MIRA INFORM REPORT

1. Summary Information

		Country	India
Company Name	LOUROUX BIO ENERGIES LIMITED	Principal Name 1	Mr. Mannalal Bhagwandas Agrawal
Status	Yet to commence business	Principal Name 2	Mr. Purushottam Bhagwandas Agrawal
		Registration #	11-177471
Street Address	21/31, Satyam Building, 318, Linking Road, Khar (West), Mumbai-400052, Maharashtra
Established Date	07.01.2008	SIC Code	--
Telephone#	91-22-67733600	Business Style 1	Solar Power Generation
Fax #	91-22-67733666	Business Style 2	--
Homepage	--	Product Name 1	--
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs.500,000/-	Product Name 3	--
Shareholders	Bodies corporate 100.00%	Banking	Central Bank of India
Public Limited Corp.	No	Business Period	3 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ca
Related Company
Relation	Country	Company Name	CEO
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	417,000	Current Liabilities	5,000
Inventories	000	Long-term Liabilities	000
Fixed Assets	000	Other Liabilities	000
Deferred Assets	000	Total Liabilities	5,000
Invest& other Assets	000	Retained Earnings	(88,000)
		Net Worth	412,000
Total Assets	417,000	Total Liab. & Equity	417,000
Total Assets (Previous Year)	441,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	000	Net Profit	(18,000)
Sales(Previous yr)	000	Net Profit(Prev.yr)	(70,000)

MIRA INFORM REPORT

Report Date :

14.07.2011

IDENTIFICATION DETAILS

Name :	LOUROUX BIO ENERGIES LIMITED

Registered Office :	21/31, Satyam Building, 318, Linking Road, Khar (West), Mumbai-400052, Maharashtra

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	07.01.2008

Com. Reg. No.:	11-177471

Capital Investment / Paid-up Capital :	Rs.0.500 Million

CIN No.: [Company Identification No.]	U40107MH2008PLC177471

TAN No.: [Tax Deduction & Collection Account No.]	MUML07069G

PAN No.: [Permanent Account No.]	AABCL4046K

Legal Form :	A closely held Public Limited Liability Company.

Line of Business :	Solar Power Generation.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING

STATUS

PROPOSED CREDIT LINE

11-25

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

Limited with full security

Maximum Credit Limit :	USD 1000

Status :	Yet to commence business

Payment Behaviour :	Unknown

Litigation :	Clear

Comments :	Though the company was incorporated in the year 2008, the company is yet to commence its commercial business activities. Payment terms are unknown. Initially, the company can be considered for business dealings on a secured trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – April 1, 2010

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	21/31, Satyam Building, 318, Linking Road, Khar (West), Mumbai-400052, Maharashtra, India
Tel. No.:	91-22-67733600
Fax No.:	91-22-67733666
E-Mail :	contact@inspirainfra.com helenat@inspirainfra.com helenat@ajantapharma.com

DIRECTORS

As on 16.08.2010

Name :	Mr. Mannalal Bhagwandas Agrawal
Designation :	Director
Address :	Gangotri, Mangal Kiran CHS Limited, Irish Park, Vile Parle (West), Mumbai-400049, Maharashtra, India
Date of Birth/Age :	26.03.1947
Date of Appointment :	07.01.2008

Name :	Mr. Purushottam Bhagwandas Agrawal
Designation :	Director
Address :	Gangotri, Mangal Kiran CHS Limited, Irish Park, Vile Parle (West), Mumbai-400049, Maharashtra, India
Date of Birth/Age :	14.06.1949
Date of Appointment :	07.01.2008

Name :	Mr. Madhusudan Bhagwandas Agrawal
Designation :	Director
Address :	Gangotri, Mangal Kiran CHS Limited, Irish Park, Vile Parle (West), Mumbai-400049, Maharashtra, India
Date of Birth/Age :	29.03.1955
Date of Appointment :	07.01.2008

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 16.08.2010

Names of Shareholders		No. of Shares
Ajanta Overseas Limited, India		49300
Ajanta Overseas Limited, India jointly with Mannalal Bhagwandas Agrawal		100
Ajanta Overseas Limited, India jointly with Purushottam Bhagwandas Agrawal		100
Ajanta Overseas Limited, India jointly with Madhusudan Bhagwandas Agrawal		100
Ajanta Overseas Limited, India jointly with Yogesh M. Agrawal		100
Ajanta Overseas Limited, India jointly with Rajesh M Agrawal		100
Ajanta Overseas Limited, India jointly with Ravi P. Agrawal		100
Ajanta Overseas Limited, India jointly with Aayush M. Agrawal		100

Total		50000

List of Allottees:

As on 25.03.2011

Particular	No. of Shares
Ajanta Overseas Limited, India	14280000

As on 16.08.2010

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		100.00
Total		100.00

BUSINESS DETAILS

Line of Business :

Solar Power Generation.

GENERAL INFORMATION

Bankers :

Central Bank of India, Industrial Finance Branch, Chander Mukhi, Ground Floor, Nariman Point, Mumbai-400021, Maharashtra, India


Banking Relations :	--

Auditors :
Name :	Prakash Jhunjhunwala and Company Chartered Accountant
Address :	5, Jolly Bhawan, No. 2, 7 New Marine Lines, Churchgate, Mumbai-400020, Maharashtra, India

Holding Company:	Inspira Energy Limited (U40102MH2006PLC165595)

Group Company:	Ajanta Pharma Limited Inspira Infrastructure Limited

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

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

As on 16.08.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
35000000	Equity Shares	Rs.10/- each	Rs.350.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
14330000	Equity Shares	Rs.10/- each	Rs.143.300 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.500	0.500
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		(0.088)	(0.070)
NETWORTH		0.412	0.430
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000

TOTAL		0.412	0.430

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		0.000	0.000
Capital work-in-progress		0.000	0.000

INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000
	Sundry Debtors	0.000	0.000
	Cash & Bank Balances	0.007	0.441
	Other Current Assets	0.000	0.000
	Loans & Advances	0.410	0.000
Total Current Assets		0.417	0.441
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.005	0.011
	Other Current Liabilities	0.000	0.000
	Provisions	0.000	0.000
Total Current Liabilities		0.005	0.011
Net Current Assets		0.412	0.430

MISCELLANEOUS EXPENSES		0.000	0.000

TOTAL		0.412	0.430

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	0.000	0.000
		Other Income	0.000	0.000
		TOTAL	0.000	0.000

Less	EXPENSES
		Audit Fees	0.006	0.011
		Legal and Professional Fees	0.008	0.023
		Profession Tax	0.002	0.005
		Other Expenses	0.002	0.012
		Preliminary Expenses Written Off	0.000	0.019
		TOTAL	0.018	0.070

	PROFIT BEFORE TAX		(0.018)	(0.070)

Less	TAX		0.000	0.000

	PROFIT AFTER TAX		(0.018)	(0.070)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(0.070)	0.000

	BALANCE CARRIED TO THE B/S		(0.088)	(0.070)

	Earnings Per Share (Rs.)		(0.36)	(1.40)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009
PAT / Total Income	(%)	0.00	0.00

Net Profit Margin (PBT/Sales)	(%)	0.00	0.00

Return on Total Assets (PBT/Total Assets}	(%)	(4.32)	(15.87)

Return on Investment (ROI) (PBT/Networth)		(0.04)	(0.16)

Debt Equity Ratio (Total Liability/Networth)		0.01	0.03

Current Ratio (Current Asset/Current Liability)		83.40	40.09

LOCAL AGENCY FURTHER INFORMATION

Note: The registered office of the company has been shifted from 98, Industrial Area, Charkop, Kandivali (West), Mumbai, Maharashtra, India to the present address w.e.f. 02.06.2008

Bankers Charges Report as per Registry

This form is for	Creation of charge
Corporate identity number of the company	U40107MH2008PLC177471
Name of the company	LOUROUX BIO ENERGIES LIMITED
Address of the registered office or of the principal place of business in India of the company	21/31, Satyam Building, 318, Linking Road, Khar (West), Mumbai-400052, Maharashtra, India
Type of charge	Book Debts Movable Property (not being pledge) Floating Charge Others
Particular of charge holder	Central Bank of India, Industrial Finance Branch, Chander Mukhi, Ground Floor, Nariman Point, Mumbai-400021, Maharashtra, India
Email	agmmums1067@centralbank.co.in
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation of movable fixed asset dated April 9, 2011 executed by Louroux Bio Energies Limited ("the Borrower") in favour of Central Bank of India ("Central Bank")
Date of instrument Creating the charge	09.04.2011
Amount secured by the charge	Rs.1128.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Term Loan - BASE RATE +1.5% Bank Guarantee and Letter of Credit - Normal commission as per CO circular. Terms of Repayment The Term Loan to be repaid in monthly installments beginning from April 2012 and last installment on March 2021. The Interest to be serviced as and when debited to the account. Margin Term Loan - 25% Bank Guarantee - 25% Letter of Credit - 5% Extent and Operation of the charge A first charge on the entire movable fixed assets including solar power generation equipment and entire Current Assets, both present and future. Escrow Mechanism for entire revenue of the company.
Short particulars of the property charged	I) The whole of the Company's moveable fixed assets and Current Assets, both present and future, rights and interest on LCs or such other security, escrow on receivables II) DSRA in the form and substance acceptable to Central Bank of India. Escrow Mechanism for entire revenue of the company

AS PER WEBSITE DETAILS:

PROFILE:

Subject is a group company of Ajanta Pharma Limited and Inspira Infrastructure Limited. India is aiming to achieve energy security and to reduce its carbon emissions by adopting sustainable policies by promoting the harness of Solar Energy which is the primary source of energy for all life forms on the planet. Subject was formed to participate in India’s mission to achieve its target of energy sustainability in a clean and green way.

Subject believes in tapping the abundant and freely available solar energy and supplying it to the power deficit areas, improving the living standards thus serving the overall growth of the country.

With an intention to have a portfolio of more than 100MWp solar power generation in the next three years, subject is actively working towards project development in India and abroad.

As a first step towards this goal, Subject is setting up a 25MWp Solar PV power plant in the State of Gujarat. The project is scheduled for commissioning in December 2011 and to achieve this subject has joined hands with a leading European Solar Engineering company for the project execution.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.58
UK Pound	1	Rs.71.07
Euro	1	Rs.62.40

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

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