MIRA INFORM REPORT

Report Date :

19.10.2013

IDENTIFICATION DETAILS

Name :	GREENBRILLIANCE ENERGY PRIVATE LIMITED
Registered Office :	105, Synergy House, Gorwa-Subhanpura Road, Baroda-390023, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	06.08.2007
Com. Reg. No.:	04-51453
Capital Investment / Paid-up Capital :	Rs. 67.647 Millions
CIN No.: [Company Identification No.]	U40106GJ2007PTC051453
TAN No.: [Tax Deduction & Collection Account No.]	BRDG01425E
PAN No.: [Permanent Account No.]	AACCG9089N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Distributor and Installation of Solar Modules, Generator of Solar Power and Providing long-term Service and Maintenance.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 41000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is an established company having moderate track record. Company has successfully wiped out its accumulated losses. Ratings also take into consideration modest scale of operations and higher sensitivity of profit margin due to raw material price fluctuation. However, trade relations are reported to be fair. Business is active. Payment terms are reported to be 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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities = BB+
Rating Explanation	Inadequate credit quality and high credit risk
Date	11.02.2013

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A4+
Rating Explanation	Minimal degree of safety and very high credit risk
Date	11.02.2013

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 PARTED BY (GENERAL DETAILS)

Name :	Mr. Biju Raghunath
Designation :	Accounts Department
Contact No.:	91.265-2281658
Date :	17.10.2013

LOCATIONS

Registered Office :	105, Synergy House, Gorwa-Subhanpura Road, Baroda - 390023, Gujarat, India
Tel. No.:	91-265-2282006
Fax No.:	91-265-2281040
E-Mail :	synergy_jain@dataone.in gbindia@greenbrilliance.com
Website :	http://www.greenbrilliance.com
Factory :	A-1/3-4, BIDC Estate, Gorwa, Vadodara - 390016, Gujarat, India
Tel. No.:	91-265-2281658
Fax No.:	91-265-2281658/2281040
E-Mail :	contact@greenbrilliance.com
Overseas Office :	46090, Lake Centre Plaza, Suite #109, Sterling VA 20165, USA
Tel. No.:	1-888-365-ASKGB (US Customer ) 1-703-657-0090 (Intl Customer)
Fax No.:	1-703-463-9543

DIRECTORS

As on 29.09.2012

Name :

Mr. Vineet Surendrakumar Jain

Designation :

Director

Address :

7/A Greenpark, Tandalja Road, Vadodara-390020, Gujarat, India

Date of Birth/Age :

10.12.1961

Date of Appointment :

01.03.2009

DIN No.:

00152703

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	U36991GA1999PTC002664	COLORFLO WRITING INSTRUMENTS PRIVATE LIMITED	Director	25/02/1999	25/02/1999	-	Active	NO
2	U29120GA2001PTC002975	GOA ENVIROTECH PRIVATE LIMITED	Director	24/04/2001	24/04/2001	-	Active	NO
3	U40106GJ2007PTC051453	GreenBrilliance Energy Private Limited	Managing director	01/03/2009	06/08/2007	-	Active	NO
4	U17119GJ1995PLC025304	SHAKUN POLYMERS LIMITED	Additional director	02/03/2010	02/03/2010	01/06/2010	Active	NO
5	U29307GJ2010PTC063395	ARION SOLAR PRIVATE LIMITED	Director	24/12/2010	24/12/2010	-	Active	NO
6	U40101DL2012PTC235784	ELAN GREENBRILLIANCE PRIVATE LIMITED	Director	14/05/2012	14/05/2012	-	Active	NO

Name :

Mr. Amit Ramesh Kumar Srivastava

Designation :

Director

Address :

3A Melody Society, ICS Colony, Ganesh Khind, Pune – 411007, Maharashtra, India

Date of Birth/Age :

20.11.1973

Date of Appointment :

01.11.2010

DIN No.:

00264878

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	U29268PN2006PTC128714	JUVAS SOLUTIONS PRIVATE LIMITED	Managing director	01/10/2009	10/07/2006	-	Active	NO
2	U40106RJ2009PTC030363	GREENBRILLIANCE RENEWABLE POWER PRIVATE LIMITED	Additional director	01/01/2010	01/01/2010	-	Active	NO
3	U40106GJ2007PTC051453	GreenBrilliance Energy Private Limited	Whole-time director	01/11/2010	01/07/2010	-	Active	NO
4	U40106KA2011PTC061101	STEG SOLAR INDIA PRIVATE LIMITED	Director	09/11/2011	09/11/2011	-	Active	NO
5	U72300MH2007PTC170658	THIRD I TECHNOSOFT PRIVATE LIMITED	Director	08/11/2012	08/11/2012	-	Active	NO

Name :

Mr. Sumit Gyanendra Bhatnagar

Designation :

Director

Address :

20327 River Cliff CT. Sterling VA 20165, USA

Date of Birth/Age :

09.04.1973

Date of Appointment :

20.09.2007

DIN No.:

01620503

Name :

Mr. Venkatakrishna Reddy Puritipati

Designation :

Director

Address :

Plot No.46, Road, No.72, Prashashan Nagar, Jubilee Hills, Hyderabad – 500033, Andhra Pradesh

Date of Birth/Age :

30.06.1969

Date of Appointment :

20.12.2010

DIN No.:

01815061

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	U26950AP1996PTC024260	MEGHA STRUCTURES PRIVATE LIMITED	Director	04/06/1996	04/06/1996	-	Active	NO
2	U45202AP2006PLC050271	MEGHA ENGINEERING AND INFRASTRUCTURES LIMITED	Managing director	01/08/2009	07/06/2006	-	Active	NO
3	U74999AP2006PLC051913	MEGHA FIBRE GLASS INDUSTRIES LIMITED	Managing director	20/02/2008	05/12/2006	-	Active	NO
4	U45209AP2009PLC064573	MEIL HOLDINGS LIMITED	Director	30/07/2009	30/07/2009	-	Active	NO
5	U92419AP2009PLC064563	MEIL MEDIA LIMITED	Director	30/07/2009	30/07/2009	-	Active	NO
6	U72900AP2009PLC064883	MEIL ADVANCED SYSTEMS LIMITED	Director	31/08/2009	31/08/2009	-	Active	NO
7	U32301AP2006PTC051753	RACHANA TELEVISION PRIVATE LIMITED	Director	01/02/2010	01/02/2010	-	Active	NO
8	U45203AP2010PLC068691	HKR TOLLWAYS LIMITED	Director	10/06/2010	05/06/2010	05/01/2012	Strike off	NO
9	U11100AP2010PTC071069	MEIL RUSGAZ ENGINEERING PRIVATE LIMITED	Director	03/11/2010	03/11/2010	-	Active	NO
10	U40106GJ2007PTC051453	GreenBrilliance Energy Private Limited	Nominee director	20/12/2010	20/12/2010	01/03/2013	Active	NO
11	U40108AP2011PLC072056	MEIL GREEN POWER LIMITED	Director	05/01/2011	05/01/2011	-	Active	NO
12	U27109AP2002PLC038726	KOYA AND COMPANY CONSTRUCTION LIMITED	Director	26/09/2011	26/09/2011	01/01/2013	Active	NO
13	U40105UP2009PLC038219	WESTERN U. P. POWER TRANSMISSION COMPANY LIMITED	Director	24/09/2012	29/09/2011	-	Active	NO
14	U93030AP2011PLC077278	MEIL PURA LIMITED	Director	04/11/2011	04/11/2011	-	Active	NO
15	U45203AP2010PLC069897	HKR ROADWAYS LIMITED	Director	18/09/2012	28/05/2012	-	Active	NO
16	U85100AP2012NPL082259	MEIL FOUNDATION	Director	31/07/2012	31/07/2012	-	Active	NO
17	U93000AP2013PTC087429	MEIL GREEN PURA PRIVATE LIMITED	Director	01/05/2013	01/05/2013	-	Active	NO
18	U45209AP2013PTC089514	POA Offshore Private Limited	Director	14/08/2013	14/08/2013	-	Active	NO

Name :

Mr. Raman Gurudutt Bhardwaj

Designation :

Director

Address :

A/504, Radhe Pashabhai Patel Park, Race Course, Baroda-390007, Gujarat, India

Date of Birth/Age :

10.01.1956

Date of Appointment :

25.07.2008

DIN No.:

02271784

KEY EXECUTIVES

Name :	Mr. Biju Raghunath
Designation :	Accounts Department

MAJOR SHAREHOLDERS

As on 29.09.2012

Names of Shareholders	No. of Shares
Vineeet Surendrakumar Jain	2058456
Dr. Niranjan sanghvi	100
Kailash G. Sanghvi	100
Sumit Gyanedra Bhatnagar	1122565
Amit Rameshkumar Srivastava	1275401
Megha Engineering and Infrastructure Limited, India	1764700
Naresh jain	190667
ABhijit Palit	95335
Balaji Kannan	47668
Walter Elgin Honga	209708
Total	6764700

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	8.04
Bodies corporate	26.08
Directors or relatives of Directors	65.88
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Distributor and Installation of Solar Modules, Generator of Solar Power and Providing long-term Service and Maintenance.
Exports :
Products :	Finished Goods
Countries :	· USA · Europe
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

100 (Approximately)

Bankers :

· Axis Bank Limited, Vardhman Complex Opposite Geb Ofice Near Piza Hut, Race Course Circle, Vadodara - 390007, Gujarat, India

· Bank of Baroda, International Business Branch, Suraj Plaza Iii Sayajiunj, Vadodara - 390005, Gujarat, India

Tel No.: 91-265-2363001

Facilities :

SECURED LOANS	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Rupee term loans from banks	44.020	26.362
Short Term Borrowings
Working capital loans from banks	26.108	0.000
Other loans and advances	0.000	14.932
Total	70.128	41.294

Banking Relations :	--
Auditors :
Name :	Anil A Shah and Company Chartered Accountants
Address :	A/204, Silver Plaza, Old Para Road, Vadodara-390015, Gujarat, India
PAN No.:	ABWPS4371D
Related Party :	· GreenBrilliance LLC, USA · GreenBrilHance Holdings XLC, USA · Technology International (Partnership Firm)

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs. 10/- each	Rs. 70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6764700	Equity Shares	Rs. 10/- each	Rs. 67.647 Millions

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	67.647	38.620
(b) Reserves & Surplus	35.222	(3.147)
(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)	102.869	35.473
(3) Non-Current Liabilities
(a) long-term borrowings	66.172	101.590
(b) Deferred tax liabilities (Net)	1.737	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	67.909	101.590
(4) Current Liabilities
(a) Short term borrowings	26.108	14.932
(b) Trade payables	113.022	32.112
(c) Other current liabilities	47.619	14.315
(d) Short-term provisions	2.802	0.000
Total Current Liabilities (4)	189.551	61.359
TOTAL	360.329	198.422
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	128.928	82.080
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.015	0.015
(c) Deferred tax assets (net)	0.000	1.845
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.437
Total Non-Current Assets	128.943	84.377
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	65.072	45.510
(c) Trade receivables	101.801	39.755
(d) Cash and cash equivalents	23.896	7.773
(e) Short-term loans and advances	38.552	20.392
(f) Other current assets	2.065	0.615
Total Current Assets	231.386	114.045
TOTAL	360.329	198.422

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		8.590
2] Share Application Money		0.000
3] Reserves & Surplus		(5.842)
4] (Accumulated Losses)		0.000
NETWORTH		2.748
LOAN FUNDS
1] Secured Loans		57.307
2] Unsecured Loans		45.809
TOTAL BORROWING		103.116
DEFERRED TAX LIABILITIES		0.000
TOTAL		105.864
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		83.578
Capital work-in-progress		0.000
INVESTMENT		0.015
DEFERRED TAX ASSETS		7.326
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	71.076
	Sundry Debtors	13.632
	Cash & Bank Balances	1.733
	Other Current Assets	0.000
	Loans & Advances	1.542
Total Current Assets		87.983
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities	72.889
	Provisions	0.412
Total Current Liabilities		73.301
Net Current Assets		14.682
MISCELLANEOUS EXPENSES		0.263
TOTAL		105.864

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
SALES
	Income	528.126	262.885	51.791
	Other Income	NA	1.141	0.583
	TOTAL	NA	264.026	52.373
EXPENSES
	Office Expenses
	Administrative Expenses
	Advertising Expenses
	TOTAL	NA	240.442	53.637
PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		40.758	23.584	(1.264)
FINANCIAL EXPENSES		17.681	11.161	7.733
PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		23.077	12.423	(8.997)
DEPRECIATION/ AMORTISATION		5.677	4.248	4.171
PROFIT/(LOSS) BEFORE TAX		17.400	8.175	(13.168)
TAX		NA	0.000	0.000
PROFIT/(LOSS) AFTER TAX		NA	8.175	(13.168)
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	(5.842)	0.000
DEFFERD TAX ASSETS / LIABILITIES		NA	(5.481)	7.326
BALANCE CARRIED TO THE B/S		NA	(3.148)	(5.842)
EARNINGS IN FOREIGN CURRENCY
	FOB value of Export	29.726	164.882	37.589
	For equity share capital	0.000	5.311	1.976
TOTAL EARNINGS		29.726	170.193	39.565
IMPORTS
	Raw Materials	120.266	56.570	28.815
	Machinery/Spares/Packing	33.774	0.045	0.000
TOTAL IMPORTS		154.040	56.615	28.815

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	3.10	(25.14)
Net Profit Margin (PBT/Sales)	(%)	3.29	3.11	(25.43)
Return on Total Assets (PBT/Total Assets}	(%)	7.52	7.14	(7.67)
Return on Investment (ROI) (PBT/Networth)		0.17	0.23	(4.79)
Debt Equity Ratio (Total Debt /Networth)		0.90	3.28	37.52
Current Ratio (Current Asset/Current Liability)		1.22	1.86	1.20

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	Yes
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	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	Yes
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

CASE DETAILS:

HIGH COURT OF GUJARAT

COMPANY PETITION No. 228 of2013

Status : PENDING (Converted from : O/ST/2117/2013) CCIN No: 001058201300228

Last Listing Date : 16/09/2013

Coram HONOURABLE MR.JUSTICE ANANT S. DAVE

Coram

HONOURABLE MR.JUSTICE K.M.THAKER

Not Before :

HONOURABLE MR. JUSTICE B.J.SHETHNA HONOURABLE MR.JUSTICE K.M.THAKER HONOURABLE MR.JUSTICE RAJESH H.SHUKLA

S.NO.	Name of the Petitioner	Advocate On Record
1	GREEN BRILLIANCE ENERGY PRIVATE LIMIRED	NOTICE SERVED BY DS for :Respondent(s) 1 DS AFF.NOT FILED (N) for :Respondent(s) 1 M/S TRIVEDI & GUPTA for :Respondent(s) 1

Presented On : 12/08/2013 Registered On : 12/08/2013

Bench Category : - District : VADODARA

Case Originated From : THROUGH ADVOCATE Listed : 3 times

Stage Name : NOTICE RETURNABLE MATTERS

OFFICE DETAILS

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	12/08/2013	VAKALATNAMA	MR ASHISH B DESAI ADVOCATE for PETITIONER(s) 1	5	MR ASHISH B DESAI(5163) for P:1
2	12/08/2013	MEMO OF APPEAL/PETITION/SUIT	MR ASHISH B DESAI ADVOCATE for PETITIONER(s) 1	100	MR ASHISH B DESAI(5163), for P:1
3	11/09/2013	AFFIDAVIT OF DS	MR ASHISH B DESAI ADVOCATE for PETITIONER(s) 1	0	MR ASHISH B DESAI(5163) for P:1
4	13/09/2013	VAKALATNAMA	M/S TRIVEDI & GUPTA ADVOCATE for RESPONDENT(s) 1	5	M/S TRIVEDI & GUPTA(949) for R:1

COURT PROCEEDINGS

S. No.	Notified Date	Court Code	Board Sr. No.	Stage	Action	Coram
1	13/08/2013	13	3	ADMISSION (FRESH MATTERS)	NEXT DATE	HONOURABLE MR.JUSTICE K.M.THAKER
2	16/09/2013	13	-	NOTICE RETURNABLE MATTERS	undefined	HONOURABLE MR.JUSTICE K.M.THAKER

AVAILABLE ORDERS

S. No.	Case Details	Judge Name	Order Date	CAV	Judgment/Order
1	COMPANY PETITION/228/2013	HONOURABLE MR.JUSTICE K.M.THAKER	13/08/2013	N	ORDER

UNSECURED LOANS:

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Loans and advances from related parties	22.152	75.228
Total	22.152	75.228

OPERATIONS

The Company's performance in the current year has been quite progressive with regard to both the Gross Revenue generated and the Profits thereby wiping of accumulated losses of yester years and restoring positive reserves.

The Company successfully completed and operationalised an additional production capacity of 25 MW during the year 2011-2012, thereby enhancing the current capacity to 40 MW per annum.

The members that the Company successfully designed, Executed and commissioned its two Mega size power projects to the order of 2.8 MWs during the year on EPC basis for two of its valued customers.

INDEX OF CHARGE:

Sr .No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10393479	15/12/2012	45,000,000.00	Axis Bank Limited	VARDHMAN COMPLEX OPPOSITE GEB OFICE NEAR PIZA HUT, RACE COURSE CIRCLE, VADODARA, Gujarat - 390007, INDIA	B64719834
2	10116951	04/06/2011 *	196,100,000.00	BANK OF BARODA	INTERNATIONAL BUSINESS BRANCH, SURAJ PLAZA III SAYAJIUNJ, VADODARA, Gujarat - 390005, INDIA	B15465917

* Date of modification charge

FIXED ASSETS:

• Computers
• Electrical Installation and Fittings
• Furniture and Fixtures
• Plant and Machinery

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 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. 61.28
UK Pound	1	Rs. 99.03
Euro	1	Rs. 83.80

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		31

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.