MIRA INFORM REPORT

Report No. :	301938
Report Date :	06.01.2015

IDENTIFICATION DETAILS

Name :	WIND WORLD (INDIA) LIMITED (w.e.f. 01.01.2013)
Formerly Known As :	ENERCON (INDIA) LIMITED
Registered Office :	Plot No. 33, Daman Patalia Road, Bhimpore, Daman – 396 210, Daman and Diu
Country :	India
Financials (as on) :	31.03.2007 (Unaudited)
Date of Incorporation :	22.05.2003
Com. Reg. No.:	56-003236 (New) 071899 (Old)
Capital Investment / Paid-up Capital :	Rs. 72.000 millions
CIN No.: [Company Identification No.]	U31200DD2003PLC003236 (New) U74999MH1993PTC071899 (Old)
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	BLRE00726F SRTE00116E
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Wind Mills.
No. of Employees :	5348 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Management has failed to file the financials with the government department since FY 07. Mr. Jitin Bhatt, the finance manager parted that “Wind World India Limited” had entered into a licensing agreement with “Enercon India Limited” but later they indulged into a legal dispute, which led to separation during 2007. No other details could be made available payment terms are unknown. The company can be considered for business dealings with great caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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	CARE
Rating	Long Term Bank Facilities = “BB+” (Suspended)
Rating Explanation	Moderate risk of default and high credit risk.
Date	19.07.2013

Reason: No furnished the information required by CARE.

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 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. Kalpak Desai
Designation :	CFO
Contact No.:	91-22-67607200
Date :	03.01.2015

LOCATIONS

Registered Office :	Plot No. 33, Daman Patalia Road, Bhimpore, Daman – 396 210, Daman and Diu, India
Tel. No.:	91-260-2220624 / 2221219 / 2221220 / 2220321 / 2220628
Fax No.:	91-260-2221508 / 67020083
E-Mail :	enercon@bom3.vsnl.net.in admin@mumbai.enercon-india.com ketkimayekar@rediffmail.com vijay.poddar@enercon.net ajay.mehra@enerconindia.net karmakar.m@enerconindia.net legal.compliance@enerconindia.net jitin.bhatt@windworldindia.com kaushik.khana@windworldindia.com
Website:	www.enerconindia.net
Location :	Leased
Corporate Office :	Tower Plot No. A - 9, CTS No. 700, Veera Industrial Estate, Veera Desai Road Next to Bhagavati House, Andheri (West), Mumbai - 400 053, Maharashtra, India
Tel No.:	91-22-66924848
Fax No.:	91-22-66990940
Email :	eil.marketing@enerconindia.net
Factory 2 :	Concrete Tower Factory : Plot No 610 / 611, Village Sadodar, Taluka : Jamjodapur, District Jamnagar – 360520, Gujarat, India
Tel. No.:	91-2898-262372 / 262545 / 262547
Fax No.:	91-2898-262374
Branch Office /Marketing Office:	Located at: Pune Chennai Bangalore Hyderabad Coimbatore Ahmedabad Jaipur New Delhi Vadodara

DIRECTORS

As on 30.09.2007

Name :	Mr. Yogesh Jogindernath Mehra
Designation :	Managing Director
Address:	201, Hare Krishna, Presidency Society, North South Road No. 8, Vile Parle (West), Mumbai – 400 049, Maharashtra, India
Date of Birth/Age :	01.12.1959
Qualification	B.Com
Date of Appointment:	10.05.1993
Name :	Mr. Ajay Jogindernath Mehra
Designation :	Whole Time Director
Address:	301, Hare Krishna, Presidency Society, North South Road No. 8, Vile Parle (West), Mumbai – 400 049, Maharashtra, India
Date of Birth/Age :	06.12.1955
Qualification	B.Sc
Date of Appointment:	10.05.1993
Name :	Mr. Kettwing Hans Dieter
Designation :	Director
Address:	Dreekamp-5, 26605, Aurich, Germany Indian Address Enercon Tower, Plot No. A-9, Veera Industrial Estate, Veera Desai Road, Andheri (West), Mumbai – 400 053, Maharashtra, India
Date of Birth/Age :	23.11.1957
Date of Appointment:	11.03.2002
Name :	Mr. Aloys Wobben
Designation :	Chairman
Address:	Dreekamp-5, 26605, Aurich, Germany Indian Address Enercon Tower, Plot No. A-9, Veera Industrial Estate, Veera Desai Road, Andheri (West), Mumbai – 400 053, Maharashtra, India
Date of Birth/Age :	22.01.1952
Date of Appointment:	24.02.1944

KEY EXECUTIVES

Name	Mr. Manoranjan Karmakar
Designation	Company Secretary
Address:	Flat No.1404, Raj Manor, B Wing, Liberty Garden, Near Navy Nagar, Malad (West), Mumbai – 400 064, Maharashtra, India
Date of Birth	29.04.1956
Date of Appointment:	12.09.1995

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2007

Names of Shareholders	No. of Shares
Enercon GmbH, Germany	4032000
Mehra J Sudarshan	896000
Mehra J Ajay	680000
Mehra Ajay Meenakshi	432000
Mehra J Yogesh	832000
Mehra Yogesh Radhika	304000
Mehra Ajay Sitakshi	16000
Mehra Ajay Siddharth	8000
Total	7200000

As on 30.09.2007

Equity Share Break up (Percentage of Total Equity)

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	56.00
Directors or relatives of Directors	44.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Wind Mills.
Products :	· Wind Mills Accessories and Parts · Rotor Blade
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Available

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 :

5348 (Approximately)

Bankers :

• Axis Bank Limited, Trishul, 3rd Floor, Opposite Samartheshwar Temple, Law Garden, Ellis Bridge, Ahmedabad – 380006, Gujarat, India

• Yes Bank Limited 9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India

• IDFC Limited, KRM Tower, 8th Floor, No. 1, Harrington Road, Chetpet, Chennai - 600031, Tamilnadu, India

• The Royal Bank of Scotland N.V. Hansalaya Building, 15, Barakhamba Road, New Delhi - 110001, India

Facilities :

Secured Loans	As on 31.03.2007 (Unaudited) Rs. in millions	As on 31.03.2006 (Unaudited) Rs. in millions
a) From Banks
Cash Credit Accounts	1427.511	60.074
Working Capital Demand Loans	1823.861	1450.000
Interest Accrued and Due	0.000	2.130
Long Term Indian Currency Loans – IDBI Bank (Repayable within one year Rs.100.000 millions (Previous year Rs.50.000 millions))	350.000	175.000
B) From Financial Institutions
Long Term Indian Currency Loans - Infrastructure Development Finance Company Limited (Repayable within one year Rs.173.978 Millions (Previous Year Rs.137.900 Millions))	682.311	822.400
Long Term Foreign Currency Loans (Repayable within one year Rs.178.724 Millions (previous Year Rs.122.254 Millions))	1119.064	745.729
C) Lease Obligation
Vehicle Loans	4.870	11.354
Plant and Machinery Loans	2.995	15.352
Office Equipments Loans	42.676	1.525
Total	5453.288	3283.564
Note 1. Secured Loans from banks and financial institutions are secured against hypothecation of current assets, equitable mortgage of land and building at Daman, hypothecation of Movable Fixed Assets of Unit I, Unit II, Concrete Tower Facility, Pledged of Investments in Enercon Wind Farms (India) Limited and personal guarantee form the Indian Directors. 2. Loan from Infrastructure Development Finance Company Limited is secured by: i. A First charge by way of hypothecation/ mortgage over all the moveable and immovable assets (including tangible and intangible present and future) of the erstwhile GIWFL (Amalgamated company), pertaining to Wind Farms. ii. A First Chare by way of assignment of the right and interest of the erstwhile GIWFL (Amalgamated Company), as the case may be, to and under all project documents. iii. A First charge by way of assignment of the right, title and interest of the erstwhile GIWFL (Amalgamated Company) to and under all the government permits, licenses, authorization, insurance contracts relating to project assets. iv. An Exclusive chare on all the receivables of the erstwhile GIWFL (Amalgamated Company). The vehicle loans, Plant and Machinery Loans and Office Equipments Loans under lease obligations are secured against hypothecation of the respective assets.

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	12, Dr. Annie Besant Road, Opposite Shivsagar Estate, Worli, Mumbai – 400 018, Maharashtra, India
PAN No.:	AACFD4815A
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	Enercon GmbH, Germany

CAPITAL STRUCTURE

As on 31.03.2007

Authorised Capital :

No. of Shares	Type	Value	Amount
9000000	Equity shares	Rs.10/- each	Rs.90.000 Millions
1500000	9% Non Convertible Cumulative Redeemable Preference Shares	Rs.100/- each	Rs.150.000 Millions
	Total		Rs.240.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7200000	Equity Shares	Rs.10/- each	Rs.72.000 Millions

(Out of the above, 403200 Equity Shares of Rs.10/- each full paid up are held by Enercon GmbH – Holding Company)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2007 (Unaudited)	31.03.2006 (Unaudited)	31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		72.000	117.000	162.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		4519.135	3750.109	2586.611
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		4591.135	3867.109	2748.611
LOAN FUNDS
1] Secured Loans		5453.288	3283.564	2015.284
2] Unsecured Loans		2851.413	569.024	1315.492
TOTAL BORROWING		8304.701	3852.588	3330.776
DEFERRED TAX LIABILITIES		500.014	385.014	208.280
TOTAL		13395.850	8104.711	6287.667
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5105.044	2887.111	1200.538
Capital work-in-progress		845.537	698.843	89.163
Pending Allocation		0.000	0.000	1.105
INVESTMENT		2340.748	1178.294	1071.608
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5469.493	3438.058	3951.785
	Sundry Debtors	4116.311	3967.497	4085.839
	Cash & Bank Balances	2391.528	2097.460	261.249
	Other Current Assets	42.362	26.835	7.301
	Loans & Advances	4007.577	2183.166	1350.682
Total Current Assets		16027.271	11713.016	9656.856
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2414.126	1300.108	5373.948
	Other Current Liabilities	7897.847	6911.184
	Provisions	610.777	161.261	357.655
Total Current Liabilities		10922.750	8372.553	5731.603
Net Current Assets		5104.521	3340.463	3925.253
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		13395.850	8104.711	6287.667

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2007 (Unaudited)	31.03.2006 (Unaudited)	31.03.2005
	SALES
		Sales and Services	21457.490	16726.763	8831.890
		Other Income	1084.541	150.946	72.098
		TOTAL (A)	22542.031	16877.709	8903.988
Less	EXPENSES
		Cost of Goods Sold	16834.365	12801.055	0.000
		Manufacturing and Other Expenses	3611.004	2067.835	1461.222
		Consumption of Raw material and Bought out components	0.000	0.000	7933.113
		Increase / Decrease in Finished Goods	0.000	0.000	(1590.162)
		TOTAL (B)	20445.369	14868.89	7804.173
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2096.662	2008.819	1099.815
Less	INTEREST (D)		801.827	439.600	269.860
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1294.835	1569.219	829.955
Less/ Add	DEPRECIATION/ AMORTISATION (F)		333.013	150.891	80.731
	PROFIT BEFORE TAX (E-F) (G)		961.822	1418.328	749.224
Less	TAX (H)		189.239	233.739	174.200
	PROFIT AFTER TAX (G-H) (I)		772.583	1184.589	575.024
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2353.147	1149.524	587.397
Add	ADJUSTMENT OF PROFIT/LOSS OF AMALGAMATING COMPANIES (NET)		0.000	27.116	0.000
Less	APPROPRIATIONS
		Proposed Preference Dividend	3.040	7.088	11.138
		Corporate Dividend Tax on Proposed Preference Dividend	0.517	0.994	1.759
	BALANCE CARRIED TO THE B/S		3122.173	2353.147	1149.524
	Earnings Per Share (Rs.)		63.50	163.40	78.07

KEY RATIOS

PARTICULARS		31.03.2007 (Unaudited)	31.03.2006 (Unaudited)	31.03.2005
PAT / Total Income	(%)	3.43	7.02	6.46
Net Profit Margin (PBT/Sales)	(%)	4.48	8.48	8.48
Return on Total Assets (PBT/Total Assets}	(%)	4.55	9.71	6.90
Return on Investment (ROI) (PBT/Networth)		0.21	0.37	0.27
Debt Equity Ratio (Total Debt/Networth)		1.81	0.99	1.21
Current Ratio (Current Asset/Current Liability)		1.47	1.40	1.68

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2005	31.03.2006	31.03.2007
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	8,831.890	16,726.763	21,457.490
		89.391	28.282

NET PROFIT MARGIN

Net Profit Margin	31.03.2005	31.03.2006	31.03.2007
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	8,831.890	16,726.763	21,457.490
Profit	575.024	1,184.589	772.583
	6.51%	7.08%	3.60%

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	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	No
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

LITIGATION DETAILS

HIGH COURT OF BOMBAY
CASE DETAILS
BENCH:- BOMBAY
PRESENTATION DATE:- 14/11/2014
LODGING NO:- ARBAPL/1758/2014		FAILING DATE:- 14/11/2014
PETITIONER:-	MS. CONCEPT CONSTRUCTION AND ENGINEER		RESPONDENT:-	MS. WIND WORLD INDIA LTD -
PETN.ADV:-	SHAILENDRA PENDSE (19702)
DISTRICT:-	MUMBAI
BENCH:-	SINGLE
STATUS:-	PRE-ADMISSION		CATEGORY:-	ARBITRATION APPLICATIONS
LAST DATE:-	18/06/2014		STAGE:-
ACT:-	Arbitration and Conciliation Act 1996
UNDER SECTION:-	11

change of address:

The address of the Registered Office of company has been shifted from Kolsite House, Plot No. 31, Shah Industrial Estate, Veera Desai Road, Andheri (West), Mumbai - 400 053, Maharashtra, India to the Present address w.e.f. 22.05.2003

UNSECURED LOANS

Particular	As on 31.03.2007 (Unaudited) Rs. in millions	As on 31.03.2006 (Unaudited) Rs. in millions
From Banks
Short Term Loans (Repayable within one year Rs. Nil (previous year Rs.100.000 millions)	0.000	100.000
Long Term Loan (Repayable within one year Rs.100.000 Millions (Previous Year Rs.NIL)	300.000	300.000
Long Term Indian Currency Loans – SBI Bank (Repayable within one year Rs.30.000 Millions Previous year Rs. Nil)	302.739	0.000
Long Term Foreign Currency Loans – ICICI Bank (Repayable within one year Rs. Nil Previous year Rs. Nil)	869.587	0.000
From Financial Institutions
Short Term India Currency Loans – Infrastructure Development Finance Company Limited (Repayable within one year Rs.336.800 Millions Previous year Rs. Nil)	336.800	0.000
b) From Foreign Financial Institutions
Short Term Foreign Currency Loan (Repayable within one year Rs.927.559 Millions (Previous year Rs. Nil))	927.559	0.000
Long Term Foreign Currency Loan (Repayable within one year Rs.38.243 Millions (Previous year Rs.51.342 Millions)	114.728	169.024
Total	2851.413	569.024

Note

1. Unsecured Loans from Foreign Financial Institutions are guaranteed by corporate guarantee of Holding Company and the personal guarantee form the Indian Directors. Unsecured Loans from Local Banks are guaranteed by the personal guarantee from the Indian directors.
2. Long Term Loan From State Bank of India and ICICI Bank are secured term loans as per the agreements entered into with the respective banks. However, pending creation of charge on the security and registration of the same with ROC, same has been classified as unsecured loan.

Fixed Assets

Owned Assets

· Free Hold Land

· Building

· Plant and Machinery

· Wind Energy Converter

· Sub Station

· Furniture, Fixture and Office Equipments

· Vehicles

Leased Assets

· Plant and Machinery

· Vehicles

· Office Equipments

PRESS RELEASE

WIND WORLD TAKES NUMBER 1 SLOT IN INDIA

Wind World took first place from Suzlon after installing 454MW in 2012. Suzlon installed 415MW, while Powertech followed in third place on 273MW.

Further down, Vestas installed 34MW, an 87% fall on 2011. However, last year Vestas announced it was substantially reducing its sales efforts in India and was largely confining its activities to operations and maintenance.

The success of Wind World follows its rebrand at the end of last year. The company primarily supplies sub-1MW turbines using Enercon designs. But it has been involved in a legal dispute with Enercon since German manufacturer and former partner Enercon cancelled a licensing agreement between the two companies in 2007.

This dispute has included the use of the Enercon name and the German company's efforts to enforce a change. Speaking about the changes, Wind World India managing director Yogesh Mehra said that the domain name was acquired on 20 November 2012 and the change took place as of 1 January 2013.

"The company structure and share ownership structure remain the same as before," Mehra said.

Overall, wind installations in India fell 47% to 1.7GW due to issues over the country's incentive programme.

Although the country's colossal growth in energy demand means that long-term prospects for wind remain good, there is considerable uncertainty in the short-term as the industry waits for the government to reinstate financial support.

SUZLON REGIONS TOP POSITION IN INDIA WIND-TURBINE MARKET

Suzlon Energy Limited (SUEL) regained its position as India’s top wind-turbine supplier from Wind World (India) Limited as agreements to reschedule its debt allowed it to complete orders in a resurgent market.

The Pune-based company installed 403 megawatts of turbines out of an industry total of 2,055 megawatts in the year ended March 31, according to data compiled by the Indian Wind Turbine Manufacturers’ Association and obtained by Bloomberg News. IWTMA Secretary-General D.V. Giri verified the figures.

Spain’s Gamesa Corp Tecnologica SA (GAM) climbed four spots to No. 2 with 396 megawatts of installations, almost quadruple the previous year, according to the figures. Mumbai-based Wind World, formerly known as Enercon (India) Ltd., dropped to third place with 354 megawatts.

Turbine makers are benefiting from India’s decision in August to revive a subsidy that is helping Asia’s second-biggest wind market recover from a record 42 percent drop in installations in the fiscal year ended March 2013. Installations in 2014 are set to rise 35 percent to 2.3 gigawatts, according to Shantanu Jaiswal, a New Delhi-based wind analyst for Bloomberg New Energy Finance.

LOST SPOT

Suzlon lost the top spot last year for the first time in at least a decade as it struggled to carry out orders after committing India’s biggest convertible-bond default. The company’s shares have almost tripled since January, leading gains in global wind-energy stocks, on expectation that a five-year extension on bond repayments and a new, pro clean-energy government in India will help it recover. Suzlon fell 2.1 percent to 29.85 rupees in Mumbai today.

Suzlon’s share of the market has steadily decreased since 2010 from 50 percent to 20 percent as newer entrants including Gamesa and General Electric Co. (GE) expanded their foothold. Gamesa tripled its share to 19 percent from the previous year.

Denmark’s Vestas Wind Systems A/S (VWS), the world’s biggest wind-turbine maker and one of the first to enter the Indian market, installed 80 megawatts to retain the seventh position.

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. 63.38
UK Pound	1	Rs. 96.85
Euro	1	Rs. 75.67

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	SUB
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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		26

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	--

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