MIRA INFORM REPORT

Report Date :

08.08.2012

IDENTIFICATION DETAILS

Name :	VIKRAM SOLAR PRIVATE LIMITED (w.e.f. 03.09.2008)
Formerly Known As :	INTERNATIONAL CLOTHIERS INDIA PRIVATE LIMITED INTERNATIONAL LEATHER CLOTHIERS PRIVATE LIMITED
Registered Office :	Tobacco House1, Old Court House Corner, Kolkata – 700001, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	02.12.2005
Com. Reg. No.:	21-106448
Capital Investment / Paid-up Capital :	Rs.193.596 Millions
CIN No.: [Company Identification No.]	U18100WB2005PTC106448
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Automotive Modules
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (35)

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

Maximum Credit Limit :	USD 1300000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. It has recorded a better increase in its sales turnover and profitability during 2011. Its financial position appears to be improving. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered normal 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	LBB- (Term Loan)
Rating Explanation	High credit risk.

Rating Agency Name	ICRA
Rating	LBB- (Bank Guarantee)
Rating Explanation	High credit risk.
Date	February, 2011

LOCATIONS

Registered Office:	Tobacco House1, Old Court House Corner, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22307299
Fax No.:	91-33-22484881
E-Mail :	info@vikramsolar.com sudhir.kothari@vikarmsolar.com dagarwal@vikram.in
Website :	http://www.vikramsolar.com
Location :	Owned
Factory :	Special Economic Zone, Sector -2, FALTA 24 Parganas (South), West Bengal, India
Tel. No.:	91-33-30133200
Fax No.:	91-3174-22647
Branch (North) 1 :	B – 93B, Panchsheel Vihar, Malviya Nagar, New Delhi – 110017, India
Tel. No.:	91-11-40524855
E-Mail :	pvsales@vikramsolar.com rajesh.tripathi@vikramsolar.com
Branch (South) 2 :	#1531, Ground Floor, 27th Cross, 25th Main, BSK 2nd Stage, Bangalore – 560070, Karnataka, India
Tel. No.:	91- 80-26716424
E-Mail :	pvsales.bangaluru@vikramsolar.com
Branch (West) 3 :	Block no. 10, Krishnamai Apartment, ITI Road, Above Hotel Sarja, Aundh, Pune – 411 007, Maharashtra, India
Tel. No.:	91-20-41201808
E-Mail :	pvsales.pune@vikramsolar.com
Raipur Office :	Sree Ram Nagar, Phase I, Street No. 5, F – 18, Raipur – 492 007, Chhattisgarh, India
Tel. No.:	91-771-4024445
E-Mail :	pvsales@vikramsolar.com
Gujarat Office :	C/o Maruti Textiles, 268-270, G.I.D.C., Pandesara, Surat – 394221, Gujarat, India
Tel. No.:	91-261-2897714
Fax No.:	91-261-2897716
E-Mail :	pvsales@vikramsolar.com

DIRECTORS

As on: 30.09.2011

Name :

Mr. Hari Krishna Chudhary

Designation :

Director

Address :

15, Belvedere Road, Kolkata – 700027, West Bengal, India

Date of Birth/Age :

04.12.1943

Date of Appointment :

14.07.2008

Voter ID No.:

WB/23/148/222539

DIN No.:

01744503

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U29253WB1980PLC032447	VIKRAM INDIA LIMITED	Managing director	01/01/1980	01/01/1980	-	Active	NO
2	U01119WB1993PLC060113	VIKRAM GREENTECH (INDIA) LIMITED	Director	15/09/1993	15/09/1993	-	Active	NO
3	L67120WB1981PLC034413	VIKRAM CAPITAL MANAGEMENT LIMITED	Director	17/10/1995	17/10/1995	-	Active	NO
4	U51109WB2000PTC091352	VIKRAM PRIVATE LIMITED	Director	13/03/2000	13/03/2000	16/04/2012	Active	NO
5	U51109WB1996PTC077970	CHANDANPUR TEA COMPANY PRIVATE LIMITED	Director	16/04/2004	16/04/2004	14/08/2010	Active	NO
6	U51909WB1987PTC042332	ORIENTAL SALES AGENCIES (INDIA) PRIVATE LIMITED	Director	01/12/2004	01/12/2004	28/12/2009	Active	NO
7	U74899WB1993PTC111351	VIKRAM INTERNATIONAL PRIVATE LIMITED	Director	30/04/2008	30/04/2008	-	Active	NO
8	U18100WB2005PTC106448	VIKRAM SOLAR PRIVATE LIMITED	Director	14/07/2008	14/07/2008	-	Active	NO
9	L65993WB1982PLC035564	VIKRAM FINANCIAL SERVICES LIMITED	Director	03/08/2010	03/08/2010	-	Active	NO
10	L26939OR1977PLC000735	NILACHAL REFRACTORIES LIMITED	Director	14/05/2011	14/05/2011	-	Active	NO
11	U40102WB2012PTC175725	VIKRAM POWER VENTURES PRIVATE LIMITED	Director	14/03/2012	14/03/2012	-	Active	NO

Name :

Mr. Anil Harikishan Chaudhary

Designation :

Director

Address :

15, Belvedere Road, Kolkata – 700027, West Bengal, India

Date of Birth/Age :

18.04.1967

Date of Appointment :

14.07.2008

Voter ID No.:

WB/23/148/222541

DIN No.:

00897159

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L67120WB1981PLC034413	VIKRAM CAPITAL MANAGEMENT LIMITED	Director	01/09/1992	01/09/1992	13/03/2009	Active	NO
2	U01119WB1993PLC060113	VIKRAM GREENTECH (INDIA) LIMITED	Director	28/09/1995	28/09/1995	-	Active	NO
3	U29253WB1980PLC032447	VIKRAM INDIA LIMITED	Director	28/09/1995	28/09/1995	-	Active	NO
4	U27310WB1990PTC048841	EXCEL TEA MACHINERY PRIVATE LIMITED	Director	26/04/1996	26/04/1996	-	Active	NO
5	U51109WB2000PTC091352	VIKRAM PRIVATE LIMITED	Director	13/03/2000	13/03/2000	16/04/2012	Active	NO
6	U17120MH1999PTC118018	MARUTI TEXTILES PRIVATE LIMITED	Director	15/03/2002	15/03/2002	-	Amalgamated	NO
7	U27104WB1988PTC044193	VIKRAM POLYESTERS PRIVATE LIMITED	Director	02/08/2004	02/08/2004	-	Active	NO
8	U18100GJ1990PTC013318	PRATIBHA OVERSEAS PRIVATE LIMITED	Director	29/06/2007	29/06/2007	30/09/2010	Active	NO
9	U74899WB1993PTC111351	VIKRAM INTERNATIONAL PRIVATE LIMITED	Director	30/04/2008	30/04/2008	-	Active	NO
10	U80301GJ2008NPL054071	TAPTI VALLEY EDUCATION FOUNDATION	Director	28/05/2008	28/05/2008	-	Active	NO
11	U18100WB2005PTC106448	VIKRAM SOLAR PRIVATE LIMITED	Director	14/07/2008	14/07/2008	-	Active	NO
12	U17239GJ1987PTC009851	PIONEER SYNTEX PRIVATE LIMITED	Director	01/01/2009	01/01/2009	-	Active	NO
13	U17120GJ2010PTC060844	MARUTI SYNTHCOT PRIVATE LIMITED	Director	21/05/2010	21/05/2010	-	Active	NO
14	L65993WB1982PLC035564	VIKRAM FINANCIAL SERVICES LIMITED	Director	16/08/2010	16/08/2010	-	Active	NO
15	U31200GJ2010PTC063005	KALINDI VESSELS AND PANELS PRIVATE LIMITED	Additional director	26/11/2010	26/11/2010	-	Active	NO
16	U17119GJ1991PTC016081	SWARAJ SYNTEX PRIVATE LIMITED	Director	05/03/2011	05/03/2011	22/03/2012	Active	NO
17	U74999WB2011PTC168374	SV SOLAR PRIVATE LIMITED	Director	03/10/2011	03/10/2011	-	Active	NO
18	U74999WB2011PTC168372	AV SOLAR PRIVATE LIMITED	Director	03/10/2011	03/10/2011	-	Active	NO

Name :

Mr. Gyanesh Chaudhary

Designation :

Director

Address :

15, Belvedere Road, Kolkata – 700027, West Bengal, India

Date of Birth/Age :

04.12.1977

Date of Appointment :

14.07.2008

PAN No.:

ACRPC8772A

DIN No.:

00060387

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U29253WB1980PLC032447	VIKRAM INDIA LIMITED	Director	07/08/1999	07/08/1999	-	Active	NO
2	U74899WB1993PTC111351	VIKRAM INTERNATIONAL PRIVATE LIMITED	Director	10/06/2000	10/06/2000	-	Active	NO
3	U74900WB1994PTC066235	PANCHANAN MERCHANTS PRIVATE LIMITED	Director	30/08/2011	01/01/2004	-	Active	NO
4	U27310WB1990PTC048841	EXCEL TEA MACHINERY PRIVATE LIMITED	Director	19/05/2004	19/05/2004	-	Active	NO
5	U51109WB1996PTC077970	CHANDANPUR TEA COMPANY PRIVATE LIMITED	Director	13/09/2004	13/09/2004	16/09/2010	Active	NO
6	U51109WB2000PTC091352	VIKRAM PRIVATE LIMITED	Director	01/11/2004	01/11/2004	16/04/2012	Active	NO
7	U18100WB2005PTC106448	VIKRAM SOLAR PRIVATE LIMITED	Managing director	28/09/2011	14/07/2008	-	Active	NO
8	L67120WB1981PLC034413	VIKRAM CAPITAL MANAGEMENT LIMITED	Additional director	18/03/2009	18/03/2009	-	Active	NO
9	U17120GJ2010PTC060844	MARUTI SYNTHCOT PRIVATE LIMITED	Director	21/05/2010	21/05/2010	-	Active	NO
10	L65993WB1982PLC035564	VIKRAM FINANCIAL SERVICES LIMITED	Director	03/08/2010	03/08/2010	-	Active	NO
11	U45400WB2011PTC166718	VIKRAM PROENER PROJECTS PRIVATE LIMITED	Director	24/08/2011	24/08/2011	-	Active	NO
12	U74900WB2008PTC123026	SYMPHONY VYAPAAR PRIVATE LIMITED	Director	30/08/2011	30/08/2011	-	Active	NO
13	U74900WB2008PTC123044	LEXICON VANIJYA PRIVATE LIMITED	Director	30/08/2011	30/08/2011	-	Active	NO
14	U40101MH2010PTC206540	KONARK GUJARAT PV PRIVATE LIMITED	Director	24/09/2011	01/09/2011	-	Active	NO
15	U74999WB2011PTC168374	SV SOLAR PRIVATE LIMITED	Director	03/10/2011	03/10/2011	-	Active	NO
16	U74999WB2011PTC168372	AV SOLAR PRIVATE LIMITED	Director	03/10/2011	03/10/2011	-	Active	NO
17	U45200MH2008PTC177455	KONARK INFRATECH PRIVATE LIMITED	Additional director	15/10/2011	15/10/2011	-	Active	NO
18	U74999WB2012PTC172975	VP UTILITIES AND SERVICES PRIVATE LIMITED	Director	25/01/2012	25/01/2012	-	Active	NO
19	U40102WB2012PTC175725	VIKRAM POWER VENTURES PRIVATE LIMITED	Director	14/03/2012	14/03/2012	-	Active	NO

Name :

Mr. Manoj Kumar Sharma

Designation :

Director

Address :

67/68, Bangur Avenue, Block – A, Kolkata – 700055, West Bengal, India

Date of Birth/Age :

08.01.1968

Date of Appointment :

14.07.2008

PAN No.:

AISPS6125N

DIN No.:

00063134

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U01119WB1993PLC060113	VIKRAM GREENTECH (INDIA) LIMITED	Director	31/07/1995	31/07/1995	-	Active	NO
2	L67120WB1981PLC034413	VIKRAM CAPITAL MANAGEMENT LIMITED	Director	17/10/1995	17/10/1995	-	Active	NO
3	U70101WB1989PTC047279	UTILITY CONSTRUCTIONS PRIVATE LIMITED	Director	30/03/1996	30/03/1996	-	Active	NO
4	U27310WB1990PTC048841	EXCEL TEA MACHINERY PRIVATE LIMITED	Director	26/04/1996	26/04/1996	-	Active	NO
5	U51109WB1996PTC078063	ARISTO TEXCON PRIVATE LIMITED	Director	06/01/1997	06/01/1997	-	Active	NO
6	U51109WB1996PTC078162	MANIFOLD TRADELINK PRIVATE LIMITED	Director	29/01/2001	29/01/2001	-	Active	NO
7	U51109WB1996PTC077970	CHANDANPUR TEA COMPANY PRIVATE LIMITED	Director	15/01/2003	15/01/2003	14/08/2010	Active	NO
8	U01111WB1995PTC068813	CHOKHANI AGRO FOODS AND PRESERVES PRIVATE LIMITED	Director	26/12/2003	26/12/2003	-	Active	NO
9	U51109WB2000PTC091352	VIKRAM PRIVATE LIMITED	Director	19/11/2004	19/11/2004	26/04/2012	Active	NO
10	U74140WB2001PTC093668	PRAPTI CONSULTANTS PRIVATE LIMITED	Director	01/08/2005	01/08/2005	-	Active	NO
11	U51109WB2005PTC106892	ARISTO TRACOM PRIVATE LIMITED	Director	26/12/2005	26/12/2005	-	Active	NO
12	U51909WB2005PTC106590	HARSHA CONSORTIUM PRIVATE LIMITED	Director	05/01/2006	05/01/2006	-	Active	NO
13	U52322WB2005PTC102042	H S FASHIONS PRIVATE LIMITED	Director	05/06/2006	05/06/2006	-	Active	NO
14	U45200WB2007PTC112699	GOODLOOK INFRACON PRIVATE LIMITED	Director	22/01/2007	22/01/2007	21/01/2011	Active	NO
15	U45200WB2007PTC112700	WISLEY REAL ESTATE PRIVATE LIMITED	Director	22/01/2007	22/01/2007	31/01/2011	Active	NO
16	U45200WB2007PTC112781	PUSHPANJALI ABASAN PRIVATE LIMITED	Director	25/01/2007	25/01/2007	29/01/2011	Active	NO
17	U51900WB2006PTC110141	NAMDEV VYAPAAR PRIVATE LIMITED	Director	30/11/2007	29/01/2007	-	Active	NO
18	U51109WB2006PTC110143	COMMIT VYAPAAR PRIVATE LIMITED	Director	29/01/2007	29/01/2007	-	Active	NO
19	U51109WB2006PTC110145	SURPASS VYAPAAR PRIVATE LIMITED	Director	29/01/2007	29/01/2007	30/11/2007	Active	NO
20	U45200WB2007PTC113025	DEWDROP ENCLAVE PRIVATE LIMITED	Director	03/02/2007	03/02/2007	21/01/2011	Active	NO
21	U45200WB2007PTC113118	STATUS MULTIPLEX PRIVATE LIMITED	Director	06/02/2007	06/02/2007	21/01/2011	Active	NO
22	U45200WB2007PTC113117	ESTEEM ANGAN PRIVATE LIMITED	Director	06/02/2007	06/02/2007	21/01/2011	Active	NO
23	U51109WB2006PTC110135	MILAGE VINIMAY PRIVATE LIMITED	Director	15/04/2007	15/04/2007	-	Active	NO
24	U45400WB2007PTC116133	STARPOINT HOUSING PRIVATE LIMITED	Director	28/05/2007	28/05/2007	-	Active	NO
25	U45400WB2007PTC116161	ARADHANA GREENFIELD DEVELOPERS PRIVATE LIMITED	Director	29/05/2007	29/05/2007	21/01/2011	Active	NO
26	U45400WB2007PTC116163	EUREKA COMPLEX PRIVATE LIMITED	Director	29/05/2007	29/05/2007	21/01/2011	Active	NO
27	U27109WB1998PTC086562	CHERRY FABTRADE PRIVATE LIMITED	Director	30/06/2007	30/06/2007	-	Active	NO
28	U51909WB1998PTC086565	JAGRITI MERCANTILE PRIVATE LIMITED	Director	30/06/2007	30/06/2007	-	Active	NO
29	U70101WB2007PTC117841	PIONEER COMPLEX PRIVATE LIMITED	Director	14/08/2007	14/08/2007	-	Active	NO
30	U70101WB2007PTC117840	PIONEER REAL ESTATE PRIVATE LIMITED	Director	14/08/2007	14/08/2007	-	Active	NO
31	U70101WB2007PTC117839	PIONEER AWASAN PRIVATE LIMITED	Director	14/08/2007	14/08/2007	-	Active	NO
32	U70101WB2007PTC117838	PIONEER HERITAGE PRIVATE LIMITED	Director	14/08/2007	14/08/2007	-	Active	NO
33	U70101WB2007PTC117837	PIONEER TOWER PRIVATE LIMITED	Director	14/08/2007	14/08/2007	-	Active	NO
34	U70101WB2007PTC117836	PIONEER GREENFIELDS NIRMAN PRIVATE LIMITED	Director	14/08/2007	14/08/2007	-	Active	NO
35	U74900WB1994PTC066235	PANCHANAN MERCHANTS PRIVATE LIMITED	Director	12/12/2007	12/12/2007	-	Active	NO
36	U70101WB2007PTC118817	TWISTER ENCLAVE PRIVATE LIMITED	Director	28/01/2008	28/01/2008	-	Active	NO
37	U51109WB2008PTC122651	SPK VANIJYA PRIVATE LIMITED	Director	15/02/2008	15/02/2008	17/11/2011	Active	NO
38	U51109WB2008PTC122171	LIFESTYLE DEALCOMM PRIVATE LIMITED	Director	07/03/2008	07/03/2008	-	Active	NO
39	U29253WB1980PLC032447	VIKRAM INDIA LIMITED	Additional director	15/03/2008	15/03/2008	-	Active	NO
40	U51109WB2008PTC123029	IVORY VANIJYA PRIVATE LIMITED	Director	31/03/2008	31/03/2008	-	Active	NO
41	U74900WB2008PTC123026	SYMPHONY VYAPAAR PRIVATE LIMITED	Director	31/03/2008	31/03/2008	-	Active	NO
42	U74900WB2008PTC123044	LEXICON VANIJYA PRIVATE LIMITED	Director	31/03/2008	31/03/2008	-	Active	NO
43	U51109WB2008PTC122961	DIAGRAM COMMERCIAL PRIVATE LIMITED	Director	31/03/2008	31/03/2008	-	Active	NO
44	U51109WB2008PTC123033	DHANSRI VYAPAAR PRIVATE LIMITED	Director	31/03/2008	31/03/2008	-	Active	NO
45	U74899WB1993PTC111351	VIKRAM INTERNATIONAL PRIVATE LIMITED	Director	30/04/2008	30/04/2008	-	Active	NO
46	U18100WB2005PTC106448	VIKRAM SOLAR PRIVATE LIMITED	Director	14/07/2008	14/07/2008	-	Active	NO
47	U15202WB2008PTC129256	SPK FOOD PRODUCTS PRIVATE LIMITED	Director	10/09/2008	10/09/2008	-	Active	NO
48	U51109WB1994PTC062145	MONOLINK TREXIM PRIVATE LIMITED	Director	14/08/2009	14/08/2009	-	Active	NO
49	L65993WB1982PLC035564	VIKRAM FINANCIAL SERVICES LIMITED	Director	01/11/2009	01/11/2009	-	Active	NO
50	U93030WB2010PTC141462	TRAILBLAZER EDUSOL PRIVATE LIMITED	Director	28/01/2010	28/01/2010	-	Active	NO
51	U52390WB2010PTC141380	ACHIEVER MERCHANT PRIVATE LIMITED	Director	05/02/2010	05/02/2010	-	Active	NO
52	U18101AS2010PTC009748	ARISTO TEXTILES PRIVATE LIMITED	Director	17/02/2010	17/02/2010	-	Active	NO
53	U45400WB2011PTC166718	VIKRAM PROENER PROJECTS PRIVATE LIMITED	Director	24/08/2011	24/08/2011	-	Active	NO
54	U74999WB2011PTC168372	AV SOLAR PRIVATE LIMITED	Director	03/10/2011	03/10/2011	-	Active	NO
55	U74999WB2012PTC172975	VP UTILITIES AND SERVICES PRIVATE LIMITED	Director	25/01/2012	25/01/2012	-	Active	NO

Name :

Mr. Krishna Kumar Maskara

Designation :

Director

Address :

134, G.T. Road, Radha Niket, Howrah – 711102, West Bengal, India

Date of Birth/Age :

25.08.1978

Date of Appointment :

01.01.2009

PAN No.:

ADQPM9621G

DIN No.:

01677008

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51109WB1994PTC062145	MONOLINK TREXIM PRIVATE LIMITED	Director	31/03/2005	31/03/2005	-	Active	NO
2	U70101WB1989PTC047279	UTILITY CONSTRUCTIONS PRIVATE LIMITED	Director	12/12/2007	12/12/2007	-	Active	NO
3	U74900WB1994PTC066235	PANCHANAN MERCHANTS PRIVATE LIMITED	Director	01/01/2008	01/01/2008	-	Active	NO
4	U51109WB2008PTC123029	IVORY VANIJYA PRIVATE LIMITED	Director	31/03/2008	31/03/2008	-	Active	NO
5	U18100WB2005PTC106448	VIKRAM SOLAR PRIVATE LIMITED	Director	01/01/2009	01/01/2009	-	Active	NO
6	U40101MH2010PTC206540	KONARK GUJARAT PV PRIVATE LIMITED	Director	24/09/2011	01/09/2011	-	Active	NO
7	U74999WB2011PTC168374	SV SOLAR PRIVATE LIMITED	Director	03/10/2011	03/10/2011	-	Active	NO
8	U45200MH2008PTC177455	KONARK INFRATECH PRIVATE LIMITED	Additional director	15/10/2011	15/10/2011	-	Active	NO
9	U45400WB2007PTC116063	ALANKAR NIRMAN PRIVATE LIMITED	Director	01/12/2011	01/12/2011	-	Active	NO

Name :

Mr. Raj Kumar Mishra

Designation :

Director

Address :

67/68, Bangur Avenue, Block –A, Kolkata – 700055, West Bengal, India

Date of Birth/Age :

29.09.1964

Date of Appointment :

20.07.2010

DIN No.:

03144680

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U18100WB2005PTC106448	VIKRAM SOLAR PRIVATE LIMITED	Director	20/07/2010	20/07/2010	-	Active	NO
2	U01119WB1993PLC060113	VIKRAM GREENTECH (INDIA) LIMITED	Director	20/07/2010	20/07/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. S K Kothari
Designation :	Secretary
PAN No.:	AFRPK5016N
Name :	Mr Shaibal Ghosh
Designation :	President (International Marketing)
Name :	Mr. K.K. Maskara
Designation :	General Manager (International Marketing)
Name :	Mr. Samujjal Ganguly
Designation :	General Manager (Domestic Marketing)
Name :	Mr.Manoranjan Khuntia
Designation :	General Manager (Works)
Name :	Mr. Santosh Goya
Designation :	Manager (Purchase)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2011

Names of Shareholders	No. of Shares
Anil Chaudhary and Sons HUF	450000
Meenakshi Chaudhary	460000
Hari Krishna Chaudhary	157250
Urmila Chaudhary	446250
Anil Chaudhary	474450
Nilam Chaudhary	355000
Gyanesh Chaudhary	432050
Gyanesh Chaudhary and Sons HUF	450000
Hari Krishna Chaudhary and Sons HUF	450000
Katyayani Vinimoy Private Limited, India	500000
Monolink Trexim Private Limited, India	1425000
Maniktala Pooram Chand	53600
Maniktala Sohan Lal	46900
Maniktala Ram Saran	80400
Pioneer Syntex Private Limited, India	5332500
Tiwari Tarkeshwar	46900
Uplink Vyapaar Private Limited, India	800000
Unicorn Tieup Private Limited, India	350000
Vikram India Limited, India	999250
Vikram Capital Management Limited, India	4900000
Vikram Financial Services Limited, India	1150000
Total	19359550

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2011

Category	Percentage
Bodies corporate	79.84
Directors or relatives of directors	18.98
Other top fifty shareholders	1.18
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Automotive Modules

Products :

Item Code No.	Product Description
8541	Solar Photovoltaic Modules

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Solar Photovoltaic Modules and Systems	KW	NA	27500	13016.49

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India, Commercial Branch, Kolkata, West Bengal, India

· Punjab National Bank, Mid Corporate Branch, 44, Park Street, Kolkata - 700016, West Bengal, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	221.784	149.190
Working capital loans banks secured	889.845	372.121
Loans taken for vehicles secured	5.303	1.057
Total	1116.932	522.368
Note: (A) Includes Term loan from Financial Institutions is secured by first charge on fixed assets of the unit at Falta, West Bengal and Buyers credit for Capital Goods (B) Working capital from Financial Institutions is secured by way of first charge on the current assets of the company. (C) Hire Purchase Loans are secured against individual moveable assets.

Banking Relations :	--
Auditors :
Name :	Rustogi and Company Chartered Accountant
Address :	19, R.N. Mukharjee Road, 1^st Floor, Eastern Building, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22480823 / 0856
Fax No.:	91-33-22430746
PAN No.:	AAUFS1566M
Subsidiaries :	· Vikram Solar GmbH
Enterprise over which Key Management Personnel are able to exercise significant influence :	· Vikram India Limited · Vikram Private Limited · Chandanpur Tea Company Private Limited · Associated Tea Industries · Pioneer Syntex Private Limited

CAPITAL STRUCTURE

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
19359550	Equity Shares	Rs.10/- each	Rs.193.596 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		193.596	109.992	50.243
2] Share Application Money		0.000	17.400	27.400
3] Reserves & Surplus		141.187	47.000	14.686
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		334.783	174.392	92.329
LOAN FUNDS
1] Secured Loans		1116.932	522.368	45.662
2] Unsecured Loans		0.000	0.000	6.845
TOTAL BORROWING		1116.932	522.368	52.507
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1451.715	696.760	144.836
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		401.758	222.786	31.373
Capital work-in-progress		4.823	4.835	85.175
INVESTMENT		1.839	1.283	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	332.321	131.706	0.000
	Sundry Debtors	598.734	282.767	0.000
	Cash & Bank Balances	153.043	8.341	2.061
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	89.020	101.931	28.279
Total Current Assets		1173.118	524.745	30.340
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	58.539	44.926	1.809
	Other Current Liabilities	68.114	11.893	0.173
	Provisions	3.170	0.070	0.070
Total Current Liabilities		129.823	56.889	2.052
Net Current Assets		1043.295	467.856	28.288
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1451.715	696.760	144.836

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL (A)	1332.470	402.703
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	1167.261	333.721
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		165.209	68.982
Less	FINANCIAL EXPENSES (D)		46.406	28.751
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		118.803	40.231
Less/ Add	DEPRECIATION/ AMORTISATION (F)		21.001	7.401
	PROFIT BEFORE TAX (E-F) (G)		97.802	32.830
Less	TAX (I)		3.100	0.000
	PROFIT AFTER TAX (G-I) (J)		94.702	32.830
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		32.830	0.000
	BALANCE CARRIED TO THE B/S		127.532	32.830
	IMPORTS
		Raw Materials	801.165	274.946
		Capital Goods	82.443	85.259
		Stores & Spares	1.884	0.280
	TOTAL IMPORTS		885.492	360.485
	Earnings Per Share (Rs.)		4.89	4.73

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	7.11	8.15	NA
Return on Total Assets (PBT/Total Assets}	(%)	6.21	4.39	NA
Return on Investment (ROI) (PBT/Networth)		0.29	0.19	NA
Debt Equity Ratio (Total Liability/Networth)		3.72	3.32	0.59
Current Ratio (Current Asset/Current Liability)		9.04	9.22	14.79

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	Yes

FINANCIAL PERFORMANCE:

The last financial year of the Company ending on 31st March’ 2011, was quite notable. Production capacity increased from 12 MW to 43 MW and Total Income increased from Rs.402.700 Millions to Rs.1332.500 Millions. Exports of Company’s product during the year was Rs.938.000 Millions as compared to Rs301.800 Millions of previous year.

FUTURE PROSPECTS:

The Solar industry as a whole has surfaced as one of the main sources of clean energy. Solar energy demand has grown by an average 30% per annum over the past 20 years against a backdrop of rapidly declining costs and prices. This decline in cost has been driven by economies of manufacturing scale, manufacturing technology improvements, and the increasing efficiency of solar cells. As per the policy of the Government of India under the Jawaharlal Nehru National Solar Mission (JNNSM), a target of generating about 20GW of solar power by 2022 has been set. The Ministry of New and Renewable Energy is proposing a national renewable portfolio standard (RPS) requiring 10% of Indian electricity to come from renewable by 2012 and 20% by 2020. The overall global PV installation increased nearly six times from 2004 and is expected to grow faster. Solar photovoltaic power is a viable and reliable technology with a significant potential for long term growth in nearly all regions.

NOTE:

The Registered office address of the company has been shifted from 26, Sakespares Sarani, 8^th Floor, West Bengal, India to present address w.e.f. 18.10.2008

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U18100WB2005PTC106448
Name of the company	VIKRAM SOLAR PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Tobacco House1, Old Court House Corner, Kolkata – 700001, West Bengal, India E-mail: sudhir.kothari@vikramsolar.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10143972
Type of charge	· Immovable property · Any interest in immovable property · Others (Moveable Fixed Assets)
Particular of charge holder	State Bank of India, Commercial Branch, Kolkata 24, Park Street, Kolkata – 700016, West Bengal, India E-mail: sbi.07502@sbi.co.in
Nature of instrument creating charge	Memorandum of Entry.
Date of instrument Creating the charge	11.03.2011
Amount secured by the charge	Rs.1400.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest SBI: Cash Credit: At 4.50% above Base Rate. Term Loan as per existing terms of Sanction. Allahabad Bank: Cash Credit: Base Rate plus 4.25%. Term Loan as per existing terms of Sanction. Terms of Repayment The Borrower shall repay the Working Capital Limits on Demand of the respective Banks. The existing term loans of SBI and Allahabad Bank are repayable as per existing terms of Sanction of the respective Bank/Banks. Margin Margin as applicable to SBI and Allahabad Banks are specified in the Sanction Letter of the respective Bank/Banks. Extent and Operation of the charge SBI Overall Limit of Rs. 910.000 Millions - 1st charge on factory land together with all the buildings and structures thereon, fixtures, fittings and all plant and machinery. AB Term Loan Limit of Rs.120.000 Millions - 1st charge on all plant and machinery and other fixed assets. AB Working Capital Limit of Rs.370.000 Millions - 2nd charge on all plant and machinery and other fixed assets. Others The Borrower shall not do or allow anything which may prejudice the security and shall comply with the terms and conditions of the Agreements.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All that piece and parcel of land measuring 9210 sq.mts. a little more or less at Sector - II in Falta SEZ Falta, Village Simulberia, Mouza Bisra, Police Station Falta, District South 24 Parganas, West Bengal together with all the building and structure thereon, fixtures, fittings and all plant and machinery attached to the earth or permanently fastened to anything attached to the earth, both present and future.
Date of instrument modifying the charge	06.02.2010
Particulars of the present modification	By this modification, Allahabad Bank joined as a joint charge holder in SBI Consortium and thus charge on the above mentioned mortgaged properties extended to secure the overall limit of Rs.1400.000 Millions (SBI - Rs.910.000 Millions and Allahabad Bank - Rs.490.000 Millions) together with interest, costs and charges thereon. All other terms and conditions continue to remain as before in full force and effect.

AS PER WEBSITE DETAILS:

HISTORY

At Subject they carry on with this rich tradition of their parent company and strive for innovation coupled with perfection and integrity.

Headquartered in Kolkata, India, they have their ISO 9001-2008 certified production facility located at Falta (Special Economic Zone), where they produce mono crystalline and multi crystalline and polycrystalline modules with an annual capacity which is soon to reach 100 MW. The initial production capacity is expected to reach the projected target of 100 MW by 2011.

Today, Subject Group is a renowned business conglomerate operating across several business verticals. When it comes to innovation, technology, skill, experience, and above all ensuring complete customer satisfaction, Subject Group is a name to reckon with, both in India and abroad. There group activities include manufacturing plants for textile, steel and power, infrastructure, real estate, floriculture, and tea. They have their global presence in countries like the United States, Germany, Japan, Indonesia, Vietnam, Sri Lanka, Bangladesh, Iran, Kenya, Uganda, South Africa and the UK.

Established in 2006, Subject is the latest addition to the glorious line up of companies under The Subject Group. The main products of Subject is multi crystalline silicon photovoltaic modules which bear international certifications like UL, IEC, TUV and CE marks. There operations are ISO: 9001: 2008 certified with a constant endeavour to benchmark best operational practices in every aspect of the business. They, at Subject Solar have consistently maintained standard of excellence in all verticals of their business.

With the global demand for sustainable energy on the rise, together with a mounting pressure to cut down on energy costs and finding solutions to rising level of carbon emissions; survival depends on embracing innovative plans and putting them into action. At Subject, they put "Vision into action" bridging the gap between an innovative idea and a practical solution. At Subject Solar, they are at "the core of innovation".

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.55.50
UK Pound	1	Rs.86.40
Euro	1	Rs.68.70

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		35

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

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.