MIRA INFORM REPORT

Report Date :

29.10.2011

IDENTIFICATION DETAILS

Name :	GAPS POWER AND INFRASTRUCTURE PRIVATE LIMITED
Registered Office :	D-197, Shendra MIDC, Aurangabad Jalna Road, Aurangabad-431210, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.02.2005
Com. Reg. No.:	11-151412
Capital Investment / Paid-up Capital :	Rs.19.362 Millions
CIN No.: [Company Identification No.]	U40100MH2005PTC151412
TAN No.: [Tax Deduction & Collection Account No.]	MUMG11182D
PAN No.: [Permanent Account No.]	AACCG4550G
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of generation of power.
No. of Employees :	Information denied by the management.

RATING & COMMENTS

MIRA’s Rating :

Ca (17)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company is under severe pressure. There appears huge accumulated losses recorded by the company. However, trade relations are reported as fair. 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.

INFORMATION DECLINED BY

Name :	Mr. Sanjay Joshi
Designation :	Assistant Vice President
Date :	25.10.2011

LOCATIONS

Registered Office :	D-197, Shendra MIDC, Aurangabad Jalna Road, Aurangabad-431210, Maharashtra, India
Tel. No.:	91-240-6454088
Fax No.:	91-240-2622088
E-Mail :	charmy.bhoot@ilfsindia.com rckca@indiatimes.com admin@gapspower.com
Website:	http://www.gapspower.com
Mumbai Office:	The IL and FS Finance Center, 8^th Floor, C-22, G Block, Bandra-Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India
Tel. No.:	91-22-26533333
Fax No.:	91-22-26533038/26533059

DIRECTORS

As on 30.09.2010

Name :

Mr. Gurinder Mohan Singh Nindrajog

Designation :

Director

Address :

D-44, South Extension, Part II, New Delhi-110049, India

Date of Birth/Age :

20.04.1949

Date of Appointment :

18.02.2005

Din No.:

00182858

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	U74899DL1981PTC012024	QSS COLOR PROCESSORS PRIVATE LIMITED	Director	17-07-81	17-07-81	-	Active	NO
2	U74899DL1984PLC017945	GMS TECHNOLOGIES LIMITED	Director	17-04-84	17-04-84	-	Active	NO
3	U24294MH1985PTC035507	LAZOR COLOR PRINTS PRIVATE LIMITED	Director	27-02-85	27-02-85	-	Active	NO
4	U74899DL1988PTC031018	GMS CONSTRUCTION COMPANY PRIVATE LIMITED	Director	21-03-88	21-03-88	-	Active	NO
5	U50101DL1997PTC089020	ICHIBAAN AUTOMOBILES PRIVATE LIMITED	Director	11-08-97	11-08-97	-	Active	NO
6	U40100MH2005PTC151412	GAPS POWER AND INFRASTRUCTURE PRIVATE LIMITED	Director	18-02-05	18-02-05	04-12-10	Active	NO
7	U34100DL1993PTC053111	GMS MOTORS PRIVATE LIMITED	Director	28-01-06	28-01-06	-	Active	NO
8	U72900DL2007PTC158351	GMS I.T. SOLUTIONS PRIVATE LIMITED	Managing director	24-01-07	24-01-07	-	Strike off	NO
9	U28990MH2008PTC181461	HOVER AUTOMOTIVE INDIA PRIVATE LIMITED	Additional director	07-05-08	07-05-08	-	Active	NO
10	U50500DL2010PTC211579	ICHIBAAN MOTORS PRIVATE LIMITED	Director	20-12-10	20-12-10	-	Active	NO

Name :

Mr. Suresh Prasad Shukla

Designation :

Director

Address :

32, Palm Crest, 191-192, St. Paul Road, Bandra, Mumbai-400050, Maharashtra, India

Date of Appointment :

25.06.2005

Date of Ceasing:

01.04.2010

Din No.:

01400469

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	U40100MH2005PTC151412	GAPS POWER AND INFRASTRUCTURE PRIVATE LIMITED	Director	25-06-05	25-06-05	01-04-10	Active	NO
2	U72200MH2006PTC161148	PROBYON TECHNOLOGIES PRIVATE LIMITED	Director	13-04-06	13-04-06	23-02-10	Active	YES
3	U29100MH2010PTC205937	COSMIC ELECT-TECH PRIVATE LIMITED	Director	26-07-10	26-07-10	-	Active	NO

Name :

Mr. Sumeet Singh Nindrajog

Designation :

Director

Address :

D-44, South Extension, Part II, New Delhi-110049, India

Date of Birth/Age :

30.06.1979

Date of Appointment :

18.02.2005

Date of Ceasing:

23.09.2011

Din No.:

00182873

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	U40100MH2005PTC151412	GAPS POWER AND INFRASTRUCTURE PRIVATE LIMITED	Director	18-02-05	18-02-05	23-09-11	Active	NO
2	U50101DL1997PTC089284	G M S AUTOMOBILES PRIVATE LIMITED	Director	03-03-05	03-03-05	-	Active	YES
3	U74899DL1990PTC040649	SNR DEVELOPERS PRIVATE LIMITED	Director	16-05-06	16-05-06	-	Active	YES
4	U72900DL2007PTC158351	GMS I.T. SOLUTIONS PRIVATE LIMITED	Director	24-01-07	24-01-07	-	Strike off	NO
5	U74899DL1988PTC031018	GMS CONSTRUCTION COMPANY PRIVATE LIMITED	Director	27-04-07	27-04-07	-	Active	NO
6	U50500DL2010PTC211579	ICHIBAAN MOTORS PRIVATE LIMITED	Director	20-12-10	20-12-10	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sanjay Joshi
Designation :	Assistant Vice President

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Gurinder Mohan Singh Nindrajog	101799
Praveen Nindrajog	402051
Sumeet Singh Nindrajog	464298
Amarjeet Singh Chawala	322744
Haplon Investment Group Limited, UK	645398
Total	1936290

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	33.40
Directors or relatives of directors	66.60
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of generation of power.

GENERAL INFORMATION

No. of Employees :

Information denied by the management.

Bankers :

· Indian Overseas Bank, Fort Branch, Elphinstone Building, 2/10 Veer Nariman Road, Mumbai-400023, Maharashtra, India

· State Bank of India

· ICICI Bank

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
State Bank of India-Term Loan [Secured against pari passu charge of movable and immovable fixed assets]	179.149	209.157
Indian Overseas Bank –Term Loan [Secured against pari passu charge of movable and immovable fixed assets]	169.937	199.708
State Bank of India – Cash Credit [Secured against pari passu charge on current assets of the company, both present and future]	35.059	73.753
ICICI Bank – Car Loan [Secured against hypothecation of motor vehicles]	0.000	0.123
First Leasing Company of India Limited [Secured against hypothecation of movable plant and machinery]	2.484	9.848
Total	386.629	492.589
Unsecured Loan
From Companies [Interest Bearing]	166.000	0.000
From Companies [Non Interest Bearing]	0.000	12.376
Total	166.000	12.376

Banking Relations :	--
Auditors :
Name :	R C Kapoor and Company Chartered Accountant
Address :	D-36, G.F, South Extension Part-II, New Delhi-110049, India
Holding Company:	· IL and FS Energy Development Company Limited [U40300DL2007PLC163679] · II and FS Renewable Energy Limited
Enterprise Under Control of Key Management Personnel:	· Ichibaan Automobiles Private Limited · GMS Motors Private Limited · GMS Integrated Private Limited · GMS Construction Company Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1936290	Equity Shares	Rs.10/- each	Rs.19.362 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		19.362	19.362	19.362
2] Share Application Money		120.000	26.338	26.338
3] Reserves & Surplus		140.444	140.444	140.444
4] (Accumulated Losses)		(233.497)	(111.167)	(34.844)
NETWORTH		46.309	74.977	151.300
LOAN FUNDS
1] Secured Loans		386.629	492.589	472.387
2] Unsecured Loans		166.000	12.376	88.546
TOTAL BORROWING		552.629	504.965	560.933
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		598.938	579.942	712.233
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		575.956	616.003	678.805
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	49.429	0.026
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.580	2.211	43.911
	Sundry Debtors	47.133	72.749	27.320
	Cash & Bank Balances	12.786	12.592	11.592
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	12.273	8.250	6.950
Total Current Assets		76.772	95.802	89.773
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	41.444	131.372	55.696
	Other Current Liabilities	12.257	49.609	0.894
	Provisions	0.524	0.760	0.276
Total Current Liabilities		54.225	181.741	56.866
Net Current Assets		22.547	(85.939)	32.907
MISCELLANEOUS EXPENSES		0.435	0.449	0.495
TOTAL		598.938	579.942	712.233

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales	158.914	253.525
		Income From CER’s	42.685	0.000	33.017
		Other Income	1.232	6.813
		TOTAL (A)	202.831	260.338	33.017
Less	EXPENSES
		Cost of Sales	133.977	233.690
		Staff and Administrative Expenses	35.009	30.593	NA
		Exceptional Items	0.000	22.285
		TOTAL (B)	168.986	286.568	NA
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		33.845	(26.230)	NA
Less	FINANCIAL EXPENSES (D)		72.103	70.841	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(38.258)	(97.071)	NA
Less/ Add	DEPRECIATION/ AMORTISATION (F)		30.989	28.219	NA
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(69.247)	(125.290)	NA
Less	TAX (H)		49.430	(49.403)	NA
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(118.677)	(75.887)	NA
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(111.167)	(34.845)	NA
Add/ Less	ADDITIONAL DEPRECIATION CHARGED		(3.653)	0.000	NA
	PRIOR PERIOD ADJUSTMENTS		0.000	(0.435)	NA
	BALANCE CARRIED TO THE B/S		(233.497)	(111.167)	NA
	EARNINGS IN FOREIGN CURRENCY
		Income From CER’s	42.685	NA	NA
	Earnings / Loss Per Share (Rs.)		(61.29)	(39.19)	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(58.51)	(29.15)	NA
Net Profit Margin (PBT/Sales)	(%)	(43.57)	(49.42)	NA
Return on Total Assets (PBT/Total Assets}	(%)	(10.60)	(17.60)	NA
Return on Investment (ROI) (PBT/Networth)		(1.50)	(1.67)	NA
Debt Equity Ratio (Total Liability/Networth)		13.10	9.16	4.08
Current Ratio (Current Asset/Current Liability)		1.42	0.53	1.57

LOCAL AGENCY FURTHER INFORMATION

Note: The registered office of the company has been shifted from 175 CST Road, Metro Estate, Kalina, Mumbai – 400098, Maharashtra, India to the present address w.e.f. 07.02.2011

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors	41.444	131.372	55.696

BUSINESS ACTIVITIES:

For the financial year 2010-11, the Company has achieved a Sales turnover of Rs.158.914 millions compared to Rs.253.525 millions in the previous year. During the financial year, the company has incurred a loss of Rs.118.677 millions.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10033138
Corporate identity number of the company	U40100MH2005PTC151412
Name of the company	GAPS POWER AND INFRASTRUCTURE PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	175 CST Road, Metro Estate, Kalina, Mumbai – 400098, Maharashtra, India
Type of charge	Immovable Property
Particular of charge holder	Indian Overseas Bank, Fort Branch, Elphinstone Building, 2/10 Veer Nariman Road, Mumbai-400023, Maharashtra, India
Email	forttbr@mummrc01.iobnet.co.in
Nature of description of the instrument creating or modifying the charge	a) Confirmation Letter b) Affidavit
Date of instrument Creating the charge	05.05.2009
Amount secured by the charge	Rs.215.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per the terms of sanction. Terms of Repayment As per the terms of sanction. Margin As per the terms of sanction. Extent and Operation of the charge The charge is to operate as security, by way of first exclusive charge, for the due repayment of credit facilities of Rs.215.000 Millions granted by Indian Overseas Bank and the credit facilities of Rs.345.000 Millions granted by State Bank of India, together with interests, costs, charges, expenses and all other moneys payable by the Company to the Bank in terms of sanction. Others The amount of Rs.345.000 Millions granted by State Bank of India has been registered separately with ROC vide Charge ID No.10105109.
Short particulars of the property charged	Extension of equitable mortgage of immovable properties Viz., Plot No.D-197, MIDC, Shendra Five Star Industrial Area, Village limits of Kumbhephal, Taluka and District Aurangabad admeasuring 87655 sq.mtrs. On or towards East : MIDC Land On or towards South : MIDC Road On or towards West : MIDC Road On or towards North : Plot No.D-1966
Date of latest modification prior to the present modification	07.11.2007
Particulars of the present modification	The amount secured by the charge has been enhanced from Rs.190.000 Millions to Rs.215.000 Millions.

FIXED ASSETS:

· Leasehold Land

· Building

· Furniture and Fittings

· Office Equipments

· Computer

· Vehicles

· Tractor and Loader

· Electrical Equipments

· Plant and Machinery

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 records 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.48.82
UK Pound	1	Rs.78.57
Euro	1	Rs.69.29

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	-
--CREDIT LINES	1~10	1
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		17

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.