MIRA INFORM REPORT

Report No. :	348860
Report Date :	10.11.2015

IDENTIFICATION DETAILS

Name :	ADANI INFRA (INDIA) LIMITED (w.e.f. 05.03.2010)
Formerly Known As :	ADANI INFRA (INDIA) PRIVATE LIMITED (w.e.f. 18.02.2010) ELECTROGEN INFRA (INDIA) PRIVATE LIMITED
Registered Office :	Adani House, Near Mithakhali Six Roads, Navrangpura, Ahmedabad – 380009, Gujarat
Tel. No.:	91-79-26565555/ 25555500
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	13.01.2010
Com. Reg. No.:	04-059226
Capital Investment / Paid-up Capital :	Rs.0.500 Million
CIN No.: [Company Identification No.]	U45204GJ2010PLC059226
IEC No.:	0810001977
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAICA2707K
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is an infrastructure development company with specialisation in comprehensive engineering, project management and construction services for power generation and transmission sector, subject provides Project Management Consulting (PMC) and Engineering, Procurement and Construction (EPC) services for power projects.
No. of Employees :	Information declined by the management

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a part of Adani Group. It is having moderate track record. As per Registrar of Companies, the date of balance sheet i.e. financials filed is shown as 31st March, 2015 but documents related to the financials for the year 2015 are not available from any sources. For the year 2014, the company has achieved adequate revenue marked by satisfactory profit margin. However, the company has reported huge borrowings and there in unfavourable gap between trade payables and receivables. Trade relations are fair. Business is active. Payments 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.

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 31-03-2015.

INFORMATION DENIED BY

Name :	Mr. Savan Jayendra Patel
Designation :	Chief Financial Officer
Contact No.:	91-79-26565555
Date :	09.11.2015

LOCATIONS

Registered Office/ Corporate Office 1 :	Adani House, Near Mithakhali Six Roads, Navrangpura, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26565555/ 25555500
Fax No.:	91-79-26565500
E-Mail :	chandan.lakhwani@adani.com jatin.jalundhwala@adani.in anil.kalyani@adani.in hardik.sanghvi@adani.com
Website :	http://www.adaniinfra.com
Corporate Office 2 :	Achalraj, Opposite Mayor Bungalow, Law Garden, Ahmedabad – 380 006 Gujarat, India
Tel. No.:	91-79-25557555
Fax No.:	91-79-25557177
E-Mail :	reception.australia@adani.com
Corporate Office 3 :	Sambhaav House, Judges Bungalow Road, Bodakdev, Ahmedabad – 380 015, Gujarat, India
Tel. No.:	91-79-25556900
Fax No.:	91-79-25557155
E-Mail :	info@adani.com
Operating Locations :	Located at: · Mundra · Tiroda · Kawal

DIRECTORS

As on 07.08.2014

Name :	Mr. Devprakash Vasudeva Joshi
Designation :	Whole-Time Director
Address :	A-113, Shaligram, Off S.M. Road, Satellite, Ahmedabad – 380 015, Gujarat, India
Date of Birth/Age :	23.04.1956
Qualification :	B.E. (Electrical)
Date of Appointment :	01.05.2012
PAN No.:	AEMPJ3158E
DIN No.:	05192222
Name :	Mr. Jatinkumar Rameshchandra Jalundhwala
Designation :	Director
Address :	602, Satkrut, Partha Sarthi Avenue, 132, Ring Road, Near Shaymal Raw House, Ahmedabad – 380 015, Gujarat, India
Date of Birth/Age :	29.01.1960
Qualification :	B.Com , LLB, FCS
Date of Appointment :	08.03.2010
DIN No.:	00137888
Name :	Mr. Harshvardhan Mishra
Designation :	Director
Address :	215, Jor Bagh, New Delhi – 110 003, India
Date of Birth/Age :	01.07.1959
Qualification :	MBA, MS
Date of Appointment :	08.03.2010
DIN No.:	00529339
Name :	Mr. Anil Kumar Gupta
Designation :	Director
Address :	B-42, Nebula Appartments, BH Grand Bhagwati Hotel, SG Highway, Bodakdev, Ahmedabad - 380054, Gujarat, India
Date of Birth/Age :	17.03.1970
Qualification :	B.E
Date of Appointment :	13.05.2014
DIN No.:	06859132
Name :	Ms. Nayanaben Bhairavdanji Gadhvi
Designation :	Director
Address :	H-1, New Sattadhar Row House, Ghatlodia, Ahmedabad - 380061, Gujarat, India
Date of Appointment :	07.04.2015
	07148619
Name :	Mr. Divyang Pareshrai Majmudar
Designation :	Director
Address :	72, Madhuban, Ellisbridge, Ahmedabad - 380006, Gujarat, India
Date of Appointment :	04.06.2015
DIN No.:	00091600

KEY EXECUTIVES

Name :	Mr. Savan Jayendra Patel
Designation :	Chief Financial Officer
Address :	16, Upvan Twins, Near. Shyamal 3-B, Jivrajpark, Satellite, Ahmedabad - 380051, Gujarat, India
Date of Appointment :	09.02.2015
PAN No.:	AEDPP7590P
Name :	Mr. Vneet S. Jaain
Designation :	Chief Executive Officer
Date of Birth/Age :	43 Years
Qualification:	B.E. (Mech.)
Experience:	23 Years
Name :	Mr. O. P Bhardwaj
Designation :	Jt. President
Date of Birth/Age :	66 Years
Qualification:	AMIE (Civil)
Experience:	46 Years
Name :	Mr. Dev Prakash Joshi
Designation :	Whole-time Director and Chief Operating Officer
Date of Birth/Age :	59 Years
Qualification:	B. E. (Elec.)
Experience:	37 Years
Name :	Mr. Karri Nagendra
Designation :	Vice President (Techno-Commercial)
Date of Birth/Age :	45 Years
Qualification:	B. Tech.
Experience:	22 Years
Name :	Mr. Parvata P. Gouda
Designation :	Associate Vice President (Projects)
Date of Birth/Age :	57 Years
Qualification:	B. Tech.
Experience:	33 Years
Name :	Mr. Bishnu Nanda
Designation :	Vice President
Date of Birth/Age :	55 Years
Qualification:	B.Sc., PGDM
Experience:	33 Years
Name :	Mr. Abhilash Mehta
Designation :	Seniour Vice President (Projects)
Date of Birth/Age :	54 Years
Qualification:	B.E.
Experience:	29 Years
Name :	Mr. Banshi De
Designation :	Vice President
Date of Birth/Age :	66 Years
Qualification:	B. E.
Experience:	42 Years
Name :	Mr. Anil Gupta
Designation :	Sr. Vice President (Techno Commercial)
Date of Birth/Age :	44 Years
Qualification:	B. E.
Experience:	22 Years
Name :	Mr. K. R. Prasad
Designation :	64 Head - Project
Date of Birth/Age :	64 Years
Qualification:	B. E.
Experience:	42 Years
Name :	Mr. Rajeev Kumar Jain
Designation :	Associate Vice President
Date of Birth/Age :	54 Years
Qualification:	B. E. (Mech.)
Experience:	34 Years
Name :	Mr. Savan Patel
Designation :	Associate Vice President
Date of Birth/Age :	40 Years
Qualification:	C.A.
Experience:	16 Years
Name :	Mr. Dipankar Mazumdar
Designation :	J t. President
Date of Birth/Age :	61 Years
Qualification:	B. Tech., M. Tech. (Mech.)
Experience:	38 Years
Name :	Mr. Swayam Prakash Pathak
Designation :	Senior Vice President
Date of Birth/Age :	64 Years
Qualification:	B. E.
Experience:	41 Years

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 07.08.2014

Names of Shareholders	No. of Shares
Adani Enterprises Limited, India	49970
Gautam Adani [Nominee of Adani Enterprises Limited, India]	5
Rajesh Adani [Nominee of Adani Enterprises Limited, India]	5
Vasant Adani [Nominee of Adani Enterprises Limited, India]	5
Pranav Adani [Nominee of Adani Enterprises Limited, India]	5
Mahasukh Adani [Nominee of Adani Enterprises Limited, India]	5
Samir Vora [Nominee of Adani Enterprises Limited, India]	5
Total	50000

Equity Share Break up (Percentage of Total Equity)

As on 07.08.2014

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is an infrastructure development company with specialisation in comprehensive engineering, project management and construction services for power generation and transmission sector, subject provides Project Management Consulting (PMC) and Engineering, Procurement and Construction (EPC) services for power projects.

Products/ Services :

Item Code No.	Product / Services Description
99542629	General Construction Services of Power Plants N.E.C.

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

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 :

Information declined by the management

Bankers :

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

• ICICI Bank Limited
• State Bank of India
• Axis Bank Limited
• HDFC Bank Limited
• IDBI Bank Limited

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Other loans and Advances	750.000	0.000
Total	750.000	0.000

Note: The facilities secured by pledge of some of the investments by Holding company amounting equivalent to 1.75 times of the loan amount.

Auditors :
Name :	Dharmesh Parikh and Company Chartered Accountants
Address :	303/304, “Milestone”, Near Drive-In-Cinema, Opposite T.V. Tower, Thaltej, Ahmedabad – 380 054, Gujarat, India
Tel. No.:	91-79-27474466
Fax No.:	91-79-27479955
PAN N Income-tax PAN of auditor or auditor's firm :	AAGFD1279G
Memberships :	--
Collaborators :	--
Holding company:	Adani Enterprises Limited, India (L51100GJ1993PLC019067)
Fellow Subsidiary Companies:	Adani Power Rajasthan Limited, India (U40104GJ2008PLC052743) Adani Power Limited, India (L40100GJ1996PLC030533) Adani Power Maharashtra Limited, India (U40101GJ2007PLC050506) Adani Gas Limited, India (U40100GJ2005PLC046553) Adani Power Dahej Limited, India (U40100GJ2006PLC047672) Adani Pench Power Limited, India (U40100GJ2009PLC058171) Adani Ports And Special Economic Zone Limited, India (L63090GJ1998PLC034) Adani Logistics Limited, India (U63090GJ2005PLC046419) Maharashtra Eastern Grid Power Transmission Company Limited, India (U40100GJ2010PLC059593) Adani Mining Private Limited, India (U14200GJ2007PTC051634)
Associates (With whom transactions were done during the year) :	Adani Properties Private Limited, India (U45201GJ1995PTC026067)

CAPITAL STRUCTURE

As on 07.08.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 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	507.286	368.788	241.922
(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)	507.786	369.288	242.422
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(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	62.235	38.161	32.937
Total Non-current Liabilities (3)	62.235	38.161	32.937
(4) Current Liabilities
(a) Short term borrowings	10711.568	2500.000	0.000
(b) Trade payables	1018.489	1391.404	1615.569
(c) Other current liabilities	430.781	380.714	771.357
(d) Short-term provisions	36.879	8.424	6.225
Total Current Liabilities (4)	12197.717	4280.542	2393.151
TOTAL	12767.738	4687.991	2668.510
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	17.794	18.578	16.517
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	39.700	25.255	22.286
(d) Long-term Loan and Advances	32.025	52.251	100.949
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	89.519	96.084	139.752
(2) Current assets
(a) Current investments	0.000	13.200	0.000
(b) Inventories	4.180	6.876	4.702
(c) Trade receivables	761.353	619.196	1324.907
(d) Cash and cash equivalents	16.763	8.927	16.457
(e) Short-term loans and advances	11881.076	3804.840	1182.631
(f) Other current assets	14.847	138.868	0.061
Total Current Assets	12678.219	4591.907	2528.758
TOTAL	12767.738	4687.991	2668.510

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	2683.460	7434.042	10603.928
	Other Income	1148.937	144.196	96.215
	TOTAL (A)	3832.397	7578.238	10700.143
Less	EXPENSES
	Purchases of Stock-in-Trade	1515.795	5840.074	8708.932
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.000	0.000	0.000
	Employees benefits expense	917.796	1216.264	1289.857
	Other expenses	153.418	221.103	291.890
	TOTAL (B)	2587.009	7277.441	10290.679
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	1245.388	300.797	409.464
Less	FINANCIAL EXPENSES (D)	1055.222	98.061	164.540
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	190.166	202.736	244.924
Less/ Add	DEPRECIATION/ AMORTISATION (F)	1.357	1.252	1.240
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	188.809	201.484	243.684
Less	TAX (H)	50.311	74.618	79.652
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	138.498	126.866	164.032
	Earnings / (Loss) Per Share (Rs.)	2769.96	2537.32	3280.64

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 flows from (used in) operations	740.505	359.326	(4874.888)
Net cash flow from operating activity	605.776	283.015	(5085.488)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	5.16	1.71	1.55
Operating Profit Margin (PBIDT/Sales)	(%)	46.41	4.05	3.86
Return on Total Assets (PBT/Total Assets}	(%)	1.48	4.32	9.21
Return on Investment (ROI) (PBT/Networth)		0.37	0.55	1.01
Debt Equity Ratio (Total Debt /Networth)		21.09	6.77	0.00
Current Ratio (Current Asset/Current Liability)		1.04	1.07	1.06

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	241.922	368.788	507.286
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	242.422	369.288	507.786
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	2500.000	10711.568
Total borrowings	0.000	2500.000	10711.568
Debt/Equity ratio	0.000	6.770	21.095

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)
Sales	10603.928	7434.042	2683.460
		(29.894)	(63.903)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	10603.928	7434.042	2683.460
Profit	164.032	126.866	138.498
	1.55%	1.71%	5.16%

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	Yes
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	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	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

NOTE: The registered office of the company has been shifted from PMC House, Near Shikhar Building, Mithakhali Six Roads, Navrangpura, Ahmedabad – 380 009, Gujarat to the present address w.e.f. 08.03.2010.

NATURE OF OPERATION

Subject is an infrastructure development company with specialisation in comprehensive engineering, project management and construction services for power generation and transmission sector. AIIL provides Project Management Consulting (PMC) and Engineering, Procurement and Construction (EPC) services for power projects.

Under Project Management Consultancy (PMC) contracts, company provides consultancy for engineering, project specifications, technical data preparations, logistics management, quality, safety and health management and overall monitoring of project.

Under Engineering, Procurement and Construction (EPC) contract, company carries out the work related to project by way of designing andengineering the project, procurement of materials (Balance of Plant) and services required for the project, construction works involving civil works and other works.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Loans and Advances from Related Parties	9961.568	2500.000
Total	9961.568	2500.000

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10506815	02/07/2014	2,850,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR.  ANNIE BESANT ROAD, WORLI, MUMBAI, Maharashtra -  400018, INDIA	C09752999
2	10506816	02/07/2014	2,150,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR.  ANNIE BESANT ROAD, WORLI, MUMBAI, Maharashtra -  400018, INDIA	C09753435

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014	31.03.2013
Disputed Tax Liability in respect of Vat ( Including Interest)	49.492	0.000
Less :	(4.492)	0.000
Paid under Protest	44.999	0.000
- Show cause Notice for stamp duty on bills discounting transaction	2.085	2.085
-Bills of excahange discounted	0.000	4280.876

FIXED ASSETS

• Buildings
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipments
• Other equipments

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.66.33
UK Pound	1	Rs.100.03
Euro	1	Rs.71.44

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	AMT
Report Prepared by :	SUD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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
DEFAULTER
--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.