MIRA INFORM REPORT

Report Date :

05.10.2011

IDENTIFICATION DETAILS

Name :	INFRASTRUCTURE INDIA PLC

Formerly Known As :	Ioma House Hope Street, Douglas, Hope Street IM1 1AP

Country :	Isle of Man

Financials (as on) :	31.03.2011

Date of Incorporation :	18.03.2008

Com. Reg. No.:	002457V

Legal Form :	Public Company Limited by Shares

Line of Business :	Private Investment Fund

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	GBP 250,000
Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

REGISTERED NAME & COMPANY SUMMARY

IDENTIFICATION
Given
Subject Name:	Infrastructure India Plc
Address:	Ioma House, Hope Street, Douglas Isle Of Man Im1 1ap
Country:	Isle of Man

Verified
Subject Name:	INFRASTRUCTURE INDIA PLC
Address:	Ioma House Hope Street
Town:	Douglas Hope Street
State/province:	IM1 1AP
Country:	Isle of Man
Telephone:	+44 (1624) 681250
Fax:	+44 (1624) 681250


EXECUTIVE SUMMARY

Date registered:	18-03-2008
Legal form:	Public Company Limited by Shares
Authorised Capital:	GBP 1,505,979.84
Net investment income:	GBP 10,830,000 (12 months, 31/03/2011)
Main activities:	Private Investment Fund.
Employees:	The Group has no employees.
REGISTRY DATA
Key Facts
Date registered:	18-03-2008
Legal form:	Public Company Limited by Shares
Registration no:	002457V
Registry auth.	Isle of Man Companies Registry
Registry status:	Live/Active

CREDIT RECOMENDATION

Current Credit Limit: GBP 250,000

DIRECTORS/MANAGEMENT

MANAGEMENT & STAFF
Key Managers
Name:	Thomas Anthony Tribone
Job Title:	Director

Name:	Rahul Sonny Lulla
Job Title:	Chief Executive Officer

Name:	Philip Scales
Job Title:	Company Secretary

Key Advisors
Auditor:	KPMG Audit LLC Heritage Court 41 Athol Street Douglas Isle of Man IM99 1HN
Registered Agent:	IOMA FUND AND INVESTMENT MANAGEMENT LIMITED Ioma House Hope Street Douglas IM1 1AP Isle of Man

Staff
No of employees	The Group has no employees.


BOARD OF DIRECTORS / OTHER APPOINTMENTS
Appointments
Name:	Thomas Anthony Tribone
Board function:	Chairman
Date appointed:	03-03-2011
Address:	3657 N. Rockingham Street Arlington VA 22213 United States

Name:	Patrick Rupert Cottrell
Board function:	Vice Chairman
Address:	No 1 Arbory Road Castletown IM9 1NA Isle Of Man

Name:	Robert Venerus
Board function:	Director
Date appointed:	03-03-2011
Address:	28 Tiger Drive California New Jersey 07830 United States

Name:	Timothy Edward Stocks
Board function:	Director
Date appointed:	03-03-2011
Address:	38 West Common Way Harpenden Hertfordshire AL5 2LG United Kingdom

Name:	Rahul Sonny Lulla
Board function:	Chief Executive Officer
Date appointed:	03-03-2011
Address:	2337 Baxter Street Los Angeles California United States

Name:	Philip Scales
Board function:	Company Secretary

Name:	Timothy Graham Walker
Board function:	Non Executive Director and Audit Committee Chairman
Address:	55 Millenium Court Queens Promenade Douglas IM2 4NN Isle Of Man

NEGATIVE INFORMATION

LEGAL FILINGS

Bankruptcy Filings:	None
Court Judgements:	None
Tax Liens:	None
Other:	None

SHARE & SHARE CAPITAL INFORMATION

SHARE CAPITAL
Composition
Authorised:	GBP 1,505,979.84
Number/type:	150,597,984 ordinary shares
Share value:	GBP 0.01
Issued:	GBP 1,505,979.84
Paid-up:	GBP 1,505,979.84


Shareholders/Owners

How Listed	Partial List

Composition
Name:	GUGGENHEIM GLOBAL INFRASTRUCTURE COMPANY LIMITED
Address:	USA

Name:	BANQUE HAVILLAND S.A.
Address:	Luxembourg

Name:	KAUPTHING BANK HF
Address:	Iceland

Comments	The company was admitted to the Official List of the London Stock Exchange on 30 June 2008, and subsequently moved to a listing on AIM, a market maintained by the London Stock Exchange on 16 November 2010. As part of the placing of 3,089,158 new ordinary shares of referred to in note 12, Kaupthing Bank hf and Banque Havilland S.A. received 772,217 new ordinary shares and 1,000,000 new ordinary shares, respectively, at the placing price of 44 pence per share. Kaupthing Bank hf and Banque Havilland S.A. were substantial shareholders in the Company at the time.

PAYMENT INFORMATION

PAYMENTS
Purchase Terms
Local:	Cash Credits 14-30 days

Debt Collections / Judgements	No negative information was found.

Payment Experience
Payment Behaviour:	As trade references were not supplied, the Subject's payment track record history CANNOT BE ACCURATELY DETERMINED, but payments are believed to be PROMPT.

GROUP STRUCTURE & AFFILIATED COMPANIES

CORPORATE AFFILIATIONS
Structure
Name:	DISTRIBUTION AND LOGISTICS INFRASTRUCTURE INDIA
Affiliation type:	Wholly-owned Subsidiary
Address:	Mauritius

Name:	FRANKLIN PARK INDIA LLC
Affiliation type:	Wholly-owned Subsidiary
Address:	Delaware USA

Name:	INFRASTRUCTURE INDIA HOLDCO
Affiliation type:	Wholly-owned Subsidiary
Address:	Mauritius

Name:	POWER INFRASTRUCTURE INDIA
Affiliation type:	Wholly-owned Subsidiary
Address:	Mauritius

Name:	ROADS INFRASTRUCTURE INDIA
Affiliation type:	Wholly-owned Subsidiary
Address:	Mauritius

Name:	ROADS INFRASTRUCTURE INDIA (TWO)
Affiliation type:	Wholly-owned Subsidiary
Address:	Mauritius

FINANCIAL INFORMATION

FINANCIAL ACCOUNTS
Description
Required to file:	Yes
Source:	Commercial Registry Filings
Presentation:	Attached to this report / Summarised below
Date of accounts:	31-03-2011
Type of accounts:	Full audited
Currency:	British Pound (GBP)
Exchange rate:	USD 1 = GBP 0.64 as of 30-Sep-11

Summarised
	31-03-2011	31-03-2010
Period:	12 months	12 months

Net investment income:	10,830,000	6,737,000
Profit before tax:	7,504,000	4,683,000
Profit after tax:	7,504,000	4,683,000
Non-current assets:	111,341,000	39,600,000
Current assets:	27,291,000	1,202,000
Total assets:	138,632,000	40,802,000
Current liabilities:	623,000	682,000
Total liabilities:	623,000	682,000
Shareholders' equity:	138,009,000	40,120,000

FOREIGN EXCHANGE RATES

Exchange rate:

USD 1 = GBP 0.64 as of 30-Sep-11

ADDITIONAL INFORMATION

OPERATIONS & HISTORY
Activities
Full description:	The Subject is an investment company, incorporated in the Isle of Man, providing investors with the opportunity to invest in Indian infrastructure assets.
Products/services:	The company invests in assets in the Indian infrastructure sector, with particular focus on assets and projects related to energy and transport.


PROPERTY & ASSETS

Premises	The Subject operates from premises located at the heading address, consisting of administrative offices.
BANKING & FINANCING
Bankers
Bank name:	KAUPTHING BANK HF
Address:	Iceland
Relationship type:	Current Account

Comments	It is generally not the policy of local banks to provide credit status information to non-bona fide applications, and interested parties would be advised to consult first with the Subject if banker's references are required.

NOTES & COMMENTS

INVESTIGATIVE NOTES

Sources:

Interviews and material provided by the Subject

Other official and local business sources

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.23
UK Pound	1	Rs.76.07
Euro	1	Rs.65.06

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	----

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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.