MIRA INFORM REPORT

Report No. :	342955
Report Date :	30.09.2015

IDENTIFICATION DETAILS

Name :	ESSEL UTILITIES DISTRIBUTION COMPANY LIMITED [w.e.f. 08.11.2012]
Formerly Known As :	ESSEL UTILITIES DISTRIBUTION COMPANY PRIVATE LIMITED
Registered Office :	135, Continental Building, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra
Tel. No.:	91-22-66012323
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	14.08.2012
Com. Reg. No.:	11-234503
Capital Investment / Paid-up Capital :	Rs.0.500 Million
CIN No.: [Company Identification No.]	U40103MH2012PLC234503
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUME09232G
PAN No.: [Permanent Account No.]	AADCE1449D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The subject is primarily engaged in the business of power distribution which is considered as one business segment.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2012 and it is a power distribution company having moderate track. It operates as a subsidiary of pan India Network Limited, a part of Essel Group. The company has reported losses from its business operations for the year 2014 which has eroded networth of the company. However, rating takes into account of company’s strong support from its parent company and promoters experience in infrastructure and utility business. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. In view of its strong holding, the company can be considered for business dealings with some caution.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

INFORMATION DENIED

MANAGEMENT NON COOPERATIVE (91-22-66012323)

LOCATIONS

Registered Office :	135, Continental Building, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India
Tel. No.:	91-22-66012323
Fax No.:	91-22-66012300
E-Mail :	mihir.panchmatiya@utility.esselgroup.com

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Ashok Govind Agarwal

Designation :

Director

Address :

A/401, Wing-A, Akruti Atria, Saiwadi, Andheri (East), Mumbai - 400069, Maharashtra, India

Date of Birth/Age :

11.11.1973

Date of Appointment :

14.08.2012

DIN No.:

05275349

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U40300DL2012PTC234592	ESSEL VIDYUT VITARAN (SAGAR) PRIVATE LIMITED	Director	30/09/2013	15/05/2012	6/11/2013	Active	NO
2	U40101DL2012PTC234711	ESSEL VIDYUT VITARAN (UJJAIN) PRIVATE LIMITED	Director	30/09/2013	15/05/2012	6/11/2013	Active	NO
3	U40300DL2012PTC234925	ESSEL VIDYUT VITARAN (GWALIOR) PRIVATE LIMITED	Director	30/09/2013	15/05/2012	6/11/2013	Active	NO
4	U40103MH2012PLC234503	ESSEL UTILITIES DISTRIBUTION COMPANY LIMITED	Director	14/08/2012	14/08/2012	-	Active	NO
5	U40107MH2012PTC234750	RAIPUR WATER SUPPLY PRIVATE LIMITED	Director	21/08/2012	21/08/2012	6/11/2013	Active	NO
6	U40300MH2012PLC235406	PAN INDIA UTILITIES DISTRIBUTION COMPANY LIMITED	Director	7/9/2012	7/9/2012	10/12/2012	Active	NO
7	U45203MH2012PTC228008	AURANGABAD JAL SUPPLY SOLUTIONS PRIVATE LIMITED	Director	28/09/2012	14/09/2012	19/07/2013	Active	NO
8	U40300MH2011PLC215684	SND LIMITED	Director	28/09/2012	20/09/2012	6/11/2013	Active	NO
9	U74999MH1987PLC044006	ESSEL INFRAPROJECTS LIMITED	Whole-time director	30/09/2013	1/2/2013	-	Active	NO
10	U40106DL2012PTC238237	ESSEL BAGALKOT SOLAR ENERGY PRIVATE LIMITED	Director	30/09/2013	4/4/2013	21/10/2013	Active	NO
11	U40109DL2012PTC238236	ESSEL GULBARGA SOLAR POWER PRIVATE LIMITED	Director	30/09/2013	4/4/2013	21/10/2013	Active	NO
12	U40300MH2011PLC218480	OSMANABAD SOLAR ENERGY LIMITED	Director	30/09/2013	4/4/2013	6/11/2013	Active	NO
13	U45200DL2012PTC236073	ESSEL WALAJAHPET POONAMALLEE TOLL ROADS PRIVATE LIMITED	Director	27/09/2013	4/4/2013	6/11/2013	Active	NO
14	U45203MH2005PTC153937	ESSEL AIRPORT INFRASTRUCTURE PRIVATE LIMITED	Director	30/09/2013	4/4/2013	6/11/2013	Active	NO
15	U41000MH2011PLC219120	AURANGABAD CITY WATER UTILITY COMPANY LIMITED	Director	30/09/2013	8/4/2013	17/08/2015	Active	NO
16	U45203PN2009PTC134473	SION PANVEL TOLLWAYS PRIVATE LIMITED	Director	26/09/2013	19/06/2013	5/8/2015	Active	NO
17	U45400MH2011PTC217032	ESSEL KIPL INFRASTRUCTURE PRIVATE LIMITED	Director	27/09/2013	19/06/2013	5/8/2015	Active	NO
18	U45203MH2007PTC173577	WESTERN M P INFRASTRUCTURE AND TOLL ROADS PRIVATE LIMITED	Director	2/9/2013	25/06/2013	8/1/2014	Active	NO
19	U45200DL2013PLC260173	ESSEL HIGHWAYS LIMITED	Additional director	11/8/2015	11/8/2015	-	Active	NO

Name :

Mr. Subodh kumar

Designation :

Director

Address :

Yayati Co Operative Housing Society Limited, Flat No.10, Plot No.09, Sector -58a, Nerul, Navi Mumbai - 400706, Maharashtra, India

Date of Birth/Age :

10.01.1952

Date of Appointment :

03.07.2013

DIN No.:

02151793

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U15130PN2003PLC134014	CHITALI DISTILLERY LIMITED	Nominee director	7/11/2006	7/11/2006	15/07/2008	Amalgamated	NO
2	L80301MH2010PLC198405	ZEE LEARN LIMITED	Director	7/8/2013	29/05/2013	30/07/2015	Active	NO
3	L64200MH2006PLC160733	SITI CABLE NETWORK LIMITED	Director	30/08/2013	30/05/2013	-	Active	NO
4	U74999MH1987PLC044006	ESSEL INFRAPROJECTS LIMITED	Director	30/09/2013	3/7/2013	-	Active	NO
5	U40103MH2012PLC234503	ESSEL UTILITIES DISTRIBUTION COMPANY LIMITED	Director	30/09/2013	3/7/2013	-	Active	NO
6	U74900MH2013PTC244379	ESSEL FINANCE PORTFOLIO MANAGERS PRIVATE LIMITED	Director	30/08/2014	9/7/2013	-	Active	NO
7	L92132MH1982PLC028767	ZEE ENTERTAINMENT ENTERPRISES LIMITED	Director	18/07/2014	22/01/2014	-	Active	NO
8	U70101MH2008PLC183873	ESSEL FINANCE CAPSTAR ADVISORY LIMITED	Director	12/9/2014	25/03/2014	-	Active	NO
9	U65990MH1996PLC097941	ESSEL FINANCE BUSINESS LOANS LIMITED	Director	16/05/2014	3/4/2014	-	Active	NO
10	U67190TN1995PLC031910	ESSEL FINANCE VKC FOREX LIMITED	Additional director	2/12/2014	2/12/2014	-	Active	NO
11	AAB-2632	ESSEL FINANCE ADVISORS AND MANAGERS LLP	Designated Partner	29/07/2013	29/07/2013	-	Active	NO

Name :

Mr. Amit Goenka

Designation :

Additional Director

Address :

Jolly Maker, Bungalow No.1, Jolly Maker Apartments, Cuffe Parade, Mumbai - 400005, Maharashtra, India

Date of Appointment :

22.12.2014

DIN No.:

00017707

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1994PTC060351	DHIR CONSTRUCTORS AND BUILDERS PRIVATE LIMITED	Director	5/1/1995	5/1/1995	25/12/2008	Active	NO
2	U74899DL1994PTC059109	HARYANA ORCHARDS PRIVATE LIMITED	Director	5/1/1995	5/1/1995	25/12/2008	Active	NO
3	U74899DL1994PTC059095	NORTHDELHI OIL SEEDS PLANTATION PRIVATE LIMITED	Director	5/1/1995	5/1/1995	25/12/2008	Active	NO
4	U74899DL1994PTC060746	V.K.SEEDS GROWING PRIVATE LIMITED	Director	5/1/1995	5/1/1995	25/12/2008	Active	NO
5	U70101DL1994PTC061397	HEAVENS PROPERTIES PRIVATE LIMITED	Director	5/1/1995	5/1/1995	25/12/2008	Active	NO
6	U45201DL1996PTC083915	SUNCITY PROJECTS PRIVATE LIMITED	Director	18/12/1996	18/12/1996	16/03/2009	Active	NO
7	U74899DL1995PTC070406	ESSEL SHIP BREAKING PRIVATE LIMITED	Director	25/05/2000	25/05/2000	1/1/2015	Active	NO
8	L80220MH1999PLC121505	ETC NETWORKS LIMITED	Director	5/7/2001	5/7/2001	28/01/2008	Amalgamated	NO
9	U67120MH2001PTC132720	WIDESCREEN HOLDINGS PRIVATE LIMITED	Director	13/07/2001	13/07/2001	10/3/2011	Active	NO
10	U74140MH1990PTC058903	RUPEE FINANCE AND MANAGEMENT PRIVATE LIMITED	Director	3/12/2001	3/12/2001	11/11/2008	Active	NO
11	U92190MH1999PTC119879	E-CITY ENTERTAINMENT (INDIA) PRIVATE LIMITED	Director	28/01/2002	28/01/2002	5/3/2009	Active	NO
12	U45207DL2001PTC111423	AGRANI WIRELESS SERVICES PRIVATE LIMITED	Director	22/04/2002	22/04/2002	27/05/2011	Active	NO
13	U92199MH2001PTC132773	TASHI DE LEK GAMING SOLUTIONS PRIVATE LIMITED	Director	19/03/2003	19/03/2003	14/06/2014	Active	NO
14	U72900MH2001PTC131729	ULTRA ENTERTAINMENT SOLUTIONS PRIVATE LIMITED	Director	19/03/2003	19/03/2003	14/06/2014	Active	NO
15	U92412MH2001PTC133254	ECOOL GAMING SOLUTIONS PRIVATE LIMITED	Director	19/03/2003	19/03/2003	-	Active	NO
16	U72900MH2003PTC138654	KALA KOSH AUCTIONS PRIVATE LIMITED	Additional director	27/01/2009	25/03/2003	1/6/2009	Amalgamated	NO
17	U92130MH2003PTC140445	DAKSHIN MEDIA GAMING SOLUTIONS PRIVATE LIMITED	Director	1/1/2011	14/05/2003	12/11/2012	Amalgamated	NO
18	U92490MH2003PTC140485	KENLOTT GAMING SOLUTIONS PRIVATE LIMITED	Director	20/05/2003	20/05/2003	5/12/2009	Active	NO
19	U92490MH2003PTC140538	KWIKWIN GAMING SOLUTIONS PRIVATE LIMITED	Director	22/05/2003	22/05/2003	5/10/2009	Active	NO
20	U92199UP2003PTC027748	ECITY PROJECTS LUCKNOW PRIVATE LIMITED	Director	29/07/2003	29/07/2003	23/03/2009	Active	NO
21	U92110MH2004PTC145797	E-CITY DIGITAL CINEMAS PRIVATE LIMITED	Director	20/04/2004	20/04/2004	19/03/2009	Amalgamated	NO
22	U72900MH2001PTC130456	E CITY PUBLISHING AND DISTRIBUTING INDIA PRIVATE LIMITED	Director	26/07/2004	26/07/2004	19/03/2009	Active	NO
23	L99999MH1964PLC013018	APLAB LIMITED	Director	28/10/2004	28/10/2004	20/02/2015	Active	NO
24	U51217MH2001PTC194721	FUN MULTIPLEX PRIVATE LIMITED	Director	26/03/2005	26/03/2005	24/03/2009	Active	NO
25	U45200MH2005PTC152382	E-CITY INFRASTRUCTURE PRIVATE LIMITED	Director	4/4/2005	4/4/2005	23/03/2009	Active	NO
26	U70100MH1987PTC042701	VASANT SAGAR PROPERTIES PRIVATE LIMITED	Director	7/4/2005	7/4/2005	1/4/2012	Active	NO
27	U92100MH2005PTC150676	FUN MULTIPLEX PRIVATE LIMITED(AMAL)	Director	15/07/2006	14/04/2005	-	Amalgamated	NO
28	U45200MH2005PTC152940	E-CITY CONTRACTORS PRIVATE LIMITED	Director	2/5/2005	2/5/2005	23/03/2009	Active	NO
29	U92190MH2005PTC152972	BIOSCOPE CINEMAS PRIVATE LIMITED	Director	3/5/2005	3/5/2005	1/11/2011	Active	NO
30	U65923MH2005PTC153012	SUNCITY EQUIFIN PIVATE LIMITED	Director	4/5/2005	4/5/2005	2/2/2009	Amalgamated	NO
31	U45200MH2005PTC153860	E-CITY PROJECTS CONSTRUCTION PRIVATE LIMITED	Director	8/6/2005	8/6/2005	23/03/2009	Active	NO
32	U92190MH2005PTC154152	E-CITY MEDIA PRIVATE LIMITED	Director	22/06/2005	22/06/2005	15/01/2008	Active	NO
33	U92100MH2005PTC154170	E-CITY BIOSCOPE ENTERTAINMENT PRIVATE LIMITED	Director	21/07/2013	23/06/2005	-	Active	NO
34	U55101MH2005PTC154334	E-CITY EXHIBITION HOLDING PRIVATE LIMITED	Director	29/06/2005	29/06/2005	23/03/2009	Active	NO
35	U52190MH2005PTC155492	E-CITY PROPERTY MANAGEMENT AND SERVICES PRIVATE LIMITED	Director	19/08/2005	19/08/2005	15/01/2008	Active	NO
36	U65990MH2000PTC128935	E-CITY INVESTMENTS AND HOLDINGS COMPANY PRIVATE LIMITED	Director	30/12/2005	30/12/2005	5/3/2009	Active	NO
37	U30006MH2006PLC160095	DIGITAL MEDIA CONVERGENCE LIMITED	Director	28/02/2006	28/02/2006	-	Amalgamated	NO
38	U64202MH2005PTC242691	KVS TELECOMMUNICATION PRIVATE LIMITED	Director	28/09/2007	1/4/2007	29/03/2011	Active	NO
39	U92412MH2007PTC170248	BOMBAY LEISURE SOLUTIONS PRIVATE LIMITED	Director	24/04/2007	24/04/2007	15/02/2014	Active	NO
40	U93090MH2007PTC170504	MUMBAI FOOTBALL CLUB PRIVATE LIMITED	Director	1/5/2007	1/5/2007	-	Active	NO
41	U92412DL2007PTC167813	THEA SHOPPING PRIVATE LIMITED	Director	6/9/2007	6/9/2007	14/03/2014	Active	NO
42	U74900MH2007PTC173867	ESSEL MEDIA VENTURES PRIVATE LIMITED	Director	6/9/2007	6/9/2007	23/11/2011	Active	NO
43	U45203MH2007PTC173577	WESTERN M P INFRASTRUCTURE AND TOLL ROADS PRIVATE LIMITED	Director	2/9/2013	19/10/2007	-	Active	NO
44	L64200MH2006PLC160733	SITI CABLE NETWORK LIMITED	Whole-time director	23/10/2010	23/10/2007	31/05/2013	Active	NO
45	U64200MH2007PTC177124	BOMBAY MOBILE SOFTWARES PRIVATE LIMITED	Director	27/12/2007	27/12/2007	-	Active	NO
46	U92190MH2007PLC177148	ESSEL ENTERTAINMENT MEDIA LIMITED	Director	27/12/2007	27/12/2007	-	Amalgamated	NO
47	U13204KA2008PTC046731	KOLAR AND RAMGIRI GOLD MINING PRIVATE LIMITED	Director	10/6/2008	10/6/2008	21/11/2011	Active	NO
48	U92412MH2007PTC171016	PAN INDIA INFRAPROJECTS PRIVATE LIMITED	Director	30/09/2011	25/09/2008	20/03/2013	Active	NO
49	U22120MH2005PLC151377	DILIGENT MEDIA CORPORATION LIMITED	Director	18/09/2009	26/05/2009	-	Active	NO
50	U45203MH2009PLC193949	BINA KHIMLASA MALTHON TOLL ROADS LIMITED	Director	30/09/2013	9/7/2009	30/07/2014	Active	NO
51	U45200MH2009PLC193950	BHIND MIHONA GOPALPUR TOLL ROADS LIMITED	Director	9/7/2009	9/7/2009	30/07/2014	Active	NO
52	L51900MH1984PLC034501	SHIRPUR GOLD REFINERY LIMITED	Director	29/08/2011	26/04/2011	-	Active	NO
53	U70102MH2013PTC241311	ELCOM DEVELOPERS PRIVATE LIMITED	Director	25/09/2014	28/08/2014	-	Active	NO
54	U74999MH1987PLC044006	ESSEL INFRAPROJECTS LIMITED	Additional director	22/12/2014	22/12/2014	-	Active	NO
55	U40103MH2012PLC234503	ESSEL UTILITIES DISTRIBUTION COMPANY LIMITED	Additional director	22/12/2014	22/12/2014	-	Active	NO
56	U45200DL2013PLC260173	ESSEL HIGHWAYS LIMITED	Additional director	11/8/2015	11/8/2015	-	Active	NO
57	AAB-2967	ESSEL FINANCE MANAGEMENT LLP

Name :

Subhash Chandra

Designation :

Additional Director

Address :

Flat No.4 Hyde Part Street, London W22jw, London, 000000, , United Kingdom

Date of Appointment :

22.12.2014

DIN No.:

00031458

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L74950MH1982PLC028947	ESSEL PROPACK LIMITED	Director	22/12/1982	22/12/1982	-	Active	NO
2	U74999MH1987PLC044006	ESSEL INFRAPROJECTS LIMITED	Director	7/7/1987	7/7/1987	-	Active	NO
3	L92132MH1982PLC028767	ZEE ENTERTAINMENT ENTERPRISES LIMITED	Director	2/12/2005	25/06/1992	-	Active	NO
4	L51909DL1988PLC101836	DISH TV INDIA LIMITED	Director	9/8/1995	9/8/1995	-	Active	NO
5	U64201DL2000PLC106553	AGRANI SATELLITE SERVICES LIMITED	Director	20/12/2000	20/12/2000	-	Amalgamated	NO
6	U92200DL1959NPL003169	UNITED NEWS OF INDIA	Director	26/09/2006	26/09/2006	20/03/2009	Active	NO
7	L92100MH1999PLC121506	ZEE MEDIA CORPORATION LIMITED	Director	1/4/2007	23/11/2006	-	Active	NO
8	L64200MH2006PLC160733	SITI CABLE NETWORK LIMITED	Director	5/12/2006	5/12/2006	4/4/2015	Active	NO
9	U74120MH2007NPL168278	ADHIKAAR FOUNDATION	Director	29/08/2008	1/3/2007	-	Active	NO
10	L80220MH1999PLC121505	ETC NETWORKS LIMITED	Director	23/01/2008	23/01/2008	16/10/2008	Amalgamated	NO
11	U40103MH2012PLC234503	ESSEL UTILITIES DISTRIBUTION COMPANY LIMITED	Additional director	22/12/2014	22/12/2014	-	Active	NO
12	U45200DL2013PLC260173	ESSEL HIGHWAYS LIMITED	Additional director	11/8/2015	11/8/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. RAMNARAYAN MUNDRA
Designation :	Chief Executive Officer
Address :	Flat No-603, J Wing, Satelite Garden, Phase 2, Gen A.K. Vaidya Marg, Goregaon(East), Mumbai - 400063, Maharashtra, India
Date of Appointment :	03.11.2014
PAN No:	AAAPM8471B
Name :	Mr. Mihir Vrajlal Panchmatiya
Designation :	Secretary
Address :	B/504, Golders Green Bldg. No. 1, Holy Cross Road, I.C. Colony, Borivali (West), Mumbai - 400103, Maharashtra, India
Date of Appointment :	10.08.2015
PAN No:	ALPPP4608P

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Rajiv Dholakia – Nominee of Pan India Network Dholakia	1
Pan India Network Limited, India	15299994
Ashok Agarwal – Nominee of Pan India Network Limited	1
Druval Bhatt – Nominee of Pan India Network Limited	1
Pralhad Ray Mudra – Nominee of Pan India Network Limited	1
Mr. A Subramanian – Nominee of Pan India Network Limited	1
Essel Power Distribution Company Limited	14700000
Himanshu Kumar Shah – Nominee of Pan India Network Limited	1
Total	30000000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	The subject is primarily engaged in the business of power distribution which is considered as one business segment.
Products :	Not Available
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 :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

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

Auditors :
Name :	Suresh Surana and Associates LLP Chartered Accountants
Address :	Andheri (East), Mumbai, Maharashtra, India
Memberships :	Not Available
Collaborators :	Not Available
Holding Company:	Pan India Network Limited
Subsidiaries:	SND Limited (Erstwhile Spanco Nagpur Discom Limited) Essel Adl Smart Grid Solution Limited Essel Vidyul Vitaran (Gaya) Limited (w.e.f 28.08.2013 to 05.09.2013) Essel Vidyut Vitaran (Bhagalpur) Limited (w.e.f. 28.08.2013 to 05.09.2013)
Fellow Subsidiary:	Essel Vidyul Vitaran (Gwalion) Private Limited Essel Vidyul Vitaran (Ujjain) Private Limited Essel Vidyul Vitaran (Sagar) Private Limited Essel Vidyul Vitaran (Mazaffarpur) Limited (w.e.f 19.04.2013)

CAPITAL STRUCTURE

After 30.09.2014

Authorised Capital: Rs.990.000 Million

Issued, Subscribed & Paid-up Capital: Rs.526.800 Million

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs.300.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs.300.000 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.500	0.500
(b) Reserves & Surplus	(50.347)	(14.388)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	(49.847)	(13.888)
(3) Non-Current Liabilities
(a) long-term borrowings	273.462	538.769
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	273.462	538.769
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	24.946	0.040
(c) Other current liabilities	11.347	0.888
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	36.293	0.928
TOTAL	259.908	525.809
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000	0.000
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	190.542	181.042
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	7.955	319.360
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	198.497	500.402
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	37.781	0.000
(d) Cash and cash equivalents	0.118	0.080
(e) Short-term loans and advances	23.512	25.327
(f) Other current assets	0.000	0.000
Total Current Assets	61.411	25.407
TOTAL	259.908	525.809

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013
	SALES
	Income	36.510	0.000
	Other Income	35.776	25.329
	TOTAL	72.286	25.329
Less	EXPENSES
	Purchases of Stock-in-Trade	7.798	0.000
	Other expenses	16.846	0.060
	TOTAL	24.644	0.060
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	47.642	25.269
Less	FINANCIAL EXPENSES	83.501	39.658
	PROFIT/ (LOSS) BEFORE TAX	(35.859)	(14.389)
Less	TAX	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX	(35.859)	(14.389)
	Earnings / (Loss) Per Share (Rs.)	(717.18)	(287.78)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA
Cash generated from operations	9.410	0.868
Net cash from operating activity	1.458	0.666

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin (PAT / Total Income)	(%)	(0.50)	(0.57)
Operating Profit Margin (PBIDT/Sales)	(%)	130.49	NA
Return on Total Assets (PBT/Total Assets}	(%)	(51.70)	(4.17)
Return on Investment (ROI) (PBT/Networth)		0.72	1.04
Debt Equity Ratio (Total Debt /Networth)		(5.49)	(60.40)
Current Ratio (Current Asset/Current Liability)		1.69	27.38

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Share Capital	0.500	0.500
Reserves & Surplus	(14.388)	(50.347)
Net worth	(13.888)	(49.847)
long-term borrowings	838.769	273.462
Short term borrowings	0.000	0.000
Total borrowings	838.769	273.462
Debt/Equity ratio	(60.395)	(5.486)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Total Income	25.329	36.510
		44.143

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Total Income	25.329	36.510
Profit/ (Loss)	(14.389)	(35.859)
	(56.81%)	(98.22%)

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	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last two years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

BUSINESS OPERATIONS:

During the year, the step down subsidiary company i.e. Essel Vidyut Vitaran (Muzaffarpur) Limited has taken over Power Distribution operations at Muzaffarpur in Bihar and adjoining areas from the Distribution Licensee i.e. North Bihar Power Distribution Company Limited (“NBPDCL”).

During the year the total Loss after tax stood at Rs.35.958 Million against a loss of Rs. 14.388 Million during the previous financial year. The loss in the current finaThe Directors are exploring all the possibility for better performance in coming years ahead and has accordingly taken various initiatives for raising long term funds including successful completion of the Rights issue amounting to Rs.299.500 Million on July 29, 2014 to reduce its finance and interest cost. It has also initiated restructuring exercise including various steps to improve operational performance

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Pan India Network Limited	23.888	538.769
Pan India Utility Distribution Company Limited	249.574	0.000
Total	273.462	538.769
Note: The unsecured loans carry of 13.5% p.a. (previous year 15% p.a.) The loan amount including interest will be payable e on completion of five year from the date of the agreement.

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

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.66.18
UK Pound	1	Rs.100.46
Euro	1	Rs.74.61

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	HEE
Report Prepared by :	GTA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	1
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	1
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.