1. Summary Information

		Country	India
Company Name	KIRAN ENERGY SOLAR POWER PRIVATE LIMITED	Principal Name 1	Mr. Ardeshir Dady Contractor
Status	Moderate	Principal Name 2	Mr. Richard Alan Rosling
		Registration #	11-204421
Street Address	21, Sethi Mansion, 3^rd Floor, Kumtha Street, Ballard Estate, Mumbai – 400038 Maharashtra, India
Established Date	18.06.2010	SIC Code	--
Telephone#	91-22-22692961	Business Style 1	Developer
Fax #	91-22-22906168	Business Style 2	-
Homepage	-	Product Name 1	Solar Power
# of employees	Not Available	Product Name 2	-
Paid up capital	Rs. 2,964,000/-	Product Name 3
Shareholders	Foreign holdings - 10.32% Bodies corporate – 22.46% Directors or relatives of Director – 67.22%	Banking	-
Public Limited Corp.	NO	Business Period	-
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	Ba (26)
Related Company
Relation	Country	Company Name	CEO
Subsidiary	--	Solarfield Energy Private Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	852,337,000	Current Liabilities	7,822,000
Inventories	-	Long-term Liabilities	101,350,000
Fixed Assets	2,089,000	Other Liabilities	0,000
Deferred Assets	0,000	Total Liabilities	109,172,000
Invest& other Assets	389,998,000	Retained Earnings	623,215,000
		Net Worth	1135,252,000
Total Assets	1244,424,000	Total Liab. & Equity	1244,424,000
Total Assets (Previous Year)	-
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	780,000	Net Profit	(58,043,000)
Sales(Previous yr)	--	Net Profit(Prev.yr)	-

MIRA INFORM REPORT

Report Date :

12.04.2012

IDENTIFICATION DETAILS

Name :	KIRAN ENERGY SOLAR POWER PRIVATE LIMITED
Registered Office :	21, Sethi Mansion, 3^rd Floor, Kumtha Street, Ballard Estate, Mumbai – 400038 Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.06.2010
Com. Reg. No.:	11-204421
Capital Investment / Paid-up Capital :	Rs. 2.964 Million
CIN No.: [Company Identification No.]	U40106MH2010PTC204421
TAN No.: [Tax Deduction & Collection Account No.]	MUMK20305F
PAN No.: [Permanent Account No.]	AADCK9924B
Legal Form :	Private Limited Liability Company
Line of Business :	Solar Power Developer
No. of Employees :	Not Available

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 4500000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a relatively new company having moderate track. The company has incurred some losses in the first year of operation. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealing with same 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 :	21, Sethi Mansion, 3^rd Floor, Kumtha Street, Ballard Estate, Mumbai – 400038 Maharashtra, India
Tel. No.:	91-22-22692961
Mobile No.:	91-9004087675 (Mr. Krishnan)
Fax No.:	91-22-22906168
E-Mail :	Krishnantp@kiranerngy.com ckshamankar@rediffmail.com khamankarcs@gmail.com
Location :	Rented
Corporate Office :	3 Advani Chambers, August Kranti Road, Mumbai – 400036, Maharashtra, India
Tel. No.:	91-22-67520934
Fax No.:	91-22-66155988

DIRECTORS

As on 18.08.2011

Name :

Mr. Ardeshir Dady Contractor

Designation :

Director

Address :

35, Perry Road, Bandra (West), Mumbai – 400 050, Maharashtra, India

Date of Birth/Age :

09.07.1962

DIN No.:

00021184

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	U74140MH2004PTC144868	ADVISORY AND ANALYTICS INDIA ECONOMIC VENTURES PRIVATE LIMITED	Director	5/3/2004	5/3/2004	-	Active	NO
2	L22122TN1970PLC005795	MPS LIMITED	Director	25/06/2004	25/06/2004	12/7/2011	Active	NO
3	U72200TN2004PLC054408	MPS TECHNOLOGIES LIMITED	Director	21/10/2004	21/10/2004	25/02/2009	Amalgamated	NO
4	U74140MH2005PTC155510	NEWGALEXY SERVICES INDIA PRIVATE LIMITED	Director	22/08/2005	22/08/2005	22/03/2010	Active	NO
5	U67120DL2000PTC108142	2I CAPITAL INDIA PRIVATE LIMITED	Director	12/2/2006	12/2/2006	31/03/2009	Active	NO
6	U72200TN2000PTC045204	CHARON TEC. PRIVATE LIMITED	Director	4/7/2006	4/7/2006	-	Amalgamated	NO
7	U22110TN2006PTC060236	MACMILLAN-ICC PUBLISHING SOLUTIONS PRIVATE LIMITED	Director	12/12/2007	13/10/2006	-	Amalgamated	NO
8	U22219TN2008PLC067704	MACMILLAN PUBLISHERS INDIA LIMITED	Director	24/06/2009	22/10/2008	-	Active	NO
9	U65990MH1999PTC118686	ZOROASTRIAN INVESTMENT CORPORATION PRIVATE LIMITED	Additional director	23/09/2009	23/09/2009	-	Active	NO
10	U40106MH2010PTC204421	KIRAN ENERGY SOLAR POWER PRIVATE LIMITED	Managing director	9/7/2010	18/06/2010	-	Active	NO
11	U40300MH2010PTC204769	SOLARFIELD ENERGY PRIVATE LIMITED	Director	23/06/2010	23/06/2010	-	Active	NO
12	U40101MH2010PTC205236	MAHINDRA SOLAR ONE PRIVATE LIMITED	Director	16/09/2011	6/10/2010	-	Active	NO
13	U40300MH2011PTC215006	SOLARFIELD ENERGY TWO PRIVATE LIMITED	Director	19/03/2011	19/03/2011	-	Active	NO
14	U40101MH2011PTC215111	SOLARFIELD ENERGY FOUR PRIVATE LIMITED	Director	22/03/2011	22/03/2011	-	Active	NO
15	U40108MH2011PTC224527	KIRAN ENERGY TECHNOLOGIES PRIVATE LIMITED	Director	1/12/2011	1/12/2011	-	Active	NO
16	U40300MH2011PTC225020	SOLARFIELD ENERGY PROJECTS PRIVATE LIMITED	Director	16/12/2011	16/12/2011	-	Active	NO
17	U40300MH2011PTC225415	KIRAN RENEWABLES PRIVATE LIMITED	Director	26/12/2011	26/12/2011	-	Active	NO
18	U40300MH2012PTC226017	Mahindra Suryaprakash Private Limited	Director	12/1/2012	12/1/2012	-	Active	NO
19	U40103MH2012PTC226016	Mahindra Suryaurja Private Limited	Director	12/1/2012	12/1/2012	-	Active	NO

Name :

Mr. Richard Alan Rosling

Designation :

Director

Address :

9, Hill Park, Malabar Hills, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

16.08.1962

DIN No.:

00311138

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	U34100MH1995PLC093733	TATA AUTOCOMP SYSTEMS LIMITED	Director	3/5/2002	3/5/2002	31/03/2009	Active	NO
2	U99999MH1917PLC000478	TATA SONS LIMITED	Whole-time director	15/01/2009	15/01/2004	31/03/2009	Active	NO
3	U51900MH1962PLC012528	TATA INTERNATIONAL LIMITED	Director	15/07/2004	15/07/2004	31/03/2009	Active	NO
4	U70100MH1950PLC008224	HILL PROPERTIES LIMITED	Director	16/02/2005	16/02/2005	31/03/2009	Active	NO
5	U74999MH1924NPL001128	BOMBAY CHAMBER OF COMMERCE AND INDUSTRY	Director	14/06/2008	14/06/2008	25/06/2009	Active	NO
6	U93000MH2009NPL193628	BRITISH BUSINESS PROMOTION ASSOCIATION	Director	29/06/2009	29/06/2009	-	Active	NO
7	U40106MH2010PTC204421	KIRAN ENERGY SOLAR POWER PRIVATE LIMITED	Director	9/7/2010	18/06/2010	-	Active	NO
8	U40101MH2010PTC205236	MAHINDRA SOLAR ONE PRIVATE LIMITED	Director	16/09/2011	6/10/2010	-	Active	NO
9	U40300MH2010PTC204769	SOLARFIELD ENERGY PRIVATE LIMITED	Director	18/08/2011	22/07/2011	-	Active	NO
10	U40101MH2011PTC215111	SOLARFIELD ENERGY FOUR PRIVATE LIMITED	Director	22/07/2011	22/07/2011	-	Active	NO
11	U40300MH2011PTC215006	SOLARFIELD ENERGY TWO PRIVATE LIMITED	Additional director	22/07/2011	22/07/2011	-	Active	NO
12	U40108MH2011PTC224527	KIRAN ENERGY TECHNOLOGIES PRIVATE LIMITED	Director	1/12/2011	1/12/2011	-	Active	NO
13	U40300MH2011PTC225020	SOLARFIELD ENERGY PROJECTS PRIVATE LIMITED	Director	16/12/2011	16/12/2011	-	Active	NO
14	U40300MH2011PTC225415	KIRAN RENEWABLES PRIVATE LIMITED	Director	26/12/2011	26/12/2011	-	Active	NO

Name :

Mr. Rahul Ashok Mehta

Designation :

Alternat Director

Address :

B 113, Dadr Pashim Apartment, Kashina Dhauru Road, Mumbai - 400028, Maharashtra, India

Date of Appointment :

12.08.2010

DIN No.:

00404552

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	U67190MH2005PTC153470	BLUE RIVER CAPITAL ADVISORS (INDIA) PRIVATE LIMITED	Director	17/06/2005	17/06/2005	15/06/2009	Converted to LLP and dissolved	NO
2	U67100MH2007PTC175030	ARGONAUT INVESTMENT ADVISORS PRIVATE LIMITED	Director	23/09/2011	24/06/2009	-	Active	NO
3	U72200AP2000PTC034062	e YANTRA INDUSTRIES Private Limited	Nominee director	3/8/2009	3/8/2009	-	Active	NO
4	U74140MH2006PTC162836	Loylty Rewardz Management Private Limited	Nominee director	28/08/2009	28/08/2009	17/03/2010	Active	NO
5	U40106MH2010PTC204421	KIRAN ENERGY SOLAR POWER PRIVATE LIMITED	Alternate director	12/8/2010	12/8/2010	-	Active	NO
6	U72200AP2010PTC066690	JIVITY MERCHANDISING PRIVATE LIMITED	Director	9/7/2011	22/02/2011	-	Active	NO

Name :

Mr. Darius Dinshaw Pandole

Designation :

Director

Address :

5 B, Sunshine Apartments, 15 B Maharashi Karve Road, opposite : Oval Maidan, Mumbai – 400020,

Date of Appointment :

19.07.2011

DIN No.:

00727320

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	U65990MH1994PTC079979	CREDIBILITY FINANCIAL SERVICES PRIVATE LIMITED	Director	1/8/1994	1/8/1994	-	Active	NO
2	L99999MH1986PLC040604	MELSTAR INFORMATION TECHNOLOGIES LIMITED	Director	30/04/2001	30/04/2001	30/07/2007	Active	NO
3	U74140MH2006PTC160948	Gateway Fund Advisors Private Limited	Director	4/4/2006	4/4/2006	-	Strike off	NO
4	U65991MH1994PTC078879	JM FINANCIAL ASSET MANAGEMENT PRIVATE LIMITED	Director	20/10/2006	20/10/2006	-	Active	NO
5	U93090MH2007PTC167523	New Silk Route Advisors Private Limited	Director	23/11/2007	10/4/2007	-	Active	NO
6	U28910GJ2003PTC041991	ROLEX RINGS PRIVATE LIMITED	Director	22/09/2007	22/09/2007	-	Active	NO
7	U74300MH2006PTC163657	9X Media Private Limited	Director	5/4/2011	5/4/2011	-	Active	NO
8	U70100MH2005PTC155887	DESTIMONEY ENTERPRISES PRIVATE LIMITED	Director	26/09/2011	11/7/2011	-	Active	NO
9	U40106MH2010PTC204421	KIRAN ENERGY SOLAR POWER PRIVATE LIMITED	Director	18/08/2011	19/07/2011	-	Active	NO

Name :

Mr. Vishal Vijay Gupta

Designation :

Additional Director

Address :

71, 7^th Floor, Gree Press House, Free Press Marg, Nariman Point, Mumbai – 400 021, Maharashtra, India

Date of Birth/Age :

24.09.1977

Date of Appointment :

26.07.2010

DIN No.:

01913013

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	U51109DL2000PTC107532	NETAMBIT INFOSOURCE AND E SERVICES PRIVATE LIMITED	Nominee director	30/09/2010	8/9/2007	-	Active	NO
2	U74140DL2007PLC162681	IMAX CORPORATE SERVICE LIMITED	Director	22/09/2007	22/09/2007	27/11/2009	Active	NO
3	U72300DL2007PLC169511	Netambit ValueFirst Services Limited	Director	6/8/2008	6/8/2008	2/1/2010	Active	NO
4	L40108TN2006PLC061665	ORIENT GREEN POWER COMPANY LIMITED	Director	13/07/2009	25/11/2008	30/03/2010	Active	NO
5	U65993AP1995PLC019471	IND-BARATH POWER INFRA LIMITED	Nominee director	29/10/2009	29/10/2009	-	Active	NO
6	U74140DL2007PLC169211	Futuresafe Service Limited	Nominee director	2/1/2010	2/1/2010	-	Active	NO
7	U40106MH2010PTC204421	KIRAN ENERGY SOLAR POWER PRIVATE LIMITED	Director	18/08/2011	26/07/2010	-	Active	NO
8	U74999MH2007PLC169201	INDIAN ENERGY EXCHANGE LIMITED	Director	28/09/2011	30/09/2010	29/03/2012	Active	NO
9	U74140MH2005FTC196720	BVP INDIA INVESTORS PRIVATE LIMITED	Director	29/09/2011	10/11/2010	-	Active	NO
10	U40103MH2011PLC214532	SPANCO POWER DISTRIBUTION LIMITED	Additional director	30/04/2011	30/04/2011	-	Active	NO
11	U85199KA1999PTC025676	Medi Assist India TPA Private Limited	Director	30/09/2011	28/05/2011	7/12/2011	Active	NO
12	U65990KA2010PTC052353	HOME FIRST FINANCE COMPANY INDIA PRIVATE LIMITED	Nominee director	26/09/2011	26/09/2011	-	Active	NO
13	U72200KA2006PTC039530	HEALTH SPRINT NETWORKS PRIVATE LIMITED	Additional director	11/10/2011	11/10/2011	-	Active	NO
14	U63023KA2000PTC027229	NET LOGISTICS PRIVATE LIMITED	Additional director	7/12/2011	7/12/2011	-	Active	NO
15	U85100KA2012PTC062572	MEDYBIZ SERVICES PRIVATE LIMITED	Director	16/02/2012	16/02/2012	-	Active	NO

Name :

Mr. Sanjeev Balkrishna Chachondia

Designation :

Additional Director

Address :

D 3, Ellora Anushakti Nagar, Mumbai – 400 094, Maharashtra, India

Date of Birth/Age :

15.02.1964

Date of Appointment :

26.07.2010

DIN No.:

02234658

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	U72200DL1997PLC085754	LOOP TELECOM LIMITED	Additional director	2/6/2008	2/6/2008	3/1/2009	Active	NO
2	U29299MH1975PLC193684	LOOP MOBILE (INDIA) LIMITED	Whole-time director	16/06/2008	16/06/2008	26/08/2009	Active	NO
3	U32309MH2008PTC181927	Loop Tower Holdings Private Limited	Director	31/07/2009	30/09/2008	2/12/2010	Active	NO
4	U64203MH2007PLC176486	LOOP TELECOM INFRASTRUCTURE LIMITED	Director	30/01/2009	30/01/2009	26/08/2009	Active	NO
5	U32202MH2009PTC195942	Vedang Advanced Radio Electronic Systems Private Limited	Director	22/09/2009	22/09/2009	7/1/2012	Active	NO
6	U70102AP2002PTC038713	ASCEND TELECOM INFRASTRUCTURE PRIVATE LIMITED	Nominee director	23/09/2009	23/09/2009	-	Active	NO
7	U40106MH2010PTC204421	KIRAN ENERGY SOLAR POWER PRIVATE LIMITED	Additional director	26/07/2010	26/07/2010	1/6/2011	Active	NO
8	U64200DL2010PTC207522	AUGERE WIRELESS BROADBAND INDIA PRIVATE LIMITED	Additional director	9/9/2010	9/9/2010	14/07/2011	Active	NO
9	U93090MH2007PTC167523	New Silk Route Advisors Private Limited	Additional director	1/4/2011	1/4/2011	13/02/2012	Active	NO

Name :

Mr. Anil Kevin Khatod

Designation :

Additional Director

Address :

8560, Saint Marlo Fairway Drive, Duluth Georgia - 30097

Date of Birth/Age :

18.07.1956

Date of Appointment :

26.07.2010

DIN No.:

01740073

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	U30007TN1994PTC027281	MIDAS COMMUNICATION TECHNOLOGIES PRIVATE LIMITED	Director	20/11/2006	20/11/2006	7/8/2009	Active	NO
2	L17299DL1994PLC062984	KOUTONS RETAIL INDIA LIMITED	Director	16/08/2007	15/12/2006	3/8/2010	Active	NO
3	U67100MH2007PTC175030	ARGONAUT INVESTMENT ADVISORS PRIVATE LIMITED	Director	15/10/2007	15/10/2007	-	Active	NO
4	U51109KL1942PLC001301	VALLABHDAS KANJI LIMITED	Nominee director	28/01/2008	28/01/2008	26/10/2010	Active	NO
5	U40106MH2010PTC204421	KIRAN ENERGY SOLAR POWER PRIVATE LIMITED	Director	18/08/2011	26/07/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 18.08.2011

Names of Shareholders	No. of Shares
	Equity Shares	Class A Equity Shares	Class B Equity Shares	Class C Equity Shares	Series A (Compulsorily Convertible Preference Shares)	Class C (Compulsorily Convertible Preference Shares)
Bessemer Venture Partners	-	8726	-	16233	34,905	64,932
NSR PE MAURITIUS, LLC	-	8,201	-	15,150	32,807	60,603
Argonaut Capital	-	8201	-	15,150	32,802	60,603
Alan Rosling	5000	-	40,000	-	-	-
Ardesir Contractor	5000		40,000	-	-	-
Pratibha Ashok	-	-	6000	-	-	-
Sharad Dalal	-	-	9000	-	-	-
Advisory and Analytics India Economic Venture Private Limited	-	-	30,000	-	-	-
Total	10000	25,128	125,000	46,533	100,514	186,138

As on 23.09.2011

List of Allottees

Names of Shareholders	No. of Shares Allotted
	Class A Equity Shares	Series A Compulsory Convertible Preference Share
Bessemer Venture Partners	8726	34,905
NSR PE MAURITIUS, LLC	8,201	32,807
Argonaut Capital	8201	32,802
Total	25,128	100,514

As on 18.08.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	34.68
Bodies corporate	14.52
Directors or relatives of Directors	43.55
Other top fifty shareholders	7.25
Total	100.00

BUSINESS DETAILS

Line of Business :

Solar Power Developer.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)
From SVB India Finance Private Limited (SVBIF)	100.000
Total	100.000

Note :

1. Exclusive first charge by way of hypothecation of all existing and future, fixed and current assets (including brand, intellectual properly, copyright etc) of the company. This will include the Gujarat Power Purchases Agreement (PPA) till the project financial closure is achieved at which point SVBIF will relinquish its lien on the PPA in favour of the future project lenders

2. Amount repayable within a year Rs.NIL

Unsecured Loan	As on 31.03.2011 (Rs. in Millions)
135000 Optionally Convertible Debentures(OCD) of Rs.10 each	1.350
Total	1.350

Note:

1. Allotted to advisory and Analysis India Economic Ventures Private Limited, the key founder company having fixed coupon at the rate 0.0001% per annum. For Redemption and Conversion o9f OCD

2. Amount repayable within a year Rs. NIL

Banking Relations :	---
Financial Institution :	SVB India Finance Private Limited, 84, Free Press House. 215, Nariman Point, Mumbai - 4001021, Maharashtra, India
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	12, DR. Annie Besant Road opposite Shive Sagar Estate, Worli Mumbai – 400018, Maharashtra, India
Tel No.:	91-22-66679000
Fax No.:	91-22-66679025
PAN No.:	AABFD7919A
Subsidiaries :	Solarfield Energy Private Limited U40300MH2010PTC204769 Mahindra Solar One Private Limited U40101MH2010PTC205236

CAPITAL STRUCTURE

After 18.08.2011

Authorised Capital : Rs. 18.144 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
238199	Equity Shares	Rs.10/- each	Rs.2.382 Millions
412801	Preference Shares	Rs.10/- each	Rs.4.128 Millions
	Total		Rs. 6.510 Millions

As on 18.08.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1008000	Equity Shares	Rs.10/- each	Rs.10.080 Millions
686400	Preference Shares	Rs.10/- each	Rs.6.864 Millions
			Rs.16.944 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
206661	Equity Shares	Rs.10/- each	2.066 Millions
286652	Preference Shares	Rs.10/- each	2.867 Millions
	Total		Rs 4.933 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 million
600000	Class A Equity Shares	Rs.10/- each	Rs.6.000 millions
140000	Class B Equity Shares	Rs.10/- each	Rs.1.400 millions
258000	Class C Equity Shares	Rs.10/- each	Rs.2.580 millions
480000	Class A Compulsorily Convertible Preference Shares	Rs.10/- each	Rs.4.800 millions
206400	Class C Compulsorily Convertible Preference Shares	Rs.10/- each	Rs.2.064 millions
	Total		Rs.16.944 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 million
25128	Class A Equity Shares	Rs.10/- each	Rs.0.251 million
125000	Class B Equity Shares	Rs.10/- each	Rs.1.250 millions
7153	Class C Equity Shares	Rs.10/- each	Rs.0.072 million
25940	Compulsorily Convertible Preference Shares	Rs.10/- each	Rs.0.259 million
74574	Class A Compulsorily Convertible Preference Shares	Rs.10/- each	Rs.0.746 million
28613	Class C Compulsorily Convertible Preference Shares	Rs.10/- each	Rs.0.286 million
	Total		Rs.2.964 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		2.964
2] Share Application Money		567.117
3] Reserves & Surplus		623.215
4] (Accumulated Losses)		(58.044)
NETWORTH		1135.252
LOAN FUNDS
1] Secured Loans		100.000
2] Unsecured Loans		1.350
TOTAL BORROWING		101.35
DEFERRED TAX LIABILITIES		0.000
TOTAL		1236.602
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.089
Capital work-in-progress		154.417
INVESTMENT		235.581
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	843.764
	Other Current Assets	0.774
	Loans & Advances	7.799
Total Current Assets		852.337
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4.870
	Other Current Liabilities	2.952
	Provisions	0.000
Total Current Liabilities		7.822
Net Current Assets		844.515
MISCELLANEOUS EXPENSES		0.000
TOTAL		1236.602

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2011
SALES
	Income
	Other Income
	TOTAL	0.780
EXPENSES
	Office Expenses
	Administrative Expenses
	Advertising Expenses
	TOTAL	58.825
PROFIT BEFORE TAX		(58.043)
TAX		(0.000)
PROFIT AFTER TAX		(58.043)
BALANCE CARRIED TO THE B/S		(58.043)
Earnings Per Share (Rs.)		(0.594)

KEY RATIOS

PARTICULARS		31.03.2011
PAT / Total Income	(%)	7441.41
Return on Total Assets (PBT/Total Assets}	(%)	6.79
Return on Investment (ROI) (PBT/Networth)		0.051
Debt Equity Ratio (Total Liability/Networth)		0.09
Current Ratio (Current Asset/Current Liability)		108.96

LOCAL AGENCY FURTHER INFORMATION

Operation:

During the year the Company has signed a PPA WITH THE Gujarat Government for 20 MW solar PV project at solar Park. The company has been allotted land on lease at Village Charanka for the project.

Mahindra Solar one Private Limited, the subsidiary of the company has been allotted 5 MW NVVN project which is being implement in Phalodi District, Jodhpur Rajasthan.

Bankers Charges Report as per Registry

Corporate identity number of the company	U40106MH2010PTC204421
Name of the company	KIRAN ENERGY SOLAR POWER PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	21, Sethi Mansion, 3^rd Floor, Kumtha Street, Ballard Estate, Mumbai – 400 038, Maharashtra, India E-Mail: ckshamankar@rediffmail.com
This form is for	Creation of charge
Type of charge	· Book Debts · Movable Property · Floating Charge · Patent, license under a patent · Trademark · Copyright or license under a copyright
Particular of charge holder	SVB India Finance Private Limited, 84, Free Press House, 215, Nariman Point, Mumbai – 400 021, Maharashtra, India E-Mail: ashwath.rau@amarchand.com
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation
Date of instrument Creating the charge	30.10.2010
Amount secured by the charge	Rs.100.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: (a) 12.25% p.a. during initial eighteen months (b) 13% p.a. from the commencement of nineteen month from the date of the disbursement of the initial Advance or Single Advance as case may be. Terms of Repayment: Repayable in 24 (Twenty Four) months. Extent and Operation of the charge: The Charge is for term loan amount for Rs.100.000 millions and the charge is secured by a first charge by way of hypothecation in favor of SVB of all the Borrowers existing, future, fixed and current assets including any and all Intellectual Property and Intellectual Property Rights (not forming part of any power project undertaken by the Company, including the Power Project) of the Company hereinafter.
Short particulars of the property charged	· The Company's existing, future, fixed and current assets including any and all Intellectual Property and Intellectual Property Rights (not forming part of the power project undertaken by the Company).

Fixed Assets

· Equipment

· Computer

· Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No 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.51.20
UK Pound	1	Rs.81.50
Euro	1	Rs.67.15

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	3
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	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	YES
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.