MIRA INFORM REPORT

Report Date :

28.06.2013S

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) :	31.03.2012
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 (33)

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 S.C.” It is an established company having a moderate track record. There appear huge accumulated losses recorded by the company. Capital base of the company is strong. 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 :	http://www.gamesacorp.com

DIRECTORS

AS ON 29.09.2012

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 :

Mr. Luis Alberto Fernandez Romero

Designation :

Director

Address :

C Sanduzelai 19 3 B, Pamplona Navarra- 31012

Date of Birth/Age :

03.08.1973

Date of Appointment :

30.06.2009

Din No.:

02394334

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
2	U40108KA2006PTC041197	RSR POWER PRIVATE LIMITED	Director	13-10-10	13-10-10	Active	NO
3	U40108KA2007PTC044156	GM NAVARRA WIND ENERGY PRIVATE LIMITED	Director	23-03-11	23-03-11	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

KEY EXECUTIVES

Name :	Mr. Mahesh P
Designation :	Company Secretary
Address :	House No. 20/24, Soundarajan Street, Block B, F5, T. Nagar, Chennai-600017, Tamilnadu, India
Date of Birth/Age :	24.08.1976
Date of Appointment :	04.05.2011
Pan No.:	AMLPP8132B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Gamesa Eolica S.L. Unipersonal, Spain	722551582
Gamesa Corporation Tecnologica S.A., Spain	7293417
TOTAL	729844999

AS ON 29.09.2012

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	31.03.2012 (12 Months)	31.03.2011 (15 Months)
	Rs. in Millions
Long Term Borrowings
Term Loans From Banks	747.400	0.000
TOTAL	747.400	0.000
Unsecured Loan	31.03.2012 (12 Months)	31.03.2011 (15 Months)
	Rs. in Millions
Short Term Borrowings
Working Capital Loan From Banks	1834.800	0.000
Loans Repayable on Demand	5393.900	1318.600
TOTAL	7228.700	1318.600

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 31.03.2012

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	31.03.2012 (12 Months)	31.03.2011 (15 Months)
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	7298.450	240.000
(b) Reserves & Surplus	(775.000)	240.200
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	1535.000
Total Shareholders’ Funds (1) + (2)	6523.450	2015.200
(3) Non-Current Liabilities
(a) long-term borrowings	747.400	0.000
(b) Deferred tax liabilities (Net)	68.100	(6.700)
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	33.300	15.100
Total Non-current Liabilities (3)	848.800	8.400
(4) Current Liabilities
(a) Short term borrowings	7228.700	1318.600
(b) Trade payables	5579.400	5934.600
(c) Other current liabilities	3691.750	2937.300
(d) Short-term provisions	1277.400	846.300
Total Current Liabilities (4)	17777.250	11036.800
TOTAL	25149.500	13060.400
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2598.000	981.500
(ii) Intangible Assets	38.400	2.000
(iii) Capital work-in-progress	674.900	2.600
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	122.500	120.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	87.900	127.600
Total Non-Current Assets	3521.700	1233.700
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	6255.400	3554.500
(c) Trade receivables	3782.200	3619.100
(d) Cash and cash equivalents	920.100	1123.200
(e) Short-term loans and advances	2802.700	1821.300
(f) Other current assets	7867.400	1708.600
Total Current Assets	21627.800	11826.700
TOTAL	25149.500	13060.400

SOURCES OF FUNDS		31.12.2009 (12 Months)
SHAREHOLDERS FUNDS
1] Share Capital		122.610
2] Share Application Money		117.390
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(159.370)
NETWORTH		80.630
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		500.000
TOTAL BORROWING		500.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		580.630
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		67.460
Capital work-in-progress		33.270
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1173.280
	Sundry Debtors	0.000
	Cash & Bank Balances	314.980
	Other Current Assets	690.190
	Loans & Advances	78.890
Total Current Assets		2257.340
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1692.310
	Other Current Liabilities	52.970
	Provisions	32.160
Total Current Liabilities		1777.440
Net Current Assets		479.900
MISCELLANEOUS EXPENSES		0.000
TOTAL		580.630

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012 (12 Months)	31.03.2011 (15 Months)	31.12.2009 (12 Months)
	SALES
		Income	22779.700	17602.300	690.190
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX		(940.400)	615.900	(152.714)
Less	TAX		74.800	216.400	0.000
	PROFIT / (LOSS) AFTER TAX		(1015.200)	399.500	(152.714)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	(6.657)
	BALANCE CARRIED TO THE B/S		NA	NA	(159.371)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	478.000	NA	NA
	Earnings / (Loss) Per Share (Rs.)		(3.17)	17.00	(15.30)

KEY RATIOS

PARTICULARS		31.03.2012 (12 Months)	31.03.2011 (15 Months)	31.12.2009 (12 Months)
Net Profit Margin (PBT/Sales)	(%)	(4.13)	3.50	(22.13)
Return on Total Assets (PBT/Total Assets}	(%)	(3.86)	4.76	(6.57)
Return on Investment (ROI) (PBT/Networth)		(0.14)	0.31	(1.89)
Debt Equity Ratio (Total Debt/Networth)		1.22	0.65	6.20
Current Ratio (Current Asset/Current Liability)		1.22	1.07	1.27

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

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 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.60.59
UK Pound	1	Rs.92.92
Euro	1	Rs.78.94

INFORMATION DETAILS

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	-

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.