1. Summary Information

		Country	India
Company Name	VIKRAM SOLAR PRIVATE LIMITED	Principal Name 1	Mr. Hari Krishna Chaudhary
Status	Recently Commenced Business	Principal Name 2	Mr. Anil Chaudhary
		Registration #	21-106448
Street Address	Tobacco House 1, Old Court House Corner, Kolkata – 700001, West Bengal
Established Date	02.12.2005	SIC Code	--
Telephone#	91-33-22307299	Business Style 1	Manufacturer
Fax #	91-33-2248488	Business Style 2	--
Homepage	http://www.vikramsolar.com	Product Name 1	Automotive Modules
# of employees	100 (Approximately)	Product Name 2	--
Paid up capital	Rs. 109,992,000	Product Name 3	--
Shareholders	Bodies corporate (66.59%) Directors or relatives of Directors (33.41%)	Banking	State Bank of India, Kolkata Branch, West Bengal, India
Public Limited Corp.	NO	Business Period	6 Years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	B (28)
Related Company
Relation	Country	Company Name	CEO
Associate	India	Vikarm India Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	393,038,000	Current Liabilities	56,818,000
Inventories	131,705,000	Long-term Liabilities	522,367,000
Fixed Assets	222,786,000	Other Liabilities	70,000
Deferred Assets	000	Total Liabilities	579,255,000
Invest& other Assets	6,118,000	Retained Earnings	47,000,000
		Net Worth	174,392,000
Total Assets	753,647,000	Total Liab. & Equity	753,647,000
Total Assets (Previous Year)	146,886,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	335,239	Net Profit	32,830
Sales(Previous yr)	000	Net Profit(Prev.yr)	000

MIRA INFORM REPORT

Report Date :

10.10.2011

IDENTIFICATION DETAILS

Name :	VIKRAM SOLAR PRIVATE LIMITED (w.e.f. 03.09.2008)
Formerly Known As :	INTERNATIONAL CLOTHIERS INDIA PRIVATE LIMITED
Registered Office :	Tobacco House, 1, Old Court House Corner, Kolkata – 700001, West Bengal
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	02.12.2005
Com. Reg. No.:	21-106448
Capital Investment/ Paid-up Capital:	Rs.109.992 Millions
CIN No.: [Company Identification No.]	U18100WB2005PTC106448
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Automotive Modules
No. of Employees:	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 700000
Status :	Recently Commenced Business
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Though the company was incorporated in the year 2005, its started commercial activity recently in the year 2009-10. Business is active. Payments are reported to be slow. 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	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Rohit
Designation :	Accounts Department

LOCATIONS

Registered Office/ Factory 1 :	Tobacco House,1, Old Court House Corner, Kolkata – 700001, West Bengal,, India
Tel. No.:	91-33-22307299
Fax No.:	91-33-22484881
E-Mail :	info@vikramsolar.com sudhir.kothari@vikarmsolar.com
Website :	http://www.vikramsolar.com
Location :	Owned
Factory 2 :	Special Economic Zone, Sector 2, Flat A 24, Parganas (South), West Bengal, India
Tel. No.:	91-3174-222643
Fax No.:	91-3174-222647

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Hari Krishna Chaudhary
Designation :	Director
Address :	134, G.T. Road, Radha Niket, Howrah– 711102, West Bengal, India
Date of Birth/Age :	04.12.1943
Date of Appointment :	14.07.2008
DIN No:	01744503

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29253WB1980PLC032447	Vikram India Limited	Managing director	01-01-80	01-01-80	-	Active	NO
2	U01119WB1993PLC060113	Vikram Greentech (India) Limited	Director	15-09-93	15-09-93	-	Active	NO
3	L67120WB1981PLC034413	Vikram Capital Management Limited	Director	17-10-95	17-10-95	-	Active	NO
4	U51109WB2000PTC091352	Vikram Private Limited	Director	13-03-00	13-03-00	-	Active	NO
5	U51109WB1996PTC077970	Chandanpur Tea Company Private Limited	Director	16-04-04	16-04-04	14-08-10	Active	NO
6	U51909WB1987PTC042332	Oriental Sales Agencies (India) Private Limited	Director	01-12-04	01-12-04	28-12-09	Active	NO
7	U74899WB1993PTC111351	Vikram International Private Limited	Director	30-04-08	30-04-08	-	Active	NO
8	U18100WB2005PTC106448	Vikram Solar Private Limited	Director	14-07-08	14-07-08	-	Active	NO
9	L65993WB1982PLC035564	Vikram Financial Services Limited	Director	03-08-10	03-08-10	-	Active	NO
10	L26939OR1977PLC000735	Nilachal Refractories Limited	Director	14-05-11	14-05-11	-	Active	NO

Name :	Mr. Anil Chaudhary
Designation :	Director
Address :	Sukhwani Associates, Flat No. 47F/E, Vivek Nagar, Pune – 411035, Maharashtra, India
Date of Birth/Age :	18.04.1967
Date of Appointment :	14.07.2008
DIN No:	00897159

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L67120WB1981PLC034413	Vikram Capital Management Limited	Director	01-09-92	01-09-92	13-03-09	Active	NO
2	U01119WB1993PLC060113	Vikram Greentech (India) Limited	Director	28-09-95	28-09-95	-	Active	NO
3	U29253WB1980PLC032447	Vikram India Limited	Director	28-09-95	28-09-95	-	Active	NO
4	U27310WB1990PTC048841	Excel Tea Machinery Private Limited	Director	26-04-96	26-04-96	-	Active	NO
5	U51109WB2000PTC091352	Vikram Private Limited	Director	13-03-00	13-03-00	-	Active	NO
6	U17120MH1999PTC118018	Maruti Textiles Private Limited	Director	15-03-02	15-03-02	-	Amalgamated	NO
7	U27104WB1988PTC044193	Vikram Polyesters Private Limited	Director	02-08-04	02-08-04	-	Active	NO
8	U18100GJ1990PTC013318	Pratibha Overseas Private Limited	Director	29-06-07	29-06-07	30-09-10	Active	NO
9	U74899WB1993PTC111351	Vikram International Private Limited	Director	30-04-08	30-04-08	-	Active	NO
10	U80301GJ2008NPL054071	Tapti Valley Education Foundation	Director	28-05-08	28-05-08	-	Active	NO
11	U18100WB2005PTC106448	Vikram Solar Private Limited	Director	14-07-08	14-07-08	-	Active	NO
12	U17239GJ1987PTC009851	Pioneer Syntex Private Limited	Director	01-01-09	01-01-09	-	Active	NO
13	U17120GJ2010PTC060844	Maruti Synthcot Private LimiteD	Director	21-05-10	21-05-10	-	Active	NO
14	L65993WB1982PLC035564	Vikram Financial Services Limited	Director	16-08-10	16-08-10	-	Active	NO
15	U31200GJ2010PTC063005	Kalindi Vessels and Panels Private Limited	Additional director	26-11-10	26-11-10	-	Active	NO
16	U17119GJ1991PTC016081	Swaraj Syntex Private Limited	Director	05-03-11	05-03-11	-	Active	NO
17	U74999WB2011PTC168374	SV Solar Private Limited	Director	03-10-11	03-10-11	-	Active	NO
18	U74999WB2011PTC168372	AV Solar Private Limited	Director	03-10-11	03-10-11	-	Active	NO

Name :	Mr. Krishna Kumar Maskara
Designation :	Director
Address :	15, Belveders Road, Shreeram Garden, Kolkata – 700027, West Bengal, India
Date of Birth/Age :	25.08.1978
Date of Appointment :	01.01.2009
DIN No:	01677008

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51109WB1994PTC062145	Monolink Trexim Private Limited.	Director	31-03-05	31-03-05	-	Active	NO
2	U70101WB1989PTC047279	Utility Constructions Private Limited	Director	12-12-07	12-12-07	-	Active	NO
3	U51109WB1994PTC066235	Panchanan Merchants Private Limited	Director	01-01-08	01-01-08	-	Active	NO
4	U51109WB2008PTC123029	Ivory Vanijya Private Limited	Director	31-03-08	31-03-08	-	Active	NO
5	U18100WB2005PTC106448	Vikram Solar Private Limited	Director	01-01-09	01-01-09	-	Active	NO
6	U40101MH2010PTC206540	Konark Gujarat PV Private Limited	Additional director	01-09-11	01-09-11	-	Active	NO
7	U74999WB2011PTC168374	SV Solar Private Limited	Director	03-10-11	03-10-11	-	Active	NO

Name :	Mr. Raj Kumar Mishra
Designation :	Director
Address :	67/68, Bangur Avenue, Block –A, Kolkata – 700055, West Bengal, India
Date of Birth/Age :	29.09.1964
Date of Appointment :	20.07.2010
DIN No:	03144680

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U18100WB2005PTC106448	Vikram Solar Private Limited	Director	20-07-10	20-07-10	-	Active	NO
2	U01119WB1993PLC060113	Vikram Greentech (India) Limited	Director	20-07-10	20-07-10	-	Active	NO

Name :	Mr. Gyanesh Chaudhary
Designation :	Director
Date of Appointment :	14.07.2008
DIN No:	00060387

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29253WB1980PLC032447	Vikram India Limited	Director	07-08-99	07-08-99	-	Active	NO
2	U74899WB1993PTC111351	Vikram International Private Limited	Director	10-06-00	10-06-00	-	Active	NO
3	U51109WB1994PTC066235	Panchanan Merchants Private Limited	Director	30-08-11	01-01-04	-	Active	NO
4	U27310WB1990PTC048841	Excel Tea Machinery Private Limited	Director	19-05-04	19-05-04	-	Active	NO
5	U51109WB1996PTC077970	Chandanpur Tea COmpany Private Limited	Director	13-09-04	13-09-04	16-09-10	Active	NO
6	U51109WB2000PTC091352	Vikram Private Limited	Director	01-11-04	01-11-04	-	Active	NO
7	U18100WB2005PTC106448	Vikram Solar Private Limited	Director	14-07-08	14-07-08	-	Active	NO
8	L67120WB1981PLC034413	Vikram Capital Management Limited	Additional director	18-03-09	18-03-09	-	Active	NO
9	U17120GJ2010PTC060844	Maruti Synthcot Private Limited	Director	21-05-10	21-05-10	-	Active	NO
10	L65993WB1982PLC035564	Vikram Financial Services Limited	Director	03-08-10	03-08-10	-	Active	NO
11	U45400WB2011PTC166718	Vikram Proener Projects Private Limited	Director	24-08-11	24-08-11	-	Active	NO
12	U51109WB2008PTC123026	Symphony Vyapaar Private Limited	Director	30-08-11	30-08-11	-	Active	NO
13	U51109WB2008PTC123044	Lexicon Vanijya Private Limited	Director	30-08-11	30-08-11	-	Active	NO
14	U40101MH2010PTC206540	Konark Gujarat PV Private Limited	Additional director	01-09-11	01-09-11	-	Active	NO
15	U74999WB2011PTC168374	SV Solar Private Limited	Director	03-10-11	03-10-11	-	Active	NO
16	U74999WB2011PTC168372	AV Solar Private Limited	Director	03-10-11	03-10-11	-	Active	NO

Name :	Mr. Manoj Kumar Sharma
Designation :	Director
Date of Appointment :	14.07.2008
DIN No:	00063134

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U01119WB1993PLC060113	Vikram Greentech (India) Limited	Director	31-07-95	31-07-95	-	Active	NO
2	L67120WB1981PLC034413	Vikram Capital Management Limited	Director	17-10-95	17-10-95	-	Active	NO
3	U70101WB1989PTC047279	Utility Constructions Private Limited	Director	30-03-96	30-03-96	-	Active	NO
4	U27310WB1990PTC048841	Excel Tea Machinery Private Limited	Director	26-04-96	26-04-96	-	Active	NO
5	U51109WB1996PTC078063	Aristo Texcon Private Limited	Director	06-01-97	06-01-97	-	Active	NO
6	U51109WB1996PTC078162	Manifold Tradelink Private Limited	Director	29-01-01	29-01-01	-	Active	NO
7	U51109WB1996PTC077970	Chandanpur Tea Company Private Limited	Director	15-01-03	15-01-03	14-08-10	Active	NO
8	U01111WB1995PTC068813	Chokhani Agro Foods and Preserves Private Limited	Director	26-12-03	26-12-03	-	Active	NO
9	U51109WB2000PTC091352	Vikram Private Limited	Director	19-11-04	19-11-04	-	Active	NO
10	U74140WB2001PTC093668	Prapti Consultants Private Limited	Director	01-08-05	01-08-05	-	Active	NO
11	U51109WB2005PTC106892	Aristo Tracom Private Limited	Director	26-12-05	26-12-05	-	Active	NO
12	U51909WB2005PTC106590	Harsha Consortium Private Limited	Director	05-01-06	05-01-06	-	Active	NO
13	U52322WB2005PTC102042	H S Fashions Private Limited	Director	05-06-06	05-06-06	-	Active	NO
14	U45200WB2007PTC112699	Goodlook Infracon Private Limited	Director	22-01-07	22-01-07	21-01-11	Active	NO
15	U45200WB2007PTC112700	Wisley Real Estate Private Limited	Director	22-01-07	22-01-07	31-01-11	Active	NO
16	U45200WB2007PTC112781	Pushpanjali Abasan Private Limited	Director	25-01-07	25-01-07	29-01-11	Active	NO
17	U51900WB2006PTC110141	Namdev Vvyapaar Private Limited	Director	30-11-07	29-01-07	-	Active	NO
18	U51109WB2006PTC110143	Commit Vyapaar Private Limited	Director	29-01-07	29-01-07	-	Active	NO
19	U51109WB2006PTC110145	Surpass Vyapaar Private Limited	Director	29-01-07	29-01-07	30-11-07	Active	NO
20	U45200WB2007PTC113025	Dewdrop Enclave Private Limited	Director	03-02-07	03-02-07	21-01-11	Active	NO
21	U45200WB2007PTC113118	Status Multiplex Private Limited	Director	06-02-07	06-02-07	21-01-11	Active	NO
22	U45200WB2007PTC113117	Esteem Angan Private Limited	Director	06-02-07	06-02-07	21-01-11	Active	NO
23	U51109WB2006PTC110135	Milage Vinimay Private Limited	Director	15-04-07	15-04-07	-	Active	NO
24	U45400WB2007PTC116133	Starpoint Housing Private Limited	Director	28-05-07	28-05-07	-	Active	NO
25	U45400WB2007PTC116161	Aradhana Greenfield Developers Private Limited	Director	29-05-07	29-05-07	21-01-11	Active	NO
26	U45400WB2007PTC116163	Eureka Complex Private Limited	Director	29-05-07	29-05-07	21-01-11	Active	NO
27	U27109WB1998PTC086562	Cherry Fabtrade Private Limited	Director	30-06-07	30-06-07	-	Active	NO
28	U51909WB1998PTC086565	Jagriti Mercantile Private Limited	Director	30-06-07	30-06-07	-	Active	NO
29	U70101WB2007PTC117841	Pioneer Complex Private Limited	Director	14-08-07	14-08-07	-	Active	NO
30	U70101WB2007PTC117840	Pioneer Real Estate Private Limited	Director	14-08-07	14-08-07	-	Active	NO
31	U70101WB2007PTC117839	Pioneer Awasan Private Limited	Director	14-08-07	14-08-07	-	Active	NO
32	U70101WB2007PTC117838	Pioneer Heritage Private Limited	Director	14-08-07	14-08-07	-	Active	NO
33	U70101WB2007PTC117837	Pioneer Tower Private Limited	Director	14-08-07	14-08-07	-	Active	NO
34	U70101WB2007PTC117836	Pioneer Greenfields Nirman Private Limited	Director	14-08-07	14-08-07	-	Active	NO
35	U51109WB1994PTC066235	Panchanan Merchants Private Limited	Director	12-12-07	12-12-07	-	Active	NO
36	U70101WB2007PTC118817	Twister Enclave Private Limited	Director	28-01-08	28-01-08	-	Active	NO
37	U51109WB2008PTC122651	Spk Vanijya Private Limited	Director	15-02-08	15-02-08	-	Active	NO
38	U51109WB2008PTC122171	Lifestyle Dealcomm Private Limited	Director	07-03-08	07-03-08	-	Active	NO
39	U29253WB1980PLC032447	Vikram India Limited	Additional director	15-03-08	15-03-08	-	Active	NO
40	U51109WB2008PTC123029	Ivory Vanijya Private Limited	Director	31-03-08	31-03-08	-	Active	NO
41	U51109WB2008PTC123026	Symphony Vyapaar Private Limited	Director	31-03-08	31-03-08	-	Active	NO
42	U51109WB2008PTC123044	Lexicon Vanijya Private Limited	Director	31-03-08	31-03-08	-	Active	NO
43	U51109WB2008PTC122961	Diagram Commercial Private Limited	Director	31-03-08	31-03-08	-	Active	NO
44	U51109WB2008PTC123033	Dhansri Vyapaar Private Limited	Director	31-03-08	31-03-08	-	Active	NO
45	U74899WB1993PTC111351	Vikram International Private Limited	Director	30-04-08	30-04-08	-	Active	NO
46	U18100WB2005PTC106448	Vikram Solar Private Limited	Director	14-07-08	14-07-08	-	Active	NO
47	U15202WB2008PTC129256	Spk Food Products Private Limited	Director	10-09-08	10-09-08	-	Active	NO
48	U51109WB1994PTC062145	Monolink Trexim Private. Limited.	Director	14-08-09	14-08-09	-	Active	NO
49	L65993WB1982PLC035564	Vikram Financial Services Limited	Director	01-11-09	01-11-09	-	Active	NO
50	U93030WB2010PTC141462	Trailblazer Edusol Private Limited	Director	28-01-10	28-01-10	-	Active	NO
51	U52390WB2010PTC141380	Achiever Merchant Private Limited	Director	05-02-10	05-02-10	-	Active	NO
52	U18101AS2010PTC009748	Aristo Textiles Private Limited	Director	17-02-10	17-02-10	-	Active	NO
53	U45400WB2011PTC166718	Vikram Proener Projects Private Limited	Director	24-08-11	24-08-11	-	Active	NO
54	U74999WB2011PTC168372	AV Solar Private Limited	Director	03-10-11	03-10-11	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Rohit
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Hari Krishna Chaudhary	157250
Urmila Chaudhary	446250
Anil Vhaudhary	474450
Chaudhary Nilam	355000
Gyanesh Chaudhary	432050
G.C. Chaudhary and Sons, India	450000
Anil Chaudhary and Sons, India	450000
Monolink Trexim Private Limited, india	1425000
Vikram Capital Management Limited, India	4900000
Vikram India Limited, India	999250
Meenakshi Chaudhary	460000
H.K. Chaudhary and Sons, India	450000
Total	10999250

AS ON 18.11.2010

Names of Allotee	No. of Shares Alloted
Uplink Vyapaar Private Limited, India	800000
Katyayani Vinimay Private Limited, India	500000
Vikram Financial Services Limited, India	1150000
Pioneer Syntex Private Limited, India	5332500
Unicorn Tie Up Private Limited, India	350000
Pooran Chand Manicktala	53600
Sohan Lal Manicktala	46900
Ram Saran Maniktala	80400
Tarkeswar Tiwari	46900
Total	8360300

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2010

Category	Percentage
Bodies corporate	66.59
Directors or relatives of Directors	33.41
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Automotive Modules

Products :

Item Code No.	Product Description
8541	Solar Photovoltaic Modules

Exports :

Products :

Automotive Modules

Countries :

• Europe
• UK
• Germany

Terms :

Selling :

Depends

Purchasing :

Depend

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Solar Photovoltaic Modules and Systems	KW	Nil	12000.00	3237.30

GENERAL INFORMATION

Customers :

• Others
• Industries

No. of Employees :

100 (Approximately)

Bankers :

State Bank of India, Kolkata Branch, West Bengal, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Term Loan from SBI	141.561	42.733
Buyers Credit (TL) SBI	7.628	0.000
HP Loans Against Vehicles	1.056	0.000
Packing Credit from SBI	81.684	0.000
Cash Credit from SBI	146.609	2.928
Buyers Credit SBI (Raw Material)	143.829	0.000
Total	522.367	45.661
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Body Corporates	0.000	6.845
Others	0.000	0.000
Total	0.000	6.845

Note :

1. Term Loan from Bank is secured by first charge on fixed assets of the unit at Falta, West Bengal
2. Working Capital Facility from Bank is secured by way of First charge on current assets of the company
3. Hire Purchase Loans are secured against individual movable assets.

Banking Relations :	--
Auditors :
Name :	Rustogi and Company Chartered Accountants
Address :	19, R.N. Mukharjee Road, 1^st Floor, Eastern Building, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22480823 / 0856
Fax No.:	91-33-22430746
PAN No:	AAUFS1566M
Associates:	Vikarm India Limited Vikram Private Limited Chandanpur Tea Company Private Limited Associated Tea Industries Pioneer Syntex Private Limited
Subsidiaries:	Vikram Solar GmbH

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs.10/- each	Rs.120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10999250	Equity Shares	Rs.10/- each	Rs.109.992 Millions

AS ON 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
19359550	Equity Shares	Rs.10/- each	Rs.193.595 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		109.992	52.242	7.050
2] Share Application Money		17.400	27.400	0.000
3] Reserves & Surplus		47.000	14.686	6.950
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		174.392	94.328	14.000
LOAN FUNDS
1] Secured Loans		522.367	45.661	28.622
2] Unsecured Loans		0.000	6.845	4.737
TOTAL BORROWING		522.367	52.506	33.359
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		696.759	144.834	47.359
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		222.786	31.372	39.050
Capital work-in-progress		4.835	85.174	7.496
INVESTMENT		1.283	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	131.705	0.000	1.799
	Sundry Debtors	282.767	0.000	0.000
	Cash & Bank Balances	8.340	2.061	0.595
	Other Current Assets	0.000	0.000	0.016
	Loans & Advances	101.931	28.279	0.027
Total Current Assets		524.743	30.340	2.437
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities	56.818	1.982	1.604
	Provisions	0.070	0.070	0.020
Total Current Liabilities		56.888	2.052	1.624
Net Current Assets		467.855	28.288	0.813
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		696.759	144.834	47.359

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	TOTAL TURNOVER		335.239	0.000	NA
	TOTAL EXPENDITURE		302.547	0.000	NA
	PROFIT/ LOSS BEFORE TAX		32.830	0.000	(1.939)
Less	TAX		0.000	0.000	(0.007)
	PROFIT/ LOSS AFTER TAX		32.830	0.000	(1.946)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	301.788	0.000	NA
	TOTAL EARNINGS		301.788	0.000	NA
	IMPORTS
		Raw Materials	247.946	0.000	NA
		Stores & Spares	0.280	0.000	NA
		Capital Goods	85.259	0.000	NA
	TOTAL IMPORTS		333.485	0.000	NA
	Earnings/ LOSS Per Share (Rs.)		4.73	0.00	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	9.79	0.000	NA
Return on Total Assets (PBT/Total Assets}	(%)	4.39	0.000	NA
Return on Investment (ROI) (PBT/Networth)		0.18	0.000	(4.67)
Debt Equity Ratio (Total Liability/Networth)		3.32	0.85	2.49
Current Ratio (Current Asset/Current Liability)		9.22	14.78	1.50

LOCAL AGENCY FURTHER INFORMATION

NOTE :

The Registered office address of the company has been shifted from 26, Shakespares Sarani, 8^th Floor, West Bengal, India to present address w.e.f. 18.10.2008

TRADE REFERENCES :

Jayder India – Rajasthan

FIXED ASSETS :

• Land (Leasehold)
• Buildings
• Plant and Machinery
• Electrical Installations
• Generator Set
• Electrical Equipments
• Computer
• Vehicles
• Handling Equipments
• Office Equipments
• Tools and Equipments
• Certification

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.49.13
UK Pound	1	Rs.75.97
Euro	1	Rs.65.99

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		28

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%)

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.