MIRA INFORM REPORT

Report Date :

03.09.2012

IDENTIFICATION DETAILS

Name :	INOX WIND LIMITED
Registered Office :	Plot No. 1, Khasra No. 264 to 267, Industrial Area, Village Basal, Himachal Pradesh-174103
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	09.04.2009
Com. Reg. No.:	06-031083
Capital Investment / Paid-up Capital :	Rs 300.000 Millions
CIN No.: [Company Identification No.]	U31901HP2009PLC031083
TAN No.: [Tax Deduction & Collection Account No.]	PTLI10831C
PAN No.: [Permanent Account No.]	AACC10597B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Wind Turbine Generators
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 1300000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a subsidiary of Gujarat Fluorochemicals Limited. It is and established company having satisfactory track. The company has improved its performance in the current financial year i.e. 2010-11. Trade relations are reported as fair. Business is active. Payments are reported to usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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	CRISIL
Rating	A- (Long Term Rating)
Rating Explanation	This rating is considered to have adequate degree of safety regarding timely servicing of financial obligation. Such instruments carry low credit risk
Date	09.07.2012

Rating Agency Name	CRISIL
Rating	A1
Rating Explanation	This rating is considered to have very strong degree of safety regarding timely payment of financial obligations. Such instruments carry lowest credit risk.
Date	09.07.2012

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 / Factory 1 :	Plot No. 1, Khasra No 264 to 267, Industrial Area, Village Basal, Himachal Pradesh- 174103, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	contact@inoxwind.com siddomal@vsnl.net
Website :	http://www.inoxwind.com
Corporate Office :	Inox Tower, Plot No. 17, Sector 16-A, Noida-201301, Uttar Pradesh, India
Tel. No.:	91-120-6149600/ 3063600/ 3063756
Fax No.:	91-120-6149610/ 3063610
E-Mail :	contact@inoxwind.com info@inoxwind.com scm@inoxwind.com
Factory 2 :	Blade Plant, Khasra No. 128, Ahmedabad- Rajkot Highway, Rohika, Ahmedabad-38220, Gujarat, India

DIRECTORS

AS ON 25.07.2012

Name :	Mr. Deepak Ranjit Asher
Designation :	Director
Address :	17/1 Utkanth Society, Behind Alkapuri Club Alkapuri, Vadodara, Gujarat, India
Date of Birth/Age :	15.01.1959
Date of Appointment :	09.04.2009
DIN No.:	00035371

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	L92199GJ1999PLC044045	INOX LEISURE LIMITED	Director	15/01/2000	15/01/2000	-	Active	NO
2	U65910MH1995PLC085703	INOX LEASING AND FINANCE LIMITED	Whole-time director	24/03/2008	19/10/2001	-	Active	NO
3	U74140DL2006PTC156453	INOX INTERNATIONAL PRIVATE LIMITED	Alternate director	14/12/2006	14/12/2006	09/05/2009	Active	NO
4	U45200DL2007PTC159796	INOX INFRASTRUCTURE PRIVATE LIMITED	Director	27/02/2007	27/02/2007	-	Active	NO
5	U45400MH2007PTC170509	PRIME SKYLINE DEVELOPERS PRIVATE LIMITED	Director	28/08/2007	28/08/2007	-	Amalgamated	NO
6	L24110GJ1987PLC009362	GUJARAT FLUOROCHEMICALS LIMITED	Director	20/09/2008	22/01/2008	-	Active	NO
7	U92120MH2008PLC187231	INOX MOTION PICTURES LIMITED	Director	01/10/2008	01/10/2008	-	Active	NO
8	U31901HP2009PLC031083	INOX WIND LIMITED	Director	23/06/2010	09/04/2009	-	Active	NO
9	L92490MH1999PLC122381	FAME INDIA LIMITED	Director	22/09/2010	28/02/2010	-	Active	NO
10	U40100GJ2010PLC062869	INOX RENEWABLES LIMITED	Director	25/06/2011	11/11/2010	-	Active	NO
11	U92100MH1999PLC119506	FAME MOTION PICTURES LIMITED	Director	13/07/2011	21/01/2011	-	Active	NO
12	U92110MH2004PTC148470	BIG PICTURES HOSPITALITY SERVICES PRIVATE LIMITED	Director	13/07/2011	21/01/2011	-	Active	NO
13	U92132MH2001PTC133639	SWANSTON MULTIPLEX CINEMAS PRIVATE LIMITED	Director	13/07/2011	04/02/2011	-	Active	NO
14	U92110MH2004PTC148469	HEADSTRONG FILMS PRIVATE LIMITED	Director	13/07/2011	14/03/2011	-	Active	NO
15	U45201GJ2012PLC071264	INOX RENEWABLES (JAISELMER) LIMITED	Director	24/07/2012	24/07/2012	-	Active	NO

Name :	Mr. Siddharth Jain
Designation :	Director
Address :	31 Benzer Terrance, A.G Khan Road, Worli, Mumbai-400018, Maharashtra, India
Date of Birth/Age :	21.09.1978
Date of Appointment :	25.04.2009
DIN No.:	00030202

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	Company/ LLP Status	Defaulting status
1	U74899DL1972PTC110957	INOX CHEMICALS PRIVATE LIMITED	Director	08/12/2001	08/12/2001	Active	NO
2	U74899DL1990PTC039312	SIDDHAPAVAN TRADING AND FINANCE PRIVATE LIMITED	Director	08/12/2001	08/12/2001	Active	NO
3	U74899DL1988PTC033823	RAJNI FARMS PRIVATE LIMITED	Director	28/03/2003	28/03/2003	Active	NO
4	U24111DL1996PTC081217	DEVANSH GASES PRIVATE LIMITED	Director	24/04/2003	24/04/2003	Active	NO
5	U24999MH1963PLC012625	INOX AIR PRODUCTS LIMITED	Whole-time director	01/04/2011	20/05/2003	Active	NO
6	U28120MH2003PLC140814	REFRON CYLINDERS LIMITED	Director	10/06/2003	10/06/2003	Amalgamated	NO
7	U65910MH1995PLC085703	INOX LEASING AND FINANCE LIMITED	Director	26/08/2003	26/08/2003	Active	NO
8	U99999GJ1976PLC018945	INOX INDIA LIMITED	Director	17/03/2004	17/03/2004	Active	NO
9	L92199GJ1999PLC044045	INOX LEISURE LIMITED	Director	10/09/2004	10/09/2004	Active	NO
10	U74999DL2004PTC131077	KINGSTON SMITH INOX - DC OUTSOURCING PRIVATE LIMITED	Director	10/01/2005	10/01/2005	Strike off	NO
11	U45400MH2007PTC170509	PRIME SKYLINE DEVELOPERS PRIVATE LIMITED	Director	31/08/2007	31/08/2007	Amalgamated	NO
12	U45209MH2007PTC173174	MEGNASOLACE CITY PRIVATE LIMITED	Director	31/01/2008	31/01/2008	Active	NO
13	U31901HP2009PLC031083	INOX WIND LIMITED	Director	23/06/2010	25/04/2009	Active	NO

Name :	Mr. Devansh Jain
Designation :	Director
Address :	47 Golf Links, New Delhi, India
Date of Birth/Age :	13.10.1986
Date of Appointment :	25.04.2009
DIN No.:	01819331

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	Company/ LLP Status	Defaulting status
1	U74899DL1990PTC039122	DEVANSH TRADING AND FINANCE PRIVATE LIMITED	Director	31/05/2008	22/10/2007	Active	NO
2	U74899DL1982PTC013707	SIDDHOMAL INVESTMENTS PRIVATE LIMITED	Director	31/05/2008	22/10/2007	Active	NO
3	U92120MH2008PLC187231	INOX MOTION PICTURES LIMITED	Director	01/10/2008	01/10/2008	Active	NO
4	U31901HP2009PLC031083	INOX WIND LIMITED	Director	23/06/2010	25/04/2009	Active	NO
5	U40100GJ2010PLC062869	INOX RENEWABLES LIMITED	Director	25/06/2011	19/05/2011	Active	NO
6	U45201GJ2012PLC071264	INOX RENEWABLES (JAISELMER) LIMITED	Director	24/07/2012	24/07/2012	Active	NO

Name :	Mr. Rajeev Gupta
Designation :	Director
Address :	D10 Sector 41, Gautam Buddha Nagar, Noida, Uttar Pradesh, India
Date of Birth/Age :	15.12.1958
Date of Appointment :	26.11.2009
DIN No.:	01773304

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	Company/ LLP Status	Defaulting status
1	U74140DL2007PTC169808	SCC CONSULTING INDIA PRIVATE LIMITED	Director	24/10/2007	24/10/2007	Active	NO
2	U31901HP2009PLC031083	INOX WIND LIMITED	Whole-time director	01/04/2011	26/11/2009	Active	NO

Name :	Mr. Vijay Kumar Soni
Designation :	Director
Address :	D1-5 Paschimi marg, Vasant Vihar, New Delhi, India
Date of Birth/Age :	04.04.1951
Date of Appointment :	27.05.2011
DIN No.:	01773253

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	Company/ LLP Status	Defaulting status
1	U74140DL2007PTC169808	SCC CONSULTING INDIA PRIVATE LIMITED	Director	24/10/2007	24/10/2007	Active	NO
2	U31901HP2009PLC031083	INOX WIND LIMITED	Director	27/06/2011	27/05/2011	Active	NO
3	U45207GJ2012PLC070279	INOX WIND INFRASTRUCTURE SERVICES LIMITED	Director	11/05/2012	11/05/2012	Active	NO
4	U24119GJ2012PTC070801	SWARNIM GUJARAT FLUORSPAR PRIVATE LIMITED	Director	19/06/2012	19/06/2012	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 25.07.2012

Names of Shareholders	No. of Shares
Gujarat Fluorochemicals Limited, India	29999400
Vivek Kumar Jain	100
Devendra Kumar Jain	100
Devansh Jain	100
Pavan Kumar Jain	100
Siddharth Jain	100
Deepak Asher	100
TOTAL	30000000

AS ON 25.07.2012

Equity Shares Break Up	Percentage of Holding
Bodies corporate	100.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Wind Turbine Generators

Products :

ITC Number of Product	85023100
Description of Product or Service	Wind Power Electric Generating Sets Including Rotor Blades and Turbine Tower

PRODUCTION STATUS (AS ON : 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Nacelle and Hub	Sets	400	10
Blade Set	Sets	120	6
Tower	Sets	120	4

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Indusind Bank Limited. 2401, Gen. Thimmayya Road, Cantonment, Pune- 411001, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Working capital loans secured
Working capital loans banks secured	166.128	0.000
TOTAL	166.128	0.000
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Debentures unsecured
Fully convertible debentures unsecured	100.000	100.000
Other debt unsecured	700.000	470.000
Interest accrued due unsecured loans
Interest accrued due debentures unsecured	6.611	0.293
Interest accrued due other debt unsecured	42.199	4.393
TOTAL	48.810	574.686
Notes: (A) "10,00,000 7% Unsecured Fully Convertible Debentures of Rs.100 each (optionally convertible into paid equity shares at par after a period of three years from date of allotment viz. on 19.03.2013)" (B) Inter corporate deposit from Holding Company (C) Interest on intercorporate deposit from holding company

Banking Relations :	--
Auditors :
Name :	Dewan. P.N. Chopra and Company Chartered Accountants
Address :	57H, Connaught Circus, New Delhi – 110 001
Tel. No.:	91.11-23322359, 233208 7 6 2332 1418
Fax No.:	91-11-2331 3246 91-11-2464 5893
E-Mail :	dpnc@dpncindia.com dpnccp@dpncindia.com
PAN No.:	AAAFD1961D
Holding Company :	Gujarat Fluorochemicals Limited CIN No.:- L24110GJ1987PLC009362
Ultimate Holding Company :	Inox Leasing and Finance Limited
Fellow Subsidiaries :	Inox Renewables Limited CIN No.:- U40100GJ2010PLC062869

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs. 500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs. 300.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		300.000	300.000
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		41.476	(12.439)
4] (Accumulated Losses)		0.000	0.000
NETWORTH		341.476	287.561
LOAN FUNDS
1] Secured Loans		166.128	0.000
2] Unsecured Loans		848.810	574.686
TOTAL BORROWING		1014.938	574.686
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		1356.414	862.247
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1043.897	361.437
Capital work-in-progress		138.331	426.315
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		19.788	0.074
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	636.176	115.887
	Sundry Debtors	0.000	86.441
	Cash & Bank Balances	14.231	47.686
	Other Current Assets	0.000	0.000
	Loans & Advances	158.435	36.641
Total Current Assets		808.842	286.655
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	391.972	176.226
	Other Current Liabilities	251.072	34.444
	Provisions	11.400	1.564
Total Current Liabilities		654.444	212.234
Net Current Assets		154.398	74.421
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		1356.414	862.247

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	719.207	78.494
		Other Income	15.834	0.055
		TOTAL (A)	735.041	78.549
Less	EXPENSES
		Consumption materials changes inventories	523.854	71.133
		Manufacturing service costs	24.118	1.029
		Contract cost	3.266	1.085
		Employee related expenses	37.613	3.239
		Administrative selling other expenses	26.128	10.835
		TOTAL (B)	614.979	87.321
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		120.062	(8.772)
Less	FINANCIAL EXPENSES (D)		37.434	1.951
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		82.628	(10.723)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		39.428	1.790
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		43.200	(12.513)
Less	TAX (H)		(10.715)	(0.074)
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		53.915	(12.439)
	BALANCE CARRIED TO THE B/S		53.915	(12.439)
	IMPORTS
		Raw Materials	489.294	100.476
		Capital Goods	65.466	91.777
	TOTAL IMPORTS		554.76	192.253
	Earnings / (Loss) Per Share (Rs.)		1.80	(20.64)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010
PAT / Total Income	(%)	7.33	(15.84)
Net Profit Margin (PBT/Sales)	(%)	6.01	(15.94)
Return on Total Assets (PBT/Total Assets}	(%)	2.33	(1.93)
Return on Investment (ROI) (PBT/Networth)		0.13	(0.04)
Debt Equity Ratio (Total Liability/Networth)		4.89	2.74
Current Ratio (Current Asset/Current Liability)		1.24	1.35

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 two years	Yes
12]	Profitability for last two 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)	Yes
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	Yes

NOTE

Registered office has been shifted from Inox Air Products Limited, Village Kunjhal, Industrial Area, Barotiwala-174103, Himachal Pradesh, India to the present address w.e.f.24.08.2010

CONTINGENT LIABILITIES (AS ON 31.03.2011)

1. Counter Guarantees for Bank Guarantees and Letters of Credits issued by the Bankers of the Company for performance of contractual obligations Rs. 345.256 Millions. ( P.Y. Rs.17.994 Millions)

2. Estimated amounts of contracts remaining to be executed on capital account and not provided for, net of advances - Rs.6.881 Millions (P.Y.Rs.151.427 Millions)

FORM 8

Corporate identity number of the company	U31901HP2009PLC031083
Name of the company	INOX WIND LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot no 1, Khasra No 264 to 267, Industrial Area, Village Basal, Himachal Pradesh-174103, India
This form is for	Modification of charge
Charge identification number of the charge to be modified	10315448
Type of charge	Book debts Others
Particular of charge holder	Indusind Bank Limited. 2401, Gen. Thimmayya Road, Cantonment, Pune- 411001, Maharashtra, India
Nature of instrument creating charge	Supplemental Deed of Hypothecation Dated 20 July, 2012
Date of instrument Creating the charge	20.07.2012
Amount secured by the charge	Rs. 800.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Base Rate + 1.50% p.a. payable monthly; current base rate of IBL 10.75% p.a. Terms of repayment As per stipulations in the sanction letters no IBL/CAD/509/2012-13 dated 23 June, 2012 and IBL/CAD/669/2012-13 dated 12 July, 2012 Margin As per stipulations in the sanction letters no IBL/CAD/509/2012-13 dated 23 June, 2012 and IBL/CAD/669/2012-13 dated 12 July, 2012 Extent and operation of the charge A CURRENT ASSETS First Pari passu charge by hypothecation of the entire current assets of the Company, existing and future, comprising, inter alia, of stocks of raw material, work in process, finished goods and other currents B BOOK DEBTS First Pari passu charge by hypothecation of the entire book debts and receivables of the Company, existing and future
Short particulars of the property charged (Including location of the property)	CURRENT ASSETS First Pari passu charge by hypothecation of the entire current assets of the Company, existing and future, comprising, inter alia, of stocks of raw material, work in process, finished goods and other current assets First Pari passu charge by hypothecation of the entire book debts and receivables of the Company, existing and future
Particulars of the present modification	Vide form no 8 dated 26 September, 2011 the Company's Credit Facilities of Rs 600.000 Millions was secured by hypothecation of entire current assets both existing and future of the Company. By present modification existing charge is extended to enhanced Credit Facilities from Rs 600.000 Millions to Rs 800.000 Millions

FIXED ASSETS

• Tangible Assets
• Freehold Land
• Leasehold land
• Building
• Plant and Machinery
• Office Equipments
• Computers
• Furniture and Fixtures
• 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 records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 55.72
UK Pound	1	Rs. 87.95
Euro	1	Rs. 69.65

INFORMATION DETAILS

Report Prepared by :

DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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

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

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

RATING EXPLANATIONS

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

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.