MIRA INFORM REPORT

Report Date :

10.12.2013

IDENTIFICATION DETAILS

Name :	GAMESA WIND TURBINES PRIVATE LIMITED
Registered Office :	No. 334, Futura IT Park, B Block, 8^th Floor, Old Mahabalipuram Road, Sholinganallur, Chennai-600119, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	06.05.2006
Com. Reg. No.:	18-079179
Capital Investment / Paid-up Capital :	Rs.7298.450 Millions
CIN No.: [Company Identification No.]	U74991TN2006PTC079179
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Importer in Wind Turbine Generators including Blades, Tower, and their Components.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 26090000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “”Gamesa Eolica SL, Spain.” It is an established company having a moderate track record. There appear huge accumulated losses recorded by the company. However, trade relations are reported to be fair. Business is active. Payments are reported to be 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

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 :	No. 334, Futura IT Park, B Block, 8^th Floor, Old Mahabalipuram Road, Sholinganallur, Chennai-600119, Tamilnadu, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	gmaheshpetluru@gamesacorp.com info@legaleagleindia.com
Website :	www.gamesacorp.com

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Gaizka Nicuesa Chacon

Designation :

Director

Address :

Lorbeltzeta 32, 1 DR, Zizur Mayor Navarra- 48170

Date of Birth/Age :

22.10.1967

Date of Appointment :

30.06.2009

Din No.:

02383434

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74991TN2006PTC079179	GAMESA WIND TURBINES PRIVATE LIMITED	Director	30-06-09	24-11-08	Active	NO

Name :

Mr. Ricardo Chocarro Melgosa

Designation :

Director

Address :

Catalina Erauso 11 8 B, Donostia San Sebastian Guipuzcoa- 39554

Date of Birth/Age :

01.05.1971

Date of Appointment :

30.06.2009

Din No.:

02383399

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74991TN2006PTC079179	GAMESA WIND TURBINES PRIVATE LIMITED	Director	30-06-09	24-11-08	Active	NO

Name :

German Gonzalez Avecilla

Designation :

Director

Address :

C, Rodriguez Arias 69, 4 Dr, Bilbao, Spain

Date of Birth/Age :

09.10.1969

Date of Appointment :

29.09.2012

Din No.:

05227724

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	Company/ LLP Status	Defaulting status
1	U74991TN2006PTC079179	GAMESA WIND TURBINES PRIVATE LIMITED	Director	29/09/2012	26/03/2012	Active	NO

Name :

Mr. Ramesh Kymal

Designation :

Director

Address :

Aikyam, N.5/82, Blue Beach Road, Neelangari Chennai – 600041, Tamilnadu, India

Date of Birth/Age :

16.07.1956

Date of Appointment :

15.11.2012

Din No.:

00296624

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	U40101TN1996PTC036871	Vestas Wind Technology India Private Limited	Managing director	30/04/1997	30/04/1997	09/02/2009	Active	NO
2	U40108RJ2000PTC016186	MUNOTH NEG WINDFARM PRIVATE LIMITED	Director	07/03/2000	07/03/2000	17/03/2008	Active	NO
3	U40108TN2000PTC046200	NEGM INFRASTRUCTURE DEVELOPMENT PRIVATE LIMITED	Director	27/11/2000	27/11/2000	09/02/2009	Active	NO
4	U40108TN2001PTC047758	B.B. HILLS WINDFARM DEVELOPMENT PRIVATE LIMITED	Director	17/09/2001	17/09/2001	09/02/2009	Active	NO
5	U40108TN2002PTC049386	INDAN ENERGY PRIVATE LIMITED	Whole-time director	08/08/2002	08/08/2002	-	Active	NO
6	U40105KA2002PTC031011	BELLARY WINDPOWER PRIVATE LIMITED	Director	17/09/2002	17/09/2002	09/02/2009	Active	NO
7	U70101TN2005PTC055782	AIKYAM HOLDINGS PRIVATE LIMITED	Director	28/03/2005	28/03/2005	-	Active	NO
8	U40102TN2007PTC063208	Vestas Technology R&D Chennai Private Limited	Director	20/04/2007	20/04/2007	09/02/2009	Active	NO
9	U40109TN2007PTC063453	INDEN WIND ENERGY PRIVATE LIMITED	Director	10/05/2007	10/05/2007	01/03/2013	Active	NO
10	U40102TN2007PTC063507	SURAJBARI WINDFARM DEVELOPMENT PRIVATE LIMITED	Director	15/05/2007	15/05/2007	21/08/2007	Active	NO
11	U40102TN2007PTC063508	MAHARASHTRA REVANGAON WINDFARM DEVELOPMENT PRIVATE LIMITED	Director	15/05/2007	15/05/2007	21/08/2007	Active	NO
12	U67120KA2006PTC038777	NEELAMANGALA INVESTMENTS AND HOLDINGS PRIVATE LIMITED	Director	22/10/2007	22/10/2007	-	Active	NO
13	U74999TN2009PTC072699	MEGAWATT SOLUTIONS PRIVATE LIMITED	Director	26/08/2009	26/08/2009	14/10/2012	Active	NO
14	U40108TN2006PTC087128	RSR POWER PRIVATE LIMITED	Director	13/10/2010	13/10/2010	12/10/2012	Active	NO
15	U74999DL2010PTC208250	Windar Renewable Energy Private Limited	Director	28/10/2010	28/10/2010	09/10/2013	Active	NO
16	U40108TN2007PTC086929	GM NAVARRA WIND ENERGY PRIVATE LIMITED	Director	23/03/2011	23/03/2011	12/10/2012	Active	NO
17	U74991TN2006PTC079179	GAMESA WIND TURBINES PRIVATE LIMITED	Director	30/09/2013	15/11/2012	-	Active	NO

Name :

Mr. Gopalakrishnan Ranganath Swamy

Designation :

Director

Address :

1A W421 Quanta Panni 4^th Street, D Sector, Anna Nagar West Extension, Chennai – 600101, Tamilnadu, India

Date of Birth/Age :

05.11.1956

Date of Appointment :

06.08.2013

Din No.:

06646068

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	U74991TN2006PTC079179	GAMESA WIND TURBINES PRIVATE LIMITED	Director	30/09/2013	06/08/2013	-	Active	NO

Name :

Mr. Kishore Bharani

Designation :

Director

Address :

Plot No.10-3-7/1 Flat No.102, Near Geeta Nursing Home East Marredpally Hyderabad – 500026, Andhra Pradesh, India

Date of Birth/Age :

19.02.1958

Date of Appointment :

06.08.2013

Din No.:

05240592

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	U40102GJ2010PTC063242	KINTECH SANTALPUR WINDPARK PRIVATE LIMITED	Director	29/09/2012	07/05/2012	14/10/2013	Active	NO
2	U40108TN2006PTC087128	RSR POWER PRIVATE LIMITED	Director	20/09/2012	01/08/2012	11/10/2013	Active	NO
3	U40108TN2007PTC086929	GM NAVARRA WIND ENERGY PRIVATE LIMITED	Director	21/09/2012	01/08/2012	10/10/2013	Active	NO
4	U31103TN2011PTC082117	RAJGARH WINDPARK PRIVATE LIMITED	Director	13/09/2013	08/11/2012	11/10/2013	Active	NO
5	U31101TN2011PTC081084	KADAPA WIND FARMS PRIVATE LIMITED	Director	25/09/2013	10/04/2013	10/10/2013	Active	NO
6	U31903TN2011PTC081070	KURNOOL WIND FARMS PRIVATE LIMITED	Director	26/09/2013	10/04/2013	10/10/2013	Active	NO
7	U31101TN2011PTC081083	ANANTAPUR WIND FARMS PRIVATE LIMITED	Director	24/09/2013	10/04/2013	10/10/2013	Active	NO
8	U74991TN2006PTC079179	GAMESA WIND TURBINES PRIVATE LIMITED	Director	30/09/2013	06/08/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. V Ramkrishnan Iyer
Designation :	Company Secretary
Address :	105, First Floor, Manju Mansion, Opp Naveen Super Market East Marredpally Secunderabad – 500026, Andhra Pradesh, India
Date of Birth/Age :	24.08.1976
Date of Appointment :	04.05.2011

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Gamesa Eolica S.L. Unipersonal, Spain	775827640
Gamesa Corporation Tecnologica S.A., Spain	7293417
Gamesa Innovation and Technology S L, Spain	171228624
TOTAL	954349681

AS ON 30.09.2013

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]	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Importer in Wind Turbine Generators including Blades, Tower, and their Components.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

Secured Loan	31.03.2013	31.03.2012
	Rs. in Millions
Short Term Borrowings
Foreign Currency terms loan from banks	1289.900	747.400
Working Capital Loan From Banks	2404.900	1834.800
Loans Repayable on Demand	4451.100	5393.900
TOTAL	8145.900	7976.100

Banking Relations :	--
Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	Pwc Centre, 32 Khader Nawaz Khan Road, Nungambakkam, Chennai-600006, Tamilnadu, India
PAN No:	AAAFP8828M
Holding Company :	Gamesa Eolica SL, Spain
Subsidiaries :	· GM Navarra Wind Energy Private Limited [U40108TN2007PTC086929] · Kintech Santalpur Windpark Private Limited [U40102GJ2010PTC063242] · RSR Power Private Limited [U40108TN2006PTC087128]
Fellow Subsidiaries :	· Compass Transworld Logistics, S.A., Spain · Enetron, Spain · Gamesa Blade Tianjin, China · Gamesa Corporacion Technologica, Spain · Gamesa Ene Rgy Transmission, China · Gamesa Innovation Tehnologica, Spain · Gamesa Trading Tianjin, China · Gamesa Wind Tianjin, China · Gamesa Lanka Private Limited, Sri Lanka · Valencia Power Converters, Spain

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000000	Equity Shares	Rs.10/- each	Rs.10000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
729844999	Equity Shares	Rs.10/- each	Rs.7298.450 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011 (15 Months)
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	7298.450	7298.450	240.000
(b) Reserves & Surplus	(2980.700)	(775.000)	240.200
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	1535.000
Total Shareholders’ Funds (1) + (2)	4317.750	0.00	153500
(3) Non-Current Liabilities
(a) long-term borrowings	1289.900	747.400	0.000
(b) Deferred tax liabilities (Net)	0.000	68.100	(6.700)
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	57.100	33.300	15.100
Total Non-current Liabilities (3)	1347.000	848.800	15.100
(4) Current Liabilities
(a) Short term borrowings	6856.000	7228.700	1318.600
(b) Trade payables	7195.200	5579.400	5934.600
(c) Other current liabilities	7272.950	3691.750	2937.300
(d) Short-term provisions	538.300	1277.400	846.300
Total Current Liabilities (4)	21862.450	17777.250	11036.800
TOTAL	27527.200	25149.500	13060.400
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2950.600	2598.000	981.500
(ii) Intangible Assets	32.000	38.400	2.000
(iii) Capital work-in-progress	594.300	674.900	2.600
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	122.900	122.500	120.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	63.100	87.900	0.000
(e) Other Non-current assets	0.000	0.000	127.600
Total Non-Current Assets	3762.900	3521.700	1233.700
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	8469.100	6255.400	3554.500
(c) Trade receivables	2115.900	3782.200	3619.100
(d) Cash and cash equivalents	761.400	920.100	1123.200
(e) Short-term loans and advances	2911.800	2802.700	1821.300
(f) Other current assets	9506.100	7867.400	1708.600
Total Current Assets	23764.300	21627.800	11826.700
TOTAL	27527.200	25149.500	13060.400

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011 (15 Months)
	SALES
		Income	11610.100	22847.000	17602.300
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX		(2273.800)	(940.400)	615.900
Less	TAX		68.100	74.800	216.400
	PROFIT / (LOSS) AFTER TAX		(2205.700)	(1015.200)	399.500
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	565.100	478.000	NA
	Earnings / (Loss) Per Share (Rs.)		(3.02)	(1.39)	17.00

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011 (15 Months)
Net Profit Margin (PBT/Sales)	(%)	(19.58)	(4.13)	3.50
Return on Total Assets (PBT/Total Assets}	(%)	(84.81)	(3.86)	4.76
Return on Investment (ROI) (PBT/Networth)		(0.53)	(0.14)	0.31
Debt Equity Ratio (Total Debt/Networth)		1.89	1.22	0.65
Current Ratio (Current Asset/Current Liability)		1.09	1.22	1.07

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	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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
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 489, GNT Road, Thandal Kalani Village, Red Hills, Chennai-600052, Tamilnadu, India to the present address w.e.f.11.04.2011.

FIXED ASSETS:

· Building on Leasehold Land

· Plant and Machinery

· Moulds

· Furniture and Fixtures

· Computer

· Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No 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.61.18
UK Pound	1	Rs.100.01
Euro	1	Rs.83.82

INFORMATION DETAILS

Report Prepared by :

SDA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--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
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.