MIRA INFORM REPORT

Report Date :

08.12.2014

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IDENTIFICATION DETAILS

Name :	LANCO SOLAR PRIVATE LIMITED
Registered Office :	Lanco House, Plot No.4, Software Units Layout, HITEC City, Madhapur, Hyderabad – 500081, Telangana
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	16.07.2008
Com. Reg. No.:	060157
Capital Investment / Paid-up Capital :	Rs.3246.200 Millions
CIN No.: [Company Identification No.]	U74900TG2008PTC060157
TAN No.: [Tax Deduction & Collection Account No.]	HYDL02019D
PAN No.: [Permanent Account No.]	AABCL4930G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of Solar Panels.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ca (15)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Delayed
Litigation :	Clear
Comments :	Subject is a subsidiary of “Lanco Solar Energy Private Limited”. It is an established company having moderate track. Management has reported a drastic dip in its sales volume whereas has reported a loss during FY14 from its operations. The ratings also take into consideration delays in servicing of interest payments by the company due to the tight liquidity position of “Lanco Infratech Limited”, the ultimate parent company of the subject. Further, the time and cost overruns for implementing the project have resulted in timely infusion of funds from the part of promoters as capital which may act as a support to the liquidity. However, business is active. Payment terms are reported as delayed. In view of funding and financial risks, the company can be considered for business dealings on a safe and secured trade terms and conditions.

NOTES:

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Fund Based Limits=”D”
Rating Explanation	Ratings are in default or are expected to be in default soon.
Date	October, 2014

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 31-03-2014.

INFORMATION DENIED

Management Non Co-operative (91-40-40090400 / 91-124-6777100)

LOCATIONS

Registered Office :	Lanco House, Plot No.4, Software Units Layout, HITEC City, Madhapur, Hyderabad – 500081, Telangana, India
Tel. No.:	91-40-40090400
Fax No.:	91-40-23116127/ 23116118
E-Mail :	parvesh.kheterpal@lancogroup.com
Website :	http://www.lancogroup.com
Corporate Office :	Lanco House, Plot # 397, Udyog Vihar, Phase – 3, Gurgaon – 122 016, Haryana, India
Tel. No.:	91-124-4741000
Fax No.:	91-124-4741320
Office :	Plot # 229, 3^rd Floor, Udyog Vihar, Phase – I, Gurgaon – 122 016, Haryana, India
Tel. No.:	91-124-4691000 to 04
Fax No.:	91-124-4692500

DIRECTORS

AS ON 25.09.2014

Name :

Mr. Madhusudan Rao Lagadapati

Designation :

Director

Address :

B-11, Pushpanjali Farm, Bijwasan, New Delhi – 110061, India

Date of Birth/Age :

08.01.1966

Date of Appointment :

17.07.2008

DIN No.:

00074790

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	L74999AP1991PLC013391	Srikalahasthi Pipes Limited	Director	01/11/1991	01/11/1991	03/02/2014	Active	NO
2	L45200TG1993PLC015545	LANCO INFRATECH LIMITED	Whole-time director	01/04/2011	26/03/1993	-	Active	NO
3	U31300AP1993PTC016266	SAI SHAKTHI INFRATECH Private Limited	Director	15/04/1998	15/04/1998	28/10/2006	Active	NO
4	U40101TG1995PLC021459	LANCO KONDAPALLI POWER LIMITED	Director	14/08/1998	14/08/1998	-	Active	NO
5	L64203TG1999PLC030996	LYCOS INTERNET LIMITED	Director	28/01/1999	28/01/1999	27/03/2008	Active	NO
6	U28110TG2000PLC033224	LANCO NET LIMITED	Director	05/01/2000	05/01/2000	-	Active	NO
7	U40109TG2000PLC033791	NATIONAL ENERGY TRADING AND SERVICES LIMITED	Director	06/03/2000	06/03/2000	20/04/2010	Active	NO
8	U40109TG1996PLC022967	CLARION POWER CORPORATION LIMITED	Director	12/04/2000	12/04/2000	06/04/2009	Active	NO
9	U31909TG1999PLC033104	RITHWIK ENERGY SYSTEMS LIMITED	Director	28/04/2000	28/04/2000	06/04/2009	Active	NO
10	U40109TG2000PLC034758	LANCO TEESTA HYDRO POWER LIMITED	Director	26/06/2000	26/06/2000	22/07/2010	Active	NO
11	U40109TG2002PTC038683	Greenko Budhil Hydro Power Private Limited	Director	21/03/2002	21/03/2002	22/07/2010	Active	NO
12	U40101TN1997PLC037663	LANCO TANJORE POWER COMPANY LIMITED	Director	26/09/2002	26/09/2002	26/07/2010	Active	NO
13	U74140HR2002PLC041507	LANCO GROUP LIMITED	Whole-time director	30/09/2013	27/12/2002	-	Active	NO
14	U40109TG2001PLC036265	LANCO AMARKANTAK POWER LIMITED	Director	03/10/2003	03/10/2003	-	Active	NO
15	U40109TG2004PTC043237	Nekkar Power Private Limited	Director	11/05/2004	11/05/2004	-	Active	NO
16	U40109TG2004PTC043235	PARVAT HYDRO POWER PRIVATE LIMITED	Director	11/05/2004	11/05/2004	28/03/2014	Active	NO
17	U40109TG2004PLC043236	MIRACH POWER LIMITED	Director	27/09/2012	11/05/2004	25/05/2013	Active	NO
18	U40109TG2004PTC043260	CHATARI HYDRO POWER PRIVATE LIMITED	Director	17/05/2004	17/05/2004	-	Active	NO
19	U40109TG2004PTC043440	BASAVA POWER PRIVATE LIMITED	Director	09/06/2004	09/06/2004	-	Active	NO
20	U40100TG2005PTC045442	PRAGDISA POWER PRIVATE LIMITED	Director	22/02/2005	22/02/2005	-	Active	NO
21	U40100TG2005PLC045445	LANCO VIDARBHA THERMAL POWER LIMITED	Director	23/02/2005	23/02/2005	30/10/2008	Active	NO
22	U70102TG2005PTC047310	LANCO PROPERTY MANAGEMENT COMPANY PRIVATE LIMITED	Director	07/12/2005	07/12/2005	-	Active	NO
23	U40100TG2005PTC045448	VAINATEYA POWER PRIVATE LIMITED	Director	29/09/2006	14/12/2005	-	Active	NO
24	U72200TG2004PTC044097	LANCO HILLS TECHNOLOGY PARK PRIVATE LIMITED	Director	20/12/2005	20/12/2005	-	Active	NO
25	U45200TG2006PTC048664	Infra India Ventures Private Limited	Director	29/09/2006	09/01/2006	-	Active	NO
26	U74899DL2006PTC146289	HIMACHAL HYDRO POWER PRIVATE LIMITED	Director	14/02/2006	14/02/2006	-	Active	NO
27	U74899DL2006PTC146288	RAVI HYDRO ELECTRIC PRIVATE LIMITED	Director	14/02/2006	14/02/2006	-	Active	NO
28	U31200UP2006PLC031982	LANCO ANPARA POWER LIMITED	Director	12/06/2006	12/06/2006	26/07/2010	Active	NO
29	U31909KA1996PLC019918	UDUPI POWER CORPORATION LIMITED	Director	17/07/2006	17/07/2006	22/07/2010	Active	NO
30	U74900TG2008PTC060157	LANCO SOLAR PRIVATE LIMITED	Director	17/07/2008	17/07/2008	-	Active	NO
31	U63090TG2009PTC063856	CARRETERA TRANSPORT INFRA PRIVATE LIMITED	Director	02/06/2009	02/06/2009	-	Active	NO
32	U40106TG2009PLC065865	DIWAKAR SOLAR PROJECTS LIMITED	Director	30/09/2011	17/08/2010	-	Active	NO
33	U40109TG2009PTC064018	LANCO SOLAR ENERGY PRIVATE LIMITED	Director	30/09/2011	17/08/2010	-	Active	NO
34	U40108TG2009PTC065840	KHAYA SOLAR PROJECTS PRIVATE LIMITED	Director	30/09/2011	17/08/2010	13/07/2012	Active	NO
35	U40106TG2009PTC066021	OMEGA SOLAR PROJECTS PRIVATE LIMITED	Director	31/12/2010	17/08/2010	02/04/2012	Active	NO
36	U40106TG2009PTC065856	BHANU SOLAR PROJECTS PRIVATE LIMITED	Director	31/12/2010	17/08/2010	31/03/2012	Active	NO
37	U40300TG2009PTC066023	ORION SOLAR PROJECTS PRIVATE LIMITED	Director	31/12/2010	17/08/2010	02/04/2012	Active	NO
38	U40106TG2009PTC065841	SABITHA SOLAR PROJECTS PRIVATE LIMITED	Director	31/12/2010	17/08/2010	02/04/2012	Active	NO
39	U45400HR2011PLC041920	LANCO KANPUR HIGHWAYS LIMITED	Director	18/01/2011	18/01/2011	02/05/2011	Active	NO
40	U01111TG1996PLC023347	LANCO HYDRO POWER LIMITED	Director	27/09/2012	30/03/2012	-	Active	NO
41	U40109TG2002PLC038452	LANCO Thermal Power Limited	Director	27/09/2012	30/03/2012	-	Active	NO
42	U40109TG2005PLC045214	LANCO POWER LIMITED	Director	27/09/2012	01/05/2012	-	Active	NO
43	U28112TG2012PLC081726	Fourneyron Engineering and Manufacturing Limited	Director	02/07/2012	02/07/2012	-	Active	NO
44	U28999TG2012PLC081727	Aeolipile Engineering and Manufacturing Limited	Director	02/07/2012	02/07/2012	-	Active	NO
45	U40300UP2014PLC066801	LANCO KANPUR POWER LIMITED	Director	03/11/2014	03/11/2014	-	Active	NO

Name :

Mr. Venkatesh Babu Gangarap

Designation :

Director

Address :

35A1, Prithvi Raj Road, New Delhi – 110003, India

Date of Birth/Age :

03.07.1968

Date of Appointment :

18.05.2010

DIN No.:

00075079

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	U74140HR2002PLC041507	LANCO GROUP LIMITED	Director	31/03/2006	15/10/2004	-	Active	NO
2	U40109TG1996PLC022967	CLARION POWER CORPORATION LIMITED	Director	29/03/2005	29/03/2005	29/03/2010	Active	NO
3	L45200TG1993PLC015545	LANCO INFRATECH LIMITED	Managing director	24/06/2011	27/06/2005	-	Active	NO
4	U40109TG2001PLC036265	LANCO AMARKANTAK POWER LIMITED	Director	19/12/2005	19/12/2005	-	Active	NO
5	U40101TN1997PLC037663	LANCO TANJORE POWER COMPANY LIMITED	Director	19/12/2005	19/12/2005	-	Active	NO
6	U72200TG2004PTC044097	LANCO HILLS TECHNOLOGY PARK PRIVATE LIMITED	Director	20/12/2005	20/12/2005	-	Active	NO
7	U45200TG2006PTC048664	Infra India Ventures Private Limited	Director	29/09/2006	09/01/2006	-	Active	NO
8	U31909TG1999PLC033104	RITHWIK ENERGY SYSTEMS LIMITED	Director	29/03/2006	29/03/2006	08/08/2009	Active	NO
9	U31909KA1996PLC019918	UDUPI POWER CORPORATION LIMITED	Director	25/08/2008	17/07/2006	-	Active	NO
10	U40109TG2005PLC045214	LANCO POWER LIMITED	Director	30/09/2011	08/01/2007	-	Active	NO
11	U40109TG2002PLC038452	LANCO Thermal Power Limited	Director	27/09/2012	19/01/2007	-	Active	NO
12	U40101TG1995PLC021459	LANCO KONDAPALLI POWER LIMITED	Director	22/01/2007	22/01/2007	29/04/2010	Active	NO
13	U70102TG2004PTC042760	MERCURY PROJECTS PRIVATE LIMITED	Director	27/09/2012	01/02/2007	-	Active	NO
14	U70102TG2004PTC042759	URANUS PROJECTS PRIVATE LIMITED	Director	27/09/2012	26/02/2007	-	Active	NO
15	U40109TG2000PLC033791	NATIONAL ENERGY TRADING AND SERVICES LIMITED	Director	24/04/2007	24/04/2007	17/07/2010	Active	NO
16	U31200UP2006PLC031982	LANCO ANPARA POWER LIMITED	Director	17/09/2007	30/04/2007	26/07/2010	Active	NO
17	U40104TG2007PLC054207	LANCO BABANDH POWER LIMITED	Director	17/11/2008	11/06/2007	22/07/2010	Active	NO
18	U45200TG2007PLC053124	LANCO HOSKOTE HIGHWAY LIMITED	Director	07/08/2009	01/03/2008	21/04/2010	Active	NO
19	U45400TG2007PLC053957	LANCO DEVIHALLI HIGHWAYS LIMITED	Director	07/08/2009	01/05/2008	21/04/2010	Active	NO
20	U74900TG2008PTC061574	LANCO TRANSPORT NETWORK COMPANY PRIVATE LIMITED	Director	30/09/2009	28/10/2008	-	Active	NO
21	U40100TG2005PLC045445	LANCO VIDARBHA THERMAL POWER LIMITED	Director	15/07/2009	30/10/2008	22/07/2010	Active	NO
22	U63090TG2009PTC063856	CARRETERA TRANSPORT INFRA PRIVATE LIMITED	Director	02/06/2009	02/06/2009	-	Active	NO
23	U40109TG2000PLC034758	LANCO TEESTA HYDRO POWER LIMITED	Additional director	16/10/2009	16/10/2009	21/04/2010	Active	NO
24	U74900TG2008PTC060157	LANCO SOLAR PRIVATE LIMITED	Director	18/05/2010	18/05/2010	-	Active	NO
25	U74999TN2010PTC076592	Bay of Bengal Gateway Terminal Private Limited	Additional director	24/07/2010	24/07/2010	21/01/2011	Active	NO
26	U40109TG2009PTC064018	LANCO SOLAR ENERGY PRIVATE LIMITED	Director	30/09/2011	17/08/2010	-	Active	NO
27	U40106TG2009PLC065865	DIWAKAR SOLAR PROJECTS LIMITED	Director	30/09/2011	03/09/2010	-	Active	NO
28	U40106TG2009PTC065856	BHANU SOLAR PROJECTS PRIVATE LIMITED	Director	31/12/2010	03/09/2010	02/04/2012	Active	NO
29	U40108TG2009PTC065840	KHAYA SOLAR PROJECTS PRIVATE LIMITED	Director	30/09/2011	03/09/2010	02/04/2012	Active	NO
30	U10200HR2010PLC041280	MAHATAMIL MINING AND THERMAL ENERGY LIMITED	Director	17/09/2012	20/10/2011	-	Active	NO
31	U01111TG1996PLC023347	LANCO HYDRO POWER LIMITED	Director	27/09/2012	30/03/2012	-	Active	NO

Name :

Mr. Satya Gangadhara Rao Vadaga

Designation :

Whole-time director

Address :

68 Liberty Acres, Indlabele Halli, Attibele Hoblei, Attibele Sarjapura Road, Bangalore – 562107, Karnataka, India

Date of Birth/Age :

14.08.1962

Date of Appointment :

27.09.2013

DIN No.:

01737500

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	U72200KA2006PTC039056	VELANKANI TECHNOLOGY PARKS PRIVATE LIMITED	Director	29/09/2007	12/04/2007	01/07/2008	Active	NO
2	U45209KA2007PTC042686	SANDALWOOD PROPERTIES PRIVATE LIMITED	Director	03/05/2007	03/05/2007	16/11/2007	Active	YES
3	U40106KA2008PTC045959	VELANKANI RENEWABLE ENERGY PRIVATE LIMITED	Director	08/04/2008	08/04/2008	30/07/2010	Active	NO
4	U40106KA2009PTC051575	GREEN OORJA SOLUTIONS PRIVATE LIMITED	Director	20/11/2009	20/11/2009	12/04/2010	Active	NO
5	U40101KA2009PTC051911	AURA GREEN ENERGIES PRIVATE LIMITED	Director	22/12/2009	22/12/2009	07/10/2010	Under Process of Striking off	NO
6	U74900TG2008PTC060157	LANCO SOLAR PRIVATE LIMITED	Whole-time director	27/09/2013	26/11/2012	-	Active	NO
7	U40106TG2010PTC071541	LANCO SOLAR SERVICES PRIVATE LIMITED	Director	27/09/2013	29/03/2013	-	Active	NO
8	U40106TG2009PTC065841	SABITHA SOLAR PROJECTS PRIVATE LIMITED	Director	27/09/2013	29/03/2013	-	Active	NO
9	U40300TG2008PTC061285	HELENE POWER PRIVATE LIMITED	Director	27/09/2013	29/03/2013	-	Active	NO
10	U40108TG2008PTC061286	PASIPHAE POWER PRIVATE LIMITED	Director	27/09/2013	29/03/2013	-	Active	NO
11	U40108TG2009PTC065840	KHAYA SOLAR PROJECTS PRIVATE LIMITED	Director	25/09/2014	19/03/2014	-	Active	NO
12	U40106TG2009PTC066021	OMEGA SOLAR PROJECTS PRIVATE LIMITED	Additional director	19/03/2014	19/03/2014	01/10/2014	Active	NO
13	U29253DL2010PTC199330	Finehope Allied Engineering Private Limited	Additional director	27/10/2014	27/10/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ravnish Kumar Advani
Designation :	Secretary
Address :	H. No. 10145, Nirankari Bhavan, Motia Khan, Pahar Ganj, New Delhi – 110055,India
Date of Birth/Age :	10.03.1987
Date of Appointment :	01.05.2012
PAN No.:	APJPA9573Q

MAJOR SHAREHOLDERS

AS ON 25.09.2014

Names of Shareholders	No. of Shares
Garlapati Bhaskara Rao as a Nominee of Lanco Solar Energy Private Limited, India	100
Sridhar Lagadapati as a Nominee of Lanco Solar Energy Private Limited, India	100
Lanco Solar Energy Private Limited, India	324619800
Total	324620000

Equity Share Break up (Percentage of Total Equity)

AS ON 25.09.2014

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Supplier of Solar Panels.
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

GENERAL INFORMATION

Supplier :

Not Divulged

Customer :

Not Divulged

No. of Employees :

Not Divulged

Bankers :

Not Divulged

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
Long Term Borrowings
Rupee term loans from banks	2629.143	2166.086
Foreign currency term loans from banks	3187.139	2884.307
Total	5816.282	5050.393

Note :

The Rupee Loan from Banks carries interest at 12% (Rate of Interest like PLR Plus 2%) as per Loan Agreement dated 22nd April 2010. The loan is repayable in 36 unequal quarterly instalments of 2.5% per Quarter for first 16 Quarters and 3% per Quarter for the Last 20 Quarters along with interest, after the date of expiry of 39 months from 15th July 2010. The loan is secured by way of pledge of shares of the company held by Lanco Solar Energy Private Limited (Holding Company), Corporate Guarantee of Lanco Infratech Ltd (the ultimate holding company) and are secured by way of hypothecation / Pledge / Mortgage / First Charge etc. of immovable properties both present and future, tangible moveable properties including moveable plant and machinery, machinery spares, tools and accessories, furniture, fixtures, vehicles, equipment, and all other movable fixed assets, both present and future, all the rights, title and interests of the Borrower in and to all the Receivables, Accounts, Other Bank Accounts, Retention Accounts, book debts, operating cash-flows, commissions, other revenues of whatsoever nature and wherever arising, and All intangible assets including but not limited to goodwill, uncalled capital, both present and future of the company pertaining to poly-silicon and wafer manufacturing plant with capacity of 1800 T and 100 MW respectively at Villages Mehrumkhurd and Chhawardal, Tehsil Rajnandgaon, District Rajnandgaon in the state of Chattisgarh. " As per the 2nd Amendatory Loan Agreement dt 6th February 2014, the revised commercial operation date is 12th October 2014 and the loan is repayable in 36 structured quarterly instalments commencing 12 months from Commercial operational date.

Foreign Currency Loan(Buyers Credit) from Banks carries interest in range from 0.80% to 1.03% (P Y 1.99% to 2.1367%).Buyers Credit availed by the Company is Part of total Rupee Term loan Sanctioned by the Banks and the loan is secured by way of pledge of shares of the company held by the Lanco Solar Energy Private Limited (Holding Company),Corporate Guarantee of Lanco Infratech Ltd (the ultimate holding company) and are secured by way of hypothecation / Pledge / Mortgage / First Charge etc. of immovable properties both present and future, tangible moveable properties including moveable plant and machinery, machinery spares, tools and accessories, furniture, fixtures, vehicles, equipment, and all other movable fixed assets, both present and future, all the rights, title and interests of the Borrower in and to all the Receivables, Accounts, Other Bank Accounts, Retention Accounts, book debts, operating cash-flows, commissions, other revenues of whatsoever nature and wherever arising, and (ii) all intangible assets including but not limited to goodwill, uncalled capital, both present and future of the company pertaining to poly-silicon and wafer manufacturing plant with capacity of 1800 T and 100 MW respectively at Villages Mehrumkhurd and Chhawardal, Tehsil Rajnandgaon, District Rajnandgaon in the state of Chattisgarh. Note: The Company has not paid interest of Rs 34.492 Millions as at 31 st March 2014.

Banking Relations :	--
Security Trustee :	Axis Trustee Services Limited, Maker Towers 'F', 13^th Floor, Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra, India
Auditors :
Name :	Brahmayya and Company Chartered Accountants
Address :	Gurgaon, Haryana, India
PAN No.:	AAAFB2481J
Holding Company :	Lanco Solar Energy Private Limited CIN No.: U40109AP2009PTC064018
Ultimate Holding Company :	Lanco Infratech Limited CIN No.: L45200AP1993PLC015545
Fellow Subsidiary :	Lanco International Pte Limited (LIPL) Lanco Solar International Pte Limited (LSIPL) Lanco Solar Services Private limited (LSSPL) CIN No.: U40106TG2010PTC071541

CAPITAL STRUCTURE

AFTER 25.09.2014

Authorised Capital : Rs.3700.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.3685.200 Millions

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
370,000,000	Equity Shares	Rs.10/- each	Rs.3700.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
324,620,000	Equity Shares	Rs.10/- each	Rs.3246.200 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	3246.200	3006.274	2709.324
(b) Reserves & Surplus	(190.842)	34.397	30.508
(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)	3055.358	3040.671	2739.832
(3) Non-Current Liabilities
(a) long-term borrowings	5816.282	5050.393	4037.534
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	397.983	358.891	229.022
(d) long-term provisions	85.980	77.375	75.201
Total Non-current Liabilities (3)	6300.245	5486.659	4341.757
(4) Current Liabilities
(a) Short term borrowings	299.986	1611.189	1950.451
(b) Trade payables	763.461	820.288	581.804
(c) Other current liabilities	219.538	238.284	140.544
(d) Short-term provisions	3.703	2.326	4.855
Total Current Liabilities (4)	1286.688	2672.087	2677.654
TOTAL	10642.291	11199.417	9759.243
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	687.352	721.154	728.720
(ii) Intangible Assets	0.568	0.942	1.297
(iii) Capital work-in-progress	7527.859	6598.931	4988.903
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1764.474	1613.792	1466.995
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	9980.253	8934.819	7185.915
(2) Current assets
(a) Current investments	0.000	0.000	17.073
(b) Inventories	63.379	31.229	117.621
(c) Trade receivables	168.368	1936.381	2262.544
(d) Cash and cash equivalents	12.934	29.516	111.947
(e) Short-term loans and advances	51.035	22.760	57.942
(f) Other current assets	366.322	244.712	6.201
Total Current Assets	662.038	2264.598	2573.328
TOTAL	10642.291	11199.417	9759.243

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	196.794	433.799	3034.131
	Other Income	138.101	277.959	9.351
	TOTAL (A)	334.895	711.758	3043.482
Less	EXPENSES
	TOTAL (B)	464.693	597.741	3003.028
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	(129.798)	114.017	NA
Less	FINANCIAL EXPENSES (D)	37.694	70.789	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	(167.492)	43.228	NA
Less/ Add	DEPRECIATION/ AMORTISATION (F)	57.747	53.734	NA
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(225.239)	(10.506)	40.454
Less	TAX	0.000	0.916	9.946
Add	PRIOR PERIOD ITEMS	0.000	15.311	0.000
	PROFIT/ (LOSS) AFTER TAX	(225.239)	3.889	30.508
	BALANCE CARRIED TO THE B/S	(225.239)	3.889	30.508
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	5.935	NA	NA
	TOTAL EARNINGS	5.935	NA	NA
	Earnings / (Loss) Per Share (Rs.)	(0.69)	0.01	---

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	(114.45)	0.90	1.01
Net Profit Margin (PBT/Sales)	(%)	(65.96)	26.28	1.33
Return on Total Assets (PBT/Total Assets}	(%)	(7.23)	(0.23)	0.85
Return on Investment (ROI) (PBT/Networth)		(0.07)	0.00	0.01
Debt Equity Ratio (Total Debt /Networth)		2.00	2.19	2.19
Current Ratio (Current Asset/Current Liability)		0.51	0.85	0.96

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	2709.324	3006.274	3246.200
Reserves & Surplus	30.508	34.397	-190.842
Net worth	2739.832	3040.671	3055.358
long-term borrowings	4037.534	5050.393	5816.282
Short term borrowings	1950.451	1611.189	299.986
Total borrowings	5987.985	6661.582	6116.268
Debt/Equity ratio	2.186	2.191	2.002

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	3034.131	433.799	196.794
		(85.703)	(54.635)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	3034.131	433.799	196.794
Profit	30.508	3.889	(225.239)
	1.01%	0.90%	(114.45%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	No
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	Yes

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
Short Term Borrowings
Foreign currency term loans from banks	254.986	1551.189
Loans and advances from others	45.000	60.000
Total	299.986	1611.189

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10239364	29/12/2010 *	9,400,000,000.00	AXIS TRUSTEE SERVICES LIMITED	MAKER TOWERS 'F', 13TH FLOOR, CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA	B02547750

* Date of charge modification

FIXED ASSETS:

· Module Plant

· Plant and machinery

· Factory building

· Computer

· Office equipment

· Lathi plant

· Plant and machinery

· Building

· Software

PRESS RELEASE:

LANCO’S SOLAR CELL-MAKING PLANT TO START BY MID-2014

New Delhi, May 9:  

Lanco Solar Private Ltd, a unit of the Hyderabad-based Lanco Group, would kick-start the 300 MW photovoltaic (PV) solar cell manufacturing plant in the special economic zone (SEZ) in Rajnandgaon of Chhattisgarh next year.

“By (mid) next year we will be able to produce solar cells and the facility would be able to produce 300 MW cells when completely done,” Satyendra Kumar, Chief Technology Officer, Lanco Solar told mediapersons.

At present, the plant manufactures only solar modules. The group is investing Rs 3,000 crore in the unit.

The manufacturing project is expected to generate $300 million in revenue for the cash–starved Lanco Group. According to the initial plan, the plant would export nearly 15 per cent of its solar cells. The raw material, metallurgical silicon, will be imported. Lanco has tied up with US-based GT Solar to provide key technology to be used in the plant.

‘Incentivise local manufacturing in National Solar Mission’

Solar manufacturers in India, under the banner of SEMI India, have said the Government should incentivise local manufacturing in the latest phase of the National Solar Mission.

The players, while claiming free and fair competition, want some of the capacities to be reserved for local equipment.

According to reports, of the 551 MW of grid-connected solar power plants in the last three years, 391 MW of capacity have used foreign solar cells or modules.

“In the second phase of the Jawaharlal Nehru National Solar Mission (JNNSM) indigenous manufacturing should be encouraged,” Satyendra Kumar, Chief Technology Officer, Lanco Solar, who is also a member of SEMI, told mediapersons.

“We want implementation as early as possible and on a continuous basis,” he added.

According to SEMI, India needs to develop a top photovoltaic manufacturing and market ecosystem.

LANCO SOLAR WINS MOST INNOVATIVE PRODUCT AWARD 2012 FROM IESA TECHNOVATION

February 15, 2013

Bangalore, Karnataka, India

Lanco Infratech Limited (LITL), the leading integrated infrastructure conglomerate with global footprints having business verticals viz. EPC, Power, Solar, Natural Resources and Infrastructure today announced that Lanco Solar Energy Private Limited, a fully owned subsidiary of Lanco Infratech Limited won prestigious IESA Technovation Award for Most Innovative Product Award 2012.

The award was presented in the Indian Electronics & Semiconductor Association's annual event IESA Vision Summit in Bangalore. It was given for an innovative plug-&-play solar PV product design to cater to off-grid solar solutions in urban and rural hinterlands. Utmost care was given to ensure that the design provides for easy assembly at site in remote locations. The modular design is also fully scalable to cater to a single family rooftop installation to village mini-grids to large urban residential/ industrial rooftops. Several of these installations are operational in Grameen Banks, remote village schools, tribal hostels, rural health centers, and industrial utilities in Uttar Pradesh, Chhattisgarh, Odisha and other States

Commenting on the occasion Mr. L Madhusudhan Rao, Executive Chairman, Lanco Infratech Limited, said, "IESA Technovation Award is recognition of our innovation and focus on continuous improvement in delivery of renewable solutions at affordable cost.

Mr. V Saibaba, CEO, Lanco Solar said, "The product developed by us is unique and our plug-and-play system for off-grid solar power is one among several such innovative initiatives to take this solution to masses. We appreciate Lanco Solar team for all their efforts in achieving this award. We thank IESA for this privilege and honour".

Lanco Solar is one of the largest solar power players in the country today with project portfolio of about 400MW, including own projects and third party turnkey EPC services. It has already commissioned about 95MW solar PV projects while more than 300 MW is currently under execution.

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.61.85
UK Pound	1	Rs.96.72
Euro	1	Rs.76.53

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	SUB
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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		15

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.