MIRA INFORM REPORT

Report Date :

31.12.2014

IDENTIFICATION DETAILS

Name :	CIRA RENEWABLE ENERGY PRIVATE LIMITED
Registered Office :	MIG B-15, Dr. A. S. Rao Nagar, ECIL Post, Hyderabad – 500062, Telangana
Country :	India
Financials (as on) :	30.09.2014 (Provisional)
Date of Incorporation :	04.01.2013
Com. Reg. No.:	01-085227
Capital Investment / Paid-up Capital :	Rs. 11.519 Millions
CIN No.: [Company Identification No.]	U40108AP2013PTC085227
TIN:	36585297824
IEC No.:	0913010979
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAFCC1225R
Legal Form :	Private Limited Liability Company
Line of Business :	The company is engaged in setting up Solar PV Power Plants by Employing equipment of High Quality and Reliability and durability meeting international Standards.
No. of Employees :	37 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 51000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is a relatively new company having moderate track record. Rating is constrained on account of short track record of operation and low reserve of the company. However, trade relation are improving. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some caution.

NOTES :

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

ECGC Country Risk Classification List – 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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 PARTED BY

Name :	Mr. P. Pavithran
Designation :	General Manager
Contact No.:	91-9493413441
Date :	27.12.2014

LOCATIONS

Registered Office/ Corporate Office 1 :	MIG B-15, Dr. A. S. Rao Nagar, ECIL Post, Hyderabad – 500062, Telangana, India
Tel. No.:	91-40-27144694
Mobile No.:	91-9493413441 (Mr. P. Pavithran)
Fax No.:	91-40-27144694
E-Mail :	info@cirarenewable.com
Website :	http://www.cirarenewable.com
Area :	2500 Sq. Ft.
Location :	Rented
Corporate Office 2 :	MIG B-20, Dr. A. S. Rao Nagar, ECIL Post, Hyderabad – 500062, Telangana, India
Tel. No.:	91-40-27135381/0465/0504
Fax No.:	91-40-27135387
Branch Office :	House No. 16 Dikchow Path, Rukmini Gaon. Gurwahati – 22, Assam, India

DIRECTORS

As on: 30.09.2014

Name :	Mr. Venkat Tribhuvan Vaddi
Designation :	Managing Director
Address :	H. No. 30-52-5-61, Creative Nagar, A.S. Rao Nagar, Hyderabad - 500062, Telengana, India
Date of Appointment :	04.01.2013
Qualification	B.E. (ECE)
Experience	8 Years
DIN No.:	06452016
Name :	Mr. Anand Kumar Sonkamble
Designation :	Whole-Time Director
Address :	8-4-369-88, Banjara Nagar, Borabanda, Hyderabad – 500008, Telangana, India
Date of Appointment :	04.01.2013
Qualification	B. Tech (ECE)
Experience	6 Years
DIN No.:	06464064
Name :	Mr. Ghana Kanta Chutia
Designation :	Whole-time director
Address :	Lathia – village, Gogamukh – Post, Dhemeji – 787034, India
Date of Appointment :	04.01.2013
Qualification	AMIE
Experience	10 Years
DIN No.:	00804172
Name :	Mr. Anil kumar Nair
Designation :	Whole-time director
Address :	238 Saket Phase 2, kapra ECIL PO Hyderabad – 500062, Telangana, India
Date of Appointment :	04.01.2013
Qualification	MA
Experience	6 Years
DIN No.:	06452031
Name :	Mr. Nihar Panda
Designation :	Whole-time director
Address :	At – Hathipatar Road, Raniguda Farm, Rayagada – 765001, India
Date of Appointment :	04.01.2013
DIN No.:	6455291

KEY EXECUTIVES

Name :	Mr. P. Pavithran
Designation :	General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2014

Names of Shareholders	No. of Shares
Venkat Tribhuvan Vaddi	240000
Anand Kumar Sonkamble	240000
Ghana Kanta Chutia	190000
Anil kumar Nair	80000
Nihar Panda	240000

As on: 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	The company is engaged in setting up Solar PV Power Plants by Employing equipment of High Quality and Reliability and durability meeting international Standards.
Products :	-
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Applicable
Imports :	Not Applicable
Terms :
Selling :	Credit
Purchasing :	Credit

PRODUCTION STATUS (31.03.2014)

Particulars	Installed Capacity	Actual Production
Off grid and grid tie Solar PV Power Plants of deferent capacity	2 MW	2 MW

GENERAL INFORMATION

Suppliers :

Reference :	Bharath Electricals Proprietor
Name of the Person :	Mr. Keshore (Supplier)
Contact No.:	91-9440896630
Since How Long Known :	4 Years
Experience :	It’s a good company, payment come on time, operation are healthy
Maximum Limit Dealt :	Rs. 50.000 Millions

Customers :

End Users

Reference :	Hyderabad Central University
Name of the Person :	Mr. Siddharth Reddy
Contact No.:	91-9849512888 (Constantly Ringing)
Since How Long Known :	-
Experience :	-
Maximum Limit Dealt :	-

No. of Employees :

37 (Approximately)

Bankers :

• Axis Bank, Kapra, Hyderabad

Banker Name	Canara Bank
Branch Address	SME Branch
Person Name (With Designation)	Mr. Balaji Rao
Contact Number	91-40-23436980
Name of Account Holder	Cira Renewable Energy Private Limited
Account Number	-
Account Since (Date/Year of Account Opening)	9 Months
Average Balance Maintained (If Possible)	-
Credit Facilities Enjoyed (If any)	Rs. 9.500 Millions
Account Operation	Satisfactory
Remarks (If any)	It’s healthy account operations are normal

Auditors :
Name :	NVS Murty and Company Chartered Accountant
Address :	Plot No.14-B, Vasavi Nagar-B, Picket, Secunderabad – 500015, Telangana, India
Mobile No.:	91-9440051943
E-Mail :	nvsmurty@sify.com
PAN No.:	AASPN3588J
Memberships :	Not available
Collaborators :	Not available
Associates/Subsidiaries :	Not available
Sister Concern:	Not available

CAPITAL STRUCTURE

As on: 30.09.2014 (Provisional)

Authorized Capital: Not Available

Issued, Subscribed & Paid-up Capital: Rs. 11.519 Millions

FINANCIAL DATA

[All figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	Provisional 30.09.2014	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	11.519	10.000	4.000
(b) Reserves & Surplus	10.412	6.924	0.601
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	1.119	2.699
Total Shareholders’ Funds (1) + (2)	21.931	18.043	7.300
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.028	0.028	0.004
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.028	0.028	0.004
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.476
(b) Trade payables	0.000	81.792	5.017
(c) Other current liabilities	76.313	2.054	1.460
(d) Short-term provisions	8.675	3.739	1.048
Total Current Liabilities (4)	84.988	87.585	8.001
TOTAL	106.947	105.656	15.305
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.309	0.213	0.050
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	0.309	0.213	0.050
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.606	0.025
(c) Trade receivables	96.266	98.114	11.189
(d) Cash and cash equivalents	2.393	1.103	3.664
(e) Short-term loans and advances	1.109	5.620	0.377
(f) Other current assets	6.870	0.000	0.000
Total Current Assets	106.638	105.443	15.255
TOTAL	106.947	105.656	15.305

PROFIT & LOSS ACCOUNT

	PARTICULARS		Provisional 30.09.2014	31.03.2014	31.03.2013
	SALES
		Income	85.917	196.997	12.253
		Other Income	1.320	0.000	0.000
		TOTAL (A)	87.237	196.997	12.253
Less	EXPENSES
		Cost of Materials Consumed	64.476	0.000	0.000
		Purchase of stock in Trade	0.000	153.150	6.663
		Change in inventories of finished goods	0.000	(0.582)	(0.024)
		Employees benefits expense	0.000	12.089	1.792
		Direct Expenses	12.106	0.000	0.000
		Operating Expenses	5.568	0.000	0.000
		Other expenses	0.000	23.101	2.951
		TOTAL (B)	82.150	187.758	11.382
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5.087	9.239	0.871
Less	FINANCIAL EXPENSES (D)		0.039	0.000	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.048	9.239	0.871
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.000	0.073	0.002
	PROFIT BEFORE TAX (E-F) (G)		5.048	9.166	0.869
Less	TAX (H)		1.560	2.843	0.268
	PROFIT AFTER TAX (G-H) (I)		3.488	6.323	0.601
	Earnings Per Share (Rs.)		-	6.32	0.06

KEY RATIOS

PARTICULARS		Provisional 30.09.2014	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	4.06	3.21	4.90
Operating Profit Margin (PBIDT/Sales)	(%)	5.92	4.69	7.11
Return on Total Assets (PBT/Total Assets}	(%)	4.72	8.68	5.68
Return on Investment (ROI) (PBT/Networth)		0.23	0.51	0.12
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.07
Current Ratio (Current Asset/Current Liability)		1.25	1.20	1.91

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	Provisional 30.09.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	4.000	10.000	11.519
Reserves & Surplus	0.601	6.924	10.412
Share Application money pending allotment	2.699	1.119	0.000
Net worth	7.300	18.043	21.931
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.476	0.000	0.000
Total borrowings	0.476	0.000	0.000
Debt/Equity ratio	0.065	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	Provisional 30.09.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	12.253	196.997	85.917
		1,507.745	(56.387)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	Provisional 30.09.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	12.253	196.997	85.917
Profit	0.601	6.323	3.488
	4.90%	3.21%	4.06%

LOCAL AGENCY FURTHER INFORMATION

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

TRADE REFERENCE:

Company Name:	Consol Neowatt Energy Solution Compant Private Limited
Address:	Survey No. 43/2/3, Mundhwa Road, Mundhawa, Pune – 411036, Maharashtra, India
Person Name:	Mr. Sumesh Nair (Marketing Head)
Tel No.	91-8888780727
Company Name:	NED Energy Limited
Address:	Sy. No. 823 and 827, Medchel Village and Mandal, R.R District – 501401, India
Person Name:	Mr. G. Srinivasan (Vice President)
Tel No.	91-9866614054
Company Name:	VIMFAB Tech India Private Limited
Address:	Survey No. 78/A, Chinna Shivanoor (Village), Cheguta Mandal, Medak, India
Person Name:	Mr. RajiReddy (Managing Director)
Tel No.	91-8790073280
Company Name:	Bharath Electricals,
Address:	24-64, Near Anand Bagh X Road, Malkajgiri, Hyderabad - 500047, Telengana, India
Person Name:	Mr. Keshore
Tel No.	91-9440896630

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10488850	13/03/2014	5,000,000.00	CANARA BANK	Canara Bank, Prashanthi Nagar, Kukatpally, Hyderabad, Andhra Pradesh - 500072, India	C02566859

* Date of charge modification

FIXED ASSETS:

• Computer
• Plant and Equipment
• Furniture and Fixture
• Office Equipment

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.75
UK Pound	1	Rs.98.87
Euro	1	Rs.77.32

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	SMT
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.