MIRA INFORM REPORT

Report Date :

10.09.2013

IDENTIFICATION DETAILS

Name :	GUPTA ENERGY PRIVATE LIMITED (w.e.f.03.10.2011)
Formerly Known As :	GUPTA ENERGY LIMITED (w.e.f.28.09.2010) GUPTA ENERGY PRIVATE LIMITED
Registered Office :	Gupta Tower, 5th Floor, Temple Road, Civil Lines, Nagpur – 440001, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	30.10.2007
Com. Reg. No.:	11-175497
Capital Investment / Paid-up Capital :	Rs. 98.946 Millions
CIN No.: [Company Identification No.]	U40102MH2007PTC175497
PAN No.: [Permanent Account No.]	AADCG0034E
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of Sale and Generation of Power.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 9168000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. It has been incurring loss from past some years. However, trade relations are fair. Business is active. Payment terms are slow but correct. 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

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- (SO) [Suspended]
Rating Explanation	Moderate risk of default
Date	April 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 DECLINED

MANAGEMENT NON-COOPERATIVE [91-712-6657400]

LOCATIONS

Registered/ Corporate Office :	Gupta Tower, 5th Floor, Temple Road, Civil Lines, Nagpur – 440001, Maharashtra, India
Tel. No.:	91-712-6657400
Fax No.:	91-712-6647144
E-Mail :	gepl@guptaglobal.com info@guptaglobal.com guptas_ngp@sancharnet.in
Website :	http://www.guptacoal.com
Project Office :	GEL Project Site, Shengaon Phata, Ghugua Road, Usegaon, District Chandrapur – 442505, Maharashtra, India
Admin Office :	· Kh. No. 175, Mouza Usegaon Taluka, District Chandrapur, Maharashtra, India · Maharashtra Vidyut Nigam Limited Plot No. C-1, MIDC Deoli, Taluka Deoli, District Wardha, Maharashtra, India
Branch Office :	318a, 161 Plot No 42, 1st Floor, Road No 2, Ayodhya Nagar, Kakinada – 533003, Andhra Pradesh, India
Branch Offices :	Located at: · Jharsuguda · Yavatmal · Chandrapur · Ghuggus · Bhopal · Sasti · Surat · Pimpalgaon · Chennai · Ramagundam · Bellary

DIRECTORS

AS ON 13.08.2012

Name :

Mr. Padmesh Deodutta Gupta

Designation :

Director

Address :

House No. 190, Hari Nikunj, Museum Road, Civil Lines, Nagpur – 440001, Maharashtra, India

Date of Birth/Age :

29.02.1964

Date of Appointment :

30.10.2007

DIN No.:

00263859

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	U51909MH1989PTC051640	GUPTA COAL INDIA PRIVATE LIMITED	Director	05/05/1989	05/05/1989	-	Active	NO
2	U65910MH1994PLC076739	GUPTA LEASING AND FINANCE LIMITED	Director	22/02/1994	22/02/1994	01/08/2011	Active	NO
3	U99999MH1994PLC082316	INDO-KRISHNA GREEN FIELDS LIMITED	Director	24/10/1994	24/10/1994	01/08/2011	Active	NO
4	U45200MH1996PTC101141	GUPTA INFRA PROJECT DEVELOPERS PRIVATE LIMITED	Director	04/10/2000	04/10/2000	18/08/2011	Active	NO
5	U10100MH2001PTC130464	GUPTA GLOBAL RESOURCES PRIVATE LIMITED	Managing director	01/10/2010	15/01/2001	-	Active	NO
6	U10102DL2002PTC116287	AP COAL WASHERIES PRIVATE LIMITED	Director	22/07/2002	22/07/2002	-	Active	NO
7	U45203MH2002PTC137098	GUPTA INFRATEC PRIVATE LIMITED	Director	18/07/2005	05/09/2002	21/03/2013	Active	NO
8	U24292CT1999PLC013364	MARUTI CLEAN COAL AND POWER LIMITED	Director	09/09/2002	09/09/2002	-	Active	NO
9	U10200MH2003PTC140830	UNITED COAL WASHRIES PRIVATE LIMITED	Director	10/06/2003	10/06/2003	-	Amalgamated	NO
10	U40100MH2005PTC154038	GUPTA CORPORATION PRIVATE LIMITED	Director	17/06/2005	17/06/2005	-	Active	NO
11	U40100MH2005PTC156213	MAHARASHTRA VIDHYUT NIGAM PRIVATE LIMITED	Director	21/09/2005	21/09/2005	10/04/2013	Active	NO
12	U27101MH2005PTC156270	GUPTA INDUSTRIES PRIVATE LIMITED	Director	22/09/2005	22/09/2005	-	Active	NO
13	U45200MH2005PTC157219	GUPTA INFRASTRUCTUR ( INDIA ) PRIVATE LIMITED	Director	09/11/2005	09/11/2005	-	Active	NO
14	U23109OR2002PLC006906	EARTH MINERALS COMPANY LIMITED	Director	18/02/2006	18/02/2006	29/03/2013	Active	NO
15	U74999CT2002PLC000144	MONNET DANIELS COAL WASHERIES LIMITED	Director	20/03/2006	20/03/2006	-	Active	NO
16	U40106CT2003PLC015560	CHHATTISGARH POWER AND COAL BENEFICIATION LIMITED	Director	30/09/2006	22/03/2006	-	Active	NO
17	U51109WB1995PTC069628	TASMSEEM COMMERCIAL PRIVATE LIMITED	Director	20/07/2006	20/07/2006	18/08/2011	Converted to LLP and dissolved	NO
18	U63011MH2006PLC164369	NAGPUR SICAL GUPTA LOGISTICS LIMITED	Director	06/09/2006	06/09/2006	-	Active	NO
19	U45202MH2007PLC169997	NAGPUR SICAL GUPTA ROAD TERMINAL LIMITED	Director	16/04/2007	16/04/2007	-	Active	NO
20	U51909WB2004PTC098061	MANASI COMMODITIES PRIVATE LIMITED	Director	08/05/2007	08/05/2007	18/08/2011	Converted to LLP	NO
21	U40102MH2007PTC175497	GUPTA ENERGY PRIVATE LIMITED	Director	30/10/2007	30/10/2007	-	Active	NO
22	U70102MH2007PTC177054	GUPTA REALINFRA VENTURES PRIVATE LIMITED	Director	24/12/2007	24/12/2007	30/08/2011	Active	NO
23	U63090MH2007PTC177038	GUPTA LOGISTICS PRIVATE LIMITED	Director	24/12/2007	24/12/2007	12/05/2009	Active	NO
24	U40109MH2008PTC177211	GUPTA POWER HOUSE PRIVATE LIMITED	Director	01/01/2008	01/01/2008	-	Active	NO
25	U14290MH2008PTC177392	GUPTA NATURAL RESOURCE VENTURES PRIVATE LIMITED	Director	05/01/2008	05/01/2008	05/08/2011	Active	NO
26	U10100MH2008PTC177715	WANI COALFIELDS PRIVATE LIMITED	Director	11/01/2008	11/01/2008	-	Active	NO
27	U45203MH2008PTC179951	NAGPUR HIGHWAY INFRACONS PRIVATE LIMITED	Director	11/03/2008	11/03/2008	05/08/2011	Active	NO
28	U26900MH2008PTC187201	CISC GUPTA MINES & MINERALS PRIVATE LIMITED	Director	30/09/2008	30/09/2008	-	Active	NO
29	U72200MH2000PLC128681	OCEAN WIND ENERGY SYSTEMS LIMITED	Director	30/09/2009	17/10/2008	18/08/2011	Active	NO
30	U51420WB2004PTC098176	SAPHIRE STEEL PRIVATE LIMITED	Director	14/11/2008	14/11/2008	16/03/2010	Active	NO
31	U40105MH2009PTC193717	VIBRANT GLOBAL VIDYUT PRIVATE LIMITED	Director	01/07/2009	01/07/2009	13/11/2010	Active	NO
32	U52322WB2004PTC100484	RASIKA GARMENTS PRIVATE LIMITED	Director	08/04/2010	08/04/2010	18/08/2011	Active	NO
33	U74900CT2010PLC021772	CHHATTISGARH MALL MANAGEMENT LIMITED	Director	27/04/2010	27/04/2010	-	Active	NO
34	U51109WB1983PTC036005	JAY AAR COMMERCIAL PRIVATE LIMITED	Director	12/05/2010	12/05/2010	30/08/2011	Active	NO
35	U14100MH2010SGC205717	MSMC WARORA COLLIERIES LIMITED	Nominee director	20/07/2010	20/07/2010	-	Active	NO
36	U24290MH2011PTC211726	TRI STAR CEMENTS PRIVATE LIMITED	Additional director	01/05/2012	03/01/2011	-	Active	NO
37	U63090MH2010PTC209882	CENIN TOURS & TRAVELS COMPANY PRIVATE LIMITED	Additional director	10/02/2011	10/02/2011	29/12/2011	Active	NO
38	U23109WB2011PTC165034	ALLIANCE COKE CALCINER PRIVATE LIMITED	Director	18/07/2011	18/07/2011	-	Active	NO
39	U37100MH2011PTC221997	GUPTA VECOR INDIA PRIVATE LIMITED	Director	14/09/2011	14/09/2011	-	Active	NO

Name :

Mr. Rajeev Bal Sawangikar

Designation :

Whole-time director

Address :

475, Professor’s Colony, Hanuman Nagar, Nagpur, Maharashtra, India

Date of Birth/Age :

18.07.1959

Date of Appointment :

01.12.2009

PAN No.:

AEYPS3670Q

DIN No.:

02704863

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	U40102MH2007PTC175497	GUPTA ENERGY PRIVATE LIMITED	Whole-time director	01/12/2009	13/07/2009	-	Active	NO
2	U51909MH1989PTC051640	GUPTA COAL INDIA PRIVATE LIMITED	Additional director	01/07/2012	01/07/2012	10/07/2012	Active	NO

Name :

Mr. Piyush Marodia

Designation :

Director

Address :

House No. 190, Hari Nikunj, Museum Road, Civil Lines, Nagpur – 440001, Maharashtra, India

Date of Birth/Age :

18.08.1984

Date of Appointment :

25.09.2008

DIN No.:

01730162

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	U10100MH2001PTC130464	GUPTA GLOBAL RESOURCES PRIVATE LIMITED	Director	02/07/2012	17/05/2007	-	Active	NO
2	U51909MH1989PTC051640	GUPTA COAL INDIA PRIVATE LIMITED	Whole-time director	01/07/2012	17/05/2007	-	Active	NO
3	U10100MH2008PTC177715	WANI COALFIELDS PRIVATE LIMITED	Director	11/01/2008	11/01/2008	-	Active	NO
4	U45203MH2008PTC178136	RAGHAV BUILDMAT PRIVATE LIMITED	Additional director	28/08/2009	22/01/2008	-	Active	NO
5	U24292CT1999PLC013364	MARUTI CLEAN COAL AND POWER LIMITED	Director	30/09/2008	04/04/2008	16/02/2009	Active	NO
6	U40102MH2007PTC175497	GUPTA ENERGY PRIVATE LIMITED	Director	25/09/2008	18/07/2008	-	Active	NO
7	U51420WB2004PTC098176	SAPHIRE STEEL PRIVATE LIMITED	Director	29/09/2009	03/06/2009	16/03/2010	Active	NO
8	U99999MH1994PLC082316	INDO-KRISHNA GREEN FIELDS LIMITED	Director	30/09/2009	03/06/2009	-	Active	NO
9	U51909WB2004PTC098061	MANASI COMMODITIES PRIVATE LIMITED	Director	24/09/2009	03/06/2009	-	Converted to LLP	NO
10	U45203MH2008PTC179951	NAGPUR HIGHWAY INFRACONS PRIVATE LIMITED	Director	28/09/2009	03/06/2009	-	Active	NO
11	U65910MH1994PLC076739	GUPTA LEASING AND FINANCE LIMITED	Additional director	04/06/2009	04/06/2009	-	Active	NO
12	U40100MH2005PTC154038	GUPTA CORPORATION PRIVATE LIMITED	Director	10/09/2009	04/06/2009	-	Active	NO
13	U45203MH2002PTC137098	GUPTA INFRATEC PRIVATE LIMITED	Director	15/09/2009	04/06/2009	-	Active	NO
14	U45200MH1996PTC101141	GUPTA INFRA PROJECT DEVELOPERS PRIVATE LIMITED	Director	26/09/2009	05/06/2009	-	Active	NO
15	U51109WB1995PTC069628	TASMSEEM COMMERCIAL PRIVATE LIMITED	Director	26/09/2009	05/06/2009	-	Converted to LLP and dissolved	NO
16	U14290MH2008PTC177392	GUPTA NATURAL RESOURCE VENTURES PRIVATE LIMITED	Director	25/09/2009	15/07/2009	-	Active	NO
17	U40109MH2008PTC177211	GUPTA POWER HOUSE PRIVATE LIMITED	Director	29/09/2009	15/07/2009	-	Active	NO
18	U70102MH2007PTC177054	GUPTA REALINFRA VENTURES PRIVATE LIMITED	Director	24/09/2009	16/07/2009	-	Active	NO
19	U52322WB2004PTC100484	RASIKA GARMENTS PRIVATE LIMITED	Director	08/04/2010	08/04/2010	-	Active	NO
20	U40100MH2005PTC156213	MAHARASHTRA VIDHYUT NIGAM PRIVATE LIMITED	Director	14/08/2010	09/04/2010	-	Active	NO
21	U45200MH2005PTC157219	GUPTA INFRASTRUCTUR ( INDIA ) PRIVATE LIMITED	Director	10/09/2010	14/04/2010	29/09/2012	Active	NO
22	U23109OR2002PLC006906	EARTH MINERALS COMPANY LIMITED	Director	30/09/2010	22/04/2010	-	Active	NO
23	U74900CT2010PLC021772	CHHATTISGARH MALL MANAGEMENT LIMITED	Director	27/04/2010	27/04/2010	-	Active	NO
24	U51109WB1983PTC036005	JAY AAR COMMERCIAL PRIVATE LIMITED	Director	12/05/2010	12/05/2010	-	Active	NO
25	U51909WB2008PTC124310	SURYODAY VANIJYA PRIVATE LIMITED	Director	16/08/2010	16/08/2010	-	Active	NO
26	U51909WB2007PTC118233	DHIRENDRA MERCHANTS PRIVATE LIMITED	Director	28/08/2010	28/08/2010	18/06/2012	Active	NO
27	U52100WB2007PTC116266	SARSWATI COMMODITIES PRIVATE LIMITED	Director	28/08/2010	28/08/2010	18/06/2012	Active	NO
28	U51909WB2008PTC124080	EASTERN DEALCOM PRIVATE LIMITED	Director	22/09/2010	22/09/2010	-	Active	NO
29	U51109WB2007PTC119324	MANGAL DEEP SALES PRIVATE LIMITED	Director	24/09/2010	24/09/2010	-	Active	NO
30	U24290MH2011PTC211726	TRI STAR CEMENTS PRIVATE LIMITED	Director	03/01/2011	03/01/2011	-	Active	NO
31	U74120WB2008PTC122707	SREEDEB ADVISORY SERVICES PRIVATE LIMITED	Director	12/12/2011	02/12/2011	-	Active	NO
32	U10300UP2012PTC051852	EARTH ELEMENTS DEVELOPMENT COMPANY PRIVATE LIMITED	Director	07/08/2012	07/08/2012	-	Active	NO
33	AAB-0854	MANASI COMMODITIES LLP	Body corporate as Designated Partner	27/08/2012	27/08/2012	-	Active	NO
34	AAB-0855	TASMSEEM COMMERCIAL LLP	Body corporate as Designated Partner	27/08/2012	27/08/2012	-	Active	NO

Name :

Mr. Ramankant Premkumar Tekriwal

Designation :

Director

Address :

F/N 601 - Utkarsh Parijat Khare Town , Dharampeth Nagpur – 440010, Maharashtra, India

Date of Birth/Age :

16.08.1958

Date of Appointment :

29.09.2010

DIN No.:

00275872

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	U72200MH2000PLC128681	OCEAN WIND ENERGY SYSTEMS LIMITED	Director	12/09/2000	12/09/2000	-	Active	NO
2	U27300MH1985PTC036131	TENSILE WIRES (INDIA) PRIVATE LIMITED	Director	07/08/2002	07/08/2002	-	Active	NO
3	U10200MH2003PTC140830	UNITED COAL WASHRIES PRIVATE LIMITED	Director	01/10/2004	01/10/2004	-	Amalgamated	NO
4	U10100MH2001PTC130464	GUPTA GLOBAL RESOURCES PRIVATE LIMITED	Director	29/09/2007	25/01/2007	-	Active	NO
5	U70100MH1998PTC113912	PREM TRUPTI BUILDERS AND DEVELOPERS PRIVATE LIMITED	Director	14/02/2007	14/02/2007	-	Active	NO
6	U51420WB2004PTC098176	SAPHIRE STEEL PRIVATE LIMITED	Director	24/09/2010	16/03/2010	-	Active	NO
7	U51909MH1989PTC051640	GUPTA COAL INDIA PRIVATE LIMITED	Director	01/07/2012	20/05/2010	-	Active	NO
8	U40102MH2007PTC175497	GUPTA ENERGY PRIVATE LIMITED	Director	29/09/2010	25/05/2010	-	Active	NO
9	U40100MH2005PTC154038	GUPTA CORPORATION PRIVATE LIMITED	Director	30/09/2010	16/08/2010	-	Active	NO
10	U74900CT2010PLC021772	CHHATTISGARH MALL MANAGEMENT LIMITED	Director appointed in casual vacancy	01/04/2011	01/04/2011	-	Active	NO
11	U65910MH1994PLC076739	GUPTA LEASING AND FINANCE LIMITED	Director	29/09/2011	20/06/2011	-	Active	NO
12	U99999MH1994PLC082316	INDO-KRISHNA GREEN FIELDS LIMITED	Director	29/09/2011	20/06/2011	-	Active	NO
13	U23109WB2011PTC165034	ALLIANCE COKE CALCINER PRIVATE LIMITED	Director	18/07/2011	18/07/2011	-	Active	NO
14	U14106KA2006PTC040866	SUVARNA KARNATAKA CEMENTS PRIVATE LIMITED	Director	29/09/2012	03/02/2012	-	Active	NO

Name :

Mr. Anurag Padmesh Gupta

Designation :

Director

Address :

House No. 190, Hari Nikunj, Museum Road, Civil Lines, Nagpur – 440001, Maharashtra, India

Date of Birth/Age :

10.10.1989

Date of Appointment :

13.08.2012

DIN No.:

02913808

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	U51909MH1989PTC051640	GUPTA COAL INDIA PRIVATE LIMITED	Additional director	01/07/2012	23/01/2010	10/07/2012	Active	NO
2	U40100MH2005PTC154038	GUPTA CORPORATION PRIVATE LIMITED	Additional director	23/01/2010	23/01/2010	24/06/2011	Active	NO
3	U65910MH1994PLC076739	GUPTA LEASING AND FINANCE LIMITED	Additional director	23/01/2010	23/01/2010	20/06/2011	Active	NO
4	U99999MH1994PLC082316	INDO-KRISHNA GREEN FIELDS LIMITED	Additional director	23/01/2010	23/01/2010	20/06/2011	Active	NO
5	U10100MH2001PTC130464	GUPTA GLOBAL RESOURCES PRIVATE LIMITED	Additional director	23/01/2010	23/01/2010	25/08/2011	Active	NO
6	U74900CT2010PLC021772	CHHATTISGARH MALL MANAGEMENT LIMITED	Director	27/04/2010	27/04/2010	01/04/2011	Active	NO
7	U40102MH2007PTC175497	GUPTA ENERGY PRIVATE LIMITED	Director	13/08/2012	09/08/2010	-	Active	NO
8	U14106KA2006PTC040866	SUVARNA KARNATAKA CEMENTS PRIVATE LIMITED	Director	29/09/2012	03/02/2012	-	Active	NO
9	U27101MH2005PTC156270	GUPTA INDUSTRIES PRIVATE LIMITED	Additional director	20/08/2012	20/08/2012	-	Active	NO
10	U45203MH2002PTC137098	GUPTA INFRATEC PRIVATE LIMITED	Director	24/09/2012	10/09/2012	-	Active	NO
11	U45200MH2005PTC157219	GUPTA INFRASTRUCTUR ( INDIA ) PRIVATE LIMITED	Additional director	22/03/2013	22/03/2013	-	Active	NO
12	U40100MH2005PTC156213	MAHARASHTRA VIDHYUT NIGAM PRIVATE LIMITED	Additional director	10/04/2013	10/04/2013	-	Active	NO

Name :

Mr. Ramratan Sadhulal Shah

Designation :

Whole-time director

Address :

F/N 601, Utkarsh Parijat, Kilare Town, Dharampeth, Nagpur – 440020, Maharashtra, India

Date of Birth/Age :

16.08.1958

Date of Appointment :

30.09.2011

PAN No.:

AEPPS8062M

DIN No.:

05127044

Name :

Mr. Anilkumar Omprakash Nevatia

Designation :

Whole-time director

Address :

9, New Verma Layout, Ambazari, Nagpur - 440010, Maharashtra, India

Date of Birth/Age :

05.05.1962

Date of Appointment :

30.09.2011

PAN No.:

ABWPN7057M

DIN No.:

05106811

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	U40102MH2007PTC175497	GUPTA ENERGY PRIVATE LIMITED	Whole-time director	30/09/2011	30/09/2011	Active	NO
2	U23109OR2002PLC006906	EARTH MINERALS COMPANY LIMITED	Additional director	29/03/2013	29/03/2013	Active	NO

KEY EXECUTIVES

Name :	Mr. Ajay Ganpat Meshram
Designation :	Secretary
Address :	Flat No. 102, Shubham Apartment, Narendra Nagar, Nagpur – 440015, Maharashtra, India
Date of Birth/Age :	28.08.1981
Date of Appointment :	13.07.2011
PAN No.:	ARCPM6239L

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 13.08.2012

Names of Shareholders	No. of Shares
Padmesh Deodutta Gupta	1250
Anuradha Gupta	1250
Gupta Corporation Private Limited, India	7500
Gupta Global Resource Private Limited, India	9884261
Anurag Gupta	100
Kautubh Gupta	100
Yash Gupta	100
Total	9894561

AS ON 13.08.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	99.90
Directors or relatives of directors	0.10
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of Sale and Generation of Power.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Corporation Bank, Large Corporate Branch, Eagles Flight, Suren Road, Andheri (East), Mumbai - 400093, Maharashtra, India

· Corporation Bank, Mumbai - CBB (Andheri), 301-302 Eagles Flight Suren Road off Andheri-Kurla, Mumbai - 400093, Maharashtra, India

· Axis Bank Limited, 2nd Floor, E-Wing, Axis House, Bombay Dyeing Mills Compound, PB Marg, Worli, Mumbai - 400025, Maharashtra, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks	2838.573	2317.171
Term loans from others	800.000	946.600
Other loans and advances	0.000	0.358
SHORT TERM BORROWINGS
Other loans and advances	0.274	0.000
Total	3638.847	3264.129

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Deloitte, 12, Dr Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai – 400018, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AACFD4815A
Ultimate Holding company :	Gupta Corporation Private Limited [U40100MH2005PTC154038]
Holding company :	Gupta Global Resources Private Limited [U10100MH2001PTC130464]
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Maharashtra Vidhyut Nigam Private Limited [U40100MH2005PTC156213] · Gupta Coal India Private Limited [U51909MH1989PTC051640] · Gupta Infrastructur (India) Private Limited [U45200MH2005PTC157219] · Gupta Infratec Private Limited [U45203MH2002PTC137098] · Gupta Power House Private Limited [U40109MH2008PTC177211] · Tri Star Cements Private Limited [U24290MH2011PTC211726] · Wani Coalfields Private Limited [U10100MH2008PTC177715] · Saphire Steel Private Limited [U51420WB2004PTC098176]

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
20,000,000	Equity Shares	Rs. 10/- each	Rs. 200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9,894,561	Equity Shares	Rs. 10/- each	Rs. 98.946 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	98.946	74.309
(b) Reserves & Surplus	1310.066	435.653
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	882.910	1087.000
Total Shareholders’ Funds (1) + (2)	2291.922	1596.962
(3) Non-Current Liabilities
(a) long-term borrowings	3852.573	3264.129
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	6.230	4.093
Total Non-current Liabilities (3)	3858.803	3268.222
(4) Current Liabilities
(a) Short term borrowings	0.274	0.000
(b) Trade payables	0.000	0.000
(c) Other current liabilities	900.544	1283.610
(d) Short-term provisions	13.399	10.308
Total Current Liabilities (4)	914.217	1293.918
TOTAL	7064.942	6159.102
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	189.360	183.008
(ii) Intangible Assets	2.632	3.510
(iii) Capital work-in-progress	6679.756	5068.811
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	220.000
(c) Deferred tax assets (net)	0.000	36.544
(d) Long-term Loan and Advances	144.283	420.682
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	7016.031	5932.555
(2) Current assets
(a) Current investments	0.422	0.500
(b) Inventories	0.000	0.000
(c) Trade receivables	0.000	0.000
(d) Cash and cash equivalents	32.253	65.051
(e) Short-term loans and advances	13.617	159.739
(f) Other current assets	2.619	1.257
Total Current Assets	48.911	226.547
TOTAL	7064.942	6159.102

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		74.309
2] Share Application Money		470.000
3] Reserves & Surplus		522.036
4] (Accumulated Losses)		(36.666)
NETWORTH		1029.679
LOAN FUNDS
1] Secured Loans		3009.726
2] Unsecured Loans		0.000
TOTAL BORROWING		3009.726
DEFERRED TAX LIABILITIES		0.000
TOTAL		4039.405
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		172.982
Capital work-in-progress		2500.000
INVESTMENT		297.159
DEFERRED TAX ASSETS		20.634
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	484.131
	Other Current Assets	0.000
	Loans & Advances	655.775
Total Current Assets		1139.906
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	86.850
	Other Current Liabilities	0.000
	Provisions	4.426
Total Current Liabilities		91.276
Net Current Assets		1048.630
MISCELLANEOUS EXPENSES		0.000
TOTAL		4039.405

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	4.241	6.499	8.250
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	76.933	70.187	62.827
	PROFIT/ (LOSS) BEFORE TAX		(72.692)	(63.688)	(54.577)
Less	TAX		38.369	(13.941)	(17.911)
	PROFIT/ (LOSS) AFTER TAX		(111.051)	(49.717)	(36.666)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(86.383)	(36.666)	0.000
	BALANCE CARRIED TO THE B/S		(197.434)	(86.383)	(36.666)
	IMPORTS
		Capital Goods	NA	255.018	285.825
	Earnings/ (Loss) Per Share (Rs.)		(12.28)	(6.69)	(11.58)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(2618.51)	(764.99)	(444.44)
Return on Total Assets (PBT/Total Assets}	(%)	(18.87)	(7.64)	(4.16)
Return on Investment (ROI) (PBT/Networth)		(0.03)	(0.04)	(0.05)
Debt Equity Ratio (Total Debt/Networth)		1.68	2.04	2.92
Current Ratio (Current Asset/Current Liability)		0.05	0.18	12.49

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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10426000	27/04/2013	110,000,000.00	CORPORATION BANK	MUMBAI - CBB (ANDHERI), 301-302 EAGLES FLIGHT SUREN ROAD OFF ANDHERI-KURLA, MUMBAI - 400093, MAHARASHTRA, INDIA	B75223800
2	10421517	25/03/2013 *	490,000,000.00	AXIS BANK LIMITED	2ND FLOOR, E-WING, AXIS HOUSE, BOMBAY DYEING MILLS COMPOUND, PB MARG, WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA	B74362880
3	10396815	28/12/2012	40,000,000.00	AXIS BANK LIMITED	TRISHUL 3RD FLOOR OPPOSITE SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD - 380006, GUJARAT, INDIA	B65817991
4	10396812	28/12/2012	250,000,000.00	AXIS BANK LIMITED	TRISHUL 3RD FLOOR OPPOSITE SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD - 380006, GUJARAT, INDIA	B65817579
5	10396813	28/12/2012	320,000,000.00	AXIS BANK LIMITED	TRISHUL 3RD FLOOR OPPOSITE SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD - 380006, GUJARAT, INDIA	B65817835
6	10234640	16/07/2010	218,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, BHARAT NAGAR, NAGPUR - 440033, MAHARASHTRA, INDIA	A90946385
7	10225649	13/09/2011 *	218,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, BHARAT NAGAR, NAGPUR - 440033, MAHARASHTRA, INDIA	B22319974
8	10212300	29/03/2010	500,000,000.00	L & T INFRASTRUCTURE FINANCE COMPANY LIMITED	MOUNT POONAMALLEE ROAD, MANAPAKKAM, CHENNAI - 600089, TAMILNADU, INDIA	A82598251
9	10130566	28/06/2013 *	5,357,500,000.00	AXIS BANK LIMITED	2ND FLOOR, E-WING, AXIS HOUSE, BOMBAY DYEING MILLS COMPOUND, PB MARG, WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA	B81228009

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
LONG-TERM BORROWINGS
Loans and advances from related parties	214.000	0.000
Total	214.000	0.000

GENERAL INFORMATION

Subject is a Private limited company domiciled in India and incorporated under the provisions of Companies Act, 1956. The Company is a subsidiary of Gupta Global Resources Private Limited. The Company is established to implement 2x60 MW coal based thermal power project at Usegaon village of Chandrapur district in Maharashtra. The Project is under implementation and is expected to be commissioned by July 2012.

POWER PROSPECTS IN INDIA:

The demand for electrical power in India has been growing at approx. 6% during the last six years whereas the supply has been growing by approx. 5.4% over the same period due to which the energy deficit has persisted over the years. The demand-supply gap remains high, with energy shortage of 8.5% and peak power shortage (mainly generated from the commercial and industrial segments) at 11.10% as of 31st March, 2012. However, both energy and peak power deficits have reduced during the Eleventh Plan period as can be seen from the following chart:

The power sector in India is facing significant shortages for energy and deficit has been growing over the years as generation capacity addition has been unable to keep pace with the rapidly growing demand. Further, where power is available, the quality of supply has been a major concern for the consumers suffering economic losses. Growth and development needs are expected to further add to the demand for energy, thus exerting stress on existing energy resources. Load shedding or curtailment of power has been widely resorted to by distribution companies to manage the power deficit.

Power cuts are common throughout India and the consequent failure to satisfy the demand for electricity has adversely effected India's economic growth. India currently suffers from a major shortage of electricity generation capacity, even though it is the world's fourth largest energy consumer after United States, China and Russia. The International Energy Agency estimates India needs an investment of at least $135 billion to provide universal access of electricity to its population.

In December, 2011, over 300 million Indian citizens had no access to electricity. Over one third of India's rural population lacked electricity, as did 6% of the urban population. Of those who did have access to electricity in India, the supply was intermittent and unreliable.

PROJECT REVIEW:

The Company has successfully implemented and achieved commercial operation date (COD) of Unit II of its ambitious 120 MW (2*60 MW) thermal Power Project paving the way towards the growth of the Company. Unit II got synchronized on 19th April, 2012 and Commercial Operation Date (COD) achieved on 10th May, 2012 and the same has been confirmed by MSEDCL on successful completion of the nonstop 72 hours full load continuous run stability test. The Unit is running successfully and generating power for commercial sale. All the peripheral systems like Coal Handling Plant, Water Treatment Plant, Boilers, Turbines, Compressors etc., are fully operational.

The Company has also informed that Steam blowing activity for Unit I has been completed on 28th April 2012. The Company has indicated that they have kept target date for COD of Unit I as 15th July, 2012.

The status of major works associated with the project Unit I is as follows:

Transmission Line: The Company has issued work order to M/s G.E.T. Power for execution of 220KV transmission line from Company?s power station switchyard to MSETCL 220 KV substation at MIDC, Chandrapur which is 13.7 km from the plant. The route alignment survey, the detailed survey, the reconnaissance survey and the walk over survey for transmission line have been completed. 220 KV Transmission line is connected and charged with state grid. Switchyard at both ends has been ready and kept in operation.

COAL TRANSPORTATION

The works relating to Coal Conveyor, Primary Crusher, Secondary Crusher erection have been completed. Both the stream of Coal Conveying to boiler bunkers are in operations.

WATER DRAWL FACILITIES:

Construction of Intake water pump house at Wardha River has been completed. Total three pumps have been installed and commissioned. The laying of the pipeline from the intake pump house to raw water reservoir is completed.

Erection of MCC, Control Panel within pump house has been completed and cabling has also been done. Intake water house is in operation.

DM Plant: Stream-2 Commissioning has been completed and kept in service with full load capacity by PLC operation. Stream-1 Commissioning is under progress and 99% work has been completed.

Cooling Towers: Cooling Towers erection works for both units are completed.

CW System and Compressor Air System: Both the systems are in service. Fire Fighting Works: Fire fighting line trail between Raw Pump House to switch yard is under progress.

Air Conditioning: Air Conditioning system trial at ESP is in Progress. Air Conditioning system for Control Room has been commissioned and HVAC system erection works for other rooms are in progress.

FUTURE PROSPECTS

Power Trading:

The power trading business has been recognised as a new segment apart from generation, transmission and distribution as envisaged in the Electricity Act, 2003. Power trading has enabled the country as a whole to balance its power surpluses and deficits and has helped to optimally utilize its generation resources. Considering the enormous opportunities in Power Trading in long run, the Company is looking forward to venture into power trading business to widen its scope into the Power Sector.

Electricity traded in the short term power market has gradually increased to nearly 7% of the generation, of which close to 5% is via bilateral trading and the balance 2% is through power exchanges. Power trading has been continuously evolving since its inception and the increase in volumes reflects the confidence of market participants. Open access to generators and consumers, increased share of merchant power in upcoming independent power plants, banking of power, establishment of distribution franchisees and supply of power to Special Economic Zones, etc. is expected to lead to further growth in power trading business in the future. With these increased opportunities, however, the competition has also grown fierce due to increase in number of CERC (Central Electricity Regulatory Commission) licensed traders manifold in the recent times.

Captive Power Plant: Growth of Captive Power in India:

Historically, the growth of captive plants in India has been quite steep. Just after independence in the late 1940s the country had only 544 MW of non-utility plants generating about 1300 GWH. With industrialization in the early 1980s and lesser eliability of state-owned supply, the captive capacity addition received a boost which continues even today. Captive power plants are owned by the industry, primarily for self-consumption. The captive capacity as of March 2007 was 22,335 MW with a total generation of 82 TWH. However, this accounts for only plants in the organized sector having more than 1 MW capacity. This growing captive capacity has been mostly catering to the captive demand of the parent industries and played very little role in catering to the overall system demand. Till recently, surplus power from captive plants, after meeting self-requirements, could not be sold to third parties, a situation which changed with the introduction of the Electricity Act 2003 that provides complete transformation by providing transmission open access to these plants. Further, India has targeted electricity access to all by 2012. Centralized generation alone is unlikely to meet this target, and in this context captive and distributed generation systems are likely to be important. A study has shown that the growth of captive plants in India can be broadly attributed to :

(a) Need for backup power arrangement,

(b) Requirement of better quality supply,

(c)The co-generation benefits of steam and electricity from production process of industries, and

(d) Need to generate electricity at costs lower than the high industrial tariff s set to cross subsidize other categories of consumers.

The new Electricity Act, 2003 is expected to give a big boost to captive power generation in the country and industry experts believe that investments in this sector will increase substantially in the coming years.

Under the new Act, any industry can generate power for its own consumption without any problem and even sell excess power to others. The Act provides for non-discriminatory open access to the Central transmission utility's transmission system by any licensee or generating company on payment of transmission charges. This applies to one unit and also to several units that come together as a group or form an association. Companies can now freely establish captive generation plants under the Act. At present, captive plants account for 35 per cent of the total power consumed by the industry with the installed capacity of these plants exceeding 20,000MW.

As Union Power Minister pronounced, "The Electricity Act, 2003 will facilitate the growth of captive power plants in the country as it removes the major hurdles of permission and License, thus saving both time and money for the industry." So, considering the above facts in captive power sector, the Company is planning to become captive power plants enabling open access right will provide major impetus for the industry.

MOU with Government of Karnataka:

The members that in the Global Investors Meet organized by the Government of Karnataka on 3rd and 4^th June, 2010, the company signed an MOU with the Government of Karnataka to set up 2 x 660 MW imported coal based thermal power plant in coastal Karnataka. In the process of setting up the said coastal based thermal power plant, the Government of Karnataka would be providing the requisite land and infrastructural facilities.

50 MW Solar Power Project in Rajasthan:

Company is setting up 50 MW Solar Thermal / PV project in Jaisalmer District, Rajasthan and the Govt. of Rajasthan has approved the Project. The Rajasthan Renewable Energy Corporation Limited has recommended the project for allotment of Land, Water and sanction of Power evacuation.

FIXED ASSETS:

· Land

· Buildings

· Factory building

· Plant and equipment

· Factory equipments

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipments

· Computer software

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. 65.96
UK Pound	1	Rs. 102.91
Euro	1	Rs. 86.58

INFORMATION DETAILS

Information Gathered by :	PLV
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

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.