MIRA INFORM REPORT

Report Date :

09.05.2012

IDENTIFICATION DETAILS

Name :	BLOOM ENERGY (INDIA) PRIVATE LIMITED (w.e.f 10.01.2007)
Formerly Known As :	ION AMERICA CHENNAI PRIVATE LIMITED
Registered Office :	North Block, 3^rd Floor, Rajajinagar IT / BT Park, No.1,2,3 and 4, Rajajinagar Industrial Estate, Rajajinagar, Bangalore – 560044, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	13.09.2004
Com. Reg. No.:	18-054207
Capital Investment / Paid-up Capital :	Rs.9.000 Millions
CIN No.: [Company Identification No.]	U74999TN2004PTC054207
PAN No.: [Permanent Account No.]	AABCI2936F
Legal Form :	Private Limited Liability Company
Line of Business :	Provider of ITI Enabled Services.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 1200000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	North Block, 3^rd Floor, Rajajinagar IT / BT Park, No.1,2,3 and 4, Rajajinagar Industrial Estate, Rajajinagar, Bangalore – 560044, Karnataka, India
Tel. No.:	91-80-40434200
Fax No.:	91-80-40434250
E-Mail :	roswal@bloomenergy.com mramanujam@bloomenergy.com
Website :	www.bloomenergy.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Shuvabrata Mandal

Designation :

Director

Address :

Mandal Villa, # No:2, Yarappanahalli Road, Kannur, Bangalore – 562149, Karnataka, India

Date of Birth/Age :

23.01.1963

Date of Appointment :

13.12.2004

DIN No.:

00003496

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	U01132WB1985PTC038840	MIKADS INDIA PRIVATE LIMITED	DIRECTOR	12/12/1998	12/12/1998	12/7/2007	ACTIVE	NO
2	U36999KA2001PTC029324	FOX MANDAL SERVICES PRIVATE LIMITED	DIRECTOR	26/07/2001	26/07/2001	-	ACTIVE	NO
3	U74140DL2000PTC105372	FOX MANDAL CONSULTING PRIVATE LIMITED.	DIRECTOR	29/09/2001	29/09/2001	1/5/2010	ACTIVE	NO
4	U72200KA2003PTC032172	FEI SOFTWARE (INDIA) PRIVATE LIMITED	DIRECTOR	27/06/2003	27/06/2003	21/11/2006	AMALGAMATED	NO
5	U72200TN2003PTC071664	FINANCIAL OBJECTS SOFTWARE (INDIA) PRIVATE LIMITED	DIRECTOR	22/09/2003	22/09/2003	31/10/2007	ACTIVE	NO
6	U72900AP2003PTC041965	LLOYDS TSB GLOBAL SERVICES PRIVATE LIMITED	DIRECTOR	24/10/2003	24/10/2003	-	DORMANT	NO
7	U72200KA2003PTC055252	LLOYDS TSB GLOBAL SERVICES PRIVATE LIMITED (TRF.)	DIRECTOR	24/10/2003	24/10/2003	-	ACTIVE	NO
8	U72900DL2004PTC126038	FMIT SYSTEMS PRIVATE LIMITED	DIRECTOR	26/04/2004	26/04/2004	-	ACTIVE	NO
9	U35303KA2004PTC034561	HAMPSON INDUSTRIES INDIA PRIVATE LIMITED	DIRECTOR	24/08/2004	24/08/2004	30/03/2009	AMALGAMATED	NO
10	U55101KA2003PTC033104	LOTUS JEWEL TOURS AND RESORTS PRIVATE LIMITED	DIRECTOR	9/10/2004	9/10/2004	29/12/2007	ACTIVE	NO
11	U27109KA2004PTC035007	HAMPSON INDUSTRIES PRIVATE LIMITED	DIRECTOR	10/11/2004	10/11/2004	30/03/2009	ACTIVE	NO
12	U74999KA2004PTC049952	BLOOM ENERGY (INDIA) PRIVATE LIMITED	DIRECTOR	13/12/2004	13/12/2004	-	ACTIVE	NO
13	U72200PN2005PTC020597	TRUEADVANTAGE SOFTWARE AND DEVELOPMENT CENTER PRIVATE LIMITED	DIRECTOR	20/04/2005	20/04/2005	17/11/2007	ACTIVE	YES
14	U72200KA2005PTC036648	AXA GROUP SOLUTIONS PRIVATE LIMITED	DIRECTOR	28/06/2005	28/06/2005	31/10/2007	ACTIVE	NO
15	U74110KA2005PTC037732	FM ADVISORY SERVICES PRIVATE LIMITED	DIRECTOR	23/11/2005	23/11/2005	-	ACTIVE	NO
16	U63090MH2006PTC159030	DEUGRO FREIGHT FORWORDING(INDIA) PRIVATE LIMITED	DIRECTOR	19/01/2006	19/01/2006	8/6/2007	ACTIVE	NO
17	U03220KA1997PTC022152	RAD-MRO MANUFACTURING PRIVATE LIMITED	ALTERNATE DIRECTOR	15/03/2006	15/03/2006	10/8/2007	ACTIVE	NO
18	U72200KA2005PTC037911	SARUS MARKETING PRIVATE LIMITED	DIRECTOR	25/04/2006	25/04/2006	11/1/2008	ACTIVE	NO
19	U72900KA2006PTC039243	BIOBASE DATABASES INDIA PRIVATE LIMITED	DIRECTOR	5/5/2006	5/5/2006	9/1/2008	ACTIVE	NO
20	U74999KA2006PTC041137	HMSHOST SERVICES INDIA PRIVATE LIMITED	DIRECTOR	7/12/2006	7/12/2006	30/06/2009	ACTIVE	NO
21	U31401DL2007PTC161398	RADWIN WIRELESS SOLUTIONS INDIA PRIVATE LIMITED	DIRECTOR	30/03/2007	30/03/2007	6/9/2009	ACTIVE	NO
22	U32104KA2007PTC041904	HOLDERS TECHNOLOGY (INDIA) PRIVATE LIMITED	DIRECTOR	30/03/2007	30/03/2007	28/06/2007	ACTIVE	NO
23	U72900MH2007PTC170398	COMMAND ALKON SYSTEMS PRIVATE LIMITED	DIRECTOR	28/04/2007	28/04/2007	20/06/2008	ACTIVE	NO
24	U70200KA2007PTC043410	REFLECTIONS DEVELOPERS PRIVATE LIMITED	DIRECTOR	19/07/2007	19/07/2007	-	ACTIVE	NO
25	U35301KA2007PTC044103	KING AND FOWLER AEROSPACE PRIVATE LIMITED	DIRECTOR	12/10/2007	12/10/2007	1/1/2008	ACTIVE	YES

Name :

Mr. Ravinder Kumar Oswal

Designation :

Director

Address :

46657, Windmill Dr. Fremont, California – 94539, USA

Date of Birth/Age :

27.09.1955

Date of Appointment :

26.03.2005

DIN No.:

01775743

Name :

Mr..K R. Sridhar

Designation :

Director

Address :

18351, Overlook Rd, Los Gatos California – 95030,, USA

Date of Birth/Age :

11.12.1960

Date of Appointment :

13.09.2004

DIN No.:

01831654

Name :

Mr. William Harold Kurtz

Designation :

Director

Address :

9 Shannon Ct, Moraga, California – 94556, USA.

Date of Birth/Age :

11.04.1957

Date of Appointment :

26.09.2008

DIN No.:

02130344

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	U74999KA2004PTC049952	BLOOM ENERGY (INDIA) PRIVATE LIMITED	DIRECTOR	26/09/2008	10/3/2008	-	ACTIVE	NO
2	U29300KA2012FTC062056	BLOOM ENERGY INTERNATIONAL (INDIA) PRIVATE LIMITED	DIRECTOR	13/01/2012	13/01/2012	-	ACTIVE	NO

Name :

Mr. Swaminathan Ve N Kataraman

Designation :

Director

Address :

1144 Rollingdell Ct, Cupertino, California - 95014, USA

Date of Birth/Age :

11.04.1957

Date of Appointment :

21.07.2010

DIN No.:

03298887

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	U74999KA2004PTC049952	BLOOM ENERGY (INDIA) PRIVATE LIMITED	DIRECTOR	30/09/2010	21/07/2010	-	ACTIVE	NO
2	U29300KA2012FTC062056	BLOOM ENERGY INTERNATIONAL (INDIA) PRIVATE LIMITED	ADDITIONAL DIRECTOR	10/2/2012	10/2/2012	-	ACTIVE	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Bloom Energy Corporation, USA	899999
Shuva Mandal (As Nominee Shareholder Of Bloom Energy Corporation)	01
Total	900000

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Provider of ITI Enabled Services.

Products :

Description of product or services	ITC number
Computer Controlled Power Conditioning Systems	84717090

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Computer Controlled Power Conditioning Systems	No’s	7500	2351

Note:

Installed capacity is as certified by the management and relied upon by the auditors, being a technical matter)

GENERAL INFORMATION

Customers :

• Walmart
• Staples
• The Coca-Cola Company 
• Ebay
• FedEx
• Safeway
• Cypress Perform
• BD
• Adobe
• Google
• Bank of America
• Sim Center
• Cox Enterprises
• Sutter Home
• Fireman’s Fund
• Sharks Ice
• Caltech
• Kaiser Permanente
• NTT Communications
• JMB Realty Corporation

No. of Employees :

Not Available

Bankers :

Citi Bank

Facilities :

(Rs. In Millions)

Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Working capital loans banks unsecured	0.000	4.804
Total	0.000	4.804

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountants
Address :	32, Khadernawaz Khan Road, PWC Center, Chennai – 600006, Tamilnadu, India.
PAN.:	AAEFP5579P
Holding Company :	Bloom Energy Corporation, USA

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
900000	Equity Shares	Rs.10/- each	Rs.9.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
900000	Equity Shares	Rs.10/- each	Rs.9.000 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		9.000	9.000	9.000
2] Share Application Money		0.000	11.536	11.536
3] Reserves & Surplus		311.548	223.249	171.435
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		320.548	243.785	191.971
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	4.804	0.000
TOTAL BORROWING		0.000	4.804	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		320.548	248.589	191.971
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		141.240	130.705	108.337
Capital work-in-progress		9.983	1.492	18.847
INVESTMENT		0.000	0.000	0.00
DEFERREX TAX ASSETS		1.940	4.823	6.100
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	86.445	69.767	52.397
	Sundry Debtors	130.756	74.821	62.025
	Cash & Bank Balances	8.083	22.720	38.808
	Other Current Assets	0.969	0.982	0.457
	Loans & Advances	111.680	71.153	55.656
Total Current Assets		337.933	239.443	209.343
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	73.283	59.423	58.411
	Other Current Liabilities	65.114	57.144	78.002
	Provisions	32.151	11.307	14.243
Total Current Liabilities		170.548	127.874	150.656
Net Current Assets		167.385	111.569	58.687
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		320.548	248.589	191.971

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1024.500	496.500	440.200
		Other Income
		TOTAL (A)	1024.500	496.500	440.200
Less	EXPENSES
		Office Expenses
		Administrative Expenses	898.800	416.200	370.500
		Advertising Expenses
		TOTAL (B)	898.800	416.200	370.500
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		125.700	80.300	69.700
Less/ Add	DEPRECIATION/ AMORTISATION (F)		31.200	26.600	22.100
	PROFIT BEFORE TAX (E-F) (G)		94.500	53.700	47.600
Less	TAX (H)		6.200	1.900	4.700
	PROFIT AFTER TAX (G-H) (I)		88.300	51.800	42.900
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		143.100	91.300	48.400
	BALANCE CARRIED TO THE B/S		231.400	143.100	91.300
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1021.530	494.670	439.789
	TOTAL EARNINGS		1021.530	494.670	439.789
	IMPORTS
		Raw Materials	140.074	56.652	43.711
		Consumables, Components and Spare parts	14.880	7.485	2.655
		Capital Goods	13.013	19.052	19.181
	TOTAL IMPORTS		167.967	83.189	65.547
	Earnings Per Share (Rs.)		98.11	57.57	53.74

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	8.62	10.43	9.75
Return on Total Assets (PBT/Total Assets}	(%)	19.72	14.51	14.98
Return on Investment (ROI) (PBT/Networth)		0.29	0.22	0.25
Debt Equity Ratio (Total Liability/Networth)		0.53	0.54	0.78
Current Ratio (Current Asset/Current Liability)		1.98	1.87	1.39

LOCAL AGENCY FURTHER INFORMATION

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	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

Note:

The registered office of the company has been shifted from No. 302, Anna Salai, Teynampet, Chennai – 600006, Tamilnadu, India to present address w.e.f. 01.04.2009

Business Overview

The Company had a very successful year, with growth in revenues and profits. The revenue was Rs.1024.500 Millions and profit after tax was Rs.88.300 Millions. There has been significant growth interms of Revenue and Profit after tax as compared to the previous year (Previous year revenue Rs.496.5 Millions and profit after tax Rs.51.800 Millions).

Operations:

Due to significant measures taken to augment revenue and effect cost conservation, The Directors are pleased to state that the overall operations of the company during the year was satisfactory.

Future outlook

The Board of Directors are confident that in the ensuing years of its operations, the company will ramp up its operations very significantly thereby registering good growth in revenue, and profits.

CONTINGENT LIABILITIES

Rs. In Millions

Particular	31.03.2011	31.03.2010
Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances)	7.830	3.036
Bank guarantees outstanding	6.050	10.796

FIXED ASSETS:

• Plant and Machinery.
• Computers.
• Furniture and Fixture.
• Office Equipment.
• Computer Software.

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.52.86
UK Pound	1	Rs.85.44
Euro	1	Rs.68.81

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		53

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.