MIRA INFORM REPORT

Report Date :

18.12.2012

IDENTIFICATION DETAILS

Name :	ENGINEERED POWER RESOURCES INDIA PRIVATE LIMITED
Registered Office :	No. 32, 28th Cross, Industrial Layout, Banashankari, 2nd Stage, Bengaluru – 560070, Karnataka
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	01.09.2009
Com. Reg. No.:	050791
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U40101KA2009PTC050791
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is in the line of trading in Iron Ore and Generation of Power.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

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 and delayed
Litigation :	Clear
Comments :	Subject is an established company having moderate track. During 2011-2012, the company was able to start its operations and has recorded very minimal turnover. It has incurred heavy loss from its operations during this year. The financial position of the company appears to be under severe pressure. There appear huge external borrowings recorded by the company. Business is active. Payment terms are slow and delayed. The company can be considered for small to mediocre 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	No. 32, 28th Cross, Industrial Layout, Banashankari, 2nd Stage, Bengaluru – 560070, Karnataka, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	engineeredpowerresources@gmail.com

DIRECTORS

As on: 29.09.2012

Name :	Mr. Satish Yeachareddy
Designation :	Director
Address :	D No. 141, Kambli Bazar, Bellary – 583101, Karnataka, India
Date of Birth/Age :	17.03.1964
Date of Appointment :	01.09.2009
DIN No.:	01149427
Name :	Mr. Harish Yechareddy
Designation :	Director
Address :	141, Kambli Bazar, Bellary – 583101, Karnataka, India
Date of Birth/Age :	27.05.1971
Date of Appointment :	01.09.2009
DIN No.:	01492831
Name :	Mr. Parvath Reddy
Designation :	Director
Address :	10/2/3, Makthal Pet, Raichur Ward, No. 10, Block No. 2, Raichur – 584102, Karnataka, India
Date of Birth/Age :	10.03.1961
Date of Appointment :	15.05.2012
DIN No.:	05275108

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Equity Shares
Satish Yeachareddy	18500
Harish Yeachareddy	18500
Shri Sakthi Papers India Private Limited, India	3575
S Palaniappan and PI. Seethalakshmi	650
PI. Seethalakshmi and S Palaniappan	650
Vedagiri Paper and Board Private Limited, India	845
A. Velumani and K. A. Muthumaran and M. Shyamala	429
K. A. Muthumaran and M. Shyamala and A. Velumani	787
M. Shyamala and A. Velumani and K. A. Muthumaran	214
Jumbo Bag Limited, India	3380
Kwality Spining Mills Private Limited, India	780
Farida Classic Shoes Private Limited, India	780
Aston Shoes Private Limited, India	455
Delta Shoes Private Limited, India	260
Farida Leatherware Private Limited, India	195
Total	50000

Names of Shareholders	No. of Preference Shares
Satish Yeachareddy	500000
Harish Yeachareddy	500000
Total	1000000

As on: 04.10.2012

Names of Allottee	No. of Shares Allotted
Virgo Polymers India Limited, India	1170
N. Venkatramani T.V. Anand T.V. Prabhu	163
T.V. Anand T.V. Prabhu N. Venkatramani	163
T.V. Prabhu N. Venkatramani T.V. Anand	162
Total	1658

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Bodies corporate	20.54
Directors or relatives of directors	74.00
Other top fifty shareholders	5.46
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is in the line of trading in Iron Ore and Generation of Power.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India

Facilities :

(Rs. In Millions)

Unsecured Loan	As on 31.03.2012	As on 31.03.2011
From Members and Directors	51.119	56.639
Total	51.119	56.639

Banking Relations :	--
Auditors :
Name :	Badri and Cmpany Chartered Accountants
Address :	3/4, First Floor, Old Kacheri Street, Bellary – 583101, Karnataka, India
PAN No.:	AACFB2655G
Entity in respect of which key management personnel exercise significant influence	· Apex Hydro Genpower Private Limited · Kinetic Hydro Energy Private Limited · Classic Infra Energy Resources Private Limited · Acess Infra Energy Private Limited · Swadeshi Distributors Private Limited · Prodigy Hydro Power Private Limited · Konark Vincom Private Limited · Sadashiva Sugars Limited · Fastrack Suppliers Private Limited
Entity in respect of which key management personnel Stated above are the directors in the said company	Rock Regency Hotels Private Limited

CAPITAL STRUCTURE

After 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1050000	Equity Shares	Rs.10/- each	Rs. 10.500 Millions
1000000	Preferences Shares	Rs.10/- each	Rs. 10.000 Millions
	Total		Rs. 20.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
51658	Equity Shares	Rs.10/- each	Rs. 0.517 Million
1000000	Preferences Shares	Rs.10/- each	Rs. 10.000 Millions
	Total		Rs. 10.517 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs. 0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs. 0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.875
3] Reserves & Surplus		(9.133)	(0.959)	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		(9.033)	(0.859)	0.975
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		51.119	56.639	0.000
TOTAL BORROWING		51.119	56.639	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		42.086	55.780	0.975
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000	0.000	0.000
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	37.582	16.387	0.000
	Sundry Debtors	2.727	0.000	0.000
	Cash & Bank Balances	2.120	30.798	0.058
	Other Current Assets	0.614	12.264	0.000
	Loans & Advances	0.425	(1.203)	0.087
Total Current Assets		43.468	58.246	0.145
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2.062	0.187	0.274
	Other Current Liabilities	1.237	4.871	0.000
	Provisions	0.041	0.019	0.116
Total Current Liabilities		3.340	5.077	0.390
Net Current Assets		40.128	53.169	(0.245)
MISCELLANEOUS EXPENSES		1.958	2.611	1.220
TOTAL		42.086	55.780	0.975

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	2.392	16.859	0.000
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	9.914	17.818	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		(7.522)	(0.959)	0.000
Less/ Add	DEPRECIATION/ AMORTISATION		0.653	0.000	0.000
	PROFIT/ (LOSS) BEFORE TAX		(8.175)	(0.959)	0.000
Less	TAX		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX		(8.175)	(0.959)	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(0.959)	0.000	0.000
	BALANCE CARRIED TO THE B/S		(9.134)	(0.959)	0.000
	Earnings Per Share (Rs.)		(817.42)	(95.90)	0.00

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(341.76)	(5.69)	0.000
Return on Total Assets (PBT/Total Assets}	(%)	(18.81)	(1.65)	0.000
Return on Investment (ROI) (PBT/Networth)		0.91	1.12	0.000
Debt Equity Ratio (Total Liability/Networth)		(6.03)	(71.85)	0.40
Current Ratio (Current Asset/Current Liability)		13.01	11.47	0.37

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
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	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
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 involved in	--
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE:

The registered office of the company has been shifted from No. 32, 8th Cross, Industrial Layout, Banashankari, 2nd Stage, Bengaluru – 560070, Karnataka, India to present address w.e.f. 11.06.2010

OPERATION:

During the year, the company was able to start its operations with a turnover of 2.392 Millions. Although there is scarcity of availability of iron ore, in the state of Karnataka due to temporary suspension of iron ore mining, but the company is procuring material in the state of Orissa.

NATURE OF OPERATIONS:

The company is in the line of trading in Iron Ore and generation of Power. The company is procuring material in the state of Orissa for the purpose of exporting the same. The company has procured wind turbines situated in Tirunelveli and Theni districts of Tamil Nadu after the balance sheet date.

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. 54.63
UK Pound	1	Rs. 88.40
Euro	1	Rs. 71.86

INFORMATION DETAILS

Report Prepared by :

UDS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	1
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--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		11

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.