MIRA INFORM REPORT

Report No. :	496107
Report Date :	08.03.2018

IDENTIFICATION DETAILS

Name :	CLEAN MAX ENVIRO ENERGY SOLUTIONS PRIVATE LIMITED
Registered Office :	33, Ashoka Apartments, Rungta Lane, Off Nepean Sea Road, Mumbai – 400006, Maharashtra
Tel. No.:	91-22-23676785/57/88
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	29.09.2010
Com. Reg. No.:	11-208425
Capital Investment / Paid-up Capital :	INR 7.543 Million
CIN No.: [Company Identification No.]	U93090MH2010PTC208425
IEC No.: [Import-Export Code No.]	0314074961
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAECC1568J
GSTIN/UIN :	27AAECC1568J1ZI
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in developing solar power projects and in generation and sale of solar power. (Registered Activity)
No. of Employees :	Information declined by the management

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Maximum Credit Limit :	USD 2273000
Status :	Good
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2010. It is engaged in developing solar power projects and in generation and sale of solar power. For the financial year 2017, the company has achieved massive growth in its revenue as compared to the previous year along with decent profit margin of 11.70%. The sound financial risk profile of the company is marked by adequate networth base along with strong debt protection metrics due to negligible debt balance sheet profile. Rating takes into consideration the subject’s healthy Earnings Per Share of INR 452.30 against the Face Value of INR 10. Payments seems to be usually correct. In view of aforesaid, the company can be considered for business dealings with 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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long Term Borrowing= BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	12.01.2018

Rating Agency Name	ICRA
Rating	Short Term Borrowing= A2
Rating Explanation	Strong degree of safety and low credit risk.
Date	12.01.2018

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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 08.03.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DENIED BY

Name :	Mr. Pritesh Lodha
Designation :	Not Divulged
Contact No.:	91-9920202803
Date :	06.03.2018

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-80-26531900)

(Tel. No.: 91-22-23676785/ 62520000 Continuously Ringing)

LOCATIONS

Registered Office :	33, Ashoka Apartments, Rungta Lane, Off Nepean Sea Road, Mumbai – 400006, Maharashtra, India
Tel. No.:	91-22-23676785/ 57/ 88/ 23676787
Mobile No.:	91-9920202803 (Mr. Pritesh Lodha)
Fax No.:	Not Available
E-Mail :	info@cleanmaxsolar.com viren_shah@cleanmaxsolar.com
Website :	www.cleanmaxsolar.com
Location :	Rented
Locality :	Commercial
Head Office 1 :	4th Floor, The International, 16 Maharshi Karve Road, New Marine Lines Cross Road No.1, Churchgate, Mumbai - 400 020, Maharashtra, India
Head Office 2 :	1511, Prasad Chambers, Pandit Paluskar Chowk, Opera House, Charni Road, Mumbai-400004, Maharashtra, India
Regional Office:	Located at: Bangalore Chennai Pune Haryana Mumbai
Overseas Office :	Located at: Dubai

DIRECTORS

As on 31.03.2017

Name :

Mr. Kuldeep Jain

Designation :

Managing Director

Address :

Flat 13/A, The Peregrine, 400, Veer Savarkar Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India

Date of Birth/Age :

27.01.1975

Date of Appointment :

01.04.2016

DIN No.:

02683041

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
U72900MH1999PLC122970	NAZARA TECHNOLOGIES LIMITED	21/09/2013	-
U72900MH2000PTC129965	YASI BIOSOFT PRIVATE LIMITED	11/12/2000	-
U93030MH2010PTC210319	CLEAN MAX COGEN SOLUTIONS PRIVATE LIMITED	25/11/2010	-
U93030MH2011PTC216775	CLEAN MAX POWER PROJECTS PRIVATE LIMITED	27/04/2011	-
U93000MH2011PTC216939	CLEAN MAX ENERGY VENTURES PRIVATE LIMITED	02/05/2011	-
U74999MH2017PTC292173	CLEANMAX IPP 1 PRIVATE LIMITED	08/03/2017	-
U74999MH2017PTC298583	CLEANMAX IPP 2 PRIVATE LIMITED	14/08/2017	-
U74999MH2017PTC298730	CLEAN MAX PHOTOVOLTAIC PRIVATE LIMITED	17/08/2017	-
U74999MH2017PTC298785	CLEAN MAX MERCURY POWER PRIVATE LIMITED	18/08/2017	-
U74999MH2017PTC300702	CMES JUPITER PRIVATE LIMITED	11/10/2017	-
U74999MH2017PTC300936	CMES POWER 1 PRIVATE LIMITED	17/10/2017	-
U74999MH2017PTC302997	CMES POWER 2 PRIVATE LIMITED	18/12/2017	-

Name :

Mr. Pratap Jain

Designation :

Director

Address :

13/A, Peregrine Apartment, 400, Veer Savarkar Marg, Siddhi Vinayak Temple, Prabhadevi, Mumbai – 400025, Maharashtra, India

Date of Birth/Age :

06.08.1944

Date of Appointment :

30.09.2012

DIN No.:

00101829

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
U18109GJ1989PTC012637	REGENCY APPARELS PRIVATE LIMITED	23/03/1994	-
U99999MH1979PLC021252	RAINBOW WEAVERS AND PROCESSORS LIMITED	25/08/2008	-
U45200MH1979PLC021174	PRABHADEVI PROPERTIES AND TRADING COMPANY LIMITED	05/07/2013	-
U51900MH1989PTC053819	RIKHAB EXPORT P LTD	09/10/1989	-
U93030MH2010PTC210319	CLEAN MAX COGEN SOLUTIONS PRIVATE LIMITED	25/11/2010	-
U93030MH2011PTC216775	CLEAN MAX POWER PROJECTS PRIVATE LIMITED	27/04/2011	-
U93000MH2011PTC216939	CLEAN MAX ENERGY VENTURES PRIVATE LIMITED	02/05/2011	-
U74999MH2013PTC244919	SUNROOFS SOLAR POWER PRIVATE LIMITED	28/06/2013	-

Name :

Mr. Sumit Banerjee

Designation :

Director

Address :

C2403, Angelica Mahindra Eminente, Near Patkar College, S V Road, Goregaon (West), Mumbai-400062, Maharashtra, India

Date of Appointment :

30.09.2015

DIN No.:

00213826

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
L29150MH1946PLC004729	BRADY AND MORRIS ENGINEERING COMPANY LIMITED	27/09/2014	-
U30007MH1999PLC258850	IPFONLINE LIMITED	01/03/2015	-
U45200MH2006PLC249855	M.V.R. INFRASTRUCTURE AND TOLLWAYS LIMITED	19/12/2017	-
U74300MH1999PTC118388	ASAPP INFO GLOBAL SERVICES PRIVATE LIMITED	30/09/2015	-
U28920MH1997PTC112628	IRB INFRASTRUCTURE PRIVATE LIMITED	21/08/2017	-
U45203MH2008PLC181218	IRB SURAT DAHISAR TOLLWAY LIMITED	21/08/2017	-
U45203MH2009PLC195741	IRB PATHANKOT AMRITSAR TOLL ROAD LIMITED	28/09/2017	-
U45203MH2009PLC196741	IRB TALEGAON AMRAVATI TOLLWAY LIMITED	21/08/2017	-
U45203MH2009PLC197250	IRB JAIPUR DEOLI TOLLWAY LIMITED	21/08/2017	-

Name :

Mr. Somak Biman Ghosh

Designation :

Director

Address :

Sea Side Society, Flat No.5, 18-A Chimbai Road, Bandra (West), Mumbai- 400050, Maharashtra, India

Date of Appointment :

30.09.2015

DIN No.:

01092116

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
U85320KA2003PTC032277	SMALL SCALE SUSTAINABLE INFRASTRUCTURE DEVELOPMENT FUND	03/02/2007	-
U67100MH2007PTC175810	ASSET RESOLUTION MANAGEMENT COMPANY (INDIA) PRIVATE LIMITED	08/11/2007	-
U74120MH2013PTC242416	CONTRARIAN CAPITAL INDIA PARTNERS PRIVATE LIMITED	24/04/2013	-
U74999KA2016PTC096782	CREDIWATCH INFORMATION ANALYTICS PRIVATELIMITED	09/11/2017	-

Name :

Christoph Maria Wolff

Designation :

Additional Director

Address :

Oberer Reisberg 5a,61350 Bad Homburg V.D. Hohe Bad Homburg Na De

Date of Appointment :

30.09.2017

DIN No.:

06758229

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
U74899DL1970PTC005474	DESEIN PRIVATE LIMITED	10/12/2013	-

Name :

Mr. Gajanan Jagannath Nabar

Designation :

Director

Address :

Orchid, Flat No.601, Holy Cross Road, IC Colony, Borivali (West), Mumbai – 400103, Maharashtra, India

Date of Appointment :

30.09.2017

DIN No.:

00714569

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
U74999MH2017PTC298583	CLEANMAX IPP 2 PRIVATE LIMITED	14/08/2017	-
U74999MH2017PTC298730	CLEAN MAX PHOTOVOLTAIC PRIVATE LIMITED	17/08/2017	-
U74999MH2017PTC298785	CLEAN MAX MERCURY POWER PRIVATE LIMITED	18/08/2017	-

Name :

Mr. Niten Malhan

Designation :

Nominee Director

Address :

Flat No. 2705, 27th Floor, North Tower, The Imperial Building MP Mill Compound, Tardeo, Mumbai – 400034, Maharashtra, India

Date of Appointment :

03.07.2017

DIN No.:

00614624

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
U45400MH2011PTC216545	PRL DEVELOPERS PRIVATE LIMITED	04/08/2015	-
U74140MH2004PTC145467	WARBURG PINCUS INDIA PRIVATE LIMITED	01/01/2007	-
U40108MP2015PTC034401	DECORE THERMAL POWER PRIVATE LIMITED	07/02/2017	-
U40100MP2010PTC023554	DILIIGENT POWER PRIVATE LIMITED	26/04/2011	-
U60231KA2009PTC050991	EMBASSY INDUSTRIAL PARKS PRIVATE LIMITED	28/10/2015	-
U40100MP2008PLC020903	DB POWER (MADHYA PRADESH) LIMITED	26/04/2011	-
U40109MP2006PLC019008	D B POWER LIMITED	26/04/2011	-
U55101DL2005PTC138835	SPANK HOTELS PRIVATE LIMITED	29/09/2006	-
U55101DL2003PTC207912	FLEUR HOTELS PRIVATE LIMITED	19/07/2012	-
U10102DL1997PLC085837	ACB (INDIA) LIMITED	30/11/2006	-
U74899DL1992PLC049022	LEMON TREE HOTELS LIMITED	29/09/2006	-
U34103MP2005PLC017319	AVTEC LIMITED	12/06/2013	-

Name :

Mr. Saurabh Narayan Agarwal

Designation :

Nominee Director

Address :

11 Ardmore Park #20-03 Ardmore Park Singapore 259957 SG

Date of Appointment :

03.07.2017

DIN No.:

06625685

KEY EXECUTIVES

Name :	Himanshi Agrawal
Designation :	Company Secretary
Address :	46, B.J. Vihar Colony, Chitawad Road, Navlakha, Indore – 452001, Madhya Pradesh, India
Date of Appointment :	02.12.2017
PAN No.:	BCQPA6464B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2017

Names of Shareholders	No. of Shares
Pratap Jain	2500
Kuldeep Jain	595757
Nidhi Arora	21107
Kaushik Rao	35178
Nidhi Jain	49016
Sujeet Kumar	18555
Ensemble Holdings and Finance Limited	3093
Corel Traders Private Limited	3093
Nadir B Godrej	3093
Rajat Gupta	1855
Ramesh Mangaleswaran	2164
Suraj Kumar Nangalia	1546
Ravi Nathan Iyer	1546
Jamil Ahmed Khatri	1546
Jatin Pankaj Shah	1546
Jitendra Panjabi	773
Oliphans Capital	775
Vellayan Subbiah	3093
Abizer Shabbir Diwanji	3093
Nishant Sharma	309
VAMM Ventures Limited	3093
Balram Singh Yadav	1546
Total	754277

As on 15.11.2017

Names of Allottee (Preference Shares)	No. of Shares
Yellow Bell Investment Limited, Mauritus	255488
Total	255488

As on 02.12.2017

Names of Allottee (Equity Shares)	No. of Shares
International Finance Limited, USA	17
Total	17

As on 02.12.2017

Names of Allottee (Preference Shares)	No. of Shares
International Finance Limited, USA	134161
Total	134161

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2017

Category	Percentage
Promoters (Individual/Hindu Undivided Family-Indian)	85.81
Public/Other than promoters (Individual/Hindu Undivided Family-Indian)	12.85
Public/Other than promoters (Body corporate)	1.34
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in developing solar power projects and in generation and sale of solar power. (Registered Activity)

Products/ Services :

Item Code No.	Product/ Services Description
99833243	Solar Power Projects
99532629	Construction and maintenance of power plants

NIC Code No.	Product/ Services Description
35105	Electric power generation using solar energy
42201	Construction and maintenance of 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 :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

Bank Name	IDFC Bank Limited
Branch	KRM Tower, 7th Floor, No. 1, Harrington Road, Chetpet, Chennai – 600031, Tamilnadu, India
Person Name (With Designation)	--
Contact Number	--
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

• IDBI Bank Limited, IDBI Tower, World Trade Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Vehicle loan	1.834	2.896
Less: Current maturities of loan	(1.191)	(1.062)
Total	0.643	1.834

Auditors :
Name :	Deloitte Haskins and Sells LLP Chartered Accountants
Address :	India Bulls Finance Center, Tower 3, 27-32 Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-61854000
Fax No.:	91-22-61854001
Income-tax PAN of auditor or auditor's firm :	AACFD4815A
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries :	Clean Max Cogen Solutions Private Limited (CIN No.: U93030MH2010PTC210319) Clean Max Energy Ventures Private Limited (CIN No.: U93000MH2011PTC216939) Clean Max Power Projects Private Limited (CIN No.: U93030MH2011PTC216775) KAS On Site Power Solutions LLP Clean Max IPP 1 Private Limited
Jointly controlled entity :	Clean Max Harsha Solar LLP

CAPITAL STRUCTURE

After 30.09.2017

Authorised Capital : INR 186.677 Million

Issued, Subscribed & Paid-up Capital : INR 124.282 Million

As on 30.09.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
8667702	Equity Shares	INR 10/- each	INR 86.677 Million
2	Preference Shares	INR 212/- each	INR 0.000 Million
	Total		INR 86.677 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
754277	Equity Shares	INR 10/- each	INR 7.543 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET (STANDALONE)

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	7.543	7.543	16.735
(b) Reserves & Surplus	788.256	353.571	74.680
(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)	795.799	361.114	91.415
(3) Non-Current Liabilities
(a) Long-term borrowings	0.643	1.834	0.000
(b) Deferred tax liabilities (Net)	62.864	14.101	2.325
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	4.737	2.373	0.000
Total Non-current Liabilities (3)	68.244	18.308	2.325
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.154
(b) Trade payables	702.124	292.329	179.195
(c) Other current liabilities	60.220	161.911	10.110
(d) Short-term provisions	66.284	0.481	1.683
Total Current Liabilities (4)	828.628	454.721	191.142
TOTAL	1692.671	834.143	284.882
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	269.596	68.813	15.554
(ii) Intangible Assets	0.933	0.619	0.039
(iii) Capital work-in-progress	0.000	0.000	16.692
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	483.910	207.037	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	16.865	12.150	0.525
(e) Other Non-current assets	0.025	0.225	0.000
Total Non-Current Assets	771.329	288.844	32.810
(2) Current assets
(a) Current investments	0.101	106.239	90.681
(b) Inventories	58.453	11.205	0.000
(c) Trade receivables	319.452	208.831	77.262
(d) Cash and cash equivalents	354.259	152.253	41.502
(e) Short-term loans and advances	98.780	36.308	21.297
(f) Other current assets	90.297	30.463	21.330
Total Current Assets	921.342	545.299	252.072
TOTAL	1692.671	834.143	284.882

PROFIT & LOSS ACCOUNT (STANDALONE)

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	2915.427	1130.818	649.025
	Other Income	70.054	34.088	0.974
	TOTAL	2985.481	1164.906	649.999
Less	EXPENSES
	Cost of Materials Consumed	1905.945	839.279	500.798
	Purchases of Stock-in-Trade	110.751	35.573	0.000
	Employees benefits expense	228.072	70.014	23.667
	Other expenses	209.051	76.080	34.881
	TOTAL	2453.819	1020.946	559.346
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	531.662	143.960	90.653
Less	FINANCIAL EXPENSES	17.943	4.927	0.164
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	513.719	139.033	90.489
Less/ Add	DEPRECIATION/ AMORTISATION	7.209	2.419	0.421
	PROFIT/ (LOSS) BEFORE TAX	506.510	136.614	90.068
Less	TAX	165.354	40.378	22.408
	PROFIT/ (LOSS) AFTER TAX	341.156	96.236	67.660
	IMPORTS
	Raw Materials	914.611	312.903	6.638
	TOTAL IMPORTS	914.611	312.903	6.638
	Earnings / (Loss) Per Share (INR)
	Basic	452.30	133.82	103.21
	Diluted	418.74	131.80	96.17

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	1.191	1.062	NA
Cash generated from operations	615.622	236.561	109.542
Net cash flow from operating activity	564.531	197.422	87.836

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	39.99	67.41	43.45
Account Receivables Turnover ( Income / Sundry Debtors)	9.13	5.41	8.40
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	127.08	121.96	130.60
Inventory Turnover (Operating Income / Inventories)	9.10	12.85	0.00
Asset Turnover (Operating Income / Net Fixed Assets)	1.97	2.07	2.81

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.49	0.55	0.67
Debt Equity Ratio (Total Liability / Networth)	0.00	0.01	0.00
Current Liabilities to Networth (Current Liabilities / Net Worth)	1.04	1.26	2.09
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.34	0.19	0.35
Interest Coverage Ratio (PBIT / Financial Charges)	29.63	29.22	552.76

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin [(PAT / Sales) * 100]	%	11.70	8.51	10.42
Return on Total Assets ((PAT / Total Assets) * 100)	%	20.15	11.54	23.75
Return on Investment (ROI) ((PAT / Networth) * 100)	%	42.87	26.65	74.01

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.11	1.20	1.32
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.04	1.17	1.32
G-Score Ratio Financial (Networth / Total Assets)	0.47	0.43	0.32
G-Score Ratio Debt (Debts / Equity Capital)	0.24	0.38	0.01
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.11	1.20	1.32

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	16.735	7.543	7.543
Reserves & Surplus	74.680	353.571	788.256
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	91.415	361.114	795.799
long-term borrowings	0.000	1.834	0.643
Short term borrowings	0.154	0.000	0.000
Total borrowings	0.154	1.834	0.643
Debt/Equity ratio	0.002	0.005	0.001

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	649.025	1130.818	2915.427
		74.233	157.816

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	649.025	1130.818	2915.427
Profit/(Loss)	67.660	96.236	341.156
	10.42%	8.51%	11.70%

ABRIDGED BALANCE SHEET - CONSOLIDATED

SOURCES OF FUNDS	31.03.2017	31.03.2016
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	7.543	7.543
(b) Reserves & Surplus	509.053	354.469
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
(3) Minority Interest	468.543	56.250
Total Shareholders’ Funds (1) + (2)	985.139	418.262
(3) Non-Current Liabilities
(a) long-term borrowings	345.013	2.896
(b) Deferred tax liabilities (Net)	65.203	14.101
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	4.737	2.373
Total Non-current Liabilities (3)	414.953	19.370
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	1746.645	430.616
(c) Other current liabilities	97.076	19.579
(d) Short-term provisions	84.043	13.558
Total Current Liabilities (4)	1927.764	463.753
TOTAL	3327.856	901.385
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2258.802	90.167
(ii) Intangible Assets	0.933	0.618
(iii) Capital work-in-progress	3.809	4.612
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	2.041
(d) Long-term Loan and Advances	99.165	25.735
(e) Other Non-current assets	0.025	0.225
Total Non-Current Assets	2362.734	123.398
(2) Current assets
(a) Current investments	0.188	106.239
(b) Inventories	82.384	65.634
(c) Trade receivables	349.313	262.680
(d) Cash and cash equivalents	361.891	209.709
(e) Short-term loans and advances	70.969	103.262
(f) Other current assets	100.377	30.463
Total Current Assets	965.122	777.987
TOTAL	3327.856	901.385

PROFIT & LOSS ACCOUNT - CONSOLIDATED

	PARTICULARS	31.03.2017	31.03.2016
	SALES
	Income	2608.811	1259.626
	Other Income	68.191	13.676
	TOTAL	2677.002	1273.302
Less	EXPENSES
	Consumption of raw materials consumed, cost of jobs and services	1856.671	929.112
	Purchases of Stock-in-Trade	110.751	35.572
	Employees benefits expense	208.363	70.981
	Other expenses	191.217	82.079
	TOTAL	2367.002	1117.744
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	310.000	155.558
Less	FINANCIAL EXPENSES	19.115	4.979
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	290.885	150.579
Less/ Add	DEPRECIATION/ AMORTISATION	9.736	2.422
	PROFIT/ (LOSS) BEFORE TAX	281.149	148.157
Less	TAX	187.800	52.220
	PROFIT/ (LOSS) AFTER TAX	93.349	95.937
	SHARE OF MINORITY INTEREST	32.294	0.000
	PROFIT FOR THE YEAR	61.055	95.937
	Earnings / (Loss) Per Share (INR)
	Basic	80.95	133.41
	Diluted	74.94	131.40

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	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

CORPORATE INFORMATION

The company incorporated in the year 2010, is engaged in developing solar power projects and in generation and sale of solar power.

PERFORMANCE:

The year gone by has been a strong step forward for the company consolidating its position as the leading solar rooftop players in the competitive industrial landscape. The company added 35 new location for rooftop installations thereby helping 25 corporates to adopt solar. Repeat business from existing clients comprised 31% of their volumes indicating quality of delivery and faith in capabilities.

The revenue of the company increased by almost 79% representing strong volume growth offset by a marginal drop in realization. The gross margins for the company however remained constant at 23.54% indicating an ability to protect margins in a competitive market.

As the company steps into a phase of rapid growth it is taking steps to build its organization and capability that is required to capture the growth profitably. The company has made several notable hired and total headcount of the company increased from 15 in the previous year to 63 in the current year. Bulk of the additions was for business development and project execution which are the pillars for the success of their business model.

The company has also forayed into ground mount utility scale projects for the corporate sector thus leveraging its existing client relationships and an ability to offer much larger solar power feed to off takers. Through this model the corporate clients are not constrained by rooftop space and can shift up to 100% of their power consumption to solar. This is an exciting area of development for the company which should drive near term growth opportunities.

Net profitability for the year has been impacted marginally due to increases in overhead costs mainly on account of increased manpower and geographical spread of growth.

INDEX OF CHARGES

Charges Registered
SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Amount	Address
1	G78017415	100157142	IDBI TRUSTEESHIP SERVICES LIMITED	08/01/2018	-	1500000000.0	Asian Building, Ground Floor, 17,R. Kamani Marg, Ballard Estate Mumbai MAHARASHTRA 400001 INDIA
2	G73015232	100145739	IDBI TRUSTEESHIP SERVICES LIMITED	08/12/2017	-	1300000000.0	Asian Building, Ground Floor, 17,R. Kamani Marg, Ballard Estate Mumbai MAHARASHTRA 400001 INDIA
3	G73064693	100145741	IDFC BANK LIMITED	04/12/2017	-	200000000.0	KRM Tower, 7th Floor, No. 1, Harrington Road, Chetpet,Chennai TAMILNADU 600031 INDIA
4	G70202841	100140670	IDFC BANK LIMITED	29/09/2017	-	750000000.0	KRM Tower, 7th Floor, No. 1, Harrington Road, Chetpet,Chennai TAMILNADU 600031 INDIA
5	G73430464	100147127	SBICAP TRUSTEE COMPANY LIMITED	31/07/2017	-	634700000.0	202, Maker Tower ECuffe Parade, Mumbai MAHARASHTRA 400005 INDIA
6	G73431116	100117173	SBICAP TRUSTEE COMPANY LIMITED	31/07/2017	09/01/2018	191900000.0	202, Maker Tower ECuffe Parade, Mumbai MAHARASHTRA 400005 INDIA
7	G51913671	100120076	RBL BANK LIMITED	03/05/2017	-	500000000.0	SHAHUPURI, KOLHAPUR, KOLHAPUR MAHARASHTRA 416001 INDIA
8	G33408816	100070316	IDBI Bank Limited	14/12/2016	19/12/2016	1450000000.0	ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG,BALLARD ESTATE, MUMBAI MAHARASHTRA 400001 INDIA
9	G34470161	10617228	IDBI Bank Limited	22/01/2016	04/01/2017	700000000.0	IDBI TOWER, WORLD TRADE COMPLEXCUFFE PARADE MUMBAI MAHARASHTRA 400005 INDIA

FIXED ASSETS

Tangible Assets

• Plant and Equipments
• Computers and data processing units
• Office Equipments
• Furniture and Fittings
• Motor Vehicles

Intangible Assets

• Softwares

WEBSITE DETAILS

NEWS/ PRESS RELEASES

WARBURG PINCUS INVESTING UP TO $100 MN IN CLEANMAX SOLAR

13.07.2017

Warburg Pincus is investing up to $100 million (INR 6450.000 Million) in Mumbai-based rooftop solar projects developer CleanMax Enviro Energy Solutions Private Limited, as the private equity giant stretches its dealmaking spree in India.

The investment in CleanMax is the seventh transaction for the PE firm in India within 12 months and takes the total amount it has committed in these companies to $1.14 billion, according to VCCEdge, the data research arm of VCCircle.

CleanMax is also possibly the first renewable energy company that Warburg Pincus has backed in India since it entered the country two decades ago, VCCEdge data show.

Kuldeep Jain, the solar project developer’s founder and managing director, said in a statement on Thursday CleanMax aims to use the funds to expand in India and pursue growth opportunities in the Middle East and Southeast Asia.

Jain was previously a consultant with McKinsey and Co and headed its energy and corporate finance practice in India. He held a 79% stake in the company as on 31 March 2016, according to VCCEdge.

CleanMax was set up in 2010. The next year, global multi-stage investment firm Bessemer Venture Partners had invested in the company for a 6.37% stake. It exited the company within three years by selling the stake to promoters.

In 2015, the company received $2.58 million as seed investment from a clutch of investors.

Earlier this year, International Finance Corporation said it planned to invest $15 million in CleanMax.

According to the company’s website, it has more than 45 MW of installed and onsite projects. It caters predominantly to corporate customers across automotive, food and beverage, IT and other industries.

As of March 2017, India had open access solar capacity of 1,541 MW, says a report by renewable energy consultant Bridge to India. CleanMax has a 3% share in the total capacity and is among the top 10 developers.

CleanMax registered earnings before interest, tax and amortization of INR 155.000 Million on total income of INR 1273.000 Million in 2015-16.

Warburg Pincus, green energy

The private equity firm, which has $44 billion in assets under management, invests globally in businesses at all stages of development with a focus on five key sectors: energy, financial services, healthcare and consumer, industrial and business services, and technology, media and telecommunications.

The firm’s recent India deals include last month’s purchase of a 43% stake in Tata Technologies Limited for $360 million in its biggest bet on a local company.

This year, it has also invested $283 million in ICICI Lombard General Insurance, $77 million in Kalyan Jewellers India Limited and about $120 million in multiplex chain PVR Limited. Last year, it invested a total of $200 million in logistics companies Rivigo Services Private Limited and Stellar Value Chain Solutions Private Limited.

Apart from these investments, the PE firm also committed $300 million to Princeton Growth Ventures, started by former Tata Communications Limited executive Rangu Salgame. The new platform seeks to acquire assets in the telecommunications, media and technology infrastructure sector in India and other countries.

Warburg’s bet on CleanMax is the latest deal in a sector that has seen a lot of activity over the past couple of years after the government set ambitious renewable energy capacity-addition targets. The government aims to achieve 175 gigawatt of renewable power generation capacity by 2022.

International Finance Corporation, the World Bank’s private-sector investment arm, has emerged as a large investor in the sector. Last year, it invested $125 million in Hero Future Energies. IFC has also invested in Azure Power and provided debt funding to Actis-backed Ostro Energy.

Some of the world’s biggest pension funds, including Canada Pension Plan Investment Board and Caisse de dépôt et placement du Québec, are also scouting for deals in India’s solar power sector.

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 records 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 records 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	INR
US Dollar	1	INR 64.96
UK Pound	1	INR 90.33
Euro	1	INR 80.74

INFORMATION DETAILS

Information Gathered by :	SWE
Analysis Done by :	PRI
Report Prepared by :	SUD

SCORE FACTORS

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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.