1. Summary Information

		Country	India
Company Name	JUPITER SOLAR POWER LIMITED	Principal Name 1	Mr. Alok Garodia
Status	Satisfactory	Principal Name 2	Mr. Rajkumar Garodia
		Registration #	21-111250
Street Address	30, Jadunath Dey Road, 4^th Floor, Kolkata-700 012, West Bengal, India
Established Date	29.07.2006	SIC Code	--
Telephone#	91-33-40159000	Business Style 1	Manufacturer
Fax #	91-33-40159037	Business Style 2	--
Homepage	www.jil-jupiter.com	Product Name 1	Solar Cells
# of employees	Not Available	Product Name 2	Photo Voltaic Cells
Paid up capital	Rs.40,255,000/-	Product Name 3
Shareholders	Bodies corporate-95.60% Directors or relatives of Directors-4.40%	Banking	State Bank of India (Mortgagee)
Public Limited Corp.	No	Business Period	5 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (45)
Related Company
Relation	Country	Company Name	CEO
Holding Company	India	Jupiter International Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	179,550,000	Current Liabilities	201,938,000
Inventories	537,254,000	Long-term Liabilities	1,332,743,000
Fixed Assets	1,253,895,000	Other Liabilities	4,470,000
Deferred Assets	0,000	Total Liabilities	1,539,151,000
Invest& other Assets	0,000	Retained Earnings	391,293,000
		Net Worth	431,548,000
Total Assets	1,970,699,000	Total Liab. & Equity	1,970,699,000
Total Assets (Previous Year)	1,648,857,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	1,421,008,000	Net Profit	38,612,000
Sales(Previous yr)	22,216,000	Net Profit(Prev.yr)	(5,113,000)

MIRA INFORM REPORT

Report Date :

04.05.2012

IDENTIFICATION DETAILS

Name :	JUPITER SOLAR POWER LIMITED (w.e.f. 11.12.2007 )
Formerly Known As :	JUPITER NIVS TECHNOLOGIES LIMITED (w.e.f. 27.11.2007) JUPITER NIVS TECHNOLOGIES PRIVATE LIMITED
Registered Office :	30, Jadunath Dey Road, 4^th Floor, Kolkata-700 012, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	29.07.2006
Com. Reg. No.:	21-111250
Capital Investment / Paid-up Capital :	Rs.40.255 Millions
CIN No.: [Company Identification No.]	U52392WB2006PLC111250
TAN No.: [Tax Deduction & Collection Account No.]	CALJ03701F
PAN No.: [Permanent Account No.]	AABCJ7197H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Solar Cells and Photo Voltaic Cells
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 1700000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. And as per commitments. The company can be considered normal for business dealings at usual 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	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 :	30, Jadunath Dey Road, 4^th Floor, Kolkata-700 012, West Bengal, India
Tel. No.:	91-33-40159000/ 40143500
Mobile No.:	91-9830040000 (Mr. Alok Garodia)
Fax No.:	91-33-40159037/22121404
E-Mail :	Suredra.gupta@jil-jupter.com cfc@vsnl.com
Website :	www.jil-jupiter.com
Factory::	Village Katna, Post office Baddi, Tehsil Nalagath, Salan-173 205, Himachal Pradesh
Corporate Office:	Unnayanam, 20-A, Ashutosh Chowdhury Avenue, Kolkata-700 019, West Bengal, India
Tel. No.:	91-33-40159000
Fax No.:	91-33-40159037

DIRECTORS

As on: 30.09.2011

Name :

Mr. Alok Garodia

Designation :

Director

Address :

Unnanayam, 20/A, Ashutosh Choudhury, Kolkata-700 019, West Bengal, India

Date of Birth/Age :

02.10.1950

Date of Appointment :

01.08.2008

DIN No.:

00081848

Other Directorships:

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	U31909WB1982PTC035208	MITCO COMMERCIAL COMPANY PRIVATE LIMITED	Director	11-06-91	11-06-91	-	Active	NO
2	U51109WB1978PLC031668	JUPITER INTERNATIONAL LIMITED	Managing director	01-04-11	24-01-96	-	Active	NO
3	U51909WB1994PTC066026	STUTI TIE-UP PRIVATE LIMITED	Director	17-07-00	17-07-00	-	Active	NO
4	U74140WB1994PTC062774	DAYANIDHI MANGEMENT PRIVATE LIMITED	Director	24-12-01	24-12-01	-	Active	NO
5	U72200WB2003PLC097321	JUPITER INNOVATIONS LIMITED	Director	25-11-03	25-11-03	-	Amalgamated	NO
6	U51909WB1992PTC057298	JVINE MERCHANTS PRIVATE LIMITED	Director	01-10-05	01-10-05	-	Amalgamated	NO
7	U52392WB2006PLC111250	JUPITER SOLAR POWER LIMITED	Managing director	01-04-08	29-07-06	-	Active	NO
8	U45400WB2008PLC122807	JUPITER INFRAPOWER LIMITED	Director	19-02-08	19-02-08	-	Active	NO
9	U30007WB1994NPL063186	COMPUTER ASSOCIATION OF EASTERN INDIA	Director	19-09-09	19-09-09	01-04-10	Active	NO
10	U32106WB2011PTC163042	JUPITER DSTOR INFORMATICS PRIVATE LIMITED	Director	26-05-11	26-05-11	-	Active	NO
11	U91990WB1946GAP013261	HINDUSTAN CLUB LIMITED	Director	24-12-11	24-12-11	-	Active	NO

Name :

Mr. Rajkumar Garodia

Designation :

Director

Address :

Unnanayam, 20/A, Ashutosh Choudhury, Kolkata-700 019, West Bengal, India

Date of Birth/Age :

09.01.1940

Date of Appointment :

29.07.2006

DIN No.:

00552210

Other Directorships:

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	U31909WB1982PTC035208	MITCO COMMERCIAL COMPANY PRIVATE LIMITED	Director	01-07-83	01-07-83	-	Active	NO
2	U51909WB1992PTC057298	JVINE MERCHANTS PRIVATE LIMITED	Director	01-10-99	01-10-99	-	Amalgamated	NO
3	U74140WB1994PTC062774	DAYANIDHI MANGEMENT PRIVATE LIMITED	Director	04-12-01	04-12-01	-	Active	NO
4	U51909WB1994PTC066026	STUTI TIE-UP PRIVATE LIMITED	Director	25-01-02	25-01-02	-	Active	NO
5	U51109WB1978PLC031668	JUPITER INTERNATIONAL LIMITED	Director	01-11-11	09-08-02	-	Active	NO
6	U52392WB2006PLC111250	JUPITER SOLAR POWER LIMITED	Director	29-07-06	29-07-06	-	Active	NO
7	U45400WB2008PLC122807	JUPITER INFRAPOWER LIMITED	Director	19-02-08	19-02-08	-	Active	NO

Name :

Mrs. Sushila Devi Garodia

Designation :

Director

Address :

Unnanayam, 20/A, Ashutosh Choudhury, Kolkata-700 039, West Bengal, India

Date of Birth/Age :

24.04.1946

Date of Appointment :

26.10.2007

DIN No.:

00552283

Other Directorships:

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	U45202WB1985PTC039702	GYAN CONSTRUCTIONS PRIVATE LIMITED	Director	29-03-94	29-03-94	-	Amalgamated	NO
2	U52392WB2006PLC111250	JUPITER SOLAR POWER LIMITED	Director	26-10-07	26-10-07	-	Active	NO
3	U45400WB2008PLC122807	JUPITER INFRAPOWER LIMITED	Director	19-02-08	19-02-08	-	Active	NO

Name :

Mr. Veeraraghavan Ramabhadran

Designation :

Director

Address :

House No.101, 1^st Floor, Sector-12, Panchkula, Chennai-134112, Tamilnadu India

Date of Birth/Age :

02.10.1950

Date of Appointment :

01.08.2008

DIN No.:

00552709

Name :

Wolfgang Schmutz

Designation :

Director

Address :

Finkenweg 25, 78658, Zimmern O, Zimmern-78658

Date of Birth/Age :

27.04.1954

Date of Appointment :

01.08.2008

DIN No.:

02701341

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2011

Names of Shareholders	No. of Shares
Alok Garodia	28000
Rajkumar Garodia	68000
Jupiter International Limited, India	2773494
Sushila Devi Garodia	25000
Dayanidhi Management Private Limited, India	457000
Stuti Tie Up Private Limited, India	618000
Jupiter International Limited, India with Alok	1
Jupiter International Limited, India with Raj	1
Jupiter International Limited, India with Sushila	1
Jupiter International Limited, India with Anju	1
Jupiter International Limited, India with Sang	1
Jupiter International Limited, India with Lali	1
Akash Garodia	56000
Total	4025500

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2011

Category	Percentage
Bodies corporate	95.60
Directors or relatives of Directors	4.40
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Solar Cells and Photo Voltaic Cells

Products :

Product Description	ITC Code
Solar Cell	08541-40-11

PRODUCTION STATUS

Particulars	Unit	Installed Capacity*	Actual Production
Photo Voltaic Cells	MW	32.20	27.42

Note:

*(As certified by the Management and on which Auditors have placed reliance, this being a technical matter)

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India (Mortgagee), Overseas Branch, Samriddhi Bhawan, Block-A, 1 Strand Road, Kolkata-700 001, West Bengal, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	273.754	874.514
Foreign currency loans banks secured	695.938	0.000
Working capital loans banks secured	198.717	113.313
Loans taken for vehicles secured	4.334	1.442
Total	1172.743	989.269
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Working capital loans others unsecured	160.000	202.496
Total	160.000	202.496

Banking Relations :
Auditors :
Name :	Chhaparia and Associates Chartered Accountants
Address :	Shantiniketan Building, 8 Camac Street, 5^th Floor, Suite No.2, Kolkata – 700017, West Bengal, India
Tel. No.:	91-33-22824241/6444
Fax No.:	91-33-22824566
E-Mail :	www.chhapanaassociates.com
PAN.:	AADFC1689C
Holding Company :	Jupiter International Limited CIN No: (U51109WB1978PLC031668)
Others Related Parties :	STUTI TIE-UP Private Limited CIN No: (U51909WB1994PTC066026) Dayanidhi Management Private Limited

CAPITAL STRUCTURE

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
4025500	Equity Shares	Rs.10/- each	Rs.40.255 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		40.255	34.490	34.490
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		391.293	300.797	305.910
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		431.548	335.287	340.400
LOAN FUNDS
1] Secured Loans		1172.743	989.269	652.091
2] Unsecured Loans		160.000	202.496	0.000
TOTAL BORROWING		1332.743	1191.765	652.091
DEFERRED TAX LIABILITIES		4.373	0.000	0.000
TOTAL		1768.664	1527.052	992.491
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1253.895	1352.055	3.081
Capital work-in-progress		0.000	0.000	1035.887
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	537.254	222.253	0.000
	Sundry Debtors	42.972	0.395	0.000
	Cash & Bank Balances	34.016	22.374	36.166
	Other Current Assets	11.762	1.341	0.103
	Loans & Advances	90.800	50.226	17.599
Total Current Assets		716.804	296.589	53.868
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	192.056	106.873	91.924
	Other Current Liabilities	9.882	14.835	8.616
	Provisions	0.097	0.197	0.197
Total Current Liabilities		202.035	121.905	100.737
Net Current Assets		514.769	174.684	(46.869)
MISCELLANEOUS EXPENSES		0.000	0.313	0.392
TOTAL		1768.664	1527.052	992.491

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Operating Revenue	1341.245	20.102	0.000
		Other Income	79.763	2.012	0.000
		TOTAL (A)	1421.008	22.114	0.000
Less	EXPENSES
		Consumption materials changes inventories	985.037		0.000
		Manufacturing service costs	35.531		0.000
		Employee related expenses	23.699		0.000
		Administrative selling other expenses	45.741		0.000
		TOTAL (B)	1090.008	15.943	0.000
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		331.000	6.171	0.000
Less	FINANCIAL EXPENSES (D)		157.519	5.597	0.000
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		173.481	0.574	0.000
Less/ Add	DEPRECIATION/ AMORTISATION (F)		130.497	5.687	0.000
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		42.984	(5.113)	0.000
Less	TAX (H)		4.372	0.000	0.000
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		38.612	(5.113)	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(5.113)	0.000	0.000
	BALANCE CARRIED TO THE B/S		33.499	(5.113)	0.000
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1264.809	27.509	0.000
	TOTAL EARNINGS		1264.809	27.509	27.509
	IMPORTS
		Raw Materials	1240.260	239.913	0.000
		Stores & Spares	22.570	14.021	0.000
		Capital Goods	11.732	161.127	748.019
	TOTAL IMPORTS		1274.562	415.061	748.019
	Earnings/(Loss) Per Share (Rs.)		8.65	(1.48)	0.000

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.72	(23.01)	0.000
Net Profit Margin (PBT/Sales)	(%)	3.20	(25.31)	0.000
Return on Total Assets (PBT/Total Assets}	(%)	2.18	(0.31)	0.000
Return on Investment (ROI) (PBT/Networth)		0.10	(0.02)	0.000
Debt Equity Ratio (Total Liability/Networth)		3.56	3.92	2.13
Current Ratio (Current Asset/Current Liability)		3.55	2.43	0.53

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	No
Line of Business	Yes
Promoters background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of contact person	No
Turnover of firm for last three years	No
Profitability for last three years	Yes
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	No
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes

NOTE:

The Registered Office of the company has been shifted from 30 Jadunath Dey Road, 4th Floor, West Bengal -700012, India to the present address w.e.f. 09.12.2011

FUTURE OUTLOOK:

PV cells industry in India and across the globe depends on solar power market and in India. The solar power market comprises of 2 segments i.e. ‘on –grid’ & ‘off –grid’

Globally, the solar PV market had installations of more than 17,000 MW in 2010 recording a growth of more than 130 percent over 2009.

India’s share is at around 1 percent of total installed capacity which is very low at present

Key demand driving countries are such as Spain, Germany, South Korea, Italy, Japan and United States. Germany alone accounts for 53% of the world market which witnessed more than 6 GW installations in CY -2010 and likely to add another 4.5 GW during year CY -2011

In India, a very low per-capita consumption of electric power to the world average presents a significant potential for sustainable growth in the demand for electric power in India

Off-grid segments are led by widespread rural electrification programs, street lighting and remote banking/ATM projects, as well as industrial applications such as solar-powered telecom base stations, railway signaling and defense monitoring in border area

Key demand driver in solar power markets are as follows –

• Constant depletion of conventional energy sources is leading to increase in demand for non –conventional energy sources

• Various incentives provided by central and state government to achieve the grid parity

• Pollution less clean energy source

• Tax benefits for 10 years if plant generates power before March, 2012

Indian Government has adopted the JNNSM, the Solar Mission to executed from 2011 to 2022. There are three phases. Phase 1, there maining 4 years of the 12th Plan (i.e., 2013-2017) as Phase 2 and the 13th Plan (2017-2022) as Phase 3 to achieve the 20,000 MW installations.

Domestic content mandate - The Phase 1(2) of the JNSM which will commence from Feb 2012 has been mandated to have Indian made Solar Cells and Modules. This phase will cover 350MW installations and the MNRE has received expressions of Interests for 2500MW.

JNNSM has targeted to ramp up capacity of grid-connected solar power generation to 1,000 MW within three years – by 2013, an additional 3000 MW by 2017 through the mandatory use of the renewable purchase obligation by utilities backed with a preferential tariff.

JNNSM also targets to promote programmes for off grid applications, reaching 1,000 MW by 2017 and 2,000 MW by 2022 This will enable the domestic demand to expand substantially and will allow the Company to 100% capacity utilization from 2012 onwards.

EXPORT PERFORMANCE:

During the year Company has achieved Export House Status from the Office of the Director General of Foreign Trade.

HOLDING COMPANY:

Jupiter International Limited continues as the holding company of Jupiter Solar Power Limited with a stake of 68.90%.

CONTINGENT LIABILITIES:

(Rs. In Millions)

Particular	31.03.2011	31.03.2010
Counter Guarantees given in favour of the Company's Bankers for guarantees given by them	70.669	19.373
Letters of Credit opened	214.847	96.471
Bonds executed in favour of President of India for import of capital goods under EPCG scheme at concessional rate of duty	231.260	219.685
Letter of Undertakings executed in favour of President of India for import of Capital goods under EPCG scheme at concessional rate of duty	4.912	4.360
Estimated amount of contracts to be executed on Capital Account and not provided for	0.000	18.155

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U52392WB2006PLC111250
Name of the company	JUPITER SOLAR POWER LIMITED
Address of the registered office or of the principal place of business in India of the company	30, Jadunath Dey Road, 4^th Floor, Kolkata-700 012, West Bengal, India E-mail: surendra.gupta@jil-jupiter.com
This form is for	Creations of charge
Type of charge	Immovable property
Particular of charge holder	State Bank of India (Mortgagee), Overseas Branch, Samriddhi Bhawan, Block-A, 1 Strand Road, Kolkata-700 001, West Bengal, India E-mail: sbiobcal@cal3.vsnl.net.in
Nature of instrument creating charge	Memorandum of Deposit for Creation of Charge for Term Loan/Overall Limit granted/to be granted by the Joint Charge Holders.
Date of instrument Creating the charge	05.12.2011
Amount secured by the charge	Rs.1960.300 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest SBI : Cash Credit : At 4.75% above Base Rate, Term Loan-I : At 0.55% above SBAR, Term Loan-II: At 0.25% above SBAR. For other Banks: As specified in the Sanction Letter of the respective Banks. Terms of repayment The Borrower shall repay the Working Capital Facilities on Demand of the Lenders/Bankers. Term Loan of SBI and other Banks are repayable as per the terms of sanction of the respective Bank/s. Margin SBI : Raw Materials : 25%, Stock-in-process : 25%, Finished Goods : 25%, Advance to Suppliers : 40% and Book debts/receivables (Domestic): 25%. For other Banks: As per the terms of sanction of the respective Bank/s. Extent and operation of the charge The charge shall operate as pari passu first charge basis amongst the Working Capital Bankers and Term Lenders on the whole of the mortgaged properties of the Company as mentioned in Column No.15 without any preference or priority of one over the other or others to secure the overall limit of Rs.1960.300 Millions (SBI Rs.910.300 Millions, Union Bank of India: Rs.440.000 Millions, OBC: Rs.260.000 Millions and Corporation Bank Rs.350.000 Millions) together with interest, costs and charges thereon. Others The Borrower shall not do or allow anything which may prejudice the security and shall comply with the terms and conditions of the Agreements.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Land measuring 8 Bighas 5 Biswas bearing akas tatima Khasra Nos.139/4 and 138/2, comprised in Kh/kht Nos.54/54 min, Village Katha, Pargna Dharampur, Tehsil Nalagarh, District Solan, Himachal Pradesh. Land measuring 5 Biswas bearing akas tatima Khasra Nos.137/8, comprised in Kh/kht Nos.85/85 min, Village Katha, Pargna Dharampur, Tehsil Nalagarh, District Solan, Himachal Pradesh. Land measuring 0 Bighas 10 Biswas bearing akas tatima Khasra No.59/1, comprised in Kh/kht Nos.19/21 min, Village Dhakrumajra, Pargna Dharampur, Tehsil Nalagarh, District Solan, Himachal Pradesh.

FIXED ASSETS:

· Freehold Land

· Factory Building

· Plant and Machinery

· Electrical Fittings

· Furniture and Fixtures

· Computers

· Office Equipments

· Vehicle

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.52.24
UK Pound	1	Rs.85.14
Euro	1	Rs.69.98

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		45

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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.