MIRA INFORM REPORT

Report Date :

26.06.2014

IDENTIFICATION DETAILS

Name :	REGEN POWERTECH PRIVATE LIMITED
Registered Office :	Samson Towers, 5^th Floor, 403L, Pantheon Road, Egmore, Chennai-600008, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	27.12.2006
Com. Reg. No.:	18-085606
Capital Investment / Paid-up Capital :	Rs.242.789 Millions
CIN No.: [Company Identification No.]	U40109TN2006PTC085606
TAN No.: [Tax Deduction & Collection Account No.]	CHER08858D
PAN No.: [Permanent Account No.]	AADCR5531M
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is engaged in the manufacture, supply, installation, erection, operation and maintenance of Wind Energy Converters ('WECs') and related accessories and equipment.
No. of Employees :	Information denied by the management.

RATING & COMMENTS

MIRA’s Rating :

B (32)

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 :	Exist
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile and drastic dip in profitability of the company during financial year 2013. However, trade relations are 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	BB [Long Term Bank Facilities]
Rating Explanation	Inadequate degree of safety and high credit risk.
Date	12.06.2014

Rating Agency Name	CARE
Rating	A4 [Short Term Bank Facilities]
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	12.06.2014

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 [91-44-30230200]

LOCATIONS

Registered / Corporate Office :	Samson Towers, 5^th Floor, 403L, Pantheon Road, Egmore, Chennai-600008, Tamilnadu, India
Tel. No.:	91-44-30230200
Fax No.:	91-44-30230299/ 98
E-Mail :	info@regenpowertech.com ravichandran@regenpowertech.com
Website :	http://www.regenpowertech.com
Factory 1 :	Survey No.182 to 188, APIIC Industrial Park, Mambattu Village, Tada Mandal , Nellore District – 524 121 , Andhra Pradesh, India
Factory 2 :	Opposite Sir Padampath Singhania University, NH-76, Udaipur-Chitoorgarh Road, Village Bhatewar, Tehsil-Vallabhnagar, Udaipur-313601, Rajasthan, India

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Madhusudan Khemka

Designation :

Managing Director

Address :

Y-202, Anna Nagar, Chennai – 600 040, Tamilnadu, India

Date of Birth/Age :

06.09.1963

Qualification :

B.Com

Date of Appointment :

19.06.2009

DIN No.:

00757115

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	U74999TN1998PTC040036	A&A TRADING VENTURES Private Limited	Director	04/03/1998	04/03/1998	28/01/2012	Active	NO
2	L51900MH1981PLC025179	QPRO INFOTECH LIMITED	Director	01/10/2007	31/01/2004	01/04/2009	Active	NO
3	U72200MH2006PTC159952	QPRO PUBLISHING SERVICES PRIVATE LIMITED	Director	22/02/2006	22/02/2006	02/11/2009	Active	NO
4	U40109TN2006PTC085606	REGEN POWERTECH PRIVATE LIMITED	Managing director	19/06/2009	27/12/2006	-	Active	NO
5	U51909TN2007PTC064763	NSL POWER EQUIPMENT TRADING PRIVATE LIMITED	Director	14/09/2007	14/09/2007	-	Active	NO
6	U40106TN2008PTC065937	RENEWABLE ENERGY GENERATION PRIVATE LIMITED	Director	04/01/2008	04/01/2008	15/12/2009	Active	NO
7	U74210TN2008PTC068080	VETCO CONSULTANCY SERVICES PRIVATE LIMITED	Director	06/06/2008	06/06/2008	-	Active	NO
8	U40102TN2008PTC069103	REGEN RENEWABLE ENERGY INFRASTRUCTURE PRIVATE LIMITED	Director	01/09/2008	01/09/2008	-	Active	NO

Name :

Mr. Ramanathan Sundaresh

Designation :

Joint Managing Director

Address :

Flat 1/C, 6/23, Raghaviah Road, T. Nagar, Chennai – 600 017, Tamilnadu, India

Date of Birth/Age :

06.06.1960

Qualification :

ACS

Date of Appointment :

19.06.2009

DIN No.:

00207427

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	U72200MH2006PTC159952	QPRO PUBLISHING SERVICES PRIVATE LIMITED	Director	22/02/2006	22/02/2006	02/11/2009	Active	NO
2	U72300TN2006PLC059727	E-EDIT SOLUTIONS LIMITED	Director	16/10/2007	05/05/2006	31/05/2009	Strike off	NO
3	U40109TN2006PTC085606	REGEN POWERTECH PRIVATE LIMITED	Whole-time director	19/06/2009	30/03/2007	-	Active	NO
4	U51909TN2007PTC064763	NSL POWER EQUIPMENT TRADING PRIVATE LIMITED	Director	18/10/2007	18/10/2007	-	Active	NO
5	U40106TN2008PTC065937	RENEWABLE ENERGY GENERATION PRIVATE LIMITED	Director	04/01/2008	04/01/2008	15/12/2009	Active	NO
6	U40102TN2008PTC069103	REGEN RENEWABLE ENERGY INFRASTRUCTURE PRIVATE LIMITED	Director	01/09/2008	01/09/2008	-	Active	NO

Name :

Mr. Mandava Prabhakar Rao

Designation :

Director

Address :

Plot No.543, House No.8-2-293/82/A Road No.26, Jubilee Hills, Hyderabad – 500 033, Andhra Pradesh, India

Date of Birth/Age :

19.01.1959

Date of Appointment :

27.12.2006

DIN No.:

00009650

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	U40109DL1985PTC114839	NSL RENEWABLE POWER PRIVATE LIMITED	Director	01/07/2010	04/01/1985	-	Active	NO
2	U01112AP1992PLC014346	PRABHAT AGRI BIOTECH LIMITED	Director	09/06/1992	09/06/1992	-	Active	NO
3	L32101AP1990PLC011311	INCAP LIMITED	Director	28/06/1992	28/06/1992	18/02/2010	Active	NO
4	U18100AP1995PLC022418	PRABHAT INDUSTRIAL CORPORATION LIMITED	Director	28/11/1995	28/11/1995	30/03/2008	Amalgamated	NO
5	U74999AP1999PTC032118	MANDAVA COLD STORAGE PRIVATE LIMITED	Director	01/11/2000	01/11/2000	-	Active	NO
6	U99999AP1995PLC020845	PERPETUAL ENERGY SYSTEMS LIMITED	Director	23/07/2001	23/07/2001	30/03/2008	Active	NO
7	U15429KA1999PLC026121	NSL SUGARS LIMITED	Director	01/04/2010	26/07/2001	-	Active	NO
8	U05005AP2001PTC037782	SREE KAMADHENU AQUATECH PRIVATE LIMITED	Director	11/09/2001	11/09/2001	-	Active	NO
9	U40109AP2001PTC037830	INDUR GREEN POWER PRIVATE LIMITED	Director	21/09/2001	21/09/2001	-	Active	NO
10	U15429AP2002PLC038489	NSL TEXTILES LIMITED	Director	12/02/2002	12/02/2002	-	Active	NO
11	U24231AP2002PLC038964	SWADESHI BIO-TECHNICS LIMITED	Director	15/05/2002	15/05/2002	30/03/2008	Active	NO
12	U24231AP2002PTC038984	SWARNABHARAT BIO-TECHNICS PRIVATE LIMITED	Director	17/05/2002	17/05/2002	-	Active	NO
13	U63023AP2003PTC040654	NSL POWER PRIVATE LIMITED	Director	11/03/2003	11/03/2003	-	Active	NO
14	U18101AP2004PLC044154	NSL TEXTILES (EDLAPADU) LIMITED	Director	14/09/2004	14/09/2004	-	Amalgamated	NO
15	U70102AP2004PTC044588	DIVYASREE NSL INFRASTRUCTURE PRIVATE LIMITED	Director	09/10/2008	10/11/2004	-	Active	NO
16	U45200AP2005PTC045511	NSL NAGAPATNAM POWER AND INFRATECH PRIVATE LIMITED	Director	02/03/2005	02/03/2005	-	Active	NO
17	U51225KA2005PTC036073	MADDURAMMA TRADERS PRIVATE LIMITED	Director	15/04/2005	15/04/2005	-	Strike off	NO
18	U45200AP2005PTC048066	NSL SEZ (HYDERABAD) PRIVATE LIMITED	Director	16/11/2005	16/11/2005	-	Active	NO
19	U70102AP2004PTC043959	CENTURY AVENUES PRIVATE LIMITED	Director	16/11/2005	16/11/2005	01/12/2007	Active	NO
20	U45200AP2005PTC048067	ARENA INFRASTRUCTURE PRIVATE LIMITED	Director	16/11/2005	16/11/2005	15/12/2007	Active	NO
21	U74210AP2006PTC048679	GLOBAL AGRIGENETICS INDIA PRIVATE LIMITED	Director	05/01/2006	05/01/2006	-	Active	NO
22	U45200AP2005PTC048287	ASCENDANT ESTATES PRIVATE LIMITED	Director	17/06/2006	17/06/2006	30/03/2008	Active	NO
23	U18100AP1983PTC004121	KRISHNAGANGA SPINNING MILLS PRIVATE LIMITED	Director	29/07/2006	29/07/2006	01/08/2011	Active	NO
24	U15421AP2006PLC050837	NSL KRISHNAVENI SUGARS LIMITED	Director	08/06/2009	08/08/2006	-	Active	NO
25	U10102AP2006PTC050899	SPLENDID MINERALS PRIVATE LIMITED	Director	14/08/2006	14/08/2006	-	Active	NO
26	U70102AP2006PTC050279	GOODDEAL DEVELOPERS PRIVATE LIMITED	Director	26/10/2006	26/10/2006	31/03/2008	Active	NO
27	U40109TN2006PTC085606	REGEN POWERTECH PRIVATE LIMITED	Director	27/12/2006	27/12/2006	-	Active	NO
28	U70101AP2001PTC038151	NSL SEZ (CHENNAI) PRIVATE LIMITED	Director	12/03/2007	12/03/2007	-	Active	NO
29	U70101AP2007PTC053994	TOPNOTCH PROJECTS PRIVATE LIMITED	Director	14/05/2007	14/05/2007	-	Active	NO
30	U17121AP2007PTC054034	NSL COTTON CORPORATION PRIVATE LIMITED	Director	17/05/2007	17/05/2007	-	Active	NO
31	U45203AP2007PTC054784	NSL INFRATECH PRIVATE LIMITED	Director	12/07/2007	12/07/2007	-	Active	NO
32	U70102AP2007PTC054777	NSL ESTATES PRIVATE LIMITED	Director	12/07/2007	12/07/2007	-	Active	NO
33	U51909TN2007PTC064763	NSL POWER EQUIPMENT TRADING PRIVATE LIMITED	Director	18/10/2007	18/10/2007	-	Active	NO
34	U74120DL2008PTC175259	NSL PROPERTIES PRIVATE LIMITED	Director	12/03/2008	12/03/2008	-	Active	NO
35	U74120DL2008PTC175254	NSL REAL ESTATES PRIVATE LIMITED	Director	12/03/2008	12/03/2008	-	Active	NO
36	U74120AP2008PTC074522	MANDAVA HOLDINGS PRIVATE LIMITED	Director	12/03/2008	12/03/2008	-	Active	NO
37	U74120AP2008PLC074583	NUZIVEEDU SEEDS LIMITED	Managing director	01/07/2010	19/03/2008	-	Active	NO
38	U45200AP2007PTC055909	GOLDEN TOWER INFRATECH PRIVATE LIMITED	Director	01/10/2008	01/10/2008	-	Active	NO
39	U01112AP1996PTC025622	YAAGANTI SEEDS SPRIVATE LIMITED	Director	14/09/2009	03/01/2009	-	Active	NO
40	U01119AP2008PTC061514	PRAVARDHAN SEEDS PRIVATE LIMITED	Director	30/09/2010	01/01/2010	-	Active	NO
41	U40109AP2008PTC059817	NSL ORISSA POWER AND INFRATECH PRIVATE LIMITED	Director	30/09/2011	18/08/2010	-	Active	NO
42	U14200DL2009PTC196457	CERES MINING PRIVATE LIMITED	Nominee director	02/10/2010	02/10/2010	-	Active	NO
43	U40101AP2008PTC057010	NSL ENERGY VENTURES PRIVATE LIMITED	Director	30/09/2011	20/12/2010	-	Active	NO
44	U45400AP2007PTC054029	NSL CONVENTIONAL POWER PRIVATE LIMITED	Director	30/09/2011	05/01/2011	-	Active	NO
45	U17124AP2007PTC079001	MAS FABRIC PARK (INDIA) PRIVATE LIMITED	Director	29/06/2011	31/03/2011	-	Active	NO
46	U15421OR2011PTC013452	NSL SUGAR & INDUSTRIES (ORISSA) PRIVATE LIMITED	Director	15/04/2011	15/04/2011	-	Active	NO
47	U40300AP2010PTC070092	SOLAR SEMICONDUCTOR POWER COMPANY (INDIA) PRIVATE LIMITED	Director	30/08/2011	06/05/2011	-	Active	NO
48	U15400AP2011PTC076567	SIMHAPURI MEGA FOOD PARK PRIVATE LIMITED	Director	16/09/2011	16/09/2011	-	Active	NO
49	U40102TN2006PLC058922	MAHANADHI ABAN POWER COMPANY LIMITED	Additional director	15/02/2012	15/02/2012	-	Amalgamated	NO

Name :

Mr. Japan Mahesh Vyas

Designation :

NomineeDirector

Address :

903, Snow Flama, Dosti Flamingos, T J Road, Sewree, Mumbai, Maharashtra, India

Date of Birth/Age :

14.12.1977

Date of Appointment :

25.02.2012

DIN No.:

03326354

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	U72100DL2001PLC109841	INTARVO Technologies LIMITED	Nominee director	12/07/2010	12/07/2010	-	Active	NO
2	U40109TN2006PTC085606	REGEN POWERTECH PRIVATE LIMITED	Nominee director	25/02/2012	25/02/2012	-	Active	NO

Name :

Mr. Atul Kapur

Designation :

Nominee Director

Address :

12, St. Mary Abbots Court, Warwick Gardens, London, W148RA, United Kingdom

Date of Birth/Age :

22.06.1963

Date of Appointment :

29.10.2007

DIN No.:

01778935

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	U74920MH1982PLC027283	TOPS SECURITY LIMITED	Director	29/12/2007	13/08/2007	21/04/2009	Active	NO
2	U40109TN2006PTC085606	REGEN POWERTECH PRIVATE LIMITED	Nominee director	29/10/2007	29/10/2007	-	Active	NO
3	U74999MH2006PLC165722	FUTURE BRANDS LIMITED	Director	10/09/2008	04/01/2008	14/08/2010	Active	NO
4	U52399MH2007PLC171178	FUTURE E-COMMERCE INFRASTRUCTURE LIMITED	Director	22/11/2008	19/06/2008	-	Active	NO
5	U74300MH2006PLC160375	FUTURE MEDIA (INDIA) LIMITED	Nominee director	18/09/2008	19/06/2008	-	Active	NO
6	U85110AP1998PTC030229	RAVINDRANATH GE MEDICAL ASSOCIATES PRIVATE LIMITED	Nominee director	27/06/2008	27/06/2008	-	Active	NO
7	U72900MH2008PTC182808	TIKONA DIGITAL NETWORKS PRIVATE LIMITED	Director	04/09/2008	06/08/2008	-	Active	NO
8	U92120MH2002PLC135806	PERCEPT LIMITED	Additional director	21/01/2010	21/01/2010	-	Active	NO
9	U51909WB2009PTC136998	INDOSTAR CAPITAL FINANCE PRIVATE LIMITED	Director	23/09/2011	28/04/2011	-	Active	NO
10	U45201DL1983PTC017029	INTERARCH BUILDING PRODUCTS PRIVATE LIMITED	Nominee director	11/07/2011	11/07/2011	-	Active	NO

Name :

Mr. Aishwarya Mandava

Designation :

Nominee director

Address :

H. No 8-2-293/82/A, Plot No 543, Institute, Road No 26, Jubilee Hills, Hyderabad – 500033, Andhra Pradesh, India

Date of Birth/Age :

31.08.1990

Date of Appointment :

18.06.2012

DIN No.:

05291011

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	U40109DL1985PTC114839	NSL RENEWABLE POWER PRIVATE LIMITED	Additional director	12/06/2012	12/06/2012	-	Active	NO
2	U40109TN2006PTC085606	REGEN POWERTECH PRIVATE LIMITED	Nominee director	18/06/2012	18/06/2012	-	Active	NO
3	U74120AP2008PTC074522	MANDAVA HOLDINGS PRIVATE LIMITED	Director	29/09/2012	23/06/2012	-	Active	NO

Name :

Mr. Kazi Arif Uz Zaman

Designation :

Nominee Director

Address :

D 101, Diago, Next to Rizvi College, Shirley Ragan Road, Bandra (West), Mumbai – 400 050, Maharashtra, India

Date of Birth/Age :

11.07.1971

Date of Appointment :

29.10.2007

DIN No.:

00237331

Name :

Mr. Kavala Varahala Rao

Designation :

Whole Time Director

Address :

233, Madhav Nagar, H.I.G. Phase I, Medak District, R.C. Puram - 502 032, Andhra Pradesh, India

Date of Birth/Age :

06.06.1944

Date of Appointment :

23.09.2009

DIN No.:

01869380

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	U51909TN2007PTC064763	NSL POWER EQUIPMENT TRADING PRIVATE LIMITED	Director	18/10/2007	18/10/2007	-	Active	NO
2	U40109TN2006PTC085606	REGEN POWERTECH PRIVATE LIMITED	Whole-time director	23/09/2009	19/06/2009	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Subramanian Ravichandran
Designation :	Company Secretary
Address :	D-38, New No.13, 4^th Street, Anna Nagar East, Chennai – 600 102, Tamilnadu, India
Date of Birth/Age :	11.10.1965
Date of Appointment :	02.07.2008
PAN No.:	AARPR2923E

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Equity Shares	No. of Preferences Shares
NSL Power Equipment Trading Private Limited, India	14168000	--
Indivision India Partners, Mauritius	8021048	--
IL and FS Trust Company Limited – For and on behalf of TVS Shriram Growth Fund 1, India	478431	--
IDFC Investment Advisors Limited – Account IDFC Hybrid Infrastructure Portfolio, India	--	850497
MCap India Fund Limited, Mauritius	--	566998
Summit FVCI, Mauritius	--	193958
TOTAL	22667479	1611453

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]	35.39
Bodies corporate	64.61
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

The Company is engaged in the manufacture, supply, installation, erection, operation and maintenance of Wind Energy Converters ('WECs') and related accessories and equipment.

GENERAL INFORMATION

No. of Employees :

Information denied by the management.

Bankers :

• State Bank of India, Industrial Finance Branch, 155, Anna Salai, Chennai – 600 002, Tamilnadu, India
• Standard Chartered Bank, No. 19, Rajaji Salai, Chennai - 600001, Tamilnadu, India
• Axis Bank Limited, Corporate Banking Branch, 192, Karumuthu Nilayam, Ground Floor, Anna Salai, Chennai - 600002, Tamilnadu, India

Facilities :

Secured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Fully convertible debenture	1000.000	1000.000
Rupee term loans from banks	63.307	0.000
Foreign currency term loans from banks	382.150	509.525
Term loans from others	529.167	811.250
Other loans and advances	33.975	33.868
Short Term Borrowings
Term loans	1235.851	2193.868
Working capital loans from banks	2375.6930	1180.003
TOTAL	5620.143	5728.514

Banking Relations :	--
Auditors :
Name :	S.R. Batliboi and Associates Chartered Accountants
Address :	TPL House, Second Floor, No.3, Cenotaph Road, Teynampet, Chennai – 600 018, Tamilnadu, India
Tel. No.:	91-44-24311440
Fax No.:	91-44-24311450
E-Mail :	AABFS3421N
PAN No:
Holding Company :	NSL Power Equipment Trading Private Limited [U51909TN2007PTC064763]
Subsidiaries :	Renewable Energy Generation Private Limited [U40106TN2008PTC065937] Regen Renewable Energy Generation Global Limited Wind-Direct GMBH, Germany ReGen O&M Services Private Limited
Fellow Subsidiaries :	NSL Renewable Power Private Limited [U40109DL1985PTC114839] NSL Power Private Limited [U63023AP2003PTC040654] NSL Wind Power Comp Any (Phoolwadi) Private Limited [U40300AP2005PTC047541] NSL Wind Power Company (Satara) Private Limited [U40108AP2010PTC069059]

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 Millions
5000000	Preferences Shares	Rs.10/- each	Rs.50.000 Millions
	TOTAL		Rs.300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
22667479	Equity Shares	Rs.10/- each	Rs.226.675 Millions
1611453	Preferences Shares	Rs.10/- each	Rs.16.114 Millions
			Rs.242.789 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	242.789	236.065	210.000
(b) Reserves & Surplus	4733.411	4114.922	1115.573
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	4976.200	4350.987	1325.573
(3) Non-Current Liabilities
(a) long-term borrowings	2008.599	2354.643	722.084
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	930.139	577.535	385.143
(d) long-term provisions	263.376	361.412	505.283
Total Non-current Liabilities (3)	3202.114	3293.590	1612.510
(4) Current Liabilities
(a) Short term borrowings	6744.898	4327.791	2187.524
(b) Trade payables	6042.798	4132.672	2633.825
(c) Other current liabilities	2416.373	1443.610	1608.026
(d) Short-term provisions	456.598	393.736	84.181
Total Current Liabilities (4)	15660.667	10297.809	6513.556
TOTAL	23838.981	17942.386	9451.639
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2732.508	1941.474	911.908
(ii) Intangible Assets	34.601	54.308	69.719
(iii) Capital work-in-progress	630.394	68.499	256.825
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	489.579	356.749	356.749
(c) Deferred tax assets (net)	15.265	17.006	34.668
(d) Long-term Loan and Advances	3585.437	2711.843	1138.868
(e) Other Non-current assets	950.130	453.426	125.194
Total Non-Current Assets	8437.914	5603.305	2893.931
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3672.562	2961.296	1944.178
(c) Trade receivables	5939.626	6950.228	3062.628
(d) Cash and cash equivalents	1565.378	1388.107	889.426
(e) Short-term loans and advances	873.927	659.170	632.875
(f) Other current assets	3349.574	380.280	28.601
Total Current Assets	15401.067	12339.081	6557.708
TOTAL	23838.981	17942.386	9451.639

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Turnover	20897.100	23337.600	11772.500
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX		NA	NA	NA
Less	TAX		NA	NA	NA
	PROFIT / (LOSS) AFTER TAX		96.700	1523.800	732.300
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	20.182	5554.764	NA
	Earnings / (Loss) Per Share (Rs.)		3.98	--	--

KEY RATIOS

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
Debt Equity Ratio (Total Debt/Networth)	1.76	1.54	2.19
Current Ratio (Current Asset/Current Liability)	0.98	1.20	1.01

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	210.000	236.065	242.789
Reserves & Surplus	1115.573	4114.922	4733.411
Net worth	1325.573	4350.987	4976.200
long-term borrowings	722.084	2354.643	2008.599
Short term borrowings	2187.524	4327.791	6744.898
Total borrowings	2909.608	6682.434	8753.497
Debt/Equity ratio	2.195	1.536	1.759

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	11772.500	23337.600	20897.100
		98.238	-10.457

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	11772.500	23337.600	20897.100
Profit	732.300	1523.800	96.700
	6.22%	6.53%	0.46%

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	Yes
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	Yes

NOTE:

The registered office of the company has been shifted from New No.28, College Road, Nungambakkam, Chennai – 600 006, Tamilnadu, India to the present address w.e.f. 18.12.2012.

INDEX OF CHARGES:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10482742	25/02/2014	500,000,000.00	INDOSTAR CAPITAL FINANCE PRIVATE LIMITED	ROOM NO.6, 4TH FLOOR, COMMERCE HOUSE, 2A, GANESH  CHANDRA AVENUE, KOLKATA, WEST BENGAL - 700013, IND  IA	B98540982
2	10474837	31/01/2014	500,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, 155, ANNA SALAI, CHENNAI, TAMIL NADU - 600002, INDIA	B95183570
3	10397973	09/01/2013	800,000,000.00	STANDARD CHARTERED BANK	NO. 19, RAJAJI SALAI, CHENNAI, TAMIL NADU - 600001  , INDIA	B66221946
4	10396030	05/12/2012	500,000,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH, 192, KARUMUTHU NILAYAM,  GROUND FLOOR, ANNA SALAI, CHENNAI, TAMILNADU - 600002, INDIA	B65530545
5	10370467	17/01/2013 *	450,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND,  , PANDURANG BUDHKAR MARG, WORLI,, MUMBAI, MAHARASHTRA - 400025, INDIA	B66222340
6	10350205	07/12/2012 *	750,000,000.00	STANDARD CHARTERED BANK	19, RAJAJI SALAI, CHENNAI, TAMIL NADU - 600001, I  NDIA	B63375026
7	10346070	17/01/2013 *	600,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND,  , PANDURANG BUDHKAR MARG, WORLI,, MUMBAI, MAHARAS  HTRA - 400025, INDIA	B66222662
8	10332778	07/12/2012 *	750,000,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH, 192, KARUMUTHU NILAYAM,  GROUND FLOOR, ANNA SALAI, CHENNAI, TAMILNADU - 600002, INDIA	B64884133
9	10348870	27/09/2011	1,000,000,000.00	INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LIMITED	KRM TOWER, 8TH FLOOR,, NO. 1, HARRINGTON ROAD, CHETPET, CHENNAI, TAMIL NADU - 600031, INDIA	B22852628
10	10294816	15/03/2013 *	15,900,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, 155, ANNA SALAI, CHENNAI, TAMIL NADU - 600002, INDIA	B72055429

* Date of charge modification

CASE DETAILS

CHENNAI COURT

CASE STATUS INFORMATION SYSTEM

CASE STATUS:	PENDING
STATUS OF:	221
YEAR:	2012
PETITIONER:	MAXWORTH ORCHARDS (INDIA)
RESPONDENT:	REGEN POWERTECH PRIVATE LIMITED
PET’S ADVOCATE:	K. ALAGIRISWAMI
RES’S ADVOCATE:	FOX MANDAL AND ASSOCIATE
CATEGORY:	NO CATEGORY MENTIONED
LAST LISTED ON:	NO DATE MENTIONED
CASE UPDATED ON:	JANUARY 10, 2013

Unsecured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Short Term Borrowings
Term Loans	0.000	142.500
Deposits	83.133	80.000
Other loans and advances	3050.221	731.420
TOTAL	3133.354	953.920

BACKGROUND:

Subject a subsidiary of NSL Power Equipment Trading Private Limited, incorporated on December 27, 2006 in the State of Andhra Pradesh, India. The Company is engaged in the manufacture, supply, installation, erection, operation and maintenance of Wind Energy Converters ('WECs') and related accessories and equipment. The Company's manufacturing facilities are located in Tada, Andhra Pradesh and Udaipur, Rajasthan.

FINANCIALS:

The Company has achieved a turnover of Rs 20897.100 millions for the financial year ending March 31, 2013 as compared to a turnover of Rs. 23337.600 millions for the financial year ending March 31, 2012. The profit after tax for the financial year 2012-2013 is Rs 96.700 millions, compared to profit of Rs 1523.800 millions for the financial year 2011-2012.

OPERATIONS:

The Company has spread its operations in six states with high potential for wind power; viz., Andhra Pradesh, Gujarat, Karnataka, Maharashtra, Rajasthan, Tamilnadu and has successfully commissioned two projects totalling to 22.50MW in Sri Lanka and has already commenced wind study for a project in Bangladesh. The Company has so far commissioned 1,041MW. The clientele are a mixture of IPP players and retail customers.

FUTURE PLANS:

The Company has targeted to achieve 562.50MW during the next financial year. It is also exploring the possibilities of expanding its footprint in new territories. At present, the potential sites for wind energy in India are all Class III sites. The Company possesses the technology for machines suitable for Class III sites, by virtue of which, the Company is placed in an advantageous position in the market as compared to its competitors.

INDUSTRY OUTLOOK:

With the conventional fossil fuels depleting faster than expected, there is a certain need to look at alternative energy sources. Wind energy is the fastest-growing source of renewable power generation globally and is clearly the most promising and commercially viable solution available to supplement conventional fossil fuels.

The global market for wind power capacity is expected almost to triple in the next five years to 447GW and could expand to almost 1,000GW within 10 years. India added wind power capacity of nearly 1,730MW in FY 2012-13 and ranked fifth worldwide in the cumulative wind capacity after US, China, Germany and Spain with a total capacity of approx. 19,100MW. The industry has witnessed a paradigm shift from investments driven by accelerated depreciation benefit to Independent Power Producers (IPPs) wherein technological advantages are valued more than ever. The foray of new players in the market space has paved the way for competitiveness in pricing and technology trends.

27 out of the 29 Indian States have now implemented Renewable Energy Purchase Obligation of up to 14%of the energy mix and have introduced preferential tariffs for electricity produced from renewable sources. In addition, states like Gujarat have come out with better feed in tariffs. However, the abolishment of accelerated depreciation does not affect the Company as majority of the customers are from IPP segment.

FUTURE OUTLOOK:

It can be rightly said that the potential for wind power is far from exhausted and that it is one of the most promising and matured among the renewable energy technologies available in India. With high wind potential, and new technologies coming up to tap the potential from low wind areas, India can truly harness its benefits, given that the right policy and regulatory framework is in place. The recent years have seen the market is gradually moving towards IPPs who invest in wind power as a pure generation business in contrast to the tax incentive driven traditional market. Though the long term future looks very promising, the industry envisages a temporary dip in the capacity addition for FY 12-13 due to the abolishment of the long serving accelerated depreciation scheme. However, this trend will improve and is a healthy shift for the sector as a whole and will certainly help in fast growth of generation capacity.

FIXED ASSETS:

Tangible Assets:

v Freehold Land

v Buildings

v Plant and Machinery

v Office Equipment

v Computers

v Furniture and Fittings

v Leasehold Improvements

v Vehicles

Intangible Assets:

v License Fees

v Computer 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.60.27
UK Pound	1	Rs.102.28
Euro	1	Rs.82.05

INFORMATION DETAILS

Information Gathered by :	PDT
Analysis Done by :	KAR
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

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.