Para 11 - Gift-tax and wealth-tax - Issue of Foreign Currency Convertible Bonds and Ordinary Shares (Through Depositary Receipt Mechanism) Scheme, 1993

Gift-tax and wealth-tax. 11. The holding of the depositary receipts in the hands of non-resident investors and the holding of the underlying shares by the Overseas Depositary Bank in a fiduciary capacity and the transfer of the Global Depositary Receipts between non-resident investors and the Overseas Depositary Bank shall be exempt from wealth-tax under the Wealth-tax Act, 1957 (27 of 1957), and from gift-tax under the Gift-tax Act, 1958 (18 of 1958). Additional information to be filed by companies applying for permission to float Global Issues 1. Name of the company and address for communication: 2. Existing business : 3. Profile on proposed expansion/Diversification project with break-up requirements of rupee and F.E. Components : 4. Existing resources : Year ending in Year ending in Equity March Debt March 1993 1992 1991 1993 1992 1991 (i) Authorised capital (i) Secured loans : (ii) Issued and paid-up capital (a) Banks and FIs. (iii) Reserves and Surplus : (b) Debentures (a) General Reserve (c) Other loans (b) Development (ii) Unsecured loans Rebate Reserve Deposits and loans (c) Investment Deferred Liabilities Allowance Reserve (d) Capital Reserve (iii) Current liabilities (e) Other Reserves overdrafts from banks and other short-term borrowings. 5. Fixed assets : I. (i) Gross Block (ii) Additions and accretions during the year (iii) Depreciation (iv) Net Block II. Work-in-progress Year ending in March 1993 1992 1991 6. (i) Sales and other incomes (ii) Operating expenses (iii) Interest on Loans (iv) Profit before Depreciation (v) Depreciation (vi) Profit Before Tax (vii) Provision for taxation (viii) Profit Before Appropriations (ix) Dividend and other Appropriations (x) Profit transferred to General Reserves 7. Capacity and utilisation Products Year Units Installed Capacity P.A. Production during the year Capacity utilization percentage 8. Financial Results and Management Ratios Year ending in March (i) Net worth 1993 1992 1991 (ii) Capital employed (iii) Capital-turnover ratio (iv) Equity-debt ratio (long-term) (v) Profitability (a) Profit margin Net profit × 100 = percentage Income (b) Return on equity Net profit × 100 = percentage Equity (c) Return on net worth Net profit × 100 = percentage Net Worth (d) Return on total investment Net profit × 100 = percentage Total Investment (e) Return on total capital employed Net profit × 100 = percentage Resources (vi) Liquidity ratio Current ratio = Current assets Current liabilities (vii) Revenue per worker for the year = Income Total employment 9. Statutory liabilities (Disputed and otherwise) and defaults 10. Defaults in respect of interest/instalments to loans from banks/financial institutions 11. Exports and imports : (a) Free on board value exports (b) Exported to (Countries) (c) Imports (i) Capital Equipment (ii) Materials, Components, Consumables (d) Other Foreign Currency Expenditure (e) Foreign debt liabilities 12. Salient features of the prospective corporate plans and diversification proposals with special reference to foreign exchange requirements. Format of approval for finalising the issue structure F. No. Government of India Ministry of Finance, Department of Economic Affairs (Investment Division) New Delhi Dated the........................... To M/s. Subject : Your application for a GDR/ADR/IDR issue for an amount of........................... Dear Sir, I am directed to refer to your letter No......................dated........................on the subject mentioned above and to convey Government of India's approval "in principle" to the mobilisation of foreign currency resources equivalent to....................through issue of GDR/ADR/IDRs to cover the Foreign Currency needs for your........................ projects and other related corporate needs. 2. The approval is subject to the understanding that the foreign currency resources raised through the proposed issue should be mandatorily remitted to India immediately after the issue. 3. This approval is valid for a period of six months from the date of issue of this letter. 4. You are now requested to finalise the detailed parameters of the proposed GDR/ADR/IDRs offering for consideration and final approval by the Government of India. Yours faithfully, ( ) Director (Foreign investments) Tel : Indicative items of final approval for Foreign Currency Convertible Bond issues Issuer Lead Manager Co. Lead Manager(s) Principal amount Currency Issue price (and Premium, if any) Coupon (and payment dates) Conversion premium Maturity Listing of bonds Optional Redemption by Issuer (Call) Optional Redemption by Investor (Put) Form and Denomination Status Cross Default Provisions Negative Pledge Provisions Taxation Commissions Reimbursible Expenses Governing laws Indicative items in the final approval for Euro- Equity Issues through GDR Mechanism Issuer Lead Manager Co. Lead Manager(s) Overseas Depositary Institution Indian Custodian Issue Structure and denomination (No. of underlying shares represented by the GDRs) Issue amount (Principal amount) Greenshoe Option (Additional amount in percentage terms which may be retained if offered) Warrants attached, if any Currency of Issue G.D.R. Listing Underlying Shares listing Standstill period (No further equity shares, or interest in equity shares, for a specified time period from the date of issue) Trading provision Settlement provisions Selling commission Underwriting commission and Management Fees Legal Expenses, Printing Expenses, Depositary Fees, and other out of pocket expenses. Taxation Governing laws.