Document of

The World Bank

FOR OMCAL USE ONLY

Repwt No. 12612

PROJECT COMPLETION REPORT

INDIA

INDUSTRIAL EXPORT PROJECT - ENGINEERING PRODUCTS(LOANS 2629-IN AND 2630-IN)

DECEMBER 17, 1993

is iI C R GRgPH'-T F1 i I L,

Report No i26'-Tvype: F'C

Country Operations, Industry & Finance DivisionCountry Department IISouth Asia

This document has a restricted distribution and may be used b recipients only in the performance oftheir official duties. Its contents may not otherwise be disclosed without World Bank authorization.

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CURRENCY EOUIVALENTS(Annual Average)

Currency Unit Indian Rupees (Rs.)

1986 $1.00 Rs. 12.6 Official Rate1987 $1.00 Rs. 13.0 "1988 $1.00 Rs. 13.91989 $J.00 Rs. 16.2 i1990 $1.00 Rs. 17.5 "1991 $1.00 Rs. 22.7 "1992 $1.00 Rs. 26.0 "1992 $1.00 = Rs. 30.4 Market Rate

FISCAL YEAR

April 1 to March 31

ABBREVIATIONS AND ACRONYMS USED

AIEI: Association of Indian Engineering IndustriesBOB: Bank of BarodaDeCTA: Developing Countries Trade AgencyEMF: Export Marketing FundERR: Economic Rate of ReturnEXIM: The Export Import Bank of IndiaFRR: Financial Rate of ReturnGOI: Government of IndiaICICI: Industrial Credit and Investment Corporation of India Ltd.IEP: Industrial Export Project - Engineering ProductsPCB: Participating Commercial BankPCR: Project Completion ReportPF: Productivity FundPNB: Punjab National BankRBI: Reserve Bank of IndiaSB}: State Bank of India

FOR OFFICIL USE ONLYTHE WORLD BANK

Washlngton, D.C. 20433USA

Office of OrectreneralOper. ons Evaluaion

December 17, 1993

MEMORANDUM TO THE EXECUTIVE DIRECTORS AND THE PRESIDENT

SUBJECr: Project Completion Report on India - Industrial ExportProlect, EXn&eering Produts (Loans 2629 and 2630-IN)

Attached is the Project Completion Report on India - Industrial Export Project,Engineering Products (Loans 2629 and 2630-IN) prepared by the South Asia Regional Office. Part Hwas prepared by the Borrowers.

The PCR is of satisfactory quality. It provides a clear account of the experience witha complex project. Although the project became effective by mid-1986 and two intermediary financialinsttutions began committing fnds shortly thereafter, it took others some time to put in placeprocedures and staff to utilize the loan. The unfamiliarity of the sub-borrowers with the Bank'scurrency pool and their reluctance to accept the exchange risk eventually convinced the Government ofIndia to take over this risk Once this decision was made and the interest rates were subsequentlyrealigned with the market rates, both commitments and disbursements improved. The rate ofcommitment fauther improved by widening the use of fimds to cover all export projects, rather thanfocussing primarily on engineering products. When the loan closed on June 30, 1992, some $5.2million of Loan 2630-N was undisbursed and hence cancelled.

The project was followed by two subsequent loans for Export Development In 1989(Loans 3058 and 3059-IN). It led to substantial investment in the export industries of India. It alsohelped two of the participating banks to derive valuable experience in promoting export markeedng andproductivity enhancing activities. The outcome is rated as satisfactory and the project bas had partalinstitutional impact. Given the current economic environment in India, sustainability is rated as likely.

An audit is planned in FY95.

Attachment

I doum ha rcted ltution ad may b used by recip only thyin perforance of their of ficidl duis. It contt y not odemws be disclosed wihou Wodd aOk authotizaon.

FOR OMCUIL USE ONLY

PROJECTtCOMPLET9IO PRT

INDIA

XIDSTRIAL EXPORT PRojTzs - EaIEeN PmODUm

(LOANS 2629-IN and 2630-IN)

Table of Contents

Paa2o.

Preface . . . . . . . . . . . . . . . . . . . . . . . . ..... .

Evaluation Summary . . . . . . . . . . . . . . ... .. iii

PTIs PROJECT REVIEW FROM THE BANIK' S PERSPECT.IVE . ..... . 1

I. Proiect Identity . . . . . . . . . . . . . . . . . . . . . . . . . . 1

II. Project Background . . . . . . . . . . . . . . . . 1. .

Link with Industrial and Trade Policy Reform . . . . . . . . . .1

_II. Proiect Obiectives and Description . . . . . . . . ........ . . 2

Project Objectives ... . . . . . . . . . . . . . . . *... . . 2Project Description .. . . . . . o . .. 2

IV. Proiect Desian and Organization .. ... . . . . . . . . 2

The Participating Commercial Bank Sub-Loan Component . . . . . . . . 2The ICICI Sub-Loan Component . . . . . . . . . . . . . . . . . . ... 2

The Export Marketing Fund .. . . . . . . . . .. . . . . . 3

The Productivity Fund . . . . . . . . . . 3. .... 3

V. Proiect Imnlementation .. 9. .... 3

Effectiveness and Start Up . . . . . . . . . . . . . . . . . . . 3

Implementation *. . . . . . . .

Pisbursements . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

Procurement . . . . . . . . . . . . . . . . . . . . . . . . . 5

Costs and Financing . . . . . . . . . . . . . . . . . . . . . . . . . 5

VI. Proiect Results . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Impact on Overall Export Performance . . . . . . . . . . . . . . . 5Sub-Loan Performance . . . . . . . . . . . . . . . . . 5Productivity and Export Marketing Funds Performance . . . . . . . . . 6

VII. Proiect Sustainabilitv ... .. . . . . . .. . 7

This document has a restricted distrtbution and may be used by recipients only in the performanceof their official duties. Its contents may not otherwise be disclosed without World Bank authorization.

Pae no

VIII. Performance of the Bank and Imolementing agencieg . . . . . . . . . . 8

World Bank Performance . . . . . . . . . . . . . . . . . . . . . . . 8Implementing Agencies Performance . . .. .*.. . . . . . . . . . 8

IX. Lessons From the Proiect . .................... . 8

PARTIBfl PROJECT REVIXW PROM BORROWER'S PERSPBCTIVE . . . . . . . . . . . 9

Comments from ICICI .......... . . . . . . . . 10Comments from the Export Import Bank of India . . . . . . . . . 12Comments from Bank of Baroda ........ . ... ..... 15Comments from Punjab National Bank . . . . . . . . . . . . . . 17Comments from Canara Bank . . . . . . . . . .. . . . . . . 18

PART XII: STATISTICAL INFORMATION . . . . ... . . . . . . . . 21

Tables

I Related Bank Loans . . . . . . . . .... .. . . . . . 222A. Planned Project Costs and Financing . . . . . . . . . . . . . . 2325. Actual Project Costs and Financing . . . . . . . . . . . . .. . 233. Sub-loan Lending Terms . . . . . . . . . . . . . . . . . . . .244. Project Timetable . . . . . . . . . . . . . . . . . . . . . . . 255. Loan Commitments . . . . .... . ... . . . . . . . . . . . 266. Loan .isbursements . . . . . . . . . . . . . . ... . . . . . 277. Selected Indicators of India's Export Achievement . . . . . . . 288. Selected Indicators of Sub-loan Achievement . . . . . . . . . . 299A. Selected Indications of WM and PF Achievements . . . . . . . . 3095. Activities Funded By Grant Programs . . . . . . . . . . . . . . 301OA. Performance of Implementing Agencies - 1987 . . . . . . . . . . 31108. Performance of Implementing Agencies - 1992 . . . . . . . . . . 3111. Use of Bank Resources . . .. . . . . . . . . . . .3212. Mission Data . . . . . . 3 . . . . . . . . . . . 3313. Status of Compliance with Covenants . . . . . . . . . . . . . . 3414. List of ICICI Sub-loans . . . . . . . . . . . . . . . . . . . . 3515. List of Commercial Bank Sub-loans . . . . . . . . . .. . * .38

16. List of EXIM PM Grants . . . . . . . . . . . . . . . . . . . . 4417. List of ICCI PF Grants . .... . . . . . . . . .. 48

PROJECT COMPLETION REPORT

INDIA

INDUSTRIAL EXPORT PROJECT - ENGINEERING PRODUCTS(LOANS 2629-IN and 2630-IN)

Preface

This is the Project Completion Report (PCR) for the Industrial ExportProject - Engineering Products in India for which Loan 2629-IN in the amount ofUS$90 million and Loan 2630-IN in the amount of US$160 million were approved onJanuary 26, 19P6. Both loans closed on June 30, 1992, two and a half years laterthan originally envisaged. US$90 million was disbursed from Loan 2629-IN andUS$154.8 million was disbursed from Loan 2630-IN. The balance of US$5.2 millionof Loan 2630-1N was canceled.

The PCR (Preface, Evaluation Summary, and Parts I and III) wasprepared by the Country Operations, Industry and Finance Division of CountryDepartment II, South Asia. Part II contains separate written comments on theproject submitted by five of the six implementing agencies. In some cases, theimplementing agencies submitted longer reports and more detailed statistics whichare available for review in the project file.

This PCR was prepared during FY93 and is based on the Staff AppraisalReport, the Loan and Project Agreements, supervision reports, correspondencebetween the World Bank and the Implementing Agencies and internal World Bankmemoranda.

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PROJECT COMPLEION RPORT

INDIA

INDUSTRIAL EXPORT PROJECT -- ENGINEERING PRODUCTS(LOINS 2629-ZN and 2630-IN)

EVALUATION SRY

Obiectives

1. The main objectives of the project were to support trade policyreform and boost Indian exports by: (a) increasing the availability of termexport finance, particularly in the engineering sector; and (b) catalyzingincreased spending by companies on export promotional activities (para. 3.1).The project built on a foundation of 14 previous loans to the Industrial Creditand Investment Corporation of India (ICICI) in providing term finance forindustrial projects. However, it differed from past loans in targetingengineering and export projects, in providing matching grant support for pre-project export marketing and productivity activities, and in using multiplefinancial institutions (para. 2.2).

2. To achieve its objectives the project was designed to provide: (a)$160 million to ICICI to be relent to industrial companies for export projectsprimarily in the engineering field; (b) $70 million to four participatingcommercial banks (PCBs) to be relent to ancillary engineering companies forexport or import substitution projects; (c) $10 million to be extended asmatching grants by the Export Import Bank of India (EXIM) to engineeringcompanies for marketing activities through the Export Marketing Fund (EMF); and(d) $10 million to be extended as matching grants by ICICI to engineeringcompanies for productivity improvements through the Productivity Fund (PF) (para.3.2).

Imnlementation Exnerience

3. The loan was approved on January 21, 1985 and became effective onJune 23 1986. ICICI and Bank of Baroda began to commit sub-loans shortlythereafter, in August of 1986. EXIM and Canara Bank began to commit funds in thefirst half of 1987 and the other PCBs in 1988. This delay was largely due to theneed for the participating institutions to put into place appropriate proceduresand staff (para. 5.1). An additional cause for delay in committing marketing andproductivity grants was that many eligible activities (such as hiring overseasconsultants) required governmental approval. To address this, in mid-1987 theGovernment of India (GOI) granted blanket government permits for approvedactivities under the EMF and PF programs (para. 5.2).

4. Loan funds were committed slowly through mid-1988 because sub-loaninterest rates were proving unattractive to borrowing companies. In the case ofICICI, sub-loans were denominated in the Bank's currency pool which was not wellunderstood by borrowing companies. To make these funds more attractive, inFebruary 1988 the GOI agreed to take the exchange rate risk and for ICICI sub-loans to be denominated in Rupees at 14W. Interest rates on commercial sub-loans, initially set at 15%, were adjusted in November 1988 to a similar level(para. 5.3). The rate of commitments was further improved by widening the useof funds to cover all export projects, rather than focusing primarily onengineering projects (para. 5.4). These changes were successful and by 1990 mostof the funds had been committed. The loans closed on June 30, 1992 and, inaccordance with Bank policy, disbursements were permitted until October 1992.

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Results

S. The project funded 439 sub-loans amounting to $229 million and 359grants under the PF and EMP amounting to $16 million. The average size of ICICIloans was about $1,000,000, of the PCB loans was about $250,000, and of the EMFand PF grants was about $50,000.

6. Overall, the loan seems to have helped promote export growth byenabling exporters to inport capital goods and make promotional investmentsduring an economic period in which the availability of foreign exchange wasconstrained. Manufactured exoorts rose by about 10% in real terms per annumduring tne covered five year period, greater than both overall export performanceduring the covered period and manufacturing export performance in the previousfive years (para. 6.1).

7. The financial performance of sub-loans and grants appears to bestrong. Average financial rates of return on sub-loans among the implementingagencies ranged from 20t to 40% and the number of cases of long term arrears orreschedulings was not excessive (para. 6.3). As regards EMP and PF grants,assisted companies achieved incremental exports over five years of, respectively,60 times and 37 times the amount of the grant. lhis compares favorably to aminimum target of 10 times established in the follow-up project (para. 6.5). Ofcourse, these figures need to be interpreted with caution since country andcompany export performance can only in part be attributable to Bank assistance.

8. The performance of the project goes beyond quantitative calculations.By helping six financial institutions to increase their export focus and byhelping about 500 companies develop export strategies through either grants orsub-loans, the project was instrumental in helping to overcome India's supply-driven export orientation and in encouraging companies and financial institutionsto focus instead on improving production efficiency and better meeting the needsof overseas customers. This change in thinking is likely to be of criticalimportance to the long term c.-npetitiveness of Indian companies (para. 6.7).

Sustainability

9. Up until recently, both grant and sub-loan activities financed underthe Industrial Export Prcject were being sustained through a follow-up project -the Export Development Project (Loans 3058-IN and 3059-IN) - approved in 1989.Due to recent reforms which included making the Rupee partially convertible, partof the sub-loan component under Loan 3059-IN was effectively stalled as sub-borrowers found the on-lending arrangements unattractive. In response, theaffected part of the sub-loan component is being cancelled. In its stead, th.eBank and the Government are considering a follow-up project that would make useof the single currency option recently approved by the Board for loans meetingcertain criteria. A single currency option loan could be made more attractiveto sub-borrowers in its on-lending arrangements and at the same time not requirethe Government to shoulder exchange risk.

10. Given the on-going reform program, the demand for export finance islikely to grow. ICICI and EXIM are considered to be generally well-runinstitutions that are likely to capitalize on their experience under this loanand maintain a strong ability to make term sub-loans in support of exportprojects (para. 7.2). Over the past few years, the commercial banks havesignificantly increased their short term export finance as well as their termlending, including for export projects. Nevertheless, in order to enhance theircapability to respond to the emerging credit needs of exporters, both financialand institutional restructuring of commercial banks will be required. The Bankis currently discussing these issues with GOI within the context of a proposedfinancial sector adjustment operation (para. 7.3). The sustainability of thetechnical assistance component to exporters without further Bank assistance is

v

limited. ICICI has obtained a small amount of additional funds from the BritishAgency DeCTA and EXIM has initiated a program that supports export promotionalactivities with Rupee based funds. Ultimately, however, to ensuresustainability, it would be necessary to shift from grant-based support toinstruments which provide for the recycling of funds.

Findinqs and Lessons Learned

11. A number of lessons can be learned from this project, some of whichhave been incorporated into the follow-up Export Development Project. Theselessons (para. 9.1) include:

(i) sectoral allocations in financial intermediation lending should beleft to the market when possible. The initial allocation in theproject for engineering goods was eased because, while engineeringexports did perform well, many other non-traditional, chemical andcomputer software exports performed as well or better;

(ii) on-lending arrangements in financial intermediation lending shouldbe easily understood by sub-borrowers, market based, and easilyadjustable. The initial interest rates on ICICI sub-loans were setusing the Bank's currency pool but this proved unattractive to sub-borrc-ers who were not familiar with it. The initial interest rateson c' - aercial bank sub-loans was a Rupee rate but it was too highand * I to be reduced; and

(iii) there should be more coordination across financial instrumentsprovided for under the same project. While it was anticipated thatthc use of loan and grant funds in supporting the same company wouldbe coordinated, in fact they were approved independently bydifferent implementing institutions, resulting in both duplicationof effort and a weakening of an unified export strategy.

PROJECT COMPLETION REPORT

INDIA

INDUSTRIAL EXPORT PROJECT -- ENQINERRING PRODUCTS(LOANS 2629-IN and 2630-IN)

PART I: PROJECT REVIEW FROM THE BANK'S PERSPECTIVE

I. PROJECT IDENTITY

Name Industrial Export Project -- Engineering ProductsLoan No. : 2629-IN and 2630-INRVP Unit : South AsiaCountry : IndiaSector : Industry

II. PROJECT BACKGROUND

2.1 The Bank's lending to industry in India has traditionally beendominated by general lines of credit to a few large development banks. From 1955to 1985 the Bank financed 14 consecutive loans totalling over $1 billion tosupport Indian industry through the Industrial Credit and znvestment Corporationof India (ICICI). The "Industrial Export Project - Engineering Productsit (IEP)was, in part, a continuation of these loans.

2.2 At the same time, it differed from past loans in three importantrespects. First, in recognition of ICICI's ability to raise funds on its own,another general line of credit was not considered necessary. Rather, the mainconstraint in the financial sector was the allocation of credit, given the highset-asides for "priority" sectors and the rigid system of interest rates. Thus,the project targeted funds on engineering projects, in order to assure adequatefunding for a sector considered to have a high level of export potential.Second, given the history of protection in India and the lack of exposure ofIndian firms to international competition, it provided direct matching grantsupport, in addition to loan funds, to help catalyze export promotionalinvestment by individual firms. Third, it reflected a shift in Bank policytowards using multiple financial institutions, for the first time including fourparticipating commercial banks (PCBs) and the Indian Export-Import Bank (EXIM)as well as ICICI as implementing agencies. By using commercial banks, the Bankhoped to widen the expertise on exports in the financial sector and reach a widernll-.er of downstream small and medium sized companies, including in particularancillary companies.

2.3 Link With Industrial and Trade Policy Reform: The project'stargeting of engineering products as having export potential grew out of threeyears of trade sector work, culminating in a paper on nLight Industrial ExportDevelopment and Finance" completed in 1983. Consistent with this sector work,the Government of India undertook a series of industrial and trade policy reformsin 1984 and 1985 including easing industrial license requirements, reducingtariffs on capital goods imports, and an exchange rate depreciation of about 25W.These reforms provided the foundation for the project by improving the potentialinternational competitiveness of Indian industry. While the project did notdirectly containi policy conditionality, it was designed to support these reformsby ensuring that export projects, particularly in the engineering sector, hadadequate financing in order to take full advantage of the policy changes.

III. PROJECT OB;RCTIVES AND DN8CRIPTION

3.1 Proiect oblectives: The main 3bjectives of the project were tosupport trade policy reforms and boost Indian exports by: (a) increasing theavailability of term credit provided to companies with export potential, orcompanies producing efficient import substitutes with important linkages toexports; and (b) catalyzing increased investment and thinking by privatecompanies on pre-project promotional activities in the areas of export marketingand production. Because it was felt that Indian engineering products had acomparative advantage for competing in the international marke;.?lace, a largepart of the loan was initially targeted to this sector.

3.2 Prolect DescriPtion: The project comprised two loans, one to theGovernment of India and one to ICICI. The loan to the Government of India, Loan2629-IN, was divided into three components: (a) US$70 milli - to be passed on tofour government-owned participating commercial banks (PCBs) for financing termsub-loans to private ancillary engineering firms; (b) US$10 million to beprovided as matching grants by EXIM to engineering companies for export marketingactivities; and (c) US$10 million to be provided as matching grants by ICICI toengineering companies for productivity improvements necessary to competeinternationally. Loan 2630-IN provided US$160 million directly to ICICI,guaranteed by the Government _f India, for financing term sub-loans for export-oriented projects, of which $100 million was restricted for engineering projects.The above Bank funding, totaling $250 million, was expected to catalyze anadditional $750 million, thereby enabling total project costs of $1 billion tobe funded.

IV. PROJECT DESIGN AND ORGANIZATION

4.1 The project, as described above, had four components: (a) sub-loansadministered by four participating commercial banks; (b) sub-loans administeredby ICTCI; (c) the Export Marketing Fund (EMF) administered by EXIM; and (d) theProductivity Fund (PF) administered by ICICI. The design of each component isdiscussed below:

4.2 The Participatincq Commercial Bank Sub-Lcan Comoonent: This componentwas financed under Loan 2629-IN to the GOI. Under this component, the commercialbanks extended sub-loans to eligible companies, which were refinanced by the GOIin the form of equity out of the proceeds of the Bank loan. In order to targetancillary firms, the maximum commercial bank sub-loans was set at $500,000 andthe maximum size of supported companies was set at $2 million in fixed assets.Repayment was denominated in Rupees and the rate of interest on the sub-loans wasinitially set at 15%, the non-subsidized commercial bank term rate existing atthe tirme of loan negotiations. This was reduced subsequently to 14* for mediumsized companies and 13.5% for small companies. In order to be eligible forfinancing, the borrowing company had to finance 20% of the project internally,have a debt to equity ratio of not greater than 3:1, and have net revenues of atleast 1.5 times total debt service.

4.3 The ICICI Sub-Loan Comionent: This component was financed under Loan2630-IN, made directly to ICICI and guaranteed by the GOI. Out of a total amountof $160 million, $100 million was initially allocated for engineering companies(later reduced to $60 million). Initially, repayment by the sub-borrower wasdenominated using the World Bank's variable currency pool and interest rate plusa 2% intermediary spread to ICICI. However, this did not prove attractive tosub-borrower.s. Consequently, the GOI agreed to take the foreign exchange riskpermitting thereby ICICI sub-loans to be denominated in Rupees with an interestrate of 14% (see para 5.3 below).

4.4 The Export Marketincr Fund (EMFI: The EMF was administered by EXIM.Under this component, EXIM extended grants to private companies covering up to50% of eligible activities, with the remaining funds coming from internal companyaccruals. EXIM approved grants up to $50,000, with larger grants requiringapproval from a steering committee composed of government and financialinstitution representat_ves. Initially, only 11 product groups were eligible forfunding (composed of engineering products and computer software), but thisrestriction was subsequently eased. Eligible activities included desk andoverseas research, travel to and from India, staff training, minor productadaptation, quality certification, and establishing overseas operations. EXIMwas to es-i.ablish a separate cell to administer the EMF composed of a managerbased at headquarters and four project officers, one each based in Delhi, Bombay,Calcutta, and1ladras. Currently, the EXIM marketing cell consists of a Manager,two project officers in Bombay, two project officers in Madras, and one projectofficer in New Delhi.

4.5 The Productivity Fund (PF): The PF was administered by ICICI. Likewith the EMF, grants were extended under the PF to private companies covering upto 50% of eligible activities. ICICI could approve grants up to $100,000, inconsultation with the Association of Indian Engineering Industries (AIEI).Larger grants required approval from a steering committee of government andfinancial institution representatives. PF financing per project was restrictedto a maximum level of $200,000. Initially, only "thrust" engineering productswere eligible for funding, although this restriction was subsequently eased.Eligible activities included hiring productivity consultants, staff training,product adaptation, and exposure trips to see foreign operating systems. Thiswas later broadened to include all export marketing activities, as provided bythe EMF. ICICI established a separate cell to administer the PF composed of amanager and four staff officers.

V. PROJECT IMPLEMENTATION

5.1 Effectiveness and Start-an: The project was identified and appraisedduring 1984, negotiated during Aug-Sept 1985, approved by the Executive Directorsin October 1985 and signed on Ja:uary 21, 1986. Both loans became effective onJune 23, 1986, five months later. ICICI and Bank of Baroda began to commit sub-loans shortly thereafter, in August 1986. EXIM and Canara Bank began to commitfunds in the first half of 1987 and the other PCBs in 1988 (see Table 5). Forcommercial banks, this delay was due primarily to the need for each bank todevelop internal structures and procedures and to agree with the GOI on theseprocedures. Even after documentation was completed, these were new proceduresfor the commercial banks and it took time for them to adjust.

5.2 The EMF and the PF were new tasks which also took time for theimplementing agencies, EXIM and ICICI, to gain experience. An additional factorcontributing to the slow start up of the EMF and PF was that many of the eligibleactivities used foreign currency (such as hiring foreign consultants, overseastravel, and technology imports) and this required governmental clearances. Toaddress this, in mid-1987 the GOI agreed to give the steering committees for bothfunds blanket government permits for approved activities. These blanket permits,not envisaged initially, eventually proved to be among the main attractions ofthe EMF and PF programs.

5.3 Implementation: Loan commitments were generally sluggish until 1989,after which commitments picked up considerably. The main reason for thissluggishness was that sub-loan interest rates, as initially set for both ICICIand commercial banks, were not attract&ife to borrowing companies. ICICI sub-loaninterest rates, initially set at the World Bank currency pool rate plus 2*,proved unattractive to borrowing companies who were for the most part unfamiliarwith the currency pool and reluctant to take on exchange rate risk at a time ofrapid Rupee devaluation. To rectify this, the GOI agreed in February 1988 to

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take on the foreign exchange risk and redenominate ICICI sub-loans in Rupeescarrying an interest rate of 14%. Unrder the revised scheme, for each sub-loanICICI agreed to pay the GOI the difference between the World Bank interest rateand the sub-loan interest rate, less a retained spread. In return, the GOIagreed to compensate ICICI for the foreign exchange risk on servicing the WorldBank loan. To bring commercial bank sub-loans into line with this, agreement wasreached in November 1988 to adjust interest rates on commercial bank loans from15% to 14*, and 13.5% for small scale enterprises (see Table 3).

5.4 Several other actions were taken in 1988 to speed commitments.First, it became apparent that several non-engineering products held significantexport promise. As a result, in February 1988 at the request of the GOI, theBank agreed to reduce the allocation for engineering products for ICICI loansfrom $100 million to $60 million, and eliminate restrictions for commercial banksub-loans and the PF (restrictions were also informally eased for the EMF whichhad, in any case. been permitted at the outset to fund computer softwareprojects). Second, the Bank agreed that ICICI sub-loans could cover Rupee costsas well as foreign currency costs, up to 80% of each sub-project. Third, forcommercial barks, the Bank agreed to increase the maximum size of sub-loans from$500,000 to $1 million and the maximum asset size of eligible companies from $2million to $4 million. An additional factor which acted to speed up commitmentswas that commercial banks obtained funds as equity.

5.5 Disbursements: At appraisal it was projected that disbursementswould begin in January 1986 and be fully completed by December 1989, some fouryears later. In fact, for all components except ICICI sub-loans, disbursementsdid not start until 1988 and were not completed until October 1992. This delayin disbursements can be primarily attributed to the initial delay in commitmentsfor reasons already discussed in paras. 5.1 - 5.4. An additional factor was thatduring 1990-91, the GOI imposed tight import controls which made the opening ofnew letters of credit difficult, even on projects already authorized for Bankfunding. A third factor was that there was sometimes a time lag of up to sixmonths between the submission of a claim for reimbursement by the implementingagencies to the GOI and the submission of those claims by the GOI to the WorldBank. Finally, many PF and EMF grants remained partly undisbursed more than twoyears after commitment, in part because of the Rupee devaluation and in partbecause of changing market conditions.

5.6 In order to compensate for slow sub-loan disbursements and thepossibility of eventual cancellation of some of these sub-loans, the Bankauthorized sub-loan commitments on the commercial bank line of credit totallingan amount in excess of funds available by about $8 million. While at the timethis was considered to be an effective way of ensuring maximum sub-loanutilization, claims were eventually submitted for most of the loan commitments.On the other hand, disbursements on the PF and EMF grants remained far belowcommitments due to reasons noted in para. 5.5. Because the underdisbursement onthe EMF and PF largely compensated for overcommitments on sub-loans, the Bank wasable to reimburse all claim applications submitted to it except for about $1.6million.

5.7 The Closing Date was extended three times, first to December 1990,then to December 1991 and a third time to June 1992. In accordance with Bankpractice, disbursements continued to be honored for four months after the closingdate, i.e. until October 31, 1992. Underdisbursements of $5.2 million on theICICI sub-loan component could not be used to meet claims from other components,since the ICICI sub-loan component was provided through a separate World Bankloan, and these funds were canceled.

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5.8 Procurement: The implementing agencies were responsible forreviewing and approving procurement. The detailed reports submitted to the WorldBank on purchasing plans were generally of a high quality and very few fundingrequests were denied. Given the limited size of the consultant contractsapproved under the PF and EMF, the World Bank did not generally requestcompetitive bidding documentation, although it encouraged participating agenciesto follow Bank procurement guidelines.

5.9 Costs and Financinc: The project financing plan projected that WorldBank funds of $250 million would be matched by $750 million from other sourcesfor total project funding of $1 billion. A review of sub-loan data indicatesthat this target was more than achieved, with total project funding amounting toabout $1.2 billion. However, projects did not obtain foreign commercialborrowings as anticipated. Rather, the bulk of the matching funds came throughconsortium lending from other Indian development banks (IDBI and IFCI) as wellas a growing local equity market (see Tables 2A and 2B).

VI. PROJFCT RESULTS

6.1 Imnact on Overall Exoort Performance: The goal of the loan was toboost Indian exports, particularly in the engineering sector. In fact, exportperformance in the manufacturing sector was very good during the five year periodfollowing 1987, increasing by about 10% in real terms per annum. This comparedfavorably with both the previous five year period and with total Indian exportperformance. Engineering exports rose even faster, by 11% in real terms perannum (see Table 7). How much of this export increase was due to the existenceof the World Bank loan is uncertain, although surely some could be attributedboth to the loan and to the improved export policies that it supported.Implementing agencies reported that the availability of the World Bank line ofcredit was particularly useful in enabling companies to import capital goodsduring 1990-91 when the GOI placed restrictions on such imports in order toprotect its low foreign exchange reserves. In addition to facilitating exports,commercial banks reported that there was considerable foreign exchange savingsstemming from enabling ancillary engineering firms to provide larger firms withimport substitutes.

6.2 Sub-Loan Performance: In total, some $229 million was disbursed inSupport of 439 loans. This was composed of $155 million on 144 loans from ICICIwith an average size of about $1 million (including 4 loans of more than $5million each) and $75 million on 295 loans from the four participating commercialbanks with an average loan size of about $250,000. Most of these loans were usedto import machinery necessary to make the manufacturing process more competitive.While most of these funds were reserved for engineering firms, ultimately thesereservations were lifted and less than half went to such firms. While some ofthese loans were made to large exporting firms which might have had access tofunding without this project, a large number also went for new firms or firmswith new export projects. For example Bank of Baroda (BOB) reports that overhalf of its loans were for new export projects.

6.3 The financial results of sub-loans look good, although informationon many sub-loans is spotty. The average financial rate of return varied acrossinstitutions, from about 20* reported by Bank of Baroda and PNB to 40% reportedby Canara Bank. Repayment performance also appears to be reasonable, althoughnot exceptional. About 13% of ICICI sub-loans extended under this project havebeen rescheduled or are in arrears by more than 1 year. This is roughly in linewith ICICI's overall portfolio performance. At the same time, less than 5% ofcommercial bank sub-loans have been rescheduled or are in arrears by more than1 year (see Table 8).

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6.4 Productivity and Exrort Marketing Funds Performance: TheProductivity and Marketing Funds together committed $22 million ;nd disbursed$15.6 million consisting of 359 grants to 292 companies (63 companies obtainedmore than one grant). The average grant size was about $50,000 although grantlevels varied considerably with 45 companies obtaining grants of less than$10,000 and 17 companies obtaining grants of more than $200,000. The EXIMreports that about half of EMF funded companies had no previous exportexperience. While initially reserved primarily for engineering companies, thesereservations were lifted and, in the end, only about 71% of the EMF and 61% ofthe PF went to engineering companies, the largest share of which was for Autosand Auto parts. Of the activities funded, about half of the funds were spent onconsulting or research and on business promotional travel abroad (see Table 9B).The blanket permit extended by the GOI on activities funded under the EMF and PFproved to be a particularly attractive feature of the funds.

6.5 While the Staff Appraisal Report for this loan does not include aperformance measure for these funds, the follow-up project suggests that theyshould generate incremental exports of 10 times the grant support over a fiveyear period. Using this measure, the EXIM and ICICI report that the companiessupported by the EMF and the PF generated incremental exports over the past fiveyear period of, respectively, 60 times and 37 times the amount of grant supportin real or US Dollar terms. A second measure reported was that on averageassisted companies under the EMF and PF achieved annual export growth rates of68% and 48% respectively (see Table 9A). ICICI also reported that companieswhich received PF grants have shown a significant improvement in their plantcapacity utilization and a reduction in their rejection rates. While thesemeasures are impressive, they should, of course, be interpreted with caution,since company export performance can only in part be attributable to obtaininggrant funding. Other factors at work include government policies, companymanagement, and product competitiveness.

6.6 Operationally, one performance issue was that a significant numberof grants were disbursed either on activities which took place well before or farafter the original approval date. Under the EMF, 20 grants financed activitieswhich had taken place more than six months before authorization and 32 grantscontinued to disburse more than two years after authorization. For the PF theaverage time lag from sanction to final disbursement has also been long, about18 months. While no provision was made in the project to restrict ex-post EMF& Pr funding, such funding brings into doubt the catalytic nature of the grants.In the case of long-delayed disbursements, activities sometimes differed fromthose originally authorized. A related problem was that no formal cancellationswere requested for PF grants, despite the fact that a significant amount ofcommitted funds was never disbursed. To address these concerns, ex-post fundingover 3 months should be restricted in future projects and funds not disbursedmore than two years from approval should be automatically cancelled unless anexplicit reauthorization is obtained.

6.7 The performance of both the sub-loan components and the PF and EMFgrant components goes beyond strictly numerical calculations. Each loan or grantrequest was accompanied by an in-depth review of the company's export strategy.The implementing agencies have reported that these reviews have been useful inhelping overcome the supply-driven nature of Indian exports and encouragingcompanies to focus rather on improving production efficiency and on bettermeeting the needs of overseas clients. Regardless of the effects of particulargrants or loans, supported companies should be more likely to recognize theimportance of export investments in maintaining their competitiveness in thefuture.

VII. PROJICT SUSTAINAfBIITY

Sustainabilitv

7.1 Up until recently, both grant and sub-loan activities financed underthe Industrial Export Project were being sustained through a follow-up project -the Export Development Project (Loans 3058-IN and 3059-IN) - approved in 1989.This follow-up project provided funding for the same activities and included, inaddition, a technical assistance component for improving the managerialcapabilities of the implementing agencies in evaluating export projects. Due torecent economic reforms which included measures to make the Rupee partiallyconvertible, part of the sub-loan component under Loan 3059-IN was effectivelystalled as sub-borrowers found the on-lending arrangements no longer attractive.In response, the affected part of the sub-loan component is being cancelled. Inits stead, the Bank and the Government are considering a follow-up project,involving the single currency option recently approved by the Board, that couldbe made more attractive to sub-borrowers in its on-lending arrangements, and atthe same time not require the Government or the RBI to shoulder exchangerisk.

7.2 Lending for export projects by EXIM and ICICI should be sustainablein the medium to long term. ICICI is a mature and generally well-run institutionwhich is in the process of reforming its operations to be more market orientedand to mobilize increasing amounts of resources on its own. In a freer policyenvironment it is likely to be able to capitalize on its experience under thisproject and continue to make loans to bankable export projects. The EXIM is anewer institution, but given its export orientation it is also likely tointernalize significant gains from this project. The EXIM has also begun tosupplement its public support through raising funds from fixed deposits andborrowing from public institutions and this should further enhance its lendingcapacity.

7.3 Commercial banks are also expected to play an expanding role infinancing export activity. A major goal of the on-going reforms is to increaseIndia's export performance which, if successful, should result in increasingdemand for both short term export finance and term finance, including for exportprojects, from commercial banks. From 1991 to 1993 commercial banks have, infact, increased their short term export finance by about 50t in Rupee terms.This has been facilitated in part by the reduction in mandatory reserverequirements of commercial banks, generous refinance facilities provided by theRBI, and a government directive to the commercial banks to provide at least 10%of their credit for export finance, a level that some of the banks have alreadysurpassed (for example 12.7% of Canara Bank's total credit is now exportoriented). The commercial banks have also begun to increase their term lendingfor both export and domestic oriented clients. Term loans now account for about30t of credit provided by Canara Bank, Bank of Baroda, and Punjab National Bank.However, assuming the demand for export finance continues to increase, additionalsteps will be needed to enhance the capability of banks to respond to theemerging credit needs of exporters, including financial and institutionalrestructuring. The Bank is currently discussing these issues with GOl within thecontext of a proposed financial sector adjustment operation.

7.4 The ability of ICICI and EXIM to sustain their grant-financedprograms for export promotion without World Bank support is more limited. ICICIhas obtained a small amount of additional grant funds for export promotion fromthe British agency DeCTA and EXIM has initiated a program that supports exportmarketing activities with Rupee based funds. However, these programs are muchmore limited than that supported by the Bank. Since grant funding does notinvolve any reflow of funds, continual funding would be needed to sustain thiscomponent as currently structured. Of course, even without external assistance,supported companies should be better able to see the value of making exportinvestment on their own.

- V *III. PEFORMANCE OF THE BANK AND THE niPLEmEng AGENCIES

8.1 World Bank Performance: During the seven years between the Loan'sapproval and its completion, the World Bank supervised the project 12 times (seetable 12). Missions met with implementing agencies, exporters, and GOI officialsand were directed largely at monitoring commitments and disbursements andresolving bottlenecks. In addition to mission work, the Task Manager reviewedand approved each individual sub-loan and grant from headquarters. Theseapprovals were largely done in a timely manner, usually within two weeks.

8.2 ImDlementinc Aaencies Performance: A number of the implementingagencies were slow to start, which is understandable since the activities wererelatively new. As they staffed units and gained expertise, commitments pickedup. All parties worked well together in 1987 and 1988 to resolve interest rateand eligibility bottlenecks. The implementing agencies have generally beendiligent in seeking out and working with potential exporters in reviewingprojects and preparing detailed export strategies. Each agency generallyprovided comprehensive documentation on each sub-loan and grant to the World BankTask Manager for review and prepared a useful general implementation reviewduring each supervision mission (normally about twice yearly). However, thesereports were prepared using different formats and did not generally includeplanned vs. actual performance measures. A more systematic approach towards datacollection would have facilitated monitoring during supervision, preparing thePCR, and designing future operations.

IX. LESSONS FROM TUN PROJECT

9.1 While the project was generally a success, several lessons can belearned from this project, some of which have been incorporated into the follow-up Export Development Project. These lessons include:

(i) Let the market decide where exnorts will be: The initial focus ofthe project on engineering goods as having the most export potentialwas well documented. However, while engineering exports didoutperform overall exports, there were other products such as non-traditional goods, chemicals, and computer software which performedas well or better. In recognition of this, the allocation in thisproject for engineering goods were eased and in the follow-upproject funds were made available to all manufacturing and computersoftware firms.

(ii) Let the market decide the on-lendincr rate: Slow initial commitmentscould be directly traced to the fact that the initial ratesestablished for sub-loans were uncompetitive, unattractive toborrowers, and had to be revised. Towards the end of the projectrates were somewhat below-market, which may have also distorted thedemand for loans. In future projects, on-lending arrangements usedin financial intermediation should be easily understood by sub-borrowers, market based, and easily adjustable. A related point isthat passing loan funds to commercial banks in the form of equityintroduced demand pressures unrelated to sub-project quality. Forthis reason, the issues of recapitalizing the financial sector andloan funding should be dealt with separately when feasible.

(iii) Coordinate the Productivity Fund. the Marketing Fund and sub-loansmore: While it was anticipated that the use of loan and grant fundswould be coordinated, in fact sub-loans and grants for the samecompany were largely approved independently by differentimplementing institutions, resulting in duplication in bothdocumentation and government clearances as well as not developing acoordinated approach to a company's overall export strategy. Thefollow-up project attempts to address this by combining theactivities provided under the Productivity and Marketing Funds andpermitting each participating institution to provide both grantfunds and sub-loans.

9-

PART IIs 2ROJBCT RXVIEW FROM TIM BORROWUR' PZRBPECTXV

Written comments on the project have been received from five of the siximplementing agencies. The comments listed below are executive summariesprepared by these agencies. In some cases, the implementing agencies submittedlonger reports and more detailed statistics which are available for review in theproject file.

Page 1 of 2

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PROJECT REVIEW FROM ICICI'S PERSPECTIVB(Productivity Fund)

OBJECTIVE

1. The Productivity Fund of US$10 million was operated by ICICI forproviding financial assistance by way of grant to Indian exporters undertakingExport Development programmes. The purpose of the fund when it was conceived,was to improve the exports and export capability of India companies. Initiallythe fund was for providing assistance for Productivity Improvement programmes forexport mlarkets. Subsequently, export market related activities were alsoincluded within the framework of the fund.

TJTLIZATION

2. A total of 152 schemes for 112 companies were assisted under theProductivity Fund during the period 1986-1992. The details of the utilizationof the funds are:

o Total fund was US$10 million

* Total sanctions US$11.67 million

* Total Disbursements US$9.463 million

IMPACT OP TRE FMND

3. The following indicators have been used to analyze the impact of thefund:

Exvort Related:

* Total exports for the group of Productivity Fund assisted companieswas US$61.77 million in 1986-87. This had increased to exports ofUS$208.68 million by 1991-1992.

e Incremental exports for the companies over the 5 year period 1986-1992has been US$434.42 million. This is 37.2 times the sanctioned amount.

e The actual incremental exports is about 9t lower than the plannedincremental exports. The Electronic/Software and Consumer Productgroups performed below expectations, while Chemicals and Textilesperformed above planned.

o In 1987-88, 47 companies had exports more than 5% of the total saleswhereas, by 1991-92, 70 companies had export more than 5% of the totalsales.

* 16 companies had exports more than 25% of the total sales in 1987-88while 34 companies had exports of more than 25% of the total sales by1991-92.

Productivity Related

o In 1987-88 40 companies had capacity utilization lower than 50% whilein 1991-92 only 16 companies had capacity utilization lower than 50%.

o The entire group has shown substantial improvement in rejection andrework rates.

* Most of the PF assisted companies have improved their profitabilitythrough increased exports, lower inventories, and better planning.

Pace 2 of 2

Other oualitative Imorovement

e By 1991-92, most of the companies are seeing exports as a profitablebusiness opportunity.

* The companies have been becoming more dynamic with exports emergingas a main line activity for the companies.

o The export awareness has increased all throughout the organizationsof the assisted companies.

* Most of the companies feel that their international orientation andquality standards have improved drastically.

PATTERN OF ASSISTANCE

e The average amount per assistance was around US$76,775.

* Maximum assistance of 61% to Engsncering Industries (includes Auto-ancillaries, Electricals, Electronics, Heavy a'd Light Engg).

* Average time lag from sanction to disbursement has been around 18months - mainly because of the developmental nature of mostprogrammes.

o Maximum assistance of 20* was sanctioned for consultancy followed by12.8% for export promotion visits.

• Around 65 programmes were mainly Export promotion towards which atotal of US$2.86 million was disbursed.

* 36% of the companies utilized more than 95% of the sanctioned amountwhile only 4% utilized less than 10 of the sanctioned amount.

RECOMMENDATIONS

o The possibility of operating such funds as soft loans should beconsidered as this could help leverage the benefits of the funds onan ongoing basis.

o Providing lower assistance for companies which are able to afford theExport Development programmes from their own resources.

o Limit to be placed on number and amount of repeat assistance so thata larger number of companies can be targeted and assisted. This couldincrease the scope and reach of the fund.

* As the average lead time for developing EDF programmes is usuallylong, the marketing efforts made by ICICI in the last couple of yearsare resulting in EDF applications now. However ICICI might not beable to support these as the EDF (line 2) is also almost nearingcompletion. In view of this and the beneficial results of theProductivity Funds, we strongly request augmenting the Exportdevelopment efforts through more such funds - maybe a EDF-3 -type offund.

* Heavy marketing for Productivity Fund was required in the early yearsduring which ICICI has made 500 audio visual presentations and hasinteracted with about 3000 companies for informing them about the EDPscheme. This has resulted in about 200 companies being assisted underProductivity Fund and EDF-2. Hence the hit rate, in our experienceis about 6-7% only.

e For EDF-2, ICICI has already - in view of the scarcity of funds -reduced the assistance to a maximum of tTSS200,000 per company. ICICIhas also reduced assistance towards travel expenditure and rupeeexpenditure such as taxes etc.

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IBRD LOAN NO.2629-IN : EXIM BANKKS REVIEW

Background :

1. E.im Bank was designated as the Implementing Agency for ExportMarketing Fund (EMF), a component of World Bank loan to Government of India(001) under IBRD Loan No.2629-IN. Out of the total loan of US $ 250 in.,Exim was allocated US S 10 mn., to be utilised by way of matching grant toeligible Indian enterprises to carry out eligible export marketingactivities. EMF programme became effective for operation on March 27, 1986and closed on June 30, 1992.

2. Initially, a group of ten select engineering product groups andcomputer software were admitted for support. The selection was based onthe cost comparative advantages enjoyed by the product groups as revealedin the World Bank study report titled 'Light Industrial Export Developmentand Finance' of 1983. Subsequently, as the EM? programme progressed, moreproduct groups were admitted for support based on the competitiveness ofthe products.

Performance Review :

3. At the close of the programme, EXIM Sank committed the fullamount of US S 10 mn (equivalent to Rs.158.34 mu) and disbursed an amountof US $ 8.929 ma (equivalent to Rs.132.18 mu) to support market entryand/or expansion plans of 180 companies. Disbursements to sanctionspercentage was satisfactory at 89% at the close of the programme.

4. Of the product categories supported under EMF programme, autoancillaries accounted for largest sanction (20% of total amount), followedby computer software (18%), miscellaneous products classified under'others' (15%), Diesel enginers, pumps and compressors (10%) and castingsand forgings (10%). Rest of the product groups namely bicycles and parts,machine tools, hand tools, chemical process plants, industrial valves andelectric motors/starters accounted for the balance 27% of total sanctions.

5. The grantee companies performed well under the EMF programme.Almost 56% of the sanctions went to first time exporters for market entryprogrammes while the balance was for expansion or diversification ofmarkets. Of the 180 companies supported under ENF, 129 companies (72%)were small and medium sized with Net Fixed Assets of less than Rs.100 an.About 9% of the total sanction went to Companies whose manufacturing unitswere situated in industrially backward areas.

6. of the total disbursed amount of Rs.132.18 mn (equivalent to US $8.929 mn), market research accounted for 21%, minor product adaptation(21%), Business promotion travels (23%). Other market developmentactivities like trade fair participation (4%), product inspection andcertification (8%), establishing overseas operations (4%), productpromotion and publicity (11%), buyer's visit to India, ISO 9000certification and registration of patents (6%), training (2%) accounted forthe balance.

7. In US $ terms, the total cost underrun in EMF programme was 11%while the average time overrun was 11 months. Cost underrun occurred

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partly due to depreciation of Indian rupees against US $ which resulted inavailability of more rupees under the sanctioned amount. Since part of theEMF expenditure was in Indian rupees, this resulted in non-utilisation offull sanctioned limit. Another reason was non-completion of certainenvisaged programme activities by few grantee companies within theprogramme period. Time overrun arose due to changing market conditions andinternal policy changes in India resulting in some grantees revising theirearlier plans.

Imoact g export nerformance of arantee companies

S. Performance of assisted companies has been impressive. Duringthe five year performance evaluation period (1987-91), the totalincremental exports generated by the grantees as compared to pre-EMF periodamounted to Rs.6.3 bn. giving an export multiplier factor of 60 times thegrant amount in real terms. Nearly 68% of the incremental exports went toN. America (41%) and EEC (27%). Exports to Japan, Australia, New Zealandand Far East amounted to 4%, while the balance 28% went to other hardcurrency areas. The grantee companies registered compound growth rate of69% p.a. in exports during this period. While exports to N. Americaregistered highest growth rate of 88% p.a., EEC registered 46% p.a. growth.

9. Of the product groups, diesel engines, pumps & compressorcategory registered CAOR of 141% in exports followed by computer software98% and castings & forgings 94%. Average CAGR in exports for all productgroups during this five year period was 68% p.a. The above performance ofgrantee companies compares well with export growth of the industry sub-group. While exports of auto ancillaries sector grew at 37% p.a., EMFcompanies in this sector grew at 44%. Similarly, exports of computersoftware industry grew at 58% p.a., EMF companies in software sector grewat 98% p.a. Castings and forgings companies supported under EMF registeredCAGR of 94% as against 40% growth of this sector. Satisfactory growthperformance was witnessed in other product groups as well.

Some Lessons

10. EMF programme introduced for the first time the concept ofstructured and strategic export market development in the Indian companies.Despite an initial slow start, the programae picked up momentum as more andmore companies were brought on board by the Bank's corporate callprogrammes and sector analysis to support target marketing of theprogramme. EXIM learnt that through structured advisory and financialsupport, companies could be motivated to enter and succeed in competitiveexport markets. Firm level contacts were made by EXIM Bank after choosingcompanies for support under the programme.

11. EXIM has highlighted export successes registered by granteecompanies through its casebook series published in various businessjournals in India to provide a demonstration effect of the programme.While the initial focus was on engineering products, EXIM had to offerflexiblity in admitting other product groups based on competitive strengthand export potential displayed by these products. Similarly, marketdevelopment activities other than originally envisaged under the programmelike trade fair participation, ISO 9000 certification, advertisement intrade journals, were required to be supported to take into account

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specific needs of the target product and target markets.

12. Since the programme has generated enormous interest andexpectations from the Indian companies, there was a need to sustain theprogramme. WS loan IBRD 3058 IN comprising loan and grant components whichcame as a follow through programme was well appreciated by the Indiancompanies. Now this second programme is drawing to a close. In order tokeep the catalvtical effect onaoina, E3I Bank has already introduced athird programme comprising of loan for supply side upgradation and grantfor market development activities. This is being funded out of EXIM Bsank'sown resources. In view of rupee funding, first time exporters will facecertain forex regulatory problems. A technical assistance nrogramme fromWB to support EMF activities would go a long way in sustaining the positiveresults achieved through the first programme.

13. Regular interaction with grantee companies throughout themonitoring and review period enabled ESI Bank to assess what factorscontribute to the success or otherwise of a firm's export efforts.Periodic review indicated the nature of errors commited by firms ininternational marketing. Useful inputs gathered from assisted companieshelped EXIM to provide effective guidance and advisory services to newexporters. EXIM's analysis indicate that top management commitment wasthe most vital factor for achieving export success. Besides creatingcapability within EXIM Bank to provide strategic export marketingconsultancy at firm level, the EXIM officers has benefited throughinteraction with WS officers. In the process there has been a nature oflearning that has also percolated into other areas of EXIM's working, withenrichment effects. This occurs when a young, learning organisationinteracts with an institution like WS that is rich in cross countryexperiences.

14. Grantee companies moved up the value chain. Increased investmentin expansion, diversification or plart upgradation and modernisationoccurred in many grantee companies consequent to the export success.Companies also moved up from low end market segment to higher end andmore profitable segments in exports progressively. EXIM learnt that inorder to sustain the export success, a cordinated approach to address theneeds of firms on supply side, demand side and productivity was necessary.This became possible under ENF-II (3058-IN) programme which had both loanand grant components.

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PROJECT REVIEW FROM BANK OF -ARODA' S PERSPECTTVN

1.0 GENERAL

1.1 Loan Amount (US $ M) : 70.00

1.2 Allocation to 909 : First come first served

1.3 Effective Date : September 1986

1.4 Period of scheme December 1989(extended to December '91)

1.5' Purpose s To assist industries toimprove export competi-tiveness / import substi-tution.

1.6 Type of Industry covered : All manufacturing industry

1.7 Size of loan per project : Min. * US $ 50,000/-Max. s US * 10,00,000/-

1.8 Free Limit s $ 2,50,000/-

2.0 BOB's Performance as on s No. of sub- Amount30.6.92 projects (US $ Million)

2.1 Total approved : 69 22.94

Of which :

Free limit 38 5.50

Over free limit 31 17.337

2.2 Average Loan per subproject US $ 3,32,536/-

3.0.0 PERFORMANCE HIGHLIGHTS s

3.1.0 ASSISTANCE :

3.1.1 No. of Industry Groups supported s 9

3.1.2 No. of companies assisted : 60

3.1.3 Average size of loan (US S M) s 0.34

3.1.4 Average size of subproject : 0.8(in terms of investment inplant and machinery (US $ M)

3.2.0 LOAN AMOUNT :

3.2.1 Amount committed (US $ M) a 22.00

3.2.2 Amount Disbursed (US $ M) : 22.00

Page 2 of 2

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3.3.0 LOCATION OF PROJECTS :

3.3.1 Backward area X 55X

3.3.2 Others t 45%

3.4.0 BENEFITS : (Upto March '92)

3.4.1 Foreign Exchange (Rs. Million)

Earnings 470.0

Savings 537.00

3.4.2 Export Earnings from :

G-7 countries 420.00

Developing countries 35.00

3.5.0 PROJECTED (Next 3 years)

3.5.1 Earnings/Savings 1350.00

Projects Funded 65

Projects Implemented 65

Average Financial Return (%) 14%

3.6.0 TURNOVER TO INVESTMENT (Rs. Million)

3.6.1 FE Earnings/Savings upto 31.3.92 1007.00

Estimated (3 years) 1350.00

Total 2357.00

3.6.2 INVESTMENTS from

a) Loan 2629 440.00

b) Additional Rupee Term Loan by BOB 170.00

c) Promoters 304.00

914.00

3.6.3 Turnover to total Investment Ratio 2.57 times

Page 1 of 1

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PROJECT REVIEW FRO MLPJN~AB NATIONAL BANK' S PERSPE=TIV

C~~L01a3la1 Milm #4-4fl Ref:

punjab Antionac bonk Wr4; Date: 14-11-92

Jim 4mm = tW / A Goveflm of bndao Unertthing

CREDIT AOMNo DIVISION(POLICY SECTION)HO : NEW DELHI

BRIEF CESCRIPTION OF IMPLEMENTATION RECORD ON UNITS ASSISTEO BYWORLD O.K WOE.R INDUSTRIAL EXPORT (JE.GG. MOD) PROECT-LN 2629ZIN

The assistance of the world Bank has been of immense help to our rfank*The equity base of the bank has further wicoened due to readily availableforeign exchange, which is otherwise scarcely available in our country.

The World Bank project mace the circumstances highly conoucive to theBank to serve the cause of-inoustrial cevelopmant of the country withoutbothering for availability of the scarce foreign exchange finances. Theavailability of refinance by bank also maoe the assessment quicker becausethe bank cic not have to think of the resource crunch. Besices the projectenvisages that the Govt. of Incia woulo bear foreign exchange risk, onrepayment of IaRO loan.

With the installation of machinery the export earnings of the assistedunits increased manifolo. There has been an increase in inoustril.proouction witn enrictnent of the quality of procuct.

The World Bank assistance has opened up new vistas to the finances unitsin t t area of installation of new upto date machinery, as per internationalstandards, expansion of more areas of export and proliferation of more 100%Export oriented units.

It has been observed that by and large the units fi)anced have been able-tocutr down on labour expenses, capacity ubilisation of financed machineryand greater emphasis on quality product Sn order to enter the highlycompetitive export market.

The areas of activity of the financed units are leather products,, leathertanning, Hosiery & Garments items, autoparts, manufacture of video magnetictapes, jwellery & Diamonds fabricaticti etc. The units have been able toachieve their projected production, sales and profits parameters tith openingup of new areas of cesicning and cost effective parameters to meet outcompelling boundary conditions automatically imposed by global a conomictrends.

Paae 1 of 3

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PROJECT R-VZW FROM CA:. DANK' S PERSPECTIVE

SUMtMtARY

Canara Bank could identify majority of its clients insmall and medium scale sectors. These sectors arepotential for manufacturing qualitative products atcomparatively cheaper prices( This will be possible dueto low cost of production).

Under the Scheme, Canara Bank could extend assistanceto 86 projects, which.comprises 32 units in Small ScaleSector and 51 units in medium scale sector. Balance 3units are in Large Scale Sector.

With its wide net work, Canara Bank could identifyprojects from all over the country.

Sectorwise disbursements underI_EP Scheme

SECTOR DISBURSEMENTS %wise %wisedisbur- no.sement of units

SMALL SCALE US $ 2.82 MILLLION 13 37

MEDIUM SCALE US $ 16.25 MILLION 76 59

LARGE SCALE US $ 2.22 MILLION 11 . 4

INDUSTRYWISE DISBURSEMENTS & EXPOSURE

NATURE OF INDUSTRY RS.IN MN NO OF UNITS % Wise

ENGG GOODS 101.20 29 28ELECTRONICS 45.65 10 13LEATHER GOODS 52.27 16 15GARMENTS 36.00 13 10LATEX PRODUCTS 21.73 3 6MISC & OTHERS 101.24 15 28

Paqae2 of 3

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The miscellaneous and others include granite tiles,rubber aprons, flock fibre, leather chemicals, surgicaladhesive tapes, cotton yarn, etc.

Out of 86 projects, 8 projects have fully repaid theTerm Loan availed from us. One project has not availedthe TL and another not implemented. Unavailed balancesin these sub-loans have, been substituted. 4 projectsare under implementation.

Projects which have already been implemented hadachieved exports sales to the extent of 95% of totalsales of Rs.345 million as at 31.3.92.<including deemedexports)

The overall performance of all industries issatisfactory except for latex gloves projects. Due toglut in the international market for latex gloves, theseunits have either diversified or in the process ofdiversifying into manufacture of condoms. Our exposureto these projects is meagre (in terms of no. of units 3- Total amount disbursed is US $ 1,367,155)

Our overall experience as bankers implementing thisscheme (LN 2629-IN) is encouraging. Assisted sub-projects are expected to contribute substantiallytowards country's exports in the years to come.

P-aae 3 of 3

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The scheme has mainly helped the country In two aspects.

1. Enabled the industries to upgrade theirtechnology/products in order to compete in theinternational market.

2. .Employment generation.

1. Technolo_v ucoradation

Commercial Banks with their widely spread net workof operations could identify more number of projectsin small and medium scale. But for the associationof a few Commercial Banks in implementation of thisproject, small & medium scale units would not havebeen able to derive the benefit from this Scheme.With comparatively lower capital investments and lowoverhead costs, the projects implemented under thesesectors had an edge in the export market bymanufacuring products which conform to InternationalStandards at competitive prices. When the codntry9sBalance of Payment position was tight, the schemehad helped in catering to the needs ofIndustrialists for. establishing new projects orexpanding/modernising technology which ultimatelymade them to manufacture products to cater to theneeds of International market.

2. Emolovment Generation

IEP - LN 2629-IN, Scheme could provide employmentopportunities. (both directly and indirectly) in theprivate sector.

Eiuturg Outlook/lessons learnt

By giving maJor thrust to exports, the scheme hadhelped in creating awareness among industrialists formanufacturing qualitative products in order to competein the International Market.

By giving fillip through grant assistance under ExportDevelopment Fund (Ln 3O's-IN), some Exporters couldpenetrate into new markets while the new experters cculdposition their products in the international market thusstimulating alround exports growth.

- 21 -

PART III STATISTICAL INFORNATION

1. Related Bank Loans . . . . . . . . . . . . . . . . . . . . . . . 222A. Planned Project Costs and Financing . . . . . . . . . . . . . . 232B. Actual Project Costs and Financing . . . . . . . . . . . . . . . 233. Sub-loan Lending Terms . . . . . . . . . . . . . . . . . . . . 244. Project Timetable ........ ... ... ... .. ... . 255. Loan Commitments ........ ... ... ... .. ... . 266. Loan Disbursements ........ .. . ... .. ... . 277. Selected Indicators of India's Fxport Achievement . . . . . . . 288. Selected Indicators of Sub-loan Achievements . . . . . . . . . . 299A. Selected Indications of EMF and PF Achievements . . . . . . . . 309B. Activities Funded By Grant Programs . . . . . . . . . . . . . . 30

IOA. Performance of Implementing Agencies - 1987 . . . . . . . . . . 31lOB. Performance of Implementing Agencies - 1992 . . . . . . . . . . 3111. Use of Bank Resources ...... .. .. .. .. .. . .. . . 3212. Mission Data .......... ... .... ... ... . . 3313. Status of Compliance with Covenants . . . . . . . . . . . . . . 3414. List of ICICI Sub-loans . . . . . . . . . . . . . . . . . . . . 3515. List of Commercial Bank Sub-loans . . . . . . . . . . . . . . . 3816. List of EXIM EMF Grants ...... . .. .. . .. . .. . . . 4417. List of ICICI PF Grants .................... . 48

-22-

TABLE 1: RELATED BANK LOANS

Loan Title Purpose Year of StatusNo - j Approval .|

Previous Prolects

20S1-IN 14th Industrial Increase the supply of 1981 Closed-l.0I ~Credit & investment investment funding to

project industrial projects___ __ ___ __ ___ __ ____. :through ICICI .__ __ _ .__ __

?5%low UD Proiects

3058-IN Export Development Increase the supply of 1989 Ongoingand Project investment funding for3059-IN export oriented

projects and exportpromotional activitiesthrough ICICI andother financialinstitutions

= _~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

- 23 -

TABLE 2A: PLANNED PROJECT COSTS AND FINANCING

(US$ million)

Local Financing

Foreign PrivateIBRD Commercial ICICI PCBs ExIM" Sponsors Total

ICICI 160 160 180 - - 260 760Commercial Banks 70 - - 60 - 70 200Productivity Fund 10 - - - - 10 20Export Marketing Fund 10 - - - - 10 20

Total 250 160 180 60 - 350 1,000

s EXIM acted as implementing agency for the Export Marketing Fund which did not involveit providing financing of its own.

TABLE 2B: ACTUAL PROJECT COSTS AND FINANCING(US$ million)

Local Financing 1PCBs,

Foreign DFCs, PrivateIBRD Commercial ICICI Equity EXIM Sponsors Total

ICICI 155 - 11011 4801 - 2558/ 1000*aCommercial Banks 74 - - b/ _ bl 200b

Productivity Fund - - - - 8 16Export Marketing Fund 8 - - - - 8 16

Total 245 1232

# Rounded, based on an extrapolation from a random sample of 24 ICICI sub-loans.b Rounded, based on an extrapolation from those companies reporting. The breakdown

between PCBs and private sponsors was not available.

- 24 -

TABLE 3: SUB-LOAN LENDING TERMS

ICICI Commercial Banks

Interest Rate Initial: IBRD rate+2* Initial: 1S%Revised: 14% Revised: 14% (13.5% for2/88 11/88 small cots.)

Repayment Period Up to 15 years 3 to 10 yearsGrace Period Up to 3 years 1 to 3 years

Commitment Fee Up to 1% on undisb balance Up to 1* on undisb balance

Exchange Risk Initial: Taken by sub- Covered by GOIborrower

Revised: Covered by GOI2/88

Repayment to GOI Initial: None (repayment to None (funds become part ofIBRD) banks' equity.)

Revised:2/88 10.5t minus IBRD Rate5/88 11.0% minus IBRD Rate"

' ICICI thus retains a spread of 3* (14%-llf) to cover administrative costs.

- 25 -

TABLE 4: PROJECT TIMETABLE

Item Date Planned Actual Date

Preparation/Pre-Appraisal Mission April 1984

Appraisal Mission August/September 1984

Loan Negotiation March 19850 August/September 1985

Board Presentation April 19850 October 1985

Loan Signature January 21, 1986

Loan Effectiveness Januar.y 1 9 8 6b June 23, 1986

Sub-loan Authorization Deadline December 31, 1988" March 30, 1 99 2d'

Loan Closing December 31, 19890 June 30, 1992

Loan Completion December 31, 19890 October 31, 1992

a' Date planned following the Appraisal Mission.b Data planned in the President's Report to the Board.Cl Date planned in the Loan Documents.

A Although the official cut-off date, as revised, was March 30, 1992 a fewauthorizations were made in April/May 1992 in order to assure maximum utilization.

TABLE&: LOAN COMMffMET

(SM., Cumulative)

Estimated at Appraisal Actual Actual as % of Estimated

---------- --s---------PF------ -------- ------------ PF------- -------- --- s---------- ----- a-V 8.Z...~~~~~~~~~~~~~~~~~~~~c

. . .....

1986 June .S.~10~~' 05~0 0 0 . .0.0Dec 74 3506.8 tl$ ~ 1 10 1.0 1Z57 2.9. 0.0 00 1.1987 June 1.0 55 0 M . 7~ .. 1. 2. ' . 08 21149 5.3.1. 24.2 1.Dec .100 70.0 7. . ~:058 I.t 0. .'"17.'3: &O 5. 15.1 Is15.

198June 16' 0 8 7.3 248t,3 I tO 0. 504~ 1 88 6.2: 1 1.0 2.Dec~16.0 .3 A$$71.8 0'88 2.5 >7.M24 2.4 660 28.9 2.

9. ~~~76.4 .. 99.'A 9. 0. 90 9. 0.199 June ....<' Ž 0, 72.3 .< 1. 5. 0.0133 9. 1. 0.Dec. i2,0 7.2~~1~0 12. '~i. 10.6 1103 9.0 12.0 104.1992 June 6'~ 8.5 900 1.2 26. x0 1.1 10012014.73

1991 June~~~~~~~~~~~~~~~~~~~ . , .,

TABLE 6: LOAN DISBURSEMENTS($M. Cumulative)

Estimated at Appraisal Actual Actual as % of Estimated

EXIM. ICICI . IM tOl. E)IM ICICIICICI PCB's EMF PF Total ICJCI PCB's EMF f PF Total ClC PCB's EMF PF Total

1986 June 2.0 2.5 0.5 0.0 5.0Dec 14.5 10.0 2.5 1.0 28.0 4.1 4.1 28.3 0.0 0.0 0.0 14.6

1987 June 40.5 30.0 4.5 2.6 77.6 7.8 0.1 7,9 19.3 0.0 0.0 3.8 10.2Dec 74.0 50.0 6.5 4.4 134.9 15.2 0.3 15.5 20.5 0.0 0.0 6.8 11.5

1988 June li9.0 70.0 8.5 6.4 203.9 19.0 0.3 19.3 16.0 0.0 0.0 4.7 9.5Dec 141.0 70.0 10.0 8.4 229.4 26.4 1.9 1.3 0.3 29.9 18.7 2.7 13.0 3.6 13.0

1989 June 160.0 70.0 10.0 10.0 250.0 59.6 8.8 3.3 0.6 72.3 37.3 12.6 33.0 6.0 28.9Dec 66.9 13.3 3.9 0.6 84.7 41.8 19.0 39.0 6.0 33.9

1990 June 95.5 26.4 5.4 1.6 128.9 59.7 37.7 54.0 16.0 51.6Dec 107.3 37.7 5.6 2.0 152.6 67.1 53.9 56.0 20.0 61.0

1991 June 130.6 60.5 6.8 3.3 201.2 81.6 86.4 63.0 33.0 80.5Dec 136.7 63.6 7.5 3.8 211.6 85.4 90.9 75.0 38.0 84,6

1992 June 151.4 70.0 7.7 4.7 233.8 94.6 100.0 77.0 47.0 93.5Dec 154.8 74.4 .8.1 7.5 244.8 96.8 106.3 81.0 75.0 97.9

Note: These figures are taken from the World Bank's loan Dept. and may differ from those of the implementing agencies

- 28 -

TX= 7:Z SE=CTED INDICATOR'S OF INDIA'S BXPORT GROWTH(US$ in constant 1981 prices)

AverageAnnual Growth

Year Ending Year Ending Year Ending in Real TermsMar. 31. 82 Mar. 31. 87 Mar. 31, 92 82-87 87-:92

($M) ($M) ($M) (%) (%)

Total Exports 8522 10029 14915 3.3 8.3Manufactured Goods 5240 6654 10607 4.9 9.8

of which Engineering 1048 907 1504 -2.9 10.6Non-manufactured Goods 3278 3375 4367 0.6 5.3

Sources: Ministry of Commerce and Reserve Bank of India

Note: Deflated using export unit value deflators, except for 91-92 for whicha deflator was not available and a straight 4% discount factor was used.

- 29 -

TIEL_ S: SWLCTUD XIDICISORS OF SMB-LOIN AC_IEV2EIITS

iCICI B0O CANARA SBX PNB

Amount Cmmitted $ a) a' 160 20 21 30 5

Amount Disbursed ($ m) b 155 22 19 29 5

No. of Loans 144 65 86 124 20

No. of Companies 123 60 84 120 18

Average size of Loons ($ m) 1.0 0.34 0 .23 0.25 0.26

Av. Sales of Companies (Re a) 1150 16.8 69.7

Average Fin. Rate ofReturn (%) d 22.4 39.8 20

No. with L.T.Arrears/Reschedulings I 19 2 2 2%

No. of Full Cancellations 26 9 9 0 S

Average Time overrun (months) 10 6 6

% to Engineering Firms 48 1 8 26

Amount authorized for commitment by the World Bank This may differsomewhat from the amount indicated by the implementing agencies due to theuse of different exchange rates.

uJ Disbursements for individual PCBs are estimates since sub-projectdisbursement are not individually tracked by the World Bank and PCBprovided figures are reported in Rupees.Based only on the companies which reported this.L.T. Arrears are arrears over 1 year.

- 30 -

TABLE 9A: SELECTED INDICATORS OF GRANT ACHIEVEMENTS

EXIM BANK ICICIEMF PF

Amount Committed t$ m) 10 12

Amount disbursed ($ m) 8.1 7.5

No. of Grants 207 152

No. of Companies 180 112

Av. Size of Commitments ($) 48,000 76,000

Av. Size of Grants Disbursed t$) 39,000 49,000

|Av. Sales of Companies (Rs m) 261 205

_Av. Incremental Export/Grants 60 _ 37

|AV. Ann. Exp. Growth in Co. 68 48

_No. of Cancellations 12 / 0|Average Disbursement Time 15 18

L (months) (excl. ex-post funding)

Av. Cost Underrun (undiab bal.)($) 9,000 27,000

e to Engineering Firms 71 61

I Ten grants were fully undisbursed but had not been formally cancelled.

TABLE 9B: ACTIVITIES FUNDED BY GRANT PROGRAMS(% of Total)

EXIM BANK ICICI

Consulting/Training/Know-How 21 38

Business Promotional Travel 23 13

Product Certification/Adaption 31 10

Attending Trade Fairs 8 6

Staff Training 2 10

Production Equipment/Sampling _ 18

Advertising 10 4

Establishing Overseas Offices 4 _

Travel to India Buyers 1 1

Total 100 100

- 31 -

TABLE 10As PERFORMANCB OF XMPL3MEMETNG AGENCIS: 1987(Rs. Billions)

l________________________ ICICI EXIM BOB CANARA SBI PNB

Total Credit Outstanding 7.2 37.4 46.6 _ 44.0

of wh Term Loans 6.2 11.2 _ _ 11.8

of wh Export Oriented 6.2 0.8 1.9

Net Worth 2.5 1.6 2.4 1.9

Net Profit _____ 0.2 0.2 0.5 0.3

Net Profit/Net Worth (%) 8.5 13.6 18.6 __ _ 13.0

DSCR 1.3a' 1.2

Debt/Equity Ratio low 3.4lNet Worth/Assets Ratio 19.7 2.5 1.9

Loan documentation requires this to remain above 1.1.I Loan documentation requires this to remain below 12.

TABLE 10B: PERFORMANCE OF IMPLEUMNTING AGENCIES: 1992(Rs. Billions)

i ________________________ ICICI EXIM BOB CANARA SBI PNB

Total Credit Outstanding 16.2 78.3 85.4 83.5

of wh Term Loans 14.4 25.9 23.5 27.3

of wh Export Oriented 14.4 2.3 3.Os/ 6.2

Net Worth 4.4 4.9 7.8 4.3

Net Profit 0.4 1.0 1.6 1.1

Net Profit/Net Worth (e) 9.2 19.2 20.1 25.7

DSCR 1.3 ,

Debt/Equity Ratio 3.6Net Worth/Asset Ratio 18.0 4.7 2.3

' Extrapolated from the statistic that 12.7% of total credit is exportoriented.

TABLE 11: USE OF BANK RESOURCES(in Staff-Weeks)

Stages of ProjectCycle FY83 FY84 FY85 FY86 FY87 FY8B FY89 FY90 FY91 FY92 FY93 Total

Through Appraisal 6.2 54.8 8.7 69.7

Appraisal to Board 68.0 5.3 73.3Approval

4.4 18.5 19.9 9.4 11.3 7.0 12.0 14.7 107.2Supervision

Total 6.2 54.8 76.7 9.6 18.5 19.9 9.4 11.3 7.0 12.0 14.7 250.2

t

TABLE 12: MISSION DATA

Stage of Project Non,;/ No. of Speciali- Days Over-Cycle Yr Parti- zation of in all Main Issues

cipants Participants a/ Field Rating

Preparation 5/84 5 O.E.E.C.C 22

Appraisalt-ain 8/84 5 O,E,E,C,C 20

APPraisal-Followt up 1/85 3 O,D.E 4

Supervision 1 2/86 2 O,E 17 1

2 10/86 3 O,E,C 14 1 * Achieving effectiveness.

3 2/87 2 0,0 11 1 - Refining Operationat Procedures.

4 8/87 3 O,O,C 11 2 - Determining causes for slow disbursements.

5 6/88 5 O,O,E,E,C 17 2 - oOI to take exchange risk on ICICI sub-loans.* Scope to be broadened to provide for more non-engineering sub-

loans.

6 b/ 11/88 3 D,E,C 23 2 - interest rate of commercial banks' sub-loan to be reduced from 15%to 14X/13.5%

7 b/ 1/90 2 O,E 9 1 - Appraising follow-up Exwort Develoanent Project.

8 b/ 2/91 3 O,E,C 16 1 - Monitoring commitments/disbursements

9 b/ 7/91 1 0 13 2 - Extending of ctosing date.

10 b/ 1/92 1 0 13 2 - Extending of closing date.

11 b/ 7/92 2 O,F 16 2 - PCR data preparation. Overcommitment of pcb sub-loans.

12 b/ 12/9 1 F 13 1 - Discussion of draft PCR.

a/ (Sr.) Operations officer - 0; (Sr.) Economist - E; Consultant - C; Financial Analyst - F; (Dep.) Div. Chiefs - Db/ Csoibined with appraisal and supervision of follow-up Export Develooment Proiect

- 34 -

TABLE 13: STATUS OF COMPLIANCE WITH COVENANTS

Agreement l

Section Description of Covenant Status

Project: Loan No. 2629-IN

2.03 of P.A ICICI to provide quarterly andbi-annual project progressreports of Productivity Fund. In compliance

4.01 of P.A ICICI to provide annual auditedaccounts of Productivity Fund. In compliance

2.02 of L.A Participating Commercial Banks toprovide detailed sub-loanapplications to the World Bankfor approval. In compliance

Schedule 4A of L.A. Participating Commercial Bank to In complianceprovide quarterly and bi-annual often with someproject progress reports and delayannual audited project accounts.

Schedule 4B of L.A. EXIM to provide quarterly and bi-annual project progress reportsand annual project accounts. In compliance

Project: Loan No. 2630-In

2.03 of L.A. ICICI to provide detailed sub-loan applications to the World In complianceBank for approval.

4.02 of L.A ICICI to provide annual reportand audited accounts. In compliance

4.04 of L.A ICICI to maintain a debt toequity ratio of not more than12:1 and a DSCR of at least1.1:1. In compliance

- 3s -

TABLE 14: ICICI SUB-LOANS

Initial FinalAuthorized Cancel- Authorized Amount

No. Company Name Amount Additline atlons Amount Oisbursed

(USS) (US$) (US) (US) (US$)

AA 1.01 Hlindustan Allum. Corp 350,000 0 0 350,000 0AA 1.02 Mahindra and Mahindra 10.931,811 0 0 10.93t,811 10,201t084

88 1 Kirloskar Warner Swasey 470,081 0 0 470,081 367,971a8 2 Electronics Circuits 078,092 138,317 0 814,409 750.70588 3 Lakshml Machine Works 652.030 0 0 052,930 625,1258B 4 Ktrloskar Commine Ltd 1.960,000 0 0 1.9e0,000 1,638,88o88 5 BPL Systems & Projects 68",862 0 0 6ss,e2 676,029BB 6 Crompten Greaves, Ltd. 133,602 0 0 133,682 169.65.8B 7 Roto Pumps & Hydraulic Ltd. 306.625 30,s5s 0 337,224 303.29LS8 8 Bharat Gears 500.000 0 0 S00,000 534,305B8 9 FPinoex Cables Ltd. 3J187,600 0 0 3.117,690 2.789.83188 10 Patheja Forgings & Auto Parts 51,000o 0 156,927 517,073 498.073SB 11 Kiockner Windsor India Ltd. 504.000 0 0 504.000 844,190B8 12 TVS Electronies M. Ltd. 871,282 851.600 0 1.522.862 1,166.65788 13 WS Industries India Ltd. 863.422 0 0 863,422 54s,a2888 14 Amfrge IndustrIes Ltd. 1,22s,41e 68.000 0 1,297,41 1,2s8.110BB 1S Sajaj Auto Ltd. 24s.3n 0 13,619 235,768 235,758Be 16 Micropack Ltd. 913,65- 0 3.767 s00.8a8 s00s.0s88 17 Electronic ConsorL Pvt. Ltd. 1,258,461 0 s9,074 1,105,57 1,106.587B8 18 Z.F. Steedng Gears 6z.s50 0 7t,85 64,942 s4.942SB 19 Digia DevIces Ltd. 724,823 0 0 724,823 747,5808B 20 BSria Erickson (Tools) Ltd. 39,150 0 68.760 3020.36t 320,381B8 21 Vnkas Genera Carbon 37-s000 0 0 375,000 382.64398 22 OEN Connectors Ltd. 428,430 0 0 428,430 440.00288 23 Sharat Gears Ltd. 530,000 0 26.371 6o3,623 503.623sB 24 Ferro Alloys Corp. Ltd. 3,700,000 0 442,740 3,257.20 3,257,260SS 25 Tata Engineering & Locmctv 5,053,020 0 118t,71 4,934,304 4.34.3048B 26 Gabriel India Ltd. 1,846.154 0 822.700 1,023,464 097.03988 27 Himachal Advanced Circuits 576.712 0 0 S7,71t1 544,68188 28 Yokagawa Keonics Ltd. 24137tY 0 0 241.7`1 259.16488 29 Shangrilia Latex industries 694,00* 24s.067 0 843.907 843,96788 30 Modl Champion Ltd. 502,3550 592.365 0 088 31 Raliis india Ltd. t.251.046 0 1.51,940 088 32 Tube Investments India t.70s,407 0 171,094 1,25.L313 1.625,31388 33 idecon Appliances Ltd. 1,383,3s 0 299,000 1,064,038 1,084,301BS 34 Modi Oliveti Ltd. 481,46 0 481,450 a 088 38 Gujarat Cycles Ltd. 249,33 0 47,931 201.32 201.30288 36 Andhra Pradesh Power Tools 1,028,450 0 1,025,460 0 0SB 37 Maruti Koastu Cygndrs PNt. 480,769 0 77.021 403.748 403.74888 38 Tata Honeywell Pvt 26s,a54 0 0 208.8s4 207,94488 39 Ganesh Anhydride 69t,343 0 0 691,343 7s50s56BB 40 Automobile Corp. of GOA Ltd. 1.122005 0 0 1,122,00 088 41 Mak Eectronics P. Ltd. 1000 100,600 0 08S 42 Gharda Chemica PvL Ltd. 329,400 0 320,400 0 088 43 Kilobytes India Ltd. 453,000 0 158,818 300,182: 300,182B8 44 MahendraEng.&Chem.Prod .1,03 0 92.461 1,11222.. 1,112,20288 45 Invel Transmission Ltd. 588397 0 105,247 461,550; 48,1650BB 46 TV8 Whirpod Ltd. 1,214,884 0 0 1.214,884 1,156,007B8 47 Mirc ElectronIs 674.406 0 0 674,485 539,37488 48 Escort Herlon Ltd. 1t205. 0 795,000 500,340 480,56088 49 Ashoka Leyland Ltd. 1.9549W 0 251.000 1.703,s60 1.703,44588 60 David Brown Greaves 0 0 504,828 601,7818s 51 Bapl Auto 356,484 0 33,100 323,294 317,43388 52 Mysore Kirkwokar I7.000 0 0 1,22,000 1,423.657BB 53 SPL Electonics Ltd. 1,823,603 0 0 1,823.636 1,874,12788 54 Veejay LaksMi Engg. Work Pv 616,284 0 0 615,284 e61528488 55 Amtrnge Industrtes Ltd. 270,436 0 270,436 0 0

-36 -

TABLE 14: ICICI SUB-LOANS

Initial FinalAuthorized Cancel- Authorized Amount

No. Company Name Amount AdditIons ations Amount Disbursed

(USI) (USS) (USS) (USS (US$)

88 56 BPL Sanyo Tech. Ltd. 589,000 0 0 589.000 ii8S,68798 57 Ferro Alloys Corp. 3.757,090 0 0 3.767.090 4,048.10885 88 Bajaj Auto 425,690 0 137,270 281.420 288.420

38 59 Widia India 230,000 0 0 230,000 201,47488 6O BPL Sanyo Uti & Appliances 1,339,458 0 0 1,339,458 1.612,686

98 61 BajaJ Auto Ltd. 3.67e,707 0 0 3,570,707 2,9t9.392

B3 62 Brakes Indla Ltd. 387,529 0 1,016 38".613 386.613

98 63 Motor Industrtes 180,000 0 180,000 0 0

88 64 Sandvik Asia 178,70t 0 114,670 64,091 64,001

88 65 Gabriel India 293.000 0 293,000 0 0

SB 66 Madras Hi-Tech Circuits 1,030,000 17 0 1,030.017 1,030,017B8 67 Forbes Forbes Campbel Ltd. 326,081 0 80,936 245.71t 248,716

88 e6 India Aluminum 107,000 0 0 107,000 107.000iB 69 Datamatics 85.000 0 0 85,000 83,231tB 70 Kazem Sunaris Electr. Pvt. 69,230 0 0 09.230 69,000a9 71 Gaira Gears 256,797 0 0 256,797 143.710

88 72 Brass Smiths 3,721 0 280 3.441 3,441

Be 73 Advance Technology Devices 625,000 0 0 625,000 625.000ZB 74 Fins Un Cirouits 826,000 0 0 825,000 154,837

98 75 Forbes 1,288,000 0 0 1,288,000 1,263,94488 76 Baiai Auto 1.423,293 0 0 1.423,293 1,4S2.420

a8 77 Advance Tech. Oevices 625,000 0 0 628.000 0

ea 78 Advance Tech. Devices 462.906 0 0 452,805 433.02839 79 Ashok Leyland 738.000 0 0 738,000 0

s8 80 Parasrampuria Synt 1.468.500 0 0 1,468,500 1,465.638813 81 Tata Iron & Steel 3,442.000 0 0 3.,442.000 934.075

9B 81A Sallarpur Industries .1,809,000 0 0 1.809.000 1,809.000

d 1 Mabttal Industries t.177,934 0 85.826 1,092.108 1.492.108

-8 2 Punjab Agro Finance 4,000,000 0 406,396 3.53,604- 3,53.604B 3 Gujarat 8.D. Luggage 410,012 0 11.072 399.841 3S9,941

8 4 Wipro Ltd 414,078 0 0 414,078 489,502s 5 Enerpon Technics Co Ltd 344,348 0 0 344,348 344.348

B 6 Mafatlal Ftne SpW &Mfg 12800000 0 36,387 1,243.613 1,243,613

B 7 Garden Silk Mills 218,363 46,414 0 264.777 402,26

8 8 GuJazat Fusion Glass 1,273,203 0 391.980 681,263 881.2S3

8 9 Kaja Ceramics 1,061,211 0 0 1,061,211 1,304,376

8 10 Choksi Tube Co. 2.807,000 0 47,364 2.459.W63 2.469,636

a 11 Asian Peroxddes 2,100,000 0 14,477 2.085.523 2.085,623

8 12 Sldco Leathers Ltd. 1,100000 0 172.753 927.247 927,247

8 13 Mafatal Fine Spg & Mfg 368,811 0 130.53 238,258 238258

S 14 GagWarS Wall Ropes 608.64 0 144.866 363.688 363,688

B 15 Anant Raj Clay Products 682.77 0 0 S82.787 624,314

a 16 Amethl Textiles 3,149,760 0 258.570 2,891,190 4,141,430

8 17 NASA Continental Exporters 583,275 229,815 0 812.7120

a 18 Kedla Agglamorated Marbles 493,74: 0 39,527 4S4.147: 454.147

8 19 Indian Hotels Co. 1,180,767 43,023 0 1.223.92 1,223,790

e 20 Multi-Arc India Pvt Ltd 610,20 0 81,570 s29,350 529,360

8 21 Hoechst India Ltd 416,32 0 62.049 384,23 354,283

a 22 Madura Coats Ltd 872.197? C 219 871,978 871,978

B 23 Bmbay Dyeing & Mfr Co 889,389 0 0 856,289 843.087

8 24 Gokak Patel Volkart Ltd 6e3,850 0 82.541 481309 689.002

B 25 HerdllllaO2ddes&Electr. 1,107,6# 0 418.160 689,436 689.430

B 28 Gyan Leather Board Pvt 041ti7 0 2.648 643.023 643,023

B 27 Chanpdany industries Ltd 307,43t 0 43.23 284,196 264,196

a 28 Shrlshma Fine Chem. & Phar 312,78S 0 312.785 0 0a 29 Kesoram Industrles Ltd 6,500,000 8,000.000 0 13,500,000 5,924,547

B 3o Shilwara Synthetcs LW 351.494 0 42.424 309.070 309,070

- 37 -

TABLE 14: ICICI SUB-LOANS .Pae 3 of 3

Initial FinalAuthorized Cancel- Authorized Amount

No. Company Name Amount Additlions ations Amount Disbursed

(US" (USS (USS)- (US$1 (US$)

B 31 Pharma Surgical Products Ltd 321,700 0 321,700 0 0B 32 Oriental Granites Pvt 834,302 0 834.302 0 0B 33 Bakelite Hylam Ltd 1.20,00 0 3S6,000 814.S00 785,697B 34 XVL India Ltd 1,122,187 0 60.569 1,052,618 1,052.0188 35 New Era Medicare Ltd 220.183 0 0 229,183 194,4088 36 Thirumalai Chemicals Ltd 2,751,429 0 0 2,?51,420 2.622.94sa 37 Armour Chemicals Ltd 239,621 0 60.061 1784,56 17.5608 38 J.K Industrial Ltd 6ee,5s3 0 6e8.503 0 0B 39 Gokak Patel Volkart 250,021 0 0 260,021 275.938

B 40 Maharashtra Seamless Ltd 2.082.600 0 2.082.200 400 0

B 41 KlOrloskar Cumrnins Ltd 3a733912 0 0 3.733,912 4.182,680

B 42 Raymond Woolen Mills Ltd 1,086,004 0 0 1,086,094 1,100.704B 43 Gharda Chemicals Ltd t,813,472 0 0 1,813,472 1,676.700B 44 Carona Ltd 4,17t,481 0 2,316,000 1,8ss,481 1.891,8518 45 VeeraTreatwood Ltd 427.452r 0 30.268 397,184 397,184B 46 VXL India Ltd 1,642,1e9 0 24.26e 1,81,900 1,6179000B 47 The Arvind Mills Ltd 1,921,046 0 875,178 1,045,86 1,045.868B 48 Int'l Ceramics Ltd 661.011 0 101.750 550.261 5S9,201B 49 Aro Granite Industres P. Ltd 664,45t 0 0 o 64,451 725,057B S0 Grapco Granite Ltd 624,585 0 0 624,58 64.773B 61 Bombay Dyeing & Mfg Co. 420,000 0 0 420.000 441,980B 52 Bombay Oyeing & Mfg Co. 1.360,74 0 0 1.360.974 1,354,5418 53 CenturyTextiles & lnd. Ltd 1,43t.347 0 243,962 1,187,385 1,187.385B 84 Serum Institute of India Ltd 963,000 0 402.52 660.4s8 560,498

B 55 IG. Petrochemical Ltd 3,000,000 0 0 3,000,000 2,735,3738 so .Woolworth India Ltd. - :878244 0 0 878,244 922.5268 67 Mayo Latex India Ltd 264e,7s 0 0 254,705 0

B 58 Hindalco Ind 78,627 78,627. 786278 59B 60 Borax Mortari Ltd 46e,000 0 85.751 J79249 370,249

B e1 Tat Exports Ltd 144,240 274,437 0 418,077 366,269

S IfA VST Industries 0 0 862,59sB 62 Mom Granite Pvt Ltd 505,200 0 s05.000 :200 0B 63 Polar Marmo Agglomorates Lt 451t,70- 0 0 45t,7 480,6e0B 64 Swiss Health Foods P. Ltd 307,000. 0 11s,600 191,3to 181,310

B Gs Bombay Dyeing 1. 1035S185 0 0 1,035,185 1,300,000

5 66 Garware Wall Ropes 81.024 136,269 0 218,193 218.193

B 67 Gokak Patel Volkat 481,054 0 4,783 476,271. 476,271

B 68 AOl Hi-Tech To. ess 107,000 0 107,000 a 0B Go Grapco Granites 4s8,s80 0 489.000 0B 70 Arvind Mills 1t985,000 0 0 1,98s000 2,202,5BB

a 71 Chloride Industries Ltd 50.000 0 50.000 - 0B 72 Leela Fashions 133.97$ 0 133,973 0 0

B 73 Maral Overseas 2780,308 2.839.192 o 5,619,00 610,5s400

B 74 Bombay Dyeing 1,45,040 0 572.680 8o,360 880,360B 75 Riba Textiles 209,418 0 27.316 182,102 162.102

a 76 MRF Ltd 701,35 0 168,700 536,658 535,658B 77 Mafatal Fine Spg & Mgt 2262J02 0 0 262,102 222,500

B 78 Kotharul ndustrial Corp. 778528 0 0 :77852 50,461B 79 LeatherTrends * :6t,831 0 61,931 0 0

B 80 Grapco Graphit 1.59,000 0 0 1.66,000, 1,794,017B 81 Madhamn Marbles 1,oed0,00 0 0 :. .06e000 006,681B 82 Flex Foods 840,000 0 0 840,000- 884,310

B 83 Indian Card Clothing -S000 0 632 4,3eB 4,368

.8 84 Indeutch Scholte 2 2000 0 22,000 ; 0B 85 Datamatics 141,000 0 0 '141,000 94,142

TOTAL 173,516.304 12.905,350 22004811 164,22,945S 151,410770

al Less unpecified canueatioms equals total authorizatIos of $160.1 mlliob\ re sum of Inidual figures for disbursement (from ICICI) differs from fiuul MIRD diursement figmre of $154. m

due to exchnge rate cbhags.

- 38 -Page 1 of 6

TABLE 15: PARTICIPATING COMMERCIAL BANK SUB-LOANS

Initial FinalImplem. Authorl2ed Canel- Authorized

No. Name of Project Bank Loan Amt ation Loan Amt

(SM (M) (Sf

B-2.01 Asoo (India) Ltd. B 0 Baroda 237,018 23,018B-2.02 Atas Automotive Components Pot Bar0da 13,316 '38,316tB-2.03 Bright Brothers B of Baroda 227.814 227,814.B-2.04 Fluid Air (India) Ltd. Bot Saroda 253.78S 2S3,789-2.05 SAI Labels (P) Ltd. B0e Satoda 153.97' 162.5769-2.06 Super Tex Labels B of Baroda 130,105 130.1088-2.07 VIra Traders B of aroda ' 8,420 88.420B-2.08 India Diamond Products B Of Baroda S4,000 6,200 77.8009-2.09 Sundek India (P) Ltd. 8 of Saroda 118.552 118,562 0B-2.10 Kansal Knitwear 8 of Baroda t131.37 89,334 42.63B-2.11 Nanav Ati Diamond Ind. Lid. Bet Sadoda -80,844 O,844B-2.12 Navairam Agro Mach. Ltd. B of8aroda s 7se209-2.13 BalaJ Dished Ends Ltd. B of Baroda 85,0009-4.14 Austing Engineering Co. 8 of 8aroda 24 Ui8-2.15 Sanghvi and Sons 8 of 8aroda 7t,4298-2.16 PadhukaShoes(P) Ltd. 8otlaSoda 100,00 100,009-2.17 RoslhI Leather B of Baroda 8iS000 809-2.18 Algamation Repoo Ltd. 9 of Baroda -158,000 5,555 5.4458-2.19 Te4hno Leather Produts a ot Baroda 90,00Q '0.008-2.20 Addison Co. Ltd. 8 of Baroda 340,975 340,79-2.21 Radhika iinings Pvt Ld. B ofBaroda '3-21.750 321,750 .9-2.22 Synthetic Mouiders Ltd. B of Baroda 275,00 27.09-2.23 Sabina Woollen Mills Ltd. aOtf Baroda ' 234,600 ; 09-2.24 Uniftro lnternational Ltd. S of Baroda 20.2,5009-2.26 BhlW Hussain B of Siroda .22,500 ,. *12.5008-2.26 Saravanabhava Mills P. Ltd. 8 of Baroda 53,000 08-2.27 Soivay Be Animal Health Ltd. B of Baroda .38,0031o000B-2.28 GuratDyestutf aot Baroda 1698,000 198,000 . 0B-2.29 Dimexon B o Baroda 120.000 Z 120,008-2.30 Rainkant and Sons BoBf aroda .49.000 149.000 0B-2.31 PRenzTalbros Ltd. Bof Baroda 106,000 1609-2.32 Sahil Fabrics B of Baroda 151.800 151,8¢0B-2.33 Menu High Tech B of Baroda 230.400' 230400B-2.34 Vimoni Optics B of Baroda 70.',; '70.°00 9-2.35 Texport TextIles B of Baroda 400.000 400A-2.01 India Nippon Eiectricais of Baroda 480,00A-2.02 CNC Machining Coente Of Baroda 53306 533.060A4-Z03 Hi-Tech Ancillaries Ltd. BofBaroda 420,000 290.000 ,,,,000A-2.04 Eiectrn India Ltd. B of Baroda 0DOOA-2.0S Hauita Looks Ltd. B of Baroda 279,0W0 * *A-2.06 Harita Locks Ltd. 8 of Baroda 5, . 367,000A-2.07 Jalex Connector Systems Ltd. B of Baroda 500,000, 82,442 ,A-lOS Kirosiar systems Ltd. B of Baroda 284', 183 *1-3A-QLO Pearl Polymer PvL Ltd. 8 of Baroda '34,154 , 04.154A-LIO Menon Pistons Ltd. B of saroda 212.000 ,A-2.L1 Paam Agro P. Ld. B of Baroda 1U1.0800297 185.655 *1,4A-L12 RelFn Talbros Pv. Ltd. B of soda -'300,67 m;300A-2.13 Yercaud Granites Ltd. B of Baroda 354,255 105,670A-2.14 Jaii ausha Industries Ltd. B of Baroda 440.123 44,123A-2.15 Aro Granites IndustrIesi Ltd. B of Baroda 1.18,000 : 1,185,0O0A-2.16 Rama Vision Ltd. B of Saroda 10,000 493,615 755,385A-L17 SrividyaGrantteTie Exp. BotBaroda 1,000,000 1,000,000A-2.18 Sundek India Ltd. 8 of Baroda 266,000 286,000A-2.19 Ohres Bharath Ltd. B of Baroda 260,000 260.000A-2.20 Premier Granites Ltd. 8 of 8aroda 720,000 720,000A-2.21 Jalsw Granties Ltd. B o tBaroda 590,000 590,000A-2.22 Pacific Granties Ltd. B of Baroda 775.000 776.000

- 39 -Pace 2 of 6

TABLE 1C: PARTICIPATING COMMERCIAL BANK SUB-LOANS

Initial FinalImplem. Authorized Cancel- Authorized

No. Name of Project Bank Loan Amt ation Loan Amt

($M) (SM) (SM)

A-2.23 Yuil Measure India Ltd. B of Baroda 8256960 825,960 0A-2.24 NBM Granites P. Ltd. B of Baroda 477,000 477,000 0A-2.25 Bcot New Era Technologies B ot Batoda 807,000 807.000A-2.26 Inland Dataforms B of Baroda 355670 365,570A-2.7 Mohan Leather B ot Baroda 571,000 571,000A-2.28 Pearl Polymers B of Baroda 725,000 725,000A-2.29 Leela Fashions B of Baroda 350,000 350.000 0A-2.30 ODrilcos India Ltd. B of Baroda 275,000 275,000 0A-2.31 Seasons Texdles Ltd. do Baroda 430.000 436.000 0A-2.32 Phoenix Overseas B of Baroda 625.600 626,600A-2.33 Precision Electronics 8 of Baroda 699,821 699,821 0A-2.34 Jai Kaushal Industries Ltd B of Saroda 346,200 346,200A-2.35 Addison Jewery S of Baroda 283.000 283,000A-2.36 Grapco Granites B of Baroda 1,000.000 1.000,000A-2.37 National Leather B of Baroda 721,000 721.000A-2.38 Rishiroop Leather of Baroda 1,000,000 1,000,000A-2.39 Gujarat Poly-Avx Eiectr. S of Baroda 276,52f 275.525 0

A-3.01 Rewdale Precision Tools Ltd. Canara B. 300,000 20,780 279.220A-3.02 Easy Track India Ltd. Canara B. 500,000 500,000 0A-3.03 Advance Technology Devices Canara S. 500,000 418,600 81,500A-3.04 Precision Equipments Canara B. 423,000 123,000 300,000A-3.05 Fuller KOP Ltd. Canara B. 390,000 390.000A-3.06 Multi Arc (India) Ltd. Canara 8. 312,000 3,000 309,000A-3.07 Sieflex Auto. & Robotics Co. Canara S. 43,600 200,300 268,200A-3.08 Precision Rubber Ind. Ltd. Canara B. 323,000 269,937 53.03A-3.09 Delco Precitone Jewellers. Canara S. 625,000 626,000 : 0A-3.10 Flat Product Equipment Ltd. Canara S. 458,908 468,908A-3.11 S.K. Senjan Chettiar & Sons Canara B 303,333 78,967 226,386A-3.12 Shangrila Latex Ind. Ltd. Canara B. 1,202,855 4,058 1,198,797A-3.13 Frontilne Latex Products Canara B. 515,000 615,000A-3.14 Universal Gloves Pvt Ltd. Canara S. 256,300 256,300A-3.15 Alpha Flock (India) Ltd. Canaua B. 287,861 1.647 286,214A-3.10 Doorvani Cables P. Ltd. Canara B. 678,125 177,231 50.894A-3.17 Saket India Ltd. Canara B. 1,000,000 1,000,000A-3.18 Akar Tools Pvt. Ltd. Canara B. 303,030 303,030A-3.19 Grapco Granites Canara S. 642,000 642.000A-320 Rama Vtison Ltd. Canara B. 847,625 152,450 695,175A-3.21 M S Shoes East Ltd. Canara B. 877,600 877.500A-3.22 Modi-Olivetti Canaa B. 350,000 350,000 0A-3.23 Kesar Marble & Granite Ltd. Canara 8. 661.000 561,000 0A-3.24 Rajasthan Pednnl Ltd. Canwa 8. 483,000 483.000A-3.25 Luxor Pen Company Canara B. 340,000 135,784 204,216A-3.26 Super Byteron System Ltd. Canara B. 345,000 229,500 115,500A-3.27 Phoenix Electric Pvt. Ltd. CanaraB. ee6.60,0 860oo0A-3.28 Slibcon Valley Technology Canara S. 605,000 78,319 526.681A-3.29 Muti Arc Pvt. Ltd. Canara B. 671,420 350,000 221,429A-3.30 Sumeet Research & Holdings Canaua B. 400,000 275,000 125,000A-3.31 Odrilcos India Ltd. Canara S. 275,000 276,000A-3.32 Seasons Textiles Ltd. Canaa B. 436,000 436,000A-3.33 Ramildas Chemicals Canaa S. 309,200 399,200A-3.34 Peal Shoes Canara S. 304,160 304,160A-3.36 Rameo Super Leather Canaa B. 256.717 256.717A-3.30 Vardhman Spinning Gen. Mills Canara S. 1,000,000 1,000,000B-3.01 Gears & Transmlisdons Canam S. 80,000 80,000-3.02 Alpump P. Ltd. Cantsa B. 63,420 63.420

B-3.03 Auto Lamps Ltd. Canara 8. 90,000 4,000 86,000

- 40 -Pacre 3 of 6

TABLE 15: PARTICIPATING COMMERCIAL BANK SUB-LOANS

Initial FinalImplem. Authorized Cancel- Authorized

No. Name of Project Bank Loan Amt ation Loan Amt

($M) (SMI) (SM)

B-3.04 Gupta Machine Tools Ltd. Canara B. 130.000 7,600 122,400B-3.05 Matrix Electronics Pvt. Ltd. Canara B. 93,000 93,000 0B-3.06 Ultra Tek Oevices Pvt. Ltd. Canara B. 116,10i 102.600 *a,300B-3.07 Vlswam India Steels Canara 8. 76,460 8,259 71.2018-3.08 Ultrafilter (India) Ltd. Canara B. 215.000 132,692 82,308B-3.09 Gujarat Vacuum Coaters Ltd. Canara B. 205,000 79,898 125,102B-3.10 Lathia Rubber Maufact. Co. Canara B. 219,94 17.021 202.9259-3.11 Meko Instruments Pvt. Ltd. Canara B. 61,000 51,000B-3.12 Enginemates Heat Tranfer Cansar B. 183,000 38,663 147,437B-3.13 Merlno Leathers Pvt. Ltd. Canara B. 107,000 25.148 81,8548-3.14 KR. Collers Ltd. Canara B. 77,000 19,822 57,178B-3.15 Silver Shoes Pvt. Ltd. Canara 8. 126,922 32,068 94.8S4B-3.16 Sanghavl Tips Canara B. 133,633 133,S338-317 Ashwini Eng. Industries Canara B. 79,923 13,299 66,624-3.18 Minda Sitch Auto Ud. Canara B. 225,597 225,597

9-3.19 GMT Metrolog Pvt. Ltd. Canara B. 86,326 88,326 08-3.20 Chandarl Exports Pvt. Ltd. Canara B. 153,431 37,579 115,86283.21 Admiral Shoes Canara 8. 250,000 24,184 225,8168-3.22 Universal Radiators Ltd. Canara B. 235,626 235,6289-3.23 Wadhwa Brothers Engineering Canara B. 91,375 91,3759-3.24 Mathur & Co. Canara 8. 76,419 75.4198-3.25 Shinbu Inports & Exports Canara 8. 214,625 214,625 08=3.26 Autolec Industties Ld. Canatra B. 280,500 200,5008-3.27 Davendra Exports Pvt. Ltd. Canara S. 142,000 22,495 119,5058-3.28 Gomukl Charma Kendra Canara B. 228000 10,981 217.019s-3.29 Ind Inst of Cond. Monitoring Canara 8. 62e200 82,200 08-.30 Sourthem Industrials Canara B. 114,000 114,0008-3.31 Gokaldas Images Canara S. 110,000 7,233 102,76783.32 Next Fashion Creators Canara B. 59,68e 2,586 57.1003-3.33 Mlnar Enterprises Canara 9. 55,000 55.00094.a24 Model Footwas PvL Ltd. Canara B. 55,000 55,000B-3.35 Venus Engg. Industries Canara B. 73,000 73,0008-3.36 Fotward Leather Co. Canara S. 90,000 8,404 81,50s8-3.37 GaJa Shoes Canara S. 97,050 17,531 79,518B-3.38 Toshl Auto Ind. Pvt. Ltd. Canara S. 60,000 60.0o08-3.39 Asma Exports Canata S. 61,5w0 51,500B-3.40 Maya Garments Canara B. 60,000 38,883 21.1179-3.41 viral Overseas Canars S. 83.050 13,535 09,5158-3.42 Vaish Industries Canara B. 54,400 54,4008-3.43 Beiersdorf Canara 8. 240,000 57,504 182,496B-3.44 Tacjo Canara B. 53,800 53,800B-3.45 Standard Garments House Canaua B. 110,000 85,800 24200B-3.48 Golla Instruments P. Ltd. Canara 8. 57,100 S7.100B-3.47 Sushruta Eloma Canara B. 58,000 68,000B-3.48 High Images Canara S. 224,190 224,1908-3.49 Shrlram Mobices Canars B. 288.000 286,0008-3.50 Torrey Auto Industres Canara S. 104,000 104,000 0B-3.51 Gorawara Eletronics Canara 8. 220.718 220,7188-3.52 Incoway CanaraB. 81,250 81250B-3.53 Madras Shoes Accessories Canara 8. 89,000 059.0008-3.54 Ousthalar App Exports Canara B. 110,775 1to,775B-3.55 Alfab Apparel Canara S. 107,000 107,000B-3.59 Edel Weiss Canara B. 203,240 293,2409-3.57 Indian Connecton Canara B. 151,420 161,420B-3.58 Gokuldas Images Canara B. 117,848 117,848

Precision Electronics Canara B. 400,000 400.000

- 41 -Paae- 4 Qf 6f

TABLE 15: PARTICIPATING COMMERCIAL BANK SUB-LOANS

Initial FinalImplem. Authorized Cancel- Authorized

No. Name of Project Bank Loan Ant ation Loan Amt

(SM) (SM) (S

A-4.01 Shangrila Latex Ind. Ltd. P.Nl.B. 594,000 594,000 0

A-4.02 Srlyans Knitwear P.N.B. 26e.000 108,910 156.190

A-4.03 Aminson Ltd. P.N.B. 355,430 259,714 95,718

A-4.04 White House Process P.N.B. 754,290 754,290

A-4.0S Lberty Enterprise P.N.S. 320,000 320,000

A-4.06 Shankar Rao Mohiti S.S.G. P.N.B. 1,142.850 142,857 999.903

A-4.07 Sural Diamonds P.N.S. 571.500 37,486 534.014

A-4.08 Nova lectro Magnetics P.N.B. 635,000 696,000

8-4.01 Super House Ltd. P.N.8. 85,S86 85,966 0

8-4.02 Shoes Ltd. P.N.B. 74,305 74,305

5-4.03 Patheja Forging & Auto Parts P.N.B. 193,000 W6,286 126,714

8-4.04 Auroknit Textiles Pvt. Ltd. P.N.B. 262,000 262,000 0

B-4.05 Sara Serices & Eng. Ltd. P.N.B. 80,830 80,630 0

8-4.06 LWS Knitware P N.B. 77,603 77.603

8-4.07 Mirza Tanners P.N.B. 120,500 120,500

8-4.08 Lady London Exporter P.N.B. 105,828 105,828 0

8-4.09 Centwrin Hosiery Mills P.N.8. 135,000 135.000

B-4.10 Aminsons Ltd. P.N.8. 58.000 58,000

B-4.11 SmartsPivt.Ud. P.N.B. 111,000 111,000

9-4.12 Jailowal Leathers Pvt. Ltd. P.N.B. 86,000 86,000

B-4.13 Mlrza Tanners Pvt. Ltd. P.N.B. 180,000 189,000

8-4.14 Super Garments Pvt. Ltd. P.N.8. 39,000 39.000

B-4.15 M.A.. Exports P.N.8. 133,000 133,000

8-4.16 M.S.H. Intemational P.N.B. 83,000 83,000

B-4.17 Rockmnan Cycle Industries P.N.B. 461,000 481,000

84.18 Roger Exports P.N.B. 50.000 0

A-8.01 Indrad Auto Components Ltd. S.B.I. 384,616 384,e16

A-=.02 Shanti Gears Ltd. S.B.I. 400,000 400,000

A-S.03 M.S. Chawla &Co. 8.B.1. 329.231 329,231

A=5.04 Glowtronics Ltd. S.B.I. 402,260 40220

A-5.05 Aicro Pack Ltd. S.B.I. 530,000 530,000

A-6.06 Kanorla Alkalis & Plastics S.B.I. 275,000 275,000

A-5.07 Electronic Circuits Ltd. 8.B.I. 276.923 276,923

A-.08 Simplex Engg. & Foundry Ltd. S.B.I. 363.000 363.000

A-5.09 Banco Aluminium Ltd. 8.B.I. 590,000 500,000

A-5.10 Amphetronix Ltd. 8.B.I. 465.923 48S 923

A8.11 Florind Shoes Ld. S.B.I. 662,768 662.768

A-5.12 Farida Classic Shoe Ltd. S.B.I. 341,750 341,750

A-5.13 Shafeeq Shameel &Co. S8..1. 321,000 321,000

A-5.14 Simplex Castings Pvt. Ltd. S.B.I. 1,000,000 1,000,000A-5.15 Stovec Industries Ltd. S.B.I. 511.724 511,724

A s-.16 Amphetronix Ltd. 8.B.I. 674.470 674,470

A-5.17 Wonder Granites Ltd. 8.B.I. 382,300 352,300

As5.18 Grapco Granites Ltd. S.B.I. 670,000 670,000

A-5.19 Bakhtewa Singh SBlakrishnan 8B.I. 460.400 460,400

A-5.20 Unaks MIcroelectronlcs 8.B.I. 480,000 400.000

A-G1 8PL Electronics Ltd. S.B.I. 1,000.000 4,000,000

A-5.22 India Infusion Ltd. 8.B.i. 438,481 3398,41

A-5.23 Unlco Leather S.B.I. 352,900 352,900

A-5.24 Madhu Minerals Trading Co. S.B.I. 630,000 530.000

A-G.26 Jihing Engineering S.B.I. 273.000 273,000

As.26 Amman GranItes S.B.I. 415,800 :416800

A-..27 Unlject Needies 8.B.1. 264,000 284,000

A-528 Lakhanpal Ltd. S.B.I. 27.00W 279,000

A-529 Punch Uoyd Pt Ltd. 8.B.I. 262,000 262.000

A-5.30 Asia Tobacco Co. S.B.I. 258,000 265.000

- 42 -

TABLE 16: PARTICIPATING COMMERCIAL BANK SUB-LOANS

Initial FineaImplem. Authorized Cancel- Authorized

No. Name of Projet Bank Loan Amt aton Loan Amt

(S) I(SM) ()

A-5.31 London Rubber 8.B.I. 33110W0 33,00A-6.32 Uberty Qranltes S.B.I. 1,Q00.000 1,000.000A-5.33 Oham Texile Miles 8.19.. 512,000 8,oo000A-5.34 Charminar Granites S.B.I. 1,000,000 1.000,000A-5.35 Motoola Blue Star Pvt. Ltd. S.8.1. 460,000 45000A-5.36 Hl-0 Electronics 8.B.I. $8U.000 848,000A-5.37 Nsttur Techn. Training Fndtn S.B.I. 082,000 "2,000A-5.38 Baby Marine Fishees S.B.I. *69000 5oA-5.38 Cosoms Watch lndusry SB.I. 385,S000 38.000A-5.40 Interraft Sourth Epos 8B.1. 280*00 J2OA.OA-6.41 Hartron Networs Ltd. SB.I. am-Om 370,000A-6.42 Keonics Penta SemiConductors 8S.9.. 450,000 460,00B-6.01 Mloropack Ltd. SB.I. 225,009 22908-5.02 Haryana Auto Cading Ltd. S..I. 108,000 108.000QB-8.03 Roadmaster Steel Strips Ltd. 8.B.I. 16,231 1602318-5.04 Vibromech Engineers P. Ld. 8B.I. 7t.306 71086-.08 A.S. Controls Ltd. 8.B.I. 28462 29842

86-.06 Sarawati Engineering Ltd. S.B.I. - 024 *98.07 Sadan Tool Room Pvt Ltd. SB.I. 764 76*48-508 ATL India Ltd. S.B.I. -146,000Q 40.009-8.09 Southern Pine & Products 8.9.1. 134.462 138,4629-6.10 India Radlators Lid. SB.I. 7V.001 709.4.11 Beekay Engg. Corp. BhIlai S.B.I. . 2.009 20*,0009S-.12 Prmall Wallace Ltd.811* 211,3318-8.13 Pet industria Consumer SB.I. 184050 139,000B-8.14 Indian Navigation Co. S.I. 111.000 B11.009-6.18 United Shoe Co. S.B.I. ; 0 *32,0t8-8.16 Nivo Controls Pt. Ltd. 8B.I. 00*00 60*00B-5.17 Analkar Shoes Co. Pvt. Ltd. 8.8.1. 214*4 214,0084.18 Hyderabad Dies S.8.1. 5656 ,94.19 Cassy Leather Co. 8.B.I. 114.51* -145184.20 Slvaprakash 8.BI. ;; 166,8508-5.21 Esee EngIneers S.B.I. 215,38o 215.3800-6.22 8. Kobashl Automdtivs S.8.1. 18423 : 843B-8.23 Kobashi Machine Tools Ltd. 8.8.1. I0,0 1631508-8.24 Steenivas ' Co. Ltd. S.B.I. 72,07a 7207184.28 Hlndustan Marbles P. Ltd. S.8.1. 20.585 ;20.6158S4.26 Sewn HilExport Ltd. S.8.1. : 2 : 227*5284.27 Keonlos Magnavison Computer S.B.I. :: 1630 186.62084.28 Romar Fashions 8.B.I. S20 3240846.20 Star International S.B.I. 14100 t43.10084.30 ShoelIne 8.B.I. 47,2 67.77284.31 Prav Eeotro Spark P. Ltd. 8.B.I. 1 179,300,64.32 Alphageo India P. Ltd. S8.1. 100,000 100,000

B-6.33 Hindustan Marbles 8.8.1. t22.00Q 1220B-5.36 B.N.T. Selectionp 8.B.1.. 72,8-.38 Shaanshl Farm Care Ltd. 8.BJ. ,8-5.37 sevlaCioults 8... 1 5B4.38 Knit Exports 8.8.1. 1* B4.39 ShaatBattry Mtg. 8.8.1. . 2084.40 Eten Chrome Tannmng Corp. &8.51. Za12B-.41 super Tannemry . L.8. *a; 61.0. e8-5.42 Anbatur Cloting Co. Ltd. 8.81. 6- *: :3.80B-6.43 Candor Watch Cases 8.B.I. U 147*84.44 Hyrodyn Pivate Lid. 8.81. 1. 186*008-6.45 84.8. Knittn Corp. 8J.1. ' :00 51000

- 43 -Page 6 of 6

TABLE 15: PARTICIPATING COMMERCIAL BANK SUB-LOANS

Initial FinalImplem. Authorized Cancel- Authorized

No.' Name of Projet Bank Loan Amt atUon Loan Amt

(SM) (SM) (SM)

84.47 Diner Hosiery Mule Pvt 8..1. 81,000 81.000B45.4a Prlngal Knitweur 8.E.I. 82,300 82.30084.49 Nagee Hosiery Exports Ltd. 8.B.I. 187.000 157,000B14.0 Ptel Exports SB.I. 143,300 143,30084.51 Sager Springs Pvt. Ltd. 8.B.I. 71.500 71,5008-5.2 ATL India Ltd. S.0.1. 182.000 182,000B".53 Rolcon Engineedng Co. Ltd. s.8.1. 138,S00 138.5004.64 Rabla Leather lndusbes 8.0.1. 164.600 164,600

54.55 Turbo Energy Ltd. 8.B.I. 152,000 152.00084.W Punjab Wads PtL Ltd. S.5.. 150.000 150.0008-.57 DocAn Desinge India Ltd. S.B.I. : 27;000 227,000845 Torrent-Medi Systems ltd. S.8.1. 78.000 7,0000B3. Nall Oarion Granite Ltd. 8.8.1. 58,000 56.0004.60 B.P. Timber Products P. Ltd. &B.I. 1481000 181.0008-5.61 Procedon Campaid Moulding S8.1. - .000 53.0008-6.2 Toyama EbetonIcs 8.8.l ... 000 54.0005-5463 Namasthe Leather Garments 8B.I. ' 8.00 182,00084.e4 Naser Ball Glows Pvt Ltd. 8..I. 1S05008".65 Arind Pvt Ltd. &B.I. ; 145,00084.66 NMZ Shoes P. Ltd. 8.8.1. r. 107,000-6.67 RA Spinning Mule PvL S8..1. 64,00 64,00

5,-5.6 M.SAM. Md. Ibrahim PNL 8.8.1. 0 .io,o .000 .0.000845.6 Manral Jewers Ltd. 8..I. : 15000 t75,00084.70 Jogcta Wolilen Mils Pet 8 B.I. 100.000 100.00084.71 Sportslng Knitwe 8.8.1. 133.3005-572 ilghtech PlaSeos 8B.I. - -138.000 138,00034.73 Sagar Polypack Pet Lid. 8.8.1I. 244.000

4.74 Anand Sulag Pet Ltd. &8.1. 248.000 249,00084.75 Advance Technology Deis S8..1. 1,000 18000034.76 Gupta Garments 8.8.1. 21500 215.00084.77 Kantnihi Chotala and Co. 8.8.1. 3730008-5.79 RGPExportmrs B.I. :10000 110.000W.80 Rubber Products 8B.I. 600 e0o00084.81 Prem Printing Press 8.B.I. 80,000 80o,0o84.82 Poonsy Footwears Pvt. &B.I.: 247.000 247,008-5.83 Ambassador Trading & lmy. 8.B.I. 12,0 120,00084.54 Turboteh &.B.I. 130,000

92.081,778 13,476,432 78.556,34.

- 44 -Pa"e I of 4

TABLE 16: EXIM BANK EMF GRANTS

Authorized Undlab Sal Time toTotal IBRD (Cost final

No. Company Name sector Type Sales Grant Amt Underrun) Disbursement

(Rps M) (US$) (USS (Mnths)

TA-7.01 Irloeer Brother Ltd. Engines EXP S0,000 31TA-7.02 Kar Mobiles Ltd. Auto parts EXP 17,000 4

TA-7.03 Thermax Private Ltd. Chemicalc NEW - 5e,000 7.222 29

TA-t.04 8 & S ConsuLtants Pvt. Ltd. Software NEW 14,080 3

TA-7.05 Eicher Gooderath Ltd. Auto parts NEW 3 50,000 11,435 43

TA-7.05 Inoss Consultants Pvt. Ltd. Software EXP 55 35,615 57 24

TA-T.07 Sundaram Abex Ltd. Auto parts EXP 173 24.595 39.763 2

TA-7.08 Enalelds India Ltd. Vehicles NEW S13 111685 48.667 9

TA-7.09 Advent Computer Serices Ltd. Software DIV S 17.875 4.053 6

TA-7.10 Bakal Steels Ltd. CANCELED

TA-7.11 Fine Mobiles Parts Pvt. Ltd. Auto parts NEW 13 25,000 16.035 tt

TA-?.12 Ingersd Rand India Ltd. Engines EXP 1249 41.8f5 13

TA-T.13 Bharat Gears Ltd. Auto parts EXP 594 43,950 2.e93 16

TA-7.14 Slvanandha Steels Ltd. Castings NEW 137 38.527 11.199 25

TA-7.16 Future Software Pvt. Ltd. Software NEW 2 31,260 5.508 48

TA-7.18 General Optics (Asia) Ltd. Mach Tools NEW 14 25.000 e,468 22

TA-T.17 Wheele India Ltd. Auto parts *EXP 156 8,2`19 44.396 13

TA-7.18 Sundaram Clayton Ltd. Auto parts NEW 529 103,7t9 70.108 45

TA-7.19 United Wheels P. Ltd. Bicycles EXP 57.500 37.680 16

TA-7.20 Samco Metals and Alloys Ltd. Castings NEW 51 29.802 420 34

TA-7.21 Tabros Auto Components Ltd. Auto parts NEW 202 33,825 22,385 11

TA-7.22 Prcsison Tranematic Devices Auto parts NEW 8.250 22

TA-T.23 Tata Eng. & Locomotive Co. Software NEW 25 275,000 10,819 12

TA-7.24 Widia India Ltd. Mach Tools OlV 793 101.257 31.576 51

TA-7.5 Tata&Consultancy Sevices Software DNV 1031 50.697 1,380 34

TA-UO Worthington Pump India Ltd. Pumps NEW 211 45,971 18,164 22

TA-JTn (lurlosk Pneumaic Co. Ltd. Gears EXP 750 50,000 18,897 19

TA-T.28 Premier Instruments & Controls Auto parts NEW 33,771 -3

TA-7.29 Data Software Research Co. Software NEW 27 32.450 23,965 7

TA-7.30 Spa Software Pvt. Ltd. Software NEW 1 20,000 864 27

TA-T.31 TSG Consultants P. Ltd. Software NEW 49,842 31.823 i5

TA-7.32 lOrloskar Oil Engines Engines EXP 115,533 27

TA-? 33 Lucas Tv Ltd. CANCELEDTA-7.34 Thermax Prvate Ltd. Software NEW 68, 9a,000 10.547 20

TA-7.3S Tube inv. Cycles of India Bicycles DIV 1400 40,000 1,900 33

TA-7.?1 Avon Cycles Ltd. Bicycles DIV 924 121.500 46

TA-7Ti Mysore lrlokar Ltd. Mach Tools CIV 680 209.01e 67,360 6

TA-7.38 Reed Relays & EQectr. (India) Switches EXP 40 46,834 39.254 3

TA-7.39 United Eng. Works Auto Parts NEW 28.275 1S

TA-?.40 Indo-Schattle Auto Parts Ltd. Auto pants DIV 7 33.250 1,345 42

TA-7.41 Usha Ismal Ltd. Hand Tools NEW 63 4S.800 21.908 8

TA-7.42 Era 2ectronbs India Ltd. Software NEW 1 10.440 3,390 -1

TA-7.43 Needle Inds. Pt Ltd. Kn.Needies EXP 145 100,000 34,827 19

TA-7.44 Eastman Inds. Bicycles DIV 2070 177,000 60,84 27

TA-7.45 Kelrwal Iron and Steel Works Forgings EXP 98 97,500 15,030 44

TA-T.46 Brakes India Ltd. Auto parts EXP 1173 190,758 36,933 25

TA-7.47 Ocm Ud. Software NEW 719 125,000 45

TA-7.48 Ergo Software Systems Ltd. Software NEW 8 63,000 9.153 12

TA-TA.4 IndlanOrgenlo Chemicals Ltd. Software NEW 62.963 4

TA-7.5 Unifero Intl Ltd. Castings il,798

TA-t.51 VldyutMetallcs Ltd. Bladee DIV 245 223.750 1.475 9,

TA-TAt ApplIed Computer Science Orgn. Software NEW 17,378

TA-7.53 Kasbah Systems Software Software NEW 1 3,948 6,125 -1O

TA-7T4 Surd Computers P. Ltd. Software NEW 4 .33,333 2,090 38

TA-TM5 Autolite L ltd. Auto parts EXP 72 50,000 4,576 II

TA-7.T EUfoge Ltd. Forgings NJEW 107 8,160 13

TA-t7A Interfit India Ltd. CANCELEDTA-T.A Vibremech Engineers P. Ltd. Auto pats NEW 27 22,8601 3TA-7.59 Sst4s Castings NEW 137 50,000 15.502 12

- 45 -Paue 2 of 4

TABLE 1.O EXIM SANK EMF GRANTS

Authorized Undlab Sal Time toTotal ISRO (Cost final

No. Company Name sectot Tyne Sale Grant Amt Underrun) Disbursement

(Rpe Ml (US) (USS) (Mnths)

TA-Y.eo Stanford Business Software Software NEW 1 1,250 980 -11TA-7.61 Tata Engineering & Locomotive Co. Vehicles NEW t75lo0 60,451 3TA-7.e2 Bhana Gears Ltd. Auto parts EXP 105,000 4TA-7.l3 Klloskar Oroa Engines EXP 103.750 30,490 42TA-7.64 East India Hotels Ltd. Software NEW 1 116,3 52,448 42TA-7.65 Indcham Ltd. Software EXP 200 61,881 25,663 38TA-7.68 Malni Precision Products Mach Toole EXP 21 67.86 a,786 eTA-7.67 Lg Balakriahnan Auto parts EXP 372 s3.s6o 2,270 34TA-7.68 Best and Cronpton Pumps EXP 132 03,e82 52.500 22TA-7.60 Software Reearch Group Software NEW 2 - 10.549 5.732 2TA-7.70 Wipro lnormatlon Tech Ltd. C.Hafdware NEW I636 41,866 41,688 10TA-7.71 Autolso Industdre P. Ltd. Auto parts EXP 148 43.88B 6,336 34TA-7.72 STP Ltd. Software NEW 410 27.0 2.089 -2TA-7.73 Ventura Data System P. Ltd. Softwae NEW 3 5.208 5.247 -4TA-7.74 Elvee Exporta Mach Tools NEW 2 42.073 1,679 1 2TA-7.75 SPA Computers Ltd. Softwae 25 CANCELEDTA-7.76 Technocrat Industies Drum Pants DIV 108 44.750 2,022 5TA-7.77 Baker Mercer I Pvt. Ltd. Mach Tools NEW 38 21.250 3.076 -3TA-7.78 Mascon Techn. Senrces Ltd. Software NEW 21 i,088 2,337 -aTA-7.79 Kasbah Systems Software Software NEW -. 000 -t1TX-7.80 Krlsh Brown Welding P. Ltd. Welding 'NEW 3 2800, 7.817 27TA-7.81 Chika Ltd. CANCELEDTA-7.82 Sundram Fasteners Ltd. Auto pats NEW 1079 n00.; 742 24TA-7.83 Sundaram Abex Ltd. Auto parts EXP 82,833 5TA-7.84 Ki(roskarCummins Ltd. Engines EXP' 2713 138,375 27.436 3TA-7.85 Trinity Forge P. Ltd. Forgings NEW 78 :490.700 1,481 23TA-7.80 Trident Intl Engineers PvL Mach Tools 'NEW A2S53 603 xTA-7.87 Masonellan indbi Ltd. Valves NEW 91 13.208 3.109 -tTA-7.8B Proces orSyteme Inda Pv. Sotware :NEW 10 '30.629- 20,584 13TA-7.89 Wlpro Systems Ltd. Software EXP 60 5,000 39TA-7.90 Bhuvaneshwari Corporation Machinery EW 0' 905 4.756 -1TA-7.91 Op. Software Ltd. Softwae :NEW 1 8X250 25.617 18TA-7.92 HCL Ltd. Softwar NEW 138.4'58 2,432 -STA-7.93 Nimarchal Engineering Pvt. Mach Tools NEW 0OO 2ZTA-7.84 Kody Computers Ltd. Sofwre NEW 616 34 -10TA-7.95 Blue Star Ltd. software EXP 14 60,000' 8.463 23TA-7.9 Ventura Data Sytems Pvt Software NEW ' -4TA-7.97 Sterdlng Electronics Pvt. Hardware NEW 60.000TA-7.98 VeejayLakshmiEng.Work Pvt Machinery NiEW 11e 6.278 20TA-7.99 Indian Card Claothing Co. Ind. Cloth NEW 200 . 150,000, 3.050 aTA-8.00 Sri Raamakrishna Steel Industrial Castings EXP 300 '`':a3.334 9,518 1TA-8.01 Nagpur AUoy Casdngs Ltd. Forgings NEW 148 A48750 3,217 7TA-8.02 Permanent Magnets Ltd. Magnets EXP. 163 tQo,a00 26,728 36TA-8.03 Sharat Frit Wmaer Pvt Ltd. Mach Tools DIV, 2!4 '79.93 14.518 34TA8.04 Kar Mobiles Ltd. Auto parts EXP 140 5000 25,517 ttTA-8.0S Premier lnstuments&Controls Auto parts NEW 372 16.575 17,544 28TA-S.06 Tata Engineering & Locomotve Co. Software NEW:i : 09- 0TA-8.07 Frontier information Technologies Softwtre aEW 8 :,;o00 1,015 21TA48.08 Meera & Celko Pumps Pvt Ltd. Pumps NEW 17 .,817 ttTA-8.09 Abo PlatI Auto paft NEW 16 4t95 666 .-TA-4.10 88 Compuwares Pav Ltd. Softwre W 1 404 .- 8TA-8.11 8.8. Mirada Ud. Mach tools NEW 3.875 -10TA-a.12 Auto ignition P. Ltd. Auto part EXP 27 'f' 542 1.134 2TA-1.13 Sahney Krwood P. Ltd. Auto parts NW 72 ..0 8,143 -17.TA-8.14 Hindudan Tools & Forgings Ltd. Forgings 4EW 37 46;500. 22.371 33TA-8.15 Predon Tools & Castings Ltd. Forgings 4IEW 36 . 27,088 3,233 5TA-8.16 syscon Softe NEW ^ -146 -t TA-4.17 Makings Agro Products Pvt Ltd. Machinery OtV f5.0 -2TA-8.18 Ceekay Oukiin Ltd. Auto parts NEW 134 49,000 6,284

- 46 -Paqe 3Qf 4

TABLE 18: EXaM BANK EMF GRANTS

Authorized Undiab Bal Time toTotaW IRO (Cost flnal

No. Company Nasne sector Type Wes Grant Amt Underrun) Ohibursement

(Rps M) (USS (USS) (Mnths)

TA-8.t9 Mascot ( Tools & Forgings Forginge DIV 45 47,183 23TA-8.20 Capital Industries Valves NEW 14,792 617 3TA-S 21 Integra Micro Systems Ltd. Software NEW 4 10,008. 8.478 -e

TA-4.22 Mahindra & Mahindra Ltd. Vehicles NEW 200,300 29TA-8.23 Tata EngineerIng & Locomotive Co. CANCELEDTA-8.24 HCL Ud. Sotwae Ev 27,0 5TA-4.25 Intemational Software India Ud. Software CANCELEDTA-8.26 Reed Relays & Elect. India Ltd. Switches EXP 44,142 17TA-S.27 Best &Crompton Eng. Ltd. Caings NEW 149 17.86e 3.910 9TA-8.28 Weicast Steels Ltd. Castings NEW 78 21.263 7,363 2TA-8.29 Steelcast Bhavnagar P. Ltd. Forgings NEW 14 30,4B7 8.512 6TA-8.30 Paranjape Autocst Pvt Ltd. Forgings EXi 38 12.98 44 20TA-8.31 Fotune Decision $syems Ltd. Software NEW 4,787 ,577 -6TA-a.32 Softek Pvt Ud Software NEW 15 40,8S2 7,913 28TA-8.33 Fouress Eng. Pvt. Ltd. Valves UiXP 207 18,179 0TA-8.34 Baker Mercer India P. Ud. Mach tools NEW 19,417 -3TA-a.36 Inalsa Ltd. Machines DIV 8.224 -9TA-8.38 Compro Services () P. Ltd. Software EXP 1 6,834 5o -2TA-8.37 Lumax Industries Ltd. Auto rarts NEW 6,e667 6TA-8.38 Hero Cycles P. Ltd. Bicycles DI# 2244 236.100 68.548 24TA-8.39 Lumax Industies Ltd. Auto parts NEW 289. 77833 19.240 15TA-A4.40 Owes. Electronics Ltd. Capacitors NEW 22700TA-8.41 W.S. Industries Ltd. Insulators DIV 114,517 87.321 .19TA-8.42 Madras Gauge Room Equipment Pvt Mach tools NEW 10,4s7 23TA-8.43 Precision Transmatic Devices Pvt. Autm parts NEW 8 8.427 1.326 I8TA-t.44 Cutfast Abrasive Tools Ltd. Mach Tools NEW 78 '26,848 206 ITA-8.45 .Khimllne Pumps Ltd. Pumps NEW 94 3 4.151 23TA-8.4S iKshore Pumps Ltd. Pumps NEW 52 .21.333: 1.86 -lTA-8.4? lectronics Sales& Services Mach Tools DtV 114 4a,ss7 3.711 1TA-t.48 Ahmodnagar Forgings Ltd. Forgings NEW 236 9.400 947 '4TA-8.49 Geometric Tools Pvt Ltd. Hand Tools OWV 13 .17,5W .TA-8.50 Macmet India PvL Ltd. Softtwae NEW 230 : 3,750 0 5TA-8.51 Inasa Ltd. Kn Mach N1EW 356 27.58 13,363 3TA-8.52 United Engineering Works Auto parts NEW 12 '23.867 3,124 8TA-8.53 S& S Consultants PvL Ltd. Software W 9 14,710 2.211 7TA-8.54 Sealol Hindustan Ltd. Oil Ssal NEW 175 49.700 22TA-8.55 Indian Seamless Meta Tubes Ltd. Tubes NEW 761 50.000 1.400 t5TA-8.6 ton Exchange Indla Ltd. Chemicas 'NEW 557 60,000 817 5TA-8.67 Quadricon Pvti Ltd. CANCELEDTA-8.58 Fortune eision Suystems Ud. Software :DIVf 3- 7 21TA-8.59 Heynen India Ltd. Hand Tools NEW t6,867 1,000 4TA-8.e0 Sonalkar Tool Works Pvt. Hand Tools NEW 13 3.500 32 -7TA-.81 Sperr Equipment Ltd. Engines #EW 81 3.000 -8TA-8.62 Unisesen Tech. Pvt. Ltd. CANCELEDTA-8.63 WADCO Tools Hand Tools NEW 33 43,87' 172 14TA-8.84 Kumar Malleables (P) Ltd. Castings EX 17 13.068 13.205TAdJ.5 Devwndra Expons P. Ltd. Auto parts EXP 16 lo4 2.108TA-8.86 Industrial Jewels P. Ltd. eel Pts NEW 48 20.840 5.824 . 17TA-8A7 8.S. Miranda Ltd. MachTools NEW 160 20,542 2.030 : iTA-8.68 Mahindra and Mahindra Ltd. Vehicles lEW 1: 4593 7,042 : . 16TA-8.e9 MICON Softwafe NEW ;11t.l 4.208 -3TA-8.70 Ring Gea India Ltd. Auto paets EW 48 32,80 2,890 1TA-8.71 Audco India Ltd. Vales NEW 441 73338 .M S.08 11TA-8.72 Vllpro Infrmnaton Tech. Ltd. Hadware 146W ; 2.08 .8TA-8.73 Super Circle Gaskets Ltd. Auto parts - CANCTA-8.74 Stel Strips Wheels Ltd. Auto parts : CANCDTA-8.75 Start Softare Whee Ltd. Software tj ,13,488 J00 -9 TA8.76 Mlkratech Tools 8.25C 3343 0TA-8.77 Citicorp Overseas Softward Ltd. Stwae E 107 50.oo0 4.813 -7

- 47 -

Paae 4 of 4TABLE 16: EXIM BANK EMF GRANTS

Authoried Undieb Sa Time toTotal IBRD (Cost final

No. Company Name sector Type Sales Grant Amt Underrun) Disbursement

(RpsM) (U" (US" (Mnths)

TA-8.78 OIEJN Connewtors. Ltd. Connsctors EXP 100 10,000 336 eTA-8.70 Usha Marftin Ind. Ltd. Wire Ropes DIV 2go 47.3 5,2e0 14TA-8.80 Eohlay folrgings Ltd. Forgings EXP 68 48,000 17.337 13TA-1.81 Compto Servioes . P. Ltd. Software NEW 21,881 STA-8.82 PMP Auto Industries. Ld. Auto parts NEW 100 44,082 1,233 .12TA-.83 Chowgule Matrix Hobs Ltd. Mach Tools NEW 23 12.33 1t882 '7TA-884 Janatics Cylinders NEW 13 -S.00 354 -0,TA-8G6 Fenner Belting NEW -3753 3,753TA-8.86 Bharat Faor Forgings NEW 2322 W 10*60 34,U :TA-8.67 Crompton Greaves Motos OIV 6617? l88,370 3.110 7TA-G.88 Jemna Auto Auto past DIV 289 59,050 13,483 2TA-8.89 Seelcast Ltd. Castings EXP 16,11 -2TA-GO Technotbur Tools NEW 11 2*00 .. Go-TA-8.91 Coromandel Pradorite PtL Ltd. Chemicais NZEW S 8,70 8,570TA-.92 Ceskey Dzidn Auto parts NiEW 4 5TA49S 'hicorn Biotek Seeds NEW 1 270 8t 8TA-8.94 Tt Ltd. Cookers NEW 19t.250 51.563 S."TA-8.95 Clutch Auto Ltd. Auto past NEW 203 S6S180 371 3TA-8416 Motor Industries Co. Ltd. ;CANCELTA-8.97 Tltagarh Ste Ltd. Forgings NEW 200 .t. 20207 :TA-SG Omnitrode Aditya Electodes Welding EXP 8 2600 237 2TA-8G0 Dewas Tools Pvt. Ltd. Hand Tools NEW 32 IUO 680s8 0TA-0.00 Mekings Agro Products P. Ltd. Machinery DIV 20 39-59 9.528 1TA-9.01 P.S. Power Controls Switches NEW 35 8.845 -3TA-9.02 Lamina Suspension Products Ltd. Auto parts NEW 159 *;Ka0 289 9TA-9.03 liGtoskar ODi Engines Engines iEXP - 2, 907 25.907TA-4.04 Nipha Exports Porgtgs DiV. 66 . 2.31 14.168TA.05 P.S. Electricais Ltd. Swches NEW 4 3615 27.132 .TA9.06 India Pistons Auto patts OIV 6 121 -3.TA-,.07 Eicher Goodearth Ltd. Forgings NEW 8 K 107.j 2 3.112 :

TA-9.08 Jamna Auto Ind. Ltd. Auto parte DIV 93.00 1TA9.09 Bharat Idnustties Auto pasts NEW 12 eA200 46 ;TA-0.10 Cortica Manuf. (India) Ltd. Auto parts NEW 16 4,000 190 a 2TA-0.11 MorugappaMorganite Fibers EWE4 3S 2 3,078 1'TA-9.12 US Inf. & Consulting Swnbcs Software NEW 28 I5,000TA-9.13 Inca Hammock Manut. & tcp. Lid. Codc DIV. 183TA-6.14 Suwyovonics Ltd. Bauted"s DIV 4 2,600 2,0TA-e.15 MHad Computers Software NEW I 1,500 1,500TA-0.1O HOL AIrcraft Satedres Ltd. Balteries E.. 27 27 'TA-9.17 HanungToys Toys -NeW 7 5 670 > ITA-9.18 Brlhan Maharashtra Steel Inrd. Drum parts WXP 23 10,90S 22 0TA-9.19 Shari nformation Tech. Systens Sobfwe NEW 7 117 1

TOTAL 10.022.03t 1.909,031

- 48 -

Page 1 of 3TABLE 17: ICICI PRODUCTMTY FUND GRANTS

InMtal FinalAuthorized Cancel- Authorized

No. Company Name Amount ations Amount

(US (USQ

TA-6.01 Permanent Magnets Ltd. 44,150 44,150TA-6.02 Crompton Greaves Ltd. 11,140 11,140TA-8.03 General Optics (Asia) Ltd. 28,000 28,900TA-6.04 Widia (India) Ltd. 71,640 78.640TA.-605 Menon Pistons Ltd. 25,730 25,730TA-8.06 Bajaj Auto Ltd. 160,000 160.000TA-6.07 Eastem Peripherals Ltd. 110,485 110.485TA-8.08 Ws Insulators of India Ltd. 158,175 158.175TA-8.09 Sm Industrial Marketing Ltd. 156,200 155,200TA-6.10 Anabond Pvt. Ltd. 30,000 30,000TA-6.1 GP Electronics 44,000 44.000TA-6.12 Spa Software Pvt. Ltd. 17,790 17,790TA-6.13 Gujarat Narmada Auto Ltd. 48,136 46,136TA-8.14 Ergodyne Private Ltd. 73,160 73160TA-8.15 Sundram Abex Ltd. 142,000 142,000TA-6.16 Brakes India Ltd. 157,000 157,000TA-6.17 Devendra Exports Pvt. Ltd. 75,400 75.4S0TA-8.18 S.R. Accessories Pvt. Ltd. 39,50Q 38,500TA-6.19 Crompton Greaves Ltd. 25,519 25,S10TA-6.20 Data Software Research Co. 61,800 61,800TA-6.21 GMT Metrology Pvt. Ltd. 78,600 78,600TA-6.22 Rank Suspension Pvt. Ltd. 78,600 78.000TA-S.23 Mahindra Sintered Prod. Ltd. 81,770 81,770TA-8.24 Kiran X-Ray Screens Ltd. 74,524 74,524TA-0.25 Compton Greaves Ltd. 96,164 96164TA-6.26 Kulkami Engineering Assoc. 96,00q 00,000TA-6.27 Vidyut Metallice Ltd. 293,077 293.077TA-6.28 L G Salakrlshnan & Bros Ltd. 218,S15 218.615TA-8.29 Veejay Lakshmi Engg Works 200,000 200,000TA-l.30 Mascot (India) Tools & Forgings 67,857 67,86?TA-8 31 lOran X-Ray Screens Ltd. 21,429 21,420TA-e.32 G.P. Electronics Ltd. 26,786 26,78TA-6.33 Micro Pack Ltd. 75,000 75,000TA-8.34 Saizer Electronics Ltd. 52,143 52,143TA-6.35 Frontier Inform. Technologies. 37,077 37,077TA-6.36 Thermax Private Ltd. S4,236 54,286TA-8.37 Mahindra Sintered Products 74,164 74,154TA-8.38 Perfect Cercle Victor Ltd. 100,000 100.000TA-6.39 Vibromech Engineers Pvt. Ltd. 30,000 30,000TA-8.40 Sahney lOrkwood Pvt. Ltd. 100,000 100,800TA-S.41 Armour Chemicals Pvt. Ltd. 94,643 943TA-6.42 bhilwara Synthetics Ltd. 214,286 214,286TA-6.43 Roto Pumps & Hydraulics 121,429 121,429TA-6.44 Bharat Gears Ltd. 53,850 63,860TA-6.46 Automobile Corp. Of GOA Ltd. 180,80 180.8Q0TA-6.40 Ellora Eng. Co. Ltd. 389,000 39,000TA-6.47 Madras Industrial Uning Ltd. 49,200 49,2TA-8.48 Bharat Gears Ltd. 100,000 100,000TA-8.49 Applied Electronics Ltd. 96,33 98TA-6.60 Tata Eng. & Locomotive Co. 64,133 4,133TA-8.51 Indian Card Clothing Go. 72,000 72O000TA-6.52 Hlmatsingka Selde Ltd. 93,300 93.300TA0-653 SaJ Froude Test Plant 72,414 72.4t4TA-8.54 Kate Consultants 51,667 5,6607TA-8.65 Information Management 13,2S 13,266TA-6.86 Crompton Greaves Ltd. 1t0,000 1oo0,00TA-8.t7 Purolator India 84,300 4,300TA-8.68 Gabriel India 95,000 95,000

- 49 -Page 2 of 3

TABLE 17: ICICI PRODUCTIVITY FUND GRANTS

Initial FinalAuthorized Cancel- Authorized

No. Company Name Amount ations Amount

(UJS$) s

TA-G.5s Rewdale Precision Tools 75,200 75,200TA-6.eo Anuma Precision 27,700 27,700TA-6.61 Ajay Metachem Pvt. Ltd. 48,660 4s,660TA-6.62 Hindustan Lever Ltd. 32,660 32,660TA-6.63 Yokogawa Keonics 67,605 67.o05TA-6.64 Textool Company, Ltd. 100,000 100,000TA-e.6s Cipla Ltd. 113,375 113,375TA-8.66 ZF Steering Gears (India) 21,700 21,700TA-6.67 Sundaram Fasteners Ltd. 142.490 142.490TA-6.68 Lupin Laboratories Ltd. 184.485 184,485TA-6.69 Himatsingka Seide Ltd. 278.497 278.497TA-6.70 Auto Ignition Pvt. Ltd. - 61,t155 1.155TA-6.71 Autolec Industries Ltd. 21,552 21,552TA-8.72 Autolite (India) Ltd. 31.080 31,080TA-6.73 Mekins Agro Products 21.097 21,097TA-6.74 Technocraft Industries 26,122 26,122TA-6.75 Hindustan Motors Ltd. 307,314 307,314TA-6.7e Sundaram Abex Ltd. 87,609 67,609TA-e.77 Sudarshan Chemicals Ind. 134,254 134254.TA-6.78 Precision Tools & Castings 68.347 es 347TA-C.79 Applied Electronics Ltd. 150,584 150,584TA-e.80 Gahara Bevel Gears Ltd. 113,583 113,583TA-8.81 Bharat Gears Ltd. 67,610 67,610TA-4.82 South Indian Refractories 30,730 30,730TA-6.83 Hlndustan Lever Ltd. 32,880 32,880TA-6.84 Management Software Tech. 18,440 18.440TA-6.85 Kar Mobiles Ltd. 67,810 67,610TA-6.86 Ta!bros Automotive Components 58,820 58.820TA-6.87 Tata Eng. & Locomotivo Co. 22,089 22.089TA-6.88 G.P. Electronics LTd. 26,850 25,650TA-6.89 Information Management 13.240 13,240TA-8.90 Autolec Indusres Ltd. 19,710 19,710TA-8.91 Prav Electrospark Pvt. Ltd. 58,820 58,820TA-6.92 Cosomo Ferrite Ltd. 92,180 92,180TA-6.93 Century Textile Inds. Ltd. 34,410 34A10TA-6.94 Technova Graphic Systems 6,590 8,5S0TA-6.95 Tatho Engineering Works 23,000 23,000TA-6.96 GodreJ and Boyce MFG. Co. 18,240 18,240TA-4.97 Indian Card Clothing Co. Ltd. 34,710 34,710TA-.98 Baja; Auto Ltd. 260,000 260,000TA-6.99 Malwa Vanaspati & Chemical Co. 86,000 88,000TA-7.00 Shah Granite Pvt. Ltd. 12,000 12.000TA-7.01 Armour Chemicals 230,000 230,000TA-7.02 TELCO 100,000 100,000TA-7.03 SAMTEL 160,000 160,000TA-7.04 Bannari Amman Sugar 70,000 70,000TA-7.05 Eiectronica 102,000 102,000TA-7.06 CEL 110,000 110,000TA-7.07 Tata Iron and Steel Co. 277.800 277,800TA-7.08 Standard Organics Ud. 87,800 87,600TA-7.09 Hindustan Levers 166,700 168,700TA-7.10 Indian Gum Industries Ltd. 83,300 83,300TA-7.11 GaJra Bevel Geas Ltd. 70,900 70,900TA-7.12 Hindustan Lever Ltd. 357,895 357,895TA-7.13 Cosino Films Ud. 07,370 67,370TA-7.14 Bharat Starch and Chemicals 47,370 47,370TA-7.16 Harish Textiles Ltd. 92.10 92,106TA-7.16 Sundaram Abex Ltd. 36,842 38,842

- so -Paae 3 of 3

TABLE t7: ICIOl PRODUCTIVITY FUND GRANTS

Initial FinalAuthorized Cancel- Authorized

No. Company Name Amount atons Amount

(US$) (US$)

TA-7.17 Sri Ramakrlshna Steels Ind. 36,475 36.476TA-7.18 Otis Elevator Ltd. 37,475 37,475TA-7.19 Brass Smiths 21,055 21,056TA-7.20 Polyolefins Industries Ltd. 12,210 12,210TA-7.21 Mascon Computer Services Ltd. 5,420 5,420TA-7.22 Data Software Research 30,000 30,000TA-7.23 Electronic Systems Pvt. Ltd. 23,000 23.000TA-7.24 Intemational Computers India 23,000 23,000TA-7.25 Mekins Agro Products Pvt. Ltd. 61,259 81,269TA-7.28 Pane Agro Pvt. Ltd. 98,809 9S,809TA-7.27 Parle Beverages Ltd. 17,379 17,379TA-7.28 Mafatlal Industfies Ltd. 202,770 202.770TA-7.29 Mafatlal Fine Spg. & Mfg. Ltd. 36,438 38,438TA-7.30 Sunderam Fastners Ltd. 7,400 7,400TA-7.31 Intec Systems Pvt. Ltd. 36,185 38.185TA-7.32 Electomics Circuits Ltd. 14,650 14,650TA-7.33 Technova Graphic System 25,550 25.60TA-7.34 National Leather Cloth 52,364 52,354TA-7.36 Kancor Flavours and Extracts 59,460 59,460TA-7.36 Spark Engineering Pvt. Ltd. 14,857 14,857TA-7.37 Veera Treatwood Ltd. 16,216 16,216TA-7.38 Information Management India 8,A2 8,662TA-7.39 Arvind Mills Ltd. 151,350 . 161,360TA-7.40 United Phosphorus Ltd. 126,315 126,315TA-7.41 Heuristix System Pvt. Ltd. 8,160 8,160TA-7.42 Shah Granites Pvt. Ltd. 24,000 24,000TA-7.43 Metropolitan Tradly Corp 21,876 21,875TA-7.44 Gujarat Glass Ltd. 24,000 24.000TA-7.45 United Ink & Vanish Co. Ltd. 13,500 13,500TA-7.46 Intec Polymers Pvt. Ltd. 8,750 8,750TA-7.47 Eurotex Industries & Exports 32,500 32,500TA-7.48 Anupan Machine Tools Pvt. Ltd. 48,5Y0 48,55TA-7.49 Secals Ltd. 86,500 886,00TA-7.50 Hindustan Mortors Ltd. 192,100 192,100TA-7.61 Harish Textiles Ltd. 20,000 20,000TA-7.52 Talbros Automotive Co. Ltd. 75,000 75,000TA-7.53 Auto Ignition 18,000 18,000TA-7.54 S & S Power Switch Gear 32,750 32,750TA-7.55 CEAT 47,570 47.670TA-7.56 Indian Card Clothing 41,415 41,415

Total 12.185.037 12,186,037