MIRA INFORM REPORT

Report No. :	313280
Report Date :	24.03.2015

IDENTIFICATION DETAILS

Name :	MAS SOLAR SYSTEMS PRIVATE LIMITED

Registered Office :	Shed No. 153, SIDCO Industrial Estate, Malumichampatti, Coimbatore – 641021, Tamilnadu

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	05.08.2010

Com. Reg. No.:	18-016269

Capital Investment / Paid-up Capital :	Rs. 7.500 Million

CIN No.: [Company Identification No.]	U40106TZ2010PTC016269

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AAGCM6893G

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Solar Products.

No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Status :	Small Business

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is a small company in its field. Its scale of activities are limited. Trade relations are fair. Business is active. Payment terms are reported as slow but correct. The company can be considered for small business dealings at usual 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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

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 DECLINED BY

Name :	Ms. Bhuvaneshwari
Designation :	Services Department
Contact No.:	91-9585556509
Date :	20.03.2015

LOCATIONS

Registered Office :	Shed No. 153, SIDCO Industrial Estate, Malumichampatti, Coimbatore – 641021, Tamilnadu, India
Tel. No.:	91-422-2655995/2655996
Mobile No.:	91-9585556509 (Ms. Bhuvaneshwari)
Fax No.:	91-422-2655997
E-Mail :	canagarajut@gmail.com marketing@massolarsystem.com

Factory:	149, SIDCO Industrial Estate, Malumichampatti Post, Coimbatore – 641021, Tamilnadu, India

DIRECTORS

As on 29.09.2014

Name :

Mr. Palanisamy Anbazhagan

Designation :

Managing director

Address :

9/26, TVK Street, Edayarpalayam, Kuniamuthur, Coimbatore – 641008, Tamilnadu, India

Date of Birth/Age :

16.08.1968

Date of Appointment :

05.08.2010

DIN No.:

01893658

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	U29261TZ2005PTC011986	MAG SOLVICS PRIVATE LIMITED	Whole-time director	30-11-07	30-11-07	04-06-10	Active	NO
2	U40106TZ2010PTC016269	MAS SOLAR SYSTEMS PRIVATE LIMITED	Managing director	05-08-10	05-08-10	-	Active	NO
3	U27106TZ2011PTC017532	SAN PRECISION ALLOYS PRIVATE LIMITED	Managing director	28-10-11	28-10-11	10-01-14	Active	NO

Name :

Mr. Kuppuraj Suganthi

Designation :

Whole-time director

Address :

No.78G, Mariamman Kovil, 3^rd Street, Kunimuthur, Coimbatore – 641008, Tamilnadu, India

Date of Birth/Age :

05.08.2010

Date of Appointment :

15.12.2013

DIN No.:

06906063

Name :

Mr. Cinnamaragounder Palanisamy

Designation :

Director

Address :

26, Thiruvika Street, Edayarpalayam, Kuniamuthur, Coimbatore – 641108, Tamilnadu, India

Date of Birth/Age :

03.03.1939

Date of Appointment :

05.08.2010

DIN No.:

00811594

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	U29261TZ2005PTC011986	MAG SOLVICS PRIVATE LIMITED	Director	03-04-06	03-04-06	04-06-10	Active	NO
2	U40106TZ2010PTC016269	MAS SOLAR SYSTEMS PRIVATE LIMITED	Director	05-08-10	05-08-10	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Bhuvaneshwari
Designation :	Services Department

Name :	S Muthu Raju
Designation :	Company Secretary
Address:	35, II nd Floor, North Masi Street, Madurai - 625001, Tamilnadu, India
Qualification:	Bsc, FCA, ACS
Tel No.:	91-452-4506069
Mobile No.:	91-9994103021
Email:	smrajunaidu@gmail.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2014

Names of Shareholders	No. of Shares	%age holding
Palanisamy Anbazhagan	513000	68.40
Cihhanaragounder Palanisamy	83000	11.07
Kuppuraj Suganthi	124000	16.53
Pappathi	30000	4.00
Total	750000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Solar Products.

Products :	Solar Products

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

Exports :	Not Divulged

Imports :	Not Divulged

Terms :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Andavar Trading Company
Balaji Sales
Comtek Urja Power Solutions
Eipar Engineering
Electronet Systems
E Logix
Emmvee Photovoltaic Power Private Limited
Finetech Surface Coating
Focusun Energy Systems
Global Print Pack
IPRISM
L S Switch Gears
Metal Supply Corporation

Customers :

Feel Free Foundation
Jagadeeswaran Enterprises
Prabha Traders
Saras Constructions
Sindhya Plastic
Sivakumar A.R
Sri Kaliamman Temple
Star Solar Products(Dep)
Larsen and Toubro Limited
Lakshmi Electrical Control Systems Limited
JMS Industries
Best Heat Treatment
RM Group of Companies
Best City Promoters
Gowdham Industries
GEM Telergon Switchgears Private Limited
Christ the King Polytechnic College
SVS Educational Institutions
Thiruvannamalai Municipality
Forest Department, Sathyamangalam
Sri Balaji and Company
Kattumannar Koil Panchayat Union
Kurinchi Pharmacies Private Limited
Argo Hytos Private Limited
Hologens Industries Private Limited

No. of Employees :

Information declined by the management

Bankers :

Indian Overseas Bank, Kurichi Branch, 91 SIDCO Industrial Estate, Coimbatore - 641021, Tamil Nadu, India
State Bank of India, Coimbatore, Tamil Nadu, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long -term borrowings
Indian Overseas Bank – Term loan	0.821	1.000
Short-term borrowings
Indian Overseas Bank	3.493	3.583
Total	3.493	3.583


Banking Relations :	--

Auditors :
Name :	T.Nagaraju Chartered Accountants
Address :	New No - 14, Kondasamy Layout, Near Masakalipalayam Road, Peelamedu, Coimbatore – 641004, Tamil Nadu, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAHPN4584B

Memberships :	--

Collaborators :	--

Associates/Subsidiaries :	--

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

750000	Equity Shares	Rs.10/- each	Rs. 7.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

750000	Equity Shares	Rs.10/- each	Rs. 7.500 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	7.500	3.930	3.930
(b) Reserves & Surplus	1.036	0.456	0.148
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	4.770	1.470
Total Shareholders’ Funds (1) + (2)	8.536	9.156	5.548

(3) Non-Current Liabilities
(a) long-term borrowings	5.621	1.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	5.621	1.000	0.000

(4) Current Liabilities
(a) Short term borrowings	3.493	3.583	0.000
(b) Trade payables	26.039	1.741	0.517
(c) Other current liabilities	2.011	3.546	0.495
(d) Short-term provisions	2.373	0.184	0.126
Total Current Liabilities (4)	33.916	9.054	1.138

TOTAL	48.073	19.210	6.686

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4.518	4.848	3.378
(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	4.518	4.848	3.378

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.739	3.864	1.057
(c) Trade receivables	42.458	6.068	1.213
(d) Cash and cash equivalents	0.073	0.323	0.262
(e) Short-term loans and advances	0.285	4.096	0.776
(f) Other current assets	0.000	0.011	0.000
Total Current Assets	43.555	14.362	3.308

TOTAL	48.073	19.210	6.686

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	54.724	22.529	6.666
	Other Income	0.009	0.000	NA
	TOTAL (A)	54.733	22.529	NA

Less	EXPENSES
	Cost of Materials Consumed	40.965	12.950
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	1.180	(1.475)
	Employees benefits expense	3.333	3.199
	Other expenses	7.891	7.038
	TOTAL (B)	53.369	21.712	NA

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	1.364	0.817

Less	FINANCIAL EXPENSES (D)	0.000	0.000

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	1.364	0.817	NA

Less/ Add	DEPRECIATION/ AMORTISATION (F)	0.536	0.434

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	0.828	0.383

Less	TAX (I)	0.249	0.075

	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	0.579	0.308	0.143

	Earnings / (Loss) Per Share (Rs.)	0.77	0.78	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.06	1.37	2.15

Operating Profit Margin (PBIDT/Sales)	(%)	2.49	3.63	NA

Return on Total Assets (PBT/Total Assets}	(%)	1.72	1.99	NA

Return on Investment (ROI) (PBT/Networth)		0.10	0.04	NA

Debt Equity Ratio (Total Debt /Networth)		1.07	0.50	0.00

Current Ratio (Current Asset/Current Liability)		1.28	1.59	2.91

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	3.930	3.930	7.500
Reserves & Surplus	0.148	0.456	1.036
Share Application money pending allotment	1.470	4.770	0.000
Net worth	5.548	9.156	8.536

long-term borrowings	0.000	1.000	5.621
Short term borrowings	0.000	3.583	3.493
Total borrowings	0.000	4.583	9.114
Debt/Equity ratio	0.000	0.501	1.068

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	6.666	22.529	54.724
		237.969	142.905

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	6.666	22.529	54.724
Profit	0.143	0.308	0.579
	2.15%	1.37%	1.06%

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	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	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	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	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	No

UNSECURED LOAN

Particulars	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long -term borrowings
Palanisamy Anbazhagan	3.800	0.000
Cinnamaragounder Palanisamy	0.400	0.000
Kuppuraj Suganthi	0.600	0.00
Total	4.800	0.000

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10354505	18/02/2013 *	5,000,000.00	INDIAN OVERSEAS BANK	KURICHI BRANCH, 91 SIDCO INDUSTRIAL ESTATE, COIMB ATORE, TAMIL NADU - 641021, INDIA	B72669666

* Date of charge modification

FIXED ASSETS

Land
Building
Plant and Machinery
Furniture and Fittings
Computer and Accessories

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.62.29
UK Pound	1	Rs.93.02
Euro	1	Rs.67.36

INFORMATION DETAILS

Information Gathered by :	DIP

Analysis Done by :	SUB

Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--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		32

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.

MIRA INFORM REPORT

INDEX OF CHARGES

Unit