the metals and mining conglomerate Vedanta as a big negative for minority shareholders. Analysts estimate that if commodity prices decline by 10 per cent, the Vedanta-Cairn merger ratio would tilt in favour of Cairn to 1.8 times from the current 1 time, and if commodity prices fall by another 20 per cent, the ratio would increase to 3.5 times.

Copper prices have crashed to a six-year low on Tuesday as money moved to safe haven like the US dollar due to uncertainty created by the Greek debt crisis and Chinese equity market losses. Other industrial metals have also plunged; aluminium touched a six-year low, nickel slumped to its lowest level since April 2009, and zinc hit its lowest since December 2013. Cairn investors fear that the firm's cash would be used to pay off Vedanta's debt and that it would inherit the problems of a large mining conglomerate, which is fighting environmental activists over an aluminium project in Odisha.

Minority shareholders have become important as new rules framed by the market regulator Sebi in May 2013 mandate that any related party M&A in order to be operational should receive more than half the votes of public shareholders in its favour. This means that more than half the public shareholders of Cairn India (40 per cent) should vote to support the deal for the merger to be effective. LIC owns 9 per cent while Cairn Energy Plc owns 9.8 per cent in Cairn India.

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. 64.78
UK Pound	1	Rs. 99.54
Euro	1	Rs. 73.08

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	IND

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.