1. Summary Information

		Country	India
Company Name	MOSER BAER CLEAN ENERGY LIMITED	Principal Name 1	Mr. Sharwan Kumar
Status	Satisfactory	Principal Name 2	Mr. Madan Gopal Saxena
		Registration #	55-184260
Street Address	616 A, (16 A, Sixth Floor), Devika Tower, Nehru Place, New Delhi - 110019
Established Date	15.10.2008	SIC Code	--
Telephone#	91-11-47624100	Business Style 1	Technical services
Fax #	Not Available	Business Style 2	--
Homepage	--	Product Name 1	Solar Power Projects
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs.149,978,000/-	Product Name 3	--
Shareholders	Bodies corporate 100.00%	Banking	Not Available
Public Limited Corp.	No	Business Period	5 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (49)
Related Company
Relation	Country	Company Name	CEO
Subsidiary	--	Sapphire Industrial Infrastructures Private Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	6,001,087,000	Current Liabilities	106,001,000
Inventories	0,000	Long-term Liabilities	0,000
Fixed Assets	2,119,000	Other Liabilities	5,793,000
Deferred Assets	0,000	Total Liabilities	111,794,000
Invest& other Assets	2,694,762,000	Retained Earnings	1,327,150,000
		Net Worth	8,586,174,000
Total Assets	8,697,968,000	Total Liab. & Equity	8,697,968,000
Total Assets (Previous Year)	3,375,621,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	93,000,000	Net Profit / Loss	9,182,000
Sales(Previous yr)	163,000	Net Profit / Loss (Prev.yr)	(3,885,000)

MIRA INFORM REPORT

Report Date :

15.01.2013

IDENTIFICATION DETAILS

Name :	MOSER BAER CLEAN ENERGY LIMITED
Registered Office :	616 A, (16 A, Sixth Floor), Devika Tower, Nehru Place, New Delhi - 110019
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	15.10.2008
Com. Reg. No.:	55-184260
Capital Investment / Paid-up Capital :	Rs. 149.978 Millions
CIN No.: [Company Identification No.]	U40106DL2008PLC184260
TAN No.: [Tax Deduction & Collection Account No.]	DELM16856A
PAN No.: [Permanent Account No.]	AAFCM8367C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Providing technical services in relation to setting up and maintainence of Solar Power Projects.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 34300000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a part of Moser Baer Group. It is a well established and reputed company having a satisfactory track record. The latest financial are not made available with the government department. As per previous year’s record, the company performance seems to be good. Financially seems to be strong. Liquidity position of the company is good. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered for normal business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – 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	Long term Bank facilities : (CARE) BBB-
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligations. It carry moderate credit risk.
Date	July 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 Office :	616 A, (16 A, Sixth Floor), Devika Tower, Nehru Place, New Delhi - 110019, India
Tel. No.:	91-11-47624100
Fax No.:	Not Available
E-Mail :	shares@moserbaer.in
Website :	www.moserbaer.in

DIRECTORS

AS ON 26.09.2012

Name :

Mr. Sharwan Kumar

Designation :

Director

Address :

109/2, Street No. 10, Krishan Kunj, Ext-1, Laxmi Nagar, New Delhi – 110092, India

Date of Birth/Age :

17.10.1977

Date of Appointment :

26.09.2012

DIN No.:

05184994

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	Company/ LLP Status	Defaulting status
1	U40106DL2008PLC184260	MOSER BAER CLEAN ENERGY LIMITED	Director	26/09/2012	28/01/2012	Active	NO

Name :

Mr. Madan Gopal Saxena

Designation :

Director

Address :

F-35, Double Storey, Malka Ganj, Delhi – 110007, India

Date of Birth/Age :

08.03.1952

Date of Appointment :

15.06.2011

DIN No.:

03439725

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	U45400DL2010PTC198750	PULSAR ENERGYFIELD DEVELOPERS PRIVATE LIMITED	Director	30/09/2011	10/03/2011	-	Active	NO
2	U40101DL2010PTC208293	BHANU GREEN ENERGY PRIVATE LIMITED	Director	30/09/2011	11/03/2011	-	Active	NO
3	U70100DL2010PTC204994	HOMEFEEL DEVELOPERS PRIVATE LIMITED	Director	30/09/2011	11/03/2011	-	Active	NO
4	U51217DL2010PTC206860	AFFIRM MARKETING PRIVATE LIMITED	Director	30/09/2011	11/03/2011	-	Active	NO
5	U51909DL2010PTC204491	HIGGLE MARKETING PRIVATE LIMITED	Director	30/09/2011	11/03/2011	-	Active	NO
6	U74999DL2010PTC206799	ACCREDIT HOSPITALITY SERVICES PRIVATE LIMITED	Director	30/09/2011	11/03/2011	-	Active	NO
7	U70101DL2010PTC204295	HACIENDA PROPBUILD PRIVATE LIMITED	Director	30/09/2011	11/03/2011	-	Active	NO
8	U70101DL2010PTC206442	APPEALING INFRASTRUCTURE PRIVATE LIMITED	Director	30/09/2011	11/03/2011	-	Active	NO
9	U40106DL2009PLC188580	MILLGREEN POWER LIMITED	Additional director	14/03/2011	14/03/2011	-	Active	NO
10	U45400DL2010PTC198505	UNOCON INFRADEVELOPERS PRIVATE LIMITED	Additional director	14/03/2011	14/03/2011	02/08/2011	Active	NO
11	U40106RJ2008PTC027461	JODHPUR SOLAR FARMS PRIVATE LIMITED	Additional director	14/03/2011	14/03/2011	-	Active	NO
12	U40101DL2010PTC208784	CELESTYN ENERGY AND DEVELOPMENT PRIVATE LIMITED	Additional director	14/03/2011	14/03/2011	-	Active	NO
13	U40102DL2008PTC179494	SOLITAIRE THERMAL POWER PRIVATE LIMITED	Additional director	14/03/2011	14/03/2011	-	Active	NO
14	U55101DL2007PTC167106	ENWRAP TECHNOLOGIES PRIVATE LIMITED	Additional director	15/03/2011	15/03/2011	-	Active	NO
15	U40101DL2008PTC179270	CLASSIC HYDRO POWER PRIVATE LIMITED	Additional director	16/03/2011	16/03/2011	26/09/2011	Active	NO
16	U40106DL2008PLC184260	MOSER BAER CLEAN ENERGY LIMITED	Director	15/06/2011	16/03/2011	-	Active	NO
17	U40109DL2006PTC153936	INDIAN HYDRO ELECTRIC POWER PRIVATE LIMITED	Director	30/09/2011	17/03/2011	-	Active	NO
18	U40102DL2008PLC179159	MOSER BAER POWER AND INFRASTRUCTURES LIMITED	Director	30/09/2011	20/03/2011	10/05/2012	Active	NO
19	U70109DL2006PLC153948	MOSER BAER INFRASTRUCTURE LIMITED	Director	30/09/2011	21/03/2011	-	Active	NO
20	U40101DL2010PLC198741	NAGALAND POWER DEVELOPMENT COMPANY LIMITED	Director	30/09/2011	21/03/2011	-	Active	NO
21	U72100DL2008PTC180423	SWIFT POWERTECH PRIVATE LIMITED	Director	30/09/2011	16/07/2011	-	Active	NO
22	U31900DL2008PTC184458	EMERY ELECTRONICS AND SOLUTIONS PRIVATE LIMITED	Director	30/09/2011	26/07/2011	-	Active	NO
23	U72100DL2008PTC184452	COBOL ELECTRONICS AND SOLUTIONS PRIVATE LIMITED	Director	30/09/2011	26/07/2011	-	Active	NO
24	U40300DL2011PTC223151	DAZLING INFRAPOWER PRIVATE LIMITED	Director	02/08/2011	02/08/2011	04/05/2012	Active	NO
25	U40300DL2011PTC223152	SURYA INFRAPOWER PRIVATE LIMITED	Director	02/08/2011	02/08/2011	-	Active	NO
26	U74140DL2011PLC223212	EMRICK CONSULTANCY SERVICES LIMITED	Director	03/08/2011	03/08/2011	02/01/2012	Active	NO
27	U40101DL2011PTC223203	TESLA INFRAPOWER PRIVATE LIMITED	Director	03/08/2011	03/08/2011	09/01/2012	Active	NO
28	U40300DL2011PTC223228	SURYA INFRAENERGY PRIVATE LIMITED	Director	04/08/2011	04/08/2011	-	Active	NO
29	U74999DL2007PTC167186	COBOL TECHNOLOGIES PRIVATE LIMITED	Director	30/09/2011	08/08/2011	-	Active	NO
30	U01111DL2011PTC220515	BREEZEFRESH DAIRY AND AGRO FARMS PRIVATE LIMITED	Director	29/09/2012	21/11/2011	-	Active	NO
31	U40106DL2008PTC245642	PULSAR SOLAR POWER PRIVATE LIMITED	Additional director	08/12/2011	08/12/2011	-	Active	NO
32	U74899DL1993PLC054935	MOSER BAER SOFTWARE LIMITED	Additional director	18/10/2012	18/10/2012	-	Active	NO

Name :

Mr. Chandra Kant Mishra

Designation :

Director

Address :

B-21, Shakar Pur, Aruna Park, Delhi – 110092, India

Date of Birth/Age :

05.02.1981

Date of Appointment :

15.06.2011

DIN No.:

03459495

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	U45207DL2008PLC183541	MB ULTRA POWER LIMITED	Director	24/09/2011	14/03/2011	-	Active	NO
2	U40106DL2008PLC184260	MOSER BAER CLEAN ENERGY LIMITED	Director	15/06/2011	16/03/2011	-	Active	NO
3	U45207DL2008PLC183540	MB POWER AND ENERGY LIMITED	Director	30/09/2011	20/03/2011	20/12/2011	Active	NO
4	U74899DL1987PTC028638	LUMEN ENGINEERING PRIVATE LIMITED	Director	30/09/2011	20/03/2011	20/12/2011	Active	NO
5	U13206DL2008PLC179739	MOSER BAER SERVICES LIMITED	Director	30/09/2011	20/03/2011	20/12/2011	Active	NO
6	U40101DL2008PTC179269	SUNRISE HYDRO POWER PRIVATE LIMITED	Director	24/09/2011	21/03/2011	-	Active	NO
7	U40101DL2008PLC179707	MOSER BAER POWERTECH LIMITED	Director	24/09/2011	21/03/2011	-	Active	NO
8	U45200DL2011PTC216049	FOREMOST INFRATECH PRIVATE LIMITED	Director	29/09/2012	05/04/2011	-	Active	NO
9	U40101DL2008PTC179270	CLASSIC HYDRO POWER PRIVATE LIMITED	Director	30/09/2011	16/07/2011	-	Active	NO
10	U40300DL2011PLC223119	MB POWER (GUJARAT) LIMITED	Director	02/08/2011	02/08/2011	20/12/2011	Active	NO
11	U40109HP2008PLC030988	SELI HYDRO ELECTRIC POWER COMPANY LIMITED	Director	28/09/2012	13/12/2011	-	Active	NO
12	U45206HP2008PLC031377	MIYAR HYDRO ELECTRIC POWER COMPANY LIMITED	Director	28/09/2012	13/12/2011	-	Active	NO
13	U70101DL2011PTC213058	OPTIMA INFRASTRUCTURE PRIVATE LIMITED	Director	29/09/2012	17/12/2011	-	Active	NO
14	U40107DL2008PTC179498	SAPPHIRE HYDRO POWER PRIVATE LIMITED	Director	29/09/2012	17/12/2011	-	Active	NO
15	U45204DL2010PTC211087	BAHUMANYA ENGINEERING AND CONSTRUCTION PRIVATE LIMITED	Director	29/09/2012	19/12/2011	-	Active	NO
16	U40108DL2011PTC220505	CYCLOTRON POWER AND INFRASTRUCTURE PRIVATE LIMITED	Director	29/09/2012	04/04/2012	-	Active	NO
17	U74140DL2012PTC235868	CVR MANAGEMENT CONSULTANCY PRIVATE LIMITED	Director	15/05/2012	15/05/2012	26/05/2012	Active	NO
18	U70109DL2006PLC153948	MOSER BAER INFRASTRUCTURE LIMITED	Director	29/09/2012	31/05/2012	-	Active	NO
19	U40300DL2012PTC237115	DAINTY INFRASTRUCTURE PRIVATE LIMITED	Additional director	01/07/2012	01/07/2012	-	Active	NO

Name :

Mr. Pawan Kumar

Designation :

Nominee director

Address :

D14/59-60, Sector-3, Rohini, Delhi – 110085, India

Date of Birth/Age :

07.03.1977

Date of Appointment :

24.08.2012

DIN No.:

02153960

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	U01211UP1994PLC016502	HIND AGRO INDUSTRIES LIMITED	Nominee director	11/04/2008	11/04/2008	11/08/2009	Active	NO
2	L32101UP1973PLC003706	WILLARD INDIA LIMITED	Nominee director	28/04/2008	28/04/2008	04/02/2009	Active	NO
3	U15492UP2000PLC025503	CHITAVALSAH JUTE MILLS LIMITED	Nominee director	18/12/2008	18/12/2008	-	Active	NO
4	U15520UP1990PLC012583	AGAUTA SUGAR AND CHEMICALS LIMITED	Nominee director	18/12/2008	18/12/2008	02/09/2009	Active	NO
5	U40101MP1993PLC007667	SHREE MAHESHWAR HYDEL POWER CORPORATION LIMITED	Nominee director	24/09/2009	24/09/2009	22/12/2011	Active	NO
6	U65993AP1983PLC004226	GATI INFRASTRUCTURE LIMITED	Nominee director	21/06/2010	21/06/2010	30/06/2011	Active	NO
7	U51909AP2002PTC039122	GATI INFRASTRUCTURE BHASMEY POWER PRIVATE LIMITED	Nominee director	09/02/2011	09/02/2011	30/06/2011	Active	NO
8	U40106DL2008PLC184260	MOSER BAER CLEAN ENERGY LIMITED	Nominee director	24/08/2012	24/08/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sivalingam Rajalingam
Designation :	Manager
Address :	S2, Kalpataru Apartment, No. 12, 2^nd Street, Postal Colony West, Mambalam, Chennai – 600033, Tamilnadu, India
Date of Birth/Age :	15.06.1944
Date of Appointment :	02.01.2012
PAN No.:	AFVPR9247L
Name :	Mr. Sunil Kumar Nagar
Designation :	Secretary
Address :	House No. 259, New Bhoor Colony, Old Faridabad – 121002, Haryana, India
Date of Birth/Age :	28.07.1979
Date of Appointment :	21.04.2012
PAN No.:	ADVPN2371D

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 26.09.2012

Names of Equity Shareholders	No. of Shares
Moser Baer Projects Private Limited, India	14997822
Sunil Sharma, Nominee of Moser Baer Projects Private Limited, India	1
Vikas Srivastava, Nominee of Moser Baer Projects Private Limited, India	1
Reena Gupta, Nominee of Moser Baer Projects Private Limited, India	1
Suruchi Gupta, Nominee of Moser Baer Projects Private Limited, India	1
Sunil Kumar Nagar, Nominee of Moser Baer Projects Private Limited, India	1
Gaurav Dutta, Nominee of Moser Baer Projects Private Limited, India	1
Total	14997828

Names of Preference Shareholders	No. of Shares
Moser Baer Projects Private Limited, India	15069920
Moser Baer Projects Private Limited, India	3020000
Total	18089920

AS ON 26.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing technical services in relation to setting up and maintainence of Solar Power Projects.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Not Available

Banking Relations :	--
Financial Institution :	Power Finance Corporation Limited, ‘Urjanidhi’, 1 Barakhamba lane, Connaught Place, New Delhi – 110001, India
Auditors :
Name :	CA and Associates Chartered Accountants
Address :	1748/55, 2nd Floor, Naiwalan, Karol Bagh, New Delhi – 110005, India
Tel. No.:	91-11-28757260
Mobile No.:	91-9810172355
E-Mail :	ca_associates@yahoo.co.in
Income-tax PAN of auditor or auditor's firm :	AAAFC2111N
Holding Company :	Moser Baer Projects Private Limited [U72200DL2000PTC107182]
Subsidiaries :	Ø Sofretano Limited Ø Laytham Limited Ø Atharv Cleantech Limited Ø Canversus Limited Ø Hygrove Limited Ø Laytham Limited Ø Ralsen Limited Ø Tranlexom Limited Ø Bharat Cleantech Limited Ø Desirmatics Limited Ø Gatus537.GmbH Ø Indus Energy GmbH and Company KG Ø Indus Solar GmbH and Company KG Ø Indus Energy 1 GmbH and Company KG Ø Indus Energy 2 GmbH and Company KG Ø Indus Energy 3 GmbH and Company KG Ø Indus Energy 4 GmbH and Company KG Ø Indus Energy 5 GmbH and Company KG Ø Indus Energy 6 GmbH and Company KG Ø Indus Energy 7 GmbH and Company KG Ø Indus Energy 8 GmbH and Company KG Ø Indus Energy 9 GmbH and Company KG Ø Indus Energy 10 GmbH and Company KG Ø KRSW Solar 2 GmbH and Company KG Ø Moser Baer Clean Energy UK Limited Ø MBCEL Inc Ø Solar Farm Project I, LLC Ø Solar Farm Project II, LLC Ø Solar Farm Project III, LLC Ø Solar Farm Project IV, LLC Ø PRIME ENERGY Entwicklungs- und Grundstücksgesellschaft mbH Ø Indus Clean Energy GmbH Ø NE Green Energy – Meißen GmbH and Company KG Ø Twelve Energy Societa Agricolo S.R.L. Ø West Asia Trading FZE Ø Sofretano Limited Ø Moser Baer Clean Energy Europe Limited (earlier known as Desirmatics) Ø Moser Baer Clean Energy Italia S.R.L Ø Moser Baer Energy and Development Limited [U40106DL2008PLC182717] Ø Moser Baer Energy and Infrastructure Limited [U45206DL2008PLC182684] Ø Moser Baer Energy and Projects Limited [U40106DL2008PLC182466] Ø Moser Baer Energy and Research Limited [U40106DL2008PLC181197] Ø Moser Baer Energy Systems Limited [U40102DL2008PLC181186] Ø Millgreen Power Limited Ø Moser Baer Powergen Limited [U40101DL2008PLC180205] Ø Moser Baer Powerstructures Limited [U40101DL2008PLC180202] Ø Kindle Engineering and Construction Private Limited [U45400DL2010PTC210652] Ø Deligentia Energy and Infrastructures Private Limited [U40101DL2010PTC198738] Ø Goldenbeam Power Private Limited [U40101DL2010PTC208870] Ø MB Power Projects Limited [U40104DL2008PLC179755] Ø MB Active Power Limited [U40104DL2008PLC179758] Ø Moser Baer Industrial Development Limited [U70102DL2007PLC169300] Ø Moser Baer Infrastructure and Power Limited [U40101DL2008PLC179708] Ø Sunnyday Green Energy Private. Limited [U40106DL2010PTC208872] Ø West Asia Trading FZE Ø Moser Baer Projects and Infrastructures Limited [U40101DL2008PLC179706] Ø Precious Energy Services Private Limited Ø Sapphire Industrial Infrastructure Private .Limited [U70102DL2008PTC179290] Ø Solitaire Energies Private Limited [U11100DL2008PTC180438] Ø Solitaire Industrial Infrastructure Private Limited [U45200DL2008PTC179297] Ø Solitaire Powertech Private Limited [U72200DL2008PTC180422]

CAPITAL STRUCTURE

AS ON 26.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
15050000	Equity Shares	Rs. 10/- each	Rs. 150.500 Millions
15069920	Compulsorily Convertible Preference Shares	Re. 1/- each	Rs. 15.070 Millions
3020000	Redeemable Preference Shares	Rs. 10/- each	Rs. 30.200 Millions
	Total		Rs. 195.770 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
14997828	Equity Shares	Rs. 10/- each	Rs. 149.978 Millions
15069920	Compulsorily Convertible Preference Shares	Re. 1/- each	Rs. 15.070 Millions
3020000	Redeemable Preference Shares	Rs. 10/- each	Rs. 30.200 Millions
	Total		Rs. 195.248 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
15,050,000	Equity Shares	Rs. 10/- each	Rs. 150.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
14,997,828	Equity Shares	Rs. 10/- each	Rs. 149.978 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011 [6 Months]	30.09.2010 [18 Months]	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		149.978	149.978	0.500
2] Share Application Money		7109.046	1784.416	12.638
3] Reserves & Surplus		1327.150	1343.030	0.000
4] (Accumulated Losses)		0.000	(3.885)	0.000
NETWORTH		8586.174	3273.539	13.138
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	100.000	0.000
TOTAL BORROWING		0.000	100.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		8586.174	3373.539	13.138
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.119	0.580	0.009
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		2694.762	1268.845	3.977
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	93.355	0.000	0.000
	Cash & Bank Balances	2837.205	94.701	0.120
	Other Current Assets	67.862	0.147	0.000
	Loans & Advances	3002.665	2011.348	3.777
Total Current Assets		6001.087	2106.196	3.897
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	1.373	3.234
	Other Current Liabilities	106.001	0.179	0.912
	Provisions	5.793	0.530	0.000
Total Current Liabilities		111.794	2.082	4.146
Net Current Assets		5889.293	2104.114	(0.249)
MISCELLANEOUS EXPENSES		0.000	0.000	9.401
TOTAL		8586.174	3373.539	13.138

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011 [6 Months]	30.09.2010 [18 Months]
	SALES
		Income	93.000	0.163
		Other Income	85.801	0.000
		TOTAL (A)	178.801	0.163
Less	EXPENSES
		Manufacturing service costs	83.832	--
		Employee related expenses	23.167	--
		Administrative selling other expenses	53.984	--
		Administrative and Other Expenses	--	3.825
		Prior Period Items	--	0.018
		TOTAL (B)	160.983	3.843
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		17.818	(3.680)
Less	FINANCIAL EXPENSES (D)		4.733	0.098
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		13.085	(3.778)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.093	0.056
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		12.992	(3.834)
Less	TAX (H)		3.810	0.051
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		9.182	(3.885)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(3.885)	0.000
	BALANCE CARRIED TO THE B/S		5.297	(3.885)
	Earnings/ (Loss) Per Share (Rs.)		0.61	(0.61)

KEY RATIOS

PARTICULARS		31.03.2011 [6 Months]	30.09.2010 [18 Months]	31.03.2009
PAT / Total Income	(%)	5.14	(2383.44)	0.00
Net Profit Margin (PBT/Sales)	(%)	13.97	(2352.15)	0.00
Return on Total Assets (PBT/Total Assets}	(%)	0.22	(0.18)	0.00
Return on Investment (ROI) (PBT/Networth)		0.00	0.00	0.00
Debt Equity Ratio (Total Liability/Networth)		0.01	0.03	0.32
Current Ratio (Current Asset/Current Liability)		53.68	1011.62	0.94

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	No
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

UNSECURED LOANS

Unsecured Loans	31.03.2011 [6 Months]	30.09.2010 [18 Months]
	(Rs. In Millions)
Other Debts unsecured	0.000	100.000
Total	0.000	100.000

Note: The registered office of the company has been shifted from N23B, Block N, DDA Flats, Saket, New Delhi -110017, India to the present address w.e.f. 17.11.2010.

NATURE OF OPERATIONS

Moser Baer Clean Energy Limited is engaged in providing technical services in relation to setting up and maintainence of Solar Power Projects

BUSINESS OVERVIEW

The Company is in the Solar Energy business and has acquired through its subsidiaries few projects under the various State Policies for Solar Power Projects. Moser Baer Clean Energy Limited (MBCEL) is the holding company for the solar power projects being developed by the Moser Baer Group. MBCEL has emerged as one of the largest solar energy group with investments in a range of solar energy technologies.

MBCEL has raised 2250.000 Million from IFCI as investment in the company in the month of April, 2011 by way of issue of Optionally Convertible Debentures.

PROJECTS

A 5 MW Solar PV Park in Tamil Nadu, was commissioned in the month of December, 2010. The project was implemented by the Company through its SPV, Sapphire Industrial Infrastructures Private Limited under the Generation Based Incentive Scheme of Ministry of New and Renewable Energy, Government of India. The said project has been accorded CARE BBB rating indicating moderate credit risk and timely servicing of financial obligations

The Company through its two SPV’s Precious Energy Services Private Limited and Solitaire Energies Private Limited is implementing 30 MW Solar Power Projects in the State of Gujarat. The said projects will be commissioned in the month of October, 2011.

CONTINGENT LIABILITIES

There is a contingent liability amounting to Rs. 2819.945 Millions for Bank Guarantees issued on behalf of its Subsidiaries/ Business Associates.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U40106DL2008PLC184260
Name of the company	MOSER BAER CLEAN ENERGY LIMITED
Address of the registered office or of the principal place of business in India of the company	616 A, (16 A, Sixth Floor), Devika Tower, Nehru Place, New Delhi - 110019, India Email: shares@moserbaer.in
This form is for	Creation of charge
Type of charge	Immovable property Any interest in immovable property Others
Particular of charge holder	Power Finance Corporation Limited, ‘Urjanidhi’, 1 Barakhamba lane, Connaught Place, New Delhi – 110001, India Email: jsamitabh@pfcindia.com CIN No.: L65910DL1986GOI024862
Date of instrument Creating the charge	12.10.2012
Amount secured by the charge	1640.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest PFC - 13.75% p.a.(on loan taken by M/s Ganges Green Energy Private Limited) IIFCL - 11.85% p.a. or aligned with PFC's ROI i.e. 13.75% p.a.(on loan taken by M/s Ganges Green Energy Private Limited) Terms of Repayment The loan shall be paid by Ganges Green Energy Private Limited in case of PFC in 40 equal installments and in case of IIFCL in 48 installments as per the amortization schedule attached to the facility agreement dated 25 September 2012 Margin NIL Extent and Operation of the charge The proposed charge to be created is to secure the due repayment by Ganges Green Energy Private Limited of principal amount aggregating to Rs. 1640.000 Millions and all other monies payable under the facility agreement dated 25 September 2012

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. 54.64
UK Pound	1	Rs. 88.17
Euro	1	Rs. 73.13

INFORMATION DETAILS

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	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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		49

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.