MIRA INFORM REPORT

Report No. :	334728
Report Date :	03.08.2015

IDENTIFICATION DETAILS

Name :	ISHAR POWER INFRASTRUCTURE LIMITED
Registered Office :	D-143, Defence Colony New Delhi – 110024
Tel. No.:	91-11-42791000
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	05.05.2010
Com. Reg. No.:	55-202295
Capital Investment / Paid-up Capital :	Rs.0.500 Million
CIN No.: [Company Identification No.]	U40101DL2010PLC202295
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged into Providing Infrastructure Services.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is incorporated on 5^th May 2010, it is established company having a moderate track record. Rating is constrained, company have not incurred any income from its inceptions and it have reported huge expenses over the years. Further it has huge external borrowing which threaten the liquidity position of the company. However, as per registrar business is active. Payments are reported to be unknown. The company can be considered for the business dealings on fully safe and secure terms and conditions.

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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 31-03-2013.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Dheeraj Gupta
Designation :	Company Secretary
Contact No.:	91-11-24629082
Date :	31.07.2015

LOCATIONS

Registered Office :	D-143, Defence Colony New Delhi – 110024, India
Tel. No.:	91-11-42791000
Fax No.:	91-41554300
E-Mail :	cs@jaypolychem.com contact@jaymadhok.com
Website :	http://www.isharpower.com

DIRECTORS

As on 30.09.2014

Name :

Mr. Satinder Pal Singh

Designation :

Director

Address :

D-97, Defence Colony, New Delhi – 110024, India

Date of Birth/Age :

26.08.1966

Date of Appointment :

05.05.2010

DIN No.:

00051036

Name :

Mr. Sandeep Singh Madhok

Designation :

Director

Address :

D-97, Defence Colony, New Delhi – 110024, India

Date of Birth/Age :

11.09.1971

Date of Appointment :

05.05.2010

DIN No.:

00191513

Name :

Mr. Taranjit Singh

Designation :

Director

Address :

Kinra Niwas, Patel Nagar, Lane No. 01, Banga Road, Phagwara, District:Kapurthala, India

Date of Birth/Age :

23.08.1970

Date of Appointment :

29.09.2012

DIN No.:

05134377

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	U72300DL1991PLC044884	JAY POLYCHEM INDIA LIMITED	Director	22/11/2011	22/11/2011	16/12/2013	Active	NO
2	U45204DL2010PLC205297	JAY MADHOK PROJECTS LIMITED	Director	29/09/2012	16/07/2012	-	Active	NO
3	U40101DL2010PLC202295	ISHAR POWER INFRASTRUCTURE LIMITED	Director	29/09/2012	16/07/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Dheeraj Gupta
Designation :	Company Secretary

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Satinder Pal Singh	10495
Sandeep Singh Madhok	10500
Parkash Kaur	7000
Harneet Kaur	7000
Sumohita Kaur	7000
Premium Informatics Private Limited, India	8000
Paavan Chemicals Private Limited, India	5
Total	50000

As on 30.09.2014

Category	Percentage
Bodies corporate	16.01
Directors or relatives of Directors	83.99
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged into Providing Infrastructure Services.
Products/ Services :	· Infrastructure Services
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Cash, Credit and Others
Purchasing :	Cash, Credit and Others

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Not Divulged

Bankers :

Bank Name	Not Divulged
Branch	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Long Term Maturities of Finance Lease Obligations (Secured against hypothecation of Vehicle)	0.319	0.160
Total	0.319	0.160

Auditors :
Name :	B.S. Sawhney and Associates Chartered Accountants
Address :	F-249 (G.F), New Rajinder Nagar, New Delhi – 110060, India
PAN N Income-tax PAN of auditor or auditor's firm :	AADF4160H
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries :	· Ishar Wind Energy Private Limited (U40106DL2011PTC219080)

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Million

Issued, Subscribed & Paid-up Capital :

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

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.500	0.500	0.500
(b) Reserves & Surplus	(0.120)	(0.026)	0.000
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	0.380	0.474	0.500
(3) Non-Current Liabilities
(a) long-term borrowings	125.730	113.496	94.716
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	125.730	113.496	94.716
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	6.165	10.827	8.777
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	6.165	10.827	8.777
TOTAL	132.275	124.797	103.993
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4.088	5.522	5.861
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	59.390	52.930	34.042
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.090	0.090	0.090
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	55.000	55.000	55.000
(e) Other Non-current assets	13.090	10.931	8.291
Total Non-Current Assets	131.658	124.473	103.284
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	0.287	0.314	0.669
(e) Short-term loans and advances	0.330	0.010	0.040
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	0.617	0.324	0.709
TOTAL	132.275	124.797	103.993

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013
	SALES
	Income	0.000	0.000
	Other Income	0.000	0.000
	TOTAL	0.000	0.000
Less	EXPENSES
	Other expenses	0.094	0.026
	TOTAL	0.094	0.026
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(0.094)	(0.026)
Less	FINANCIAL EXPENSES	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(0.094)	(0.026)
Less	DEPRECIATION/ AMORTISATION	0.000	0.000
	PROFIT/ (LOSS) BEFORE TAX	(0.094)	(0.026)
Less	TAX	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX	(0.094)	(0.026)
	Earnings / (Loss) Per Share (Rs.)	(9.4)	(2.58)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from operating activity	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.00	0.00	NA
Operating Profit Margin (PBIDT/Sales)	(%)	0.00	0.00	NA
Return on Total Assets (PBT/Total Assets}	(%)	(0.13)	(0.04)	0.00
Return on Investment (ROI) (PBT/Networth)		(0.25)	(0.05)	0.00
Debt Equity Ratio (Total Debt /Networth)		330.87	239.44	189.43
Current Ratio (Current Asset/Current Liability)		0.10	0.03	0.08

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	0.500	0.500	0.500
Reserves & Surplus	0.000	(0.026)	(0.120)
Net worth	0.500	0.474	0.380
long-term borrowings	94.716	113.496	125.730
Short term borrowings	0.000	0.000	0.000
Total borrowings	94.716	113.496	125.730
Debt/Equity ratio	189.432	239.443	330.868

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	No
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last two years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Loans from Directors	12.143	12.143
Loans from	113.268	101.193
Total	125.411	113.336

INDEX OF CHARGES

No Charges Exist for Company 

FIXED ASSETS

· Vehicle

· Computer

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.63.96
UK Pound	1	Rs.99.93
Euro	1	Rs.70.16

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KSH
Report Prepared by :	SUD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	1
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILITY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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		11

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.