MIRA INFORM REPORT

Report Date :

28.11.2013

IDENTIFICATION DETAILS

Name :	MOSER BAER PHOTO VOLTAIC LIMITED
Registered Office :	Building No.60, Ground Floor, Okhla Industrial Estate, Phase - III, New Delhi – 110 020
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	07.12.2005
Com. Reg. No.:	55-143431
Capital Investment/ Paid-up Capital:	Rs.8803.331 millions
CIN No.: [Company Identification No.]	U40106DL2005PLC143431
TAN No.: [Tax Deduction & Collection Account No.]	DELM12892F
PAN No.: [Permanent Account No.]	AAECM4997P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is primarily engaged in design, manufacture and export of Photo Voltaic (PV) Cells, Modules and Systems.
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 2869000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a part of Moser Baer Group, worldwide. It is an established company having moderate track record. The management has failed to file its financial with Government Department for the year 2013. As per available financial of 2012, profitability of the company is under severe pressure. There appears huge accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. 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	CARE
Rating	Long Term Bank Facilities: B (SO)
Rating Explanation	Risk prone credit quality and high risk of default.
Date	February 14, 2013

Rating Agency Name	CARE
Rating	Short Term Bank Facilities: A4 (SO)
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	February 14, 2013

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 :	Building No.60, Ground Floor, Okhla Industrial Estate, Phase - III, New Delhi – 110 020, India
Tel. No.:	91-11-41635201/ 05/ 26911570-74/ 40594444
Fax No.:	91-11-41635211/ 26911860
E-Mail :	shares@moserbaer.in pvinfo@moserbaer.in satishgupta@maserbaer.net info@moserbaer.in
Website :	http://www.moserbaerpv.in http://www.moserbaer.in
Location :	Leased
Corporate and Head Office:	43B, Okhla Industrial Estate, New Delhi – 110 020, India
Factory :	66B, SEZ Udyog Vihar, Greater Noida – 201 306, Uttar Pradesh, India
Tel. No.:	91-120-4386000/ 4658009/ 4658000
Fax No.:	91-120-2569416
Faridabad Office:	G63, Ground Floor, Vardhman Star Shop, Site No. 1, Sector 19, Faridabad, Haryana, India
Branch Office :	805-807, B Wing, 8^th Floor, Mittal Towers, MG Road, Bangalore – 560 001, Karnataka, India
Tel. No.:	91-80-25590203 / 04
E-Mail :	pvsystems@moserbaer.in
PV SYSTEMS GROUP
Pune Office:	311, IIIrd Floor, Connaught Place, 28, Bund Garden Road, Pune – 411 011, Maharashtra, India
Tel. No.:	91-20-40077292
Bangalore Office:	2^nd Floor, Flat No. 202, Prestige Kada, No. 22, Richmond Road, Bengaluru – 560 025, Karnataka, India
Tel No:	91-80-41482849
Fax No:	91-80-41649712
Email:	pvsystems@moserbaer.in
Overseas Office :	Japan 2-4-13-801 Hirakawa-cho, Chiyoda-ku, Tokyo 102-0093, Japan Tel.: +81-3-3288-0990 Email: mick@moserbaer.in USA Suite B, 989 Circle Blvd, Corvallis, Oregon-97330, USA Tel.: +1-541-230-1689 Fax: rajeev.krishnan@moserbaer.in USA Moser Baer Photovoltaic Inc. 111 S.W Fifth Avenue, Suite 3400, Portland, OR – 97204, USA Email: macro.lofat@moserbaer.in

DIRECTORS

AS ON 12.12.2012

Name :	Mr. Deepak Puri
Designation :	Managing Director
Address :	A-187, New Friends Colony, New Delhi – 110 065, India
Date of Birth/Age :	28.07.1941
Qualification :	Mechanical Engineering from Imperial College, London
Date of Appointment :	01.10.2011
DIN No:	00002189

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	L51909DL1983PLC015418	MOSER BAER INDIA LIMITED	Managing director	01/09/2011	21/03/1983	-	Active	NO
2	U40106DL2005PLC143431	MOSER BAER PHOTO VOLTAIC LIMITED	Managing director	01/11/2011	07/12/2005	-	Active	NO
3	U45201DL2006PLC146525	MOSER BAER SEZ DEVELOPER LIMITED	Director	31/10/2011	20/02/2006	01/02/2013	Active	NO
4	U74996DL2006PTC149479	EMERY TECHNOLOGIES PRIVATE LIMITED	Director	04/06/2006	04/06/2006	22/03/2013	Active	NO
5	U22229DL2006PLC153759	MOSER BAER ENTERTAINMENT LIMITED	Director	14/09/2006	14/09/2006	-	Active	NO
6	U70109DL2006PLC153948	MOSER BAER INFRASTRUCTURE LIMITED	Director	16/09/2006	16/09/2006	06/12/2007	Active	NO
7	U40109DL2006PTC153936	INDIAN HYDRO ELECTRIC POWER PRIVATE LIMITED	Director	16/09/2006	16/09/2006	29/03/2007	Active	NO
8	U29268DL2006PLC154358	MOSER BAER LABORATORIES LIMITED	Director	27/09/2006	27/09/2006	-	Active	NO
9	U80103DL2006PLC154426	SOLAR RESEARCH LIMITED	Director	28/09/2006	28/09/2006	01/02/2013	Active	NO
10	U65993DL2007PLC158125	MOSER BAER INVESTMENTS LIMITED	Director	18/01/2007	18/01/2007	-	Active	NO
11	U74999DL2007PLC160162	MOSER BAER SOLAR LIMITED	Director	01/07/2008	29/03/2007	-	Active	NO
12	U40109DL2007PLC166656	MOSER BAER ELECTRIC POWER LIMITED	Director	06/08/2007	06/08/2007	06/12/2007	Active	NO
13	U55101DL2007PTC167106	ENWRAP TECHNOLOGIES PRIVATE LIMITED	Director	22/08/2007	22/08/2007	01/12/2008	Active	NO
14	U52100DL2007PTC167148	GANPATI HYDRO POWER PRIVATE LIMITED	Director	22/08/2007	22/08/2007	12/08/2009	Active	NO
15	U74999DL2007PTC167186	COBOL TECHNOLOGIES PRIVATE LIMITED	Director	22/08/2007	22/08/2007	09/08/2012	Active	NO
16	U72900HR2007PTC037029	ORANGE BUSINESS SERVICES INDIA NETWORK PRIVATE LIMITED	Director	15/09/2008	14/09/2007	-	Active	NO
17	U74999DL2007PTC205925	LEGEND POWER PRIVATE LIMITED	Director	20/09/2007	20/09/2007	14/12/2009	Active	NO
18	U45400DL2007PLC168594	MOSER BAER INFRASTRUCTURE AND DEVELOPERS LIMITED	Director	11/07/2008	24/09/2007	01/02/2013	Active	NO
19	U45400DL2007PLC169301	MOSER BAER INDUSTRIAL INFRASTRUCTURE LIMITED	Director	11/10/2007	11/10/2007	06/12/2007	Active	NO
20	U70102DL2007PLC169300	MOSER BAER INDUSTRIAL DEVELOPMENT LIMITED	Director	11/10/2007	11/10/2007	06/12/2007	Active	NO
21	U40100DL2008PTC175762	ADMIRE ENERGY SOLUTIONS PRIVATE LIMITED	Director	05/04/2008	05/04/2008	-	Active	NO
22	U40106DL2008PTC175987	MOSER BAER SOLAR SYSTEMS PRIVATE LIMITED	Director	05/04/2008	05/04/2008	-	Active	NO
23	U40102DL2008PTC175525	PRECIOUS ENERGY SERVICES PRIVATE LIMITED	Director	11/04/2008	11/04/2008	02/06/2008	Active	NO
24	U40106DL2008PTC175725	PRIDE SOLAR SYSTEMS PRIVATE LIMITED	Director	11/04/2008	11/04/2008	-	Active	NO
25	U74900DL2008PTC177409	VALUE SOLAR ENERGY PRIVATE LIMITED	Director	30/09/2009	17/05/2008	-	Active	NO
26	U74900DL2008PTC177408	COMPETENT SOLAR ENERGY PRIVATE LIMITED	Director	30/09/2009	19/05/2008	-	Active	NO
27	U40107DL2008PTC179498	SAPPHIRE HYDRO POWER PRIVATE LIMITED	Director	30/09/2009	16/06/2008	09/09/2011	Active	NO
28	U40106DL2008PTC245642	PULSAR SOLAR POWER PRIVATE LIMITED	Director	30/09/2009	30/07/2008	07/01/2012	Active	NO
29	U40106DL2008PTC183502	EMERY INFRASTRUCTURE AND DEVELOPERS PRIVATE LIMITED	Director	19/09/2008	19/09/2008	09/08/2012	Active	NO
30	U40106DL2008PTC183496	COBOL INFRASTRUCTURE AND DEVELOPERS PRIVATE LIMITED	Director	19/09/2008	19/09/2008	09/08/2012	Active	NO
31	U72100DL2008PTC180423	SWIFT POWERTECH PRIVATE LIMITED	Director	30/09/2009	20/10/2008	25/08/2012	Active	NO
32	U72100DL2008PTC184452	COBOL ELECTRONICS AND SOLUTIONS PRIVATE LIMITED	Director	22/10/2008	22/10/2008	09/08/2012	Active	NO
33	U32109DL2008PTC184448	COBOL POWER AND TECHNOLOGIES PRIVATE LIMITED	Director	22/10/2008	22/10/2008	-	Active	NO
34	U31900DL2008PTC184458	EMERY ELECTRONICS AND SOLUTIONS PRIVATE LIMITED	Director	23/10/2008	23/10/2008	09/08/2012	Active	NO
35	U31900DL2008PTC184457	AQUA ELECTRONICS AND SOLUTIONS PRIVATE LIMITED	Director	23/10/2008	23/10/2008	14/12/2009	Active	NO
36	U45400DL2009PLC195073	INDUCO INFRADEVELOPERS LIMITED	Additional director	14/12/2009	14/12/2009	-	Active	NO
37	U40105DL2010PTC199039	ELLENCON POWER PROJECTS PRIVATE LIMITED	Additional director	22/02/2010	22/02/2010	-	Active	NO
38	U64200DL2010PTC207522	AUGERE WIRELESS BROADBAND INDIA PRIVATE LIMITED	Director	12/10/2011	09/09/2010	-	Active	NO
39	U74140DL2010PTC208000	GLORIFY ADVISORS PRIVATE LIMITED	Additional director	01/10/2010	01/10/2010	28/01/2011	Active	NO

Name :	Ms. Nita Puri
Designation :	Director
Address :	A-187, New Friends Colony, New Delhi – 110 065, India
Date of Birth/Age :	06.10.1945
Qualification :	Graduate from Calcutta University
Date of Appointment :	12.12.2012
DIN No:	00002331

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	U74999WB1990PTC049302	RAM KANTA PROPERTIES PRIVATE LIMITED	Director	11/03/1992	11/03/1992	-	Active	NO
2	L51909DL1983PLC015418	MOSER BAER INDIA LIMITED	Whole-time director	01/12/2011	01/05/1992	-	Active	NO
3	U74996DL2006PTC149479	EMERY TECHNOLOGIES PRIVATE LIMITED	Director	04/06/2006	04/06/2006	22/03/2013	Active	NO
4	U40109DL2006PTC153936	INDIAN HYDRO ELECTRIC POWER PRIVATE LIMITED	Director	16/09/2006	16/09/2006	29/03/2007	Active	NO
5	U70109DL2006PLC153948	MOSER BAER INFRASTRUCTURE LIMITED	Director	01/02/2007	01/02/2007	06/12/2007	Active	NO
6	U22229DL2006PLC153759	MOSER BAER ENTERTAINMENT LIMITED	Managing director	29/01/2009	01/02/2007	-	Active	NO
7	U74999DL2007PLC160162	MOSER BAER SOLAR LIMITED	Director	01/07/2008	29/03/2007	-	Active	NO
8	U65993DL2007PLC158125	MOSER BAER INVESTMENTS LIMITED	Director	13/06/2007	11/05/2007	-	Active	NO
9	U29268DL2006PLC154358	MOSER BAER LABORATORIES LIMITED	Director	12/06/2007	11/05/2007	-	Active	NO
10	U80103DL2006PLC154426	SOLAR RESEARCH LIMITED	Managing director	12/11/2009	11/05/2007	01/02/2013	Active	NO
11	U40109DL2007PLC166656	MOSER BAER ELECTRIC POWER LIMITED	Director	06/08/2007	06/08/2007	06/12/2007	Active	NO
12	U45400DL2007PLC168594	MOSER BAER INFRASTRUCTURE AND DEVELOPERS LIMITED	Director	01/09/2009	24/09/2007	01/02/2013	Active	NO
13	U45400DL2007PLC169301	MOSER BAER INDUSTRIAL INFRASTRUCTURE LIMITED	Director	11/10/2007	11/10/2007	06/12/2007	Active	NO
14	U70102DL2007PLC169300	MOSER BAER INDUSTRIAL DEVELOPMENT LIMITED	Director	11/10/2007	11/10/2007	06/12/2007	Active	NO
15	U40100DL2008PTC175762	ADMIRE ENERGY SOLUTIONS PRIVATE LIMITED	Director	05/04/2008	05/04/2008	-	Active	NO
16	U40106DL2008PTC175987	MOSER BAER SOLAR SYSTEMS PRIVATE LIMITED	Director	05/04/2008	05/04/2008	-	Active	NO
17	U40102DL2008PTC175525	PRECIOUS ENERGY SERVICES PRIVATE LIMITED	Director	11/04/2008	11/04/2008	02/06/2008	Active	NO
18	U40106DL2008PTC175725	PRIDE SOLAR SYSTEMS PRIVATE LIMITED	Director	11/04/2008	11/04/2008	-	Active	NO
19	U74900DL2008PTC177409	VALUE SOLAR ENERGY PRIVATE LIMITED	Director	30/09/2009	17/05/2008	-	Active	NO
20	U74900DL2008PTC177408	COMPETENT SOLAR ENERGY PRIVATE LIMITED	Director	30/09/2009	19/05/2008	-	Active	NO
21	U40106DL2005PLC143431	MOSER BAER PHOTO VOLTAIC LIMITED	Director	12/12/2012	20/05/2008	-	Active	NO
22	U40106DL2008PTC245642	PULSAR SOLAR POWER PRIVATE LIMITED	Director	30/09/2009	30/07/2008	07/01/2012	Active	NO
23	U45201DL2006PLC146525	MOSER BAER SEZ DEVELOPER LIMITED	Director	30/09/2010	30/10/2009	01/02/2013	Active	NO
24	U45400DL2009PLC195073	INDUCO INFRADEVELOPERS LIMITED	Additional director	14/12/2009	14/12/2009	-	Active	NO
25	U40105DL2010PTC199039	ELLENCON POWER PROJECTS PRIVATE LIMITED	Additional director	06/09/2010	06/09/2010	-	Active	NO
26	U74140DL2010PTC208000	GLORIFY ADVISORS PRIVATE LIMITED	Additional director	01/10/2010	01/10/2010	28/01/2011	Active	NO

Name :	Mr. Vineet Sharma
Designation :	Director
Address :	2344, 2^nd Floor, Hudson Line, G.T.B. Nagar, New Delhi – 110 009, India
Date of Birth/Age :	17.11.1959
Qualification :	Graduate from Delhi University and MBA from IMT, Ghaziabad
Date of Appointment :	30.09.2011
DIN No:	03363062

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	U27310DL2006PTC150623	X-GEN POWER COMPANY PRIVATE LIMITED	Director	17/07/2008	29/11/2007	-	Strike off	NO
2	U80301DL2006PTC151877	K.R.CHAWLA EDUCATIONAL SERVICES PRIVATE LIMITED	Director	26/03/2008	29/12/2007	-	Strike off	NO
3	U27104DL2005PTC144024	K R CHAWLA ADVISORY PRIVATE LIMITED.	Director	12/07/2008	29/12/2007	-	Strike off	NO
4	U27310DL2006PTC150697	HPC INFRASTRUCTURE PRIVATE LIMITED	Director	16/07/2008	29/12/2007	-	Strike off	NO
5	U40102DL2007PTC167030	HN POWER GENERATION PRIVATE LIMITED	Director	15/07/2008	29/12/2007	-	Strike off	NO
6	U51909DL2006PTC152054	HN METAL RESOURCES PRIVATE LIMITED	Director	18/07/2008	29/12/2007	-	Strike off	NO
7	U27101DL2006PTC150698	OJJUS SKILLS INSTITUTES PRIVATE LIMITED	Additional director	05/01/2008	05/01/2008	31/01/2012	Active	NO
8	U40101DL2007PTC167068	OJJUS POWER GENERATION PRIVATE LIMITED	Director	11/07/2008	10/01/2008	-	Strike off	NO
9	U40102DL2008PTC172977	HPC POWER PROJECTS PRIVATE LIMITED	Director	14/07/2008	10/02/2008	-	Strike off	NO
10	U55101DL2008PTC179302	MANSION HOTELS PRIVATE LIMITED	Director	24/03/2009	10/08/2008	-	Strike off	NO
11	U85100DL2008PTC173924	OJJUS MEDICAL AND RESEARCH INSTITUTE (JAIPUR) PRIVATE LIMITED	Additional director	10/01/2009	10/01/2009	-	Active	NO
12	U40106DL2005PLC143431	MOSER BAER PHOTO VOLTAIC LIMITED	Director	30/09/2011	21/11/2010	-	Active	NO
13	U24100DL2006PLC149992	OJJUS PHARMACY LIMITED	Director	12/05/2011	30/12/2010	-	Strike off	NO
14	U62100DL2008PLC174300	OJJUS AIRLINES LIMITED	Director	14/05/2011	30/12/2010	-	Strike off	NO
15	U45400DL2007PLC168730	KARINA DEVELOPERS LIMITED	Director	13/05/2011	30/12/2010	-	Strike off	NO
16	L51909DL1983PLC015418	MOSER BAER INDIA LIMITED	Director	29/09/2011	31/03/2011	-	Active	NO
17	U45400DL2008PTC172981	HC POWER PROJECTS PRIVATE LIMITED	Additional director	08/08/2011	08/08/2011	-	Active	NO
18	U40300DL2008PTC172975	CONQUER POWER PROJECTS PRIVATE LIMITED	Additional director	08/08/2011	08/08/2011	-	Active	NO
19	U45201DL2006PLC146525	MOSER BAER SEZ DEVELOPER LIMITED	Managing director	09/01/2012	13/12/2011	01/02/2013	Active	NO

KEY EXECUTIVES

Name :	Mr. Rohit Kashyap
Designation :	Company Secretary
Address :	D-90A, Ground Floor, Sector - 15, Gautam Budh Nagar, Noida – 201 301, Uttar Pradesh, India
Date of Birth/Age :	12.08.1986
Date of Appointment :	27.06.2011
PAN NO:	ASDPK5554E
Employed for a part of the financial year
Name :	Mr. G. Rajeswaran
Designation :	Chief Executive Officer
Date of Birth/Age :	59 Years
Qualification :	PhD, M. Tech., BE
Experience :	36 Years
Date of Appointment :	04.07.2007
Name :	Mr. Ratnesh
Designation :	Vice President
Date of Birth/Age :	40 Years
Qualification :	MBA
Experience :	16 Years
Date of Appointment :	14.01.2009
Name :	Mr. Amitabh Gupta
Designation :	Chief Financial Officer
Date of Birth/Age :	52 Years
Qualification :	M. Tech PhD
Experience :	26 Years
Date of Appointment :	16.03.2009
Name :	Mr. K.N. Subramaniam
Designation :	Chief Executive Officer
Date of Birth/Age :	59 Years
Qualification :	B. Tech-Madras
Experience :	34 Years
Date of Appointment :	16.08.2010
Employed throughout the financial year :
Name :	Mr. Vivek Chandra Agerwal
Designation :	Chief Executive Officer
Date of Birth/Age :	59 Years
Qualification :	CA
Experience :	38 Years
Date of Appointment :	01.11.2008

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 12.12.2012

Names of Shareholders (Equity Shares)	No. of Shares
Moser Baer Solar Limited, India	281079974
Deepak Puri (Nominee of Moser Baer Solar Limited)	1
Yogesh Bahadur Mathur (Nominee of Moser Baer Solar Limited)	1
Vijay Kumar (Nominee of Moser Baer Solar Limited)	1
Gautam Samanta (Nominee of Moser Baer Solar Limited)	1
Rohit Kashyap (Nominee of Moser Baer Solar Limited)	1
Nita Puri (Nominee of Moser Baer Solar Limited)	1
Total	281079980

Names of Shareholders (Preference Shares)	No. of Shares
Moser Baer India Limited, India	86500000
Moser Baer Solar Limited, India	55568850
Moser Baer India Limited, India	26021466
Moser Baer Solar Limited, India	4275034
Moser Baer India Limited, India	33887760
Moser Baer Solar Limited, India	393000000
Total	599253110

AS ON 12.12.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00

BUSINESS DETAILS

Line of Business :

Subject is primarily engaged in design, manufacture and export of Photo Voltaic (PV) Cells, Modules and Systems.

Products :

Product Description	ITC Code
Photovoltaic Cells and Modules	8541.40

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Installed Capacity (MW)1	Actual Production (MW)2
Cell Line	80	67.7
High Concentrator (HC)	3.5	-
Module Line	106.9	86.76

Notes:

1. As certified by the management and on which auditors have placed reliance, this being a technical matter.

2. Includes cells and modules utilized for captive consumption.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Canara Bank, Prime Corporate Branch – II, 2^nd Floor, World Trade Tower, Barakhamba Lane, New Delhi – 110 001, India
• Union Bank of India, Industrial Finance Branch, M-11, Connaught Circus, New Delhi – 110 001, India
• Canara Bank, Industrial Finance Branch, 2^nd Floor, World Trade Tower, Barakhamba Lane, New Delhi – 110 001, India
• Oriental Bank of Commerce, Overseas Branch, M-33, Greater Kailash Part-2, New Delhi – 110 048, India
• State Bank of Bikaner and Jaipur, SCB, Barakhamba Road, New Delhi – 110 001, India
• Punjab National Bank
• UCO Bank
• Bank of Baroda
• State Bank of Patiala, Commercial Branch, Chandralok Building, 36, Janpath, New Delhi – 110 001, India

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks	770.617	1265.141
Foreign currency term loans from others	610.680	780.587
SHORT-TERM BORROWINGS
Rupee term loans from banks	250.000	138.432
Working capital loans from banks
Working capital facilities and packing credit	3342.607	4658.677
Cash credit	1972.381	69.743
Total	6946.285	6912.580

Banking Relations :	--
Auditors :
Name :	Walker, Chandiok and Company Chartered Accountants
Address :	L-41, Connaught Circus, New Delhi – 110 001, India
PAN No.:	AAAFW4298E
Ultimate Holding Company:	Moser Baer India Limited, India (MBIL) (CIN No.: L51909DL1983PLC015418)
Intermediate Holding Company	· Photovoltaic Holdings Limited (formerly known as Photovoltaic Holdings Plc) · MB Solar Holdings Limited (formerly known as Moser Baer Solar Limited)
Holding Company :	Moser Baer Solar Limited, India (formerly known as PV Technologies India Limited) (MBSL) (CIN No.: U74999DL2007PLC160162)
Wholly Owned Subsidiaries:	· Competent Solar Energy Private Limited, India (CIN No.: U74900DL2008PTC177408) · Perafly Limited · Dalecrest Limited · Nicofly Limited (Wholly owned subsidiary till December 23, 2010 and fellow subsidiary thereafter) · Perasoft Limited · Crownglobe Limited · Moser Baer Photovoltaic Inc (MBPV Inc)
Fellow Subsidiary :	· Moser Baer Entertainment Limited, India (CIN No.: U22229DL2006PLC153759) (formerly known as Moser Baer Media Limited) · European Optic Media Technology GmbH · Moser Baer Solar Systems Private Limited, India (formerly known as Arise Solar Energy Private Limited) (CIN No.: U40106DL2008PTC175987) · Pride Solar Systems Private Limited, India (CIN No.: U40106DL2008PTC175725) · Admire Energy Solutions Private Limited, India (CIN No.: U40100DL2008PTC175762) · Value Solar Energy Private Limited (Wholly owned subsidiary till March 24, 2011and Fellow Subsidiary thereafter)
Trust :	Moser Baer Trust, India
Enterprise over which Key Managerial Personnel (KMP) exercise significant influence :	· Moser Baer Energy and Development Limited, India (CIN No.: U40106DL2008PLC182717) · Moser Baer Engineering and Constructions Limited, India (CIN No.: U74210DL2008PLC184284) · Sapphire Industrial Infrastructure Private Limited, India (CIN No.: U70102DL2008PTC179290)

CAPITAL STRUCTURE

AFTER 12.12.2012

Authorised Capital : Rs.9523.331 millions

Issued, Subscribed & Paid-up Capital : Rs.8903.331 millions

AS ON 12.12.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
301079980	Equity Shares	Rs.10/- each	Rs.3010.800 millions
651253110	Preference Shares	Rs.10/- each	Rs.6512.531 millions
	Total		Rs.9523.331 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
281079980	Equity Shares	Rs.10/- each	Rs.2810.800 millions
599253110	Preference Shares	Rs.10/- each	Rs.5992.531 millions
	Total		Rs.8803.331 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	8803.331	8803.331
(b) Reserves & Surplus	(8086.102)	(6128.306)
(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)	717.229	2675.025
(3) Non-Current Liabilities
(a) Long-term borrowings	1730.916	2397.934
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.237	0.170
(d) Long-term provisions	179.134	174.802
Total Non-current Liabilities (3)	1910.287	2572.906
(4) Current Liabilities
(a) Short term borrowings	5564.988	4866.852
(b) Trade payables	1189.448	2730.822
(c) Other current liabilities	1041.594	1057.217
(d) Short-term provisions	3.256	12.583
Total Current Liabilities (4)	7799.286	8667.474
TOTAL	10426.802	13915.405
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3109.961	2609.096
(ii) Intangible Assets	0.446	0.643
(iii) Capital work-in-progress	52.796	304.621
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	379.279	379.379
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	1929.405	1935.762
(e) Other Non-current assets	221.080	1039.364
Total Non-Current Assets	5692.967	6268.865
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	623.854	2094.564
(c) Trade receivables	2626.044	2024.105
(d) Cash and cash equivalents	32.676	142.081
(e) Short-term loans and advances	1439.448	3348.572
(f) Other current assets	11.813	37.218
Total Current Assets	4733.835	7646.540
TOTAL	10426.802	13915.405

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		8803.331
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(4116.370)
NETWORTH		4686.961
LOAN FUNDS
1] Secured Loans		7761.000
2] Unsecured Loans		355.965
TOTAL BORROWING		8116.965
DEFERRED TAX LIABILITIES		0.000
TOTAL		12803.926
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2970.940
Capital work-in-progress		1033.709
INVESTMENT		924.433
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2046.986
	Sundry Debtors	1190.444
	Cash & Bank Balances	2500.996
	Other Current Assets	107.688
	Loans & Advances	5342.543
Total Current Assets		11188.657
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1745.118
	Other Current Liabilities	1465.865
	Provisions	102.830
Total Current Liabilities		3313.813
Net Current Assets		7874.844
MISCELLANEOUS EXPENSES		0.000
TOTAL		12803.926

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	3827.752	7278.465	4453.261
		Other Income	185.495	294.878	819.131
		TOTAL (A)	4013.247	7573.343	5272.392
Less	EXPENSES
		Cost of materials consumed	2902.988	7019.227	5711.094
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	887.067	160.741
		Employee benefit expense	166.603	312.676
		Other expenses	1039.783	1216.224
		TOTAL (B)	4996.441	8708.868	5711.094
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(983.194)	(1135.525)	(438.702)
Less	FINANCIAL EXPENSES (D)		744.409	511.849	986.604
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(1727.603)	(1647.374)	(1425.306)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		230.193	364.561	334.202
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(1957.796)	(2011.935)	(1759.508)
Less	TAX (H)		0.000	0.000	1.076
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(1957.796)	(2011.935)	(1760.584)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(6128.305)	(4116.370)	(2355.786)
	BALANCE CARRIED TO THE B/S		NA	(6128.305)	(4116.370)
	EARNINGS IN FOREIGN CURRENCY
		Value of exports on FOB basis	443.828	2073.205	3878.381
	TOTAL EARNINGS		443.828	2073.205	3878.381
	IMPORTS
		Purchase of finished goods	0.303	0.000	0.000
		Raw material, including goods in transit	2411.347	5677.519	5117.182
		Capital goods	0.365	25.494	740.257
		Stores, spares and consumables, including goods in transit	16.723	79.102	69.742
		Packing material	0.000	0.554	0.000
	TOTAL IMPORTS		2428.738	5782.669	5927.181
	Earnings/ (Loss) Per Share (Rs.)		(7.73)	(7.93)	(7.04)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(48.78)	(26.57)	(33.39)
Net Profit Margin (PBT/Sales)	(%)	(51.15)	(27.64)	(39.51)
Return on Total Assets (PBT/Total Assets}	(%)	(19.59)	(15.21)	(12.43)
Return on Investment (ROI) (PBT/Networth)		(2.73)	(0.75)	(0.37)
Debt Equity Ratio (Total Debt/Networth)		10.17	2.72	1.73
Current Ratio (Current Asset/Current Liability)		0.61	0.88	3.38

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	No
30) Major Shareholders, if available	Yes
31) Date of Birth of Proprietor/Partner/Director, if available	Yes
32) PAN of Proprietor/Partner/Director, if available	No
33) Voter ID No of Proprietor/Partner/Director, if available	No
34) External Agency Rating, if available	Yes

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/ Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10430438	06/06/2013	9,680,000,000.00	ORIENTAL BANK OF COMMERCE	OVERSEAS BRANCH, M-33 GREATER KAILASH PART-2, NEW DELHI, DELHI - 110048, INDIA	B76858679
2	10312121	29/09/2012 *	170,600,000.00	UNION BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, M-11, CONNAUGHT CIRCUS, NEW DELHI, Delhi - 110001, INDIA	B62592399
3	10313162	21/09/2011	120,000,000.00	CANARA BANK	PRIME CORPORATE BRANCH-II, 2ND FLOOR, WORLD TRADE, BARAKHAMBA LANE, NEW DELHI, DELHI - 110001, INDIA	B23527443
4	10178479	28/09/2012 *	1,373,100,000.00	STATE BANK OF BIKANER AND JAIPUR	SCB, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B62288667
5	10170637	24/06/2009	823,400,000.00	UCO BANK	5, PARLIAMENT STREET, NEW DELHI, NEW DELHI, DELHI - 110001, INDIA	A67303669
6	10114517	21/06/2008	1,800,000,000.00	UNION BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, M-11, CONNAUGHT CIRCUS, NEW DELHI, DELHI - 110001, INDIA	A42389031
7	10076042	06/12/2008 *	885,825,000.00	INTERNATIONAL FINANCE CORPORATION (IFC)	2121 PENNSYLVANIA AVE, N.W., WASHINGTON DC, - 204 33, UNITED STATES OF AMERICA	A62594312
8	10062521	06/12/2008 *	700,000,000.00	UCO BANK	FLAGSHIP CORPORATE BRANCH, 5, PARLIAMENT STREET, NEW DELHI-110001, NEW DELHI, DELHI - 110001, INDIA	A55503361
9	10060034	06/12/2008 *	600,000,000.00	PUNJAB NATIONAL BANK	LARGE CORPORATE BRANCH, A-9, CONNAUGHT PLACE, NEW DELHI-110001, NEW DELHI, DELHI - 110001, INDIA	A55510028
10	10045613	06/12/2008 *	350,000,000.00	BANK OF BARODA	CORPORATE FINANCIAL SERVICES BRANCH, IST FLOOR, B OB BLDG., 16, SANSAD MARG, NEW DELHI-110001, NEW D ELHI, DELHI - 110001, INDIA	A55429120
11	10022800	06/12/2008 *	2,100,000,000.00	ORIENTAL BANK OF COMMERCE	M-33, GREATER KAILASH, PART II, NEW DELHI, DELHI - 110048, INDIA	A55428171

* Date of charge modification

Unsecured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG-TERM BORROWINGS
Long-term maturities of finance lease obligations	349.619	352.206
Total	349.619	352.206

Note:

The registered office address of the company has been shifted from 43-B, Okhla Industrial Estate, New Delhi – 110 020, India to the present address w.e.f. 01.12.2011.

MARKET ENVIRONMENT AND OUTLOOK

In the Solar Photovoltaic Segment, the global as well as Indian PV industry increased strongly to reach 29.7 GW and ~1GW of PV installations, respectively in 2011. The Indian PV industry, especially witnessed remarkable growth with PV installations increasing manifolds during the period driven by the National Solar Mission and the State Solar Policies. However, despite the installation growth, massive capacity built up by the Chinese manufacturers resulted in steep price declines across markets leading to lower capacity utilizations across PV manufacturers globally. In this challenged environment they continued to leverage their core competencies to capitalize on opportunities across the solar value chain.

OUTLOOK

During 2011-12, the global solar industry continued its remarkable growth trend, experiencing robust growth in volumes amid the financial and economic crisis and exceeded the forecasts of industry experts. As per the European Photovoltaic Industry Association (EPIA), the total annual PV installations grew by over 75% y-o-y to reach 29.7 GW in 2011. Cumulative PV installations rose to 69.7 GW worldwide till 2011 end from under 40 GW till 2010 end.

The Indian PV market too witnessed strong growth on the back of the National Solar Mission and the State Solar policies resulting in close to 1 GW of PV installations by the end of FY-2012.

Evolution of Global Cumulative Installed PV Capacity - 2000-2011 (Figures in GW)

Global solar photovoltaic market has recently seen a huge supply addition, on account of massive capacity built up in China, outstripping the demand growth, particularly in the lower to medium module efficiency segment. This has led to decline in solar PV module prices to historically low levels. PV manufacturers globally were deeply impacted by this challenged scenario resulting in lower capacity utilizations across the industry. This situation led to the initiation of antidumping proceeding by key markets, such as the US and European Union, against imports from certain regions. In India too, the industry players are demanding from the regulatory bodies imposition of duties on cheap PV imports from other countries.

Despite the current short term challenges, the long term potential of the solar PV industry remains intact with emergence of markets like North America, Japan, China and India as the key growth drivers in future. In the long term, the PV market is expected to grow rapidly. As per the Mckinsey report ‘Solar Power: Darkest before Dawn’, the global PV industry is likely to witness additional installations between 400-600 GW during 2012-2020.

As per KPMG estimates, the Indian market has huge potential and is estimated to reach cumulative installations of 68 GW by 2021-22, which is significantly in excess of the targets set under the National Solar Mission.

AN OVERVIEW OF DEVELOPMENTS:

Indian Solar Market:

The Indian solar industry witnessed remarkable installation growth during the financial year, with installed PV capacity reaching close to 1 GW by the end of FY?2012, up from under 100 MW of capacity at the end of 2010.

Growth is expected to be accentuated as Indian Solar Market is fast approaching Grid Parity. Competitiveness of the solar power vis-à-vis conventional energy in the Indian market increased with the average tariff during Batch II Phase I of the JNNSM in December 2011 declining to INR 8.77/unit. This is comparable with peak energy rates in the country. As per the latest MNRE estimates, solar power is likely to attain grid parity in India by 2017 ahead from the earlier estimates of 2022. The arrival of grid parity would mark an important event for the Indian solar industry resulting in preference for the clean energy over conventional sources of energy thereby providing a huge boost to the industry. The widespread July 2012 electricity blackout is further expected to help propel India to install more solar energy sources as part of the grid.

Progress under National Solar Mission

Over 250 MW of PV systems have been commissioned under Phase I of National Solar Mission; and another 340 MW of PV projects under Batch II Phase I are targeted to be completed by February 2013. These installations comprise ‘Grid connected’ as well as ‘Rooftop/ Off-grid’ projects.

Progress of Phase I- Batch II is also on track with 27 of 28 companies having managed to achieve financial closure. Further, Phase II of the National Solar Mission is expected to be launched by the end of December 2012 with the government likely to auction one third of the total 3000 MW projects planned by 2017 in Phase II - Batch I.

Projects under State Solar Projects

In addition to the National Solar Mission, several states have launched their respective solar policies aimed at promoting the abundantly available green energy in their regions.

In Gujarat, PPA’s were signed for 968.5 MW of solar projects, out of which 680 MW have already been connected to the grid. Maharashtra has announced programmes with 205 MW installations, followed by Rajasthan with announcements of a total of 200 MW solar projects. In Q1 CY 2012, the state of Tamilnadu announced as a part of its solar mission an intention to add 3 GW of solar energy by 2015-16.

Madhya Pradesh has approved a new solar energy policy to set up four solar parks of 200 MW each in Public Private Partnership. Bihar has shortlisted proposals for 198MW solar power projects.

REC Mechanism

The REC mechanism - that allows obligated entities, such as distribution companies, captive consumers and open access users, to meet their RPO obligations - gained momentum in 2011 with the commencement of trading of non-solar RECs on power exchanges in 2011. The solar RECs started trading on the power exchanges from May 2012 with demand currently outstripping the supply.

Starting at 0.25% of total power consumption, the government has set the Solar Power Obligation (SPO) to be increased to 3% of the total power consumption by 2022 under the National Solar Mission guidelines. This would lead to strong demand for solar power, a part of which would be met by the REC mechanism fuelled by demand from states or regions with lower generation potential of solar power. The recent push by regulatory bodies backed by the judicial pronouncements for obligated entities to meet their renewable obligations is likely to result in greater enforcement of the RPO obligations. As per the MNRE estimates, demand for solar power required to meet SPOs is likely to reach about 30 GW in 2022.

Despite the solar PV installation growth, the Indian PV manufacturing environment was adversely impacted by the global oversupply situation and dumping of panels by Chinese and other foreign players resulting in significantly lower utilization levels across practically all the industry players.

Project financing is another challenge currently facing the Indian solar market with several projects getting delayed due to the lack of financing thereby resulting in economic losses for the developers.

The company’s solar PV business is well positioned across the Solar PV value chain to face the difficult market conditions, and exploit the opportunities provided by the fast growing Indian solar market. The business has a PV cell and module capacity of ~100MW.

However, in the immediate short term, capacity utilization levels were low, on account of significant dumping of panels at extremely low prices by Chinese and other players, similar to the situation faced by practically all domestic manufacturers.

They continue to focus on R&D activities at their Greater Noida facility with emphasis on improvement in device efficiency leading to higher wattage per module and hence lower levelized cost of energy. They have already demonstrated 18% efficiency in p-type (mono) solar cells in the R&D laboratory. They have also made proof of concept demonstration of ~19% efficiency in Crystalline Silicon hetero-Junction solar cells at R&D level.

They are currently working on their strategy to leverage their existing infrastructure and assets through upgrades/ partnerships and on device efficiency improvements.

CORPORATE DEBT RESTRUCTURING

During the year, the Company applied for corporate debt restructuring (CDR) to restructure its existing debt obligations. The Company’s applications to CDR Cell were admitted to the Corporate Debt Restructuring (CDR) Cell on March 5, 2012. The Company received the final Letter of Approval (LOA) dated September 27, 2012 from the Corporate Debt Restructuring Empowered Group (CDR EG) to restructure existing debt obligations, including interest, additional funding and other terms (hereafter referred to as 'the CDR Scheme'). The board of directors of Company at their meeting held on November 6, 2012 approved the terms of the CDR Scheme for implementation.

The effect of the CDR Schemes has not been given in the financial statements of the Company as of March 31, 2012, since the execution of the Master Restructuring Agreement (MRA) by all the lenders is pending and the Company is in the process of complying with the conditions precedent to the implementation of the CDR Schemes.

CONTINGENT LIABILITIES (AS ON 31.03.2012):

(i) Bank guarantees Rs.22.658 millions.

(ii) Letters of credit opened by banks on behalf of the Company: Rs. Nil.

(iii) Disputed demands (gross) in respect of:

- entry tax including penalty (2008-09) Rs.2.067 millions.

- sales tax Rs.0.275 million.

FIXED ASSETS:

Tangible Assets

· Leasehold Land

· Buildings-under finance lease

· Plant and Equipments

· Furniture and Fixtures

· Vehicles

· Office Equipments

· Computer Equipments

Intangible Assets

· 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 records 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.62.36
UK Pound	1	Rs.101.11
Euro	1	Rs.84.68

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--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		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.