1. Summary Information

		Country	India
Company Name	TATA BP SOLAR INDIA LIMITED	Principal Name 1	Mr. Prasad Raghava Menon
Status	Good	Principal Name 2	Mr. Adi Jehangir Engineer
		Registration #	08-34989
Street Address	Plot No. 78, Electronics City, Hosur Road, Bangalore – 560100, Karnataka
Established Date	27.11.1989	SIC Code	--
Telephone#	91-80-2235 8465 / 2852 00 81	Business Style 1	Manufacturer
Fax #	91-80-2852 0972 / 2852 0116	Business Style 2	Saler
Homepage	http://www.tatabpsolar.com http://www.tatabp.com	Product Name 1	Solar Photovoltaic Systems
# of employees	202 [Approximately]	Product Name 2	Solar Modules
Paid up capital	Rs.1,127,757,000/-	Product Name 3	Solar Cells
Shareholders	Foreign Holdings 51%, Bodies Corporate 49%	Banking	State Bank of India
Public Limited Corp.	NO	Business Period	22 Years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	Aa [73]
Related Company
Relation	Country	Company Name	CEO
Holding Company	UK	BP Alternative Energy Holdings Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	4,256,207,000	Current Liabilities	1,784,155,000
Inventories	1,324,064,000	Long-term Liabilities	3,063,817,000
Fixed Assets	1,421,102,000	Other Liabilities	832,411,000
Deferred Assets	000	Total Liabilities	5,680,383,000
Invest& other Assets	3,184,658,000	Retained Earnings	3,377,891,000
		Net Worth	4,505,648,000
Total Assets	10,186,031,000	Total Liab. & Equity	10,186,031,000
Total Assets (Previous Year)	11,321,230,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	9,764,103,000	Net Profit	263,911,000
Sales(Previous yr)	11,470,599,000	Net Profit(Prev.yr)	605,650,000

MIRA INFORM REPORT

Report Date :

12.10.2011

IDENTIFICATION DETAILS

Name :	TATA BP SOLAR INDIA LIMITED
Registered Office :	Plot No. 78, Electronics City, Hosur Road, Bangalore-560100, Karnataka
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	27.11.1989
Com. Reg. No.:	08-34989
Capital Investment / Paid-up Capital :	Rs.1127.757 Millions
CIN No.: [Company Identification No.]	U40106KA1989PLC034989
TAN No.: [Tax Deduction & Collection Account No.]	BLRT00399A
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturer and Saler of Solar Photovoltaic Systems and Modules and Solar Cells.
No. of Employees :	202 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Aa (73)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 18000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a joint venture between BP Alternative Energy Holdings Limited, UK and The Tata Power Company Limited, India. It is a well established and a reputed company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. Company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
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 / Corporate Office / Factory:	Plot No. 78, Electronics City, Hosur Road, Bangalore-560100, Karnataka, India
Tel. No.:	91-80-2235 8465 / 2852 00 81 / 2852 0116 / 28520105 / 2852 10 17 / 2852 10 18 / 6660 1300 / 4070 2000 / 40702200 / 4070 3000
Fax No.:	91-80-2852 0972 / 2852 0116
E-Mail :	tatabp@solar.ind.top.com tatabp@tatabp.com gurud@tatabp.com
Websites :	http://www.tatabpsolar.com http://www.tatabp.com
Corporate Office 2:	Block A Shivsagar Estate Dr. A B Road, Worli, Mumbai-400018, Maharashtra, India
Factory 2 :	Survey No. Part 43 and Part 44, Phase II, Electronics City, Hosur Road, Bangalore - 560 100, Karnataka, India
Factory 3 :	Plot No. 28/B, Electronics City, Hosur Road, Bangalore - 560100, Karnataka, India
Support Centres :	Located At: v Ahmedabad v Allahabad v Aurangabad v Bangalore v Bhopal v Borsad v Bhubaneshwar v Kolkata v Coimbatore v Goa v Guwahati v Hyderabad v Jaipur v Jalandhar v Jalgaon v Jammu Tawi v Kancheepuram v Kanpur v Kochi v Lucknow v Madel Margaon v Madurai v Mumbai v Mysore v Nagpur v New Delhi v Patna v Pondicherry v Pune v Rajkot v Ranchi v Sangli v Shimoga v Solapur v Vadodara
Regional offices:	Located At v Kolkata v New Delhi v Jammu and Kashmir v Lucknow v Chandigarh v Pune v Ahemdabad v Bangalore v Raipur v Noida

DIRECTORS

As on 17.06.2011

Name :

Mr. Banmali Agrawala

Designation :

Director

Address:

201-202, Kalpataru Horizon, Dr. Annie Besant Road, Behind Dunlop House, S K Ahire Marg, Worli, Mumbai – 400018, Maharashtra, India

Date of Birth:

30.04.1963

Date of Appointment:

14.05.2009

DIN :

00120029

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	U99999MH1986PLC062170	WARTSILA INDIA LIMITED	Managing director	18-12-02	18-12-02	14-02-08	Active	NO
2	L28920MH1919PLC000567	THE TATA POWER COMPANY LIMITED	Director	10-09-08	15-02-08	-	Active	NO
3	U40105DL2001PLC110714	POWERLINKS TRANSMISSION LIMITED	Director	27-05-09	18-07-08	-	Active	NO
4	U45203AP1979PLC057431	TATA PROJECTS LIMITED	Director	01-09-09	30-09-08	-	Active	NO
5	U74899DL2000PLC106999	MAITHON POWER LIMITED	Director	17-07-09	22-10-08	-	Active	NO
6	U40106KA1989PLC034989	TATA BP SOLAR INDIA LIMITED	Director	28-07-09	14-05-09	-	Active	NO

Name :

Mr. Sashi Mukundan

Designation :

Alternate Director

Address:

No.1, Sardar Patel Marg, Chanakyapuri, New Delhi – 110021, Delhi, India

Date of Birth/Age

31.07.1957

Date of Appointment :

29.04.2010

DIN :

02519725

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	U40200PN2008FTC139032	FIRST ENERGY PRIVATE LIMITED	Additional director	28-01-09	28-01-09	24-07-09	Active	NO
2	U51209MH1978PLC020456	B P INDIA LIMITED	Director	19-03-09	19-03-09	-	Active	NO
3	L23200MH1979PLC021359	CASTROL INDIA LIMITED	Nominee director	21-04-09	21-04-09	-	Active	NO
4	U40106KA1989PLC034989	TATA BP SOLAR INDIA LIMITED	Alternate director	30-04-11	23-04-09	-	Active	NO

Name :

Mr. Sowmyan Ramakrishnan

Designation :

Alternate Director

Address:

D-9, INcometax office, RS Colony, Peddar Road, Mumbai – 400026, Maharashtra, India

Date of Birth:

19.02.1949

Date of Appointment:

29.04.2010

Din :

0005090

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	U45203AP1979PLC057431	TATA PROJECTS LIMITED	Director	14-07-87	14-07-87	25-09-08	Active	NO
2	U99999MH1942PLC003573	TATA HOUSING DEVELOPMENT COMPANY LIMITED	Director	25-03-94	25-03-94	13-09-10	Active	NO
3	L32200MH1986PLC040652	AGC NETWORKS LIMITED	Director	15-10-01	15-10-01	21-05-11	Active	NO
4	L28920MH1919PLC000567	THE TATA POWER COMPANY LIMITED	Whole-time director	01-10-09	01-10-04	-	Active	NO
5	U40105DL2001PLC110714	POWERLINKS TRANSMISSION LIMITED	Nominee director	03-12-04	03-12-04	25-09-08	Active	NO
6	U65990MH1979PLC021037	AF-TAAB INVESTMENT COMPANY LIMITED	Director	15-12-04	15-12-04	-	Active	NO
7	U40100MH2003PLC143770	TATA POWER TRADING COMPANY LIMITED	Director	28-12-04	28-12-04	-	Active	NO
8	L32200MH1940PLC003164	NELCO LIMITED	Director	31-10-05	31-10-05	-	Active	NO
9	U74899DL2000PLC106999	MAITHON POWER LIMITED	Director appointed in casual vacancy	25-04-11	30-11-05	-	Active	NO
10	U40109DL2001PLC111526	NORTH DELHI POWER LIMITED	Director	23-07-10	15-12-05	-	Active	NO
11	L28932PN1990PLC016314	AUTOMOTIVE STAMPINGS AND ASSEMBLIES LIMITED	Director	29-12-05	29-12-05	27-01-10	Active	NO
12	U74999MH2007PLC167623	INDUSTRIAL ENERGY LIMITED	Director	07-02-07	07-02-07	23-05-08	Active	NO
13	U74999MH2007PLC168291	INDUSTRIAL POWER UTILITY LIMITED	Additional director	25-07-11	01-03-07	-	Active	NO
14	U40108MH2007PLC168314	TATA POWER RENEWABLE ENERGY LIMITED	Director	20-06-11	02-03-07	-	Active	NO
15	U40102MH2006PLC182213	COASTAL GUJARAT POWER LIMITED	Director	07-08-07	22-04-07	-	Active	NO
16	U40106KA1989PLC034989	TATA BP SOLAR INDIA LIMITED	Alternate director	30-04-11	28-07-09	-	Active	NO
17	U40108MH2011PLC211851	TATA POWER GREEN ENERGY LIMITED	Director	05-01-11	05-01-11	25-05-11	Active	NO

Name :

Mr. Adi Jehangir Engineer

Designation :

Director

Address:

A – 8, Salisbury Apartments, Ahura Cooperative, Salisbury Park 55/2, Gultekdi, Pune 411037, Maharashtra, India

Date of Birth :

27.08.1937

Date of Appointment:

20.07.2006

DIN :

00016320

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	U63020MH1970PLC014572	CHEMICAL TERMINAL TROMBAY LIMITED	Director	01-10-99	01-10-99	-	Active	NO
2	U26933KL1991PLC006018	TATA CERAMICS LIMITED	Nominee director	06-10-00	06-10-00	13-09-07	Active	NO
3	U45200MH1921PLC000866	THE ASSOCIATED BUILDING COMPANY LIMITED	Director	10-10-00	10-10-00	-	Active	NO
4	U11100MH1993PLC134095	TATA PETRODYNE LIMITED	Director	30-03-01	30-03-01	20-06-07	Active	NO
5	U45203AP1979PLC057431	TATA PROJECTS LIMITED	Director	27-06-01	27-06-01	-	Active	NO
6	U40109DL2001PLC111526	NORTH DELHI POWER LIMITED	Nominee director	01-07-02	01-07-02	-	Active	NO
7	L28920MH1919PLC000567	THE TATA POWER COMPANY LIMITED	Director	19-11-03	19-11-03	-	Active	NO
8	U40106KA1989PLC034989	TATA BP SOLAR INDIA LIMITED	Director	20-07-06	20-07-06	-	Active	NO
9	L31300MH1967PLC016531	FINOLEX CABLES LIMITED	Director	23-10-07	23-10-07	-	Active	NO

Name :

Mr. Prasad Raghava Menon

Designation :

Managing Director

Address:

50-F, Lovedale Pedder Road, Mumbai 400026, Maharashtra, India

Date of Birth/Age

23.01.1946

Date of Appointment :

23.07.2007

DIN :

00005078

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	U51909MH1957PLC010942	TATA SERVICES LIMITED	Director	06-12-00	06-12-00	19-11-07	Active	NO
2	U63020MH1970PLC014572	CHEMICAL TERMINAL TROMBAY LIMITED	Director	01-11-02	01-11-02	25-07-08	Active	NO
3	U45203AP1979PLC057431	TATA PROJECTS LIMITED	Director	18-12-02	18-12-02	-	Active	NO
4	L36992MH1948PLC014083	RALLIS INDIA LIMITED	Director	24-03-03	24-03-03	26-05-07	Active	NO
5	U44003MH1945PLC004403	TATA INDUSTRIES LIMITED	Director	10-05-05	10-05-05	-	Active	NO
6	L28920MH1919PLC000567	THE TATA POWER COMPANY LIMITED	Director	08-08-07	16-10-06	31-01-11	Active	NO
7	L24239MH1939PLC002893	TATA CHEMICALS LIMITED	Director	27-07-07	30-10-06	-	Active	NO
8	U65990MH1979PLC021037	AF-TAAB INVESTMENT COMPANY LIMITED	Director	18-06-07	23-11-06	31-01-11	Active	NO
9	U74899DL2000PLC106999	MAITHON POWER LIMITED	Nominee director	08-12-06	08-12-06	01-09-08	Active	NO
10	U26933KL1991PLC006018	TATA CERAMICS LIMITED	Director	13-09-07	03-02-07	-	Active	NO
11	U40105DL2001PLC110714	POWERLINKS TRANSMISSION LIMITED	Additional director	19-02-07	19-02-07	25-09-08	Active	NO
12	U40109DL2001PLC111526	NORTH DELHI POWER LIMITED	Director	24-08-07	14-03-07	03-02-11	Active	NO
13	U40102MH2006PLC182213	COASTAL GUJARAT POWER LIMITED	Director	07-08-07	22-04-07	29-01-11	Active	NO
14	L32200MH1940PLC003164	NELCO LIMITED	Director	20-07-07	20-07-07	-	Active	NO
15	U40106KA1989PLC034989	TATA BP SOLAR INDIA LIMITED	Director	23-07-07	23-07-07	-	Active	NO
16	L65110GJ1993PLC020769	AXIS BANK LIMITED	Director	17-06-11	09-10-10	-	Active	NO
17	U74210MH1999PLC123010	TATA CONSULTING ENGINEERS LIMITED	Director	30-06-11	01-02-11	-	Active	NO
18	L29130MH1961PLC011980	SKF INDIA LIMITED	Director appointed in casual vacancy	08-03-11	08-03-11	-	Active	NO

Name :

Mr. Anthony Petrucci Mike

Designation :

Director

Address:

1442 E, Caroline Lane, Tempe 85284

Date of Birth/Age

11.01.1958

Date of Appointment :

12.03.2008

DIN :

02178524

Name :

Emilio Camblor Gracia

Designation :

Director

Address:

Numancia Bloque, 1 Madrid, Pin Code 28039, Spain

Date of Birth/Age

27.06.1963

Date of Appointment :

06.08.2010

DIN :

03326156

KEY EXECUTIVES

Name :	Mr. Guru Dattatreya
Designation :	Secretary
Address :	No. 495, 11^th Cross, 4^th‘D’ Main West of Chord Road, Mahalakshmipuram, Bangalore-560086, Karnataka, India
Date of Birth/Age :	20.05.1961
Date of Appointment :	29.06.1992
Name :	Mr. Krishnappa Subramanya
Designation :	Manager
Address :	Tata Sherwood Housing, Complex A22, Sycamore, Vibhutipura Basavnagar, Bangalore 560037, Karnataka, India
Date of Birth/Age :	12.06.1953
Date of Appointment :	01.09.2006

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 17.06.2011

Names of Shareholders	No. of Preferences Shares	No. of Equity Shares
BP Alternative Energy Holdings Limited, UK	2295000	3456567
The Tata Power Company Limited, India	2205000	3320994
Tata Power Company Limited, India Jointly with As Bapat	--	1
Tata Power Company Limited, India Jointly with Ramakrishnan	--	1
Tata Power Company Limited, India Jointly with RK Kanga	--	1
Tata Power Company Limited, India Jointly with B J Shroff	--	1
Tata Power Company Limited, India Jointly with HM Mistry	--	1
Tata Power Company Limited, India Jointly with Mr. Amulya Charan	--	1
Total	4500000	6777567

As on 17.06.2011

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]	51.00
Bodies corporate	49.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Saler of Solar Photovoltaic Systems and Modules and Solar Cells.

Products :

Products Description	ITC Code No.
Solar Power Generating Systems	8541.40
Solar Collectors	NA

v Solar Cells

v Educational Kits and Aids

v Emergency Lights

v Solar Lighting Systems

v Navigational Aids

v Pumps ( Water Lifting)

v Solar Cell Panels

v Solar Power Systems

v Solar (Lanterns) and Solar Garden Lights

PRODUCTION STATUS (As on 31.03.2010)

Particulars	Unit	Actual Production
Solar Cells	KW	23892
Solar Modules	KW	69650

GENERAL INFORMATION

No. of Employees :

202 [Approximately]

Bankers :

v State Bank of India, Industrial Finance Branch, Residency Road, Bangalore 560025, Karnataka, India

v BNP Paribas, Bangalore Branch, M.G. Road, Bangalore-560100, Karnataka, India

v Calyon Bank

Facilities :

SECURED LOANS	31.03.2010 (Rs in millions)	31.03.2009 (Rs in millions)
Term Loan from Indian Renewable Energy Development Agency Limited Amount due within 1 year Rs. nil [Secured by equitable mortgage of all movable fixed assets]	0.000	37.982
Cash Credit arrangement with Banks	305.066	669.292
(Secured by hypothecation of stores, raw materials, work in progress, finished goods and book debts)
Total	305.066	707.274
UNSECURED LOANS
Term Loan from Indian Renewable Energy Development Agency Limited Amount due within 1 year Rs.10.837 millions	23.951	0.000
Term Loan from BNP Paribos Bank, Singapore	774.860	874.650
Term loan from Calyon Bank	774.860	874.650
Term loan from BP Alternati ve Energy Holdings Limited, UK	1185.080	1337.700
Total	2758.751	3087.000

Banking Relations :	--
Auditors :
Name :	Deloittee Haskins and Sells Chartered Accountants
Address :	Deloittee Centre, Anchorage II, 100/2, Richmond Road, Bangalore 560025, Karnataka, India
Holding Company:	BP Alternative Energy Holdings Limited

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs. 100/- each	Rs. 1000.000 Millions
5000000	Redeemable Cumulative Non-Convertible Preference Shares	Rs. 100/- each	Rs. 500.000 Millions
	Total		Rs. 1500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6777567	Equity Shares	Rs. 100/- each	Rs. 677.757 Millions
4500000	9% Redeemable Cumulative Non-Convertible Preference Shares	Rs. 100/- each	Rs. 450.000 Millions
	Total		Rs. 1127.757 Millions

• Note - BP Alternative Energy Holdings Limited, U.K. the holding company holds 3,456,567 Equity Shares of Rs. 100/- each fully paid up

• BP Alternative Energy Holdings Limited holds 2,295,000 Preference Shares of RS. 100/- each fully paid up

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		1127.757	1127.757	1127.757
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3377.891	3304.092	2888.555
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		4505.648	4431.849	4016.312
LOAN FUNDS
1] Secured Loans		305.066	707.275	1071.921
2] Unsecured Loans		2758.751	3087.000	0.000
TOTAL BORROWING		3063.817	3794.275	1071.921
DEFERRED TAX LIABILITIES		266.800	280.610	166.260
TOTAL		7836.265	8506.734	5254.493
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1421.102	1475.451	1316.818
Capital work-in-progress		3184.658	2856.896	2824.604
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1324.064	1505.078	1084.248
	Sundry Debtors	1700.679	1922.719	2285.079
	Cash & Bank Balances	1368.710	1714.761	1023.925
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1186.818	1846.325	1012.319
Total Current Assets		5580.271	6988.883	5405.571
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	145.027	91.262	119.200
	Sundry Creditors	1639.128	2199.979	3283.167
	Provisions	565.611	523.255	890.133
Total Current Liabilities		2349.766	2814.496	4292.500
Net Current Assets		3230.505	4174.387	1113.071
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		7836.265	8506.734	5254.493

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	9764.103	11470.599	9098.410
		Other Income	61.666	531.774	69.535
		TOTAL (A)	9825.769	12002.373	9167.945
Less	EXPENSES
		Materials	8011.847	9402.935	7570.846
		Manufacturing, Selling and Administrative Expenses	1046.564	1088.113	944.803
		Exceptional Items	148.206	318.909	0.000
		TOTAL (B)	9206.617	10809.957	8515.649
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		619.152	1192.416	652.296
Less	FINANCIAL EXPENSES (D)		13.451	52.046	54.747
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		605.701	1140.370	597.549
Less/ Add	DEPRECIATION/ AMORTISATION (F)		254.800	240.260	153.073
	PROFIT BEFORE TAX (E-F) (G)		350.901	900.110	444.476
Less	TAX (I)		86.990	294.460	154.490
	PROFIT AFTER TAX (G-I) (J)		263.911	605.650	289.986
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1395.870	1050.333	935.023
Less	APPROPRIATIONS
		Transfer to General Reserve	25.000	70.000	25.000
		Dividend on pref. shares	40.500	40.500	40.500
		Tax on pref. share Dividend	6.883	6.884	6.883
		Proposed Dividend on Equity shares	121.996	121.996	87.434
		Tax on proposed Dividend	20.733	20.733	14.859
	BALANCE CARRIED TO THE B/S		1444.669	1395.870	1050.333
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	7301.746	9086.457	6801.090
		Services	23.186	10.437	14.813
	TOTAL EARNINGS		7324.932	9096.894	6815.903
	IMPORTS
		Materials	6721.467	8898.003	6228.064
		Capital Goods	287.535	2375.495	285.883
	TOTAL IMPORTS		7009.002	11273.498	6513.947
	Earnings Per Share (Rs.)		31.95	82.37	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.68	5.05	3.16
Net Profit Margin (PBT/Sales)	(%)	3.59	7.85	4.88
Return on Total Assets (PBT/Total Assets}	(%)	5.01	10.63	6.61
Return on Investment (ROI) (PBT/Networth)		0.08	0.20	0.11
Debt Equity Ratio (Total Liability/Networth)		1.20	1.49	1.34
Current Ratio (Current Asset/Current Liability)		2.37	2.48	1.26

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL HIGHLIGHTS

During the year, the turnover of the Company is decreased by 15% to Rs.9764.10 millions from Rs.11470.60 millions in the corresponding previous year. Profit before lax and exceptional items was lower at Rs.499.11 millions as against Rs.1219 02 millions in the corresponding previous year. Profit after tax was lower at Rs.263.91 millions as against Rs.605.65 millions in the previous year The reduction in turnover and profits was mainly contributed by Global Recession.

OPERATIONS

The production of Solar Cells for 2009-2010 was 23,892 KW as against 40,178 KW in 20O8 - 2009. The production of Solar Modules in 2009- 2010 was 69,650 KW as against 64,450 KW in 2008 - 2009.

During the year company started expansion of its cell capacity by starting cell line 3 of 32 MW. After the end of the year, the Company commissioned and started trial run of manufacture of Solar Cells.

Bankers Charges Report as per Registry

Corporate identity number of the company	U40106KA1989PLC034989
Name of the company	TATA BP SOLAR INDIA LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 78, Electronics City, Hosur Road, Bangalore-560100, Karnataka, India
This form is for	Modification of Charge
Charge identification number of the charge to be modified	80028704
Type of charge	Book Debts Movable property (not being pledge) Floating Charge
Particular of charge holder	State Bank of India, Industrial Finance Branch, Residency Road, Bangalore 560025, Karnataka, India Email: sbi.11349@sbi.co.in
Nature of instrument creating charge	Joint deed of hypothecation dated 28.04.2011 Inter-se Pari Passu Agreement between the participating Banks dated 29.04.2011
Date of instrument Creating the charge	28.04.2011
Amount secured by the charge	Rs. 3475.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest as per the agreement Terms of repayment as per the agreement Margin Raw Materials 25%, Stock-in-process 33.33%, Finished goods 25%, Stores and Spares50%, Receivables 25%, Stocks and Book Debts 25%. Extent and operation of the charge as per the agreement Others Facilities granted – State Bank of India - Rs. Mn.1200 Fund Based - Rs.Mn.1115 (non fund based) Rs. Mn. 2315 Total BNP Paribas - Rs. Mn.500 Fund Based - Rs.Mn.160 (non fund based) Rs. Mn.660 Total CACIB - Rs. Mn.500 Fund Based - Rs.Mn.500 (non fund based) Rs. Mn. 500 Total * *(Interchangeable fund based and non fund based facility)
Particulars of the property charged	All and singular the borrower’s stocks of raw materials, semi finished and finished goods, spares, bill receivables, and all other movables, lying in the borrowers premises or godowns of or rented. All other movables both present and future including documents of title goods and other assets of the borrowers being lying in the Borrowers premises and godowns of or rented.
Particulars of the present modification	The amount secured by the charge stands increased to Rs. 3475.000 millions. All other terms and conditions remain unchanged.

Fixed Assets:

· Lease Hold Improvements

· Lease Hold Land

· Free Hold Land

· Building

· Technical Know-how

· Plant and Machinery

· Office Equipments

· Furniture and Fixtures

· Vehicles.

As Per Website Details:

COMPANY PROFILE

Established in 1989, Tata BP Solar is a Joint Venture between Tata Power Company, a pioneer in the power sector in India and BP Solar, one of the largest solar companies in the world. Their sophisticated 84 MW Solar Cell manufacturing facility is capable of processing mono and multi crystalline wafers of 125mm2 and 156mm2. Their state-of-the-art 125 MW module manufacturing facility is one of the largest in Asia and capable of manufacturing modules from 0.3Wp to 280Wp and beyond. Their talent pool comprises over 600 employees spread over 4 manufacturing units and 8 regional offices.

Manufacturing facilities are ISO 9001 and ISO 14001 accredited from BVQI, London. The company’s products and systems have been accorded approvals by various test agencies such as STQC, ETDC, CPRI, ISPRA – Italy, Underwriters Laboratories (UL), Factory Mutual (FM), and many more.

Their solutions include customized solar solutions that illuminate homes, streets and communities; pump water to thirsty fields and heat water for residential and commercial applications. They also provide reliable and cost-effective solar power to wide-ranging sectors from education and banking to healthcare and telecommunications. Specialist applications include BIPV, Hybrid Systems and solutions for railways, defense and offshore platforms.

Tata BP Solar possesses excellent skills and capabilities in providing complete EPC solutions for large, commercial Solar Power Plants of Megawatt scale.

Their sales history over the years has been dramatic – from a modest Rs.16 million in 1991-92 to a phenomenal Rs.9,060 million in 2010-11.

Tata BP Solar has more than 200 dealers, 600 sub-dealers and 30 Authorized Service Centres spread across the country, catering to the needs of different customer segments. It is also represented in the neighboring countries of Pakistan, Nepal, Bhutan, Bangladesh, Afghanistan and Sri Lanka.

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.49.03
UK Pound	1	Rs.76.60
Euro	1	Rs.66.80

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	9
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--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		73

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.