MIRA INFORM REPORT

Report Date :

03.11.2012

1. Summary Information

		Country	India
Company Name	KENERSYS INDIA PRIVATE LIMITED	Principal Name 1	Mr. Francesco Giuliani
Status	Moderate	Principal Name 2	Mr. Mohan Shantaram Sapre
		Registration #	130881
Street Address	S. No. 49 Industry House, Opposite Kalyani Steels Limited, Mundhwa, Pune-411036, Maharashtra
Established Date	20.10.2007	SIC Code	--
Telephone#	Not Available	Business Style 1	Manufacturer
Fax #	Not Available	Business Style 2	--
Homepage	http://www.kenersys.com	Product Name 1	Turbine Products
# of employees	Not Available	Product Name 2	Components (WDG Components)
Paid up capital	Rs. 734,499,000 /-	Product Name 3	--
Shareholders	Foreign holdings 87.97% Bodies corporate 12.03%	Banking	State Bank of India
Public Limited Corp.	No	Business Period	5 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	B (27)
Related Company
Relation	Country	Company Name	CEO
Fellow Subsidiary	--	Kenersys Europe GmbH	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	1,463,622,000	Current Liabilities	2,206,093,000
Inventories	1,748,028,000	Long-term Liabilities	919,185,000
Fixed Assets	294,983,0000	Other Liabilities	74,530000
Deferred Assets	000	Total Liabilities	3,199,808,000
Invest& other Assets	000	Retained Earnings	227,186,000
		Net Worth	306,825,000
Total Assets	3,506,633,000	Total Liab. & Equity	3,506,633,000
Total Assets (Previous Year)	1,742,548,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Total Income	1,660,771,000	Net Profit	(402,108,000)
Sales(Previous yr)	524,315,000	Net Profit(Prev.yr)	(172,301,000)

IDENTIFICATION DETAILS

Name :	KENERSYS INDIA PRIVATE LIMITED
Registered Office :	S. No. 49 Industry House, Opposite Kalyani Steels Limited, Mundhwa, Pune-411036, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.10.2007
Com. Reg. No.:	11-130881
Capital Investment / Paid-up Capital :	Rs.734.499 Millions.
CIN No.: [Company Identification No.]	U40102PN2007PTC130881
TAN No.: [Tax Deduction & Collection Account No.]	PNEK08064A
PAN No.: [Permanent Account No.]	AADCK2089H
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer of Wind Turbine Products and provide related services.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 1000000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company is under pressure. There appears some 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 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	LONG TERM RATING : ICRA BB+
Rating Explanation	Moderate Risk of default
Date	14.10.2011

Rating Agency Name	ICRA
Rating	SHORT TERM RATING : ICRA A4
Rating Explanation	Minimal degree of safety. It carry very high risk
Date	14.10.2011

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	S. No. 49 Industry House, Opposite Kalyani Steels Limited, Mundhwa, Pune-411036, Maharashtra, India
Tel No :	Not Available
E-Mail :	rashmi.ballaney@kenersys.com bhushan.joshi@kenersys.com sanjaygandhi@kenersys.com jpatwardhan@bharatforge.com info@kenersys.com
Fax No.	Not Available
Website :	http://www.kenersys.com http://www.kalyanigroup.com
Location :	Rented
Local Office :	Business Plaza next to Westin Hotel, 7th Floor, 36/3B, North Main Road, Koregaon Park Annexe, Pune – 411001, Maharashtra, India
Tel. No.:	91-20-30473100
Fax No.:	91-20-30473130
E-Mail :	info_india@kenersys.com
Overseas Office :	Located At Europe Office Address: Kenersys Europe GmbH, portal 10, albersloher Weg 10, 48155 Munster, Germany Tel No.: +49-0-251-21099-0 Fax No.: +49(0)-251-21099-200 E-mail: andreas.reuter@kenersys.com info@kenersys.com Sweden Office : Address: Magnus Fjelde, Tallstigen11, 18235 Danderyd, Sweden Tel. No.: +46-8-753.-05-35 E-Mail: nfo@kenersys.com America Office : Address: Kenersys Americas LLc, 50W. Big Weaver Road, Suite 120, Troy. MI 48084, USA
Factory :	B-15/1, Baramati, Maharashtra, India
Area :	140000 Sq.Mtrs
Location :	Leased for 99 years
Corporate Office :	Survey No.15, Keshavanagar, Pune – 411036, Maharashtra, India
Tel No :	91-20-30462899/ 40362888
Fax No :	91-20-41061999
E-Mail :	info_india@kenersys.com

DIRECTORS

As on: 28.09.2012

Name :

Mr. Shriniwas Balwant Kanade

Designation :

Director

Address :

20, Nityanand Co-operative HSG Society, Pune, Satara Road, Dhankawadi, Pune – 411043, Maharashtra, India

Date of Birth/Age :

04.03.1953

Qualification :

BCom

Date of Appointment :

20.10.2007

DIN No.:

00089063

Other Directorship :

S.No.	CIN/LLPIN	NAME OF THE COMPANY/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U67120MH1976PTC018892	SADGURU INVESTMENT AND TRADING CO PVT LTD	Director	23-03-94	23-03-94	-	Active	NO
2	U67110MH1976PTC018904	SUNDARAM TRADING AND INVESTEMENT PRIVATE LIMITED	Director	23-03-94	23-03-94	-	Active	NO
3	U65993PN1976ULT018893	AJINKYA INVESTMENT AND TRADING COMPANY	Director	23-03-94	23-03-94	-	Active	NO
4	U65993MH1976PTC018931	SHAILENDRA INVESTMENT AND TRADING COMPANY	Director	24-03-94	24-03-94	-	Amalgamated	NO
5	U67110MH1976PTC018906	YESHWANT TRADING AND INVESTMENT PVT LTD	Director	24-03-94	24-03-94	-	Amalgamated	NO
6	U65993MH1976PTC018905	KUNAL TRADING AND INVESTMENT PRIVATE LIMITED	Director	24-03-94	24-03-94	-	Amalgamated	NO
7	U65921PN1982PTC026664	DEHU TRADING COMPANY PRIVATE LIMITED	Director	25-03-94	25-03-94	-	Active	NO
8	U75101PN1982PTC026657	AKURDI TRADING COMPANY PRIVATE LIMITED	Director	25-03-94	25-03-94	-	Active	NO
9	U65993PN1991PTC059771	SPREKELIA INVESTMENT PRIVATE LIMITED	Director	26-03-94	26-03-94	-	Active	NO
10	U65993PN1991PTC059772	OLEANDER INVESTMENT PRIVATE LIMITED	Director	26-03-94	26-03-94	-	Active	NO
11	U65993PN1991PTC059773	ALOCASIA INVESTMENT PRIVATE LIMITED	Director	26-03-94	26-03-94	-	Active	NO
12	U65993MH1991PTC059775	KNIPHOFIA INVESTMENT PRIVATE LTD	Director	26-03-94	26-03-94	-	Active	NO
13	U65993MH1991PTC059776	POINSETTIA INVESTMENT PRIVATE LTD	Director	26-03-94	26-03-94	-	Active	NO
14	U65993MH1991PTC059774	ACORUS INVESTMENT PRIVATE LTD	Director	26-03-94	26-03-94	-	Active	NO
15	U51909MH1979PTC021630	VISHALGAD TRADING CO PVT LTD	Director	01-04-94	01-04-94	-	Active	NO
16	U51909MH1979PTC021631	JANJIRA TRADING CO PVT LTD	Director	01-04-94	01-04-94	-	Active	NO
17	U51909MH1979PTC021632	VASAI FORT TRADING CO PVT LTD	Director	01-04-94	01-04-94	-	Active	NO
18	U51909MH1979PTC021635	PURANDHAR TRADING CO PVT LTD	Director	01-04-94	01-04-94	-	Active	NO
19	U51909MH1979PTC021629	RAYAGAD TRADING CO PVT LTD	Director	01-04-94	01-04-94	-	Active	NO
20	U51909MH1979PTC021622	PRATAPGAD TRADING CO PVT LTD	Director	01-04-94	01-04-94	-	Active	NO
21	U51909MH1979PTC021626	GOVALKONDA TRADING COMPANY PRIVATE LIMITED	Director	01-04-94	01-04-94	-	Active	NO
22	U65993MH1987PTC045157	COCKSCOMB INVESTMENT AND FINANCE PVT LTD	Director	28-06-94	28-06-94	-	Amalgamated	NO
23	U65993MH1987PTC043434	BLENDA INVESTMENT PVT LTD	Director	01-07-94	01-07-94	-	Active	NO
24	U65993MH1987PTC045159	GLOXINIA INVESTMENT AND FINANCE PRIVATE LIMITED	Director	02-07-94	02-07-94	-	Active	NO
25	U71110PN1982PTC026665	LOHGAON TRADING COMPANY PRIVATE LIMITED	Director	01-08-94	01-08-94	-	Active	NO
26	U65993MH1976PTC018891	KOYANA INVESTMENT AND TRADING CO UNLIMITED	Director	22-09-94	22-09-94	-	Amalgamated	NO
27	U70109PN1994PTC081424	SUCHANNA ESTATES PRIVATE LIMITED	Director	23-09-94	23-09-94	-	Active	NO
28	U70200MH1994PTC081423	GULBAKSHI REALTY PRIVATE LIMITED	Director	21-01-10	23-09-94	-	Active	NO
29	U72200MH1995PTC091677	KALYANI SOFTWARE PRIVATE LIMITED	Director	11-08-95	11-08-95	-	Active	NO
30	U51399PN1981PLC025156	OPAL TRADING LTD	Director	16-12-95	16-12-95	-	Active	NO
31	U28910PN1985PTC038409	DYNA-K-AUTOMOTIVE STAMPINGS PRIVATE LIMITED	Director	27-12-95	27-12-95	17-05-09	Active	NO
32	U65993MH1981PTC024792	SHRI TULJA BHAVANI INVESTMENT PVT LTD	Director	01-11-96	01-11-96	-	Active	NO
33	U65993MH1987PTC043433	YOKOHA INVESTMENT PVT LTD	Director	01-11-96	01-11-96	-	Active	NO
34	U65993MH1987PTC045153	HIBISCUS INVESTMENT AND FINANCE PVT LTD	Director	01-11-96	01-11-96	-	Active	NO
35	U65993MH1987PTC043442	PEACH BLOSSOM INVESTMENT PVT LTD	Director	01-11-96	01-11-96	-	Active	NO
36	U27310MH1997PTC104959	AZALEA ENTERPRISES PRIVATE LIMITED	Director	08-01-97	08-01-97	-	Active	NO
37	U70101MH1997PTC105009	KALYANI UTILITIES DEVELOPMENT LIMITED	Director	10-01-97	10-01-97	-	Amalgamated	NO
38	U74210MH1997PLC105730	KALYANI INFOTECH SOLUTIONS LIMITED	Director	07-02-97	07-02-97	-	Active	NO
39	U65993MH1987PTC043435	ROSARIO INVESTMENT PVT LTD	Director	10-04-97	10-04-97	-	Active	NO
40	U23109KA1996PTC020342	KALYANI COKE AND COGENERATION PRIVATE LIMITED	Director	20-09-97	20-09-97	-	Active	NO
41	U72200PN2000PTC014486	TOMTOM INDIA PRIVATE LIMITED	Director	15-02-00	15-02-00	12-11-10	Active	NO
42	U73100PN2001PTC015810	AYUR INFORMATICS AND RESEARCH PRIVATE LIMITED	Director	13-01-01	13-01-01	-	Active	NO
43	U72200PN1997PLC112581	SYNISE TECHNOLOGIES LIMITED	Director	02-02-01	02-02-01	-	Active	NO
44	U65993PN2001PTC015938	KSL HOLDINGS PRIVATE LIMITED	Director	30-03-01	30-03-01	-	Active	NO
45	U65993PN1987PLC045154	CHAKARAPUSHPA INVESTMENT AND FINANCE LIMITED	Director	15-02-02	15-02-02	-	Active	NO
46	U74999PN2003PLC018350	TRUE VALUE HOLDINGS LIMITED	Director	12-09-03	12-09-03	-	Active	NO
47	U51909MH2002PTC138179	RADIUM MERCHANDISE PRIVATE LIMITED	Director	17-05-04	17-05-04	-	Not Available for eFiling	NO
48	U51909PN2002PTC020882	RADIUM MERCHANDISE PRIVATE LIMITED	Director	13-04-09	17-05-04	-	Active	NO
49	U74140MH1985PTC036722	KALYANI GLOBAL ENGINEERING PRIVATE LIMITED	Whole-time director	01-06-05	01-06-05	-	Active	NO
50	U45209PN2006PTC128339	CROCUS PROPERTIES PRIVATE LIMITED	Director	19-04-06	19-04-06	-	Active	NO
51	U45209PN2006PTC128338	ACORN PROPERTIES PRIVATE LIMITED	Director	19-04-06	19-04-06	07-05-11	Active	NO
52	U74130MH1995PTC089460	AXIOM PROJECT CONSULTANTS PRIVATE LIMITED	Director	05-05-06	05-05-06	-	Active	NO
53	U50401PN2006PTC128545	ROSEMARY TRADING COMPANY PRIVATE LIMITED	Director	01-06-06	01-06-06	-	Active	NO
54	U74140PN2006PTC129045	FUCHSIA CONSULTANTS PRIVATE LIMITED	Director	12-09-06	12-09-06	-	Active	NO
55	U14213PN2007PTC129573	LORD GANESHA MINERALS PRIVATE LIMITED	Director	07-02-07	07-02-07	-	Active	NO
56	U51909PN2007PTC129651	KALYANI AVIATION SERVICES PRIVATE LIMITED	Director	23-02-07	23-02-07	-	Active	NO
57	U70102PN2007PTC129995	ZEPHYR PROPERTIES PRIVATE LIMITED	Director	18-04-07	18-04-07	-	Active	NO
58	U74999MH1995PTC089436	KRUTADNYA MANAGEMENT AND TRADING SERVICES PRIVATE LIMITED	Director	18-06-07	18-06-07	-	Active	NO
59	U40108PN2007PTC130728	KALYANI WIND SOLUTIONS PRIVATE LIMITED	Director	20-09-07	20-09-07	-	Active	NO
60	U45200PN2007PTC130727	KHED WIND ENERGY AND INFRA PROJECTS PRIVATE LIMITED	Director	20-09-07	20-09-07	-	Active	NO
61	U45200PN2005PTC021176	GRAND MARATHA CONSTRUCTIONS PRIVATE LIMITED	Nominee director	13-10-07	13-10-07	24-02-11	Active	NO
62	U40102PN2007PTC130881	KENERSYS INDIA PRIVATE LIMITED	Director	20-10-07	20-10-07	-	Active	NO
63	U70102PN2008PTC131618	CHENE PROPERTIES PRIVATE LIMITED	Director	17-03-08	17-03-08	-	Active	NO
64	U55102PN1964PLC012985	PIH FINVEST COMPANY LIMITED	Director	27-09-08	30-03-08	-	Active	NO
65	U70102PN2008PTC131809	ARMOISE REAL ESTATES PRIVATE LIMITED	Director	16-04-08	16-04-08	-	Active	NO
66	U66000PN2008PTC132518	DAMIKA INSURANCE BROKING COMPANY PRIVATE LIMITED	Director	31-07-08	31-07-08	-	Active	NO
67	U72200PN2008PLC132839	KALYANI TECHNOLOGIES LIMITED	Director	25-09-08	25-09-08	-	Active	NO
68	U65923PN1990PTC056223	VISHWASARH FINANCE PRIVATE LIMITED	Additional director	27-01-09	27-01-09	03-11-09	Active	NO
69	U45203PN2008PTC131242	KHED ECONOMIC INFRASTRUCTURE PRIVATE LIMITED	Director	09-04-09	16-02-09	18-05-09	Active	NO
70	U70102PN2008PLC131478	KHED DEVELOPERS LIMITED	Director	09-04-09	16-02-09	18-05-09	Active	NO
71	U70102PN2009PTC133626	KTMS PROPERTIES PRIVATE LIMITED	Director	13-03-09	13-03-09	-	Active	NO
72	U27100PN2007PTC129759	PUNE POWER DEVELOPMENT PRIVATE LIMITED	Director	30-09-09	01-09-09	-	Active	NO
73	U29309PN1995PLC095170	SEINUMERO MACHINE TOOLS LIMITED	Director	30-09-09	01-09-09	14-06-12	Active	NO
74	U41000PN2009PTC134755	GULBAKSHI WATER SUPPLY COMPANY PRIVATE LIMITED	Director	05-10-09	05-10-09	-	Active	NO
75	U13205PN2009PTC134972	KALYANI NATURAL RESOURCES PRIVATE LIMITED	Director	13-11-09	13-11-09	-	Active	NO
76	U72900PN2009PTC135020	INDIA INTERNET DOMAIN PRIVATE LIMITED	Director	20-11-09	20-11-09	-	Active	NO
77	U45200PN2010PTC135303	SHRIDATTA REALTIES PRIVATE LIMITED	Director	12-01-10	12-01-10	02-12-11	Active	NO
78	U45200PN2010PTC135302	SBK PROPERTIES PRIVATE LIMITED	Director	12-01-10	12-01-10	02-12-11	Active	NO
79	U45200PN2010PTC135301	DGM REALTIES PRIVATE LIMITED	Director	12-01-10	12-01-10	02-12-11	Active	NO
80	U67120MH1991PTC060377	SHEETALDHARA INVESTMENT P LTD	Director	03-02-10	03-02-10	-	Active	NO
81	U67120MH1991PTC060378	NETRADEEP INVESTMENTS P LTD	Director	03-02-10	03-02-10	-	Active	NO
82	U65993MH1991PTC060379	JAYPATRI INVESTMENTS PVT LTD	Director	03-02-10	03-02-10	-	Active	NO
83	U40106PN2010PTC136840	KG RENEWABLE ENERGY PRIVATE LIMITED	Director	26-09-11	07-09-10	-	Active	NO
84	U40106PN2010PTC136841	KG SOLAR ENERGY PRIVATE LIMITED	Director	26-09-11	07-09-10	-	Active	NO
85	U29299MH1996PTC103010	KALYANI EDUCATION FOUNDATION	Director	10-12-10	10-12-10	-	Active	NO
86	U40106PN2011PTC138621	NOUVEAU POWER AND INFRASTRUCTURE PRIVATE LIMITED	Director	21-02-11	21-02-11	05-05-12	Active	NO
87	U29141MH1979PLC020973	KALYANI THERMAL SYSTEMS LIMITED	Director	30-09-11	28-02-11	-	Active	NO
88	U41000PN2011PTC139551	B Y WATERS PRIVATE LIMITED	Director	13-05-11	13-05-11	-	Active	NO
89	U13209DL2011PTC223704	ECOTECH NATURAL RESOURCES PRIVATE LIMITED	Director	12-08-11	12-08-11	-	Active	NO
90	U13204DL2011PTC223698	ECOTECH MINING VENTURE PRIVATE LIMITED	Director	12-08-11	12-08-11	-	Active	NO
91	U13200DL2011PTC223775	CLASSIC MINING VENTURE PRIVATE LIMITED	Director	16-08-11	16-08-11	-	Active	NO
92	U13200DL2011PTC223764	ALPHA NATURAL RESOURCES PRIVATE LIMITED	Director	16-08-11	16-08-11	-	Active	NO
93	U13100DL2011PTC223787	ELAN NATURAL RESOURCES PRIVATE LIMITED	Director	17-08-11	17-08-11	-	Active	NO
94	U01111MH1991PLC062106	KALYANI AGRO CORPORATION LTD	Director	30-09-11	30-08-11	-	Active	NO
95	U13100DL2011PTC227772	WISDOM MINING VENTURE PRIVATE LIMITED	Director	22-11-11	22-11-11	-	Active	NO
96	U13209DL2011PTC227719	MACLE NATURAL RESOURCES PRIVATE LIMITED	Director	22-11-11	22-11-11	-	Active	NO
97	U13209DL2011PTC227718	ELDORADO MINING VENTURE PRIVATE LIMITED	Director	22-11-11	22-11-11	-	Active	NO
98	U13100DL2011PTC227716	ELDORADO NATURAL RESOURCES PRIVATE LIMITED	Director	22-11-11	22-11-11	-	Active	NO
99	U74999PN2011PTC141365	KHED TEXTILE PARK PRIVATE LIMITED	Additional director	23-11-11	23-11-11	-	Active	NO
100	U13100DL2011PTC227866	WISDOM NATURAL RESOURCES PRIVATE LIMITED	Director	23-11-11	23-11-11	-	Active	NO
101	U27320PN2011PLC141743	BARAMATI SPECIALITY STEELS LIMITED	Director	22-12-11	22-12-11	-	Active	NO
102	U13209DL2012PTC232461	INNATE NATURAL RESOURCES PRIVATE LIMITED	Director	06-03-12	06-03-12	-	Active	NO
103	U13200DL2012PTC232598	CASTLE MINING VENTURE PRIVATE LIMITED	Director	09-03-12	09-03-12	-	Active	NO
104	U13209DL2012PTC233005	INNATE MINING VENTURE PRIVATE LIMITED	Director	16-03-12	16-03-12	-	Active	NO
105	U13200DL2012PTC233220	CASTLE NATURAL RESOURCES PRIVATE LIMITED	Director	21-03-12	21-03-12	-	Active	NO
106	U13204DL2012PTC234784	MACLE MINING VENTURE PRIVATE LIMITED	Director	25-04-12	25-04-12	-	Active	NO
107	U80903PN2012NPL143985	KALYANI SKILLS PRIVATE LIMITED	Director	10-07-12	10-07-12	-	Active	NO
108	U80903PN2012NPL144161	KALYANI POLYTECHNIC PRIVATE LIMITED	Director	24-07-12	24-07-12	-	Active	NO
109	U29270PN2012PTC144268	BF ELBIT ADVANCED SYSTEMS PRIVATE LIMITED	Director	02-08-12	02-08-12	-	Active	NO

Name :

Mr. Mohan Shantaram Sapre

Designation :

Director

Address :

Tushar shram, Spahalya Colony, 32/2 B, Erandwane, Deccan Gymkhana, Pune – 411043, Maharashtra, India

Date of Birth/Age :

25.10.1956

Qualification :

CA

Date of Appointment :

30.03.2009

DIN No.:

01721394

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U65993MH1987PTC045155	GYPSOPHILA INVESTMENT AND FINANCE PVT LTD	Director	15-09-95	15-09-95	-	Active	NO
2	U74130MH1995PTC089460	AXIOM PROJECT CONSULTANTS PRIVATE LIMITED	Director	10-04-97	10-04-97	-	Active	NO
3	U85110KA1998PLC023578	NANDI INFRASTRUCTURE CAPITAL COMPANY LIMITED	Director	03-04-98	03-04-98	-	Active	NO
4	U65910PN1986PLC039645	KALYANI FINANCIAL SERVICES LIMITED	Director	05-10-02	05-10-02	-	Active	NO
5	U40102PN2007PTC130881	KENERSYS INDIA PRIVATE LIMITED	Director	30-03-09	30-03-09	-	Active	NO

Name :

Mr. Francesco Giuliani

Designation :

Director

Address :

66 Prospect Street, Apartment A, Greenwich, 06830, United State of America

Date of Birth/Age :

16.03.1972

Qualification :

MBA

Date of Appointment :

09.07.2008

DIN No.:

02153917

Name :

Mr. Vinay Chandramouli Sekar

Designation :

Nominee director

Address :

Flat No. 302, Sundrapandiyan St. Ashok Nagar, Murugan DI, Chennai – 6000083, Tamil Nadu, India

Date of Birth/Age :

06.06.1985

Date of Appointment :

30.03.2012

DIN No.:

03553174

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51109UP1974PLC003879	U. P. INDUSTRIAL CONSULTANTS LIMITED	Nominee director	28-12-10	28-12-10	-	Active	NO
2	U40100GJ2009PLC058694	ABG ENERGY (GUJARAT) LIMITED	Nominee director	01-06-11	01-06-11	-	Active	NO
3	U40102PN2007PTC130881	KENERSYS INDIA PRIVATE LIMITED	Nominee director	30-03-12	30-03-12	-	Active	NO

Name :

Mr. Kailash Lal Tarachandani

Designation :

Director

Address :

Flat No. 1504/15^th Floor A-Wing, Hill Grange CHS Hiranandani est Patlipada, Thane (West) – 400607, Maharashtra, India

Date of Birth/Age :

02.10.1968

Date of Appointment :

28.09.2012

DIN No.:

06388564

Name :

Mr. Sanjay Gandhi

Designation :

Whole-time director

Address :

Amanora Park Town, Sector R- 12, Tower No. 001, Flat No. 502, Hadapsar, Pune – 411028, Maharashtra, India

Date of Birth/Age :

09.07.1976

Date of Appointment :

28.09.2012

DIN No.:

06388787

KEY EXECUTIVES

Name :	Mr. Rashmi Ramesh Ballaney
Designation :	Secretary
Address :	Flat No. 49, Wonderland, 7 MG Road, Pune- 411000, Maharashtra, India
Date of Birth/Age :	05.06.1984
Date of Appointment :	31.08.2012
PAN No.:	AHNPB9605Q

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 28.09.2012

Names of Shareholders	No. of Shares
Kenersys Mauritius Private Limited, Mauritius	66962403
Kalyani Babasaheb Amit	250
Dat Trading Private Limited, Mumbai	786087
IFCI Limited, India	8373440
Total	76122180

Equity Share Break up (Percentage of Total Equity)

As on: 28.09.2012

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	87.97
Bodies corporate	12.03
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Wind Turbine Products and provide related services

PRODUCTION STATUS

As on 31.03.2011

Particulars	Unit	Installed Capacity	Actual Production
Wind Turbine Generators	Nos.	250	--
Wind power systems 2 MW	Nos.	--	17

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India Industrial Finance Branch, 2^nd Floor, Tara chambers, Pune - Mumbai Highway, Wakdewadi, Pune – 411003, Maharashtra, India

· HDFC Bank Limited, Pune

· Axis Bank, Deccan Gymkhana

Facilities :

(Rs. In Millions)

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Rupee Term Loans Banks Secured	308.301	41.763
Working Capital Loans Banks Secured	610.884	401.296
Total	919.185	443.059
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Fully Convertible Debentures Unsecured	0.000	242.562
Total	0.000	242.562

Banking Relations :	--
Auditors :
Name :	S.R Batliboi and Company Chartered Accountants
Address :	Jalan Mill Compound, 95, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400013, India
Tel. No.:	91-22-40356300
Fax No.:	91-22-40356400
PAN No.:	AABFS3421N
Ultimate Holding Company	Kalyani Mauritius Private Limited
Holding Company	Kenersys Mauritius Private Limited
Fellow Subsidiary	Kenersys Europe GMBH

CAPITAL STRUCTURE

As on: 28.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
80000000	Equity Shares	Rs.10/- each	Rs. 800.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
76122180	Equity Shares	Rs.10/- each	Rs. 761.222 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
80000000	Equity Shares (Previous year 20000000) equity shares	Rs.10/- each	Rs.800.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
73449917	Equity Shares (Previous year 17938348) equity shares	Rs.10/- each	Rs.734.499 Millions

Note:

Of the above 24840348 (previous year 17938348) equity shares of Rs. 10 each are held by Kenersya Mauritius Private Limited, Mauritius, the holding company

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		734.499	248.403	179.383
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		227.186	276.080	0.000
4] (Accumulated Losses)		(654.860)	(252.752)	(80.451)
NETWORTH		306.825	271.731	98.932
LOAN FUNDS
1] Secured Loans		919.185	443.060	47.470
2] Unsecured Loans		0.000	242.562	242.563
TOTAL BORROWING		919.185	685.622	290.033
DEFERRED TAX LIABILITIES		0.000	0.397	0.000
TOTAL		1226.010	957.750	388.965
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		294.983	58.906	20.657
Capital work-in-progress		0.000	65.810	22.698
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1748.028	517.558	12.722
	Sundry Debtors	397.178	402.839	4.703
	Cash & Bank Balances	41.432	33.904	20.361
	Other Current Assets	8.149	0.000	0.000
	Loans & Advances	1016.863	663.531	322.999
Total Current Assets		3211.650	1617.832	360.785
Less : CURRENT LIABILITIES & PROVISIONS
	Forward Contract	0.000	4.874	0.000
	Sundry Creditors	1646.438	665.755	13.929
	Current Liabilities	559.655	112.684	0.906
	Provisions	74.530	0.995	0.340
	Unamortized Discount	0.000	0.490	0.000
Total Current Liabilities		2280.623	784.798	15.175
Net Current Assets		931.027	833.034	345.610
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1226.010	957.750	388.965

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sale		524.315	4.678
		Other Income		45.066	1.638
		TOTAL (A)	1660.771	569.381	6.317
Less	EXPENSES
		Cost of raw material Consumed		521.193	4.240
		Increase and Decrease in Work In Progress		(31.615)	0.000
		Personal Expenses		36.572	21.366
		Other Expenses	2050.611 (Including Financial Expenses)	173.445	28.201
		Capital work in Progress		0.000	25.622
		TOTAL (B)		699.595	79.429
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			(130.214)	(73.112)
Less	FINANCIAL EXPENSES (D)			34.931	3.894
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(389.840)	(165.145)	(77.006)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		12.665	6.759	3.294
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(402.505)	(171.904)	(80.302)
Less	TAX (I)		(0.397)	(0.397)	0.149
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)		(402.108)	(172.301)	(80.451)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(252.752)	(80.451)	0.000
	BALANCE CARRIED TO THE B/S		(654.860)	(252.752)	(80.451)
	EARNINGS IN FOREIGN CURRENCY
	Export Earnings		NA	NA	4.679
	TOTAL EARNINGS		NA	NA	4.679
	IMPORTS
	Raw Materials		1202.656	573.782	16.962
	TOTAL IMPORTS		1202.656	573.782	16.962
	Earnings Per Share (Rs.)		(5.48)	(9.31)	(5.21)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(24.21)	(382.33)	(4911.53)
Net Profit Margin (PBT/Sales)	(%)	NA	(32.78)	(1716.58)
Return on Total Assets (PBT/Total Assets}	(%)	(11.48)	(10.62)	(22.25)
Return on Investment (ROI) (PBT/Networth)		(1.31)	(0.32)	(0.44)
Debt Equity Ratio (Total Liability/Networth)		10.43	1.49	0.08
Current Ratio (Current Asset/Current Liability)		1.41	2.06	23.77

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	Yes
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 two years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U40102PN2007PTC130881
Name of the company	KENERSYS INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	S. No. 49 Industry House, Opposite Kalyani Steels Limited, Mundhwa, Pune 411036, Maharashtra, India E-mail : yukti.taneja@kenersys.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10130065
Type of charge	· Immovable property · Book debts · Movable property (not being pledge) · Floating charge · Others
Particular of charge holder	State Bank of India Industrial Finance Branch, Tara chambers, Mumbai-Pune Road, Wakdewadi, Pune 411003, Maharashtra, India. E-mail : yukti.taneja@kenersys.com
Nature of instrument creating or modifying the charge	Supplementary cum Link Document for realignment of limit, wherein Axis Bank has consented upon and permitted full interchangeability between fund based limit of Rs. 375.000 Millions and non-fund based limit of Rs. 400.000 Millions within the Aggregate exposure of Axis Bank being Rs. 775.000 Millions
Date of instrument Creating the charge	19.04.2012
Amount secured by the charge	Rs.2255.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest: · CC: Bare rate + 4%, p.a. payable monthly · WCDL:Base rate + 3.75%, p.a. payable monthly. Terms of Repayment: On Demand Margin: Raw Material-25%, SIP-25%, Finished Goods & Pkg. Material-25%, Stores and Spares-25% and Book Debts (cover period upto 180 days)-30%. Extent and Operation of the charge: The State Bank of India IFB will have first pari-passu charge by way of Hypothecation on the entire current assets of the Company jointly with Axis Bank. The State Bank of India will have 2nd pari-passu charge on the fixed assets along with Axis Bank.
Short particulars of the property charged	· The State Bank India IFB will have First pari-passu charge by way of hypothecation on entire current assets of the Company jointly with Axis Bank. · The State Bank of India will have 2nd pari-passu charge on the fixed assets along with Axis Bank. · Mortgage of Immovable property situated at Plot No. B-15/1 admeasuring 1,40,000 Sq. mtrs., Baramati Industrial Estate, Baramati within village of Tandulwadi, District-Pune. · The above particulars are same as before.
Date of instrument modifying the charge	31.01.2011
Particulars of the present modification	Axis Bank has consented upon and permitted full interchangeability between fund based limit of Rs. 375.000 Millions and non-fund based limit of Rs. 400.000 Millions within the Aggregate exposure of Axis Bank being Rs. 775.000 Millions

BUSINESS PERFORMANCE:

During the year, the Company had approached the Consortium Banks to avail financial assistance by way of working capital facilities, and the request for enhancement was sanctioned by the said Banks. Thus, post enhancement, the total sanctioned limits of the Company stood at RS. 2255.000 Millions with entitlement to the Corporate Loan of RS. 250.000 Millions The Company discharged its term loan liability of RS. 150.000 Millions in full, by repaying its last installment of RS.50.000 Millions on 2nd day of Sept., 2011. During the year, the Company achieved 192% growth in terms of revenue generation. The total income for the financial year 2010-11 rose to Rs. 1660.000 Millions compared with the previous year of Rs.570.000 Millions After meeting all the outgoings, the year’s working resulted in a net loss of Rs. 402.100 Millions The net loss was mainly on account of the increase in input costs and procedural project execution delays.

FUTURE OUTLOOK:

The customer base of the Company comprises of traditional customers and Independent Power producers. During all these years, the Company secured and executed 38 MW projects in aggregate from clients in Maharashtra and Tamil Nadu. The Company has also signed MOU/orders for over 200 MW approximately from large customer base across the Country, favorable to business of the Company. During the year their the major delays in projects commissioning and consequent losses was largely attributable to challenges faced by the company in project development, enhanced input Costs etc. Further, the procedures pertaining to Wind Power Density were not clearly defined resulting in difficulty in facilitating the execution of PPA’s by their Clients and thereby amounting to huge Liquidated damages and delays in receipt of payments from the Clients. Since, presently the potential sites for wind energy in India are Class III sites. Hence, the Company is exploring the possibility for introduction of new technology which would enable in exploring various untapped areas with Class III sites. Higher Tariffs accompanied with the Growth based incentives and renewable purchase obligations have facilitated growth of Independent Power Producers entering the market and are proving to be a beneficial source which would contribute in success to the organization in years to come. Further, the Company has explored various wind preferred locations across the Country by setting up wind masts which would facilitate in development of the project well in advance to secure future growth.

FIXED ASSETS:

· Leasehold Land

· Plant and Machinery

· Office Equipments

· Computers

· Building

· Plant and Machinery

· Motor Vehicles

· Land

· Furniture and Fixture

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. 53.66
UK Pound	1	Rs. 86.37
Euro	1	Rs. 69.24

INFORMATION DETAILS

Report Prepared by :

UDS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

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.