MIRA INFORM REPORT

Report No. :	343617
Report Date :	06.10.2015

IDENTIFICATION DETAILS

Name :	SURANA SOLAR LIMITED

Formerly Known As :	SURANA VENTURES LIMITED

Registered Office :	5th Floor, Surya Towers, Sardar Patel Road, Secunderabad – 500003, Telangana
Tel. No.:	91-40-27845119

Country :	India

Financials (as on) :	31.03.2015

Date of Incorporation :	08.11.2006

Com. Reg. No.:	36-051566

Capital Investment / Paid-up Capital :	Rs.246.033 Million

CIN No.: [Company Identification No.]	L45200TG2006PLC051566

IEC No.:	Not Available

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

PAN No.: [Permanent Account No.]	Not Available

Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges

Line of Business :	Subject is engaged in manufacturing of Solar Photovoltaic PV Modules like PV modules, solar lighting and lanterns, and solar projects.

No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory

Payment Behaviour :	As per commitment

Litigation :	Clear

Comments :	Subject is a well-established company incorporated during the year 2006. It has satisfactory track. For the financial year ended 2015, the company has healthy operational activity marked by profitability margin of 6.7%with decent sales turnover. The company has good liquidity profile and healthy reserves position along with low borrowings taken by the company. Trade relations are reported as fair. Business is active. Payments are not met as per commitment, as gathered. In view of healthy financial base, the company can be considered for 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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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	ICRA
Rating	Long term fund based limits : BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	February, 2015

Rating Agency Name	ICRA
Rating	Short term fund based limits : A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	February, 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 31-03-2015.

LOCATIONS

Registered Office :	5th Floor, Surya Towers, Sardar Patel Road, Secunderabad – 500003, Telangana, India
Tel. No.:	91-40-27845119 / 27841198 / 44665750
Fax No.:	91-40 27848851
E-Mail :	solar@surana.com surana@surana.com investorservices_svl@surana.com
Website :	http://www.surana.com http://www.suranaventures.com

Solar Photovoltaic Division
Factory 1:	Plot No 212/3, Phase II, I.D.A., Cherlapally, Hyderabad – 500 051, Telangana, India

Factory 2:	Plot No.21, Ravirayal (Village),Maheswaram (Mandal), Rangareddy (District), Fabcity, Hyderabad, Telangana, India

Factory 3:	Plot No. 12, Rasoolpura, Secunderabad – 500 003, Telangana, India

Non- Conventional Energy (Wind)

Factory 4:	Kaladhon Village, Khatav Taluka, Satara District, Maharashtra, India

Factory 5	Puliyur Village, Tenkasi Taluk, Tirunelveli District, Tamilnadu, India

DIRECTORS

AS ON 31.03.2015

Name :	G M Surana
Designation :	Chairman

Name :	Narender Surana
Designation :	Managing Director

Name :	O Swaminatha Reddy
Designation :	Director

Name :	R Surender Reddy
Designation :	Director

Name :	S R Vijayakar
Designation :	Director

Name :	Dr. R. N. Sreenath
Designation :	Director

Name :	Devendra Surana
Designation :	Executive Director

Name :	Manish Surana
Designation :	Executive Director

Name :	Nirmal Kumar Jain
Designation :	Director

Name :	Ramaiah Alapakam
Designation :	Whole-Time Director

KEY EXECUTIVES

STATUTORY COMMITTEES

AUDIT COMMITTEE
Name :	O Swaminatha Reddy
Designation :	Chairman

Name :	G M Surana
Designation :	Member

Name :	R Surender Reddy
Designation :	Member

Name :	S R Vijayakar
Designation :	Member

Name :	Dr. R. N. Sreenath
Designation :	Member

STAKEHOLDERS RELATIONSHIP COMMITTEE

Name :	G M Surana
Designation :	Chairman

Name :	Narender Surana
Designation :	Member

Name :	Devendra Surana
Designation :	Member

NOMINATION AND REMUNERATION COMMITTEE:

Name :	R Surender Reddy
Designation :	Chairman

Name :	O Swaminatha Reddy
Designation :	Member

Name :	S R Vijayakar
Designation :	Member

Name :	Badarish H Chimalgi
Designation :	Company Secretary

Name :	Mr. Laxman Rao
Designation :	Accounts Department

RISK MANAGEMENT COMMITTEE:
Name :	Narender Surana
Designation :	Chairman

Name :	Devendra Surana
Designation :	Member

Name :	Manish Surana
Designation :	Member

CSR COMMITTEE:
Name :	Narender Surana
Designation :	Chairman

Name :	Devendra Surana
Designation :	Member

Name :	Dr. R. N. Sreenath
Designation :	Member

Name :	Badarish H Chimalgi
Designation :	Company Secretary

SHAREHOLDING PATTERN

AS ON 30.06.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	16321686	33.17
Bodies Corporate	20579588	41.82
Sub Total	36901274	74.99
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	36901274	74.99
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	21300	0.04
Financial Institutions / Banks	6300	0.01
Foreign Institutional Investors	283250	0.58
Sub Total	310850	0.63
(2) Non-Institutions
Bodies Corporate	1428349	2.90
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	5954747	12.10
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	3329361	6.77
Any Others (Specify)	1282019	2.61
Clearing Members	93398	0.19
Non Resident Indians	1100871	2.24
Overseas Corporate Bodies	87750	0.18
Sub Total	11994476	24.38
Total Public shareholding (B)	12305326	25.01
Total (A)+(B)	49206600	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	49206600	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in manufacturing of Solar Photovoltaic PV Modules like PV modules, solar lighting and lanterns, and solar projects.

Products :	Solar Photovoltaic PV Modules Like PV Modules Solar Lighting and Lanterns Solar Projects

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Available

Imports :	Not Available

Terms :	Not Available

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Maximum Limit Dealt :	Not Available
Experience :	Not Available
Remark:	Not Available

Customers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Maximum Limit Dealt :	Not Available
Experience :	Not Available
Remark:	Not Available

No. of Employees :

Information declined by the management

Bankers :

Corporation Bank, D.No.1-2-235, G and H, Park Lane, M G Road, Secunderabad - 500003, Telangana, India

Bank Of India, 10-1-1199/2, 1st Floor, P.T.I. Building, A.C., Guards, Hyderabad-500004., Telangana, India

Banker Name	Indian Overseas Bank
Branch Address	1-2-61 and 62, Parklane, Secunderabad - 500003, Telangana, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWINGS
Buyers credit from bank	0.000	63.183
Car loan from bank	6.624	2.089
SHORT TERM BORROWINGS
Cash credit from bank	26.601	68.861
Buyers credit from bank	509.807	185.417
Total	543.032	319.550

Notes:

LONG TERM BORROWINGS:

Buyer’s credit from banks:

(i) Buyer's credit from Scheduled Banks is secured by hypothecation of stock, trade receivables and first pari-passu charge on specific fixed assets of the company. Further, it has been guaranteed by the Managing Director and Director. Accordingly due within a Year is Rs.509.806 Million which is classified under short term borrowings.

Car loan from bank / Financial Institutions:

Car loan from HDFC Bank Ltd is secured against hyphotication of car. The loan was taken during the fi nancial year 2012-13 and is repayable in monthly installment of Rs.0.131 Million- each. Accordingly due within a year is Rs.1.451 Million which is clasified under current liabilities.

Car loan from Kotak Mahindra Prime Limited is secured against hyphotication of car. The loan was taken during the financial year 2013-14 and is repayable in monthly installment of Rs.0.032 Million each. Accordingly due within a year is ` 384,000/- which is classified under current liabilities.

Car loan from Daimler Financial Services India Private Limited is secured against hyphotication of car. The loan was taken during the financial year 2014-15 and is repayable in monthly installment of Rs.0.353 Million each. Accordingly due within a year is ` 4,245,120/- which is classified under current liabilities

SHORT TERM BORROWINGS:

Cash credit:

a) Cash credit from Scheduled Banks is secured by hypothecation of stock, trade receivables and first pari-passu charge on specific fixed assets of the company. Further, it has been guaranteed by the Managing Director and Director.

b) Buyer's credit from scheduled banks due within a year is classified as short term borrowings

STATUTORY AUDITORS:
Name :	M/s. Sekhar and company Chartered Accountants
Address :	133/4, R. P. Road, Secunderabad – 500 003, Telangana, India

INTERNAL AUDITORS
Name :	M/s. Luharuka and Associates Chartered Accountants
Address :	5-4-187/3 and 4, Soham Mansion, 2nd Floor, Above Bank of Baroda, M G Road, Secunderabad - 500003, Telangana, India

COST AUDITORS
Name :	M/s. BVR and Associates Chartered Accountants
Address :	H.No. 6-3-628/3, Flat No. 101, R.V. Naipunya Apartments. Anand Nagar Colony, Khairatabad, Hyderabad – 500004, Telangana, India

SECRETARIAL AUDITOR:
Name :	M/S. Rakhi Agarwal and Associates Chartered Accountants
Address :	A-10, Janata HSC. Society, Opposite Pantaloons, Shyamlal Building, Begumpet, Hyderabad -500016, Telangana, India

Memberships :	Not Available

Collaborators :	Not Available

Related parties where significant influence exists and with whom transactions have not taken place during the year:	Bhagyanagar India Limited Surana Telecom and Power Limited Solar Dynamics Private Limited Surana Solar Systems Private Limited Green Energy Systems Private Limited Bhagyanagar Securities Private Limited Bhagyanagar Green Energy Limited Bhagyanagar Energy andTelecom Private Limited

Associate Company:	Solar World Exchange Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount

100000000	Equity Shares	Rs.10/- each	Rs.500.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

49206600	Equity Shares	Rs.10/- each	Rs.246.033 Million

Reconciliation of shares outstanding at the beginning & at the end of the Reporting Period

Particulars	No. of Shares	Amount
At the beginning of the year	24603300	Rs.246.033 Million
outstanding at the end of the year	24603300	Rs.246.033 Million

(a) There were no Bonus issues, forefieted shares and buy back of shares in last five years

(b) During the year, the Equity Shares of Rs. 10/- each were sub-divided into Equtiy Shares of Rs. 5/- each, due to which there is an increase in no. of shares.

(c) Issued, subscribed and paid-up capital Equity shareholder holding more than 5% of equity shares along with the number of equity shares held is as given below

Name of the shareholder	As at March 2015
	%	No of shares
Bhagyanagar India Limited	23.52	11575892
Surana Telecom and Power Limited	17.92	8820000
Narender Surana	10.96	5393500
Devendra Surana	9.26	4559216

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	246.033	246.033	246.033
(b) Reserves & Surplus	232.481	177.755	176.190
(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)	478.514	423.788	422.223

(3) Non-Current Liabilities
(a) long-term borrowings	6.624	161.398	176.383
(b) Deferred tax liabilities (Net)	8.187	6.987	6.819
(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)	14.811	168.385	183.202

(4) Current Liabilities
(a) Short term borrowings	649.091	254.278	114.743
(b) Trade payables	21.278	68.169	172.363
(c) Other current liabilities	65.211	80.634	26.577
(d) Short-term provisions	29.678	28.885	28.935
Total Current Liabilities (4)	765.258	431.966	342.618

TOTAL	1258.583	1024.139	948.043

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	295.545	306.368	313.232
(ii) Intangible Assets	0.105	0.734	8.853
(iii) Capital work-in-progress	118.516	136.251	114.649
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.200	0.200	0.300
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	5.998	1.905	16.683
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	420.364	445.458	453.717

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	599.809	352.741	300.687
(c) Trade receivables	105.124	130.952	94.498
(d) Cash and cash equivalents	74.069	56.100	51.027
(e) Short-term loans and advances	59.217	38.888	43.021
(f) Other current assets	0.000	0.000	5.093
Total Current Assets	838.219	578.681	494.326

TOTAL	1258.583	1024.139	948.043

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	1253.863	1263.965	949.090
	Other Income	7.324	14.403	6.372
	TOTAL (A)	1261.187	1278.368	955.462

Less	EXPENSES
	Cost of Materials Consumed	1066.731	1072.627	801.127
	Manufacturing Expenses	47.376	54.081	67.471
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(124.077)	(76.300)	(88.774)
	Employees benefits expense	27.031	30.124	30.054
	Other expenses	60.006	74.265	48.708
	Extraordinary items	0.000	0.000	7.943
	TOTAL (B)	1077.067	1154.797	866.529

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	184.120	123.571	88.933

Less	FINANCIAL EXPENSES (D)	52.993	29.087	29.829

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	131.127	94.484	59.104

Less/ Add	DEPRECIATION/ AMORTISATION (F)	29.288	40.949	23.193

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	101.839	53.535	35.911

Less	TAX (H)	17.483	23.186	10.016

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	84.356	30.349	25.895

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	7.754	16.190	44.079

Less	APPROPRIATIONS
	Transfer to General Reserve	10.000	10.000	25.000
	Dividend	24.603	24.603	24.603
	Tax on Dividend	4.920	4.182	4.182
	Balance Carried to the B/S	52.587	7.754	16.189

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	378.784	200.811	31.089
	TOTAL EARNINGS	378.784	200.811	31.089

	IMPORTS
	Raw material / Semi Finished Goods	951.982	800.406	594.158
	Capital Goods	0.000	37.916	124.981
	TOTAL IMPORTS	951.982	838.322	719.139

	Earnings / (Loss) Per Share (Rs.)	1.71	0.62	1.05

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	6.081	1.968	3.182
Cash generated from operations	(13.882)	(22.115)	127.271
Net cash flows from (used in) operating activities	(31.668)	(34.166)	122.576

QUARTERLY RESULTS

Particulars			30.06.2015 (Unaudited)
			1^st Quarter
Net Sales			236.310
Total Expenditure			214.330
PBIDT (Excl OI)			21.980
Other Income			2.300
Operating Profit			24.280
Interest			10.180
Exceptional Items			NA
PBDT			14.100
Depreciation			6.780
Profit Before Tax			7.320
Tax			1.470
Provisions and contingencies			NA
Profit After Tax			5.850
Extraordinary Items			NA
Prior Period Expenses			NA
Other Adjustments			NA
Net Profit			5.850

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	6.73	2.40	2.73

Operating Profit Margin (PBIDT/Sales)	(%)	14.68	9.78	9.37

Return on Total Assets (PBT/Total Assets}	(%)	8.93	6.03	4.31

Return on Investment (ROI) (PBT/Networth)		0.21	0.13	0.09

Debt Equity Ratio (Total Debt /Networth)		1.38	0.99	0.70

Current Ratio (Current Asset/Current Liability)		1.10	1.34	1.44

STOCK PRICES

Face Value	Rs.5.00/-
Market Value	Rs.17.95/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	246.033	246.033	246.033
Reserves & Surplus	176.190	177.755	232.481
Net worth	422.223	423.788	478.514

long-term borrowings	176.383	161.398	6.624
Short term borrowings	114.743	254.278	649.091
Current maturities of long-term debts	3.182	1.968	6.081
Total borrowings	294.308	417.644	661.796
Debt/Equity ratio	0.697	0.986	1.383

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	949.090	1263.965	1253.863
		33.177	(0.799)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	949.090	1263.965	1253.863
Profit	25.895	30.349	84.356
	2.73%	2.40%	6.73%

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	Yes
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	No
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	Yes
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

OPERATIONS:

During the year, the Income from Operations is Rs.1253.863 Million as against Rs.1263.965 Million for the corresponding previous year. The Profit before Tax is Rs.101.839 Million as against Rs.53.535 Million for the previous year. The Profit after Tax is Rs.84.356 Million as against Rs.30.349 Million for the corresponding period. The Basic Earnings per Share for the year-ended 31.03.2015 is Rs.1.71 as against Rs.0.62 for the corresponding previous year ended 31.03.2014.

PERFORMANCE AND FUTURE BUSINESS PLAN:

The performance during the financial year has shown considerable improvement with an increase of 49% in EBIDTA and 177.95% in the Net Profit over the previous year. The export sale also has shown improvement with 88.63% over the previous year. The government is also encouraging local manufacture by reservation of the power projects under DCR category and to take benefits of the same. The Company has taken steps to commission the cell lines it has imported earlier.

MANAGEMENT DISCUSSION AND ANALYSIS

subject (Formerly known as Surana Ventures Limited) was incorporated in the year 2006, a flagship Company of Surana Group. During the year 2009-2010, a Scheme of arrangement was entered by the Company with M/s Surana Telecom and Power Limited which was sanctioned by Hon’ble High Court of A.P. on 28.06.2010 and became effective on 28.07.2010, pursuant to which the “Solar Undertaking” of Surana Telecom and Power Limited was merged with the Company. The shares of the Company were listed on Stock Exchanges w.e.f 7th January, 2011. The Company has steadily grown over the years with a continued focus on customer satisfaction, evolving itself into countries one of the most promising mid cap Companies.

SOLAR PV MODULES:

INTRODUCTION:

Solar Photovoltaics power generation has long been seen as a clean energy technology which draws upon the planet’s most plentiful and widely distributed renewable energy source – the Sun. Solar photovoltaics is growing rapidly. By the end of 2014, total installed capacity Solar PV globally amount to at least 177 GW, up from nearly 140 GW in 2013, according to International Energy Ageny. The total power output of the world’s PV capacity in a calendar year is now beyond 200 billion kWh of electricity. This represents 1% of worldwide electricity demand. More than 100 countries use solar PV. China, followed by Japan and the United States is now the fastest growing market, while Germany remains the world's largest producer. Photovoltaics is now, after hydro and wind power, the third most important renewable energy source in terms of globally installed capacity Solar Photovoltaic (PV) electricity continued its remarkable growth trend in 2015, even in the midst of a financial and economic crisis and even as the PV industry was enduring a period of consolidation. As they have for the past decade, PV markets again grew faster than anyone had expected both in Europe and around the world. The spectacular global growth of solar PV is one of the big energy stories of today and it may well become the energy story of the 21st Century. The International Energy Agency (IEA) issued a report claiming that solar PV could be the biggest single source of electricity in 2050 and it believes the price of solar PV could become as low as 4 dollar cents per kWh. System components, and installations) expanded from $2.5 billion in 2000 to $91.3 billion in 2014.

BUSINESS OUTLOOK:

The Government’s vision of providing power 24x7 to each household has ignited new optimism in the power industry, especially with the exploration of renewable energy sources which offer excellent opportunities amid challenges for the industry and it has launched a massive RE initiative of adding 175 GW till 2022. This includes Solar 100 GW, Wind 50 GW, Biomass 10 GW, and Small Hydro 5 GW. The Government encourages setting up of solar power projects by offering various incentives, such as GBIs and tax holidays to the Clean Energy. In view of the huge demand for solar product and Company having considerable market in this line of activity, the company expects to benefits by the same

BUSINESS OUTLOOK:

Sustained economic growth continues to drive power demand in India. The Government of India’s focus to attain ‘Power For All’ has accelerated capacity addition in the country and it has identified the power sector as a key sector of focus to promote sustained industrial growth. The RE-INVEST 2015 concluded that the green energy commitments worth 2,66,000 MW. GoI has announced a massive renewable power production target of 175,000 MW by 2022, comprising 100,000 MW from solar power, 60,000 MW from wind energy, 10,000 MW from biomass and 5,000 MW from small hydro power projects. The company has great opportunities as the power sector is seen as a key driver supporting the growth of the nation at large, the new Government at the Centre has been pursuing reforms which is expected to ease some of the known constraints

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
Loans and advances from body corporates	0.000	96.126
SHORT TERM BORROWING
Loans and advances from body corporates	112.683	0.000
Total	112.683	96.126

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30^TH JUNE, 2015

(Rs. In Million)

Particulars			Quarter Ended ( Unaudited)
			30.06.2015

1. Income from operations
a) Net sales/ Income from operation (net of excise duty)			236.314
b) Other operating income			0.000
Total income from Operations(net)			236.314
2.Expenditure
a) Purchases of stock in trade			33.869
b) Changes in inventories of finished goods, work-in-progress and stock-in-trade			139.712
c) Staff Cost			6.503
d) Power and Fuel			1.664
e) Packing and Forwarding			4.551
f) Depreciation and amortization			6.782
g) Other expenditure			28.035
Total expenses			221.116
3. Profit from operations before other income and financial costs			746.048
4. Other income			2.297
5. Profit from ordinary activities before finance costs			17.496
6. Finance costs			10.177
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items			7.319
8. Exceptional item			--
9. Profit from ordinary activities before tax Expense:			7.319
10.Tax expenses			1.465
11.Net Profit / (Loss) from ordinary activities after tax (9-10)			5.854
12.Extraordinary Items (net of tax expense)			--
13.Net Profit / (Loss) for the period (11 -12)			5.854
14.Paid-up equity share capital (Nominal value Rs.10/- per share)			246.033
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year			5.00
16.i) Earnings per share (before extraordinary items) of Rs.10/- each) (not annualised):
(a) Basic			0.12
(b) Diluted			0.12

Particulars			Quarter Ended ( Unaudited)
			30.06.2015
A. Particulars of shareholding
1. Public Shareholding
- Number of shares			12305326
- Percentage of shareholding			25.01
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares			-
Percentage of shares (as a % of total shareholding of the promoter and promoter group)			-
Percentage of shares (as a % of total share capital of the company)			-

b) Non Encumbered
Number of shares			36901274
Percentage of shares (as a % of total shareholding of the promoter and promoter group)			100.00%
			74.99
Percentage of shares (as a % of total share capital of the company)

B. Investor Complaints
Pending at the beginning of the quarter			NIL
Receiving during the quarter			NIL
Disposed of during the quarter			NIL
Remaining unreserved at the end of the quarter			NIL
Notes: 1. This publication is in Compliance with the requirements of Clause 41 of the listing agreement. 2. The above results, having been subjected to limited review by the Statutory Auditors, have been reviewed and recommended for adoption by the Audit committee to the Board of Directors and have been approved by the Board of Directors at its meeting held on 06.08. 2015. 3. The Equity share of Rs. 10/- each has been sub divided into 2 equity shares of Rs.5/- each w.e.f. 26.11.2014 (EPS calculated accordingly). Further, the EPS for previous quarters and previous year has also been restated accordingly. 4. The Text of the above statement has been approved by the Board of Directors in its meeting held on 06.08.2015 5. Previous year’s figures have been regrouped, rearranged and reworked wherever necessary to make them comparable.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10321061	12/11/2011	100,000,000.00	CORPORATION BANK	D.NO.1-2-235, G AND H, PARK LANE, M G ROAD, SECUNDERABAD - 500003, TELANGANA, INDIA	B26807529
2	10268161	28/02/2013 *	232,800,000.00	BANK OF INDIA	10-1-1199/2, 1ST FLOOR, P.T.I. BUILDING, A.C., GU ARDS, HYDERABAD-500004., TELANGANA, INDIA	B72253776
3	10270585	08/08/2014 *	439,300,000.00	INDIAN OVERSEAS BANK	1-2-61 AND 62,, PARKLANE, SECUNDERABAD- 500003, TELANGANA, INDIA	C33626268

* Date of charge modification

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2015	31.03.2014
Guarantees issued by banks	18.424	3.062
Letters of credit outstanding	65.076	44.257

FIXED ASSETS

Tangible Assets

Freehold Land
Leasehold Land
Commercial Buildings
Plant & Machinery
Wind Power Plant
Electrical Installation
Office Equipment
Vehicles
Furniture & Fixtures
Computer

Intangible Assets

Goodwill
Certification and License

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.65.29
UK Pound	1	Rs.99.31
Euro	1	Rs.73.39

INFORMATION DETAILS

Analysis Done by :	TRI

Report Prepared by :	GTA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.