MIRA INFORM REPORT

Report No. :	345841
Report Date :	26.10.2015

IDENTIFICATION DETAILS

Name :	HHV SOLAR TECHNOLOGIES LIMITED (w.e.f. 10.02.2014)
Formerly Known As :	HHV SOLAR TECHNOLOGIES PRIVATE LIMITED
Registered Office :	No. 31,32,33,34 and 37, KIADB Industrial Area, Dapaspet, Nelamngala Taluk, Bangalore – 562111, Karnataka
Tel. No.:	91-80-22633700
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	24.12.2007
Com. Reg. No.:	08-044766
Capital Investment / Paid-up Capital :	Rs. 253.557 Million
CIN No.: [Company Identification No.]	U31902KA2007PLC044766
IEC No.:	0707030391
TAN No.: [Tax Deduction & Collection Account No.]	BLRH03631F
PAN No.: [Permanent Account No.]	AABCH9567P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the Manufacturer and Supplier of off-Grid Solar Photovoltaic Modules.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 15000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2007, having moderate track record. It is a solar module manufacturer. For the FY 2014, the company has decent sales turnover but it has incurred continuous loss. The company possesses moderate financial risk profile marked by leveraged capital structure, negative reserves and there is unfavourable gap between trade payables and receivables. However, trade relations are fair. Business is active. Payments are slow but correct. The company can be considered business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

NOT AVAILABLE

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

INFORMATION DECLINED BY

Name :	Mr. Sunil
Designation :	Marketing Manager
Contact No.:	91-9008488863
Date :	20.10.2015

LOCATIONS

Registered Office/ Factory:	No. 31,32,33,34 and 37, KIADB Industrial Area, Dapaspet, Nelamngala Taluk, Bangalore – 562111, Karnataka, India
Tel. No.:	91-80-22633700
Mobile No.:	91-9008488863 (Mr. Sunil)
Fax No.:	91-80-22633811
E-Mail :	info@hhvsolar.com
Website :	http://www.hhvsolar.com

DIRECTORS

AS ON 10.06.2014

Name :

Mr. Chellappan Ramaswamy

Designation :

Managing director

Address :

New No.10, Old No.8, Visweswarapuram, Mylapore, Chennai - 600004, Tamil Nadu, India

Date of Birth/Age :

08.05.1953

Qualification :

B.E. (EEE)

Date of Appointment :

21.01.2013

DIN No.:

00016958

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	U29142TN1988PTC015684	SWELECT ELECTRONICS PRIVATE LIMITED	DIRECTOR	09/05/1988	09/05/1988	-	ACTIVE	NO
2	U30007TN1992PTC022269	STATIC POWER TECHNOLOGIES (INDIA) PRIVATE LIMITED	DIRECTOR	28/02/1992	28/02/1992	-	STRIKE OFF	NO
3	L93090TN1994PLC028578	SWELECT ENERGY SYSTEMS LIMITED	MANAGING DIRECTOR	01/05/2015	12/09/1994	-	ACTIVE	NO
4	U72200TN1999PTC042082	SWELECT TECHNOLOGIES PRIVATE LIMITED	DIRECTOR	18/03/1999	18/03/1999	-	ACTIVE	NO
5	U85110KA1995PLC017324	GEM SUGARS LIMITED	DIRECTOR	14/04/1999	14/04/1999	-	ACTIVE	NO
6	U31200TN2000PTC045755	SWELECT-SUNPAC POWER PROTECTION PRIVATE LIMITED	DIRECTOR	18/09/2000	18/09/2000	-	STRIKE OFF	NO
7	U72900TN2004PTC052884	SWELECT INFRASTRUCTURE SERVICES PRIVATE LIMITED	DIRECTOR	02/04/2004	02/04/2004	-	STRIKE OFF	NO
8	U31200TN2006PTC060156	SOCOMEC INNOVATIVE POWER SOLUTIONS PRIVATE LIMITED	DIRECTOR	09/06/2006	09/06/2006	03/07/2008	ACTIVE	NO
9	U31104TN2008PTC068923	SWELECT SOLAR ENERGY PRIVATE LIMITED	DIRECTOR	03/12/2010	20/08/2008	-	ACTIVE	NO
10	U27310TZ2003PTC010905	AMEX ALLOYS PRIVATE LIMITED	DIRECTOR	19/01/2013	05/12/2010	-	ACTIVE	NO
11	U36100TN2007PTC062877	TORP SYSTEMS PRIVATE LIMITED	ADDITIONAL DIRECTOR	10/12/2010	10/12/2010	29/12/2010	ACTIVE	NO
12	U31100TN2010PTC078425	SWELECT GREEN ENERGY SOLUTIONS PRIVATE LIMITED	DIRECTOR	24/12/2012	13/12/2010	-	ACTIVE	NO
13	U72900TN2009PTC072613	WINSTON JOSEPH INFORMATION TECHNOLOGY SERVICES PRIVATE LIMITED	DIRECTOR	15/02/2011	13/12/2010	25/07/2012	STRIKE OFF	NO
14	U27310TZ2006PTC012783	AMEX IRONS PRIVATE LIMITED	DIRECTOR	22/08/2012	14/11/2011	-	ACTIVE	NO
15	U40104TN2011PTC079764	BS POWERTECH SOLUTIONS PRIVATE LIMITED	DIRECTOR	29/09/2012	25/01/2012	-	ACTIVE	NO
16	U31103TN2012PTC084184	SWELECT POWER SYSTEMS PRIVATE LIMITED	DIRECTOR	30/01/2012	30/01/2012	-	ACTIVE	NO
17	U31909MH2010PTC206487	NOVATEUR ELECTRICAL & DIGITAL SYSTEMS PRIVATE LIMITED	DIRECTOR	29/05/2012	29/05/2012	-	ACTIVE	NO
18	U31902KA2007PLC044766	HHV SOLAR TECHNOLOGIES LIMITED	MANAGING DIRECTOR	21/01/2013	21/01/2013	-	ACTIVE	NO
19	U40300TN2006PTC061718	NOEL MEDIA & ADVERTISING PRIVATE LIMITED	DIRECTOR	15/05/2015	15/05/2015	-	ACTIVE	NO

Name :

Mr. Natarajan Narayanaswami

Designation :

Director

Address :

No.5, Third Floor, Durgamba Apartments, No.29, Padmavathiar Road, Gopalapuram, Chennai - 600086, Tamil Nadu, India

Date of Birth/Age :

21.08.1939

Qualification :

MBA, P G Dim,B. Tech. (HONS)

Date of Appointment :

21.01.2013

DIN No.:

00017368

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	L93090TN1994PLC028578	SWELECT ENERGY SYSTEMS LIMITED	Director	08/07/2006	08/07/2006	Active	NO
2	U31902KA2007PLC044766	HHV SOLAR TECHNOLOGIES LIMITED	Director	21/01/2013	21/01/2013	Active	NO

Name :

Mr. Muralidharan Arumbakkam

Designation :

Director

Address :

28/1, Sir P.S. Sivasamy Salai, Mylapore, Chennai - 600004, Tamil Nadu, India

Date of Birth/Age :

19.06.1950

Qualification :

Graduate

Date of Appointment :

21.01.2013

DIN No.:

00630140

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	U31200TN2000PTC045755	SWELECT-SUNPAC POWER PROTECTION PRIVATE LIMITED	Director	19/12/2001	19/12/2001	-	Strike off	NO
2	U72200TN2003PLC052129	ORANGESCAPE TECHNOLOGIES LIMITED	Director	11/12/2003	11/12/2003	02/03/2009	Active	NO
3	U31902KA2007PLC044766	HHV SOLAR TECHNOLOGIES LIMITED	Director	21/01/2013	21/01/2013	-	Active	NO

KEY EXECUTIVES

Name :	Jesna PK
Designation :	Secretary
Address :	15/26, Door No.9, Silicon Town, Electronic City, Phase-II, Bangalore - 560100, Karnataka, India
Date of Appointment :	01.04.2015
PAN No.:	ATDPJ9497Q

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 10.06.2014

Names of Equity Shareholders	No. of Shares
Hind High Vacuum Company Private Limited, India	1907246
Swelect Energy systems Limited, India	1832400
R. Chellappan	20
V. C. Raghunath	10
V.C. Mirunalini	10
Aarthi Balan	10
Vasantha Balan	10
Jayashree Nachiappan	10
Total	3739716

Names of Preference Shareholders	No. of Shares
Swelect Energy Systems Limited	15000000
Hind High Vacuum Company Private Limited, India	2616013
Total	17616013

AS ON 01.08.2014

Names of Allottee (Preference Share)	No. of Shares
Hind High Vacuum Company Private Limited, India	4000000
Total	4000000

AS ON 10.06.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	99.99
Directors or relatives of directors	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the Manufacturer and Supplier of off-Grid Solar Photovoltaic Modules.

Products :

ITC Code No.	Product Descriptions
85414011	Solar Photovoltaic Modules

Brand Names :

--

Agencies Held :

--

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

Not Divulged

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· State Bank of India

Specialised MID Corporate Branch, No. 97, Railway Parallel Road, Kumarapark West, Bangalore - 560020, Karnataka, India

· State Bank of India

MID Corporate Loan Administration Unit,Residency Plaza, 3^rd Floor, No.61, Residency Road, Bangalore - 560025, Karnataka, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Rupee term loans from banks	0.000	47.300
SHORT TERM BORROWINGS
Working capital loans from banks	3.500	44.081
Total	3.500	91.381

Auditors :
Name :	S.R. Batliboi and Associates LLP Chartered Accountants
Address :	6th and 7th Floor, A Block, Tidel Park, No. 4, Rajiv Gandhi Salai, Taramani, Chennai - 600113, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AABFS3421N
Memberships :	--
Collaborators :	--
Fellow Subsidiary Company:	· HHV Center for Advanced Photovoltaic Technologies Private Limited (U29190KA2012PTC067387) · HHV Limited, United Kingdom · HHV Pumps Private Limited (U29304KA2008PTC048095) · Swelect Energy Systems Pte. Limited, Singapore · HHV Solar Pty Limited, Australia (wound up in January 2013)
Holding Company :	· HIND High Vacuum Company Private Limited (U29120KA2001PTC028817) · Swelect Energy Systems Limited. (L93090TN1994PLC028578) (Formerly known as 'Numeric Power Systems Limited')
Enterprises owned or significantly influenced by key management personnel or their relatives :	· Swelect Electronics Private Limited · Swelect Technologies Private Limited · Swelect Green Energy Solutions Private Limited

CAPITAL STRUCTURE

AFTER 10.06.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
4,350,000	Equity Shares	Rs. 10/- each	Rs. 43.500 Million
22,650,000	Preference Shares	Rs. 10/- each	Rs. 226.500 Million
	Total		Rs. 270.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,739,716	Equity Shares	Rs. 10/- each	Rs. 37.397 Million
21,616,013	Preference Shares	Rs. 10/- each	Rs. 216.160 Million
	Total		Rs. 253.557 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
4,350,000	Equity Shares	Rs. 10/- each	Rs. 43.500 Million
1,76,50,000	Preference Shares	Rs. 10/- each	Rs. 176.500 Million
	Total		Rs. 220.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,739,716	Equity Shares	Rs. 10/- each	Rs. 37.397 Million
17,616,013	Preference Shares	Rs. 10/- each	Rs. 176.160 Million
	Total		Rs. 213.557 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	213.557	163.557	32.974
(b) Reserves & Surplus	(208.407)	(145.126)	41.874
(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)	5.150	18.431	74.848
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	47.300	121.100
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	13.199	9.585	1.420
Total Non-current Liabilities (3)	13.199	56.885	122.520
(4) Current Liabilities
(a) Short term borrowings	60.964	44.081	397.405
(b) Trade payables	372.750	216.302	289.434
(c) Other current liabilities	71.981	78.904	80.808
(d) Short-term provisions	1.884	2.439	0.170
Total Current Liabilities (4)	507.579	341.726	767.817
TOTAL	525.928	417.042	965.185
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	146.542	155.086	161.066
(ii) Intangible Assets	14.634	24.275	35.840
(iii) Capital work-in-progress	0.000	1.076	277.587
(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	34.372	33.712	20.806
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	195.548	214.149	495.299
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	127.356	100.585	99.883
(c) Trade receivables	118.144	75.079	294.064
(d) Cash and cash equivalents	6.503	9.688	70.430
(e) Short-term loans and advances	77.530	16.874	2.959
(f) Other current assets	0.847	0.667	2.550
Total Current Assets	330.380	202.893	469.886
TOTAL	525.928	417.042	965.185

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	714.003	278.362	834.600
		Other Income	4.482	3.449	5.440
		TOTAL (A)	718.485	281.811	840.040
Less	EXPENSES
		Cost of Materials Consumed	603.599	223.290	720.380
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(7.628)	(6.790)	20.501
		Employees benefits expense	28.801	27.641	21.945
		Prior period items	0.000	12.491	0.000
		Exceptional items	0.000	154.144	0.000
		Other expenses	110.969	88.446	92.286
		TOTAL (B)	735.741	499.222	855.112
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(17.256)	(217.411)	(15.072)
Less	FINANCIAL EXPENSES (D)		21.621	50.668	67.133
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(38.877)	(268.079)	(82.205)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		24.404	23.101	23.785
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(63.281)	(291.180)	(105.990)
Less	TAX (H)		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(63.281)	(291.180)	(105.990)
	EARNINGS IN FOREIGN CURRENCY		6.602	4.660	74.774
		Export Earnings
	IMPORTS
		Raw Materials and Components	0.000	146.361	283.305
	Earnings Per Share (Rs.)		(16.92)	(47.16)	(39.29)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	0.000	20.100	36.800
Cash Generated from Operations	NA	NA	NA
Net Cash Flow from used in Operations	27.294	55.683	133.831

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(8.86)	(104.60)	(12.70)
Operating Profit Margin (PBDIT/Sales)	(%)	(2.42)	(78.10)	(1.81)
Return on Total Assets (PBT/Total Assets}	(%)	(12.03)	(70.00)	(15.41)
Return on Investment (ROI) (PBT/Networth)		(12.29)	(15.80)	(1.42)
Debt Equity Ratio (Total Debt/Networth)		11.84	6.05	7.42
Current Ratio (Current Asset/Current Liability)		0.65	0.59	0.61

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	32.974	163.557	213.557
Reserves & Surplus	41.874	(145.126)	(208.407)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	74.848	18.431	5.150
Long-term borrowings	121.100	47.300	0.000
Short term borrowings	397.405	44.081	60.964
CURRENT MATURITIES OF LONG-TERM DEBTS	36.800	20.100	0.000
Total borrowings	555.305	111.481	60.964
Debt/Equity ratio	7.419	6.049	11.838

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	834.600	278.362	714.003
		(66.647)	156.502

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	834.600	278.362	714.003
Profit	(105.990)	(291.180)	(63.281)
	(12.70%)	(104.60%)	(8.86%)

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	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
Intercorporate borrowings	57.464	0.000
Total	57.464	0.000

REVIEW OF OPERATION AND FUTURE PLANS:

During the financial year, the Company has achieved a turnover of Rs.714.000 Million. The Company is striving to increase the level of business.

The Directors are confident that the performance of the Company will improve ensuing year.

CORPORATE INFORMATION

The company was incorporated on 24 December 2007 as a Private Limited Company with its registered office at Bangalore. During the current year, effective 10 February 2014, in line with the managements business expansion plans, the Company has been converted into a Public Limited Company, and consequently the name of the Company has been changed from ?HHV Solar Technologies Private Limited? to HHV Solar Technologies Limited?.

Pursuant to a share purchase and subscription agreement dated 18 January 2013, Swelect Energy Systems Limited (Swelect) acquired 49% of the equity shares and also gained majority control over the board of directors of the Company. Further, as a condition precedent to such transfer, the Company had also consummated the sale of its amorphous silicon thin film technology (a-Si) division to HHV Center for Advanced Photovoltaic Technologies Private Limited, pursuant to the Business Transfer Agreement (refer note 25 for further details)

The company is engaged in the manufacture and supply of off-grid solar photovoltaic modules, based on crystalline silicon technology (c-Si) and operates as a 100% EOU.

NATURE OF OPERATIONS

The company was incorporated on December 24, 2007 as a private limited company with its registered office at Bangalore. The Company is engaged in manufacture and supply of off-grid solar photovoltaic modules and operates as a 100% EOU. The Company is also engaged in development of another product line based on amorphous silicon thin film technology (a-Si).

During the year, pursuant to a share purchase and subscription agreement dated January 18, 2013, Swelect Energy Systems Limited (Swelect) acquired 49% of the equity shares and also gained majority control over the board of directors of the Company. Further, as a condition precedent to such transfer, the Company has also consummated the sale of its amorphous silicon thin film technology (a-Si) division to HHV Center for Advanced Photovoltaic Technologies Private Limited, pursuant to the Business Transfer Agreement (refer note 27 for further details).

FIXED ASSETS:

· Plant and Equipment

· Factory Equipment’s

· Furniture and Fixtures

· Vehicles

· Ships Vessels

· Office Equipment

· Computer Equipment’s

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.88
UK Pound	1	Rs.99.89
Euro	1	Rs.72.06

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	AMR
Report Prepared by :	ARC

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.