MIRA INFORM REPORT

Report Date :

27.11.2012

IDENTIFICATION DETAILS

Name :	NSL TIDONG POWER GENERATION PRIVATE LIMITED
Registered Office :	105 A, Phase II, Sector 3, Shimla -171009, Himachal Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	29.04.2008
Com. Reg. No.:	06- 030877
Capital Investment/ Paid-up Capital:	Rs.730.100 Millions
CIN No.: [Company Identification No.]	U40108HP2008PTC030877
TAN No.: [Tax Deduction & Collection Account No.]	PTLN1140F
PAN No.: [Permanent Account No.]	AACCN8732B
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is in the business of developing and setting up of power projects and other infrastructure related activities.
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	USD 2840000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The latest financial is missing from government department. And form previous year record their appears some accumulated losses. However, Capital base appears to be strong. Trade relations are reported to be fair. Business is active. Payments are reported to be unknown. The company can be considered for business dealings with some 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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	BB+ (Long Term Bank Facilities)
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation
Date	March 2012

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 :	105 A, Phase Ii, Sector 3, Shimla -171009 Himachal Pradesh, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	cs@nslpower.com
Branch:	B -127, 1^st floor, Sector -2, Noida - 201301, Uttar Pradesh, India
Email:	nslhydel.noida@nslpower.com
Corporate Office:	NSL Icon, 8-2-684/2/A, Road No.12, Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India
Tell No.:	91-40-30514444
Fax No.:	91-40-23327919
Web Site:	www.nslpower.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Ramakoteswara Rao Kommalapati

Designation :

Director

Address :

35-9-22/40, Flat No:301, MCH No:314 Jvr Amrit Enclave, Opp New MLA Quarters, Adarsh Nagar,Hyderabad 500029, Andhra Pradesh, India

Date of Appointment :

09.09.2010

Din No.:

00014649

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	L32101AP1990PLC011311	INCAP LIMITED	Director	09/09/1991	09/09/1991	22/12/2009	Active	NO
2	U74120AP1993PTC016483	PARAMJYOTHI ENGINEERS PVT LTD	Director	26/10/1993	26/10/1993	26/02/2011	Active	NO
3	U15429KA1999PLC026121	NSL SUGARS LIMITED	Director	01/10/2011	26/07/2001	-	Active	NO
4	U40109AP2001PTC037830	INDUR GREEN POWER PRIVATE LIMITED	Director	16/01/2002	16/01/2002	-	Active	NO
5	U99999AP1995PLC020845	PERPETUAL ENERGY SYSTEMS LIMITED	Director	01/04/2002	01/04/2002	-	Active	NO
6	U45200AP2005PTC045511	NSL NAGAPATNAM POWER AND INFRATECH PRIVATE LIMITED	Director	02/03/2005	02/03/2005	-	Active	NO
7	U40300AP2005PTC047541	NSL WIND POWER COMPANY (PHOOLWADI) PRIVATE LIMITED	Director	21/09/2005	21/09/2005	-	Active	NO
8	U45203AP2005PTC048006	MARVEL INFRATECH PRIVATE LIMITED	Director	09/11/2005	09/11/2005	15/06/2009	Active	NO
9	U15421AP2006PLC050837	NSL KRISHNAVENI SUGARS LIMITED	Director	08/08/2006	08/08/2006	-	Active	NO
10	U10102AP2006PTC050899	SPLENDID MINERALS PRIVATE LIMITED	Director	14/08/2006	14/08/2006	-	Active	NO
11	U40100CH2005PTC027868	TANGNU ROMAI POWER GENERATION PRIVATE LIMITED	Director	20/11/2006	20/11/2006	-	Active	NO
12	U70102AP2004PTC044588	DIVYASREE NSL INFRASTRUCTURE PRIVATE LIMITED	Director	07/03/2007	07/03/2007	29/03/2010	Active	NO
13	U70101AP2001PTC038151	NSL SEZ (CHENNAI) PRIVATE LIMITED	Director	23/04/2007	23/04/2007	-	Active	NO
14	U18100AP2007PTC056006	MARIGOLD APPAREL INDUSTRIES PRIVATE LIMITED	Director	18/10/2007	18/10/2007	08/05/2010	Active	NO
15	U51909TN2007PTC064763	NSL POWER EQUIPMENT TRADING PRIVATE LIMITED	Director	18/10/2007	18/10/2007	-	Active	NO
16	U40109TN2006PTC085606	REGEN POWERTECH PRIVATE LIMITED	Nominee director	24/10/2007	24/10/2007	01/03/2012	Active	NO
17	U40109AP2008PTC059817	NSL ORISSA POWER AND INFRATECH PRIVATE LIMITED	Director	23/06/2008	23/06/2008	-	Active	NO
18	U45400AP2008PTC060090	NAGAPATNAM PORT AND INFRASTRUCTURE PRIVATE LIMITED	Director	10/07/2008	10/07/2008	-	Active	NO
19	U18101AP2004PLC044154	NSL TEXTILES (EDLAPADU) LIMITED	Director	08/08/2008	14/07/2008	28/12/2009	Amalgamated	NO
20	U40108HP2008PTC030878	NSL MASLI POWER GENERATION PRIVATE LIMITED	Director	30/08/2010	01/08/2009	-	Active	NO
21	U40109DL1985PTC114839	NSL RENEWABLE POWER PRIVATE LIMITED	Director	29/09/2010	21/07/2010	-	Active	NO
22	U40108HP2008PTC030877	NSL TIDONG POWER GENERATION PRIVATE LIMITED.	Director	30/09/2011	09/09/2010	-	Active	NO
23	U40108AP2008PTC060017	NSL WIND POWER COMPANY (GUBBI-TUMKUR) PRIVATE LIMITED	Director	09/09/2010	09/09/2010	-	Active	NO
24	U40108AP2008PTC060015	NSL WIND POWER COMPANY (SIRA-TUMKUR) PRIVATE LIMITED	Director	09/09/2010	09/09/2010	-	Active	NO
25	U45400AP2007PTC054361	NSL Nagapatnam Infrastructure Private Limited	Director	09/09/2010	09/09/2010	-	Active	NO
26	U45400AP2007PTC054029	NSL CONVENTIONAL POWER PRIVATE LIMITED	Whole-time director	01/10/2011	09/09/2010	-	Active	NO
27	U40101AP2008PTC057010	NSL ENERGY VENTURES PRIVATE LIMITED	Director	30/09/2011	20/12/2010	-	Active	NO
28	U40300AP2006PTC050579	NSL Nagapatnam Power Ventures Private Limited	Director	30/09/2011	05/01/2011	-	Active	NO
29	U40300AP2010PTC070092	SOLAR SEMICONDUCTOR POWER COMPANY (INDIA) PRIVATE LIMITED	Director	30/08/2011	06/05/2011	-	Active	NO
30	U15421MH2000PLC130397	JAY MAHESH SUGAR INDUSTRIES LIMITED	Director	30/09/2011	25/06/2011	-	Amalgamated	NO
31	U40108AP2010PTC069059	NSL WIND POWER COMPANY (SATARA) PRIVATE LIMITED	Director	28/09/2012	11/02/2012	-	Active	NO
32	U40102TN2006PLC058922	MAHANADHI ABAN POWER COMPANY LIMITED	Director	15/02/2012	15/02/2012	-	Amalgamated	NO
33	U10300AP2005PLC048140	NSL POWER & INFRATECH LIMITED	Additional director	20/04/2012	20/04/2012	-	Active	NO
34	AAA-4056	NSL WIND ENERGY LLP	Body corporate as Designated Partner	10/03/2011	10/03/2011	-	Active	NO

Name :

Mr. Sanjay Chaturvedi

Designation :

Director

Address :

Flat 171, 17th Floor, Panorama Towers, 4th CrossLlane, Lokhandwala Complex, Andheri West, Mumbai, 400053, Maharashtra, India

Date of Appointment :

10.11.2010

Din No.:

03292042

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	U40108AP2008PTC060017	NSL WIND POWER COMPANY (GUBBI-TUMKUR) PRIVATE LIMITED	Director	21/07/2011	10/11/2010	-	Active	NO
2	U40108HP2008PTC030877	NSL TIDONG POWER GENERATION PRIVATE LIMITED.	Director	30/09/2011	10/11/2010	-	Active	NO
3	U40108HP2008PTC030878	NSL MASLI POWER GENERATION PRIVATE LIMITED	Director	30/09/2011	10/11/2010	-	Active	NO
4	U40300AP2005PTC047541	NSL WIND POWER COMPANY (PHOOLWADI) PRIVATE LIMITED	Director	29/07/2011	24/06/2011	-	Active	NO
5	U74120DL2008PTC175254	NSL REAL ESTATES PRIVATE LIMITED	Director	30/09/2011	11/07/2011	-	Active	NO
6	AAA-4056	NSL WIND ENERGY LLP	Body corporate as Designated Partner	10/03/2011	10/03/2011	-	Active	NO

Name :

Mr. Ram Mohan Vuruputurichakravarthula

Designation :

Director

Address :

3-6-15/B/7 NO 20 Himayathnagar Hyderabad- 500029, Andhra Pradesh, India

Date of Appointment :

29.03.2011

Din No.:

03350911

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	U18100AP1997PLC027647	BOORUGU KNITTS LIMITED	Nominee director	31/07/2009	31/07/2009	-	Active	NO
2	U40108HP2008PTC030877	NSL TIDONG POWER GENERATION PRIVATE LIMITED.	Nominee director	29/03/2011	29/03/2011	-	Active	NO

Name :

Mr. Vaidyanathan Nurani Mahadevan

Designation :

Director

Address :

Flat No.514 Prithvi Block My Home Navadweepa Apts, Madhapur, Hitech city, Hyderabad- 500081, Andhra Pradesh, India

Date of Appointment :

29.03.2011

Din No.:

03405660

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	U40108HP2008PTC030877	NSL TIDONG POWER GENERATION PRIVATE LIMITED.	Director	30/09/2011	29/03/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
NSL Renewable Power Private Limited, India	54,009,900
IFCI Limited, India	19,000,000
Y. Madhu Babu (Nominee of NSL Renewable Power Private Limited )	100
Total	73,010,000

As on 06.08.2012

Names of Allottees	No. of Shares
IFCI Limited	3390000
Total	3390000

As on 31.03.2012

Names of Allottees	No. of Shares
NSL Renewable Power Private Limited, India	3435175
Total	3435175

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is in the business of developing and setting up of power projects and other infrastructure related activities.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Axis Bank Limited 2nd Floor, E Wing, Axis House,, Bombay Dying Mills Compound PB Marg, Worli, Mumbai - 380006, Maharashtra, India

Facilities :

Secured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
From Bank	414.400	0.000
From Others (L and T Infrastructure Finance Private Limited	247.800	0.000
Total	662.200	0.000

Unsecured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
From Others (NSL Renewable Power Private Limited)	2.199	542.175
Total	2.199	542.175

Banking Relations :	--
Auditors :
Name :	B. Appa Rao Chartered Accountant
Address :	301, Sai Ram Suman Residency, 1-1-541, Gandhinagar, Hyderabad – 500020, Andhra Pradesh, Inda
Pan No.:	AAGPF9955F
Holding Company	· NSL Renewable Power Private Limited (Formerly known as Nuziveedu Seeds Private Limited) CIN No.:U40109DL1985PTC114839
Names of related parties where control exists irrespective of whether transactions have occurred or not:	· Indur Green Power Private Limited · NSL Power Private Limited (Greenhill Energy Private Limited) · Perpetual Energy Systems Limited · Celebrity Power Company Private Limited · NSL Masli Power Generation Private Limited · NSL Tidong Power Generation Private Limited · NSL Wind Power (Gubbi-Tumkur) Private Limited · NSL Wind Power (Holalkere-Chitradurga) Private Limited · NSL Wind Power (Sira-Tumkur) Private Limited · NSL Wind Power Company (Satara) Private Limited · NSL Wind Power Company (Phoolwadi) Private Limited (Splendid Infrastructure Private Limited) · NSL Global Energy Ventures Private Limited (Mauritius) NSL Wind Energy (Limited Liability Partnership)

CAPITAL STRUCTURE

After 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	Rs.10/- each	Rs.1000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
79835175	Equity Shares	Rs.10/- each	Rs.798.351 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	Rs.10/- each	Rs.1000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
73010000	Equity Shares	Rs.10/- each	Rs.730.100 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		730.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(20.156)	(1.814)	0.000
NETWORTH		709.944	(1.714)	0.100
LOAN FUNDS
1] Secured Loans		662.200	0.000	0.000
2] Unsecured Loans		2.199	542.175	244.690
TOTAL BORROWING		664.399	542.175	244.690
DEFERRED TAX LIABILITIES		0.817	0.000	0.000
TOTAL		1375.160	540.461	244.790
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		310.842	222.659	6.585
Capital work-in-progress		865.489	364.380	215.549
INVESTMENT		0.000	0.000	0.000
DEFERREX 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	0.961	13.487	10.964
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	280.813	14.810	11.505
Total Current Assets		281.774	28.297	22.469
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	61.089	73.250	0.183
	Other Current Liabilities	21.371	1.473	0.00
	Provisions	0.485	0.152	0.000
Total Current Liabilities		82.945	74.875	0.183
Net Current Assets		198.829	(46.578)	22.286
MISCELLANEOUS EXPENSES		0.000	0.000	0.370
TOTAL		1375.160	540.461	244.790

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income		0.000
		Other Income		0.002
		TOTAL	NA	0.002	NIL
Less	EXPENSES
		Administrative selling other expenses		0.015
		Preliminary Expense		0.370
		TOTAL	NA	0.385	NIL
	PROFIT/ (LOSS)BEFORE TAX, DEPRECIATION AND AMORTISATION		NA	(0.383)	NIL
Less/ Add	DEPRECIATION/ AMORTISATION		NA	1.431	NIL
	PROFIT/ (LOSS) BEFORE TAX		NA	(1.814)	NIL
Less	TAX		NA	0.000	NIL
	PROFIT/ (LOSS) AFTER TAX		(18.342)	(1.814)	NIL
	Earnings Per Share (Rs.)		0.25	(181.42)	NIl

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	90700	NIL
Return on Total Assets (PBT/Total Assets}	(%)	NA	0.73	NIL
Return on Investment (ROI) (PBT/Networth)		NA	0.25	NIL
Debt Equity Ratio (Total Liability/Networth)		1.05	(0.360)	2448.73
Current Ratio (Current Asset/Current Liability)		3.39	0.37	122.78

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the firm	Yes
Premises details	No
Type of Business	Yes
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 two years	Yes
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]	Yes
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	No
Major Shareholders, if applicable	Yes
Date of Birth of Proprietor/Partner/Director, if available	No
PAN of Proprietor/Partner/Director, if available	No
Voter ID No of Proprietor/Partner/Director, if available	No
External Agency Rating, if available	Yes

NOTE: The Registered office of the company has been shifted from 78 A, Phase I Sector 1, New Shimla -171009, Himachal Pradesh, India to the present address w.e.f.24.07.2009

FINANCIAL PERFORMANCE

During the period company has not commenced any commercial activities but it is in the process of Planning and Developing the Marketing strategies and recruiting the staff.

FORM 8

Corporate identity number of the company	U40108HP2008PTC030877
Name of the company	NSL TIDONG POWER GENERATION PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	105 A, Phase Ii, Sector 3, Shimla -171009 Himachal Pradesh, India Email: cs@nslpower.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10256380
Type of charge	· Uncalled share capital · Immovable property · Book debts · Movable property (not being pledge) · Floating charge
Particular of charge holder	Axis Bank Limited 2nd Floor, E Wing, Axis House,, Bombay Dying Mills Compound PB Marg, Worli, Mumbai - 380006, Maharashtra, India Email: debenturetrustee@axistrustee.com
Nature of instrument creating charge	(1). Link Cum Supplementary Agreement executed on14.10.2011 2. General Undertaking/Indemnity for letter of credit executed on 14.10.2011
Date of instrument Creating the charge	14.10.2011
Amount secured by the charge	Rs. 4590.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest remains unchanged as per original charge executed on dated 2nd December 2010 Term of Payment: Repayment terms remains unchanged as per original charge executed on dated 2nd December 2010 Margin Margin remains unchanged as per original charge executed on dated: 02nd December 2010 Extent and operation of the charge Extent of charge interalia extends for due repayment of principle together with interest as per the loan agreement dated 02nd December 2010
Short particulars of the property charged (Including location of the property)	No changes in particulars of property secured either movable, immovable, tangible or intangibles assets of the company.
Date of last modification prior to the present modification	27.05.2012
Particulars of the present modification	Existing Limits of Rs.459.00 Cr from consortium banks remain unchanged, but loan amount of Rs. 134.00 Cr of Axis Bank Ltd vide sanction letter dated 10.10.2011 being modified as below: (Rs. Millions) Facility Existing Proposed --------- ----------- -------------- Term Loan 1340.000 1340.000 Letter of Credit(as (300.000) (300.000) sub limit) Letter of Credit - (80.000)Sub limit Total 1340.000 1340.000

FIXED ASSETS:

· Land (Refer note)

· Plant and Machinery

· Furniture and Fittings

· 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.55.70
UK Pound	1	Rs.89.34
Euro	1	Rs.72.35

INFORMATION DETAILS

Report Prepared by :

BYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--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		34

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.