MIRA INFORM REPORT

1. Summary Information

		Country	India
Company Name	MOSER BAER PHOTO VOLTAIC LIMITED	Principal Name 1	Mr. Vineet Sharma
Status	Moderate	Principal Name 2	Ms. Sunita Mowdgal
		Registration #	55-143431
Street Address	Building No.60, Ground Floor, Okhla Industrial Estate, Phase – III, New Delhi – 110020
Established Date	07.12.2005	SIC Code	--
Telephone#	91-11-41635201/05/ 26911570/74/ 40594444	Business Style 1	Manufacturers
Fax #	91-11-41635211/ 26911860	Business Style 2	-
Homepage	http://www.moserbaer.in	Product Name 1	Photovoltaic Cells
# of employees	600 (Approximately)	Product Name 2	Modules and Systems
Paid up capital	Rs.8,803,330,900/-	Product Name 3	-
Shareholders	Bodies corporate – 100%	Banking	Canara Bank
Public Limited Corp.	No	Business Period	7 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	B (29)
Related Company
Relation	Country	Company Name	CEO
Fellow Subsidiary	-	Pride Solar Systems Private Limited	-
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	8,532,637,000	Current Liabilities	3,130,520,000
Inventories	2,094,563,000	Long-term Liabilities	7,939,542,000
Fixed Assets	2,609,739,000	Other Liabilities	178,635,000
Deferred Assets	0	Total Liabilities	11,248,697,000
Invest& other Assets	686,783,000	Retained Earnings	0
		Net Worth	2,675,025,000
Total Assets	13,923,722,000	Total Liab. & Equity	13,923,722,000
Total Assets (Previous Year)	16,117,739,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	7,067,222,000	Net Profit	(2,011,935,000)
Sales(Previous yr)	4,453,261,000	Net Profit(Prev.yr)	(1,760,584,000)

MIRA INFORM REPORT

Report Date :

10.01.2012

IDENTIFICATION DETAILS

Name :	MOSER BAER PHOTO VOLTAIC LIMITED

Registered Office :	43-B, Okhla Industrial Estate, New Delhi – 110020

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	07.12.2005

Com. Reg. No.:	55-143431

Capital Investment/ Paid-up Capital:	Rs. 8803.331 Millions

CIN No.: [Company Identification No.]	U40106DL2005PLC143431

TAN No.: [Tax Deduction & Collection Account No.]	DELM12892F

PAN No.: [Permanent Account No.]	AAECM4997P

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturers of Photovoltaic Cells, Modules and Systems.

No. of Employees:	600 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 10700000

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

Comments :	Subject is a part of Moser Baer Group, worldwide. It is an established company having moderate track. Profitability of the company is under severe pressure. There appears huge accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. 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 – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

India

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

LOCATIONS

Registered Office / Corporate Office :	Building No.60, Ground Floor, Okhla Industrial Estate, Phase – III, New Delhi – 110020, India
Tel. No.:	91-11-41635201/05/ 26911570/74/ 40594444
Fax No.:	91-11-41635211/ 26911860
E-Mail :	shares@moserbaer.in pvinfo@moserbaer.in satishgupta@maserbaer.net
Website :	http://www.moserbaerpv.in http://www.moserbaer.in
Location :	Leased

Factory :	66B, SEZ Udyog Vihar, Greater Noida – 201306, Uttar Pradesh, India
Tel. No.:	91-120-4386000/ 4658009/ 4658000
Fax No.:	91-120-2569416

Faridabad Office:	G63, Ground Floor, Vardhman Star Shop, Site No. 1, Sector 19, Faridabad, Haryana, India

Branch Office :	805-807, B Wing, 8^th Floor, Mittal Towers, MG Road, Bangalore - 560001, Karnataka, India
Tel. No.:	91-80-25590203 / 04
E-Mail :	pvsystems@moserbaer.in

PV SYSTEMS GROUP

Pune Office:	311, IIIrd Floor, Connaugh Place, 28, Bund Garden Road, Pune – 411011, Maharashtra, India
Tel. No.:	91-20-40077292

Bangalore Office:	2^nd Floor, Flat No. 202, Prestige Kada, No. 22, Richmond Road, Bengaluru – 560025, Karnataka, India
Tel No:	91-80-41482849
Fax No:	91-80-41649712
Email:	pvsystems@moserbaer.in

Overseas Office :	Japan 2-4-13-801 Hirakawa-cho, Chiyoda-ku, Tokyo 102-0093, Japan Tel.: +81-3-3288-0990 Email: mick@moserbaer.in USA Suite B, 989 Circle Blvd, Corvallis, Oregon-97330, USA Tel.: +1-541-230-1689 Fax: rajeev.krishnan@moserbaer.in USA Moser Baer Photovoltaic Inc. 111 S.W Fifth Avenue, Suite 3400, Portland, OR – 97204, USA Email: macro.lofat@moserbaer.in

DIRECTORS

As on 30.09.2011

Name :	Mr. Vineet Sharma
Designation :	Director
Address :	2344, 2^nd Floor, Hudson Line, G.T.B. Nagar, New Delhi – 110009, India
Date of Birth/Age :	17.11.1959
Date of Appointment :	21.11.2010
DIN NO:	03363062

Other Directorship:

.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U27310DL2006PTC150623	X-GEN POWER COMPANY PRIVATE LIMITED	Additional director	29/11/2007	29/11/2007	-	Active	NO
2	U27104DL2005PTC144024	K R CHAWLA ADVISORY PRIVATE LIMITED.	Additional director	29/12/2007	29/12/2007	-	Active	NO
3	U27310DL2006PTC150697	HPC INFRASTRUCTURE PRIVATE LIMITED	Additional director	29/12/2007	29/12/2007	-	Active	NO
4	U51909DL2006PTC152054	HN METAL RESOURCES PRIVATE LIMITED	Additional director	29/12/2007	29/12/2007	-	Active	NO
5	U40102DL2007PTC167030	HN POWER GENERATION PRIVATE LIMITED	Additional director	29/12/2007	29/12/2007	-	Active	NO
6	U80301DL2006PTC151877	K.R.CHAWLA EDUCATIONAL SERVICES PRIVATE LIMITED	Additional director	29/12/2007	29/12/2007	-	Active	NO
7	U27101DL2006PTC150698	HP METALS PRIVATE LIMITED	Additional director	5/1/2008	5/1/2008	-	Active	NO
8	U40101DL2007PTC167068	OJJUS POWER GENERATION PRIVATE LIMITED	Additional director	10/1/2008	10/1/2008	-	Active	NO
9	U40102DL2008PTC172977	HPC POWER PROJECTS PRIVATE LIMITED	Additional director	10/2/2008	10/2/2008	-	Active	NO
10	U55101DL2008PTC179302	MANSION HOTELS PRIVATE LIMITED	Additional director	10/8/2008	10/8/2008	-	Active	NO
11	U85100DL2008PTC173924	OJJUS MEDICAL AND RESEARCH INSTITUTE (JAIPUR) PRIVATE LIMITED	Additional director	10/1/2009	10/1/2009	-	Active	NO
12	U40106DL2005PLC143431	MOSER BAER PHOTO VOLTAIC LIMITED	Director	30/09/2011	21/11/2010	-	Active	NO
13	U62100DL2008PLC174300	OJJUS AIRLINES LIMITED	Additional director	1/5/2011	30/12/2010	-	Active	NO
14	U24100DL2006PLC149992	OJJUS PHARMACY LIMITED	Additional director	1/5/2011	30/12/2010	-	Active	NO
15	U45400DL2007PLC168730	KARINA DEVELOPERS LIMITED	Additional director	1/5/2011	30/12/2010	-	Active	NO
16	L51909DL1983PLC015418	MOSER BAER INDIA LIMITED	Director	29/09/2011	31/03/2011	-	Active	NO
17	U45400DL2008PTC172981	HC POWER PROJECTS PRIVATE LIMITED	Additional director	8/8/2011	8/8/2011	-	Active	NO
18	U40300DL2008PTC172975	CONQUER POWER PROJECTS PRIVATE LIMITED	Additional director	8/8/2011	8/8/2011	-	Active	NO

Name :	Ms. Sunita Mowdgal
Designation :	Director
Address :	K – 2035, 2^nd Floor, Chitranjan Park, New Delhi – 110019, India
Date of Birth/Age :	20.10.1951
Date of Appointment :	21.11.2010
DIN NO:	03352181

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U40106DL2005PLC143431	MOSER BAER PHOTO VOLTAIC LIMITED	Director	30/09/2011	21/11/2010	-	Active	NO
2	U74140DL2003PTC118916	K R CHAWLA CONSULTING PRIVATE LIMITED	Additional director	11/5/2011	11/5/2011	-	Active	NO
3	U74999DL2007PLC160162	MOSER BAER SOLAR LIMITED	Director	30/09/2011	27/07/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Rohit Kashyap
Designation :	Company Secretary
Address :	D – 90 A, Ground Floor, Sector – 15, Gautam Budh Nagar, Noida – 201301, Uttar Pradesh, India
Date of Birth/Age :	12.08.1986
Date of Appointment :	27.06.2011
PAN NO:	ASDPK5554E

Name :	Mr. G. Rajeswaran
Designation :	Chief Executive Officer
Date of Birth/Age :	58 Years
Qualification :	PhD, M.Tech. , BE
Experience :	35 Years
Date of Appointment :	04.07.2007

Name :	Mr. V C Agerwal
Designation :	CEO-Operations
Date of Birth/Age :	59 Years
Qualification :	CA, B.Com.
Experience :	37 Years
Date of Appointment :	02.09.2002

Name :	Mr. Ratnesh
Designation :	Vice President – HR
Date of Birth/Age :	39 Years
Qualification :	MBA
Experience :	15 Years
Date of Appointment :	14.01.2009

Name :	Mr. Amitabh Gupta
Designation :	Chief Financial Officer
Date of Birth/Age :	51 Years
Qualification :	CA
Experience :	25 Years
Date of Appointment :	16.03.2009

Name :	Mr. Ashit Maru
Designation :	Senior General Manager
Date of Birth/Age :	44 Years
Qualification :	Ca, B.Com.
Experience :	19 Years
Date of Appointment :	14.07.2005

Name :	Mr. Anand Bhaskar
Designation :	Vice President - Finance
Date of Birth/Age :	46 Years
Qualification :	CA
Experience :	22 Years
Date of Appointment :	01.03.2009

Name :	Mr. Vivek Chaturvedi
Designation :	Sr. Vice President – Sales and Marketing
Date of Birth/Age :	42 Years
Qualification :	Master Business Application From Bit Mesra Ranchi In 1991,Bsc,1988, Ma,1989,
Experience :	19 Years
Date of Appointment :	06.04.2009

Name :	Mr. K.N.Subramaniam
Designation :	Chief Financial Office
Date of Birth/Age :	58 Years
Qualification :	B.Tech-Madras
Experience :	33 Year
Date of Appointment :	16.08.2010

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders (Equity Shares)		No. of Shares
Moser Baer Solar Limited, India		281079974
Deepak Puri (As nominee of Moser Baer Solar Limited)		1
Ratul Puri (As nominee of Moser Baer Solar Limited)		1
Yogesh Bahadur Mathur (As nominee of Moser Baer Solar Limited)		1
Vijay Kumar (As nominee of Moser Baer Solar Limited)		1
Gautam Samanta (As nominee of Moser Baer Solar Limited)		1
Rohit Kashyap (As nominee of Moser Baer Solar Limited)		1
Total		281079980

Names of Shareholders (Preference Shares)		No. of Shares
Moser Baer India Limited, India		86500000
Value Solar Energy Private Limited, India		55568850
Moser Baer Solar Limited, India		26021466
Value Solar Energy Private Limited, India		4275034
Moser Baer Solar Limited, India		33887760
Value Solar Energy Private Limited, India		393000000
Total		599253110

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 :

Manufacturers of Photovoltaic Cells, Modules and Systems.

Products :

Product Description	ITC Code
Photovoltaic Cells and Modules	8541.40

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Installed Capacity (MW)1	Actual Production (MW)2
Cell Line	80	67.7
High Concentrator (HC)	3.5	-
Module Line	106.9	86.76

NOTE :

1. As certified by the management and on which auditors have placed reliance, this being a technical matter.

2. Includes cells and modules utilized for captive consumption.

GENERAL INFORMATION

No. of Employees :

600 (Approximately)

Bankers :

Canara Bank, Prime Corporate Branch – II, 2^nd Floor, World Trade Tower, Barakhamba Lane, New Delhi – 110001, India
Union Bank of India, Industrial Finance Branch, M-11, Connaught Circus, New Delhi – 110001, India
Oriental Bank of Commerce
Punjab National Bank
UCO Bank
Bank of Baroda
State Bank of Patiala

Facilities :

Secured Loans	31.03.2011 (Rs. In Millions	31.03.2010 (Rs. In Millions
Rupee term loans from banks	3458.646	3671.874
Foreign currency loans from banks	2946.555	2916.125
Foreign currency loans from others	914.402	1010.475
Working capital loans from banks	69.744	0.000
Secured Deposits	138.432	136.837
Interest accrued due to other	40.576	25.689
Total	7568.355	7761.000

(A) Rupee term loans from banks- 1746.524 millions

Notes:

1. Rupee Term Loans from Oriental Bank of Commerce and Punjab National Bank and Foreign Currency Term Loan from International Finance Corporation are secured by first pari passu charge by way of mortgage on the immovable properties of the Company comprising of 19,736 sq. mtrs. Of land at plot no. 66B, Udyog Vihar, Greater Noida Industrial Development Area, Distt. Gautam Budh Nagar (U.P.) together with all buildings and structures thereon and all plant and machinery attached to the earth or permanently fastened by anything attached to the earth (both present and future) of the Company.

2. Rupee Term Loans from UCO Bank are secured by way of first pari-passu charge on current assets (both present and future) of the Company and further secured by way of a second charge on pari-passu basis on all the moveable fixed assets of the Company.

3. Rupee Term Loans from State Bank of Bikaner and Jaipur are secured by first pari-passu charge by way of hypothecation over current assets (both present and future) of the Company.

4. Principal amount of Term Loan repayable within one year Rs 615.198 millions (Previous Year Rs. 586.503 millions).

AND

Short term rupee loans from banks – 1712.122 millions

Note:

Short Term Rupee Loans from Oriental Bank of Commerce and UCO Bank and Short Term Foreign Currency Loans from Bank of Baroda, Oriental Bank of Commerce and UCO Bank are secured by a first charge by way of hypothecation on pari passu basis on all the present and future current assets of the company and further secured by second pari passu charge facilities by way of mortgage on the movable and immovable properties of the Company comprising of 19,736 sq. mtrs. of land at plot no. 66B, Udyog Vihar, Greater Noida Industrial Development Area, Distt. Gautam Budh Nagar (U.P.) together with all buildings and structures thereon and all plant and machinery attached to the earth or permanently fastened by anything attached to the earth, both present and future.

(B) Rupee term loans from banks – 2209.873 millions

Notes-

3. Rupee Term Loans from State Bank of Bikaner and Jaipur are secured by first pari-passu charge by way of hypothecation over current assets (both present and future) of the Company.

4. Principal amount of Term Loan repayable within one year Rs 615.198 millions (Previous Year Rs. 586.503 millions).

AND

Short term rupee loans from banks – 1461.999 millions

Note:

(C) Short Term Foreign Currency Loan from State Bank of Patiala secured by first pari passu charge by way of hypothecation over movable fixed assets of the Company (both present and future).

(D) Short Term Foreign Currency Loan from State Bank of Patiala secured by first pari passu charge by way of hypothecation over movable fixed assets of the Company (both present and future).

(E) "Short Term Foreign Currency Loan and working capital facility in Rupee from State Bank of Bikaner and Jaipur are secured by a first pari-passu charge by way of hypothecation on the entire stocks of inventory, receivables, bills and other chargeable current assets of the Company both present and future."

Unsecured Loans	31.03.2011 (Rs. In Millions	31.03.2010 (Rs. In Millions
Finance lease obligation long-term	354.289	355.965
Interest accrued due to other debt	16.898	0.000
Total	371.187	355.965
(A) a) Finance Lease (i) Asset acquired under finance lease comprises of building developed in the special economic zone by the SEZ developer Moser Baer India Limited, the Ultimate Holding Company. (ii) The assets under finance lease are for a term of 20 years, with effect from June 23, 2008. The lease may be renewed on mutually agreed terms between the parties. (iii) The Company has paid an interest free security deposit of Rs. 330.000 millions (Previous Year Rs. 330.000 millions) which is refundable at the end of lease term. (iv) Reconciliation of minimum lease payments and their present value in respect of building taken on finance lease for table refer disclosure relating to leases.[Amount payable within one year Rs.3.531 millions ] (B) a) Finance Lease (i) Asset acquired under finance lease comprises of building developed in the special economic zone by the SEZ developer Moser Baer India Limited, the Ultimate Holding Company. (ii) The assets under finance lease are for a term of 20 years, with effect from June 23, 2008. The lease may be renewed on mutually agreed terms between the parties. (iii) The Company has paid an interest free security deposit of Rs. 330.000 millions (Previous Year Rs. 330.000 millions) which is refundable at the end of lease term. (iv) Reconciliation of minimum lease payments and their present value in respect of building taken on finance lease for table refer disclosure relating to leases.[Amount payable within one year Rs.4.387 millions] (C) Interest accrued and due on other loans from Ultimate Holding Company, Moser Baer India Limited


Banking Relations :	--

Auditors :
Name :	Price Waterhouse Chartered Accountants
Address :	Building 8, 7^th and 8^th Floor, Tower-B, DLF Cyber City, Gurgaon-122 002, Haryana, India
PAN No.:	AAEFP5579P

Holding Company :	Moser Baer Solar Limited (formerly known as PV Technologies India Limited) (MBSL) CIN : U74999DL2007PLC160162

Ultimate Holding Company	Moser Baer India Limited (MBIL)

Intermediate Holding Company	Photovltaic Holdings Limited (formerly known as Photovoltaic Holdings Plc) MB Solar Holdings Limited (formerly known as Moser Baer Solar Limited)

Wholly Owned Subsidiaries :	Value Solar Energy Private Limited CIN : U74900DL2008PTC177409 Admire Energy Solutions Private Limited CIN : U40100DL2008PTC175762 Moser Baer Solar Systems Private Limited (formerly known as Arise Solar Energy Private Limited) CIN : U40106DL2008PTC175987 Competent Solar Energy Private Limited CIN : U74900DL2008PTC177408 Perafly Limited Dalecrest Limited Nicofly Limited Perasoft Limited Crownglobe Limited Moser Baer Photovoltaic Inc (MBPV Inc)

Fellow Subsidiary :	Moser Baer Entertainment Limited (formerly known as Moser Baer Media Limited) European Optic Media Technology GmbH Pride Solar Systems Private Limited CIN : U40106DL2008PTC175725 Arise Solar Energy Private Limited CIN : U40106DL2008PTC175987

Enterprise over which Key Managerial Personnel (KMP) exercise significant influence :	Moser Baer Engineering and Constructions Limited Sapphire Industrial Infrastructure Private Limited

Trust :	Moser Baer Trust

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
301,079,980	Equity Shares	Rs.10/- each	Rs.3010.800 Millions
651,253,110	Preference Shares	Rs.10/- each	Rs.6512.531 Millions
	Total		Rs.9523.331 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
281,079,980	Equity Shares	Rs.10/- each	Rs.2810.800 Millions
599,253,110	Preference Shares	Rs.10/- each	Rs. 5992.531 Millions
	Total		Rs. 8803.331 Millions

NOTES

301,079,980 Equity Shares of Rs.10 each.
651,253,110 Preference Shares of Rs.10 each.
281,079,980 Equity Shares of Rs.10 each fully paid in cash held by holding company, Moser Baer Solar Limited (formerly known as PV Technologies India Limited). The Ultimate Holding Company is Moser Baer India Limited.

86,500,000 up to 9% Cumulative, Convertible, Redeemable Series A Preference Shares of Rs.10 each fully paid in cash (Note- 'Series A' preference shares are optionally redeemable after 7 years from the date of allotment (March 29, 2014 for 82,851,150 shares and September 2, 2014 for 3,648,850 shares) and optionally convertible into ordinary equity shares of the Company in case of erosion of net worth by 50% or more in any one financial year subject to the preference shares being compulsorily redeemed within 20 years from the date of allotment thereof (March 29, 2027 for 82,851,150 shares and September 2, 2027 for 3,648,850 shares). These shares, for both the above year ends, are held by the Ultimate Holding Company, Moser Baer India Limited.) 55,568,850 up to 9% Cumulative, Redeemable Series B Preference Shares of Rs.10 each fully paid in cash 30,296,500 up to 9% Cumulative, Redeemable Series B-1 Preference Shares of Rs.10 each fully paid in cash 33,887,760 up to 9% Cumulative, Redeemable Series B-2 Preference Shares of Rs.10 each fully paid in cash ( Note- "Optionally redeemable preference shares subject to compulsory redemption within 20 years from the date of allotment thereof (March 29, 2027, September 2, 2027, August 15, 2028 and March 18, 2028 for 55,568,850 'Series B' Preference Shares, 29,050,000 'Series B-1' Preference Shares, 1,246,500 'Series B-1' Preference Shares and 33,887,760 'Series B-2' preference shares, respectively). 55,568,850 'Series B' Preference Shares and 4,275,034 'Series B-1' Preference Shares held by fellow subsidiary company, Value Solar Energy Private Limited. In the previous year these were held by the Holding Company Moser Baer Solar Limited (formerly known as PV Technologies India Limited).26,021,466 (Previous Year 26,021,466) 'Series B-1' Preference Shares and 33,887,760 (Previous Year 33,887,760) 'Series B-2' Preference Shares are held by the Ultimate Holding Company, Moser Baer India Limited." ) 393,000,000 Re 1 dividend bearing, Non Cumulative, Redeemable Series C Preference Shares of Rs.10 each fully paid in cash (Note- "'Series C' preference shares are subject to compulsory redemption within 20 years from the date of allotment thereof (March 26, 2030 for 296,000,000 shares and March 31, 2030 for 97,000,000 shares) at 9% premium compounded quarterly. These shares are held by fellow subsidiary company, Value Solar Energy Private Limited. In the previous year these were held by the Holding Company Moser Baer Solar Limited (formerly known as PV Technologies India Limited).")

281,079,980 Equity Shares of Rs.10 each fully paid in cash held by holding company, Moser Baer Solar Limited (formerly known as PV Technologies India Limited). The Ultimate Holding Company is Moser Baer India Limited.

86,500,000 up to 9% Cumulative, Convertible, Redeemable Series A Preference Shares of Rs.10 each fully paid in cash 55,568,850 up to 9% Cumulative, Redeemable Series B Preference Shares of Rs.10 each fully paid in cash 30,296,500 up to 9% Cumulative, Redeemable Series B-1 Preference Shares of Rs.10 each fully paid in cash 33,887,760 up to 9% Cumulative, Redeemable Series B-2 Preference Shares of Rs.10 each fully paid in cash 393,000,000 Re 1 dividend bearing, Non Cumulative, Redeemable Series C Preference Shares of Rs.10 each fully paid in cash Notes:- 1. 'Series A' preference shares are optionally redeemable after 7 years from the date of allotment (March 29, 2014 for 82,851,150 shares and September 2, 2014 for 3,648,850 shares) and optionally convertible into ordinary equity shares of the Company in case of erosion of net worth by 50% or more in any one financial year subject to the preference shares being compulsorily redeemed within 20 years from the date of allotment thereof (March 29, 2027 for 82,851,150 shares and September 2, 2027 for 3,648,850 shares). These shares, for both the above year ends, are held by the Ultimate Holding Company, Moser Baer India Limited. 2. "Optionally redeemable preference shares subject to compulsory redemption within 20 years from the date of allotment thereof (March 29, 2027, September 2, 2027, August 15, 2028 and March 18, 2028 for 55,568,850 'Series B' Preference Shares, 29,050,000 'Series B-1' Preference Shares, 1,246,500 'Series B-1' Preference Shares and 33,887,760 'Series B-2' preference shares, respectively). 55,568,850 'Series B' Preference Shares and 4,275,034 'Series B-1' Preference Shares held by fellow subsidiary company, Value Solar Energy Private Limited. In the previous year these were held by the Holding Company Moser Baer Solar Limited (formerly known as PV Technologies India Limited). 26,021,466 (Previous Year 26,021,466) 'Series B-1' Preference Shares and 33,887,760 (Previous Year 33,887,760) 'Series B-2' Preference Shares are held by the Ultimate Holding Company, Moser Baer India Limited." 3. "'Series C' preference shares are subject to compulsory redemption within 20 years from the date of allotment thereof (March 26, 2030 for 296,000,000 shares and March 31, 2030 for 97,000,000 shares) at 9% premium compounded quarterly. These shares are held by fellow subsidiary company, Value Solar Energy Private Limited. In the previous year these were held by the Holding Company Moser Baer Solar Limited (formerly known as PV Technologies India Limited)."

281,079,980 Equity Shares of Rs.10 each fully paid in cash held by holding company, Moser Baer Solar Limited (formerly known as PV Technologies India Limited). The Ultimate Holding Company is Moser Baer India Limited.

86,500,000 up to 9% Cumulative, Convertible, Redeemable Series A Preference Shares of Rs.10 each fully paid in cash (Note- 'Series A' preference shares are optionally redeemable after 7 years from the date of allotment (March 29, 2014 for 82,851,150 shares and September 2, 2014 for 3,648,850 shares) and optionally convertible into ordinary equity shares of the Company in case of erosion of net worth by 50% or more in any one financial year subject to the preference shares being compulsorily redeemed within 20 years from the date of allotment thereof (March 29, 2027 for 82,851,150 shares and September 2, 2027 for 3,648,850 shares). These shares, for both the above year ends, are held by the Ultimate Holding Company, Moser Baer India Limited.) 55,568,850 up to 9% Cumulative, Redeemable Series B Preference Shares of Rs.10 each fully paid in cash 30,296,500 up to 9% Cumulative, Redeemable Series B-1 Preference Shares of Rs.10 each fully paid in cash (Note- "Optionally redeemable preference shares subject to compulsory redemption within 20 years from the date of allotment thereof (March 29, 2027, September 2, 2027, August 15, 2028 and March 18, 2028 for 55,568,850 'Series B' Preference Shares, 29,050,000 'Series B-1' Preference Shares, 1,246,500 'Series B-1' Preference Shares and 33,887,760 'Series B-2' preference shares, respectively). 55,568,850 'Series B' Preference Shares and 4,275,034 'Series B-1' Preference Shares held by fellow subsidiary company, Value Solar Energy Private Limited. In the previous year these were held by the Holding Company Moser Baer Solar Limited (formerly known as PV Technologies India Limited).26,021,466 (Previous Year 26,021,466) 'Series B-1' Preference Shares and 33,887,760 (Previous Year 33,887,760) 'Series B-2' Preference Shares are held by the Ultimate Holding Company, Moser Baer India Limited." ) 33,887,760 up to 9% Cumulative, Redeemable Series B-2 Preference Shares of Rs.10 each fully paid in cash 393,000,000 Re 1 dividend bearing, Non Cumulative, Redeemable Series C Preference Shares of Rs.10 each fully paid in cash Notes:- 1. 2. 3. "'Series C' preference shares are subject to compulsory redemption within 20 years from the date of allotment thereof (March 26, 2030 for 296,000,000 shares and March 31, 2030 for 97,000,000 shares) at 9% premium compounded quarterly. These shares are held by fellow subsidiary company, Value Solar Energy Private Limited. In the previous year these were held by the Holding Company Moser Baer Solar Limited (formerly known as PV Technologies India Limited)."

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		8803.331	8803.331	4873.331
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(6128.306)	(4116.370)	(2355.786)
NETWORTH		2675.025	4686.961	2517.545
LOAN FUNDS
1] Secured Loans		7568.355	7761.000	4738.851
2] Unsecured Loans		371.187	355.965	4226.686
TOTAL BORROWING		7939.542	8116.965	8965.537
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		10614.567	12803.926	11483.082

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		2609.739	2970.940	3271.750
Capital work-in-progress		307.404	1033.709	1238.201

INVESTMENT		379.379	924.433	872.841
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2094.563	2046.986	1996.317
	Sundry Debtors	2024.105	1190.444	838.162
	Cash & Bank Balances	1180.314	2500.996	1059.531
	Other Current Assets	104.121	107.688	88.940
	Loans & Advances	5224.097	5342.543	3193.168
Total Current Assets		10627.200	11188.657	7176.118
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2817.674	1745.118	901.826
	Other Current Liabilities	312.846	1465.865	120.958
	Provisions	178.635	102.830	53.044
Total Current Liabilities		3309.155	3313.813	1075.828
Net Current Assets		7318.045	7874.844	6100.290

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		10614.567	12803.926	11483.082

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	7067.222	4453.261	3412.971
		Other Income	505.755	819.131	280.508
		TOTAL (A)	7572.977	5272.392	3693.479

Less	EXPENSES
		Consumption material changes inventories	7193.323	4608.663
		Manufacturing service costs	271.490	228.291
		Employee related expenses	312.676	379.672	4461.334
		Administrative selling other expenses	821.824	468.296
		Research and Development Expenses	37.201	26.172
		TOTAL (B)	8636.514	5711.094	4461.334

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(1063.537)	(438.702)	(767.855)

Less	INTEREST AND FINANCIAL EXPENSES (D)		571.890	986.604	723.367

	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(1635.427)	(1425.306)	(1491.222)

Less/ Add	DEPRECIATION/ AMORTISATION (F)		364.561	334.202	180.853

	Prior period items		11.947	0.000	0.000

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(2011.935)	(1759.508)	(1672.075)

Less	TAX (H)		0.000	1.076	4.534

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(2011.935)	(1760.584)	(1676.609)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(4116.370)	(2355.786)	(685.591)

Less	ADJUSTMENT TO THE DIFFERENCE ARISING ON LONG TERM FOREIGN CURRENCY MONETARY LIABILITIES		0.000	0.000	(6.414)

	BALANCE CARRIED TO THE B/S		(6128.305)	(4116.370)	(2355.786)

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	2073.205	3878.381	3133.362
		Interest	0.000	0.000	1.834
	TOTAL EARNINGS		2073.205	3878.381	3135.196

	IMPORTS
		Raw Materials	5677.519	5117.182	4327.432
		Capital Goods	25.494	740.257	621.879
		Stores & Spares	79.102	69.742	116.236
		Packing Material	0.554	0.000	0.000
	TOTAL IMPORTS		5782.669	5927.181	5065.547

	Earnings (Loss) Per Share (Rs.)			(7.04)	(12.93)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(26.57)	(33.39)	(45.39)

Net Profit Margin (PBT/Sales)	(%)	(28.47)	(39.51)	(48.99)

Return on Total Assets (PBT/Total Assets}	(%)	(15.20)	(12.43)	(16.00)

Return on Investment (ROI) (PBT/Networth)		(0.75)	(0.37)	(0.66)

Debt Equity Ratio (Total Liability/Networth)		4.20	2.44	3.99

Current Ratio (Current Asset/Current Liability)		3.21	3.38	6.67

LOCAL AGENCY FURTHER INFORMATION

Note : Registered office address of the company has been shifted from 43-B, Okhla Industrial Estate, New Delhi – 110020, India to the present address w.e.f. 01.12.2011

MARKET ENVIRONMENT AND OUTLOOK : (I)2010-11 was a landmark year for the Company with its photovoltaic business achieving several key milestones and solidifying its position in the global photovoltaic market. Revenues crossed the mark of Rs.7,500 million witnessing a phenomenal growth from Rs. 5,300 million in 2009-10. Significant traction was seen in Crystalline Silicon technology. The Company has progressively enhanced the module wattages offered to customers, in line with market expectations of higher wattage modules. Concurrently, it has embarked on a program for upgrading its existing cell and module manufacturing capacities. (II)Within India, the Company has developed complete systems capability from concept to commissioning. The Company now provides the entire turnkey solution including Site and Project Analysis, System Design and Engineering, Balance of System Parts Selections and Procurement and Erection and Commissioning.

OUTLOOK:

(I)Energy security today ranks amongst the top priorities for nations across the world. As awareness of climate change and its harmful impact gains traction and as price of oil continues to show firmness, the Company believes that the long-term outlook for the renewable sector in general and the solar sector in particular is strong. (II)With improving economic environment and strong market fundamentals driven by policy developments across the globe, market intelligence and research firms have raised their global demand estimates for 2011 and beyond. Installations are now expected to be in the range of 18-22 GW in 2011. Although Feed-in-Tariff cuts have been announced by several European countries, these are in line with cost and price reductions, broadly maintaining the attractiveness of Solar as a safe and viable asset class. The German market is expected to continue its positive traction in 2011. Italy as the second largest market has revised its solar targets from earlier 8000 MW to 23000 MW by 2017. Despite reducing feed-in-tariffs in several countries, the demand is expected to increase on account of reducing overall solar system pricing (including modules) thereby ensuring that IRR’s continue to remain attractive. Beyond Europe, other markets expected to witness growth are United States, Asian markets like Japan, China and especially India which is poised to become one of the leading markets globally in the foreseeable future.

AN OVERVIEW OF DEVELOPMENTS: (I)The India Advantage: Taking a giant leap towards sustainable and clean solar energy, the Government of India officially launched the world’s most ambitious ‘National Solar Mission’ in January, 2010-which is progressing well. The first phase of the programme has been initiated and projects aggregating to 802 MW have already been allocated of the total 1300 MW marked for the phase (1100 MW utility grid power and 200 MW off-grid solar applications). Further, bidding process for 300 MW under Grid-Connected applications is expected to start shortly. (II)In addition to the above, several States have introduced solar policies applicable to the respective States. Gujarat has taken a lead in developing solar power and has most aggressive solar policy. Rajasthan has similarly taken a lead in announcing a solar policy for the State. Other states like Punjab, Karnataka and Maharashtra are also expected to promote solar development in the immediate future. The progress under the various schemes has been encouraging. In Gujarat, applications were received for more than 1,500 MW with PPA’s already signed for more than 900 MW. The development work is already in progress with several installations expected to be completed within 2011. Under the Rajasthan Policy announcement, the State government has plans to install 50 MW in Phase 1 and 150 MW in Phase 2. (III)While the solar sector in India is all set to achieve significant traction post the announcement of the National Solar Mission, certain implementation challenges have delayed the execution of projects. The reverse bidding process under the JNNSM policy, driven by declining modules and system prices, saw the applicants discounting the CERC approved tariff of Rs. 17.91 /kWh by 30-35%. While this is good for the industry in the long term as it accelerates the move towards grid parity, it added certain challenges from an execution standpoint. In the short-term, it made lenders re-assess project viability as the IRR’s under the revised tariff scheme were significantly lower than what was previously calculated at Rs 17.91 / kWh. In addition, land acquisition challenges coupled with lack of assignability of PPAs to lenders caused delays in projects attaining financial closure. (IV)However, the recent assurance of financial support to developers from MNRE these challenges which once seemed overwhelming, now appear to be getting progressively addressed. MNRE has set up a group of PSU Banks, under the leadership of the State Bank of India, to explore steps that are required, such as enhancing availability of low cost funds to make solar projects more viable. The Cabinet has recently approved a Payment Security Scheme for extending Rs. 486 crore Gross Budgetary Support (GBS) to MNRE in case of defaults in payment by State Utilities to NVVM. Not only this, the International Development Agencies such as IFC and ADB, have expressed an intention to support renewable energy projects and are looking to extend financial assistance to such projects. (V)Given that India is energy starved, with more than 50% of rural households main not yet electrified (375 million people having no access to electricity), and is likely to remain so for several years, India represents a significant opportunity for solar energy. Also, a very large proportion of population relies on DG sets and kerosene for their power needs, where Solar provides a more cost effective and cleaner solution. With it’s decentralized nature of generation, minimal maintenance, no moving parts, no fuel cost escalation and high reliability, Solar has the potential to be an extremely viable source of energy for years to come, to provide inclusive growth especially for a vast country like India.

Bankers Charges Report as per Registry

Corporate identity number of the company	U40106DL2005PLC143431
Name of the company	MOSER BAER PHOTO VOLTAIC LIMITED
Address of the registered office or of the principal place of business in India of the company	43-B, Okhla Industrial Estate, New Delhi – 110020, India
This form is for	Creation of charge
Type of charge	Book Debts Movable Property Others (Current Assets, Movable Fixed Assets)
Particular of charge holder	Canara Bank, Prime Corporate Branch – II, 2^nd Floor, World Trade Tower, Barakhamba Lane, New Delhi – 110001, India Email : crmgrcb1942@canarabank.com
Nature of description of the instrument creating or modifying the charge	Agreement regarding collateral security dated 21.09.2011
Date of instrument Creating the charge	21.09.2011
Amount secured by the charge	Rs.120.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Base rate + 2.00% per annum (floating); presently 12.75% per annum or rate of interest charged by union bank of india, whichever is higher. Terms of Repayment: repayable in 6 monthly installments commencing after 6 months from the date of disbursement and interest to be paid monthly as and when due. Margin : Nil Extent and Operation of the charge: first pari passu charge by way of hypothecation on current assets of the company Second pari passu charge by way of hypothecation on the movable fixed assets of the company Others: It is a short term corporate loan.
Short particulars of the property charged	Current assets including stock in trade, work in progress etc. Movable fixed assets of the company

Corporate identity number of the company	U40106DL2005PLC143431
Name of the company	MOSER BAER PHOTO VOLTAIC LIMITED
Address of the registered office or of the principal place of business in India of the company	43-B, Okhla Industrial Estate, New Delhi – 110020, India
This form is for	Creation of charge
Type of charge	Book Debts Others (Current Assets)
Particular of charge holder	State Bank of Bikaner and Jaipur, G-72, Connaught Circus, New Delhi – 110001, India
Nature of description of the instrument creating or modifying the charge	Agreement of Hypothecation of Goods and Assets dtd.17th August 2009
Date of instrument Creating the charge	17.08.2009
Amount secured by the charge	Rs.1326.600 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Term Loan: At par with BPLR Cash credit: currently 13.25% p.a., EPC: 2.75% below BPLR, i.e., 10.5% p.a., PCFC: As prescribed Terms of Repayment: Term Loan of Rs.826.600 millions: 7 monthly installments (1st installment of Rs.12.338 millions and six installments each of Rs.12.337 millions) during the financial year 2009-10 commencing from September 2009 and 60 monthly installments each of Rs.12.337 millions thereafter CC/PCFC/EPC: Working capital facilities are payable within a period of one year. Margin: Term Loan: Nil CC/PCFC/EPC: 25% uniform on stocks and book debts (up to 90 days). 25% on PCFC/EPC. However, at any moment of time, the EPC outstanding will not exceed the value of LCs/confirmed orders. Extent and Operation of the charge: Term Loan: First pari passu charge by way of hypothecation over current assets of the Company, both present and future Working Capital facilities: First pari passu charge by way of hypothecation on the entire stocks of inventory, receivables, bills and other chargeable current assets of the Company both present and future. Others: 1) Interest/discount/commission on FBP/FBD/Docy (within CC/EPC/PCFC limit) is 2.75% below BPLR 2) Additional comfort: Assignment of Bank Guarantee of USD 48 million issued by China Merchants Bank on behalf of LDK, China in favour of State Bank of Bikaner and Jaipur to the extent of term loan on proportionate sharing basis among the Term Lenders for reimbursement of the advance paid (Bank’s share minimum Rs.826.600 millions) 3) Corporate Guarantee of Moser Baer India Limited
Short particulars of the property charged	First pari passu charge by way of hypothecation over current assets of the Company, both present and future

CONTINGENT LIABILITIES:

Contingent Liabilities: [As on 31.03.2011]

(i) Bank Guarantees Rs. 3815.502 millions (Previous Year Rs. 3827.305 millions). (The Company has entered into a settlement agreement with its vendor, pursuant to which Bank Guarantees amounting to Rs. 3791.425 millions (USD 85,000,000) shall stand cancelled upon satisfactory completion of the settlement

(ii) Claims against the Company not acknowledged as debts: Rs. Nil (Previous Year Rs. 32,139,595).

FIXED ASSETS:

Plant and Machinery
Furniture and Fixture
Office Equipment
Computers
Vehicles
Building

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.52.73
UK Pound	1	Rs.81.34
Euro	1	Rs.67.01

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	-
--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		29

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

2094.563

2046.986

1996.317

2024.105

1190.444

838.162

1180.314

2500.996

1059.531

104.121

107.688

88.940

5224.097

5342.543

3193.168

10627.200

11188.657

2817.674

1745.118

901.826

312.846

1465.865

120.958

178.635

102.830

53.044

3309.155

3313.813

7318.045

7874.844

(26.57)

(33.39)

(45.39)

(28.47)

(39.51)

(48.99)

(15.20)

(12.43)

(16.00)

(0.75)

(0.37)

(0.66)

4.20

2.44

3.99

3.21

3.38

6.67

Unit