MIRA INFORM REPORT

Report Date :

20.06.2013

IDENTIFICATION DETAILS

Name :	EASY PHOTO VOLTECH PRIVATE LIMITED
Registered Office :	E – 10/4, Krishna Nagar, New Delhi – 110051
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.01.2001
Com. Reg. No.:	109350
Capital Investment / Paid-up Capital :	Rs. 1.500 Millions
CIN No.: [Company Identification No.]	U74899DL2001PTC109350
PAN No.: [Permanent Account No.]	AACCN4921C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter, Importer, Trader and Supplier of Vast Range of Solar Products.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (35)

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

Maximum Credit Limit :	USD 30000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. Financial statement of 2011-2012 are not available. However, on a basis of financial statements of previous financial year. Trade relations are reported as fair. Business is active. Payment terms are unknown. The company can be considered for business dealings at usual 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

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. Vinod Kumar Sharma
Designation :	Director
Contact No.:	91-9311112551
Date :	19.06.2013

LOCATIONS

Registered Office :	E – 10/4, Krishna Nagar, New Delhi – 110051, India
Tel No :	91-120-29624
Mobile No.:	91-9311112551 (Mr. Vinod Kumar Sharma)
E-Mail :	easysolar@sify.com CA.ANILBHATT@GMAIL.COM
Website :	www.easyphotovoltech.com
Location :	Owned
Factory :	Solar Cottage, Duhai, Delhi Meerut Road, Ghaziabad – 201001, Uttar Pradesh, India
Tel. No.:	91-120-3274143 / 2962471 / 2675613
Fax No :	91-120-2675613
Location :	Owned
Marketing Office :	4^th Floor, 406 Vikasdeep, Laxmi Nagar, District Central Delhi – 110092, India
Tel. No.:	91-120-2820822
Location :	Owned

DIRECTORS

As on : 29.09.2012

Name :

Mr. Vinod Kumar

Designation :

Director

Address :

18, Ambedkar Marg, Near Laxmi Narain Mandir, Ghaziabad – 201206, Uttar Pradesh, Inda

Date of Birth/Age :

01.08.1975

Date of Appointment :

23.01.2001

DIN No :

00320814

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	U74899DL2001PTC109350	EASY PHOTO VOLTECH PRIVATE LIMITED	Director	23-01-01	23-01-01	-	Active	NO
2	U31908DL2006PTC156622	NRV POWER TECHNOLOGY INDIA PRIVATE LIMITED	Director	10-01-07	10-01-07	-	Active	NO

Name :

Mrs. Pratibha Sharma

Designation :

Director

Address :

18, Ambedkar Marg, Near Laxmi Narain Mandir, Ghaziabad – 201206, Uttar Pradesh, Inda

Date of Birth/Age :

29.11.1975

Date of Appointment :

23.01.2001

DIN No :

02170698

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 29.09.2012

Names of Shareholders	No. of Shares
Vinod Kumar	75000
Pratibha Sharma	75000
Total	150000

As on : 13.08.2012

Names of Allotee	No. of Shares
Vinod Kumar	55000
Pratibha Sharma	55000
Total	110000

Equity Share Break up (Percentage of Total Equity)

As on : 29.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter, Importer, Trader and Supplier of Vast Range of Solar Products.
Products :	· Solar Street Light · Home Lighting System · Solar Lantern · Solar Water Pumps · Solar Power Pack · Solar Charge Controller · Solar Module · Solar Inverter · Water Heater · Solar Education Kit
Exports :
Products :	Solar Products
Countries :	· Sri Lanka · Afghanistan
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers

No. of Employees :

50 (Approximately)

Bankers :

Bank of Baroda, Raj Choppla, Modinagar – 201204, Uttar Pradesh, India

Facilities :

Rs in Millions

SECURED LOAN	31.03.2012	31.03.2011
Loan from Bank
Bank of Baroda	--	2.321
Total	--	2.321

Auditors :
Name :	Shiromani Tyagi and Company Chartered Accountant
Address :	18, Netaji Subhash Marg, Darya Gang, New Delhi -110002, India
Tel. No.:	91-120-23273741
PAN No.:	AAMFS7666N

CAPITAL STRUCTURE

As on : 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs. 10 /- each	Rs. 2.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs. 10 /- each	Rs. 1.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		1.000	1.000	0.400
2] Share Application Money		6.506	3.003	0.819
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		7.506	4.003	1.219
LOAN FUNDS
1] Secured Loans		2.321	2.125	2.022
2] Unsecured Loans		1.771	2.804	3.567
TOTAL BORROWING		4.092	4.929	5.589
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		11.598	8.932	6.808
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.369	0.406	0.526
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.801	3.191	3.319
	Sundry Debtors	79.421	64.125	8.710
	Cash & Bank Balances	0.126	0.038	1.370
	Other Current Assets	3.472	3.267	1.319
	Loans & Advances	0.000	0.000	0.000
Total Current Assets		85.820	70.621	14.718
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	62.960	55.666	7.617
	Other Current Liabilities	10.099	5.232	0.401
	Provisions	1.532	1.197	0.419
Total Current Liabilities		74.591	62.095	8.437
Net Current Assets		11.229	8.526	6.281
MISCELLANEOUS EXPENSES		0.000	0.000	0.001
TOTAL		11.598	8.932	6.808

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	208.680	165.260	48.567
		Other Income	0.000	0.001	0.052
		TOTAL (A)	208.680	165.262	48.619
Less	EXPENSES
		Cost of Materials	183.760	140.675	43.605
		Manufacturing Expenses	6.669	8.505	0.393
		Selling and Administration Expenses	12.509	12.099	3.112
		Preliminary Expenses written off	0.000	0.001	0.001
		TOTAL (B)	202.939	161.280	47.111
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5.741	3.981	1.508
Less	FINANCIAL EXPENSES (D)		0.707	0.882	1.053
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.034	3.099	0.455
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.106	0.138	0.171
	PROFIT BEFORE TAX (E-F) (G)		4.928	2.961	0.284
Less	TAX (H)		1.425	0.777	0.112
	PROFIT AFTER TAX (G-H) (I)		3.503	2.184	0.172
	Earnings Per Share (Rs.)		23.35	NA	NA

Particulars	31.03.2013	31.03.2012	31.03.2011
Sales Turnover (Approximately)	308.000	325.000	208.600

Expected Sales (2013-2014) : Rs. 350.000 Millions (due to market fluctuation)

The above information has been parted by Mr. Vinod (Director)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.68	1.32	0.35
Net Profit Margin (PBT/Sales)	(%)	2.36	1.79	0.58
Return on Total Assets (PBT/Total Assets}	(%)	5.72	4.17	1.86
Return on Investment (ROI) (PBT/Networth)		0.66	0.74	0.23
Debt Equity Ratio (Total Debt /Networth)		0.54	1.23	4.58
Current Ratio (Current Asset/Current Liability)		1.15	1.14	1.74

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 two years	Yes
12]	Profitability for last two years	Yes
13]	Reasons for variation <> 20%	Yes
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)	Yes
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	No

UNSECURED LOAN :

Rs. in Millions

Particulars	31.03.2012	31.03.2011
Unsecured Loans	--	1.771
Total	--	1.771

FIXED ASSETS :

· Machinery and Equipments

· Furniture and Fixtures

· Computer

· Aqua Filter

· Car

· Printer

· Inverter

· Scooter

· Air Conditioner

· Photocopier

· Fax Machine

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. 58.74
UK Pound	1	Rs. 91.99
Euro	1	Rs. 78.70

INFORMATION DETAILS

Information Gathered by :	PLV
Report Prepared by :	NIS

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	3
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		35

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.