MIRA INFORM REPORT

Report Date :

17.09.2011

IDENTIFICATION DETAILS

Name :	JHAJJAR POWER LIMITED
Registered Office :	Village Khanpur, Tahsil Matenhail, Jhajjar – 124142, Haryana
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	09.04.2008
Com. Reg. No.:	05-037809
Capital Investment / Paid-up Capital :	Rs.7903.805 Millions
CIN No.: [Company Identification No.]	U40104HR2008SGC037809
TAN No.: [Tax Deduction & Collection Account No.]	RTKJ02589G
PAN No.: [Permanent Account No.]	AACCJ04680L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in Generation of Electrical Energy
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B [27]

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

Maximum Credit Limit :	USD 31100000
Status :	Yet to commence business
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Though the company was incorporated in the year 2008, it is yet to commence its commercial operations. The plant of the company still on its implementation stage. Payment terms are unknown. The company can be considered for business dealings with some cautions.

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 – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
India	A1	A1

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

LOCATIONS

Registered Office :	Village Khanpur, Tahsil Matenhail, Jhajjar – 124142, Haryana, India
Tel. No.:	91-1251-305000
Fax No.:	91-1251-305005
E-Mail :	Ankit.popat@clpindia.in
Website :	http://www.clpindia.in
Corporate Office :	15^th Floor, Oberoi Commerz International Business Park, Oberoi Garden City, Off. Western Express Highway, Goregaon – East, Mumbai – 400063, Maharashtra, India
Tel. No.:	91-22-67588888
Fax No.:	91-22-67588811

DIRECTORS

As on 30.09.2010

Name :

Mr. Rajiv Ranjan Mishra

Designation :

Director

Address :

Flat No.301, EVITA, HIranandani Gardens, POwai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

01.01.1966

Date of Appointment :

07.08.2008

DIN :

00131207

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U40100GJ1995PTC042939	CLP POWER INDIA PRIVATE LIMITED	Managing director	28/08/2006	22/03/2005	Active	NO
2	U85110KA1994PLC015097	MANGALORE POWER COMPANY (UN LIMITED LIABILITY)	Director	24/06/2005	24/06/2005	Under liquidation	NO
3	U40100GJ1992PTC018284	GUJARAT PAGUTHAN ENERGY CORPORATION PRIVATE LIMITED	Managing director	1/7/2005	1/7/2005	Active	NO
4	U29100MH2005PTC154946	CLP Wind Farms (Khandke) Private Limited	Director	20/12/2006	20/12/2006	Active	NO
5	U40106GJ2008PTC054629	CLP WIND FARMS (INDIA) PRIVATE LIMITED	Director	29/07/2008	29/07/2008	Active	NO
6	U40104HR2008SGC037809	JHAJJAR POWER LIMITED.	Director	30/09/2009	7/8/2008	Active	NO
7	U40100GJ2010PTC059351	CLP WIND FARMS (THENI - PROJECT III) PRIVATE LIMITED	Director	28/01/2010	28/01/2010	Active	NO
8	U40100GJ2010PTC059346	CLP WIND FARMS (THENI - PROJECT IV) PRIVATE LIMITED	Director	28/01/2010	28/01/2010	Active	NO
9	U40100GJ2010PTC059347	CLP WIND FARMS (THENI - PROJECT II) PRIVATE LIMITED	Director	28/01/2010	28/01/2010	Active	NO

Name :

Mr. Naveen Munjal

Designation :

Director

Address :

1313-15, B-Wing, Samartha Aangan, Phase – III, off new Link Road, Oshiwara, Andheri – West, Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

05.12.1965

Date of Appointment :

07.08.2008

DIN :

00230313

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	U85110KA1994PLC015097	MANGALORE POWER COMPANY (UN LIMITED LIABILITY)	Director	6/5/2003	6/5/2003	-	Under liquidation	NO
2	U40100GJ1995PTC042939	CLP POWER INDIA PRIVATE LIMITED	Director	18/09/2003	18/09/2003	-	Active	NO
3	U40100GJ1992PTC018284	GUJARAT PAGUTHAN ENERGY CORPORATION PRIVATE LIMITED	Director	5/2/2007	5/2/2007	19/08/2011	Active	NO
4	U40106GJ2008PTC054629	CLP WIND FARMS (INDIA) PRIVATE LIMITED	Director	29/07/2008	29/07/2008	-	Active	NO
5	U40104HR2008SGC037809	JHAJJAR POWER LIMITED.	Director	30/09/2009	7/8/2008	-	Active	NO
6	U40100GJ2010PTC059351	CLP WIND FARMS (THENI - PROJECT III) PRIVATE LIMITED	Director	28/01/2010	28/01/2010	-	Active	NO
7	U40100GJ2010PTC059346	CLP WIND FARMS (THENI - PROJECT IV) PRIVATE LIMITED	Director	28/01/2010	28/01/2010	-	Active	NO
8	U40100GJ2010PTC059347	CLP WIND FARMS (THENI - PROJECT II) PRIVATE LIMITED	Director	28/01/2010	28/01/2010	-	Active	NO

Name :

Mr. Samir Ashta

Designation :

Director

Address :

85, Siddhartha Enclave, Jangpura, New Delhi – 110014, India

Date of Birth/Age :

26.06.1964

Date of Appointment :

07.08.2008

DIN :

01957618

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U40100GJ1995PTC042939	CLP POWER INDIA PRIVATE LIMITED	Additional director	7/12/2007	7/12/2007	Active	NO
2	U40100GJ1992PTC018284	GUJARAT PAGUTHAN ENERGY CORPORATION PRIVATE LIMITED	Director	28/08/2008	7/12/2007	Active	NO
3	U40106GJ2008PTC054629	CLP WIND FARMS (INDIA) PRIVATE LIMITED	Director	29/07/2008	29/07/2008	Active	NO
4	U40104HR2008SGC037809	JHAJJAR POWER LIMITED.	Director	30/09/2009	7/8/2008	Active	NO
5	U29100MH2005PTC154946	CLP Wind Farms (Khandke) Private Limited	Director	25/09/2009	19/06/2009	Active	NO
6	U40100GJ2010PTC059346	CLP WIND FARMS (THENI - PROJECT IV) PRIVATE LIMITED	Director	28/01/2010	28/01/2010	Active	NO
7	U40100GJ2010PTC059347	CLP WIND FARMS (THENI - PROJECT II) PRIVATE LIMITED	Director	28/01/2010	28/01/2010	Active	NO
8	U40100GJ2010PTC059351	CLP WIND FARMS (THENI - PROJECT III) PRIVATE LIMITED	Director	28/01/2010	28/01/2010	Active	NO

Name :

Mr. Peter Albert Littlewood

Designation :

Director

Address :

No.6, Kensington Path, The Royal Oaks, 8 Kam Tsin South Road, Sheung Shui, New territories, Hong Kong

Date of Birth/Age :

06.03.1951

Date of Appointment :

07.08.2008

DIN :

01265274

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U40100GJ1992PTC018284	GUJARAT PAGUTHAN ENERGY CORPORATION PRIVATE LIMITED	Director	20/02/2002	20/02/2002	Active	NO
2	U40100GJ1995PTC042939	CLP POWER INDIA PRIVATE LIMITED	Director	20/02/2002	20/02/2002	Active	NO
3	U40104HR2008SGC037809	JHAJJAR POWER LIMITED.	Director	30/09/2009	7/8/2008	Active	NO

Name :

Mr. Siu Wah Li

Designation :

Director

Address :

63C, Tower 2, Bellagio, 33 Casstle Peak Road, Sham Tseng, N T, Hong Kong

Date of Birth/Age :

21.09.1950

Date of Appointment :

07.08.2008

DIN :

02338287

Name :

Lai Hing Virginia Wong

Designation :

Director

Address :

Flat E, 40/F, Tower 5, 9 Sham Shing Road, The Pacifica, Cheung Sha Wan Kowloon, Hong Kong

Date of Birth/Age :

24.06.1965

Date of Appointment :

28.01.2010

DIN :

02937230

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	U40100GJ1992PTC018284	GUJARAT PAGUTHAN ENERGY CORPORATION PRIVATE LIMITED	Director	29/09/2010	21/01/2010	23/08/2011	Active	NO
2	U40104HR2008SGC037809	JHAJJAR POWER LIMITED.	Director	30/09/2010	28/01/2010	1/9/2011	Active	NO
3	U40106GJ2008PTC054629	CLP WIND FARMS (INDIA) PRIVATE LIMITED	Director	28/09/2010	29/01/2010	1/9/2011	Active	NO
4	U40100GJ2010PTC059347	CLP WIND FARMS (THENI - PROJECT II) PRIVATE LIMITED	Director	22/07/2011	16/02/2010	1/9/2011	Active	NO
5	U40100GJ2010PTC059351	CLP WIND FARMS (THENI - PROJECT III) PRIVATE LIMITED	Director	22/07/2011	16/02/2010	1/9/2011	Active	NO
6	U40100GJ2010PTC059346	CLP WIND FARMS (THENI - PROJECT IV) PRIVATE LIMITED	Director	22/07/2011	16/02/2010	1/9/2011	Active	NO
7	U29100MH2005PTC154946	CLP Wind Farms (Khandke) Private Limited	Director	28/09/2010	26/02/2010	1/9/2011	Active	NO
8	U40100GJ1995PTC042939	CLP POWER INDIA PRIVATE LIMITED	Director	30/09/2010	18/03/2010	1/9/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Ankit Popat
Designation :	Secreatry
Date of Appointment :	02.12.2008
PAN :	AODPP1283R

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares Equity Shares
CLP Power India Private Limited, India	19999940
Rajiv Mishra	10
Naveen Munjal	10
Samir Ashta	10
Ashok Singh	10
Nabeel Salim	10
Mitesh Trivedi	10
Total Equity Shares	20000000
	No. of Shares Preference Shares
Gujarat Paguthan Energy Corporation Private Limited, India	69000000
CLP Power Projects II, Mauritius	1012700158
Total Preference Shares	1081700158

As on 29.03.2011

Names of Allotees	No. of Shares Preference Shares Allotted
Gujarat Paguthan Energy Corporation Private Limited, India	173500000

As on 18.02.2011

Names of Allotees	No. of Shares Preference Shares Allotted
Gujarat Paguthan Energy Corporation Private Limited, India	173740000

As on 30.09.2010

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in Generation of Electrical Energy

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

IDBI Bank Limited, IDBI Tower WTC Complex, Cuffeparade, Mumbai – 400005, Maharashtra, India

Facilities :

Secured Loan [Rs. in million]	31.03.2010	31.03.2009
Term Loans
From Banks - Rupee Loans	4595.146	0.000
From Financial Institutions
Rupee Loans	3782.319	0.000
Foreign Currency Loans	1434.291	0.000
Bridge Loan from bank	0.000	820.000
Total	9811.756	820.000

Notes:

A) Term loans are secured by way hypothecation of

• all rights, title, interest and benefit in all and singular, the movable plant and machinery, as also all tangible moveable and intangible moveable assets (both present and future).
• all rights, title, interest, benefit, claims and demands whatsoever in, to, under and/or in respect of the Project Documents (including any contractor guarantees, liquidated damages, performance bonds and letters of credit that may be provided by any counter party to the Project Documents), and the clearances, licenses licenses, permits, approvals, consents hereto in respect of the Project.
• all the rights, title, interest, benefit, claims and demands whatsoever in, to, under and/or in respect of the Insurance Contracts both present and future and all rights, claims and benefits to all monies receivable there under and all other claims there under.
• all rights, title, interest, benefit, claims and demands whatsoever of the letters of credit issued
• all amounts owing to, and received by, the Company and all rights, title, interest, benefits, claims and demands whatsoever in, to or in respect of all amounts owing to, and received by, the Company, commissions, revenues whatsoever and wheresoever arising, both present and future including Borrower's uncalled capital.
• all the current assets, both present and future
• by way of a floating charge (which shall automatically convert into a fixed charge upon occurrence of an event of default or a potential event of default under the Common Rupee Loan Agreement or the Foreign Currency), all the other assets of the Borrower, both present and future

B) Amount repayable within one year Rs. Nil

Banking Relations :	--
Financial Institution :	Power Finance Corporation Limited, 'Urjanidhi', 1,Barakhamba Lane, Connaught Place,, New Delhi - 110001, Delhi, India
Auditors :
Name :	V. Nijhawan Price Waterhouse Chartered Accountant
Address :	Building 8, 7^th and 8^th Floor, Tower – B, Cyber City, Gurgaon – 122002, Haryana, India
Tel. No.:
Fax No.:
Holding Company :	CLP Power India Private Limited CIN : U40100GJ1995PTC042939
Fellow Subsidiaries :	Gujarat Paguthan Energy Corporation Private Limited [GPEC] CLP Wind Farms [India] Private Limited CLP Power Project II, Mauritius CLP Asia Services Limited, British Virgin Island
Ultimate Holding Company:	CLP Holding Limited, Hong Kong

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
500,000,000	Equity Shares	Rs.10/-each	Rs.5000.000 millions
2,100,000,000	Compulsory Convertible Preference Shares	Rs.10/-each	Rs.21000.000 millions
	Total		Rs.26000.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20,000,000	Equity Shares	Rs.10/-each	Rs.200.000 millions
770,380,476	Compulsory Convertible Preference Shares	Rs.10/-each	Rs.7703.805 millions
	Total		Rs.7903.805 millions

Of the above:

• 20,000,000 (Previous Period 9,100,000) equity shares are held by CLP Power India Private Limited, the Holding Company and its nominees
• 701,380,476 (Previous Period 57,000,000) Compulsory Convertible Preference Shares are held by CLP Power Projects II, Mauritius and 69,000,000 (Previous Period 269,000,000) Compulsory Convertible Preference Shares are held by Gujarat Paguthan Energy Corporation Private Limited

After 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
500,000,000	Equity Shares	Rs.10/-each	Rs.5000.000 millions
2,100,000,000	Compulsory Convertible Preference Shares	Rs.10/-each	Rs.21000.000 millions
	Total		Rs.26000.000 millions

Issued, Subscribed & Paid-up Capital : Rs.16308.401 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

Particulars		31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		7903.805	3351.000
2] Share Application Money		0.000	18.053
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		[116.872]	[71.464]
NETWORTH		7786.933	3297.589
LOAN FUNDS
1] Secured Loans		9811.756	820.000
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		9811.756	820.000
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		17598.689	4117.589
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3340.680	2907.381
Capital work-in-progress		13406.435	560.775
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	537.027	442.442
	Other Current Assets	11.150	7.484
	Loans & Advances	166.880	6.546
Total Current Assets		715.057	456.472
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1031.111	16.041
	Other Current Liabilities	73.421	11.373
	Provisions	1.735	0.353
Total Current Liabilities		1106.267	27.767
Net Current Assets		[391.210]	428.705
Pre Operative Expenditure		1242.784	220.728
TOTAL		17598.689	4117.589

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2010	31.03.2009
	Total Income	19.942	0.000
Less	EXPENSES
	Personnel Expenses	14.161	6.103
	Administration and Other Expenses	42.234	64.591
	Total	56.395	70.694
Less	PROFIT/LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	[36.453]	[70.694]
Less	FINANCIAL EXPENSES	1.163	0.000
	PROFIT/LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION	[37.616]	[70.694]
Less/ Add	DEPRECIATION/ AMORTISATION	0.942	0.000
	PROFIT / LOSS BEFORE TAX	[38.558]	[70.694]
Less	TAX	6.850	[0.770]
	PROFIT / LOSS AFTER TAX	[45.408]	[71.464]
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	[71.464]	0.000
	BALANCE CARRIED TO THE B/S	[116.872]	[71.464]
	Earnings Per Share (Rs.)	[3.75]	[31.12]

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009
PAT / Total Income	(%)	[227.70]	NA
Return on Total Assets (PBT/Total Assets}	(%)	[0.95]	[2.10]
Return on Investment (ROI) (PBT/Networth)		[0.01]	[0.02]
Debt Equity Ratio (Total Liability/Networth)		1.40	0.26
Current Ratio (Current Asset/Current Liability)		0.65	16.44

LOCAL AGENCY FURTHER INFORMATION

Note : Registered office address of the company has been shifted from House No. 1039, Sector - 6, Bahadurgarh

Haryana – 124507, India to the present address w.e.f. 31.08.2009

Operations :

As the company is in the process of a building a 1320 MW Coal Based Thermal Power Plant in the Haryana State in the current year and being the initial years of company, the company has not started any revenue generation activity

Bankers Charges Report as per Registry

Corporate identity number of the company	U40104HR2008SGC037809
Name of the company	JHAJJAR POWER LIMITED.
Address of the registered office or of the principal place of business in India of the company	Village - Khanpur, Tahsil Matenhail, Jhajjar Haryana INDIA 124142
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10186528
Type of charge	Book Debts Movable Property Immovable Property Uncalled Share Capital Any Interest in immovable property Others – Mortgage and Assignment Calls made but not paid Goodwill Ptent License under a patent Trade mark Copyright or license under a copy right Floating Charge
Particular of charge holder	Power Finance Corporation Limited, 'Urjanidhi', 1,Barakhamba Lane, Connaught Place,, New Delhi - 110001, Delhi, India
Nature of instrument creating charge	Pursuant to provisions of the common rupee loan agreement dated September 17, 2009 read with the letter dated June 28, 2011 from IDBI Bank Limited (Annexure I), the Rupee Term Loan extended by the Rupee Lenders to the Company is reduced to the extent of Rs. 20448.900 millions after availment of additional ECB Loan of USD 288 Mn, in terms of the Common Rupee Loan Agreement.
Date of instrument Creating the charge	28.06.2011
Amount secured by the charge	Rs.39024.900 millions
Brief of the principal terms an conditions and extent and operation of the charge	Margin - 65.34 : 34.66 Extent and Operation of the charge - The charge operates as: (i) a first ranking charge and mortgage, for repayment of facility of Rs. 39,024.900 millions (including foreign loan of USD 400 mn) with all fees, costs and amounts due and payable to the Lenders and their agents by the Company under all the Financing Documents; and (ii) a second ranking charge and mortgage for repayment of Hedging Debt of USD 400 million to the Hedge Counterparties
Short particulars of the property or asset(s) charged (including complete address and location of the property)	English Mortgage, hypothecation and equitable mortgage of the immovable properties, assets, contracts, insurances and properties of the Company
Date of instrument modifying the charge	15.12.2010
Particulars of the present modification	Pursuant to provisions of the common rupee loan agreement dated September 17, 2009 read with the letter dated June 28, 2011 from IDBI Bank Limited, the Rupee Term Loan extended by the Rupee Lenders to the Company is reduced to the extent of Rs. 20448.900 millions after availment of additional ECB Loan of USD 288 Mn, in terms of the Common Rupee Loan Agreement.

FIXED ASSETS :

· Land

· Building

· Furniture and Fixtures

· Computer

· Office Equipments

· Electrical Installations

· Vehicles

· Software

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.47.46
UK Pound	1	Rs.74.95
Euro	1	Rs.65.79

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

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.