Está en la página 1de 40

RESTRICTED PPA:IND 17130 L-778-I ND

ASIAN DEVELOPMENT BANK
Post-Evaluation Office

This Report has been prepared for the exclusive use of the Bank.

PROJECT PERFORMANCE AUDIT REPORT

ON A LOAN TO THE

INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF INDIA LIMITED

INDIA

El

February 1994

CURRENCY EQUIVALENTS Currency Unit - Rupee (Rs) At Appraisal (1986) US$1.00 As 1.00 = = As 12.50 US$0.08

At Project Com pletion (1992) US$1.00 As 1.00 = = As 25.89 US$0.04

At Post-Evaluation (1993) US$1.00 Rs 1.00 = = Rs 30.85 US$0.03

ABBREVIATIONS AFL BFL CEO DFI EIRR FIRR IBRD ICICI PCR PEM PPAR above-free-limit below-free-limit Chief Executive Officer Development Financing Institution Economic Internal Rate of Return Financial Internal Rate of Return International Bank for Reconstruction and Development Industrial Credit and Investment Corporation of India Umited Project Completion Report Post-Evaluation Mission Project Performance Audit Report

NOTES (i) (ii) In this Report, $' refers to US dollars. The fiscai year (FY) of the Government of India and ICICI ends on 31 March. Prior to 1987, the fiscal year of the Government ended on 31 December. The 1987/88 fiscal year had 15 months (1 January 1987 to 31 March 1988).

PE-413

TABLE OF CONTENTS Page BASIC PROJECT DATA I. II. HIGHUGHTS BACKGROUND A. B. C. D. E. F. Rationaie Formulation Objectives and Scope at Appraisal Financing Arrangements Completion Ex-Post Evaluation (ii) 1 2 2 2 2 2 3 3 3 3 4 4 4 4 5 5 5 6 9 11 11 12 12 12 13 13 13 13 14

Ill. IMPLEMENTATION PERFORMANCE A. B. C. D. E. Design Loan Utilization Subproject Implementation Monitoring and Supervision Compliance With Loan Covenants

IV. PROJECT RESULTS A. B. C. D. E. F. G. H. Operational Performance of ICICI Institutional Performance of ICICI Financial Performance and Resource Mobilization of the ICICI Performance of Subprojects Socioeconomic Aspects of Subprojects Women in Development Environmental Impacts and Control Gestation and Sustainability

V. KEY ISSUES FOR THE FUTURE VI. CONCLUSIONS A. B. C. Overaii Assessment Lessons Learned Follow-up Actions

APPENDIXES

[ID]

BASIC PROJECT DATA Industrial Credit and Investment Corporation of India Limited Proiect (Loan No. 778-IND)

KEY LOAN DATA ($ million): As per Bank Loan Documents Total Amount of Loan Total Disbursed Amount Cancelled Terms of the Loan: - Interest Rate - Maturity - Grace Period - Amount of Free Limit of Subloans - Repayment Terms of Subloans - Interest Rate for Subloans 100.00 100.00 Actual 100.00 98.79 1.21 9.65 per cent p.a. 15 years 3 years 3.0 million Maximum of 15 years including grace period not exceeding 3 years. 1.5% above the effective cost of the Bank loan to IdOl.

2% above the effective cost of the Bank loan to ICICI.

KEY DATES: Appraisal Loan Negotiations Board Approval Loan Agreement Loan Effectiveness Terminal Date for Commitments Closing Date for Disbursements Months (Effectiveness to Closing)

Expected

Actual 13 - 29 January 1986 10 - 12 March 1986 03 April 1986 02 May 1986 31 July 1986 31 January 1989 31 July 1991 60

31 July 1986 31 July 1988 31 July 1990 48

BORROWER EXECUTING AGENCY GUARANTOR

: The Industrial Credit & Investment Corporation of India, Ltd. : The Industrial Credit & Investment Corporation of India, Ltd. The Government of India

MISSION DATA: Type of Mission No. of Missions 1 1 1 3 1 1 1 Person-days 60 14 8 52 33 18 24

Appraisal Mission Negotiation Inception Mission Review Missions Country Projects Review Project Completion Post-Evaluation

' '

Part-time attendance of the Control Officer was counted as 2 days instead of the full 3 days. Done in conjunction with Exploratory Mission for a Line of Equity to 10101 and with a Fact-Finding Mission for 10101 II.

The portfolio is sound and there is general compliance with covenants. The loan closing was delayed by one year due to delays in implementation of the subprojects caused by several factors such as change in scope of the project. It has a satisfactory portfolio. The Project satisfactorily met the primary purpose of the Loan which was to augment lClCl's foreign exchange resources and to enhance its financing of development projects by private sector enterprises. devaluation. 7. 4. HIGHLIGHTS 1.I. Cost. 5. value added and foreign exchange savings/earnings. They applied the rules by recycling water. good collection and follow-up procedures and should have no problem in sustaining its operations. 3. $98. ICICI is financially viable and self sustaining. Machinery and Equipment 11 per cent and Basic Metal products about 10 per cent. About 90 per cent of the funds went to subprojects in the manufacturing sector with the Chemical Subsector using 39 per cent.79 million were utilized (net of cancellations) to assist 86 subprojects.1 per cent in 1992/93) contributed to a well-organized and competent staff with high qualifications and the needed expertise. For the 71 companies (83 per cent of the projects) with data for 1992 available. The financial position of lClCl is satisfactory with adequate reserves and a stable arrears situation. The objective of the Loan was to provide foreign exchange resources to support ICICI's lending program mainly for modernization and expansion of the existing production facilities of private medium-sized enterprises and partly for new industrial projects designed to introduce new technology in India. delay in procurement and an increase in import duties as the sponsor's costs were increased and additional funding was needed. Feedback. The remainder was cancelled. The lClCl's low turnover (1 . The equipment provided positive benefits and also provided for job creation.685 million. 2. Implementation. The Project was the first Bank loan to the Industrial Credit and Investment Corporation of India Umited (ICICI). Its Chairman and Chief Executive Officer (CEO) is a capable commercial and development banker who is supported by qualified and well-trained staff. such projects represent a little more than 1 . The subprojects were generally well run and had a diversity of products. The Project is rated as generally successful. Institutional Aspects. 6.0 million provided from ordinary capital resources. 8. The Project illustrated the need for (a) the development financing institution (DFI) to make more realistic estimates of implementation schedules when appraising . dust control and outside air quality monitoring that was checked as often as monthly by environmental officials. Cost/Benefit Assessment. Financin g and Schedule. Out of the total loan amount of $100. Overall Performance and Sustainability. Objectives and Scope. Companies visited by the PEM were well informed about environmental rules for their plants. the total value added was about $1. Environmental Impact.8 per cent of the total amount of subloans approved. The performance of the subprojects has been satisfactory with only 12 per cent of those financed having present arrears problems. ICICI and the Bank require that sub-borrowers comply with all environmental rules and regulations of India.

The objective of the Loan was to provide ICICI with foreign exchange resources in the form of a credit line and to enable it to expand its role in promoting industrial development. This was due mainly to an industrial policy framework characterized by tight Government control and protection. These areas were assigned high priority under the Seventh Five-Year Development Plan (FY 1985/86FY 1989/90). low technical standards and poor quality. During the 1980s the industrial sector in India was in need of modernization of production facilities. a portion of the Loan was made available for new projects designed primarily to introduce new technology. and expand plants to economic size. Financjnq Arrangements 12. Formulation 10. The principal of the Loan is to be repaid within a 1 5-year period. 778-IND) of $100 million on 3 April 1986 for ICICI. . and (b) the DFI to be careful about problem loans. The Loan was appraised on the basis of the Bank's own fact-finding and ICICI's perceived requirements. The Bank approved a Loan (No. from the ordinary capital resources of the Bank. The primary purpose of the Bank loan was to augment ICICI's foreign exchange resources and thereby enhance its financing of industrial development projects in the private sector. was guaranteed by the Government of India with the sub-borrowers bearing the foreign exchange risks. However. upgrade technology and product quality. This caused industry to pay insufficient attention to economies of scale and product quality resulting in a high cost structure. The Bank loan was utilized primarily for the modernization of existing production facilities to increase productivity of industry. This new technology could improve product quality and marketability and reduce price to make products more competitive. C. Objectives and Sco pe at Appraisal 11. redress imbalances in industrial infrastructure and ancillary industries. Significant scope exists to utilize financial resources to modernize production facilities with a view to attaining overall international competitiveness in terms of cost and quality. The Loan. Although India has a large skilled work force and a very diversified industrial base. since the mid 1960 its annual growth in industrial sector production has remained relatively low. The industrial sector in India urgently needed to modernize its production facilities. making sure that correct follow-up is made in a timely manner and at the appropriate level in the organization. D. Rationale 9. at or about 5 per cent. upgrading of technology and expansion of plants. Modernization and improvement in productivity have been assigned high priority.2 projects. B. II. BACKGROUND A.

a financial sector study was undertaken and formal policy dialogue was initiated by the Bank during a Mission in April 1989. Comments received were taken into consideration in finalizing the report. No policy dialogue was undertaken during the processing of the Loan.' decontrolling pricing of company new issues. This PPAR is based on a review of the PCR. !1 ' The extension was caused by delays in implementing some subprojects. Bank files. bringing DFI interest rates in line with commercial banks. The policy dialogue is going in the right direction. The Appraisal Mission for the second Bank loan continued the policy dialogue with the Government and concerned financial and capital market institutions. their early resolution would be necessary for sustainable satisfactory performance of ICICI. The Loan was approved to augment the foreign exchange resources of ICICI and was to be utilized primarily for modernization and expansion of existing production facilities and new projects that would facilitate technology transfer. and those relating to tts development of capital markets are relevant for the satisfactory performance and financial viability of DFls. (This was phased out in 1991). F. privatization of ICICI. 17. Some of the issues covered. To allow ICIQI to fully utilize the Loan. Copies of the draft PPAR were provided to the Government. It was targeted at medium-sized industrial projects. The design of the Project was well suited to meet the financing needs of the DFI.581. Completion 13. While the Project did not address these issues. discussions with staff members of the Bank and ICICI. Ex-Post Evaluation 14. This Project Performance Audif Report (PPAR) focuses on pertinent aspects of the Loan ex-post.3 E. was circulated to the Board on 5 January 1993. ICICI. phasing out of the convertibility clause on local currency loans. .' The Project Completion Report (PCR). IMPLEMENTATION PERFORMANCE A. the desirability of allowing more external mutual funds and more direct foreign investment in India. the Appraisal Report. The dialogue concentrated on issues closely related to such DFI operations as rationalizing short and long-term interest rates. In 1988. and concerned Bank staff for review and comments.787. the Bank extended the closing date from 31 July 1990 to 31 July 1991 . Design 15. and includes the findings of a Post-Evaluation Mission (PEM) which visited India during June-July 1993.. such as.00. Up to 20 per cent of the loan may be converted to equity at lenders option. private sector participation in the Mutual Fund Industry and the removal of the stipulation setting the maximum shareholding level by private promoters to 20 per cent in Venture Capital Companies. Ill. prepared by the Bank's Private Sector Department. 16. The Loan was relent to 86 qualified sub-borrowers for an amount of $98.

A petrochemical products subproject was merged with a mother company delaying the completion by seven months. Subproject Implementation 19. Loan Utilization 18. Monitoring and supervision of this Loan were satisfactory.3 million or 39. The Loan was used to finance 86 subprojects. E.4 B. a petrochemical project. and 16 were new subprojects. 47 incurred time overrun ranging from 1 to as much as 38 months. Almost all the subprojects which experienced time overruns also suffered cost overruns indicating that one of the major causes of cost overruns was the delay in implementing the subprojects. The Missions left review reports with ICICI identifying problems encountered in implementation and supervision and suggesting solutions to those problems for the ICIC! management's attention.400 million were incurred by 7 of the 12 AFL subprojects. of which 12 were above the free limit (AFL). accounting for $18. The Bank despatched three Review Missions to lCICl from June 1987 through September 1990. although about 58 per cent of the Loan were concentrated in the Western Region and none at all in the Northeastern Region. Cost underruns of As 1 million to Rs 14 million were experienced by 13 subprojects in the same category. Com p liance With Loan Covenants 22.8 per cent of the total loan amount. a steel forge firm has already incurred 14 months delay while another. Five subprojects are not yet complete. four experienced 2 to 21 months delay. Of the 74 below-free-limit (BFL) subloans. ICICI has complied with the covenants except for the debt-service coverage ratios which were slightly below the covenanted limit of 1. while cost underruns of Rs 2 million to Rs 2. Cost overruns of Rs 7 million to Rs 9. delay in securing local funding for portions of the required capitalization and the progressive depreciation of the Indian Rupee in relation to foreign exchange. Total disbursement under the Loan was $98. Of the 12 above-free-limit (AFL) subprojects. The regional distribution was generally even. because of the voluntary repayment of an International Bank for Reconstruction and . The completion schedule of the other three subprojects was uncertain at the time of post-evaluation (see Appendix 1 for details). Monitoring and Supervision 21. accounting for $39. A total of 37 subprojects incurred cost overruns of Rs 1 million up to Rs 2.1 times during 1987/88 and 1988/89. C. D. Data in the Bank files suggest that the main emphasis of the Review Missions was on assessing the continued performance of ICICI and the subloans under the Loan. is expected to be finished soon. an automotive subproject was abandoned due to liquidity and marketing problems and one subproject is still not complete. The Missions required detailed information on the overall health of ICICI and any problems being encountered.8 million. one subproject was completed 2 months ahead of schedule. The proportion of the sponsors' contribution in the case of AFL loans of 20 per cent was on the low side with the risk shifted to ICICI and other long-term creditors. 20.567 million were experienced by three subprojects in the same category. Other reasons for cost overrun are the increase in customs duties on imported equipment and machineries. or an overall average of 28 per cent.4 million or 18. Average contribution of the sponsors was about 20 per cent of the total required investment in the case of AFL subloans and 41 per cent for BFL loans.6 per cent.700 million in the BFL category.

Details are in Appendix 2.338 - 10.856 13.440 43. This was far in excess of the projected 20 per cent at the time of appraisal arid represents a solid institutional achievement.937 - 25. its foreign currency lending to the industrial sector for the period 1986-88 was estimated at about $640 million. The remainder of the foreign exchange resource gap ($303 million) would have to be borrowed from other foreign sources.413 13.546 11.429 18. the Bank loan was timely.827 31.672 19. This is attributed to good working conditions. on a commitment basis.657 - 6.301 5.359 26. after a one year extension. Given uncommitted balances of existing credit lines as of 31 December 1985 aggregating to $77 million. It had a substantial increase in professional staff (from 413 in 1988 to 566 in 1993) and a reduction of staff turnover from 4.059 58.274 8.513 33. and an approved IBRD loan of $160 million.717 9. Table 1: Summar y of Projected and Actual Operations (As million) Fiscal Year Approvals Projected / Actual Commitments Projected / Actual Disbursements Projected / Actua' 1985 1986 1987/88 i988/89 1989/90 1990/91 1991/92 199V93 AveageGrcmth Rate % 6. Operational Performance of ICICI 23.172 4. According to lClCl's operational projections.079 9.416 10.032 6. 5 Development (IBRD) loan due to a weaker need for foreign currency loans and a depreciating value of the rupee.9 4.240 13. 24. B. together with an adequate package of salary .571 19.675 23. IV.8 / Projected at the time of Bank appraisal of the Loan.127 14. job satisfaction and good promotion prospects.318 5. 25.152 28. lClCI's overall long-term loan approvals continued to increase into 1992/93 at an average growth rate of 31.985 9.506 37.230 7. a foreign exchange resource gap of $403 million remained.240 10. ICICI's summary of operations under the Loan is shown in Table 1.9 per cent compared with a projected 21.395 8. The Loan became effective in July 1986 and was closed in July 1991.9 5. Institutional Performance of ICICI 26.387 6. ICICI's disbursements showed similar trends through 1992/93 with an average growth rate of 28. PROJECT RESULTS A.803 7.538 24.945 9.9 per cent.1 per cent at the time of appraisal. Since ICICI intended to utilize the Bank loan of $100 million to meet about one fourth of this gap.781 28.458 35. ICICI's institutional strength continues to be of a high quality.482 11.1 per cent in 1993.832 8.1 per cent in 1988 to 1.

its approval and disbursement patterns. and Executive Director. lClCl has already opened an investment bank with J. The net income from operation before provision for income tax increased steadily over the period under review from Rs 557 million in 1985 to Rs 2. technical. A new computer system is now being tested to provide the centers with fully computerized services and the headquarters in Bombay with complete management information system. ICICI is thus getting a head start which should be of great benefit as more competition in short.336 million ICICI Securities and Finance Company Limited. the strength of its portfolio.330 in 1995/96. 27. lClCl's profitability during the period from 1985 to 1992/93 was maintained at a satisfactory level (see Table 2 for the highlights and Appendixes 4. Its supervision of projects is well organized and projects are visited regularly.-' and an asset management company (mutual funds). P. these offices are expected to operate as profit centers. Its appraisal techniques. Operating Results 31. and its reputation in the market.6 and fringe benefits. C. 29. Morgan.879 million. 30. The professional attitude and competence of ICICI's staff are impressive. which are modern and efficient. together with two more in Bangalore and Baroda. With its newly decentralized operation and strong professional staff. it operates like a fully private sector organization. appraisal and loan follow-up. At present ICICI has a full-time Chairman. 28. Calcutta and Madras (see Appendix 3). The performance of ICICI's management and staff is satisfactory as can be seen in the Corporation's consistent financial performance. 5 and 6 for actual and projected financial statements). This is in line with its diversification from strictly development banking into other profitable areas of financial services. marketing and economic aspects of possible projects effectively. ICICI has disciplined procedures and maintains close contacts with the business groups and communities in which it operates. Delhi. Interest income from loan portfolio grew annually at a compound rate of 26 per cent from As 1. Managing Director.and long-term lending arises. These offices now act as the center for ICICI's business activities. ICICI should be ready to meet the increasing challenges in banking. Although ICICI is 57 per cent owned by public sector companies in India. The CEO is the Chairman who has had many years of commercial and development banking experience. The training covers a range of expertise from computers to engineering. enable it to examine the management. It is projected to rise to Rs 22. Financial Performance and Resource Mobilization of the lClCl 1. The future plans of lClCl call for the development of a high-technology commercial bank with automated teller machines and other uptodate banking systems and a share registry company.829 million to Rs 11. ICICI was devolved in mid-i 990 into a more decentralized operation with zonal offices in Bombay. The training of staff continues at a high rate with nomination for training increasing from 87 staff in 1988-89 to 166 in 1992-93. By the end of 1993. Collection problems are dealt with promptly. lClCl-AMC . financial.

1% 30.1 0.5 1.2 0.011 61. yielding an average of 12.9 3..546 4.495 23.4 per cent1' to 4 per cent.433 39. 2.7 n. 3.9 22.3 per cent in 1995/96. competition from commercial banks and other financing institutions pressured ICICI's earnings spread to reduce during 1992/93.5 3.8 1.8 0.5 80.279 2.854 400 611 771 787 971 1.5 3.504 4.8 71.4 2.4 2.. loan portfolio) was the major source of earnings with an average base of about 92 per cent of total investment assets. i.617 32.134 38.7 3. Growth 1985 1986 1987/88 1988/89 1989/90 1990/91 1991/92 1992/93 Rate (%) 22.315 2. 3.213 30. It is projected to rise to Rs 5.024 25.1 2.126 1.a.257 34.771 6.4 82.4 7.604 million by 1995/96.903 43.7 9.406 4.218 108.7% 22.4 1. 3.211 131. the ebbing market for foreign currency loan projects and the increasing cost of borrowed funds.Summar y of Financial Performance and Financial Position .208 3.0 1.013 1.7 82.058 2.033 1.8% 21.0 71. including rupee and foreign currency loans.4 2.5 80.4 76.8 per cent as a consequence of market competition from commercial banks.9 na. In terms of overall operation the earnings spread from the total portfolio ranged from 2.6 1.9 per cent over the period under review.1% 23.8% 28. although the spread declined slightly in 1992/93 to 4.956 61.a.3 1.7 3.695 66917 87.7% 32.5 24.5 63.986 3.750 2.581 16. merchant banking and trusteeship showed annual growth rate of 30 per cent.5 4.9 3.7 2.389 18.8 10.5 53.0 0.9 1.849 3.2 per cent to 4.1 1' ICICI has been achieving the covenanted 2 per cent per annum interest spread except in three years.9 2.348 2.218 57.089 47.754 102.2 9.2 1.890 2.6 4.2 2. 7 in 1992/93.2 15.196 1.5 per cent earnings during the period being reviewed.960 14.2 0.1 2.6 2.7 26.7 0.6 2.1 5.303 24.352 59.329 1./ave.9 0.2 10. Although the income from non-project financing such as leasing.853 1.4% 24.6 0. Table 2: ICICI .0 n.5 0. asset credit and credit lines. The recent upward adjustment of the interest spread was due to the deregulation of domestic interest rates in 1990/91 and the increasing demand for rupee loans.883 52.9 2.on current amount due (%) Collection ratio on total amount due (%) Total arrears to total loans outstanding (%) 10.923 48.8 1.6 1.e.323 27.Key Indicators (Rs million) Fiscal Year Total assets Loan portfolio (net) Equity investment Debentures Total portfolio Arrears Net income after taxes Equity Long-term debt (net of current portion) Ave.a.014 501 757 1.205 8. total assets (%) Collection ratio .6 22.018 77.134 79.6 1. However. The growth in operating income was supported by the varying interest spread levels from loan portfolio ranging from 1.1 2.928 356 470 325 412 1.e. other financing institutions.302 2.505 836 829 1.9 27. The earnings spread is expected to increase to 8.189 36. the income from project financing (i.416 28.1 n.6 4.5 26. .766 20. 1989/90 and 1990/91.119 15. 1988/89.3 80.1% 22.958 21. capital gains.4 72.8% Ratbos Long-termdebtjequity Current ratio Debt service coverage (times) Return on average equity (%) Interest spread (%) Earnings spread (%) Administrative exps.7 9.6 22.872 85.9 1.4 74.474 3.9 2.2 9.

8 per cent mark the year before. Rupee resource mobilization has been increasing considerably as rupee loan approvals during the period under review escalated to As 27. the impact of the Government's liberalized import policy which allows rupee payments to liquidate the importation of capital goods created a natural demand for rupee funds. This trend continued in 1992/93 when approvals for foreign currency loans slipped to Rs 5. however.4 billion the year before. administrative costs more than doubled in 1992/93 signalling the adjustment required of an expanding operation. rupee loans escalated from Rs 17. indicating greater demand for rupees.3:1 in 1995/96.7:1 to 2. lClCl complied with the Bank's covenant of 12:1 debt to equity ratio by maintaining adequate capital to match long-term borrowings. Similarly. !' Loan approvals of projects for foreign exchange declined in 1991 /92 to As 8. In addition. investment portfolio also grew at a vigorous pace to As 10.0 billion equivalent. ICICI is in the process of adding commercial banking to its diversified financial activities. 35.8 32. Due to the shift of the loan portfolio to rupee loans. .4 billion in 1992/93. 2. Due to this development. The commitments for foreign exchange loans declined during the same period but disbursements remained stable at about As 7. This is projected to rise to 3.5 billion in 1991/92 to As 27. The commitments and disbursements on rupee loans and investments accelerated.4 per cent of the current dues improved from the 80. lClCl was constrained to request the Bank for the cancellation of half the loan amount equivalent to $60. This shift. although of medium-term duration. The fund management of ICICI is characterized by substantial investment in rupee and foreign currency borrowings supplemented with equity shares and debentures.7:1 in 1995/96. would cause non-utilization of the ongoing foreign currency borrowings of Idol. The recent depreciation of the rupee viz-a-viz the US dollar is the principal reason for the slow mobilization of foreign exchange funds by lClCl.0 billion the year before. Foreign currency loan approvals declined to As 5.5:1 needs monitoring to ensure adherence to the existing loan covenanted ratio. This move indicates expansion of the resource base from public depositors at This was noted in the reported slow disbursement performance of the Bank's second ICICI loan (No.4 billion in 1992/93 from only about As 3 billion in 1985.2:1 from the previous year's 1. ICICI was able to maintain a debt-service coverage of more than the required 1.1:1 ratio except in two years (1987/88 and 1988/89). In contrast. except in 1991/92 when the rate exceeded the 1 per cent level which is considered to be unusual. The total assets grew at a compound rate of close to 25 per cent annually from 1985 to 1992/93 indicating acceleration of fund mobilization.1:1 in 1992/93 to 5.0 million of the ongoing Second IClCl Loan.8:1. The financial status of ICICI was complemented by the sufficient cash and other cash assets generating the current ratio ranging from 1. Resource Mobilization 34.Administrative and general expenses were held at less than 1 per cent of the average total assets. The collection rate of ICICI in 1992/93 at 82. It is projected that debt to equity ratio will decline further from 7.8 billion in 1992/93. The decline in 1992/93 debt-service ratio to 1 . In terms of amount. 1072-IND). 3. Financial Position 33.4 billion equivalent from As 10. ICICI is expected to reduce its foreign currency resources in favor of local currency funding.8 billion in 1992/93 from only As 3.8 billion. .

the collection rate was 82. incremental employment of 11.014 million in 1992/93. The rate of arrears to total loans outstanding in 1993 however. increased to 5. are expected to continue to increase since importers of capital goods can use rupees to buy foreign currency without Government restrictions. ICICI and others have established a new Shipping Credit and Investment Company of India (SCICI). The increase in the rate of arrears deserves monitoring. increased at 23 per cent compounded annually from As 16. on the basis of present available information. From the latest financial data gathered from those subprojects For lending to shipping. This move. Of the total current dues. Loan approvals in the portfolio have been widely distributed throughout the industry with the exception of shipping. Arrears and Collection Performance 37. will increase the administrative as well as the staff requirements of ICICI. although a good source of low-cost resources.662 jobs and overall value added of about $1. New technology was added to India through about 66 per cent of the subprojects financed under the Loan. Performance of Subprojects 1. slightly up from 71. 4.9 relatively low cost to mobilization from industrial borrowers.1 per cent of the total amount due in 1992/93.4 per cent in 1992 due mainly to the effect of the worldwide economic recession which created a temporary cash flow set back in the country's industrial/manufacturing sector. The quality of the loan portfolio is satisfactory.958 million in 1985 to As 87.5 per cent in 1991/92.8 per cent the year before. The loan portfolio on foreign currency financing of projects is expected to experience lower growth because of the recent policy reform on import liberalization. The operating performance of the 86 subprojects has been a mixture of positive and negative operating results.4 per cent in fiscal year 1993. . consisting primarily of project loans and debentures and equity investments. Rupee loans. Overall Performance 38. The collection efficiency of lClCl was about 72. The total portfolio of ICICI.1 per cent of the outstanding loans from 4. although there are signs of an increasing rate of arrears among the outstanding loans. however. The effect of this will have to be carefully weighed against the current management cost of operating a commercial bank bearing in mind the training needs of the staff to prepare them for commercial banking operation. 5. Major sectors are chemicals. As of 1992.685 million. up from 80. subprojects accounted for about $30 million of exports. comprising the lifting of restriction on the importation of capital assets and the free conversion of rupees to foreign exchange currency. ICICI's policy of writing off long overdue accounts and its effort to assist in rescheduling the accounts of sub-borrowers experiencing operational difficulties is prudent and often leads to a better portfolio quality. are fully or partially irrecoverable has eliminated the need to provide accounting allowance for doubtful loan accounts (see Appendix 7 for detailed arrears and collection data). D. metal products. basic metal industries and electrical equipment. Quality and Size of Portfolio 36. The balanced portfolio of ICICI has been instrumental in assisting industrial development in India. ICICI's current practice of writing off specific debts or accounts which.

four in Bombay and another four in Pune. lClCl should be prepared to assess and address other problems such as market deficiency and operating and management constraints. Two subprojects are located in New Delhi. and five were for expansion. the infusion of more funds is not necessarily the answer to the needs of some troubled companies. From the interviews conducted on ten sample subprojects. two suffered operating losses during 1989 to 1991 of which one reported a recovery in 1992. an electrical transformer manufacturer and a bearing producer. labor strikes. has resulted in a low arrears situation among the Project subloans and an overall strong portfolio. It is likely that the economic recession currently being experienced worldwide will further slow down the financial recovery of these firms. However. Only 1 out of the 12 AFL subloans incurred arrears of over six months. a two-wheel motorcycle assembler. one of the more positive actions of ICICI.10 with available information. A monitoring system designed to support clients in financial difficulty is already in place at ICICI. stiff market competition. Companies with problems who availed themselves of the Project's credit facility are regularly being monitored and the action taken is recorded for follow-up action. marketing problems and. an auto safety glass producer. In the 74 BFL subprojects only 9 have arrears which range from less than 3 months to over 6 months and represent little more than 3 per cent of the total amount of subloans approved. a steel forging company. of the 12 AFL subprojects. three companies had borrowed for balancing-modernization-replacement. in some cases. locational and security problems. This monitoring system. a ferrite magnets manufacturer. The PEM visited ten subprojects. an electrical cable manufacturer. underutilized production capacity. Table 3 gives financial and economic information on the subprojects visited. some 30 companies had experienced negative operation caused by delays in project completion. another subproject started commercial operation only in March 1993. equivalent to 0. The arrears experience in the Project subloans was satisfactory. Operational Performance of Ten Sub projects Visited 41. The ten firms visited included a construction service. ICICI is closely monitoring the repayment trend of its client borrowers and is servicing the companies' financial operation as part of its financial marketing strategy.7 per cent of the total loan amount for AFL. yet another. including the subprojects. while an automotive firm abandoned the project due to liquidity and marketing problems. were constrained to reduce operating costs to maintain a financially viable operation (see Appendix 8). a petrochemical firm merged with a similar company. All of the ten subprojects were uptodate in their accounts with ICICI and one had already fully repaid its account. of the 74 BFL subprojects. Subproject Arrear Situation 40. Most industries in the country. 3. about 12 per cent of the total subprojects supported under the Loan and classified as BFL Two of the subprojects were new. poor management. an automobile components firm. a common concern was the current worldwide economic recession which is cutting down production to as much as half or less than half of what it was expected to achieve. lClCI should further strengthen this monitoring system to include immediate action required for the assistance of sub-borrowers in distress. 39. a plastic processing industry. 2. The operating performance of those subprojects operating at a loss should be closely monitored by ICICI to bring them back to a profitable operation. .

the total cost of subprojects financed under the Loan amounted to some Rs 50.700 79.385 325. Socioeconomic Aspects of Subprojects 43.300 to as much as As 31. From the information gathered on the subprojects visited.a. Average incremental investment cost per worker varied between subprojects.190 Construction Service 15.389 20.130 Two-Wheelerlransport Equipment (16. a few were from 1993 and 1991 actual operations.000 Capacity Utilization (%) 75 70 75 65 58 80 50 97 50 n. 563.389 a/ Majority of the data are from 1992 operations.294.638. E. the present economic recession is obliging the subprojects to operate at only half their normal capacity.100 108 550 740 295 817 2.200 2. Subproject's Industry Sector Sales Auto Safety Glass 63.400 1.600 217.500 n. which were stimulating the economy in the communities in which they were located.702 million ($1.644 million equivalent). With the exception of the bearing manufacturer.a.600 930 Automobile Components 162.324 1.388 2. Women in Development 44. all the subprojects visited were profitable in 1992/93.500 130. The new jobs created helped to reduce unemployment and benefitted the workers' families.800 1. Although a few items required additional equipment to fully utilize capacity.625 from the AFL subloans and 24.a. The 55 subprojects. No discrimination is made on grounds of gender in regard to promotion.900 Electric Motors.900 1.394 5.100 232. only 2 per cent to 10 per cent of production was for export. and ranged from Rs 3. had generated additional 33.093 516.407 989.300 of whom women ranged from none to as many as 80 persons. this did not disturb the continuous operation of production facilities. Appendix 9 provides information on the operational performance of the subprojects visited by PEM.300 22. As shown in the PCR. However.358. for which comparative employment data were available. As an employer.8 million.9 million in 1992.300 Bearings 683.445 n. ranged from As 0. The total number of employees/workers in the plants ranged from 195 to 2.34 million to As 7. For these subprojects capacity utilization ranged from 12 per cent to 133 per cent with an average of about 67 per cent. of Employees 195 1.555 53.500 408.238 75. Financial and Economic Information of the Ten Sub prolects Visited (Amounts in As '000) Annual Profit or (Loss) Value Added Assets Size No.700 11.259 17.879 727. Transformers & Ballasts 108. . Many of the companies visited expressed their intention of increasing their export sales after the recession period (see Appendix 10 for details).847 PowerCable 173.400 28. The total value added in 1992 for 71 companies for which data were available was estimated at $1.500 Hard and Soft Ferrite Magnet 176.759 in the BFL class) as of 1992.000 152. The value added realized in 1992 by the subprojects.692 Plastic Processing 446. Table 3. 11 42. F.685 million.400 396. Steel Forging 1. Only nine subprojects were exportoriented and the remainder were either import substituting or domestic-market oriented enterprises.494 1936. All of the subprojects visited indicated that the items of equipment purchased from the subloans were being utilized and contributing to the overall operation of the firm.418.700) 729.044 157.384 jobs (8. ICICI provides an equal opportunity to men and women in every area of activity.

Environmental Im pacts and Control 46. Gestation and Sustainability 47. In case of support staff. First. Deputy General Manager (1). the number of professional women has increased both in absolute and in percentage terms. be cautious not to move too fast into new areas. With decentralization ICICI is adjusting to a new pattern of operations that should allow senior management more time to supervise the new subsidiaries and take appropriate action to ensure successful implementation. 45. It has a satisfactory portfolio. Over the last ten years (1984-1993).e. and that they applied the rules by recycling water. women had nsen to the senior levels of General Manager (1). The Bank will need to structure new types of lending.. this was checked as often as monthly by environmental officials. The impact of the ICICI Loan Project on women has been limited in those subprojects engaged in heavy and medium industries because almost all of the tasks in these industries require skills that have traditionally been delegated to men and have very limited slots for females. good collection and follow-up procedures and should have no problem in sustaining its operations at the present level. H. lClCl is at present sethng up new subsidiaries in investment and commercial banking. the percentage of professional women in the total number of professional staff in ICICI increased from 20 per cent to 26 per cent. Assistant General Manager (8). ICICI and the Bank require that sub-borrowers comply with all environmental rules and regulations of India. however. lClCl's overall lending pattern has shifted away from foreign exchange loans. i. controlling dust and monitoring outside air quality. local currency (swaps) or shorter maturities to be of any assistance in the DFI area in India. It should. leasing companies. V. and area of work. lClCl is a well-organized and well-run DFI. but no actual figures were provided on the number of women employed directly resulting from the implementation of the Bank's loan to lClCl. . These subsidiaries will need to have excellent staff and qualified management to bring them into profitable operation. The PEM gathered from the field that women are employed in most of the light industries supported by the subprojects. to meet competition. on the strength of their performance. since this might over-extend its management capabilities to supervise and control the new subsidiaries. loans without government Investment banking and commercial banking operations. This is a time-consuming and difficult task. G. etc. KEY ISSUES FOR THE FUTURE 48.12 mobility. Lending will be more oriented towards the privatization of companies. the percentage of women in the total staff strength increased from 37 per cent to 48 per cent. It should be careful not to spread its top management too thin and so lose control of its new operations. The PEM noted that the sample of companies visited were well informed about environmental rules for their plants. By 31 December 1992. Manager (8) and Deputy Manager (6). The general procedure regarding merit and promotion is on a uniform basis. Future lending could go to other financial institutions like commercial banks. Second. Several issues and questions were identified for the future.

VI. (ii) lClCl's financial performance. implementation schedules. C. . The Project satisfactorily achieved its objective of providing foreign exchange resources to support ICICI's lending program. The Project is considered generally successful.13 guarantees and as mentioned above swaps so that foreign exchange lending is immediately converted into local currency funding. Lessons Learned The development financing institutions should make realistic estimates of project 50. especially problem loans and collection ratios. B. up is made in a timely manner and at the appropriate level. Overall Assessment - 49. There is a need for the Bank to closely monitor: (I) the effects on lClCl of the various new subsidiaries which it is starting. and (vi) that the policy dialogue intended to ensure the maintenance of a satisfactory financial environment for lClCl and other borrowers is continued through future Bank lending programs to India. The overall impact of the subprojects financed under the Project has been satisfactory. (iv) that subproject implementation schedules are more realistically established in future loans. (v) that subprojects continue to abide by the environmental rules and regulations of India. Collection ratios and arrears must be watched closely and proper follow-up instituted to maintain and if possible improve collection efficiency. CONCLUSIONS A. possible devaluation of currency and price increases on basic items might cause cost overruns in projects. They should closely examine how outside factors such as import duty. mainly for modernization and expansion of private medium-sized enterprises and for new industrial projects designed to introduce new technology in India. Follow-up Actions 52. (iii) that ICICI's portfolio performance does not deteriorate. ICICI needs to be careful about problem loans and to ensure that correct follow51.

14 APPENDIXES No. 1 Implementation Data on Subprojects Page 15 17 18 19 20 21 22 2 3 Summary of Actual and Projected Operations Organization Chart 4 5 Actual and Projected Income Statements Actual and Projected Balance Sheets 6 Actual and Projected Cash Flow Statements Loan Portfolio Arrears 7 8 9 Annual Profit or (Loss) 23 25 31 Operational Performance of 10 Subprojects Visited ICICI I Subprojects 10 .

Ltd. Ltd.. mechinery (lelal*rone) wIg. Miarashtra india.14 35 30-. Oheruch. Gujarat New Electronic PABX mig. 038 Electronics tteseath Pd. Ltd. Rthkemal Synthetics Ltd.orrr Ltd.21 2. Mdrareshtrs New Tubes wI9. Mtharastrs Expansion Textiles rnlg. Gujarel Divwsiticalion FertilIzer.ulicais Ltd. 012 Larsen & Toobro Ltd. Mtharethtra BMR Clvi ccmstructtcn 013 LMLLtmted Ka'rpur. 027 lQranta trtianZar. Chemcai products mfg.90 7. 017 MajestIc Auto Ltd.4 1 38 65 30 0 29 45 1 1 12. Barrgalore.36 13. 225 641 005 CroroptonGreaves Ltd. Ltd.64 257 1. 024 Standard Medical & Fharrnac. Acrylics Ltd. Karnetake 057 Esser Gu)eret Ltd. Kerata Expansion Electrical appa&us & supplies mtg. Prochemicai product. Oil esplormior.1 4 3.851 2.33 01-May-86 1-May40 01-Dec-88 01-Mar43 79 22.rianoe.22 01-Apr-86 01-Apr21 45 26. A-rdhra Prade Expansion Portland cement wIg. Expenslcn 014 Cemhdte Co. Sleet mlg. Malttred.zire. Bulandsirthr. Mthad. Papw products wIg. Utter Prided.70C 237 127 (110 112 112 129 122 77. LId. & Industries Ltd.727 16. Nandesad.6 2.26 40. Gujaral New Electrical rnechhery apparus 008 tEL Umtted mane. 039 Tat'rwaie O. Borrtay.43 01-Dec-67 01 -Mar2 152 210 15. Maharathtra BMR Etectricat eqitpment& supplies Tala Tete. U. Vedodera. Gujaral Expansion Textiles/acrylic yarn mtg. Mtharashtra 083 Reyrna.i.58? 245 243 (2 970 1.bt60 33. Borrbay. Mdiarsdrtra BMR Electrical rnec+rhery 029 Shrlram Fbu.bl-8701-Feb26.73 150 305 15. 072 Sengrur.89 01-Jan-80 01-Mar13 34 35. 021 Sural. Union Territory New Plastic products wIg.Axs77 41. He.II 3. (India) Ltd. Total Above Fr gg Umit 004 OrIent Paper& hdustrtes Ltd.2 12. Dadre& Navel.enls Pvi.rsn __JFhanckig TctalProu Total Coat Actual -' 002 Hhdustan Motors Ltd. Prade Expansion Transport eqotpment mlg.19 3. 037 t<elrcn Corxpaients Corrçles Ltd. Gujerat 074 Bon'bey Oflore Supplies Bon'ay. Udyog Ltd. Gujerat 060 Gu)erat Nermade Valley Fertilizers Co.0 4. Ma'iare'rtra & ServIces Ltd. 075 Century Enka Ltd. Films mfg.ei-67 30-. TemitNadu New Febrbated metal products 010 Vldeocar International Ltd.18 810 1C 800 1.Maharadlra 044 Indian Rayo. Gularat 019 CosmoFib'ns Ltd. Md.80 7. Hyderabad. mtg. M. 040 Baja) Auto Ltd. Jalgeon. Rayon & Indusinte.24 01-Mar-88 01-Cot37 74 17. Kaneka New Food processing 016 Gujaral SpInners Ltd. Dlvsrsllbalicn Textiles wIg. Ltd.43 31-Mar-91 30-SapIII 369 17.62 30-Cot-87 30-Sep42 11 37. Biraruth. Mactrya Prede.Belgsum.3 2.14 0 31-Mar-68 31-Mar6 25.856 1. Aurangab. Gokak. Gujaret 068 DeeçrekFeiliticers& PrNembals Corp.lal-89 01 -Mar19 45 373 693 14. Gedchlrdt.ls/coiyeer staple fibre 009 (.460 4.s Ltd.v.38 9. Expansion Sleet pIpe wIg. Ltd.89 0t-Jjl-69 0t-.2 24 0 0 106 400 5 77 2 66 341 192 1. Akurdi. Ca.39 01-Dec-66 01-Mar 11 29 37.53 01-Feb-86 01-Cot01-Aug-87 01 -Aug4 50. Expansion Ceramic tiles mfg.06 01-Mar-68 01 -Mar31-Jan-60 01 -Mar165 592 4. Rajesthan india. Mdiarastra New 033 Century Enks Ltd.56 31-Mar-66 26-Cot32 90 145 17.00 0 01-Mar-90 01-Sap122 310 12.32 65. IMPLEMENTATION DATA ON SUBPROJECTS Subioan of Location Nature Tvoe of o ned Mlual Irj.90 7. 006 Modem Woolens Ltd. Hajire.93 31-Mar-91 31-Mar329 336 2. Gujarat 063 Gujeret Alkaies& Chembeis Ltd.UtlarPrsdmt. Moire Prided. New Electrical suppties wIg. New Elect. Adilebad. & development 3. Divcsitbatia.00 01-Mar-68 01 -Mar- Us Si 03 (DID .29 0 60 25. Aurangebed.148 579 (2. Te. Subtotal 548 29 52 76 520 283 90 120 20 399 5 230 7 210 74 76 26 72 139 4 5 3 9 3 641 29 01 66 592 305 90 116 20 399 4 310 7 210 74 96 35 77 145 6 45 893 369 80 93 0 9 (8 72 22 0 (4 0 0 (I 80 0 0 0 18 9 5 6 4 Ic 30 0 (13 42 5 11 Ii 15 34 7 12 11 24 0 13 4 12 tO 4 9 23 12 4 4 2 8 10 26 6 2 15 9 172 6 5 4 13 12 6 49 0 26 2 26 1 20 3 II 4 9 14 3 0 0 9 90 40 14 10 9 4 20 2 2 37 10 3 4 12 14 2 2 3 1 I 2 22 19 1 2 I 33. Modemizim Textiles/woolen lebrbs wIg.akshml Mactrhe Worke Ltd. wIg. Ltd.80 18.93 0l-. mane. M. BNaiuct.90 47.106 13t I. CMoor.76 09-Jan-66 Ol-Dec57 106 22.700 18.56 4.33 51.90 10. 007 Televto.6 447 6 260 41 3 83 1.30 31054 0 7 35 45 135 68 14 210 67 73 157 0 53 64 36 53 440 261 89 24 360 188 1. Mtharaitra BMR Ccnslruction services 015 KG.emicats& Pleslics Ltd.56 7 71. Rersthan 031 Pune. Atwer. Mareshtra Expansion Chemb. Ltd.erashtra Below Free Limit Modernizicn Expansion BMIR New Expansion BMR Expsion New New Espsion Ajjlomthil. Cctrxrtgors.1 1.23 01-Jin-8601-Sep16 01 27 68 22. Kawralaka Expansion Eieolricai eppaelus& eqprrt wIg.astra Hi-Ret Coroponenta (India) Pvt. Oil Ganiinagar.rtiles rrrtg. Carstic soda mtg.06 01-Dec-68 Ol-Dec31-Q1-67 31-Cot39 90 16. Rasthan Divsltbatim Textiles/worsted yen wIg. Portland cement mfg. 032 i<DB Industries Ltd. 036 Jeh Irrigation Systems LTd. GlucoBlots Ltd.ed.00 31 -Mar-66 30-Sep4 37.25 65. Thane. 018 Sparlek Ceramic.57 01-Dec-87 Ol-Dec96 15. Andre Pradedi Expansion Medical services ) 025 Gujarat Narmada Valley Fertilizers Co. & Conxx.07 01-Feb-86 at-Apr7 57. Mthe.. Itarsi BMR Plywood wIg.arashlraBMfl Transport equipment wIg.76 01-. 023 indian Plywood Manutecluring Co.1 4. Bonday. Mechinerymlg. Textile mfg. Chemical products mfg. Atwar.d Wooten Milb Ltd.00 0 229 399 12. Airangabad.n-87 30-Jjn20 55.400 2. Gujarat Expa'rslai Textiles/cotton latxics wIg. Gheziabad Dirbt.12 01-Mar-91 DI01-Apr-66 3101-Apr-89 010i-Jjn-900101-Mar-91 0101-Apr-89 0131-Mar-91 3130-Sep-92 3131-Mar-92 0101-Jan-69 0101-Mar-89 0101-Mar-90 01- (24) 0 20 2 12 6 0 6 7 0 0 (2) BMR Textiles wIg.67 Ol-Jjt-87 01-lit10 116 5259 30-J. 035 Hhdusl an Pip. Punjab 073 Relnce Prochemtcals Ltd. 026 Crorrptmare.

. Bihar DMA Mysore. 085 Bharat Forge lid. 051 IndIan St. Electronics. Textiles rig.stact veiccity joInts & shells ml Audio-magellctepes wig. Dry cells mig. Nagixir. 062 SPIC ELeclrailc. & 0gb oartrolt.Nd Yet Completed: NA . I-.61 51 IC 0 0 0 70 31 21. That4jdwara.B&anctng. 0lv. Kamataka BMA Ferldebed.Aat-O( 18. at wrfthg Instruments ElectrIcal cables wig.uter. Moulding tools & eM. limit TOTAL 84 74 250 490 53 49 61 80 21 26 185 217 75 93 172 182 59 45 240 288 349 810 200 200 32 32 1. Corr.t. 059 Chokkant ntemetla'raI Ltd. Mthara.r.l & 1iMre Products Ltd. rig. Haryana Expansion Bengaloiw.43 Ol-J. 100 Parasran'rpjrta Industrie. Karleneka Expansion Tarapjr.71 30-Sep-67 28-Feb-86 45.26 01-Apr-68 31-Mar-81 12. Mstrara. Pradest. Textiles wig.00 01-Jan-89 01-Dec-81 32.00 01-Apr-88 01-Mar-91 13. epprovea era arswrseo: scibtoan numbers not listed were approved and/or a.rs wig. ¶Mre& wire products wIg. Elecicnb push buticn telephone ii. Mtharashtra Expansicn Mag.87 01-Jan-91 01-Apr-01 01-Sep-92 01-Apr-93 4.66 0l-ug-90 0I-Apr-0 9. Ltd.areshtra Expansion Astnaglrt. 048 XLO Mathina Tools Ltd. Aasthan Expansion Nasik.02 . Forghgs mtg. wIg.Intra Exp&rslcs.. PolyvInyl ebthoi rig. 058 Pasipatt Acrylal Ltd. Haryana Expansla. Msharaahlre Expansion Dcxrbay. 099 tnt. Cab Corpotettcrr cri India 007 009 UnIversal CthIes Ltd. 092 Ntlkari& PlastIcs Ltd. IMPLEMENTATION DATA ON SUBPROJECTS tCtCl Mitlic.18 Ot-.37 0I-.a are moe. 094 Wlpro System. Ltd. K SynthetIcs Ltd. ElectrarIc products wig. 043 Nhon Nlrmaai Ltd.74 01-Apr-02 NYC p-.. Mst'rarast.riro Ispat lid.Ltd. 053 Letdranpat N gtaial Ltd. 0Q. Forgings rig. Msh. 095 Invet Trensmnlsslcn lid.rsltbalim District Singtrbhun. NaaItc. Gujarat Expansion Pun. 078 Hhdltrcm Tectrtrcnlx Instrument Ltd. Mtg. 050 Straw Product.05 OI-Co1-9I 0I-CoI-91 7. & Systems Inc. Polyester flIsment yam wig.35 01-Apr-89 01-Mar-91 20.ar. Gujaret Expansion Andherl. Mtharashtra DMA Baroda.kai-67 30-Sep-& 22. Fabricated metal products wig..17 30-Jjn-68 31-Mar-81 13.11 01-J. Aejesthan New Panctralat. Etectrcrrb messIng ecVlpment wig. 004 IndIan Atjmhum Co. 045 tndIa Aeycn & Industries lid. Karnataka Expansics. Kamstaka New D. Fibre board mfg. Synthetic tiIsment yarn wig.93 Ot-Cot-90 23-Nov-91 12.r-68 0I-. Mechine tools rnfg. 052 Aemhgta Rand at India Ltd. Electra. Acryic fibres rnlg.50 01-Dec-88 31-Cot-UI 50.. Etectricat cables rnfg. West B. 093 Tmly EngIneers lid.) Fhanc Actual FInancing s Mum) 0x. 087 Antttrbticm BearIngs Corp. lid.. 055 Nlppcn D. Mtharastrtra Expansion Bangalore.20 01-Sep-93 NYC 28.00 50. 049 tnvet Tranarnissla. Md.00 31-Mar-89 31-Mar-81 8. Territory Expansion Food prcce.bn-80 01-Feb-91 52. 077 Haryana Pstroot. Utter Predesh New Madras Port. C products mtg. Arunodsy Mitts.rashtrs Expansion Sinat. Karnataka Expanstcn Pune.41 31-Dec-88 31-Dec-81 5. Galvanized sheets rrdg. Expansion Hissar.88 31-Mar-90 31 -Dec-81 41.82 01-Jan-89 0I-. Borrthay. Gujarat DMA Than.raatrtra DMA Puns.97 01-Sep-01 01-. Ltd.-. 070 Pareairerruda Synthetic.294 5 83 107 24 - 134 - 4 7 (3 8 6 0 9 7 (2 260 312 32 20 20 0 i30 575 145 218 41 149 21 I 0 638 1. Mactry.25 501 75 348 48 30 131 43 44 I 263 260 (3 30 30 0 134 161 47 5..814 2.ngal New Nagair DistrIct.38 01-Jan-80 01-Jan-81 70.27 01-Apr-89 01-Dec-81 17. cri machInery ecept electrical Plastic products wig.31 01-Sp-89 01-Dec-9 30.. 080 St4FBserhg. 084 Bf'LEl. 097 Gufarat Alkales& Chembala Ltd..r.04 31-Mar-90 31-Cict-9 18. 054 Ntem PItic. 056 MorrIs Elatrcsib. Tamihadu New Mysore. Pun.00 01-Apr-91 01-Cot-UI 01-Jjrr-91 0I-JiI-91 18. Ltd.. 068 Camlh LTd. Haryana New Ghazlabe Utter Pradest.03 01-Dec-89 02-Feb-91 12.Not Appibable: DMA .rstt India Ltd. Glass mtg.k. Hery&ra Expansion Puns. Close die forgIng.61 01-Mar-89 0t-Mar-9 15. Meberashtra DMA Pun.87 85..40 01-Aug-92 31-Cot-93 5. Kata.tjn-8l 21.ilhorized by the Bank WI were an Note NYC . Tamihedu New Chhgleput.n TotaiP Locaton Nature Te of I Actual eJrnxrrnr ADD ICICI Soonsor Other. Bangator.00 01-Apr-91 01-Apr-01 01-Apr-91 01-Aug-91 538 17. Electrcinb product. Mebareshlre New Pun. HavelL linic.m Ltd.00 31-Dec-89 30-Sep-81 32. Metrarastitra DMA Setna. TOTAL Baraset. 089 090 Trinty EngIneer..t-QI 0..004 1.tra Expersia.tcrbs lid. 01-Apr-00 0I-Apr-OC 66. Predeth DMA Alwar. Mactry. mfg.254 620 732 306 486 123 t39 22 22 21 21 37 37 198 198 34 34 170 172 50 50 125 128 258 419 219 220 10 240 (4 1 5 32 18 (10 (14 48 270 0 0 250 112 180 ¶8 0 0 0 0 0 2 0 3 183 (I 5 13 4 5 8 ii 17 5 7 II IS tI 8 23 39 35 14 8 Il 7 Il 9 7 3 41 17 5 tO 6 4 16 43 9 - 4 1 8 183 7 80 II 05 5 8 0 19 0 IS 2 26 51 8 8 89 52 48 7 7 0 19 18 5 21 13 0 35 8 18 8 3 14 302 22 - 0 0 0 42 2 85 28 60 28 II 6 58 21 74 12 82 119 84 ¶0 202 14C 35 & C 1C II 88 8 55 28 40 149 59 II 191 IC 51 4.00 01-Mar-02 01-Mar-90 21. (D(D I.uUd.37 5. 078 Cronrptcn Grsav LId. 079 J. Rajesthan DMA Bangalor. M&rara. 086 Supreme IndustrIes Ltd. Mtharathlra Expansion Morict. semi-conductor Fitanent yarn rig. lid. Ca.l-9I 0I-Apr-9 17. MIg.iI-80 0t-Jjn-81 88. Computer soitware devek.hIre Expanala.smicatg Ltd. 001 FhdexP. 047 Mshereshtra Safety Glass lid. 096 Pebo Etectrcm*e & Etectricats Ltd.t.pment Velctty joints wig. Plastic pIpings mfg.091 25 C 5 I 3 Il 0 32 6 10 2 120 21 55 0 18 86 24 4 187 23 434 61 117 20 8 5 880 1.71 01-Jan-91 30-Pug-UI 65. Maharethtra New Mthindergsth. Ltd. 081 Polvh. Chemical products rig. Kearataka New Puns.htra Espanslar Bombay.82 30-. LTd. Msharaslrtre Expanslcn Faridebad. 0' aj uoroans i. Plastic products mig..18 01-Mar-88 1-May-81 12. Mth.05 o 4 46 28 22 100 II 1. Subtotal Total Below Fre. Ud. Ltd. Total Cost at Subloen N ei (As 042 Keventer Agro Prlvste Ltd.00 31-Mar-93 NYC 100. Ship repaIr Electrmb products wig. Modornlzstics'i and Repiecemer.54 01-Dec-88 0I-Qt-9C 10.slng Nai-rnetallb mineral products ElectrIcal ecilpment mtg.

881.815.2 729.0 51.7 33.066.416.5 47.0 15321.6 150.0 3.8 4.671.0 10.0 426.00 9.0 CD I-h CD CD Deferred Credit Leeslng Instalment Sale AssetCreditScheme Venture Capital Total COMMIThENTS ForelgnCurrencyLoans RupeeLoens Guarantees Investments C) (0 881.179.500.8 2.2 2.790.0 9.028.029.070.10 1.140.0 (0 1.7 1.239.0 1.875.0 - - - - 3.7 20.6836 1.0 7.0 2.6 7.040.106.955.537.1 3.4.546.777.474.0 279.657.8 258.172.7 - 1.281.1 7.410.de at appraisal before the clnge in Ca rn31 Deceniber to 3i March.642.0 2.2 740.5 9.5 3.8 4401.296.211.1 303.0 4.136.4 539.1 106.0 871.827.537.0 7.0 896.0 5.6 7.567.0 8.546.414.280.407.002.0 10.0 6.0 10.0 8099.7 3.0 4.0 5.077.5 1.5 3.0 6.500.0 246.152.0 58.0 8562 1.458.1 31.126.0 1.0 4.0 2.851.945.0 7.1 4.6 18.5 19.6 6.0 158.1 18.970.0 6.100.0 - -.3 5.319.8 24.0 900.488.8 525.3 230.1 35359.1 46.0 7.329.0 3046.0 3.148.4 1.2 75.- - -.5 115.0 2.00 1.749.091.3 1.1 1.913.775.728.4 1.0 818.283.0 2.5 27.920.0 - - - - - - 324.457.9 1.0 9.3 4.802.3 200.848.034.690.8 25.4 13.673.5 - - - - - - - - - - - - 960.500.570.7 150.481.0 56.0 37.7 27.0 5.0 2.0 373.654.0 256.0 3.0 31.0 3.156.058.532.7 869.364.863.0 2.940.546.670.5 4.3 23.060.0 4.346.0 1.551.00 6.0 4.0 1.031.0 1.0 651.150.766.765.0 - - - - - - - - - - - 2.089.318.400.805.48.0 3.750.p 18.312.0 3.780.0 5.500.811.010.0 1.918.9 13.0 2.000.357.673.0 1.EC1ED OPERAT)OPIS Rs million) FlsoaiYearaj APPROVALS ForeignCurrencyLoans Rupee Loans Guarantees Investments 1985 1986 1987/88 1989/90 - 1988/89 j Projected Actual Projected Actual Projected Actual Proj!cted Actual ProJ! Actual 1990/91 1991192 1992/93 199'94 1994195 1995/98 Actual Actual Actual Projected Projected Projected 1.7 - - 383.0 2.0 4.671.8 10..420.3 4.1 a/ Years ending 31 December to 1966 and 31 March thereafter.4 5.0 3.625.574.0 9.4 1699.00 4.0 1.791.2 4.3 696.750.00 11.151.0 76.3 _______ _______ _______ 1329.559.8 598.4 1.80 1.506.5 10.5 5.0 166.0 2500.2 316.510.0 4M50.0 994.9 365.7 229.3 3.0 19.437.139.0 8.250.0 0.455.513.0 - 308.477.0 73.5 1.789.0 37500.351.1 719.0 6.071.000.066.0 1.000.147.5 409.90 10.0 8.0 980.1 2.00 14.381.440.3 13.1 27.269.521.0 507.7 8.217.7 1.0 2.0 _i.700.0 5.0 10.3 1.5 590.3 1.1 11.340.000.8 17.98 52736 70io 8395.2 183.615.0 - - - - - 48.214.0 1.324.218.090.247.1 38.0 980.5 1.2 8.7 _______ _______ _______ 1.807.0 5.0 - - - - - - - - - - - - 2.8 3.437.1 272.0 ______ Total ______ 4.825.480.0 2.0 8.885.841.7 2.472.100.3 1378.0 6.3 2.3 4.0 3.413.608.1 6.589.353.lStiO 940.0 681.0 1.0 7.0 2.5 58.837.9 7.615.997.284.507.0 2.0 191.588. .717.0 2.0 200.459.500.215.5 7.271.389.718.3 780.6 1.0 825.660.7 158.085.4 2..2 10.600.0 1.792.2 6.0 4.2 21.101.2 4.5 308.0 - - - 2.9 3.9 2.364.0 366.0 14.985.C' ______ ______ ______ I-' Deferred Credit Leasing Instalment Sale AssetCreditScheme Ventura Capital Total N.0 286.0 936.0 10.4 3.0 1.0 - 2.0 216.2 703.281.574.651.1 10.119.203.0 - - - .9 6920.0 - 192.6 33.0 542.5 2.558.9 780.3 577.4 - 29.) DISBUfISEMENTS ForelgnCurrencyLoans Rupee Loans Guarantees Investments 702.000.240. SUMMARY OF ACTUAL AM) PRO.1 4.500.741.086.938.0 - 258.292.6 45.0 13.0 150.0 234.345.900.4 349.0 808.5 2.0 10.2 839.0 49.971.5 899.0 9.0 170.309.0 -.926.0 ______________ ___________________ N.9 7.6 50 4.2 184.0 167.434.0 975.0 3.839.1 38.8 - Deferred Credit Leasing Instalment Sale AssetCreditScheme Venture Capital 544.2 2.5 4.0 32.0 - 73.6 782.8 960.4 27425.0 2.027.0 9132.500.831.661.324.848.0 1.468.8 32500.00 2.1 200.0 57245.408.0 37.3 1.00 18.00 1.0 2.404.754.648.982.9 14.0 3.4 2.971.) .535.4 1.8 937.6 1.0 46.7 234.045.70 9.0 20.0 65.116.0 13.119.582.6 42.) I-.0 150.5 5.2 718.7 - 703.2 18.9 _.002.403.933.5 339.510.737.061.8 3.0 8.3 43.917.500.00 3.0 1.8 1..258.0 2.0 3.0 281.007.824. 2.40 13.264.5 437.6 11.9 92.9 _______ _______ _______ 8.000. - - - 946.480.1 5.570.234.721.6 200.8 2.5 6.9 36.064. 15 month ctata for 1987 and 1988.1 768.1 2.4 3.2 7.4 170.743.4 5.808.0 6.0 3.106.0 1.0 861.0 4.120.351.053.0 72.0 5.3 20.0 1.000.0 3.831.422. Note Projections were n'a.0 2.0 4.8 5.404.4 366.6 27.134.432.2 - 1643.073.386.4 6.0 5.9 2.0 11.402.032.161.416.8 6.0 5.345.7 797.423.8 10.124.0 795.9 3.831.500.00 1.5 4.560.0 28.2 4.8 10.1 316.9 1.656.577.273.000.0 5.0 5.5 8.510. - - - - 1223.0 6.512.085.0 266.0 2.313.0 19.181.780.2 230.460.4 6.771.823.3 18.000.0 2.0 40.8 - 938.8 170.8 2.1 52.856.0 587.9 0.4 5.050.9 12.151.0 3.2 9.763.0 9.134.0 10.205.0 43.4 170.675.009.748.6 - - - - - - - 102.970.8 5.9 3.5 544.9 112.0 3.0 2.6 3.9 8.8 2.0 5. - 31.2 702.0 342.0 4.1 212.0 2.

Inst. IFoI low-up I I I IZon*t Coor-1 I dinetlon I I 8ANGAIORE I BAROOA CALCUTTA I lExport Dcvi I MARKET RESEARCH I I Policy I I Resources I Arrears I I ICollection I Mgt. I I Systems I Leasing I limes of Cr1 I I library I I I I I I I Publica- I tions and Public I I Reistions I Adni. 5cr. I I Co-ord. 1 PACER II II SPREAD II II II II II II II I I I I I I fl I I . I II I Delhi II II I Madras II II II I II II II II I II I II i ii II ACE II PACT II II II 0ev.THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF INDIA LIMITED ORGANIZATION CHART OD I. I I I in format lonI I Den. I IlOperetlonal II II II II II F/Es. I linter. Dcv. I Audit ii ii j lllnterneill II Audit II Comp.—' lOperat Ions i I I Depts- ilechnologyl IEveluet loft Cell I I I Clients I I Accounts I I Adni. I II II Lender I II IlAccountingl II II I II II Banking I II II II Taxation I II II II I II II Computer I II II Services I II II I Bombay ii Asset I IluanegeICaIcutI.aII went. I I Servces I I MADRAS I F/Es. IServices ISecretarieli I Estates I I BIFR I I ICOORD tHAT 1DM I ' I I II I I I Compu. I lOperat ions I I Shares I Training I I I Planning I IBus.

0 2.7 3.0 9.0 na.6 - na.0 27.restfrom borrowings AdmInistration .0 0.879.062.347.850.800. - 2.6 28.1 - - - -.030.0 1.437.0 865.5 282. 2.1 1829.0 n.607.! 1.0 22.0 352. Other Income Capital gains DMdendlncom.0 150.0 989.0 6.0 121.459.5 16. 3. provisions and write-offs.0 2.0 40.9 2.3 253.0 469.3 3.572.0 86.0 10.xp.0 1.nses Depreciation Other expense BadD.0 3.0 800.210.561.9 1.2 0.1 2.0 975.0 66.1 6.0 na na.6 381.0 928.8 482.0 31.0 2.0 557.8 63.0 34.2 33.0 17.7 0.0 133.962.e.9 0.3 1. lease income Merchant banking income Others Total OPERATiNG EXPENSES Int.O 2.7 - - - - - 3.0 453.539.0 986.0 1.3 3.0 20.181.0 3.640.0 340.6 1.0 22.0 386.4 3.2 1.4 3.5747 572.314.mber to 1986 end 31 March thereafter.479.3 363.842.7 5.5 1.0 1.0 145.2 0.7 43.0 1.0 274.0 78.0 68.0 na.0 250.0 19.1 2.2 0.6 2.0 11.1 8.5 1.0 971.0 216.5 2.0 41.0 4.0 59.0 45.344.0 169.0 75.0 107.1 318.0 2.065.437.630.0 2.5 1.222. 15-month resuLs for 1987-88 with ratios annuataed.0 3.0 937.0 na 4.0 2.0 2.130.0 400.0 2.3 3.848.305.377.0 0.2 15.0 26.800.4 3.7 3.8 0.0 701.0 5.113. 1.0 135.2 3. 6.0 1.0 14.9765 677.0 729.0 0.0 541.353.0 50.0 250.0 41.206.0 16.947.0 8.0 230.9 446.006.9 2.0 35.0 16.6 - na.0 202.892. b/ Income I.9 122.7 1.591.gs spread(Income from total portfolio divided by Average loan plus investment portfolio) less (Interest expenses plus dividends divided by Averagelong-term IlabiItiepkis equity)______________________________________ ______________________________________________________________________ (0 114 .0 3352.4 2.0 717.7 17.6 4.444.quity(%) Return on average total assets (%) Administrativ. d/ Interest spr.7 6.0 494.0 5.0 77.484.7 1. 3.120.0 250.0 1.452.0 09.1 0.0 23.7 702 348.0 300.2 28.0 597.0 '.187.4 0.569.6 496.5 0.8 1.8 2. 2. 2.3 a/Years ending 31 D.0 0.4 1.0 2813.685.8 20.0 296.147.2 1.6 22.0 44.0 368.0 87.4 2.5 1.ACTUAL AND PROJECTED INCOME STATEMENTS (Rs m11¼.0 74.872. 1980 - 1988/89 1987/88 !ected Actual Projected Actual Projected Actual fjected Actual 1989/90 Projected Actual l990/91 1991/92 1992/93 1993/94 1994/95 1995/06 Actual Actual Actual Projectec4 fje Projected YcvcPL InterestfromLoansc/ Interest from debenture.129.0 210.129.7 22.ad d/ Earnigs spread.548.0 11.901.1 3.790.5 2.0 170.0 3.0 55.5 - na 1.4 2.070.0 110.0 66.653.0 4.482.0 610.8 24.383.4 19.100.9 1.0 17.4 2.1 19.6 4.0 177.0 787.3 - - - - - 3.0 187.100.0 263.013.0 na.0 611.0 554. and general expenses/average total assets (%) lnterestspc.8 2.5 2.342.0 1.a 3.5 l.5 18.0 719.3 73.0 1.834.0 622.8 3.0 74.4 - - - - - 2.0 877.152. l.0 83.0 771.0 440.btsWrlte-offs Total INCOME (BEFORE TAX) Provision for tax NET INCOME RATIOS Returnonaverage.8 496.7 3.0 614.853.418.0 238.0 121.0 110.5 1.0 683.324.6 4.0 353.282.8 420.0 69.309.0 7.812.9 12.0 306.087.0 2.7 2.237.0 42.0 14.1 3.0 n.0 9.0 113.ad=(lnCome from loans divided by Average loan portfolio) less (Interest expenses divided by Average long-term lIabiIies) e/ Earni.348.0 157.0 2.n) Fiscal Year a' 1 985 -.0 118.0 251.0 658.3 20. Cl Interest on loans excludes Interest on loans In arrears over one year.350.4 - - - - - 4.9 2.0 6.794.0 399.0 58.335.604.7 15.6 0.128.304.9 - na.0 58.503.0 11.0 155.5 260.9 3.0 243.835.6 na 1.4 1.0 153.0 119.084.0 3.8 3.9 8.0 111.0 250.0 84.0 528.609.869.0 1.0 42.754.974.0 125.0 103.000.2 15.7 8.5 94.0 86.5 1.8 2.0 1.6 8.417.6 2.1 3.0 2.3 445.0 435.0 26.9 431.1 295.779.8 448.0 2.0 33.0 0.480.8 0.c.0 490.5 2.607.9 803.0 2117.4 140.7 55.0 1.0 4.6 27.0 1.0 845.2 356.0 4.0 84.330.0 3.956. net of IONA.867.7 50.

739.0 3.0 14.473J (3.0 - 1.0 40.0 540.0 131.0 29.152.037.560.8 2.4 10.1 1.4 2.891.0 39.021.0 2.0 606.O 6.059.986.0 1.504.0 2.394.0 5.3634 ______ ______ ______ 52.297. change in Fiscal YeN from 31 December to 31 Mwch.0 1.752.972.0 5.0 1930 431.0250 2.371.446.208.0 3.041.0 12.339.0 11.473.750.0 121.0 - 1.0 24.0 1.853.751.776.4 2.0 8.474.0 329.384.0 829.227.0 85.766.0 1.0 6.413.8 2.897.0 3.0 20.0 8.288.852.3500 ______ 292 - 375.0 167.0 1.0 1.8 25.4 501.583.0 3.0 9. AC11)AL AND PROEC1ED BALANCE SFEETS (Re millii) - Flecal Yesr I 985 1988 1987/88 1988/89 1989/90 jected Actual Pro4eed Actual Projected Actual Projected Actual Projected Actual 1990/91 1991/92 1999/93 1993/94 1994/95 1996/96 Actual Actual Actual Projected Projected CD CD '-I CD C) CD H' CURRENT ASSETS Casliandbankbalences Current pcttion o(loens Othassetsandadvances Total lMVSTlvENTS Equity shares Debentures Other iivestments Total LOANS Rupee loans Foreign currency loans less current portion Total FIXEOASS€TS OTt-ER ASSETS TOTAL ASSETS LLABILES AM) EQUITY CURRENT LIAIUT1ES Payables CurrentportionotLcwig-Term debt Total LONG-TERM LLABILITIES Local currency Convertl.l.707.0 ______ ______ _______ 2.0 349.0 3.509.0 16.0 82.315.0 4.579.134.134.134.8 83.0 9.0 14.337.0 36.681.0 7.677.21 5.0 5.0 3540 290.900.993.762.051.0 1082I0.0 2.0 527.6 2.473.G 23.0 1.835.529.778.452.0 30.3980 11.0 24.0 12.0 18.0 15756.837.0 618.0 1.0 - 669.0 1.118.0 10.0 5..0 1.0 25.0 1.827.581.629.0 14.848.0 25.0 79.0 131.869.5 3.9070 18.0 4.0 13.495.172.689.0 13.0 9.579.444.011.0 2.0 7.0 3.0 9.0 6.0 fl.171.556.2 8.846.0 1.0 1.0 517.0 501.0 19.966.0 5.480.0 1.0 45.0 17.051.0 9790 1.0 8.0 F.1 j387 .0 77218.( - (4.858.423.0 3.960.890.0 98.950.( _______ (3..0 Q a.0 187.408.8 1.0 3.3 - 5.776.0 501.0 2.0 l38.597.094.0 (8.0 23.0 1.348.0 21.896.689.581.0 2.0 752.416.161.0 21.346.0 10Z302.0 26.1 1.0 4.0 23.7 - 74&Q 528.8 7.0780 2.-.0 .824.0 229.4 14.0 8.797.387.991.0 19.505.999.958.2 10.571.3 10.0 10.0 4.779.1 9.0 16.1 - 45.4 10.0 15.0 1.0 5.8 11.467.172. CD I-.0 7.0 33.059.0 18.7540 38.0 1.0 2.273.231.497.823.0 (16.640.068.0 j .047.081.187.0 2.058.4 2.1 3.0 j018.0 - 1.0 187.511.246. bf Current assets divided by current liabilities.253.0 495.9 10.0 4.389.417.0 168.0 3.474.0 3.730.0 4.0 207.253.6 2.1l8fi 149.0 23.7 9.7 a/ Years ending 31 December to 1986end 31 March thereafter.0 918.7310 10.7 _______ JL052.0 2.218.363.3(2.938.0 15.0 11.347.0 3.( l52.0 13.037.133.768.0 3.0 0.0 15.888.058.O18.187.0 2.825.0 108. 1.0 4730 331.433.0 836.0 2.205. 3520 59.0 12. 4.0 20.213.0 2.0 16.198.392.666.0 40.0 4.236.296.547.0 2.0 17.490.0 1.0 1.5970 187563.296.754.477.0 28.215.0 25.426.596.0 8.0 27.0 3.279.8 9.0 1.0 2.872.906.872.505.11 .570.247.0 30.335.663.0 7.2 9.0 2.919.772..0 18.9330 11.5 10.( _______ (1.0 1.0 - - - - - - 524.981.0 6.0 1.202.0 20.095.6 2.340.0 1.054.887.0 2.0 22.607. 0690 354. Cf Total long-term liabilities divided by total equity.J8.0 6.0 30.503.120.540.0 548.099.048.0 59.001.0 494.817.0 38.0 .222.0 2.0 _______ J2.0 - - 3.205.0 670.0 3.499.0 1.0 2.0 25.0 5.378.0 388.0 61.0 800.0 24.0 61.950.289.0 2.196.0 242.0 32.0 2.720.0 4.0 917.033.0 16.512.384.849.155.828.9830 8.847.100.205.838.071.986.489.410.0 11.0 316.547.0 2.0 401.0 8. .804.0 127.0 48.0 22ff0 2j0 5iUo 2833O 4O 3860 3j9 47.0 4.0 3.0 50.771.051.0 115064.8 9.255. 15 month datafor 1987/88 Note: Projections were made at appraisal before th.0 20.0 8.0 - 29.0 2.745.641.0 1.082.141. .1 24(21.265.0 7.975.1 (5.267.0 18.1 4.089.0 69.783.0 303.0 3.736.003.0 43.0 22.274.0 495.0 33.0 2.0 45.189.383.4 2.0 16.0 14.0 - 422.471.0 9.579.3 5.0 1.0 1.0 6.0 1.0 5.0 1.0 358.213.470.475.146.0 - 409.0 6.929.526.0 2.0 325.754.877.3 10.0 3.0 16.0 1..0 1.0 927.0 5.445.1 - (3.0 3.215.211.0 50.907.0 7.855.281.199.0 658.0 8.957.0 2.0 7.0 3.5 2.056.509.496.0 14.2910 19.1 _______ _______ _______ 18.355.0 25.824.563.0 2.0 4950 495.575.373.0 12.7 ______ _____ _____ 9.0 379.0 l.7 2.521.0 1.7 12.0 22.0 21.918.2 9.0 1.0 - 1..0 2.088.0 2.0 5230 730.497.490.0 3.0 2.0 2.5 2.318.0 2.403.348. I6p 212.733.0 54.4.841.0 801.045.9 ______ ______ ______ 7.595.0 2084.0 470.883.' 12 495.976.088.956.363.0 77.l (8.178. debentures Foreign currency debt less current portion TotalLong-termLlebllities EQUITY Siwe capital Reserves TotatEquity TOTAL LIABiliTIES AM) EQUITY Contingent Uabiitiea RATiOS Current ratio b/ Debt/equity ratio c/ 1.0 1.131.504.0 22.978.0 18.) 1.0 6.0 l.819.0 2.1 108.0 9.0 3.348.0 1.927.0 1.8 149..0 412.910.0 52.0 (9.0 1.945.

0 1.313.8300 1.378.3000 750 1.0 20.3230 14.128.588.0 1.098.535.5026 79079 5720 340 6060 9290 8430 560 ' 1.7 J a! Years endIng 31 December to 1986 and 31 March thereafter.0 2.611 3 16.933 1.522.0 1120 2220 4890 86.605.01 11.7780 291.186.8340 4.0 192.000.487.0 2.0 4.0 3.0 8960 6270 734.221 4 877.067.1280 1.4 858.6 12.0 - -' 2.309 0 1650 930 2220 4480 790 3.481.412.731.0 1.1190 3.884.5730 173.0 1.0 6.3820 2.2430 2.01 230.3 413.5050 3.2060 151.705.001.158.0 006.4590 3._ I .409.2 32. 1.8000 1.939.5000 2.588.893.088.7670 1.0 2..448 0 10. 9 _'! 9878.418 578.348.0 11.0 4.693 0 2.0 - 8.0 - 1.7 1.098.9.285.4620 1. 6.0 8.0 9.556.t340 175.1760 91 0 2.0 7.871 3 4.335.1 6424 02 53.0 1.3136 50.350.092.600 706 6.0 440.0 990.771.0 8830 2060 - 5.829 8 9936 3200 95.001 0 1220 2.0 1.0 3.1 14.6002 5.8 12.206.0 1520 3.0 16.0 2!.4000 750 1.0 l0242.1490 2.0 7.841 7 804 8 5500 88.'I U 610 900 7040 1350 2.014.405 3 1.8 2.638.1230 9330 8430 590 - 3.419 0 22.6340 2.0 333.!°!9 rt ID rt 218.312.3480 'O ID (B) 1010 - 7080 900 2.881.058.5 845 I 445.0 6.0 860 610 1280 157.0 1.4100 9840 1030 2.0 -:3 c) -I !!9 .307.0 2. Z9 J!!2 _! .8720 8.4834 715.0 196.803.1 5.216.2 31.0 nc0 5. 88 ! 4 !. .955. 1.0 1150j 148.0 3. J21!.3737 15.0 7550 2.0 700 1340 2760 1180 90.0 1.?'! .2460 4340 4.0 (R!!1tL.2520 4.0 2.527.3360 8.0 1.?ii.433.659.0 1100 5930 150.7450 2. 209 683.3890 4.0 390 350 2780 2960 790 9.0 2.0000 0.0 6.0 2.5650 3800 5.5850 2540 2819.5 12.364.673.0 447.7 22.O 8.080.3550 151.482. 9!P _Q IJ7 2 5.0 1150 1.065.106.7890 1.0 13.324.6 2. _t.334.800.400 0 3. 1.235 0 1.437.0 912.0 900 (900 3.3340 6130 9780 1.J 2891.0 3000 4.8 1.813 0 3.0 8. debentures flequirecffor debt-servIce Disbursement of Loans Rupee loans Foreign clnrency loans lnvestmenls: Shares Debentures CapitalExpendibrire Paymentof tax Paymentofdivldencf Changes In working capital Total RATIO: !.469 0 2.2150 1.5 1. !46P:0 23.0 1.O g876.2660 1.0 5.773.0 8.0 12. 176 - 7.3 791.0 8800 2.0 3.965.0 6.8720 59.4 18 1:1 l-.9130 1150 770 2030 3570 79.142 0 3000 202.3090 1.0 _M4 8.0 981 4 - 25.5)8.0 3400 3950 10.9800 1.767 6 33.0 4.0 8. 210 161.7580 6770 580 733. Foreign currency loans Recfampllonolfltipe.0 5.9 32.177.334.6974 4.ctedl Projected 12.010.242 0 21.0 6.2 1050 21735.753 0 8.Z)4 0 1.792.21 .5 6.0 1960 450 1.602 0 5534.038.0 06.3909 3.141.4 47.8000 2.108.8 33.2260 2._? .3560 8.573.067.4830 355.564. Projected Actual Projected Actual Projected Actual !!oI!c!!d Actual SOURCES Proft before ml erect 8 taxes Add hack: Non-cash chnrge.059. I J!i!° !9 28.157.342.7 75.350.3920 991.0 1. 826.1199 70137 6.0 1400 - 1.8000 2.0 (A) 4.0 10.4034 0.6800 1.9530 1.d I ProI.134. ctuaI Actual 1992/93 1993/94 T _1094/95 Ji 995/96 Actua! J !il!cl.0 1.775.0000 2.0 5.0060 3.0 8030 780 879.554(1 1.8000 2.399.448 2 5.0 510.294. ACTUAL AND PflOJECTED CASH FIOW STATEMENTS • - 1Q85 1986 1987/86 1988/89 Fiscal Year a! .582 0 4.0390 1.0 2660 830 6240 1550 1670 2.0 3.0 770 8.0 4.0 12.8365 1.367.772 9 16.029.134.2880 8480 460 1.0 2.619. Cash generation from operations Loan collections: Rupeeloans Foreign currency loans Sales from portfolio: interest 8 commitment charge payable Sources available for debt service incrense In Share Capital: Rightissues Conersbn Drrswdow on Ioan Rupee Foreign currency borrowings Total APPLICATIONS Repayments' interest 8 commitment Rupee loans Convertible debentur.4106 7:1 ID ID 1 (Ii 0 ID H' - 900 3.455.510.0 2.195.8540 5.0 (450 - - 130.0 14.0 14.0 5.6 24.0 9.879.0985 8.517.103.3220 19602.8250 6.508.102 6 40.977.011 0 2.0 30.870. 9.564 .2800 Sb eto 3020 1410 720 !'1! 8.226 8 750 482.0 - 3.012.0 - 45.0 1.2 0.8800 6.396.0 15.0 -.120.698 4 3.0 1. 15 month data for 1987/88 Note' Projeclions were made at time ol appraisal before the change In Fiscal Yea! from ! December 1031 March.126.042.524 8 2. 2.764 9 27.5000 2.653.0 - 8950 - 3.0967 4.437.0 1. 5.

4 4.5 12.5 Interest 61.270.9 12.5 17.2 6.854.3 9.1 95.9 80.1 44.6 months 6 .1 37. c.2 82.5 Note: Total arrears as of 31 Mar.6 9.629.7 83.5 3. 31 Mar. 1986 1988 1969 1990 1991 1992 1993 1.5 9.4 Total 9.5 million.3 502.265.998.884.1 8.5 654.1 146.2 5.2 059.6 8.7 3.0 Cash collected during the year from past dues Principal 40.808.530.3 357.12 months 12 months and longer 27.607.5 28.0 7.0 3.6 0.0 3.4 30.0 6.9 2. Portfolio Details a.291.1 Cash collected during the year from current dues: Principal 3.501.6 1.Principal .8 3.126.6 390.5 15.774.5 501.514.4 9.2 1. 31 Mar.4 80.0 23.860.116.985.1 10.238.6 74.1 2.8 11.794.1 6.1 57. 1992 and 31 Mar.5 5.076.937.8 10.1 11.366. respectively.8 12.986.7 123. 31 Mar.1 541. 31 Mar.6 1.636.051.2 9.313.6 1. 31 Mar.666.6 7.519.195.2 3.596.207.948.0 72.0 million and As 131.5 5.6 46.7 4.4 81.6 49.311.7 Total 6.756.003.8 9.683.7 8.483.2 3.4 1.5 7.2 2.9 71.602.225.22 Appendix 7 _______________________________________ _______ As of: si Dec.574.9 53.0 2.7 3.2 1.249.275.4 6.4 17.5 111.3 81.8 7.167.5 31.1 7.5 5.616.5 84.2 127.1 98.4 2. 1991 1992 io 31 Mar.5 7.2 2.316.2 Total Arrears beginning and Current dues durrg the year Principal 4.2 5.1 70.6 9.4 2.7 84. Total arrears to total loans outstanding COLLEQTION PERFORMANCE As of: Item Arrears at beginning of the year: Principal Interest _________ (As million) _________ 31 Mar.803.4 1.4 5.499. Item 1985 _______ LOAN PORTFOUO ARREARS (As million) ________ ________ ________ __________ 31 Dec.4 8.112.328. 31 Mar.793.0 8.2 80.8 5.572.804.3 2.0 81.011.770.2 695.8 2.719.2 48.9 8.2 11.8 1. b.940.998.5 3.9 8.2 757.8 84.2 2.501.5 10.083. 31 Mar.800.1 82.4 5.Interest .3 1.7 7.516.8 4.3 27.328.5 9.3 7.025.9 7.3 77.195.039.613.7: 1 14.5 6.8 17.4 74.8 341.594.416. d.2 2.6 8.9 74.932.095.7 7.1 14.6 7.3 4.0 21244.854.1 4.0 71.6 623.6 2.8 3.004.5 7.2 36.2 1.6 569.1 Total 8.106.173.Total 18.0 4.439.761.5 1.831.543.916.0 69.2 5.2 8.4 1.5 16.2 669.8 73.4 1.4 264.1 2.3 1.8 982.0 24.406.089.4 81.5 962.1 3.2 4.8 4.6 6. Total loans outstanding Total loans in repayment stage Total loans affected by arrears Total arrears .126.6 17.5 4.3 10.3 1.668.5 3.406.7 Interest 4.0 7.7 32.2 4.5 1.014.637.2 Total arrears affected loans to total loans 11.855.8 Total Total Cash collected during the year: Principal Interest Total Collection ratio on current dues 1%): Principal Interest Total Collection ratio on past dues 1%): Principal Interest 102.837.5 236.3 3.423.9 356.7 70.2 Total Collection ratIo on total dues (%): Principal Interest Total -- .8 114.304.7 508.7 902.5 757.3 3.4 226.6 1. Total Current dues during the year: Principal Interest 701.6 12993.263.069. 1993 exclude debenture arrears of As 124.3 1.1 8.6 61.4 4. Ratios (%): 2.9 721.9 20.862.3 Interest 3.7 12.5 10.618.3 72.133.7 1.1 Total arrears to total loans in repayment sta 5. Arrears Ageing Less than 3 months 3 .296.5 5.5 501.688.2 73. 31 Mar.9 4.8 8.9 67.095.7 2.8 1.986.

200 21.500) NA - 12. 074 Bombay Offshore Supplies & Services Ltd. 300 58.400 a/ Subloans listed are those approved and disbursed. 019 Cosmo Films Ltd.800 150. 600 9.571 138.800 1.100 3. 012 Larsen & Toubro Ltd. 2 above 52.800 72.804 694 1. Ltd. Gluco Biols Ltd.511 1. subloan numbers not listed were approved and/or authorized by the Bank but were subsequeritiy cancelled/withdrawn. 011 Tata Telecom Ltd.200 211.218) (15. 018 Spartek Ceramics (India) Ltd.400 378.500) 4. G.000 - 184. 075 Century Enka Ltd. 015 K. a! I Name of Subborrower 1988 1989 I 1990 1991 I 1992 1993 Above Free Limit 002 1-lindustan Motors Ltd.600 NA NA NA NA NA NA NA NA - 318 NA 38400 3. 023 Indian Plywood Manufacturing Co.400 2 1.000 9.300 23.500 28. 021 Rahkamal Synthetics Ltd.000 184.000 63.200 (25. 068 Deepak Fertilizers & Petrochemicals Corp.167 583 758 1. Below Free Limit 004 Orient Paper & Industries Ltd.500 59.400 100 2.400 112.700 56.300 11.600 NA NA NA NA 520.126 8.500 16. 013 LML Limited 014 Cemindia Co.500 2.204 1. para. 000 (224.300 430000 (20.100 197.406 NA 2.200 - - NA 77.000 456600 729.700 1.873 (75.300) 35 (16. 016 GujaratSpinners Ltd.200 870.500 2.200 3.400 29.900) 5.500 (34.400 (35.400 4.600 (6.400 85.700 9. 23 Appetidix 8 Page 1 ANNUAL PROFIT OR (LOSS) (Rs 000) Sub—Loan No.195 NA NA NA NA 481.000 568 2.100 - - i 563. 017 MajesticAuto Ltd. 057 Essar Gujarat Ltd. Ltd. 300 74 NA 347.300 6.377 59.200 11.000 - 57.500 See Subloan No. 024 Standard Medical & Pharmaceuticals Ud. 038 Electronics Research Pvt. Ltd.600 171.500 464 153 138 3. 031 Hi—Rel Components (India) Pvt. Ltd.300 (10.000 16.093 (78. 035 Hindustan Pipe Udyog Ltd.900 7.500 995 (17.000 461.200 - 11. 006 Modern Woolens Ltd. 044 Indian Rayon & Industries Ltd.100 (48. 060 Gujarat Narmada Valley Fertilizers Co.300 5.000 22.700 370. 010 Videocon International Ltd. 025 Gujarat Narmada Valley Fertilizers Co.000 (3.500 NA 685. 036 Jam Irrigation Systems LTd.500 NA 352.300: 172 NA NA Closed NA NA NA NA NA 11.818 (17.800 150. 037 Keltron Components Complex Ltd.566 4. 005 Crompton Greaves Ltd.167 378.900 299.100 663 98.900 325.100 98.000 NA (57.900 84 NA 97. 11 above (26.008 108.500 (815: 40. 063 Gujarat Alkalies & Chemicals Ltd.100.200 (68.800 (1. 900 394. 072 Indian Acrylics Ltd. (Reference in text: page 9.500 49 NA 100.800 447400 NA 173. 38) .900 90. Ltd. 040 Baiai Auto td Project abandoned (19. 083 Raymond Woolen Mills Ltd.000 56.500 444.600 NA 512 9. 800 (21.900 2. 027 Indian Rayon & Industries Ltd.0001 - (7.600 (16..600 (65. Ltd.300 203 NA 61. 028 Crompton Greaves Ltd.400 See Subloan No.900 36.566 197.500 58. 039 Tainwala Chemicals & Plastics Ltd.600 663 568 2. 032 KDB Industries Ltd.100 I I 31.970 277 Commercial production started in March 1993 Merged with Reliance Industries from January 1992 6.700) 58. Ltd.522 (27.377 261 - 10.200 140. 073 Reliance Petrochemicals Ltd. Television & Components Pvt.400 422.000 29.300 NA NA NA 15.900k 40.700 4. 033 Century Enka Ltd. 029 Shriram Fibres Ltd.200 1.900 3. 007 008 IEL Limited 009 Lakshmi Machine Works Ltd.900 8.

783 55.800 12.500 (2.900 29.970 23. 076 Crompton Greaves Ltd. 059 Chokkani International Ltd. 089 Arunoday Mills. 058 Pasupati Acrylon Ltd. 067 Cable Corporation of India 069 Universal Cables Ltd.000 447 197.300 3.505 4. 093 Trinity Engineers Ltd. 056 Morris Electronics Ltd.Loan No.458 (165: NA NA NA NA NA 11. 100 Parasramouria Industries Ltd.800 131. 099 Intersil India Ltd.800 (9.400 (11. - 59.500 NA 3. 095 Invel Transmission Ltd.600 (16.351 32.700 205.473 1. Synthetics Ltd. 085 Bharat Forge Ltd. 081 Polychem Ltd.388 930 79.400 18.051 6.700 49.804 (17. 096 Peico Electronics & Electricals Ltd.100 13.756 413 456 608 2.500 NA NA NA 42.688 255 1. 091 Finolex Pipes Ltd.498 (32.800 1. K.800 (4.200 261 500 6. 055 Nippon Denro spat Ltd.748 2.200 - (6.000 7.100 282. 084 BPL Electonics Ltd.100 NA 25.700 a/ Subloans listed are those approved and disbursed.100 7.100 80 (2.128: NA 1.200 16.800 (5.553 1. 050 Straw Products Ltd.800 18.458 103. 2 above 54. subloan numbers not listed were approved and/or authorized by the Bank but were subsequently cancelled/withdrawn.345 442 12.425 1.900 33. 047 Maharashtra Safety Glass Ltd.900 (20.800 4. 900 090 Trinity Engineers LTd. 080 SKF Bearings Ltd.900 85. .900 16.000 22. 094 Wipro Systems Ltd. 053 Lakhanpal National Ltd.970 (45 - 36.800: NA 28.000: 35.330 3.100 197.689 14.511 (1 05.449 25.200 - (12. 097 Gujarat Alkalies & Chemicals Ltd.178 70.600 1.100 (21.217 335 2. 077 Haryana Petrochemicals Ltd.159 14 378. 049 Invel Transmissions Ltd.700 22.500 108.874 98.524: 301 (136.400 758 (54.700 65.900) 583 40.900 NA 2 02.300 16.303 (36 150.000 (9.100 17.700 52.300 (7.996 1.500 98. 087 Antifriction Bearings Corp.000 (14.500 2. 066 Cam lin LTd.200 10.500 NA NA NA NA NA NA 250 NA NA NA 14.400 900 NA 13.390 173.500 NA NA 3.900 See Subloan No.103 166 18.849 352 13.100 - - 7.385 507 NA NA 943 NA NA 43. 062 SPIC ELectronics & Systems Inc. 079 J. 070 Parasram puria Synthetics Ltd. Ltd.092 (53. 088 Supreme Industries Ltd.689 (153) - (165.076 (24.873 18.800 62.600 104 (1. 046 XLO Machine Tools Ltd.200 20.728 63.100 1. 048 Raigad Castings Ltd.000 0 1.000 1.300 - 77 19. 064 Indian Aluminum Co.000 14. Ltd. 045 Indian Rayon & Industries Ltd. 054 Nuchem Plastics Ltd. 043 Nihon Nirmean Ltd. 052 Remington Rand of India Ltd.400 (3.423 31.200 (1 00.800 (1.700 8.277 NA 16.800 (30.728 192 8.444 5.600 - 6 62 1. 051 lndan Steel & Wire Products Ltd. 092 Nilkamal Plastics Ltd. 24 Appendix 8 Page 2 ANNUAL PROFIT OR (LOSS) (Rs 000) Sub.200 (30.600 111.400 - 115 (11.900 NA NA 390 11.600 - (5. 078 Hinditron Techtronix Institute Ltd.100 173 1.000 (9.849 1 82.700 55.423 24 - 22.200 17. a/ Name of Subborrower 1988 1989 1990 1991 1992 1993 Below Free Limit (continuation) 042 Keventer Agro Private Ltd.995 5.500 4.200 (37.000 14.100 5.400 83.272 7.600 179.

health insurance.7 million. The firm also contributed some funds for the improvement of railway approaches and in the resettlement of slum/squatter dwellers.44 and 2.25 Appendix 9 Page 1 OPERATIONAL PERFORMANCE OF 10 SUBPROJECTS VISITED 1. Plastic Processing Company 5. The firm produces mostly automotive safety glass. A delay of nine months in obtaining an import license and in the shipment of machinery was experienced. The company has a regular maintenance schedule for all its machinery and equipment. The social responsibility of the company was demonstrated by sponsoring civic projects such as an eyesight clinic project and the education of employees' children as well as other needy and deserving children through Lion's International. The subproject created some 57 additional jobs for men but none for women. The company has been meeting its dues from ICICI regularly and has not encountered any problems in its operation except for the global recession currently being experienced. air conditioner and automobile and motorbikes plastic parts and components. radio. with some 2 per cent of the volume exported to Bangladesh and Sri Lanka.4 million.5 current ratio.0 million cost underrun. This subproject requested foreign financing of $515. With 195 employees the firm realized value added of Rs 17. B. The company has a recent debt to equity ratio of 0. The subproject incurred a cost overrun of about Rs 5. The subproject was completed four months behind the expected time of completion at appraisal despite the reduction in scope which explained the Rs 3. A. Maintenance schedule is part of the overall operational activity of the company plant. The company is providing staff benefits in terms of free health care. Auto Safety Glass Firm 2. The subproject has not experienced environmental problem. The subproject has registered actual capacity utilization of 70 per cent during its initial operation.0 million from sales of Rs 152. 6. chairs and television. The company manufactures hi-technology plastic products from cups to PVC pipes. Table 1 at the end of this Appendix presents some relevant finahcial and economic information used in assessing the performance of the 10 subprojects visited by the PEM. The current capacity utilization of 75 per cent. The firm has no arrears with ICICI at present and has been satisfactorily meeting its current dues although arrears were experienced in the past due to capacity underutilization. medical facilities for employees/workers and their immediate family members and sponsored education for staff and children.000 to set up a new facility with new imported machinery to produce multi-layer plastic sheets. The firm has exported only about 7 per cent of the achieved capacity with the .0 million due to additions of certain complementary cutting equipment and other indigenous plant and machinery. fittings.3 million and assets of Rs 63. The company requested a foreign currency loan of $307. 3. 4. has realized a return on average equity of about 20 per cent in 1993 with annual profit of Rs 5.000 to import new machinery and glass temper heater equipment.

The company produces power cables for power transformers. According to the staff of the company the discharges have not caused adverse effects on the vegetation in the particular dropping area.358. The rate of return on average equity was 7 per cent in fiscal year 1993.5 million with total assets of Rs 1.06 was due to the Project subloan amount. The first full year of commercial production of the subproject is expected to be achieved by 1993/94. The current ratio registered 1 . a community training center for the wives of the workers and scholarships for their children. The cable firm requested foreign currency funding of $826. Latest annual profit realized reached Rs 79. Capacity utilization cannot be exactly determined as the modernization project is merged with the overall activity of the forging plant which was expected to achieve 75 per cent utilization during the initial operation after completion of the subproject. the firm has a total of more than 2. The firm recorded a 19 per cent return on average equity in 1992. No environmental problem has been noted in the operation of the company with the addition of the subproject. 9.8 million from sales of Rs 1. Periodic regular maintenance of the plant facilities is part of the overall plant operation. The company has not been in default in the repayment of its loan from lClCl. non-interest bearing housing loan and selective travel assistance. Steel Forging Company 8.82 during the initial operation of the completed subproject.8 million value added.5 million sales producing Rs 1. It has been noted that the Government environment agency is regularly conducting inspection of all industrial firms to pursue effective implementation of environmental anti-pollution measures.26 Appendix 9 Page 2 domestic market absorbing 93 per cent. The value added achieved in recent period amounted to Rs 446. The company is providing welfare benefits to its employees/workers in health and medical insurance.200 employees in its operation. cables for power substations and communication and . The subproject incurred Rs 78. The completion was delayed by 12 months because of the change in supplier and extended trial runs. under estimation of foundation costs and change of supplier. 7.300 workers of whom 25 are women.638. power transmission cables. Power Cable Industry 11. Some 14 per cent of utilized capacity is expected to be exported gradually increasing to 25 per cent in future. The rise in debt to equity ratio of 1 . Recent financial data showed annual profit of Rs 1 .4 million out of Rs 2294.4 million using about 1. The firm applied for foreign currency loan of $2. D. C.936. 10. The company manufactures forged steel products and parts for light and heavy vehicles and trucks.7 million to finance the modernization of its steel forging screw press lines.0 million cost overrun due to exchange fluctuation.7 million. The benefits provided to the employees and workers of the company are a medical insurance scheme. Liquid discharges from the plant are deposited in containment tanks before disposal to a specific site which is periodically inspected by Government environment inspectors.000 for the modernization of its testing equipment. The scrap and other waste materials are sold to a manufacturer of plastic raw materials for recycling. At present.

15. The firm obtained funding of $530. The cable plant facility has regular maintenance program which is being adhered to keep aU the machinery and equipment in good running condition.5 million out of Rs 130. stator and rotor packs. F. Manufacturer of Electric Motors.4 million. Hard and Soft Ferrite Magnet Manufacturer 16. . The quality of the cable products is expected to improve due to the modern testing equipment procured under the Project.9 million. The company had not missed its loan repayment schedule. The company produces all types of motor starnpings.000 from lClCl supported by the Project. maintenance of the machinery and equipment is done regularly thus keeping the plant facility in running condition. The company has 1. Although the production process is dense. 13. E.3 million sales using 58 per cent of the plant capacity and assets valued at Rs 22. The company provides welfare benefits which include medical insurance for employees and health check-up for members of the family. mixer. fan. The return on average equity in 1993 fiscal period showed 14 per cent earnings with a 1.418.000 for balancingmodernization-replacement of its tool-room equipment in the Stamping Division. A mini forest has been grown around the plant facility for environmental propagation. The firm enjoyed a 25 per cent return on average equity in 1993 and has not defaulted in its loan repayment. The firm is a manufacturer of hard and soft ferrite electronic magnets and is complying with Government environmental rules. 12.9 million from total sales of Rs 1. The subproject was to finance the foreign exchange requirement to increase the capacity of power ferrites. The subproject did not experience time and cost overrun during implementation. submersible and monoblock pump stampings and other precision stampings and pressed components according to customer requirements. Transformers and Ballasts 14.27 Appendix 9 Page 3 cables for locomotive wiring. transformer and choke laminations. The firm applied for foreign cost financing of $278.9 million value added. The firm has 380 all-male workers in its Stamping Division of whom 108 were recruited as a result of the equipment procured under the Project.4 million and yielding Rs 989.9:1 current ratio and a 1 . The company is located in an area surrounded by green trees and shrubs. The subproject had no cost overrun despite the seven months delay in completion. Due to close coordination during implementation of the subproject no cost and time overrun was experienced.100 employees and workers of whom 10 are women. subsidized food and housing and education for children of the employees. Recent annual profit was Rs 173. utilizing 65 per cent of its capacity with total assets of Rs 727. No adverse environmental impact is being caused by the factory as the PVC scraps are being recycled. Latest information claimed annual profit of Rs 108.5 million.6 debt to equity ratio. Scraps and waste are disposed of according to existing environmental regulation of the Government. The value added achieved was Rs 20. The subproject has not produced additional employment since the equipment procured by the subloan did not require additionai technicians and workers.

000 for expansion project. The firm incurred operating losses in 1989 and 1990 prompting ICICI to reschedule the subloan which enabled the company to update its loan repayment to date. Profit realized was Rs 0. The value added produced was Rs 176. 21. The firm achieved an 80 per cent capacity utilization (9 per cent of the volume was exported abroad) in 1993. The company donates to charity from time to time for civic projects in the community. 20. A periodic maintenance schedule is in place. Subproject implementation did not experience cost and time overrun. The subloan financed the foreign currency requirement of $723. Bearings Manufacturer 19. The firm employed 550 employees and workers of whom 15 are women while 65 jobs were created by the subproject.0 million. The factory facility of the company has environmental problem due to the ferrite dusts which have to be drenched with water from time to time making the working area soggy. Automobile Components Manufacturer 23. The firm manufactures transmissions and related parts for automobiles. G.0 million. 18. 22. a debt-equity ratio of 1.5:1 in 1992. The subloan approved for this company was intended to finance the foreign exchange requirement of $547.0 million before interest and taxes in 1993. Due to the current world-wide recession the company has reduced its production to 50 per cent of normal capacity. It has a regular maintenance schedule for the plant facility including all equipment and machinery. The subproject created some 80 jobs and realized operating profit of Rs 24. The company manufactures cylindrical bearings for automotive and machine industries. The firm has not defaulted in its loan repayment to lClCl. The staff benefits of the company's employees and workers are provided in terms of housing subsidy and medical and hospitalization scheme. The company has been utilizing its financial leverage with a high debt to equity ratio of 3.1 million. .3 million and assets of Rs 157. H. A profit of Rs 28. The firm employed a total of 740 employees and workers of whom 12 are women. The subproject incurred 6 months delay in completion and a cost overrun of Rs 32. The company staff indicated that the Pollution Control Board conducts regular inspection of the facility in order to ensure compliance with Government pollution control measures.6 million. Water samples from the treated water are periodically tested and certified by Government inspectors.28 Appendix 9 Page 4 17.4.4 million and assets of Rs 232. The company achieved a 29 per cent return on average equity. The factory is producing effluent water which is being treated with chemicals before it is recycled as garden water.000 for the procurement of new equipment to manufacture constant velocity joints and shafts.4 and a current ratio of 4.4 million. Value added achieved was Rs 396. The corporation donates to schools. The company realized a 69 per cent return on average equity in 1993 with a comfortable current ratio of 3:1.4 million has been realized in the recent period from sales of Rs 325.9 million from the sales of Rs 683.

1 million profit from revenues of Rs 563. The total number of workers was about 2. no cost overrun was incurred. The total asset size of the company was equivalent to Rs 162. The achieved return on average equity of 17 per cent in 1992 was complemented with a favorable 2. hospitalization insurance. The company has no environmental problem. . The company has set up a provident fund for its employees and workers. thereafter the current dues were regularly paid. for structural pile driving. The 1992 operation of the firm yielded 6 per cent return on average equity. Capacity utilized in 1993 reached 97 per cent compared with 84 per cent in the previous year.9 million foreign currency loan to finance its expansion project.6 million produced value added of Rs 53. Construction Service Company 29. 27. The company has a medical insurance scheme for its workers and employees including a family and a housing allowance equivalent to a specific amount. The firm has no difficulty in meeting its current dues to ICICI. A regular maintenance program is implemented in the plant facilities. The subproject implementation realized a cost underrun and was completed on schedule.1 debt-equity ratio in 1992. with spares. The reported loss in 1992 amounted to Rs 16. The asset value of Rs 217. a fair current ratio of 1 . The firm borrowed foreign exchange in the amount of $118. The company had no environmental problem as its factory is regularly inspected by Government pollution control inspectors. The company's overdue account with ICICI was rescheduled. The 295 employees are all male workers.5:1 current ratio. The subproject's expected additional jobs numbered 187 out of the total 817 workers in 1993. house rent allowance and education allowance for two children. Welfare benefits to the firm's employees and workers include medical reimbursement. 25. Despite the seven months delay in the completion of the subproject due to the modification of certain product parts.4 million value added. The firm requested a $1.5 million with Rs 75.6 million utilizing 50 per cent or less of normal production capacity. 28. J. Of the turnover of Rs 408.1 and an impressive zero debt-equity ratio.4 million which yielded Rs 516.000 people. The company is the producer of 2-wheeler transport equipment.2 million. The company has completely repaid the subloan to ICICI in 1991. Environmental control aspect resulting from the construction service operation is regularly supervised by various concerned Government agencies.7 million from a sale of Rs 729.1 million value added.2 million the profit realized was Rs 11. The firm has its own workshop which takes care of the heavy equipment maintenance program. Two-Wheeler Transport E q ui pment Producer 26.7 million.000 to finance the importation of a double action diesel hammer equipment.29 Appendix 9 Page 5 24. The financial performance of the construction company reported Rs 15. The company utilized its financial leverage with a 2. 30.

418.294.358. 15.692 5.600 75.500 446. 1.324 1.130 162.300 28.900 108.Transformers & Ballasts Hard and Soft Ferrite Magnet Bearings Automobile Components Two-Wheeler Transport Equipment Construction Service a! Matority of the data are from 1992 o Annual Profit or (Loss) Sales Value Added Assets Size No.200 2.700) 729.389 22. 30 Appendix 9 Page 6 Table 1: Financial and Economic Information of the Ten Sub prolects Visited a/ (Amounts in Rs'OOO) Industry Sector Auto Safety Glass Plastic Processing Steel Forging Power Cable Electric Motors.a.400 930 683. 75 70 75 65 58 80 50 97 50 n. a.000 152.407 989.100 108 550 740 295 817 2.936.394 17.847 173.389 516445 a few from 1993 and 1991 actual oreration. of 195 1.700 11.238 53.400 396.555 (16.044 157.093 563.500 408.494 1.000 Capacity Utilization 63.700 n.400 1.500 130.388 2.638.385 325300 176.900 1.500 20.190 217. .800 1.a.879 727.259 79.600 n.100 232.

600 286.555 204.554 NA NA NA NA NA NA NA NA 79. 445 261 067 NA NA NA 82.147.000 3.900 146.710 53.006.La.700 2.360.201.800 494.000 3. K.140.200 33.700 302.300 1.400 54.200 370.521.300 1.500 70.700 302.160.864 4.100 NA NA NA a/ Subioans listed are those approved and disbtrsad: xubioan numbers noi listed were approved end/or auihorized by the Bank but were subsaquentr cancellad/with&awn.127.000 1.900 125..000 3.124.139 5.100 81.600 342. IEL Limited Lakehmi Machine Works Ltd.300 28.700 4.498.800 1.820. Crornpton Grieves LId. Hi-Ret Components (lnd) Pvt.500 372.200 NA 494.061 1. I . 044 indian Rayon & Industries Ltd.873.600 121.300 2.400 258.200 904. Indian Plywood Manutacluring Co.300 1.309.913.200 4.837. - - - - 377 ISO 2.000 6.539 1.700 300. Century Enke Lid.255.600 2.852.800 1.200 119.100 089.755 412.601 4.700 703.500 64.800 620.600 60.800 1.500 NA 325. Ltd KOB industries Ltd.900 767.800 402.318 101.400 1.400 1.200 23. hoe).000 2.300 SEE ENTRIES BELOW 248.800 1.500 6.000 51.100 213.100 62.077.200 13.000 2.037.000 561.700 NA 2.800 862.500 8.300 3.000 1.100 429.400 NA 85.800 72.201.152.400 177.200 13.700 203.381.719. Giuco Blots Ltd.043 1.285.970.500 NA NA NA NA NA NA NA NA NA NA 012 013 014 015 016 017 018 021 023 024 025 027 028 029 031 032 033 035 036 037 038 039 oog 010 oil Orient Paper & indttrlee Ltd.250 364.000 983.096.000 4.600 353.300 183.413 1.400 1.195 125.200 034.210 1.700 400 207.900 72.928.800 408.762.300 06.700 87.600 26.550 132.700 425.500 5.900 791.900 318. Nindtztan Pipe Udyog Ltd.100 53.989. Ltd Tainwele Chemicals & Ptestics Ltd.570.000 33.812.800 306.100 428.317.559.100 356.400 964.200 NA 986.762.400 243.100 316.500 152. Shriram Fibres Ltd.000 16.600 779.400 2.000 561.417 2.158.500 62.800 2. 09 I-.394.100 6.200 1.583.678 1.700 202.500 - 115.500 314.085.700 286.700 1.600 239.190.. Q .059.881.290 84.518.700 19.700 3.057.518.100 544.400 106.500 NA 898. 057 Essar Guieret Ud.000 7.900 3.200 201.626.300 3.600 175.700 729.900 1.281.700 81.560.700 480.188. NA NA NA 692.800 70.643.803.818.500 249.800 1.500 NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA 24.700 7.700 222.620.292.500 260.412.200 812.100 709.500 33.000 13.304 390. & Services Ltd 075 Century Enka Ltd.641.238.013 4.530 122.100 101.300 1.000 NA NA NA NA 178.500 179.600 NA 140.000 NA NA NA .200 - .300 286.900 3.700 7.434 3.300 NA 4.500 77.700 488.728.392.752.800 47.342.500 222. Majestic Auto Lid.208.686.700 60. Standard Medical & Pharmaceuticals Ltd.800 138.100 2.300 1.400 2.000 36.400 17.923.700 - - - - - 35.400 NA NA NA NA NA NA 370.000 1.000 11.900 503.000 58.217.268 233.000 5.781.000 12.000 5.190 217.643.222 516 2.400 5.400 3.900 NA NA NA NA NA NA NA NA NA NA NA NA NA NA MERGED WITH RELIANCE INDUSTRIES 30.400 276.100 118.900 211. Electronics Research Pvt.000 722.108.200 1.600 1.300 1.400 782.800 5.000 667.100 655.500 130.000 1.100 4.100 228.854. Nameol Above Frye Limit 002 Hindstan Motors Ltd.100 452.100 409.388 120.000 32.500 2.200 9.300 2. Gujarat Narmedi Vaitey Fertilizers Cu Ltd.600 732.900 21.989.415.238. Television & Components Pvt Ltd.600 303.300 116.800 27.300 1.300 2.600 180.500 407.000 188.400 613.759.600 2.300 1.400 1.853.300 107.400 3.800 1. Ltd 072 Indian Acrylics Ltd 073 RelIance Petrochemicals Ltd.834 4.200 1.300 3.900 NA NA NA NA 1.240 NA NA 623.400 432.810. Ltd.312 269.100 1. Gujaret Spinners Ltd. indian Rayon & industries Ltd.900 46.900 1.100 07.375.597.394 733 3.400 46.175..895.157 264.700 NA 692.780.400 1.900 NA 2.600 41.518.000 5.000 112.400 1.300 973. Videocon tntarnatlonai Ltd.700 NA 14.200 4.025. Spertek Ceramics (India) Ltd Rehkamat Synthetics Ltd.451.138.306 212.280.094 264 1.000 4.453 5.300 1.485.000 2.000 NA -.398.285.100 736.900 50.400 - - - - - - - - - 15.400 54.000 NA 858.878.506.300 133.800 273.000 7.500 115.900 10.600 102.400 37.000 121. Tata Teteconi Ltd Larsen & Toubro Ltd. 083 Raymond Woolen Mills Ltd.900 91.854.800 56.200 1.800 90.700 908.100 117.700 5.588.271.300 29.600 150.504 547.600 224.600 108.355.717.200 11.400 15.000 NA SEE ABOVE FREE LIMIT 475.900 2.900 61. Jam Irrigation Systems Ltd Keitron Components Complex Ltd.121 4. Crompton Greaves Ltd Modern Woolens Ltd.006.000 NA 259.717.884. 060 Gujarat Narmada Valley Fertilizers Co Ltd 063 Gujaret AIkeIres & Chemicals Ltd 068 Deepak Fertilizers & Pet chemicals Corp.000 7.900 103.515.800 59.500 211.000 1.805.100 1.900 167.600 276.100 - - - 95.600 83.937 9. - - - 879.292.100 411.300 714.600 NA NA NA NA NA NA NA NA NA NA NA NA NA 1.600 388.400 291.481.200 32..200 40.300 153.700 3.000 NA NA NA NA NA NA NA NA 516.832.000 4.500 81.600 253. 074 Bombay Otlehore Supple.300 2.861 Sit 5.243 563.700 738. 019 Cosmo Films Ltd.700 2.083 444 1.123 4.072 2.013.400 455.800 133.010.570.500 NA NA NA 1.100 NA - 429.900 370.076.421 954 340 2.118 1.594.284.092 1.300 20.000 9.602.404.800 268.229.028.900 NA 1.191 2. ICICI I SIJBPROJECTS SALA1IJE ADDED AND ASSETS SIZE (Re '000) Sri.230. 004 005 006 007 006 1993 4047.600 NA NA NA NA NA NA NA 2.000 20.700 2.486 NA NA 2.003.600 17. 0.405 - -.833.700 2.300 1.476.700 440.900 489.000 51.000 70.000 127.900 34.800 71.600 2.733.100 - - - 210.200 3.800 2.086.584.700 48.400 5.100 585.800 138.000 13.- 43. - 1.300 351.200 241.650.133.700 1.208.500 108.100 2.369 236.300 317.700 52.700 3.100 2..300 SEE ABOVE FREE LIMIT NA 2.300 NA NA NA NA 38.600 147.100 58. LML Limited Cernindle Co.120 33.300 496.100 67.302 2.733.986.200 - - - 85.100 NA 94.900 910.400 2.900 175.300 258.400 1.900 108.900 13.630.400 146.

700 290.320.400 398.200 7.409 106.700 UnIversal Cables Ltd.910 44.000 1.200 080 803.958 852.800 238.100 896.449 50.300 104.465 1.200 292.277.500 1.663 Remington Rand ot tndla Ltd 4.882 640.300 247.885 104.800 1.700 085 232.221.100 17.400 143.000 790.915.900 Morris Electrontca Ltd.564 138.800 114.800 157.200 42. K.430 052 2.049 16.699 067 Cable Corporation of India 1.497 47. 31. 094 - - Invel Transmission Ltd SEE ENTRIES AB3VE 095 924. tn - 46.000 588.100 28.500 2.300 70.300 67.139.133.800 2.700 26.911 10.000 2.371 Nippon Denro Ispat Ltd.500 5.494 Bharet Forge LId.300 26.100 1.500 6.600 54.800 119.900 11.235.300 385.700 27.300 1.589 41.771 49.259 38.600 38.200 950.800 773.500 301.662.176.000 124.500 831.224. fOrD H' 0 I-' .000 Cemlin LTd.800 - 7.000 497.093.000 280.002 654 341 OPt Etectonica Ltd.230 050 66.742 31.500 73.439 410.343 17.600 066 99. 332.600 16.459 1.433 40.500 229.900 13.700 58.700 - - - - - - - - 507.294.349 395.100 SEE ENTRIES ABJVE 045 Indian Rayon & Industries Ltd.812 Indian Sleet & Wire Products Ltd.000 13.500 3.982 78 Nuchem Plastics Ltd.284.000 187.800 63.600 2.700 14.400 51.372.000 277.000 480.425 18.200 105.544.654.000 388.524 805 217 1.500 SiG Bearings Ltd 766. 92.047 NA NA NA NA NA NA NA 646.000 414.900 1. Ltd 302.000 88.759.201 2.400 465.725.100 56.900 Arunocisy Mills.200 55.918. ICICI I SUBPROJECTS SALESVALUE ADDED AND ASSETS SIZE (Re '000) Sr.428 1.600 096 503.100 239.863 NA NA NA NA 443.796 152.128 1.500 40.000 186.300 39.300 821.600 2.600 445.358.259 Maharashtre Safety Glass Ltd.600 31.400 105.400 422.100 26.900 099 - Sf5 £flO fS'U 57f 154.000 3.407 969.487.000 39.500 289.800 450.100 26.ES I 1990 LL(-.551.130 NA 4.272.100 13.191.000 93.100 408.200 1.000 75.100 411.500 45.400 5.000 60.300 96.600 1.600 89.186 108.023 NA 680 100.300 37.500 12.100 100.771 871.000 1. 184.600 54.484 131.373.500 Intersil India Ltd.000 1.500 816.400 1.233 498.000 354. 91.700 49.101.700 252.700 NA NA NA NA I - - - - - I - I - I - I I - I - sj 211 NA NA 692.300 1.700 NA SP1C ELectronics & System.900 1.200 45.748.419.400 Haryana Petrochemicals LId 625.310.200 2.300 NA 043 397.632 078 9.500 1.500 825.000 1.417.300 - - - - - - - - 118.800 Parasrampurla Synthetics Lid.700 144.389 366.700 047 38.400 149.600 042 Keventer Agro Private Ltd.600 062 - - - - - - - - 319.900 077 378.400 11.100 3.100 Crornpton Greave. SynthetIcs lid 304. NA NA NA Ralgad Castings Ltd.900 51.700 261.003 52.542 2.500 90.879 908.300 090 74.000 - 322.122.339 40.152 14.223.600 94. rb I •5T5 CZE I 1991 I 18.700 NlIkamal PlastIcs Ltd.026.200 97.700 - 054 - - - 1. - - 2.800 683.044 373.490 264.400 91. 056 - - - - - 589.900 234.100 142. cancelled/wilh&own.066 070 22.200 85.407 897.700 119.238.032.700 59. NA .300 1. 1.100 74.000 1.295 95.470 - 118.800 82.100 173.600 48.919 OCt Polychem LId.600 NA 4.900 51.452.186.800 235.600 59.200 Pelco Electronics & Electrical.300 2.500 NA NA NA NA 153.526 1.400 1.800 1.968 1-lindltron Techtronls Institute Ltd 16.600 2.200 213.000 21.200 1.300 26.185.428 NA NA NA 413.558 19.800 102.4 1.420 9. 912.100 285.443 39.898 73.476.900 16.008.355 523.900 701.700 NA 75.200 6.900 105.106 37.900 097 Gujarat Alkalies & Chemicals Ltd 213.847.193. 960.100 Pasupalt Acryton Ltd 058 - - - - - - - - 804.704 117.200 059 - - 45.400 364.Lo.900 069 260.100 206.179.400 1.000 144.900 317.412.200 26.700 302.000 1.238 049 tnvel Transmissions Ltd 11.638.800 NA Chokkani InternatIonal Ltd.600 TrInl' Engineers LTd 137.800 87.600 Indian Alumirum Co 064 NA 57.400 435.500 446.675 548.185.342.900 262.300 1.600 651.100 NA 55.400 57.400 172.700 10.967 051 - - - - - - 8.500 495.200 75.394 8.700 1.224 1.500 25.816.185 525.103. 63.400 280.500 27. - 33.355.400 - 1.- - a! Subloans listed are those approved and dlsbtssed: subloan numbers not listed wore approved and/or authorized by the Bank but wore subsequent.000 191.700 67.528 - 64.900 1. 708 106.147.885 282.655 055 325.600 1.100 089 NA 119.416.432.217.400 091 Finoi g s Pipes Ltd.350.100 118.800 288. 331.993 189. Lid.300 32.600 NA AnWrtton Bearings Corp. - 129.293 NA J.900 217. NA NA NA NA NA NA 048 NA NA NA NA - - - 134.700 18.200 994.422 12.600 2.193 1.900 46.500 1.200 092 Trinl' Engineers Ltd SEE ENTRIES A3VE 093 Wipro Systems Ltd.701.100 067 418.207.490. - - - - - - - - Nlhort Nlrmaan Ltd - 167.100 053 - 694.000 479.500 - - 459.804 084 48 781.818.600 30.200 85.800 6.600 1.796 147.600 2. 414.100 NA 16.300 2.502.900 494.100 41.100 27.900 - - - - - - - -.818 528.700 070 6.600 NA 727.500 1.944 NA 21.200 149.500 81.500 121.483 1.160.251.200 450.377 47.400 079 5.400 040 XLO Machine Tools Ltd 83.900 NA NA NA 50.400 1 54.500 486.400 77.938.200 6.900 1.000 Straw Products Ltd.800 82.900 73.200 10.100 25. 1989 I srs vZE 55. 8. Ltd 284.000 24.700 42. 4.138.100 90.700 73.806.100 156.500 190.500 98.000 59.100 9.400 365.534 615.400 268. Ltd 3.700 Supreme Industries Ltd 088 85.600 108.257 214.900 NA 872.969.300 982.422.200 377.636 750.600 LatiPraripal National Ltd 33.200 269.800 NA 1. - 232.708.500 16.700 743. - 1.700 1.400 176.000 N-) NA NA NA NA 40.000 92.243.000 21.300 2.400 2.700 815.

558 Gujarat Spinners Ltd.179 025 2.343 1. NA 7431 .294 15.135 19. NA NA NA NA NA 038 Electronics Research Pvt. NA a/ Subloans listed are those approved and disbursed.262 012 Larsen & Toubro Ltd. 644 NA 005 Cromptori Greaves Ltd.214 Indian Rayon & Industries Ltd.280 9. NA NA NA NA NA NA 006 Modern Woolens Ltd. 073 Reliance Petrochemicals Ltd.038 10.748 16. NA NA NA NA 240 015 240 K. Ltd.Ret Components (India) Pvt. 62 NA NA 040 NA NA Baiai Auto Ltd. 8.828 8. 5.275 063 Raymond Woolen Mills Ltd.515 11.059 060 2. NA NA 037 Keltron Components Complex Ltd.179 2.000 Gujarat Narmada Valley Fertilizers Co.311 Indian Plywood Manufacturing Co. NA NA NA 072 Indian Acrylics Ltd.449 044 11. 690 719 680 NA NA 068 Deepak Fertilizers & Petrochemicals Corp.arat Ltd. 457 450 46 018 46 Spartek Ceramics (India) Ltd.630 1.059 2.486 5.522 016 1. 329 246 288 24! 210 036 170 Jam Irrigation Systems LTd.830 11.750 2.620 201 174 028 Crompton Greaves Ltd. 754 775 NA 008 IEL Limited NA NA NA NA 009 5. NA NA NA 576 007 585 Television & Components Pvt. Ltd.355 3.000 5.483 3.620 352 279 057 Essar Gu. Merged with Reliance Industries from January 1992 074 Bombay Offshore Supplies & Services Ltd. 190 1OC 031 80 Hi. 150 110 NA 6C 029 50 Shriram Fibres Ltd.214 Indian Rayon & Industries Ltd. NA 033 NA Century Enka Ltd. subloan numbers not listed were approved and/or authorized by the Bank but were subsequently cancelled/withdrawn. NA NA NA 11.20! 023 3. 1..Lo6n No / Name of Subborrower 1989 1990 1991 I 1992 1 i 14470 500 NA 336 2. Ltd.912 6.442 1. 268 150 42 2. 20 20 20 3.183 NA 010 Videocon International Ltd. 3.026 Lakshmi Machine Works Ltd. Gluco Biols Ltd. 75 22! 032 KDB Industries Ltd.515 11. G.666 LML Limited 2. 11.000 Gujarat Narmada Valley Fertilizers Co.200 NA NA 014 CemindiaCo. NA NA NA NA NA 011 NA Tate Telecom Ltd. NA NA NA I 2! 115 039 95 Tainwala Chemicals & Plastics Ltd.886 746 063 736 Gujarat Alkalies & Chemicals Ltd. Ltd. Ltd. Ltd. 1. 1.546 11.546 11. 11. Appendix 1 Page3 I ACTUAL NUMBER OF EMPLOYEES Sub.334 630 017 647 Majestic Auto Ltd. 1.449 027 11.646 013 2. 5 iol id 51 51 NA NA 075 Century Enka Ltd. 18.886 1.260 752 NA 427 14932 17069 002 17481 Hindustan Motors Ltd.400 2. Ltd.237 Below Free Limit 738 705 004 Orient Paper & Industries Ltd. NA NA NA 20. 465 460 11.573 NA 024 NA Standard Medical & Pharmaceuticals Ltd. NA NA NA 2. NA NA NA 377 035 352 Hindustan Pipe Udyog Ltd. 17924 17614 490 019 475 480 Cosmo Films Ltd. 46 46 46 021 2C 20 Rahkamal Synthetics Ltd.

700 NA 140 NA NA 535 225 - 11. Synthetics Ltd.100 2. Intersil India Ltd. Peico Electronics & Electricals Ltd. Remington Rand of India Ltd.244 NA NA NA 764 850 759 - NA - 480 402 488 - 1. Bharat Forge Ltd. Indian Aluminum Co.264 1. Maharashtra Safety Glass Ltd.214 11. Nuchem Plastics Ltd. Polychem Ltd. Morris Electronics Ltd.500 NA - NA NA 180 1. XLO Machine Tools Ltd. Supreme Industries Ltd.324 740 1.551 NA 1. SPIC ELectronics & Systems Inc. Pasupati Acrylon Ltd. Haryana Petrochemicals Ltd.886 660 108 NA NA 7. Arunoday Mills. Indian Rayon & Industries Ltd. Nippon Denro Ispat Ltd. Indian Steel & Wire Products Ltd.515 493 105 lM PLEM E 295 164 1. Trinity Engineers Lid.259 NA 865 433 506 421 200 180 142 1.620 11. . . Ltd. Invel Transmissions Ltd.610 NA 1. Parasrampuria Synthetics Ltd.887 600 106 NA NA 7. Trinity Engineers Ltd.34 Appendix 10 Page 4 ACTUAL NUMBER OF EMPLOYEES Sub—Loan No a) 042 043 045 046 047 048 049 050 051 052 053 054 055 056 058 059 062 064 066 067 069 070 076 077 078 079 080 081 084 085 087 088 089 090 091 092 093 094 095 096 097 099 100 Name of Subborrowe Keventer Agro Private Ltd.020 NA NA NA NA NA 200 2. Wipro Systems Ltd.449 483 108 ED 295 162 1. Antifriction Bearings Corp. Lakhanpal National Ltd.200 NA 460 5 515 500 530 PROJEC BEING IM LEMENTEE - 200 200 PROJECT BEING IM'LEMENTEE - SEE ENTRIES ABOVE 680 690 719 - 357 351 PR0JEdr NOT COMPLETED 736 259 746 219 752 223 a! Subloans listed are those approved and disbursed.268 NA 899 278 496 520 487 200 180 172 1. Straw Products Ltd. Ltd.511 NA 1. Nihon Nirmaan Ltd. subloan numbers not listed were approved and/or authorized by the Bank but were subsequently cancelled/withdrawn.533 NA 1.888 450 63 NA NA 7.820 - - NA NA NA NA - NA NA - 1. BPL Electonics Ltd. Cam un Ltd. Finolex Pipes Ltd.800 NA 175 NA NA 1.244 1.1988 - 1989 - 1990 120 1991 140 350 11. SKF Bearings Ltd. Parasramouria Industries Ltd. Hinditron Techtronjx Institute Ltd.825 220 63 NA NA 6.600 NA 100 NA NA 1992 165 399 11. K.575 NA 1.200 550 315 30 - 1993 175 NA NA 493 195 NA NA 902 373 550 702 200 180 248 NA 1. Crompton Greaves Ltd. Nilkamal Plastics Ltd. Gujarat Alkalies & Chemicals Ltd. Raigad Castings Ltd. Chokkani International Ltd.546 533 516 - - 102 105 THE PR( JECT WAS EVER FULl 287 295 - - - 148 1. Invel Transmission Ltd. J. Cable Corporation of India Universal Cables Ltd.

075 Raymond Woolen Mills Ltd. a/ Tower 1988 1989 1990 1991 1 1993 Above Free Limit Hindustan Motors Ltd. 074 Century Enka Ltd. 063 Deepak Fertilizers & Pebochemicals Corp. . 006 Television & Components Pvt. 012 013 LML Limited 014 CemindiaCo. Gujarat Narmada Valley Fertilizers Co. 031 KDB Industries Ltd. 004 005 Crompton Greeves Ltd. 039 040 Bajai Auto Ltd. 060 Gujarat Alkalies & Chemicals Ltd. Ltd.. 027 Crompton Greaves Ltd. Spartek Ceramics (India) Ltd. 029 Hi—Rd Components (India) Pvt. Ltd. Project abandoned 91 99 83 64 70 - 98 - - - 71 88 89 150 115 106 101 104 99 104 99 99 - - - - 10 Commercial production started in March 1993 Merged with Reliance lndusies from January 1992 - 75 - - 96 132 148 NA 242 NA NA NA NA NA 136 62 77 - NA - NA 95 NA - - 57 100 20 . 073 Bombay Offshore Supplies & Services Ltd. Ltd. Ltd. 072 Reliance PeochemicaIs Ltd. 035 Jam Irrigation Systems LTd. Modern Woolens Ltd. 028 Shriram Fibres Ltd. 025 Indian Rayon & lndusies Ltd. 021 Indian Plywood Manufacturing Co. 015 K. Larsen & Toubro Ltd. 018 Rahkamal Synthetics Ltd. - NA 51 95 8 NA NA NA I Multi product company 35 111 47 20 NA NA NA NA 95 95 95 95 NA NA NA NA 125 84 122 58 Company having several products 401 73! 701 70! Subloan fully repaid - - 24 58 NA NA NA NA 28 27 24 15 100 100 100 100 31 34 26 30 NA NA NA NA NA NA NA NA 89 156 115 106 NA NA NA NA 34 37 28 9 56 - 50 4 V7 78 NA 90 NA NA 20 NA NA 93 58 30 NA 95 NA NA NA 48 NA 50 100 Closed NA NA NA NA NA NA 46 58 42 I NA NA NA NA 101 28 10 See Subloan No. 083 Below Free Limit Orient Paper & Indusies Ltd. 007 008 IEL Limited Lakshmi Machine Works Ltd. 033 Hindustan Pipe Udyog Ltd. 016 017 Majestic Auto Ltd. 032 Century Enka Ltd. Ltd. 002 Cosmo Films Ltd. 11 above 23 19 45 20 49 8 46 23 90 60 - 86 42 77 46 NA 48 75 100 72 68 100 76 a/ Subloans listed are those approved and disbursed. 057 Essar Gujarat Ltd. 024 Gujarat Narmada Valley Fertilizers Co. 068 Indian Acrylics Ltd. 023 Standard Medical & Pharmaceuticals Ltd. Ltd. 038 Tainwals Chemicals & Plastics Ltd. Gujarat Spinners Ltd. 009 Videocon International Ltd. 019 044 Indian Rayon & lndusies Ltd. G. Gluco Biols Ltd. 036 Kettron Components Complex Ltd. subloan numbers not listed were approved and/or authoorized by the Bank but were subsequently cancelled/withdrawn. 037 Electronics Research Pvt. Ltd. 35 Appendix 10 Page 5 CAPACITY UTILIZATION (%) Sub—Loan No. 010 011 TataTelecom Ltd.

046 XLOMachineToolsLtd. 058 Pasupati Acrylon Ltd. 045 Indian Rayon & Industries Ltd. 049 Invel Transmissions Ltd. - - - Project not implemented - - 84 - 87 49 - 2 89 100 18 39 37 35 21 - - - 8 11 116 120 92 102 95 56 55 52 50 49 - 73 - 88 71 NA 70 75 67 78 - - - 78 77 NA NA NA NA 70 - - 28 42 46 - - - - 53 Multi product company NA NA NA NA NA 66 109 59 45 43 99 94 96 83 85 16 14 - 5 8 - 112 75 66 76 NA NA NA NA NA 155 - 174 112 150 NA NA NA NA NA - - - 55 61 - - 15 28 67 NA NA NA NA NA NA NA NA NA NA - - - - 58 NA NA NA NA NA Project expected to be completed by Oct. Synthetics Ltd. 093 Trinity Engineers Ltd. 062 SPIC ELectronics & Systems Inc. K. 092 Nilkamol Plastics Ltd. 097 Gujarat Alkalies & Chemicals Ltd. . 085 Bharat Forge Ltd. 091 Finolex Pipes Ltd. 070 Parasrampuria Synthetics Ltd. 076 Crompton Greaves Ltd. 054 Nuchem Plastics Ltd. 050 Straw Products Ltd. 1993 I NA NA NA NA NA - - 115 Project expected to be completed by Oct 1993 - - NA 99 NA - I - - I - - - - - -- - - 74 42 33 - 80 43 - 38 84 78 69 43 84 90 70 59 NA NA 75 97 NA 31 12 NA 53 NA 80 97 81 65 93 65 33 NA NA NA NA 133 NA 57 75 75 50 70 NA NA NA 33 See entries above NA NA 99 104 NA NA 91 48 NA 97 NA 68 NA NA 104 105 NA NA NA NA a/ Subloans listed are those approved and disbursed. 078 Hinditron Techtronix Institute Ltd. 077 Haryana Petrochemicals Ltd. 066 Cam un LTd. 089 Arunoday Mills. 080 SKF Bearings Ltd. 047 Maharashtra Safety Glass Ltd. 043 Nihon Nirmaan Ltd. 088 Supreme Industries Ltd. 056 Morris Electronics Ltd. 055 Nippon Denro spat Ltd. at NameofSubborrowpr 1988 1989 1990 1991 1992 1993 Below Free Limit (continuation) 042 Keventer Agro Private Ltd. 087 Antifriction Bearings Corp. 100 Parasurampuria Industries Ltd. 081 Polychem Ltd. 079 J. subloan numbers not listed were approved and/or authoorized by the Bank but were subsequently cancelled/withdrawn. 064 Indian Aluminum Co. 048 Raigad Castings Ltd. 090 Trinity Engineers LTd. Ltd. Ltd. 051 Indian Steel & Wire Products Ltd. 094 Wipro Systems Ltd. 084 BPL Electonics Ltd. 067 Cable Corporation of India 069 Universal Cables Ltd. 053 Lakhanpal National Ltd. 095 Invel Transmission Ltd. 059 Chokkani International Ltd. 052 Remington Rand of India Ltd. 096 Peico Electronics & Electricals Ltd.36 Appendix 10 Page 6 CAPACITY UTILIZATION (%) Sub—Loan No. 099 Intersil India Ltd.