MIRA INFORM REPORT

Report Date :

19.12.2013

IDENTIFICATION DETAILS

Name :	JAIHIND GREEN ENERGY LIMITED
Registered Office :	301, Venus Atlantis,  Near Reliance Petrol Pump, Vejalpur, Ahmedabad – 380015, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	13.09.2010
Com. Reg. No.:	04-062280
Capital Investment / Paid-up Capital :	Rs.0.500 Million
CIN No.: [Company Identification No.]	U40106GJ2010PLC062280
PAN No.: [Permanent Account No.]	AACCJ4358F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Creation of solar energy and provide to Gujarat Electricity Board.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 77000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. Company has incurred loss from its operation in the year 2013. However, trade relation are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6 % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

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.

INFORMATION DENIED BY

Name :	Mr. Navin Darji
Designation :	Finance Head
Contact No.:	91-79-40501310
Date :	16.12.2013

LOCATIONS

Registered Office :	301, Venus Atlantis,  Near Reliance Petrol Pump, Vejalpur, Ahmedabad – 380015, Gujarat, India
Tel. No.:	91-79-40501300/10
Fax No.:	91-79-40501310
E-Mail :	cs@jpl.co.in

DIRECTORS

As on 25.09.2013

Name :

Mr. Prakash Lalchand Hinduja

Designation :

Director

Address :

D-59, Aryaman. Bunglow, Near Shilaj Railway Crossing, Shilaj, Ahmedabad – 380059, Gujarat, India

Date of Appointment :

06.06.2011

DIN No.:

01688850

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	L45201GJ1985PLC008338	JAIHIND PROJECTS LIMITED	Managing director	01/03/2010	07/02/1989	-	Active	NO
2	U45200GJ2010PTC061984	HINDUJA PROJECTS PRIVATE LIMITED	Director	13/08/2010	13/08/2010	-	Active	NO
3	U40106GJ2010PTC062281	NEWTON SOLAR PRIVATE LIMITED	Director	13/09/2010	13/09/2010	-	Active	NO
4	U40106GJ2010PLC062280	JAIHIND GREEN ENERGY LIMITED	Director	13/09/2010	13/09/2010	-	Active	NO
5	U67190GJ2010PTC062621	PLH WEALTH MANAGEMENT PRIVATE LIMITED	Director	14/10/2010	14/10/2010	-	Active	NO
6	U45200GJ2011PTC063530	JAIHIND OFFSHORE SERVICES PRIVATE LIMITED	Director	07/01/2011	07/01/2011	-	Active	NO
7	U74200GJ2011PTC065763	JAIHIND ENGINEERING PRIVATE LIMITED	Director	06/06/2011	06/06/2011	-	Active	NO

Name :

Mr. Gaurav Prakash Hinduja

Designation :

Director

Address :

D-59, Aryaman. Bunglow, Near Shilaj Railway Crossing, Shilaj, Ahmedabad – 380059, Gujarat, India

Date of Appointment :

13.09.2010

DIN No.:

01752411

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	U72200GJ2000PLC037595	DCOM SYSTEMS LIMITED	Director	23/06/2011	22/08/2007	-	Active	NO
2	U26914GJ1997PLC031713	ENPRO CON ENTER PRISE LIMITED	Director	29/08/2009	23/06/2008	01/04/2010	Active	NO
3	U45201GJ2010PTC060364	JAIHIND INFRA TECH PROJECTS PRIVATE LIMITED	Managing director	23/06/2011	22/04/2010	-	Active	NO
4	U29100GJ2010PTC060616	NEWTONNE MACHINERY PRIVATE LIMITED	Director	10/05/2010	10/05/2010	22/12/2012	Active	NO
5	U45200GJ2010PTC061984	HINDUJA PROJECTS PRIVATE LIMITED	Director	13/08/2010	13/08/2010	-	Active	NO
6	L45201GJ1985PLC008338	JAIHIND PROJECTS LIMITED	Whole-time director	07/09/2010	07/09/2010	-	Active	NO
7	U40106GJ2010PTC062281	NEWTON SOLAR PRIVATE LIMITED	Director	13/09/2010	13/09/2010	-	Active	NO
8	U40106GJ2010PLC062280	JAIHIND GREEN ENERGY LIMITED	Director	13/09/2010	13/09/2010	-	Active	NO
9	U67190GJ2010PTC062621	PLH WEALTH MANAGEMENT PRIVATE LIMITED	Director	14/10/2010	14/10/2010	-	Active	NO
10	U45200GJ2011PTC063530	JAIHIND OFFSHORE SERVICES PRIVATE LIMITED	Director	07/01/2011	07/01/2011	-	Active	NO
11	U80903GJ2011PTC064028	JPL EDUCATION PRIVATE LIMITED	Director	14/02/2011	14/02/2011	-	Active	NO
12	U74200GJ2011PTC065763	JAIHIND ENGINEERING PRIVATE LIMITED	Director	06/06/2011	06/06/2011	-	Active	NO

Name :

Mr. Nita Prakash Hinduja

Designation :

Director

Address :

D-59, Aryaman. Bunglow, Near Shilaj Railway Crossing, Shilaj, Ahmedabad – 380059, Gujarat, India

Date of Appointment :

18.09.2012

DIN No.:

01752379

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	U72200GJ2000PLC037595	DCOM SYSTEMS LIMITED	Managing director	01/04/2010	22/08/2007	-	Active	NO
2	U67120GJ1995FLC025349	KARNAWATI CAPITAL MARKET LIMITED	Director	01/03/2008	01/03/2008	-	Active	NO
3	U26914GJ1997PLC031713	ENPRO CON ENTER PRISE LIMITED	Director	29/08/2009	23/06/2008	01/04/2010	Active	NO
4	U45201GJ2010PTC060364	JAIHIND INFRA TECH PROJECTS PRIVATE LIMITED	Director	22/04/2010	22/04/2010	-	Active	NO
5	U29100GJ2010PTC060616	NEWTONNE MACHINERY PRIVATE LIMITED	Director	10/05/2010	10/05/2010	22/12/2012	Active	NO
6	U45200GJ2010PTC061984	HINDUJA PROJECTS PRIVATE LIMITED	Director	13/08/2010	13/08/2010	-	Active	NO
7	U80903GJ2011PTC064028	JPL EDUCATION PRIVATE LIMITED	Director	14/02/2011	14/02/2011	-	Active	NO
8	U40106GJ2010PLC062280	JAIHIND GREEN ENERGY LIMITED	Director	18/09/2012	18/09/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Navin Darji
Designation :	Finance Head

MAJOR SHAREHOLDERS

As on 25.09.2013

Names of Shareholders	No. of Shares
Jaihind Projects Limited, India	49940
Prakasg L. Hinduja as nominee of Jaihind Projects .Limited	10
Gaurav P. Hinduja nominee of Jaihind Projects .Limited	10
Nita,P. Hinduja nominee of Jaihind Projects Limited	10
Lallan R. Pandey nominee of Jaihind Projects Limited	10
Harish G. Chandwani nominee of Jaihind Projects .Limited	10
Vinodini P. Rao nominee of Jaihind Projects .Limited	10
Total	50000

Equity Share Break up (Percentage of Total Equity)

As on 25.09.2013

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Creation of solar energy and provide to Gujarat Electricity Board.

GENERAL INFORMATION

No. of Employees :	Information denied by management
Bankers :	· Canara Bank · Indian Bank · State Bank of India

Banking Relations :	--
Auditors :
Name :	Pooja Rojasara and Company Chartered Accountants
Address :	Bajarang Gandhigram Society Raiya Road Rajkot - 360007, Gujarat, India
PAN No.:	BGJPR2124Q
Holding Company :	Jaihind Projects Limited CIN No.: L45201GJ1985PLC008338
Fellow Subsidiary Company :	Jaihind Infratech Projects Private Limited

CAPITAL STRUCTURE

As on 25.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs. 10/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs. 10/- each	Rs.0.500 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.500	0.500	0.500
(b) Reserves & Surplus	18.857	21.520	(0.001)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	19.357	22.020	0.499
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.009	0.000	0.001
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.009	0.000	0.001
(4) Current Liabilities
(a) Short term borrowings	0.000	2.800	3.474
(b) Trade payables	41.997	107.246	0.035
(c) Other current liabilities	8.951	5.523	0.281
(d) Short-term provisions	7.582	9.314	0.012
Total Current Liabilities (4)	58.530	124.883	3.802
TOTAL	77.896	146.903	4.302
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.089	0.032	0.045
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.102	0.115	0.102
Total Non-Current Assets	0.191	0.147	0.147
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	3.195
(c) Trade receivables	77.605	143.487	0.000
(d) Cash and cash equivalents	0.100	0.632	0.310
(e) Short-term loans and advances	0.000	2.637	0.650
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	77.705	146.756	4.155
TOTAL	77.896	146.903	4.302

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	0.000	0.000	0.000
		Other Income	0.158	693.020	0.000
		TOTAL (A)	0.158	693.020	0.000
Less	EXPENSES
		Cost of Materials Consumed	0.000	626.963	1.900
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	0.000	3.195	(3.195)
		Employee Benefits Expenses	0.332	2.123	0.307
		Other Expenses	1.251	26.721	0.950
		TOTAL (B)	1.583	659.002	(0.038)
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(1.425)	34.018	(0.038)
Less	FINANCIAL EXPENSES (D)		0.469	3.229	0.000
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(1.894)	30.789	(0.038)
Less	DEPRECIATION/ AMORTISATION (F)		0.012	0.017	0.037
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		(1.906)	30.772	(0.001)
Less	TAX (H)		0.757	9.251	0.000
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		(2.663)	21.521	(0.001)
	Earnings Per Share (Rs.)		(53.26)	430.42	(0.02)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(1685.44)	3.11	0.00
Net Profit Margin (PBT/Sales)	(%)	0.00	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(2.45)	20.96	(0.02)
Return on Investment (ROI) (PBT/Networth)		(0.10)	1.40	0.00
Debt Equity Ratio (Total Debt /Networth)		0.00	0.13	6.96
Current Ratio (Current Asset/Current Liability)		1.33	1.18	1.09

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	Yes
10]	Designation of contact person	Yes
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	No
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

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Short Term Borrowings
Loans and advances from related parties	0.000	2.800
Total	0.000	2.800

NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS:

· Land and Building

· Plant and Machinery

· Furniture

· Computer

· Vehicle

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No 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.61.96
UK Pound	1	Rs.101.83
Euro	1	Rs.85.33

INFORMATION DETAILS

Information Gathered by :	HNA
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.