MIRA INFORM REPORT

Report Date :

25.11.2013

IDENTIFICATION DETAILS

Name :	BRIGHT SOLAR PRIVATE LIMITED
Registered Office :	Plot 90, Nathabhai Estate, Near Brahmani Ice Factor, Near Canal, Jashodanagar Road, Ahmedabad – 380026, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	23.04.2010
Com. Reg. No.:	04-060377
Capital Investment / Paid-up Capital :	Rs.1.000 Millions
CIN No.: [Company Identification No.]	U51109GJ2010PTC060377
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of solar water pump and systems.
No. of Employees :	26 (Approximately)

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 20000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The company has taken huge external borrowing during the financial year 2013. However, trade relations are reported to be fair. Business is active. Payment term are slow but correct. The company can be considered for business dealing 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.

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. Piyushkumar Babubhai Thumar
Designation :	Director
Contact No.:	91-7878056205
Date :	23.11.2013

LOCATIONS

Registered Office :	Plot 90, Nathabhai Estate, Near Brahmani Ice Factor, Near Canal, Jashodanagar Road, Ahmedabad – 380026, Gujarat, India
Tel. No.:	91-79-25850031
Mobile No.:	91-7878056205 (Mr. Piyushkumar Babubhai Thumar)
Fax No.:	Not Available
E-Mail :	chirag_shah1973@yahoo.co.in pbthumar@gmai.com
Website:	www.brightsolar.in
Area :	1600 Sq ft
Location :	Rented
Factory:	Kathwada GID, Road No. 12, Plot No. 474 and 475, Ahmedabad, Gujarat, India

DIRECTORS

As on 30.9.2013

Name :

Mr. Piyushkumar Babubhai Thumar

Designation :

Director

Address :

17, Pushpraj Bungalows, Jasodnagar Char Raste Vatva, Ahmedabad, Gujarat, India

Date of Appointment :

23.04.2010

DIN No.:

02785269

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	U51109GJ2010PTC060377	BRIGHT SOLAR PRIVATE LIMITED	Director	23/04/2010	23/04/2010	-	Active	NO
2	U29254GJ2008PTC052989	ROCKMAN CONVEYORS PRIVATE LIMITED	Director	27/05/2010	27/05/2010	-	Active	NO

Name :

Mr. Pradipkumar Manubhai Ribadia

Designation :

Director

Address :

Mahadevpura, Chalala, Dharti, Amreli, Gujarat, India

Date of Appointment :

23.04.2010

DIN No.:

02979163

Name :

Mr. Nayanaben Piyushkumar Thumar

Designation :

Director

Address :

17, Pushpraj Bungalows, Jasodnagar Char Raste Vatva, Ahmedabad, Gujarat, India

Date of Appointment :

14.09.2012

DIN No.:

03085877

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	U29254GJ2008PTC052989	ROCKMAN CONVEYORS PRIVATE LIMITED	Director	27/05/2010	27/05/2010	-	Active	NO
2	U51109GJ2010PTC060377	BRIGHT SOLAR PRIVATE LIMITED	Director	14/09/2012	14/09/2012	-	Active	NO

Name :

Mr. Gursahib Brar Singh

Designation :

Director

Address :

H No.: 314, W No. 23, Main Road, Setia Farm, SPI Ganganagar – 335001, Rajasthan, India

Date of Birth/Age :

15.10.1986

Date of Appointment :

16.04.2013

DIN No.:

06555817

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Piyushkumar Babubhai Thumar	208500
Nayanaben Piyushkumar Thumar	30000
Pradipkumar Manubhai Ribadia	1500
Gursahib Brar Singh	10000
Total	250000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of solar water pump and systems.
Imports :
Products :	Raw Material and Machinery
Countries :	China
Terms :
Selling :	Credit
Purchasing :	Credit and TT

GENERAL INFORMATION

Supplier:

· Waaree Energies Private Limited

· A.B. Suppliers Private Limited

· Aryan Trading Company

· Devshree Solar

· Digital Industrial Product'

· Gauri Sheet Metal Industries

· Green Billinace Energy Private Limited

Customers :

Wholesalers, Retailers and End Users

· Waaree Energies Private Limited

· Apex Export Private Limited

· Disha Construction

· laydev Fertilisers

· Kamod Khetiwadi Trust

No. of Employees :

85 (Approximately)

Bankers :

HDFC Bank, GIDC Vatva

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
HDFC Bank Loan	0.000	0.716
Magma Fincorp Limited (Car Loan)	0.870	0.000
Total	0.870	0.716

Banking Relations :
Auditors :
Name :	Chirag R Shah Chartered Accountants
Address :	B/106, Oxford Avenue, Opposite C. U. Shah College, Income Tax, Ahmedabad – 380014, Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	AMKPS9566M

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
350000	Equity Shares	Rs.10/- each	Rs. 3.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs. 2.500 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
350000	Equity Shares	Rs.10/- each	Rs. 3.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs. 1.000 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1.000	0.100	0.100
(b) Reserves & Surplus	4.116	0.304	0.064
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	5.116	0.404	0.164
(3) Non-Current Liabilities
(a) long-term borrowings	54.866	12.423	1.595
(b) Deferred tax liabilities (Net)	0.026	0.003	0.002
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	54.892	12.426	1.597
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	135.746	20.290	0.037
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	2.131	0.228	0.025
Total Current Liabilities (4)	137.877	20.518	0.062
TOTAL	197.885	33.348	1.823
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.425	0.091	0.048
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.500	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2.925	0.091	0.048
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	31.317	22.706	0.385
(c) Trade receivables	133.776	9.448	0.405
(d) Cash and cash equivalents	5.625	0.933	0.920
(e) Short-term loans and advances	20.436	0.146	0.036
(f) Other current assets	3.806	0.024	0.029
Total Current Assets	194.960	33.257	1.775
TOTAL	197.885	33.348	1.823

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
SALES
	Sales	215.545	14.803	0.433
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
EXPENSES
	Office Expenses
	Administrative Expenses
	Advertising Expenses
	TOTAL	218.908	14.486	1.132
PROFIT BEFORE TAX		5.085	0.341	0.091
TAX		NA	NA	NA
PROFIT AFTER TAX		NA	NA	NA
IMPORTS
	Components	33.549	0.000	0.000
TOTAL IMPORTS		33.549	0.000	0.000
Earnings Per Share (Rs.)		NA	NA	NA

Expected Sales (2013-2014): Rs.300.000 Millions

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

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PBT/Sales)	(%)	2.36	3.30	21.02
Return on Total Assets (PBT/Total Assets}	(%)	2.59	1.02	4.99
Return on Investment (ROI) (PBT/Networth)		0.99	0.84	0.55
Debt Equity Ratio (Total Debt /Networth)		10.72	30.75	9.73
Current Ratio (Current Asset/Current Liability)		1.41	1.62	28.63

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	Yes
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 three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
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	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

NOTE: Registered office of the company has been shifted from 44, Narayan Mill Compound, Opposite Jiviba Party Plot, Near Ctm Cross Road, Ctm Ahmedabad -380026, Gujarat, India to the present address w.e.f 25.05.2012

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long term Borrowing
Loans from Directors	48.209	2.112
Other Loans	5.787	9.595
Total	53.996	11.707

FIXED ASSETS

· Micromax Q55 Mobile

· Printer

· Samsung Galaxy Tab

· Computer

· Furniture

· Mobile Black Berry

· Mobile Micromax

· Mobile Nokia C2

· Duster Car

· Samsung Galaxy Camera

· Samsung Note 800

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.63.02
UK Pound	1	Rs.102.04
Euro	1	Rs.84.92

INFORMATION DETAILS

Information Gathered by :	HNA
Report Prepared by :	KVT

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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.