MIRA INFORM REPORT

Report Date :

23.01.2013

IDENTIFICATION DETAILS

Name :	BIRLA SURYA LIMITED
Registered Office :	Dalamal House, 1^st Floor, J.B. Marg, Nariman Point, Mumbai – 400 021, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	25.09.2008
Com. Reg. No.:	11-187077
Capital Investment / Paid-up Capital :	Rs.3347.408 millions
CIN No.: [Company Identification No.]	U74999MH2008PLC187077
TAN No.: [Tax Deduction & Collection Account No.]	MUMB19274D
PAN No.: [Permanent Account No.]	AADCB6434H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing Multi Crystalline Silicon Solar Photovoltaic Cells and Fabrication of Multi-Crystalline Silicon Wafers and Other Related Products using Solar Grade Silicon.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 14563000
Status :	Yet to commence business
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a Birla Group Company. Though the company was incorporated in the year 2008. It is yet to commence with its commercial activity. Payments are unknown. The group companies are going through some difficulties and “Birla Power Solutions” is reported to have defaulted on payments. 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	B (Long Term Bank Facilities)
Rating Explanation	High risk of default regarding timely servicing of financial obligation.
Date	October 29, 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 :	Dalamal House, 1^st Floor, J.B. Marg, Nariman Point, Mumbai – 400 021, Maharashtra, India
Tel. No.:	91-22-61184800/ 61184827/ 66168400
Fax No.:	91-22-22047835
E-Mail :	disha.patel@yashbirlagroup.com meghana@yashbirlagroup.com
Website :	http://www.yashbirlagroup.com

DIRECTORS

AS ON 31.03.2011

Name :

Mr. Yashovardhan Ashok Birla

Designation :

Chairman

Address :

Birla House, 21, Mount Pleasant Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

29.09.1967

Date of Appointment :

25.09.2008

DIN No.:

00005804

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	U65990MH1962PTC014209	ASIAN DISTRIBUTORS PRIVATE LIMITED	Director	26/03/1987	26/03/1987	-	Active	NO
2	L31101MH1984PLC032773	BIRLA POWER SOLUTIONS LIMITED	Director	05/06/1987	05/06/1987	-	Active	NO
3	L29220MH1986PLC041214	BIRLA PRECISION TECHNOLOGIES LIMITED	Director	19/03/1990	19/03/1990	-	Active	NO
4	L31300KA1987PLC013543	3M INDIA LIMITED	Director	23/03/1990	23/03/1990	18/06/2007	Active	NO
5	L99999MH1965PLC013198	BIRLA MACHINING AND TOOLINGS LIMITED	Director	30/03/1990	30/03/1990	-	Amalgamated	NO
6	L29220MH1960PLC011773	ZENITH BIRLA (INDIA) LIMITED	Director	30/03/1990	30/03/1990	-	Active	NO
7	U67120MH1989PTC054227	SHEARSON INVESTMENTS AND TRADING COMPANY PRIVATE LIMITED	Director	31/10/1990	31/10/1990	-	Active	NO
8	U51109WB1918PTC003010	BIRLA BROTHERS PRIVATE LIMITED	Director	27/12/1991	27/12/1991	-	Active	NO
9	U63040MH1976PLC019250	BIRLA VIKING TRAVELS LIMITED	Director	28/01/1992	28/01/1992	-	Active	NO
10	L17110MH1941PLC003429	BIRLA COTSYN (INDIA) LIMITED	Director	16/05/1995	16/05/1995	-	Active	NO
11	U99999MH1923PTC001084	BIRLA BOMBAY PRIVATE LIMITED	Director	25/05/1995	25/05/1995	-	Active	NO
12	U26942AP1996PLC025831	RENUKA CEMENT LIMITED	Managing director	29/11/1996	29/11/1996	15/01/2011	Active	NO
13	U45200MH1932PLC001850	LAKSHMI PROPERTIES LIMITED	Director	18/07/2006	18/07/2006	-	Active	NO
14	U85120MH2006PTC161718	BIRLA WELLNESS AND HEALTHCARE PRIVATE LIMITED	Director	20/07/2007	20/07/2007	-	Active	NO
15	U24100MH2008PLC177694	BIRLA RESEARCH AND LIFESCIENCES LIMITED	Director	10/01/2008	10/01/2008	-	Active	NO
16	L85100MH2008PLC184689	BIRLA PACIFIC MEDSPA LIMITED	Director	15/07/2008	15/07/2008	-	Active	NO
17	U51310MH2008PLC185850	BIRLA INTEGRATED TEXTILE PARK LIMITED	Director	14/08/2008	14/08/2008	-	Active	NO
18	U85110MH2008PTC187084	ASHOK BIRLA APOLLO HOSPITAL PRIVATE LIMITED	Director	25/09/2008	25/09/2008	-	Active	NO
19	U74999MH2008PLC187077	BIRLA SURYA LIMITED	Director	25/09/2008	25/09/2008	-	Active	NO
20	U80301MH2008PLC188043	BIRLA EDUTECH LIMITED	Director	07/11/2008	07/11/2008	-	Active	NO
21	L99999MH1986PLC040604	MELSTAR INFORMATION TECHNOLOGIES LIMITED	Director	18/09/2009	22/04/2009	07/11/2012	Active	NO
22	L74999MH1992PLC066910	BIRLA SHLOKA EDUTECH LIMITED	Director	26/09/2009	25/05/2009	-	Active	NO
23	U80900MH2009PTC196032	BIRLA AYURVEDA PRIVATE LIMITED	Director	24/09/2009	24/09/2009	-	Active	NO
24	U40101MH2010PLC201054	BIRLA URJA LIMITED	Director	16/09/2011	09/06/2010	-	Active	NO

Name :

Mr. Venkataramana Murthy Palaparthy

Designation :

Director

Address :

A-4, Sagar Darshan, Off Carter Road, Bandra (West), Mumbai – 400 052, Maharashtra, India

Date of Birth/Age :

21.04.1951

Date of Appointment :

25.09.2008

DIN No.:

00232048

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	U26942AP1996PLC025831	RENUKA CEMENT LIMITED	Director	16/08/2005	16/08/2005	15/01/2011	Active	NO
2	L31101MH1984PLC032773	BIRLA POWER SOLUTIONS LIMITED	Managing director	12/11/2010	06/10/2005	-	Active	NO
3	L74210TN1995PLC032921	SANGUINE MEDIA LIMITED	Director	19/08/2006	28/10/2005	18/08/2010	Active	NO
4	L17110MH1941PLC003429	BIRLA COTSYN (INDIA) LIMITED	Managing director	10/08/2011	01/06/2006	30/09/2012	Active	NO
5	U85120MH2006PTC161718	BIRLA WELLNESS AND HEALTHCARE PRIVATE LIMITED	Director	20/07/2007	20/07/2007	-	Active	NO
6	L29220MH1986PLC041214	BIRLA PRECISION TECHNOLOGIES LIMITED	Director	18/09/2008	02/05/2008	-	Active	NO
7	U27107AP2008PTC059409	ABHIRAMA STEELS PRIVATE LIMITED	Director	29/05/2008	29/05/2008	-	Active	NO
8	U51310MH2008PLC185850	BIRLA INTEGRATED TEXTILE PARK LIMITED	Director	14/08/2008	14/08/2008	-	Active	NO
9	U85110MH2008PTC187084	ASHOK BIRLA APOLLO HOSPITAL PRIVATE LIMITED	Director	25/09/2008	25/09/2008	-	Active	NO
10	U74999MH2008PLC187077	BIRLA SURYA LIMITED	Director	25/09/2008	25/09/2008	-	Active	NO
11	U80301MH2008PLC188043	BIRLA EDUTECH LIMITED	Director	07/11/2008	07/11/2008	-	Active	NO
12	U24233MH2008PTC188123	BIRLA KERALA VAIDYASHALA PRIVATE LIMITED	Director	11/11/2008	11/11/2008	-	Active	NO
13	L85100MH2008PLC184689	BIRLA PACIFIC MEDSPA LIMITED	Director	13/01/2010	08/12/2008	-	Active	NO
14	L99999MH1986PLC040604	MELSTAR INFORMATION TECHNOLOGIES LIMITED	Director	18/09/2009	22/04/2009	-	Active	NO
15	L29220MH1960PLC011773	ZENITH BIRLA (INDIA) LIMITED	Director	24/09/2009	27/07/2009	-	Active	NO
16	U55101AP2007PTC054687	ABHIRAMA HOTELS AND RESORTS PRIVATE LIMITED	Whole-time director	26/12/2009	26/12/2009	-	Active	NO
17	U51900MH1977PLC110245	BIRLA INFRASTRUCTURE LIMITED	Director	11/02/2010	11/02/2010	-	Active	NO
18	U40101MH2010PLC201054	BIRLA URJA LIMITED	Director	19/03/2010	19/03/2010	-	Active	NO
19	U40101MH2010PLC201110	BIRLA ENERGY INFRA LIMITED	Director	22/03/2010	22/03/2010	-	Active	NO
20	U24100MH2008PLC177694	BIRLA RESEARCH AND LIFESCIENCES LIMITED	Director	30/09/2010	19/07/2010	-	Active	NO
21	U45203MH2010PTC208928	BIRLA AIRCON INFRASTRUCTURE PRIVATE LIMITED	Director	31/12/2011	11/04/2011	-	Active	NO
22	U14220AP2011PTC072107	VIJAY PURANJAY MINERALS PRIVATE LIMITED	Director	28/06/2012	30/01/2012	-	Active	NO
23	U40300MH2012PTC228954	BIRLA TERRAJOULE PRIVATE LIMITED	Director	29/03/2012	29/03/2012	-	Active	NO
24	U45203KA2012PTC063036	WINMEEN INFRA PRIVATE LIMITED	Additional director	22/06/2012	22/06/2012	-	Active	NO

Name :

Mr. Ramprakash Murlidhar Mishra

Designation :

Director

Address :

C-702, Poonam Pragati Housing Society, Poonam Nagar, Off Mahakali Caves Road, Andheri (East), Mumbai – 400 093, Maharashtra, India

Date of Birth/Age :

05.05.1955

Date of Appointment :

31.03.2011

DIN No.:

00228438

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	U51410MH1998PTC115139	SAHAYOG SUPER GAS PRIVATE LIMITED	Director	30/12/2006	30/12/2006	-	Active	YES
2	U74999MH2008PLC187077	BIRLA SURYA LIMITED	Director	31/03/2011	06/08/2010	-	Active	NO
3	U24100MH2008PLC177694	BIRLA RESEARCH AND LIFESCIENCES LIMITED	Director	28/09/2012	25/05/2012	-	Active	NO
4	L85100MH2008PLC184689	BIRLA PACIFIC MEDSPA LIMITED	Director	24/09/2012	25/05/2012	-	Active	NO

Name :

Mr. Upkar Singh Kohli

Designation :

Director

Address :

Flat No.202, 2^nd Floor, Chinar Building, 21^st TPS Road, Bandra (West), Mumbai – 400 050, Maharashtra, India

Date of Birth/Age :

18.08.1947

Date of Appointment :

31.03.2011

DIN No.:

02528045

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	U74900DL2007PLC167329	UV ASSET RECONSTRUCTION COMPANY LIMITED	Director	22/08/2009	07/02/2009	-	Active	NO
2	L31101MH1984PLC032773	BIRLA POWER SOLUTIONS LIMITED	Director	30/09/2010	28/07/2009	-	Active	NO
3	L27105MP1984PLC002521	STI INDIA LIMITED	Nominee director	26/05/2010	26/05/2010	18/08/2012	Active	NO
4	U01110MH1980PLC022710	C AND M FARMING LIMITED	Nominee director	09/07/2010	09/07/2010	-	Active	YES
5	U74999MH2008PLC187077	BIRLA SURYA LIMITED	Director	31/03/2011	06/08/2010	-	Active	NO
6	L17110MH1941PLC003429	BIRLA COTSYN (INDIA) LIMITED	Director	20/09/2010	10/08/2010	-	Active	NO
7	U65923MH2009PTC198198	UNION KBC TRUSTEE COMPANY PRIVATE LIMITED	Director	25/05/2011	03/09/2010	-	Active	NO
8	L85100MH2008PLC184689	BIRLA PACIFIC MEDSPA LIMITED	Director	13/10/2011	23/11/2010	-	Active	NO
9	L24110AP1993PLC016112	AVON ORGANICS LIMITED	Director	29/07/2011	22/01/2011	-	Active	NO
10	L65990MH1985PLC037697	WEIZMANN FOREX LIMITED	Director	04/03/2011	04/03/2011	-	Active	NO
11	L31101MH2007PLC168823	KARMA ENERGY LIMITED	Director	26/09/2012	09/11/2011	-	Active	NO

Name :

Ms. Alicia Ann Eastman

Designation :

Director

Address :

Flat A, 15/F, Royal Court, 9M Kennedy Road, Midlevels, Hong Kong

Date of Birth/Age :

21.04.1975

Date of Appointment :

25.09.2012

DIN No.:

02785327

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	U72200AP2000PLC034055	YBRANT DIGITAL LIMITED	Nominee director	21/09/2010	01/10/2009	-	Amalgamated	NO
2	U74999MH2008PLC187077	BIRLA SURYA LIMITED	Director	25/09/2012	20/12/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Tushar Sunil Dey
Designation :	Secretary
Address :	Flat No.2105, B Wing, Oberoi Springs, New Link Road, Andheri (West), Mumbai – 400 053, Maharashtra, India
Date of Birth/Age :	21.11.1963
Date of Appointment :	01.08.2011
PAN No.:	AHEPD2060J
Name :	Mr. Mohan Rao Datari
Designation :	Manager
Address :	Flat No.6, 6^th Floor, Kailash Building, Anushakti Nagar, Mumbai – 400 094, Maharashtra, India
Date of Birth/Age :	07.09.1958
Qualification :	Msc (Physics), MFM
Experience :	32 Years
Date of Appointment :	01.03.2011
PAN No.:	AKZPD7679R

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.09.2012

Note:

Shareholding details file attached.

As on 16.10.2012

Names of Allottees (Equity Shares)	No. of Shares
K.N.V. Kameswara Rao	27777
Priyatham Sundar	44444
Sunil R. Nair	27777
RH Solar Projects LLP, India	126341
Manoj Sethumadhavan	27777
Jatavallabhula Nagavali	27777
R. Vedasagar	27777
Bhargava Huchurao	27777
Rohit Kishore	27777
K. Sesha Talpa Sai	27777
Jagannadha Sarma Bhamidipati	27777
Total	420778

As on 25.09.2012

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]	0.61
Bodies corporate	96.18
Directors or relatives of directors	0.01
Other top fifty shareholders	3.14
Others	0.06
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing Multi Crystalline Silicon Solar Photovoltaic Cells and Fabrication of Multi-Crystalline Silicon Wafers and Other Related Products using Solar Grade Silicon.

Products :

Item Code No. (ITC Code)	3818
Product Description	Undefused Silicon Wafers
Item Code No. (ITC Code)	8541
Product Description	Solar Cells / Photovoltaic Cells whether or not assembled in module / panel

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	30.09.2010 (Rs. in Millions)
Rupee term loans banks (Terms of repayments of project loan 32 quarterly installments with first installment shall be due at the end of Q1 of FY 2014 and last installment at the end of Q4 FY 2021)	5720.474	2594.701
Total	5720.474	2594.701

Banking Relations :	--
Financial Institution:	SBICAP Trustee Company Limited, 202, Maker Tower, ‘E’ Cuffe Parade, Colaba, Mumbai – 400 005, Maharashtra, India
Auditors :
Name :	A.P. Rajgopalan and Company Chartered Accountants
Address :	No.8, First Floor, Neelkanth Shopping Arcade, R.C. Marg, Chembur, Mumbai – 400 071, Maharashtra, India
PAN No.:	AAAFA3952B
Other Related Parties :	v Nirved Traders Private Limited, India (CIN No.: U51900MH1994PTC082365) v Birla Power Solutions Limited, India (CIN No.: L31101MH1984PLC032773) v Shearson Investments and Trading Company Private Limited, India (CIN No.: U67120MH1989PTC054227) v Godavari Corporation Private Limited, India (CIN No.: U51900MH1946PTC022398) v Birla Global Corporate Limited, India* (CIN No.: U51900MH1977PTC019921) v Birla Shloka Edutech Limited, India (CIN No.: L74999MH1992PLC066910) v Birla Viking Travels Private Limited, India (CIN No.: U63040MH1976PLC019250) v Birla Kerala Vaidyashala Private Limited, India (CIN No.: U24233MH2008PTC188123) v Birla Research and Lifesciences Private Limited, India (CIN No.: U24100MH2008PLC177694) * The company has filed application with ROC for name change from Indoasean Oceanic Exports Private Limited to Birla Global Corporate Limited and the same is in process.

CAPITAL STRUCTURE

After 25.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500000000	Equity Shares	Rs.10/- each	Rs.5000.000 millions
200000000	Preference Shares	Rs.10/- each	Rs.2000.000 millions
	Total		Rs.7000.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
302524917	Equity Shares	Rs.10/- each	Rs.3025.249 millions
32636667	Preference Shares	Rs.10/- each	Rs.326.367 millions
	Total		Rs.3351.616 millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500000000	Equity Shares	Rs.10/- each	Rs.5000.000 millions
200000000	Preference Shares	Rs.10/- each	Rs.2000.000 millions
	Total		Rs.7000.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
302104139	Equity Shares	Rs.10/- each	Rs.3021.041 millions
32636667	Preference Shares	Rs.10/- each	Rs.326.367 millions
	Total		Rs.3347.408 millions

Reconciliation of the shares outstanding at the beginning and at the end of the reporting period:

Particulars	Opening Balance	Additions	Closing Balance
Period ended 31^st March, 2012	224337579	77766560	302104139
- Number of shares	2243.376	777.666	3021.041
- Amount (Rs. in millions)
Compulsorily Convertible Preference Shares Period ended 31^st March, 2012
- Number of shares	Nil	32636667	32636667
- Amount	Nil	326.367	326.367

Terms/ rights attached to shares

Equity Shares:

The company has only one class of equity shares having a par value of Rs.10/- per share. Each equity shareholder is entitled to one vote per share. The company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of shareholders in the ensuing Annual General Meeting. During the period ended 31^st March, 2012 no dividend has been declared.

Compulsorily Convertible Preference Shares:

The company has Compulsorily Convertible Preference shares having a par value of Rs.10/- per share. Each investor in CCPS shall carry voting rights available to preference shares under the act and shall not carry voting rights available to equity shareholders until such shares are converted into equity shares.

The holders of CCPS shall have a preferential right to dividend.

Details of shareholders holding more than 5% shares in the company

Equity shares of Rs.10/- each fully paid

Name	31^st March 2012
	Nos.	% holding
Shearson Investment and Trading Company Private Limited	66000000	21.85%
Birla Power Solutions Limited	85220000	28.21%
Godavari Corporation Private Limited	63000000	20.85%
Nirved Traders Private Limited	67780000	22.44%

Terms of Compulsorily Convertible Preference Shares

Investor CCPS and the Second round investor CCPS are to be compulsorily converted into equity shares in accordance with the provisions of this agreement which shall be the date that is the earlier of :

1. Date of filing of the prospectus by the company with the registrar of the companies or such other date as may be permitted by applicable law, and

2. The expiry of 3 (three) years from the date of issue of investor securities.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012 (18 Months)	30.09.2010 (12 Months)	30.09.2009
SHAREHOLDERS FUNDS
1] Share Capital		3347.408	2243.376	0.500
2] Share Application Money		0.000	20.178	202.708
3] Reserves & Surplus		293.438	25.289	0.000
4] (Accumulated Losses)		0.000	0.000	(0.044)
NETWORTH		3640.846	2288.843	203.164
LOAN FUNDS
1] Secured Loans		5720.474	2594.701	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		5720.474	2594.701	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		9361.320	4883.544	203.164
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		542.199	11.304	0.240
Capital work-in-progress		8533.669	2682.085	29.440
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	142.044	1798.162	3.027
	Other Current Assets	5.266	0.000	0.000
	Loans & Advances	547.405	470.311	171.186
Total Current Assets		694.715	2268.473	174.213
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	296.559	16.280	0.000
	Other Current Liabilities	102.170	58.369	0.729
	Provisions	10.534	3.669	0.000
Total Current Liabilities		409.263	78.318	0.729
Net Current Assets		285.452	2190.155	173.484
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		9361.320	4883.544	203.164

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012 (18 Months)	30.09.2010 (12 Months)	30.09.2009
	SALES
		Operating revenue, net	0.000	0.000	0.000
		Other Income	0.000	0.000	0.000
		TOTAL (A)	0.000	0.000	0.000
Less	EXPENSES
		Administrative selling other expenses	17.497	25.705	0.044
		TOTAL (B)	17.497	25.705	0.044
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(17.497)	(25.705)	(0.044)
Less	INTEREST & FINANCIAL EXPENSES (D)		0.000	0.000	0.000
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(17.497)	(25.705)	(0.044)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.000	0.000	0.000
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(17.497)	(25.705)	(0.044)
Less	TAX (H)		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(17.497)	(25.705)	(0.044)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(25.749)	(0.044)	0.000
	BALANCE CARRIED TO THE B/S		(43.246)	(25.749)	(0.044)
	Earnings/ (Loss) Per Share (Rs.)		(0.07)	(0.55)	(0.88)

KEY RATIOS

PARTICULARS		31.03.2012 (18 Months)	30.09.2010 (12 Months)	30.09.2009
PAT / Total Income	(%)	0.00	0.00	0.00
Net Profit Margin (PBT/Sales)	(%)	0.00	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(1.41)	(1.13)	(0.03)
Return on Investment (ROI) (PBT/Networth)		0.00	(0.01)	0.00
Debt Equity Ratio (Total Liability/Networth)		1.68	1.17	0.00
Current Ratio (Current Asset/Current Liability)		1.70	28.96	238.98

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	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

STATUS OF THE PROJECT

Both the cell fab building and the wafer fab building are almost complete and the ancillary activities such as HVAC, Electrical, Plumbing and Piping are progressing satisfactorily. These buildings should be ready for equipment by end October, 2012.

The statuses of major activities are as follows:

Financial Closure:

The enhanced scope of the project has been appraised and sanctioned by State Bank of India with a project cost estimated as Rs.21624.800 millions. The company is in process of achieving financial closure for additional term loans aggregating to Rs.4050.000 millions and the balance of equity infusion would be about Rs.2650.000 millions from promoters and others.

Project Land:

Land for the project, 121 acres, has been acquired by the company at Rajewadi, Taluka Khandala, District Satara and the entire land has been mortgaged to the consortium of lenders.

Factory Building:

Larsen and Tourbo Limited was awarded for contract for construction of factory and ancillary buildings. Both the cell fab and wafer fab buildings are undergoing fit and finish work including brick work and plastering and the same are expected to be completed by end September, 2012.

Capital Equipment:

The company will soon be executing the contracts for the purchase of an additional cell line, balancing equipments including 4 wire saws for the wafer line and a semi-automated module line equipments on achieving financial closure. Contracts with rest of the domestic plants and equipments' suppliers have all been executed and are pending implementation.

INCREASE IN AUTHORISED CAPITAL

During the period, the authorized share capital of the company was increased from Rs.2500.000 millions to Rs.4000.000 millions on 20^th December, 2010 by creation of additional 150000000 equity shares of Rs.10/- each ranking pari passu in all respects with the existing equity shares.

The Share capital was further increased from Rs.4000.000 millions to Rs.7000.000 millions on 7^th July, 2011 by creation of additional 100000000 equity shares of Rs.10/- each and 200000000 Compulsorily Convertible Preference Shares of Rs.10/- each ranking pari passu with the existing equity shares.

Allotment of shares

The Company is setting up a project for the manufacturing of solar photovoltaic cells and wafers in the state of Maharashtra at an estimated cost of Rs.21624.800 millions. A part of the project cost is required to be funded by infusion of equity capital.

The Company has allotted 15000 Equity shares of Rs.10/- each at a premium of Rs.5/- per share and 32636667 Compulsorily Convertible Preference Shares of Rs.10/- each at a premium of Rs.5/- per share to Everest Capital (M) Limited.

To meet the part of the project cost, the Company has also allotted 64000500 Equity shares of Rs.10/- each at par on preferential basis to the promoters and 1372516 Equity shares of Rs.10/- each at a premium of Rs.8/- per share and 12378544 Equity shares of Rs.10/- each at a premium of Rs.9/- per share on preferential basis to the non promoters in one or more tranches during the period.

Consequent to the aforesaid allotments, the paid-up equity share capital of the Company as on 31^st March, 2012 stands increased from Rs.2243.376 millions to Rs.3021.041 millions and the paid- up preference share capital of the Company as on 31^st March, 2012 is Rs.326.367 millions.

Bankers Charges Report as per Registry

Corporate identity number of the company	U74999MH2008PLC187077
Name of the company	BIRLA SURYA LIMITED
Address of the registered office or of the principal place of business in India of the company	Dalamal House, 1^st Floor, J.B. Marg, Nariman Point, Mumbai – 400 021, Maharashtra, India E-Mail: meghana@yashbirlagroup.com
This form is for	Modification of charge
Charge identification number of the modified	10238109
Type of charge	Uncalled share capital Immovable property Any interest in immovable property Book Debts Movable Property (not being pledge) Floating Charge Others (Project Contract, Bank Accounts, Ins Policies, etc) Goodwill
Particular of charge holder	CIN No.: U65991MH2005PLC158386 SBICAP Trustee Company Limited, 202, Maker Tower, ‘E’ Cuffe Parade, Colaba, Mumbai – 400 005, Maharashtra, India E-Mail: corporate@sbicaptrustee.com
Nature of description of the instrument creating or modifying the charge	Deed of Additional Security dated 29.02.2012 executed by he Company in favour of SBICAP Trustee Company Limited acting as security Trustee on behalf of the Lenders for securing the Rupee facility of Rs.9705.000 millions by creating further (additional) charge over the property at village Rajewadi, Taluka Khandala, District Satara within the Registration District and Sub- district of Satara and Khandala, State of Maharashtra as specified in 2^nd Schedule to the Deed of Additional Security.
Date of instrument Creating the charge	29.02.2012
Amount secured by the charge	Rs.9705.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: As per the terms and conditions mentioned in the facility Agreement dated 15.07.2010 and other financing documents. Terms of Repayment: As per the terms and conditions mentioned in the facility Agreement dated 15.07.2010 and other financing documents. Margin: As per the terms and conditions mentioned in the facility Agreement dated 15.07.2010 and other financing documents. Extent and Operation of the charge: The charge operates as security for the due repayment by the Company of the Loans together with payment of all interest, additional interest, additional interest in case of non creation of security, premium on prepayment, reimbursement of all costs, charges and expenses and all other amounts payable by the Company to the lenders and Security Trustee in respect of the Loans in accordance with the terms and conditions of the financing documents.
Short particulars of the property charged	In addition to the earlier charges created on 15.06.2011 on fixed assets of the company present and future including 24.8486 hectares of immoveable property, Project Documents, Accounts, Insurance Proceeds, book debts, all cash flows, General Assets the company has now created charge on additional immoveable properties admeasuring 24.2942 hectares situated at Village Rajewadi, Taluka Khandala, District Maharashtra as specified in 2^nd Schedule to the Deed of Additional Security.
Date of latest modification prior to the present modification	15.06.2011
Particulars of the present modification	Deed of Additional Security dated 29.02.2012 executed by he Company in favour of SBICAP Trustee Company Limited acting as security Trustee on behalf of the Lenders for securing the Rupee facility of Rs.9705.000 millions by creating further charge over the property adm 24.2942 hectares at village Rajewadi, Taluka Khandala, District Satara within the Registration District and Sub- district of Satara and Khandala, State of Maharashtra as specified in 2^nd Schedule to the Deed of Additional Security.

FIXED ASSETS:

v Freehold Land

v Leasehold Improvement

v Furniture and Fixtures

v Vehicles

v Office Equipments

v Computers

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 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.53.51
UK Pound	1	Rs.84.85
Euro	1	Rs.71.43

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
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	3
--CREDIT LINES	1~10	3
--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		27

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.