MIRA INFORM REPORT

Report Date :

03.10.2012

IDENTIFICATION DETAILS

Name :	WELSPUN ENERGY LIMITED (w.e.f. 08.03.2008)

Formerly Known As :	WELSPUN ENERGY PRIVATE LIMITED (w.e.f.28.07.2006) PRANAM TRADELINK PRIVATE LIMITED

Registered Office :	Welspun City, P. O. Versamedi, Taluka Anjar, Kutch – 370 110, Gujarat

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	19.08.2002

Com. Reg. No.:	04-041136

Capital Investment / Paid-up Capital :	Rs.10.500 Millions

CIN No.: [Company Identification No.]	U51909GJ2002PLC041136

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	They are into power Generations (Solar and Thermal Power)

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 2600000

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

Comments :	Subject belong to the Welspun Group. It is an established company having moderate track record. It has recorded very minimal turnover during 2011. It has not maintained any reserves. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. In view of strong holding, 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

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 :	Welspun City, P. O. Versamedi, Taluka Anjar, Kutch – 370110, Gujarat, India
Tel. No.:	91-2836-279051/ 2/ 5/ 6
Mobile No.:	91-9892703663 (Mr. Satish Sharma)
Fax No.:	91-2836-279051/ 050
E-Mail :	secretariallegal@welspun.com mandar_ranade@welspun.com priya_pakhare@welspun.com rashmi_mamtura@welspun.com welcity@yahoo.co.in jigar_shah@welspun.com pratiksha_panchal@welspun.com
Website :	http://www.welspunenergy.com

Corporate Office :	3^rd Floor, Press Trust of India, 4 Parliament Street, New Delhi – 110001, India
Tel. No.:	91-11-66034600 / 66034627
Fax No.:	91-11-66273090

Branch Office:	Kishan Colony, Near Kanasar Choroaha, BAP, Phlodi (OSIAN), Jodhpur, Rajasthan, India

DIRECTORS

As on 29.09.2011

Name :

Mr. Balkrishan Gopiram Goenka

Designation :

Director

Address :

Rocky Isle, 46/C, Bhulabhai Desai Road, Breach Candy, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

15.08.1966

Date of Appointment :

29.09.2010

DIN No.:

00270175

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	L17110GJ1985PLC033271	WELSPUN INDIA LIMITED	Director	5/8/2011	17/01/1985	-	Active	NO
2	L99999DN1983PLC000045	WELSPUN SYNTEX LIMITED	Director	16/07/1991	16/07/1991	-	Active	NO
3	L65910DL1987PLC019341	WELSPUN FINANCE LIMITED	Director	16/04/1992	16/04/1992	15/06/2007	Active	NO
4	L27100GJ1995PLC025609	WELSPUN CORP LIMITED	Director	14/08/2012	26/04/1995	-	Active	NO
5	U18101MH1997PLC107982	WELSPUN ZUCCHI TEXTILES LIMITED	Director	13/05/1997	13/05/1997	20/05/2007	Active	NO
6	U17120GJ1985PTC056127	WELSPUN WINTEX LIMITED	Director	25/11/2002	25/11/2002	10/2/2010	Active	NO
7	U65910GJ1982PTC055383	WELSPUN FINTRADE PRIVATE LIMITED	Director	26/12/2002	26/12/2002	25/03/2011	Active	NO
8	U70100GJ1989PLC056345	WELSPUN MERCANTILE LIMITED	Director	26/12/2002	26/12/2002	25/03/2011	Active	NO
9	U65990GJ1992PLC050965	KRISHIRAJ TRADING LIMITED	Director	26/12/2002	26/12/2002	21/04/2010	Active	NO
10	U25209MH1994PLC076875	GOODVALUE POLYPLAST LIMITED	Director	24/03/2003	24/03/2003	11/6/2007	Active	NO
11	U51900MH1994PLC078026	VIPUNA TRADING LIMITED	Director	24/03/2003	24/03/2003	12/6/2007	Active	NO
12	U67120MH1994PLC078799	MERTZ SECURITIES LIMITED	Director	13/02/2004	13/02/2004	4/1/2007	Active	NO
13	U27109GJ2004PLC044249	WELSPUN STEEL LIMITED	Director	3/6/2004	3/6/2004	-	Active	NO
14	U74899DL1987PTC029192	GOLDENARCH ESTATES PRIVATE LIMITED	Director	18/02/2005	18/02/2005	31/03/2011	Active	NO
15	U51909GJ2002PLC041136	WELSPUN ENERGY LIMITED	Director	29/09/2010	7/6/2006	-	Active	NO
16	U70200MH1998PTC117426	WELSPUN DEVELOPERS AND INFRASTRUCTRE PRIVATE LIMITED	Director	5/8/2006	5/8/2006	-	Active	NO
17	U22210GJ1995PLC027871	WELSPUN ANJAR SEZ LIMITED	Director	16/08/2006	16/08/2006	21/05/2009	Active	NO
18	U11201GJ2006PTC064142	WELSPUN NATURAL RESOURCES PRIVATE LIMITED	Director	7/9/2006	7/9/2006	20/11/2008	Active	NO
19	U63012MH2006PLC165280	WELSPUN LOGISTICS LIMITED	Director	30/09/2010	30/10/2006	-	Active	NO
20	U40109MH2006PLC165964	WELSPUN URJA INDIA LIMITED	Additional director	8/11/2011	4/12/2006	-	Active	NO
21	U26960MH2007PTC167560	GIANT REALTY PRIVATE LIMITED	Director	5/2/2007	5/2/2007	-	Active	NO
22	U70109MH2007PTC168489	WELSPUN REALTY PRIVATE LIMITED	Director	8/3/2007	8/3/2007	5/11/2007	Active	NO
23	U45200MH1999PTC120035	MGN AGRO PROPERTIES PRIVATE LIMITED	Director	13/03/2007	13/03/2007	-	Active	NO
24	U45200GJ2007PLC064986	ALSPUN INFRASTRUCTURE LIMITED	Director	7/4/2007	7/4/2007	14/10/2011	Active	NO
25	U40100GJ2005PLC046554	ADANI WELSPUN EXPLORATION LIMITED	Director	29/09/2007	27/04/2007	-	Active	NO
26	U40108MH2007PTC170611	WELSPUN ENERGY ANUPPUR PRIVATE LIMITED	Additional director	8/11/2011	7/5/2007	-	Active	NO
27	U27108MH2007PLC171855	WELSPUN PIPES LIMITED	Director	20/06/2007	20/06/2007	15/01/2010	Active	NO
28	U45400OR2007PTC015831	WELSPUN ORISSA STEEL PRIVATE LIMITED	Director	1/9/2008	1/9/2008	21/07/2009	Active	NO
29	L52100GJ2008PLC055195	WELSPUN INVESTMENTS AND COMMERCIALS LIMITED	Director	7/10/2008	7/10/2008	8/11/2011	Active	NO
30	L51100GJ2000PLC037204	WELSPUN GLOBAL BRANDS LIMITED	Director	11/6/2009	10/11/2008	-	Active	NO
31	L27100GJ1993PLC020358	REMI METALS GUJARAT LIMITED	Additional director	15/11/2008	15/11/2008	7/11/2011	Active	NO
32	U27100GJ2008PLC064145	WELSPUN MAXSTEEL LIMITED	Director	27/08/2012	22/05/2009	-	Active	NO
33	U14220MH1989PTC050290	REFINED SALTS PRIVATE LIMITED	Director	21/07/2009	21/07/2009	-	Active	NO
34	U27109GJ2009PTC055893	WELSPUN STEEL RESOURCES PRIVATE LIMITED	Director	24/07/2009	24/07/2009	15/01/2010	Active	NO
35	L45201GJ1994PLC023920	WELSPUN PROJECTS LIMITED	Director	30/11/2010	27/04/2010	-	Active	NO
36	U45400MH2007PLC170350	WELSPUN INFRATECH LIMITED	Director	29/08/2011	18/04/2011	-	Active	NO
37	U99999MH1998FTC117187	LEIGHTON WELSPUN CONTRACTORS PRIVATE LIMITED	Additional director	28/04/2011	28/04/2011	28/07/2011	Active	NO
38	U40300MH2009PLC197014	WELSPUN ENERGY MADHYA PRADESH LIMITED	Additional director	15/10/2011	15/10/2011	-	Active	NO

Name :

Mr. Vineet Rajkumar Mittal

Designation :

Director

Address :

7^th Floor, Shubham Building, Gandhigram Road, Near Iskcon Temple, Juhu, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

05.09.1974

Date of Appointment :

10.02.2010

DIN No.:

00058552

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	U72900MH2000PTC124280	INFOWAVZ INTERNATIONAL PRIVATE LIMITED	Managing director	16/02/2000	16/02/2000	29/04/2009	Active	NO
2	U72200MH2000PTC126794	STREAM INTERNATIONAL SERVICES PRIVATE LIMITED	Managing director	22/09/2004	22/09/2004	29/04/2009	Active	NO
3	U40103MH2009PLC197024	WELSPUN ENERGY CHHATTISGARH LIMITED	Director	11/11/2009	11/11/2009	-	Active	NO
4	U40103MH2009PLC197021	WELSPUN RENEWABLES ENERGY LIMITED	Director	11/11/2009	11/11/2009	-	Active	NO
5	U40300MH2009PLC197014	WELSPUN ENERGY MADHYA PRADESH LIMITED	Director	11/11/2009	11/11/2009	-	Active	NO
6	U51909GJ2002PLC041136	WELSPUN ENERGY LIMITED	Managing director	20/08/2010	10/2/2010	-	Active	NO
7	U40108MH2006PTC165671	WELSPUN ENERGY RESOURCES PRIVATE LIMITED	Director	8/7/2010	19/03/2010	-	Active	NO
8	U40108MH2007PTC170611	WELSPUN ENERGY ANUPPUR PRIVATE LIMITED	Director	19/08/2010	19/03/2010	-	Active	NO
9	U40108MH2006PTC165672	SOLARSYS NON-CONVENTIONAL ENERGY PRIVATE LIMITED	Director	7/6/2010	19/03/2010	-	Active	NO
10	U40108MH2006PTC165673	WELSPUN ENERGY MAHARASHTRA PRIVATE LIMITED	Director	8/7/2010	19/03/2010	-	Active	NO
11	U40108MH2006PTC165751	WELSPUN ENERGY RAJASTHAN PRIVATE LIMITED	Director	8/7/2010	19/03/2010	-	Active	NO
12	U40105MH2010PTC202097	VIRAJ RENEWABLES ENERGY PRIVATE LIMITED	Director	16/04/2010	16/04/2010	8/9/2010	Active	NO
13	U40105MH2010PTC202101	KRISHIRAJ RENEWABLES ENERGY PRIVATE LIMITED	Director	16/04/2010	16/04/2010	-	Active	NO
14	U40109MH2006PLC165964	WELSPUN URJA INDIA LIMITED	Director	19/08/2010	25/05/2010	-	Active	NO
15	U40106MH2010PTC205888	WELSPUN SOLAR TECH PRIVATE LIMITED	Director	23/07/2010	23/07/2010	-	Active	NO
16	U40300MH2010PTC207034	WELSPUN URJA GUJARAT PRIVATE LIMITED	Director	25/08/2010	25/08/2010	8/6/2012	Active	NO
17	U40300MH2010PTC209622	CANDOR POWER PRIVATE LIMITED	Director	29/10/2010	29/10/2010	-	Active	NO
18	U40104MH2008PTC184134	UNITY POWER PRIVATE LIMITED	Additional director	7/10/2011	7/10/2011	16/11/2011	Active	NO
19	U40108MH2008PTC182762	NORTHWEST ENERGY PRIVATE LIMITED	Additional director	12/10/2011	12/10/2011	16/04/2012	Active	NO

Name :

Mr. Sindoor Vineet Mittal

Designation :

Whole-time director

Address :

701, Shubham Building, Gandhidham Raod, Near Iskcon Temple, Juhu, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

28.03.1983

Date of Appointment :

01.04.2011

DIN No.:

00292184

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	U45201MH1992PTC068737	LAKE-END CONSTRUCTIONS PVT LTD	Director	25/06/2001	25/06/2001	-	Active	NO
2	U22130MH2007PTC172029	SIRIUS MEDIA PRIVATE LIMITED	Director	27/06/2007	27/06/2007	-	Active	YES
3	U93000MH2007PTC176303	STARFISH ADVISORS PRIVATE LIMITED	Director	29/11/2007	29/11/2007	20/07/2012	Active	NO
4	U52209MH2007PTC168861	JUICY INTERNATIONAL PRIVATE LIMITED	Director	20/03/2009	20/03/2009	3/2/2011	Active	NO
5	U72400MH2007PTC175989	CANDOR INDIA PRIVATE LIMITED	Director	1/6/2009	1/6/2009	-	Active	NO
6	U40108MH2006PTC165672	SOLARSYS NON-CONVENTIONAL ENERGY PRIVATE LIMITED	Director	7/6/2010	19/03/2010	5/10/2011	Active	NO
7	U40108MH2006PTC165751	WELSPUN ENERGY RAJASTHAN PRIVATE LIMITED	Director	8/7/2010	19/03/2010	5/10/2011	Active	NO
8	U40108MH2007PTC170611	WELSPUN ENERGY ANUPPUR PRIVATE LIMITED	Director	19/08/2010	19/03/2010	-	Active	NO
9	U40108MH2006PTC165673	WELSPUN ENERGY MAHARASHTRA PRIVATE LIMITED	Director	8/7/2010	19/03/2010	-	Active	NO
10	U40108MH2006PTC165671	WELSPUN ENERGY RESOURCES PRIVATE LIMITED	Director	8/7/2010	19/03/2010	-	Active	NO
11	U40105MH2010PTC202101	KRISHIRAJ RENEWABLES ENERGY PRIVATE LIMITED	Director	16/04/2010	16/04/2010	31/03/2011	Active	NO
12	U40105MH2010PTC202097	VIRAJ RENEWABLES ENERGY PRIVATE LIMITED	Director	16/04/2010	16/04/2010	8/9/2010	Active	NO
13	U40109MH2006PLC165964	WELSPUN URJA INDIA LIMITED	Director	19/08/2010	21/04/2010	-	Active	NO
14	U40300MH2009PLC197014	WELSPUN ENERGY MADHYA PRADESH LIMITED	Director	27/08/2010	25/05/2010	-	Active	NO
15	U40103MH2009PLC197021	WELSPUN RENEWABLES ENERGY LIMITED	Director	27/08/2010	25/05/2010	-	Active	NO
16	U40103MH2009PLC197024	WELSPUN ENERGY CHHATTISGARH LIMITED	Director	27/08/2010	25/05/2010	-	Active	NO
17	U40109MH2008PTC178769	WELSPUN SOLAR AP PRIVATE LIMITED	Director	30/09/2011	15/07/2010	11/6/2012	Active	NO
18	U40106MH2010PTC205888	WELSPUN SOLAR TECH PRIVATE LIMITED	Director	23/07/2010	23/07/2010	-	Active	NO
19	U40106MH2010PTC209615	WELSPUN ENERGY JHARKHAND PRIVATE LIMITED	Director	29/10/2010	29/10/2010	5/10/2011	Active	NO
20	U40300MH2010PTC209622	CANDOR POWER PRIVATE LIMITED	Director	29/10/2010	29/10/2010	-	Active	NO
21	U40300MH2010PTC209802	WELSPUN ENERGY ORISSA PRIVATE LIMITED	Director	3/11/2010	3/11/2010	5/10/2011	Active	NO
22	U40300MH2010PTC207034	WELSPUN URJA GUJARAT PRIVATE LIMITED	Director	30/09/2011	3/2/2011	8/6/2012	Active	NO
23	U51909GJ2002PLC041136	WELSPUN ENERGY LIMITED	Whole-time director	1/4/2011	1/4/2011	-	Active	NO
24	U40104MH2008PTC184134	UNITY POWER PRIVATE LIMITED	Additional director	7/10/2011	7/10/2011	16/11/2011	Active	NO
25	U40108MH2008PTC182762	NORTHWEST ENERGY PRIVATE LIMITED	Additional director	12/10/2011	12/10/2011	16/04/2012	Active	NO

Name :

Mr. Rajesh Rameshkumar Mandawewala

Designation :

Additional director

Address :

161/171-B, Tanna Residency, Bay View, Opp. Sidhivinayak Temple, Prabhadevi, Mumbai – 400025, Maharashtra India

Date of Birth/Age :

05.05.1962

Date of Appointment :

15.05.2012

DIN No.:

00007179

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	L17110GJ1985PLC033271	WELSPUN INDIA LIMITED	Managing director	1/4/2011	26/10/1989	-	Active	NO
2	L99999DN1983PLC000045	WELSPUN SYNTEX LIMITED	Director	10/10/2010	16/07/1991	-	Active	NO
3	L65910DL1987PLC019341	WELSPUN FINANCE LIMITED	Director	16/04/1992	16/04/1992	19/07/2010	Active	NO
4	L27100GJ1995PLC025609	WELSPUN CORP LIMITED	Director	26/04/2012	26/04/1995	-	Active	NO
5	U18101MH1997PLC107982	WELSPUN ZUCCHI TEXTILES LIMITED	Director	13/05/1997	13/05/1997	-	Active	NO
6	U17120MH1972GAT016028	ASSOCIATION OF SYNTHETIC FIBRE INDUSTRY	Nominee director	25/09/1999	25/09/1999	-	Active	NO
7	U17120GJ1985PTC056127	WELSPUN WINTEX LIMITED	Director	25/11/2002	25/11/2002	-	Active	NO
8	U65990GJ1992PLC050965	KRISHIRAJ TRADING LIMITED	Director	26/12/2002	26/12/2002	27/04/2012	Active	NO
9	U65910GJ1982PTC055383	WELSPUN FINTRADE Private Limited	Director	26/12/2002	26/12/2002	-	Active	NO
10	U70100GJ1989PLC056345	WELSPUN MERCANTILE LIMITED	Director	26/12/2002	26/12/2002	-	Active	NO
11	U01403MH2000PLC123779	MEP COTTON LIMITED	Director	27/06/2006	27/06/2006	15/03/2012	Active	NO
12	U70200MH1998PTC117426	WELSPUN DEVELOPERS AND INFRASTRUCTRE PRIVATE LIMITED	Director	5/8/2006	5/8/2006	-	Active	NO
13	U22210GJ1995PLC027871	WELSPUN ANJAR SEZ LIMITED	Director	16/08/2006	16/08/2006	19/07/2010	Active	NO
14	U27109GJ2004PLC044249	WELSPUN STEEL LIMITED	Director	1/9/2006	1/9/2006	-	Active	NO
15	U51909GJ2002PLC041136	WELSPUN ENERGY LIMITED	Additional director	15/05/2012	15/09/2006	-	Active	NO
16	U40109MH2006PLC165964	WELSPUN URJA INDIA LIMITED	Additional director	5/12/2006	5/12/2006	20/08/2007	Active	NO
17	U67120MH1994PLC078799	MERTZ SECURITIES LIMITED	Director	22/09/2007	4/1/2007	1/12/2008	Active	NO
18	U45200MH1999PTC120035	MGN AGRO PROPERTIES PRIVATE LIMITED	Director	13/03/2007	13/03/2007	-	Active	NO
19	U45200GJ2007PLC064986	ALSPUN INFRASTRUCTURE LIMITED	Director	7/4/2007	7/4/2007	-	Active	NO
20	U25209MH1994PLC076875	GOODVALUE POLYPLAST LIMITED	Director	11/6/2007	11/6/2007	1/12/2008	Active	NO
21	U51900MH1994PLC078026	VIPUNA TRADING LIMITED	Director	24/09/2007	12/6/2007	1/12/2008	Active	NO
22	L52100GJ2008PLC055195	WELSPUN INVESTMENTS AND COMMERCIALS LIMITED	Director	11/6/2009	10/11/2008	16/12/2009	Active	NO
23	L51100GJ2000PLC037204	WELSPUN GLOBAL BRANDS LIMITED	Director	1/4/2011	10/11/2008	-	Active	NO
24	U17120MH1967PLC013669	CONFEDERATION OF INDIAN TEXTILE INDUSTRY	Director	12/12/2008	12/12/2008	28/09/2010	Active	NO
25	U41000MH2009NPL194289	WEL-TREAT ENVIRO MANAGEMENT ORGANISATION	Director	22/07/2009	22/07/2009	17/11/2010	Active	NO
26	U72200GJ2001PLC039513	WELSPUN TRADINGS LIMITED	Additional director	4/3/2010	4/3/2010	19/07/2010	Active	NO
27	L25209DN1985PLC000162	NILKAMAL LIMITED	Additional director	1/8/2010	1/8/2010	30/07/2011	Active	NO
28	U45400MH2007PLC170350	WELSPUN INFRATECH LIMITED	Director	29/08/2011	18/04/2011	-	Active	NO
29	U27100GJ2008PLC064145	WELSPUN MAXSTEEL LIMITED	Additional director	31/01/2012	2/11/2011	-	Active	NO
30	L27100GJ1993PLC020358	REMI METALS GUJARAT LIMITED	Director	7/11/2011	7/11/2011	-	Active	NO
31	U25200GJ2005PTC046696	ANGEL POWER AND STEEL PRIVATE LIMITED	Additional director	21/11/2011	21/11/2011	-	Active	NO
32	L45201GJ1994PLC023920	WELSPUN PROJECTS LIMITED	Additional director	6/7/2012	6/7/2012	-	Active	NO

Name :

Mrs. Dipali Balkrishan Goenka

Designation :

Additional director

Address :

Rocky ISLE 46/C, B. Desai Road, Breach Candy, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

13.10.1969

Date of Appointment :

31.05.2012

DIN No.:

00007199

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	U25209MH1994PLC076875	GOODVALUE POLYPLAST LIMITED	Director	18/07/2002	18/07/2002	-	Active	NO
2	U67120MH1994PLC078799	MERTZ SECURITIES LIMITED	Director	18/07/2002	18/07/2002	-	Active	NO
3	U25209MH1982PTC027043	Welspun Plastics Private Limited	Director	30/09/2002	30/09/2002	1/2/2010	Active	NO
4	U74899DL1987PTC029510	FRIENDS CONNECTIONS PRIVATE LTD	Director	30/03/2004	30/03/2004	-	Active	NO
5	U74899DL1991PTC043900	SEQUENCE APARTMENTS PRIVATE LIMITED	Director	30/03/2004	30/03/2004	-	Active	NO
6	U74899DL1987PTC029192	GOLDENARCH ESTATES PRIVATE LIMITED	Director	18/02/2005	18/02/2005	-	Active	NO
7	U71210GJ2004PLC045144	WELSPUN RETAIL LIMITED	Director	29/09/2009	30/12/2005	-	Active	NO
8	U65910GJ1982PTC055383	WELSPUN FINTRADE Private Limited	Director	30/01/2006	30/01/2006	-	Active	NO
9	U70100GJ1989PLC056345	WELSPUN MERCANTILE LIMITED	Director	30/01/2006	30/01/2006	-	Active	NO
10	U70200MH1998PTC117426	WELSPUN DEVELOPERS AND INFRASTRUCTRE PRIVATE LIMITED	Director	5/8/2006	5/8/2006	-	Active	NO
11	U11201GJ2006PTC064142	WELSPUN NATURAL RESOURCES PRIVATE LIMITED	Director	7/9/2006	7/9/2006	1/4/2011	Active	NO
12	U63012MH2006PLC165280	WELSPUN LOGISTICS LIMITED	Director	30/10/2006	30/10/2006	-	Active	NO
13	U51900MH1994PLC078026	VIPUNA TRADING LIMITED	Director	3/1/2007	3/1/2007	-	Active	NO
14	U26960MH2007PTC167560	GIANT REALTY PRIVATE LIMITED	Director	5/2/2007	5/2/2007	-	Active	NO
15	U45200GJ2007PLC064986	ALSPUN INFRASTRUCTURE LIMITED	Director	7/4/2007	7/4/2007	-	Active	NO
16	U45400MH2007PLC170350	WELSPUN INFRATECH LIMITED	Director	26/04/2007	26/04/2007	18/04/2011	Active	NO
17	U18101MH1997PLC107982	WELSPUN ZUCCHI TEXTILES LIMITED	Director	29/09/2007	20/05/2007	-	Active	NO
18	U40109MH2006PLC165964	WELSPUN URJA INDIA LIMITED	Director	28/09/2007	4/7/2007	21/04/2010	Active	NO
19	U40103MH2009PLC197024	WELSPUN ENERGY CHHATTISGARH LIMITED	Director	11/11/2009	11/11/2009	25/05/2010	Active	NO
20	U40103MH2009PLC197021	Welspun Renewables Energy Limited	Director	11/11/2009	11/11/2009	25/05/2010	Active	NO
21	U40300MH2009PLC197014	WELSPUN ENERGY MADHYA PRADESH LIMITED	Director	11/11/2009	11/11/2009	25/05/2010	Active	NO
22	U51909GJ2002PLC041136	WELSPUN ENERGY LIMITED	Additional director	31/05/2012	10/2/2010	-	Active	NO
23	U65990GJ1992PLC050965	KRISHIRAJ TRADING LIMITED	Director	29/09/2010	21/04/2010	27/04/2012	Active	NO
24	U17120GJ1985PTC056127	WELSPUN WINTEX LIMITED	Director	30/09/2010	2/6/2010	-	Active	NO
25	L51100GJ2000PLC037204	WELSPUN GLOBAL BRANDS LIMITED	Managing director	29/09/2011	1/4/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mrs. Jyoti Suryakant Mistry
Designation :	Company Secretary
Address :	C/3, Bindu Shopping Center, Tilak Raod, Santacruz (West), Mumbai – 400054
Date of Birth/Age :	07.07.1974
Date of Appointment :	01.07.2011
Pan No:	AFOPM6807L

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Names of Shareholders		No. of Shares
Krishiraj Trading Limited, India		273000
Welspun Corp. Limited, India		273000
Vineet Mittal		252000
Welspun Fintrade Limited, India		251997
Devendra Patil		1
Pradeep Joshi		1
Shashikant Thorat		1
Total		1050000

As on 31.03.2012

Names of Allottee		No. of Shares Allotted
Welspun Corp. Limited, India		17242300
Krishiraj Trading Limited, India		30042000
Candor Power Private Limited, India		9853000
Welspun Fintrade Limited, India		9179300
Total		66316600

As on 31.05.2012

Names of Allottee		No. of Shares Allotted
Welspun Corp. Limited, India		42978042
Krishiraj Trading Limited, India		76455749
Candor Power Private Limited, India		24795000
Welspun Fintrade Limited, India		15650170
Welspun Mercantile Limited, India		2489534
Welspun Wintex Limited		2326667
B.K. Goenka		604933
Total		165300095

As on 29.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	76.00
Directors or relatives of Directors	24.00
Total	100.00

BUSINESS DETAILS

Line of Business :

They are into power Generations (Solar and Thermal Power)

GENERAL INFORMATION

No. of Employees :	Not Available

Bankers :	ICICI Bank Limited, ICICI Tower, NBCC Place, Bhisham Pitamah Marg, Pragati Vihar, New Delhi - 110003, India


Banking Relations :	--

Auditors :
Name :	Sureka Associates Chartered Accountants
Address :	45C, Mandhana Manor, Mogal Lane, Matunga Road (West), Mumbai – 400016, Maharashtra, India
Tel. No.:	91-22-24306150/ 24327608
Fax No.:	91-22-24327608
E-Mail :	srekas@vsnl.com
PAN.:	AAMFS8201P

Subsidiaries :	Welspun Energy Madhya Pradesh Limited CIN No. : U40300MH2009PLC197014 Welspun Energy Anuppur Private Limited CIN No. : U40108MH2007PTC170611 Welspun Urja India Limited CIN No. : U40109MH2006PLC165964 Welspun Renewables Energy Limited CIN No. : U40103MH2009PLC197021 Welspun Energy Chhattisgarh Limited CIN No. : U40103MH2009PLC197024 Welspun Energy Up Private Limited CIN No. : U40300MH2010PTC211286 Welspun Solar AP Private Limited CIN No. : U40109MH2008PTC178769 Welspun Solar Madhya Pradesh Private Limited CIN No. : U40106MH2010PTC206275 Welspun Solar Rajasthan Private Limite CIN No. : U40105MH2010PTC206475 Welspun Solar Punjab Private Limited CIN No. : U40300MH2010PTC211302 Welspun Urja Gujarat Private Limited CIN No. : U40300MH2010PTC207034 Welspun Energy Rajasthan Private Limited CIN No. : U40108MH2006PTC165751 Welspun Energy Maharashtra Private Limited (WEMHPL), ceased to be subsidiary w.e.f03 January, 2011 Welspun Energy Meghalaya Private Limited (WEMGFL) Welspun Energy Resources Private Limited (WERSPL) Weispun Energy Jharkhand Private Limited (WEJFL), incorporated as on 29 October, 2010. Weslpun Energy Orissa Private limited (WEQPL), incorporated as on 03 November, 2010. Weispun Energy Park Private Limited (WEPPL), incorporated as on 28 August, 2010. Welspun Solar Park Private Limited (WSPPL), incorporated as on 14 September, 2Q10. Welspun Solar Tech Private Limited (WSTPL). incorporated as on 23 July, 2010

CAPITAL STRUCTURE

After 29.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

250000000	Equity Share	Rs.10/- each	Rs.2500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

232666695	Equity Share	Rs.10/- each	Rs.2326.667 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

10000000	Equity Share	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1050000	Equity Share	Rs.10/- each	Rs.10.500 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		10.500	0.500	0.500
2] Share Application Money		664.000	72.000	0.000
3] Reserves & Surplus		0.064	0.000	0.000
4] (Accumulated Losses)		0.000	(0.094)	(0.061)
NETWORTH		674.564	72.406	0.439
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		674.564	72.406	0.439

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		10.504	0.208	0.000
Capital work-in-progress		6.634	0.000	0.000

INVESTMENT		30.495	4.000	0.410
DEFERREX TAX ASSETS		0.201	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	186.075	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	14.658	35.422	0.025
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	440.645	26.143	0.000
Total Current Assets		641.378	61.565	0.025
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	0.209	0.003	0.001
	Other Current Liabilities	10.054	0.003	0.002
	Provisions	4.385	0.000	0.000
Total Current Liabilities		14.648	0.006	0.003
Net Current Assets		626.730	61.559	0.022

MISCELLANEOUS EXPENSES		0.000	0.005	0.007
Incidental expenditure pending for allocation		0.000	6.634	0.000

TOTAL		674.564	72.406	0.439

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	186.591	0.006	0.000
		Other Income	0.000	0.000	0.000
		TOTAL	186.591	0.006	0.000

Less	EXPENSES
		Audit Fees	0.006	0.003	0.003
		Advertisement	0.664	0.000	0.000
		Bank Charges	6.452	0.000	0.000
		Book and periodicals	0.076	0.000	0.000
		Brokerage and Commission	0.015	0.000	0.000
		Business development Expenses	3.865	0.000	0.000
		Certification Fees	0.001	0.000	0.000
		Computer Consumables	0.205	0.000	0.000
		Conveyance Expenses	0.413	0.000	0.000
		Courier Charge	0.188	0.000	0.000
		Electricity Charges	0.265	0.000	0.000
		Facility Rectal	19.485	0.000	0.000
		Filing Fess	0.911	0.000	0.000
		Freight Charges	0.083	0.000	0.000
		Foreign Travelling Expenses	3.395	0.000	0.000
		Foreign Exchange Fluctuation	0.083	0.000	0.000
		Repair and Installation Charges	0.340	0.000	0.000
		Rent	0.256	0.000	0.000
		Insurance Charges	0.240	0.000	0.000
		Legal and Professional Expenses	3.502	0.001	0.001
		Loading and Boarding	4.418	0.000	0.000
		Membership fees	1.190	0.000	0.000
		Misc. Expenses	0.620	0.000	0.000
		Office Maintenance Charges	0.633	0.000	0.000
		Personal Expenses	91.589	0.000	0.000
		Printing ad Stationary	0.919	0.021	0.000
		Puja Expenses	0.135	0.000	0.000
		Rates and Taxes	0.032	0.000	0.000
		Recruitment Expanses	2.296	0.000	0.000
		Registration and Stamp Fee	21.468	0.009	0.005
		Retainer ship Fees	7.311	0.000	0.000
		Security Charges	0.254	0.000	0.000
		Seminar training and Conference	0.561	0.000	0.000
		Staff Welfare	1.679	0.000	0.000
		Telephone Expanses	1.674	0.000	0.000
		Transport Expenses	0.858	0.000	0.000
		Travelling Expenses	9.407	0.000	0.000
		Vehicle Running Expenses	0.386	0.000	0.000
		Vehicle Maintenance Expenses	0.250	0.000	0.000
		Preliminary Expanses Written off	0.005	0.003	0.002
		TOTAL	186.130	0.037	0.011

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		0.461	(0.031)	(0.011)

Less/ Add	DEPRECIATION/ AMORTISATION		0.461	0.003	0.000

	PROFIT / (LOSS) BEFORE TAX		0.000	(0.034)	(0.011)

Less	TAX		(0.159)	0.000	0.000

	PROFIT / (LOS) AFTER TAX		0.159	(0.034)	(0.011)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(0.094)	(0.060)	(0.050)

	BALANCE / (LOSS) CARRIED TO THE B/S		0.065	(0.094)	(0.061)

	IMPORTS
		Office Equipments	0.443	NA	NA
	TOTAL IMPORTS		0.443	NA	NA

	Earnings Per Share (Rs.)		0.15	(0.68)	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.09	(566.67)	0.00

Net Profit Margin (PBT/Sales)	(%)	0.00	(566.67)	0.00

Return on Total Assets (PBT/Total Assets}	(%)	0.00	(0.06)	(44.00)

Return on Investment (ROI) (PBT/Networth)		0.00	0.00	(0.03)

Debt Equity Ratio (Total Liability/Networth)		0.02	0.00	0.01

Current Ratio (Current Asset/Current Liability)		43.79	10260.83	8.33

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

NOTE:

The Registered Office of the company has been shifted from N-4, Dikshanti Apartment, Near Malav Talav, Near Devas Flats, Jivrajpurak, Ahmedabad, Gujarat, India, to the present address w.e.f. 31.07.2006.

CONTINGENT LIABILITIES (As on 31.03.2011)

Total bank guarantees outstanding at the end of current year are Rs. 715.500 Millions (previous year Nil), out of which bank guarantee for Rs. 50.000 Millions (previous year Nil) has been issued by the Company on behalf of Welspun Energy Maharashtra Private Limited,

Bankers Charges Report as per Registry

Corporate identity number of the company	U51909GJ2002PLC041136
Name of the company	WELSPUN ENERGY LIMITED
Address of the registered office or of the principal place of business in India of the company	Welspun City, P. O. Versamedi, Taluka Anjar, Kutch – 370 110, Gujarat, India pratiksha_panchal@welspun.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10349823
Type of charge	Others (first exclusive charge over TRA & DSRA)
Particular of charge holder	ICICI Bank Limited, ICICI Tower, NBCC Place, Bhisham Pitamah Marg, Pragati Vihar, New Delhi - 110003, India rahul.chaudhary@icicibank.com
Nature of instrument creating charge	Deed of hypothecation executed on 26th May 2012 by M/s Welspun Energy Limited ( Borrower) in favour of ICICI Bank Limited ( Lender) as additional security in respect of availment of rupee term Loan of Rs. 1000.000 Millions availed vide Corporate Rupee Loan Facility Agreement dated 30th March 2012 executed between the Lender and Borrower
Date of instrument Creating the charge	26.05.2012
Amount secured by the charge	Rs.1000.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Sum of I-Base (at present 9.75%) + spread per annum (at present 4.70%) as stipulated by the Bank from time Terms of Repayment 16 unequal quarterly repayment installments starting 15 months from the initial disbursement date (March 30, 2012). The loan is for a period of 5 years. Extent and Operation of the charge 1. First and exclusive charge over the Trust and Retention account Number 000705037509 of the Borrower held with Lender acting through its office at 9A, Phelps Building, Connaught Place, New Delhi - 110001 2.First and exclusive charge over the Debt Service Reserve account Number 000705037510 of the Borrower held with Lender acting through its office at 9A, Phelps Building, Connaught Place, New Delhi – 110001
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First and exclusive charge over the Trust and Retention A/c No. 000705037509 of the Borrower held with Lender acting through its office at 9A, Phelps Building, Connaught Place, New Delhi - 110 001 First and exclusive charge over the Debt Service Reserve A/c No. 000705037510 of the Borrower held with Lender acting through its office at 9A, Phelps Building, Connaught Place, New Delhi - 110 001
Particulars of the present modification	additional security is created vide DOH executed on 26th May 2012 by Welspun Energy Limited (Borrower) in favour of ICICI Bank Limited (Lender) to secure the Rupee Term Loan of Rs 1000.000 Millions, secured vide Corporate Rupee Loan Facility dated 30th March 2012 and additional security offered is by way of first and exclusive charge over Trust and Retention account Number 000705037509 of borrower and Debt Service Reserve account Number 000705037510 of the Borrower maintained with Lender

Fixed Assets

Building and Improvements
Computer
Furniture and Fixture
Office Equipment

WEBSITE DETAILS

PRESS RELEASE

Welspun Energy to invest 5675 Crores in Karnataka's Wind Energy Projects

Signs agreements for two Wind Power Projects during Karnataka's Global Investors Meet

New Delhi, June 13, 2012 Welspun Energy Limited. will be developing twin wind power projects in the state of Karnataka, within the next five years. The Independent Power Producer has been working toward developing a cumulative target of 1.7 GW of wind and solar energy projects.

In the recently held Karnataka's Global Investors Meet, Welspun Energy has signed an MoU and Expression of Interest for 100 MW and 750 MW capacity wind power projects with the Government of Karnataka. As per the signed documents on the 7th of June 2012, the projects are to be developed in the districts of Bijapur, Chitradurga and Belgaun.

Vineet Mittal, Co-founder and Managing Director of Welspun Energy Limited. says" We want to help create a greener empowered India and through our renewable energy projects Welspun Energy is effecting a change on ground. With the signing of these two projects we have moved exponentially forward in this direction."

The state has been a natural choice for wind energy based power generation. With a potential of 11,500 MW wind energy capacity, Karnataka holds the third favorable position in the country for wind based power projects.

Karnataka has a long history of being one of the most progressive states of the country. From leading in IT to the present Renewable Energy sector, the state has been a haven for investors. Approximately 6.7% of the country's electricity is generated by Karnataka alone. As per the Karnataka Udyog Mitra, a government of Karnataka organization, the state offers a potential of 3,500 MW of wind power and 10,000 MW of solar power projects. Welspun Energy is proud to be part of this growing story.

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.52.78
UK Pound	1	Rs.85.16
Euro	1	Rs.67.79

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		29

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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

MIRA INFORM REPORT

186.075

0.000

0.000

0.000

0.000

0.000

14.658

35.422

0.000

0.000

440.645

26.143

641.378

61.565

0.209

0.003

10.054

0.003

0.002

4.385

0.000

0.000

14.648

0.006

626.730

61.559

0.09

(566.67)

0.00

(566.67)

0.00

(0.06)

0.00

0.00

0.02

0.00

43.79

10260.83

Unit