MIRA INFORM REPORT

Report Date :

19.11.2013

IDENTIFICATION DETAILS

Name :	VIKRAM SOLAR PRIVATE LIMITED (w.e.f. 03.09.2008)
Formerly Known As :	INTERNATIONAL CLOTHIERS INDIA PRIVATE LIMITED INTERNATIONAL LEATHER CLOTHIERS PRIVATE LIMITED
Registered Office :	Tobacco House 1, Old Court House Corner, Kolkata – 700001, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	02.12.2005
Com. Reg. No.:	21-106448
Capital Investment / Paid-up Capital :	Rs. 250.000 Millions
CIN No.: [Company Identification No.]	U18100WB2005PTC106448
TAN No.: [Tax Deduction & Collection Account No.]	CALI02340C
PAN No.: [Permanent Account No.]	AABCI5168D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Selling of Solar Modules and also Selling of Balance of Systems and Installation and Commissioning of the Solar Power Plant.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 3180000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Management of the company has filed its financial for the year 2013 but it is not available with us. As per previous year financials 2012, there seems some growth in the turnover and profitability of the company. However, the rating takes into consideration high working capital intensity of solar photovoltaic (PV) module manufacturing business. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. 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 – 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

INDIAN ECONOMIC OVERVIEW

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6 % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term : BB (Suspended)
Rating Explanation	Moderate risk of default
Date	July 2013

Rating Agency Name	ICRA
Rating	Short term fund based : A4 (Suspended)
Rating Explanation	Minimal degree of safety it carry very high credit risk.
Date	July 2013

Reason for suspension: Inability to carry out rating in the absence of requisite information from the company.

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 DECLINED

MANAGEMENT NON-COOPERATIVE

[CONTACT NO.: 91-33-40030408]

LOCATIONS

Registered / Corporate Office:	Tobacco House 1, Old Court House Corner, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22307299
Fax No.:	91-33-22484881
E-Mail :	info@vikramsolar.com sudhir.kothari@vikarmsolar.com dagarwal@vikram.in corp@vikram.in
Website :	http://www.vikramsolar.com
Factory :	Special Economic Zone, Sector -2, FALTA 24 Parganas (South), West Bengal, India
Tel. No.:	91-33-30133200 91-3174-222643
Central Sales and Marketing Office :	‘Amar Kunj’, 53, Sarat Bose Road, 3rd Floor, Kolkata - 700025, West Bengal, India
Tel. No.:	91-33-40030408/ 24752193
Fax No.:	91-33-40030409
Branch Offices :	Located at Southern Region · Bangalore Chennai Northern Region · New Delhi Western Region · Pune Surat Mumbai Ahmedabad Eastern Region · Raipur
Overseas Office :	Located at · Europe Africa Kenya

DIRECTORS

AS ON 28.09.2012

Name :

Mr. Gyanesh Chaudhary

Designation :

Managing director

Address :

15, Belvedere Road, Kolkata – 700027, West Bengal, India

Date of Birth/Age :

04.12.1977

Date of Appointment :

28.09.2011

PAN No.:

ACRPC8772A

DIN No.:

00060387

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	U29253WB1980PLC032447	VIKRAM INDIA LIMITED	Director	07/08/1999	07/08/1999	-	Active	NO
2	U74899WB1993PTC111351	VIKRAM INTERNATIONAL PRIVATE LIMITED	Director	29/09/2012	10/06/2000	-	Active	NO
3	U74900WB1994PTC066235	PANCHANAN MERCHANTS PRIVATE LIMITED	Director	30/08/2011	01/01/2004	-	Active	NO
4	U27310WB1990PTC048841	EXCEL TEA MACHINERY PRIVATE LIMITED	Director	19/05/2004	19/05/2004	-	Active	NO
5	U51109WB1996PTC077970	CHANDANPUR TEA COMPANY PRIVATE LIMITED	Director	13/09/2004	13/09/2004	16/09/2010	Active	NO
6	U51109WB2000PTC091352	VIKRAM PRIVATE LIMITED	Director	01/11/2004	01/11/2004	16/04/2012	Active	NO
7	U18100WB2005PTC106448	VIKRAM SOLAR PRIVATE LIMITED	Managing director	28/09/2011	14/07/2008	-	Active	NO
8	L67120WB1981PLC034413	VIKRAM CAPITAL MANAGEMENT LIMITED	Additional director	18/03/2009	18/03/2009	-	Active	NO
9	U17120GJ2010PTC060844	MARUTI SYNTHCOT PRIVATE LIMITED	Director	21/05/2010	21/05/2010	-	Active	NO
10	L65993WB1982PLC035564	VIKRAM FINANCIAL SERVICES LIMITED	Director	03/08/2010	03/08/2010	-	Active	NO
11	U45400WB2011PTC166718	VIKRAM PROENER PROJECTS PRIVATE LIMITED	Director	24/08/2011	24/08/2011	-	Active	NO
12	U74900WB2008PTC123026	SYMPHONY VYAPAAR PRIVATE LIMITED	Director	30/08/2011	30/08/2011	-	Active	NO
13	U74900WB2008PTC123044	LEXICON VANIJYA PRIVATE LIMITED	Director	30/08/2011	30/08/2011	-	Active	NO
14	U40101MH2010PTC206540	KONARK GUJARAT PV PRIVATE LIMITED	Director	24/09/2011	01/09/2011	-	Active	NO
15	U74999WB2011PTC168374	SV SOLAR PRIVATE LIMITED	Director	03/10/2011	03/10/2011	-	Active	NO
16	U74999WB2011PTC168372	AV SOLAR PRIVATE LIMITED	Director	03/10/2011	03/10/2011	-	Active	NO
17	U45200MH2008PTC177455	KONARK INFRATECH PRIVATE LIMITED	Director	24/09/2012	15/10/2011	-	Active	NO
18	U74999WB2012PTC172975	VP UTILITIES AND SERVICES PRIVATE LIMITED	Director	25/01/2012	25/01/2012	-	Active	NO
19	U40102WB2012PTC175725	VIKRAM POWER VENTURES PRIVATE LIMITED	Director	14/03/2012	14/03/2012	-	Active	NO
20	U40300WB2010PTC149929	STAR SOLAR POWER PRIVATE LIMITED	Additional director	24/12/2012	24/12/2012	-	Active	NO
21	U40300WB2010PTC150040	SUNGOLD ENERGY PRIVATE LIMITED	Additional director	24/12/2012	24/12/2012	-	Active	NO
22	U74900WB2013PTC190082	SOLOLINK SOLAR POWER PRIVATE LIMITED	Director	24/01/2013	24/01/2013	-	Active	NO
23	U74900WB2013PTC190080	BAHAL POWER PROJECTS PRIVATE LIMITED	Director	24/01/2013	24/01/2013	-	Active	NO
24	U74900WB2013PTC190138	BRCM POWER INFRASTRUCTURES PRIVATE LIMITED	Director	28/01/2013	28/01/2013	-	Active	NO
25	U74900WB2013PTC190948	NAV GREEN SOLAR POWER PRIVATE LIMITED	Director	26/02/2013	26/02/2013	-	Active	NO
26	U74900WB2013PTC190946	ADISHAKTI SOLAR POWER PRIVATE LIMITED	Director	26/02/2013	26/02/2013	-	Active	NO
27	U70101WB1989PTC047279	UTILITY CONSTRUCTIONS PRIVATE LIMITED	Director	21/05/2013	21/05/2013	-	Active	NO
28	U51109WB1994PTC062145	MONOLINK TREXIM PRIVATE. LIMITED	Director	21/05/2013	21/05/2013	-	Active	NO

Name :

Mr. Hari Krishna Chudhary

Designation :

Director

Address :

15, Belvedere Road, Kolkata – 700027, West Bengal, India

Date of Birth/Age :

04.12.1943

Date of Appointment :

14.07.2008

PAN No.:

ACMPC5346H

Voter ID No.:

WB/23/148/222539

DIN No.:

01744503

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	U29253WB1980PLC032447	VIKRAM INDIA LIMITED	Managing director	01/01/1980	01/01/1980	-	Active	NO
2	U01119WB1993PLC060113	VIKRAM GREENTECH (INDIA) LIMITED	Director	15/09/1993	15/09/1993	-	Active	NO
3	L67120WB1981PLC034413	VIKRAM CAPITAL MANAGEMENT LIMITED	Director	17/10/1995	17/10/1995	-	Active	NO
4	U51109WB2000PTC091352	VIKRAM PRIVATE LIMITED	Director	13/03/2000	13/03/2000	16/04/2012	Active	NO
5	U51109WB1996PTC077970	CHANDANPUR TEA COMPANY PRIVATE LIMITED	Director	16/04/2004	16/04/2004	14/08/2010	Active	NO
6	U51909WB1987PTC042332	ORIENTAL SALES AGENCIES (INDIA) PRIVATE LIMITED	Director	01/12/2004	01/12/2004	28/12/2009	Active	NO
7	U74899WB1993PTC111351	VIKRAM INTERNATIONAL PRIVATE LIMITED	Director	30/04/2008	30/04/2008	-	Active	NO
8	U18100WB2005PTC106448	VIKRAM SOLAR PRIVATE LIMITED	Director	14/07/2008	14/07/2008	-	Active	NO
9	L65993WB1982PLC035564	VIKRAM FINANCIAL SERVICES LIMITED	Director	03/08/2010	03/08/2010	-	Active	NO
10	L26939OR1977PLC000735	NILACHAL REFRACTORIES LIMITED	Director	14/05/2011	14/05/2011	05/07/2013	Active	NO
11	U40102WB2012PTC175725	VIKRAM POWER VENTURES PRIVATE LIMITED	Director	14/03/2012	14/03/2012	-	Active	NO
12	U74900WB2013PTC190082	SOLOLINK SOLAR POWER PRIVATE LIMITED	Director	24/01/2013	24/01/2013	-	Active	NO
13	U74900WB2013PTC190080	BAHAL POWER PROJECTS PRIVATE LIMITED	Director	24/01/2013	24/01/2013	-	Active	NO
14	U74900WB2013PTC190138	BRCM POWER INFRASTRUCTURES PRIVATE LIMITED	Director	28/01/2013	28/01/2013	-	Active	NO
15	U74900WB2013PTC190948	NAV GREEN SOLAR POWER PRIVATE LIMITED	Director	26/02/2013	26/02/2013	-	Active	NO
16	U74900WB2013PTC190946	ADISHAKTI SOLAR POWER PRIVATE LIMITED	Director	26/02/2013	26/02/2013	-	Active	NO

Name :

Mr. Anil Harikishan Chaudhary

Designation :

Director

Address :

15, Belvedere Road, Kolkata – 700027, West Bengal, India

Date of Birth/Age :

18.04.1967

Date of Appointment :

14.07.2008

PAN No.:

ACTPC0399R

Voter ID No.:

WB/23/148/222541

DIN No.:

00897159

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	L67120WB1981PLC034413	VIKRAM CAPITAL MANAGEMENT LIMITED	Director	01/09/1992	01/09/1992	13/03/2009	Active	NO
2	U01119WB1993PLC060113	VIKRAM GREENTECH (INDIA) LIMITED	Director	28/09/1995	28/09/1995	-	Active	NO
3	U29253WB1980PLC032447	VIKRAM INDIA LIMITED	Director	28/09/1995	28/09/1995	-	Active	NO
4	U27310WB1990PTC048841	EXCEL TEA MACHINERY PRIVATE LIMITED	Director	26/04/1996	26/04/1996	-	Active	NO
5	U51109WB2000PTC091352	VIKRAM PRIVATE LIMITED	Director	13/03/2000	13/03/2000	16/04/2012	Active	NO
6	U17120MH1999PTC118018	MARUTI TEXTILES PRIVATE LIMITED	Director	15/03/2002	15/03/2002	-	Amalgamated	NO
7	U27104WB1988PTC044193	VIKRAM POLYESTERS PRIVATE LIMITED	Director	02/08/2004	02/08/2004	-	Active	NO
8	U18100GJ1990PTC013318	PRATIBHA OVERSEAS PRIVATE LIMITED	Director	29/06/2007	29/06/2007	30/09/2010	Active	NO
9	U74899WB1993PTC111351	VIKRAM INTERNATIONAL PRIVATE LIMITED	Director	30/04/2008	30/04/2008	-	Active	NO
10	U80301GJ2008NPL054071	TAPTI VALLEY EDUCATION FOUNDATION	Director	28/05/2008	28/05/2008	-	Active	NO
11	U18100WB2005PTC106448	VIKRAM SOLAR PRIVATE LIMITED	Director	14/07/2008	14/07/2008	-	Active	NO
12	U17239GJ1987PTC009851	PIONEER SYNTEX PRIVATE LIMITED	Managing director	26/04/2012	01/01/2009	-	Active	NO
13	U17120GJ2010PTC060844	MARUTI SYNTHCOT PRIVATE LIMITED	Director	21/05/2010	21/05/2010	-	Active	NO
14	L65993WB1982PLC035564	VIKRAM FINANCIAL SERVICES LIMITED	Director	16/08/2010	16/08/2010	-	Active	NO
15	U31200GJ2010PTC063005	KALINDI VESSELS AND PANELS PRIVATE LIMITED	Director	31/12/2011	26/11/2010	-	Active	NO
16	U17119GJ1991PTC016081	SWARAJ SYNTEX PRIVATE LIMITED	Director	10/09/2012	05/03/2011	-	Active	NO
17	U74999WB2011PTC168374	SV SOLAR PRIVATE LIMITED	Director	03/10/2011	03/10/2011	-	Active	NO
18	U74999WB2011PTC168372	AV SOLAR PRIVATE LIMITED	Director	03/10/2011	03/10/2011	-	Active	NO
19	U70101WB1989PTC047279	UTILITY CONSTRUCTIONS PRIVATE LIMITED	Director	01/08/2012	01/08/2012	-	Active	NO
20	U40102WB2012PTC175725	VIKRAM POWER VENTURES PRIVATE LIMITED	Director	20/05/2013	20/05/2013	-	Active	NO

Name :

Mr. Krishna Kumar Maskara

Designation :

Director

Address :

134, G.T. Road, Radha Niket, Howrah – 711102, West Bengal, India

Date of Birth/Age :

25.08.1978

Date of Appointment :

01.01.2009

PAN No.:

ADQPM9621G

DIN No.:

01677008

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	U51109WB1994PTC062145	MONOLINK TREXIM PRIVATE LIMITED	Director	31/03/2005	31/03/2005	-	Active	NO
2	U70101WB1989PTC047279	UTILITY CONSTRUCTIONS PRIVATE LIMITED	Director	12/12/2007	12/12/2007	20/05/2013	Active	NO
3	U74900WB1994PTC066235	PANCHANAN MERCHANTS PRIVATE LIMITED	Director	01/01/2008	01/01/2008	-	Active	NO
4	U51109WB2008PTC123029	IVORY VANIJYA PRIVATE LIMITED	Director	31/03/2008	31/03/2008	20/05/2013	Active	NO
5	U18100WB2005PTC106448	VIKRAM SOLAR PRIVATE LIMITED	Director	01/01/2009	01/01/2009	-	Active	NO
6	U40101MH2010PTC206540	KONARK GUJARAT PV PRIVATE LIMITED	Director	24/09/2011	01/09/2011	-	Active	NO
7	U74999WB2011PTC168374	SV SOLAR PRIVATE LIMITED	Director	03/10/2011	03/10/2011	-	Active	NO
8	U45200MH2008PTC177455	KONARK INFRATECH PRIVATE LIMITED	Director	24/09/2012	15/10/2011	-	Active	NO
9	U45400WB2007PTC116063	ALANKAR NIRMAN PRIVATE LIMITED	Director	01/12/2011	01/12/2011	-	Active	NO
10	U45400WB2011PTC166718	VIKRAM PROENER PROJECTS PRIVATE LIMITED	Additional director	27/10/2012	27/10/2012	-	Active	NO
11	U40300WB2010PTC150040	SUNGOLD ENERGY PRIVATE LIMITED	Director	20/05/2013	20/05/2013	-	Active	NO
12	U40300WB2010PTC149929	STAR SOLAR POWER PRIVATE LIMITED	Director	20/05/2013	20/05/2013	-	Active	NO
13	U74999WB2012PTC172975	VP UTILITIES AND SERVICES PRIVATE LIMITED	Director	20/05/2013	20/05/2013	-	Active	NO
14	U40102WB2012PTC175725	VIKRAM POWER VENTURES PRIVATE LIMITED	Director	20/05/2013	20/05/2013	-	Active	NO
15	U74900WB2008PTC123026	SYMPHONY VYAPAAR PRIVATE LIMITED	Director	20/05/2013	20/05/2013	-	Active	NO
16	U74900WB2008PTC123044	LEXICON VANIJYA PRIVATE LIMITED	Director	20/05/2013	20/05/2013	-	Active	NO
17	U74999WB2011PTC168372	AV SOLAR PRIVATE LIMITED	Director	20/05/2013	20/05/2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
Anil Chaudhary and Sons HUF	950000
Meenakshi Chaudhary	940000
Hari Krishna Chaudhary	634000
Urmila Chaudhary	923000
Anil Chaudhary	951000
Nilam Chaudhary	1290400
Gyanesh Chaudhary	432050
Gyanesh Chaudhary and Sons HUF	470000
Gyanesh Chaudhary and Sons HUF	450000
Hari Krishna Chaudhary and Sons HUF	940000
Monolink Trexim Private Limited, India	3075000
Maniktala Pooram Chand	53600
Maniktala Sohan Lal	46900
Maniktala Ram Saran	80400
Pioneer Syntex Private Limited, India	5332500
Tiwari Tarkeshwar	46900
Vikram India Limited, India	999250
Vikram Capital Management Limited, India	4900000
Vikram Financial Services Limited, India	2485000
Total	25000000

AS ON 04.01.2013

Names of Allottee	No. of Shares
Vikram Capital Management Limited, India	858000
Total	858000

AS ON 28.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	67.16
Directors or relatives of directors	31.92
Other top fifty shareholders	0.92
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Selling of Solar Modules and also Selling of Balance of Systems and Installation and Commissioning of the Solar Power Plant.

Products/ Services :

ITC Code No.	Product Descriptions
85414011	Modules
85414011	Balance of Systems

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Solar Photovoltaic Modules and Systems	KW	NA	27500	13016.49

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· State Bank of India (Lead Bank), Commercial Branch, Kolkata, 24, Park Street, Kolkata - 700016, West Bengal, India

Punjab National Bank, MID Corporate Branch, 44, Park Street, Kolkata - 700016, West Bengal, India

Facilities :

SECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks	162.482	195.597
Long-term maturities of finance lease obligations	5.354	4.998
SHORT TERM BORROWINGS
Loans repayable on demand from banks	689.263	889.845
Total	857.099	1090.440

Banking Relations :	--
Auditors :
Name :	Rustagi and Company Chartered Accountants
Address :	19, R N Mukherjee Road, Eastern Building, First Floor, Kolkata- 700001, West Bengal, India
Tel. No.:	91-33-22480823/ 0856
Fax No.:	91-33-22430746
Income-tax PAN of auditor or auditor's firm :	AAUFS1566M
Subsidiary company :	· Vikram Proener Projects Private Limited [U45400WB2011PTC166718] Vikram Solar Gmbh Lexicon Vanijya Private Limited [U74900WB2008PTC123044]
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Vikram India Limited [U29253WB1980PLC032447] Vikram Financial Services Limited [L65993WB1982PLC035564]

CAPITAL STRUCTURE

AFTER 28.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
30,000,000	Equity Shares	Rs. 10/- each	Rs. 300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25,858,000	Equity Shares	Rs. 10/- each	Rs. 258.580 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
25,000,000	Equity Shares	Rs. 10/- each	Rs. 250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25,000,000	Equity Shares	Rs. 10/- each	Rs. 250.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	250.000	193.596
(b) Reserves & Surplus	545.331	141.187
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	795.331	334.783
(3) Non-Current Liabilities
(a) long-term borrowings	304.336	200.595
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	304.336	200.595
(4) Current Liabilities
(a) Short term borrowings	689.263	889.845
(b) Trade payables	111.549	33.460
(c) Other current liabilities	140.001	119.685
(d) Short-term provisions	0.010	0.000
Total Current Liabilities (4)	940.823	1042.990
TOTAL	2040.490	1578.368
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	393.517	393.953
(ii) Intangible Assets	10.212	7.804
(iii) Capital work-in-progress	0.000	4.823
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	300.652	1.840
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	7.822	5.539
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	712.203	413.959
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	612.151	332.321
(c) Trade receivables	545.833	598.734
(d) Cash and cash equivalents	83.344	153.043
(e) Short-term loans and advances	86.959	80.311
(f) Other current assets	0.000	0.000
Total Current Assets	1328.287	1164.409
TOTAL	2040.490	1578.368

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		109.992
2] Share Application Money		17.400
3] Reserves & Surplus		47.000
4] (Accumulated Losses)		0.000
NETWORTH		174.392
LOAN FUNDS
1] Secured Loans		522.368
2] Unsecured Loans		0.000
TOTAL BORROWING		522.368
DEFERRED TAX LIABILITIES		0.000
TOTAL		696.760
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		222.786
Capital work-in-progress		4.835
INVESTMENT		1.283
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	131.706
	Sundry Debtors	282.767
	Cash & Bank Balances	8.341
	Other Current Assets	0.000
	Loans & Advances	101.931
Total Current Assets		524.745
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	44.926
	Other Current Liabilities	11.893
	Provisions	0.070
Total Current Liabilities		56.889
Net Current Assets		467.856
MISCELLANEOUS EXPENSES		0.000
TOTAL		696.760

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		TOTAL (A)	2312.839	1202.697	402.703
Less	EXPENSES
		TOTAL (B)	2029.445	1037.488	333.721
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		283.394	165.209	68.982
Less	FINANCIAL EXPENSES (D)		130.174	46.406	28.751
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		153.220	118.803	40.231
Less/ Add	DEPRECIATION/ AMORTISATION (F)		30.582	21.001	7.401
	PROFIT BEFORE TAX (E-F) (G)		122.638	97.802	32.830
Less	TAX (H)		0.000	3.100	0.000
	PROFIT AFTER TAX (G-H) (I)		122.638	94.702	32.830
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		127.532	32.830	0.000
	BALANCE CARRIED TO THE B/S		250.170	127.532	32.830
	IMPORTS
		Raw Materials		801.165	274.946
		Capital Goods		82.443	85.259
		Stores & Spares		1.884	0.280
	TOTAL IMPORTS		NA	885.492	360.485
	Earnings Per Share (Rs.)		4.91	4.89	4.73

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	5.30	7.87	8.15
Return on Total Assets (PBT/Total Assets}	(%)	7.05	6.22	4.39
Return on Investment (ROI) (PBT/Networth)		0.15	0.29	0.19
Debt Equity Ratio (Total Debt/Networth)		1.25	3.26	3.00
Current Ratio (Current Asset/Current Liability)		1.41	1.12	9.22

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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10407277	30/01/2013	1,716,500,000.00	STATE BANK OF INDIA(LEAD BANK)	COMMERCIAL BRANCH, KOLKATA, 24, PARK STREET, KOLKATA - 700016, WEST BENGAL, INDIA	B69276699
2	10275405	30/01/2013 *	1,278,500,000.00	STATE BANK OF INDIA (LEAD BANK)	COMMERCIAL BRANCH, KOLKATA, 24, PARK STREET, KOLKATA - 700016, WEST BENGAL, INDIA	B69274777
3	10235952	09/07/2010	320,000,000.00	ALLAHABAD BANK	INDUSTRIAL FINANCE BRANCH, 17, R. N. MUKHERJEE ROAD, 4TH FLOOR, KOLKATA - 700001, WEST BENGAL, INDIA	A93240414
4	10143972	07/01/2013 *	898,500,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, KOLKATA, 24, PARK STREET, KOLKATA - 700016, WEST BENGAL, INDIA	B67148460

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG-TERM BORROWINGS
Loans and advances from related parties	136.500	0.000
Total	136.500	0.000

Note:

The Registered office of the company has been shifted from 26, Sakespares Sarani, 8^th Floor, Kolkata – 700017, West Bengal, India to present address w.e.f. 18.10.2008

CORPORATE INFORMATION

The company having corporate and registered office at Kolkata is engaged in the business of manufacturing and sale of solar modules, sale of Balance of Systems and installation and commissioning of the Solar Power Plant. The factory is situated at Falta Special Economic Zone.

FINANCIAL PERFORMANCE

During the year the Company registered Turnover of Rs. 2303.694 Millions and earned Profit of Rs. 122.638 Millions as against Rs. 1199.948 Millions and Rs. 94.702 Millions respectively. The Top line increased by 92% and PAT by 29% vis-à-vis previous year which highlights all-round growth in all the operating and financial parameters.

FUTURE PROSPECTS

With announcement and implementation of Jawaharlal Nehru National Solar Mission (JNNSM) the demand for solar modules has gone up at a positive direction which is quantified as under: ·

Phase 1 (2010-13): 500 MW ·

Phase 2 (2014-17): 2000 MW ·

Phase 3 (2018-22): 7500 MW Under the JNNSM, the country's target to install 20,000 MW of solar power by 2022 have struck a chord over the last two years with increase in solar installations and commendable drop in the cost of the power. The JNNSM has been successful in attracting new domestic and international players into the market, and today India is regarded as a hot solar hub. As a result, the cumulative installed solar capacity surged from 17.8 MW to over 500 MW in the last two years. In addition to the JNNSM scheme under the Central Govt's initiatives, some of the state governments have also launched their own Solar Policies which has enthused the existing players for ramping up their capacities since there will be enough demand of solar modules in the local market in the wake of prospects in Grid Connected Solar Power segment. The most startling happening witnessed in solar industry has been dropping of prices of solar power faster than as anticipated; and it now costs nearly the same as energy from the conventional sources of energy such as coal and other fossil fuels. With every fall in cost of generation of solar power, the phenomenon is inching closer to attaining parity with grid power and/or other conventional energy sources.

FIXED ASSETS:

· Land

Buildings

Office building

Factory building

Plant and equipment

Factory equipments

Other plant and equipment

Furniture and fixtures

Vehicles

Motor vehicles

Office equipment

Computer equipments

Other equipments

Computer software

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. 62.63
UK Pound	1	Rs. 101.06
Euro	1	Rs. 84.56

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		31

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	--