MIRA INFORM REPORT

Report No. :	344855
Report Date :	14.10.2015

IDENTIFICATION DETAILS

Name :	REFEX ENERGY LIMITED (w.e.f. 17.12.2010)
Formerly Known As :	REFEX ENERGY PRIVATE LIMITED
Registered Office :	No. 67, Bazzullah Road, T Nagar, Chennai – 600017, Tamilnadu
Tel. No.:	91-44-43405950
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	16.04.2008
Com. Reg. No.:	18-067360
Capital Investment / Paid-up Capital :	Rs.347.294 Million
CIN No.: [Company Identification No.]	U40100TN2008PLC067360
IEC No.:	0408034904
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AADCR9790G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Service providing of Engineering procurement construction.
No. of Employees :	60 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 2008 having satisfactory track record. Profit margin of the company is low. However, net worth position of the company is satisfactory. Liquidity position of the company is fair. Further, the rating also takes into consideration company’s good operating efficiency and favorable gap between trade payables and trade receivables. Trade relations are reported as fair. Business is active. Payments are reported slow but correct. The company can be considered normal 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	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	CRISIL NSIL
Rating	SP 2B
Rating Explanation	High performance capability and moderate financial strength.
Date	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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Babasav
Designation :	Accounts Executive
Contact No.:	91-22-66864500
Date :	12.10.2015

LOCATIONS

Registered Office :	No. 67, Bazzullah Road, T Nagar, Chennai – 600017, Tamilnadu, India
Tel. No.:	91-44-43405950 / 42694111
Fax No.:	91-44-42694112
E-Mail :	ramesh@refexenergy.com anil@refexenergy.com aniljain@refex.co.in admin@refexenergy.com
Website :	www.refexenergy.com
Corporate Office :	202, Centre Point, Opp. Parel Post Office, Jijibhoy Lane, Lal Baug, Parel, Mumbai – 400012, Maharashtra, India
Tel. No.:	91-22-66864500
Fax No.:	91-22-66864510
Email Id.:	info@refexenergy.com
Branch Office :	2^nd Floor, Shivalik Complex, Near Gle Building Circle, Jodhpur - 342001, Rajasthan, India

DIRECTORS

As on 30.09.2014

Name :

Mr. T Anil Jain

Designation :

Managing Director

Address :

Old No.52, New No.151, Habibullah Road, T. Nagar, Chennai, Chennai - 600017, Tamilnadu, India

Date of Birth/Age :

13.09.1976

Date of Appointment :

15.02.2011

DIN No.:

00181960

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	L45200TN2002PLC049601	REFEX INDUSTRIES LIMITED	Managing director	01/07/2014	13/09/2002	-	Active	NO
2	U74899DL2005PTC143669	REFEX REFRIGERANTS HARIDWAR PRIVATE LIMITED	Director	14/12/2005	14/12/2005	-	Strike off	NO
3	U45202TN2002PTC049676	SHERISHA TECHNOLOGIES PRIVATE LIMITED	Director	15/02/2006	15/02/2006	08/07/2015	Active	NO
4	U74300TN2008PTC066510	ALLEGRO CREATIVE CONVERGENCE PRIVATE LIMITED	Director	18/02/2008	18/02/2008	-	Strike off	NO
5	U40102TN2008PTC067197	QUIDEL SOLAR POWER PRIVATE LIMITED	Director	03/04/2008	03/04/2008	02/12/2014	Active	NO
6	U40100TN2008PLC067360	REFEX ENERGY LIMITED	Managing director	15/02/2011	16/04/2008	-	Active	NO
7	U40100DL2009PTC226628	REFEX ENERGY (RAJASTHAN) PRIVATE LIMITED	Director	12/11/2009	12/11/2009	10/09/2010	Active	NO
8	U40109TN2010PTC076296	GHI ENERGY PRIVATE LIMITED	Director	27/09/2012	24/06/2010	-	Active	NO
9	U40106TN2010PTC078354	REFEX SOLAR POWER PRIVATE LIMITED	Director	08/12/2010	08/12/2010	08/07/2015	Active	NO
10	U40101TN2010PTC078402	REFEX HYDRO POWER PRIVATE LIMITED	Director	10/12/2010	10/12/2010	08/07/2015	Active	NO
11	U40109TN2010PTC078431	REFEX WIND POWER PRIVATE LIMITED	Director	14/12/2010	14/12/2010	08/07/2015	Active	NO
12	U40108TN2013PTC089313	DN ENERGY PRIVATE LIMITED	Director	09/01/2013	09/01/2013	-	Active	NO
13	U40300TN2013PTC089364	CLEAR SOLAR ENERGY PRIVATE LIMITED	Director	11/01/2013	11/01/2013	-	Active	NO
14	U40108TN2013PTC090147	MAXIM SOLAR POWER GENERATOR PRIVATE LIMITED	Director	19/03/2013	19/03/2013	-	Active	NO
15	U45200MH2013PTC244934	ARIL Infrastructure Private Limited	Director	28/06/2013	28/06/2013	03/12/2013	Active	NO
16	U40200MH2013PTC244938	EQC Engineering Private Limited	Director	28/06/2013	28/06/2013	-	Active	NO
17	U40300TN2014PLC098629	VITUZA SOLAR ENERGY LIMITED	Director	29/12/2014	29/12/2014	08/07/2015	Active	NO
18	U40106TN2015PTC098805	SHERISHA SOLAR PRIVATE LIMITED	Director	12/01/2015	12/01/2015	-	Active	NO

Name :

Mr. Arun Sumer Mehta

Designation :

Director

Address :

5, Sabu Bhuvan 3rd Floor, Ardeshir Dadi Cross Lane, CP Tank, Mumbai - 400004, Maharashtra, India

Date of Birth/Age :

04.03.1984

Date of Appointment :

30.09.2010

DIN No.:

02837324

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	U40100TN2008PLC067360	REFEX ENERGY LIMITED	Director	30/09/2010	07/06/2010	-	Active	NO
2	U40109TN2010PTC076296	GHI ENERGY PRIVATE LIMITED	Director	24/06/2010	24/06/2010	-	Active	NO
3	U40102TN2008PTC067197	QUIDEL SOLAR POWER PRIVATE LIMITED	Director	29/12/2011	07/03/2011	-	Active	NO
4	U40108TN2013PTC089313	DN ENERGY PRIVATE LIMITED	Director	09/01/2013	09/01/2013	14/07/2013	Active	NO
5	U40200MH2013PTC244938	EQC Engineering Private Limited	Director	28/06/2013	28/06/2013	-	Active	NO
6	U45200MH2013PTC244934	ARIL Infrastructure Private Limited	Director	28/06/2013	28/06/2013	-	Active	NO

Name :

Mr. Sumermal Bhimraj Mehta

Designation :

Director

Address :

1st Floor, Room No.18, 47/57, C. P. Tank Building,, C. P. Tank Road, Mumbai - 400004, Maharashtra, India

Date of Birth/Age :

03.01.1959

Date of Appointment :

28.09.2013

DIN No.:

00200300

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	L45200TN2002PLC049601	REFEX INDUSTRIES LIMITED	Director	05/09/2011	30/06/2011	03/07/2012	Active	NO
2	U40100TN2008PLC067360	REFEX ENERGY LIMITED	Director	28/09/2013	23/10/2012	-	Active	NO
3	U40102TN2008PTC067197	QUIDEL SOLAR POWER PRIVATE LIMITED	Additional director	02/12/2014	02/12/2014	-	Active	NO

Name :

Mr. Hem Senthil Raj

Designation :

Additional Director

Address :

No: 53/83, Medavakkam, 2nd Street, Kilpauk, Chennai - 600010, Tamilnadu, India

Date of Appointment :

20.03.2015

DIN No.:

06760725

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	L45200TN2002PLC049601	REFEX INDUSTRIES LIMITED	Director	29/09/2014	11/02/2014	-	Active	NO
2	U40100TN2008PLC067360	REFEX ENERGY LIMITED	Additional director	20/03/2015	20/03/2015	-	Active	NO
3	U40109TN2010PLC074770	SURANA GREEN POWER LIMITED	Additional director	30/04/2015	30/04/2015	-	Active	NO
4	U40300TN2012PLC085008	SURANA GREEN ENERGY LIMITED	Additional director	30/04/2015	30/04/2015	-	Active	NO
5	AAA-4301	OPTUS MANAGEMENT SERVICES LLP	Designated Partner	17/02/2015	17/02/2015	-	Active	NO

Name :

Ms. Maheswari Ramamoorthy

Designation :

Additional Director

Address :

406-C, Malar Colony, 19th Main Road, Anna Nagar West, Chennai - 600040, Tamil Nadu, India

Date of Appointment :

20.03.2015

DIN No.:

06829926

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	U40100TN2008PLC067360	REFEX ENERGY LIMITED	Additional director	20/03/2015	20/03/2015	-	Active	NO
2	L45200TN2002PLC049601	REFEX INDUSTRIES LIMITED	Additional director	20/03/2015	20/03/2015	-	Active	NO
3	L27109TN1995PLC067863	KANISHK STEEL INDUSTRIES LIMITED	Additional director	31/03/2015	31/03/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Babasav
Designation :	Accounts Executive
Name :	G. Divya
Designation :	Company Secretary
Address :	No. 5, Venkatasai Nagar, Extension - 3,, Greedam 12th Street, Puthagaram, Kolathur,, Chennai, 600099, Tamil Nadu, India
Date of Appointment :	01.04.2015
PAN No.:	BKMPD1477R

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders (Equity Shares)	No. of Shares
Tarachandanil Jain	8294200
Arun Mehta	656300
Sumerman B Mehta	339200
Dimple Jain	01
Sherisha Technologies	843676
Quidel Solar Power	96000
Refes Solar Power Private Limited	01
Total	10229378

Names of Shareholders (Preference Shares)	No. of Shares
Vama Energy Private Limited	2450000
Total	2450000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Bodies corporate	9.18
Directors or relatives of Directors	90.82
Total	100.00

BUSINESS DETAILS

Line of Business :	Service providing of Engineering procurement construction.
Products :	Not Divulged
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

End Users

Reference :	Refex Solar Power Private Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

60 (Approximately)

Bankers :

Bank Name	Union Bank of India
Branch	Nariman Point Branch, Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai – 400021, Maharashtra, 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 :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Term loan from Banks	373.842	73.301
Total	373.842	73.301

Note :

Cash Credit and Letter of Credit placed with Union Bank of India are hypothecation against the Book Debts and the Stock of the company.

Vehicle Loans have been taken by the company from Kotak Mahindra and Union Bank of India secured against the vehicles.

Auditors :
Name :	Bhandari and Keswani Chartered Accountants
Address :	75, Mahathma Gandhi Road, Nungambakkam, Chennai – 600034, Tamilnadu, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAJPB1199C
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries :	GHI Energy Private Limited U40109TN2010PTC076296
Entities in foreign currency Professional and consultation fees :	Refex Industries Limited Sherisha Rechnologies Private Limited Refex Solar Power Private Limited Vama Energy Private Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
11000000	Equity Shares	Rs.10/- each	Rs.110.000 Million
2605000	Preference Shares	Rs.100/- each	Rs.260.500 Million
			Rs.270.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10229378	Equity Shares	Rs.10/- each	Rs.102.294 Million
2450000	Preference Shares	Rs.100/- each	Rs.245.000 Million
			Rs.347.294 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	347.294	347.294	347.294
(b) Reserves & Surplus	54.430	34.732	15.767
(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)	401.724	382.026	363.061
(3) Non-Current Liabilities
(a) long-term borrowings	36.461	25.411	15.411
(b) Deferred tax liabilities (Net)	5.232	1.823	0.281
(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)	41.693	27.234	15.692
(4) Current Liabilities
(a) Short term borrowings	373.842	73.301	88.989
(b) Trade payables	824.814	224.043	121.579
(c) Other current liabilities	244.808	122.858	12.554
(d) Short-term provisions	0.994	0.005	1.295
Total Current Liabilities (4)	1444.458	420.207	224.417
TOTAL	1887.875	829.467	603.170
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	35.389	29.580	17.948
(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	247.051	245.551	245.051
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	108.939	64.134	14.856
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	391.379	339.265	277.855
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	193.206	110.981	2.826
(c) Trade receivables	1224.413	306.534	312.275
(d) Cash and cash equivalents	76.751	71.362	9.996
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	2.126	1.325	0.218
Total Current Assets	1496.496	490.202	325.315
TOTAL	1887.875	829.467	603.170

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	3008.876	1333.341	1922.600
	Other Income	11.235	7.646	2.216
	TOTAL (A)	3020.111	1340.987	1924.816
Less	EXPENSES
	Cost of Materials Consumed	2812.248	1182.542	1776.387
	Employees benefits expense	55.593	32.711	16.716
	Other expenses	97.166	70.313	99.167
	TOTAL (B)	2965.007	1285.566	1892.270
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	55.104	55.421	32.546
Less	FINANCIAL EXPENSES (D)	22.047	24.239	10.372
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	33.057	31.182	22.174
Less/ Add	DEPRECIATION/ AMORTISATION (F)	3.249	1.776	0.758
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	29.808	29.406	21.416
Less	TAX (H)	10.109	10.442	7.248
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	19.699	18.964	14.168
	IMPORTS
	Raw Materials	516.657	38.252	12.507
	TOTAL IMPORTS	516.657	38.252	12.507
	Earnings / (Loss) Per Share (Rs.)	1.93	1.85	1.39

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	(10.190)	(6.123)
Net cash flow from operating activity	NA	89.642	(192.874)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.65	1.42	0.74
Operating Profit Margin (PBIDT/Sales)	(%)	1.83	4.16	1.69
Return on Total Assets (PBT/Total Assets}	(%)	1.82	5.04	5.98
Return on Investment (ROI) (PBT/Networth)		0.07	0.08	0.06
Debt Equity Ratio (Total Debt /Networth)		1.02	0.26	0.29
Current Ratio (Current Asset/Current Liability)		1.04	1.17	1.45

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	347.294	347.294	347.294
Reserves & Surplus	15.767	34.732	54.430
Net worth	363.061	382.026	401.724
long-term borrowings	15.411	25.411	36.461
Short term borrowings	88.989	73.301	373.842
Total borrowings	104.400	98.712	410.303
Debt/Equity ratio	0.288	0.258	1.021

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	1922.600	1333.341	3008.876
		-30.649	125.664

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	1922.600	1333.341	3008.876
Profit	14.168	18.964	19.699
	0.74%	1.42%	0.65%

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	Yes
8	Designation of contact person	Yes
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	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	Yes
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
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

BUSINESS PROSPECTS

Utility Scale Solar PV is one of India’s fastest growing sectors today. Installed Solar capacity has come up from 5MW in 2010 to 2700MW in 2014. With the advent of a much more aggressive central government from 2014, they expect the solar installed capacity in India to reach 5000MW by 2015 and 20,000MW by 2018 – all providing infinite opportunities for Refex as an EPC contractor for these upcoming installations.

Refex Energy, with 92MW of installed capacity as an EPC contractor, is India’s 4^th largest Solar EPC player in terms of market share. With an established brand in India’s solar industry, Refex is well positioned for rampant growth and increasing profitability by using its brand equity to increase projects margins.

Refex has finalized 30MW and has another 100MW under negotiation for its pipeline. While obtaining low cost funding in today’s market continues to be a challenge, the company is positive that it will be able to leverage it’sproven track record and brand equity to continue winning contracts form tier 1 solar power developers. Refex aims to consolidate its position as one of the top 3 solar EPC contractors in the Indian market.

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans from Shareholders	36.461	25.411
Total	36.461	25.411

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10467565	09/12/2013	192,000,000.00	UNION BANK OF INDIA	Nariman Point Branch (M.M.O),Union Bank Bhavan, 2  39,Vidhan Bhavan Marg,Nariman Point, Mumbai, Maharashtra - 400021, INDIA	B92514207
2	10467567	09/12/2013	32,800,000.00	UNION BANK OF INDIA	Nariman Point Branch (M.M.O),Union Bank Bhavan, 2  39,Vidhan Bhavan Marg,Nariman Point, Mumbai, Maharashtra - 400021, INDIA	B92514249
3	10386210	18/10/2012	30,000,000.00	UNION BANK OF INDIA	NARIMAN POINT BRANCH, UNION BANK BHAVAN, 239, VID  HAN BHAVAN MARG, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	B62000641
4	10308632	24/08/2011	150,000,000.00	UNION BANK OF INDIA	NARIMAN POINT BRANCH (MMO) UNION BANK BHAVAN, 239 VIDHAN BHAVAN MARG, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	B21767165

NEWS / PRESS RELEASE

REFEX ENERGY’S SOLAR PROJECTS IN UP

OUR BUREAU

CHENNAI, APRIL 22:  

Chennai-based Refex Energy, a solar power plant builder, on Wednesday said it had completed constructing two solar photovoltaic projects of 11.5 MW capacity each, in Uttar Pradesh. Refex’s Managing Director, Anil Jain, has said in a press release that the two projects constitute the largest single-location solar plants in Uttar Pradesh. He said that Refex has so far built solar plants worth 115 MW in the country, and expects to do 100 MW more this year.

(This article was published on April 22, 2015)

REFEX ENERGY LTD. HAS SUCCESSFULLY COMMISSIONED A 10 MWP SOLAR PLANT IN KOLAYAT REGION IN RAJASTHAN.

Refex Energy Limited, the country’s fourth largest EPC company in terms of market share, (Source: Bridge to India Solar Map 2014) has successfully commissioned a 10 MWp solar plant in Kolayat region in Rajasthan. The Solar PV project deploys Canadian Solar poly-crystalline modules and Schneider Central Inverter and is owned by Trimex Sands Private Limited, India's top specialty value chain provider for industrial minerals. The Mining - Minerals - Real Estate conglomerate is based out of Chennai and has recently forayed into the renewable energy sector. The plant was commissioned on 30th September 2014 enabling the Group to avail of full accelerated depreciation benefit.

Speaking during the event, Mr. Anil Jain, Managing Director, Refex Energy Limited. said, “We are extremely happy on commissioning Trimex Group’s third Solar Project. We have also commissioned two other plants for Trimex Group’s captive requirement and are extremely happy to have been entrusted with the job for the third time.”

Mr. Pradeep Koneru, Managing Director, Trimex Sands Private Limited. spoke at length on the occasion, “Refex has been chosen by the Trimex Group as its preferred EPC partner. We have executed 2 projects with them and are happy with their capability and on-time execution of the projects. We look forward to partner with them in all our future Renewable endeavors and wish them all the luck and success.

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014	31.03.2013
Bank Guarantee Issued	0.000	220.500

FIXED ASSETS

• Land
• Plant and Machinery
• Furniture and Fixture
• Leasehold Improvement
• Motor Vehicle
• Office Equipment

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.02
UK Pound	1	Rs.99.88
Euro	1	Rs.73.91

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	DIV
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		44

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.