1. Summary Information

		Country	INDIA
Company Name	GHODAWAT ENERGY PRIVATE LIMITED	Principal Name 1	MR. SANJAY DANCHAND GHODAWAT
Status	SATISFACTORY	Principal Name 2	MR. SATISH DANCHAND GHODAWAT
		Registration #	11-074899
Street Address	F. NO.D-2, 4^TH FLOOR, STAR RESIDENCY, GAT NO.285, KOLHAPUR-SANGLI ROAD, MAJALE, TALUKA-HATKANANGALE, HATKANANGALE – 416 109, MAHARASHTRA
Established Date	04.11.1993	SIC Code	--
Telephone#	91-2322-255023	Business Style 1	MANUFACTURER
Fax #	91-2322-255059	Business Style 2	--
Homepage	www.ghodawatenergy.com	Product Name 1	ELECTRICITY TURBINES
# of employees	NOT AVAILABLE	Product Name 2	--
Paid up capital	RS.30,000,000/-	Product Name 3	--
Shareholders	DIRECTORS OR RELATIVES OF DIRECTORS – 100%	Banking	AXIS BANK LIMITED
Public Limited Corp.	NO	Business Period	19 YEARS
IPO	NO	International Ins.	--
Public Enterprise	NO	Rating	Ba (46)
Related Company
Relation	Country	Company Name	CEO
GROUP COMPANY	--	GHODAWAT AGRO PRIVATE LIMITED	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	682,514,000	Current Liabilities	73,849,000
Inventories	56,407,000	Long-term Liabilities	543,937,000
Fixed Assets	317,667,000	Other Liabilities	0,000
Deferred Assets	111,995,000	Total Liabilities	617,786,000
Invest& other Assets	22,392,000	Retained Earnings	543,189,000
		Net Worth	573,189,000
Total Assets	1,190,975,000	Total Liab. & Equity	1,190,975,000
Total Assets (Previous Year)	1,427,063,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	321,863,000	Net Profit	NOT AVAILABLE
Sales(Previous yr)	1,275,320,000	Net Profit(Prev.yr)	NOT AVAILABLE

MIRA INFORM REPORT

Report Date :

22.10.2012

IDENTIFICATION DETAILS

Name :	GHODAWAT ENERGY PRIVATE LIMITED (w.e.f. 15.10.2009)
Formerly Known As :	GHODAWAT INDUSTRIES (INDIA) PRIVATE LIMITED
Registered Office :	F. No.D-2, 4^th Floor, Star Residency, Gat No.285, Kolhapur-Sangli Road, Majale, Taluka-Hatkanangale, Hatkanangale – 416 109, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	04.11.1993
Com. Reg. No.:	11-074899
Capital Investment / Paid-up Capital :	Rs.30.000 millions
CIN No.: [Company Identification No.]	U29110MH1993PTC074899 (New) U16001MH1993PTC074899 (Old)
IEC No.:	3198010357
TAN No.: [Tax Deduction & Collection Account No.]	KLPG00963E
PAN No.: [Permanent Account No.]	AAACG6910C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Electricity Turbines.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 2293000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appears a dip in the turnover and profitability of the company. However, networth of the company appears to be satisfactory. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual 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 – 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

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 :	F. No.D-2, 4^th Floor, Star Residency, Gat No.285, Kolhapur-Sangli Road, Majale, Taluka-Hatkanangale, Hatkanangale – 416 109, Maharashtra, India
Tel. No.:	91-2322-255023
Fax No.:	91-2322-255059
E-Mail :	info@ghodawatenergy.com
Website :	http://www.ghodawatenergy.com
Factory :	Gat No. 355, Post Majale, Taluka - Hatkanangale, District Kolhapur – 416 109, Maharashtra, India
Tel. No.:	91-230-2483775, 2483714-15
Fax No.:	91-230-2483774
Area :	75 Acre
Location :	Owned

DIRECTORS

As on 29.09.2012

Name :

Mr. Sanjay Danchand Ghodawat

Designation :

Director

Address :

‘Sushreya’, 2549, Yashwant Company Opposite Housing Society, Jaysingpur, District Kolhapur – 416 101, Maharashtra, India

Date of Birth/ Age :

28.02.1964

Qualification :

D.M.E.

Date of Appointment :

01.04.2007

DIN No.:

00109933

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	U29110MH1993PTC074899	GHODAWAT ENERGY PRIVATE LIMITED	Director	01/04/2007	04/11/1993	-	Active	NO
2	U74140MH1997PTC107418	STAR OXOCHEM PRIVATE LIMITED	Director	21/04/1997	21/04/1997	-	Active	NO
3	U72200PN1999PTC013214	STAR INFOSYSTEMS PRIVATE LIMITED	Director	01/01/1999	01/01/1999	-	Under Process of Striking off	NO
4	U85110KA1994PTC016357	TOPAZ INVESTMENTS PRIVATE LIMITED	Director	01/08/1999	01/08/1999	-	Active	NO
5	U65990MH1989PTC051168	EVERREADY INVESTMENTS PRIVATE LIMITED	Director	08/10/1999	08/10/1999	-	Active	NO
6	U33300MH1990PTC055935	DIANA WATCHES AND ANCILLARIES PRIVATE LIMITED	Director	08/10/1999	08/10/1999	-	Active	NO
7	U16008PN1998PTC012977	MANALI PRODUCTS PRIVATE LIMITED	Director	22/09/2000	22/09/2000	-	Active	NO
8	U16000PN2002PTC017370	GHODAWAT FOODS INTERNATIONAL PRIVATE LIMITED	Director	21/10/2002	21/10/2002	-	Active	NO
9	U65921PN2007PTC130044	SDG FINANCE AND INVESTMENT PRIVATE LIMITED	Director	25/04/2007	25/04/2007	-	Active	NO
10	U85110KA1995PTC017883	M.D. PROPERTIES PRIVATE LIMITED	Director	07/12/2007	07/12/2007	-	Active	NO
11	U17301PN2008PTC132189	FOURSTAR TEXTILES PRIVATE LIMITED	Director	06/06/2008	06/06/2008	-	Active	NO
12	U01114PN2008PTC133229	GHODAWAT PAN MASALA PRODUCTS (INDIA) PRIVATE LIMITED	Director	15/12/2008	15/12/2008	-	Active	NO
13	U01122PN2009PTC133605	GHODAWAT AGRO PRIVATE LIMITED	Director	05/03/2009	05/03/2009	-	Active	NO
14	U15411GJ2009PTC057271	GHODAWAT CHEMFOOD PRIVATE LIMITED	Director	16/06/2009	16/06/2009	-	Active	NO
15	U29299PN2010PTC135984	SHRENIK INDUSTRIES PRIVATE LIMITED	Director	05/04/2010	05/04/2010	30/05/2012	Active	NO
16	U15500MH2011PTC224183	EXCELUS STAR FOODBEV PRIVATE LIMITED	Director	21/11/2011	21/11/2011	-	Active	NO

Name :

Mr. Satish Danchand Ghodawat

Designation :

Director

Address :

‘Varshman’, Malbhag, Jaysingpur, Kolhapur – 416 101, Maharashtra, India

Date of Birth/Age :

24.12.1958

Qualification :

B. Com

Date of Appointment :

13.04.2010

DIN No.:

00109992

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	U29110MH1993PTC074899	GHODAWAT ENERGY PRIVATE LIMITED	Director	13/04/2010	04/11/1993	-	Active	NO
2	U74140MH1997PTC107418	STAR OXOCHEM PRIVATE LIMITED	Director	21/04/1997	21/04/1997	-	Active	NO
3	U16008PN1998PTC012977	MANALI PRODUCTS PRIVATE LIMITED	Director	22/09/2000	22/09/2000	-	Active	NO
4	U01114PN2008PTC133229	GHODAWAT PAN MASALA PRODUCTS (INDIA) PRIVATE LIMITED	Director	15/12/2008	15/12/2008	-	Active	NO
5	U01122PN2009PTC133605	GHODAWAT AGRO PRIVATE LIMITED	Director	05/03/2009	05/03/2009	-	Active	NO
6	U29299PN2010PTC135984	SHRENIK INDUSTRIES PRIVATE LIMITED	Director	05/04/2010	05/04/2010	30/05/2012	Active	NO
7	AAB-1776	GHODAWAT DENIMS LLP	Designated Partner	22/10/2012	22/10/2012	-	Active	NO

Name :

Mr. Shrenik Sanjay Ghodawat

Designation :

Managing Director

Address :

C-100, ‘Sushreya’, 2549, Yashwant Company Opposite Housing Society, Jaysingpur, District Kolhapur – 416 101, Maharashtra, India

Date of Birth/Age :

31.07.1987

Date of Appointment :

30.10.2009

DIN No.:

02091347

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	U16000PN2002PTC017370	GHODAWAT FOODS INTERNATIONAL PRIVATE LIMITED	Director	05/04/2008	05/04/2008	-	Active	NO
2	U29110MH1993PTC074899	GHODAWAT ENERGY PRIVATE LIMITED	Managing director	30/10/2009	05/04/2008	-	Active	NO
3	U01114PN2008PTC133229	GHODAWAT PAN MASALA PRODUCTS (INDIA) PRIVATE LIMITED	Director	15/12/2008	15/12/2008	-	Active	NO
4	U01122PN2009PTC133605	GHODAWAT AGRO PRIVATE LIMITED	Director	05/03/2009	05/03/2009	-	Active	NO
5	U15411GJ2009PTC057271	GHODAWAT CHEMFOOD PRIVATE LIMITED	Director	16/06/2009	16/06/2009	-	Active	NO
6	U29299PN2010PTC135984	SHRENIK INDUSTRIES PRIVATE LIMITED	Director	05/04/2010	05/04/2010	30/05/2012	Active	NO

Name :

Mr. Ranjit Krishnakant Wadhokar

Designation :

Director

Address :

C-302, Leela Garden, Kalyani Nagar, Pune – 411 006, Maharashtra, India

Date of Birth/Age :

30.11.1965

Date of Appointment :

13.04.2010

DIN No.:

02867529

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	U29110MH1993PTC074899	GHODAWAT ENERGY PRIVATE LIMITED	Director	13/04/2010	13/11/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Sanjay Danchand Ghodawat	143000
Neeta Sanjay Ghodawat	3500
Satish Danchand Ghodawat	13500
Sanjay Danchand Ghodawat (HUF)	20000
Shrenik Sanjay Ghodawat	60000
Shreya Sanjay Ghodawat	60000
Total	300000

As on 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Electricity Turbines.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

v Axis Bank Limited, Namdeo Nest, Plot No.1160, Opposite Kamala College, Sykes Extension, Rajaram Road, Kolhapur – 416 001, Maharashtra, India v The Ratnakar Bank Limited, Sangli Main Branch, Near Trimurti Theatres Vakharbhag, Sangli – 416 416, Maharashtra, India v Kallappanna Awade Ichalkaranji Janata Sahakari Bank Limited, Main Road, Jaysingpur – 416 101, Maharashtra, India v Union Bank of India, Hindwadi Branch, Dr. R.K. Marg, Hindwadi, Belgaum – 590 011, Karnataka, India v State Bank of India, Industrial Finance Branch, Pune, Maharashtra, India v Union Bank of India, Plot No.131, Subhash Market, Hindwadi, Belgaum – 590 011, Karnataka, India v HDFC Bank Limited v ICICI Bank Limited v Karnataka Bank Limited, Kolhapur Branch v IDBI Bank Limited

Banking Relations :	--
Auditors :
Name :	R.V. Raichur and Associates Chartered Accountants
Address :	Flat No.14 (Ground Floor), Aditya Apartment, Agarkar Road, Tilakwadi, Belgaum – 590 006, Karnataka, India
Tel. No.:	91-831-2431098
Mobile No.:	91-9448112198
Income-tax PAN of auditor or auditor's firm :	AALPR0894A
Group Companies :	v Ghodawat Agro Private Limited v Ghodawat Consumer Products Private Limited v Ghodawat Energy Limited v Ghodawat Packaging Private Limited v Ghodawat Realty Private Limited v Ghodawat Textiles v Sanjay Ghodawat Institute v Star Oxochem Private Limited

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.100/- each	Rs.100.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.100/- each	Rs.30.000 millions

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		30.000	30.000	30.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		543.189	466.607	903.667
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		573.189	496.607	933.667
LOAN FUNDS
1] Secured Loans		540.937	816.265	1150.864
2] Unsecured Loans		3.000	8.733	143.754
TOTAL BORROWING		543.937	824.998	1294.618
DEFERRED TAX LIABILITIES		0.000	0.000	55.921
TOTAL		1117.126	1321.605	2284.206
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		317.667	300.255	716.613
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		16.952	8.042	37.635
DEFERRED TAX ASSETS		111.995	89.541	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	56.407	112.543	364.491
	Sundry Debtors	113.011	195.138	111.964
	Cash & Bank Balances	54.136	79.839	564.523
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	515.367	634.079	700.532
Total Current Assets		738.921	1021.599	1741.510
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	73.849	105.458	221.351
	Other Current Liabilities
	Provisions
Total Current Liabilities		73.849	105.458	221.351
Net Current Assets		665.072	916.141	1520.159
MISCELLANEOUS EXPENSES		5.440	7.626	9.799
TOTAL		1117.126	1321.605	2284.206

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	321.863	1275.320	1488.971
		Other Income
		TOTAL	321.863	1275.320	1488.971
	EXPENDITURE		80.591	679.552	872.088
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		167.670	493.429	500.221
Less/ Add	DEPRECIATION/ AMORTISATION		79.429	213.774	228.125
	PROFIT BEFORE TAX		88.241	279.655	272.096
Less	TAX		NA	NA	NA
	PROFIT AFTER TAX		NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	8.35	21.16	11.07
Return on Investment (ROI) (PBT/Networth)		0.15	0.56	0.29
Debt Equity Ratio (Total Liability/Networth)		1.08	1.87	1.62
Current Ratio (Current Asset/Current Liability)		10.01	9.69	7.87

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	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 three 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	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
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	No

Note:

The registered office of the company has been shifted from Gat No.355, A/P Majale, Kolhapur – 416 109, Maharashtra to the present address w.e.f. 01.03.2012.

FINANCIAL RESULTS:

The working of the Company for the year shows surplus of Rs.88.241 millions the performance of the Company for the year under review has been satisfactory.

PROSPECTS FOR THE CURRENT YEAR:

The outlook for the current year is good. The Directors have taken steps for improving the quality and decided to give emphasis on marketing and to strengthen the internal controls. In view of this, the directors are hopeful of achieving better results for the current year. The position of the orders booked is satisfactory and the Company looks forward to the future with confidence.

FINANCE:

The financial position of the Company was satisfactory during the year.

Bankers Charges Report as per Registry

Corporate identity number of the company	U29110MH1993PTC074899
Name of the company	GHODAWAT ENERGY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Gat No.355, A/P Majale, Kolhapur – 416 109, Maharashtra, India E-Mail: pgassociate@rediffmail.com
This form is for	Modification of charge
Charge identification number of the modified	10205932
Type of charge	Immovable Property Others
Particular of charge holder	Axis Bank Limited, Namdeo Nest, Plot No.1160, Opposite Kamala College, Sykes Extension, Rajaram Road, Kolhapur – 416 001, Maharashtra, India E-Mail: Arun.Golde@axisbank.com
Nature of description of the instrument creating or modifying the charge	Memorandum of Entry of extension of Equitable Mortgage dated:14.09.2011
Date of instrument Creating the charge	14.09.2011
Amount secured by the charge	Rs.359.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Base Rate + 2.75% i.e. presently 11.50% p.a. at monthly rests. Terms of Repayment: Repayment shall be made in 84 monthly installments as set out in the repayment sheet attached. Interest to be serviced as and when debited to account. Margin: Nil Extent and Operation of the charge: To the extent of the amount borrowed.
Short particulars of the property charged	1) Land admeasuring 2 He, at S. No.41, at Village Boposhi, Taluka and District Satara. 2) Land admeasuring 42 He and 51 R Gat No.241, Situated at Village Chalkewadi Taluka Satara District Satara. 3) Land admeasuring 2 He and 3 R Gat No.315, (S. No.84) at Village Kushi, Taluka Patan District Satara 4) Plot admeasuring 4 He in 385/395 and 384, Village Gorera, Taluka and District Jaisalmer. 5) Land admeasuring 11 Bigha 04 Biswa, in Khasra No 1153/1360, 1154/1361, 1165 and 1166/1362 Village Baramser Tehsil and District Jaiselmer. 6) Agricultural land bearing Gat No.226/2B, Village Khori, Taluka Sakri, District Dhule admeasuring 0 He 80 R 7) Agricultural land bearing Gat No.129/1B, Village Bhone, Taluka and District Nandurbar admeasuring 0 He 81 R 8) Agricultural land bearing Gat No.136/1B, Village Bhone, Taluka and District Nandurbar admeasuring 0 He 81 R
Particulars of the present modification	Additional Security by way of Equitable Mortgage.

FIXED ASSETS:

v Land

v Building

v Plant and Machinery

v Furniture

v Office Equipments

v Computer

v Vehicles

v Helicopter

v Epson Printer  

WEBSITE DETAILS:

PROFILE:

Depletion of non-renewable energy resources is a global concern. The need of the hour is to generate green power from renewable energy resources. At this time, wind power has proved to be the ideal global energy resource, growing rapidly in more than five folds between 2000 and 2007.

Sanjay Ghodawat Group’s subject spearheads environment conservation by offering end-to-end solutions in wind power development. With an experience of over a decade, today it owns and operates over 150 wind turbines, which generates over 100 MW of electricity in various states of India. Unparalleled expertise in all aspects relating to R&D, manufacturing, installing and maintaining of wind power projects has earned subject tremendous repute.

Subject is also a key component supplier in the wind power sector. It is working diligently towards making wind an increasingly viable and competitive part of the global energy matrix.

Wind Turbine Division: Subject manufactures Wind Turbines under the technology license of AMSC-Windtec GmbH. 1.65 MW WEC's are manufactured with various advanced options for markets like South and South East Asia, Middle East and Africa.

Wind Power Division: With an investment of over $112 Million (INR 5000.000 millions); the group has set up wind farms in Indian states like Maharashtra, Karnataka, Rajasthan and Gujarat. This electricity is sold to the state electricity boards as well as to the private industries. The production capacity of these farms is 100MW.

Wind Tower Division: This plant was tailor-made for manufacturing Tubular Type Wind Turbine Towers. The installed capacity of the unit is 400 towers per annum. It holds the best of the wind industry as its clientele.

DIRECTOR’S PROFILE:

Shrenik Ghodawat

Managing Director

Shrenik Ghodawat joined Sanjay Ghodawat Group in mid 2007 as the Managing Director of the Renewable Energy Division and Heavy Engineering Division which is now known as Subject. With the aim of bringing subject in the league of top 5 companies in India's Renewable Energy Sector in the next 5 years, Shrenik joined his family business immediately after completing his Bachelors in Business Management from Centre for Management Studies, Bangalore.

As the Managing Director of subject, Shrenik is actively involved in the key decision-making processes of the company. Under Shrenik, subject has achieved many landmarks in a short span. He has been pivotal in streamlining operations in the Tower Division and expansion of its production capacity from 150 units to 400 units per annum. With this, subject today is the largest producer of towers in India. The Tower Division caters to the requirements of companies like Suzlon, Enercon, Vestas, GE and Regen Powertech among others.

Besides, subject entered into its first foreign Joint Venture with AMSC-Windtec GmbH from Austria in March 2008. Subject entered into a license agreement with AMSC-Windtec which licensed its proprietary WT1650 wind turbine design and manufacturing know-how.

With many more ambitious plans laid for the company in the coming years, Shrenik is all set to take subject to new heights. The plans vary from backward integration in Wind Power to diversification into other Renewable Energy streams.

In his spare time, Shrenik enjoys reading, singing, traveling and engaging in outdoor sports like cricket, tennis and swimming. Apart from this, he has been a panellist for discussing various issues at many Renewable Energy Exhibitions and Conferences.

Ranjit Wadhokar

Executive Director

Mr. Ranjit Wadhokar became a part of subject in 2008 and took over as the Chief Operating Officer of the company. In this role, he leads with his expertise in evaluation and analysis of new product development. He tends to the design, operation and improvement of the systems that create and deliver subject's products and services. He is also responsible for team development and enhancing team performance.

With over 25 years of work experience, he joined subject bringing with him adept know-how in heavy fabrication. His role in bagging subject's first foreign venture with AMSC-Windtec GmbH (Austria) has been eminent. Subject was then licensed with its proprietary WT1650 wind turbine design and manufacturing technology by AMSC-Windtec GmbH (Austria).

In the past, Mr. Ranjit has worked with renowned companies. His experience extends to automobile spare parts and sub assemblies manufacturing and heavy fabrication. He holds Diploma in Mechanical Engineering.

Under his leadership the focus of the company, Empowering Global Future stays intact.

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.53.72
UK Pound	1	Rs.86.15
Euro	1	Rs.70.17

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.