solar monthly update march 2016

SOLARMONTHLY UPDATE

Issue IV March 2016Vol. I

Incorporated in 1997, LSI Financial Services Private Ltd (LSI) is a leading provider of innovative financial solutions in India and abroad.

It has successfully raised funds for companies through structured financial products, spanning various sectors. With in-depth domain knowledge, LSI strives to add value to the client's financial supply chain ensuring an effective and efficient capital structure. It is also providing Project Advisory services including preparation of Detail Project Reports (DPR) and Techno Economic Feasibility/Viability Reports (TEFR/TEVR) on behalf of Banks, Public and Private Sector Institutions and Companies.

u

u

u

u

u

u

u

u

u

Our services include:

Debt Syndication

Private Equity Advisory

Issue Management

Mergers and Acquisitions

Financial Restructuring/ Corporate Debt Restructuring

Preparation of DPR/ TEFR/TEVR

Lender's Independent Engineers' (LIE) Services

Due Diligence

Valuation of Assets/Equity

Creatingpartners in

value, growth

EDITORIAL

Securitization as a Future Financing Tool for Solar Projects

India has massively scaled up targets for the solar industry to 100 GW of solar power by 2022. Rapid expansion has now led the industry to tap every available means of financing in a bid to stay competitive, amid aggressive bids for solar projects, falling solar tariffs and an uneven playing field comprising both domestic and foreign players. While the Indian solar sector continues to enjoy a host of benefits from the Government in the form of subsidies and incentives, foreign investments too are pouring in as they enjoy automatic approval for up to 74% in joint ventures and 100% investments with approval. Viability gap funding is also available for public-private partnerships.

In this scenario, it is imperative for players across the industry to find financing on terms that are competitive with global players. At this juncture, we believe securitization offers a convenient and comprehensive off-balance sheet financing tool to meet exactly these needs of an emerging solar market.

LSI Financial Services Pvt. Ltd., with its two decades of experience in debt syndication and project financing, opines that infrastructure projects such as road and solar power are likely to benefit the most from securitization, as the future cash flows either in the form of tolls for roadways and monthly electricity charges for power sold in the case of solar, are predictable cash flows that can be securitized with minimal risk. Solar projects can either securitize cash flows from a Power Purchase Agreement (PPA) or pool together a combination of debt financed solar projects to make a pool of debt assets.

Financing through the securitization route has taken firm ground in the US and some of the other countries. Indian solar companies and financiers too have already tested the waters on this mode of financing. As early as 2011, the energy unit of the Welspun Group, India's leading photovoltaic developer, backed by the Apollo Global Group, was approached by ICICI bank to securitize revenue from its 15-megawatt unit in Gujarat after three months of operation. In December 2015, the Indian Renewable Energy Development Agency (IREDA) has introduced this mode of financing for companies that have a track record of good performance of 3 years, relaxable to 2 years, for projects running successfully and with a DSCR averaging 1.4 for the two years.

Moody's Investors Service says that the development of domestic securitization markets will help India and China achieve their common goal of building inclusive financial systems that will ultimately bring affordable credit to the underprivileged segments of their societies, as these are usually excluded from the conventional banking system. It is however, a trend that is yet to catch on in India and worldwide as well, given the complex nature of securitization that has hindered players and financiers from adapting to it easily. Moreover, with the presence of Government backed incentives and abundant early stage financing, the industry is yet to tap the full potential of this powerful instrument, which, according to us, could prove a game changer in the financing of solar industry in a few years.

Raj Kajaria,

Managing Director, LSI Financial Services Pvt. Ltd.

SOLAR MONTHLY UPDATE | March 2016 3

UK, as well as having a pipeline of around 325MW in India to be constructed within a year, according to the company.

INDIA PLANS TO ADD 12GW SOLAR POWER, 4.1GW WIND ENERGY CAPACITY IN 2016–2017

MNRE plans to add 12GW of solar power capacity between April 2016 and March 2017. This is a massive target when compared to the target set for FY2015–2016 of just 1.4GW.

The Ministry estimated that a total of 9,244MW solar power capacity may be added under the central Government policies, while 1,615MW capacity may be added under the state solar power policies. For FY2015–2016, the solar power capacity addition target has been set at 1,400MW,

stwith 1,489MW having already been added by 31 January 2016. The Ministry expected to add 4.3GW capacity in FY2015–2016 so that any shortfall may be made good with further installations in FY2016-17, and thus help meet the increased target.

During the remaining period of the FY15-16, as much as 3,790MW of solar power generation capacity is expected to be added by March-end, taking total capacity to 9,038MW from existing 5,248MW, according to a status report by MNRE. Tendering for solar project totaling a capacity of 15,177MW has already been completed and a total capacity addition of 12,161MW is expected during the FY 2016-17.

KERALA LAUNCHES ITS FIRST LARGE SCALE SOLAR TENDER FOR 200 MW

The Kerala State Electricity Board (KSEB) has issued a request for selection (RfS) for 200MW of grid-connected solar PV in what is the South Indian state's first utility-scale solar tender for consumer use.

Kerala installed 12MW of solar at the Kochi International Airport last year, yet the state has a total installed capacity of just 13MW. The KSEB RfS document stated that the Kerala projects will be between 10-200MW capacity and will be allocated via a competitive bidding process. Power purchase agreements (PPAs) will be signed for 25 years for tariffs below the benchmark of INR7.04/kWh. The final date for online submission of bids will be 28 April this year. The projects will be used to help the state reach its Renewable Purchase Obligation (RPO) targets.

lSolar News Round Up

lSolar State Focus - Karnataka

lCompany Limelight - Azure Power

lSolar Tender Tracker -

March - April 2016

Inside this Issue:

KARNATAKA TENDERS UNIQUE 1200MW SOLAR PV PROJECT DISTRIBUTING CONTRACTS ACROSS TALUKS, RESERVES 100 MW FOR DOMESTIC MANUFACTURERS

Hero Future Energies and ReNew Power emerged the primary winners in a mega tender for 1,200MW of solar power capacity floated by the Karnataka Government, winning 180MW each of projects. Other winners in Karnataka included the Aditya Birla Group (40MW), Essel Green Energy (65MW), Marikal Solar Park (60MW) and SunEdison (20 MW).

Karnataka is the first state to distribute solar contracts across its length and breadth. The location of the proposed solar plants has been dispersed across 60 of the 177 taluks in the state. However, a dozen taluks, accounting for a total of 240MW, received no bids at all and will have to be retendered. For the remaining 60 taluks, each taluk received between 3MW and 20MW of the remaining capacity. As a result, the winning tariff at different locations varies.

The auction also reserved 100MW for Karnataka-based solar module manufacturers, also an unusual conditionality, that no other state or central policy has ever imposed previously.

VIKRAM SOLAR MODULE SHIPMENT TO JAPAN TO MAKE IT INDIA'S FIRST EXPORTER TO EAST ASIAN COUNTRY

Vertically integrated PV module manufacturer Vikram Solar announced that it expects a shipment of 5 MW of modules, to arrive in Japan this week, making it the first Indian maker to export to the East Asian country. According to the company, the company's modules meet the requirements of the Japanese market for quality. Vikram Solar already exports to markets including Germany, the US and

SOLAR NEWS ROUND UP

SOLAR MONTHLY UPDATE | March 2016 4

Name of the Park Location ProposedCapacity (MW)

IdentifiedLand Area

Karnataka Solar Park

4000 acre (approx.)

2000 acre (approx.)

2000 acre (approx.)

Shirasangi & Hulikatti, SavadatthiTaluk, District: Belagavi

Moregere, Hagaribommanahalli villageDistrict: Bellary

Nagalamadika, Pavagada TalukDistrict: Tumkur

800

400

400

5

Karnataka – Commissioned Solar Capacity by

Scheme

Karnataka has good solar potential. It gets an average insolation of more than 5 kWh/m2/day, having about 300-330 clear sunny days. Among the states and union territories, Karnataka is ranked 11th and accounted for 2 percent of the India's total commissioned solar capacity of 5,775.75 MW as of March 7th 2016 . The State has recently tendered for solar PV projects totaling 1200 MW distributed for the first time across the taluks or sub districts of the state. Another unique feature of the tender was that it earmarked 100 MW exclusively for Karnataka-based solar module manufacturers, encouraging solar manufacturing in the state. Please refer annexure for list of successful bidders across the 60 taluks for which LOAs have been issued.

What has shot Karnataka into the solar spotlight is that the State has another 564 MW in the solar pipeline and a further 1800 MW under allocation process (including 600 MW by NTPC), aiming to rise up to second rank by the end of the financial year. Karnataka has also planned to set up three of the 33 solar parks scheduled by SECI as a joint venture with the state bodies as below:

SOLAR STATE FOCUS – KARNATAKA

Source: GW Solar Plan, January 2016, MNRE

Source: MNRE

Source: MNRE Source: KREDL

MNREProjects

StatePolicy

RPO RECScheme

CPSUsPvt. initiative(Rooftop)

573Alloted

Commissioned

FY2012-13 FY2013-14 FY2014-15 FY2015-16(till Jan 2016)

600

500

400

300

200

100

0

80

5

130

1753

24 40

Karnataka

Rest of India

Total Commissioned Solar Capacity till 31 January, 2016 by Scheme

(MW)

96.6384.00

4.22 9.00

110.51

697.42

1,488.78

66.00

15.00

140.00

10.00

l

CAPACITY BY SCHEME

lKARNATAKA SOLAR POLICY 2014-2O21

lANNEXURE

KARNATAKA - COMMISSIONED SOLAR

Table 1 : Karnataka Proposed Solar Parks as joint venture between SECI, and KREDL

Karnataka Solar Cumulative Alloted Capacity of1,124 MW-Status Break-up as of January 2016

Karnataka Status of Grid Connected Solar PowerProjects Alloted and Commisioned till January 2016

CommissionedCapacity, 124 MW

CancelledCapacity,70 MW

Balance AllotedCapacity to be Commissioned,930 MW

Karnataka Heading 1 to form TOC not Andhra Please revise as below:Karnataka – Commissioned Solar Capacity by Scheme Karnataka Solar Policy 2014-2021Annexure

SOLAR MONTHLY UPDATE | March 2016

6

Karnataka was the first state to form separate entities for power generation and distribution (in 1970), and the ESCOMs (BESCOM, MESCOM, HESCOM, GESCOM) are taking customer services to the next level. Other plans include an Energy Centre of Excellence and Incubation Centre in Bangalore, and a Technology Innovation Centre at BESCOM. Renewable energy contributed up to 31 per cent of the total installed capacity with the potential estimated at 44.30 GW as of 2015.

FY2015-16 has already seen a huge amount of tendering and planning activity for solar in Karnataka. For example, Indian state-owned utility National Thermal Power Corporation (NTPC) has invited bids for 250MW and 750MW of capacity in solar parks. Indian Conglomerate Adani Group announced plans to build 1GW of solar alongside coal and seaport investments. Steel major ArcelorMittal is also planning 500-600MW of PV after backing out from plans to build a six million tonnes per annum steel mill. Karnataka has tendered 1200 MW of solar PV projects recently across 60 taluks. Another 240 MW across 12 taluks for which tender was floated in February, there was no interest generated, probably on account of it’s remote location or land availability issues, and it has been retendered with a closing date of April 21st.

Karnataka Distribution of Solar PV Projects byDistrict as of January 2016

Source: KREDL Source: Deloitte

The Karnataka Government is also working with farmers to get their land on lease for solar and wind power generation, and make them stakeholders in the energy future. As of January 2016, over 12,000 acres have been contributed voluntarily by Karnataka's farmers.

Karnataka Solar Policy 2014-2021

lTarget of achieving 2,000 MW of solar generation capacity by 2021

lEncouraging development of 300 MW of feed in tariff based solar projects (1-3 MW) by farmers

lEncouraging the development of utility scale solar projects through competitive bidding

lPromotion of grid connected rooftop solar projects with net metering

lEncouraging off-grid solar street lights and rooftop solar systems

lEncouraging the use of solar powered agricultural pump sets

lPromotion of integrated solar parks and hybrid renewable energy projects

lCreation of land banks for development of solar projects under lease of land

lSupporting the deployment of grid connected canal top solar projects

lImposing solar purchase obligation on HT consumers subject to consent of KERC

lFacilitation of deemed conversion of land for solar projects

lTime bound permissions for purchase of agricultural lands for setting up of solar power projects

lExemption to solar PV projects from obtaining clearances from pollution control board

Promotional Measures

Charges Subsidy

Exempted for first 10 years fromdate of commissioning


85% of generic tariff determinedby KERC


Annual Basis

Wheeling charges

Banking charges

Payment for unutilizedbanked energy

Cross subsidy surcharge

Availability of banking


7

Availability of Banking

Banking Charges

Concessional Wheeling andTransmission charges

Concessional cross subsidysurcharge

Net metering for rooftop solar

Tariff for excess injection byrooftop solar

Electricity Duty

Pollution Board Clearance

Annual basis

Zero

Zero (up to March 2018)

Zero

Yes, for all categories,up to 1MW capacity

Rs.9.56/kWhr

No Exemption

No clearance/ NOCrequired for PV

KarnatakaPromotional Measures Tamil Nadu

Comparison in Solar Policy Highlights, Promotional Measures of South Indian States

AP Telengana Kerala

Monthly basis

Zero

30% of applicable charges

50% of applicable CSS

Yes, for domestic andcommercial consumers

Carried forward to nextmonth & lapses at end ofnext settlement year

Exempted for captive use,sale to DISCOM

Facilitation provided byTEDA

Annual basis withrestricted drawal

2% of injected energy

Zero

Exempted for first5 years of operation

Yes, for all consumers

No Payment for excessinjection

Exempted

No clearance/ NOCrequired for PV

Annual basis withrestricted drawal

2% of injected energy

Zero for Captive Use

Exempted for first5 years of operation

Yes, for all threephase consumers

Payment at APPC

Exempted

Clearance withina week

Annual basis

Zero

5% of energy

Zero

Yes, for all categories,up to 1MW capacity

Payment at APPC

Exempted

-

Source: Deloitte and respective State Solar Policy Reports

Annexure

Renew Solar Power Pvt Ltd Bhalki Bidar21

Renew Solar Power Pvt Ltd Chincholli Kalburgi22

Renew Solar Power Pvt Ltd Alland Kalburgi23

Parampujya Solar Energy Pvt Ltd Shorapur Yadgir24

Table 2 : List of LOAs issued to the successful bidders quoting prices upto to Rs.5.50 per kWh for implementation of 1200MW capacity Solar Grid Connected Power Projects in 60 taluks.

(Tender Notification No. KREDL/07/RPO/GC/RFP/2015-16/ dated 13.11.2015)

AMPL Cleantech Pvt Ltd

Growthstreet Consultants Pvt Ltd

OPG Power Generation Pvt Ltd

GRT Jewellers Pvt Ltd

Renew Solar Power Pvt Ltd


Asian Fab Tech Ltd

Asian Fab Tech Ltd

Hero Solar Energy Pvt Ltd


Rishabh Buildwell Pvt Ltd

Rays Power Expert Pvt Ltd


Sunedison Solar Power India Pvt Ltd





Holalkere

Harapanahalli

Hosadurga

Kannakapura

Honnali

Harapanahalli

Gowribidanuru

Nagamangala

Chikkanayakanahalli

Turuvekere

Harapanahalli

Chikkabalapura

Koratagere

Bangarpet+KGF

Chamrajanagara

Kollegala+Hannur

Gundlupet

Yadgiri

Chitradurga

Davanagere

Chitradurga

Ramanagara

Davanagere

Davanagere

Chikkaballapura

Mandya

Tumkur

Tumkur

Davanagere

Chikkabalapura

Tumkur

Kolar

Chamrajanagara

Chamrajnagar

Chamrajnagar

Yadgiri

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20


Aditya Birla Nuvo Ltd

Name of the Bidder Taluk District Capacity

(in MW)

Quoted tariff

(in Rs./kWh)

No.

Madhugiri

Mulbagal

Tumkur

Kolar

20

20

20

10

20

4

20

20

20

2

20

15

20

20

14

10

20

20

20

20

20

20

20

20

4.85

4.84

4.86

5.35

4.89

4.89

4.97

4.98

5.05

5.07

5.19

5.19

4.69

4.84

4.95

5.04

4.69

5.47

4.75

4.79

4.86

4.85

4.69

4.862

1


Name of the Bidder Taluk District Capacity

(in MW)

Quoted tariff

(in Rs./kWh)

No.



Essel Green Energy Pvt Ltd

Marikal Solar Parks Pvt Ltd

Mytrah Energy Ltd







Humnabad

Gangavati

Indi

Basavanabagevadi

Sindagi

Bijapura+Nagatana

Naragund

Chikkodi

Sindagi

Shiggaon

Muddebihal

Bidar

Koppalaa

Vijayapura

Vijayapura

Vijayapura

Vijayapura

Gadag

Belgaum

Vijayapura

Haveri

Vijayapura

30

31

32

33

34

35

36

37

38

39

40



Ramadurg

Shirahatti

Belagavi

Gadag

41

42

8

Karvy Consultants Ltd


Shorapur

Shahpur

Yadgir

Yadgir

25

26



Chittapura

Devadurga

Kalburgi

Raichur

27

28

Renew Solar Power Pvt Ltd Siraguppa Bellary

20

20

20

20

15

20

20

20

5

20

20

20

20

10

20

20

20

20

4.69

4.86

5.20

5.48

5.44

5.30

5.48

5.46

5.50

5.03

5.40

4.92

4.97

Total Capacity alloted

OPG Power Generation Pvt Ltd Ron Gadag43

Source: KREDL

765

20 5.00

5.13

4.69

4.83

4.76

4.7629


Highest Tariff Quoted : Rs.5.50/kwH Lowest Tariff Quoted : Rs.4.69/kwH

9

COMPANY LIMELIGHT – AZURE POWER

l About the Company l Solar Projects and Focus l Director's Quote

About the Company

Azure Power is India's leading independent solar power producer and offers clean and affordable solar energy to its customers with zero upfront cost and operational expenses. The company was founded by Inderpreet Wadhwa in 2008 and is headquartered in New Delhi. It developed India's ?rst private utility scale solar project in 2009 in Awan, Punjab.

The company designs, finances, executes, operates, and maintains solar power plants. By providing solar energy as a service, Azure Power manages the entire project process for its customers, reduces costs of generating electricity, and provides long term predictable pricing. Azure Power has one of the largest portfolios of operating solar projects with a strong pipeline of clean energy generation projects for grid connected; rooftop and off-grid initiatives pan India.

The company offers the following services:

lDesign, engineering and construction of grid integrated solar installations

lOff grid solar installations for villages, hamlets and remote areas

lTurnkey solar installations for commercial and residential complexes on roof tops, as back up and alternate source.

lOperation & maintenance of solar installations

Solar Fact File

lAzure Power has the highest market share in the state of Punjab with a total capacity of 215 MW under various stages.

lAzure Power implemented the ?rst private megawatt scale rooftop smart city initiative in 2013 (a 2.5 MW capacity plant) in Gandhinagar, Gujarat.

lThe company has a portfolio of 804 MW in 14 States in India under various stages.

lAzure Power commissioned the largest solar plant (100 MW) under India's National Solar Mission (NSM) policy in Jodhpur, Rajasthan and is now the single largest operator of projects

under the NSM with a cumulative operational capacity of 147 MW under this policy. The 100 MW plant is spread across over 717 acres of land in Jodhpur. Equipment for 60 MW has been manufactured in India, as a part of the Indian Government's “Make in India” initiative in the solar power sector.

lAzure Power's 5 MW plant in Jaisalmer, Rajasthan, was constructed to provide electricity to Indo – Pak border post.

lThe Gandhinagar, Gujarat 2.5 MW commercial plant covers 192 rooftops.

lPortfolio of 500+ rooftops across 10 states, which includes country's largest commercial real estate developer, a leading global chain of premium hotels and company that operates country's largest metro rail network.

lAzure Power is backed by World Bank arm International Finance Corp., venture capital fund Helion Venture Partners, PROPARCO, Foundation Capital and German development ?nance institution DEG.

lAzure Power is an Independent Power Producer and a leader in the Indian Solar Industry. The company sells Solar Power on long term ?xed price contracts, at prices which in many cases are at or below prevailing alternatives.

lAzure Power has been able to achieve a 73% reduction in total solar system cost from a tariff of Rs. 17.91 per kilowatt in 2009 to Rs. 4.78 per kilowatt in 2016.

lThe company is one of the first to demonstrate a private solar park with initial capacity of 5MW extendable to 50MW.

Directors / Key Personnel

lInderpreet S. Wadhwa- Director and Chief Executive Officer

lH.S.Wadhwa – Director and Chief Operating Officer

lRobert Kelly – Director

lDiane Farrell- Director

lWilliam B. Elmore-Director

lSanjeev Aggarwal-Director

lBarney Rush-Director


10

Key Financials

According to a filing for an initial public offering (IPO) on the New York Stock Exchange to raise $100 million (approximately Rs.650 crore), for FY 2014-15, Azure Power reported a revenue of Rs.112.4 crore and a loss of Rs.108.8 crore. The firm has raised over $525 million in equity and debt financing and approximately $102 million of the amount raised remains available for

deployment, according to the filing. The firm is targeting to increase its operating capacity to 520

stMW by 31 December 2016, it stated in its filing. The company has stated that its longer term goals

stare to achieve 1 GW committed generation by 31 stDecember 2017 and 5 GW by 31 December 2020

in the regulatory filing. (Source: Live Mint article dated December 17, 2015 titled 'Solar energy firm Azure Power files for NYSE listing').

Director's Quote

“In 2009, when I said that India would have two to three gigawatts [of solar energy] by 2015, people said 'That's not possible.' Today we have 5GW running”, said Inderpreet Wadhwa, founder and chief executive of Azure Power. Mr Wadhwa left a technology career in California after he came home to India on what was supposed to be a short personal trip eight years ago and saw the “huge” opportunities presented by the shortage of electricity. He started with small solar plants for electricity-hungry districts and rooftop systems for companies to replace costly diesel generators. Today, Azure Power, which is part-owned by the World Bank’s International Finance Corporation, Foundation Capital and Helion Ventures - is one of dozens of domestic and international corporations putting money into building or supplying equipment to large-scale solar PV power stations across India. (Sourced from article in Financial Times dated January 4, 2016, titled

Investors look to India as the next Solar Power).

*Note: All information sourced for the Company Limelight is taken from the company website www.azurepower.com, various newspapers and media articles, which are in the public domain.


11

Source: LSI Financial Services Tender Monitor 2016

Technical BidDate

SOLAR TENDERS FOR THE MONTHS OF MARCH-APRIL 2016

Organiser State Capacity

Andhra Pradesh

Tamil Nadu

Rajasthan

Odisha

Karnataka

Karnataka

UP

Karnataka

Karnataka

Chhattisgarh

Kerala

UP

MP

500 MW in Ananthapuramu Solar Park in AP,Phase-II, Batch-III, Tranche-IV

Setting Up of 4 Blocks of Grid Interactive Solar PVPower Project of Each 65 MW AC Capacity

65 MW Ac Grid Interactive Solar Pv Power Project withAssociated 33kv Power System Complete for

Grid Interconnection

10 MW, Paradip Port

Allotment Of 240 MWs Grid Connected Solar PowerProjects In 12 Taluks Of Karnataka State

Steel giant ArcelorMittal plans to builda 500-600MW solar plant

20 MW EPC Retender

Development of 250MW (5 blocks of 50MW each) solarPV projects at Pavagada solar park in Karnataka

Development of 750 MW (6 Blocks of 125 MW Each)Solar Photo Voltaic Projects

100 MW Grid Connected Solar PV under JNNSMPhase II Batch III

Procurement of 200 MW power from grid connectedsolar PV power plants within the state of Kerala

Grid connected solar PV projects of 315 MW(Rebidding - 265 MW Open - 50 MW DCR) in

Solar Park and 160 MW Non-Solar Park

750 MW UMPP Solar Park

JNNSM

Neyveli LigniteCorporation Limited

Neyveli LigniteCorporation Limited

SECI

NTPC

UPNEDA

NTPC

NTPC

SECI

Kerala StateElectricity Board(KSEB)

SECI

Rewa (RUMPL)

02 16.03.20

08 16.03.20

08 16.03.20

10 16.03.20

18 16.03.20

30 16.03.20

01 16.04.20

5 16.04.20

20.04.2016

28 16.04.20


New Delhi

P FE

1201, 12th Floor, Chiranjiv Tower

43, Nehru Place, New Delhi 110019 011 46628817 011 46628851 [email protected]

Kolkata

P FE

Sagar Trade Cube, 5th Floor

104, S P Mukherjee Road, Kolkata 700026 033 24863815 033 24863816 [email protected]

Mumbai

PE

+91 9833389402 [email protected]

Regus Business Centre, 3rd Floor, Corinthian Building

Opp. Axis Bank, Link Road, Khar West, Mumbai – 400 052

www.lsifinance.com

solar monthly update march 2016

Documents