MIRA INFORM REPORT

Report No. :	337557
Report Date :	20.08.2015

IDENTIFICATION DETAILS

Name :	GAMESA WIND TURBINES PRIVATE LIMITED
Registered Office :	No. 334, Futura IT Park, B Block, 8^th Floor, Old Mahabalipuram Road, Sholinganallur, Chennai – 600119, Tamilnadu
Tel. No.:	91-44-3924-2424
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	06.05.2006
Com. Reg. No.:	18-079179
Capital Investment / Paid-up Capital :	Rs.14135.200 Million
CIN No.: [Company Identification No.]	U74991TN2006PTC079179
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCG6027C
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is primarily engaged in the business of development of Windfarms and Manufacture, Erection and Installation of Wind Turbine Generators (WTG's). It also provides Operation and Maintenance service for WTG's.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 34000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was incorporated in India as a subsidiary of “Gamesa Eolics S.L. Spain”. It is primarily engaged in the business of development of windfarms and manufacture, Erection and Installation of wind turbine Generators. Subject is an established company having satisfactory track record. For the financial year ended 2014, company possesses healthy operational performance and it has achieved profit from its operations during a year under a review. Due to profit, company has able to wipeout some of its accumulated losses. Rating also takes into consideration strong financial and managerial support that company receives from its holding company. Moreover, it also to be noted that promotor group is one of the leading players in the renewable space. It has more than 21 years’ experience and more than 30000 MW installed in 50 countries and is a global technological leader in the wind industry. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition.

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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	ICRA
Rating	SP2A (Validity Expired)
Rating Explanation	High performance capability and high financial strength.
Date	02.01.2013

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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Sarvanand
Designation :	Accounts Manager
Contact No.:	91-44-39242424
Date :	19.08.2015

LOCATIONS

Registered Office :	No. 334, Futura IT Park, B Block, 8^th Floor, Old Mahabalipuram Road, Sholinganallur, Chennai – 600119, Tamilnadu, India
Tel. No.:	91-44-3924-2424
Mobile No.:	91-8046050425 (Mr. Vinayak)
Fax No.:	Not Available
E-Mail :	gmaheshpetluru@gamesacorp.com info@legaleagleindia.com vramakrishnan@gamesacorp.com
Website :	http://www.gamesacorp.com
Service Center :	No.489, GNT Road, Thandal Kazhani Village, Vadagarai, P. O. Red Hills, Chennai – 600052 , Tamilnadu, India
Factory 1:	Plot No. 3A, Phase III GIDC Halol, Panchmahal – 389350, Gujarat, India
Factory 2:	Door No.7, GST Road, Pazhamathur Village, Mamandur, Madruranthakam Taluk, Kancheepuram-603111, Tamilnadu, India

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Ricardo Chocarro Melgosa

Designation :

Director

Address :

Catalina Erauso 11 8 B, Donostia San Sebastian Guipuzcoa- 39554

Date of Birth/Age :

01.05.1971

Date of Appointment :

30.06.2009

DIN No.:

02383399

Name :

German Gonzalez Avecilla

Designation :

Director

Address :

C, Rodriguez Arias 69, 4 Dr, Bilbao, Spain

Date of Birth/Age :

09.10.1969

Date of Appointment :

29.09.2012

Din No.:

05227724

Other Directorship:

Name :

Mr. Ramesh Kymal

Designation :

Director

Address :

Aikyam, N.5/82, Blue Beach Road, Neelangari Chennai – 600041, Tamilnadu, India

Date of Birth/Age :

16.07.1956

Date of Appointment :

29.09.2014

Din No.:

00296624

PAN No.:

AETPK8597D

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	U40101TN1996PTC036871	Vestas Wind Technology India Private Limited	Managing director	30/04/1997	30/04/1997	09/02/2009	Active	NO
2	U40108RJ2000PTC016186	MUNOTH NEG WINDFARM PRIVATE LIMITED	Director	07/03/2000	07/03/2000	17/03/2008	Active	NO
3	U40108TN2000PTC046200	NEGM INFRASTRUCTURE DEVELOPMENT PRIVATE LIMITED	Director	27/11/2000	27/11/2000	09/02/2009	Active	NO
4	U40108TN2001PTC047758	B.B. HILLS WINDFARM DEVELOPMENT PRIVATE LIMITED	Director	17/09/2001	17/09/2001	09/02/2009	Active	NO
5	U40108TN2002PTC049386	INDAN ENERGY PRIVATE LIMITED	Whole-time director	08/08/2002	08/08/2002	-	Active	NO
6	U40105KA2002PTC031011	BELLARY WINDPOWER PRIVATE LIMITED	Director	17/09/2002	17/09/2002	09/02/2009	Active	NO
7	U70101TN2005PTC055782	AIKYAM HOLDINGS PRIVATE LIMITED	Director	28/03/2005	28/03/2005	-	Active	NO
8	U40102TN2007PTC063208	Vestas Technology R&D Chennai Private Limited	Director	20/04/2007	20/04/2007	09/02/2009	Active	NO
9	U40109TN2007PTC063453	INDEN WIND ENERGY PRIVATE LIMITED	Director	10/05/2007	10/05/2007	01/03/2013	Active	NO
10	U40102TN2007PTC063507	CONTINUUM WIND ENERGY (INDIA) PRIVATE LIMITED	Director	15/05/2007	15/05/2007	21/08/2007	Active	NO
11	U40102TN2007PTC063508	MAHARASHTRA REVANGAON WINDFARM DEVELOPMENT PRIVATE LIMITED	Director	15/05/2007	15/05/2007	21/08/2007	Active	NO
12	U67120KA2006PTC038777	NEELAMANGALA INVESTMENTS AND HOLDINGS PRIVATE LIMITED	Director	22/10/2007	22/10/2007	-	Active	NO
13	U74999TN2009PTC072699	MEGAWATT SOLUTIONS PRIVATE LIMITED	Director	26/08/2009	26/08/2009	14/10/2012	Active	NO
14	U40108TN2006PTC087128	RSR POWER PRIVATE LIMITED	Director	13/10/2010	13/10/2010	12/10/2012	Active	NO
15	U74999DL2010PTC208250	Windar Renewable Energy Private Limited	Director	28/10/2010	28/10/2010	09/10/2013	Active	NO
16	U40108TN2007PTC086929	GM NAVARRA WIND ENERGY PRIVATE LIMITED	Director	23/03/2011	23/03/2011	12/10/2012	Active	NO
17	U74991TN2006PTC079179	GAMESA WIND TURBINES PRIVATE LIMITED	Managing director	29/09/2014	15/11/2012	-	Active	NO

Name :

Mr. Kishore Bharani

Designation :

Director

Address :

Plot No.10-3-7/1 Flat No.102, Near Geeta Nursing Home East Marredpally Hyderabad – 500026, Andhra Pradesh, India

Date of Birth/Age :

19.02.1958

Date of Appointment :

30.09.2013

Din No.:

05240592

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	U40102GJ2010PTC063242	KINTECH SANTALPUR WINDPARK PRIVATE LIMITED	Director	29/09/2012	07/05/2012	14/10/2013	Active	NO
2	U40108TN2006PTC087128	RSR POWER PRIVATE LIMITED	Director	20/09/2012	01/08/2012	11/10/2013	Active	NO
3	U40108TN2007PTC086929	GM NAVARRA WIND ENERGY PRIVATE LIMITED	Director	21/09/2012	01/08/2012	10/10/2013	Active	NO
4	U31103TN2011PTC082117	RAJGARH WINDPARK PRIVATE LIMITED	Director	13/09/2013	08/11/2012	11/10/2013	Active	NO
5	U31101TN2011PTC081084	KADAPA WIND FARMS PRIVATE LIMITED	Director	25/09/2013	10/04/2013	10/10/2013	Active	NO
6	U31903TN2011PTC081070	KURNOOL WIND FARMS PRIVATE LIMITED	Director	26/09/2013	10/04/2013	10/10/2013	Active	NO
7	U31101TN2011PTC081083	ANANTAPUR WIND FARMS PRIVATE LIMITED	Director	24/09/2013	10/04/2013	10/10/2013	Active	NO
8	U74991TN2006PTC079179	GAMESA WIND TURBINES PRIVATE LIMITED	Director	30/09/2013	06/08/2013	-	Active	NO

Name :

Garcia jesus maria cornado

Designation :

Director

Address :

C. Anorbe Bidea 5, Zarautz Spain

Date of Birth/Age :

22.10.1967

Date of Appointment :

13.03.2014

Din No.:

06813406

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	U74991TN2006PTC079179	GAMESA WIND TURBINES PRIVATE LIMITED	Director	29/09/2014	11/03/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. V Ramkrishnan Iyer
Designation :	Company Secretary
Address :	105, First Floor, Manju Mansion, Opp Naveen Super Market East Marredpally Secunderabad – 500026, Andhra Pradesh, India
Date of Birth/Age :	24.08.1976
Date of Appointment :	04.05.2011
Name :	Mr. Sarvanand
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage
Gamesa Eolica S.L. Unipersonal, Spain	1235001804	87.37
Gamesa Corporation Tecnologica S.A., Spain	7293417	0.52
Gamesa Innovation and Technology S L, Spain	171228624	12.11
TOTAL	1413523845	100.00

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00

BUSINESS DETAILS

Line of Business :

Subject is primarily engaged in the business of development of Windfarms and Manufacture, Erection and Installation of Wind Turbine Generators (WTG's). It also provides Operation and Maintenance service for WTG's.

Products :

Item Code No. (ITC Code)	Product Description
85023100	Electric generating sets and rotary converters

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Cash / Credit (30/60/90 Days)

Purchasing :

Cash / Credit (30/60/90 Days)

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

500 (Approximately)

Bankers :

Not Divulged

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	ASV Ramana Tower, 52, Venkatanarayanan Road, T. Nagar, Chennai -600017, Tamilnadu, India
PAN No:	AACFD3771D
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	Gamesa Eolica SL, Spain
Ultimate Holding company :	Game Sa Corporacion Technologies S.L, Spain
Subsidiaries Company :	· GM Navarra Wind Energy Private Limited [U40108TN2007PTC086929] · Kintech Santalpur Windpark Private Limited [U40102GJ2010PTC063242] · RSR Power Private Limited [U40108TN2006PTC087128] · Anantapur Wind Farms Private Limited [U31101TN2011PTC081083] · Kurnool Wind Farms Private Limited [U31903TN2011PTC081070] · Kadapa Wind Farms Private Limited [U31101TN2011PTC081084] · Rajgarh Windpark Private Limited [U31103TN2011PTC082117]
Associates :	· Kintech Santalpur Windpark Private Limited [U40102GJ2010PTC063242] · Windar Renewable Energy Private Limited [U74999DL2010PTC208250]
Fellow Subsidiaries :	· Cantarey, Spain · Enertron, S.L. UNIPERSONAL, Spain · Gamesa Blade Tianjin Comapny Limited, China · Game Sa Innovation and Technology S L Unipersonal, Spain · Gamesa Tianjin Comapny Limited, China · Gamesa P A, China · Gamesa Wind US LLC, United States

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2000,000,000	Equity Shares	Rs.10/- each	Rs.20000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1413,523,845	Equity Shares	Rs.10/- each	Rs.14135.200 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	14135.200	7298.500	7298.500
(b) Reserves & Surplus	(2127.800)	(2980.700)	(775.000)
(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)	12007.400	4317.800	6523.500
(3) Non-Current Liabilities
(a) long-term borrowings	772.200	1289.900	747.400
(b) Deferred tax liabilities (Net)	0.000	0.000	68.100
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	31.000	57.100	33.300
Total Non-current Liabilities (3)	803.200	1347.000	848.800
(4) Current Liabilities
(a) Short term borrowings	1131.000	6856.000	7228.700
(b) Trade payables	10688.200	7218.100	5610.800
(c) Other current liabilities	10551.700	7242.500	3610.350
(d) Short-term provisions	1088.000	538.300	1327.300
Total Current Liabilities (4)	23458.900	21854.900	17777.150
TOTAL	36269.500	27519.700	25149.450
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3826.400	2950.600	2598.200
(ii) Intangible Assets	28.600	32.000	38.400
(iii) Capital work-in-progress	0.000	594.400	674.900
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	122.900	122.900	122.500
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	400.700	300.100	87.900
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	4378.600	4000.000	3521.900
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	8255.700	8469.100	6255.450
(c) Trade receivables	5508.200	2097.000	3782.200
(d) Cash and cash equivalents	667.000	761.400	920.100
(e) Short-term loans and advances	2168.900	2686.100	3169.200
(f) Other current assets	15291.100	9506.100	7500.600
Total Current Assets	31890.900	23519.700	21627.550
TOTAL	36269.500	27519.700	25149.450

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	35298.300	11610.100	22847.000
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX		553.500	(2273.800)	(940.400)
Less	TAX		0.000	(68.100)	74.800
	PROFIT / (LOSS) AFTER TAX		553.500	(2205.700)	(1015.200)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	346.000	565.100	478.000
	Earnings / (Loss) Per Share (Rs.)		0.57	(3.02)	(1.39)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	136.200	0.000	0.000
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operation	(100.200)	1379.500	(8802.100)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PBT/Sales)	(%)	1.57	(19.00)	(4.44)
Return on Total Assets (PBT/Total Assets}	(%)	1.53	(8.48)	(3.86)
Return on Investment (ROI) (PBT/Networth)		0.05	(0.53)	(0.14)
Debt Equity Ratio (Total Debt/Networth)		0.17	1.89	1.22
Current Ratio (Current Asset/Current Liability)		1.36	1.08	1.22

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	7298.500	7298.500	14135.200
Reserves & Surplus	(775.000)	(2980.700)	(2127.800)
Net worth	6523.500	4317.800	12007.400
long-term borrowings	747.400	1289.900	772.200
Short term borrowings	7228.700	6856.000	1131.000
Current maturities of long-term debts	0.000	0.000	136.200
Total borrowings	7976.100	8145.900	2039.400
Debt/Equity ratio	1.223	1.887	0.170

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from Operations	22847.000	11610.100	35298.300
		(49.183)	204.031

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from Operations	22847.000	11610.100	35298.300
Profit	(1015.200)	(2205.700)	553.500
	(4.44%)	(19.00%)	1.57%

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	Yes
17]	Details of sister concerns	Yes
18]	Major suppliers	No
19]	Major customers	No
20]	Banking Details	Yes
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 three years	Yes
27]	Reasons for variation <> 20%	--
28]	Estimation for coming financial year	No
29]	Profitability for last three years	Yes
30]	Major shareholders, if available	Yes
31]	External Agency Rating, if available	Yes
32]	Litigations that the firm/promoter involved in	--
33]	Market information	--
34]	Payments terms	Yes
35]	Negative Reporting by Auditors in the Annual Report	No

NOTE: The registered office of the company has been shifted from 489, GNT Road, Thandal Kalani Village, Red Hills, Chennai-600052, Tamilnadu, India to the present address w.e.f. 11.04.2011.

CORPORATION INFORMATION:

Subject is a company incorporated in India and is a subsidiary of Gamesa Eolica S.L. Spain. The Company's manufacturing facilities are situated at Mamandur, Chennai in the state of Tamilnadu (for manufacture of Nacelles) and Halol in the state of Gujarat (for the manufacture of blades). The Company is primarily engaged in the business of development of Windfarms and Manufacture, Erection and Installation of Wind Turbine Generators (WTG's). It also provides Operation and Maintenance service for WTG's.

UNSECURED LOAN

(Rs. In Million)

PARTICULAR	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Foreign currency term loans from banks	772.200	764.500
Other loans and advances	0.000	525.400
Short Term Borrowing
Working capital loans from banks	0.000	2404.900
Loans repayable on demand	1131.000	4451.100
Total	1903.200	8145.900

INDEX OF CHARGES NO CHARGES EXIST FOR COMPANY

FIXED ASSETS:

· Building on Leasehold Land

· Plant and Machinery

· Moulds

· Furniture and Fixtures

· Computer

· 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.65.25
UK Pound	1	Rs.102.25
Euro	1	Rs.72.19

INFORMATION DETAILS

Information Gathered by :	PRP
Analysis Done by :	KAR
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--CREDIT LINES	1~10	5
--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		46

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.