MIRA INFORM REPORT

Report Date :

06.01.2012

IDENTIFICATION DETAILS

Name :	DN WIND SYSTEMS INDIA PRIVATE LIMITED

Registered Office :	C/o. Dhananjay Mahadeo Budhale, Plot No.43, Ramchandra Niwas, Mahalaxmi Nagar, Kolhapur – 416012, Maharashtra

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	17.08.2007

Com. Reg. No.:	25-130578

Capital Investment / Paid-up Capital :	Rs.50.000 Millions

CIN No.: [Company Identification No.]	U31909PN2007PTC130578

TAN No.: [Tax Deduction & Collection Account No.]	KLPO0224A

Legal Form :	Private Limited Liability Company

Line of Business :	Offering solutions for wind energy industry

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca [17]

RATING

STATUS

PROPOSED CREDIT LINE

11-25

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 and delayed

Litigation :	Clear

Comments :	Subject is a 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

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

LOCATIONS

Registered Office :	C/o. Dhananjay Mahadeo Budhale, Plot No.43, Ramchandra Niwas, Mahalaxmi Nagar, Kolhapur – 416012, Maharashtra, India
Tel. No.:	91-231-2693543
Fax No.:	Not Available
E-Mail :	dnwind@sancharnet.in

DIRECTORS

As on 30.9.2011

Name :

Mr. Dhananjay Mahadeo Budhale

Designation :

Director

Address :

Plot No.43, Ramchandra Niwas, Mahalaxmi Nagar, Kolhapur – 416012, Maharashtra

Date of Birth/Age :

07.05.1975

Date of Appointment :

17.08.2007

DIN :

01105630

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	U99999MH1984PTC033297	BUDHALE ENGINEER PRIVATE LIMITED	Whole-time director	2/1/2004	2/1/2004	Active	NO
2	U31909PN2007PTC130578	DN WIND SYSTEMS INDIA PRIVATE LIMITED	Director	17/08/2007	17/08/2007	Active	NO

Name :

Mr. Nitin Mohan Wadikar

Designation :

Director

Address :

179, B, Mangalwar Peth, Kolhapur, - 416012, Maharashtra, India

Date of Birth/Age :

15.05.1965

Date of Appointment :

17.08.2007

DIN :

01620889

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	U31909PN2007PTC130578	DN WIND SYSTEMS INDIA PRIVATE LIMITED	Director	17/08/2007	17/08/2007	Active	NO
2	U80903PN2009PLC135234	SACROSANCT EDUCATIONAL AND RESEARCH FOUNDATION LIMITED	Director	30/09/2010	2/4/2010	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders		No. of Shares
Dhananjay Mahadeo Budhale		2500000
Nitin Mohan Wadikar		2500000
Total		5000000

As on 30.09.2011

Equity Share Break Up

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

BUSINESS DETAILS

Line of Business :

Offering solutions for wind energy industry

Products :

Products Description	ITC Code No.
Parts and accessories of motor vehicles	87089900

PRODUCTION STATUS [As on 31.03.2010]

Particulars	Unit	Actual Production
Parts and accessories of motor vehicles	Nos.	3329

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

The Kolhapur Urban Co-Operative Bank Limited, Khasbag Branch, 1283/K/B, Mangalwar Peth, Archit Complex, Mirajkar Tikti, Kolhapur - 416012, Maharashtra, India
HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India
State bank of India

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
State bank of India Term Loan A/c [secured by mortgage of land and building and hypothecation of plant and machinery and other assets]	165.939	101.388
State bank of India Cash Credit A/c [secured by hypothecation of stocks and book debts of the company]	4.876	0.000
HDFC Bank Limited – Vehicle Loan A/c [secured by hypothecation of vehicle]	0.262	0.000
The Kolhapur Urban Co-Operative Bank Limited Term Loan A/c [secured by hypothecation d machinery]	16.896	0.000
Total	187.973	101.388

Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Deposit from director Mr. Nitin M. Wadikar	26.224	9.097
Deposit from director Mr. Dhananjay M. Budhale	7.394	0.000
	33.618	9.097

Banking Relations :	--

Auditors :
Name :	Deepak Gokhale and Company Chartered Accountants
Address :	Flat No.106 , Building No.HR-2, Royal Retreat, Near Ruikar Colony Ground, Kolhapur – 416005, Maharashtra-, India
PAN :	ABGPG2423G

Associates :	Budhale Engineers Private Limited Maharashtra Engineering Systems Maharashtra Engineers

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount

5,000,000	Equity Shares	Rs.10/- each	Rs.50.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

5,000,000	Equity Shares	Rs.10/- each	Rs.50.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

Particulars		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		50.000	35.500	0.500
2] Share Application Money		0.000	12.542	9.855
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		50.000	48.042	10.355
LOAN FUNDS
1] Secured Loans		187.973	101.388	28.931
2] Unsecured Loans		33.618	9.097	0.000
TOTAL BORROWING		221.591	110.485	28.931
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		271.591	158.527	39.286

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		226.788	0.000	0.000
Capital work-in-progress		0.529	144.222	18.296

INVESTMENT		0.950	0.500	0.500
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	8.627	0.933	0.000
	Sundry Debtors	2.423	0.000	0.000
	Cash & Bank Balances	1.846	1.948	2.776
	Other Current Assets	0.267	0.061	0.030
	Loans & Advances	30.156	15.505	22.043
Total Current Assets		43.319	18.447	24.849
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	17.448	4.324	4.256
	Other Current Liabilities	0.645	0.347	0.132
	Provisions	0.000	0.000	0.000
Total Current Liabilities		18.093	4.671	4.388
Net Current Assets		25.226	13.776	20.461

MISCELLANEOUS EXPENSES		18.098	0.029	0.029

TOTAL		271.591	158.527	39.286

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010
	SALES
		Income	5.058
		Other Income	0.301
		TOTAL (A)	5.359

Less	EXPENSES
		Operating Expenses	6.559
		Increase / [Decrease] in Stocks	[1.610]
		TOTAL (B)	4.949

	PROFIT/[LOSS] BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.410

Less	FINANCIAL EXPENSES (D)		8.662

	PROFIT/[LOSS] BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		[8.252]

Less/ Add	DEPRECIATION/ AMORTISATION (F)		9.550

	PROFIT / [LOSS] BEFORE TAX (E-F) (G)		[17.802]

Less	TAX (H)		0.000

	PROFIT / [LOSS] AFTER TAX (G-H) (I)		[17.802]

	Earnings/[Loss] Per Share (Rs.)		[5.00]

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	[332.19]	NA	NA

Net Profit Margin (PBT/Sales)	(%)	[351.96]	NA	NA

Return on Total Assets (PBT/Total Assets}	(%)	[6.59]	NA	NA

Return on Investment (ROI) (PBT/Networth)		[0.36]	NA	NA

Debt Equity Ratio (Total Liability/Networth)		4.79	2.40	3.22

Current Ratio (Current Asset/Current Liability)		2.39	3.95	5.66

LOCAL AGENCY FURTHER INFORMATION

Bankers Charges Report as per Registry

Corporate identity number of the company	U31909PN2007PTC130578
Name of the company	DN WIND SYSTEMS INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	C/O. Dhananjay Mahadeo Budhale, Plot No. 43, Ramchandra Niwas, Mahalaxmi Nagar, Kolhapur – 416012, Maharashtra, India
This form is for	Creation of charge
Type of charge	Movable Property
Particular of charge holder	HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India Email : cpu-retailassetoperations.rocefiling@hdfcbank.com
Nature of instrument creating charge	Agreement for Loan and Guarantee. (Contracts No.: 3350723)
Date of instrument Creating the charge	05.01.2011
Amount secured by the charge	Rs.2.247 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest - Interest @ 11.53 % p.a. Terms of Repayment - The Loan is repayable in 48 EMIs of Rs.0.058 million (ONE EMI IS IN ADVANCED) starting from 20th January, 2011 ending on 20th November, 2014. Margin - As may be stipulated by bank from time to time. Extent and Operation of the charge - The Company hypothecates to and charges in favour of the Bank by way of first and exclusive charge of the Vehicle/ equipment described in Item No. 15 as security for the repayment/payment by the company of the loan granted or to be granted to the company by the Bank together with all fees, interest, costs and expenses incurred/to be incurred by the Bank and all other monies payable or to become payable by the company to the Bank. Others - The Bank shall be absolutely entitled and have full power and authority to sell, assign or transfer in any manner, in whole or in part, and in such manner and on such terms as the Bank may decide, including reserving a right to the Bank to retain its power to proceed against the company on behalf of the purchaser, assignee or transferee, any or all outstanding dues of the company, to any third party of the Bank's choice without reference to or without written intimation to the company.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of Equipment namely : TRX 2319 (Year Of Manufacture: 2010)

FIXED ASSETS :

Land
Building
Plant and Machinery
Furniture and Fixtures
Computer

· Tools and Equipments

· Office Equipments

Electrical Installations
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.52.78
UK Pound	1	Rs.82.33
Euro	1	Rs.68.19

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	3
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		17

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.

MIRA INFORM REPORT

8.627

2.423

1.846

0.267

30.156

43.319

17.448

0.645

18.093

25.226

[332.19]

[351.96]

[6.59]

[0.36]

4.79

2.39

Unit