MIRA INFORM REPORT

Report Date :

16.07.2013

IDENTIFICATION DETAILS

Name :	PATAN SOLAR PRIVATE LIMITED
Registered Office :	602, 6^th Floor, Western Edge-I, Western Express Highway, Borivali (East), Mumbai-400066, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	17.08.2010
Com. Reg. No.:	11-206704
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U40102MH2010PTC206704
TAN No.: [Tax Deduction & Collection Account No.]	MUMP28985F
PAN No.: [Permanent Account No.]	AAFCP6744A
Legal Form :	Private Limited Liability Company.
Line of Business :	Development of Solar Plants
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 100000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is a part of “Waaree Energy Limited”. It is an established company having moderate track record. The company has imported its performance in terms of profitability during 2012. However, external borrowings appear to be huge and increasing over previous year which acts a threat to the liquidity. Trade relations are fair. Business is active. Payment terms are slow but correct. In view of parent company, 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 – 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

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 DECLINED BY

Name :	Mr. Pratik Shah
Designation :	Compliances and Audit Manager
Contact No.:	91-22-66444444
Date :	15.07.2013

LOCATIONS

Registered Office :	602, 6^th Floor, Western Edge-I, Western Express Highway, Borivali (East), Mumbai-400066, Maharashtra, India
Tel. No.:	91-22-66444444 / 23437589 / 23438205
Fax No.:	91-22-66444440
E-Mail :	pratikshah@waaree.com

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Hitesh Chimanlal Doshi
Designation :	Director
Address :	93-94, Mahagiri Co-operative Housing Society, Ashok Nagar, Ashok Chakvarty Road, Kandivali, Mumbai-400101, Maharashtra, India
Date of Birth/Age :	22.02.1967
Date of Appointment :	17.08.2010
DIN No.:	00293668

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	U29299MH1989PTC050808	BAUMER TECHNOLOGIES INDIA PRIVATE LIMITED	Additional director	01-04-11	27-02-89	25-11-11	Active	NO
2	U32109MH1998PTC116358	WAAREE INFRASTRUCTURE AND AGRITECH PRIVATE LIMITED	Director	02-03-00	02-03-00	-	Active	NO
3	U29199MH2006PTC165999	NESSTECH INSTRUMENTS PRIVATE LIMITED	Director	05-12-06	05-12-06	30-01-11	Active	NO
4	U29199MH2006PTC166106	NIVELCO INSTRUMENTS INDIA PRIVATE LIMITED	Director	11-12-06	11-12-06	24-03-11	Active	NO
5	U29253MH2007PTC166988	OMNTEC WAAREE ATG PRIVATE LIMITED	Director	24-01-07	24-01-07	-	Active	NO
6	U29248MH1990PLC059463	WAAREE ENERGIES LIMITED	Director	16-02-07	16-02-07	-	Active	NO
7	U11201MH2007PTC171054	WAAREE MM PETRO TECH PRIVATE LIMITED	Director	22-05-07	22-05-07	-	Active	NO
8	U31900MH2007PTC171987	WAAREE RETAILS PRIVATE LIMITED	Director	25-06-07	25-06-07	-	Active	NO
9	U40106MH2008PTC183254	WAAREE SOLAR ENERGY PRIVATE LIMITED	Director	06-06-08	06-06-08	-	Active	NO
10	U51109MH2009PTC189836	BONETTI WAAREE INDIA PRIVATE LIMITED	Director	23-01-09	23-01-09	-	Active	NO
11	U74990MH2009PTC196654	VEER TECHNO SOLUTIONS PRIVATE LIMITED	Additional director	01-12-12	23-10-09	-	Active	NO
12	U40106MH2009PTC196934	WAA SOLAR PRIVATE LIMITED	Director	09-11-09	09-11-09	-	Active	NO
13	U40106MH2010PTC205911	SUNBLESS SOLAR PRIVATE LIMITED	Director	24-07-10	24-07-10	-	Active	NO
14	U40102MH2010PTC206704	PATAN SOLAR PRIVATE LIMITED	Director	17-08-10	17-08-10	-	Active	NO
15	U40106MH2010PTC208323	WAAREE INDUSTRIES PRIVATE LIMITED	Director	27-09-10	27-09-10	-	Active	NO
16	U40106MH2010PTC208561	BLUE RAYS SOLAR PRIVATE LIMITED	Director	03-10-10	03-10-10	-	Active	NO
17	U40101MH2010PTC208636	EVERSHINE SOLAR PRIVATE LIMITED	Director	05-10-10	05-10-10	-	Active	NO
18	U29268MH2010PTC208770	WAAREE VALVES PRIVATE LIMITED	Director	07-10-10	07-10-10	-	Active	NO
19	U40300MH2010PTC208944	SAURASTRA SOLAR PRIVATE LIMITED	Director	13-10-10	13-10-10	-	Active	NO
20	U40100GJ2010PTC061748	WAAREE SOLAR PRIVATE LIMITED	Director	20-12-10	20-12-10	-	Active	NO
21	U29219MH2006PTC163370	WAAREV SENSORS PRIVATE LIMITED	Director	26-09-11	31-03-11	-	Active	NO
22	U74999HR2010PTC047509	GREENTECH POWER PRIVATE LIMITED	Director	12-10-11	12-10-11	-	Active	NO
23	U40106RJ2010PTC031185	RAYS POWER PRIVATE LIMITED	Director	07-12-11	07-12-11	-	Active	NO
24	AAB-2462	SASWATA SOLAR LLP	Designated Partner	06-12-12	06-12-12	-	Active	NO
25	AAB-2881	DHAATA SOLAR LLP	Designated Partner	28-12-12	28-12-12	-	Active	NO
26	AAB-2882	DINKAR SOLAR LLP	Designated Partner	28-12-12	28-12-12	-	Active	NO
27	AAB-2883	VEDAANG SOLAR LLP	Designated Partner	28-12-12	28-12-12	-	Active	NO

Name :	Mr. Viren Chimanlal Doshi
Designation :	Director
Address :	93, 9^th Floor, Mahagiri Co-operative Housing Society, Ashok Nagar, Ashok Chakvarty Road, Kandivali, Mumbai-400101, Maharashtra, India
Date of Birth/Age :	06.11.1968
Date of Appointment :	17.08.2010
DIN No.:	00207121

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	U32109MH1998PTC116358	WAAREE INFRASTRUCTURE AND AGRITECH PRIVATE LIMITED	Director	02-03-00	02-03-00	-	Active	NO
2	U29299MH1989PTC050808	BAUMER TECHNOLOGIES INDIA PRIVATE LIMITED	Whole-time director	01-04-10	27-09-00	21-03-11	Active	NO
3	U29219MH2006PTC163370	WAAREV SENSORS PRIVATE LIMITED	Director	28-07-06	28-07-06	-	Active	NO
4	U29253MH2007PTC166988	OMNTEC WAAREE ATG PRIVATE LIMITED	Director	24-01-07	24-01-07	-	Active	NO
5	U11201MH2007PTC171054	WAAREE MM PETRO TECH PRIVATE LIMITED	Director	25-05-07	25-05-07	-	Active	NO
6	U31900MH2007PTC171987	WAAREE RETAILS PRIVATE LIMITED	Director	25-06-07	25-06-07	-	Active	NO
7	U29248MH1990PLC059463	WAAREE ENERGIES LIMITED	Director	26-11-07	26-11-07	-	Active	NO
8	U51109MH2009PTC189836	BONETTI WAAREE INDIA PRIVATE LIMITED	Director	23-01-09	23-01-09	09-09-11	Active	NO
9	U40106MH2009PTC196934	WAA SOLAR PRIVATE LIMITED	Director	09-11-09	09-11-09	01-09-10	Active	NO
10	U40102MH2010PTC206704	PATAN SOLAR PRIVATE LIMITED	Director	17-08-10	17-08-10	-	Active	NO
11	U40106MH2010PTC208323	WAAREE INDUSTRIES PRIVATE LIMITED	Director	27-09-10	27-09-10	-	Active	NO
12	U40106MH2010PTC208561	BLUE RAYS SOLAR PRIVATE LIMITED	Director	03-10-10	03-10-10	-	Active	NO
13	U40101MH2010PTC208636	EVERSHINE SOLAR PRIVATE LIMITED	Director	05-10-10	05-10-10	-	Active	NO
14	U29268MH2010PTC208770	WAAREE VALVES PRIVATE LIMITED	Director	07-10-10	07-10-10	-	Active	NO
15	U40300MH2010PTC208944	SAURASTRA SOLAR PRIVATE LIMITED	Director	13-10-10	13-10-10	-	Active	NO
16	U40100GJ2010PTC061748	WAAREE SOLAR PRIVATE LIMITED	Director	20-12-10	20-12-10	-	Active	NO
17	U40106MH2010PTC205911	SUNBLESS SOLAR PRIVATE LIMITED	Director	26-09-11	31-03-11	-	Active	NO
18	U74990MH2009PTC196654	VEER TECHNO SOLUTIONS PRIVATE LIMITED	Additional director	01-12-12	01-12-12	-	Active	NO
19	AAB-2462	SASWATA SOLAR LLP	Designated Partner	06-12-12	06-12-12	-	Active	NO
20	AAB-2881	DHAATA SOLAR LLP	Designated Partner	28-12-12	28-12-12	-	Active	NO
21	AAB-2882	DINKAR SOLAR LLP	Designated Partner	28-12-12	28-12-12	-	Active	NO
22	AAB-2883	VEDAANG SOLAR LLP	Designated Partner	28-12-12	28-12-12	-	Active	NO

Name :	Mr. Kirit Chimanlal Doshi
Designation :	Director
Address :	Block No.93, Mahagiri Co-operative Housing Society, Ashok Nagar, Ashok Chakvarty Road, Kandivali, Mumbai-400101, Maharashtra, India
Date of Birth/Age :	15.12.1964
Date of Appointment :	13.12.2010
DIN No.:	00211972

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	U29299MH1989PTC050808	BAUMER TECHNOLOGIES INDIA PRIVATE LIMITED	Whole-time director	01-04-10	01-07-95	21-03-11	Active	NO
2	U74899DL1985PTC022322	ANELEC ENGINEERING PRIVATE LIMITED	Director	10-06-04	10-06-04	-	Active	NO
3	U29219MH2006PTC163370	WAAREV SENSORS PRIVATE LIMITED	Director	28-07-06	28-07-06	-	Active	NO
4	U29199MH2006PTC165999	NESSTECH INSTRUMENTS PRIVATE LIMITED	Director	05-12-06	05-12-06	30-01-11	Active	NO
5	U29199MH2006PTC166106	NIVELCO INSTRUMENTS INDIA PRIVATE LIMITED	Director	11-12-06	11-12-06	24-03-11	Active	NO
6	U40106MH2008PTC183254	WAAREE SOLAR ENERGY PRIVATE LIMITED	Director	06-06-08	06-06-08	-	Active	NO
7	U40106MH2010PTC205911	SUNBLESS SOLAR PRIVATE LIMITED	Director	24-07-10	24-07-10	-	Active	NO
8	U40102MH2010PTC206704	PATAN SOLAR PRIVATE LIMITED	Director	13-12-10	13-12-10	-	Active	NO
9	U40106MH2010PTC208323	WAAREE INDUSTRIES PRIVATE LIMITED	Director	26-09-11	18-08-11	-	Active	NO
10	U51109MH2009PTC189836	BONETTI WAAREE INDIA PRIVATE LIMITED	Director	30-09-11	09-09-11	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Pratik Shah
Designation :	Compliances and Audit Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Hitesh Chimanlal Doshi	5631
Viren Chimanlal Doshi	2088
Kirit Chimanlal Doshi	2281
TOTAL	10000

AS ON 29.09.2012

Equity Shares Break Up	Percentage of Holding
Directors or relatives of Directors	100.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Development of Solar Plants

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Syndicate Bank

Facilities :

Secured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Short Term Borrowings
Loans Repayable on Demand
Term Loan from Banks	0.000	270.175
TOTAL	0.000	270.175
Notes Short Term Borrowings Term loan facilities from Syndicate Bank amounting to Rs. Nil (PY Rs. 270.175 Millions) is secured against Fixed Deposit with Syndicate Bank

Banking Relations :	--
Financial Institution :	Tata Capital Financial Services Limited, One Forbes, Dr. V B Gandhi Marg, Fort, Mumbai-400001, Maharashtra, India
Auditors :
Name :	M N Sheth and Associates Chartered Accountant
Address :	Office No.28, 2^nd Floor, 47 Dr M B Velkar Lane, Kalbadevi Road, Mumbai-400002, Maharashtra, India
Tel. No.:	91-22-22091709
Mobile No.:	91-9322284509
E-Mail :	cashelh92@gmail.com
PAN No.:	AALPS0461J
Parent Company :	Waaree Energy Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs. 0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs. 0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.100	0.100
(b) Reserves & Surplus	25.762	(9.825)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	25.862	(9.725)
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.679	0.198
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.679	0.198
(4) Current Liabilities
(a) Short term borrowings	209.653	1363.067
(b) Trade payables	0.008	0.005
(c) Other current liabilities	9.043	5.295
(d) Short-term provisions	0.177	0.000
Total Current Liabilities (4)	218.881	1368.367
TOTAL	245.422	1358.840
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	24.097	14.705
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(b) Non-current Investments	20.425	115.481
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	44.522	130.186
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	0.000	0.236
(d) Cash and cash equivalents	10.548	508.124
(e) Short-term loans and advances	188.467	718.957
(f) Other current assets	1.885	1.337
Total Current Assets	200.900	1228.654
TOTAL	245.422	1358.840

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011
	SALES
		Income	112.606	0.000
		Other Income		16.739
		TOTAL (A)	112.606	16.739
Less	EXPENSES
		Trading and Other Expenses	NA	0.265
		TOTAL (B)	NA	0.265
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	16.474
Less	FINANCIAL EXPENSES (D)		NA	25.928
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	(9.454)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.036	0.173
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		NA	(9.627)
Less	TAX (H)		NA	0.198
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		35.587	(9.825)
	Earnings / (Loss) Per Share (Rs.)		973.20	(982.54)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011
PAT / Total Income	(%)	8.64	(58.70)
Net Profit Margin (PBT/Sales)	(%)	NA	0.00
Return on Total Assets (PBT/Total Assets}	(%)	NA	(0.77)
Return on Investment (ROI) (PBT/Networth)		NA	(0.99)
Debt Equity Ratio (Total Debt /Networth)		8.11	140.16
Current Ratio (Current Asset/Current Liability)		0.92	0.90

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 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)	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

Unsecured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Short Term Borrowings
From Related Parties	185.694	1092.892
From Other Parties	23.959	0.000
TOTAL	209.653	1092.892

NOTE

Registered office has been shifted from 36/37, Damji Shamji Industrial Complex, Off Mahakali Caves Road, Andheri (East), Mumbai-400093, Maharashtra, India to the present address w.e.f. 01.10.2011.

FINANCIAL RESULTS

The Company has earned total revenue of Rs. 112.606 Millions and earned profit after tax of Rs. 35.587 Millions after making provision for depreciation of Rs. 1.036 Millions and current years taxation of Rs. 10.213 Millions and deferred tax of Rs. 0.481 Million.

FORM 8

Corporate identity number of the company	U40102MH2010PTC206704
Name of the company	Patan Solar Private Limited
Address of the registered office or of the principal place of business in India of the company	602, 6^th Floor, Western Edge-I, Western Express Highway, Borivali (East), Mumbai-400066, Maharashtra, India
This form is for	Creation of charge
Type of charge	· Immovable property
Particular of charge holder	Tata Capital Financial Services Limited, One Forbes, Dr. V B Gandhi Marg, Fort, Mumbai-400001, Maharashtra, India
Nature of instrument creating charge	Memorandum Dated 15.03.2013 (A Loan of Inr 7 Crores Taken By M/S. Waaree Energies Private Limited From Tata Capital Financial Services Limited)
Date of instrument Creating the charge	15.03.2013
Amount secured by the charge	Rs. 70.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As mutually agreed between the Borrower and Tata Capital Financial Services Limited from time to time. Terms of repayment As mutually agreed between the Borrower and Tata Capital Financial Services Limited from time to time. Margin N.A. Extent and operation of the charge The Charge extends to the due repayment of the loan of INR 70.000 Millions including the interest, additional interest, costs, charges, expenses and all other monies payable by Waare Energies Private Limited to Tata Capital Financial Services Limited.
Short particulars of the property charged (Including location of the property)	All that Piece or Parcel of Land admeasuring about 3211.00 sq. mtrs., together with all Present and Future Building, Structures, Erections, Constructions, Fixtures, Fittings, Installations, Appurtenance, Easement, Predicament and Licences thereon in the Land, Bearing Industrial Plot Nos.87, 88, 87A and 88A, in the Vapi notified Industrial Estate bearing Revenue Survey nos.769, 799 and 800/P, within the Village limits of Vapi, Taluka Pardi, District Valsad, Gujrat State

FIXED ASSETS

· Factory Premises

· Guest House

· Motor Car

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. 60.05
UK Pound	1	Rs. 90.71
Euro	1	Rs. 78.47

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

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

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