MIRA INFORM REPORT

Report Date :

17.08.2012

IDENTIFICATION DETAILS

Name :	LANCO SOLAR PRIVATE LIMITED
Registered Office :	Plot No.4, Software Units Layout, HITEC City, Madhapur, Hyderabad – 500 081, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.07.2008
Com. Reg. No.:	01-060157
Capital Investment / Paid-up Capital :	Rs.1462.800 Millions
CIN No.: [Company Identification No.]	U74900AP2008PTC060157
TAN No.: [Tax Deduction & Collection Account No.]	HYDL02019D
PAN No.: [Permanent Account No.]	AABCL4930G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of Solar Panels.
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 6500000
Status :	Project under implementation
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a part of Lanco Group, India and the project of the company is still in its implementation stage. Business is active. Payment terms are unknown. In view of strong holding, the company can be considered normal for business dealings at usual trade terms and conditions. Profit and loss account of the company is not available.

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	LBBB- (Fund Based Facilities)
Rating Explanation	Moderate credit quality rating.
Date	April 2011

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	Lanco House, Plot No.4, Software Units Layout, HITEC City, Madhapur, Hyderabad – 500 081, Andhra Pradesh, India
Tel. No.:	91-40-40090400
Fax No.:	91-40-23116127/ 23116118
E-Mail :	parvesh.kheterpal@lancogroup.com
Website :	http://www.lancogroup.com
Corporate Office :	Lanco House, Plot # 397, Udyog Vihar, Phase – 3, Gurgaon – 122 016, Haryana, India
Tel. No.:	91-124-4741000
Fax No.:	91-124-4741320
Office :	Plot # 229, 3^rd Floor, Udyog Vihar, Phase – I, Gurgaon – 122 016, Haryana, India
Tel. No.:	91-124-4691000 to 04
Fax No.:	91-124-4692500

DIRECTORS

As on: 30.09.2011

Name :

Mr. Madhusudhan Rao Lagadapati

Designation :

Director

Address :

Plot No. 1277, Road No. 63A, Jubilee Hills, Hyderabad – 500033, Andhra Pradesh, India

Date of Birth/Age :

08.01.1966

Date of Appointment :

17.08.2010

DIN No.:

00074790

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	L74999AP1991PLC013391	LANCO INDUSTRIES LIMITED	Director	01/11/1991	01/11/1991	-	Active	NO
2	L45200AP1993PLC015545	LANCO INFRATECH LIMITED	Whole-time director	01/04/2011	26/03/1993	-	Active	NO
3	U31300AP1993PTC016266	SAI SHAKTHI INFRATECH PRIVATE LIMITED	Director	15/04/1998	15/04/1998	28/10/2006	Active	NO
4	U40101AP1995PLC021459	LANCO KONDAPALLI POWER LIMITED	Director	14/08/1998	14/08/1998	-	Active	NO
5	L64203AP1999PLC030996	YBRANT DIGITAL LIMITED	Director	28/01/1999	28/01/1999	27/03/2008	Active	NO
6	U28110AP2000PLC033224	LANCO NET LIMITED	Director	05/01/2000	05/01/2000	-	Active	NO
7	U40109AP2000PLC033791	NATIONAL ENERGY TRADING AND SERVICES LIMITED	Director	06/03/2000	06/03/2000	20/04/2010	Active	NO
8	U40109AP1996PLC022967	CLARION POWER CORPORATION LIMITED	Director	12/04/2000	12/04/2000	06/04/2009	Active	NO
9	U31909AP1999PLC033104	RITHWIK ENERGY SYSTEMS LIMITED	Director	28/04/2000	28/04/2000	06/04/2009	Active	NO
10	U40109AP2000PTC034758	LANCO TEESTA HYDRO POWER PRIVATE LIMITED	Director	26/06/2000	26/06/2000	22/07/2010	Active	NO
11	U40109AP2002PTC038683	LANCO BUDHIL HYDRO POWER PRIVATE LIMITED	Director	21/03/2002	21/03/2002	22/07/2010	Active	NO
12	U40101TN1997PLC037663	LANCO TANJORE POWER COMPANY LIMITED	Director	26/09/2002	26/09/2002	26/07/2010	Active	NO
13	U74140HR2002PLC041507	LANCO GROUP LIMITED	Director	27/12/2002	27/12/2002	01/08/2008	Active	NO
14	U40109AP2001PLC036265	LANCO AMARKANTAK POWER LIMITED	Director	03/10/2003	03/10/2003	-	Active	NO
15	U40109AP2004PTC043237	NEKKAR POWER PRIVATE LIMITED	Director	11/05/2004	11/05/2004	-	Active	NO
16	U40109AP2004PTC043235	PARVAT HYDRO POWER PRIVATE LIMITED	Director	11/05/2004	11/05/2004	-	Active	NO
17	U40109AP2004PLC043236	MIRACH POWER LIMITED	Director	11/05/2004	11/05/2004	-	Active	NO
18	U40109AP2004PTC043260	CHATARI HYDRO POWER PRIVATE LIMITED	Director	17/05/2004	17/05/2004	-	Active	NO
19	U40109AP2004PTC043440	BASAVA POWER PRIVATE LIMITED	Director	09/06/2004	09/06/2004	-	Active	NO
20	U40100AP2005PTC045442	PRAGDISA POWER PRIVATE LIMITED	Director	22/02/2005	22/02/2005	-	Active	NO
21	U40100AP2005PLC045445	LANCO VIDARBHA THERMAL POWER LIMITED	Director	23/02/2005	23/02/2005	30/10/2008	Active	NO
22	U70102AP2005PTC047310	LANCO PROPERTY MANAGEMENT COMPANY PRIVATE LIMITED	Director	07/12/2005	07/12/2005	-	Active	NO
23	U40100AP2005PTC045448	VAINATEYA POWER PRIVATE LIMITED	Director	29/09/2006	14/12/2005	-	Active	NO
24	U72200AP2004PTC044097	LANCO HILLS TECHNOLOGY PARK PRIVATE LIMITED	Director	20/12/2005	20/12/2005	-	Active	NO
25	U45200AP2006PTC048664	INFRA INDIA VENTURES PRIVATE LIMITED	Director	29/09/2006	09/01/2006	-	Active	NO
26	U74899DL2006PTC146288	RAVI HYDRO ELECTRIC PRIVATE LIMITED	Director	14/02/2006	14/02/2006	-	Active	NO
27	U74899DL2006PTC146289	HIMACHAL HYDRO POWER PRIVATE LIMITED	Director	14/02/2006	14/02/2006	-	Active	NO
28	U31200UP2006PLC031982	LANCO ANPARA POWER LIMITED	Director	12/06/2006	12/06/2006	26/07/2010	Active	NO
29	U31909KA1996PLC019918	UDUPI POWER CORPORATION LIMITED	Director	17/07/2006	17/07/2006	22/07/2010	Active	NO
30	U74900AP2008PTC060157	LANCO SOLAR PRIVATE LIMITED	Director	17/07/2008	17/07/2008	-	Active	NO
31	U63090AP2009PTC063856	CARRETERA TRANSPORT INFRA PRIVATE LIMITED	Director	02/06/2009	02/06/2009	-	Active	NO
32	U40108AP2009PTC065840	KHAYA SOLAR PROJECTS PRIVATE LIMITED	Director	30/09/2011	17/08/2010	13/07/2012	Active	NO
33	U40109AP2009PTC064018	LANCO SOLAR ENERGY PRIVATE LIMITED	Director	30/09/2011	17/08/2010	-	Active	NO
34	U40106AP2009PLC065865	DIWAKAR SOLAR PROJECTS LIMITED	Director	30/09/2011	17/08/2010	-	Active	NO
35	U40106AP2009PTC065841	SABITHA SOLAR PROJECTS PRIVATE LIMITED	Director	31/12/2010	17/08/2010	02/04/2012	Active	NO
36	U40300AP2009PTC066023	ORION SOLAR PROJECTS PRIVATE LIMITED	Director	31/12/2010	17/08/2010	02/04/2012	Active	NO
37	U40106AP2009PTC065856	BHANU SOLAR PROJECTS PRIVATE LIMITED	Director	31/12/2010	17/08/2010	31/03/2012	Active	NO
38	U40106AP2009PTC066021	OMEGA SOLAR PROJECTS PRIVATE LIMITED	Director	31/12/2010	17/08/2010	02/04/2012	Active	NO
39	U45400HR2011PLC041920	LANCO KANPUR HIGHWAYS LIMITED	Director	18/01/2011	18/01/2011	02/05/2011	Active	NO
40	U01111AP1996PLC023347	LANCO HYDRO POWER LIMITED	Additional director	30/03/2012	30/03/2012	-	Active	NO
41	U40109AP2002PLC038452	LANCO THERMAL POWER LIMITED	Additional director	30/03/2012	30/03/2012	-	Active	NO
42	U40109AP2005PLC045214	LANCO POWER LIMITED	Additional director	01/05/2012	01/05/2012	-	Active	NO
43	U28999AP2012PLC081727	AEOLIPILE ENGINEERING AND MANUFACTURING LIMITED	Director	02/07/2012	02/07/2012	-	Active	NO
44	U28112AP2012PLC081726	FOURNEYRON ENGINEERING AND MANUFACTURING LIMITED	Director	02/07/2012	02/07/2012	-	Active	NO

Name :

Mr. Vutukuri Saibaba

Designation :

Whole Time Director

Address :

GC3 Block, 40 Lakshmi Ma Apartment, 4^th Seaward Road, Valmiki, Thiruvanmiyur, Chennai – 600041, Tamilnadu, India

Date of Birth/Age :

19.07.1963

Qualification :

MBA (International Business)

Experience :

27 years

Date of Appointment :

14.04.2010

DIN No.:

01926362

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	L45201TN1994PLC029561	MARG LIMITED	Director	25/09/2008	24/10/2007	20/07/2012	Active	NO
2	U40106AP2009PTC066021	OMEGA SOLAR PROJECTS PRIVATE LIMITED	Director	31/12/2010	14/04/2010	-	Active	NO
3	U40108AP2009PTC065840	KHAYA SOLAR PROJECTS PRIVATE LIMITED	Director	30/06/2010	14/04/2010	-	Active	NO
4	U40106AP2009PLC065865	DIWAKAR SOLAR PROJECTS LIMITED	Director	30/06/2010	14/04/2010	-	Active	NO
5	U40106AP2009PTC065841	SABITHA SOLAR PROJECTS PRIVATE LIMITED	Director	31/12/2010	14/04/2010	-	Active	NO
6	U40300AP2009PTC066023	ORION SOLAR PROJECTS PRIVATE LIMITED	Director	31/12/2010	14/04/2010	-	Active	NO
7	U40106AP2009PTC065856	BHANU SOLAR PROJECTS PRIVATE LIMITED	Director	31/12/2010	14/04/2010	-	Active	NO
8	U74900AP2008PTC060157	LANCO SOLAR PRIVATE LIMITED	Whole-time director	30/06/2010	14/04/2010	-	Active	NO
9	U40109AP2009PTC064018	LANCO SOLAR ENERGY PRIVATE LIMITED	Whole-time director	01/04/2011	14/04/2010	-	Active	NO
10	U40106AP2010PTC071541	LANCO SOLAR SERVICES PRIVATE LIMITED	Director	30/09/2011	01/04/2011	-	Active	NO
11	U40300AP2008PTC059248	LANCO SOLAR POWER PROJECTS PRIVATE LIMITED	Additional director	21/11/2011	21/11/2011	-	Active	NO
12	U40300AP2008PTC061285	HELENE POWER PRIVATE LIMITED	Additional director	06/12/2011	06/12/2011	-	Active	NO

Name :

Mr. Venkatesh Babu Gangarap

Designation :

Director

Address :

35A Prithvi Raj Road, New Delhi – 110003, India

Date of Birth/Age :

03.07.1968

Date of Appointment :

17.08.2010

DIN No.:

00075079

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	U74140HR2002PLC041507	LANCO GROUP LIMITED	Director	31/03/2006	15/10/2004	-	Active	NO
2	U40109AP1996PLC022967	CLARION POWER CORPORATION LIMITED	Director	29/03/2005	29/03/2005	29/03/2010	Active	NO
3	L45200AP1993PLC015545	LANCO INFRATECH LIMITED	Managing director	24/06/2011	27/06/2005	-	Active	NO
4	U40109AP2001PLC036265	LANCO AMARKANTAK POWER LIMITED	Director	19/12/2005	19/12/2005	-	Active	NO
5	U40101TN1997PLC037663	LANCO TANJORE POWER COMPANY LIMITED	Director	19/12/2005	19/12/2005	-	Active	NO
6	U72200AP2004PTC044097	LANCO HILLS TECHNOLOGY PARK PRIVATE LIMITED	Director	20/12/2005	20/12/2005	-	Active	NO
7	U45200AP2006PTC048664	INFRA INDIA VENTURES PRIVATE LIMITED	Director	29/09/2006	09/01/2006	-	Active	NO
8	U31909AP1999PLC033104	RITHWIK ENERGY SYSTEMS LIMITED	Director	29/03/2006	29/03/2006	08/08/2009	Active	NO
9	U31909KA1996PLC019918	UDUPI POWER CORPORATION LIMITED	Director	25/08/2008	17/07/2006	-	Active	NO
10	U40109AP2005PLC045214	LANCO POWER LIMITED	Director	30/09/2011	08/01/2007	-	Active	NO
11	U40109AP2002PLC038452	LANCO THERMAL POWER LIMITED	Additional director	30/03/2012	19/01/2007	-	Active	NO
12	U40101AP1995PLC021459	LANCO KONDAPALLI POWER LIMITED	Director	22/01/2007	22/01/2007	29/04/2010	Active	NO
13	U70102AP2004PTC042760	MERCURY PROJECTS PRIVATE LIMITED	Director	28/08/2007	01/02/2007	-	Active	NO
14	U70102AP2004PTC042759	URANUS PROJECTS PRIVATE LIMITED	Additional director	01/04/2012	26/02/2007	-	Active	NO
15	U40109AP2000PLC033791	NATIONAL ENERGY TRADING AND SERVICES LIMITED	Director	24/04/2007	24/04/2007	17/07/2010	Active	NO
16	U31200UP2006PLC031982	LANCO ANPARA POWER LIMITED	Director	17/09/2007	30/04/2007	26/07/2010	Active	NO
17	U40104AP2007PLC054207	LANCO BABANDH POWER LIMITED	Director	17/11/2008	11/06/2007	22/07/2010	Active	NO
18	U45200AP2007PLC053124	LANCO HOSKOTE HIGHWAY LIMITED	Director	07/08/2009	01/03/2008	21/04/2010	Active	NO
19	U45400AP2007PLC053957	LANCO DEVIHALLI HIGHWAYS LIMITED	Director	07/08/2009	01/05/2008	21/04/2010	Active	NO
20	U74900AP2008PTC061574	LANCO TRANSPORT NETWORK COMPANY PRIVATE LIMITED	Director	30/09/2009	28/10/2008	-	Active	NO
21	U40100AP2005PLC045445	LANCO VIDARBHA THERMAL POWER LIMITED	Director	15/07/2009	30/10/2008	22/07/2010	Active	NO
22	U63090AP2009PTC063856	CARRETERA TRANSPORT INFRA PRIVATE LIMITED	Director	02/06/2009	02/06/2009	-	Active	NO
23	U40109AP2000PTC034758	LANCO TEESTA HYDRO POWER PRIVATE LIMITED	Additional director	16/10/2009	16/10/2009	21/04/2010	Active	NO
24	U74900AP2008PTC060157	LANCO SOLAR PRIVATE LIMITED	Director	18/05/2010	18/05/2010	-	Active	NO
25	U74999TN2010PTC076592	BAY OF BENGAL GATEWAY TERMINAL PRIVATE LIMITED	Additional director	24/07/2010	24/07/2010	21/01/2011	Active	NO
26	U40109AP2009PTC064018	LANCO SOLAR ENERGY PRIVATE LIMITED	Director	30/09/2011	17/08/2010	-	Active	NO
27	U40108AP2009PTC065840	KHAYA SOLAR PROJECTS PRIVATE LIMITED	Director	30/09/2011	03/09/2010	02/04/2012	Active	NO
28	U40106AP2009PTC065856	BHANU SOLAR PROJECTS PRIVATE LIMITED	Director	31/12/2010	03/09/2010	02/04/2012	Active	NO
29	U40106AP2009PLC065865	DIWAKAR SOLAR PROJECTS LIMITED	Director	30/09/2011	03/09/2010	-	Active	NO
30	U10200HR2010PLC041280	MAHATAMIL MINING AND THERMAL ENERGY LIMITED	Additional director	20/10/2011	20/10/2011	-	Active	NO
31	U01111AP1996PLC023347	LANCO HYDRO POWER LIMITED	Additional director	30/03/2012	30/03/2012	-	Active	NO

Name :

Mr. Venkataraman Subramanian

Designation :

Director

Address :

M-104 Groung Floor, Greater Kailash Part II, New Delhi – 110048, India

Date of Birth/Age :

17.06.1948

Date of Appointment :

22.01.2011

KEY EXECUTIVES

Name :	Dr. V. S. Gangadhara Rao
Designation :	Chief Operating Officer – Manufacturing
Name :	Dr. Satyendra Kumar
Designation :	Chief Technical Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2011

Names of Shareholders	No. of Equity Shares
G. Bhaskara Rao as a Nominee of Lanco Infratech Limited, India	100
L Sridhar as a Nominee of Lanco Infratech Limited, India	100
Lanco Infratech Limited, India	14999800

Names of Shareholders	No. of Preference Shares
Lanco Infratech Limited, India	160000000
Total	160000000

As on: 29.03.2012

Names of Allottee	No. of Shares
Lanco Solar Energy Private Limited, India	124652370
Total	124652370

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2011

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of Solar Panels.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011
Rupee term loans banks secured	661.500
Interest accrued due other debt secured	0.532
Total	662.032
Unsecured Loan	As on 31.03.2011
Rupee term loans others unsecured	25.000
Total	25.000

Banking Relations :	--
Security Trustee :	Axis Trustee Services Limited, Maker Towers 'F', 13^th Floor, Cuffe Parade, Colaba, Mumbai – 400 005, Maharashtra, India
Auditors :
Name :	Brahmayya and Company Chartered Accountants
Address :	48, Masilamani Road, Balaji Nagar, Royapettah, Chennai-600014, Tamilnadu, India
PAN No.:	AAAFB2481J
Holding Company :	· Lanco Solar Energy Private Limited (LSEPL) CIN No.: U40109AP2009PTC064018
Ultimate Holding Company :	· Lanco Infratech Limited (LITL) CIN No.: L45200AP1993PLC015545
Fellow Subsidiary :	· Lanco Solar Services Private Limited (LSSPL) · Khaya Solar Projects Private Limited (KSPPL)
Directors having significant influence :	· Lanco Hydro Energies Private Limited (LHEPL) · Lanco Power Limited (LPL) · Lanco International Pte Limited (LIPL)
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Lanco Amarkantak Power Limited CIN No.: U40109AP2001PLC036265 · Lanco Mandakini Hydro Energy Private Limited CIN No.: U40106UR2006PTC032559

CAPITAL STRUCTURE

As on: 30.09.2011

Authorised Capital : Rs.3000.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.2709.324 Millions

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
200000000	Equity Shares	Rs.10/- each	Rs.2000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
146280000	Equity Shares	Rs.10/- each	Rs.1462.800 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		1462.800	0.100	0.100
2] Share Application Money		185.824	306.474	72.700
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1648.624	306.574	72.800
LOAN FUNDS
1] Secured Loans		662.032	0.000	0.000
2] Unsecured Loans		25.000	0.000	0.000
TOTAL BORROWING		687.032	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		2335.656	306.574	72.800
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		137.774	64.630	5.303
Capital work-in-progress		2156.333	70.183	36.708
Expenditure during Construction		0.000	130.392	44.374
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	13.076	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	187.749	26.207	3.653
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	81.073	34.245	27.860
Total Current Assets		281.898	60.452	31.513
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	211.768	5.994	41.729
	Other Current Liabilities	15.449	8.257	1.335
	Provisions	13.143	4.843	2.045
Total Current Liabilities		240.360	19.094	45.109
Net Current Assets		41.538	41.358	(13.596)
MISCELLANEOUS EXPENSES		0.011	0.011	0.011
TOTAL		2335.656	306.574	72.800

PARTICULARS		31.03.2011
IMPORTS
	Raw Materials	15.098
	Capital Goods	214.934
TOTAL IMPORTS		230.032

KEY RATIOS

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
Debt Equity Ratio (Total Liability/Networth)	0.56	0.06	0.62
Current Ratio (Current Asset/Current Liability)	1.17	3.17	0.70

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 three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
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	No
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

The performance of the Company during the year is as under:

Subject is setting up 250MW integrated Solar manufacturing SEZ in Rajnandgaon, Chhattisgarh. However, the management has decided to establish the same, Special Economic Zone at Village Mehrumkhurd and Chawardhal, District Rajnandgaon in the State of Chhattisgarh.

The Ministry of Commerce nad Industry has granted the approval on 10th May, 2010, for setting of Special Economic Zone for manufacturing of Polysilicon, wafer and cell /Module Line and notified as SEZ in the Gazette of India on 31st January, 2011. It is proposed to manufacture the below mentioned products along with their capacity.

Polysilicon- 1250 MT

· High capacity low energy deposition reactors

· State of the art Low energy intensive recycling process

· Target 11 N (Semiconductor grade) polysilicon

Wafer- 250 MW

· Setting up Mono and Multi wafer line to cater to diverse market needs

· Latest generation furnaces and diamond wire wafering technology to enable low cost production

· Facility designed for handling wafers up to 140 microns

Cell/Module Line- 250MW

· High efficiency Mono modules (17%-18%) and Multi modules (15%-16%)

· High yield lines, low optical loss enabling low cost production

· Tying up sourcing from low cost geographies

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U74900AP2008PTC060157
Name of the company	LANCO SOLAR PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No.4, Software Units Layout, HITEC City, Madhapur, Hyderabad – 500 081, Andhra Pradesh, India E-mail: parvesh.kheterpal@lancogroup.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10239364
Type of charge	· Immovable property · Any interest in immovable property
Particular of charge holder	Axis Trustee Services Limited, Maker Towers 'F', 13^th Floor, Cuffe Parade, Colaba, Mumbai – 400 005, Maharashtra, India E-mail: milind.limaye@axistrustee.com
Nature of instrument creating charge	No instrument was executed, but on December 29, 2010, the Company has created mortgage on first pari passu charge basis by deposit of title deeds of its immovable properties situated at Village Mehrumkhurd and Chawardhal, Tehsil and District Rajnandgaon, in State of Chhattisgarh and more particularly described in Second Schedule of Memorandum of Entry dated December 29, 2010 attached in favour of Axis Trustee Services Limited as Security Trustee for the Term Loan Lenders aggregating Rs.9400.000 Millions.
Date of instrument Creating the charge	29.12.2010
Amount secured by the charge	Rs.9400.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per annexure II attached herewith. Terms of Repayment The Company shall repay the Loan to each of the Lenders in Thirty Six (36) unequal quarterly installments on the quarterly dates of 31st March, 30th June, 30th September and 31st December (Quarterly dates) in each year commencing after 39 months from the date of Financial Closure (the first repayment date). Margin 30 percent by way of equity contribution Extent and Operation of the charge First pari passu charge in favour of Axis Trustee Services Limited as Security Trustee for the Term Loan Lenders of the Company aggregating Rs.9400.000 Millions on immovable properties of the Company situated at Village Mehrumkhurd and Chawardhal, Tehsil and District Rajnandgaon, in the State of Chhattisgarh more particularly described in Second Schedule of Memorandum of Entry dated December 29, 2010 attached
Short particulars of the property or asset(s) charged (including complete address and location of the property)	immovable properties of the Company situated at Village Mehrumkhurd and Chawardhal, Tehsil and District Rajnandgaon, in the State of Chhattisgarh more particularly described in Second Schedule of Memorandum of Entry dated December 29, 2010
Date of instrument modifying the charge	04.11.2010
Particulars of the present modification	The existing charge has been modified by creating Equitable Mortgage by deposit of title deeds by physical delivery on first pari passu charge in favour of Axis Trustee Services Limited as Security Trustee for Term Loan Lenders of Company aggregating Rs.9400.000 Millions on Immovable properties of company situated at Village Mehrumkhurd and Chawardhal, Tehsil and District Rajnandgaon, in State of Chhattisgarh more particularly described in Second Schedule of Memorandum of Entry dated December 29, 2010

FIXED ASSETS:

· Land – Freehold

· Lease Hold Land (Rights for 90 years)

· Office Equipment

· 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 exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.99
UK Pound	1	Rs.87.55
Euro	1	Rs.68.69

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	-
--CREDIT LINES	1~10	4
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		26

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.