MIRA INFORM REPORT

Report Date :

31.10.2012

IDENTIFICATION DETAILS

Name :	MOSER BAER SOLAR LIMITED (w.e.f. 29.06.2010)
Formerly Known As :	PV TECHNOLOGIES INDIA LIMITED SUZLON STRUCTURES LIMITED (w.e.f.14.09.2008) SUZLON STRUCTURES PRIVATE LIMITED
Registered Office :	43-B, Okhla Industrial Estate, New Delhi – 110020
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	06.03.2007
Com. Reg. No.:	55-160162
Capital Investment / Paid-up Capital :	Rs. 9594.504 Millions
CIN No.: [Company Identification No.]	U74999DL2007PLC160162
PAN No.: [Permanent Account No.]	AAECP1955A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Thin Film Solar Module
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 30000000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears to be 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 – June 30, 2012

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

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

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	CARE
Rating	Short term Bank facilities : A4
Rating Explanation	Minimal degree of safety. It carry very high credit risk.
Date	5 March, 2012

Rating Agency Name	CARE
Rating	Long term Bank facilities : B
Rating Explanation	High risk of default
Date	5 March, 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/ Corporate Office :	43-B, Okhla Industrial Estate, New Delhi – 110020, India
Tel. No.:	91-11-40594444 / 26911570 / 74
Fax No.:	91-11-41635211 / 26911860
E-Mail :	pvinfo@moserbaer.in shares@moserbaer.in gupta_sunita1@rediffmail.com bern.gallus@gmail.com
Website :	http://www.moserbaersolar.com
Plant :	66B, SEZ Udyog Vihar, Greater Noida, Uttar Pradesh, India
Tel. No.:	91-120-4658000
Branch Office :	Located At : · New Delhi · Faridabad · Pune · Bangalore · Japan · USA

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Deepak Puri

Designation :

Chairman

Address :

A-187, New Friends Colony, New Delhi – 110065, India

Date of Birth/Age :

28.07.1941

Date of Appointment :

01.07.2008

DIN No.:

00002189

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L51909DL1983PLC015418	MOSER BAER INDIA LIMITED	Managing director	01/09/2011	21/03/1983	-	Active	NO
2	U40106DL2005PLC143431	MOSER BAER PHOTO VOLTAIC LIMITED	Managing director	01/11/2011	07/12/2005	-	Active	NO
3	U45201DL2006PLC146525	MOSER BAER SEZ DEVELOPER LIMITED	Director	31/10/2011	20/02/2006	-	Active	NO
4	U74996DL2006PTC149479	EMERY TECHNOLOGIES PRIVATE LIMITED	Director	04/06/2006	04/06/2006	-	Active	NO
5	U22229DL2006PLC153759	MOSER BAER ENTERTAINMENT LIMITED	Director	14/09/2006	14/09/2006	-	Active	NO
6	U70109DL2006PLC153948	MOSER BAER INFRASTRUCTURE LIMITED	Director	16/09/2006	16/09/2006	06/12/2007	Active	NO
7	U40109DL2006PTC153936	INDIAN HYDRO ELECTRIC POWER PRIVATE LIMITED	Director	16/09/2006	16/09/2006	29/03/2007	Active	NO
8	U29268DL2006PLC154358	MOSER BAER LABORATORIES LIMITED	Director	27/09/2006	27/09/2006	-	Active	NO
9	U80103DL2006PLC154426	SOLAR RESEARCH LIMITED	Director	28/09/2006	28/09/2006	-	Active	NO
10	U65993DL2007PLC158125	MOSER BAER INVESTMENTS LIMITED	Director	18/01/2007	18/01/2007	-	Active	NO
11	U74999DL2007PLC160162	MOSER BAER SOLAR LIMITED	Director	01/07/2008	29/03/2007	-	Active	NO
12	U40109DL2007PLC166656	MOSER BAER ELECTRIC POWER LIMITED	Director	06/08/2007	06/08/2007	06/12/2007	Active	NO
13	U55101DL2007PTC167106	ENWRAP TECHNOLOGIES PRIVATE LIMITED	Director	22/08/2007	22/08/2007	01/12/2008	Active	NO
14	U52100DL2007PTC167148	GANPATI HYDRO POWER PRIVATE LIMITED	Director	22/08/2007	22/08/2007	12/08/2009	Active	NO
15	U74999DL2007PTC167186	COBOL TECHNOLOGIES PRIVATE LIMITED	Director	22/08/2007	22/08/2007	-	Active	NO
16	U72900HR2007PTC037029	EQUANT NETWORK SERVICES INDIA PRIVATE LIMITED.	Director	15/09/2008	14/09/2007	-	Active	NO
17	U74999DL2007PTC205925	LEGEND POWER PRIVATE LIMITED	Director	20/09/2007	20/09/2007	14/12/2009	Active	NO
18	U45400DL2007PLC168594	MOSER BAER INFRASTRUCTURE AND DEVELOPERS LIMITED	Director	11/07/2008	24/09/2007	-	Active	NO
19	U45400DL2007PLC169301	MOSER BAER INDUSTRIAL INFRASTRUCTURE LIMITED	Director	11/10/2007	11/10/2007	06/12/2007	Active	NO
20	U70102DL2007PLC169300	MOSER BAER INDUSTRIAL DEVELOPMENT LIMITED	Director	11/10/2007	11/10/2007	06/12/2007	Active	NO
21	U40100DL2008PTC175762	ADMIRE ENERGY SOLUTIONS PRIVATE LIMITED	Director	05/04/2008	05/04/2008	-	Active	NO
22	U40106DL2008PTC175987	MOSER BAER SOLAR SYSTEMS PRIVATE LIMITED	Director	05/04/2008	05/04/2008	-	Active	NO
23	U40106DL2008PTC175725	PRIDE SOLAR SYSTEMS PRIVATE LIMITED	Director	11/04/2008	11/04/2008	-	Active	NO
24	U40102DL2008PTC175525	PRECIOUS ENERGY SERVICES PRIVATE LIMITED	Director	11/04/2008	11/04/2008	02/06/2008	Active	NO
25	U74900DL2008PTC177409	VALUE SOLAR ENERGY PRIVATE LIMITED	Director	30/09/2009	17/05/2008	-	Active	NO
26	U74900DL2008PTC177408	COMPETENT SOLAR ENERGY PRIVATE LIMITED	Director	30/09/2009	19/05/2008	-	Active	NO
27	U40107DL2008PTC179498	SAPPHIRE HYDRO POWER PRIVATE LIMITED	Director	30/09/2009	16/06/2008	09/09/2011	Active	NO
28	U40106PB2008PTC032024	PULSAR SOLAR POWER PRIVATE LIMITED	Director	30/09/2009	30/07/2008	07/01/2012	Active	NO
29	U40106DL2008PTC183502	EMERY INFRASTRUCTURE & DEVELOPERS PRIVATE LIMITED	Director	19/09/2008	19/09/2008	-	Active	NO
30	U40106DL2008PTC183496	COBOL INFRASTRUCTURE & DEVELOPERS PRIVATE LIMITED	Director	19/09/2008	19/09/2008	-	Active	NO
31	U72100DL2008PTC180423	SWIFT POWERTECH PRIVATE LIMITED	Director	30/09/2009	20/10/2008	-	Active	NO
32	U72100DL2008PTC184452	COBOL ELECTRONICS AND SOLUTIONS PRIVATE LIMITED	Director	22/10/2008	22/10/2008	-	Active	NO
33	U32109DL2008PTC184448	COBOL POWER AND TECHNOLOGIES PRIVATE LIMITED	Director	22/10/2008	22/10/2008	-	Active	NO
34	U31900DL2008PTC184458	EMERY ELECTRONICS AND SOLUTIONS PRIVATE LIMITED	Director	23/10/2008	23/10/2008	-	Active	NO
35	U31900DL2008PTC184457	AQUA ELECTRONICS AND SOLUTIONS PRIVATE LIMITED	Director	23/10/2008	23/10/2008	14/12/2009	Active	NO
36	U45400DL2009PLC195073	INDUCO INFRADEVELOPERS LIMITED	Additional director	14/12/2009	14/12/2009	-	Active	NO
37	U40105DL2010PTC199039	ELLENCON POWER PROJECTS PRIVATE LIMITED	Additional director	22/02/2010	22/02/2010	-	Active	NO
38	U64200DL2010PTC207522	AUGERE WIRELESS BROADBAND INDIA PRIVATE LIMITED	Director	12/10/2011	09/09/2010	-	Active	NO
39	U74140DL2010PTC208000	GLORIFY ADVISORS PRIVATE LIMITED	Additional director	01/10/2010	01/10/2010	28/01/2011	Active	NO

Name :

Mrs. Nita Puri

Designation :

Director

Address :

A-187, New Friends Colony, New Delhi – 110065, India

Date of Birth/Age :

06.10.1945

Date of Appointment :

01.07.2008

DIN No.:

00002331

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74999WB1990PTC049302	RAM KANTA PROPERTIES PRIVATE LIMITED	Director	11/03/1992	11/03/1992	-	Active	NO
2	L51909DL1983PLC015418	MOSER BAER INDIA LIMITED	Whole-time director	01/12/2011	01/05/1992	-	Active	NO
3	U74996DL2006PTC149479	EMERY TECHNOLOGIES PRIVATE LIMITED	Director	04/06/2006	04/06/2006	-	Active	NO
4	U40109DL2006PTC153936	INDIAN HYDRO ELECTRIC POWER PRIVATE LIMITED	Director	16/09/2006	16/09/2006	29/03/2007	Active	NO
5	U70109DL2006PLC153948	MOSER BAER INFRASTRUCTURE LIMITED	Director	01/02/2007	01/02/2007	06/12/2007	Active	NO
6	U22229DL2006PLC153759	MOSER BAER ENTERTAINMENT LIMITED	Managing director	29/01/2009	01/02/2007	-	Active	NO
7	U74999DL2007PLC160162	MOSER BAER SOLAR LIMITED	Director	01/07/2008	29/03/2007	-	Active	NO
8	U65993DL2007PLC158125	MOSER BAER INVESTMENTS LIMITED	Director	13/06/2007	11/05/2007	-	Active	NO
9	U29268DL2006PLC154358	MOSER BAER LABORATORIES LIMITED	Director	12/06/2007	11/05/2007	-	Active	NO
10	U80103DL2006PLC154426	SOLAR RESEARCH LIMITED	Managing director	12/11/2009	11/05/2007	-	Active	NO
11	U40109DL2007PLC166656	MOSER BAER ELECTRIC POWER LIMITED	Director	06/08/2007	06/08/2007	06/12/2007	Active	NO
12	U45400DL2007PLC168594	MOSER BAER INFRASTRUCTURE AND DEVELOPERS LIMITED	Director	01/09/2009	24/09/2007	-	Active	NO
13	U45400DL2007PLC169301	MOSER BAER INDUSTRIAL INFRASTRUCTURE LIMITED	Director	11/10/2007	11/10/2007	06/12/2007	Active	NO
14	U70102DL2007PLC169300	MOSER BAER INDUSTRIAL DEVELOPMENT LIMITED	Director	11/10/2007	11/10/2007	06/12/2007	Active	NO
15	U40100DL2008PTC175762	ADMIRE ENERGY SOLUTIONS PRIVATE LIMITED	Director	05/04/2008	05/04/2008	-	Active	NO
16	U40106DL2008PTC175987	MOSER BAER SOLAR SYSTEMS PRIVATE LIMITED	Director	05/04/2008	05/04/2008	-	Active	NO
17	U40102DL2008PTC175525	PRECIOUS ENERGY SERVICES PRIVATE LIMITED	Director	11/04/2008	11/04/2008	02/06/2008	Active	NO
18	U40106DL2008PTC175725	PRIDE SOLAR SYSTEMS PRIVATE LIMITED	Director	11/04/2008	11/04/2008	-	Active	NO
19	U74900DL2008PTC177409	VALUE SOLAR ENERGY PRIVATE LIMITED	Director	30/09/2009	17/05/2008	-	Active	NO
20	U74900DL2008PTC177408	COMPETENT SOLAR ENERGY PRIVATE LIMITED	Director	30/09/2009	19/05/2008	-	Active	NO
21	U40106DL2005PLC143431	MOSER BAER PHOTO VOLTAIC LIMITED	Additional director	01/10/2011	20/05/2008	-	Active	NO
22	U40106PB2008PTC032024	PULSAR SOLAR POWER PRIVATE LIMITED	Director	30/09/2009	30/07/2008	07/01/2012	Active	NO
23	U45201DL2006PLC146525	MOSER BAER SEZ DEVELOPER LIMITED	Director	30/09/2010	30/10/2009	-	Active	NO
24	U45400DL2009PLC195073	INDUCO INFRADEVELOPERS LIMITED	Additional director	14/12/2009	14/12/2009	-	Active	NO
25	U40105DL2010PTC199039	ELLENCON POWER PROJECTS PRIVATE LIMITED	Additional director	06/09/2010	06/09/2010	-	Active	NO
26	U74140DL2010PTC208000	GLORIFY ADVISORS PRIVATE LIMITED	Additional director	01/10/2010	01/10/2010	28/01/2011	Active	NO

Name :

Mr. Ratul Puri

Designation :

Director

Address :

A-187, New Friends Colony, New Delhi – 110065, India

Date of Birth/Age :

19.07.1972

Date of Appointment :

30.04.2012

DIN No.:

00002262

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L51909DL1983PLC015418	MOSER BAER INDIA LIMITED	Director	30/04/2012	19/07/2000	-	Active	NO
2	U72200DL2000PTC107182	MOSER BAER PROJECTS PRIVATE LIMITED	Director	01/11/2010	09/11/2002	-	Active	NO
3	U40106DL2005PLC143431	MOSER BAER PHOTO VOLTAIC LIMITED	Additional director	01/10/2011	07/12/2005	-	Active	NO
4	U45201DL2006PLC146525	MOSER BAER SEZ DEVELOPER LIMITED	Director	20/02/2006	20/02/2006	-	Active	NO
5	U22229DL2006PLC153759	MOSER BAER ENTERTAINMENT LIMITED	Director	14/09/2006	14/09/2006	-	Active	NO
6	U70109DL2006PLC153948	MOSER BAER INFRASTRUCTURE LIMITED	Director	16/09/2006	16/09/2006	25/02/2008	Active	NO
7	U29268DL2006PLC154358	MOSER BAER LABORATORIES LIMITED	Director	27/09/2006	27/09/2006	14/05/2010	Active	NO
8	U80103DL2006PLC154426	SOLAR RESEARCH LIMITED	Director	28/09/2006	28/09/2006	14/05/2010	Active	NO
9	U65993DL2007PLC158125	MOSER BAER INVESTMENTS LIMITED	Director	18/01/2007	18/01/2007	-	Active	NO
10	U74999DL2007PLC160162	MOSER BAER SOLAR LIMITED	Director	30/04/2012	29/03/2007	-	Active	NO
11	U40109DL2007PLC166656	MOSER BAER ELECTRIC POWER LIMITED	Director	06/08/2007	06/08/2007	25/02/2008	Active	NO
12	U55101DL2007PTC167106	ENWRAP TECHNOLOGIES PRIVATE LIMITED	Director	22/08/2007	22/08/2007	01/12/2008	Active	NO
13	U52100DL2007PTC167148	GANPATI HYDRO POWER PRIVATE LIMITED	Director	22/08/2007	22/08/2007	12/08/2009	Active	NO
14	U74999DL2007PTC167186	COBOL TECHNOLOGIES PRIVATE LIMITED	Director	22/08/2007	22/08/2007	-	Active	NO
15	U74999DL2007PTC205925	LEGEND POWER PRIVATE LIMITED	Director	20/09/2007	20/09/2007	14/12/2009	Active	NO
16	U45400DL2007PLC168594	MOSER BAER INFRASTRUCTURE AND DEVELOPERS LIMITED	Managing director	01/09/2009	24/09/2007	-	Active	NO
17	U45400DL2007PLC169301	MOSER BAER INDUSTRIAL INFRASTRUCTURE LIMITED	Director	11/10/2007	11/10/2007	25/02/2008	Active	NO
18	U70102DL2007PLC169300	MOSER BAER INDUSTRIAL DEVELOPMENT LIMITED	Director	11/10/2007	11/10/2007	25/02/2008	Active	NO
19	U40100DL2008PTC175762	ADMIRE ENERGY SOLUTIONS PRIVATE LIMITED	Director	05/04/2008	05/04/2008	-	Active	NO
20	U40106DL2008PTC175987	MOSER BAER SOLAR SYSTEMS PRIVATE LIMITED	Director	05/04/2008	05/04/2008	-	Active	NO
21	U40102DL2008PTC175525	PRECIOUS ENERGY SERVICES PRIVATE LIMITED	Director	11/04/2008	11/04/2008	02/06/2008	Active	NO
22	U40106DL2008PTC175725	PRIDE SOLAR SYSTEMS PRIVATE LIMITED	Director	11/04/2008	11/04/2008	-	Active	NO
23	U74900DL2008PTC177409	VALUE SOLAR ENERGY PRIVATE LIMITED	Director	30/09/2009	17/05/2008	-	Active	NO
24	U74900DL2008PTC177408	COMPETENT SOLAR ENERGY PRIVATE LIMITED	Director	30/09/2009	19/05/2008	-	Active	NO
25	U40107DL2008PTC179498	SAPPHIRE HYDRO POWER PRIVATE LIMITED	Director	30/09/2009	16/06/2008	09/09/2011	Active	NO
26	U40106PB2008PTC032024	PULSAR SOLAR POWER PRIVATE LIMITED	Director	30/09/2009	30/07/2008	07/01/2012	Active	NO
27	U40106DL2008PTC183502	EMERY INFRASTRUCTURE AND DEVELOPERS PRIVATE LIMITED	Director	19/09/2008	19/09/2008	-	Active	NO
28	U40106DL2008PTC183496	COBOL INFRASTRUCTURE AND DEVELOPERS PRIVATE LIMITED	Director	19/09/2008	19/09/2008	-	Active	NO
29	U72100DL2008PTC180423	SWIFT POWERTECH PRIVATE LIMITED	Director	30/09/2009	20/10/2008	-	Active	NO
30	U72100DL2008PTC184452	COBOL ELECTRONICS AND SOLUTIONS PRIVATE LIMITED	Director	22/10/2008	22/10/2008	-	Active	NO
31	U32109DL2008PTC184448	COBOL POWER AND TECHNOLOGIES PRIVATE LIMITED	Director	22/10/2008	22/10/2008	-	Active	NO
32	U31900DL2008PTC184457	AQUA ELECTRONICS AND SOLUTIONS PRIVATE LIMITED	Director	23/10/2008	23/10/2008	14/12/2009	Active	NO
33	U31900DL2008PTC184458	EMERY ELECTRONICS AND SOLUTIONS PRIVATE LIMITED	Director	23/10/2008	23/10/2008	-	Active	NO
34	U45400DL2009PLC195073	INDUCO INFRADEVELOPERS LIMITED	Additional director	14/12/2009	14/12/2009	-	Active	NO
35	U40105DL2010PTC199039	ELLENCON POWER PROJECTS PRIVATE LIMITED	Additional director	22/02/2010	22/02/2010	-	Active	NO
36	U40101MP2008PLC022066	MB POWER (MADHYA PRADESH) LIMITED	Director	30/09/2010	18/05/2010	-	Active	NO
37	U70101DL2011PTC213058	OPTIMA INFRASTRUCTURE PRIVATE LIMITED	Additional director	16/03/2011	16/03/2011	21/03/2011	Active	NO

Name :

Mr. Bernhard Hermann Gallus

Designation :

Director

Address :

Calle Del Rio Escalona, 9 E-03739, Javea Alicante, Spain

Date of Birth/Age :

05.05.1933

Date of Appointment :

30.09.2010

DIN No.:

00138901

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L51909DL1983PLC015418	MOSER BAER INDIA LIMITED	Director	23/01/2003	23/01/2003	-	Active	NO
2	U40106DL2005PLC143431	MOSER BAER PHOTO VOLTAIC LIMITED	Director	30/09/2010	24/01/2006	21/11/2010	Active	NO
3	U74999DL2007PLC160162	MOSER BAER SOLAR LIMITED	Director	30/09/2010	28/10/2009	-	Active	NO
4	U29268DL2006PLC154358	MOSER BAER LABORATORIES LIMITED	Director	21/09/2010	12/05/2010	-	Active	NO
5	U80103DL2006PLC154426	SOLAR RESEARCH LIMITED	Director	21/09/2010	12/05/2010	-	Active	NO

Name :

Mrs. 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 :

30.09.2011

DIN No.:

03352181

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U40106DL2005PLC143431	Moser Baer Photo Voltaic Limited	Director	30/09/2011	21/11/2010	30/11/2011	Active	NO
2	U74140DL2003PTC118916	K R CHAWLA CONSULTING PRIVATE LIMITED	Director	18/07/2011	11/05/2011	-	Active	NO
3	U74999DL2007PLC160162	MOSER BAER SOLAR LIMITED	Director	30/09/2011	27/07/2011	-	Active	NO
4	U80900DL2012PTC238191	AVITRAINS SERVICES PRIVATE LIMITED	Director	28/06/2012	28/06/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Saurabh Mathur
Designation :	Secretary
Address :	2 C, Block-3, Pocket – B, Ashok Vihar, Phase – I, Delhi – 110052, India
Date of Birth/Age :	20.01.1969
Date of Appointment :	01.04.2011
PAN No.:	AEOPM0539G
Name :	Mr. Sudheer Kumar
Designation :	General Manager
Date of Birth/Age :	40 Years
Qualification :	M.Sc., Mphil, PHD
Experience :	17 Years
Name :	Rajeewa Arya
Designation :	CEO – PV Business
Date of Birth/Age :	59 Years
Qualification :	PhD in Engineering-1983
Experience :	27 Years
Name :	Mr. Mohan Krishan Bhan
Designation :	Vice President
Date of Birth/Age :	49 Years
Qualification :	Master of Science from DU in 1984, PHD,1990, SSC,1979
Experience :	17 Years
Name :	Mr. Vivek Chaturvedi
Designation :	Global Head- 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

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Equity Shareholders	No. of Shares
MB Solar Holdings Limited	552000398
Saurabh Mathur (As nominee of MB Solar Holdings Limited)	1
P.N. Pant (As nominee of MB Solar Holdings Limited)	1
Shweta Chopra (As nominee of MB Solar Holdings Limited)	1
Aditya Singh Yadav (As nominee of MB Solar Holdings Limited)	1
Pawan Saini (As nominee of MB Solar Holdings Limited)	1
Ruche Sharm (As nominee of MB Solar Holdings Limited)	1
Total	552000404

Names of Shareholders (Preference Shares – Series A)	No. of Shares	Percentage
IDFC Private Equity Fund-II	157160000	80.00
Infrastructure Development Finance Company Limited, India	39290000	20.00
Total	196450000	100.00
Names of Shareholders (Preference Shares – Series B)	No. of Shares	Percentage
IDFC Trustee Company Limited	43000000	66.15
Infrastructure Development Finance Company Limited, India	22000000	33.85
Total	65000000	100.00
Names of Shareholders (Preference Shares – Series C)	No. of Shares	Percentage
Moser Baer India Limited, India	146000000	100.00
Total	146000000	100.00

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Thin Film Solar Module

Product :

Item Code No.	Product Description
8541.40	Thin Film Solar Module

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity*	Installed Capacity*	Actual Production*
Thin Film Line	(MW)	Not Applicable	40.00	28.79
Module Line	(MW)	Not Applicable	7.90	--

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

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Punjab National Bank, Large Corporate Branch, Tolstoy House, Tolstoy House, New Delhi – 110001, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks secured	3097.629	631.912
Rupee term loans others secured	469.333	436.000
Foreign currency loans banks secured	937.145	1096.879
Foreign currency loans others secured	346.981	153.510
Working capital loans banks secured	622.762	470.678
Working capital loans others secured	500.000	0.000
Other debt secured	375.901	90.468
Interest accrued due other debt secured	28.776	6.585
Total	6378.527	2886.032
Note: (A) Rupee Term Loans from Central Bank of India is secured by first pari passu charge on fixed assets and second pari passu charge by way of hypothecation on current assets of the Company. (B) Principal amount of Term Loan repayable within one year Rs. 442.405 Millions (Previous year Rs. 400.840 Millions) (C) Rupee Term Loans from Indian Overseas Bank and EXIM Bank and Foreign Currency Term Loans from Indian Overseas Bank, Union Bank of India, EXIM Bank and ECB Loan from Bank of Baroda are secured by first pari passu charge by way of hypothecation over the entire immoveable fixed assets (present and future) of the Company and 21000 square meter of Land situated at Plot 66B, Udyog Vihar, Greater NOIDA together with building and structure constructed/ to be constructed including all fixed plant and machinery. (D) Rupee Term Loans from State Bank of Patiala, Punjab National Bank, EXIM Bank and Foreign Currency Term Loan from EXIM Bank are secured by first pari passu charge by way of hypothecation on movable fixed assets (present and future) on the Company. (E) Working Capital Limit from State Bank of India and Central Bank of India are secured by a first pari passu charge by way of hypothecation over the current assets of the Company, (both present and future) and second pari passu charge by way of hypothecation over the entire moveable fixed assets of the Company. (F) Working Capital Facility from Punjab National Bank is secured by a first pari passu charge by way of hypothecation over the current assets of the Company, (both present and future).
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Debentures unsecured	500.000	0.000
Loans subsidiaries unsecured	30.000	1669.747
Finance lease obligation long-term unsecured	3211.256	3392.951
Other debt unsecured	29.700	0.000
Interest accrued due debentures unsecured	11.525	0.000
Interest accrued due other debt unsecured	21.318	0.000
Total	3803.799	5062.698

Note:

(A) 13.25% Unsecured Non Convertible Debentures (NCD) are redeemable at the end of 8 years from the date of allotment (December 30, 2018 for Debentures having face value Rs 375,000,000; March 14, 2019 for Debentures having face value Rs 60.000 Millions and March 29, 2019 for Debentures having face value Rs 65.000 Millions), unless redeemed earlier, completely or partly, either at the option of the NCD holder against the capital to be raised by the Company or by its parent company or, at any time at the option of the Company.

(B) Loan from Moser Baer Photo Voltaic Limited (Subsidiary Company)- Rs. 14.500 Millions, [Amount payable within one year is Rs. Nil and Loan from Moser Baer India Limited (Holding Company)- Rs. 15.500 Millions, [Amount payable within one year is Rs. 15.500 Millions

(C) Loan from Moser Baer Photo Voltaic Limited (Subsidiary Company)- Rs. 1669.747 Millions, [Amount payable within one year is Rs. 59.747 Millions

(D) Amount payable within one year is Rs. 346.421 Millions

(E) Amount payable within one year is Rs. 388.528 Millions

(F) Loan from Others [Amount payable within one year is Rs. 29.700 Millions

(G) Interest Accrued and Due on 'Loan from Moser Baer India Limited' (Holding Company)

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountants
Address :	Price Waterhouse, Building No. 8, 7th and 8th Floor, Tower-B, DLF Cyber City, Gurgaon - 122002, Haryana, India
Income-tax PAN of auditor or auditor's firm :	AAEFP5579P
Holding Company :	MB Solar Holding Limited (formerly known as Moser Baer Solar Limited)
Ultimate Holding Company :	Moser Baer India Limited (MBIL)
Intermediate Holding Company :	Photovoltaic Holdings Limited (formerly known as Photovoltaic Holdings Plc)
Wholly Owned Subsidiary :	Ø Moser Baer Photo Voltaic Limited [U40106DL2005PLC143431] Ø Pride Solar Systems Private Limited [U40106DL2008PTC175725] Ø Admire Energy Solutions Private Limited Ø Moser Baer Solar Systems Private limited (formerly known as Arise Solar Energy Private Limited) [U40106DL2008PTC175987] Ø Competent Solar Energy Private Limited [U74900DL2008PTC177408] Ø Perafly Limited Ø Dalecrest Limited Ø Perasoft Limited Ø Crownglobe Limited Ø Moser Baer Photovoltaic Inc (MBPV Inc)
Fellow Subsidiary :	Ø Value Solar Energy Private Limited [Wholly Owned Subsidiary till March 24, 2011and Fellow Subsidiary thereafter] Ø Nicofly Limited [Wholly Owned Subsidiary till December 23, 2010 and Fellow Ø Subsidiary thereafter] Ø OM and T B.V. Ø European Optic Media Technology GmbH Ø Moser Baer Infrastructure and Developers Limited
Enterprise over which Key Managerial Personnel (KMP) exercise significant influence :	Moser Baer Engineering and Constructions Limited Sapphire Industrial Infrastructure Private Limited

CAPITAL STRUCTURE

AFTER 30.09.2011

Authorised Capital : Rs. 10234.505 Millions

Issued, Subscribed & Paid-up Capital : Rs. 9754.504 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
572,000,450	Equity Shares	Rs. 10/- each	Rs. 5720.005 Millions
451,450,000	Preferences Shares	Rs. 10/- each	Rs. 4514.500 Millions
	Total		Rs. 10234.505 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
552,000,404	Equity Shares	Rs.10/- each	Rs. 5520.004 Millions
407,450,000	Preferences Shares	Rs. 10/- each	Rs. 4074.500 Millions
	Total		Rs. 9594.504 Millions

Note:

(A) 572,000,450 (Previous Year 572,000,450) Equity Shares of Rs.10 each

(B) 552,000,404 (Previous Year 552,000,404) Equity Shares of Rs.10 each fully paid in cash held by the Holding Company, MB Solar Holdings Limited (formerly known as Moser Baer Solar Limited). The Ultimate Holding Company is Moser Baer India Limited.

(C) 196,450,000 (Previous Year 196,450,000) Non-Cumulative, Fully Convertible Re.1 Dividend bearing Class A Preference Shares of Rs 10 each fully paid in cash 65,000,000 (Previous Year 65,000,000) Non-Cumulative, Fully Convertible Re.1 Dividend bearing Class B Preference Shares of Rs 10 each fully paid in cash (b) 146,000,000 (Previous Year 146,000,000) Non-Cumulative, Redeemable Re.1 Dividend bearing Class C Preference Shares of Rs 10 each fully paid in cash

(D) 552,000,404 (Previous Year 552,000,404) Equity Shares of Rs.10 each fully paid in cash held by the Holding Company, MB Solar Holdings Limited (formerly known as Moser Baer Solar Limited). The Ultimate Holding Company is Moser Baer India Limited.

(E) 196,450,000 (Previous Year 196,450,000) Non-Cumulative, Fully Convertible Re.1 Dividend bearing Class A Preference Shares of Rs 10 each fully paid in cash 65,000,000 (Previous Year 65,000,000) Non-Cumulative, Fully Convertible Re.1 Dividend bearing Class B Preference Shares of Rs 10 each fully paid in cash 146,000,000 (Previous Year 146,000,000) Non Cumulative, Redeemable Re.1 Dividend bearing Class C Preference Shares of Rs 10 each fully paid in cash

(F) 552,000,404 (Previous Year 552,000,404) Equity Shares of Rs.10 each fully paid in cash held by the Holding Company, MB Solar Holdings Limited (formerly known as Moser Baer Solar Limited). The Ultimate Holding Company is Moser Baer India Limited.

(G) 196,450,000 (Previous Year 196,450,000) Non-Cumulative, Fully Convertible Re.1 Dividend bearing Class A Preference Shares of Rs 10 each fully paid in cash (a) 65,000,000 (Previous Year 65,000,000) Non-Cumulative, Fully Convertible Re.1 Dividend bearing Class B Preference Shares of Rs 10 each fully paid in cash 146,000,000 (Previous Year 146,000,000) Non Cumulative, Redeemable Re.1 Dividend bearing Class C Preference Shares of Rs 10 each fully paid in cash

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		9594.504	9594.504	7989.667
2] Share Application Money		160.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(2197.371)	(1254.827)	(201.916)
NETWORTH		7557.133	8339.677	7787.751
LOAN FUNDS
1] Secured Loans		6378.527	2886.032	3067.082
2] Unsecured Loans		3803.799	5062.698	499.854
TOTAL BORROWING		10182.326	7948.730	3566.936
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		17739.459	16288.407	11354.687
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6033.713	6494.644	539.482
Capital work-in-progress		3772.991	180.811	3311.748
INVESTMENT		2968.890	7538.991	3608.891
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1207.461	834.560	419.524
	Sundry Debtors	2636.660	160.712	0.000
	Cash & Bank Balances	1411.308	236.541	1571.104
	Other Current Assets	35.992	11.442	109.166
	Loans & Advances	4605.750	1810.060	2491.635
Total Current Assets		9897.171	3053.315	4591.429
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3850.505	828.992	641.060
	Other Current Liabilities	1059.840	142.943	52.182
	Provisions	22.961	7.419	3.621
Total Current Liabilities		4933.306	979.354	696.863
Net Current Assets		4963.865	2073.961	3894.566
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		17739.459	16288.407	11354.687

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	7122.300	359.914	0.000
		Other Income	182.200	332.533	476.075
		TOTAL (A)	7304.500	692.447	476.075
Less	EXPENSES
		Raw Material and Components Consumed		746.880	208.582
		Packing Material Consumed		33.123	0.000
		Stores, Spares and Tools Consumed		41.288	0.000
		Personnel Expenses		213.996	156.050
		Administration and Other Expenses		592.356	269.367
		Increase / Decrease in Stock		(406.022)	(208.582)
		TOTAL (B)	6781.700	1221.621	425.417
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		522.800	(529.174)	50.658
Less	FINANCIAL EXPENSES (D)		811.100	232.852	80.876
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(288.300)	(762.026)	(30.218)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		654.200	291.052	22.497
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(942.500)	(1053.078)	(52.715)
Less	TAX (H)		0.000	(0.166)	0.848
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(942.500)	(1052.912)	(53.563)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(1254.828)	(201.916)	(156.822)
Less	Adjustment to the Opening Debit Balance of Profit and Loss Account		0.000	0.000	8.469
	BALANCE CARRIED TO THE B/S		(2197.328)	(1254.828)	(201.916)
	IMPORTS
		Trading Goods	194.421	0.000	0.000
		Raw Materials	747.662	460.833	159.625
		Capital Goods	2295.418	276.409	499.230
		Stores and Spares	7.856	31.333	122.025
		Packaging Material	1.265	26.812	0.000
	TOTAL IMPORTS		3246.622	795.387	780.880
	Earnings Per Share (Rs.)		(0.98)	(1.95)	(0.15)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(12.90)	(152.06)	(11.25)
Net Profit Margin (PBT/Sales)	(%)	(13.23)	(292.59)	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(5.92)	(11.03)	(1.03)
Return on Investment (ROI) (PBT/Networth)		(0.12)	(0.13)	(0.01)
Debt Equity Ratio (Total Liability/Networth)		2.00	1.07	0.55
Current Ratio (Current Asset/Current Liability)		2.01	3.12	6.59

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	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

MARKET ENVIRONMENT AND OUTLOOK

2010-11 was a landmark year for the Company as it achieved several key milestones and solidified its position in the global photovoltaic market. Revenues crossed the mark of Rs.7122 million witnessing a phenomenal growth from Rs. 360 million in 2009-10. Significant traction was seen in the Thin Film technology. The Company has progressively enhanced the module wattages offered to customers, in line with market expectations of higher wattage modules.

The Company is currently evaluating various upgrade options to convert the Fab from Amorphous Single Junction Thin Film to Micromorph Tandem Junction Thin Film Modules. This will improve the module wattage significantly at a much lower cost on a per watt basis, thereby leading to lower levelized cost of electricity. Thin Films are most appropriately suited to Indian climate conditions with hot summers on account of their lower temperature coefficient and improved diffused light response, resulting in significant improvements in energy yield compared to Crystalline Silicon. The Company is taking appropriate steps to tailor make a product ideally suited to Indian conditions, combined with innovative mounting and EPC design, which will result in the lowest installed cost per watt, making it an ideal choice for Developers.

Several new Product Certifications re-enforced the quality of products manufactured by Moser Baer.

1. JET Certified (Japan), MCS Certified (U.K.), CEC Listed (Australia), ITCOL (Bangladesh), DGS&D (India)

2. IEC 61701 Certified - Salt Mist Corrosion test - This special TUV Intercert test certifies that these modules are more appropriate for installations in high salt laden conditions/regions like Kutch in Gujarat and other coastal areas which have high level of rain, fog and acidity for most part of the year.

3. Ammonia Resistance Test – Certifies that Moser Baer modules maintain their high performance level even when continuously exposed to aggressive substances in the air in agricultural applications.

All the modules manufactured by the Company including Thin Film modules now additionally conform to NSM guidelines and are fitted with RFID tags.

OUTLOOK

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.

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:

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.

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.

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.

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. 4860.000 Millions 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.

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 & 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.

The statement contained in the Annual report of Moser Baer Solar Ltd, in terms of Particluars of employees under Section 217 (2A) of the Companies Act,1956 read with Company's (Particulars of Employee)Rules , 1975 forming part of the Directors report for the year ended 31st March 2011

Employees who were employed throughout the financial year under review and were in receipt of remuneration which in aggregrate was not less than Rs.60,00,000 per annum

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U74999DL2007PLC160162
Name of the company	MOSER BAER SOLAR 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 Email: shares@moserbaer.net
This form is for	Creation of charge
Type of charge	Book Debts Movable Property Others (Current Assets, Movable Fixed Assets)
Particular of charge holder	Punjab National Bank, Large Corporate Branch, Tolstoy House, Tolstoy House, New Delhi – 110001, India Email: bo2164@pnb.co.in
Nature of description of the instrument creating or modifying the charge	1. Hypothecation agreement of current assets dated 09.09.2011 2. Hypothecation agreement of movable assets forming part of fixed/block assets dated 090.09.2011 3. Hypothecation agreement of goods and book debts to secure cash credit facility dated 09.09.2011
Date of instrument Creating the charge	09.09.2011
Amount secured by the charge	Rs. 500.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest On PCFC - libor+2% (as per guidelines) On rupee pc - as per guidelines - presently base rate + 0.75% Terms of Repayment Repayable within a period of one year. Margin 1. On pcfc/pc - 10% 2. On fobp/foubp/fobnlc/foubnlc - nil 3. On cash credit facility - 15% on stocks and domestic receivables. Nil margin for exports receivables Extent and Operation of the charge Pari-passu first charge by way of hypothecation on all the current assets of the company. Pari-passu second charge by way of hypothecation on all movable fixed assets of the company (present & future). Others Rate of interest:- 1. On Fobp/Foubp/Fobnlc/Foubnlc:- as applicable to pc for bills maturing within 90 days and as per banks extant guidelines for bills maturing after 90 days 2. On cash credit facility:- base rate + 3.75%, i.e., presently 14.50% per annum, subject to change from time to time.
Short particulars of the property charged	Current assets including stock of raw materials, stock in process, finished goods, book debts, etc. All Movable Fixed Assets (Present and Future)

CONTINGENT LIABILITIES:

Bank Guarantees Rs. 20.072 Millions Previous Year Rs. Nil.

Letters of Credit opened by banks on behalf of the Company: Rs. 265.650 Millions Previous Year Rs. 48.793 Millions

FIXED ASSETS:

· Leasehold Improvements

· Plant and Machinery

· Furniture and Fixtures

· Vehicles

· Office Equipments

· Computers

· Software

· Buildings

· Utilities

WEBSITE DETAILS:

HISTORY AND MILESTONES

2007
• Photovoltaic facility commences production

• Starts trial run of solar photovoltaic cell production facility

• Sets up the world's largest Thin Film Solar Fab

• Announces commercial shipment of solar photovoltaic cells

• ISO 9001:2000 Certification of Cell Line

• SA 8000 Certification

• Global investors inject $100 Mn into the Solar business

• Set up in house R&D lab

• Strategic Investments in Silicon Valley based companies (Solaria, SolFocus, Stion) in second half of
   2006

2008
• Plans significant Thin Film capacity ramp up

• Secures orders/sales from global customers

• Global investors inject $93.5million (Rs. 411 crore) into Moser Baer's solar photovoltaic business

• Successful trials of first Gen 8.5 Thin Film plant

• ISO 9001:2000 Scope Extension to Module Line and Concentrator Facilities

• IEC 61215 & 61730 Certification of Cr-Si Modules

• ISO 14001 & OHSAS 18001 Certification

2009
• IEC certification of thin film solar modules

• Sets up one of India’s largest rooftop solar PV installations in India (in Surat)

• Thin film line ready for production of ultra-large solar modules

2010
• Awarded the prestigious 5 Star rating by TÜV Rheinland for quality Systems

• commissions first of its kind 1 MW Thin Film solar farm in Maharashtra

• Achieves 7.3 % efficiency for single Junction Thin Film Modules

• Thin Film Product becomes internationally certified

• Emerges as the 1st Solar PV Company from India to achieve 100 MW of installations globally 'underits own brand'

• Awarded MNRE grant for R&D on CIGS solar cell technology

• 7.4 MW installation in Nordendorf, Germany gets commissioned

2011
• Commences production of YUKITA brand junction boxes in partnership with Yukita Electro for solar PV modules at its Plant in Greater Noida

• Sets up a PV reliability laboratory to study quality and reliability aspects of Crystalline Silicon and Thin

   Film PV modules

• Moser Baer emerges as the first Indian Solar PV company to achieve installation of 100 MW under its own brand

• Moser Baer commissions India's first 5MW Thin Film solar farm in Tamil Nadu in December 2010

• Moser Baer was awarded a grant by MNER towards development of innovative CIGS solar cell technology

• Moser Baer technologies and Universal Display Corporation announced technology and licensing agreement for energy efficient white OLED lighting

• Moser Baer signs a MoU with C-MET Pune for R&D on "Hybrid Solar Cells based on Organic Polymersand Inorganic Nano particles"

• Doubles warranties on products through in-house R&D

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 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.54.17
UK Pound	1	Rs. 86.83
Euro	1	Rs. 69.85

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		26

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

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

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

RATING EXPLANATIONS

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

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

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