MIRA INFORM REPORT

Report Date :

30.01.2012

IDENTIFICATION DETAILS

Name :	MOSER BAER CLEAN ENERGY LIMITED
Registered Office :	616 A, [16A, Sixth Floor], Devika Tower, Nehru Place, New Delhi – 110019
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	15.10.2008
Com. Reg. No.:	55-184260
Capital Investment / Paid-up Capital :	Rs.149.978 millions
CIN No.: [Company Identification No.]	U40106DL2008PLC184260
TAN No.: [Tax Deduction & Collection Account No.]	DELMI6856A
PAN No.: [Permanent Account No.]	AAFCM8367C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in providing technical services in relation to setting up and maintainence of Solar Power Projects.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B [29]

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

Maximum Credit Limit :	USD 34300000
Status :	Project under implementation
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Though the company was incorporated in the year 2008, the company is yet to commence its commercial operations. The project of the company is still under its implementation stage. Payments are reported to be slow. 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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 :	616 A, [16A, Sixth Floor], Devika Tower, Nehru Place, New Delhi – 110019, India
Tel. No.:	91-11-47624100
Fax No.:	Not Available
E-Mail :	shares@moserbaer.in
Website :	http://www.moserbaer.in
Project Office :	235, Okhla Industrial Estate, Phase III, New Delhi – 100 020, India

DIRECTORS

As on 30.09.2011

Name :

Mr. Prakash Goyal

Designation :

Director

Address :

E – 189, Saraswati Kunk, Heg Society, 25, Patpar Ganj, Delhi – 110092, India

Date of Birth/Age :

01.08.1953

Date of Appointment :

16.03.2011

DIN :

02598736

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	L51909DL1984PLC019441	CHANDRA PRABHU INTERNATIONAL LIMITED.	Director	31/01/2003	31/01/2003	-	Active	NO
2	L74899DL1993PLC055697	EKAM LEASING AND FINANCE CO. LIMITED	Additional director	1/2/2009	1/2/2009	10/2/2009	Active	NO
3	U45201DL2005PLC138032	SOUTH WEST DRILLING AND INFRASTRUCTURE LIMITED	Director	29/08/2011	1/1/2011	-	Active	NO
4	U40109DL2007PLC166656	MOSER BAER ELECTRIC POWER LIMITED	Director	26/09/2011	14/03/2011	-	Active	NO
5	U40106DL2008PLC184260	MOSER BAER CLEAN ENERGY LIMITED	Director	15/06/2011	16/03/2011	8/12/2011	Active	NO
6	U40102DL2008PLC179159	MOSER BAER POWER AND INFRASTRUCTURES LIMITED	Director	30/09/2011	20/03/2011	-	Active	NO

Name :

Mr. Chandra Kant Mishra

Designation :

Director

Address :

B – 21, Shakar Pur, Aruna Park, Delhi – 110092, India

Date of Birth/Age :

05.02.1981

Date of Appointment :

16.03.2011

DIN :

03459495

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	U45207DL2008PLC183541	MB ULTRA POWER LIMITED	Director	24/09/2011	14/03/2011	-	Active	NO
2	U40106DL2008PLC184260	MOSER BAER CLEAN ENERGY LIMITED	Director	15/06/2011	16/03/2011	-	Active	NO
3	U45207DL2008PLC183540	MB POWER AND ENERGY LIMITED	Director	30/09/2011	20/03/2011	20/12/2011	Active	NO
4	U74899DL1987PTC028638	LUMEN ENGINEERING PRIVATE LIMITED	Director	30/09/2011	20/03/2011	20/12/2011	Active	NO
5	U13206DL2008PLC179739	MOSER BAER SERVICES LIMITED	Director	30/09/2011	20/03/2011	20/12/2011	Active	NO
6	U40101DL2008PTC179269	SUNRISE HYDRO POWER PRIVATE LIMITED	Director	24/09/2011	21/03/2011	-	Active	NO
7	U40101DL2008PLC179707	MOSER BAER POWERTECH LIMITED	Director	24/09/2011	21/03/2011	-	Active	NO
8	U45200DL2011PTC216049	FOREMOST INFRATECH PRIVATE LIMITED	Additional director	5/4/2011	5/4/2011	-	Active	NO
9	U40101DL2008PTC179270	CLASSIC HYDRO POWER PRIVATE LIMITED	Director	30/09/2011	16/07/2011	-	Active	NO
10	U40300DL2011PLC223119	MB POWER (GUJARAT) LIMITED	Director	2/8/2011	2/8/2011	20/12/2011	Active	NO
11	U40109HP2008PLC030988	SELI HYDRO ELECTRIC POWER COMPANY LIMITED	Additional director	13/12/2011	13/12/2011	-	Active	NO
12	U45206HP2008PLC031377	MIYAR HYDRO ELECTRIC POWER COMPANY LIMITED	Additional director	13/12/2011	13/12/2011	-	Active	NO
13	U70101DL2011PTC213058	OPTIMA INFRASTRUCTURE PRIVATE LIMITED	Additional director	17/12/2011	17/12/2011	-	Active	NO
14	U40107DL2008PTC179498	SAPPHIRE HYDRO POWER PRIVATE LIMITED	Additional director	17/12/2011	17/12/2011	-	Active	NO
15	U45204DL2010PTC211087	BAHUMANYA ENGINEERING AND CONSTRUCTION PRIVATE LIMITED	Additional director	19/12/2011	19/12/2011	-	Active	NO

Name :

Mr. Madan Gopal Saxena

Designation :

Director

Address :

F – 35, Double Storey, malika Ganj, Delhi – 110007, India

Date of Birth/Age :

08.03.1952

Date of Appointment :

16.03.2011

DIN :

03439725

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	U45400DL2010PTC198750	PULSAR ENERGYFIELD DEVELOPERS PRIVATE LIMITED	Director	30/09/2011	10/3/2011	-	Active	NO
2	U40101DL2010PTC208293	BHANU GREEN ENERGY PRIVATE LIMITED	Director	30/09/2011	11/3/2011	-	Active	NO
3	U70100DL2010PTC204994	HOMEFEEL DEVELOPERS PRIVATE LIMITED	Director	30/09/2011	11/3/2011	-	Active	NO
4	U51217DL2010PTC206860	AFFIRM MARKETING PRIVATE LIMITED	Director	30/09/2011	11/3/2011	-	Active	NO
5	U51909DL2010PTC204491	HIGGLE MARKETING PRIVATE LIMITED	Director	30/09/2011	11/3/2011	-	Active	NO
6	U74999DL2010PTC206799	ACCREDIT HOSPITALITY SERVICES PRIVATE LIMITED	Director	30/09/2011	11/3/2011	-	Active	NO
7	U70101DL2010PTC204295	HACIENDA PROPBUILD PRIVATE LIMITED	Director	30/09/2011	11/3/2011	-	Active	NO
8	U70101DL2010PTC206442	APPEALING INFRASTRUCTURE PRIVATE LIMITED	Director	30/09/2011	11/3/2011	-	Active	NO
9	U40106DL2009PLC188580	MILLGREEN POWER LIMITED	Additional director	14/03/2011	14/03/2011	-	Active	NO
10	U45400DL2010PTC198505	UNOCON INFRADEVELOPERS PRIVATE LIMITED	Additional director	14/03/2011	14/03/2011	2/8/2011	Active	NO
11	U40106RJ2008PTC027461	JODHPUR SOLAR FARMS PRIVATE LIMITED	Additional director	14/03/2011	14/03/2011	-	Active	NO
12	U40101DL2010PTC208784	CELESTYN ENERGY AND DEVELOPMENT PRIVATE LIMITED	Additional director	14/03/2011	14/03/2011	-	Active	NO
13	U40102DL2008PTC179494	SOLITAIRE THERMAL POWER PRIVATE LIMITED	Additional director	14/03/2011	14/03/2011	-	Active	NO
14	U40106DL2008PLC184260	MOSER BAER CLEAN ENERGY LIMITED	Director	15/06/2011	16/03/2011	-	Active	NO
15	U40101DL2008PTC179270	CLASSIC HYDRO POWER PRIVATE LIMITED	Additional director	16/03/2011	16/03/2011	26/09/2011	Active	NO
16	U40109DL2006PTC153936	INDIAN HYDRO ELECTRIC POWER PRIVATE LIMITED	Director	30/09/2011	17/03/2011	-	Active	NO
17	U40102DL2008PLC179159	MOSER BAER POWER AND INFRASTRUCTURES LIMITED	Director	30/09/2011	20/03/2011	-	Active	NO
18	U70109DL2006PLC153948	MOSER BAER INFRASTRUCTURE LIMITED	Director	30/09/2011	21/03/2011	-	Active	NO
19	U40101DL2010PLC198741	NAGALAND POWER DEVELOPMENT COMPANY LIMITED	Director	30/09/2011	21/03/2011	-	Active	NO
20	U72100DL2008PTC180423	SWIFT POWERTECH PRIVATE LIMITED	Director	30/09/2011	16/07/2011	-	Active	NO
21	U31900DL2008PTC184458	EMERY ELECTRONICS AND SOLUTIONS PRIVATE LIMITED	Director	30/09/2011	26/07/2011	-	Active	NO
22	U72100DL2008PTC184452	COBOL ELECTRONICS AND SOLUTIONS PRIVATE LIMITED	Director	30/09/2011	26/07/2011	-	Active	NO
23	U40300DL2011PTC223152	SURYA INFRAPOWER PRIVATE LIMITED	Director	2/8/2011	2/8/2011	-	Active	NO
24	U40300DL2011PTC223151	DAZLING INFRAPOWER PRIVATE LIMITED	Director	2/8/2011	2/8/2011	-	Active	NO
25	U74140DL2011PLC223212	EMRICK CONSULTANCY SERVICES LIMITED	Director	3/8/2011	3/8/2011	2/1/2012	Active	NO
26	U40101DL2011PTC223203	TESLA INFRAPOWER PRIVATE LIMITED	Director	3/8/2011	3/8/2011	9/1/2012	Active	NO
27	U40300DL2011PTC223228	SURYA INFRAENERGY PRIVATE LIMITED	Director	4/8/2011	4/8/2011	-	Active	NO
28	U74999DL2007PTC167186	COBOL TECHNOLOGIES PRIVATE LIMITED	Director	30/09/2011	8/8/2011	-	Active	NO
29	U01111DL2011PTC220515	BREEZEFRESH DAIRY AND AGRO FARMS PRIVATE LIMITED	Additional director	21/11/2011	21/11/2011	-	Active	NO
30	U40106PB2008PTC032024	PULSAR SOLAR POWER PRIVATE LIMITED	Additional director	8/12/2011	8/12/2011	-	Active	NO

Name :

Mr. Mohinder Pal Sikka

Designation :

Whole-time Director

Address :

BD-77B, Shalimar Bagh West, Block BD, Delhi – 110088, India

Date of Birth/Age :

01.01.1935

Date of Appointment :

15.06.2011

DIN :

03365362

KEY EXECUTIVES

Name :	Ms. Reena Gupta
Designation :	Secretary
Address :	B-5, Rohit Kunj, Pitampura, New Delhi – 110034, India
Date of Birth/Age :	10.12.1982
Date of Appointment :	02.08.2010
PAN :	AKVPG8977B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Vivek Chaudhary Nominee of Moser Baer Projects Private Limited, India	1
Sunil Sharma Nominee of Moser Baer Projects Private Limited, India	1
Vikas Srivastava Nominee of Moser Baer Projects Private Limited, India	1
Reena Gupta Nominee of Moser Baer Projects Private Limited, India	1
Pankaj Kumar Nominee of Moser Baer Projects Private Limited, India	1
Suruchi Gupta Nominee of Moser Baer Projects Private Limited, India	1
Moser Baer Projects Private Limited, India	14997822
Total Equity Shares	14997828
Moser Baer Projects Private Limited, India	15069920
Moser Baer Projects Private Limited, India	3020000
Total Preference Shares	18089920

As on 30.09.2011

Equity Share Break Up Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in providing technical services in relation to setting up and maintainence of Solar Power Projects.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Other Debt	0.000	100.000
Total	0.000	100.000

Banking Relations :	--
Auditors :
Name :	CA and Associates Chartered Accountants
Address :	1748/55, 2nd Floor, Naiwalan, Karol Bagh, New Delhi 110005, India
PAN :	AAAFC2111N
Holding Company :	Moser Baer Projects Private Limited
Subsidiaries :	Moser Baer Energy and Development Limited CIN : U40106DL2008PLC182717 Moser Baer Energy and Infrastructure Limited CIN : U45206DL2008PLC182684 Moser Baer Energy and Projects Limited CIN : U40106DL2008PLC182466 Moser Baer Energy and Research Limited CIN : U40106DL2008PLC181197 Moser Baer Energy Systems Limited CIN : U40102DL2008PLC181186 Millgreen Power Limited Moser Baer Powergen Limited CIN : U40101DL2008PLC180205 Moser Baer Powerstructures Limited CIN : U40101DL2008PLC180202 Kindle Engineering and Construction Private Limited CIN : U45400DL2010PTC210652 Deligentia Energy and Infrastructures Private Limited CIN : U40101DL2010PTC198738 Goldenbeam Power Private Limited CIN : U40101DL2010PTC208870 MB Power Projects Limited CIN : U40104DL2008PLC179755 Moser Baer Industrial Development Limited CIN : U70102DL2007PLC169300 Moser Baer Infrastructure and Power Limited CIN : U40101DL2008PLC179708 Sunnyday Green Energy Private Limited CIN : U40106DL2010PTC208872 Moser Baer Projects and Infrastructures Limited CIN : U40101DL2008PLC179706 Precious Energy Services Private Limited CIN : U40102DL2008PTC175525 Sapphire Industrial Infrastructure Private .Limited CIN : U70102DL2008PTC179290 Solitaire Energies Private Limited CIN : U11100DL2008PTC180438 Solitaire Industrial Infrastructure Private Limited CIN : U45200DL2008PTC179297 Solitaire Powertech Private Limited CIN : U72200DL2008PTC180422 MB Active Power Limited CIN : U40104DL2008PLC179758
Foreign Subsidiaries :	Atharv Cleantech Limited Bharat Cleantech Limited Canversus Limited Hygrove Limited Laytham Limited Ralsen Limited Tranlexom Limited Moser Baer Clean Energy Europe Limited (earlier known as Desirmatics) Sofretano Limited Indus Clean Energy GmbH Gatus537.GmbH Indus Energy GmbH and Company KG Indus Solar GmbH and Company KG KRSW Solar 2 GmbH and Company KG PRIME ENERGY Entwicklungs- und Grundstücksgesellschaft mbH NE Green Energy – Meißen GmbH and Company KG Twelve Energy Societa Agricolo S.r.l. Moser Baer Clean Energy Italia s.r.l West Asia Trading FZE Moser Baer Clean Energy UK Limited MBCEL Inc Solar Farm Project I, LLC Solar Farm Project II, LLC Solar Farm Project III, LLC Solar Farm Project IV, LLC

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital : Rs.195.770 millions

Issued, Subscribed & Paid-up Capital : Rs.195.248 millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
15,050,000	Equity Shares	Rs.10/- each	Rs.150.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
14,997,828	Equity Shares	Rs.10/- each	Rs.149.978 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

Particulars		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		149.978	149.978	0.500
2] Share Application Money		7109.046	1784.416	12.638
3] Reserves & Surplus		1327.150	1343.030	0.000
4] (Accumulated Losses)		0.000	[3.885]	[0.017]
NETWORTH		8586.174	3273.539	13.121
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	100.000	0.000
TOTAL BORROWING		0.000	100.000	0.000
DEFERRED TAX LIABILITIES
TOTAL		8586.174	3373.539	13.121
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.119	0.580	0.009
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		2694.761	1268.845	3.978
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	93.355	0.000	0.000
	Cash & Bank Balances	2837.205	94.701	0.120
	Other Current Assets	67.862	0.147	0.000
	Loans & Advances	3002.665	2011.347	3.777
Total Current Assets		6001.087	2106.195	3.897
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	1.373	3.234
	Other Current Liabilities	106.001	0.179	0.912
	Provisions	5.792	0.529	0.000
Total Current Liabilities		111.793	2.081	4.146
Net Current Assets		5889.294	2104.114	[0.249]
MISCELLANEOUS EXPENSES		0.000	0.000	9.383
TOTAL		8586.174	3373.539	13.121

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	93.000	0.000
		Other Income	85.801	0.163
		TOTAL (A)	178.801	0.163
Less	EXPENSES
		Manufacturing service costs	83.832	0.005
		Employee related expenses	23.167	0.123
		Administrative selling other expenses	53.984	3.813
		TOTAL (B)	160.983	3.941
	PROFIT/[LOSS] BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		17.818	[3.778]
Less	FINANCIAL EXPENSES (D)		4.733	0.000
	PROFIT/[LOSS] BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		13.085	[3.778]
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.094	0.056
	PROFIT / [LOSS] BEFORE TAX (E-F) (G)		12.991	[3.834]
Less	TAX (H)		3.809	0.050
	PROFIT / [LOSS] AFTER TAX (G-H) (I)		9.182	[3.884]
	BALANCE CARRIED TO THE B/S		5.297	[3.884]
	EARNINGS IN FOREIGN CURRENCY		99.900	NA
	Earnings/[Loss] Per Share (Rs.)		0.61	[0.61]

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.13	[2382.82]	NA
Net Profit Margin (PBT/Sales)	(%)	13.97	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	0.22	[0.18]	NA
Return on Investment (ROI) (PBT/Networth)		0.00	[0.00]	NA
Debt Equity Ratio (Total Liability/Networth)		0.01	0.03	0.31
Current Ratio (Current Asset/Current Liability)		53.68	1012.11	0.94

LOCAL AGENCY FURTHER INFORMATION

Note : Registered office address of the company has been shifted from N23B, Block N, DDA Flats, Saket, New Delhi – 110017, India to the present address w.e.f. 17.11.2010

Business Overview

The Company is in the Solar Energy business and has acquired through its subsidiaries few projects under the various State Policies for Solar Power Projects. Moser Baer Clean Energy Limited (MBCEL) is the holding company for the solar power projects being developed by the Moser Baer Group. MBCEL has emerged as one of the largest solar energy group with investments in a range of solar energy technologies. MBCEL has raised 2250 millions from IFCI as investment in the company in the month of April, 2011 by way of issue of Optionally Convertible Debentures.

Projects

A 5 MW Solar PV Park in Tamilnadu, was commissioned in the month of December, 2010. The project was implemented by the Company through its SPV, Sapphire Industrial Infrastructures Private Limited under the Generation Based Incentive Scheme of Ministry of New and Renewable Energy, Government of India.The said project has been accorded CARE BBB rating indicating moderate credit risk and timely servicing of financial obligations The Company through its two SPV’s Precious Energy Services Private Limited and Solitaire Energies Private Limited, is implementing 30 MW Solar Power Projects in the State of Gujarat. The said projects will be commissioned in the month of October, 2011.

Nature of Operations

Moser Baer Clean Energy Limited is engaged in providing technical services in relation to setting up and maintenance of Solar Power Projects

Contingent Liabilities:- [As on 31.03.2011]

There is a contingent liability amounting to Rs. 2819.945 millions for Bank Guarantees issued on behalf of its Subsidiaries/Business Associates.

FIXED ASSETS :

• Land
• Computer
• Office Equipments

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.49.64
UK Pound	1	Rs.77.79
Euro	1	Rs.65.04

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		29

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.