MIRA INFORM REPORT

Report Date :

28.05.2012

IDENTIFICATION DETAILS

Name :	WINDAR RENEWABLE ENERGY PRIVATE LIMITED
Registered Office :	C/o Viswanathan and Company, Advocates, R-16, Second Floor, Hauz Khas Enclave, New Delhi – 110 016
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	14.09.2010
Com. Reg. No.:	55-208250
Capital Investment / Paid-up Capital :	Rs.0.500 million
CIN No.: [Company Identification No.]	U74999DL2010PTC208250
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is engaged in the business of manufacture, assembly, production, fabrication, importing marketing, selling and supplying and distributing structural towers for wind turbine generators for renewable energy projects, including the steel structures and other component parts, accessories, and other ancillary tools and services related thereto.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (13)

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 activity
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a relatively new and yet to commence its business activities. Payments are unknown. 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 :	C/o Viswanathan and Company, Advocates, R-16, Second Floor, Hauz Khas Enclave, New Delhi – 110 016, India
Tel. No.:	91-11-23351292
Fax No.:	91-11-23351293
E-Mail :	info@viswaco.com
Factory :	3B, GIDC, Phase-III, Halol Industrial Estate, Panchmahal - 389 350, Gujarat, India

DIRECTORS

As on 01.09.2011

Name :

Mr. Ramesh Kymal

Designation :

Director

Address :

Aikyam, No.5/82, Blue Beach Road, Neelangari, Chennai – 600 041, Tamilnadu, India

Date of Birth/Age :

16.07.1956

Date of Appointment :

28.10.2010

DIN No.:

00296624

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	U40101TN1996PTC036871	Vestas Wind Technology India Private Limited	Managing director	30-04-97	30-04-97	09-02-09	Active	NO
2	U40108RJ2000PTC016186	Munoth Neg Windfarm Private Limited	Director	07-03-00	07-03-00	17-03-08	Active	NO
3	U40108TN2000PTC046200	NEGM Infrastructure Development Private Limited	Director	27-11-00	27-11-00	09-02-09	Active	NO
4	U40108TN2001PTC047758	B.B. Hills Windfarm Development Private Limited	Director	17-09-01	17-09-01	09-02-09	Active	NO
5	U40108TN2002PTC049386	Indan Energy Private Limited	Whole-time director	08-08-02	08-08-02	-	Active	NO
6	U40105KA2002PTC031011	Bellary Windpower Private Limited	Director	17-09-02	17-09-02	09-02-09	Active	NO
7	U70101TN2005PTC055782	Aikyam Holdings Private Limited	Director	28-03-05	28-03-05	-	Active	NO
8	U40102TN2007PTC063208	Vestas Technology R&D Chennai Private Limited	Director	20-04-07	20-04-07	09-02-09	Active	NO
9	U40109TN2007PTC063453	Inden Wind Energy Private Limited	Director	10-05-07	10-05-07	-	Active	NO
10	U40102TN2007PTC063507	Surajbari Windfarm Development Private Limited	Director	15-05-07	15-05-07	21-08-07	Active	NO
11	U40102TN2007PTC063508	Maharashtra Revangaon Windfarm Development Private Limited	Director	15-05-07	15-05-07	21-08-07	Active	NO
12	U67120KA2006PTC038777	Neelamangala Investments and Holdings Private Limited	Director	22-10-07	22-10-07	-	Active	NO
13	U74999TN2009PTC072699	Megawatt Solutions Private Limited	Director	26-08-09	26-08-09	-	Active	NO
14	U40108KA2006PTC041197	RSR Power Private Limited	Director	13-10-10	13-10-10	-	Active	NO
15	U74999DL2010PTC208250	Windar Renewable Energy Private Limited	Director	28-10-10	28-10-10	-	Active	NO
16	U40108KA2007PTC044156	GM Navarra Wind Energy Private Limited	Director	23-03-11	23-03-11	-	Active	NO

Name :

Mr. Francisco Javier Ripodas Agudo

Designation :

Director

Address :

C/ Paseo Universidad, 40 Mutilva Baja, Navarra, 31192, Spain

Date of Birth/Age :

29.11.1959

Date of Appointment :

28.10.2010

DIN No.:

03255948

Name :

Mr. Orlando Alonso Villaron

Designation :

Director

Address :

CL Asturcon 12, Bajo Vivienda Salinas, Castrillon Asturias, 33405, Spain

Date of Birth/Age :

11.03.1967

Date of Appointment :

28.10.2010

DIN No.:

03274890

Name :

Mr. Julio Jose Diaz Gutierrez

Designation :

Director

Address :

Plaza De La Concepcion 5, 4F, Luanco, Gozon Asturias, 33440, Spain

Date of Birth/Age :

23.08.1968

Date of Appointment :

28.10.2010

DIN No.:

03274910

Name :

Mr. Jesus Alonso Villaron

Designation :

Director

Address :

C. Guipuzcoa 16, Pozuelo De Alarcon, Madrid, 28223, Spain

Date of Birth/Age :

08.09.1970

Date of Appointment :

28.10.2010

DIN No.:

03275467

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 01.09.2011

Names of Shareholders	No. of Shares
Windar Renovables S.L., Spain	28920750
GAMESA Wind Turbines Private Limited, India	500
Total	28921250

As on 01.09.2011

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]	99.99
Bodies corporate	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is engaged in the business of manufacture, assembly, production, fabrication, importing marketing, selling and supplying and distributing structural towers for wind turbine generators for renewable energy projects, including the steel structures and other component parts, accessories, and other ancillary tools and services related thereto.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Yes Bank Limited, 9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai – 400 018, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	Rajat Anshu Mathur and Associates Chartered Accountants
Address :	B-11, Nizamuddin East, New Delhi – 110 013, India
Tel. No.:	91-11-41825013/ 24350626
E-Mail :	ramco@vsnl.net
Income-tax PAN of auditor or auditor's firm :	AAFPM1810P
Holding Company :	Windar Renovables S.L. Address: Avda. Conde de Guadalhorce, 59, Aviles (Asturias), CP 33400, Spain
Group Company :	GAMESA Wind Turbines Private Limited, India

CAPITAL STRUCTURE

As on 01.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
34700000	Equity Shares	Rs.10/- each	Rs.347.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
28921250	Equity Shares	Rs.10/- each	Rs.289.213 millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 million

Of the above shares, 49,500 shares are held by Windar Renovables S.L., Spain, the parent company.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		0.500
2] Share Application Money Pending Allotment		304.328
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(0.017)
NETWORTH		304.811
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		304.811
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		203.255
Capital work-in-progress and advances		19.723
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	81.825
	Other Current Assets	0.000
	Loans & Advances	0.025
Total Current Assets		81.850
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.017
	Other Current Liabilities	0.000
	Provisions	0.000
Total Current Liabilities		0.017
Net Current Assets		81.833
MISCELLANEOUS EXPENSES		0.000
TOTAL		304.811

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2011
	SALES
		Income		0.000
		Other Income		0.000
		TOTAL		0.000
Less	EXPENSES
		Office Expenses		0.017
		Administrative Expenses
		Advertising Expenses
		TOTAL		0.017
	PROFIT/ (LOSS) BEFORE TAX			(0.017)
Less	TAX			0.000
	PROFIT/ (LOSS) AFTER TAX			(0.017)
	Earnings/ (Loss) Per Share (Rs.)			(0.34)

KEY RATIOS

PARTICULARS		31.03.2011
PAT / Total Income	(%)	0.00
Net Profit Margin (PBT/Sales)	(%)	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(0.01)
Return on Investment (ROI) (PBT/Networth)		0.00
Debt Equity Ratio (Total Liability/Networth)		0.00
Current Ratio (Current Asset/Current Liability)		4814.71

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last one year	Yes
12) Profitability for last one year	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

Note:

The registered office of the company has been shifted from 50E, Hauz Khas Village, First Floor, New Delhi – 110 016 to the present address w.e.f. 01.01.2012.

BACKGROUND:

The Company is an Indian company incorporated on September 14, 2010 and is registered with the Registrar of Companies, Delhi and Haryana vide registration number U-74999-DL-2010-PTC-208250. 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 Windar Renovables S.L., Spain. The Company engages in the business of manufacture, assembly, production, fabrication, importing marketing, selling and supplying and distributing structural towers for wind turbine generators for renewable energy projects, including the steel structures and other component parts, accessories, and other ancillary tools and services related thereto. In these financial statements, current period figures are from the date of incorporation of the Company i.e. September 14, 2010 to March 31, 2011.

FINANCIAL DATA:

During the period ending March 31, 2011, the Company has incurred a loss after tax of Rs.0.017 million.

No manufacturing and trading activities were carried out by the Company during the current period. The losses have occurred due to Bank and registration charges and professional fees.

PROSPECTS:

The Directors are meeting regularly to discuss the business of the Company. During the year ended March 31, 2011, the Company incurred in loss after tax of Rs.0.017 million, which shall be carried forward. The Directors are making efforts to generate more business for the Company and are optimistic that better results can be achieved in the future.

Bankers Charges Report as per Registry

Corporate identity number of the company	U74999DL2010PTC208250
Name of the company	WINDAR RENEWABLE ENERGY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	50E, Hauz Khas Village, First Floor, New Delhi – 110 016, India E-Mail: info@viswaco.com
This form is for	Modification of charge
Charge identification number of the modified	10302440
Type of charge	Immovable Property Book Debts Movable Property (not being pledge) Floating Charge Others (All current and movable fixed assets)
Particular of charge holder	CIN No.: L65190MH2003PLC143249 Yes Bank Limited, 9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai – 400 018, Maharashtra, India E-Mail: DelhiCADMidoffice@yesbank.in
Nature of description of the instrument creating or modifying the charge	Memorandum of Entry dated 14.12.2011 for further securing Term Loan of INR 1000.000 millions, sanctioned to Windar Renewable Energy Private Limited (the Borrower) by Yes Bank Limited (the Lender)
Date of instrument Creating the charge	14.12.2011
Amount secured by the charge	Rs.1000.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Term Loan: Yes Bank Base Rate plus 3.30% per annum Terms of Repayment: Repayment in 32 equal quarterly installments after a moratorium of 24 months from the date of first disbursement. Margin: Not Applicable Extent and Operation of the charge: Exclusive Charge on all movable fixed assets and Second Charge on all the current assets, both present and future 2 Exclusive Charge by way of Equitable Mortgage of the property situated at Plot No.3/B, Phase III, Halol Industrial Estate, Gujarat
Short particulars of the property charged	Second charge on all Current Assets including stocks of raw material, semi-finished and finished goods, stores and spares, Bills Receivable and Book Debt (both present and future) Exclusive charge on movable Fixed Assets including plant and machinery located at Halol Vadodara Gujarat, both present and future. Exclusive Charge by way of Equitable mortgage of property at Plot No. 3/B, Phase III, Halol Industrial Estate, Gujarat consisting of Revenue Survey Nos. 2407/P, 2408/P, 2410, 2411/P, 2412/P, 2409/P, 2413/P and New Survey Numbers 178, 180, 184, 183, 182, 181 and 179 within the village limits of Chandrapura Taluka, Halol, District Panchmahal, Gujarat
Particulars of the present modification	Modification is pursuant to following additional security being provided for the Term Loan Facility of INR 1000.000 millions:- Equitable mortgage by way of exclusive charge on all immovable property situated at Plot No. 3/B, Phase III, Halol Industrial Estate, Gujarat

WEBSITE DETAILS:

NEWS:

WINDAR SETS UP WIND TURBINE UNIT IN GUJARAT

Thursday, March 29, 2012

Windar Renovables, a world leader in manufactures of wind towers, in collaboration with Gamesa India, has set up its first tower manufacturing factory in Vadodara, Gujarat and the first in India.

The tower factory spread on area of 13,500 sqm has been built by Windar Renewable Energy Private Limited—a 68:32 joint venture between Windar and Gamesa Wind Turbines. With an investment of Rs.900.000 millions, the factory employs 175 people and will produce 240 tubular towers by the end of 2012. Windar will use its technological expertise in manufacturing tubular towers to cater to the markets across country and abroad, supplying to clients like Gamesa, Acciona and Alstom, a company statement said.

Windar Renewable Energy Private Limited operates as a part of Daniel Alsonso group is today one of the leaders in the manufacture of wind towers in the world. The company produces 1,270 towers per year from its four production plants located in Spain, the statement added.

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.55.73
UK Pound	1	Rs.87.26
Euro	1	Rs.69.89

INFORMATION DETAILS

Report Prepared by :

SMN

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	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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		13

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.