MIRA INFORM REPORT

Report Date :

27.04.2012

IDENTIFICATION DETAILS

Name :	VRONE ENERGY PRIVATE LIMITED

Registered Office :	1^st Floor, Emgore Benefit Fund Society Building, No. 25, Flowers Road, Chennai – 600084, Tamilnadu

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	21.12.2010

Com. Reg. No.:	18-078503

Capital Investment / Paid-up Capital :	Rs.0.200 Million

CIN No.: [Company Identification No.]	U45400TN2010PTC078503

TAN No.: [Tax Deduction & Collection Account No.]	CHEV10748D

Legal Form :	Private Limited Liability Company

Line of Business :	Infrastructure Development of for wind mills.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (13)

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 :	Yet to commence business

Payment Behaviour :	Unknown

Litigation :	Clear

Comments :	Subject is a relatively new company and yet commence its business activities. Payments are unknown. The company can be considered for business dealings on a safe and 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 – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

India

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

LOCATIONS

Registered Office :	1^st Floor, Emgore Benefit Fund Society Building, No. 25, Flowers Road, Chennai – 600084, Tamilnadu, India
Tel. No.:	91-44-26450060/61
Fax No.:	91-44-26450059
E-Mail :	ppca86@yahoo.com

DIRECTORS

As on 29.09.2011

Name :

Mr. Ramkhumar Venkataraman Narasimhan

Designation :

Director

Address :

Flat H, Sunflower Apartments No. 85, Tenth Avenue, Ashok Nagar, Chennai – 600083, Tamilnadu, India

Date of Birth/Age :

11.12.1965

Date of Appointment :

21.12.2010

DIN No.:

02226744

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	U40100TN2009PTC070860	BETA WIND FARM PRIVATE LIMITED	Director	27/02/2009	27/02/2009	20/04/2011	Active	NO
2	U31101TN2006PLC061881	BHARATH WIND FARM LIMITED	Whole-time director	1/02/2010	2/05/2009	2/05/2011	Active	NO
3	U40106TN2008PTC067781	CLARION WIND FARM PRIVATE LIMITED	Director	11/05/2009	11/05/2009	20/04/2011	Active	NO
4	U40109TN2008PTC068602	ALPHA WIND FARM PRIVATE LIMITED	Director	11/05/2009	11/05/2009	19/07/2011	Active	NO
5	U40108TN2010PTC076200	THETA WIND ENERGY PRIVATE LIMITED	Director	17/06/2010	17/06/2010	17/05/2011	Active	NO
6	U40108TN2010PLC077073	BETA SOLAR POWER LIMITED	Director	20/08/2010	20/08/2010	9/05/2011	Active	NO
7	U40106PN2010PTC137311	DVR BETA ENERGY PRIVATE LIMITED	Nominee director	9/09/2010	9/09/2010	-	Active	NO
8	U40102TN2009PTC073976	GAMMA GREEN POWER PRIVATE LIMITED	Additional director	12/10/2010	12/10/2010	7/03/2011	Active	NO
9	U45400TN2010PTC078050	TRISHE DEVELOPERS PRIVATE LIMITED	Managing director	5/03/2012	12/11/2010	-	Active	NO
10	U45400TN2010PTC078503	VRONE ENERGY PRIVATE LIMITED	Director	21/12/2010	21/12/2010	-	Active	NO
11	U67190TN2011PTC079227	SIDDHAMALLI INVESTMENT CONSULTANTS PRIVATE LIMITED	Director	15/02/2011	15/02/2011	-	Active	NO
12	U40105TN2011PTC081777	HELIOS URJA PRIVATE LIMITED	Director	3/08/2011	3/08/2011	-	Active	NO
13	U45400TN2011PTC082100	TRISHE ENERGY PRIVATE LIMITED	Director	26/08/2011	26/08/2011	-	Active	NO
14	U85110TN2010PTC076817	ONE LIFE DIAGNOSTICS AND LONGEVITY CENTER PRIVATE LIMITED	Director	22/10/2011	22/10/2011	-	Active	NO
15	U22219TN2011PTC083571	VARAM MEDIA PRIVATE LIMITED	Director	29/12/2011	29/12/2011	-	Active	NO
16	U22200TN2012PTC084797	PIXAALAYA TECHNOLOGIES PRIVATE LIMITED	Director	6/03/2012	6/03/2012	-	Active	NO

Name :

Mr. Ramakrishnan R Srinivasan

Designation :

Director

Address :

3, 24^th East, St. Kamaraj Nagar, Thiruvannmiyur, Chennai – 600041, Tamilnadu, India

Date of Birth/Age :

30.07.1966

Date of Appointment :

21.12.2010

DIN No.:

01655065

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	U72200DL1994PTC058580	NETWORK PROGRAMS (INDIA) PRIVATE LIMITED	Director	1/10/2007	23/04/2007	15/10/2008	Active	NO
2	U31101TN2006PLC061881	BHARATH WIND FARM LIMITED	Additional director	2/09/2009	2/09/2009	14/03/2011	Active	NO
3	U40102TN2009PTC073976	GAMMA GREEN POWER PRIVATE LIMITED	Director	17/12/2009	17/12/2009	9/05/2011	Active	NO
4	U40102TN2010PLC074580	GAYATRI GREEN POWER LIMITED	Director	11/02/2010	11/02/2010	2/05/2011	Active	NO
5	U40108TN2010PTC076200	THETA WIND ENERGY PRIVATE LIMITED	Director	17/06/2010	17/06/2010	17/05/2011	Active	NO
6	U40102TN2009PLC072518	ORIENT ECO ENERGY LIMITED	Additional director	27/07/2010	27/07/2010	12/05/2011	Active	NO
7	U40108TN2010PLC077073	BETA SOLAR POWER LIMITED	Director	20/08/2010	20/08/2010	9/05/2011	Active	NO
8	U45400TN2010PTC078050	TRISHE DEVELOPERS PRIVATE LIMITED	Director	12/11/2010	12/11/2010	-	Active	NO
9	U45400TN2010PTC078503	VRONE ENERGY PRIVATE LIMITED	Director	21/12/2010	21/12/2010	-	Active	NO
10	U67190TN2011PTC079594	TRIPURASUNDHARI INVESTMENT COMPANY PRIVATE LIMITED	Director	10/03/2011	10/03/2011	-	Active	NO
11	U45207TN2011PTC082938	TRISHE INFRASTRUCTURE SERVICES PRIVATE LIMITED	Director	31/10/2011	31/10/2011	-	Active	NO

Name :

Mrs. Vathsala Tanjore Swaminathan Venkataraman Ranganathan

Designation :

Director

Address :

15, Sarangapani Street, T. Nagar, Chennai – 600017, Tamilnadu, India

Date of Birth/Age :

09.03.1952

Date of Appointment :

21.12.2010

DIN No.:

00006028

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	U29309TN1989PLC017819	GLOBAL POWERTECH EQUIPMENTS LIMITED	Additional director	26/02/2008	19/06/1996	2/03/2012	Active	NO
2	U30007TN2000PLC044410	MALOS INFRASTRUCTURE LIMITED	Director	15/03/2000	15/03/2000	4/08/2007	Strike off	NO
3	U45303TN2000PTC045071	NEST INFRASTRUCTURE PRIVATE LIMITED	Director	30/06/2000	30/06/2000	4/08/2007	Strike off	NO
4	U40109AP2000PLC034752	LEPAKSHI POWER PROJECTS LIMITED	Director	25/04/2004	25/04/2004	5/03/2008	Active	YES
5	U15541TN2004PTC054260	HALDIA COKE AND CHEMICALS PRIVATE LIMITED	Director	26/08/2008	11/10/2004	2/03/2012	Active	NO
6	L65921TN1985PLC070358	ENNORE COKE LIMITED	Managing director	1/08/2008	5/12/2005	2/03/2012	Active	NO
7	L74210TN2000PLC045167	SHRIRAM EPC LIMITED	Director	16/05/2008	23/03/2006	2/03/2012	Active	NO
8	L40108TN2006PLC061665	ORIENT GREEN POWER COMPANY LIMITED	Director	6/12/2006	6/12/2006	2/03/2012	Active	NO
9	U31101TN2006PLC061881	BHARATH WIND FARM LIMITED	Director	28/12/2006	28/12/2006	14/09/2007	Active	NO
10	U31101TN2007PLC061935	SHRIRAM LEITWIND LIMITED	Director	3/01/2007	3/01/2007	-	Amalgamated	NO
11	U24119TN2009PLC072263	BHARATH COAL CHEMICALS LIMITED	Director	13/07/2009	13/07/2009	9/03/2011	Active	NO
12	L45201TN1988PLC015521	PREMIER ENERGY AND INFRASTRUCTURE LIMITED	Director	18/12/2010	29/10/2009	2/03/2012	Active	NO
13	U28112TN2009PTC072312	S.R.FABRICATORS PRIVATE LIMITED	Director	17/12/2009	17/12/2009	-	Active	NO
14	U45400TN2010PTC078503	VRONE ENERGY PRIVATE LIMITED	Director	21/12/2010	21/12/2010	-	Active	NO
15	U45400TN2010PTC078050	TRISHE DEVELOPERS PRIVATE LIMITED	Director	7/02/2011	7/02/2011	-	Active	NO
16	U45201TN1995PTC032770	EMAS ENGINEERS AND CONTRACTORS PRIVATE LIMITED	Director	14/02/2011	14/02/2011	-	Active	NO
17	U85110TN2011PTC081759	TRISHE HEALTHCARE VENTURES PRIVATE LIMITED	Director	2/08/2011	2/08/2011	-	Active	NO
18	U85110TN2010PTC076817	ONE LIFE DIAGNOSTICS ANDLONGEVITY CENTER PRIVATE LIMITED	Director	22/10/2011	22/10/2011	-	Active	NO
19	U22219TN2011PTC083571	VARAM MEDIA PRIVATE LIMITED	Director	14/12/2011	14/12/2011	-	Active	NO
20	U74999TN2012PTC085578	TRISHE RENEWABLE ENERGY PRIVATE LIMITED	Director	24/04/2012	24/04/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Names of Shareholders	Address	No. of Shares
Ramkhumar Venkataraman Narasimhan	Flat H, Sunflower Apartments No. 85, Tenth Avenue, Ashok Nagar, Chennai – 600083, Tamilnadu, India	500
Ramakrishnan R Srinivasan	3, 24^th East, St. Kamaraj Nagar, Thiruvannmiyur, Chennai – 600041, Tamilnadu, India	500
Vathsala Tanjore Swaminathan Venkataraman Ranganathan	15, Sarangapani Street, T. Nagar, Chennai –600017, Tamilnadu, India	9000
Total		10000

As on 11.02.2011

Names of Allottees	Address	No. of Shares
Ramkhumar Venkataraman Narasimhan	Flat H, Sunflower Apartments No. 85, Tenth Avenue, Ashok Nagar, Chennai – 600083, Tamilnadu, India	2500
Ramakrishnan R Srinivasan	3, 24^th East, St. Kamaraj Nagar, Thiruvannmiyur, Chennai – 600041, Tamilnadu, India	2500
Vathsala Tanjore Swaminathan Venkataraman Ranganathan	15, Sarangapani Street, T. Nagar, Chennai –600017, Tamilnadu, India	5000
Total		10000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Infrastructure Development of for wind mills.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Punjab National Bank

· Bank of Bank

· Axis Bank

· Lakshmi Vilas Bank

· HSBC Bank

Facilities :

Secured Loan

As on 31.03.2011

(Rs. in Millions)

Term Loan with Punjab National Bank/ Bank of Bank

379.840

Total

379.840


Banking Relations :	--

Auditors :
Name :	Rao Narayan Associates Chartered Accountants
Address :	New No.10, Oliver Road, Mylapore, Chennai – 600004, Tamilnadu, India
Tel. No.:	91-44-24991004
Fax No.:	91-44-24660943
E-Mail :	raonarayan@yahoo.com
Website :	www.raonarayan.com
PAN.:	AAAFR5140E

Subsidiaries :	· Trishe Energy Global BV – Netherlands · Trilok Vincom Private Limited – Kolkata · Trishe Energy Inc. – USA

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20000	Equity Shares	Rs.10/- each	Rs.0.200 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		0.200
2] Share Application Money		343.985
3] Reserves & Surplus		404.045
4] (Accumulated Losses)		0.000
NETWORTH		748.230
LOAN FUNDS
1] Secured Loans		379.840
2] Unsecured Loans		0.000
TOTAL BORROWING		379.840
DEFERRED TAX LIABILITIES		253.233
MINORITY INTEREST		0.104
FOREIGN CURRENCY TRANSLATION RESERVE		4.852

TOTAL		1386.259

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		973.095
Capital work-in-progress		0.000

INVESTMENT		303.588
DEFERREX TAX ASSETS		0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	239.538
	Cash & Bank Balances	74.274
	Other Current Assets	0.000
	Loans & Advances	239.285
Total Current Assets		553.097
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	381.120
	Other Current Liabilities	5.256
	Provisions	57.242
Total Current Liabilities		443.618
Net Current Assets		109.479

MISCELLANEOUS EXPENSES		0.097

TOTAL		1386.259

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011
	SALES
		Income	249.523
		Other Income
		TOTAL	249.523

Less	EXPENSES
		Office Expenses	26.524
		Administrative Expenses
		Advertising Expenses
		Financial Expenses
		Depreciation
		TOTAL	26.524

	PROFIT BEFORE TAX		222.999

Less	TAX		56.997

	PROFIT AFTER TAX		166.002

	Earnings Per Share (Rs.)		8300.10

KEY RATIOS

PARTICULARS		31.03.2011
PAT / Total Income	(%)	66.53

Return on Total Assets (PBT/Total Assets}	(%)	14.61

Return on Investment (ROI) (PBT/Networth)		0.30

Debt Equity Ratio (Total Liability/Networth)		1.10

Current Ratio (Current Asset/Current Liability)		1.25

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last one year	Yes
12) Profitability for last one year	No
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

Note: The registered address of the company 17A, RR Flats No. 31, Warren Road, Mylapore, Chennai – 600004, Tamilnadu, India has been shifted to the present address w.e.f. 01.12.2011

COMPANY PERFORMANCE

The company has not done any business activity during the year.

During the year the company has invested in the following subsidiaries.

1. Trishe Energy Global BV - Netherlands

2. Trilok Vincom Private Limited - Kolkota

3. Trishe Energy Inc. - USA

The subsidiaries has not conducted any significant business activity during the year.

The company, in the near future, intends to create subsidiaries and special purpose vehicles to focus in the areas of Energy, Oil refining, media and healthcare in India and abroad.

The company has made a Consolidated Profit Before Tax of Rs.223.000 Millions from the consultancy Income generated by the subsidiaries.

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.52.57
UK Pound	1	Rs.85.03
Euro	1	Rs.69.56

INFORMATION DETAILS

Report Prepared by :

CTI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--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		13

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.

MIRA INFORM REPORT

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