MIRA INFORM REPORT

Report Date :

08.04.2013

IDENTIFICATION DETAILS

Name :	NUEVOSOL ENERGY PRIVATE LIMITED
Registered Office :	Plot No. 409, Ground Floor, Maps Towers, Road No. 81, Phase - 3, Jubilee Hills, Hyderabad – 500033, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	14.09.2011
Com. Reg. No.:	01-076517
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U74200AP2011PTC076517
Legal Form :	Private Limited Liability Company
Line of Business :	Providing solutions for Mounting Systems like Solar Panel Mounting Structure, Ground Mount Structure, Solar Racking System etc.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 27000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a relatively new company having satisfactory track record. Trade relations are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at uaual trade terms and condition.

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.

INFORMATION PARTED BY

Name :	Mr. Bharat
Designation :	Quality Incharge
Contact No.:	91-8019153335
Date :	30.03.2013

LOCATIONS

Registered/ Corporate Office :	Plot No. 409, Ground Floor, Maps Towers, Road No. 81, Phase - 3, Jubilee Hills, Hyderabad – 500033, Andhra Pradesh, India
Tel. No.:	91-40-23551006/ 64644777
Mobile No.:	91-8019153335 [Mr. Bharat]
Fax No.:	91-40-64644777
E-Mail :	parclients@gmail.com info@nuevo-sol.com
Website :	www.nuevosol.co.in
Location :	Owned

DIRECTORS

AS ON 28.09.2012

Name :	Mr. Harish Chowdary Krothapalli
Designation :	Director
Address :	8-9-293/F/16, Jubilee Hills, Jawahar Nagar, Hyderabad – 500033, Andhra Pradesh, India
Date of Birth/Age :	29.06.1987
Date of Appointment :	14.09.2011
DIN No.:	03586316
Name :	Mr. Srinivas Rao Maganti
Designation :	Director
Address :	8-3-833/8, Phase-1, Srinagar Colony, Hyderabad – 500073, Andhra Pradesh, India
Date of Birth/Age :	22.02.1988
Date of Appointment :	14.09.2011
DIN No.:	03586329
Name :	Mr. Sriram Dasari
Designation :	Director
Address :	R. No. 542, Tamraparani Hostel, IIT Madras, Chennai – 600036, Tamilnadu, India
Date of Birth/Age :	18.07.1986
Date of Appointment :	14.09.2011
DIN No.:	03586333
Name :	Mr. Himamsu Popuri
Designation :	Director
Address :	11-2-51, Balagi Nagar, Chammam, Hyderabad – 507001, Andhra Pradesh, India
Date of Birth/Age :	29.06.1987
Date of Appointment :	14.09.2011
DIN No.:	03586407
Name :	Mr. Nikhilbabu Pachipulusu
Designation :	Director
Address :	Room No. 457, Godavari Hostel IIT Madras, Chennai – 600036, Tamilnadu, India
Date of Birth/Age :	24.03.1987
Date of Appointment :	14.09.2011
DIN No.:	03608397

KEY EXECUTIVES

Name :	Mr. Bharat
Designation :	Quality Incharge

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
Sriram Dasari	2000
Himamsu Popuri	2000
Harish Chowdary Krothapalli	2000
Srinivas Rao Maganti	2000
Nikhilbabu Pachipulusu	2000
Total	10000

AS ON 27.12.2012

Names of Allottees	No. of Shares
Sriram Dasari	213485
Himamsu Popuri	213485
Srinivas Rao Maganti	213485
Harish Chowdary Krothapalli	213485
Nikhilbabu Pachipulusu	213485
Total	1067425

AS ON 28.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Providing solutions for Mounting Systems like Solar Panel Mounting Structure, Ground Mount Structure, Solar Racking System etc.
Terms :
Selling :	Cheque
Purchasing :	Cheque

GENERAL INFORMATION

Customers :	Wholesalers and OEM’s
No. of Employees :	50 (Approximately)
Bankers :	Ø Punjab National Bank, Hyderabad, Andhra Pradesh, India Ø State Bank of Hyderabad, Sanath Nagar Branch, Sanath Nagar Industrial Estate, Hyderabad - 500018, Andhra Pradesh, India

Banking Relations :	--
Auditors :
Name :	Pavuluri and Company Chartered Accountants
Address :	105, 1st Block, 1st Floor, Divyashakti Complex, Ameerpet, Hyderabad – 500016, Andhra Pradesh, India
Tel. No.:	91-40-23731837/ 40258691
Fax No.:	91-40-23748729
E-Mail :	pavuluriandco@gmail.com pavuluriandco@hotmail.com
Income-tax PAN of auditor or auditor's firm :	AAKFP8963F

CAPITAL STRUCTURE

AS ON 28.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs. 10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,077,425	Equity Shares	Rs. 10/- each	Rs. 10.774 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
250,000	Equity Shares	Rs. 10/- each	Rs. 2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,000	Equity Shares	Rs. 10/- each	Rs. 0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012
SHAREHOLDERS FUNDS
1] Share Capital		0.100
2] Share Application Money		0.000
3] Reserves & Surplus		6.638
4] (Accumulated Losses)		0.000
NETWORTH		6.738
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.017
TOTAL		6.755
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.858
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	29.073
	Cash & Bank Balances	6.467
	Other Current Assets	0.013
	Loans & Advances	4.395
Total Current Assets		39.948
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	15.484
	Other Current Liabilities	9.051
	Provisions	9.516
Total Current Liabilities		34.051
Net Current Assets		5.897
MISCELLANEOUS EXPENSES		0.000
TOTAL		6.755

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012
	SALES
		Revenue from operations	173.275
		Other Income	0.075
		TOTAL (A)	173.350
Less	EXPENSES
		Material consumed	16.774
		Employee benefits	6.575
		Other Expenses	139.570
		TOTAL (B)	162.919
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		10.431
Less	FINANCIAL EXPENSES (D)		0.286
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		10.145
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.066
	PROFIT BEFORE TAX (E-F) (G)		10.079
Less	TAX (H)		3.441
	PROFIT AFTER TAX (G-H) (I)		6.638
	Earnings Per Share (Rs.)		663.76

Expected Sales (2012-2013): Rs. 180.000 Millions

The above information has been parted by Mr. Bharat (Quality Incharge)

KEY RATIOS

PARTICULARS		31.03.2012
PAT / Total Income	(%)	3.83
Net Profit Margin (PBT/Sales)	(%)	5.82
Return on Total Assets (PBT/Total Assets}	(%)	24.70
Return on Investment (ROI) (PBT/Networth)		1.50
Debt Equity Ratio (Total Debt/Networth)		0.00
Current Ratio (Current Asset/Current Liability)		1.17

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last one year	Yes
12]	Profitability for last one year	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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

Note:

The registered office of the company has been shifted from D. No. 8-3-833/15, F No. 353, Plot No. 15, Kamalapuri Colony, Sri Nagar Colony Post, Hyderabad – 500073, Andhra Pradesh, India to the present w.e.f.21.07.2012

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U74200AP2011PTC076517
Name of the company	NUEVOSOL ENERGY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 409, Ground Floor, Maps Towers, Road No. 81, Phase - 3, Jubilee Hills, Hyderabad – 500033, Andhra Pradesh, India Email: parclients@gmail.com
This form is for	Modification of charge
Charge identification number of the modified	10389845
Type of charge	Immovable property Any interest in immovable property Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	State Bank of Hyderabad, Sanath Nagar Branch, Sanath Nagar Industrial Estate, Hyderabad - 500018, Andhra Pradesh, India Email: sanathnagar@sbhyd.co.in
Nature of description of the instrument creating or modifying the charge	Letter of arrangement- SME 1 Agreement of loan cum hypothecation - SME 2 Memorandum for recording creation of mortgage by deposit of title deeds - SME 5 Guarantee agreement - SME-3 Letter of confirmation for creation of mortgage by deposit of title deeds - SME 6 Memorandum for recording extension of mortgage by deposit of title deeds - SME 7 Board resolution Sanction letter
Date of instrument Creating the charge	21.12.2012
Amount secured by the charge	Rs. 140.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash Credit (Hyp) : Base Rate + 3.75 % ie., 14 % Terms of Repayment Working capital advance. Repayable on demand. Margin CC : Receivables (Maximum cover period 90 days) 50 % LC : 20 % BG : 20 % (100 % in case of disputed liabilities) IUBD : Nil Extent and Operation of the charge The charge operates as a security against the credit facilities sanctioned by State Bank of Hyderabad, Sanath Nagar Branch, Hyderabad, along with interests, costs, expenses etc., incurred thereon.
Short particulars of the property charged	PRIMARY: CC (Hyp): First Charge on all the Fixed Assets of the Company (existing and future). LC: a) Application cum Indemnity in respect of every LC. b)Charge over Current Assets to cover LC limits BG: Counter Indemnity, Counter Guarantee. Charge over Current Assets to cover the Limit. COLLATERAL: 1. First Charge on all the Fixed Assets of the Company (existing and future). 2. EM of Plot No.77, Sy.No.332 part, adm 433.33 sq.yds at Ameenpur (v), Patancheru (m), Medak District, standing in the name of Smt. K. Aruna Kumari w/o Sri K. Lakshmi Narasimha Rao. 3.EM of Duplex Residential House bearing No.39 on Plot No.39 in Sy.No.30 (part), 38 (part) and 39 part situated at Meenakshi's Bamboos, Gachibowli (v), Serilingampally (m), RR district adm Plot area of 445.77 sq,yds standing in the name of Mr. Maganti Srinivasa Rao. 4. EM of Open Land situated at Sy>no.88, Plot No.13, 22 part, 23 and 24 part, adjacent to NTR by pass road diagonally opposite to Star Mineral Water Plant, Near to Bommarillu Apartment, Khanapuram Haveli GP, Khammam adm 1023.33 sq.yds standing in the name of Sri Popuri Ravi Maruthi s/o Sri Late Venkata Subba Rao All the collaterals to cover LC limits and BG limits also. Guarantees : Mr. Dasari Sriram, Mr. Himamsu Popuri, Nikhil Babu Pachipulusu, Harish Chowdary Krothapalli, Srivasa Rao Maganti, Directors of the Company and Third Party Guarantees of Sri Popuri Ravi Maruthi (father of Mr. Himamsu Popuri) and Smt K. Aruna Kumari.
Particulars of the present modification	Nature of Limits Existing New (Rupees in Millions) Cash Credit (Hyp) -- 20.000 IUBD Limit -- 40.000 Letter Of Credit -- 40.000 Bank Guarantee 6.800 40.000 Total 6.800 140.000

FIXED ASSETS:

Ø Furniture and Fixture

Ø Plant and Machinery

Ø Office Equipments

Ø Computers

Ø Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No 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. 54.88
UK Pound	1	Rs. 83.54
Euro	1	Rs. 70.90

INFORMATION DETAILS

Information Gathered by :	NYN
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.