MIRA INFORM REPORT

Report Date :

28.12.2012

IDENTIFICATION DETAILS

Name :	XL ENERGY LIMITED

Formerly Known As :	XL TELECOM LIMITED XL TELECOM AND ENERGY LIMITED

Registered Office :	C 2, Pooja Plaza, Vikrampuri, Secunderabad-500 009, Andhra Pradesh

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	03.10.1985

Com. Reg. No.:	01-005844

Capital Investment / Paid-up Capital :	Rs. 1265.548 millions

CIN No.: [Company Identification No.]	L31300AP1985PLC005844

TAN No.: [Tax Deduction & Collection Account No.]	HYDX00001B

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Solar Photovoltaic Modules and Systems.

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 2260000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having a moderate track record. There appears sharp dip in the income earned from its operations during 2012. It has incurred loss out of its operation. There appear huge external borrowings recorded by the company. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some caution.

NOTES :

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

ECGC Country Risk Classification List – June 30, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Bank facility = suspended
Date	12.03.2012

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 :	C 2, Pooja Plaza, Vikrampuri, Secunderabad-500009, Andhra Pradesh, India
Tel. No.:	91-40-278833333 / 27775568
Fax No.:	91-40-27883344 / 27840081
E-Mail :	xltl@hdy.vsnl.net.in xltl@satyam.net.in satish@xltelenergy.com info@xlenergy.co
Website :	http://www.xlenergy.co

Factory 1 :	Jointing Kits Division Shed No. 30, 31, 32, IDA, Mallapur, Hyderabad - 500076, Andhra Pradesh, India

Factory 2 :	SPV Division Shed No. 32, I.D.A., Mallapur, Hyderabad – 500076, Andhra Pradesh, India

Factory 3 :	SMPS and CDMA Division Plot No. 198/A, IDA Cherlapally, Hyderabad - 500051, Andhra Pradesh, India

Factory 4 :	Ethanol Division Plot Nos. B 8 to B 10, and B 18 to B 21 DC, Kushnoor NANDED (District), Maharashtra, India

Factory 5 :	Fabcity Plot No. 36, Raviryal Village, Fab-City (SEZ) India Private Limited, Maheshwaram Mandal, Ranga Reddy District, Andhra Pradesh, India

Branch :	T-403 and 404, IIIrd Floor, TSL Plaza, Plot No. 03 Mayur Vihar, Phase - III, (Near Pocket C, SFS Flat), New Delhi – 1100096, India
E-Mail :	delhi@xlenergy.co

Overseas Office :	Located at Spain Italy Germany US Taiwan Australia

DIRECTORS

As on 31.03.2011

Name :	Mr. Dinesh Kumar
Designation :	Managing Director
Date of Birth/Age :	46 Years
Qualification :	MBA
Date of Appointment :	22.04.1999

Name :	Mr. K. Vasudeva Rao
Designation :	Executive Director
Date of Birth/Age :	49 Years
Qualification :	Chartered Accountant and graduate

Name :	Mr. Aneesh Mittal
Designation :	Whole Time Director

Name :	Mr. Rajiv Garg
Designation :	Non Executive and Independent Director

Name :	Mr. Ashok Kumar Goyal
Designation :	Non Executive and Independent Director
Date of Birth/Age :	54 Years
Qualification :	Chartered Accountant
Experience :	28 Years

Name :	Mrs. Ritu Lal Kumar
Designation :	Non Executive and Non-Independent Director

KEY EXECUTIVES

Name :	Mr.K.Sateesh Gupta
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2012

Category of Shareholder	No. of Shares	Percentage of Holding

(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	3424113	15.03
Bodies Corporate	1100000	4.83
Sub Total	4524113	19.86
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	4524113	19.86
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	107059	0.47
Foreign Institutional Investors	27000	0.12
Sub Total	134059	0.59
(2) Non-Institutions
Bodies Corporate	4099215	18.00
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	10704094	47.00
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	2485143	10.91
Any Others (Specify)	827773	3.63
Trusts	1101	0.00
Clearing Members	34847	0.15
Non Resident Indians	791825	3.48
Sub Total	18116225	79.55
Total Public shareholding (B)	18250284	80.14
Total (A)+(B)	22774397	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	22774397	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Solar Photovoltaic Modules and Systems.

Products :

Product Description	Item Code
Protection module for MDF in telecom equipments	8547
Sleeves	8541
Solar power generating systems	3689
Switch mode power supply power plants 100 amps	7590
CDMA mobile handsets	3655
Ethanol	2200

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Unit	Installed Capacity	Actual Production
Cable Jointing Kits	Nos	500000	--
SMPS	Nos	2880	258
Solar Modules	MW	180	18
CDMA Phones	Nos	3000000	6354
Ethanol	BL	45000000	1710102

GENERAL INFORMATION

Customers :

Bharat Sanchar Nigam Limited
Mahanagar Telephone Nigam Limited
Indian Railways
Departments of Defence
Telecommunications Consultants of India Limited
State Nodal Agencies of the Ministry of Non-Conventional Energy Sources
Private sector companies
Indian Oil Corporation Ltd
BPCHL, HPCL, IBP and Reliance
Isolux, Spain
Epifanio, Spain
Digrun Solar, Spain
LT Trade International, Italy
Mandik Corporation, Czech Republic

No. of Employees :

Not Available

Bankers :

State Bank of India
Canara Bank
IDBI Bank Limited
The Federal Bank Limited
Vijaya Bank
State Bank of Hyderabad
ICICI Bank Limited
Bank of India
State Bank of Bikaner and Jaipur
State Bank of Mysore

Facilities :

Secured Loan	31.03.2011 (for 15 months Period) (Rs. in Millions)	31.12.2009 (For 18 Months Period) (Rs. in Millions)
Term Loans	8740.163	8771.014
Hire Purchase Loans from Banks	0.606	3.836
Total	8740.769	8774.850

Unsecured Loan	31.03.2011 (for 15 months Period) (Rs. in Millions)	31.12.2009 (For 18 Months Period) (Rs. in Millions)
Unsecured Loans-FCCB	190.199	574.044
Total	190.199	574.044


Banking Relations :	--

Auditors :
Name :	Satyanarayana and Company Chartered Accountants
Address :	Secunderabad, Andhra Pradesh, India
Tel. No.:	91-40-27718992 / 27715028 / 66339972
Fax No.:	91-40-27714814
E-Mail :	satco@sol.net.in

Collaborators :	Alfa Laval Axesstel Corning Kyocera Wireless

Subsidiary :	Khandoba Distilleries Limited

Wholly owned subsidiary Company :	Saptashva Solar Limited Saptashva Solar SA

Subsidiary of Saptashva Solar SA :	Saptashva Solar SRL Digrun Grun SL

Subsidiary of Saptashva Solar SRL :	Apulia Solar SRL

Associates :	Sree Sahasya Enteprises Private Limited Sree Sahasya Enteprises Private Limited Soft Projex (India) Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
40000000	Equity Shares	Rs.10/- each	Rs. 400.000 Millions
110000000	Preference Shares	Rs.10/- each	Rs. 1100.000 Millions
	Total		Rs. 1500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
22774397	Equity Shares	Rs.10/- each	Rs. 227.744 Millions
103780394	Preference Shares	Rs.10/- each	Rs. 1037.804 Millions
	Total		Rs. 1265.548 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011 (for 15 months Period)	31.12.2009 (For 18 Months Period)	30.06.2008 (For 12 Months Period)
SHAREHOLDERS FUNDS
1] Share Capital		1265.548	207.749	187.854
2] Share Application Money		0.000	0.000	53.865
3] Reserves & Surplus		2554.969	2255.052	2669.508
4] (Accumulated Losses)		(3255.067)	(2191.592)	0.000
NETWORTH		565.450	271.209	2911.227
LOAN FUNDS
1] Secured Loans		8740.769	8774.850	2913.037
2] Unsecured Loans		190.199	574.044	869.850
TOTAL BORROWING		8930.968	9348.894	3782.887
DEFERRED TAX LIABILITIES		(1532.314)	77.423	38.412

TOTAL		7964.104	9697.526	6732.526

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		400.100	436.312	432.228
Capital work-in-progress		3703.522	3558.286	2054.747

INVESTMENT		418.600	418.600	123.702
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1032.808	2335.376	557.478
	Sundry Debtors	1662.528	2234.346	2242.924
	Cash & Bank Balances	130.380	92.449	408.256
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	948.879	996.817	1319.014
Total Current Assets		3774.595	5658.988	4527.672
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	270.961	181.415	246.882
	Other Current Liabilities	87.172	79.257	66.778
	Provisions	3.452	148.634	133.738
Total Current Liabilities		361.585	409.306	447.398
Net Current Assets		3413.010	5249.682	4080.274

MISCELLANEOUS EXPENSES		28.872	34.646	41.575

TOTAL		7964.104	9697.526	6732.526

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011 (for 15 months Period)	31.12.2009 (For 18 Months Period)	30.06.2008 (For 12 Months Period)
	SALES
		Income	1650.785	4257.078	6540.152
		Other Income	8.398	16.928	22.251
		Gain in forex fluctuation	0.000	0.000	2.899
		TOTAL (A)	1659.183	4274.006

Less	EXPENSES
		Cost of Materials Consumed	2429.833	4057.307
		Administrative and Selling Expenses	330.580	457.532	5819.018
		Foreign Exchange Fluctuations	0.000	277.244
		Provision for Bad & Doubtful Debts	638.622	0.000
		Miscellaneous Expenditure Written off	5.774	6.929
		Reduction in value of inventories (MTM Loss)	0.000	1280.796
		TOTAL (B)	3404.809	6079.808	5819.018

Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(1745.626)	(1805.802)	7462.840

Less	FINANCIAL EXPENSES (D)		809.281	1035.447	259.580

	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(2554.907)	(2841.249)	486.704

Less/ Add	DEPRECIATION/ AMORTISATION (F)		37.729	39.504	21.340

	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		(2592.636)	(2880.753)	465.364

Less	TAX (H)		(1529.162)	77.585	63.931

	PROFIT/(LOSS) AFTER TAX (G-H) (I)		(1063.474)	(2958.338)	401.433

Less	APPROPRIATIONS
		Transfer to General Reserve	NA	NA	20.072
		Provision For Dividend and Tax	NA	NA	32.967
	BALANCE CARRIED TO THE B/S		NA	NA	348.394

	EARNINGS IN FOREIGN CURRENCY
		FOB Value of exports realized	1668.463	3503.112	932.570
	TOTAL EARNINGS		1668.463	3503.112	932.570

	Earnings/ (Loss) Per Share (Rs.)		(3.21)	(142.40)	21.37

KEY RATIOS

PARTICULARS		31.03.2011 (for 15 months Period)	31.12.2009 (For 18 Months Period)	30.06.2008 (For 12 Months Period)
PAT / Total Income	(%)	(64.10)	(69.22)	611

Net Profit Margin (PBT/Sales)	(%)	(157.05)	(67.67)	7.12

Return on Total Assets (PBT/Total Assets}	(%)	(62.10)	(47.26)	9.38

Return on Investment (ROI) (PBT/Networth)		(4.59)	(10.62)	0.16

Debt Equity Ratio (Total Liability/Networth)		16.43	35.98	1.45

Current Ratio (Current Asset/Current Liability)		10.44	13.82	10.12

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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	Yes
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	No
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

Financial Results

During the year, the Company has achieved Rs.1651.203 millions revenues as compared to previous year revenues of Rs.4294.498 millions. The company has incurred a loss of Rs.1063.474 millions as against a loss of Rs.2958.338 millions for the previous year.

Change in name of the Company

During the year, Company has changed its name from XL Telecom and Energy Limited to XL Energy Limited with effect from 2^nd September 2010 pursuant to the approval for change of name granted by Ministry of Corporate Affairs (MCA).

Industry structure and developments

For XL, this has been a year of learning and building on their core strengths to sustain business success in these difficult times. Leaving behind the worst economic downturn of the recent past, an increasing number of economies showed positive growth.

Photovoltaic (PV) Industry

The year 2010-11, started out as a very challenging year for the global solar industry, given the rolling effect at the economic slowdown, credit crunch and reduction in the incentive program by the Spanish Government. This was coupled with a short term demand supply mismatch of solar photovoltaic products. However, after a difficult first half, growth rebounded in the second half of the year with the improving credit conditions. All major markets remained firm, with the strongest growth coming from Germany, Italy and southern Europe. Moreover newer markets like USA, Czech Republic, Belgium, France and India have come out with attractive incentive programmes and increasing the solar market area.

Indian PV Industry

The on-grid ground-mount segment is expected to lead the way in building India’s installed capacity, with installations expected to at least double in 2011. The National Solar Mission, as well as state level policies in Gujarat, Rajasthan, and Maharashtra are leading to strong growth, with these three states accounting for as much as 70% of the total Indian market in 2011. Armed with the goal of installing 22 GW of new solar capacity by 2022, the National Solar Mission has sanctioned 300 MW of on-grid PV capacity to be installed through 2011 and 2012, with an additional 300 MW to be allocated in 2H’11. Though the first round of projects has experienced setbacks due to high capital costs, low returns, and regulatory hurdles, a potential restructuring of project guidelines is likely to stimulate higher success rates of future projects. As of June 2011, the on-grid pipeline of projects targeted for completion by 2013 stood at 1.5 GW.

XL PV Business:

XL is a leading international E2E photovoltaic systems integrator. The company plans, builds, operates and owns large photovoltaic plants providing all services from a single source. The product and services range of XL Energy covers project development through to operation, with maintenance and inspection, as well as insurances for the photovoltaic system and its yield.

XL Energy Limited has entered into joint venture with SDEM TEGA S.A., a leading Spain based Company with significant experience in implementing Solar Power Projects as EPC contractors in Europe. The Company SDEM TEGA S.A. along with focus in areas like Electrical installations and communication networks, in renewable energy segment have installed over 30 MW solar Power Projects in the last two years.

Future Outlook

XL’s business and revenue growth depends on Solar Photo Voltaic (SPV) industry demand. There has been a significant growth of the SPV modules market in the past. We believe that the near-term growth of the market for SPV products depends largely on the availability and size of government subsidies and economic incentives. We believe that countries such as Germany, Italy, Japan and USA have in the past, and continue to exhibit strong demand for products similar to those manufactured by us, as customers in such jurisdictions are strongly motivated by environmental concerns. India and China are the latest addition to the list of such countries. We believe that Governments in such countries will continue to support through incentives to endusers, distributors, system integrators and manufacturers of solar power products, including SPV products, in furtherance of their efforts to achieve ‘grid parity’ and in order to promote the use of solar energy in on-grid applications and to reduce dependence on other forms of energy. There are certain criteria in relation to promotion of domestic content in the implementation of the Jawaharlal Nehru National Solar Mission (JNNSM) program which mandate that in a phased manner, all deployment in grid connected solar power be done only through SPV cells and modules manufactured in India. Such initiatives have the potential to create demand for SPV cells manufactured by them.

Financial performance – Overview

The Company for the year has recorded total revenue of Rs. 1651.203 millions as against Rs.4274.006 millions for the previous year. The Company has incurred a loss after tax for the year Rs.1063.474 millions as against a loss of Rs.2958.338 millions for the previous year.

UNAUDITED FINANCIAL RESULTS (STAND-ALONE) FOR THE PERIOD ENDED 30TH JUNE, 2012

(Rs. in millions)

S.No		Particulars		Quarter ended				Year ended (12 months)
				30.06.2012 Unaudited	31.03.2012 Unaudited	30.06.2011 Unaudited	31.03.2012 Unaudited
1		Income from Operations
		(a) Net Sales/Income from Operations (Not of Excise Duty)		10.574	3.672	16.748	34.619
		(b) Other operating income		0.000	0.000	0.000	0.000
		Total Income from operations		10.574	3.672	16.748	34.619
2		Expenses
		(a) Cost of materials consumed		0.000	0.003	29.378	34.128
		(b) Purchases of Stock - in - Trade		0.000	0.000	0.000	0.000
		(c) Changes in inventories of finished goods, work in progress and stock in trade		0.000	0.000	1.204	(13.656)
		(d) Employee Benefits Expense		2.500	18.828	22.681	85.576
		(e) Depreciation and amortisation expense		9.746	9.746	7.701	32.849
		(f) Other expenses		3.001	12.197	12.370	39.419
		(g) Provision for bad debts		0.000	0.000		307.235
		Total Expenses		15.247	40.774	73.334	485.551
3		Profit/(Loss) from Operations before Other Income, finance costs and Exceptional Items (1-2)		(4.673)	(37.102)	(56.586)	(450.932)
4		Other Income		0.000	0.000	0.129	1.167
5		Profit/(Loss) from ordinary Activities before finance costs and Exceptional Items (3+4)		(4.673)	(37.102)	(56.457)	(449.765)
6		Finance Costs (Net)		0.000	(67.689)	157.663	249.851
7		Profit/(Loss) from ordinary Activities after finance costs but before Exceptional Items (5-6)		(4.673)	30.587	(214.120)	699.616
8		Exceptional items			0.000	0.000	0.000
9		Profit (+)/ Loss (-) from Ordinary Activities before tax (7+8)		4.673	30.587	(214.120)	(699.616)
10		Tax expense
		-Current Tax		0.000	0.000	0.000	0.000
		-Deferred Tax		1.588	15.748	64.236	(209.885)
		-Deferred Tax for the prior period (Not provided earliar)		0.000	0.000	0.000	0.000
11		Net Profit (+)/ Loss (-) from Ordinary Activities after tax (9-10)		(3.085)	14.839	(149.884)	(489.731)
12		Extraordinary Items		0.000	0.000	0.000	0.000
13		Net Profit(+)/ Loss(-) for the period (11-12)		(3.085)	14.839	(149.884)	(489.731)
14		Share of Profit/ Loss of Associates*
15		Minority Interest*		-	-
16		Net Profit/( Loss) after taxes, minority interest and share profit/ (Loss) of Associates (13+14+15)		(3.085)	14.839	(149.884)	(489.731)
17		(a) Paid up Equity Share Capital (Face Value: Rs.10/- each)		227.744	227.744	227.744	227.744
		(b) Preference Shares (Face Value: Rs.10/- each)		1037.804	1037.804	1037.804	1037.804
18		Reserve excluding Revalution Reserves as per balance sheet of previous accounting year
19 i		Earnings per Share (before Extraordinary items) (ofRs. —/- each } (Not annualized)
		(a) Basic		(0.14)	0.65	(6.58)	-21.50
		(b) Diluted		(0.14)	0.65	(6.58)	-21.50
19 ii		Earnings per Share (after Extraordinary items) of Rs. --—/- (not annualized)
		Basic		(0.14)	0.65	(6.58)	-21.50
		Diluted		(0.14)	0.65	(6.58)	-21.50
A	PARTICULARS OF SHAREHOLDING
1	Public Shareholding
	- Number of Shares		18250284		18250284	18250284	18250284
	- Percentage of Shareholding		80.14%		80.14%	80.14%	80.14%
2	Promoters and Promoter Group Shareholding
	a) Pledged /Encumbered
	- Number of Shares		4524113		4524113	4524113	4524113
	- Percentage of Shares ( as a % of the total Shareholding of Promoter and promoter Group)		100 00%		100.00%	100.00%	100.00%
	- Percentage of Shares (as a % of the total Share capital of the Company)		19.86%		19.86%	19.86%	19.86%
	b) Non-Encumbered
	- Number of Shares		0		0	0	0
	- Percentage of Shares ( as a % of the total Shareholding of Promoter and promoter Group)		0		0	0	0
	- Percentage of Shares (as a % of the total Share capital of the Company)		0		0	0	0

	Particulars	3 Months ended (30.06.2012)
B	Investor Complaints
	a. Beginning of the Quarter	NIL
	b. Received during the Quarter	NIL
	c. Disposed of during the Quarter	NIL
	d. Remainnig unresolved at the end of the quarter	NIL

REPORTING OF SEGMENT-WISE REVENUE, RESULTS AND CAPITAL EMPLOYED

(Rs. in millions)

S.No	Particulars	Quarter ended				Year ended (12 months)
		30.06.2012 Unaudited	31.03.2012 Unaudited	30.06.2011 Unaudited	31.03.2012 Unaudited
	1. Segment Revenue
	(a) Segment - TELECOM	0.000	0.000	0.000	0.000
	(b) Segment - ENERGY	10.574	3.672	16.748	34.619
	(c) Unallocated	0.000	0.000	0.000	0.000
	Total	10.574	3.672	16.748	34.619
	Less: Inter Segment Revenue	0.000	0.000	0.000	0.000
	Net sales/income From Operations	10.574	3.672	16.748	34.619
	2. Segment Results (Profit)(+)/ Loss (-) before tax and interest from Each segment)
	(a)Segment-TELECOM	0.000	0.000	0.000	(307.235)
	(b) Segment-ENERGY	(4.673)	(37.102)	(56.457)	(142.530)
	Total	(4.673)	(37.102)	(56.457)	(449.765)
	Less: (i) Interest	0.000	(67.689)	157.663	249.851
	ii) Other Un -allocable Expenditure net off	0.000	0.000	0.000	0.000
	iii) Un allocable income	0.000	0.000	0.000	0.000
	Total Profit Before Tax	(4.673)	30.587	(214.120)	(699.616)
	3. Capital Employed
	(Segment assets - Segment Liabilities)
	a) Segment- TELECOM	1601.929	1601.929	1601.929	1601.929
	(b) Segment - ENERGY	5398.323	5402.996	5606.979	5402.996
	Total	7000.252	7004.925	7208.908	7004.925

Notes:

1. The above un-audited financial results for the quarter ended 30th June, 2012 have been reviewed by the Audit Committee and taken on record by the Board of Directors at its meeting held on 14th August, 2012

2. The operations of the company were adversely affected after the global economic downturn worldwide and remain under distress at the current time.

3. The Bankers in their Joint lenders meeting have decided that they would be looking for OTS for all the loans outstanding together with the interest at the market value of the assets and hence, the interest provision during the year remains unfunded

4. Previous year figures are not comparable due to change of accounting year

CONTINGENT LIABILITIES:

Contingent liabilities not provided for in respect of:

(Rs. in millions)

PARTICULARS	31.03.2011 (for 15 months Period)
Guarantee / Counter Guarantees given on sale of contracts	195.450
Letter of credits by Banks	--
Estimated amount of contracts remaining to be executed on capital account (net of advances) not provided for	247.642

FIXED ASSETS:

· Land

· Buildings

· Plant and Machinery

· Computers

· Vehicles

· Furniture and Fixtures

· Office Equipment

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 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.54.85
UK Pound	1	Rs.88.55
Euro	1	Rs.72.63

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--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.

MIRA INFORM REPORT

1032.808

2335.376

1662.528

2234.346

130.380

92.449

0.000

0.000

948.879

996.817

3774.595

5658.988

270.961

181.415

87.172

79.257

3.452

148.634

361.585

409.306

3413.010

5249.682

(64.10)

(69.22)

(157.05)

(67.67)

(62.10)

(47.26)

(4.59)

(10.62)

16.43

35.98

10.44

13.82

Unit