MIRA INFORM REPORT

Report Date :

03.11.2011

IDENTIFICATION DETAILS

Name :	MOSER BAER SOLAR LIMITED (w.e.f. 29.06.2010)
Formerly Known As :	PV TECHNOLOGIES INDIA LIMITED
Registered Office :	43-B, Okhla Industrial Estate, New Delhi – 110020
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	06.03.2007
Com. Reg. No.:	55-160162
Capital Investment / Paid-up Capital :	Rs. 9594.504 Millions
CIN No.: [Company Identification No.]	U74999DL2007PTC160162
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Thin Film Solar Module

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

Maximum Credit Limit :	USD 33400000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears to be huge accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

NOTES :

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

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office / Corporate Office :	43-B, Okhla Industrial Estate, New Delhi – 110020, India
Tel. No.:	91-11-40594444 / 26911570/ 74
Fax No.:	91-11-41635211 / 26911860
E-Mail :	pvinfo@moserbaer.in shares@moserbaer.in
Website :	http://www.moserbaersolar.com
Plant Office :	66B, SEZ Udyog Vihar, Greater Noida, Uttar Pradesh, India
Tel. No.:	91-120-4658000
Branch Office :	Located At : · New Delhi · Pune · Bangalore · Japan · USA

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Deepak Puri
Designation :	Director
Address :	A-187, New Friends Colony, New Delhi – 110065, India
Date of Birth/Age :	28.07.1941
Date of Appointment :	29.03.2007
	00002189

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L51909DL1983PLC015418	Moser Baer India Limited	Managing director	21-03-83	21-03-83	-	Active	NO
2	U40106DL2005PLC143431	Moser Baer Photo Voltaic Limited	Additional director	01-10-11	07-12-05	-	Active	NO
3	U45201DL2006PLC146525	Moser Baer Sez Developer Limited	Managing director	07-01-11	20-02-06	-	Active	NO
4	U74996DL2006PTC149479	Emery Technologies Private Limited	Director	04-06-06	04-06-06	-	Active	NO
5	U22229DL2006PLC153759	Moser Baer Entertainment Limited	Director	14-09-06	14-09-06	-	Active	NO
6	U70109DL2006PLC153948	Moser Baer Infrastructure Limited	Director	16-09-06	16-09-06	06-12-07	Active	NO
7	U40109DL2006PTC153936	Indian Hydro Electric Power Private Limited	Director	16-09-06	16-09-06	29-03-07	Active	NO
8	U29268DL2006PLC154358	Moser Baer Laboratories Limited	Director	27-09-06	27-09-06	-	Active	NO
9	U80103DL2006PLC154426	Solar Research Limited	Director	28-09-06	28-09-06	-	Active	NO
10	U65993DL2007PLC158125	Moser Baer Investments Limited	Director	18-01-07	18-01-07	-	Active	NO
11	U74999DL2007PLC160162	Moser Baer Solar Limited	Director	01-07-08	29-03-07	-	Active	NO
12	U40109DL2007PLC166656	Moser Baer Electric Power Limited	Director	06-08-07	06-08-07	06-12-07	Active	NO
13	U55101DL2007PTC167106	Enwrap Technologies Private Limited	Director	22-08-07	22-08-07	01-12-08	Active	NO
14	U52100DL2007PTC167148	Ganpati Hydro Power Private Limited	Director	22-08-07	22-08-07	12-08-09	Active	YES
15	U74999DL2007PTC167186	Cobol Technologies Private Limited	Director	22-08-07	22-08-07	-	Active	NO
16	U72900HR2007PTC037029	equant network services india private limited	Director	15-09-08	14-09-07	-	Active	NO
17	U74999DL2007PTC205925	Legend Power Private Limited	Director	20-09-07	20-09-07	14-12-09	Active	NO
18	U45400DL2007PLC168594	Moser Baer Infrastructure And Developers Limited	Director	11-07-08	24-09-07	-	Active	NO
19	U45400DL2007PLC169301	Moser Baer Industrial Infrastructure Limited	Director	11-10-07	11-10-07	06-12-07	Active	NO
20	U70102DL2007PLC169300	Moser Baer Industrial Development Limited	Director	11-10-07	11-10-07	06-12-07	Active	NO
21	U40100DL2008PTC175762	Admire Energy Solutions Private Limited	Director	05-04-08	05-04-08	-	Active	NO
22	U40106DL2008PTC175987	Moser Baer Solar Systems Private Limited	Director	05-04-08	05-04-08	-	Active	NO
23	U40106DL2008PTC175725	Pride Solar Systems Private Limited	Director	11-04-08	11-04-08	-	Active	NO
24	U40102DL2008PTC175525	Precious Energy Services Private Limited	Director	11-04-08	11-04-08	02-06-08	Active	NO
25	U74900DL2008PTC177409	Value Solar Energy Private Limited	Director	30-09-09	17-05-08	-	Active	NO
26	U74900DL2008PTC177408	Competent Solar Energy Private Limited	Director	30-09-09	19-05-08	-	Active	NO
27	U40107DL2008PTC179498	Sapphire Hydro Power Private Limited	Director	30-09-09	16-06-08	-	Active	NO
28	U40106PB2008PTC032024	Pulsar Solar Power Private Limited	Director	30-09-09	30-07-08	-	Active	NO
29	U40106DL2008PTC183502	Emery Infrastructure and Developers Private Limited	Director	19-09-08	19-09-08	-	Active	NO
30	U40106DL2008PTC183496	Cobol Infrastructure and Developers Private Limited	Director	19-09-08	19-09-08	-	Active	NO
31	U72100DL2008PTC180423	Swift Powertech Private Limited	Director	30-09-09	20-10-08	-	Active	NO
32	U72100DL2008PTC184452	Cobol Electronics and Solutions Private Limited	Director	22-10-08	22-10-08	-	Active	NO
33	U32109DL2008PTC184448	Cobol Power and Technologies Private Limited	Director	22-10-08	22-10-08	-	Active	NO
34	U31900DL2008PTC184458	Emery Electronics and Solutions Private Limited	Director	23-10-08	23-10-08	-	Active	NO
35	U31900DL2008PTC184457	Aqua Electronics and Solutions Private Limited	Director	23-10-08	23-10-08	14-12-09	Active	NO
36	U45400DL2009PLC195073	Induco Infradevelopers Limited	Additional director	14-12-09	14-12-09	-	Active	NO
37	U40105DL2010PTC199039	Ellencon Power Projects Private Limited	Additional director	22-02-10	22-02-10	-	Active	NO
38	U64200DL2010PTC207522	Augere Wireless Broadband India Private Limited	Additional director	09-09-10	09-09-10	-	Active	NO
39	U74140DL2010PTC208000	Glorify Advisors Private Limited	Additional director	01-10-10	01-10-10	28-01-11	Active	NO

Name :	Mr. Ratul Puri
Designation :	Director
Address :	A-187, New Friends Colony, New Delhi – 110065, India
Date of Birth/Age :	19.07.1972
Date of Appointment :	29.03.2007
DIN No:	00002262

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L51909DL1983PLC015418	Moser Baer India Limited	Director	19-07-00	19-07-00	-	Active	NO
2	U72200DL2000PTC107182	Moser Baer Projects Private Limited	Director	01-11-10	09-11-02	-	Active	NO
3	U40106DL2005PLC143431	Moser Baer Photo Voltaic Limited	Director	19-07-06	07-12-05	21-11-10	Active	NO
4	U45201DL2006PLC146525	Moser Baer Sez Developer Limited	Director	20-02-06	20-02-06	-	Active	NO
5	U22229DL2006PLC153759	Moser Baer Entertainment Limited	Director	14-09-06	14-09-06	-	Active	NO
6	U70109DL2006PLC153948	Moser Baer Infrastructure Limited	Director	16-09-06	16-09-06	25-02-08	Active	NO
7	U29268DL2006PLC154358	Moser Baer Laboratories Limited	Director	27-09-06	27-09-06	14-05-10	Active	NO
8	U80103DL2006PLC154426	Solar Research Limited	Director	28-09-06	28-09-06	14-05-10	Active	NO
9	U65993DL2007PLC158125	Moser Baer Investments Limited	Director	18-01-07	18-01-07	-	Active	NO
10	U74999DL2007PLC160162	Moser Baer Solar Limited	Director	01-07-08	29-03-07	-	Active	NO
11	U40109DL2007PLC166656	Moser Baer Electric Power Limited	Director	06-08-07	06-08-07	25-02-08	Active	NO
12	U55101DL2007PTC167106	Enwrap Technologies Private Limited	Director	22-08-07	22-08-07	01-12-08	Active	NO
13	U52100DL2007PTC167148	Ganpati Hydro Power Private Limited	Director	22-08-07	22-08-07	12-08-09	Active	YES
14	U74999DL2007PTC167186	Cobol Technologies Private Limited	Director	22-08-07	22-08-07	-	Active	NO
15	U74999DL2007PTC205925	Legend Power Private Limited	Director	20-09-07	20-09-07	14-12-09	Active	NO
16	U45400DL2007PLC168594	Moser Baer Infrastructure And Developers Limited	Managing director	01-09-09	24-09-07	-	Active	NO
17	U45400DL2007PLC169301	Moser Baer Industrial Infrastructure Limited	Director	11-10-07	11-10-07	25-02-08	Active	NO
18	U70102DL2007PLC169300	Moser Baer Industrial Development Limited	Director	11-10-07	11-10-07	25-02-08	Active	NO
19	U40100DL2008PTC175762	Admire Energy Solutions Private Limited	Director	05-04-08	05-04-08	-	Active	NO
20	U40106DL2008PTC175987	Moser Baer Solar Systems Private Limited	Director	05-04-08	05-04-08	-	Active	NO
21	U40102DL2008PTC175525	Precious Energy Services Private Limited	Director	11-04-08	11-04-08	02-06-08	Active	NO
22	U40106DL2008PTC175725	Pride Solar Systems Private Limited	Director	11-04-08	11-04-08	-	Active	NO
23	U74900DL2008PTC177409	Value Solar Energy Private Limited	Director	30-09-09	17-05-08	-	Active	NO
24	U74900DL2008PTC177408	Competent Solar Energy Private Limited	Director	30-09-09	19-05-08	-	Active	NO
25	U40107DL2008PTC179498	Sapphire Hydro Power Private Limited	Director	30-09-09	16-06-08	-	Active	NO
26	U40106PB2008PTC032024	Pulsar Solar Power Private Limited	Director	30-09-09	30-07-08	-	Active	NO
27	U40106DL2008PTC183502	Emery Infrastructure and Developers Private Limited	Director	19-09-08	19-09-08	-	Active	NO
28	U40106DL2008PTC183496	Cobol Infrastructure and Developers Private Limited	Director	19-09-08	19-09-08	-	Active	NO
29	U72100DL2008PTC180423	Swift Powertech Private Limited	Director	30-09-09	20-10-08	-	Active	NO
30	U72100DL2008PTC184452	Cobol Electronics and Solutions Private Limited	Director	22-10-08	22-10-08	-	Active	NO
31	U32109DL2008PTC184448	Cobol Power and Technologies Private Limited	Director	22-10-08	22-10-08	-	Active	NO
32	U31900DL2008PTC184458	Emery Electronics and Solutions Private Limited	Director	23-10-08	23-10-08	-	Active	NO
33	U31900DL2008PTC184457	Aqua Electronics and Solutions Private Limited	Director	23-10-08	23-10-08	14-12-09	Active	NO
34	U45400DL2009PLC195073	Induco Infradevelopers Limited	Additional director	14-12-09	14-12-09	-	Active	NO
35	U40105DL2010PTC199039	Ellencon Power Projects Private Limited	Additional director	22-02-10	22-02-10	-	Active	NO
36	U40101MP2008PLC022066	Mb Power (Madhya Pradesh) Limited	Director	30-09-10	18-05-10	-	Active	NO
37	U70101DL2011PTC213058	Optima Infrastructure Private Limited	Additional director	16-03-11	16-03-11	21-03-11	Active	NO

Name :	Mrs. Nita Puri
Designation :	Director
Address :	A-187, New Friends Colony, New Delhi – 110065, India
Date of Birth/Age :	06.10.1945
Date of Appointment :	29.03.2007
DIN No:	00002331

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74999WB1990PTC049302	Ram Kanta Properties Private Limited	Director	11-03-92	11-03-92	-	Active	NO
2	L51909DL1983PLC015418	Moser Baer India Limited	Director	01-05-92	01-05-92	-	Active	NO
3	U74996DL2006PTC149479	Emery Technologies Private Limited	Director	04-06-06	04-06-06	-	Active	NO
4	U40109DL2006PTC153936	Indian Hydro Electric Power Private Limited	Director	16-09-06	16-09-06	29-03-07	Active	NO
5	U70109DL2006PLC153948	Moser Baer Infrastructure Limited	Director	01-02-07	01-02-07	06-12-07	Active	NO
6	U22229DL2006PLC153759	Moser Baer Entertainment Limited	Managing director	29-01-09	01-02-07	-	Active	NO
7	U74999DL2007PLC160162	Moser Baer Solar Limited	Director	01-07-08	29-03-07	-	Active	NO
8	U65993DL2007PLC158125	Moser Baer Investments Limited	Director	13-06-07	11-05-07	-	Active	NO
9	U29268DL2006PLC154358	Moser Baer Laboratories Limited	Director	12-06-07	11-05-07	-	Active	NO
10	U80103DL2006PLC154426	Solar Research Limited	Managing director	12-11-09	11-05-07	-	Active	NO
11	U40109DL2007PLC166656	Moser Baer Electric Power Limited	Director	06-08-07	06-08-07	06-12-07	Active	NO
12	U45400DL2007PLC168594	Moser Baer Infrastructure And Developers Limited	Director	01-09-09	24-09-07	-	Active	NO
13	U45400DL2007PLC169301	Moser Baer Industrial Infrastructure Limited	Director	11-10-07	11-10-07	06-12-07	Active	NO
14	U70102DL2007PLC169300	moser baer industrial development limited	Director	11-10-07	11-10-07	06-12-07	Active	NO
15	U40100DL2008PTC175762	Admire Energy Solutions Private Limited	Director	05-04-08	05-04-08	-	Active	NO
16	U40106DL2008PTC175987	Moser Baer Solar Systems Private Limited	Director	05-04-08	05-04-08	-	Active	NO
17	U40102DL2008PTC175525	Precious Energy Services Private Limited	Director	11-04-08	11-04-08	02-06-08	Active	NO
18	U40106DL2008PTC175725	Pride Solar Systems Private Limited	Director	11-04-08	11-04-08	-	Active	NO
19	U74900DL2008PTC177409	Value Solar Energy Private Limited	Director	30-09-09	17-05-08	-	Active	NO
20	U74900DL2008PTC177408	Competent Solar Energy Private Limited	Director	30-09-09	19-05-08	-	Active	NO
21	U40106DL2005PLC143431	Moser Baer Photo Voltaic Limited	Additional director	01-10-11	20-05-08	-	Active	NO
22	U40106PB2008PTC032024	Pulsar Solar Power Private Limited	Director	30-09-09	30-07-08	-	Active	NO
23	U45201DL2006PLC146525	Moser Baer Sez Developer Limited	Director	30-09-10	30-10-09	-	Active	NO
24	U45400DL2009PLC195073	Induco Infradevelopers Limited	Additional director	14-12-09	14-12-09	-	Active	NO
25	U40105DL2010PTC199039	Ellencon Power Projects Private Limited	Additional director	06-09-10	06-09-10	-	Active	NO
26	U74140DL2010PTC208000	Glorify Advisors Private Limited	Additional director	01-10-10	01-10-10	28-01-11	Active	NO

Name :	Mr. Bernard Hermann Gallus
Designation :	Director
Address :	C/Del Rio Escalona, 9 E-03739, Javea Alicante, Spain
Date of Birth/Age :	05.05.1933
Date of Appointment :	28.10.2009
DIN No:	00138901

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L51909DL1983PLC015418	Moser Baer India Limited	Director	23-01-03	23-01-03	-	Active	NO
2	U40106DL2005PLC143431	Moser Baer Photo Voltaic Limited	Director	30-09-10	24-01-06	21-11-10	Active	NO
3	U74999DL2007PLC160162	Moser Baer Solar Limited	Director	30-09-10	28-10-09	-	Active	NO
4	U29268DL2006PLC154358	Moser Baer Laboratories Limited	Director	21-09-10	12-05-10	-	Active	NO
5	U80103DL2006PLC154426	Solar Research Limited	Director	21-09-10	12-05-10	-	Active Bottom of Form

KEY EXECUTIVES

Name :	Mr. Amitava Banerjee
Designation :	Secretary
Address :	F-43, Katwaria Sarai, Flat No.06, hauzkhas, New Delhi – 110016, India
Date of Birth/Age :	26.09.1977
Date of Appointment :	01.02.2010

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders (Equity Shares)	No. of Shares
MB Solar Holdings Limited	552000398
Saurabh Mathur	1
P.N. Pant	1
Shweta Chopra	1
Aditya Singh Yadav	1
Pawan Saini	1
Ruche Sharm	1
Total	552000404

Names of Shareholders (Preference Shares – Series A)	No. of Shares
IDFC Trustee Company Limited	157160000
Infrastructure Development Finance Company Limited	39290000
Total	196450000
Names of Shareholders (Preference Shares – Series B)	No. of Shares
IDFC Trustee Company Limited	43000000
Infrastructure Development Finance Company Limited	22000000
Total	65000000
Names of Shareholders (Preference Shares – Series C)	No. of Shares
Moser Baer India Limited	146000000
Total	146000000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2010

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	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Thin Film Solar Module

Product :

Item Code No.	Product Description
8541.40	Thin Film Solar Module

GENERAL INFORMATION

Bankers :

Punjab National Bank, Large Corporate Branch, Tolstoy House, Tolstoy Marg, New Delhi – 110001, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Term Loan
From Banks
Rupee Loans	1067.912	1194.300
Add : Interest Accrued and Due	6.148	7.613
Foreign Currency Loans	1250.388	1387.343
Add : Interest Accrued and Due	0.436	0.436
Other Loans
Short Term Rupee Loan from Bank
Working Capital Facility	470.679	251.294
Secured by lien on Fixed deposits	90.469	226.093
Total	2886.032	3067.081
Note : Rupee Term Loan From Indian Overseas Bank and EXIM Bank and Foreign Currency Term Loans from Indian Overseas Bank, Union Bank of India, Exim Bank Of ECB Loan from Bank Of Baroda are secured by first pari Passu Charge by way of hypothecation over the entire immovable fixed assets (present and Future) of the company and 21000 Square meter of Land Situated at Plot 66B, Udyog Vihar, Greater Noida together with building and Structure constructed / to be constructed including all fixed plant and Machinery Working capital Limit from State Bank of India is secured by a first pari passu charge by way of hypothecation over the current assets of the company and second pari passu charge by way of hypothecation over the entire movable fixed assets of the company Principal amount of Term Loan repayable within one Year Rs. 400.840 millions
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
From Others
Loan from Moser Bear Photo Voltic Limited (Subsidiary Company)	1669.746	0.000
Finance Lease Liability	3392.951	499.854
Total	5062.698	499.854

Banking Relations :	----
Auditors :
Name :	Price Waterhouse Chartered Accountants
Address :	Building 8, 7^th and 8^th Floor, Tower, Tower –B DLF Cyber City, Gurgaon – 122002, Haryana, India
Subsidiaries Companies :	· Moser Baer Photo Voltaic Limited · Perafly Limited, Cyprus · Nicofly Limited, Cyprus · Perasoft Limited, Cyprus · Dalecrest Limited, Cyprus · Crownglobe Limited, Cyprus · Admire Energy Solutions Private Limited · Arise Solar Energy Private Limited · Competent Solar Energy Private Limited · Pride Solar Systems Private Limited · Value Solar Energy Private Limited · Moser Baer Photovoltaic Incorporation, USA

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
572000450	Equity Shares	Rs.10/- each	Rs. 5720.004 Millions
451450000	Preference Shares	Rs.10/- each	Rs. 4514.500 Millions
	Total		Rs. 10234.504 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
552000404	Equity Shares	Rs.10/- each	Rs. 5520.004 Millions
196450000	Non Cumulative, Fully Convertible Dividend bearing Class A Preference Shares fully paid in Cash	Rs. 10/- each	Rs. 1964.500 Millions
65000000	Non Cumulative Fully Convertible Re. 1 Dividend Bearing Class B Preference Share fully paid in Cash	Rs. 10/- each	Rs. 650.000 millions
146000000	Non Cumulative Redeemable Re. 1 Dividend Bearing Class C Preference Share fully paid in Cash	Rs. 10/- each	Rs. 1460.000 Millions
	Total		Rs. 9594.504 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		9594.504	7989.667	3742.425
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(1254.827)	(201.915)	(156.822)
NETWORTH		8339.677	7787.752	3585.603
LOAN FUNDS
1] Secured Loans		2886.032	3067.081	1191.173
2] Unsecured Loans		5062.698	499.854	31.104
TOTAL BORROWING		7948.730	3566.935	1222.277
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		16288.407	11354.687	4807.880
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6494.644	539.483	4.791
Capital work-in-progress		180.811	3311.748	2764.905
INVESTMENT		7538.992	3608.891	2864.482
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	834.559	419.524	2.631
	Sundry Debtors	160.712	0.000	0.000
	Cash & Bank Balances	236.541	1571.104	369.853
	Other Current Assets	11.927	109.166	4.365
	Loans & Advances	1809.574	2491.634	16.376
Total Current Assets		3053.313	4591.428	393.225
Less : CURRENT LIABILITIES & PROVISIONS
	Other Current Liabilities	971.934	693.242	1218.777
	Provisions	7.419	3.621	0.746
Total Current Liabilities		979.353	696.863	1219.523
Net Current Assets		2073.960	3894.565	(826.298)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		16288.407	11354.687	4807.880

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales	359.914	0.000	0.000
		Other Income	332.533	476.075	42.586
		TOTAL (A)	692.447	476.075	42.586
Less	EXPENSES
		Raw Material and Components Consumed	746.880	208.582	0.000
		Packing Material Consumed	33.123	0.000	0.000
		Stores, Spares and Tools Consumed	41.288	0.000	0.000
		Personnel Expenses	213.996	156.050	14.876
		Administration and Other Expenses	592.356	269.367	162.177
		Increase / Decrease in Stock	(406.022)	(208.582)	0.000
		TOTAL (B)	1221.621	425.417	177.053
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(529.174)	50.658	(134.467)
Less	FINANCIAL EXPENSES (D)		232.852	80.876	22.044
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(762.026)	(30.218)	(156.511)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		291.052	22.497	0.158
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		(1053.078)	(52.715)	(156.669)
Less	TAX (H)		0.166	0.847	0.153
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		(1052.912)	(53.562)	(156.822)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		201.915	156.822	0.000
	BALANCE CARRIED TO THE B/S		1254.827	201.915	156.822
	IMPORTS
		Raw Materials	NA	159.625	1.800
		Stores & Spares	NA	122.025	0.280
		Capital Goods	NA	499.230	2689.269
	TOTAL IMPORTS		NA	780.880	2691.349
	Earnings/ (Loss) Per Share (Rs.)		(1.95)	(0.15)	(291.29)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(152.05)	(11.25)	(368.24)
Net Profit Margin (PBT/Sales)	(%)	(292.59)	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	(11.02)	(1.02)	(39.36)
Return on Investment (ROI) (PBT/Networth)		(0.12)	(0.00)	(0.04)
Debt Equity Ratio (Total Liability/Networth)		1.07	0.54	0.68
Current Ratio (Current Asset/Current Liability)		3.11	6.58	0.32

LOCAL AGENCY FURTHER INFORMATION

NOTE :

The Registered office address of the company has been shifted from C-484, Sector 19, Rohini, Delhi – 110085, India to Present address w.e.f. 29.03.2007.

MARKET ENVIRONMENT AND OUTLOOK

While the financial year 2009-10 ended with a rebound of the Solar Industry and the market, the year had started out as a challenging one for the global solar industry, given the rolling effect of the global economic meltdown, the consequent credit crunch and an unexpected cap in the incentive program by the Spanish Government. Added to this was the huge capacity build-up of photovoltaic capacities in Asia and the huge consequent demand-supply mismatch and the downturn of the previous year continued till September 2009.

However, after a dull first half, growth rebounded in the second half of the year with improving credit conditions. All major markets remained firm, with the strongest growth evident in Germany, Italy and Japan. Moreover new markets like USA, Czech Republic, Belgium, France and India are now emerging with attractive incentive programs and increasing the size of the overall market pie. The December rush for installations in Germany resulted in an upward revision in the estimated annual installations for the industry at 7.2 GW for 2009 as compared to 6.3 GW in 2008 as per European Photovoltaic Industry Association. This added up to cumulative installations of 22GW worldwide till 2009 end. However, selling prices remained a challenge during the year.

As global economies take action to mitigate climate change, the global energy infrastructure is set to undergo a fundamental reshaping to create a prominent role for the renewable energy sector. Renewable electricity represented 2.5% of worldwide electricity generation in 2008 and could represent more than 20% of worldwide electricity generation, as policies to promote renewable energy are implemented globally over the next 20 years as per an independent analyst report.

AN OVERVIEW OF DEVELOPMENTS:

While this happens to be the first commercial production year for the company, significant traction was seen to establish the Company as a cutting-edge technology player in Amorphous-Silicon Thin Film module. It took us considerably longer than anticipated to stabilize the line and understand the technical parameters and acquire the skills necessary to run such a complex and fully automated line. However, by the onset of the winter months, they were able to run the line efficiently with substantial improvement in all technical metrics. In the last quarter of the year, the Company switched from producing quarter-panels to full-panels (5.72 square meters) which will give the company a unique selling proposition in the market in the coming years since it reduces the customer’s real-estate and balance-of-systems costs and enable the company to compete more effectively with Crystalline Silicon technology which has become more cost effective due to the huge fall in silicon prices. On the efficiency improvement front too, their process team has effectively achieved world’s highest single junction Amorphous- Silicon thin-film module efficiency of 7.3% on the existing production lines with process re-engineering in the laboratory and we are slowly ramping it up on commercial scale.

This is a significant achievement as this has been done without any capital expenditure and completely in-house, demonstrating the Company’s technological prowess. Once fully commercialized, this would also take up their capacity to almost 50 MW pa from the present 40 MW pa at the Greater Noida Plant. In view of the market expansion, on the distribution and marketing side, the Company has taken a decision to go direct to the customers in order to develop the feel of the market and to help serve customers better.

FUTURE PLAN OF ACTION:

· A major initiative has been launched to drive full size module manufacturing

· cost down by working out various strategies including stabilizing module

· efficiencies, improving throughput & achieving a better OEE and Plant yield

· Work towards increased efficiency. The same would be possible by:-

· Integrating tandem technology with textured TCO substrates;

· Improving the back reflection layer

Bankers Charges Report as per Registry

Corporate identity number of the company	U74999DL2007PLC160162
Name of the company	Moser Baer Solar Limited
Address of the registered office or of the principal place of business in India of the company	43-B, Okhla Industrial Estate, New Delhi - 110020, India
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge) Others
Particular of charge holder	Punjab National Bank, Large Corporate Branch, Tolstoy House, Tolstoy Marg, New Delhi – 110001, India
Nature of instrument creating charge	Hypothecation Agreement of Current Assets Dated 28.03.2011
Date of instrument Creating the charge	28/03/2011
Amount secured by the charge	Rs. 500.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Base Rate +4% i.e 13.50% per annum presently payable at monthly rests. Terms of repayment The working capital demand loan to be repaid at the end of 4th month from the date of drawdown. It shall be adjusted out of the regular fbwc limit to be sanctioned by punjab national bank or any other bank and in case it is not tied up, the company shall repay the same from its own sources. Margin NIL Extent and operation of the charge Charge in favour of Punjab National Bank, LCB, Tolstoy House, New Delhi is first pari passu charge by way of hypothecation of stock of raw material, stock in process, finished goods, packing material and stores and spares including stocks lying at depots , in transit, go-downs and docks and book debts, both present and futures, o/s decrees, money receivables, Government subsidies, claims, bill contracts and investment any other current asset present and future with the working capital lenders. Other To meet shortfall in working capital requirements .prepayment at the rate of 1%, if paid before three months, otherwise nil.
Short particulars of the property charged (Including location of the property)	Current assets of the company including raw material and other stock lying at the site, stores, spares, stock in transit, finished goods and book debts, outstanding decrees, money receivables. Government subsidies, claims, bill contracts and investments. All other securities as extended for the working capital facilities shall apply mutatis-mutandis for the present facility.

FIXED ASSETS :

· Leasehold Improvements

· Plant and Machinery

· Furniture and Fixtures

· Vehicles

· Office Equipments

· Computers

· Software

· Buildings

· Utilities

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 records 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 records 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. 49.25
UK Pound	1	Rs. 78.73
Euro	1	Rs. 67.64

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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
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	-

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.