MIRA INFORM REPORT

Report No. :	319321
Report Date :	24.04.2015

IDENTIFICATION DETAILS

Name :	INOX WIND LIMITED
Registered Office :	Plot No.1, Khasra No. 264 to 267, Industrial Area, Village Basal, Basal – 174103, Himachal Pradesh
Tel. No.:	91-120-6149600
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	09.04.2009
Com. Reg. No.:	06-031083
Capital Investment / Paid-up Capital :	Rs. 2000.000 Million
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 :	Manufacturer of Wind Turbine Generators (“WTG”) and also Provides related Erection and Commissioning Services.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 12500000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track record. 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 relations 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 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating: “A”
Rating Explanation	Have adequate degree of safety and carry low credit risk.
Date	23.12.2014

Rating Agency Name	CRISIL
Rating	Short term rating: “A1”
Rating Explanation	Have very strong degree of safety and carry lowest credit risk.
Date	23.12.2014

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 31-03-2014.

INFORMATION DECLINED BY

Name :	Mr. Rajeev Jain
Designation :	Accountant
Contact No.:	91-120-6149600
Date :	18.02.2015
Name :	Mr. Anand Mohan
Designation :	Account Head
Contact No.:	91-120-6149600
Date :	18.02.2015
Name :	Mr. Prashant Sharma
Designation :	--
Contact No.:	91-9958226637
Date :	18.02.2015

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 ranju.goyal@inoxwind.com
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 enquiry@inoxwind.com
Factory 2 :	Blade Plant, Khasra No. 128, Ahmedabad - Rajkot Highway, Rohika, Ahmedabad - 382220, 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 :

09.09.2014

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	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	10-09-2014	22-05-2009	Active	NO
3	U31901HP2009PLC031083	INOX WIND LIMITED	Director	09-09-2014	06-05-2013	Active	NO
4	U45200DL2007PLC159796	INOX INFRASTRUCTURE LIMITED	Director	08-09-2014	01-04-2014	Active	NO
5	U40100GJ2010PLC062869	INOX RENEWABLES LIMITED	Director	10-09-2014	29-05-2014	Active	NO
6	U45201GJ2012PLC071264	INOX RENEWABLES (JAISALMER) LIMITED	Director	10-09-2014	29-05-2014	Active	NO
7	U45207GJ2012PLC070279	INOX WIND INFRASTRUCTURE SERVICES LIMITED	Director	10-09-2014	29-05-2014	Active	NO
8	U74899DL1992PLC050677	S.P. SECURITIES LIMITED	Additional director	04-11-2014	04-11-2014	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	01-01-2014	19-10-2001	31-03-2014	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
16	U74999DL2000PLC106206	SATYAM CINEPLEXES LIMITED	Additional director	08-08-2014	08-08-2014	-	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	01-04-2014	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 :

09.09.2014

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	27-05-2014	Active	NO
4	L24100MH1972PLC016149	THIRUMALAI CHEMICALS LIMITED	Director	06-08-2014	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 LTD	Director	31-07-2014	23-10-2007	-	Active	NO
7	U72900MH1996PLC104693	LARSEN AND TOUBRO INFOTECH LIMITED	Director	10-09-2014	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	10-09-2014	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	09-09-2014	06-05-2013	-	Active	NO
13	U45207GJ2012PLC070279	INOX WIND INFRASTRUCTURE SERVICES LIMITED	Director	10-09-2014	29-05-2014	21-10-2014	Active	NO
14	U40100GJ2010PLC062869	INOX RENEWABLES LIMITED	Director	10-09-2014	29-05-2014	-	Active	NO
15	U45201GJ2012PLC071264	INOX RENEWABLES (JAISALMER) LIMITED	Director	10-09-2014	29-05-2014	-	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 :

01.04.2014

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	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	01-04-2014	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	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 :	Mr. Rajeev Jain
Designation :	Accountant
Name :	Mr. Anand Mohan
Designation :	Account Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2014

Name of Shareholder	No. of shares	Percentage of Holding
Gujarat Fluorochemicals Limited	150000000	75.00
Siddhomal Investment Private Limited	12500000	6.25
Siddhapawan Trading and Finance Private Limited	12500000	6.25
Devansh Trading and Finance Private Limited	12500000	6.25
Inox Chemicals Private Limited	12500000	6.25
Total	200000000	100.00

As on 06.05.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Wind Turbine Generators (“WTG”) and also Provides related Erection and Commissioning Services.

Products :

Item Code No. (ITC Code)	Product Description
85023100	Wind Power Electric Generating Sets Including Rotor Blades and Turbine Tower

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

Customers :

Reference:	Not Divulged
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

No. of Employees :

Not Divulged

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	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Rupee Term Loans
From Banks (Secured by first exclusive charge on existing and future movable and immovable fixed assets of Una and Rohika Plants & carries interest rate @ 11.85% p.a. The loan is repayable in 20 quartely installments starting from 1.2.2013)	750.000	1000.000
From Other Parties (Secured by first pari passu charge on entire current assets of the company, both present and future and carries interest rate @ 12.25% p.a. The loan is repayable in 4 quarterly installments starting from 2.3.2014 )	562.500	700.000
Less: Current Maturities	(762.500)	(387.500)
SHORT TERM BORROWINGS
From Banks
Short Term Working Capital Demand Loans (WCDL) (WCDL of Rs. 40,00,00,000 (previous year Rs. Nil) is secured by Hypothecation of investment of Rs. 45,00,00,000 in Fixed maturity plan (FMP) and carries interest rate @ 12% p.a.) (WCDL of Rs. 270.000 Million (previous year Rs. Nil) is secured by first pari- passu charge on the current assets of the Company and carries interest rate in the range of 11.75%- 12% p.a)	670.000	0.000
Cash credit facilities (Secured by first pari-passu charge on the current assets of the Company and carries interest rate in the range on 12% - 14% p.a.)	473.474	335.641
Foreign Currency Loans - Buyer's Credit facilities (Secured by first pari-passu charge on the current assets of the Company and carry interest rate of applicable LIBOR plus bank's spread which is generally in the range of 0.5% to 2%)	3110.537	1719.222
Total	4804.011	3367.363

Auditors :
Name :	Patankar and Associates Chartered Accountants
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	Gujarat Fluorochemicals Limited (GFL)
Ultimate Holding Company :	Inox Leasing and Finance Limited
Subsidiary Company :	Inox Wind Infrastructure Services Limited (IWISL)
Subsidiary of IWISL :	Marut Shakti Energy India Limited
Fellow Subsidiaries :	· Inox Renewables Limited (IRL) – Subsidiary of GFL · Inox Renewables (Jaisalmer) Limited (IRLJL) – Subsidiary of IRL · Inox Leisure Limited (ILL)- Subsidiary of GFL
Companies in which KMP or their relatives have significant influence :	· Siddhomal Investments Private Limited · Devansh Trading and Finance Private Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50,00,00,000	Equity Shares	Rs.10/- each	Rs. 5000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20,00,00,000	Equity Shares	Rs.10/- each	Rs. 2000.000 Million

NOTE

a) Reconciliaiton of the number of shares outstanding at the beginning and at the end of the year	As at 31-Mar-2014
	No. of shares	Rs. in Million
Shares outstanding at the beginning of the year	4,00,00,000	400.000
Add: Shares issued on conversion of debentures	--	--
Add: Shares allotted as bonus shares	16,00,00,000	1600.000
Shares outstanding at the end of the year	20,00,00,000	2000.000

b) Terms/rights attached to equity shares

The Company has only one class of equity shares having par value of Rs. 10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, in proportion of their shareholding.

c) Shares held by holding company	As at 31-Mar-2014
	No. of shares	Amount
Gujarat Fluorochemicals Limited	15,00,00,000	1500.000

d) Number of shares held by each shareholder holding more than 5 % shares in Company:	As at 31-Mar-2014
	No. of shares	% of holding
Gujarat Fluorochemicals Limited	15,00,00,000	75.00%
Siddhomal Investment Private Limited	1,25,00,000	6.25%
Siddhapawan Trading and Finance Private Limited	1,25,00,000	6.25%
Devansh Trading and Finance Private Limited	1,25,00,000	6.25%
Inox Chemicals Private Limited	1,25,00,000	6.25%

e) During the year the Company has allotted 160000000 equity shares as fully paid up by way of bonus shares in the ratio of 4:1 by utilization of surplus in the statement of profit & loss.

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2000.000	400.000	300.000
(b) Reserves & Surplus	2377.059	2527.851	1048.890
(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)	4377.059	2927.851	1348.890
(3) Non-Current Liabilities
(a) long-term borrowings	550.000	1312.500	0.000
(b) Deferred tax liabilities (Net)	211.741	195.468	176.054
(c) Other long term liabilities	24.000	24.000	24.000
(d) long-term provisions	11.255	7.029	3.439
Total Non-current Liabilities (3)	796.996	1538.997	203.493
(4) Current Liabilities
(a) Short term borrowings	4254.011	2054.863	1303.072
(b) Trade payables	3187.733	1933.228	1087.811
(c) Other current liabilities	1082.898	588.051	144.443
(d) Short-term provisions	35.470	26.184	250.452
Total Current Liabilities (4)	8560.112	4602.326	2785.778
TOTAL	13734.167	9069.174	4338.161
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1490.620	1355.585	1041.223
(ii) Intangible Assets	158.367	169.347	184.410
(iii) Capital work-in-progress	77.141	32.679	198.560
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.500	0.500	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	876.155	579.105	18.809
(e) Other Non-current assets	77.747	0.000	0.000
Total Non-Current Assets	2680.530	2137.216	1443.002
(2) Current assets
(a) Current investments	450.000	0.000	0.000
(b) Inventories	1230.126	713.496	996.970
(c) Trade receivables	5623.174	4485.516	738.390
(d) Cash and cash equivalents	31.364	8.582	389.707
(e) Short-term loans and advances	3247.589	1613.134	481.016
(f) Other current assets	471.384	111.230	289.076
Total Current Assets	11053.637	6931.958	2895.159
TOTAL	13734.167	9069.174	4338.161

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	13968.539	9994.476	6213.691
		Other Income	195.901	57.433	6.272
		TOTAL (A)	14164.440	10051.909	6219.963
Less	EXPENSES
		Cost of materials consumed	10527.510	6876.486
		Changes in inventories of finished goods and work-in-progress	(82.485)	(29.605)
		Erection, procurement and commissioning cost	54.452	399.735
		Employee benefits expense	293.157	205.367
		Other expenses	1330.560	628.642
		TOTAL (B)	12123.194	8080.625	4761.900
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2041.246	1971.284	1458.063
Less	FINANCIAL EXPENSES (D)		463.179	386.987	187.949
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1578.067	1584.297	1270.114
Less/ Add	DEPRECIATION/ AMORTISATION (F)		113.111	88.921	75.859
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		1464.956	1495.376	1194.255
Less	TAX (H)		15.749	19.415	186.841
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		1449.207	1475.961	1007.414
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2524.851	1048.890	NA
	BALANCE CARRIED TO THE B/S		3974.058	2524.851	1048.890
	IMPORTS
		Raw Materials	6397.904	3648.203	2763.726
		Capital goods (including capital work in progress)	31.532	36.672	59.640
	TOTAL IMPORTS		6429.436	3684.875	2823.366
	Earnings / (Loss) Per Share (Rs.)
	Basic		7.25	9.72	--
	Diluted		7.25	7.41	--

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	10.37	14.77	16.21
Operating Profit Margin (PBDIT/Sales)	(%)	14.61	19.72	23.47
Return on Total Assets (PBT/Total Assets}	(%)	10.73	16.55	28.85
Return on Investment (ROI) (PBT/Networth)		0.33	0.51	0.89
Debt Equity Ratio (Total Debt/Networth)		1.10	1.15	0.97
Current Ratio (Current Asset/Current Liability)		1.29	1.51	1.04

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	300.000	400.000	2000.000
Reserves & Surplus	1048.890	2527.851	2377.059
Net worth	1348.890	2927.851	4377.059
long-term borrowings	0.000	1312.500	550.000
Short term borrowings	1303.072	2054.863	4254.011
Total borrowings	1303.072	3367.363	4804.011
Debt/Equity ratio	0.966	1.150	1.098

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	6213.691	9994.476	13968.539
		60.846	39.763

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	6213.691	9994.476	13968.539
Profit	1007.414	1475.961	1449.207
	16.21%	14.77%	10.37%

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	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	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]	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

CORPORATE INFORMATION

The Company is engaged in the business of manufacture of Wind Turbine Generators (“WTGs”) and also provides Erection, Procurement and Commissioning (“EPC”) services for WTGs. The Company is a subsidiary of Gujarat Fluoro chemicals Limited. The area of operations of the Company is within India.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10545217	30/12/2014	500,000,000.00	THE SOUTH INDIAN BANK LIMITED	NO-9, AMBIKA TOWERS, PUMP HOUSE, ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400093, INDIA	C41501552
2	10541541	24/12/2014	400,000,000.00	SOCIETE GENERALE	UPPER GROUND FLOOR, AMBADEEP BUILDING, 14, KASTURBA GANDHI MARG, NEW DELHI, DELHI - 110001, INDIA	C39733290
3	10526560	29/09/2014	1,000,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	C30198147
4	10524038	12/09/2014	750,000,000.00	ADITYA BIRLA FINANCE LIMITED	INDIAN RAYON COMPOUND, VERAVAL, GUJARAT - 362266, INDIA	C25860107
5	10526611	14/10/2014 *	550,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	C32559254
6	10496843	17/12/2014 *	1,450,000,000.00	THE RATNAKAR BANK LIMITED	SHAHUPURI, KOLHAPUR, MAHARASHTRA - 416001, INDIA	C38934527
7	10454109	01/08/2014 *	600,000,000.00	DCB BANK LIMITED	601 & 602, PENINSULA BUSINESS PARK, 6TH FLOOR, TOWER A, SENAPATI BAPAT MARG, LOWER PAREL, MUMBAI, MAHARASHTRA - 400013, INDIA	C17964743
8	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
9	10435333	15/05/2013	550,000,000.00	STANDARD CHARTERED BANK	23, NARAIN MANZIL, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B78964194
10	10401383	17/12/2014 *	4,850,000,000.00	ING VYSYA BANK LIMITED	22, M G ROAD,BANGALORE, BANGALORE, KARNATAKA - 560001, INDIA	C40087785
11	10391445	29/11/2012	750,000,000.00	ADITYA BIRLA FINANCE LIMITED	INDIAN RAYON COMPOUND, VERAVAL, GUJARAT - 362266, INDIA	B63923288
12	10387971	19/11/2014 *	1,000,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	C35601780
13	10389850	07/11/2014 *	1,250,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL, WEST MUMBAI, MUMBAI, MAHARASHTRA - 400013, INDIA	C35022573
14	10366316	04/07/2012	3,000,000.00	DISTRICT INDUSTRIES CENTRE	DISTRICT INDUSTRIES CENTRE, UNA, HIMACHAL PRADESH - 174303, INDIA	B44088755
15	10340675	26/09/2013 *	2,000,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B86300597
16	10315448	22/10/2014 *	2,000,000,000.00	INDUSIND BANK LTD.	2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE, MAHARASHTRA - 411001, INDIA	C38571360
17	10287482	14/06/2014 *	2,350,000,000.00	AXIS BANK LIMITED	B-2 & B-3, SECTOR 16, NOIDA, UTTAR PRADESH - 201301, INDIA	C09654609
18	10264378	25/08/2014 *	2,500,000,000.00	IDBI BANK LIMITED	IDBI TOWER, WTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C20706800
19	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 charge modification

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30 SEPTEMBER 2014

Sr. No.	Particulars	Standalone
		3 months Ended	Preceding 3 months ended	6 months ended
		30/09/2014	30/06/2014	30/09/2014
1		(Unaudited)	(unaudited)	(Unaudited)
	Income from operations
	a) Net Sales / Income from operations	5184.400	3021.200	8205.600
	b) Other Operating Income	21.400	12.400	33.800
	Total Income from operations (net)	5205.800	3033.600	8239.400
2	Expenses
	a) Cost of materials consumed	3731.100	2122.900	5854.000
	b)Changes in inventories of finished goods, work-in-progress and stock-in-trade	27.600	96.300	123.900
	c) Employee benefits expense	93.900	85.000	178.900
	d) Power and fuel	8.200	5.700	13.900
	e) Erection, Procurement & Commissioning Cost	-	-	-
	f) Foreign Exchange Fluctuation (Gain)/Loss (net)	(38.400)	(40.800)	(79.200)
	g) Depreciation and amortization expense (refer note 4)	44.200	39.300	83.500
	h) Other expenses	481.400	256.300	737.700
	i) Total Expenses (a to h)	4348.000	2564.700	6912.700
3	Profit from operations before other income, finance costs & exceptional items (1-2)	857.800	468.900	1326.700
4	Other Income	124.000	71.200	195.200
5	Profit from ordinary activities before finance costs and exceptional items (3+4)	981.800	540.100	1521.900
6	Finance costs	147.400	158.300	305.700
7	Profit from ordinary activities after Finance Costs but before exceptional items (5-6)	834.400	381.800	1216.200
8	Exceptional Items	-	-	-
9	Profit from ordinary activities before tax (7+8)	834.400	381.800	1216.200
10	Tax Expense
	a) Current Tax	224.800	99.000	323.800
	b) MAT Credit Entitlement	-	-	-
	c) Deferred Tax	(2.100)	(16.400)	(18.500)
	d) Taxation in respect of earlier years	-	-	-
	Total Provision for Taxation (a to d)	222.700	82.600	305.300
11	Net Profit from ordinary activities	611.700	299.200	910.900
12	Extraordinary Items (net of tax)
13	Net Profit for the period (11-12)	611.700	299.200	910.900
14	Earning Before Interest, Tax, Depreciation & Amortization (EBITDA)	1026.000	579.400	1605.400
15	Paid-up Equity Share Capital (Face value of Re 10 each)	2000.000	2000.000	2000.000
16	Reserves excluding revaluation reserves as per balance sheet of previous accounting year
17	Basic & Diluted Earnings per share (Rs) (Face value of Re 10 each) - Not annualized	3.06	1.50	4.55

STATEMENT OF ASSETS AND LIABILITIES

(Rs. in Million)

Sr. No.	Particulars	Standalone
		As at
		30/09/2014
A)	Equity and Liabilities	(Unaudited)
1	Shareholders' Funds
	(a) Capital	2000.000
	(b) Reserves and Surplus	3287.000
	Sub-total -Shareholders' funds	5287.000
2	Non-current liabilities
	(a) Long-term borrowings	637.500
	(b) Deferred tax liabilities (net)	192.900
	(c ) Other long-term liabilities	24.000
	(d) Long-term provisions	15.300
	Sub-total -Non-current liabilities	869.700
3	Current Liabilities
	(a) Short-term borrowings	4072.600
	(b) Trade payables	3353.200
	(c ) Other current liabilities	3796.300
	(d) Short-term provisions	175.800
	Sub-total -Current liabilities	11397.900
	Total - Equity and Liabilities	17554.600
B)	Assets
1	Non-current assets
	(a) Fixed assets	1705.400
	(b) Non-current investments	0.500
	(c) Long-term loans and advances	809.800
	(d) Other non-current assets	83.900
	Sub-total -Non-current assets	2599.600
2	Current Assets
	(a) Current investments	-
	(b) Inventories	1153.700
	(c) Trade receivables	8651.900
	(d) Cash and cash equivalents	275.200
	(e) Short-term loans and advances	4271.600
	(f) Other current assets	602.600
	Sub-total -Current assets	14955.000
	Total-Assets	17554.600

Notes:

The above results, reviewed by Auditors Committee, were approved by the Board of Directors at its meeting held on 21st October 2014. The Statutory Auditors of the Company have carried out a limited review of the above results. The Company is not a listed company, and therefore Clause 41 of the Listing Agreement is not applicable to the Company. The above financial results are required by Gujarat Fluorochemicals Limited ('the Parent Company') for the purpose of consolidation into the Parent Company's consolidated statement of unaudited financial results pursuant to the requirement of Clause 41 of the Listing Agreement. The above financial results are prepared in the format of Clause 41 of the listing agreement to the extent desired by the Parent Company.

The figures for the previous periods/year have been regrouped/reclassified to make them comparable with those of current period/year.

The Company operates in a single business segment viz. manufacture and supply of Wind Turbine Generators (WTGs) and providing services for erection and commissioning (“Wind Turbine Business”).

The Company has adopted the useful lives of various fixed assets as specified in Schedule II of the Companies Act, 2013, with effect from April 1, 2014, as against the useful lives adopted earlier as specified in Schedule XIV to the Companies Act, 1956. Consequently, depreciation charge for the quarter/half year ended 30.09.2014 is higher by Rs. 13.200/23.200 Million respectively. Further, the carrying amount of assets as on April 1, 2014, where the remaining useful life of the asset as per Schedule II is nil, of Rs. 0.861 Million (net of deferred tax credit of Rs. 0.315 Million) is recognized in the opening balance of retained earnings.

FIXED ASSETS

Tangible Assets

· Freehold Land

· Leasehold Land

· Building

· Plant and Equipments

· Furniture and Fixtures

· Vehicles

· Office Equipments

Intangible Assets

· Technical Know-How

· 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.63.19
UK Pound	1	Rs.94.94
Euro	1	Rs.67.66

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	RAS
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		54

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.