MIRA INFORM REPORT

Report Date :

07.11.2012

IDENTIFICATION DETAILS

Name :	HINDUJA NATIONAL POWER CORPORATION LIMITED
Registered Office :	C/o. Gulf Oil Corporation Limited, Post Bag No 1,Kukatpally, Sanathnagar, Hyderabad-500018, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.03.1994
Com. Reg. No.:	01-017199
Capital Investment / Paid-up Capital :	Rs. 585.794 millions
CIN No.: [Company Identification No.]	U40109AP1994PLC017199
PAN No.: [Permanent Account No.]	AABCH2426D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Oil Products and Industrial Exposures
No. of Employees :	8042 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 2064000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a part of Hinduja Group. It is well established company having moderate track record. There appear huge accumulated losses. However, Net worth of the company appears to be strong. Trade relations are reported to be fair. Business is active. Payments are reported to be sow but correct. The company can be considered for business dealing with slight caution.

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 :	C/o. Gulf Oil Corporation Limited, Post Bag No.1,Kukatpally, Sanathnagar I. E., Hyderabad-500018, Andhra Pradesh, India
Tel. No.:	91- 40-23810671
Fax No.:	91- 40-23813860
E-Mail :	prasenjit.hnp@hindujagroup.com
Website :	www.hindujanationalpower.com
Corporate Office :	Hinduja House, 171, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India
Tel. No.:	91-22-24960707
Fax No.:	91-22-24960747

DIRECTORS

As on 22.09.2011

Name :

Mr. Ashok Parmanand Hinduja

Designation :

Whole-time director

Address :

Param Jamuna, J. R. Mhatre Marg, Juhu, Mumbai- 400049, Maharashtra, India

Date of Birth/Age :

15.07.1950

Date of Appointment :

01.05.2011

DIN No.:

00123180

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U26999MH1946PTC134186	THE BRITISH METAL CORPORATION (INDIA) PRIVATE LIMITED	Director	09/07/1974	09/07/1974	-	Active	NO
2	U67120MH1952PTC008925	SIDDHARTH TEXTILES PRIVATE LIMITED	Director	31/05/1983	31/05/1983	23/05/2007	Active	NO
3	U70101DL1973PTC006694	SKYWAYS PROPERTIES PRIVATE LIMITED	Director	24/02/1984	24/02/1984	-	Active	NO
4	U74999MH1993PLC072925	HINDUJA GROUP INDIA LIMITED	Director	16/07/1993	16/07/1993	-	Active	NO
5	U51410MH1994PTC079188	AASIA BUSINESS VENTURES PRIVATE LIMITED	Director	08/07/1994	08/07/1994	09/11/2009	Active	NO
6	U70101TN1992PLC023319	HINDUJA PROPERTIES LIMITED	Director	27/10/1994	27/10/1994	28/06/2007	Active	NO
7	U91110PN1995NPL092469	INDUSIND INTERNATIONAL FEDERATION	Director	07/09/1995	07/09/1995	-	Active	NO
8	L51900MH1985PLC036896	HINDUJA VENTURES LIMITED	Whole-time director	01/10/2010	08/11/1995	-	Active	NO
9	U72200MH1995PTC088486	AASIA MANAGEMENT & CONSULTANCY PRIVATE LIMITED	Director	02/09/1997	02/09/1997	12/02/2007	Active	NO
10	U65993MH2006PTC166340	HINDUJA FINANCE PRIVATE LIMITED	Director	20/12/2006	20/12/2006	-	Active	NO
11	U45400MH2007PTC171370	HIN-JAHAN ENGINEERS & CONTRACTORS PRIVATE LIMITED	Director	06/06/2007	06/06/2007	09/07/2007	Active	NO
12	U40109AP1994PLC017199	HINDUJA NATIONAL POWER CORPORATION LTD	Whole-time director	01/05/2011	17/03/2008	-	Active	NO
13	U34200TN2008PLC080987	ASHOK LEYLAND DEFENCE SYSTEMS LIMITED	Director	18/03/2008	18/03/2008	13/05/2011	Active	NO
14	U66030MH2008PLC180206	ASHLEY AVIATION LIMITED	Director	18/03/2008	18/03/2008	24/09/2010	Active	NO
15	U45200MH1968PLC014045	HINDUJA REALTY VENTURES LIMITED	Additional director	10/10/2008	10/10/2008	06/01/2009	Active	NO
16	U64203MH2007PTC167603	HTMT TELECOM PRIVATE LIMITED	Director	18/07/2009	11/12/2008	23/10/2009	Amalgamated	NO
17	U40105MH2008PLC189213	HINDUJA ENERGY (INDIA) LIMITED	Director	30/12/2008	30/12/2008	-	Active	NO

Name :

Mr. Ramkrishan Prakash Hinduja

Designation :

Director

Address :

13B, Chemin De Prevote, 1223 Cologny, Geneva, Switzerland

Date of Birth/Age :

20.01.1971

Date of Appointment :

18.12.2009

DIN No.:

00278711

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L51900MH1985PLC036896	HINDUJA VENTURES LIMITED	Director	12/04/1994	12/04/1994	-	Active	NO
2	U74999MH1993PLC072925	HINDUJA GROUP INDIA LIMITED	Director	11/11/1997	11/11/1997	-	Active	NO
3	U74999MH1995PLC088487	IN2CABLE (INDIA) LIMITED	Director	03/02/2000	03/02/2000	-	Amalgamated	NO
4	U67120MH1997PLC106676	GRANT INVESTRADE LIMITED	Director	05/05/2007	06/03/2000	26/05/2010	Active	NO
5	U45201MH2000PLC129434	PLANET E-SHOP HOLDINGS INDIA LIMITED	Director	03/11/2000	03/11/2000	26/05/2010	Active	NO
6	U22121MH2000PLC129433	IN ENTERTAINMENT (INDIA) LIMITED	Director	03/11/2000	03/11/2000	09/02/2010	Active	NO
7	U72200MH1995PTC088486	AASIA MANAGEMENT & CONSULTANCY PRIVATE LIMITED	Director	17/04/2001	17/04/2001	04/05/2007	Active	NO
8	L24292AP1961PLC000876	GULF OIL CORPORATION LIMITED	Director	19/08/2002	19/08/2002	-	Active	NO
9	L92199MH1995PLC084610	HINDUJA GLOBAL SOLUTIONS LIMITED	Director	05/03/2007	05/03/2007	-	Active	NO
10	U40109AP1994PLC017199	HINDUJA NATIONAL POWER CORPORATION LTD	Director	18/12/2009	10/05/2009	-	Active	NO
11	U02002MH1998PTC117080	Hinduja Healthcare Private Limited	Director	30/09/2011	13/05/2011	-	Active	NO

Name :

Mr. Dheeraj Gopichand Hinduja

Designation :

Director

Address :

24, Carlton House Terrace, London- SW153AP, United Kingdom

Date of Birth/Age :

27.07.1971

Date of Appointment :

17.03.2008

DIN No.:

00133410

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L34101TN1948PLC000105	ASHOK LEYLAND LIMITED	Director	20/10/2010	03/09/1996	-	Active	NO
2	L27104TN1959PLC003849	HINDUJA FOUNDRIES LIMITED	Director	05/09/1998	05/09/1998	-	Active	NO
3	L51900MH1985PLC036896	HINDUJA VENTURES LIMITED	Director	19/06/2001	19/06/2001	-	Active	NO
4	U93090TN1989PLC033174	ASHOK LEYLAND PROJECT SERVICES LIMITED	Director	25/07/2002	25/07/2002	14/07/2010	Active	NO
5	U74999MH1993PLC072925	HINDUJA GROUP INDIA LIMITED	Director	21/09/2006	21/09/2006	-	Active	NO
6	U99999MH2006NPL159749	ASIA SOCIETY INDIA CENTRE	Director	25/09/2006	25/09/2006	15/02/2011	Active	NO
7	L92199MH1995PLC084610	HINDUJA GLOBAL SOLUTIONS LIMITED	Director	05/03/2007	05/03/2007	-	Active	NO
8	U40109AP1994PLC017199	HINDUJA NATIONAL POWER CORPORATION LTD	Director	19/09/2008	17/03/2008	-	Active	NO
9	U72400TN2009PLC072067	DEFIANCE TECHNOLOGIES LIMITED	Director	06/09/2010	23/07/2009	-	Active	NO
10	U65993TN2008PLC069837	HINDUJA LEYLAND FINANCE LIMITED	Director	24/07/2012	30/08/2011	-	Active	NO

Name :

Mr. Seshasayee Ramaswami

Designation :

Director

Address :

Ashley House, 6, Boat Club, ll-Avenue, Chennai- 600028, Tamil Nadu, India

Date of Birth/Age :

01.06.1948

Date of Appointment :

18.12.2009

DIN No.:

00047985

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L34101TN1948PLC000105	ASHOK LEYLAND LIMITED	Managing director	01/04/2011	31/03/1993	-	Active	NO
2	U65993TN1997PLC037661	ASHLEY HOLDINGS LIMITED	Director	17/03/1997	17/03/1997	15/02/2010	Active	NO
3	U65993TN1997PLC037662	ASHLEY INVESTMENTS LIMITED	Director	17/03/1997	17/03/1997	15/02/2010	Active	NO
4	L27104TN1959PLC003849	HINDUJA FOUNDRIES LIMITED	Director	21/10/2010	30/03/1998	-	Active	NO
5	U35202TN1998PLC041466	IRIZAR TVS LIMITED	Director	05/02/2001	05/02/2001	-	Active	NO
6	U63090TN2004PLC052661	ASHLEY TRANSPORT SERVICES LIMITED	Director	16/11/2004	16/11/2004	15/02/2010	Active	NO
7	U74999MH1993PLC072925	HINDUJA GROUP INDIA LIMITED	Director	25/09/2006	25/09/2006	-	Active	NO
8	U62200MH2007PLC167111	ASHLEY AIRWAYS LIMITED	Director	18/01/2007	18/01/2007	-	Under liquidation	NO
9	L65191PN1994PLC076333	INDUSIND BANK LTD.	Director	18/09/2007	07/06/2007	-	Active	NO
10	U27310TN2006PLC065084	ASHLEY ALTEAMS INDIA LIMITED	Director	12/09/2008	25/10/2007	-	Active	NO
11	U29130TN2007PLC064471	AUTOMOTIVE INFOTRONICS LIMITED	Director	30/09/2008	16/11/2007	04/02/2011	Active	NO
12	U34102TN2008PLC067839	ASHOK LEYLAND NISSAN VEHICLES LIMITED	Director	24/07/2009	22/05/2008	03/09/2012	Active	NO
13	U34300TN2008PLC067840	NISSAN ASHOK LEYLAND TECHNOLOGIES LIMITED	Director	24/07/2009	22/05/2008	03/09/2012	Active	NO
14	U34102TN2008PLC067838	NISSAN ASHOK LEYLAND POWERTRAIN LIMITED	Director	24/07/2009	22/05/2008	03/09/2012	Active	NO
15	U65993TN2008PLC069837	HINDUJA LEYLAND FINANCE LIMITED	Director	18/07/2011	12/11/2008	-	Active	NO
16	U72400TN2009PLC072067	DEFIANCE TECHNOLOGIES LIMITED	Director	06/09/2010	24/06/2009	31/12/2010	Active	NO
17	U29253TN2009PTC072136	ASHOK LEYLAND JOHN DEERE CONSTRUCTION EQUIPMENT COMPANY PRIVATE LIMITED	Director	03/08/2010	11/07/2009	18/01/2011	Active	NO
18	U40109AP1994PLC017199	HINDUJA NATIONAL POWER CORPORATION LTD	Director	18/12/2009	11/12/2009	-	Active	NO
19	L85110KA1981PLC013115	INFOSYS LIMITED	Director	11/06/2011	13/01/2011	-	Active	NO
20	U34200TN2008PLC080987	ASHOK LEYLAND DEFENCE SYSTEMS LIMITED	Director	13/05/2011	07/02/2011	18/07/2012	Active	NO
21	U40105MH2008PLC189213	HINDUJA ENERGY (INDIA) LIMITED	Whole-time director	15/09/2011	13/05/2011	-	Active	NO

Name :

Mr. Prakash Shah

Designation :

Director

Address :

3102, Forum, Uday Baug, Wanorite, Pune- 411013, Maharashtra, India

Date of Birth/Age :

04.07.1939

Date of Appointment :

28.09.2010

DIN No.:

00120671

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L67120MH1993PLC070709	KHANDWALA SECURITIES LIMITED	Director	24/03/2001	24/03/2001	27/04/2007	Active	NO
2	U74140MH2006PTC164785	TERRAFIRMA REALTY ADVISORS PRIVATE LIMITED	Director	21/09/2006	21/09/2006	02/10/2010	Active	NO
3	U74140MH2006PTC164786	THIRDWAVE REALTY ADVISORS PRIVATE LIMITED	Director	21/09/2006	21/09/2006	15/07/2011	Active	NO
4	U74999MH1993PLC072925	HINDUJA GROUP INDIA LIMITED	Director	25/09/2007	28/03/2007	-	Active	NO
5	U67190MH2002PTC136265	FALCON CORPORATE ADVISORS PRIVATE LIMITED	Director	02/04/2007	02/04/2007	15/07/2011	Active	NO
6	L51900MH1985PLC036896	HINDUJA VENTURES LIMITED	Director	24/09/2007	11/06/2007	-	Active	NO
7	L24292AP1961PLC000876	GULF OIL CORPORATION LIMITED	Director	31/07/2009	25/09/2008	-	Active	NO
8	U40109AP1994PLC017199	HINDUJA NATIONAL POWER CORPORATION LTD	Director	28/09/2010	12/03/2010	-	Active	NO
9	U92132MH1995PLC085835	INDUSIND MEDIA AND COMMUNICATION LIMITED	Director	26/07/2010	28/04/2010	-	Active	NO
10	U74900DL2011NPL219518	PATHFINDER INTERNATIONAL INDIA	Director	20/05/2011	20/05/2011	-	Active	NO
11	U92412MH2012PTC232891	DODSAL SPORTS PRIVATE LIMITED	Director	03/07/2012	03/07/2012	-	Active	NO

Name :

Mr. Sridharan Kesavan

Designation :

Director

Address :

8, Solayappa, Mudali Street, Mylapore, Chennai- 600004, Tamil Nadu, India

Date of Birth/Age :

16.08.1953

Date of Appointment :

31.10.2001

DIN No.:

00051976

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U40109AP1994PLC017199	HINDUJA NATIONAL POWER CORPORATION LTD	Director	31/10/2001	31/10/2001	-	Active	NO
2	U34102TN2004PLC052489	GULF ASHLEY MOTOR LIMITED	Director	10/02/2004	10/02/2004	-	Active	NO
3	U65993TN1997PLC037661	ASHLEY HOLDINGS LIMITED	Director	06/09/2004	06/09/2004	-	Active	NO
4	U65993TN1997PLC037662	ASHLEY INVESTMENTS LIMITED	Director	06/09/2004	06/09/2004	-	Active	NO
5	U74130TN2004PTC054568	ATSL SOLUTIONS PRIVATE LIMITED	Director	03/02/2006	03/02/2006	-	Strike off	NO
6	U63090TN2004PLC052661	ASHLEY TRANSPORT SERVICES LIMITED	Director	24/08/2006	03/02/2006	-	Active	NO
7	U93090TN1989PLC033174	ASHOK LEYLAND PROJECT SERVICES LIMITED	Director	28/04/2006	28/04/2006	-	Active	NO
8	U62200MH2007PLC167111	ASHLEY AIRWAYS LIMITED	Director	18/01/2007	18/01/2007	-	Under liquidation	NO
9	U51909TN2006PLC059710	MANGALAM RETAIL SERVICES LIMITED	Director	20/12/2007	28/03/2007	-	Active	NO
10	U40107TN2007PLC064245	ASHLEY BIO-FUELS LIMITED	Director	30/09/2008	16/07/2007	-	Active	NO
11	U34102TN2008PLC067839	ASHOK LEYLAND NISSAN VEHICLES LIMITED	Director	24/07/2009	22/05/2008	-	Active	NO
12	U34300TN2008PLC067840	NISSAN ASHOK LEYLAND TECHNOLOGIES LIMITED	Director	24/07/2009	22/05/2008	-	Active	NO
13	U35914TN2009PTC073654	ALBONAIR (INDIA) PRIVATE LIMITED	Director	23/11/2009	23/11/2009	24/11/2009	Active	NO
14	U40105TN2010PLC077414	ASHOK LEYLAND WIND ENERGY LIMITED	Director	19/09/2011	21/09/2010	-	Active	NO
15	U34100TN1980PLC008389	AUTOMOTIVE COACHES AND COMPONENTS LIMITED	Nominee director	21/03/2012	21/03/2012	28/09/2012	Active	NO
16	U29253TN2009PTC072136	ASHOK LEYLAND JOHN DEERE CONSTRUCTION EQUIPMENT COMPANY PRIVATE LIMITED	Additional director	10/05/2012	10/05/2012	-	Active	NO
17	U72400TN2009PLC072067	DEFIANCE TECHNOLOGIES LIMITED	Director	29/09/2012	15/05/2012	-	Active	NO

Name :

Mr. Ashok Kumar Puri

Designation :

Managing director

Address :

FlatNo.702, Marvella, Plot No.730, 11^th Road, Khar (West), Mumbai- 400052, Maharashtra, India

Date of Birth/Age :

08.02.1948

Qualification :

B.E(Electrical Engg), MBA(Marketing & Finance)

Experience :

41 years

Date of Appointment :

19.09.2011

PAN No.:

AAAPP2313B

DIN No.:

00122119

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L74899DL1964GOI004281	BHARAT HEAVY ELECTRICALS LIMITED	Managing director	01/04/2004	01/04/2004	29/02/2008	Active	NO
2	U40109AP1994PLC017199	HINDUJA NATIONAL POWER CORPORATION LTD	Managing director	19/09/2011	19/09/2008	-	Active	NO
3	L31300MH1967PLC016531	FINOLEX CABLES LIMITED	Additional director	16/10/2008	16/10/2008	27/08/2009	Active	NO
4	U40105MH2008PLC189213	HINDUJA ENERGY (INDIA) LIMITED	Director	30/12/2008	30/12/2008	-	Active	NO

Name :

Mr. Abin Kumar Das

Designation :

Alternate director

Address :

61-Atlas Apts, J.M.Mehta Road, Mumbai- 400006, Maharashtra, India

Date of Birth/Age :

02.08.1940

Date of Appointment :

05.09.2012

DIN No.:

00122913

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U63040MH1982PTC027983	VISTA TRAVELS PRIVATE LIMITED	Director	11/08/1982	11/08/1982	-	Active	NO
2	U93090TN1989PLC033174	ASHOK LEYLAND PROJECT SERVICES LIMITED	Director	19/01/1989	19/01/1989	-	Active	NO
3	U70101DL1973PTC006694	SKYWAYS PROPERTIES PRIVATE LIMITED	Director	31/01/1992	31/01/1992	-	Active	NO
4	L34101TN1948PLC000105	ASHOK LEYLAND LIMITED	Director	19/11/1994	19/11/1994	-	Active	NO
5	U17200MH1979PLC021551	INNETWORK ENTERTAINMENT LIMITED	Director	20/01/1995	20/01/1995	-	Amalgamated	NO
6	U92132MH1995PLC085835	INDUSIND MEDIA AND COMMUNICATION LIMITED	Director	22/03/1995	22/03/1995	-	Active	NO
7	U70101TN1992PLC023319	HINDUJA PROPERTIES LIMITED	Director	31/03/1995	31/03/1995	-	Active	NO
8	U32201KA1998PTC024066	U S N NETWORKS PRIVATE LIMITED	Director	12/08/1998	12/08/1998	-	Active	NO
9	U02002MH1998PTC117080	Hinduja Healthcare Private Limited	Director	11/11/1998	11/11/1998	-	Active	NO
10	U99999MH1985PTC035983	JAYAM HOLDINGS PRIVATE LIMITED	Director	14/03/2000	14/03/2000	08/09/2010	Active	NO
11	U67120MH1952PTC008925	SIDDHARTH TEXTILES PRIVATE LIMITED	Director	07/07/2000	07/07/2000	-	Active	NO
12	U45201MH2000PLC129434	PLANET E-SHOP HOLDINGS INDIA LIMITED	Director	03/11/2000	03/11/2000	04/08/2011	Active	NO
13	U22121MH2000PLC129433	IN ENTERTAINMENT (INDIA) LIMITED	Director	03/11/2000	03/11/2000	04/08/2011	Active	NO
14	U26999MH1946PTC134186	THE BRITISH METAL CORPORATION (INDIA) PRIVATE LIMITED	Director	02/09/2002	02/09/2002	-	Active	NO
15	L24292AP1961PLC000876	GULF OIL CORPORATION LIMITED	Alternate director	30/10/2010	30/10/2003	15/05/2011	Active	NO
16	U65990MH1990PTC056497	MUSTANG INVESTMENTS PRIVATE LIMITED	Director	30/09/2006	21/04/2006	15/03/2010	Active	NO
17	U51410MH1994PTC079188	AASIA BUSINESS VENTURES PRIVATE LIMITED	Director	30/09/2006	22/06/2006	04/10/2010	Active	NO
18	U74999MH1993PLC072925	HINDUJA GROUP INDIA LIMITED	Whole-time director	26/08/2011	25/07/2006	-	Active	NO
19	U65993MH2006PTC166340	HINDUJA FINANCE PRIVATE LIMITED	Director	20/12/2006	20/12/2006	-	Active	NO
20	U32304MH2007PTC167602	HINDUJA OUTSOURCING SOLUTIONS INDIA PRIVATE LIMITED	Director	06/02/2007	06/02/2007	16/08/2010	Active	NO
21	U32203MH2007PTC167605	HINDUJA ESTATES PRIVATE LIMITED	Director	06/02/2007	06/02/2007	11/12/2008	Active	NO
22	U64203MH2007PTC167603	HTMT TELECOM PRIVATE LIMITED	Director	23/10/2009	06/02/2007	-	Amalgamated	NO
23	U32204MH2007PTC167601	SERENDIPITY FILMS PRODUCTION COMPANY PRIVATE LIMITED	Director	06/02/2007	06/02/2007	-	Active	NO
24	U32203MH2007PTC167604	AASIA ENTERPRISES PRIVATE LIMITED	Director	06/02/2007	06/02/2007	-	Active	NO
25	U67120MH1997PLC106676	GRANT INVESTRADE LIMITED	Director	18/09/2007	04/05/2007	-	Active	NO
26	U45200MH1968PLC014045	HINDUJA REALTY VENTURES LIMITED	Director	29/09/2007	23/05/2007	-	Active	NO
27	U34200TN2008PLC080987	ASHOK LEYLAND DEFENCE SYSTEMS LIMITED	Director	18/03/2008	18/03/2008	-	Active	NO
28	U66030MH2008PLC180206	ASHLEY AVIATION LIMITED	Director	18/03/2008	18/03/2008	-	Active	NO
29	U40105MH2008PLC189213	HINDUJA ENERGY (INDIA) LIMITED	Director	15/09/2011	13/05/2011	-	Active	NO
30	U40109AP1994PLC017199	HINDUJA NATIONAL POWER CORPORATION LTD	Alternate director	05/09/2012	09/09/2011	-	Active	NO
31	U74900MH2012PTC226203	CHEMRING AASIA SERVICES PRIVATE LIMITED	Director	19/01/2012	19/01/2012	-	Active	NO

Name :

Mr. Yashodhan Madhusudan Kale

Designation :

Alternate director

Address :

2, Sumit, 31, Carmichael Road, Dr. G. Desmukh Marg, Mumbai- 400026, Maharashtra, India

Date of Birth/Age :

04.11.1947

Date of Appointment :

20.05.2012

DIN No.:

00013782

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L34101TN1948PLC000105	ASHOK LEYLAND LIMITED	Alternate director	02/05/2003	02/05/2003	-	Active	NO
2	L27104TN1959PLC003849	HINDUJA FOUNDRIES LIMITED	Alternate director	02/05/2003	02/05/2003	-	Active	NO
3	L72200MH1989PLC053666	ORACLE FINANCIAL SERVICES SOFTWARE LIMITED	Director	12/08/2005	12/08/2005	-	Active	NO
4	U34200TN2008PLC080987	ASHOK LEYLAND DEFENCE SYSTEMS LIMITED	Director	18/03/2008	18/03/2008	16/06/2010	Active	NO
5	U66030MH2008PLC180206	ASHLEY AVIATION LIMITED	Director	18/03/2008	18/03/2008	16/06/2010	Active	NO
6	L65191PN1994PLC076333	INDUSIND BANK LTD.	Alternate director	28/08/2009	15/01/2009	-	Active	NO
7	U40109AP1994PLC017199	HINDUJA NATIONAL POWER CORPORATION LTD	Alternate director	20/05/2012	09/09/2011	16/07/2012	Active	NO
8	U65993TN2008PLC069837	HINDUJA LEYLAND FINANCE LIMITED	Director	24/07/2012	01/02/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Prasenjit Guha
Designation :	Secretary
Address :	1303, Spenta, 13^th Floor, Hiranandani Gardens, Ghodbunder Road, Thane (West), Mumbai, Thane- 400607, Maharashtra, India
Date of Birth/Age :	17.10.1958
Date of Appointment :	12.11.2010
PAN No.:	ABFPG2715E

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 22.09.2011

Names of Shareholders	No. of Shares
Sridharan K	75
Amasnp Utilties Limited, U. K	27132
Machen Development Corporation, Panama	58551703
R J Shahaney	75
Jeet Chugani	1
Ashok P. Hinduja	76
Abin Kumar Das	75
R S Deshmukh	1
Subhas S Pramanik	76
A. Satyanarayana	1
S. Subramanian	1
P S Murthy	1
Vishin G Gurnani	75
Harsha A Hinduja	75
Hinduja Energy (India) Limited, India	684000
Total	59263367

As on 18.10.2011

Names of Allottee	No. of Shares
Hinduja Energy (India) Limited	591798695
Total	591798695

As on 26.06.2012

Names of Allottee	No. of Shares
Hinduja Energy Limited	15570590
Total	15570590

As on 21.03.2012

Names of Allottee	No. of Shares
Steag Energy Services GmbH	46504433
Total	46504433

Equity Share Break up (Percentage of Total Equity)

As on 22.09.2011

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	98.84
Bodies corporate	1.15
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Oil Products and Industrial Exposures

GENERAL INFORMATION

No. of Employees :

8042 (Approximately)

Bankers :

· State Bank of India, Kota Branch, Panjagutta, Hyderabad, Andhra Pradesh, India

· IDBI Bank, Panjagutta, Hyderabad, Andhra Pradesh, India

· HDFC Bank, Panjagutta, Hyderabad, Andhra Pradesh, India

Facilities :

Unsecured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Loans taken for other fixed assets unsecured	8994.996	1250.000
Total	8994.996	1250.000

Banking Relations :	--
Financial Institution:	SBICAP Trustee Company Limited, 202, Maker Tower, 'E', Cuffe Parade, Colaba,, Mumbai - 400005, Maharashtra, India
Auditors :
Name :	B S R AND ASSOCIATES Chartered Accountants
Address :	Lodha Excelus 1^st Floor Apollo Mills Compound N.M. Joshi Marg Mahalakshmi Mumbai – 400011, Maharashtra, India
PAN No.:	AAIFB7355D
Holding Company:	Machen Development Corporation, Panama
Holding Company of MDC:	Amas Holdings SA
Fellow subsidiary:	Ashok Leyland Limited, India PAN No.: AAACA4651L CIN No.: L34101TN1948PLC000105
Enterprises over which Directors have significant influence:	· Hinduja Group India Limited, India PAN No.: AAACH2457B CIN No.: U74999MH1993PLC072925 · Aasia Management and Consultancy Private Limited, India PAN No.: AAACI3370C CIN No.: U72200MH1995PTC088486 · Hinduja Global Solutions Limited PAN No.: AAACT1763A CIN No.: L92199MH1995PLC084610

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000000	Equity Shares	Rs.10/- each	Rs.15000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
58579367	Equity Shares	Rs.10/- each	Rs.585.794 Millions

As on 22.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000000	Equity Shares	Rs.10/- each	Rs.15000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
59263367	Equity Shares	Rs.10/- each	Rs.592.634 Millions

After 22.09.2011

Authorised Capital : 15000.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 5225.779 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	30.09.2009
SHAREHOLDERS FUNDS
1] Share Capital		585.794	585.794	585.794
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(69.557)	(42.004)	(67.746)
NETWORTH		516.237	543.790	518.048
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		8994.996	1250.000	103.000
TOTAL BORROWING		8994.996	1250.000	103.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		9511.233	1793.790	621.048
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8474.332	2755.844	526.737
Capital work-in-progress		0.000	0.000	27.210
Project Development Expenditure		0.000	0.000	1108.579
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	2694.405	88.544	13.675
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	28.867	2.670	3.529
Total Current Assets		2723.272	91.214	17.204
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1408.067	960.722	967.742
	Other Current Liabilities	264.140	90.498	89.906
	Provisions	14.164	2.048	1.034
Total Current Liabilities		1686.371	1053.268	1058.682
Net Current Assets		1036.901	(962.054)	(1041.478)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		9511.233	1793.790	621.048

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	30.09.2009
	SALES
		Income	0.000	0.000	0.000
		Other Income	1.176	55.650	0.488
		TOTAL	1.176	55.650	0.488
Less	EXPENSES
		Employee related expenses	2.936	0.000	17.166
		Administrative selling other expenses	34.288	16.297
		Research development expenditure	(28.292)	0.000
		TOTAL	8.932	16.297	17.166
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(7.756)	39.353	(16.678)
Less	FINANCIAL EXPENSES		5.307	13.611	46.793
	NET PROFIT/ (LOSS) BEFORE TAX, PRIOR PERIOD AND EXTRAORDINARY ITEMS		(13.063)	25.742	(63.471)
Less	PRIOR PERIOD ITEMS		(0.510)	0.000	0.000
	PROFIT/ (LOSS) BEFORE TAX		(13.573)	25.742	(63.471)
Less	TAX		(15.000)	0.000	(0.442)
	PROFIT/ (LOSS) AFTER TAX		(28.573)	25.742	(63.913)
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(42.004)	(67.746)	(3.833)
	BALANCE CARRIED TO THE B/S		(69.557)	(42.004)	(67.746)
	Earnings Per Share (Rs.)		(0.48)	0.44	(2.09)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	30.09.2009
PAT / Total Income	(%)	(2429.68)	46.26	(13096.93)
Return on Total Assets (PBT/Total Assets}	(%)	(0.12)	0.90	(11.67)
Return on Investment (ROI) (PBT/Net worth)		(0.03)	0.05	(.12)
Debt Equity Ratio (Total Liability/Net worth)		20.69	4.24	2.24
Current Ratio (Current Asset/Current Liability)		1.61	0.09	0.02

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	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

PROJECT STATUS

The directors have taken significant steps to progress the 1040 MW power project at Vizag. The Company has already acquired almost all the land needed for the project. EPC contract has already been executed with BHEL and implementation activities are in full swing. The Company has also executed Power Purchase Agreement with PTC India Limited. The Company has already tied up Project term loan with 14 banks and executed the loan documents. Piling work for boiler, ESP, Chimney, Power House Structure and mill bunker for both units is in progress. Boiler erection works for Unit-I commenced on May 30,2011, one month ahead of schedule. ESP erection started on June 30,2011 one month ahead of schedule. More than 1300 personnel are currently working on site

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U40109AP1994PLC017199
Name of the company	HINDUJA NATIONAL POWER CORPORATION LIMITED
Address of the registered office or of the principal place of business in India of the company	Post Bag No.1,Kukatpally, Sanathnagar, Hyderabad-500018, Andhra Pradesh, India Email: prasenjit.hnp@hindujagroup.com
This form is for	Creation of charge
Type of charge	· Uncalled share capital · Immovable property · Any interest in immovable property · Book debts · Movable property (not being pledge) · Floating charge · Calls made but not paid · Goodwill · Patent, license under a patent · Trademark · Copyright or license under a copyright · Project Documents, approvals and bank accounts
Particular of charge holder	SBICAP Trustee Company Limited, 202, Maker Tower, 'E', Cuffe Parade, Colaba,, Mumbai - 400005, Maharashtra, India Email: corporate@sbicaptrustee.com
Nature of instrument creating charge	Indenture of Mortgage dated August 25, 2011 (copies whereof are attached as Annexure A hereto) executed by the Company in favour of SBICAP Trustee Company Limited acting as Security Trustee on behalf and for the benefit of the Lenders (specified in the list of charge holders attached as Annexure B hereto) for securing the term loans of Rs.41590.000 Millions and all other cost, charges and expenses payable to the secured parties in terms of the Financing Documents.
Date of instrument Creating the charge	25.08.2011
Amount secured by the charge	Rs. 41590.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Terms of Repayment The principal amounts of the Loan to each of the Lenders (the list of Lenders has been provided in the Annexure B attached herewith) is to be repaid in 42 equal quarterly installments commencing from a day during the half year ending 31st December 2014 such that the door to door tenor does not exceed 14.75 years. Margin Debt Equity Ratio shall be 75:25 Security Margin of 22% (twenty two percent) Extent and Operation of the charge The charge operates as security for the due repayment by the Company of the Loan Facility together with all Interest, Additional Interest, Liquidated Damages, upfront and commitment fees, Prepayment Premium, LC Commission, Fronting Commission, costs, charges, expenses and other monies and all other amounts whatsoever stipulated in as payable by the Borrower in terms of, the Financing Documents. Others The security created under the said Indenture of Mortgage is to be a continuing security till the full repayment of the facilities.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All piece and parcel of freehold N.A. land of 387.50 sq. mtrs. known as plot no. 32 of survey no. 332A+334A+338A of mouje Zaap, Taluka Sudhagad, District Raigad, Maharashtra together with all buildings, erections, godowns and constructions of every description excluding Project assets All rights, title, interest and benefits in all movable assets (present & future) including plant & machinery, spares, fixtures, implements, fittings, furniture, vehicles, etc All rights, title, interest, benefits, claims and demands of the Company in, to, under, and/or in respect of Project Documents All rights, title, interest, benefits, claims and demands of the Company in, to, under, and/or in respect of Insurance Contracts All rights, title, interest, benefits, claims and demands of the Company in, to, under, and/or in respect of all Bank accounts pertaining to the Project All rights, title, interest, benefits, claims and demands of the Company in, to, under, and/or in respect of all Bank accounts pertaining to the Project All rights, title, interest, benefits, claims and demands of the Company in, to, under, and/or in respect of all receivables All other assets of the Company, both present and future including uncalled share capital, general assets More particularly described in the Schedule

CONTINGENT LIABILITY

Contingent Liability not provided for, in respect of: -

(Rs. in millions)

PARTICULARS	31.03.2011
Guarantees issued by the Company’s banker on behalf of the Company	384.706

PRESS RELEASE:

Hindujas Get Rs.1200.000-Millions Waiver From Andhra Pradesh Govt

November 21, 2011

The Andhra Pradesh government appears to be going out of its way to grant multiple concessions to multinational Hinduja Group for setting up a 1,040-MW coal-fired thermal power plant at Devada village in Visakhapatnam district. Shockingly, the waivers have been given despite strident protests against the project by locals, environmentalists as well as political parties.

The government recently waived vacant land tax and property tax to the tune of Rs.1200.000 Millions out of the Rs.1710.000- Milliions levy that had originally been imposed on Hinduja National Power Corporation Limited (HNPCL) by the Greater Visakhapatnam Municipal Corporation (GVMC).

But the company allegedly lobbied with the government for a total exemption. "They just sent a demand draft of Rs.1.900 lakh while making a fresh application," GVMC commissioner B Ramanjaneyulu said, adding that the amount would not be accepted till the entire Rs.510.000 Millions was paid.

The levy was slapped on Hinduja corporation because it had not initiated the project even 12 years after being allotted 1,122.38 acres in the area. The project cost, according to current estimates, is said to be around Rs.5,000 crore. "The Hindujas have used their clout with state government officials to get the concession," a source said.

All efforts by Mail Today to contact the Hinduja corporation spokespersons proved futile. However, HNPCL, in its website, claimed that it was constructing the plant in the non-coastal regulatory zone (CRZ) area, which is around 622 acres. According to it, the CRZ area covered by the plant would be only around 500 acres and not 733 acres as claimed by environmentalists.

"To meet the additional requirement, HNPCL has purchased 330 acres of additional non-CRZ land adjacent to the land procured earlier. The total area proposed to be used for power plant construction, therefore, is 952.38 acres out of which 220 acres are earmarked for an ash pond," the company website stated.

However, former Union energy secretary and environmentalist Dr E. A. S. Sarma - who has been spearheading the agitation against the project - said out of the 1122.38 acres given to the Hindujas, about 733 acres fell under CRZ III, where construction activity was prohibited. "The Hindujas have taken up construction work in violation of the conditions stipulated by the Union ministry of environment and forests (MoEF) in the clearance granted to the company," he alleged.

Sarma said when the project got the environmental nod from the MOEF for the first time on September 3, 1996, there was no mention of the CRZ issue. "The clearance lapsed in 2001," he said.

"Six years later, the Hindujas applied for 'revalidation' of the environmental clearance on the ground that they had already taken up some construction work in 1999. In March 2009, the MOEF revived the environmental clearance despite our strong objections," Sarma added.

This time, however, the clearance specifically mentioned that the Hindujas should not take up any construction work in the CRZ. "Yet the area is still under the control of the company," he said.

Sarma also added the Andhra Pradesh Pollution Control Board had not issued any consent for establishment (CFE) for the project as required under the Environment (Protection) Act, 1986. But the plant started construction activity recently.

In addition to this, the GVMC authorities were under pressure to grant a noobjection certificate to the corporation for proceeding with the construction work without undertaking the mandatory public hearing. A committee of the GVMC officials and public representatives, which paid a visit to the project site on Saturday, met with stiff resistance from locals belonging to villages such as Devada, Paravada, Appikonda and Palavalasa.

The municipal commissioner had to assure them that the government would soon conduct the public hearing again and address all their concerns, including those pertaining to displacement and payment of compensation. The Opposition parties, led by CPM floor leader G. Eshwaramma, contended that the project should not get a green light till a relief and rehabilitation package is announced.

FIXED ASSETS:

· Land – Freehold

· Factory Building-Site Office

· Furniture, Fittings and Equipments

· Vehicles

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 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.54.60
UK Pound	1	Rs.87.31
Euro	1	Rs.69.86

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		36

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.