MIRA INFORM REPORT

Report Date :

21.09.2012

IDENTIFICATION DETAILS

Name :	HARSHA ABAKUS SOLAR PRIVATE LIMITED
Registered Office :	Plot No. 427/431, Moraiya Farm, Sarkhej-Bavla Road, P.O.Changodar, Ahmedabad- 382213, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	11.12.2010
Com. Reg. No.:	04-063233
Capital Investment / Paid-up Capital :	Rs.7.500 millions
CIN No.: [Company Identification No.]	U29307GJ2010PTC063233
TAN No.: [Tax Deduction & Collection Account No.]	AHMH03612A
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is a turnkey solution provider in the field of solar photovoltaic energy.
No. of Employees :	Not Available

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 55000
Status :	Recently commenced in business activity
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a relatively new company having moderate track. Even though the company was incorporated during December 2010, it commenced its business activities from March 2012, Trade relations are reported as improving. Business is active. Payments are reported to be unknown. 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

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

LOCATIONS

Registered Office :	Plot No. 427/431, Moraiya Farm, Sarkhej-Bavla Road, P.O.Changodar, Ahmedabad- 382213, Gujarat, India
Tel. No.:	91- 2717-391200
Fax No.:	91- 2717-391259
E-Mail :	harsha@harshaengineers.com munjal.rangwala@harshaengineers.com amit.patel@harshaengineers.com
Website :	www.harsha-abakus.com
Corporate Office :	Sarkhej-Bavla Road, P.O. Changodar, Ahmedabad-382213, Gujarat, India
Tel. No.:	91-2717-391200
Fax No.:	91-2717-391259
E-Mail :	info@harsha-abakus.com
Area :	58.5 sq. mts.
Location :	Rented
Factory:	Locate at Moraiya
Area :	213 sq. mts.
Location :	Rented

DIRECTORS

As on 01.08.2012

Name :

Mr. Harish Ranjit Rangwala

Designation :

Director

Address :

10, Nishant II, Satellite Road, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

01.08.1948

Date of Appointment :

11.12.2010

DIN No.:

00278062

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	U29259GJ1986PLC008520	HARSHA ENGINEERS LIMITED	Managing director	18/06/2012	04/03/1986	-	Active	NO
2	L33121GJ1994PLC022460	TRANSFORMERS AND RECTIFIERS (INDIA) LIMITED	Director	25/08/2005	25/08/2005	-	Active	NO
3	U35303GJ2008PTC054503	HARSHA ENGINEERS (INDIA) PRIVATE LIMITED	Director	17/07/2008	17/07/2008	-	Active	NO
4	U29307GJ2010PTC063233	HARSHA ABAKUS SOLAR PRIVATE LIMITED	Director	11/12/2010	11/12/2010	-	Active	NO

Name :

Mr. Munjal Rangwala

Designation :

Director

Address :

10, Nishant II, Satellite Road, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

26.09.1981

Date of Appointment :

11.12.2010

DIN No.:

03033699

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	U29259GJ1986PLC008520	HARSHA ENGINEERS LIMITED	Whole-time director	21/06/2010	01/04/2010	-	Active	NO
2	U29307GJ2010PTC063233	HARSHA ABAKUS SOLAR PRIVATE LIMITED	Whole-time director	01/08/2012	11/12/2010	-	Active	NO

Name :

Mr. Rajendra Shantilal Shah

Designation :

Additional director

Address :

289-C, Manekbaug Society, Ambawadi, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

01.02.1948

Date of Appointment :

06.05.2011

DIN No.:

00061922

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	U29259GJ1986PLC008520	HARSHA ENGINEERS LIMITED	Managing director	18/06/2012	04/03/1986	-	Active	NO
2	L29259GJ1991PLC015182	AIA ENGINEERING LIMITED	Director	15/03/2005	15/03/2005	-	Active	NO
3	L33121GJ1994PLC022460	TRANSFORMERS AND RECTIFIERS (INDIA) LIMITED	Director	25/08/2005	25/08/2005	-	Active	NO
4	L27104KA1972PLC002163	WELCAST STEELS LIMITED	Director	20/09/2007	23/05/2007	-	Active	NO
5	U35303GJ2008PTC054503	HARSHA ENGINEERS (INDIA) PRIVATE LIMITED	Director	17/07/2008	17/07/2008	-	Active	NO
6	L27100GJ1993PLC020552	SHILP GRAVURES LIMITED	Director	08/08/2009	30/07/2008	-	Active	NO
7	U29307GJ2010PTC063233	HARSHA ABAKUS SOLAR PRIVATE LIMITED	Director	12/07/2011	06/05/2011	-	Active	NO

Name :

Mr. Thomas Siegfried Sandner

Designation :

Additional director

Address :

Uhlandstrasse 13, Sankt Augstin, Ort D-53757, Sankt Augstin 53757

Date of Birth/Age :

02.07.1966

Date of Appointment :

06.05.2011

DIN No.:

03450835

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	U29307GJ2010PTC063233	HARSHA ABAKUS SOLAR PRIVATE LIMITED	Director	12/07/2011	06/05/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 01.08.2012

Names of Shareholders	No. of Shares
Harsha Engineers Limited, India	569998
Harish Rangwala (Nominee of Harsha Engineers Limited)	1
Rajendra Shah (Nominee of Harsha Engineers Limited)	1
Abakus Solar AG	180000
Total	750000

Equity Share Break up (Percentage of Total Equity)

As on 01.08.2012

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is a turnkey solution provider in the field of solar photovoltaic energy.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	C.P. Shah and Company Chartered Accountants
Address :	403, Ashwamegh House, 5, Smurtikunj Society, Navrangpura, Ahmedabad- 380009, India
PAN No.:	ACBPS8919F
Holding Company:	Harsha Engineers Limited
Associate Company	Abakus Solar AG

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs.10/- each	Rs.7.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		7.500
2] Share Application Money		0.000
3] Reserves & Surplus		7.500
4] (Accumulated Losses)		(1.088)
NETWORTH		13.912
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		13.912
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.069
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.020
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.128
	Cash & Bank Balances	24.054
	Other Current Assets	0.000
	Loans & Advances	9.406
Total Current Assets		33.588
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	19.659
	Other Current Liabilities	0.217
	Provisions	0.116
Total Current Liabilities		19.992
Net Current Assets		13.596
MISCELLANEOUS EXPENSES		0.227
TOTAL		13.912

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011
	SALES
		Income	0.000
		Other Income	0.000
		TOTAL	0.000
Less	EXPENSES
		Stores, Power and Operative Expenses	0.008
		Salaries, Wages and Other Employee Expenses	0.458
		Administrative and Other Expenses	0.639
		TOTAL	1.105
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		(1.105)
Less/ Add	DEPRECIATION/ AMORTISATION		0.003
	PROFIT BEFORE TAX		(1.108)
Less	TAX		(0.020)
	PROFIT AFTER TAX		(1.088)
	BALANCE CARRIED TO THE B/S		(1.088)
	Earnings Per Share (Rs.)		(1.45)

KEY RATIOS

PARTICULARS		31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	(5.51)
Return on Investment (ROI) (PBT/Networth)		(0.08)
Debt Equity Ratio (Total Liability/Networth)		(1.44)
Current Ratio (Current Asset/Current Liability)		1.68

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	Yes
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 one years	Yes
12]	Profitability for last one 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	No
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	No

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U29307GJ2010PTC063233
Name of the company	HARSHA ABAKUS SOLAR PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 427/431, Moraiya Farm, Sarkhej-Bavla Road, P.O.Changodar, Ahmedabad- 382213, Gujarat, India Email: harsha@harshaengineers.com
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge) Floating charge Stocks
Particular of charge holder	HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India Email: timir.patel@hdfcbank.com
Nature of instrument creating charge	Hypothecation Agreement for the stocks,Book Debts, Movable Plants and Machinery and Other Movable Assets.
Date of instrument Creating the charge	15.11.2011
Amount secured by the charge	Rs.200.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest C.C. Interest Rate -12.15%(Floating) Terms of Repayment Letter of Credit -180 Days B.G. Max 24 Months Buyer's Credit -Max 180 Days CC / WCDL - Max 180 Days Margin Letter of Credit & B.G. -10% Extent and Operation of the charge First sole Charge on the stock in trade both present and future, book debts,outstanding monies receivable, claims & bills which are now due and owing to bank, movable plants & machinery both present and future and other movable fixed assets of the Company to secure the due repayment of the credit facilities along with interest, costs, charges and other dues that may any time hereafter become due and owing to the bank in respect of and under the credit facilities
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All the stock in trade both present and future consisting of raw materials,finished goods and goods in process All the book debts,outstanding monies receivables, claims and bills which are now due and owing which may at any time become due and owing to the bank. All the movable plant and machinery both present and future and other movable fixed assets of the Company.

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.54.33
UK Pound	1	Rs.87.90
Euro	1	Rs.70.57

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		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.