MIRA INFORM REPORT

Report No. :	310097
Report Date :	27.02.2015

IDENTIFICATION DETAILS

Name :	KENERSYS INDIA PRIVATE LIMITED
Registered Office :	S. No. 49, Industry House, Opposite Kalyani Steels Limited, Mundhwa, Pune - 411036, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	20.10.2007
Com. Reg. No.:	11-130881
Capital Investment / Paid-up Capital :	Rs. 2301.222 Millions
CIN No.: [Company Identification No.]	U40102PN2007PTC130881
TAN No.: [Tax Deduction & Collection Account No.]	PNEK08064A
PAN No.: [Permanent Account No.]	AADCK2089H
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of Supply, Erection, Installation, Operations and maintenance of Wind Turbine Generators (WTG) and is also engaged in Development of Wind Farm.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 500000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has incurred a loss from its operations during 2014. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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	ICRA
Rating	Bank Lines (Term Loan) = B-
Rating Explanation	Have high risk of default and carry very high credit risk.
Date	May 2014

Rating Agency Name	ICRA
Rating	Bank Lines (Fund based) = A4
Rating Explanation	Have minimal degree of safety and carry very high credit risk.
Date	May 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.

LOCATIONS

Registered Office :	S. No. 49, Industry House, Opposite Kalyani Steels Limited, Mundhwa, Pune - 411036, Maharashtra, India
Tel No :	91-20-30473100/ 67073299
Fax No.	91-20-30473133/ 67073259
E-Mail :	info@kenersys.com kanchan.1imaye@kenersys.com
Website :	http://www.kenersys.com http://www.kalyanigroup.com
Corporate Office :	Business Plaza Next to Westin Hotel, 8th Floor, 36/3B, North Main Road, Koregaon Park Annexe, Pune - 411001, Maharashtra, India
Tel. No.:	91-20-30473100
Fax No.:	91-20-30473130
E-Mail :	info_india@kenersys.com
Factory :	B-15/1, Baramati, Pune, Maharashtra, India
Overseas Office :	Europe Office: Address: Kenersys Europe GmbH, Portal 10, Albersloher Weg 10, 48155 Munster, Germany Tel No.: +49-0-251-21099-0 Fax No.: +49(0)-251-21099-200 E-mail: andreas.reuter@kenersys.com info@kenersys.com

DIRECTORS

AS ON 26.09.2014

Name :

Mr. Charuchandra Ganesh Patankar

Designation :

Director

Address :

616, Sindh Housing Society, Road 6, Aundh, Pune – 411007, Maharashtra, India

Date of Birth/Age :

06.06.1956

Qualification :

Bachelor’s degree in Science and Chartered Accountant

Experience :

More than 35 years of experience in Steel Industry.

Date of Appointment :

26.09.2014

PAN No.:

AARPP6161G

DIN No.:

00136573

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	U29141MH1979PLC020973	KALYANI TECHNOFORGE LIMITED	Director	07/12/1992	07/12/1992	-	Active	NO
2	U65993PN1983PLC029157	CHAKRAPANI INVESTMENTS AND TRADES LTD	Director	01/02/1993	01/02/1993	-	Amalgamated	NO
3	U65993PN1987PLC045156	SURAJMUKHI INVESTMENT AND FINANCE LTD	Director	01/02/1993	01/02/1993	-	Amalgamated	NO
4	U70101PN1993PLC074993	KALYANI INTERNATIONAL LTD	Director	13/07/1995	13/07/1995	-	Active	NO
5	U65929PN1994PLC082854	GLADIOLLA INVESTMENTS LIMITED	Director	15/06/1996	15/06/1996	-	Amalgamated	NO
6	U27100MH1988PLC049731	KALYANI MUKUND LIMITED	Director	07/12/1996	07/12/1996	-	Active	NO
7	U85110KA1998PLC023759	HOSPET STEELS LIMITED	Director	20/05/1998	20/05/1998	-	Active	NO
8	U27106PN1998PTC012742	CARPENTER KALYANI SPECIAL ALLOYS PRIVATE LIMITED	Director	01/03/1999	01/03/1999	22/06/2011	Active	NO
9	L27104MH1973PLC016350	KALYANI STEELS LTD	Director	31/03/2012	27/07/1999	-	Active	NO
10	U23109WB2003PLC097375	BHARAT NRE COKE LIMITED	Director	16/10/2004	16/10/2004	23/01/2012	Active	NO
11	L17121MH1988PLC050197	SPICE ISLAND APPARELS LIMITED	Director	30/01/2006	30/01/2006	-	Active	NO
12	U45200PN2005PTC021176	GRAND MARATHA CONSTRUCTIONS PRIVATE LIMITED	Nominee director	13/10/2007	13/10/2007	24/02/2011	Active	NO
13	U27105PN1998PLC012724	KALYANI CARPENTER SPECIAL STEELS LIMITED	Director	20/09/2008	15/02/2008	22/06/2011	Active	NO
14	L65993PN2009PLC134196	KALYANI INVESTMENT COMPANY LIMITED	Director	24/11/2010	16/09/2009	-	Active	NO
15	U31109PN1996PTC099346	ELECTROMECH MATERIAL HANDLING SYSTEMS (INDIA) PRIVATE LIMITED	Director	30/06/2012	30/06/2012	-	Active	NO
16	U40102PN2007PTC130881	KENERSYS INDIA PRIVATE LIMITED	Managing director	26/09/2014	26/09/2013	-	Active	NO

Name :

Mr. Pradeep Kumar Parthasarathy Tumkur

Designation :

Whole-time director

Address :

C-204, Mantri Lawns, Anand Park, Aundh, Pune – 411007, Maharashtra, India

Date of Birth/Age :

12.07.1955

Date of Appointment :

26.09.2014

DIN No.:

06594892

Name :

Mr. Francesco Giuliani

Designation :

Director

Address :

66 Prospect Street, Greenwich, 06830, United State of America

Date of Birth/Age :

16.03.1972

Qualification :

MBA

Date of Appointment :

09.07.2008

DIN No.:

02153917

Name :

Mr. Shriniwas Balawant Kanade

Designation :

Director

Address :

20, Nityanand Housing Society, Pune-Satara Road, Dhankawadi, Pune – 411043, Maharashtra, India

Date of Birth/Age :

04.03.1953

Qualification :

BCom

Date of Appointment :

20.10.2007

DIN No.:

00089063

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	U67120MH1976PTC018892	SADGURU INVESTMENT AND TRADING CO PVT LTD	Director	23/03/1994	23/03/1994	-	Active	NO
2	U67110MH1976PTC018904	SUNDARAM TRADING AND INVESTEMENT PRIVATE LIMITED	Director	23/03/1994	23/03/1994	-	Active	NO
3	U65993PN1976ULT018893	AJINKYA INVESTMENT AND TRADING COMPANY	Director	23/03/1994	23/03/1994	-	Active	NO
4	U65993MH1976PTC018931	SHAILENDRA INVESTMENT AND TRADING COMPANY	Director	24/03/1994	24/03/1994	-	Amalgamated	NO
5	U67110MH1976PTC018906	YESHWANT TRADING AND INVESTMENT PVT LTD	Director	24/03/1994	24/03/1994	-	Amalgamated	NO
6	U65993MH1976PTC018905	KUNAL TRADING AND INVESTMENT PRIVATE LIMITED	Director	24/03/1994	24/03/1994	-	Amalgamated	NO
7	U65921PN1982PTC026664	DEHU TRADING COMPANY PRIVATE LIMITED	Director	25/03/1994	25/03/1994	09/05/2014	Active	NO
8	U75101PN1982PTC026657	AKURDI TRADING COMPANY PRIVATE LIMITED	Director	25/03/1994	25/03/1994	09/05/2014	Active	NO
9	U65993PN1991PTC059771	SPREKELIA INVESTMENT PRIVATE LIMITED	Director	26/03/1994	26/03/1994	-	Active	NO
10	U65993PN1991PTC059772	OLEANDER INVESTMENT PRIVATE LIMITED	Director	26/03/1994	26/03/1994	-	Active	NO
11	U65993PN1991PTC059773	ALOCASIA INVESTMENT PRIVATE LIMITED	Director	26/03/1994	26/03/1994	-	Active	NO
12	U65993MH1991PTC059775	KNIPHOFIA INVESTMENT PRIVATE LTD	Director	26/03/1994	26/03/1994	-	Active	NO
13	U65993MH1991PTC059776	POINSETTIA INVESTMENT PRIVATE LTD	Director	26/03/1994	26/03/1994	-	Active	NO
14	U65993MH1991PTC059774	ACORUS INVESTMENT PRIVATE LTD	Director	26/03/1994	26/03/1994	-	Active	NO
15	U51909MH1979PTC021635	PURANDHAR TRADING CO PVT LTD	Director	01/04/1994	01/04/1994	09/05/2014	Active	NO
16	U51909MH1979PTC021630	VISHALGAD TRADING CO PVT LTD	Director	01/04/1994	01/04/1994	-	Active	NO
17	U51909MH1979PTC021629	RAYAGAD TRADING CO PVT LTD	Director	01/04/1994	01/04/1994	09/05/2014	Active	NO
18	U51909MH1979PTC021622	PRATAPGAD TRADING CO PVT LTD	Director	01/04/1994	01/04/1994	29/05/2014	Active	NO
19	U51909MH1979PTC021626	GOVALKONDA TRADING COMPANY PRIVATE LIMITED	Director	01/04/1994	01/04/1994	09/05/2014	Active	NO
20	U51909MH1979PTC021631	JANJIRA TRADING CO PVT LTD	Director	01/04/1994	01/04/1994	09/05/2014	Active	NO
21	U51909MH1979PTC021632	VASAI FORT TRADING CO PVT LTD	Director	01/04/1994	01/04/1994	09/05/2014	Active	NO
22	U65993MH1987PTC045157	COCKSCOMB INVESTMENT AND FINANCE PVT LTD	Director	28/06/1994	28/06/1994	-	Amalgamated	NO
23	U65993MH1987PTC043434	BLENDA INVESTMENT PVT LTD	Director	01/07/1994	01/07/1994	-	Active	NO
24	U65993MH1987PTC045159	GLOXINIA INVESTMENT AND FINANCE PRIVATE LIMITED	Director	02/07/1994	02/07/1994	09/05/2014	Active	NO
25	U71110PN1982PTC026665	LOHGAON TRADING COMPANY PRIVATE LIMITED	Director	01/08/1994	01/08/1994	09/05/2014	Active	NO
26	U65993MH1976PTC018891	KOYANA INVESTMENT AND TRADING CO UNLIMITED	Director	22/09/1994	22/09/1994	-	Amalgamated	NO
27	U70109PN1994PTC081424	SUCHANNA ESTATES PRIVATE LIMITED	Director	23/09/1994	23/09/1994	-	Active	NO
28	U70200MH1994PTC081423	GULBAKSHI REALTY PRIVATE LIMITED	Director	21/01/2010	23/09/1994	-	Active	NO
29	U72200MH1995PTC091677	KALYANI SOFTWARE PRIVATE LIMITED	Director	11/08/1995	11/08/1995	-	Active	NO
30	U51399PN1981PLC025156	OPAL TRADING LTD	Director	16/12/1995	16/12/1995	09/05/2014	Active	NO
31	U28910PN1985PTC038409	DYNA-K-AUTOMOTIVE STAMPINGS PRIVATE LIMITED	Director	27/12/1995	27/12/1995	17/05/2009	Active	NO
32	U65993PN1987PTC043442	PEACH BLOSSOM INVESTMENT PVT LTD	Director	01/11/1996	01/11/1996	-	Active	NO
33	U65993PN1987PTC043433	YOKOHA INVESTMENT PVT LTD	Director	01/11/1996	01/11/1996	-	Active	NO
34	U65993PN1987PTC045153	HIBISCUS INVESTMENT AND FINANCE PVT LTD	Director	01/11/1996	01/11/1996	-	Active	NO
35	U65993MH1981PTC024792	SHRI TULJA BHAVANI INVESTMENT PVT LTD	Director	01/11/1996	01/11/1996	01/03/2014	Active	NO
36	U27310MH1997PTC104959	AZALEA ENTERPRISES PRIVATE LIMITED	Director	08/01/1997	08/01/1997	-	Active	NO
37	U70101MH1997PTC105009	KALYANI UTILITIES DEVELOPMENT LIMITED	Director	10/01/1997	10/01/1997	-	Amalgamated	NO
38	U74210MH1997PLC105730	KALYANI INFOTECH SOLUTIONS LIMITED	Director	07/02/1997	07/02/1997	-	Active	NO
39	U65993PN1987PTC043435	ROSARIO INVESTMENT PVT LTD	Director	10/04/1997	10/04/1997	-	Active	NO
40	U23109KA1996PTC020342	KALYANI COKE AND COGENERATION PRIVATE LIMITED	Director	20/09/1997	20/09/1997	-	Active	NO
41	U72200PN2000PTC014486	TomTom India Private Limited	Director	15/02/2000	15/02/2000	12/11/2010	Active	NO
42	U73100PN2001PTC015810	AYUR INFORMATICS AND RESEARCH PRIVATE LIMITED	Director	13/01/2001	13/01/2001	-	Strike off	NO
43	U72200PN1997PLC112581	SYNISE TECHNOLOGIES LIMITED	Director	02/02/2001	02/02/2001	29/05/2014	Active	NO
44	U65993PN2001PTC015938	KSL HOLDINGS PRIVATE LIMITED	Director	30/03/2001	30/03/2001	13/02/2014	Active	NO
45	U65993PN1987PLC045154	CHAKARAPUSHPA INVESTMENT AND FINANCE LIMITED	Director	15/02/2002	15/02/2002	-	Active	NO
46	U74999PN2003PLC018350	TRUE VALUE HOLDINGS LIMITED	Director	12/09/2003	12/09/2003	-	Amalgamated	NO
47	U51909MH2002PTC138179	RADIUM MERCHANDISE PRIVATE LIMITED	Director	17/05/2004	17/05/2004	-	Not Available for eFiling	NO
48	U51909PN2002PTC020882	RADIUM MERCHANDISE PRIVATE LIMITED	Director	13/04/2009	17/05/2004	-	Active	NO
49	U74140MH1985PTC036722	KALYANI GLOBAL ENGINEERING PRIVATE LIMITED	Whole-time director	01/06/2005	01/06/2005	-	Active	NO
50	U45209PN2006PTC128339	CROCUS PROPERTIES PRIVATE LIMITED	Director	19/04/2006	19/04/2006	-	Active	NO
51	U45209PN2006PTC128338	ACORN PROPERTIES PRIVATE LIMITED	Director	19/04/2006	19/04/2006	07/05/2011	Active	NO
52	U74130MH1995PTC089460	AXIOM PROJECT CONSULTANTS PRIVATE LIMITED	Director	05/05/2006	05/05/2006	-	Active	NO
53	U50401PN2006PTC128545	ROSEMARY TRADING COMPANY PRIVATE LIMITED	Director	01/06/2006	01/06/2006	23/05/2014	Active	NO
54	U74140PN2006PTC129045	FUCHSIA CONSULTANTS PRIVATE LIMITED	Director	12/09/2006	12/09/2006	09/05/2014	Active	NO
55	U14213PN2007PTC129573	LORD GANESHA MINERALS PRIVATE LIMITED	Director	07/02/2007	07/02/2007	-	Active	NO
56	U51909PN2007PTC129651	KALYANI EDUCATION MANAGEMENT SERVICES PRIVATE LIMITED	Director	23/02/2007	23/02/2007	-	Active	NO
57	U70102PN2007PTC129995	ZEPHYR PROPERTIES PRIVATE LIMITED	Director	18/04/2007	18/04/2007	-	Active	NO
58	U74999MH1995PTC089436	KRUTADNYA MANAGEMENT AND TRADING SERVICES PRIVATE LIMITED	Director	18/06/2007	18/06/2007	-	Converted to LLP	NO
59	U40108PN2007PTC130728	KALYANI WIND SOLUTIONS PRIVATE LIMITED	Director	20/09/2007	20/09/2007	-	Strike off	NO
60	U45200PN2007PTC130727	KHED WIND ENERGY AND INFRA PROJECTS PRIVATE LIMITED	Director	20/09/2007	20/09/2007	-	Active	NO
61	U45200PN2005PTC021176	GRAND MARATHA CONSTRUCTIONS PRIVATE LIMITED	Nominee director	13/10/2007	13/10/2007	24/02/2011	Active	NO
62	U40102PN2007PTC130881	KENERSYS INDIA PRIVATE LIMITED	Director	20/10/2007	20/10/2007	-	Active	NO

Name :

Mr. Sanjay Vidhyadhar Deshpande

Designation :

Director

Address :

Flot No. 36, Abhishilp Apartment, Hissa No A/2, Sr. No.24, Shilp Society Paud Road, Kothrud, Pune – 411029, Maharashtra, India

Date of Birth/Age :

19.05.1970

Date of Appointment :

29.03.2014

DIN No.:

06844135

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	U40102PN2007PTC130881	KENERSYS INDIA PRIVATE LIMITED	Director	26/09/2014	29/03/2014	-	Active	NO
2	U74210MH1997PLC105730	KALYANI INFOTECH SOLUTIONS LIMITED	Director	30/09/2014	15/06/2014	-	Active	NO
3	U27310MH1997PTC104959	AZALEA ENTERPRISES PRIVATE LIMITED	Director	30/09/2014	15/06/2014	-	Active	NO
4	U45200PN2010PTC135302	SBK PROPERTIES PRIVATE LIMITED	Director	29/11/2014	29/11/2014	-	Active	NO

Name :

Mr. Babu Chandra Sekar

Designation :

Nominee Director

Address :

No. 2-B, Fantasy Apartments, 26 First Avenue, Indira Nagar, Adyar, Chennai – 600020, Tamilnadu, India

Date of Birth/Age :

12.02.1953

Date of Appointment :

26.09.2014

DIN No.:

06959341

KEY EXECUTIVES

Name :	Kanchan Anirudha Limaye
Designation :	Secretary
Address :	Flat No. 201, S. No.23/1/2/1, Sankalpa Rachana, Dhayari, Pune - 411041, Maharashtra, India
Date of Birth/Age :	03.04.1990
Date of Appointment :	01.11.2013
PAN No.:	AOLPG8645N
Name :	Mr. Anant Verma
Designation :	Finance Manager
Name :	Mr. Kailash Tarachandani
Designation :	Chief Executive Officer and Executive Director
Name :	Mr. T. Pradeep Kumar
Designation :	Group Chief Technology Officer and Executive Director

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 26.09.2014

Names of Equity Shareholders	No. of Shares
Kenersys (Mauritius) Private Limited, Mauritius	66962403
DAT Trading Private Limited, India	786087
IFCI Limited, India	8373440
Saletore Kishore [Nominee of Kenersys (Mauritius) Private Limited, Mauritius]	250
Total	76122180

Names of Preference Shareholders	No. of Shares
Kalyani Investment Company Limited, India	85000000
Azalea Enterprises Private Limited, India	29000000
Vishwasarh Finance Private Limited, India	40000000
Total	154000000

AS ON 26.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Public Financial Companies	11.00
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	87.97
Bodies corporate	1.03
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of Supply, Erection, Installation, Operations and maintenance of Wind Turbine Generators (WTG) and is also engaged in Development of Wind Farm.

Products :

Product Descriptions	ITC Code No.
Wind Turbine or Engine, Nassle, Hub, Coverter, Dispatch Kit	84128030

Brand Names :

--

Agencies Held :

--

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Not Available

Purchasing :

Not Available

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Available
Name of the Person (Designation):	Not Available
Contact Number:	Not Available
Since how long known:	Not Available
Maximum limit dealt:	Not Available
Experience:	Not Available
Remark	Not Available

Customers :

Reference:	Not Available
Name of the Person (Designation):	Not Available
Contact Number:	Not Available
Since how long known:	Not Available
Maximum limit dealt:	Not Available
Experience:	Not Available
Remark	Not Available

No. of Employees :

Not Available

Bankers :

Bank Name:	State Bank of India
Branch:	Industrial Finance Branch, 2^nd Floor, Tara Chambers, Pune - Mumbai Highway, Wakdewadi, Pune – 411003, Maharashtra, India
Person Name (with Designation):	Not Available
Contact Number:	Not Available
Name of Account Holder:	Not Available
Account Number:	Not Available
Account Since (Date/ Year of A/c Opening):	Not Available
Average Balance Maintained (Optional):	Not Available
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Available
Account Operation:	Not Available
Remarks: Not Available

· HDFC Bank Limited, Pune, Maharashtra, India

· Axis Bank Limited

Facilities :

SECURED LOAN	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee Term Loans From Banks	205.000	0.000
SHORT TERM BORROWINGS
Working capital loans from banks	1110.068	794.851
Other loans and advances, others	321.232	326.795
Total	1636.300	1121.646

Auditors :
Name :	S.R Batliboi and Company LLP Chartered Accountants
Address :	C-401, 4th Floor, Panchshil Tech Park, Yerwada, (Near Don Bosco School), Pune – 411006, Maharashtra, India
PAN No.:	AALFS0506L
Memberships :	Not Available
Collaborators :	Not Available
Ultimate Holding Company :	Kalyani Mauritius Private Limited, Mauritius
Holding Company :	Kenersys Mauritius Private Limited, Mauritius
Fellow Subsidiary company :	· Kenersys Europe GmbH · Kenersys GmbH

CAPITAL STRUCTURE

AS ON 26.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
80,000,000	Equity Shares	Rs.10/- each	Rs. 800.000 Millions
154,000,000	Preference Shares	Rs.10/- each	Rs. 1540.000 Millions
	Total		Rs. 2340.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
76,122,180	Equity Shares	Rs.10/- each	Rs. 761.222 Millions
154,000,000	Preference Shares	Rs.10/- each	Rs. 1540.000 Millions
	Total		Rs. 2301.222 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	2301.222	1611.222	761.222
(b) Reserves & Surplus	(2124.255)	(1252.791)	(679.263)
(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)	176.967	358.431	81.959
(3) Non-Current Liabilities
(a) Long-term borrowings	205.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	83.376	72.449	25.850
Total Non-current Liabilities (3)	288.376	72.449	25.850
(4) Current Liabilities
(a) Short term borrowings	1564.494	1318.806	1189.892
(b) Trade payables	1349.785	821.769	1070.758
(c) Other current liabilities	1836.894	597.115	538.376
(d) Short-term provisions	271.252	40.386	57.099
Total Current Liabilities (4)	5022.425	2778.076	2856.125
TOTAL	5487.768	3208.956	2963.934
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	249.135	284.684	307.284
(ii) Intangible Assets	20.270	25.899	27.086
(iii) Capital work-in-progress	0.000	0.000	1.060
(iv) Intangible assets under development	0.000	0.000	1.638
(b) Non-current Investments	400.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	111.109	229.243	28.730
(e) Other Non-current assets	1.603	7.543	3.133
Total Non-Current Assets	782.117	547.369	368.931
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1550.223	1116.012	1312.880
(c) Trade receivables	1592.437	541.840	391.052
(d) Cash and cash equivalents	62.019	41.459	8.818
(e) Short-term loans and advances	1494.220	960.433	882.190
(f) Other current assets	6.752	1.843	0.063
Total Current Assets	4705.651	2661.587	2595.003
TOTAL	5487.768	3208.956	2963.934

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL	2240.600	1831.400	2194.200
Less	EXPENSES
		TOTAL	3071.200	2366.600	2832.900
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(830.600)	(535.200)	(638.700)
Less/ Add	DEPRECIATION/ AMORTISATION		40.800	38.300	36.100
	PROFIT/ (LOSS) BEFORE TAX		(871.400)	(573.500)	(674.800)
Less	TAX		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX		(871.400)	(573.500)	(674.800)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	7.000	NA	0.700
	Earnings/ (Loss) Per Share (Rs.)		(3.79)	(3.56)	(8.86)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	(17.13)	(17.87)	(22.79)
Return on Investment (ROI) (PBT/Networth)		(4.92)	(1.60)	(8.23)
Debt Equity Ratio (Total Debt/Networth)		10.00	3.68	14.52
Current Ratio (Current Asset/Current Liability)		0.94	0.96	0.91

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	761.222	1611.222	2301.222
Reserves & Surplus	(679.263)	(1252.791)	(2124.255)
Net worth	81.959	358.431	176.967
Long-term borrowings	0.000	0.000	205.000
Short term borrowings	1189.892	1318.806	1564.494
Total borrowings	1189.892	1318.806	1769.494
Debt/Equity ratio	14.518	3.679	9.999

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	2194.200	1831.400	2240.600
		(16.535)	22.344

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	2194.200	1831.400	2240.600
Profit/ (Loss)	(674.800)	(573.500)	(871.400)
	(30.75%)	(31.31%)	(38.89%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10496233	28/05/2014	700,000,000.00	UNION BANK OF INDIA INDUSTRIAL FINANCE BRANCH	619, SACHAPIR STREET, CANTONMENT AREA, CAMP, PUNE, MAHARASHTRA - 411001, INDIA	C04920252
2	10438340	29/06/2013	250,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, TARA CHAMBERS, MUMBAI  PUNE ROAD, PUNE, MAHARASHTRA - 411003, INDIA	B80242274
3	10130065	19/06/2013 *	2,925,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, TARA CHAMBERS, MUMBAI  PUNE ROAD, PUNE, MAHARASHTRA - 411003, INDIA	B79517637

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
SHORT TERM BORROWINGS
Interoperate borrowings	50.000	50.000
Other loans and advances, others	83.194	147.160
Total	133.194	197.160

BUSINESS PERFORMANCE:

The Company has generated total turnover of Rs. 2240.600 Millions during the period. During the financial year 2013-14 the Company has commissioned 30 WTGs with 60 MW capacities at the sites located in the state of Maharashtra and Tamil Nadu.

Pursuant to the provisions of Sick Industrial Companies (Special Provisions) Act, 1985, the Company has been categorized as a sick company. The Board of Directors have taken many measures to arrest the losses and the same are reported to the Board for Industrial and Financial Reconstruction (BIFR) on quarterly basis.

There is inflow of enquiries for orders from customers; however, The Management is not in a position to accept the orders as there is no land bank balance in hand. Customer places an order at the beginning of a financial year and expects the commissioning to be completed at the end of the financial year. Effective and timely completion of work order becomes tedious task due to non-availability of land banks, delayed decision making process and as a result the Company suffers from liquidated damages.

The management has made repetitive representations in the board meetings and general meetings regarding immediate need for funds. Because of the lack of financial support the Management has to say no to the customers, which has a negative impact on the business.

The Management requests the shareholders to grant more funds to the Company to bridge the gap between orders in hand and land banks.

FUTURE OUTLOOK:

For any organization to prevail and grow in this razor edged competitive environment, innovation is the tried and tested mantra. The Company believes in constant change for better, that is why innovation and high quality standards are at core of the business philosophy. With an ever increasing price of oil and other conventional energy resources, there subsists an un-taped potential in the renewable energy market. R & D team of the Company is coming up with efficient and advance models of windmills to seize the niche in the renewable energy provider’s market. With an introduction of K110 model, the order book status of the Company is growing.

To revive from the bracket of sick companies, the management is adopting various measures to control cost and increase profit margins. The Company has evaluated component cost from various Indian suppliers for sourcing components at a competitive cost. The management has successfully change the supply source from import to indigenization which has resulted in reduction of cost for components such as towers, controllers, casting, generator and cables. As a result of Indigenization, The Company expects to achieve positive margins in future.

Future plan of action-

In future the Company seeks to be a preferred renewable energy solutions provider committed to a cleaner environment worldwide. The Management is looking forward to overcome the odds and is focused to meet the following targets:

1) Create strong land bank;

2) Maintain good order book status;

3) Adopt various measures of cost reduction;

4) Focus on indigenization and support “make in India” philosophy; and

5) Providing quality service at competitive price.

Thought the targets are set for the upcoming years, the top most requirements for achieving the above mentioned targets are timely decision making and availability of funds. The Management requests the shareholders to reduce the time required for internal approvals in decision making. Also the shareholders are requested to extend the financial support to maintain the required land bank balance.

FIXED ASSETS:

· Plant and Machinery

· Office Equipments

· Computers

· Building

· Plant and Machinery

· Motor Vehicles

· Land

· Furniture and Fixture

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. 61.94
UK Pound	1	Rs. 96.24
Euro	1	Rs. 70.39

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.