MIRA INFORM REPORT

Report No. :	335086
Report Date :	03.08.2015

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.]	L31901HP2009PLC031083 (New) U31901HP2009PLC031083 (Old)
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	PTLI10831C
PAN No.: [Permanent Account No.]	AACC10597B
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
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 :

A (62)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 12500000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject was incorporated in April 2009. It is a part of Inox Group. It 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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: Aa-
Rating Explanation	High degree of safety and carry low credit risk.
Date	02.06.2015

Rating Agency Name	CRISIL
Rating	Short term rating: A1+
Rating Explanation	Have very strong degree of safety and carry lowest credit risk.
Date	02.06.2015

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 31-03-2013.

INFORMATION DENIED BY

Name :	Mr. Rajeev Jain
Designation :	Accountant
Contact No.:	91-120-6149600
Date :	31.07.2015

Name :	Mr. Prashant Sharma
Designation :	Assistant Manager
Contact No.:	91-9958226637
Date :	31.07.2015

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
Factory 2 :	Blade Plant, Khasra No. 128, Ahmedabad - Rajkot Highway, Rohika, Ahmedabad - 382220, Gujarat, India
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

DIRECTORS

AS ON: 09.09.2014

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
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
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
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
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
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

KEY EXECUTIVES

Name :	Mr. Rajeev Jain
Designation :	Accountant
Name :	Mr. Anand Mohan
Designation :	Account Head
Name :	Mr. Prashant Sharma
Designation :	Assistant Manager

SHAREHOLDING PATTERN

AS ON: 30.06.2015

Category of Shareholder	No. of Shares	%age of holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1000	0.00
Bodies Corporate	189999000	85.62
Sub Total	190000000	85.62
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	190000000	85.62
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	10354277	4.67
Financial Institutions / Banks	159366	0.07
Foreign Institutional Investors	8566671	3.86
Sub Total	19080314	8.60
(2) Non-Institutions
Bodies Corporate	7207263	3.25
Individuals
Individual shareholders holding nominal share capital up to Rs. 1 lakh	3327689	1.50
Individual shareholders holding nominal share capital in excess of Rs. 1 lakh	1690795	0.76
Any Others (Specify)	612165	0.28
Clearing Members	195779	0.09
Non Resident Indians	171479	0.08
Trusts	3500	0.00
Others	241407	0.11
Sub Total	12837912	5.78
Total Public shareholding (B)	31918226	14.38
Total (A)+(B)	221918226	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 :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	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 :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
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 BORROWING
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

After: 09.09.2014

Authorised Capital: Rs. 5000.000 Million

Issued, Subscribed & Paid-up Capital: 2219.182 Million

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:	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	--

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	762.500	387.500	NA
Cash generated from/(used in) operations	1127.953	(639.963)	NA
Net Cash flow from (used in) Operations	NA	NA	NA

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 (PBIDT/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

STOCK PRICES

Face Value	Rs. -
Market Value	Rs. 417.30/-

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	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

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.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30^TH JUNE 2015

(Rs. In Millions)

Particulars	3 Months Ended ( Unaudited)	Preceding 3 Months Ended (Audited)	Corresponding 3 Months Ended ( Unaudited)	Year Ended (Audited)
	30.06.2015	31.03.2015	30.06.2014	31.03.2015
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	5873.400	8554.600	3021.200	24771.900
b) Other operating income	20.600	16.200	12.400	71.100
Total income from Operations(net)	5894.000	8570.800	3033.600	24843.000
2.Expenditure
a) Cost of material consumed	4082.600	6499.600	2122.900	18152.400
b) Changes in inventories of finished goods, work-in-progress and stock-in-trade	76.600	(246.500)	96.300	(21.000)
c) Employees benefit expenses	133.000	109.200	85.900	393.000
d) Foreign Exchange Fluctuation (Gain) / Loss (net)	81.900	(265.500)	(40.800)	(315.600)
e) Depreciation and amortization expenses	58.300	52.000	39.300	187.000
f) Other expenditure	560.300	605.900	261.100	1826.800
Total expenses	4992.700	6755.000	2564.700	20222.600
3. Profit from operations before other income and financial costs	901.300	1815.800	468.900	4620.400
4. Other income	216.900	114.200	71.200	409.600
5. Profit from ordinary activities before finance costs and exceptional Items	89.500	1930.000	540.100	5030.000
6. Finance costs	223.200	159.600	158.300	625.500
7. Profit from ordinary activities before tax Expense:	895.000	1770.400	381.800	4404.500
8.Tax expenses	253.500	423.700	82.600	1089.000
09.Net Profit / (Loss) for the period	641.500	1346.700	299.200	3315.500
10. Earnings before interest, tax, depreciation & Amortization and other Income (EBITDA)	959.600	1867.800	508.200	4807.400
11.Paid-up equity share capital (Face value Rs.10/- per share)	2219.200	2219.200	2000.000	2219.200
12. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year				12150.500
13. Basic and Diluted Earnings per share	2.89	6.73	1.50	16.57

Particulars	30.06.2014	31.03.2015	30.06.2014
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	31918226	31918226	Nil
- Percentage of shareholding	14.38%	14.38%	NA
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	Nil	Nil	Nil
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	-	-	-
Percentage of shares (as a % of total share capital of the company)	-	-	-
b) Non Encumbered
Number of shares	190000000	190000000	200000000
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100.00%	100.00%	100.00%
Percentage of shares (as a % of total share capital of the company)	85.62%	85.62%	100.00%
B. Investor Complaints
Pending at the beginning of the quarter	Nil
Receiving during the quarter	3802
Disposed of during the quarter	3802
Remaining unreserved at the end of the quarter	Nil

Notes:

1. The above standalone results, reviewed by the Audit Committee, were approved by the Board of Directors at its meeting held on 27^th July 2015 and have undergone “Limited Review” by the Statutory Auditors.

2. The Company has made an initial Public Offer (IPO) for 31918226 equity shares of Rs. 10 each, comprising of 21918226 fresh issue of equity shares by the Company and 10000000 equity shares offered for sale by Gujarat Fluorochemicals Limited (GFL), the Company’s holding company. The equity shares were issued at a price of Rs. 325 per share (including premium of Rs. 315 per share), subject to a discount of Rs. 15 per share for eligible employees of the Company and retail Investors. Out of the total proceeds from the IPO of Rs. 10205.300 Million the Company’s share is Rs. 7000.000 Million from the fresh issue of 21918226 equity shares. Fresh equity shares were allotted by the Company on 30^th March 2015 and the shares of the Company were listed on the stock exchange on 9^th April 2015.

Details of utilization of IPO proceeds are as follows:

(Rs. in Million)

Sr. No.	Particulars	Objects of the issue as per the prospectus	Total Utilizations Upto June 30 12015	Amount pending Utilization
1	Expansion and up-gradation of existing manufacturing facilities	1474.800	-	1474.800
2	Long term working capital requirements	2900.000	2900.000	-
3	Investment in our subsidiary, IWISL for the purpose of development of power evacuation infrastructure and other infrastructure development	1315.400	-	1315.400
4	Issue related expenses (only those apportioned to our Company)	373.300	239.100	134.200
5	General Corporate Purpose	936.500	936.500	-
	Total	7000.000	4075.600	2924.400

Unspent amount is kept in fixed deposit with banks and public issue bank account as under:-

(Rs. in Million)

Particulars	Amount
Fixed Deposit with bank	2790.200
Public issue bank account	134.200
Total	2924.400

3. The Company is engaged in the business of manufacture of Wind Turbine Generators (“WTG) and also provides related erection and commissioning services, which is considered as a single business segment.

4. The figures for the previous periods/year have been regrouped/reclassified to make them comparable with those of current period/year. The figures for the quarter ended 31^st March 2015 are the balancing figures between the audited figures in respect of the full financial year and the published year to date figures up to third quarter of the relevant financial year.

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10555797	21/02/2015	550,000,000.00	THE FEDERAL BANK LIMITED	HARSHA BHAWAN, E-13/29 GROUND FLOOR,, MIDDLE CIRCLE, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA	C47085592
2	10549814	30/01/2015	600,000,000.00	RBL Bank Limited	SHAHUPURI, KOLHAPUR, KOLHAPUR, MAHARASHTRA - 416001, INDIA	C43925643
3	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
4	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
5	10551122	20/11/2014	400,000,000.00	Abu Dhabi Commercial Bank Limited	28, GROUND FLOOR, CITI CENTRE, CHURCH STREET, BANGALORE, KARNATAKA - 560001, INDIA	C44597326
6	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
7	10524038	12/09/2014	750,000,000.00	ADITYA BIRLA FINANCE LIMITED	INDIAN RAYON COMPOUND, VERAVAL, GUJARAT - 362266, INDIA	C25860107
8	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
9	10496843	17/12/2014 *	1,450,000,000.00	THE RATNAKAR BANK LIMITED	SHAHUPURI, KOLHAPUR, KOLHAPUR, MAHARASHTRA - 416001, INDIA	C38934527
10	10454109	01/08/2014 *	600,000,000.00	DCB BANK LIMITED	601 AND 602, PENINSULA BUSINESS PARK, 6TH FLOOR, TOWER A, SENAPATI BAPAT MARG, LOWER PAREL, MUMBAI,  MAHARASHTRA - 400013, INDIA	C17964743

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. 64.01
UK Pound	1	Rs. 99.84
Euro	1	Rs. 70.16

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	RSM
Report Prepared by :	THR

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		62

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.