1. Summary Information

		Country	India
Company Name	RRB ENERGY LIMITED	Principal Name 1	Mr. Nandagopal Masilamani
Status	Moderate	Principal Name 2	Mr. Rakesh B. M. Bakshi
		Registration #	55-029949
Street Address	GA – 1 / B-1 Extension, Mohan Co- Operative Industrial Estate, Mathura Road, New Delhi 110044
Established Date	01.12.1987	SIC Code	--
Telephone#	91-11-40552222	Business Style 1	Manufacturer
Fax #	91-11-40552200	Business Style 2	--
Homepage	www.rrbenergy.com	Product Name 1	Wind Electric Generators
# of employees	1000 (Approximately)	Product Name 2	--
Paid up capital	Rs. 56,200,000/-	Product Name 3	--
Shareholders	Bodies corporate 24.10%, Directors or relatives of Directors 75.89%, Other top fifty shareholders 0.01%	Banking	Syndicate Bank
Public Limited Corp.	No	Business Period	24 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	B (31)
Related Company
Relation	Country	Company Name	CEO
Associates / Subsidiaries	India	Eco RRB Infra Private Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	2,459,305,000	Current Liabilities	2,141,900,000
Inventories	1,556,720,000	Long-term Liabilities	3,019,365,000
Fixed Assets	1,200,472,000	Other Liabilities	333,740,000
Deferred Assets	000	Total Liabilities	5,495,005,000
Invest& other Assets	625,998,000	Retained Earnings	291,290,000
		Net Worth	347,490,000
Total Assets	5,842,495,000	Total Liab. & Equity	5,842,495,000
Total Assets (Previous Year)	6,661,941,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	5,680,349,000	Net / Loss Profit	(77,939,000)
Sales(Previous yr)	3,256,871,000	Net / Loss Profit(Prev.yr)	(708,266,000)

MIRA INFORM REPORT

Report Date :

14.11.2011

IDENTIFICATION DETAILS

Name :	RRB ENERGY LIMITED (w.e.f January 2008)
Formerly Known As :	VESTAS RRB INDIA LIMITED
Registered Office :	GA – 1 / B-1 Extension, Mohan Co- Operative Industrial Estate, Mathura Road, New Delhi 110044
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	01.12.1987
Com. Reg. No.:	55-029949
Paid-up Capital :	Rs. 56.200 Millions
CIN No.: [Company Identification No.]	U29299DL1987PLC029949
TAN No.: [Tax Deduction & Collection Account No.]	DELV05133C
PAN No.: [Permanent Account No.]	AAACV0109N
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Wind Electric Generators.
No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 14000000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be under pressure. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

NOTES :

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

ECGC Country Risk Classification List – 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 / Works:	GA – 1 / B-1 Extension, Mohan Co- Operative Industrial Estate, Mathura Road, New Delhi 110 044, India
Tel. No.:	91-11-40552222
Fax No.:	91-11-40552200
E-Mail :	pawanshakthi@vestasrrb.com pawanshakthi@rrbenergy.com
Website :	www.rrbenergy.com
Area :	1000 sq. ft.
Location :	Owned
Corporate Office Cum Works :	17, Vembuliamman Koil Street K.K. Nagar (West) Chennai - 600 078, Tamilnadu, India
Tel. No.:	91-44-23641111
Fax No.:	91-44-23642222
E-Mail :	chennai@rrbenergy.com
Head Office :	189, Sukhdev Vihar, New Delhi – 110 025, India
Tel. No.:	91-11-26848228/26838365/26327711/26327722
Fax No.:	91-11-26335160/26835760/26327733
E-Mail :	vrrb@gnmds.globalnet.ems.vsnl.net.in vrrb@gndel-vestas.globalnet.ems.vsnl.net.in
Manufacturing Unit :	Blade and Controller No.182/2, By Pass Road, Poonamallee, Chennai-600056, Tamilnadu, India. Tele No: 91-44-26491891 Fax: 91-44-26491890 E-mail: pnml@rrbenergy.com TAMILNADU 164, Trichy Road, First Floor Opposite D.S.P. Office, Palladam-641664, Tamilnadu, India. Tel : 91-4255-253824 Fax : 91-4255-253530 E-mail : palladam@rrbenergy.com Wind Farm Project Mavinahunda Hills, Raibag Taluka, District Belgaum- 591317, Karnataka, India Tel : 91-8331-293004 Fax : 91-8331-293004 No.158A, Railway Road, S.M. Complex, First Floor Tenkasi-627811, Tamilnadu, India. Tel : 91-4633-281010 / 4633-280690 / 280659 Fax : 91-4633-280640 E-mail : tenkasi@rrbenergy.com “Kalleshwara Nilaya”, 1638/76A, 16th Cross, Taralabalu Badavane, Vidya Nagar, Davangere – 577 005, Karnataka, India Tel: 91-8192-262529 Fax: 91-8192-262529 E-mail : davangere@rrbenergy.com 8/136-E, Main Road Nesam Building, Aralvaimozhi, Muppandal-629301, Kanyakumari District, Tamil Nadu, India. Tel : 91 – 4652- 263258 / 263145 Fax : 91 – 4652-263258 E-mail : muppandal@rrbenergy.com House No.2040, Ward No.5 Kalakaleswara Bhuduvane, Gadag District Gajendragarh-582114, Karnataka, India Tel : 91-8381-262353 E-mail : gajendragarh@rrbenergy.com 53/253A, II Middle Street Opposite to TNEB Area Thiyagaraja Nagar Tirunelveli-627011, Tamilnadu, India Tel: 91-462-2532468 Fax: 91-462-2532468 E-mail : tirunelveli@rrbenergy.com 70, Indira Colony Jaisalmer-305001, Rajasthan, India Tel: 91-299-2250731 Fax: 91-299-2250731 E-mail : jaisalmer@rrbenergy.com 6/111, Ayyanaruthu Village Kovilpatti Taluka Tuticorin-628952 District, Tamilnadu, India Tel: 91-4632-296903 Fax : 91-4632-262007 E-mail : kayathar@rrbenergy.com MADHYA PRADESH Nagada Hill Dewas – 455 001, Madhya Pradesh, India Tel: 91-7272-282082 Fax: 91-7272-282082 E-mail : dewas@rrbenergy.com GUJARAT Survey No.238 At PO Chandrodi Via Juna Kataria , Taluka Bhachau, Kutch-370145, Gujarat, India Tel:91-2837-293007 Fax : 91-2837-283861 E-mail : surajbhari@rrbenergy.com
Branch Office :	Located At: · Pune · Satara · Coimbatore · Muppandal · Palladam · Tenkasi · Madurai · Bangalore · Chitradurga · Gadag · Mavinahunda · Devangere · Jaipur · Jaisalmer · Baroda

DIRECTORS

As On 17.09.2010

Name :

Mr. Nandagopal Masilamani

Designation :

Directors

Address :

6 sixth Street, Rutland Gate, Chennai-600 006, Tamil Nadu, India

Date of Birth/Age :

09.06.1939

Date of Appointment :

14.08.1989

DIN No.:

00058710

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L93090TN1969PLC040213	ARTHOS BREWERIES LIMITED	Director	17-01-79	17-01-79	-	Active	NO
2	U15531TN1982PLC009285	MOHAN BREWERIES AND DISTILLERIES LIMITED	Managing director	01-04-11	08-10-82	-	Active	NO
3	U17111TN1937PLC002992	THE THIRUMAGAL MILLS LIMITED	Director	01-06-83	01-06-83	-	Active	NO
4	L24200TN1971PLC005999	TCP LIMITED	Director	07-11-86	07-11-86	-	Active	NO
5	U29299DL1987PLC029949	RRB ENERGY LIMITED	Director	14-08-89	14-08-89	-	Active	NO
6	U15421OR1990PLC002449	ORISSA SUGARS LIMITED	Director	06-03-90	06-03-90	31-01-09	Active	NO
7	U15500MH1970PLC014512	MOHAN ROCKY SPRING WATER BREWERIES LIMITED	Director	20-03-90	20-03-90	-	Active	NO
8	U22121TN1982PLC009530	MIRA TEXTILES AND INDUSTRIES (INDIA) LIMITED	Director	19-01-93	19-01-93	-	Active	NO
9	U28920TN1995PLC029734	BINNY ENGINEERING LIMITED	Director	22-01-95	22-01-95	-	Active	NO
10	U74999TN1995PLC029916	GOLDEN EAGLE COMMUNICATIONS LIMITED	Director	23-01-95	23-01-95	01-09-08	Active	NO
11	U15421TN1995PLC029913	S.V. SUGAR MILLS LIMITED	Director	23-01-95	23-01-95	-	Active	NO
12	L17111TN1969PLC005736	BINNY LIMITED	Director	23-03-96	23-03-96	-	Active	NO
13	U15421AP1994PLC019013	SAGAR SUGARS AND ALLIED PRODUCTS LIMITED	Director	29-06-07	27-05-97	18-10-11	Active	NO
14	U15512DL2002PTC116353	PRUDENT BREWERIES AND DISTILLERIES PRIVATE LIMITED	Director	29-07-02	29-07-02	-	Active	NO
15	U15520TN2003PLC051263	MEAKIN ALCO BEVERAGES LIMITED	Director	23-07-03	23-07-03	23-08-07	Active	NO
16	U15510DL1998PLC097537	BHANKERPUR DISTILLERIES LIMITED	Director	21-05-04	21-05-04	-	Active	NO
17	L15520HP1934PLC000135	MOHAN MEAKIN LIMITED	Director	30-10-04	30-10-04	-	Active	NO
18	U74999TN2005PLC055668	D1 MOHAN BIO OILS LIMITED	Director	28-09-07	15-03-05	-	Active	YES
19	U70101TN2006PLC060776	DORIC REAL ESTATE LIMITED	Director	28-07-06	28-07-06	01-09-08	Active	NO
20	U45201DL2005PTC134382	RENAISSANCE BUILDCON COMPANY PRIVATE LIMITED	Director	22-09-06	17-08-06	22-02-07	Active	NO
21	U72900DL2007PTC171787	UDAAN INFOTECH PRIVATE LIMITED	Director	26-12-07	26-12-07	11-10-08	Strike off	NO
22	U60230TN2009PLC071689	BINNY CFS LIMITED	Director	21-05-09	21-05-09	-	Active	NO

Name :

Mr. Rakesh B. M. Bakshi

Designation :

Chairman Cum Managing Director

Address :

161 Sukhdev Vihar, New Delhi – 110 025, NCT of Delhi, India

Date of Birth/Age :

04.06.1958

Date of Appointment :

01.12.1987

Qualification :

B.Sc. (Mechanical Engineer)

DIN No.:

00392862

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	U74999DL1984PTC017819	ECO RRB INFRA PRIVATE LIMITED	Director	29-03-84	29-03-84	Active	NO
2	U29299DL1987PLC029949	RRB ENERGY LIMITED	Managing director	01-04-11	01-12-87	Active	NO
3	U45202HP1984PTC007109	SOLCHROME PRIVATE LIMITED	Director	01-09-07	01-04-07	Active	NO

Name :

Mr. Sarvesh Satpal Kumar

Designation :

Managing Directors

Address :

E-2, Sector – 30, Noida – 201 305, Uttar Pradesh, India

Date of Birth/Age :

27.01.1963

Date of Appointment :

01.02.2007

Qualification :

M. Com

DIN No.:

00406836

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	U45202HP1984PTC007109	SOLCHROME PRIVATE LIMITED	Director	15-10-93	15-10-93	Active	NO
2	U29299DL1987PLC029949	RRB ENERGY LIMITED	Director	07-09-07	01-02-07	Active	NO
3	U40101DL2009PTC197212	TRIGEN POWER PRIVATE LIMITED	Director	22-12-09	22-12-09	Strike off	NO

Name:

Mr. Taruvai Subbayya Taruvai Venkatraman Krishnamurthy

Designation :

Director

Address:

Flat 9, Gokul Tower (Next) to Mookambika Complex, 9/10 Sir C P Ramaswamy Road, Alwarpet, Chennai – 600 018, Tamilnadu, India

Date of Birth/Age :

16.05.1940

Date of Appointment :

01.04.2008

DIN No.:

00279767

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U66010AP2005PLC045616	SHRIRAM LIFE INSURANCE COMPANY LIMITED	Director	14-10-06	17-12-05	-	Active	NO
2	U65991MH1996PTC100444	DSP BLACKROCK TRUSTEE COMPANY PRIVATE LIMITED	Director	29-09-06	29-09-06	-	Active	NO
3	U74999TN1996PLC037132	PURPLE INFOTECH LIMITED	Director	10-09-07	10-09-07	01-06-09	Active	NO
4	U72200MH2006PLC166403	IDHASOFT LIMITED	Director	28-08-08	25-09-07	23-06-11	Active	NO
5	U29299DL1987PLC029949	RRB ENERGY LIMITED	Director	29-09-08	01-04-08	-	Active	NO
6	U19119TN1993PLC024932	R.R.INDUSTRIES LIMITED	Additional director	16-04-08	16-04-08	29-10-08	Active	NO
7	U67100MH2007PLC174759	EDELWEISS ASSET RECONSTRUCTION COMPANY LIMITED	Director	27-07-09	13-08-08	-	Active	NO
8	U65922TN2000PLC044655	REPCO HOME FINANCE LIMITED	Additional director	13-09-11	13-09-11	-	Active	NO

Name :

Mr. Daya Nand Dewan Chand Khurana

Designation :

Director

Address :

288 Vasant Enclave, New Delhi – 110057, Delhi, India

Date of Birth/Age :

15.05.1935

Date of Appointment :

29.09.2008

DIN No.:

00020601

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24231GJ1991PLC015132	CADILA PHARMACEUTICALS LIMITED	Director	04-07-03	04-07-03	-	Active	NO
2	L31900DL1983PLC016304	HAVELLS INDIA LIMITED	Director	28-10-05	28-10-05	05-07-10	Active	NO
3	U29299DL1987PLC029949	RRB ENERGY LIMITED	Director	29-09-08	17-12-07	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ravinder Kumar Vir Bhan Sachdeva
Designation :	Secretary
Address :	House No.416, Sainik Vihar, Pitampura, Delhi – 110 034, NCT of Delhi, India
Date of Birth/Age:	01.10.1954
Date of Appointment :	02.03.2007
Pan No.:	AAUPS0133J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As On 17.09.2010

Names of Shareholders	No. of Shares
Promilla Bakshi	3300
Rakesh Bakshi	4111800
Seema Bakshi	149600
Eco RRB Infra Private Limited	1354500
Sarvesh Kumar	100
T V Hariharan	100
Shiv Nand Semwal	100
Susamma John	100
Nisha Singh Mankotia	100
Pramod Singh Rana	100
R. K. Sachdeva	100
Sunita Punjabi	100
Total	5620000

As On 17.09.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	24.10
Directors or relatives of Directors	75.89
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Wind Electric Generators

Products :

Products Descriptions	ITC Code
Manufacturer of Wind Electric Generators	841280.04
Power Generation	--

PRODUCTION STATUS (31.03.2010)

Class of Goods	Unit	Actual Production MW
	Nos.
V 27-225 KW	-	-
V 39-500 KM with 47 mtr rotor	-	-
V47-600 KW	197	118.20
Total	197	118.20

Note:

Licensed and Installed Capacities

Licensed Capacity – Licensing requirements are not applicable to the products manufactured by the company.

Installed capacity – The installed capacities are not precisely ascertainable, given the nature of operations, changes in product mix, and utilization of manufacturing facilities of different components of WEGs are varied and hence, have not been disclosed.

GENERAL INFORMATION

No. of Employees :

1000 (Approximately)

Bankers :

• State Bank of India (Member Bank), Jawahar Vyapar Bhawan, New Delhi-110 001, India

• Canara Bank, Maharani Bagh, Ashram Chowk, New Delhi-110014, India
• Syndicate Bank, Sarojini House, New Delhi, India
• IDBI Bank Limited, MGVCL Building, Race Course Road, Baroda, Gujarat, India

Facilities :

Secured Loans :	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. in Millions)
From Banks
Cash Credit	839.365	1202.123
Buyers Credit	0.000	232.408
Short Term Loans	0.000	429.928
Total	839.365	1864.459

Note :

a) Cash Credit and buyers Credit is secured by a first pari passu charge on:

i) The company’s current assets in the form of raw materials, semi-finished goods, stores and spares, receivables and other current assets

ii) Hypothecation of plant and machinery and

iii) Hypothecation of certain immovable properties of the company

B) The above loans are also covered by personal guarantee of the Chairman and Managing director and corporate guarantee provided by Eco RRB Infra Private Limited (formerly RRB Consultants and Engineers Private Limited), a company in which the CMD is a director

Unsecured Loans :	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. in Millions)
2180-100% Compulsorily Convertible debentures of Rs.1.000 Millions each from CPI Ballpark Investments Limited, Mauritius	2180.000	2180.000
Loan from a Bank	0.000	90.000
Total	2180.000	2270.000

Note:

The loan from a Bank is also covered by personal guarantee of the CMD and corporate Guarantee provided by Eco RRB Infra Private Limited (formerly RRB Consultants and Engineers Private Limited) a company in which the CMD is a Director.

Banking Relations :	-
Auditors :
Name :	B.S.R and Company
Address :	Chartered Accountant
Tel. No.:	No.10, Mahatma Gandhi Road, Nungambakkam, Chennai-600034, Tamilnadu, India
Pan No.:	AAIFB0630K
Associates/Subsidiaries :	· Eco RRB Infra Private Limited (formerly known as RRB Consultants and Engineers Private Limited, India

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity shares	Rs.10/- each	Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5620000	Equity shares	Rs.10/- each	Rs.56.200 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		56.200	56.200	56.200
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		291.290	369.228	1077.494
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		347.490	425.428	1133.694
LOAN FUNDS
1] Secured Loans		839.365	1864.459	910.284
2] Unsecured Loans		2180.000	2270.000	2180.000
TOTAL BORROWING		3019.365	4134.459	3090.284
DEFERRED TAX LIABILITIES		0.000	0.000	58.456
LIABILITY FOR DEFERRED PAYMENTS		299.000	299.000	0.000
TOTAL		3665.855	4858.887	4282.434
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1200.472	1251.000	1040.400
Capital work-in-progress		625.998	440.402	46.684
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1556.720	3605.842	2918.864
	Sundry Debtors	1815.581	737.681	2890.776
	Cash & Bank Balances	222.141	244.329	195.964
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	421.583	382.687	552.177
Total Current Assets		4016.025	4970.539	6557.781
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1395.195	1020.796	2493.522
	Other Current Liabilities	746.705	749.578	842.799
	Provisions	34.740	32.680	26.110
Total Current Liabilities		2176.640	1803.054	3362.431
Net Current Assets		1839.385	3167.485	3195.350
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3665.855	4858.887	4282.434

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	5680.349	3256.871	5954.587
		Other Income	151.350	17.846	49.273
		TOTAL (A)	5831.699	3274.717	6003.860
Less	EXPENSES
		Material consumed	3769.875	2278.677	4425.989
		Personnel cost	182.574	248.879	168.649
		Manufacturing and other expenses	1265.057	1772.522	1539.190
		Prior period items	0.000	0.000	5.799
		Exceptional Items	0.000	(154.475)	0.000
		Increase/(Decrease) in Finished Goods	402.909	(496.099)	(488.820)
		TOTAL (B)	5620.415	3649.504	5650.807
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		211.284	(374.787)	353.053
Less	FINANCIAL EXPENSES (D)		208.589	308.443	134.436
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.695	(683.230)	218.617
Less/ Add	DEPRECIATION/ AMORTISATION (F)		80.634	78.353	67.491
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(77.939)	(761.583)	151.126
Less	TAX (H)		0.000	(53.317)	52.684
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(77.939)	(708.266)	98.442
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(609.824)	98.442	0.000
	BALANCE CARRIED TO THE B/S		(687.763)	(609.824)	98.442
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	25.682	111.481	NA
	TOTAL EARNINGS		25.682	111.481	NA
	IMPORTS
		Raw Materials, Stores and Spare and Capital Goods	596.151	2330.317	NA
	TOTAL IMPORTS		596.151	2330.317	NA
	Earnings / (Loss) Per Share (Rs.)
	- Basic		(13.87)	(126.03)	17.52
	- Diluted		(13.87)	(126.03)	15.69

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(1.34)	(21.63)	2.54
Net Profit Margin (PBT/Sales)	(%)	(1.37)	(23.38)	16.39
Return on Total Assets (PBT/Total Assets}	(%)	(1.49)	(12.24)	2.30
Return on Investment (ROI) (PBT/Networth)		(0.22)	(1.79)	0.13
Debt Equity Ratio (Total Liability/Networth)		14.95	13.96	2.97
Current Ratio (Current Asset/Current Liability)		1.85	2.76	1.95

LOCAL AGENCY FURTHER INFORMATION

BACKGROUND:

Subject (hereafter referred as 'RRBEL' or the time Company') was incorporated on 01.12.1987 and is engaged in the business of manufacture, erection and commissioning of Wind Electric Generators (WEGs). The Company is also engaged in the business of providing after sales services and maintenance services for WEGs. The Company has manufacturing facilities at Chennai and New Delhi.

Note:

The Registered Office of the company has been shifted from 189 Sukhdev Vihar, New Delhi – 110025, India to the present address w.e.f 01.05.2007.

OPERATIONS

In a business, there will be junctures when the business environment turn adverse, as it happened with the Company during the previous financial year. Rather than complain, the Company took it as a challenge and has tried to demonstrate an ability to transform adversities into opportunities. In view of the change in economic environment and sustained efforts put in by the Company to improve the health of the business. The net sales turnover of the Company for the year increased to Rs. 5831.700 Millions as compared to Rs.3274.600 Millions in the previous financial year, registering a growth of more than 78 percent oil an annualized basis.

Besides placing emphasis on increasing the turnover, the Company also placed strong focus on reducing the operating expenditure, improving operational efficiency and reducing the working capital requirements. The Company could achieve success i n this direction also to a greater extant. As against the EBITDA (Earnings before interest, taxes, depreciation and amortization) of loss Rs.529.300 Millions during the previous year, the Company closed the year with increased turnover and with EBITDA of Rs.211.200 Millions. There has been a loss of Rs. 77.900 Millions during the year. Since the Company has debited a sum of Rs. 80.600 Millions towards depreciation as per the rates indicated i n the accounting policy of the Company, there is no cash loss to the Company during the financial year 2009-10. In the absence of profits, no recommendations have been made for declaration of dividends and transfer of any amount to reserves.

FUTURE OUTLOOK

With the changing economic environment, favourable and supportive initiatives of the Government of India, coupled with an established track record, possession of in-house design and technical capabilities to produce technologically advanced, efficient and superior performing Wind Turbines and the expected development of a Wind Turbine of higher capacity shortly, the Company expects to not only increase its turnover but also to increase its market share in the Wind Energy sector.

The Company harbours a vision to foray into the power generation business through a Generation Company. With the support being extended by the Government of India for the New and Renewable Energy sector viz announcement of Generation based Incentive for Wind Energy projects, launching of a National Solar Mission etc., the Company is hopeful that the Renewable Energy sector and especially the Wind Energy sector can be envisioned as one of the fast growing sources of clean arid green energy in the future. Many of the Government owned arid public sector banks and enterprises are taking the initiative of combating climate change and reducing the carbon footprint by setting up Wind Power projects. As such, the Company is hopeful to achieve a higher level of achievements during the coming years. This is further supported by the fact that the concept of Green Energy is gaining worldwide momentum as it is widely believed that this can help in reduction of green house gas emissions.

EXPANSION

The manufacturing facilities established by the Company for Wind Electric Generator (WEG) Blades and Controllers and parts thereof at Poonamalle, Chennai will be used to its fullest capacity during the financial year 2010-11. Taking into account the expected increase in operations of the Company with the enhanced efforts and with the likely development of a higher capacity Wind Turbine, the Company has also initiated action to explore the possibilities of enhancing the capacity of the existing manufacturing facility to manufacture WEG Blades and Controllers and parts thereof at Poonamallee, Chennai.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U29299DL1987PLC029949
Name of the company	RRB Energy Limited
Address of the registered office or of the principal place of business in India of the company	GA – 1 / B-1 Extension, Mohan Co- Operative Industrial Estate, Mathura Road, New Delhi 110 044, India
Type of charge	Book Debts Movable Property (not being pledge) Floating Charge Immovable Property
Particular of charge holder	Canara Bank, Maharani Bagh, Ashram Chowk, New Delhi-110014, India
Email	delhi0349@canbank.co.in
Nature of description of the instrument creating or modifying the charge	Working capital consortium agreement, joint deed of hypothecation, letter evidencing deposit of title deeds and inter se agreement dated 23 September 2010
Date of instrument Creating the charge	23.09.2010
Amount secured by the charge	Rs.2772.900 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per the working capital consortium agreement dated 2309.2010 Terms of Repayment As per the working capital consortium agreement dated 23.09.2010 Margin As per the working capital consortium agreement dated 23.09.2010 Extent and Operation of the charge First charge with Canara Bank, Maharani Bagh Branch, New Delhi as lead bank, State Bank of India, Jawahar Vyapar Bhawan, New Delhi Branch, Syndicate Bank, Sarojini House, New Delhi and IDBI Bank Limited, MGVCL Building, Race Course Road, Baroda member bank. Others The above is to secure fund based limit of Rs.1284.100 Millions and non fund based limit of Rs.1488.800 Millions as per the first schedule of the working capital consortium agreement dated 23.09.2010.
Short particulars of the property charged	First charge on all the stocks and book debts and the fixed assets as per letter evidencing deposit of title deeds dated 23.09.2010.

FIXED ASSETS

· Freehold Land

· Factory Building

· Office Building

· Plant and Machinery

· Furniture and Fixtures

· Office Equipments

· Computer

· Electrical Fittings

· Vehicles

· Software

AS PER WEBSITE DETAILS

PROFILE:

A pioneering Company in the field of Wind Power Generation, Subject is one of the foremost players in the wind energy sector in India.  Subject is an ISO 9001:2008 and ISO 14001:2004 certified Company. Subject is also an Independent Power Producer having established wind farms of aggregate megawatt capacity.

HISTORY

The Company was incorporated in the year 1987 with the main objective of producing world class Wind Electric Generators (WEGs) in India for harnessing of power from wind and  was the first Company to produce pitch regulated WEGs  in India.

Hundreds of Megawatts of wind power capacity, based on different sizes of WEGs, produced and installed for a number of clients by RRBEL are operating successfully at numerous locations in various States in India.

In the year 1990, the Company had setup a WEG Manufacturing Facility at Chennai, Tamilnadu, India.

In the year 2007, Merrill Lynch, invested Rs.218.000 Millions in the Company and in the same year the Company has commenced its export operations.

In the year 2008, the Company had added to its fold, state of the art Manufacturing Facilities for WEG Blades and WEG Controllers and parts thereof at Poonamallee, Chennai, Tamilnadu, India and for WEG Controllers and parts thereof at New Delhi, India.

PRESS RELEASE:

Vestas RRB India Limited (Vestas RRB) is in an advanced stage of commencing the construction of a state of the art Wind Electric Generator (WEG) blade manufacturing facility at Chennai, Tamil Nadu in South India. This facility is being established at Poonamallee Bypass Road, Chennai. It is about 14 kms away from the present Vestas RRB works located at K.K. Nagar (West), Chennai. The foundation stone of the above mentioned facility is being laid by His Excellency Mr. Ulrich Federspiel, Danish Permanent Secretary of State for Foreign Affairs in the presence of His Excellency Mr. Michael Sternberg, Ambassador of Denmark to India and Mr. Rakesh Bakshi, LFIMA, FIE, FNAE, Managing Director, Vestas RRB on November 14, 2005. Mr. Henrik Norremark, Executive Vice President and CFO, Vestas Wind Systems A/S and Mr. Thorbjorn N. Rasmussen, President, Vestas Asia Pacific A/S will also grace the occasion with their presence.

The initial outlay for the project is expected to be around Rs.350 million. The Company’s WEG blade manufacturing facility will be producing 23 meter long WEG blades by using advanced prepreg technology. Production is likely to commence in six months. In the first year the Company plans to manufacture 350 sets of blades and during the second year the Company plans to produce 700 sets of blades. Commencement of local production of the WEG blades will help in bringing down the overall cost of the WEGs considerably. It will also lead to huge savings in terms of time and transportation costs. The lead time of getting the blades from the time of placing the order will be reduced from 120 days to 40 days, which in turn will help in reducing the project commissioning time for the Company’s customers. Vestas Wind Systems A/S, the technology provider for the Company’s blade manufacturing facility uses proprietary reinforced graphite material to make WEG blades that are lighter, stronger and more corrosion resistant as compared to blades used by other WEG producers. The Company’s blade manufacturing facility will also be having offices, meeting rooms, testing laboratories, storage space as well as arrangement for healthcare and recreation. The facility will conform to international standards in safety and environment. The facility will also have scope for expansion to cater for higher capacity WEGs in the future. The Company will also be setting up a WEG at the site to provide captive power for the facility. This facility will also have an array of latest solar and energy efficient devices to make it most environment friendly. Rainwater harvesting and waste water management has been incorporated in the design. The Company also has a comprehensive plan for landscaping and horticulture.

The Company’s strategy is to establish a cost advantage through an ongoing process of augmenting its lateral and vertical manufacturing capability. Vestas RRB WEGs which are of the “Pitch Regulated” type are based on the well known and world proven Vestas technology. Vestas RRB WEGs are equipped with microprocessor controlled pitch regulation, ensuring continuous and optimal adjustment of the angles of the blades in relation to the prevailing wind. Vestas RRB WEGs are well known for their trouble free performance and are also well suited for Indian grid and climatic conditions and the same are able to deliver high plant load factors even in low/medium wind regimes due to the design parameters incorporated into them. With lower cost and a very highly skilled project management capability Vestas RRB aims to become a leader of the Wind Energy sector within the next two years.

Vestas RRB was incorporated in the year 1987 with the main objective of producing world class WEGs in India for harnessing of power from wind. Vestas RRB is an ISO 9001:2000 certified Company. Vestas RRB is also an independent power producer having established wind farms of aggregate mw capacity. In India more than 1300 Nos. Vestas Type WEGs of various capacities are operating successfully at different locations in the States of Gujarat, Maharashtra, Madhya Pradesh, Orissa, Tamil Nadu, Kerala and Karnataka. From concept to commissioning Vestas RRB offers total custom built turnkey solutions in the area of harnessing wind energy for power generation. This includes site selection, micrositing, preparation of detailed project report, project engineering, erection, commissioning and after sales service of the wind power projects.

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.50.27
UK Pound	1	Rs.80.07
Euro	1	Rs.68.45

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		31

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.