MIRA INFORM REPORT

Report No. :	330708
Report Date :	10.07.2015

IDENTIFICATION DETAILS

Name :	JUPITER SOLAR POWER LIMITED
Formerly Known As :	JUPITER NIVS TECHNOLOGIES LIMITED JUPITER NIVS TECHNOLOGIES PRIVATE LIMITED
Registered Office :	“Unnayanam”, 20A, Ashutosh Chowdhury Avenue, Kolkata – 700019, West Bengal
Tel. No.:	91-33-40159000
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	29.07.2006
Com. Reg. No.:	21-111250
Capital Investment / Paid-up Capital :	Rs. 257.755 Million
CIN No.: [Company Identification No.]	U52392WB2006PLC111250
IEC No.:	0206016883
TAN No.: [Tax Deduction & Collection Account No.]	CALJ03701F
PAN No.: [Permanent Account No.]	AABCJ7197H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Supplier of Solar Cell, Solar Panels, Solar Systems, etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 1033000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company incorporated during 2006 having a moderate track record. The rating reflects company moderate financial risk profile marked by low reserves level and huge borrowings recorded by the company. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow. In view of modest financial base, the company can be considered for business dealings with great 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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	CARE
Rating	Long term bank facilities = B
Rating Explanation	High risk of default
Date	25.03.2015

Rating Agency Name	CARE
Rating	Short term bank facilities = A4
Rating Explanation	Minimal degree of safety and carry very high credit risk.
Date	25.03.2015

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 31-03-2013.

LOCATIONS

Registered/ Corporate Office :	“Unnayanam”, 20A, Ashutosh Chowdhury Avenue, Kolkata – 700019, West Bengal, India
Tel. No.:	91-33-40159000
Fax No.:	91-33-40159037
E-Mail :	info@jspl.co.in suredra.gupta@jil-jupter.com cfc@vsnl.com prashant.damani@jil-jupiter.com info@jil-jupiter.com
Website :	http://www.jspl.co.in
Factory:	Village, Katha, Pargana - Dharampur, Tehsil Nalagarh P.O.: Baddi District: Solan - 173 205, Himachal Pradesh, India
Tel. No.:	91-1795-247585

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Sandeep Kumar Sharma

Designation :

Additional director

Address :

Flat No - 104, 1st Floor, 31/5, Benaras Road, Salkia, Howrah - 711106, West Bengal, India

Date of Birth/Age :

19.11.1977

Date of Appointment :

27.03.2015

DIN No.:

02880829

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	Company/ LLP Status	Defaulting status
1	U51109WB2007PTC113623	J.B. MEDICARE PRIVATE LIMITED	Director	17/12/2009	17/12/2009	Active	NO
2	U51109WB2006PTC112098	GOVIND TIE UP PRIVATE LIMITED	Director	04/03/2010	04/03/2010	Amalgamated	NO
3	U63090WB1990PLC048986	PRIME RETAIL INDIA LIMITED	Director	30/09/2014	02/04/2012	Active	NO
4	U51109WB1978PLC031668	JUPITER INTERNATIONAL LIMITED	Additional director	15/03/2014	15/03/2014	Active	NO
5	U52392WB2006PLC111250	JUPITER SOLAR POWER LIMITED	Additional director	27/03/2015	27/03/2015	Active	NO

Name :

Mr. Shrawan Kumar Agarwal

Designation :

Additional director

Address :

10, Dhandevi Khanna Road, 1st Floor, Flat - 7, Kankurgachi, Kolkata - 700054, West Bengal, India

Date of Birth/Age :

12.03.1956

Date of Appointment :

27.03.2015

DIN No.:

07192407

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	Company/ LLP Status	Defaulting status
1	U52392WB2006PLC111250	JUPITER SOLAR POWER LIMITED	Additional director	27/03/2015	27/03/2015	Active	NO
2	U51109WB1978PLC031668	JUPITER INTERNATIONAL LIMITED	Additional director	27/03/2015	27/03/2015	Active	NO

Name :

Mr. Raj Kumar Garodia

Designation :

Director

Address :

Unnayanam, 20 A, Ashutosh Chowdhury Avenue, Kolkata - 700019, West Bengal, India

Date of Birth/Age :

09.01.1940

Qualification :

B COM

Date of Appointment :

29.07.2006

PAN No.:

AGNPG9918L

DIN No.:

00552210

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	U31909WB1982PTC035208	MITCO COMMERCIAL COMPANY PRIVATE LIMITED	Director	01/07/1983	01/07/1983	-	Active	NO
2	U51909WB1992PTC057298	JVINE MERCHANTS PRIVATE LIMITED	Director	01/10/1999	01/10/1999	-	Amalgamated	NO
3	U74140WB1994PTC062774	DAYANIDHI MANGEMENT PRIVATE LIMITED	Director	04/12/2001	04/12/2001	-	Active	NO
4	U51909WB1994PTC066026	STUTI TIE-UP PRIVATE LIMITED	Director	25/01/2002	25/01/2002	-	Active	NO
5	U51109WB1978PLC031668	JUPITER INTERNATIONAL LIMITED	Whole-time director	01/04/2013	09/08/2002	-	Active	NO
6	U52392WB2006PLC111250	JUPITER SOLAR POWER LIMITED	Director	29/07/2006	29/07/2006	-	Active	NO
7	U45400WB2008PTC122807	GURAP INFRAPOWER PRIVATE LIMITED	Director	19/02/2008	19/02/2008	20/06/2012	Active	NO
8	U32106WB2011PTC163042	JUPITER DSTOR INFORMATICS PRIVATE LIMITED	Director	30/09/2013	31/03/2013	-	Active	NO

Name :

Sushila Garodia

Designation :

Director

Address :

Unnayanam, 20 A, Ashutosh Chowdhury Avenue, Kolkata - 700019, West Bengal, India

Date of Birth/Age :

24.04.1946

Date of Appointment :

26.10.207

DIN No.:

00552283

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	U45202WB1985PTC039702	GYAN CONSTRUCTIONS PRIVATE LIMITED	Director	29/03/1994	29/03/1994	-	Amalgamated	NO
2	U52392WB2006PLC111250	JUPITER SOLAR POWER LIMITED	Director	26/10/2007	26/10/2007	-	Active	NO
3	U45400WB2008PTC122807	GURAP INFRAPOWER PRIVATE LIMITED	Director	19/02/2008	19/02/2008	28/03/2013	Active	NO

Name :

Mr. Sudarshan Singh Jamwal

Designation :

Director

Address :

V. Po-Moondhi, Thural, District Kangra, Kangra - 176107, Himachal Pradesh, India

Date of Birth/Age :

10.05.1950

Date of Appointment :

29.09.2012

DIN No.:

05140771

Name :

Mr. Alok Garodia

Designation :

Managing director

Address :

Unnayanam, 20 A, Ashutosh Chowdhury Avenue, Kolkata - 700019, West Bengal, India

Date of Birth/Age :

25.05.1965

Qualification :

B COM, ACA

Date of Appointment :

29.09.2012

PAN No.:

ADXPG7932P

DIN No.:

00081848

KEY EXECUTIVES

Name :	Mr. Prashant Damani
Designation :	Secretary
Address :	6/8 W C Banerjee Street, Kolkata - 700006, West Bengal, India
Date of Birth/Age :	29.09.1982
Date of Appointment :	01.07.2013
PAN No.:	AINPD7873M

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Equity Shareholders	No. of Shares
Alok Garodia	350000
Rajkumar Garodia	350000
Jupiter International Limited, India	4025494
Dayanidhi Management Private Limited, India	1100000
Stuti TIE – UP Private Limited, India	1000000
Jupiter International Limited, India with Alok Garodia	1
Jupiter International Limited, India with Raj Garodia	1
Jupiter International Limited, India with Sush	1
Jupiter International Limited, with Anju	1
Jupiter International Limited with Sang	1
Jupiter International Limited, with Lali	1
Jupiter International Limited, India	1600000
Stuti TIE – UP Private Limited, India	295000
Total	8720500

Names of Preference Shareholders	No. of Shares
Jupiter International Limited, India	1600000
Stuti TIE – UP Private Limited, India	295000
Total	1895000

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	89.74
Directors or relatives of directors	10.26
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of Solar Cell, Solar Panels, Solar Systems, etc.

Products :

ITC Code No.	Product Descriptions
85414011	Solar Cells/Photovoltaic Cells Whethr or Not Assembled In Module/Panel

Brand Names :

--

Agencies Held :

--

Exports :

--

Imports :

--

Terms :

--

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	--
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

Customers :

Reference:	--
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

No. of Employees :

Not Available

Bankers :

Bank Name:	--
Branch:	--
Person Name (with Designation):	--
Contact Number:	--
Name of Account Holder:	--
Account Number:	--
Account Since (Date/ Year of A/c Opening):	--
Average Balance Maintained (Optional):	--
Credit Facilities Enjoyed (CC/OD/Term Loan):	--
Account Operation:	--
Remarks:	--

· Union Bank of India, Industrial Finance Branch, 1/1, Camac Street, 1st Floor, Kolkata - 700016, West Bengal, India

· State Bank of India (Lead Bank), Overseas Branch, Kolkata, Samriddhi Bhawan, Block - A, 1, Strand Road, Kolkata - 700001, West Bengal, India

· Oriental Bank of Commerce

· Corporation Bank

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Rupee term loans from banks	1144.964	1299.654
Loans taken for vehicles	2.322	2.852
SHORT TERM BORROWINGS
Rupee term loans from banks	288.452	230.798
Total	1435.738	1533.304

Banking Relations :	--
Auditors :
Name :	Chhaparia and Associates Chartered Accountants
Address :	8, Camac Stret, 5th Floor, Suit No. 2 and 15, Kolkata – 700017, West Bengal, India
Tel. No.:	91- 33-22824241
Income-tax PAN of auditor or auditor's firm :	AADFC1689C
Associates :	· Dayanidhi Management Private Limited · Stuti Tie-Up Private Limited
Holding Company :	Jupiter International Limited (U51109WB1978PLC031668)

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
9,000,000	Equity Shares	Rs. 10/- each	Rs. 90.000 Million
1,900,000	Preference Shares	Rs. 100/- each	Rs. 190.000 Million
	Total		Rs. 280.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6,825,500	Equity Shares	Rs. 10/- each	Rs. 68.255 Million
1,895,000	Preference Shares	Rs. 100/- each	Rs. 189.500 Million
	Total		Rs. 257.755 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	257.755	257.755	229.755
(b) Reserves & Surplus	103.794	18.194	192.351
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	19.745
Total Shareholders’ Funds (1) + (2)	361.549	275.949	441.851
(3) Non-Current Liabilities
(a) Long-term borrowings	1167.286	1322.506	526.810
(b) Deferred tax liabilities (Net)	(181.521)	48.436	148.903
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	3.922	2.007	1.548
Total Non-current Liabilities (3)	989.687	1372.949	677.261
(4) Current Liabilities
(a) Short term borrowings	288.452	230.798	613.684
(b) Trade payables	124.719	46.187	2.136
(c) Other current liabilities	332.262	209.802	429.126
(d) Short-term provisions	0.111	0.039	0.120
Total Current Liabilities (4)	745.544	486.826	1045.066
TOTAL	2096.780	2135.724	2164.178
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1715.851	1723.700	1856.600
(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	0.145	0.145	0.145
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	3.087	1.092	0.896
(e) Other Non-current assets	1.632	4.095	6.027
Total Non-Current Assets	1720.715	1729.032	1863.668
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	233.089	160.033	201.291
(c) Trade receivables	47.558	116.206	33.908
(d) Cash and cash equivalents	30.885	53.316	6.201
(e) Short-term loans and advances	61.926	75.664	55.768
(f) Other current assets	2.607	1.473	3.342
Total Current Assets	376.065	406.692	300.510
TOTAL	2096.780	2135.724	2164.178

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	847.439	577.807	298.837
		Other Income	29.967	26.944	10.213
		TOTAL (A)	877.406	604.751	309.050
Less	EXPENSES
		Cost of Materials Consumed	701.440	347.514	269.536
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(64.158)	50.056	271.408
		Employees benefits expense	38.918	26.703	25.189
		Exceptional Items	(74.894)	0.000	0.000
		Other expenses	97.078	71.361	131.848
		TOTAL (B)	698.384	495.634	697.981
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		179.022	109.117	(388.931)
Less	FINANCIAL EXPENSES (D)		224.217	241.247	170.227
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(45.195)	(132.130)	(559.158)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		82.937	106.259	67.586
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(128.132)	(238.389)	(626.744)
Less	TAX (H)		(229.958)	(100.660)	144.530
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		101.826	(137.729)	(771.274)
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Manufactured Goods Exported	674.497	460.600	0.000
	IMPORTS
		Raw Materials	633.185	319.294	0.000
		Stores & Spares	17.587	22.719	0.000
	TOTAL IMPORTS		650.772	342.013	0.000
	Earnings/ (Loss) Per Share (Rs.)		15.00	(25.69)	(191.60)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	181.082	118.411	292.288
Cash Generated from Operations	NA	NA	NA
Net Cash Flow from (used in) Operations	299.230	(130.073)	(73.765)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	12.02	(23.84)	(258.09)
Operating Profit Margin (PBDIT/Sales)	(%)	21.13	18.88	(130.15)
Return on Total Assets (PBT/Total Assets}	(%)	(6.11)	(11.16)	(28.96)
Return on Investment (ROI) (PBT/Networth)		(0.35)	(0.86)	(1.42)
Debt Equity Ratio (Total Liability/Networth)		4.53	6.06	3.24
Current Ratio (Current Asset/Current Liability)		0.50	0.84	0.29

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	229.755	257.755	257.755
Reserves & Surplus	192.351	18.194	103.794
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	19.745	0.000	0.000
Net worth	441.851	275.949	361.549
Long-term borrowings	526.810	1322.506	1167.286
Short term borrowings	613.684	230.798	288.452
CURRENT MATURITIES OF LONG-TERM DEBTS	292.288	118.411	181.082
Total borrowings	1432.782	1671.715	1636.820
Debt/Equity ratio	3.243	6.058	4.527

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	298.837	577.807	847.439
		93.352	46.665

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	298.837	577.807	847.439
Profit	(771.274)	(137.729)	101.826
	(258.09%)	(23.84%)	12.02%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	No
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10324872	15/11/2012 *	1,954,100,000.00	STATE BANK OF INDIA (LEAD BANK)	OVERSEAS BRANCH, KOLKATA, SAMRIDDHI BHAWAN, BLOCK - A, 1, STRAND ROAD, KOLKATA - 70000  1, WEST BENGAL, INDIA	B63789010
2	10248142	08/11/2010	20,000,000.00	ORIENTAL BANK OF COMMERCE	OVERSEAS BRANCH, (LORD'S BUILDING), 7/1, LORD SINHA ROAD, (GROUND FLOOR), KOLKATA - 700071, WEST BENGAL, INDIA	A98211204
3	10220823	21/04/2011 *	892,100,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, KOLKATA, SAMRIDDHI BHAWAN, BLOCK - A, 1, STRAND ROAD, KOLKATA - 700001, WEST BENGAL, INDIA	B12548830
4	10172502	15/11/2012 *	451,900,000.00	STATE BANK OF INDIA (LEAD BANK)	OVERSEAS BRANCH, KOLKATA, SAMRIDDHI BHAVAN, BLOCK - A, 1,STRAND ROAD, KOLKATA - 700001 , WEST BENGAL, INDIA	B63774673
5	10170624	15/11/2012 *	1,502,200,000.00	STATE BANK OF INDIA (LEAD BANK)	OVERSEAS BRANCH, KOLKATA, SAMRIDDHI BHAVAN, BLOCK  - A, 1,STRAND ROAD, KOLKATA, WEST BENGAL - 700001  , INDIA	B63781751
6	10119112	20/06/2011 *	339,000,000.00	CORPORATION BANK	DHARAMTOLLA BRANCH, 8, LENIN SARANI, KOLKATA - 700013, WEST BENGAL, INDIA	B16418451
7	10112879	10/06/2008	637,500,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, SAMRIDDHI BHAVAN, BLOCK-A,1, ST  RAND ROAD, KOLKATA - 700001, WEST BENGAL, INDIA	A42030791
8	10142688	07/06/2008	240,000,000.00	ORIENTAL BANK OF COMMERCE	OVERSEAS BRANCH, (LORD'S BUILDING), 7/1, LORD SINHA ROAD, (GROUND FLOOR), KOLKATA - 700071, WEST BENGAL, INDIA	A53897567
9	10109800	25/06/2010 *	440,000,000.00	UNION BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, 1/1, CAMAC STREET, 1ST FLOOR, KOLKATA - 700016, WEST BENGAL, INDIA	A89628192

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Loans and advances from directors	20.000	20.000
Total	20.000	20.000

FUTURE OUTLOOK

PV cells industry in India and across the globe depends on solar power market and in India. The solar power market comprises of 2 segments i.e. “on” “grid” and “off” “grid”

Globally, the solar PV market had installations of more than 17,000 MW in 2010 recording a growth of more than 130 percent over 2009. India’s share is at around 1 percent of total installed capacity which is very low at present.

Key demand driving countries are Spain, Germany, South Korea, Italy, Japan and United States.

In India, a very low per-capita consumption of electric power to the world average presents a significant potential for sustainable growth in the demand for electric power in India

Off-grid segments are led by widespread rural electrification programs, street lighting and remote banking/ATM projects, as well as industrial applications such as solar-powered telecom base stations, railway signaling and defense monitoring in border area

Key demand driver in solar power markets are as follows:

Constant depletion of conventional energy sources is leading to increase in demand for non-conventional energy

Sources

Various incentives provided by central and state government to achieve the grid parity\

Pollution less clean energy source

Tax benefits for 10 years if plant generates power before March, 2012

Indian Government has adopted the JNNSM, the Solar Mission to execute from 2011 to 2022. There are three phases. Phase 1, the remaining 4 years of the 12th Plan (i.e., 2013-2017) as Phase 2 and the 13th Plan (2017-2022) as Phase 3 to achieve the 20,000 MW installations

Domestic content mandate - The Phase 1(2) of the JNSM which commenced from Feb 2012 has been mandated to have Indian made Solar Cells and Modules. This phase will cover 350MW installations and the MNRE has received expressions of Interests for 2500MW.

JNNSM has targeted to ramp up capacity of grid-connected solar power generation to 1,000 MW within three years by 2013, an additional 3000 MW by 2017 through the mandatory use of the renewable purchase obligation by utilities backed with a preferential tariff.

JNNSM also targets to promote programmers for off grid applications, reaching 1,000 MW by 2017 and 2,000 MW by 2022.

This has enabled the domestic demand to expand substantially and has allowed the Company to 100% capacity utilization from 2012 onwards.

FIXED ASSETS:

· Land

· Buildings

· Plant and Equipment

· Factory Equipment’s

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipment

· Computer Equipment’s

· Other Equipment’s

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.63.57
UK Pound	1	Rs.97.85
Euro	1	Rs.70.50

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	ARC

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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		26

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.