MIRA INFORM REPORT

Report Date :

07.02.2014

IDENTIFICATION DETAILS

Name :	NUEVOSOL ENERGY PRIVATE LIMITED
Registered Office :	Plot No.409, Ground Floor, Maps Towers, Road No.81, Phase-3, Jubilee Hills, Hyderabad – 500033, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	14.09.2011
Com. Reg. No.:	01-076517
Capital Investment / Paid-up Capital :	Rs.10.774 Millions
CIN No.: [Company Identification No.]	U74200AP2011PTC076517
TAN No.: [Tax Deduction & Collection Account No.]	HYDN04608C
Legal Form :	Private Limited Liability Company
Line of Business :	Providing solutions for Mounting Systems like Solar Panel Mounting Structure, Ground Mount Structure, Solar Racking System etc.
No. of Employees :	105 (Approximately)

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 250000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The rating takes into consideration modest net-worth of the company and also it depends on outside funding to execute its order to achieve its order to achieve the turnover targets. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered normal 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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 services sector, the largest contributor to India’s GDP, contracted for the sixth consecutive month in December, as orders dipped. However, hiring has risen.  Direct tax collections rose 12.3 % during the April – December period of the current financial year.  The government has decided to retain 100 per cent foreign direct investment in both greenfield (new) and brown field (existing) pharmaceutical companies, despite concerns over genetic drugs going out of production, if multi-national companies take over domestic ones. In M&A deals, a non compete clause would not be allowed, except in special circumstances. The Department of Industrial Policy and Promotion plans to release the next edition of its consolidated foreign direct investment policy document on March 31, incorporating changes made in the past year. DIPP compiles all policies related to India’s FDI regime into a single document to make it easy for investors to understand. 185 million estimated number of mobile internet users in India by June 2014, according to a report by the Internet & Mobile Association of India and IMRB International.  India had 110 million mobile internet users with 25 million in rural areas. $3.77 tn estimated global IT spending in 2014, according to research firm Gartner Inc. The growth forecast for this year is cut to 3.1 %from the earlier estimate of 3.5 %. The spending growth forecast for telecom services – a segment that accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per cent is the main reason for this overall IT cut. A Reserve Bank of India committee has recommended setting up a special category of lenders who would cater to small businesses and households, to expand the number of customers with access to banking services. These banks would focus onproviding payment services and deposit products.  Indian banks want the free use of automated teller machines to be capped at five transactions in a month including that of the bank in which the account is active. This follows state government order to banks to install security guards at ATM booths after a woman banker was assaulted in Bangalore. The government is likely to present a vote on Account in mid-February. The annual Economic Survey will be tabled later in Parliament along with the full Budget. A full Budget for 2014/15 is likely to be present in July by the new government formed after the General Election. The government will soon launch an internet spy system, called Netra, to detect malafide messages. Security agency will deploy the system to capture dubious voice traffic on applications such as Skype and Google Talk, as well as tweeters.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	BB (Cash Credit)
Rating Explanation	Have moderate risk of default.
Date	September 2013

Rating Agency Name	ICRA
Rating	A4 (Letter of Credit)
Rating Explanation	Have minimal degree of safety and carry very high credit risk.
Date	September 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.

INFORMATION PARTED BY

Name :	Mr. Ramana Swamy
Designation :	Finance Executive
Contact No.:	91-40-64644777
Date :	06.02.2014

LOCATIONS

Registered Office :	Plot No.409, Ground Floor, Maps Towers, Road No.81, Phase-3, Jubilee Hills, Hyderabad – 500033, Andhra Pradesh, India
Tel. No.:	91-40-23551006/ 64644777/ 23592222
Fax No.:	91-40-64644777
E-Mail :	parclients@gmail.com info@nuevo-sol.com ramanaswamy@nuevo-sol.com
Website :	http://www.nuevosol.co.in
Location :	Owned

DIRECTORS

As on: 30.09.2013

Name :	Mr. Harish Chowdary Krothapalli
Designation :	Director
Address :	8-9-293/F/16, Jubilee Hills, Jawahar Nagar, Hyderabad – 500033, Andhra Pradesh, India
Date of Birth/Age :	29.06.1987
Date of Appointment :	14.09.2011
DIN No.:	03586316
Name :	Mr. Srinivas Rao Maganti
Designation :	Director
Address :	8-3-833/8, Phase-1, Srinagar Colony, Hyderabad – 500073, Andhra Pradesh, India
Date of Birth/Age :	22.02.1988
Date of Appointment :	14.09.2011
DIN No.:	03586329
Name :	Mr. Sriram Dasari
Designation :	Director
Address :	R. No. 542, Tamraparani Hostel, IIT Madras, Chennai – 600036, Tamilnadu, India
Date of Birth/Age :	18.07.1986
Date of Appointment :	14.09.2011
DIN No.:	03586333
Name :	Mr. Himamsu Popuri
Designation :	Director
Address :	11-2-51, Balagi Nagar, Chammam, Hyderabad – 507001, Andhra Pradesh, India
Date of Birth/Age :	29.06.1987
Date of Appointment :	14.09.2011
DIN No.:	03586407
Name :	Mr. Nikhilbabu Pachipulusu
Designation :	Director
Address :	Room No. 457, Godavari Hostel IIT Madras, Chennai – 600036, Tamilnadu, India
Date of Birth/Age :	24.03.1987
Date of Appointment :	14.09.2011
DIN No.:	03608397

KEY EXECUTIVES

Name :	Mr. Ramana Swamy
Designation :	Finance Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares
Sriram Dasari	215485
Himamsu Popuri	215485
Harish Chowdary Krothapalli	215485
Srinivas Rao Maganti	215485
Nikhilbabu Pachipulusu	215485
Total	1077425

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Providing solutions for Mounting Systems like Solar Panel Mounting Structure, Ground Mount Structure, Solar Racking System etc.
Imports :
Products :	Machinery
Countries :	Germany
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

Pennar Industries Limited

Customers :

End Users and OEM’s

· Tata Power solutions Limited

No. of Employees :

105 (Approximately)

Bankers :

State Bank of Hyderabad, Sanathnagar Branch, Sanathnagar Industrial Estate, Hyderabad - 500018, Andhra Pradesh, India

Facilities :

Cash Credit Rs.20.000 Millions (From State Bank of Hyderabad)

(Rs. In Millions)

Secured Loan	As on 31.03.2013
LONG-TERM BORROWINGS
Vehicle loan (Refer Notes below) -Others	0.329
SHORT-TERM BORROWINGS
Loans repayable on demand
From Bank	10.778
Total	11.107

Notes:

(i) Current maturities of Long-term borrowings have been disclosed under the head "Other current liabilities"

ii) Vehicle loans are secured by hypothecation of the vehicles financed through the lam arrangements. Such loans are repayable in equal monthly installments over a period of 2 years and carry an interest rate of 13.29% p.a.

Secured by way of first charge on all merit assets and fixed assets of the company, existing and future, equitable mortgage of personal properties of directors and their relatives and personal guarantees of all the directors.

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	1-8-384 and 385, 3rd Floor, Gowra Ground, S. P. Road, Begumpet, Secunderabad – 500003, Andhra Pradesh, India
Tel. No.:	91-40-40312600
Fax No.:	91-40-40312714
PAN No.:	AACFD3771O
Enterprise where key managerial personal along with their relatives exercise significant influence :	Ilios Private Limited

CAPITAL STRUCTURE

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1077425	Equity Shares	Rs.10/- each	Rs.10.774 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	10.774	0.100
(b) Reserves & Surplus	28.895	6.637
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	1.000
Total Shareholders’ Funds (1) + (2)	39.669	7.737
(3) Non-Current Liabilities
(a) long-term borrowings	0.329	0.000
(b) Deferred tax liabilities (Net)	0.000	0.017
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	1.052	0.000
Total Non-current Liabilities (3)	1.381	0.017
(4) Current Liabilities
(a) Short term borrowings	10.778	0.000
(b) Trade payables	148.805	24.595
(c) Other current liabilities	11.580	5.046
(d) Short-term provisions	9.629	2.378
Total Current Liabilities (4)	180.792	32.019
TOTAL	221.842	39.773
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4.317	0.858
(ii) Intangible Assets	0.440	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.342	0.000
(d) Long-term Loan and Advances	1.191	0.060
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	6.290	0.918
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	6.745	0.000
(c) Trade receivables	186.498	29.073
(d) Cash and cash equivalents	17.121	6.467
(e) Short-term loans and advances	5.037	3.263
(f) Other current assets	0.151	0.052
Total Current Assets	215.552	38.855
TOTAL	221.842	39.773

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012
	SALES
		Revenue from operations	715.703	173.275
		Other Income	NA	0.075
		TOTAL (A)	NA	173.350
Less	EXPENSES
		Material consumed		16.774
		Employee benefits		6.575
		Other Expenses		139.570
		TOTAL (B)	NA	162.919
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		39.556	10.431
Less	FINANCIAL EXPENSES (D)		5.024	0.286
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		34.532	10.145
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.714	0.066
	PROFIT BEFORE TAX (E-F) (G)		33.818	10.079
Less	TAX (H)		11.561	3.441
	PROFIT AFTER TAX (G-H) (I)		22.257	6.638
	Earnings Per Share (Rs.)		78.12	663.76

Expected Sales (2013-2014): Rs.1200.000 Millions

The above information has been parted by Mr. Ramana Swamy

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012
PAT / Total Income	(%)	NA	3.83
Net Profit Margin (PBT/Sales)	(%)	4.73	5.82
Return on Total Assets (PBT/Total Assets}	(%)	15.27	25.34
Return on Investment (ROI) (PBT/Networth)		0.85	1.30
Debt Equity Ratio (Total Debt/Networth)		0.28	0.00
Current Ratio (Current Asset/Current Liability)		1.19	1.21

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
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)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

Note:

The registered office of the company has been shifted from D. No. 8-3-833/15, F No. 353, Plot No. 15, Kamalapuri Colony, Sri Nagar Colony Post, Hyderabad – 500073, Andhra Pradesh, India to the present w.e.f.21.07.2012

CONTINGENT LIABILITIES:

(Rs. In Millions)

Particular	31.03.2013
Claims against the company not acknowledged as debts
Value Added Tax matters under dispute	0.267

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10389845	21/12/2012 *	140,000,000.00	STATE BANK OF HYDERABAD	SANATH NAGAR BRANCH, SANATH NAGAR INDUSTRIAL ESTATE, HYDERABAD, ANDHRA PRADESH - 500018, INDIA	B65816142

* Date of charge modification

TRADE REFERENCES

· Pennar Industries Limited

· Tata Power solutions Limited

FIXED ASSETS:

Tangible Assets

· Building

· Plant and Machinery

· Computers

· Furniture and Fixtures

· Office Equipment

· Vehicle

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 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 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.62.50
UK Pound	1	Rs.101.92
Euro	1	Rs.84.50

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	VRN

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	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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.