MIRA INFORM REPORT

Report No. :	507962
Report Date :	15.05.2018

IDENTIFICATION DETAILS

Name :	GMR HYDERABAD INTERNATIONAL AIRPORT LIMITED (w.e.f. 29.11.2005)
Formerly Known As :	HYDERABAD INTERNATIONAL AIRPORT LIMITED
Registered Office :	GMR Aero Towers, Rajiv Gandhi International Airport, Shamshabad, Hyderabad – 500108, Telangana
Mob. No.:	91-40-66764832
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	17.12.2002
Com. Reg. No.:	36-040118
Capital Investment / Paid-up Capital :	INR 3780.000 Million
CIN No.: [Company Identification No.]	U62100TG2002PLC040118
IEC No.: [Import-Export Code No.]	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
GSTN : [Goods & Service Tax Registration No.]	36AABCH3448M1ZC
TIN No.:	36660155631
PAN No.: [Permanent Account No.]	AABCH3448M
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Managing the operations of Rajiv Gandhi International Airport at Hyderabad. Operation of airport and providing allied services. [Registered Activity]
No. of Employees :	1100 (Approximately)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Maximum Credit Limit :	USD 19500000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a joint venture between GMR group, AAI, Government of Telangana and Malaysia Airports Holdings Berhad and it was incorporated in the year 2002. As per financials of March 2017, the company has registered a growth of 79.30% in its revenue as compared to its previous year’s revenue and has reported good profit margin of 39.33%. Rating takes into consideration the company’s established track record of business operations marked by sound net worth base along with average debt coverage indicators and decent liquidity position. Rating also takes into account strong position as operator of the Rajiv Gandhi International Airport (RGIA) and well diversified revenue mix. Further, the company has reported a good earnings per share of INR 11.49 against its face value of INR 10. However, rating strength is partially offset by exposure of project implementation risk and proposed decrease in user development fee (UDF) reducing aeronautical revenues going forward. Payments seems to be regular. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL RATING
Rating	Long Term Rating = AA
Rating Explanation	High degree of safety and very low credit risk
Date	21.03.2018

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 31-03-2018.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 15.05.2018.

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION PARTED BY

Name :	Mr. A.D. Acharya
Designation :	Manager
Contact No.:	91-9704500014
Date :	12.05.2018

LOCATIONS

Registered Office :	GMR Aero Towers, Rajiv Gandhi International Airport, Shamshabad, Hyderabad – 500108, Telangana, India
Tel. No.:	91-40-66764832
Mobile No.:	91-9704500014 [Mr. A.D. Acharya]
Fax No.:	91-40-66764808
E-Mail :	ghial.company@gmrgroup.co.in hial.bd@gmrgroup.co.in venkatramana.tangirala@gmrgroup.in
Website :	http://www.newhyderabadairport.com http://www.hyderabad.aero/airport/partnership.html
Factory :	6-3-866/1/G3 Green Lands Begumpet, Hyderabad – 500016, Andhra Pradesh, India
Tel. No.:	91-40-23410191
Fax No.:	91-40-55624443

DIRECTORS

As on 31.03.2018

Name :

Mr. Jayesh Ranjan

Designation :

Director

Address :

Ias Quarters, Flat No. T1/2 Krishna Towers Kundan Bagh Back Side Of Life Style Building Begumpet, Secunderabad, Hyderabad – 500016 Telangana, India

Date of Birth/Age :

25.09.1967

Date of Appointment :

20.01.2017

PAN No.:

ADEPJ5732F

DIN No.:

00003692

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U99000TG2014SGC095514	TELANGANA STATE INDUSTRIAL INFRASTRUCTURE CORPORATION LIMITED	22/02/2017	-
U74991TG2014SGC095847	TELANGANA STATE TRADE PROMOTION CORPORATION LIMITED	27/09/2014	-
U14220TG2014SGC095923	TELANGANA STATE MINERAL DEVELOPMENT CORPORATION LIMITED	01/01/2017	-
U74999TG2014SGC096436	TELANGANA STATE INDUSTRIAL DEVELOPMENT CORPORATION LIMITED	28/03/2017	-
U15420TG1937PLC000583	NIZAM SUGARS LIMITED	09/05/2017	-
U15421AP2002PLC039135	NIZAM DECCAN SUGARS LIMITED	01/06/2017	-
U74999TG1960SGC000862	ANDHRA PRADESH INDUSTRIAL DEVELOPMENT CORPORATION LIMITED	16/04/2013	-
U74900TG2015GAT099004	T-HUB FOUNDATION	29/01/2016	-
U74900TG2015SGC098940	TELANGANA STATE AVIATION CORPORATION LIMITED	19/11/2016	-
U74900TG2015NPL099268	PHOTONICS VALLEY CORPORATION	10/06/2015	-
U19116TG2015SGC100458	TELANGANA STATE LEATHER INDUSTRIES PROMOTION CORPORATION LIMITED	15/03/2017	-
U74900TG2015SGC101517	TELANGANA STATE TECHNOLOGY SERVICES LIMITED	04/11/2015	-
U74999TG2017SGC117624	TELANGANA INDUSTRIAL HEALTH CLINIC LIMITED	07/06/2017	-
U74999TG2017SGC118654	TELANGANA FIBER GRID CORPORATION LIMITED	01/08/2017	-
U74999TG2017NPL119936	RESEARCH AND INNOVATION CIRCLE OF HYDERABAD	06/10/2017	-
U74999TG2017NPL120864	T-WORKS FOUNDATION	28/11/2017	-
U60300TG2018SGC123747	HYDERABAD AIRPORT METRO LIMITED	11/04/2018	-

Name :

Mr. Ravela Srisatya Lakshmi Narsimha Bhaskarudu

Designation :

Director

Address :

Rssln Bhaskarudu H.No.2210, Sector-D, Pocket-2, Vasant Kunj New Delhi – 110070, India

Date of Birth/Age :

01.07.1940

Date of Appointment :

22.06.2006

PAN No.:

AAIPR7933H

DIN No.:

00058527

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U63030GA2016PLC013017	GMR GOA INTERNATIONAL AIRPORT LIMITED	06/12/2016	-
U74999DL2010PTC203419	TIM DELHI AIRPORT ADVERTISING PRIVATE LIMITED	30/09/2015	-
U52390TG2010PLC068442	HYDERABAD DUTY FREE RETAIL LIMITED	30/09/2015	-
U52599DL2009PTC191963	DELHI DUTY FREE SERVICES PRIVATE LIMITED	21/09/2015	-
U62200TG2008PLC059646	GMR AIRPORT DEVELOPERS LIMITED	30/09/2015	-
U63033DL2006PLC146936	DELHI INTERNATIONAL AIRPORT LIMITED	20/08/2009	-
U72200TN2002PTC050086	FATPIPE NETWORKS PRIVATE LIMITED	25/09/2009	-
U65999KA1992PLC037455	GMR AIRPORTS LIMITED	17/06/2011	-
L45203MH1996PLC281138	GMR INFRASTRUCTURE LIMITED	02/09/2005	-

Name :

Mr. Srinivas Bommidala

Designation :

Managing Director

Address :

Sy. No. 7/26/1, Nitte Meenakshi Engg. College Road Vodeyarapura, Yelahanka Hobli, Bangalore – 560063, Karnataka, India

Date of Birth/Age :

01.03.1963

Date of Appointment :

08.07.2006

PAN No.:

ADAPB2985L

DIN No.:

00061464

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U74900TN2007PTC102389	GMR ENTERPRISES PRIVATE LIMITED	30/09/2017	-
U40100MH2005PLC155140	GMR WARORA ENERGY LIMITED	01/04/2018	-
U63030GA2016PLC013017	GMR GOA INTERNATIONAL AIRPORT LIMITED	14/10/2016	-
U52599DL2009PTC191963	DELHI DUTY FREE SERVICES PRIVATE LIMITED	02/07/2012	-
U85110TG2011PTC076813	AMG HEALTHCARE DESTINATION PRIVATE LIMITED	03/10/2011	-
U74999KA2009PTC049039	BSR HOLDINGS PRIVATE LIMITED	04/02/2009	-
U92410KA2008PTC051176	GMR SPORTS PRIVATE LIMITED	19/02/2008	-
U40101KA2007PLC044809	GMR KAMALANGA ENERGY LIMITED	01/04/2018	-
U63033DL2006PLC146936	DELHI INTERNATIONAL AIRPORT LIMITED	31/03/2018	-
U70101KA2006PTC038204	B S R INFRASTRUCTURE PRIVATE LIMITED	10/01/2006	-
U65999KA1992PLC037455	GMR AIRPORTS LIMITED	17/06/2011	-
U67120TN1993PTC102145	GMR HOLDINGS PRIVATE LIMITED	08/05/2005	-
L45203MH1996PLC281138	GMR INFRASTRUCTURE LIMITED	01/10/2011	-
U85110MH1996PLC274875	GMR ENERGY LIMITED	01/04/2018	-
U16000AP2005PTC047651	BOMMIDALA TOBACCO THRESHERS PRIVATE LIMITED	30/09/2005	-
U80301AP2003NPL042195	GMR VARALAKSHMI FOUNDATION	29/06/2004	-
U15541AP1993PTC016105	BOMMIDALA TOBACCO EXPORTERS PRIVATE LIMITED	27/12/1993	-
U51909AP1988PTC009039	BOMMIDALA EXPORTS PRIVATE LIMITED	13/09/1988	-
U51909AP1988PTC009286	BOMMIDALA EXIM PVT LTD.	22/11/1988	-

Name :

Mr. Kiran Kumar Grandhi

Designation :

Director

Address :

D. No. 486/76, Varalakshmi Nilayam, 38th Cross 1st Main, 8th Block, Jayanagar Bangalore – 560063, Karnataka, India

Date of Birth/Age :

13.09.1975

Date of Appointment :

29.10.2003

PAN No.:

ADUPG3647G

DIN No.:

00061669

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U70100KA2009PTC049046	GKR HOLDINGS PRIVATE LIMITED	04/02/2009	-
U93000KA2009PTC069462	GEOKNO INDIA PRIVATE LIMITED	24/01/2018	-
U92410KA2008PTC051176	GMR SPORTS PRIVATE LIMITED	24/09/2012	-
U63033DL2006PLC146936	DELHI INTERNATIONAL AIRPORT LIMITED	01/04/2014	-
U65999KA1992PLC037455	GMR AIRPORTS LIMITED	17/06/2011	-
U67120TN1993PTC102145	GMR HOLDINGS PRIVATE LIMITED	08/05/2005	-
L45203MH1996PLC281138	GMR INFRASTRUCTURE LIMITED	28/07/2013	-
U45200TG2003PLC041961	KAKINADA SEZ LIMITED	30/04/2018	-
U80301AP2003NPL042195	GMR VARALAKSHMI FOUNDATION	29/06/2004	-
U74900TN2007PTC102389	GMR ENTERPRISES PRIVATE LIMITED	30/09/2017	-
U45400TG2007PLC054827	GMR HYDERABAD AEROTROPOLIS LIMITED	01/02/2018	-
U63030GA2016PLC013017	GMR GOA INTERNATIONAL AIRPORT LIMITED	14/10/2016	-

Name :

Mr. Nangavaram Chandramouli Sarabeswaran

Designation :

Director

Address :

No. 27, Papanasam Sivan Salai Palace Road, Chennai – 600004, Tamilnadu, India

Date of Birth/Age :

17.05.1944

Date of Appointment :

25.09.2014

PAN No.:

AFJPS1577A

DIN No.:

00167868

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U63033DL2006PLC146936	DELHI INTERNATIONAL AIRPORT LIMITED	26/08/2014	-
U65929TN2005PLC057390	MADURA MICRO FINANCE LIMITED	16/03/2006	-
U51102TN1954PTC002241	R SUBBARAMAN & CO PRIVATE LIMITED	31/07/1989	-
U65999KA1992PLC037455	GMR AIRPORTS LIMITED	30/09/2014	-
L45203MH1996PLC281138	GMR INFRASTRUCTURE LIMITED	11/09/2012	-

Name :

Mr. Grandhi Mallikarjuna Rao

Designation :

Director

Address :

No.486/76,38th Cross, 1st Main 8th Block, Jayanagar Bangalore – 560063, Karnataka, India

Date of Birth/Age :

01.07.1949

Date of Appointment :

29.10.2003

PAN No.:

AAUPG5856C

DIN No.:

00574243

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U74900TN2007PTC102389	GMR ENTERPRISES PRIVATE LIMITED	30/09/2017	-
U63030GA2016PLC013017	GMR GOA INTERNATIONAL AIRPORT LIMITED	14/10/2016	-
U80902AP2014NPL095427	ANDHRA PRADESH STATE SKILL DEVELOPMENT CORPORATION	30/10/2014	-
U80903KA2014NPL073297	PARAMPARA FAMILY BUSINESS INSTITUTE	29/01/2014	-
U85110TG2011PTC076813	AMG HEALTHCARE DESTINATION PRIVATE LIMITED	25/09/2012	-
U45200KA2008PTC045780	GMR INFRA VENTURES PRIVATE LIMITED	18/03/2011	-
U45400DL2007PTC163751	DELHI AEROTROPOLIS PRIVATE LIMITED	18/06/2007	-
U63033DL2006PLC146936	DELHI INTERNATIONAL AIRPORT LIMITED	01/04/2018	-
U65999KA1992PLC037455	GMR AIRPORTS LIMITED	23/01/2013	-
U67120TN1993PTC102145	GMR HOLDINGS PRIVATE LIMITED	30/09/2008	-
L45203MH1996PLC281138	GMR INFRASTRUCTURE LIMITED	01/04/2018	-
U45200TG2003PLC041961	KAKINADA SEZ LIMITED	19/09/2015	-
U80301AP2003NPL042195	GMR VARALAKSHMI FOUNDATION	09/12/2003	-

Name :

Mr. Prasanna Challa

Designation :

Director

Address :

# 8-2-293/82/Nl/1, Plot No.126, Mp Mla Colony Road No.10, Jubliee Hills Hyderabad – 500016 Telangana, India

Date of Birth/Age :

20.08.1960

Date of Appointment :

17.07.2010

PAN No.:

AARPC9149D

DIN No.:

01630300

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U67110TG1996PTC025488	P L STOCK AND SHARE BROKERS PRIVATE LIMITED	15/10/1996	-
U45200TG1997PTC027649	CHALLA CONSTRUCTIONS PRIVATE LIMITED	30/07/1997	-
U62100TG2002PLC040118	GMR HYDERABAD INTERNATIONAL AIRPORT LIMITED	09/08/2010	-
U23209TG2005PTC047372	KAKINADA REFINERY AND PETROCHEMICALS PRIVATE LIMITED	29/09/2017	-
U74920TG2007PLC054862	HYDERABAD AIRPORT SECURITY SERVICES LIMITED	20/07/2007	-
U74999TG2016PTC111587	STORYTECH PRIVATE LIMITED	22/08/2016	-

Name :

Mr. Siva Kameswari Vissa

Designation :

Director

Address :

Old No.48 New No.53 Flat F Akshaya Homes 3rd Main Road Gandhi- Nagar Adyar Chennai 600004 Tamilnadu India

Date of Birth/Age :

16.05.1964

Date of Appointment :

18.03.2015

PAN No.:

AAEPV0159M

DIN No.:

02336249

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L45203MH1996PLC281138	GMR INFRASTRUCTURE LIMITED	23/09/2015	-
U65999KA1992PLC037455	GMR AIRPORTS LIMITED	23/09/2015	-
U74999MH1961PLC012188	L&T VALVES LIMITED	13/09/2017	-
U65929TN2005PLC057390	MADURA MICRO FINANCE LIMITED	05/09/2016	-
U63033DL2006PLC146936	DELHI INTERNATIONAL AIRPORT LIMITED	18/09/2015	-
L34101KA1967PLC001706	VST TILLERS TRACTORS LIMITED	29/08/2016	-
U45209TN2007PLC064863	GMR KRISHNAGIRI SIR LIMITED	29/09/2015	-
U72200TN2009PTC070400	NVISION MANAGEMENT SOLUTIONS PRIVATE LIMITED.	06/01/2009	-
U52599DL2009PTC191963	DELHI DUTY FREE SERVICES PRIVATE LIMITED	21/09/2015	-

Name :

Mr. Jagannayakula Dora Hanumanthu

Designation :

Director

Address :

8-2-326/3, Road No. 3 Banjara Hills Hyderabad – 500016 Telangana, India

Date of Birth/Age :

04.10.1943

Date of Appointment :

14.03.2009

PAN No.:

AASPH1826R

DIN No.:

02385290

Name :

Mr. Ramakrishna Rao Kudligi

Designation :

Director

Address :

Flat No. 404, Block 4, Smr Vinay Acropolis, Kondapur Hyderabad – 500016 Telangana, India

Date of Birth/Age :

30.08.1965

Date of Appointment :

27.04.2016

PAN No.:

AGXPK3370J

DIN No.:

05148824

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U10102TG1920SGC000571	THE SINGARENI COLLIERIES COMPANY LIMITED	28/06/2014	-
U80302TG2002NPL039397	INSTITUTE OF INSURANCE AND RISK MANAGEMENT	25/04/2016	-
U70102TG2005PLC048580	HYDERABAD GROWTH CORRIDOR LIMITED	16/03/2017	-
U45203TG2007SGC053998	HYDERABAD METRO RAIL LIMITED	19/11/2016	-
U40102TG2014SGC094070	TELANGANA STATE POWER GENERATION CORPORATION LIMITED	16/04/2015	-
U40102TG2014SGC094248	TRANSMISSION CORPORATION OF TELANGANA LIMITED	16/04/2015	-
U65923TG2014SGC095085	TELANGANA POWER FINANCE CORPORATION LIMITED	24/07/2015	-
U41000TG2015SGC097790	TELANGANA DRINKING WATER SUPPLY CORPORATION LIMITED	15/05/2015	-
U74900TG2015SGC098940	TELANGANA STATE AVIATION CORPORATION LIMITED	19/11/2016	-
U60300TG2018SGC123747	HYDERABAD AIRPORT METRO LIMITED	11/04/2018	-

Name :

Mr. Vijay Bhaskar Pedamallu

Designation :

Director

Address :

A701, Navratna Chs, Beside Ginger Hotel Mahakali Caves Road, Andheri(East), Mumbai 400093 Maharashtra, India

Date of Birth/Age :

17.05.1956

Date of Appointment :

28.09.2016

PAN No.:

AIYPP5393H

DIN No.:

06629884

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L74899DL1984PLC146935	RELIGARE ENTERPRISES LIMITED	17/02/2018	-
U74899DL1993PLC054259	RELIGARE HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	07/03/2018	-
U67120MH2008PLC188032	METROPOLITAN CLEARING CORPORATION OF INDIA LIMITED	23/02/2017	-
U65991MH2009PLC189558	AXIS ASSET MANAGEMENT COMPANY LIMITED	20/07/2017	-
U65990MH1994PLC080646	IIFL WEALTH FINANCE LIMITED	21/07/2017	-
U65929TG2003PLC040648	SPANDANA SPHOORTY FINANCIAL LIMITED	03/03/2018	-
U66000MH2015PLC263677	ADITYA BIRLA HEALTH INSURANCE CO. LIMITED	23/07/2016	-
U65999DL2016PLC304713	PAYTM PAYMENTS BANK LIMITED	02/06/2017	-

Name :

Mr. Venkatramana Ramachandra Hegde

Designation :

Director

Address :

E-117, Pragati Vihar Hostel Lodhi Road, New Delhi – 110003, India

Date of Birth/Age :

07.03.1971

Date of Appointment :

21.10.2013

PAN No.:

AAYPH8441E

DIN No.:

06689221

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U45203KA2001PLC028418	BANGALORE INTERNATIONAL AIRPORT LIMITED	13/11/2013	-
U63013CH2010GOI031999	CHANDIGARH INTERNATIONAL AIRPORT LIMITED	12/09/2013

Name :

Mr. Mohd Badlisham Bin Ghazali

Designation :

Director

Address :

137, Jalan Athinahapan Taman Tun Dr Ismail Kuala Lumpur 60000 My

Date of Birth/Age :

07.03.1963

Date of Appointment :

02.01.2015

DIN No.:

07047827

Name :

Mr. Narasimha Murthy Indrakanti

Designation :

Director

Address :

973, Nav Sansad Vihar, Plot No. 4, Opp. Hotel Taj Vivanta Sector - 22, Dwarka New Delhi – 110077, India

Date of Birth/Age :

14.08.1962

Date of Appointment :

14.03.2017

DIN No.:

07752535

KEY EXECUTIVES

Name :	Gopalakrishna Kishore Surey
Designation :	Chief Executive Offficer (KMP)
Address :	6-3-345/2, Flat-102, Celestialgrande,Road Number 1 Dwarakapuri Colony,Beside Gvk1 Mall,Banj Ara Hills, Khairatabad Hyderabad – 500016 Telangana, India
Date of Appointment :	06.05.2014
PAN No.:	AELPK9288D
Name :	Mr. Rajesh Kumar Arora
Designation :	Chief Financial Officer (KMP)
Address :	Flat No 23ag F1, Tower No - 23-A, Ats Vill, Plot No- 1, Sec- 93a, Gautam Budh Nagar Noida 201304, Uttar Pradesh, India
Date of Appointment :	21.07.2015
PAN No.:	ADQPA6234R
Name :	Mr. Anup Kumar Samal
Designation :	Company Secretary
Address :	6-3-1202/1203, 1st Floor, Kundanbagh Colony, Begumpet Hyderabad – 500016, Telangana, India
Date of Appointment :	27.04.2016
PAN No.:	AQBPS8144A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2017

Names of Shareholders	No. of Shares
Airports Authority of India, India	49140000
The Honorable Governor of Telangana	49140000
GMR Airports Limited	238138995
GMR Infrastructure Limited	1000
MAHB Mauritius Private Limited	41573540
Malaysia Airports Holdings Berhad	6460
M Mohan Rao	1
Bhimasankara Sarma K	1
Rajesh Kumar Arora	1
Sidharth Kapur	1
SGK Kishore	1
Total	378000000

Equity Share Break up (Percentage of Total Equity)

As on 21.08.2017

Category	Percentage
Promoter – Government – Central Government	13.00
Promoter – Government – State Government	13.00
Promoter - Bodies corporate	63.00
Promoter – Others	11.00
Total	100.00

BUSINESS DETAILS

Line of Business :

• Managing the operations of Rajiv Gandhi International Airport at Hyderabad.
• Operation of airport and providing allied services. [Registered Activity]

Products :

Item Code No.	Product Description
99676100	Airport Operator

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Advance Payment, Cheque and Credit (30/60 days)

Purchasing :

Advance Payment, Cheque and Credit (30/60 days)

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

1100 (Approximately)

Bankers :

Bank Name	IDBI Bank
Branch	1^st Floor, Mahaveer House, Shaheedyaar Jung Road, Avanti Nagar, Basheebagh Square, Hyderabad, Telangana, India
Person Name (With Designation)	--
Contact Number	91-40-66746000 [Ringing]
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Rupee term loans from others	0.000	4203.500
Foreign currency term loans from	4211.500	4884.200
Rupee term loans from banks	12289.200	8098.700
	16500.7	17186.4
Total	16500.700	17186.400

Auditor 1 :
Name :	Brahmayya and Company Chartered Accountants
Address :	Khivraj Mansion, 10/2, Kasturba Road, Bangalore-560001, Karnataka, India
PAN No.:	AAAFB9147R
Auditor 2 :
Name :	S R Batliboi and Associates Chartered Accountants
Address :	The Oval Office, 18 iLabs Centre, Hitech City Madhapur, Hyderabad – 500081, Andhra Pradesh, India
PAN No.:	AABFS3421N
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	GMR Airports Limited (GAL)
GAL's holding Company :	GMR Infrastructure Limited (GIL)
Ultimate holding Company :	GMR Enterprises Private Limited (GEPL) (formerly GMR Holdings Private Limited)
Subsidiary Companies :	Hyderabad Menzies Air Cargo Private Limited GMR Hyderabad Aerotropolis Limited Hyderabad Airport Security Services Limited GMR Hyderabad Aviation SEZ Limited GMR Hotels and Resorts Limited Hyderabad Duty Free Retail Limited* GMR Aerospace Engineering Limited GMR Hyderabad Airport Power Distribution Limited GMR Aero Technic Limited
Fellow Subsidiary Companies :	GMR Aviation Private Limited GMR Hyderabad Airport Resource Management Limited $ GMR Energy Limited GMR Tambaram-Tindivanam Expressways Private Limited GMR Tuni-Anakapalli Expressways Private Limited Delhi International Airport Limited (formerly known as Delhi International Airport Private Limited) Gateways For India Airports Private Limited GMR Pochanpalli Expressways Limited GMR Corporate Center Limited GMR Infrastructure (Mauritius) Limited GMR Energy Trading Limited GMR SEZ and Port Holding Limited (Formerly GMR SEZ and Port Holding Private Limited) GMR Highways Limited GMR Corporate Affairs Private Limited GMR Hyderabad Vijayawada Expressways Private Limited GMR Vemagiri Power Generation Limited GMR Rajahmundry Energy Limited GMR Warora Energy Limited (Formerly EMCO Energy Limited) GMR Chhattisgarh Energy Limited GMR Kamalanga Energy Limited GMR Airport Developers Limited GMR Power Corporation Limited GMR Male International Airport Private Limited GADL International Limited Kakinada SEZ Limited (Formerly Kakinada SEZ Private Limited Raxa Security Services Limited GMR Sports Private Limited Geokno India Private Limited GMR Infrastructure (Singapore) Pte Limited

CAPITAL STRUCTURE

As on 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
400000000	Equity Shares	INR 10/- each	INR 4000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
378000000	Equity Shares	INR 10/- each	INR 3780.000 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	3780.000	3780.000	3780.000
(b) Reserves & Surplus	3079.900	(1263.500)	(619.838)
(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)	6859.900	2516.500	3160.162
(3) Non-Current Liabilities
(a) long-term borrowings	19651.200	20469.500	20226.345
(b) Deferred tax liabilities (Net)	1496.800	120.700	0.000
(c) Other long term liabilities	3217.900	3381.800	2200.769
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	24365.900	23972.000	22427.114
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.337
(b) Trade payables	721.800	643.200	450.055
(c) Other current liabilities	1917.700	1511.800	1085.285
(d) Short-term provisions	74.400	56.200	52.957
Total Current Liabilities (4)	2713.900	2211.200	1588.634
TOTAL	33939.700	28699.700	27175.910
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	17092.100	18725.200	19070.561
(ii) Intangible Assets	17.700	7.400	11.025
(iii) Capital work-in-progress	206.000	220.300	59.921
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	4861.500	2927.700	2681.959
(c) Deferred tax assets (net)	1679.500	999.600	0.000
(d) Long-term Loan and Advances	1025.500	629.600	3506.679
(e) Other Non-current assets	1085.000	1284.100	0.000
Total Non-Current Assets	25967.300	24793.900	25330.145
(2) Current assets
(a) Current investments	3544.300	2258.000	440.029
(b) Inventories	71.900	104.000	121.827
(c) Trade receivables	913.000	1179.500	769.616
(d) Cash and cash equivalents	2873.200	167.800	236.265
(e) Short-term loans and advances	11.900	8.000	193.817
(f) Other current assets	558.100	188.500	84.211
Total Current Assets	7972.400	3905.800	1845.765
TOTAL	33939.700	28699.700	27175.910

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	11054.000	6165.100	4171.132
	Other Income	1026.700	419.500	261.153
	TOTAL	12080.700	6584.600	4432.285
Less	EXPENSES
	Cost of Goods Sold	0.000	0.000	0.000
	Employees benefits expense	596.500	589.000	603.387
	Other expenses	2435.800	1942.700	1755.995
	Exceptional Items	(857.800)	0.000	0.000
	CSR Expenditure	0.000	0.000	20.658
	TOTAL	2174.500	2531.700	2380.040
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	9906.200	4052.900	2052.245
Less	FINANCIAL EXPENSES	2010.600	1907.500	1967.835
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	7895.600	2145.400	84.410
Less	DEPRECIATION/ AMORTISATION	2038.100	2057.500	2052.550
	PROFIT/ (LOSS) BEFORE TAX	5857.500	87.900	(1968.140)
Less	TAX	1509.600	26.000	(92.587)
	PROFIT/ (LOSS) AFTER TAX	4347.900	61.900	-1875.553
	IMPORTS
	Components and Stores parts	NA	14.130	9.491
	Capital Goods	NA	293.174	2.431
	TOTAL IMPORTS	NA	307.304	11.922
	Earnings / (Loss) Per Share (INR)	11.49	0.16	-4.96

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	NA	844.068	707.187
Cash generated from operations	NA	NA	NA
Net cash flow from operating activity	7894.200	4111.400	1242.010

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	30.15	69.83	67.35
Account Receivables Turnover (Income / Sundry Debtors)	12.11	5.23	5.42
Inventory Turnover (Operating Income / Inventories)	137.78	38.97	16.85
Asset Turnover (Operating Income / Net Fixed Assets)	0.57	0.21	0.11

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.66	0.79	0.80
Debt Equity Ratio (Total Liability / Networth)	2.86	8.13	6.40
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.40	0.88	0.50
Fixed Assets to Networth (Net Fixed Assets / Networth)	2.52	7.53	6.06
Interest Coverage Ratio (PBIT / Financial Charges)	4.93	2.12	1.04

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	39.33	1.00	-44.97
Return on Total Assets ((PAT / Total Assets) * 100)	%	12.81	0.22	-6.90
Return on Investment (ROI) ((PAT / Networth) * 100)	%	63.38	2.46	-59.35

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	2.94	1.77	1.16
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	2.91	1.72	1.09
G-Score Ratio Financial (Networth / Total Assets)	0.20	0.09	0.12
G-Score Ratio Debt (Debts / Equity Capital)	5.20	5.42	5.35
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	2.94	1.77	1.16

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

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	3780.000	3780.000	3780.000
Reserves & Surplus	(619.838)	(1263.500)	3079.900
Net worth	3160.162	2516.500	6859.900
long-term borrowings	20226.345	20469.500	19651.200
Short term borrowings	0.337	0.000	0.000
Total borrowings	20226.682	20469.500	19651.200
Debt/Equity ratio	6.401	8.134	2.865

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	4171.132	6165.100	11054.000
		47.804	79.300

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	4171.132	6165.100	11054.000
Profit/(Loss)	(1875.553)	61.900	4347.900
	(44.97%)	1.00%	39.33%

ABRIDGED BALANCE SHEET – (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2017	31.03.2016
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	3780.000	3780.000
(b) Reserves & Surplus	(1279.300)	(4092.100)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	525.500	441.900
Total Shareholders’ Funds (1) + (2)	3026.200	129.800
(3) Non-Current Liabilities
(a) long-term borrowings	24116.700	24824.600
(b) Deferred tax liabilities (Net)	1524.300	133.100
(c) Other long term liabilities	3211.400	3368.600
(d) long-term provisions	24.000	18.400
Total Non-current Liabilities (3)	28876.400	28344.700
(4) Current Liabilities
(a) Short term borrowings	210.500	276.600
(b) Trade payables	1108.800	955.900
(c) Other current liabilities	2182.300	1773.700
(d) Short-term provisions	107.800	82.400
Total Current Liabilities (4)	3609.400	3088.600
TOTAL	35512.000	31563.100
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	20790.800	22737.300
(ii) Intangible Assets	533.200	545.100
(iii) Capital work-in-progress	1158.300	692.300
(iv) Intangible assets under development	0.000	6.300
(b) Non-current Investments	69.900	29.300
(c) Deferred tax assets (net)	1682.600	1007.300
(d) Long-term Loan and Advances	47.600	57.600
(e) Other Non-current assets	1552.600	1670.600
Total Non-Current Assets	25835.000	26745.800
(2) Current assets
(a) Current investments	3873.400	2238.600
(b) Inventories	511.800	483.500
(c) Trade receivables	1049.300	1312.500
(d) Cash and cash equivalents	3600.200	514.400
(e) Short-term loans and advances	9.900	8.000
(f) Other current assets	632.400	260.300
Total Current Assets	9677.000	4817.300
TOTAL	35512.000	31563.100

PROFIT & LOSS ACCOUNT– (CONSOLIDATED)

	PARTICULARS	31.03.2017	31.03.2016
	SALES
	Income	13667.300	8754.600
	Other Income	1087.700	329.800
	TOTAL	14755.000	9084.400
Less	EXPENSES
	Cost of Materials Consumed	490.000	395.600
	Employees benefits expense	1272.200	1195.900
	Other expenses	3463.400	2910.900
	Exceptional Items	(40.600)	(21.600)
	TOTAL	5185.000	4480.800
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	9570.000	4603.600
Less	FINANCIAL EXPENSES	2588.700	2466.300
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	6981.300	2137.300
Less	DEPRECIATION/ AMORTISATION	2472.500	2532.800
	PROFIT/ (LOSS) BEFORE TAX	4508.800	(395.500)
Less	TAX	1586.800	132.200
	PROFIT/ (LOSS) AFTER TAX	2922.000	(527.700)
	Earnings / (Loss) Per Share (INR)	7.51	(1.50)

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	Yes
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	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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from Gmr Hial Airport Office Rajiv Gandhi International Airport, Shamshabad Hyderabad – 500409, Telangana, India to the present address w.e.f. 10.05.2012.

CORPORATE INFORMATION

GMR Hyderabad International Airport Limited (‘GHIAL’ or ‘the Company’), was incorporated on December 17, 2002, for managing the operations of Rajiv Gandhi International Airport at Hyderabad. The Company had entered into a Concession Agreement with Ministry of Civil Aviation, Government of India, which gives the Company an exclusive right of the Development, Construction, Operation and Maintenance on revenue share model for an initial term of 30 years, which can be extended by another 30 years at the option of the Company which has been exercised by the Company.

Aeronautical revenues of the Company are regulated by the Airport Economic Regulatory Authority of India (AERA) established under an Act of Parliament under Airport Economic Regulation Act, 2008. Accordingly, as per AERA (Terms and Conditions for Determination of Tariff for Airport Operators) Guidelines 2011 dated 28.02.2011, the Company is required to get its Aeronautical Tariff determined from AERA for each Control period consisting of five years period starting from April 1, 2011.

The financial statements were authorized for issue in accordance with a resolution of the directors passed in the Board meeting held on May 4, 2017.

UNSECURED LOAN

Unsecured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Loans and advances from others	0.000	132.600
Borrowing from government semi-government bodies	3150.500	3150.500
Total	3150.500	3283.100

INDEX OF CHARGES:

Charges Registered
SNo	SRN	Charge Id	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G77786507	100156569	23/02/2018	-	-	2900000000.0	Asian Building, Ground Floor, 17, R Kamani MargBallard EstateMumbaiMH400001IN
2	G71478259	100136895	03/11/2017	21/12/2017	-	22736697831.45	Asian Building, Ground Floor, 17, R Kamani MargBallard EstateMUMBAIMH400001IN
3	G55362693	100126076	04/10/2017	-	-	50850000.0	First Floor, G Pulla Reddy Building, No. 6-3-879/BGreenlands, BegumpetHyderabadTG500016IN
4	G31985740	100069047	26/12/2016	-	-	328976750.0	602, HALLMARK BUSINESS SQUARE, SAINT DHYANESHWARMARG, OPP. GURU NANAK HOSPITAL, BANDRA (EAST)MUMBAIMa400051IN
5	G76760370	10555350	21/02/2015	06/02/2017	06/02/2018	1358640000.0	State Bank of HyderabadSheriff House, 1st Floor, 85, Richmond RoadBengaluruKA560025IN
6	G64211642	80026792	27/01/2006	24/01/2017	23/11/2017	12316698996.0	Asian Bldg., Ground Floor, 17, R.Kamani Marg,Ballard Estate,MUMBAIMH400001IN
7	G64032972	100057035	26/10/2016	09/10/2017	23/11/2017	9053999370.0	Asian Building, Ground Floor, 17, R Kamani MargBallard EstateMUMBAIMH400001IN
8	G56759277	10538153	08/12/2014	29/01/2016	16/10/2017	1300000000.0	Asian Bldg., Ground Floor, 17, R.Kamani Marg,Ballard Estate,MumbaiMH400001IN
9	G53334397	100071428	13/01/2017	-	23/08/2017	50850000.0	First Floor, G Pulla Reddy Building, No. 6-3-879/BGreen Lands, Begumpet Road,HyderabadTG500016IN
10	G40611659	10605004	06/11/2015	-	06/04/2017	270500000.0	27BKC, C 27, G BlockBandra Kurla Complex, Bandra (E),MumbaiMH400051IN
11	C37818291	10515977	26/08/2014	13/11/2014	08/12/2014	13172702734.0	LandmarkRace Course CircleVadodaraGJ390007IN
12	C37819307	10519794	11/09/2014	-	08/12/2014	1300000000.0	Landmark BuildingRace Course CircleVadodaraGJ390015IN
13	C35123330	10126726	24/09/2008	-	01/12/2014	1000000000.0	IDBI TOWER WTC COMPLEXCUFFE PARADEMUMBAIMH400005IN
14	C35361914	10169249	15/07/2009	27/06/2014	28/11/2014	230000000.0	9th Floor, Nehru Centre, Discovery of IndiaDr. Annie Besant Road, WorliMumbaiMH400018IN

FIXED ASSETS

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Computer equipment
• Leasehold improvement

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 records 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	INR
US Dollar	1	INR 67.22
UK Pound	1	INR 90.88
Euro	1	INR 80.09

INFORMATION DETAILS

Information Gathered by :	RUB
Analysis Done by :	VIV
Report Prepared by :	JYO

SCORE FACTORS

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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.