MIRA INFORM REPORT

Report Date :

03.04.2013

IDENTIFICATION DETAILS

Name :	WINERGY DRIVE SYSTEMS INDIA PRIVATE LIMITED
Registered Office :	309/2, “A” Block 100, Chettipattu Village, Thandalam Post, Mevalurkuppam, Sriperambudur Taluka, Kancheepuram District-602105, Tamilnadu
Country :	India
Financials (as on) :	30.09.2012
Date of Incorporation :	23.09.2004
Com. Reg. No.:	18-054318
Capital Investment / Paid-up Capital :	Rs. 450.100 Millions
CIN No.: [Company Identification No.]	U34300TN2004PTC054318
TAN No.: [Tax Deduction & Collection Account No.]	CHEW03139D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Wind Mills Gear Box.
No. of Employees :	140 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The financials strength of the company is moderate. It has incurred loss from its operation during 2012. However, trade relations are reported to be fair. Business is active. Payment terms are slow but correct. 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	A1+ (Bank Guarantee Facilities)
Rating Explanation	Very strong degree of safety and lowest credit risk
Date	October 11, 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 :	309/2, “A” Block 100, Chettipattu Village, Thandalam Post, Mevalurkuppam, Sriperambudur Taluka, Kancheepuram District-602105, Tamilnadu, India
Tel. No.:	91-44-26811256 / 26811258 / 26811259 / 37174015
Fax No.:	91-44-26811257
E-Mail :	rajendran@winergy-ag.com
Website :	http://www.winergy-ag.com
Location :	Owned
Factory :	Chettipattu Village, Thandalam, Kanchipuram-602105, Tamil Nadu, India

DIRECTORS

As on 08.02.2013

Name :	Mr. Rohit Maganlal Gala
Designation :	Director
Address :	B-1601, Runwal Heights, Opposite Nirmal Lifestyle, LBS Marg, Mulund, Mumbai-400080, Maharashtra, India
Date of Birth/Age :	28.09.1965
Date of Appointment :	07.08.2009
DIN No.:	00370602
Name :	Mr. Malla Thirumala Rao
Designation :	Director
Address :	B-1 Juniper, 55 AK Block, 10th Main Road, Tas Enclaves, Anna Nagar, Chennai-600040,Tamilnadu, India
Date of Birth/Age :	24.08.1957
Date of Appointment :	06.07.2005
DIN No.:	00467779
Name :	Mr. Malla Thirumala Rao
Designation :	Whole Time Director
Address :	B-1 Juniper, 55 AK Block, 10th Main Road, Tas Enclaves, Anna Nagar, Chennai-600040, Tamilnadu, India
Date of Birth/Age :	24.08.1957
Date of Appointment :	06.07.2005
DIN No.:	00467779
Name :	Mr. Norbert Bernhard Vehns
Designation :	Director
Address :	Messingsfeld 56A, Hamminkeln-46499, Germany
Date of Birth/Age :	17.01.1970
Date of Appointment :	01.10.2006
DIN No.:	01081046
Name :	Mr. Prasad Ittamveetil Menon
Designation :	Director
Address :	15 MC Nagar, IIIRD Main Road, Chennai, Tamilnadu, India
Date of Birth/Age :	30.07.1961
Date of Appointment :	08.07.2011

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 08.02.2013

Names of Shareholders	No. of Shares
Winergy AG, Germany	45009999
Stefan Tenbrock	1
Total	45010000

Equity Share Break up (Percentage of Total Equity)

As on 08.02.2013

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Wind Mills Gear Box.

Products :

Product Description	ITC Code
Manufacturer of Bearings, Gears, Gearing and Driving Elements	3563

PRODUCTION STATUS (AS ON 30.09.2010)

Particulars	Unit	Installed Capacity	Actual Production
Wind Turbine Gear Boxes	Nos.	800	318
High Speed Gear Boxes	Nos.	120	18

GENERAL INFORMATION

No. of Employees :	140 (Approximately)
Bankers :	· Deutsche Bank, Chennai
Facilities :	--

Banking Relations :	--
Auditors :
Name :	S. V. Ghatalia and Associates Chartered Accountant
Address :	6th and 7th Floor, A Block Tidel Park, (Module 601, 701 and 702) N0. 4, Rajiv Gandhi Salai, Taramani, Chennai 600113, Tamilnadu, India
Pan No.:	AACFS6921Q

CAPITAL STRUCTURE

As on 08.02.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs. 500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
45010000	Equity Shares	Rs.10/- each	Rs. 450.100 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

SUMMERIZED FIGURES

Particulars	30.09.2012
Share Capital	450.100
Reserves and Surplus	10.165
Secured Loan	103.958
Unsecured Loan	2465.000
Fixed Assets (Net Block)	733.545
Net Current Assets	2270.028

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		30.09.2011	30.09.2010
SHAREHOLDERS FUNDS
1] Share Capital		450.100	450.100
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		625.282	490.590
4] (Accumulated Losses)		0.000	0.000
NETWORTH		1075.382	940.690
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		1200.000	1000.000
TOTAL BORROWING		1200.000	1000.000
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		2275.382	1940.690
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		781.775	616.902
Capital work-in-progress		42.341	121.391
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		63.176	1.566
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1746.252	1452.670
	Sundry Debtors	892.897	691.760
	Cash & Bank Balances	136.104	83.551
	Other Current Assets	0.000	0.000
	Loans & Advances	118.845	141.818
Total Current Assets		2894.098	2369.799
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1245.731	1114.903
	Other Current Liabilities	34.173	24.900
	Provisions	226.104	29.165
Total Current Liabilities		1506.008	1168.968
Net Current Assets		1388.090	1200.831
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		2275.382	1940.690

PROFIT & LOSS ACCOUNT

	PARTICULARS		30.09.2012	30.09.2011	30.09.2010
	SALES
		Sales		4584.600	2603.090
		Other Income		182.430	121.640
		TOTAL	2998.587	4767.030	2724.730
Less	EXPENSES
		Material and Operating Costs		4365.400	2460.360
		Prior Period Items		(2.470)	0.000
		TOTAL	3550.528	4362.930	2460.360
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION			404.100	264.370
Less	FINANCIAL EXPENSES			109.510	46.640
			(Including All Finance and Depreciation Expenses)
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION			294.590	217.730
Less/ Add	DEPRECIATION/ AMORTISATION			91.650	77.730
	PROFIT / (LOSS) BEFORE TAX		(551.941)	202.940	140.000
Less	TAX		63.176	68.248	46.786
	PROFIT/ (LOSS) AFTER TAX		(615.117)	134.692	93.214
	EARNINGS IN FOREIGN CURRENCY
		Sales and Service Income	N.A	N.A	328.805
		Reimbursement of Expenses	N.A	N.A	0.122
	TOTAL EARNINGS		N.A	N.A	328.927
	IMPORTS
		Components	N.A	3258.075	2342.685
		Stores & Spares	N.A	9.169	5.445
		Capital Goods	N.A	68.705	14.661
	TOTAL IMPORTS		N.A	3335.949	2362.791
	Earnings Per Share (Rs.)		(13.67)	N.A	2.07

KEY RATIOS

PARTICULARS		30.09.2012	30.09.2011	30.09.2010
PAT / Total Income	(%)	(20.51)	3.09	N.A
Net Profit Margin (PBT/Sales)	(%)	N.A	4.43	5.38
Return on Total Assets (PBT/Total Assets}	(%)	N.A	5.52	4.68
Return on Investment (ROI) (PBT/Networth)		N.A	0.19	0.15
Debt Equity Ratio (Total Debt /Networth)		N.A	1.12	2.31
Current Ratio (Current Asset/Current Liability)		N.A	1.92	2.02

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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
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	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	No
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

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 30.09.2011
Other External Commercial Borrowing	1200.000
Total	1200.000

BACKGROUND

Winergy Drive Systems India Private Limited ("the Company") was incorporated on 23 September 2004 as a wholly owned subsidiary of Winergy AG, a Company registered in Germany. The Company forms part of Siemens AG, Germany group of companies. The Company is engaged in the business of manufacture of wind turbine gear unit, turbo gear unit, coupling assembly and other industrial gear boxes to cater to the wind mill and other captive market. Further, the Company is in the business of providing design and engineering services for manufacture of

power transmission items.

FIXED ASSETS

• Land – Freehold
• Buildings
• Plant and machinery
• Furniture and Fittings
• Office Equipments
• Vehicles
• Software

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 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.54.33
UK Pound	1	Rs.82.72
Euro	1	Rs.69.82

INFORMATION DETAILS

Report Prepared by :

RSMK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		31

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.