MIRA INFORM REPORT

Report No. :	346266
Report Date :	20.10.2015

IDENTIFICATION DETAILS

Name :	TATA POWER SOLAR SYSTEMS LIMITED (w.e.f. 29.08.2012)
Formerly Known As :	TATA BP SOLAR INDIA LIMITED
Registered Office :	Plot No. 78, Electronic City House Road, Bangalore – 560100, Karnataka
Tel. No.:	91-80-67772000
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	27.11.1989
Com. Reg. No.:	08-034989
Capital Investment / Paid-up Capital :	Rs.898.257 Million
CIN No.: [Company Identification No.]	U40106KA1989PLC034989
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACT4660J
Legal Form :	Private Limited Liability Company.
Line of Business :	Subject is engaged in designing, manufacturing and installation of solar photovoltaic cells, moduless, solar water heating systems and other solar products.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 5700000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of “The Tata Power Company Limited”. It is a well-established company having fine track record. Management has reported an improvement in its sales turnover as well as has incurred a consecutive loss from its previous years of operations. Further, the current unfavorable market dynamic for the industry may result in limited visibility associated with recovery in profitability. Moreover, the ratings also strengthen of the unconditional and irrecoverable guarantee extended by its parent, The Tata Power Company Limited. The guarantee covers company’s entire obligations on this programme. The rating thus reflects the credit strength of the guarantor, Tata Power. This rating strengths is partially offset by the company’s weak profitability, return on capital employed, and low order book. Trade relations are fair. Business is active. Payment terms are reported as regular and as per commitments.

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
Rating	Long Term Bank Facilities = A
Rating Explanation	Adequate degree of safety and low credit risk
Date	May-2015.

Rating Agency Name	CRISIL
Rating	Short Term Bank Facilities = A1
Rating Explanation	Very strong degree of safety and carry lowest credit risk
Date	May-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 DENIED BY

Management non co-operative (91-80-67772000)

LOCATIONS

Registered Office :	Plot No. 78, Electronic City House Road, Bangalore – 560100, Karnataka, India
Tel. No.:	91-80-67772000/ 3000/ 40702400
Fax No.:	91-80-67772252/ 28520972
E-Mail :	gurud@tatapowersolar.com info@tatapowersolar.com sales@tatapowersolar.com
Website :	http://www.tatapowersolar.com
Factory 2 :	Survey No. Part 43 and Part 44, Phase II, Electronics City, Hosur Road, Bangalore – 560100, Karnataka, India
Factory 3 :	Plot No.16, Survey 42 (P), Hosur Road, Electronic City, IInd Phase, Bangalore – 560100, Karnataka, India
Factory 4 :	Plot No.264, Bommasandra Jigani Link Road, Industrial Area, Jigani, Hobli Anekal Taluk, Bangalore – 560106, Karnataka, India
Regional Offices :	Also located at: · New Delhi · Lucknow · Leh · Kolkata · Patna · Chhattisgarh · Pune · Ahmedabad · Jammu

DIRECTORS

As on 08.08.2013

Name :

Sowmyan Ramakrishnan

Designation :

Director

Address :

D-9, Income Tax Officers’ Colony, Peddar Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

19.02.1949

Qualification :

B Tech Mechanical and Management Degree

Date of Appointment :

11.07.2012

DIN No.:

00005090

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	U45203AP1979PLC057431	TATA PROJECTS LIMITED	Director	28/09/2012	14/07/1987	-	Active	NO
2	U99999MH1942PLC003573	TATA HOUSING DEVELOPMENT COMPANY LIMITED	Director	25/03/1994	25/03/1994	13/09/2010	Active	NO
3	L32200MH1986PLC040652	AGC NETWORKS LIMITED	Director	15/10/2001	15/10/2001	21/05/2011	Active	NO
4	L28920MH1919PLC000567	THE TATA POWER COMPANY LIMITED	Whole-time director	01/10/2009	01/10/2004	28/02/2014	Active	NO
5	U40105DL2001PLC110714	POWERLINKS TRANSMISSION LIMITED	Nominee director	03/12/2004	03/12/2004	25/09/2008	Active	NO
6	U65990MH1979PLC021037	AF-TAAB INVESTMENT COMPANY LIMITED	Director	15/12/2004	15/12/2004	01/03/2014	Active	NO
7	U40100MH2003PLC143770	TATA POWER TRADING COMPANY LIMITED	Director	28/12/2004	28/12/2004	-	Active	NO
8	L32200MH1940PLC003164	NELCO LIMITED	Director	31/10/2005	31/10/2005	-	Active	NO
9	U74899DL2000PLC106999	MAITHON POWER LIMITED	Director	23/09/2011	30/11/2005	28/02/2014	Active	NO
10	U40109DL2001PLC111526	Tata Power Delhi Distribution Limited	Director	23/07/2010	15/12/2005	21/10/2013	Active	NO
11	L28932PN1990PLC016314	AUTOMOTIVE STAMPINGS AND ASSEMBLIES LIMITED	Director	29/12/2005	29/12/2005	27/01/2010	Active	NO
12	U74999MH2007PLC167623	INDUSTRIAL ENERGY LIMITED	Director	07/02/2007	07/02/2007	23/05/2008	Active	NO
13	U74999MH2007PLC168291	INDUSTRIAL POWER UTILITY LIMITED	Director	03/08/2012	01/03/2007	24/03/2014	Active	NO
14	U40108MH2007PLC168314	Tata Power Renewable Energy Limited	Director	20/06/2011	02/03/2007	01/03/2014	Active	NO
15	U40102MH2006PLC182213	Coastal Gujarat Power Limited	Director	07/08/2007	22/04/2007	-	Active	NO
16	U40106KA1989PLC034989	TATA POWER SOLAR SYSTEMS LIMITED	Director	11/07/2012	28/07/2009	-	Active	NO
17	U40108MH2011PLC211851	TATA POWER GREEN ENERGY LIMITED	Director	05/01/2011	05/01/2011	25/05/2011	Active	NO

Name :

Mr. Ramesh Narayanawamy Subramanyam

Designation :

Additional Director

Address :

162, 16^th Floor Jupiter 41, Cuffe Parade, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

27.06.1969

Date of Appointment :

08.08.2013

DIN No.:

02421481

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	U74899DL2000PLC106999	MAITHON POWER LIMITED	Director	17/07/2009	22/01/2009	-	Active	NO
2	U40100MH2003PLC143770	TATA POWER TRADING COMPANY LIMITED	Director	13/07/2012	07/05/2012	-	Active	NO
3	U74999MH2007PLC167623	INDUSTRIAL ENERGY LIMITED	Director	23/07/2012	07/05/2012	-	Active	NO
4	U40300MH2012PLC237581	TATA POWER JAMSHEDPUR DISTRIBUTION LIMITED	Director	31/07/2013	06/11/2012	27/09/2013	Active	NO
5	U40101HP2011PLC031626	DUGAR HYDRO POWER LIMITED	Director	16/09/2013	17/12/2012	28/05/2014	Active	NO
6	U40106KA1989PLC034989	TATA POWER SOLAR SYSTEMS LIMITED	Director	08/08/2013	22/04/2013	-	Active	NO
7	U40102MH2006PLC182213	Coastal Gujarat Power Limited	Director	07/08/2014	22/10/2013	-	Active	NO
8	U74999MH2007PLC168291	INDUSTRIAL POWER UTILITY LIMITED	Director	11/08/2014	24/03/2014	-	Active	NO
9	U40109DL2001PLC111526	Tata Power Delhi Distribution Limited	Additional director	01/08/2014	01/08/2014	-	Active	NO

Name :

Mr. Rahul Chandrakant Shah

Designation :

Additional Director

Address :

Flat No 3, Building No. 1, Prakesh Co-operative Housing Society, Relief Road, Daulat Nagar, Santacruz (West), Mumbai -400054,Maharashtra, India

Date of Birth/Age :

09.09.1967

Date of Appointment :

08.08.2013

DIN No.:

03392443

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	U40108MH2007PLC168314	Tata Power Renewable Energy Limited	Director	20/06/2011	08/04/2011	-	Active	NO
2	U40101HP2011PLC031626	DUGAR HYDRO POWER LIMITED	Director	16/09/2013	21/04/2011	-	Active	NO
3	U74999MH2007PLC168291	INDUSTRIAL POWER UTILITY LIMITED	Director	03/08/2012	25/07/2011	-	Active	NO
4	U10100DL2008PLC175417	MANDAKINI COAL COMPANY LIMITED	Director	03/09/2012	27/04/2012	-	Active	NO
5	U10100MH2007PLC174466	TUBED COAL MINES LIMITED	Director	23/09/2013	27/04/2012	-	Active	NO
6	U40106KA1989PLC034989	TATA POWER SOLAR SYSTEMS LIMITED	Director	08/08/2013	22/04/2013	-	Active	NO
7	U40108HR2010PLC040593	NewGen Saurashtra Windfarms Limited	Director	11/09/2014	24/02/2014	-	Active	NO

KEY EXECUTIVES

Name :	Guru Dattatreya
Designation :	Chief Financial Officer and Company Secretary
Address :	No.495, 11^th ‘A’ Cross, 4^th ‘D’ Main of Chord Road, Mahalakshmipuram, Bangalore – 560 086, Karnataka, India
Date of Birth/Age :	20.05.1961
Date of Appointment :	29.06.1992
PAN No.:	AAUPG9364K
Name :	Mr. Ajay Kumar Goel
Designation :	Manager
Address :	Villa #252, Adarsh Plam Retreat, Phase 2, Devarabisanahalli, Outer Ring Road, Bangalore – 560 034, Karnataka, India
Date of Birth/Age :	05.11.1968
Date of Appointment :	06.08.2012
PAN No.:	ACYPG9527A

MAJOR SHAREHOLDERS

As on 08.08.2013

Names of Shareholders (Equity Shares)	No. of Shares
The Tata Power Company Limited jointly with Ramakrishnan	1
Tata Power Company Limited, India	6777561
Tata Power Company Limited jointly with AS Bapat	1
Tata Power Company Limited jointly with Sanjay Dube	1
Tata Power Company Limited jointly with Deepal Mahindra	1
The Tata Power Company Limited jointly with HM Mistry	1
The Tata Power Company Limited jointly with Spadmanabhan	1
Total	6777567

Names of Shareholders (Preference Shares)	No. of Shares
The Tata Power Company Limited, India	2205000
Total	2205000

Equity Share Break up (Percentage of Total Equity)

As on 08.08.2013

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in designing, manufacturing and installation of solar photovoltaic cells, moduless, solar water heating systems and other solar products.

Products :

Product Description	Item Code No.
Solar Power Generating Systems	85414011
Aluminums Scrap	72044900
Other Scrap	76020090
Operation and Maintenance	99871560

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

GENERAL INFORMATION

Suppliers :

Not Divulged

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

Customers :

Not Divulged

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

No. of Employees :

Information declined by the management

Bankers :

• BNP Paribas, 20 Collyer Quay, #01-01 Tung Centre, Singapore - 049319, Singapore, India
• Credit Agricole Corporate and Investment Bank, # 168, Robinson Road, #22-01, Capital Tower, Singapore - 068812, Singapore, India
• The Hong Kong And Shanghai Banking Corporation Limited, No 07, Mahatma Gandhi Road, Bangalore - 560001, Karnataka, India
• HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India
• State Bank of India, Industrial Finance Branch, Residency Road, Bangalore - 560025, Karnataka, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Term loans from banks	857.812	1239.062
SHORT TERM BORROWINGS
Term loans from banks	789.610	0.000
Total	1647.422	1239.062

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	"Deloitte Centre", Anchorage II, 100/2 Richmond Road, Bangalore – 560025, Karnataka, India
PAN No.:	AACFD3771D
Memberships :	--
Collaborators :	--
Holding Company :	BP Alternative Energy Holdings Limited, U.K (upto June 27, 2012) The Tata Power Company Limited (w.e.f June 28, 2012)
Fellow Subsidiaries :	BP Solar International Limited NELCO Limited Maithon Power Company Limited Tata Power Renewable Energy Limited Tata Power Delhi Distribution Limited North Power Delhi Limited Industrial Energy Limited Powerlinks Transmission Limited Chemical Terminal Trombay Limited. Tata Projects Limited
Entity with Significant Influence :	The Tata Power Company Limited (up to June 27, 2012)

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.100/- each	Rs.1000.000 million
5000000	Preference Shares	Rs.100/- each	Rs.500.00 Million
	Total		Rs.1500.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6777567	Equity Shares	Rs.100/- each	Rs.677.757 Million
2205000	Preference Shares	Rs.100/- each	Rs.220.500 Million
	Total		Rs.898.257 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	898.257	898.257	898.257
(b) Reserves & Surplus	1098.445	2366.108	3193.304
(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)	1996.702	3264.365	4091.561
(3) Non-Current Liabilities
(a) long-term borrowings	1357.812	1239.062	719.950
(b) Deferred tax liabilities (Net)	0.000	0.000	279.300
(c) Other long term liabilities	0.000	63.247	0.000
(d) long-term provisions	370.915	221.831	188.520
Total Non-current Liabilities (3)	1728.727	1524.140	1187.770
(4) Current Liabilities
(a) Short term borrowings	851.204	0.000	934.011
(b) Trade payables	3276.848	1643.527	1084.819
(c) Other current liabilities	582.686	1318.119	1885.849
(d) Short-term provisions	79.712	75.934	287.173
Total Current Liabilities (4)	4790.450	3037.580	4191.852
TOTAL	8515.879	7826.085	9471.183
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2476.372	3524.327	2660.225
(ii) Intangible Assets	0.020	1.756	3.073
(iii) Capital work-in-progress	1.403	0.000	1314.589
(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	286.124	271.876	215.682
(e) Other Non-current assets	22.094	82.208	12.793
Total Non-Current Assets	2786.013	3880.167	4206.362
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1464.819	1007.973	1223.600
(c) Trade receivables	3676.920	1773.235	2097.831
(d) Cash and cash equivalents	314.831	1046.907	890.064
(e) Short-term loans and advances	157.314	87.768	838.280
(f) Other current assets	115.982	30.035	215.046
Total Current Assets	5729.866	3945.918	5264.821
TOTAL	8515.879	7826.085	9471.183

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	11030.655	5049.725	9326.910
		Other Income	24.328	54.955	56.409
		TOTAL (A)	11054.983	5104.680	9383.319
Less	EXPENSES
		Cost of Materials Consumed	8960.361	4045.400	7089.161
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	17.235	-53.008	308.998
		Employees benefits expense	569.178	455.662	427.470
		Other expenses	1320.526	955.136	1041.550
		Exceptional items	0.000	69.487	0.000
		TOTAL (B)	10867.300	5472.677	8867.179
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		187.683	(367.997)	516.140
Less	FINANCIAL EXPENSES (D)		301.363	253.373	303.142
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(113.680)	(621.370)	212.998
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1153.984	485.126	490.241
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(1267.664)	(1106.496)	(277.243)
Less	TAX (H)		0.000	(279.300)	(91.400)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(1267.664)	(827.196)	(185.843)
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		203.384	1030.580	1460.110
	APPROPRIATIONS
		Proposed Preference Dividend	0.000	0.000	12.210
		Tax on preference Dividend	0.000	0.000	1.980
		Capital Redemption Reserve	0.000	0.000	229.500
	BALANCE CARRIED TO THE B/S		(1064.300)	203.384	1030.580
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	NA	423.993
	TOTAL EARNINGS		NA	NA	423.993
	Earnings Per Share (Rs.)		(190.46)	(125.45)	(31.89)

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	NA	NA
Net cash flow from (used in) operation	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(11.47)	(16.20)	(1.98)
Operating Profit Margin (PBIDT/Sales)	(%)	(11.49)	(21.91)	(2.97)
Return on Total Assets (PBT/Total Assets}	(%)	(14.89)	(14.14)	(3.40)
Return on Investment (ROI) (PBT/Networth)		(0.63)	(0.34)	(0.07)
Debt Equity Ratio (Total Debt /Networth)		1.11	0.38	0.40
Current Ratio (Current Asset/Current Liability)		1.20	1.30	1.26

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	898.257	898.257	898.257
Reserves & Surplus	3193.304	2366.108	1098.445
Net worth	4091.561	3264.365	1996.702
long-term borrowings	719.950	1239.062	1357.812
Short term borrowings	934.011	0.000	851.204
Total borrowings	1653.961	1239.062	2209.016
Debt/Equity ratio	0.404	0.380	1.106

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	9,326.910	5,049.725	11,030.655
		(45.859)	118.441

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	9,326.910	5,049.725	11,030.655
Profit	(185.843)	(827.196)	(1,267.664)
	(1.99%)	(16.38%)	(11.49%)

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	No
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

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Other loans and advance	500.000	0.000
SHORT TERM BORROWINGS
Other loans and advance	61.594	0.000
Total	561.594	0.000

OPERATIONAL PERFORMANCE

The production of Solar Cells was 23837 KW in 2013-14 as against 22058 KW in 2012-13 resulting in 31% capacity utilization.

The production of Solar Modules in 2013-14 was 94478 KW as against 30957 KW in 2012-13. The utilization of the plant increased from 31% in 2012-13 to 76% in 2013-14.

During the year, the Company increased its Module manufacturing capacity to 200 MW per annum from 125 MW previously.

During the Year, the Company was awarded 50 MW grid connected solar project by NTPC. The Company is expected to commission the project by mid- July, 14.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10394756	06/12/2012	467,857,000.00	BNP PARIBAS	20 Collyer Quay, #01-01 Tung Centre, Singapore, - 049319, Singapore	B65094732
2	10390810	06/12/2012	468,078,000.00	Credit Agricole Corporate and Investment Bank	# 168, Robinson Road, #22-01, Capital Tower, Singapore, - 068812, Singapore	B63672158
3	10367872	11/07/2012	1,525,000,000.00	The Hongkong And Shanghai Banking Corporation Limited	No 07, Mahatma Gandhi Road, Bangalore, Karnataka - 560001, India	B44631679
4	10330801	26/12/2011	750,000,000.00	HDFC Bank Limited	Hdfc Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India	B30240840
5	80028704	26/12/2011 *	4,000,000,000.00	State Bank Of India	Industrial Finance Branch, Residency Plaza, Residency Road, Bangalore, Karnataka - 560025, India	B30031926

*Date of modification Charges

FIXED ASSETS:

· Land

· Buildings

· Factory Building

· Plant and Equipment

· Factory Equipment’s

· Furniture and Fixtures

· Computers

· Vehicles

· 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. 64.82
UK Pound	1	Rs. 100.12
Euro	1	Rs. 73.75

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KAS
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.