1. Summary Information

		Country	India
Company Name	GAMESA WIND TURBINES PRIVATE LIMITED	Principal Name 1	Mr. Gaizka Nicuesa Chacon
Status	Moderate	Principal Name 2	Mr. Luis Alberto Fernandez Romero
		Registration #	18-079179
Street Address	No. 334, Futura IT Park, B Block, 8^th Floor, Old Mahabalipuram Road, Sholinganallur, Chennai-600119, Tamilnadu
Established Date	06.05.2006	SIC Code	--
Telephone#	Not Available	Business Style 1	Manufacturer
Fax #	Not Available	Business Style 2	Importer
Homepage	http://www.gamesacorp.com	Product Name 1	Wind Turbine Generators
# of employees	10 (Approximately)	Product Name 2	Blades
Paid up capital	Rs.122,613,000/-	Product Name 3	Tower
Shareholders	Foreign holdings 100.00%	Banking	Not Available
Public Limited Corp.	No	Business Period	5 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating
Related Company
Relation	Country	Company Name	CEO
Fellow Subsidiaries:	--	Gamesa Trading Company	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.12.2009		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	1,084,616,000	Current Liabilities	1,745,834,000
Inventories	1,173,285,000	Long-term Liabilities	500,000,000
Fixed Assets	67,461,000	Other Liabilities	32,165,000
Deferred Assets	000	Total Liabilities	2,277,999,000
Invest& other Assets	33,265,000	Retained Earnings	000
		Net Worth	80,628,000
Total Assets	2,358,627,000	Total Liab. & Equity	2,358,627,000
Total Assets (Previous Year)
P/L Statement as of	31.12.2009		(Unit: Indian Rs.)
Sales	690,190,000	Net Profit/ Loss	(152,714,000)
Sales(Previous yr)	288,000 [Total Income]	Net Profit / Loss (Prev.yr)	(6,657,000)

MIRA INFORM REPORT

Report Date :

07.11.2011

IDENTIFICATION DETAILS

Name :	GAMESA WIND TURBINES PRIVATE LIMITED
Registered Office :	No. 334, Futura IT Park, B Block, 8^th Floor, Old Mahabalipuram Road, Sholinganallur, Chennai-600119, Tamilnadu
Country :	India
Financials (as on) :	31.12.2009
Date of Incorporation :	06.05.2006
Com. Reg. No.:	18-079179
Capital Investment / Paid-up Capital :	Rs.122.613 Millions
CIN No.: [Company Identification No.]	U74991TN2006PTC079179
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Importer in Wind Turbine Generators including Blades, Tower, and their Components.
No. of Employees :	10 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (19)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears huge accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	No. 334, Futura IT Park, B Block, 8^th Floor, Old Mahabalipuram Road, Sholinganallur, Chennai-600119, Tamilnadu, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	gmaheshpetluru@gamesacorp.com info@legaleagleindia.com
Website :	http://www.gamesacorp.com
Factory:	No.489, GNT Road, Thandal Kazhani, Vadagarai Post,Redhills, Chennai-600052, Tamilnadu, India
Tel. No.:	91-44-30989898

DIRECTORS

As on 30.06.2010

Name :

Mr. Gaizka Nicuesa Chacon

Designation :

Director

Address :

Lorbeltzeta 32, 1 DR, Zizur Mayor Navarra- 48170

Date of Birth/Age :

22.10.1967

Date of Appointment :

30.06.2009

Din No.:

02383434

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74991TN2006PTC079179	GAMESA WIND TURBINES PRIVATE LIMITED	Director	30-06-09	24-11-08	Active	NO

Name :

Mr. Ricardo Chocarro Melgosa

Designation :

Director

Address :

Catalina Erauso 11 8 B, Donostia San Sebastian Guipuzcoa- 39554

Date of Birth/Age :

01.05.1971

Date of Appointment :

30.06.2009

Din No.:

02383399

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74991TN2006PTC079179	GAMESA WIND TURBINES PRIVATE LIMITED	Director	30-06-09	24-11-08	Active	NO

Name :

Mr. Luis Alberto Fernandez Romero

Designation :

Director

Address :

C Sanduzelai 19 3 B, Pamplona Navarra- 31012

Date of Birth/Age :

03.08.1973

Date of Appointment :

30.06.2009

Din No.:

02394334

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74991TN2006PTC079179	GAMESA WIND TURBINES PRIVATE LIMITED	Director	30-06-09	24-11-08	Active	NO
2	U40108KA2006PTC041197	RSR POWER PRIVATE LIMITED	Director	13-10-10	13-10-10	Active	NO
3	U40108KA2007PTC044156	GM NAVARRA WIND ENERGY PRIVATE LIMITED	Director	23-03-11	23-03-11	Active	NO

Name :

Mr. Inigo Cisneros Humaran

Designation :

Director

Address :

Alameda De San Mames 40,2, Derecha, Bilbao Spain - 48 170

Date of Birth/Age :

09.07.1968

Date of Appointment :

19.04.2007

Din No.:

01337438

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74991TN2006PTC079179	GAMESA WIND TURBINES PRIVATE LIMITED	Director	28-09-07	19-04-07	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2010

Names of Shareholders	No. of Shares
Gamesa Eolica S.L. Unipersonal, Spain	23759532
Gamesa Corporation Tecnologica S.A., Spain	240467
Total	23999999

As on 30.06.2010

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]	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Importer in Wind Turbine Generators including Blades, Tower, and their Components.

PRODUCTION STATUS (AS ON 31.12.2009)

Particulars	Unit	Installed Capacity*
WTG’s and Components	MW (p.a.)	1280

NOTE:

The products manufactured and sold by the Company, i.e., WTG's and components have not been included in the list of mandatory items, which require a license under the New Industrial Policy in terms of Notification No. S.O.477 (E) dated 25th July, 1991. Hence licensing requirements are not applicable to the products manufactured by the Company.

* Installed Capacity is only for the Nacelles, which is only a part of the Wind Turbine Machine and the capacity is measured based on the Mega Watts of Electricity generated. Installed capacity is as certified by the management and accepted by the auditors being a technical matter.

GENERAL INFORMATION

No. of Employees :

10 (Approximately)

Bankers :

Not Available

Facilities :

Unsecured Loan	As on 31.12.2009 [Rs. in Millions]	As on 31.12.2008 [Rs. in Millions]
From Bank (Short Term)	500.000	0.000
Total	500.000	0.000

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	ASV N Ramana Towers, 52, Venkatanarayana Road, T. Nagar, Chennai-600017, Tamilnadu, India
Tel. No.:	91-44-66885000
Fax No.:	91-44-66885050
Pan No.:	AACFD3771D
Holding Company:	Gamesa Eolica S.L.
Fellow Subsidiaries:	· Made Tecnologias Renovable, SAU · Valencia Power Converters · Gamesa Trading Company

CAPITAL STRUCTURE

As on 31.12.2009

Authorised Capital :

No. of Shares	Type	Value	Amount
24000000	Equity Shares	Rs.10/- each	Rs.240.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12261336	Equity Shares	Rs.10/- each	Rs.122.613 Millions

Note: 12138651 equity shares (previous year 9900 equity shares) are held by Gamesa Eolica S.L., the holding company.

As on 30.06.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
24000000	Equity Shares	Rs.10/- each	Rs.240.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
23999999	Equity Shares	Rs.10/- each	Rs.240.000 Millions

After 30.06.2010

Authorised Capital : Rs.5000.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.2725.550 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2009 (12 Months)	31.12.2008 (9 Months)	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		122.613	0.100	0.100
2] Share Application Money		117.387	122.513	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(159.372)	(6.657)	0.000
NETWORTH		80.628	115.956	0.100
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		500.000	0.000	0.000
TOTAL BORROWING		500.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		580.628	115.956	0.100
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		67.461	0.201	0.000
Capital work-in-progress		33.265	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1173.285	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	314.983	116.648	0.387
	Other Current Assets	690.189	0.000	0.000
	Loans & Advances	79.444	1.104	0.000
Total Current Assets		2257.901	117.752	0.387
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1692.309	1.948
	Other Current Liabilities	53.525	0.000	0.287
	Provisions	32.165	0.049	0.000
Total Current Liabilities		1777.999	1.997	0.287
Net Current Assets		479.902	115.755	0.100
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		580.628	115.956	0.100

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2009 (12 Months)	31.12.2008 (9 Months)	31.03.2008
	SALES
		Income	690.190	0.288	NA
		Other Income	NA
		TOTAL	NA	0.288	NA
	EXPENSES
		Office Expenses
		Administrative Expenses	883.507	6.896	NA
		Advertising Expenses
		TOTAL	883.507	6.896	NA
	PROFIT / (LOSS) BEFORE TAX		(152.714)	(6.608)	(0.562)
Less	TAX		0.000	0.049	0.000
	PROFIT / (LOSS) AFTER TAX		(152.714)	(6.657)	(0.562)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(6.658)	(0.001)	NA
	BALANCE CARRIED TO THE B/S		(159.372)	(6.658)	NA
	IMPORTS
		Raw Materials	1232.290	0.000	NA
	TOTAL IMPORTS		1232.290	0.000	NA
	Earnings / (Loss) Per Share (Rs.)		(15.30)	(665.74)	--

KEY RATIOS

PARTICULARS		31.12.2009 (12 Months)	31.12.2008 (9 Months)	31.03.2008
PAT / Total Income	(%)	NA	(2311.46)	NA
Net Profit Margin (PBT/Sales)	(%)	(22.13)	(2294.44)	NA
Return on Total Assets (PBT/Total Assets}	(%)	(6.57)	(5.60)	145.22
Return on Investment (ROI) (PBT/Networth)		(1.89)	(0.06)	(5.62)
Debt Equity Ratio (Total Liability/Networth)		28.25	0.02	2.87
Current Ratio (Current Asset/Current Liability)		1.27	58.96	1.35

LOCAL AGENCY FURTHER INFORMATION

BACKGROUND:

Subject ("the Company") is an Indian company incorporated on May 6, 2006 and is registered with the Registrar of Companies, Delhi and Haryana vide registration number U-74991-DL-2006-PTC-148668. The registered office of the Company is situated at 50E, First Floor, Hauz Khas Village, New Delhi 110 016. The Company is a subsidiary of GAMESA Eolica, S.L., Spain. The Company engages in the manufacture, assembly, import, marketing, sale, distribution, supply, erection, commission and maintenance of wind turbine generators, including blades, towers and their components.

The Company has changed its accounting year from April 1 to March 3 1 to the calendar year i.e. from January 1 to December 31. As a consequence, in these financial statements, current period figures are from April 1, 2008 to

December 31, 2008. Previous period figures are from April 1, 2007 to March 31, 2008. Current period and previous period figures are not comparable. Figures represented by bold type face are for the current period and those within () are for the previous period, unless otherwise stated. Previous period figures have been regrouped1 reclassified wherever necessary. The reporting and functional currency of the Company is Indian Rupees or Rs.

FIXED ASSETS:

· Building on Leasehold Land

· Plant and Machinery

· Moulds

· Furniture and Fixtures

· Computer

· Vehicles

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	Indian Rupees
US Dollar	1	Rs.49.08
UK Pound	1	Rs.78.65
Euro	1	Rs.67.79

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	-
--CREDIT LINES	1~10	2
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		19

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.