MIRA INFORM REPORT

1. Summary Information

		Country	India
Company Name	ASTONFIELD RENEWABLES PRIVATE LIMITED	Principal Name 1	Mr. Ameet L. Shah
Status	Moderate	Principal Name 2	Mr. Mayank Mehta
		Registration #	11-174598
Street Address	29, Free Press House, 215, Free Press Journal Marg, Nariman Point, Mumbai – 400021, Maharashtra
Established Date	28.09.2007	SIC Code	--
Telephone#	91-22-61464000	Business Style 1	Developer
Fax #	91-22-22029191	Business Style 2	Consultants
Homepage	http://www.astonfield.com	Product Name 1	Renewable Energy
# of employees	75 in the Group [Approximately]	Product Name 2	-
Paid up capital	Rs.45,685,020/-	Product Name 3	-
Shareholders	Foreign Holdings – 100%	Banking	Axis Bank Limited
Public Limited Corp.	No	Business Period	5 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ca [19]
Related Company
Relation	Country	Company Name	CEO
Holding Company	-	Astonfield Management Limited	-
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	147,727,000	Current Liabilities	18,476,000
Inventories	0	Long-term Liabilities	2,451,000
Fixed Assets	5,858,000	Other Liabilities	2,785,000
Deferred Assets	0	Total Liabilities	23,712,000
Invest& other Assets	300,000	Retained Earnings	188,441,000
		Net Worth	130,173,000
Total Assets	153,885,000	Total Liab. & Equity	153,885,000
Total Assets (Previous Year)	140,212,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	4,120,000	Net Profit	[90,895,000]
Sales(Previous yr)	3,340,000	Net Profit(Prev.yr)	[19,208,000]

MIRA INFORM REPORT

Report Date :

24.01.2012

IDENTIFICATION DETAILS

Name :	ASTONFIELD RENEWABLES PRIVATE LIMITED [w.e.f. 29.06.2010]

Formerly Known As :	ASTONFIELD MANAGEMENT CONSULTANCY PRIVATE LIMITED

Registered Office :	29, Free Press House, 215, Free Press Journal Marg, Nariman Point, Mumbai – 400021, Maharashtra

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	28.09.2007

Com. Reg. No.:	11-174598

Capital Investment / Paid-up Capital :	Rs.45.685 Millions

CIN No.: [Company Identification No.]	U74140MH2007PTC174598

Legal Form :	Private Limited Liability Company

Line of Business :	Developer and Consultants in Renewable Energy

No. of Employees :	75 in the Group [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ca [19]

RATING

STATUS

PROPOSED CREDIT LINE

11-25

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 a company having moderate track. There appears huge accumulated losses recorded by the company. 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.

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

INFORMATION PARTED BY

Name :	Mr. Ravinder [Ravi] Raina
Designation :	President – India Operations
Contact No.:	91-11-43175103
Date :	20.01.2012

LOCATIONS

Registered Office :	29, Free Press House, 215, Free Press Journal Marg, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-61464000
Fax No.:	91-22-22029191
E-Mail :	r.raina@astonfield.com dsheth@astonfield.com
Website :	http://www.astonfield.com

Branch Office 1 :	302B - 303, 3^rd Floor, World Trade Centre, Babar Road, Connaught Place, New Delhi – 110001, India
Tel. No.:	91-11-43175103 / 43175100
Fax No.:	91-11-43175101 / 43175102
E-Mail :	contactus@astonfield.com

Branch Office 2 :	102 and 107, DBS House, 10/2 Hungerford Street, Kolkata – 700017, West Bengal, India
Tel. No.:	91-33-32443981
Fax No.:	91-33-40509300

Overseas Branch Office :	405, Lexington Ave, 26^th Floor, New York, NY 10174
Tel. No.:	+1 212 922 9875
Fax No.:	+1 917 591 0977

DIRECTORS

As on 30.08.2011

Name :

Mr. Ameet Lalchand Shah

Designation :

Director

Address :

321 E, 69 St 5 D, New York NY, 100215590, United States of America

Date of Appointment :

29.03.2008

DIN :

02072940

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	U74140MH2007PTC174598	ASTONFIELD RENEWABLES PRIVATE LIMITED	Director	16/03/2009	29/03/2008	Active	NO
2	U74999MH2008PTC179068	ASTONFIELD CORPORATE SERVICES PRIVATE LIMITED	Director	7/5/2009	29/03/2008	Active	NO
3	U40106WB2008PTC122215	ASTONFIELD BIOMASS (GANGARAMPUR) PRIVATE LIMITED	Director	7/5/2009	29/03/2008	Active	NO
4	U64202MH2007PTC176725	ASTONFIELD TOWER COMMUNICATION PRIVATELIMITED	Director	7/5/2009	29/03/2008	Active	NO
5	U40109MH2007PTC174271	ASTONFIELD SOLAR (BIHAR) PRIVATE LIMITED	Director	16/03/2009	29/03/2008	Active	NO
6	U40106MH2008PTC181084	ASTONFIELD SOLAR PRIVATE LIMITED	Director	18/09/2009	2/5/2008	Active	NO
7	U40106MH2008PTC188055	ASTONFIELD SOLAR (HARYANA) PRIVATE LIMITED	Director	7/11/2008	7/11/2008	Active	NO
8	U40106MH2008PTC188066	ASTONFIELD SOLAR (UTTAR PRADESH) PRIVATE LIMITED	Director	10/11/2008	10/11/2008	Active	NO
9	U40106DL2008PTC223073	ASTONFIELD SOLAR (RAJASTHAN) PRIVATE LIMITED	Director	10/11/2008	10/11/2008	Active	NO
10	U40106DL2008PTC227040	ASTONFIELD SOLAR (GUJARAT) PRIVATE LIMITED	Director	10/11/2008	10/11/2008	Active	NO
11	U40106MH2009PTC189705	WEST BENGAL SOLAR ENERGY SOLUTIONS PRIVATE LIMITED	Director	19/01/2009	19/01/2009	Active	NO
12	U40108MH2009PTC190750	ASTONFIELD SOLAR (KARNATAKA) PRIVATE LIMITED	Director	5/3/2009	5/3/2009	Active	NO
13	U40102MH2009PTC192395	ASTONFIELD WASTE TO ENERGY (W.B.) PRIVATE LIMITED	Director	14/05/2009	14/05/2009	Active	NO
14	U40106MH2009PTC194947	ASTONFIELD SOLAR (TAMIL NADU) PRIVATE LIMITED	Director	17/08/2009	17/08/2009	Active	NO
15	U40106MH2009PTC194946	ASTONFIELD SOLAR (ANDHRA PRADESH) PRIVATE LIMITED	Director	17/08/2009	17/08/2009	Active	NO
16	U40106MH2010PTC203493	ASTONFIELD SOLAR (AJMER) PRIVATE LIMITED	Director	26/05/2010	26/05/2010	Active	NO
17	U74900MH2011PTC211847	ASTONFIELD RENEWABLES (INDIA) PRIVATE LIMITED	Director	5/1/2011	5/1/2011	Active	NO
18	U74120MH2011PTC221187	ASTONFIELD SOLAR (RAJASTHAN II) PRIVATE LIMITED	Director	23/08/2011	23/08/2011	Active	NO
19	U74120MH2011PTC221389	ASTONFIELD SOLAR III PRIVATE LIMITED	Director	29/08/2011	29/08/2011	Active	NO
20	U74120MH2011PTC221489	ASTONFIELD SOLAR II PRIVATE LIMITED	Director	2/9/2011	2/9/2011	Active	NO
21	U40300MH2010PTC202623	DANTE ENERGY PRIVATE LIMITED	Additional director	30/12/2011	30/12/2011	Active	NO

Name :

Mr. Mayank Harshadray Mehta

Designation :

Director

Address :

H-63, Satelite Park, Jodhpur Char Rasta, Satelite Road, Ahmedabad – 380015, Gujarat, India

Date of Appointment :

29.09.2008

DIN :

02325857

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	U74140MH2007PTC174598	ASTONFIELD RENEWABLES PRIVATE LIMITED	Director	16/03/2009	29/09/2008	Active	NO
2	U40106DL2008PTC227040	ASTONFIELD SOLAR (GUJARAT) PRIVATE LIMITED	Director	30/08/2011	22/06/2011	Active	NO
3	U74120MH2011PTC224468	SBKP CONSULTANCY PRIVATE LIMITED	Director	29/11/2011	29/11/2011	Active	NO
4	U40300MH2010PTC202623	DANTE ENERGY PRIVATE LIMITED	Additional director	30/12/2011	30/12/2011	Active	NO
5	U74900MH2012PTC226270	OPEE ENERGY PRIVATE LIMITED	Director	20/01/2012	20/01/2012	Active	NO

KEY EXECUTIVES

Name :	Mr. Ravinder [Ravi] Raina
Designation :	President – India Operations

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.08.2011

Names of Shareholders		No. of Shares
Astonfield Management Limited, British Virgin Islands		4695413
Sourabh Sen as a Nominee of Astonfield Management Limited		1
Total		4695414

As on 30.08.2011

Equity Share Break Up

Category

Percentage

Foreign holdings( Foreign institutional investor(s), Foreign companie’s Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others

100.00

Total

100.00

BUSINESS DETAILS

Line of Business :	Developer and Consultants in Renewable Energy

Terms :
Selling :	Cash / Credit [30 Days]

Purchasing :	Cash / Credit [30 Days]

GENERAL INFORMATION

No. of Employees :

75 in the Group [Approximately]

Bankers :

Citi Bank
Development Credit Bank Limited
Axis Bank Limited
ICICI Bank Limited

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Term Loan
From Banks	0.847	1.369
From Others	1.604	2.567
(Secured by hypothecation of vehicles financed)
Total	2.451	3.936
(Amount repayable within one year for loan obtained from banks Rs.0.409 (previous year Rs. 0.522 million) (Amount repayable within one year for loan obtained from others Rs. 1.100 (previous year Rs.0. 962 million)

Banking Relations :	--

Auditors :
Name :	Chandabhoy and Jassoobhoy Chartered Accountants
Address :	208, A-Wing, Phoenix House, Senapati Bapat Marg, Lower Parel, Mumbai – 400018, Maharashtra, India
PAN :	AAAFC5274C

Holding Company :	Astonfield Management Limited

Subsidiaries :	Astonfield Corporate Services Private Limited CIN : U74999MH2008PTC179068 Astonfield Solar [Ajmer] Private Limited CIN : U64202MH2007PTC176725 Astonfield Tower Communication Private Limited CIN : U40106MH2010PTC203493

CAPITAL STRUCTURE

After 30.08.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
6,500,000	Equity Shares	Rs.10/- each	Rs.65.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4,798,124	Equity Shares	Rs.10/- each	Rs.47.981 millions

As on 30.08.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
6,500,000	Equity Shares	Rs.10/- each	Rs.65.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4,695,414	Equity Shares	Rs.10/- each	Rs.46.954 millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
6,500,000	Equity Shares	Rs.10/- each	Rs.65.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4,568,502	Equity Shares	Rs.10/- each	Rs.45.685 millions

(All the above 45,68,502 (previous year 38,84,140) equity shares are held by Astonfield Management Limited, British Virgin Islands, the holding company)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

Particulars		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		45.685	38.841
2] Share Application Money		37.532	15.982
3] Reserves & Surplus		188.441	109.740
4] (Accumulated Losses)		[141.485]	[50.590]
NETWORTH		130.173	113.973
LOAN FUNDS
1] Secured Loans		2.451	3.936
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		2.451	3.936
DEFERRED TAX LIABILITIES		0.000	0.000

TOTAL		132.624	117.909

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		5.858	8.216
Capital work-in-progress		0.000	0.000

INVESTMENT		0.300	0.200
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	2.785	15.635
	Other Current Assets	0.000	0.000
	Loans & Advances	144.942	116.161
Total Current Assets		147.727	131.796
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.429	7.600
	Other Current Liabilities	13.047	13.418
	Provisions	2.785	1.285
Total Current Liabilities		21.261	22.303
Net Current Assets		126.466	109.493

MISCELLANEOUS EXPENSES		0.000	0.000

TOTAL		132.624	117.909

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	INCOME
		Interest on inter corporate deposit [TDS Rs.0.399, previous year Rs. 0.304 million]	3.994	3.045
		Interest on fixed deposits [TDS Rs.0.008, previous year Rs. nil]	0.087	0.000
		Foreign Exchange Gain [net]	0.000	0.295
		Misc. Income	0.039	0.000
		TOTAL (A)	4.120	3.340

Less	EXPENSES
		Employee Costs	42.333	2.618
		Operating and Other Expenses	49.054	16.504
		TOTAL (B)	91.387	19.122

	PROFIT/[LOSS] BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		[87.267]	[15.782]

Less	FINANCIAL EXPENSES (D)		0.970	0.495

	PROFIT/[LOSS] BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		[88.237]	[16.277]

Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.658	2.931

	PROFIT / [LOSS] BEFORE TAX (E-F) (G)		[90.895]	[19.208]

Less	TAX (H)		0.000	0.000

	PROFIT / [LOSS] AFTER TAX (G-H) (I)		[90.895]	[19.208]

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		[50.590]	[31.382]

	Earnings/[Loss] Per Share (Rs.)		[20.79]	[7.17]

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010
PAT / Total Income	(%)	[2206.19]	[575.09]

Net Profit Margin (PBT/Sales)	(%)	[2275.79]	[630.80]

Return on Total Assets (PBT/Total Assets}	(%)	[59.18]	[13.72]

Return on Investment (ROI) (PBT/Networth)		0.70	0.17

Debt Equity Ratio (Total Liability/Networth)		0.18	0.23

Current Ratio (Current Asset/Current Liability)		6.95	5.91

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Construction of the firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoters background	-
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last three years	Yes
Profitability for last three years	No
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payment Terms	Yes
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	No
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	-
Last accounts filed at ROC	-
Major Shareholders, if applicable	-

Changes in Share Capital:

The authorised capital of the Company as on 31st March, 2010 was Rs.40.000 millions. The same was increased to Rs.65.000 millions divided into 65,00,000 equity shares @ Rs.10/- vide a special resolution passed at the extra-ordinary general meeting of the shareholders held on 16th July, 2010. There have been no changes made to the authorized share capital since then up to the date of this report.

The paid up capital of the Company as on 1st April, 2010 was 38,84,140 equity shares @ Rs. 10/- each aggregating Rs. 38.841 millions. The paid up capital of the Company as on 31st March 2011 was 45,68,502 equity shares @Rs.10/- each aggregating Rs.45.685 million. The Company had allotted shares 684362 equity shares of Rs.10/- at a premium of Rs.115/- per share at the Board meeting held on 16th July, 2010 to its holding Company Astonfield Management Limited, British Virgin Islands.

The Company has thereafter allotted 1,26,912 equity shares @ face value Rs.10/-(Premium Rs.160/-) on 11th April, 2011 thus increasing the paid up capital of the Company to 46,95,414 equity shares @ face value Rs.10/- as on the date of this report.

FIXED ASSETS :

§ Furniture and Fixtures

§ Computer

§ Office Equipments

§ Vehicles

§ Leasehold Premises

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.50.24
UK Pound	1	Rs.78.12
Euro	1	Rs.64.78

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	-
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--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		19

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

2.785

144.942

147.727

5.429

13.047

2.785

21.261

126.466

Unit