MIRA INFORM REPORT

Report No. :	340894
Report Date :	16.09.2015

IDENTIFICATION DETAILS

Name :	PHOTON ENERGY SYSTEMS LIMITED
Registered Office :	Plot No. 775-K, Road No. 45, Jubilee Hills, Hyderabad – 500033, Andhra Pradesh
Mob. No.:	91-9000012345 (Mr. Gautam Nutamada)
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	08.05.1995
Com. Reg. No.:	01-036134
Capital Investment / Paid-up Capital :	Rs. 19.283 Million
CIN No.: [Company Identification No.]	U32103TG1995PLC036134
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	HYDP02168F
PAN No.: [Permanent Account No.]	AABCP9113B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The Company Manufacturers and Provides a Wide Range of Solar Energy Products and Solutions such as Solar PV Modules, Solar Lanterns, Solar Street Lights, Solar Water Pumps, Solar Rooptop Power Plants, Megawatt Solar Power Plants and Solar Water Heating Systems.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 680000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject was set up in 1995 by Mr. N Purushottam Reddy and his family members. The company manufactures and assembles solar energy systems at its facility in Hyderabad (Telangana). It is established company having a moderate track record. The rating takes into account of company moderate financial risk profile characterized by low profitability margin and modest coverage indicators. Rating is also constraint on the de growth of the company sale turnover and profit margin during FY-14 from its PY-13. However, trade relations are fair. Business is active. Payment terms are reported as slow but correct. In view of established track record of the company, the company can be considered for business dealings with 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

Rating Agency Name	CRISIL
Rating	Long term bank facilities = (B-)
Rating Explanation	Risk-prone-credit-quality and carries high credit risk
Date	09.06.2015

Rating Agency Name	CRISIL
Rating	Short term bank facilities = A4
Rating Explanation	Minimal degree safety and very high credit risk
Date	09.06.2015

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

Name :	Mr. Ramnarao
Designation :	General Manager Finance
Contact No.:	91-9000333771
Date :	14.09.2015

LOCATIONS

Registered Office :	Plot No. 775-K, Road No. 45, Jubilee Hills, Hyderabad – 500033, Andhra Pradesh, India
Tel. No.:	91- 40-66661337/ 8 /9 /23331337/ 8/ 9
Mobile No.:	91-9000012345 (Mr. Ramnarao) 91-9000012345 (Mr. Gautam Nutamada)
Fax No.:	91- 40-66661340
E-Mail :	photon@photonsolar.in contact@photonsolar.com info@photonsolar.com finance@photonsolar.in accounts@photonsolar.in secretarial@agrlaws.com cfo@photonsloar.in
Website :	http://www.photonsolar.com
Head Office :	Unit 19, Mount View Enclave, Road No 12, Banjara Hills, Hyderabad - 500034, Andhra Pradesh, India
Tel. No.:	91-40-23331337/ 1338/ 1339
Fax No.:	91-40-23331340
E-Mail :	swhs@photonsolar.in solarpv@photonsolar.in careers@photonsolar.in purchase@photonsolar.in contact@photonsolar.in
Factory :	Plot No. 46, Anrich Industrial Estate, IDA, Bollarum, Medak District – 502 325, Andhra Pradesh, India
Tel. No.:	91-8458-279512/ 281/ 026
Fax No.:	91-8458-279842
Branch Office :	Located at: · Bangalore · Pune

DIRECTORS

AS ON 29.09.2014

Name :

Mr. Purushotham Reddy Nalamada

Designation :

Managing Director

Address :

Plot No: 775K, Road No:45, Jubilee Hills, Hyderabad - 500033, Andhra Pradesh, India

Date of Birth/Age :

11.07.1936

Qualification :

BE and MBA

Date of Appointment :

18.09.2013

PAN No.:

ABNPN8563B

DIN No.:

00036671

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	U32103TG1995PLC036134	PHOTON ENERGY SYSTEMS LIMITED	Managing director	18/09/2013	08/05/1995	-	Active	NO
2	U27109AP1995PTC022137	SML DYETEX AND INDUSTRIES PRIVATE LIMITED	Director	26/06/2002	26/06/2002	05/02/2008	Active	NO
3	L27109TG1985PLC005259	SRI VASAVI INDUSTRIES LIMITED	Director	01/12/2002	01/12/2002	05/02/2008	Active	NO
4	L17116AP1993PLC016428	SARITA SYNTHETICS AND INDUSTRIES LIMITED	Director	01/12/2002	01/12/2002	05/02/2008	Active	NO
5	U40102TG2008PTC061105	PHOTON THERMAL SYSTEMS PRIVATE LIMITED	Director	18/09/2008	18/09/2008	-	Active	NO
6	U40108TG2009PTC064282	PHOTON SOLAR POWER PRIVATE LIMITED	Managing director	19/05/2014	08/07/2009	-	Active	NO
7	U18100TG1994PLC017367	SPS TEXTILES AND INDUSTRIES LIMITED	Director	20/12/2010	22/03/2010	-	Amalgamated	NO
8	U17111TZ1993PLC006729	MYNAH INDUSTRIES LIMITED	Director	30/09/2010	15/04/2010	25/10/2010	Active	NO
9	U74900TG2014PTC096931	PHOTON RENEWABLES PRIVATE LIMITED	Director	23/12/2014	23/12/2014	-	Active	NO

Name :

Mr. Chandra Sekhar Reddy Kancharla

Designation :

Director

Address :

8-2-293/82/J/111/565/4, Jublie Hills, Hyderabad - 500033, Andhra Pradesh, India

Date of Birth/Age :

10.03.1955

Qualification :

B S C

Date of Appointment :

30.09.2003

DIN No.:

00523801

Name :

Mr. Nalamada Gautham Kumar

Designation :

Whole-time director

Address :

HNO.775K Road No.45,, Jubilee Hills, Hyderabad - 500033, Andhra Pradesh, India

Date of Birth/Age :

05.03.1968

Qualification :

B E ( Mech) and MS (IE)

Date of Appointment :

01.10.2011

DIN No.:

01982637

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	U32103TG1995PLC036134	PHOTON ENERGY SYSTEMS LIMITED	Whole-time director	01/10/2011	27/12/2000	Active	NO
2	U40102TG2008PTC061105	PHOTON THERMAL SYSTEMS PRIVATE LIMITED	Director	18/09/2008	18/09/2008	Active	NO
3	U40108TG2009PTC064282	PHOTON SOLAR POWER PRIVATE LIMITED	Whole-time director	19/05/2014	08/07/2009	Active	NO
4	U40109TG2000PLC035304	SNEHA RENEWABLE ENERGIES LIMITED	Director	30/09/2011	27/12/2010	Active	NO
5	U40300TG2010PTC070453	KARUNYA ENERGIES PRIVATE LIMITED	Director	22/02/2011	22/02/2011	Active	NO
6	U74900TG2014PTC096931	PHOTON RENEWABLES PRIVATE LIMITED	Director	23/12/2014	23/12/2014	Active	NO

Name :

Mr. Vithalbhai Chhitabhai Bhavsar

Designation :

Director

Address :

2-5-18/19 Ramgopal Pet, Nalla Gutta, Hyderabad - 500044, Andhra Pradesh, India

Date of Birth/Age :

13.07.1939

Qualification :

Doctorate in Mechanical Engineering

Date of Appointment :

01.10.2003

DIN No.:

01982673

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	U32103TG1995PLC036134	PHOTON ENERGY SYSTEMS LIMITED	Director	01/10/2003	01/10/2003	Active	NO
2	U51909GJ1994PTC022818	RAVI ENERGIE PRIVATE LIMITED	Director	15/10/2012	15/10/2012	Active	NO
3	U80302GJ2012NPL070517	RAVI ENERGIE ACADEMY	Director	15/10/2012	15/10/2012	Active	NO

Name :

Mr. Fajerson Karl Goran

Designation :

Director

Address :

Brunnsparken Villa Bellis 2, Ramlosa - 25654, Sweden

Date of Birth/Age :

11.09.1943

Qualification :

Master Engineering

Date of Appointment :

25.01.2005

DIN No.:

02013975

KEY EXECUTIVES

Name :	Mr. Ramnarao
Designation :	General Manager Finance
Name :	Mr. Gautam Nutamada
Designation :	Chief Executive Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2014

Names of Shareholders	No. of Shares
N. Purushotham Reddy	528400
R.D. Reddy	59500
N. Ram Reddy	40000
N. Usha	299900
N. Gautham Kumar	227500
J. Krishna Deva Rao(HUF)	100000
Venkat Patla	8000
K. Babu	15000
Goran Fajerson	50000
Zhang Xue Xiang	20000
Analysis Securities Private Limited, India	380000
The Agricultural Development commercial Credit and Industrial Investment Company Private Limited, India	168000
Universities Press (India) Private Limited, India	16000
Sangam Books (India) Private Limited, India	16000
Babu V Katamneni	80160
Total	2008460

AS ON 29.09.2014

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	7.00
Bodies corporate	29.00
Directors or relatives of directors	64.00
Total	100.00

BUSINESS DETAILS

Line of Business :	The Company Manufacturers and Provides a Wide Range of Solar Energy Products and Solutions such as Solar PV Modules, Solar Lanterns, Solar Street Lights, Solar Water Pumps, Solar Rooptop Power Plants, Megawatt Solar Power Plants and Solar Water Heating Systems.
Products :	· Solar Photovoltaic · Solar Thermal · Power Plants
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	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:	DENA BANK
Branch:	R P Road Branch, Dundoo Chambers, Rashtrapathi Road, Secunderabad - 500003, Andhra Pradesh, 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 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

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Term Loans
From Banks	74.165	82.995
From Other Parties
Deposits	7.844	7.151
Other Loans and Advances	37.500	37.579
SHORT TERM BORROWINGS
Cash credit from Dena Bank	80.507	79.929
Total	200.016	207.654
SHORT TERM BORROWINGS: Cash credit stocks cum and book debts facilitates from Dena Bank is secured by hypothecation of raw materials, goods in process, finished goods, stores and spares and receivables present and future and second charge on fixed assets of the company and guaranteed by the promoters and their associates.

Banking Relations :	--
Financial Institution:	· Indian Renewable Energy Development Agency Limited, India Habitat Centre1st Floor East Court Core, 4 A Lodhi Road, New Delhi - 110003, India · Andra Pradesh Industrial Development Corporation Limited, Parisram Bhavanam, Fateh Maidan Road, Basheerbagh, Hyderabad – 500004, Andhra Pradesh, India
Auditors :
Name :	P. Venkateshwar Rao and Assosiates Chartered Accountants
Address :	6-3-850/1,2nd Floor, Sirisha Plaza, Ammerpet, Hyderabad – 500016, Andhra Pradesh, India
Tel. No.:	91-40-23414313/ 39104588
Mobile No.:	91-9989024357
E-Mail :	venkateshwarrao_pappu@rediffmail.com
Income-tax PAN of auditor or auditor's firm :	ACJPP6287B
Memberships :	Not Available
Collaborators :	Not Available
Enterprises where key management personnel or relative or key management personnel have control or significant influence :	· Pholon Solar Power Private Limited · Photon Hydra Power Private Limited (Changed to Photon Thermal Power Private Limited

CAPITAL STRUCTURE

AFTER 29.09.2014

Authorised Capital : Rs. 25.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 23.334 Million

AS ON 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs. 10/- each	Rs. 25.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2008460	Equity Shares	Rs. 10/- each	Rs. 20.085 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs. 10/- each	Rs. 25.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1928300	Equity Shares	Rs. 10/- each	Rs. 19.283 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	19.283	19.283	19.283
(b) Reserves & Surplus	219.093	216.710	204.045
(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)	238.376	235.993	223.328
(3) Non-Current Liabilities
(a) Long-term borrowings	119.509	127.725	46.926
(b) Deferred tax liabilities (Net)	21.844	22.489	23.164
(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)	141.353	150.214	70.090
(4) Current Liabilities
(a) Short term borrowings	80.507	79.929	79.241
(b) Trade payables	205.478	488.375	1182.653
(c) Other current liabilities	82.943	15.968	62.012
(d) Short-term provisions	11.546	16.309	19.787
Total Current Liabilities (4)	380.474	600.581	1343.693
TOTAL	760.203	986.788	1637.111
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	190.361	203.837	215.432
(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	5.685	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	12.624	13.277	12.466
(e) Other Non-current assets
Total Non-Current Assets	208.670	217.114	227.898
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	92.900	64.661	77.546
(c) Trade receivables	312.110	531.939	1091.691
(d) Cash and cash equivalents	35.639	112.380	170.531
(e) Short-term loans and advances	88.848	34.874	32.178
(f) Other current assets	22.036	25.820	37.267
Total Current Assets	551.533	769.674	1409.213
TOTAL	760.203	986.788	1637.111

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	751.540	1116.026	4285.284
		Other Income	3.922	5.710	5.194
		TOTAL (A)	755.462	1121.736	4290.478
Less	EXPENSES
		Cost of Materials Consumed	603.279	874.914	4035.522
		Purchases of Stock-in-Trade	0.000	0.000	0.000
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(17.570)	19.845	24.209
		Employees benefits expense	43.370	42.288	29.611
		Expenditure on Production, Transportation and Other Expenditure Pertaining to E&P Activities	0.000	0.000	34.601
		Other expenses	72.042	108.706	94.967
		TOTAL (B)	701.121	1045.753	4218.910
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		54.341	75.983	71.568
Less	FINANCIAL EXPENSES (D)		35.723	42.151	26.025
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		18.618	33.832	45.543
Less/ Add	DEPRECIATION/ AMORTISATION (F)		13.312	13.342	7.284
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		5.306	20.490	38.259
Less	TAX (H)		2.922	7.825	12.778
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		2.384	12.665	25.481
	FOREIGN EXCHANGE EARNINGS		2.660	13.204	5.134
	IMPORTS
		Raw Materials	339.588	235.753	250.051
	Earnings Per Share (Rs.)		1.24	6.57	13.21

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 Operations	(51.138)	(123.993)	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.32	1.13	0.59
Operating Profit Margin (PBDIT/Sales)	(%)	7.23	6.81	1.67
Return on Total Assets (PBT/Total Assets}	(%)	0.70	2.08	2.34
Return on Investment (ROI) (PBT/Networth)		0.02	0.09	0.17
Debt Equity Ratio (Total Debt/Networth)		0.84	0.88	0.56
Current Ratio (Current Asset/Current Liability)		1.45	1.28	1.05

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	19.283	19.283	19.283
Reserves & Surplus	204.045	216.710	219.093
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	223.328	235.993	238.376
Long-term borrowings	46.926	127.725	119.509
Short term borrowings	79.241	79.929	80.507
Total borrowings	126.167	207.654	200.016
Debt/Equity ratio	0.565	0.880	0.839

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	4285.284	1116.026	751.540
		(73.957)	(32.659)

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	4285.284	1116.026	751.540
Profit	25.481	12.665	2.384
	0.59%	1.13%	0.32%

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	Yes
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	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS

CMA 433 / 2015 CMASR 19416 / 2015 CASE IS:PENDING

PETITIONER: M/S TATA POWER RENEWABLE ENERGY RESPONDENT: M/S PHOTON ENERGY

LIMITED, MUMBAI VS SYSTEMS LIMITED., HYDERABAD AND

3 OTHERS RESP.ADV. : VIJAYSEN REDDY RESP. ADV: SANJAY KISHORE

SUBJECT: ARBITRATION ACT

DISTRICT: HYDERABAD

FILING DATE: 19.06.2015 POSTING STAGE :  INTERLOCUTORY

REG. DATE: 19.06.2015 LISTING DATE :  11.08.2015

HON'BLE JUDGE(S): NOOTY RAMAMOHANA RAO ANIS

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10339703	04/06/2012 *	98,320,000.00	INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LIMITED	INDIA HABITAT CENTRE1ST FLOOR EAST COURT CORE, 4 A LODHI ROAD, NEW DELHI - 110003, INDIA	B41443458
2	90258883	14/05/2003 *	2,619,000.00	INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LIMITED	CORE-4A; EAST COURT; 1ST FLOOR, INDIA HABITAT CEN TRE; LODI ROAD, NEW DELHI - 110003, INDIA	-
3	90258802	30/05/2002 *	2,500,000.00	INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LIMITED	CORE-4A; EAST COURT; 1ST FLOOR, INDIA HABITAT CEN TRE; LODI ROAD, NEW DELHI - 110003, INDIA	-
4	90258774	02/02/2002 *	5,000,000.00	INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LIMITED	CORE-4A; EAST COURT; 1ST FLOOR, INDIA HABITAT CEN TRE; LODI ROAD, NEW DELHI - 110003, INDIA	-
5	90121464	12/09/2000	55,395,000.00	INDIAN RNEWABLE ENERGY DEVELOPMENT AGENCY LTD	CORE-4A; EAST COURT 1ST FLOOR, INDIAN HABITAT CEN TRE; LODI ROAD, NEW DELHI - 110003, INDIA	-
6	80052657	29/05/1998	1,622,600.00	INDIAN RENEWABEL ENERGY DEVELOPMENT AGENCY LIMITED	CORE 4A , EAST COURT 1ST FLOOR , INDIA HABITAT CE NTRE, LODI ROAD, NEW DELHI - 110003, INDIA	-
7	90123965	31/01/2014 *	542,000,000.00	DENA BANK	R.P. ROAD BRANCH, DUNDOO CHAMBERS, SECUNDERABAD - 500003, ANDHRA PRADESH, INDIA	B98227184
8	90122652	31/12/1997	6,000,000.00	DENA BANK	R.P.ROAD BRANCH, SECUNDERABAD, ANDHRA PRADESH, INDIA	-
9	90258375	08/10/2004 *	19,500,000.00	DENA BANK	R.P. ROAD BRANCH, SECUNDERABAD, ANDHRA PRADESH, INDIA	-
10	90120980	14/01/2002 *	53,437,000.00	INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LIMITED	CORE-4A; EAST COURT; 1ST FLOOR, INDIA HABITAT CEN TRE; LODI ROAD, NEW DELHI - 110003, INDIA	-

* Date of charge modification

REVIEW OF OPERATIONS:

Turnover for the year ended 31st March, 2014 was Rs.751.539 Million as against Rs. 1116.026 Million in the previous year. The Net Profit for the year was at Rs.2.383 Million as against Rs. 12.665 Million in the previous year. Profitability of the company stretched due to volatility in the solar business and FE fluctuations.

The company has commissioned the 1Mw Solar Power Plant at Mominpet, Rangareddy District and the same is running smoothly. As per provisions of the Income Tax Act, the company is eligible to claim deduction of 100% profits for a period of thn years continuously within a period of fifteen years from the date of commercial production. To claim higher benefit, the company decided to claim the benefit U/S 80IA of the income tax from the financial year 2016-17 on words for a period of 10 years.

FIXED ASSETS:

Tangible Assets

· Buildings

· Land and Site Development

· Plant and Machinery

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer

· Electrical Equipment’s

· SPV Power Plants

· SPC Water Pumps (Lease)

Intangible Assets

· Goodwill

· Product Process Handing System

· Operating Lease Rights

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.66.44
UK Pound	1	Rs.102.40
Euro	1	Rs.75.05

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAS
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	3
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	YES
--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		28

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.