1. Summary Information

		Country	India
Company Name	RRB ENERGY LIMITED	Principal Name 1	Mr. Nandagopal Masilamani
Status	Moderate	Principal Name 2	Mr. Rakesh B. M. Bakshi
		Registration #	55-029949
Street Address	GA – 1 / B-1 Extension, Mohan Co- Operative Industrial Estate, Mathura Road, New Delhi 110044
Established Date	01.12.1987	SIC Code	--
Telephone#	91-11-40552222	Business Style 1	Manufacturer
Fax #	91-11-40552200	Business Style 2	--
Homepage	www.rrbenergy.com	Product Name 1	Wind Electric Generators
# of employees	Not Divulged	Product Name 2	--
Paid up capital	Rs.82,938,000/-	Product Name 3	--
Shareholders	Bodies corporate 48.57%, Directors or relatives of directors 51.42%, Other top fifty shareholders 0.01%	Banking	Syndicate Bank
Public Limited Corp.	No	Business Period	26 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	B (33)
Related Company
Relation	Country	Company Name	CEO
Other Related Parties	India	Eco RRB Infra Private Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	1,062,363,000	Current Liabilities	1,226,125,000
Inventories	1,917,948,000	Long-term Liabilities	2,867,139,000
Fixed Assets	1,002,144,000	Other Liabilities	27,691,000
Deferred Assets	000	Total Liabilities	4,120,955,000
Invest& other Assets	1,197,951,000	Retained Earnings	976,513,000
		Net Worth	1,059,451,000
Total Assets	5,180,406,000	Total Liab. & Equity	5,180,406,000
Total Assets (Previous Year)	6,000,377,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	1,936,623,000	Net / Loss Profit	(422,305,000)
Sales(Previous yr)	5,243,192,000	Net / Loss Profit(Prev.yr)	54,267,000

MIRA INFORM REPORT

Report Date :

29.07.2013

IDENTIFICATION DETAILS

Name :	RRB ENERGY LIMITED (w.e.f January 2008)
Formerly Known As :	VESTAS RRB INDIA LIMITED
Registered Office :	GA-1 / B-1 Extension, Mohan Co- Operative Industrial Estate, Mathura Road, New Delhi - 110044
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	01.12.1987
Com. Reg. No.:	55-029949
Capital Investment / Paid-up Capital :	Rs.82.938 Millions
CIN No.: [Company Identification No.]	U29299DL1987PLC029949
TAN No.: [Tax Deduction & Collection Account No.]	DELV05133C
PAN No.: [Permanent Account No.]	AAACV0109N
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Wind Electric Generators. (WEGs)
No. of Employees :	Information denied by the management.

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 4230000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears loss from its operation in 2012. The external borrowing seems to be huge. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with great 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.

INFORMATION DECLINED

Management non co-operative [91-11-40552222]

LOCATIONS

Registered Office / Works:	GA-1 / B-1 Extension, Mohan Co- Operative Industrial Estate, Mathura Road, New Delhi - 110044, India
Tel. No.:	91-11-40552222
Fax No.:	91-11-40552200
E-Mail :	pawanshakthi@vestasrrb.com pawanshakthi@rrbenergy.com
Website :	www.rrbenergy.com
Area :	1000 sq. ft.
Location :	Owned
Corporate Office Cum Works :	17, Vembuliamman Koil Street K.K. Nagar (West) Chennai - 600 078, Tamilnadu, India
Tel. No.:	91-44-23641111
Fax No.:	91-44-23642222
E-Mail :	chennai@rrbenergy.com
Head Office :	189, Sukhdev Vihar, New Delhi – 110 025, India
Tel. No.:	91-11-26848228/26838365/26327711/26327722
Fax No.:	91-11-26335160/26835760/26327733
E-Mail :	vrrb@gnmds.globalnet.ems.vsnl.net.in vrrb@gndel-vestas.globalnet.ems.vsnl.net.in
Manufacturing Unit :	Blade and Controller No.182/2, By Pass Road, Poonamallee, Chennai-600056, Tamilnadu, India Tele No: 91-44-26491891 Fax: 91-44-26491890 E-mail: pnml@rrbenergy.com TAMILNADU 164, Trichy Road, First Floor Opposite D.S.P. Office, Palladam-641664, Tamilnadu, India. Tel : 91-4255-253824 Fax : 91-4255-253530 E-mail : palladam@rrbenergy.com Wind Farm Project Mavinahunda Hills, Raibag Taluka, District Belgaum- 591317, Karnataka, India Tel : 91-8331-293004 Fax : 91-8331-293004 No.158A, Railway Road, S.M. Complex, First Floor Tenkasi-627811, Tamilnadu, India. Tel : 91-4633-281010 / 4633-280690 / 280659 Fax : 91-4633-280640 E-mail : tenkasi@rrbenergy.com “Kalleshwara Nilaya”, 1638/76A, 16th Cross, Taralabalu Badavane, Vidya Nagar, Davangere – 577 005, Karnataka, India Tel: 91-8192-262529 Fax: 91-8192-262529 E-mail : davangere@rrbenergy.com 8/136-E, Main Road Nesam Building, Aralvaimozhi, Muppandal-629301, Kanyakumari District, Tamil Nadu, India. Tel : 91 – 4652- 263258 / 263145 Fax : 91 – 4652-263258 E-mail : muppandal@rrbenergy.com House No.2040, Ward No.5 Kalakaleswara Bhuduvane, Gadag District Gajendragarh-582114, Karnataka, India Tel : 91-8381-262353 E-mail : gajendragarh@rrbenergy.com 53/253A, II Middle Street Opposite to TNEB Area Thiyagaraja Nagar Tirunelveli-627011, Tamilnadu, India Tel: 91-462-2532468 Fax: 91-462-2532468 E-mail : tirunelveli@rrbenergy.com 70, Indira Colony Jaisalmer-305001, Rajasthan, India Tel: 91-299-2250731 Fax: 91-299-2250731 E-mail : jaisalmer@rrbenergy.com 6/111, Ayyanaruthu Village Kovilpatti Taluka Tuticorin-628952 District, Tamilnadu, India Tel: 91-4632-296903 Fax : 91-4632-262007 E-mail : kayathar@rrbenergy.com MADHYA PRADESH Nagada Hill Dewas – 455 001, Madhya Pradesh, India Tel: 91-7272-282082 Fax: 91-7272-282082 E-mail : dewas@rrbenergy.com GUJARAT Survey No.238 At PO Chandrodi Via Juna Kataria , Taluka Bhachau, Kutch-370145, Gujarat, India Tel:91-2837-293007 Fax : 91-2837-283861 E-mail : surajbhari@rrbenergy.com
Branch Office :	Located At: · Pune · Satara · Coimbatore · Muppandal · Palladam · Tenkasi · Madurai · Bangalore · Chitradurga · Gadag · Mavinahunda · Devangere · Jaipur · Jaisalmer · Baroda

DIRECTORS

AS ON 24.09.2012

Name :

Mr. Rakesh B. M. Bakshi

Designation :

Chairman Cum Managing Director

Address :

161 Sukhdev Vihar, New Delhi – 110 025, NCT of Delhi, India

Date of Birth/Age :

04.06.1958

Date of Appointment :

01.12.1987

Qualification :

B.Sc. (Mechanical Engineer)

DIN No.:

00392862

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	U74999DL1984PTC017819	ECO RRB INFRA PRIVATE LIMITED	Director	29-03-84	29-03-84	Active	NO
2	U29299DL1987PLC029949	RRB ENERGY LIMITED	Managing director	01-04-11	01-12-87	Active	NO
3	U45202HP1984PTC007109	SOLCHROME PRIVATE LIMITED	Director	01-09-07	01-04-07	Active	NO

Name :

Mr. Nandagopal Masilamani

Designation :

Directors

Address :

6 sixth Street, Rutland Gate, Chennai-600 006, Tamil Nadu, India

Date of Birth/Age :

09.06.1939

Date of Appointment :

14.08.1989

DIN No.:

00058710

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L93090TN1969PLC040213	ARTHOS BREWERIES LIMITED	Director	17-01-79	17-01-79	-	Active	NO
2	U15531TN1982PLC009285	MOHAN BREWERIES AND DISTILLERIES LIMITED	Managing director	01-04-11	08-10-82	-	Active	NO
3	U17111TN1937PLC002992	THE THIRUMAGAL MILLS LIMITED	Director	01-06-83	01-06-83	-	Active	NO
4	L24200TN1971PLC005999	TCP LIMITED	Director	07-11-86	07-11-86	-	Active	NO
5	U29299DL1987PLC029949	RRB ENERGY LIMITED	Director	14-08-89	14-08-89	-	Active	NO
6	U15421OR1990PLC002449	ORISSA SUGARS LIMITED	Director	06-03-90	06-03-90	31-01-09	Active	NO
7	U15500MH1970PLC014512	MOHAN ROCKY SPRING WATER BREWERIES LIMITED	Director	20-03-90	20-03-90	-	Active	NO
8	U22121TN1982PLC009530	MIRA TEXTILES AND INDUSTRIES (INDIA) LIMITED	Director	19-01-93	19-01-93	-	Active	NO
9	U28920TN1995PLC029734	BINNY ENGINEERING LIMITED	Director	22-01-95	22-01-95	-	Active	NO
10	U74999TN1995PLC029916	GOLDEN EAGLE COMMUNICATIONS LIMITED	Director	23-01-95	23-01-95	01-09-08	Active	NO
11	U15421TN1995PLC029913	S.V. SUGAR MILLS LIMITED	Director	23-01-95	23-01-95	-	Active	NO
12	L17111TN1969PLC005736	BINNY LIMITED	Director	23-03-96	23-03-96	-	Active	NO
13	U15421AP1994PLC019013	SAGAR SUGARS AND ALLIED PRODUCTS LIMITED	Director	29-06-07	27-05-97	18-10-11	Active	NO
14	U15512DL2002PTC116353	PRUDENT BREWERIES AND DISTILLERIES PRIVATE LIMITED	Director	29-07-02	29-07-02	-	Active	NO
15	U15520TN2003PLC051263	MEAKIN ALCO BEVERAGES LIMITED	Director	23-07-03	23-07-03	23-08-07	Active	NO
16	U15510DL1998PLC097537	BHANKERPUR DISTILLERIES LIMITED	Director	21-05-04	21-05-04	-	Active	NO
17	L15520HP1934PLC000135	MOHAN MEAKIN LIMITED	Director	30-10-04	30-10-04	-	Active	NO
18	U74999TN2005PLC055668	D1 MOHAN BIO OILS LIMITED	Director	28-09-07	15-03-05	-	Active	YES
19	U70101TN2006PLC060776	DORIC REAL ESTATE LIMITED	Director	28-07-06	28-07-06	01-09-08	Active	NO
20	U45201DL2005PTC134382	RENAISSANCE BUILDCON COMPANY PRIVATE LIMITED	Director	22-09-06	17-08-06	22-02-07	Active	NO
21	U72900DL2007PTC171787	UDAAN INFOTECH PRIVATE LIMITED	Director	26-12-07	26-12-07	11-10-08	Strike off	NO
22	U60230TN2009PLC071689	BINNY CFS LIMITED	Director	21-05-09	21-05-09	-	Active	NO

Name :

Mr. Sarvesh Satpal Kumar

Designation :

Managing Directors

Address :

E-2, Sector – 30, Noida – 201 305, Uttar Pradesh, India

Date of Birth/Age :

27.01.1963

Date of Appointment :

01.02.2007

Qualification :

M. Com

DIN No.:

00406836

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	U45202HP1984PTC007109	SOLCHROME PRIVATE LIMITED	Director	15-10-93	15-10-93	Active	NO
2	U29299DL1987PLC029949	RRB ENERGY LIMITED	Director	07-09-07	01-02-07	Active	NO
3	U40101DL2009PTC197212	TRIGEN POWER PRIVATE LIMITED	Director	22-12-09	22-12-09	Strike off	NO

Name:

Mr. Taruvai Subbayya Taruvai Venkatraman Krishnamurthy

Designation :

Director

Address:

Flat 9, Gokul Tower (Next) to Mookambika Complex, 9/10 Sir C P Ramaswamy Road, Alwarpet, Chennai – 600 018, Tamilnadu, India

Date of Birth/Age :

16.05.1940

Date of Appointment :

01.04.2008

DIN No.:

00279767

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U66010AP2005PLC045616	SHRIRAM LIFE INSURANCE COMPANY LIMITED	Director	14-10-06	17-12-05	-	Active	NO
2	U65991MH1996PTC100444	DSP BLACKROCK TRUSTEE COMPANY PRIVATE LIMITED	Director	29-09-06	29-09-06	-	Active	NO
3	U74999TN1996PLC037132	PURPLE INFOTECH LIMITED	Director	10-09-07	10-09-07	01-06-09	Active	NO
4	U72200MH2006PLC166403	IDHASOFT LIMITED	Director	28-08-08	25-09-07	23-06-11	Active	NO
5	U29299DL1987PLC029949	RRB ENERGY LIMITED	Director	29-09-08	01-04-08	-	Active	NO
6	U19119TN1993PLC024932	R.R.INDUSTRIES LIMITED	Additional director	16-04-08	16-04-08	29-10-08	Active	NO
7	U67100MH2007PLC174759	EDELWEISS ASSET RECONSTRUCTION COMPANY LIMITED	Director	27-07-09	13-08-08	-	Active	NO
8	U65922TN2000PLC044655	REPCO HOME FINANCE LIMITED	Additional director	13-09-11	13-09-11	-	Active	NO

Name :

Mr. Daya Nand Dewan Chand Khurana

Designation :

Director

Address :

288 Vasant Enclave, New Delhi – 110057, Delhi, India

Date of Birth/Age :

15.05.1935

Date of Appointment :

29.09.2008

DIN No.:

00020601

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24231GJ1991PLC015132	CADILA PHARMACEUTICALS LIMITED	Director	04-07-03	04-07-03	-	Active	NO
2	L31900DL1983PLC016304	HAVELLS INDIA LIMITED	Director	28-10-05	28-10-05	05-07-10	Active	NO
3	U29299DL1987PLC029949	RRB ENERGY LIMITED	Director	29-09-08	17-12-07	-	Active	NO

Name :

Taruvai Subbayya Krishnamurthy

Designation :

Director

Address :

Flat 9, Gokul Tower, Next to Mookambika Complex, 9/10 Sir CP Ramaswamy Road, Alwarpet, Chennai-600018, Tamilnadu, India

Date of Birth/Age :

16.06.1940

Date of Appointment :

01.04.2008

DIN No.:

00279767

KEY EXECUTIVES

Name :	Mr. Ravinder Kumar Sachdeva
Designation :	Secretary
Address :	House No. 416, Sainik Vihar, Pitampura, New Delhi-110034, India
Date of Birth/Age :	01.10.1954
Date of Appointment :	02.03.2007
Pan No.:	AAUPS0133J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 24.09.2012

Names of Shareholders	No. of Shares
Promilla Bakshi	3300
Rakesh Bakshi	4111800
Seema Bakshi	149600
Eco RRB Infra Private Limited	4028332
Sarvesh Kumar	200
T V Hariharan	100
Susamma John	100
Nisha Singh Mankotia	100
Pramod Singh Rana	100
R. K. Sachdeva	100
Sunita Punjabi	100
TOTAL	8293832

AS ON 24.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	48.57
Directors or relatives of directors	51.42
Other top fifty shareholders	0.01
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Information denied by the management.

Products :

Products Descriptions	ITC Code
Manufacturer of Wind Electric Generators	841280.04
Power Generation	--

PRODUCTION STATUS (AS ON 31.03.2010)

Class of Goods	Unit	Actual Production MW
	Nos.
V 27-225 KW	-	-
V 39-500 KM with 47 mtr rotor	-	-
V47-600 KW	197	118.20
Total	197	118.20

NOTE:

LICENSED AND INSTALLED CAPACITIES:

• Licensed Capacity – Licensing requirements are not applicable to the products manufactured by the company.

• Installed capacity – The installed capacities are not precisely ascertainable, given the nature of operations, changes in product mix, and utilization of manufacturing facilities of different components of WEGs are varied and hence, have not been disclosed.

GENERAL INFORMATION

No. of Employees :	Information denied by the management.
Bankers :	State Bank of India (Member Bank), Jawahar Vyapar Bhawan, New Delhi-110 001, India Canara Bank, Maharani Bagh, Ashram Chowk, New Delhi-110014, India Syndicate Bank, Sarojini House, New Delhi, India IDBI Bank Limited, MGVCL Building, Race Course Road, Baroda, Gujarat, India
Facilities :	--

Banking Relations :	--
Auditors :
Name :	B.S.R and Company Chartered Accountant
Address :	No.10, Mahatma Gandhi Road, Nungambakkam, Chennai-600034, Tamilnadu, India
PAN No:	AAIFB0630K
Other Related Parties :	Eco RRB Infra Private Limited (Formerly Known as RRB Consultants and Engineers Private Limited, India

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8293832	Equity Shares	Rs.10/- each	Rs.82.938 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	82.938	56.200
(b) Reserves & Surplus	976.513	345.556
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1059.451	401.756
(3) Non-Current Liabilities
(a) long-term borrowings	25.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	323.020	299.000
(d) long-term provisions	24.046	36.237
Total Non-current Liabilities (3)	372.066	335.237
(4) Current Liabilities
(a) Short term borrowings	2842.139	3696.332
(b) Trade payables	710.943	1336.461
(c) Other current liabilities	192.162	223.921
(d) Short-term provisions	3.645	6.670
Total Current Liabilities (4)	3748.889	5263.384
TOTAL	5180.406	6000.377
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1002.144	1145.667
(ii) Intangible Assets	0.000	3.522
(iii) Capital work-in-progress	395.200	333.909
(iv) Intangible assets under development	802.751	569.060
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	150.372	133.937
(e) Other Non-current assets	68.332	84.156
Total Non-Current Assets	2418.799	2270.251
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	1917.948	2171.849
(c) Trade receivables	481.991	1181.163
(d) Cash and cash equivalents	166.467	206.119
(e) Short-term loans and advances	153.302	170.995
(f) Other current assets	41.899	0.000
Total Current Assets	2761.607	3730.126
TOTAL	5180.406	6000.377

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		56.200
2] Share Application Money		0.000
3] Reserves & Surplus		291.290
4] (Accumulated Losses)		0.000
NETWORTH		347.490
LOAN FUNDS
1] Secured Loans		839.365
2] Unsecured Loans		2180.000
TOTAL BORROWING		3019.365
DEFERRED TAX LIABILITIES		0.000
LIABILITY FOR DEFERRED PAYMENTS		299.000
TOTAL		3665.855
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1200.472
Capital work-in-progress		625.998
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1556.720
	Sundry Debtors	1815.581
	Cash & Bank Balances	222.141
	Other Current Assets	0.000
	Loans & Advances	421.583
Total Current Assets		4016.025
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1395.195
	Other Current Liabilities	746.705
	Provisions	34.740
Total Current Liabilities		2176.640
Net Current Assets		1839.385
MISCELLANEOUS EXPENSES		0.000
TOTAL		3665.855

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1936.623	5243.192	5680.349
		Other Income	44.441	38.841	151.350
		TOTAL (A)	1981.064	5282.033	5831.699
Less	EXPENSES
		Cost of materials consumed	960.432	3765.219	3769.875
		Employee benefit expense	171.555	196.650	0.000
		Personnel cost	0.000	0.000	182.574
		Other expenses	1037.892	1614.076	1265.057
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	240.617	(511.251)	402.909
		Exceptional items	(299.000)	0.000	0.000
		TOTAL (B)	2111.496	5064.694	5620.415
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(130.432)	217.339	211.284
Less	FINANCIAL EXPENSES (D)		214.554	82.252	208.589
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(344.986)	135.087	2.695
Less/ Add	DEPRECIATION/ AMORTISATION (F)		77.319	80.820	80.634
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(422.305)	54.267	(77.939)
Less	TAX (H)		0.000	0.000	0.000
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(422.305)	54.267	(77.939)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	(609.824)
	BALANCE CARRIED TO THE B/S		NA	NA	(687.763)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	72.157	104.108	25.682
	IMPORTS
		Raw Materials, Stores and Spare and Capital Goods	286.960	1555.981	596.151
	Earnings / (Loss) Per Share (Rs.)
	- Basic		(74.95)	9.66	(13.87)
	- Diluted		(74.95)	4.92	(13.87)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(21.32)	1.03	(1.34)
Net Profit Margin (PBT/Sales)	(%)	(21.81)	1.03	(1.37)
Return on Total Assets (PBT/Total Assets}	(%)	(10.60)	1.06	(1.49)
Return on Investment (ROI) (PBT/Networth)		(0.40)	0.14	(0.22)
Debt Equity Ratio (Total Debt/Networth)		2.70	9.20	14.95
Current Ratio (Current Asset/Current Liability)		0.74	0.71	1.85

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 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

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10244172	20/06/2012 *	2,477,000,000.00	CANARA BANK	MAHARANI BAGH, NEW DELHI-110014, INDIA	B42849240
* Date of charge modification

NOTE:

The Registered Office of the company has been shifted from 189 Sukhdev Vihar, New Delhi – 110025, India to the present address w.e.f 01.05.2007.

BACKGROUND:

Subject (hereafter referred as 'RRBEL' or the time Company') was incorporated on 01.12.1987 and is engaged in the business of manufacture, erection and commissioning of Wind Electric Generators (WEGs). The Company is also engaged in the business of providing after sales services and maintenance services for WEGs. The Company has manufacturing facilities at Chennai and New Delhi.

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long Term Borrowings
Loans and advances from directors	25.000	0.000
Short Term Borrowings
Other loans and advances	1742.139	1516.332
TOTAL	1767.139	1516.332
Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Short Term Borrowings
Other loans and advances	1100.000	2180.000
TOTAL	1100.000	2180.000

OPERATIONS:

The financial statements of the company for the year ended on 31 March 2012 have been prepared in accordance with the Revised Schedule VI and accordingly, the previous year’s figures have been reclassified/ regrouped to conform to this year’s classification.

The challenges faced by the Company caused damage to the Company’s ability to achieve targets set for the financial year 2011-12. Despite having the ability to produce an international quality product and holding adequate infrastructure, as a pioneer in the field of Wind Energy, the turnover of the Company was Rs. 1981.100 Millions during the financial year 2011-12 as compared to Rs.5282.000 Millions during the previous financial year.

As against the EBITDA (Earnings before interest, taxes, depreciation and amortization) of Rs.252.100 Millions during the previous year, the Company closed the year with EBITDA of Rs. (130.400) Millions. The operations of the Company resulted in net loss of Rs.422.300 Millions. On account of loss suffered by the Company, no recommendations have been made for declaration of dividend and transfer of any amount to reserve.

OUTLOOK:

The Government of India withdrew the accelerated depreciation benefit available to the Wind Energy Sector from 1 April 2012. The validity of the Generation Based Incentive (GBI) Scheme beyond 31 March 2012 is also awaiting extension from the Government of India. In addition, last minute changes in policy guidelines by the State Electricity Boards and increase in labour and financing cost could provide hurdles in generating business and pressure on margins of the products of the Company and may force price hikes, which might have impact on the demand of the Company’s products. The larger part of the Wind Energy market in India has also slowly moved towards MW class while the Company so far has kW class products for commercial applications. The MW class Wind Electric Generator developed by the Company is still under certification.

Despite the risks outlined above, the growth in the Indian economy, power requirements provide ample business opportunities for the Company’s business during the coming years. The Government of India has also introduced Renewable Energy Credit Scheme through which REC Certificates are saleable. This and the Group Captive Schemes are providing opportunities for Independent Power Producers (IPPs) for setting up Wind Power Projects.

The Company has also opted for a further consolidation exercise linked with the CDR package, wherein stricter monitoring mechanisms are in place to achieve the agreed targets. The Company has disposed off one of its surplus property at Chennai as a part of the approved CDR package and has also substantially repaid the Working Capital Term Loan (WCTL) in advance to its lenders. This would help the Company to reduce the financing cost and thus reduce overheads.

A concept of Continuous Review has been put into place. It is a matter of pride that the Company has entered into its 25th year of its operations. Besides positioning an experienced professional marketing team, a business development campaign linked to this has been initiated, so as to help the Company to further supplement its order book position. The Company is concentrating on increasing its portfolio in the export market where demand for kW class products exists due to the availability of higher tariff for the electricity generation. The Company has already executed few export orders and it now hopes to conclude further orders during the current financial year.

As a part of the financial structuring exercise initiated by the Company, it has been decided to take action for recording the true worth of the Company by way of fair valuation of its assets, which are presently reflected on the basis of historical cost in the Balance Sheet of the Company.

Amidst all the challenges and risks, there is a sense of optimism and the Company hopes to enhance its operations during the coming years.

FIXED ASSETS:

· Freehold Land

· Factory Building

· Office Building

· Plant and Machinery

· Furniture and Fixtures

· Office Equipments

· Computer

· Electrical Fittings

· Vehicles

· Software

WEBSITE DETAILS

PROFILE:

A pioneering Company in the field of Wind Power Generation, Subject is one of the foremost players in the wind energy sector in India.  Subject is an ISO 9001:2008 and ISO 14001:2004 certified Company. Subject is also an Independent Power Producer having established wind farms of aggregate megawatt capacity.

HISTORY

The Company was incorporated in the year 1987 with the main objective of producing world class Wind Electric Generators (WEGs) in India for harnessing of power from wind and  was the first Company to produce pitch regulated WEGs  in India.

Hundreds of Megawatts of wind power capacity, based on different sizes of WEGs, produced and installed for a number of clients by RRBEL are operating successfully at numerous locations in various States in India.

In the year 1990, the Company had setup a WEG Manufacturing Facility at Chennai, Tamilnadu, India.

In the year 2007, Merrill Lynch, invested Rs.218.000 Millions in the Company and in the same year the Company has commenced its export operations.

In the year 2008, the Company had added to its fold, state of the art Manufacturing Facilities for WEG Blades and WEG Controllers and parts thereof at Poonamallee, Chennai, Tamilnadu, India and for WEG Controllers and parts thereof at New Delhi, India.

PRESS RELEASE:

MARCH 24, 2012

Wind electric generator manufacturer RRB Energy Limited is planning to raise Rs 1000.000-1500.000 Millions from private equity players to mainly fund and develop 3 mega watt (Mw) wind energy generator (WEG).

The company, which has recently launched 1.8 Mw wind turbine product in the market, is presently focusing on developing 3 Mw WEG and plans are afoot to complete the prototype in 2015-16, said Sarvesh Kumar, deputy managing director, RRB Energy Limited. It requires an investment of around Rs 1250.000 Millions to develop the 3 Mw WEG. “We will raise Rs 1000.000-1500.000 Millions through private equity for developing the larger capacity product. A number of funds are in touch with us, but we have not zeroed in on anyone,” said Kumar. However, the company is not looking to dilute stake for the time being, he added. Its WEG manufacturing facility in Poonamallee, in Chennai, presently has a production capacity of about 200 Mw for all its product range of 225 kilowatt (kW), 500 kW, 600 kW and the newly-launched 1.8 Mw turbines.

With an additional investment of Rs 250.000-300.000 Millions, the production capacity could be expanded to 600 Mw a year. The company is planning to achieve an overall production capacity of around 600 Mw during 2012-13, with 20 per cent of its turnover coming from exports. It has so far invested around Rs 2250.000 Millions in Poonamallee facility.

The company also has an R&D facility in Sriperumbudur, near Chennai, which developed and manufactured two turbines of 1.8 Mw capacity, at a cost of Rs 1000.000 Millions. RRB Energy, which posted a turnover of Rs 5500.000 Millions last fiscal, is expecting to see a turnover of Rs 8000.000 Millions for the fiscal year 2011-12.

It has an order book of Rs 3000.000 Millions and a has sold around 250 turbines of 500 kW and 600 kW, he said.

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.58.91
UK Pound	1	Rs.90.67
Euro	1	Rs.78.22

INFORMATION DETAILS

Information Gathered by :	PLV
Report Prepared by :	TPT

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	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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		33

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	-