MIRA INFORM REPORT

Report Date :

16.09.2011

IDENTIFICATION DETAILS

Name :	GREENERGY RENEWABLES PRIVATE LIMITED
Registered Office :	201, 2^nd Floor, Peninsula Chambers, Peninsula, Corporate Park, G.K. Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	10.01.2008
Com. Reg. No.:	11-177667
Capital Investment / Paid-up Capital :	Rs.0.100 million
CIN No.: [Company Identification No.]	U74900MH2008PTC177667
TAN No.: [Tax Deduction & Collection Account No.]	MUMG12876D
Legal Form :	Private Limited Liability Company
Line of Business :	Subject acts an independent power producer for green and clean energy.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

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 :	Yet to commence business
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a relatively and yet to commence its commercial business activities. Payment terms are not known. The company can be considered for business dealings on a secured trade terms and conditions, initially.

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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
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/ Corporate Office :	201, 2^nd Floor, Peninsula Chambers, Peninsula, Corporate Park, G.K. Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India
Tel. No.:	91-22- 24990000/ 24990192
Fax No.:	91-22-24990118
E-Mail :	lydesai@globalgreenergy.com spprabhu1@rediffmail.com ameyaprabhu@gmail.com
Website :	http://www.globalgreenergy.com

DIRECTORS

As on 30.09.2010

Name :

Mr. Laxmikant Yeshwant Desai

Designation :

Director

Address :

Atharva, 503, M/ B/ Raaut Road Shivaji Park, Dadar (West), Mumbai – 400 028, Maharashtra, India

Date of Birth/Age :

04.09.1958

Date of Appointment :

30.09.2010

DIN No.:

01565599

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	U64203AP2004PTC043061	ADA Cellworks Wireless Engineering Private Limited	Director	25-02-08	25-02-08	-	Active	NO
2	U74900MH2008PTC177667	Greenergy Renewables Private Limited	Director	30-09-10	22-06-10	-	Active	NO
3	U74900MH2009PTC193476	Cleantech Renewable Energy Private Limited	Additional director	14-03-11	14-03-11	-	Active	NO

Name :

Mr. Ameya Suresh Prabhu

Designation :

Director

Address :

B-21, Sadhana, 16^th Road, Khar (West), Mumbai – 400 052, Maharashtra, India

Date of Birth/Age :

17.06.1986

Date of Appointment :

10.01.2008

DIN No.:

00629670

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	U74140MH2007PTC170108	Amusumu Consultancy Private Limited	Director	19-04-07	19-04-07	-	Active	NO
2	U65900MH1995PTC089093	Dues Berg Bosson Financial Services Private Limited	Director	13-08-07	13-08-07	-	Active	NO
3	U74900MH2008PTC177667	Greenergy Renewables Private Limited	Director	10-01-08	10-01-08	-	Active	NO
4	U74140MH2008PTC177687	Eduwise Consultancy Private Limited	Director	10-01-08	10-01-08	-	Active	NO
5	U40101MH2008PLC181157	Energy India Corporation Limited	Whole-time director	30-09-09	01-12-08	-	Active	NO
6	U74900MH2009PTC193476	Cleantech Renewable Energy Private Limited	Director	22-06-09	22-06-09	-	Active	NO
7	U74900MH2009PTC193512	Blue Crane Holdings Private Limited	Director	23-06-09	23-06-09	-	Active	NO
8	U93000MH2010PTC204237	Foresight 2020 Project Consultants Private Limited	Director	15-06-10	15-06-10	-	Active	NO
9	U74900MH2011PTC214752	Survall Global Projects Private Limited	Director	14-03-11	14-03-11	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Anuradha Badhwar
Designation :	Vice President - Human Resources
Name :	Mr. R. Shrinivasan
Designation :	Vice President - Finance
Name :	Mr. Shirish Garud
Designation :	Vice President - Technology

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Blue Crane Holdings Private Limited, India	260
Global Holding Corporation Private Limited, India	740
Total	1000

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00

BUSINESS DETAILS

Line of Business :

Subject acts an independent power producer for green and clean energy.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From Directors	0.020	0.019
Total	0.020	0.019

Banking Relations :	--
Auditors :
Name :	V. Nair and Associates Chartered Accountant
Address :	B-48, Gurudev Apartment, Chembur Naka, Mumbai – 400 071, Maharashtra, India
Tel. No.:	91-22-22616738/ 22666827/ 25296336
Income-tax PAN of auditor or auditor's firm :	AAGPN6642R
Holding Company :	Blue Crane Holdings Private Limited CIN No.: U74900MH2009PTC193512

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1000	Equity Shares	Rs.100/- each	Rs.0.100 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000	Equity Shares	Rs.100/- each	Rs.0.100 million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		(0.016)	(0.008)
NETWORTH		0.084	0.092
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		0.020	0.019
TOTAL BORROWING		0.020	0.019
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		0.104	0.111
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000	0.000
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000
	Sundry Debtors	0.000	0.000
	Cash & Bank Balances	0.015	0.100
	Other Current Assets	0.000	0.000
	Loans & Advances	0.085	0.000
Total Current Assets		0.100	0.100
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors & Other Current Liabilities	0.011	0.006
	Provisions	0.000	0.000
Total Current Liabilities		0.011	0.006
Net Current Assets		0.089	0.094
MISCELLANEOUS EXPENSES		0.015	0.017
TOTAL		0.104	0.111

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	0.000	0.000
		Other Income	0.000	0.000
		TOTAL (A)	0.000	0.000
Less	EXPENSES
		Administrative Expenses	0.008	0.007
		TOTAL (B)	0.008	0.007
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(0.008)	(0.007)
Less	FINANCIAL EXPENSES (D)		0.000	0.000
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(0.008)	(0.007)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.000	0.000
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(0.008)	(0.007)
Less	TAX (H)		0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(0.008)	(0.007)
	Earnings/ (Loss) Per Share (Rs.)		(8.00)	(7.00)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009
PAT / Total Income	(%)	0.00	0.00
Net Profit Margin (PBT/Sales)	(%)	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(8.00)	(7.00)
Return on Investment (ROI) (PBT/Networth)		(0.10)	(0.08)
Debt Equity Ratio (Total Liability/Networth)		0.37	0.27
Current Ratio (Current Asset/Current Liability)		9.09	16.67

LOCAL AGENCY FURTHER INFORMATION

Note:

The registered office of the company has been shifted from 2^nd Floor, Canara Bank Building, 15/17, Adi Marzban Path, Ballard Estate, Mumbai – 400 038, Maharashtra to the present address.

REVIEW OF FINANCIAL RESULTS:

The Company is yet to start its operations.

WEBSITE DETAILS:

PROFILE:

Subject is a Renewable Energy Independent Power Producer (IPP) and a Renewable Energy Services Company (RESCO.

Greenergy was established with a view to provide clean and affordable power to everyone using the renewable resources mother nature has to offer, and help mitigate climate change that is adversely impacting their planet.

The Global Holding Corporation Private limited (GHC) is the key investor in Subject, along with and Blue Crane Holdings Private Limited.

Global Holding Corporation is the holding company of "Global Group" that has 7 operating companies, two of which are listed on Indian Stock Exchanges. The Global Group is India's leading business group focused in the telecom sector and provides Network Services and Shared Telecom Infrastructure. The Group has an asset base of over US $ 5 billion and projected revenues of US $ 1.5 billion for 2011.

Blue Crane Holdings brings together expertise in the Energy and Water sectors in India and Overseas.

Greenergy Renewables proposes to be a renewable energy independent power producer (IPP) and a renewable energy services company (RESCO). Greenergy’s proposed renewable energy generation portfolio consists of power generation using renewable resources such as Solar, Wind, Small hydro, Bio mass etc. Under RESCO, Greenergy proposes to integrate renewable energy generation with energy services with a view to provide comprehensive and holistic energy solutions to its customers.

MANAGEMENT:

Mr. L. Y. Desai - Managing Director

As Managing Director of Greenergy, Mr Desai is responsible for leading and building a robust and sustainable business organisation.

Mr Desai's management experience is diverse and spans the vast array of management functions. His expertise encompasses corporate management practices, software and IT services, international finance and taxation, accounting and MIS. He is well known for his capabilities in identifying, grooming and nurturing new businesses and new markets built on a robust model, both nationally and internationally. His repertoire of skills include expertise in fund raising from the international markets at competitive rates, structuring innovative deals with technology partners and customers, and conceptualizing and managing large- scale projects and leading start up organizations.

After an initial stint at Crompton Greaves Limited he joined GTL in the early 90's. For majority of the last two decades he has been a pivotal contributor to the company's agenda of achieving a leadership position in the field of telecom infrastructure. His career trajectory within the Global Holding Corporation encompasses roles as CFO, being profit centre head for the groups IT services business divisions, setting up and leading group international operations from USA focusing on the group's main stage businesses such as Network Engineering and IT Services.

He has been a director on the board of several companies including Internet holding's group limited, IGTL Solutions (USA) Inc., Global E Commerce Services Limited, and Voice Post Pte Limited Singapore. Further he has been the public face of GTL at many corporate and trade forums where he represented the organization; namely FICCI, CII, IMC, NASSCOM, USIBC, IACC, IMC, IGCC, BCCI and the EU Chambers of Commerce in India.

Mr Desai completed his Bachelor of Commerce and Economics (with Honours), followed by his Chartered Accountancy and Company Secretaryship.

Mr. Ameya Prabhu - Deputy Managing Director

Mr Ameya Prabhu, in his capacity as Deputy Managing Director, is responsible for working closely with the Managing Director to lead the organization towards achievement of its goals. Mr Prabhu is involved extensively in devising a corporate strategy for Greenergy, and in raising funds for the company.

Mr Prabhu is a nominee of Blue Crane Holdings on the Board of Directors of Greenergy Renewables. Blue Crane Holdings is a company focused on emerging business opportunities in the water and clean energy sectors. His areas of expertise include: finance, renewable energy, energy efficiency, power, foreign collaborations and partnerships.

Mr Prabhu was previously a Director with Energy India Corporation and was involved in developing thermal and wind power projects in South Asia. He was involved in formulating a relationship with a leading European utility for co-developing a thermal power plant in Maharashtra, India and in tying up the coal linkage for the project.  His earlier experience includes stints at IL and FS marine transport division, Enam Consultants, DSP Merill Lynch and ICICI Bank.

Mr Prabhu holds a Masters in Financial Management from the IE Business School and is a CFA Level II Candidate. He has a B.Sc. in Economics, Politics and International Studies at the University of Warwick.

Mr. Shirish Garud - VP Technology

As Vice President Technology Mr Garud is responsible for strategic planning and technology development / adaptation for the company's projects in clean and renewable energy. 

Mr Garud comes with rich experience in the renewable energy sector and he is regarded as one of the pioneers in the field.  He has worked with various organisations and has been instrumental in developing solar energy technologies.  His early stints were with IBP,s Engineering Division where he was part of the team  that developed  solar vacuum tube collectors for the first time in India,  and then with Sesa Goa limited where he worked extensively on solar photo-thermal fur collectors and solar cooling projects.  In the 1990,s he worked with Maharashtra Energy Development Agency (MEDA) in promoting solar thermal and PV technologies and policies and also with  M/s Suryodaya Hi-Tech Engineering Private Limited where he was instrumental in commercialising solar selective coating technology and solar steam generation systems. He has also developed Celcius Solar water heating systems, a popular brand of solar water heating systems.

Prior to joining Greenergy he worked in the Renewable Energy Technology Applications area of The Energy and Resource Institute (TERI).  At TERI he was a Fellow and Area Convenor and his responsibility included renewable energy technology applications, covering renewable energy technology, policy and regulatory aspects.

Having worked with over 25 EU institutes and organizations on about 6 EU funded projects, he is widely recognized as an international expert in renewable energy technologies and policies. He also headed the South Asia Secretariat of Renewable Energy and Energy Efficiency Partnership (REEEP) - a UK government promoted PPP initiative- for two years. He is known for his training and research skills. His major achievements include design and implementation of  one of the world,s largest industrial solar water heating system of 120000 lit per day capacity, commercialization of solar selective coating, development of vacuum tube and solar parabolic trough collectors, development of country level energy data bank for the Royal Government of Bhutan, Country level energy planning for sustainable development. He has written various publications, and was a contributor to the Renewable Energy Technology Handbook.

Mr Garud completed his Masters of Technology (Energy Systems Engg.) from IIT-Bombay and a Bachelors of Engineering, Mechanical from the College of Engineering, Pune.

Mr. R. Shrinivasan - VP Finance

As Vice President Finance Mr. Shrinivasan is responsible for leading the Finance Accounts, Administration, and Information Technology function.

He has valuable experience in Finance and Accounting. Some of his earlier work experiences include tenures at Wockhardt, Armour Chemicals Limited, CRB Capital markets, Weizmann,GTL Limited and Orange. At Workhardt he set up management information systems, computerized accounts, and successfully managed merger of group companies with the parent company. At Armour chemicals and CRB capital markets he successfully arranged working capital from a consortium of banks and also arranged inter corporate deposits from large Indian and MNC organizations. At Weizmann he managed the retail finance activity and was also instrumental in getting interest rate reductions from a consortium of banks.

At GTL he successfully managed relationships with key enterprise vendors.  He was an important member of the due diligence team for hiving off the enterprise division of GTL to Equant Technology services India Private Limited (Orange).  Prior to joining Greenergy he worked with Orange from 2007-10. At Orange he was responsible for setting up risk management and the commercial function, and for integrating the procurement function with the finance function to enable better MIS.

Mr Shrinivasan completed his Bachelor of Commerce (Honours) and his Final CA (Grade 1).

Ms. Anuradha Badhwar - VP Human Resources

As Vice President Human Resources, Ms Badhwar is responsible for leading the HR function and ensuring that Human Resource Management is a key component of the organization's strategy execution.

She has rich experience in HR leadership positions spanning different industries. She has worked with start-up organization's and sunrise industries and has extensive experience in change management and culture building. She has conceptualized and implemented several HR programs and interventions, based on a clear analysis of what contributes to the organizations business strategy. Some examples of these include leading an organizational restructuring program, conceptualizing and implementing talent acquisition, and performance and compensation management systems, defining productivity norms, leading learning and development programs, and defining career progression ladders.

She has worked across several industries including telecom, financial services, media, software, market research, manufacturing etc. Some of her previous assignments include Head of HR at Hutchison Max (now Vodafone), Director HR with Mid-Day Multimedia, and Executive Director HR (South Asia) with the Nielsen Company. She has set up HR functions in sunrise industries (e.g. her stint at Hutchison Max telecom where she was a key member of the management team that launched cellular telephony in the country) and in mature organizations like Mid-Day (where she migrated the personnel function to an HR function focused on defining the organization structure, performance standards, and enhancing employee engagement and productivity), and at Nielsen the global market research leader (when they acquired local market research companies in India, Sri Lanka, Bangladesh, Nepal) where she set up HR operations from inception across these countries establishing Nielsen global performance norms, work culture and values systems.

Ms Badhwar did her Bachelor of Arts from St Xavier's college Mumbai followed by her PGDPM and IR from the prestigious XLRI Jamshedpur.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No 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.47.80
UK Pound	1	Rs.75.16
Euro	1	Rs.65.11

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	1
--RESERVES	1~10	-
--CREDIT LINES	1~10	-
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		11

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.