MIRA INFORM REPORT

Report Date :

04.10.2013

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 House1, Old Court House Corner, Kolkata – 700001, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	02.12.2005
Com. Reg. No.:	21-106448
Capital Investment / Paid-up Capital :	Rs.193.596 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 :	Manufacturer of Automotive Modules.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 1340000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Latest financials of 2012 is not available with us. However, as per previous financial of 2011, external borrowing of the company has increased over previous year. But company has recorded growth in profit and sales turnover of the company. Trade relation reported to be fair. Business is active. Payment terms are reported to be unknown. 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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term Loan: “BB” (Suspended)
Rating Explanation	Inadequate credit quality and high credit risk.
Date	July, 2011

Rating Agency Name	ICRA
Rating	Fund based limits : “BB” (Suspended)
Rating Explanation	Inadequate credit quality and high credit risk.
Date	July, 2011

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 (Tel. 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
Location :	Owned
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 Office :	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. 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. Gyanesh Chaudhary

Designation :

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. 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

KEY EXECUTIVES

Name :	Mr. S K Kothari
Designation :	Secretary
PAN No.:	AFRPK5016N
Name :	Mr Shaibal Ghosh
Designation :	President (International Marketing)
Name :	Mr. K.K. Maskara
Designation :	General Manager (International Marketing)
Name :	Mr. Samujjal Ganguly
Designation :	General Manager (Domestic Marketing)
Name :	Mr.Manoranjan Khuntia
Designation :	General Manager (Works)
Name :	Mr. Santosh Goya
Designation :	Manager (Purchase)

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

Allottees as on 04.01.2013

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

As on 28.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
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 :

Manufacturer of Automotive Modules.

Products :

Item Code No.	Product Description
8541	Solar Photovoltaic Modules

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 :

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

Allahabad Bank, Industrial Finance Branch, 17, R. N. Ukherjee Road, 4th Floor, Kolkata - 700001, West Bengal, India

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

Facilities :

Secured Loan	31.03.2011 (Rs. In millions )	31.03.2010 (Rs. In millions )
Rupee term loans banks secured	221.784	149.190
Working capital loans banks secured	889.845	372.121
Loans taken for vehicles secured	5.303	1.057
Total	1116.932	522.368
Note: (A) Includes Term loan from Financial Institutions is secured by first charge on fixed assets of the unit at Falta, West Bengal and Buyers credit for Capital Goods (B) Working capital from Financial Institutions is secured by way of first charge on the current assets of the company. (C) Hire Purchase Loans are secured against individual moveable assets.

Banking Relations :	--
Auditors :
Name :	Rustogi and Company Chartered Accountant
Address :	19, R.N. Mukharjee Road, 1st Floor, Eastern Building, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22480823 / 0856
Fax No.:	91-33-22430746
PAN No.:	AAUFS1566M
Subsidiaries :	Vikram Solar GmbH
Enterprise over which Key Management Personnel are able to exercise significant influence :	· Vikram India Limited Vikram Private Limited Chandanpur Tea Company Private Limited Associated Tea Industries Pioneer Syntex Private Limited

CAPITAL STRUCTURE

After 28.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs.300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25858000	Equity Shares	Rs.10/- each	Rs.258.580 Millions

As on 28.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
19359550	Equity Shares	Rs.10/- each	Rs.193.596 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		193.596	109.992	50.243
2] Share Application Money		0.000	17.400	27.400
3] Reserves & Surplus		141.187	47.000	14.686
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		334.783	174.392	92.329
LOAN FUNDS
1] Secured Loans		1116.932	522.368	45.662
2] Unsecured Loans		0.000	0.000	6.845
TOTAL BORROWING		1116.932	522.368	52.507
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1451.715	696.760	144.836
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		401.758	222.786	31.373
Capital work-in-progress		4.823	4.835	85.175
INVESTMENT		1.839	1.283	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	332.321	131.706	0.000
	Sundry Debtors	598.734	282.767	0.000
	Cash & Bank Balances	153.043	8.341	2.061
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	89.020	101.931	28.279
Total Current Assets		1173.118	524.745	30.340
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	58.539	44.926	1.809
	Other Current Liabilities	68.114	11.893	0.173
	Provisions	3.170	0.070	0.070
Total Current Liabilities		129.823	56.889	2.052
Net Current Assets		1043.295	467.856	28.288
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1451.715	696.760	144.836

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL (A)	1332.470	402.703
Less	EXPENSES
		TOTAL (B)	1167.261	333.721
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		165.209	68.982
Less	FINANCIAL EXPENSES (D)		46.406	28.751
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		118.803	40.231
Less/ Add	DEPRECIATION/ AMORTISATION (F)		21.001	7.401
	PROFIT BEFORE TAX (E-F) (G)		97.802	32.830
Less	TAX (H)		3.100	0.000
	PROFIT AFTER TAX (G-H) (I)		94.702	32.830
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		32.830	0.000
	BALANCE CARRIED TO THE B/S		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		885.492	360.485
	Earnings Per Share (Rs.)		4.89	4.73

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	7.11	8.15	NA
Return on Total Assets (PBT/Total Assets}	(%)	6.21	4.39	NA
Return on Investment (ROI) (PBT/Networth)		0.29	0.19	NA
Debt Equity Ratio (Total Debt/Networth)		3.34	3.00	0.57
Current Ratio (Current Asset/Current Liability)		9.04	9.22	14.79

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 two years	Yes
12]	Profitability for last two 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	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 RO AD, 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

NOTE

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

FINANCIAL PERFORMANCE:

The last financial year of the Company ending on 31st March’ 2011, was quite notable. Production capacity increased from 12 MW to 43 MW and Total Income increased from Rs.402.700 Millions to Rs.1332.500 Millions. Exports of Company’s product during the year was Rs.938.000 Millions as compared to Rs301.800 Millions of previous year.

FUTURE PROSPECTS:

The Solar industry as a whole has surfaced as one of the main sources of clean energy. Solar energy demand has grown by an average 30% per annum over the past 20 years against a backdrop of rapidly declining costs and prices. This decline in cost has been driven by economies of manufacturing scale, manufacturing technology improvements, and the increasing efficiency of solar cells. As per the policy of the Government of India under the Jawaharlal Nehru National Solar Mission (JNNSM), a target of generating about 20GW of solar power by 2022 has been set. The Ministry of New and Renewable Energy is proposing a national renewable portfolio standard (RPS) requiring 10% of Indian electricity to come from renewable by 2012 and 20% by 2020. The overall global PV installation increased nearly six times from 2004 and is expected to grow faster. Solar photovoltaic power is a viable and reliable technology with a significant potential for long term growth in nearly all regions.

FIXED ASSETS

· Free Hold Land

Lease Hold Land

Factory Building

Building and Building Improvements

Plant Machinery

Office Equipments

Factory Equipments

Computer Equipments

Other Equipments

Furniture Fixtures

Motor Vehicles

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.61.93
UK Pound	1	Rs.100.44
Euro	1	Rs.84.24

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.