1. Summary Information

		Country	India
Company Name	INOX WIND LIMITED	Principal Name 1	Mr. Shanti Prashad Jain
Status	Good	Principal Name 2	Mr. Deepak Ranjit Asher
		Registration #	06-031083
Street Address	Plot No.1, Khasra No. 264 to 267, Industrial Area, Village Basal, Basal – 174103, Himachal Pradesh, India
Established Date	09.04.2009	SIC Code	--
Telephone#	91-120-6149600	Business Style 1	Manufacture
Fax #	91-120-6149610/ 11	Business Style 2	--
Homepage	http://www.inoxwind.com	Product Name 1	Wind Turbine Generators
# of employees	1000 (Approximately)	Product Name 2
Paid up capital	Rs.400,000,000/-	Product Name 3	--
Shareholders	Bodies corporate- 100.00%	Banking	Yes Bank Limited
Public Limited Corp.	No	Business Period	5 years
IPO	No	International Ins.	--
Public Enterprise	No	Rating	Ba (52)
Related Company
Relation	Country	Company Name	CEO
Holding Company	India	Gujarat Fluorochemicals Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2013		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	6686,336,000	Current Liabilities	1966,440,000
Inventories	713,496,000	Long-term Liabilities	3367,363,000
Fixed Assets	1524,932,000	Other Liabilities	807,519,000
Deferred Assets	0,000	Total Liabilities	6141,322,000
Invest& other Assets	144,409,000	Retained Earnings	2527,851,000
		Net Worth	2927,851,000
Total Assets	9069,173,000	Total Liab. & Equity	9069,173,000
Total Assets (Previous Year)	4338,161,000
P/L Statement as of	31.03.2013		(Unit: Indian Rs.)
Sales	9924,400,000	Net Profit	1476,000,000
Sales(Previous yr)	6213,691,000	Net Profit(Prev.yr)	1007,414,000

MIRA INFORM REPORT

Report Date :

26.03.2014

IDENTIFICATION DETAILS

Name :	INOX WIND LIMITED
Registered Office :	Plot No.1, Khasra No. 264 to 267, Industrial Area, Village Basal, Basal – 174103, Himachal Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	09.04.2009
Com. Reg. No.:	06-031083
Capital Investment / Paid-up Capital :	Rs.400.000 Millions
CIN No.: [Company Identification No.]	U31901HP2009PLC031083
TAN No.: [Tax Deduction & Collection Account No.]	PTLI10831C
PAN No.: [Permanent Account No.]	AACC10597B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the business of manufacture of Wind Turbine Generators and also provides erection and commissioning services.
No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 12000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track record. External borrowing of the company has increased. However, overall financial position of the company seems to be strong and healthy. The rating also takes into consideration strong financial and managerial support from its parent company ‘Gujarat Fluorochemicals Limited’. Trade relation are reported to be fair. Business is active. Payment terms are reported to be regular and as per commitment. The company can be considered normal for business dealing at usual trade terms and conditions.

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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

State-run banks hired nearly 300000 personnel including more than 94000 officers in the last four years, according to the Indian Banks Association. A study by trade lobby Assocham in September 2013 indicated that banks would need 800000 people in the next six years. It estimated that state-run lenders alone would hire 50000 people in 2013/14.

The Competition Commission of India plans to issue final orders within a broad time-frame of one year in matters where it decides to carry out detailed investigations. The number of complaints received by the watchdog which keeps tabs on unfair trade practices in the marketplace.

The government has detected custom tax evasion totaling around Rs 37920 mn in 14 states until December. Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs 8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.

Connaught Place in New Delhi slipped four notches to become the world’s eighth most expensive office locations. London’s West End is the world’s most expensive office market.

There are 4.072 mn number of high value spenders under the scanner of the income tax department. The income tax department has information that they have made cash deposits announcing to Rs 1 mn or more in their savings bank accounts in the current financial year. It plans to check potential evasion before the closing of the financial year on March 31.

Estimated pharmaceutical sales in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago. The life sciences and health care industry is up against challenges such as quality management, says a recent Deloitte report.

The gross non-performing assets of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months of the financial year. In absolute terms, the 40 listed banks added Rs 3386 crore to their gross NPAs in nine months with the State Bank of India leading with the State Bank of India leading with an accretion of Rs 16610 crore.

The inflow of smuggled gold doubled in 2013 following restrictions to curb the supply from official channels to contain the current account deficit. China surpassed India in the demand for gold for the first time in 2013 due to liberalization of gold trading norms by its local governments.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = A-
Rating Explanation	Adequate credit quality and average credit risk
Date	28.10.2013

Rating Agency Name	CRISIL
Rating	Short Term Rating = A2+
Rating Explanation	Strong degree of safety and low credit risk.
Date	28.10.2013

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 PARTED BY

Name :	Mr. Rajeev Jain
Designation :	Accountant
Contact No.:	91-120-6149600

LOCATIONS

Registered Office / Factory 1 :	Plot No.1, Khasra No. 264 to 267, Industrial Area, Village Basal, Basal – 174103, Himachal Pradesh, India
Tel. No.:	91-120-6149600
Mobile No.:	91-8140699429 (Mr. Girish Shitole) 91-9891755055 (Mr. Amar Chaudhary)
Fax No.:	91-120-6149610/ 11
E-Mail :	contact@inoxwind.com siddomal@vsnl.net
Website :	http://www.inoxwind.com
Corporate Office :	Inox Tower, Plot No. 17, Sector 16-A, Noida-201301, Uttar Pradesh, India
Tel. No.:	91-120-6149600/ 3063600/ 3063756
Fax No.:	91-120-6149610/ 3063610
E-Mail :	contact@inoxwind.com info@inoxwind.com scm@inoxwind.com
Factory 2 :	Blade Plant, Khasra No. 128, Ahmedabad - Rajkot Highway, Rohika, Ahmedabad - 38220, Gujarat, India

DIRECTORS

As on 06.05.2013

Name :

Mr. Shanti Prashad Jain

Designation :

Director

Address :

B-87, Phase I, Ashok Vihar, New Delhi – 110052, India

Date of Birth/Age :

01.02.1940

Date of Appointment :

06.05.2013

DIN No.:

00023379

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	U92412DL1988NPL034088	ASHOK VIHAR CLUB	Director	28/12/1988	28/12/1988	-	Active	NO
2	L24110GJ1987PLC009362	GUJARAT FLUOROCHEMICALS LIMITED	Director	29/06/2009	22/05/2009	-	Active	NO
3	U31901HP2009PLC031083	INOX WIND LIMITED	Director	06/05/2013	06/05/2013	-	Active	NO

Name :

Mr. Deepak Ranjit Asher

Designation :

Director

Address :

17/1 Utkanth Society, Behind Alkapuri Club Alkapuri, Vadodara, Gujarat, India

Date of Birth/Age :

15.01.1959

Date of Appointment :

23.06.2010

DIN No.:

00035371

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	L92199GJ1999PLC044045	INOX LEISURE LIMITED	Director	15/01/2000	15/01/2000	-	Active	NO
2	U65910MH1995PLC085703	INOX LEASING AND FINANCE LIMITED	Whole-time director	01/01/2013	19/10/2001	-	Active	NO
3	U74140DL2006PTC156453	INOX INTERNATIONAL PRIVATE LIMITED	Alternate director	14/12/2006	14/12/2006	09/05/2009	Active	NO
4	U45200DL2007PLC159796	INOX INFRASTRUCTURE LIMITED	Director	27/02/2007	27/02/2007	-	Active	NO
5	U45400MH2007PTC170509	PRIME SKYLINE DEVELOPERS PRIVATE LIMITED	Director	28/08/2007	28/08/2007	-	Amalgamated	NO
6	L24110GJ1987PLC009362	GUJARAT FLUOROCHEMICALS LIMITED	Director	20/09/2008	22/01/2008	-	Active	NO
7	U92120MH2008PLC187231	INOX MOTION PICTURES LIMITED	Director	01/10/2008	01/10/2008	-	Strike off	NO
8	U31901HP2009PLC031083	INOX WIND LIMITED	Director	23/06/2010	09/04/2009	-	Active	NO
9	L92490MH1999PLC122381	Fame India Limited	Director	22/09/2010	28/02/2010	-	Amalgamated	NO
10	U40100GJ2010PLC062869	INOX RENEWABLES LIMITED	Director	25/06/2011	11/11/2010	-	Active	NO
11	U92100MH1999PLC119506	FAME MOTION PICTURES LIMITED	Director	13/07/2011	21/01/2011	-	Amalgamated	NO
12	U92110MH2004PTC148470	BIG PICTURES HOSPITALITY SERVICES PRIVATE LIMITED	Director	13/07/2011	21/01/2011	-	Amalgamated	NO
13	U92132MH2001PTC133639	SWANSTON MULTIPLEX CINEMAS PRIVATE LIMITED	Director	13/07/2011	04/02/2011	-	Active	NO
14	U92110MH2004PTC148469	Headstrong Films Private Limited	Director	13/07/2011	14/03/2011	-	Amalgamated	NO
15	U45201GJ2012PLC071264	INOX RENEWABLES (JAISALMER) LIMITED	Director	24/07/2012	24/07/2012	-	Active	NO

Name :

Mr. Siddharth Pavan Jain

Designation :

Director

Address :

31 Benzer Terrance, A.G Khan Road, Worli, Mumbai-400018, Maharashtra, India

Date of Birth/Age :

21.09.1978

Date of Appointment :

23.10.2006

DIN No.:

00030202

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

U74899DL1972PTC110957

INOX CHEMICALS PRIVATE LIMITED

Director

08/12/2001

08/12/2001

-

Active

NO

2

U74899DL1990PTC039312

SIDDHAPAVAN TRADING AND FINANCE PRIVATE LIMITED

Director

08/12/2001

08/12/2001

-

Active

NO

3

U74899DL1988PTC033823

RAJNI FARMS PRIVATE LIMITED

Director

28/03/2003

28/03/2003

-

Active

NO

4

U24111DL1996PTC081217

DEVANSH GASES PRIVATE LIMITED

Director

24/04/2003

24/04/2003

-

Active

NO

5

U24999MH1963PLC012625

INOX AIR PRODUCTS LIMITED

Whole-time director

01/04/2011

20/05/2003

-

Active

NO

6

U28120MH2003PLC140814

REFRON CYLINDERS LIMITED

Director

10/06/2003

10/06/2003

-

Amalgamated

NO

7

U65910MH1995PLC085703

INOX LEASING AND FINANCE LIMITED

Director

26/08/2003

26/08/2003

-

Active

NO

8

U99999GJ1976PLC018945

INOX INDIA LIMITED

Director

17/03/2004

17/03/2004

-

Active

NO

9

L92199GJ1999PLC044045

INOX LEISURE LIMITED

Director

10/09/2004

10/09/2004

-

Active

NO

10

U74999DL2004PTC131077

KINGSTON SMITH INOX - DC OUTSOURCING PRIVATE LIMITED

Director

10/01/2005

10/01/2005

-

Strike off

NO

11

U45400MH2007PTC170509

PRIME SKYLINE DEVELOPERS PRIVATE LIMITED

Director

31/08/2007

31/08/2007

-

Amalgamated

NO

12

U45209MH2007PTC173174

MEGNASOLACE CITY PRIVATE LIMITED

Director

31/01/2008

31/01/2008

-

Active

NO

13

U31901HP2009PLC031083

INOX WIND LIMITED

Director

23/06/2010

25/04/2009

-

Active

NO

Name :

Mr. Rama Sankaranarayana Iyer

Designation :

Director

Address :

Flat No.32, Rashmi Swarnakutir Premises, Bandra, Mumbai – 400060, Maharashtra, India

Date of Birth/Age :

18.06.1968

Date of Appointment :

06.05.2013

DIN No.:

00076549

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	U74210MH1973PTC016253	Aker Powergas Private Limited	Director	16/08/1979	16/08/1979	01/10/2007	Active	NO
2	U24246MH1957PTC010950	Aker Powergas Systems Private Limited	Nominee director	11/12/1987	11/12/1987	01/10/2007	Amalgamated	NO
3	L27101TZ1990PLC002849	INDSIL HYDRO POWER AND MANGANESE LIMITED	Director	30/09/1992	30/09/1992	-	Active	NO
4	L24100MH1972PLC016149	THIRUMALAI CHEMICALS LIMITED	Director	06/01/2012	25/11/1997	-	Active	NO
5	U29299PN1991PTC016996	XYTEL INDIA PRIVATE LIMITED	Nominee director	04/08/2000	04/08/2000	01/10/2007	Active	NO
6	L24121MH1979PLC021360	DEEPAK FERTILISERS AND PETROCHEMICALS CORPORATION LIMITED	Director	29/07/2008	23/10/2007	-	Active	NO
7	U72900MH1996PLC104693	LARSEN AND TOUBRO INFOTECH LIMITED	Director	21/05/2008	25/10/2007	-	Active	NO
8	U65910MH2007PTC172599	EQUIRUS CAPITAL PRIVATE LIMITED	Additional director	10/11/2007	10/11/2007	-	Active	NO
9	L24110GJ1987PLC009362	GUJARAT FLUOROCHEMICALS LIMITED	Director	20/09/2008	19/12/2007	-	Active	NO
10	L45202MH1976PLC019135	PETRON ENGINEERING CONSTRUCTION LIMITED	Director	18/09/2009	30/01/2009	29/04/2013	Active	NO
11	L92114DL1976PLC008355	COSMO FILMS LIMITED	Director appointed in casual vacancy	24/05/2011	24/05/2011	05/09/2012	Active	NO
12	U31901HP2009PLC031083	INOX WIND LIMITED	Director	06/05/2013	06/05/2013	-	Active	NO

Name :

Mr. Rajeev Manmohan Gupta

Designation :

Director

Address :

D-10, Sector 41, Gautam Buddha Nagar, Noida, Uttar Pradesh, India

Date of Birth/Age :

15.12.1958

Date of Appointment :

31.03.2013

DIN No.:

01773304

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	U74140DL2007PTC169808	SCC CONSULTING INDIA PRIVATE LIMITED	Director	24/10/2007	24/10/2007	-	Active	NO
2	U31901HP2009PLC031083	INOX WIND LIMITED	Whole-time director	31/03/2013	26/11/2009	-	Active	NO

Name :

Mr. Devansh Vivek Jain

Designation :

Director

Address :

47 Golf Links, New Delhi, India

Date of Birth/Age :

13.10.1986

Date of Appointment :

01.11.2012

DIN No.:

01819331

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	U74899DL1990PTC039122	DEVANSH TRADING AND FINANCE PRIVATE LIMITED	Director	31/05/2008	22/10/2007	-	Active	NO
2	U74899DL1982PTC013707	SIDDHO MAL INVESTMENTS PRIVATE LIMITED	Director	31/05/2008	22/10/2007	-	Active	NO
3	U92120MH2008PLC187231	INOX MOTION PICTURES LIMITED	Director	01/10/2008	01/10/2008	-	Strike off	NO
4	U31901HP2009PLC031083	INOX WIND LIMITED	Whole-time director	01/11/2012	25/04/2009	-	Active	NO
5	U40100GJ2010PLC062869	INOX RENEWABLES LIMITED	Director	25/06/2011	19/05/2011	-	Active	NO
6	U45201GJ2012PLC071264	INOX RENEWABLES (JAISALMER) LIMITED	Director	24/07/2012	24/07/2012	-	Active	NO

KEY EXECUTIVES

Name :	Ranju Goyal
Designation :	Secretary
Address :	2510 Sector – D Pocket – 1, Vasant Vihar, New Delhi – 110057, India
Date of Appointment :	05.03.2013
PAN No.:	AGSPG5073B

MAJOR SHAREHOLDERS

As on 06.05.2013

Names of Shareholders	No. of Shares
Gujarat Fluorochemicals Limited, India	149999000
Devnash Trading and Finance Private Limited, India	12500000
Inox Chemicals Private Limited, India	12500000
Siddhapavan Trading and Finance Private Limited, India	12500000
Siddhomal Investment private Limited, India	12500000
Deepak Asher (As nominee of GFL)	500
Mukesh Patni (As nominee of GFL)	500
Total	200000000

Equity Share Break up (Percentage of Total Equity)

As on 06.05.2013

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of manufacture of Wind Turbine Generators and also provides erection and commissioning services.

Products :

Product or Service	ITC Code
Wind Power Electric Generating Sets Including Rotor Blades and Turbine Tower	85023100

Imports :

Products :

Equipment’s and Raw Material

Countries :

China

Terms :

Selling :

Credit (30 Days)

Purchasing :

L/C, Credit (30 Days) and TT

PRODUCTION STATUS (As on : 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Nacelle and Hub	Sets	400	10
Blade Set	Sets	120	6
Tower	Sets	120	4

GENERAL INFORMATION

Suppliers :

American Super Conductor

Customers :

Oil India Limited

No. of Employees :

1000 (Approximately)

Bankers :

• Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India
• HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013 Maharashtra, India
• ING VYSYA Bank Limited, A-361,Sector-19, Gautambudhnagar, Noida - 201301, Uttar Pradesh, India
• Standard Chartered Bank, 23, Narain Manzil, Barakhamba Road, New Delhi - 110001, Delhi, India
• Indusind Bank Limited, 2401, Gen. Thimmayya Road, Cantonment, Pune - 411001, Maharashtra, India
• IDBI Bank Limited, IDBI Towerwtc Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India
• ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India
• Axis Bank Limited, B-2 and B-3, Sector 16, Noida - 201301, Uttar Pradesh, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Rupee term loans from banks	750.000	0.000
Rupee term loans from others	562.500	0.000
Short Term Borrowings
Rupee term loans from banks	335.641	130.534
Foreign currency term loans from banks	1719.222	1072.539
Total	3367.363	1203.073

Long-term Borrowings

Secured Rupee Term Loans:-

(a) From Banks

(Secured by first exclusive charge on existing and future movable and immovable fixed assets of Una and Rohika Plant and carry interest rate of 11.85%. Repayable in 20 quartely installments starting from 1.2.2013 )

(b) From Other Parties

(Secured by first pari passu charge on entire current assets of the company, both present and future and carry interest rate of 12.25%. Repayable in 4 quartely installments (Secured by first pari passu charge on entire current assets of the company, both present and future and carry interest rate of 12.25%. Repayable in 4 quarterly installments starting from 2.3.2014 )

Short-term borrowings :-

(a) Secured Loans from Banks

- Cash credit facilities

(Secured by first pari-passu charge on the current assets of the Company, both present and future and carry interest rate in the range on 12% -14%)

- Foreign Currency Loans - Buyer's Credit facilities

(Secured as above and carry interest rate of applicable LIBOR plus bank's spread which is generally in the range of 0.5% to 2%)

Banking Relations :	--
Auditors :
Name :	Dewan. P.N. Chopra and Company Chartered Accountants
Address :	57H, Connaught Circus, New Delhi – 110 001, India
Tel. No.:	91.11-23322359/ 23320876/ 23321418
Fax No.:	91-11-23313246/ 24645893
E-Mail :	dpnc@dpncindia.com dpnccp@dpncindia.com
PAN No.:	AAAFD1961D
Holding Company :	Gujarat Fluorochemicals Limited CIN No.:- L24110GJ1987PLC009362
Ultimate Holding Company :	Inox Leasing and Finance Limited CIN No.: U65910MH1995PLC085703
Fellow Subsidiary Company :	Inox Renewables Limited CIN No.: U40100GJ2010PLC062869 Inox Renewables (Jaisalmer) Limited CIN No.: U45201GJ2012PLC071264
Subsidiary Company :	Inox Wind Infrastructure Services Limited CIN No.: U45207GJ2012PLC070279
Others :	Devansh Trading and Finance Private Limited CIN No.: U74899DL1990PTC039122 Siddho Mal Investments Private Limited CIN No.: U74899DL1982PTC013707
Sister Concern :	Gujarat Values Limited

CAPITAL STRUCTURE

As on 06.05.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
500000000	Equity Shares	Rs.10/- each	Rs.5000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
200000000	Equity Shares	Rs.10/- each	Rs.2000.000 Millions

As on 31.03.2013

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
40000000	Equity Shares	Rs.10/- each	Rs.400.000 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	400.000	300.000	300.000
(b) Reserves & Surplus	2527.851	1048.890	41.477
(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)	2927.851	1348.890	341.477
(3) Non-Current Liabilities
(a) long-term borrowings	1312.500	0.000	700.000
(b) Deferred tax liabilities (Net)	195.468	176.054	0.000
(c) Other long term liabilities	24.000	24.000	24.000
(d) long-term provisions	7.029	3.439	2.401
Total Non-current Liabilities (3)	1538.997	203.493	726.401
(4) Current Liabilities
(a) Short term borrowings	2054.863	1303.072	266.128
(b) Trade payables	1933.227	1087.811	491.147
(c) Other current liabilities	588.051	144.443	176.251
(d) Short-term provisions	26.184	250.452	9.457
Total Current Liabilities (4)	4602.325	2785.778	942.983
TOTAL	9069.173	4338.161	2010.861
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1355.585	1041.223	843.271
(ii) Intangible Assets	169.347	184.410	200.627
(iii) Capital work-in-progress	32.679	198.560	82.060
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.500	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	19.789
(d) Long-term Loan and Advances	579.105	18.809	66.408
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2137.216	1443.002	1212.155
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	713.496	996.970	636.176
(c) Trade receivables	4485.516	738.390	0.000
(d) Cash and cash equivalents	8.582	389.707	14.231
(e) Short-term loans and advances	1613.133	481.016	142.980
(f) Other current assets	111.230	289.076	5.319
Total Current Assets	6931.957	2895.159	798.706
TOTAL	9069.173	4338.161	2010.861

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		9924.400	6213.691	719.208
		Other Income		NA	6.272	9.741
		TOTAL (A)		NA	6219.963	728.949
Less	EXPENSES
		Cost of material consumed			4148.395	648.729
		Purchase of stock-in-trade			83.563	95.973
		Changes in inventories of finished goods, work-in-progress and stock-in-trade			(10.486)	(231.297)
		Employee benefit expenses			154.109	39.641
		Other expenses			386.319	60.751
		Prior period item before tax			0.000	1.182
		TOTAL (B)		NA	4761.900	614.979
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			1971.300	1458.063	113.970
Less	FINANCIAL EXPENSES (D)			387.000	187.949	31.341
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			1584.300	1270.114	82.629
Less	DEPRECIATION/ AMORTISATION (F)			88.900	75.859	39.428
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			1495.400	1194.255	43.201
Less	TAX (H)			19.400	186.841	(10.715)
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			1476.000	1007.414	53.916
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			1048.900	41.500	(12.439)
	TAXATION PERTAINING TO EARLIER YEARS			0.000	9.000	0.000
Less	APPROPRIATIONS
			Transfer to General Reserve	(3.000)	0.000	0.000
	BALANCE CARRIED TO THE B/S			2527.900	1048.900	41.477
	IMPORTS
			Raw Materials	3648.203	2763.726	NA
			Capital Goods	36.672	59.640	NA
	TOTAL IMPORTS			3684.875	2823.366	NA
	Earnings Per Share (Rs.)			36.90	33.58	1.80

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	NA	16.20	7.40
Net Profit Margin (PBT/Sales)	(%)	15.07	19.22	6.01
Return on Total Assets (PBT/Total Assets}	(%)	16.55	28.85	2.26
Return on Investment (ROI) (PBT/Networth)		0.51	0.89	0.13
Debt Equity Ratio (Total Debt /Networth)		1.15	0.97	2.83
Current Ratio (Current Asset/Current Liability)		1.51	1.04	0.85

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	300.000	300.000	400.000
Reserves & Surplus	41.477	1048.890	2527.851
Net worth	341.477	1348.890	2927.851
long-term borrowings	700.000	0.000	1312.500
Short term borrowings	266.128	1303.072	2054.863
Total borrowings	966.128	1303.072	3367.363
Debt/Equity ratio	2.829	0.966	1.150

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	719.208	6,213.691	9,924.400
		763.963	59.718

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	719.208	6,213.691	9,924.400
Profit	53.916	1,007.414	1,476.000
	7.50%	16.21%	14.87%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Short Term Borrowings
Fully convertible debentures others	0.000	100.000
Total	0.000	100.000

CORPORATE INFORMATION

The Company is engaged in the business of manufacture of Wind Turbine Generators and also provides erection and commissioning services. The Company is a subsidiary of Gujarat Fluorochemicals Limited, a listed company. The area of operations of the Company is within India.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

This year is the fourth year of operations of the Company. In a short span of four years, the Company has emerged as one of the leading wind power solutions provider, by manufacturing and supplying wind turbine generators (WTGs) and offering services in relation to setting up and operating wind power projects, including wind resource assessment, site acquisition, project development, erection and commissioning, and also long term operations and maintenance of wind power projects. During the year, the Company has succeeded in increasing its customer base, and registering significant growth in its financial performance. The turnover of the Company has increased by 60%, to Rs.9924.400 Millions as compared to previous year Rs.6213.700 Millions. The profit after tax has increased by 23%, to Rs.1476.000 Millions for the year, as compared to previous year Rs.998.400 Millions.

OUTLOOK

The outlook of the wind power industry continues to be positive, with favourable regulatory developments like higher feed-in tariffs, generation based incentives, mandatory Renewable Purchase Obligations (RPOs) on distribution companies, and Renewable Energy Certificates (RECs) all adding to revenue streams which a wind energy producer can avail to improve the viability of investments in wind power projects.

After the close of the year, the Board has constituted an issue Committee a committee of the Board, to evaluate alternatives and provide recommendations for raising capital including by way of private placement or public issue of its equity shares and/or other securities either by way of a fresh issue or n offer for sale or a combination of both or any other permissible mode.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10454109	23/09/2013	400,000,000.00	Development Credit Bank Limited	601 and 602, Peninsula Business Park, 6th Floor, Tower A, Senapati Bapat Marg, Lower Parel, Mumbai, Maharashtra - 400013, India	B87124046
2	10445894	13/08/2013	500,000,000.00	Kotak Mahindra Bank Limited	36-38a, Nariman Bhavan, 227,D, Nariman Point, Mumbai, Maharashtra - 400021, India	B83491530
3	10435333	15/05/2013	550,000,000.00	Standard Chartered Bank	23, Narain Manzil, Barakhamba Road, New Delhi, Delhi - 110001, INDIA	B78964194
4	10410730	05/03/2013	1,000,000,000.00	Yes Bank Limited	9th Floor, Nehru Centre, Discovery Of India, Dr. Annie Besant Road, Worli, Mumbai, Maharashtra - 400018, India	B70419155
5	10404270	31/01/2013	1,000,000,000.00	Yes Bank Limited	9th Floor, Nehru Centre, Discovery Of India,, Dr. Annie Besant Road, Worli, Mumbai, Maharashtra - 400018, India	B68580570
6	10401383	08/07/2013 *	1,000,000,000.00	ING Vysya Bank Limited	Shop Nos-2-4, 42-46 and LGF-50, Plot No-84, Ansal Fortune Arcade, Sector-18, Noida, Uttar Pradesh - 201301, India	B80553183
7	10391445	29/11/2012	750,000,000.00	Aditya Birla Finance Limited	Indian Rayon Compound, Veraval, Gujarat - 362266, India	B63923288
8	10387971	30/10/2012	1,000,000,000.00	Yes Bank Limited	9th Floor, Nehru Centre, Discovery Of India, Dr. Annie Besant Road, Worli, Mumbai, Maharashtra - 400018, India	B62553904
9	10389850	04/04/2013 *	650,000,000.00	HDFC Bank Limited	Hdfc Bank House Senapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India	B74256462
10	10366316	04/07/2012	3,000,000.00	District Industries Centre	District Industries Centre, Una, Himachal Pradesh- 174303, INDIA	B44088755
11	10340675	26/09/2013 *	2,000,000,000.00	ICICI Bank Limited	Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India	B86300597
12	10315448	09/07/2013 *	1,500,000,000.00	indusind bank limited	2401 Gen Thimmayya Road, Contonment, Pune, Maharashtra - 411001, India	B81178949
13	10287482	27/04/2011	500,000,000.00	Axis Bank Limited	B-2 And B-3, Sector 16, Noida, Uttar Pradesh - 201301, India	B13060009
14	10264378	02/05/2012 *	950,000,000.00	IDBI Bank Limited	IDBI Towerwtc Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India	B40350399
15	10246419	15/06/2012 *	1,050,000,000.00	Yes Bank Limited	9th Floor, Nehru Centre, Discovery Of India, Dr. Annie Besant Road, Worli, Mumbai, Maharashtra - 400018, India	B43198118

*Date of modification Charges

TRADE REFERENCES

• American Super Conductor
• Oil India Limited

FIXED ASSETS:

· Freehold Land

· Leasehold land

· Building

· Plant and Machinery

· Office Equipments

· Computers

· Furniture and Fixtures

· Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.49
UK Pound	1	Rs.99.77
Euro	1	Rs.83.67

INFORMATION DETAILS

Information Gathered by :	HNA
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION		0
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	52
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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		52

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.