MIRA INFORM REPORT

Report Date :

07.06.2013

IDENTIFICATION DETAILS

Name :	INABENSA BHARAT PRIVATE LIMITED
Registered Office :	305-306, 3^rdFloor, Eros Corporate Tower, Nehru Place, New Delhi-110019
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	20.09.2002
Com. Reg. No.:	55-117066
Capital Investment / Paid-up Capital :	Rs. 170.703 Millions
CIN No.: [Company Identification No.]	U74999DL2002PTC117066
TAN No.: [Tax Deduction & Collection Account No.]	DELI03853D
PAN No.: [Permanent Account No.]	AABCI0386D
Legal Form :	Private Limited Liability Company
Line of Business :	Service Provider of Power Transformation Services.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	USD 590000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a subsidiary of ‘Instalaciones Inabensa S.A. [Spain]’. It is an established company having a moderate track record. There appear huge external borrowings recorded by the company. The company has shown better improvement in its performance during 2012 and has earned better profits. Trade relations are fair. Business is active. Payment terms are slow. The company can be considered for business dealings with great 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.

LOCATIONS

Registered Office :	305-306, 3^rdFloor, Eros Corporate Tower, Nehru Place, New Delhi-110019, India
Tel. No.:	91-11-41608168
Fax No.:	91-11-46542484
E-Mail :	dkjain@inabensa.abengoa.com

DIRECTORS

As on: 29.09.2012

Name :

Mr. Gyan Chand Tather

Designation :

Managing Director

Address :

61A, Pocket, A-14, Kalkaji Extension, New Delhi - 110019, India

Date of Birth/Age :

23.07.1951

Date of Appointment :

25.03.2013

DIN No.:

00669169

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	U74999DL2002PTC117066	Inabensa Bharat Private Limited	Director	25/03/2013	20/09/2002	-	Active	NO
2	U25200GJ2013PTC074167	Labh Polyfab Private Limited	Director	25/03/2013	25/03/2013	-	Active	NO

Name :

Mr. Alberto Piza Granados

Designation :

Director

Address :

Calle Aljaima No.25, Almensilla, Sevilla - 411111, Spain

Date of Birth/Age :

05.03.1955

Date of Appointment :

01.11.2002

DIN No.:

00669324

Name :

Mr. Alfonso Gonzalez Dominguez

Designation :

Director

Address :

Avenida Republica Argentina No.26A, Sevilla, Spain

Date of Birth/Age :

17.12.1954

Date of Appointment :

01.11.2002

DIN No.:

01066736

Name :

Mr. Miguel Angel Maseras Gutierrez

Designation :

Director

Address :

C Luis Montoto, 143 4A, Sevilla - 041020, Spain

Date of Birth/Age :

05.10.1969

Date of Appointment :

04.03.2009

DIN No.:

02549836

Name :

Mr. Rafael Gonzalez Reine

Designation :

Director

Address :

C/E, Speranza De La Trinidad 825 A, Sevilla - 041920, Spain

Date of Birth/Age :

26.01.1961

Date of Appointment :

04.03.2009

DIN No.:

02549875

KEY EXECUTIVES

Name :	Mr. Ankit Aggarwal
Designation :	Secretary
Address :	A 82, Pocket 2, Pachimpuri, New Delhi-110063, India
Date of Birth/Age :	17.10.1987
Date of Appointment :	05.07.2011
Pan No.:	ANPPA5543A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Instalaciones Inabensa S.A., Spain	1501281
Abener Energia S.A., Spain	02
Europea De Construcciones Metalicas S.A., Spain	205755
Total	1707038

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Service Provider of Power Transformation Services.

Products :

ITC Code	Products or Services
9954	General construction services of long-distance communication and power lines (cables)
99542424	Long distance High tension electric power transmission lines (cables)

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Citi Bank N.A.

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountant
Address :	Building No.8, 7^th and 8^th Floor, Tower B, DLF Cyber City, Gurgaon-122002, Haryana, India
PAN No.:	AAEFP3641G
Holding Company :	Instalaciones Inabensa S.A., Spain
Ultimate Holding Company :	Abengoa S.A., Spain
Enterprises under common control with whom the Company has Transactions :	· Instalaciones Inabensa S.A. (Project Office India) · Europea de Construcciones Metalicas S.A. (Spain) · Abencor Suministros S.A. (Spain) · Abener Engineering Private Limited, India CIN No. U74210MH2007PTC173986 · Abencor Suministros S.A., (Spain) · Abener Teyma Mojave General Partnership, (Spain)

CAPITAL STRUCTURE

As on: 29.09.2012

Authorised Capital : Rs. 510.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 264.861 Millions

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2400000	Equity Shares	Rs.100/- each	Rs.240.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1707038	Equity Shares	Rs.100/- each	Rs.170.703 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		170.703	34.381	34.381
2] Share Application Money		0.000	66.221	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(20.926)	(55.850)	-32.880
NETWORTH		149.777	44.752	1.501
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		49.402	23.626	24.791
TOTAL BORROWING		49.402	23.626	24.791
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		199.179	68.378	26.292
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		70.007	1.988	3.127
Capital work-in-progress		9.758	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.028
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Trade receivable	781.587	19.317	55.637
	Cash & Bank Balances	8.830	1.730	1.418
	Other Current Assets	30.242	20.031	0.000
	Loans & Advances	30.729	72.333	5.309
Total Current Assets		851.388	113.411	62.364
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	699.793	15.691	34.273
	Other Current Liabilities	27.064	30.439	4.344
	Provisions	5.117	0.891	0.610
Total Current Liabilities		731.974	47.021	39.227
Net Current Assets		119.414	66.390	23.137
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		199.179	68.378	26.292

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1522.158	94.989	91.151
		Other Income	1.930	1.762	3.681
		TOTAL (A)	1524.088	96.751	94.832
Less	EXPENSES
		Erection & Other Direct Expenses		78.600	76.386
		Personal Expenses		23.285	16.088
		Administrative Expenses		13.567	14.523
		TOTAL (B)	1465.345	115.452	106.997
Less	PROFIT / LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		58.743	(18.701)	(12.165)
Less	FINANCIAL EXPENSES (D)		3.912	3.514	3.579
	PROFIT / LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		54.831	(22.215)	(15.744)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		19.882	0.727	1.107
	PROFIT / LOSS BEFORE TAX (E-F) (G)		34.949	(22.942)	(16.851)
Less	TAX (H)		0.025	0.028	0.000
	PROFIT / LOSS AFTER TAX (G-H) (I)		34.924	(22.970)	(16.851)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(55.850)	(32.880)	(16.029)
	BALANCE CARRIED TO THE B/S		(20.926)	(55.850)	(32.880)
	EARNINGS IN FOREIGN CURRENCY		1365.564	7.500	18.442
	TOTAL EARNINGS		1365.564	7.500	18.442
	Earnings Per Share (Rs.)		20.46	(67)	(97)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.29	(23.74)	(17.77)
Net Profit Margin (PBT/Sales)	(%)	2.30	(24.15)	(18.49)
Return on Total Assets (PBT/Total Assets}	(%)	3.79	(19.88)	(25.73)
Return on Investment (ROI) (PBT/Networth)		0.23	(0.51)	(11.22)
Debt Equity Ratio (Total Debt/Networth)		0.32	0.52	16.51
Current Ratio (Current Asset/Current Liability)		1.16	2.41	1.59

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	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 LOAN

(Rs. In Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
Overdraft from Citi Bank N.A.	42.268	23.345
Supplier’s Bill Discounting by Citi Bank N.A.	7.134	0.281
Total	49.402	23.626

NOTES: Registered office has been shifted from 902, 9^th Floor, Eros Corporate Tower, Nehru Place, New Delhi-110019, India to the present address w.e.f.02.02.2012.

OPERATIONS

The Company is executing projects of Transmission Lines including 800kv HVDC transmission line project. Besides, Company is also bidding in various other transmission line tenders and your company is hopeful for substantial business in next year.

FIXED ASSETS

· Plant and Machinery

· Office Equipments

· 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 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. 56.87
UK Pound	1	Rs. 87.64
Euro	1	Rs. 74.51

INFORMATION DETAILS

Report Prepared by :

DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	1
--CREDIT LINES	1~10	4
--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		34

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

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

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

RATING EXPLANATIONS

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

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

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