MIRA INFORM REPORT

Report No. :	302861
Report Date :	13.01.2015

IDENTIFICATION DETAILS

Name :	LEAP GREEN ENERGY PRIVATE LIMITED (w.e.f 13.03.2009)
Formerly Known As :	SRI KARTHIKEYA SPECIAL YARNS PRIVATE LIMITED
Registered Office :	484, Kamaraj Road, Uppilipalayam, Coimbatore – 641015, Tamil Nadu
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	09.10.2006
Com. Reg. No.:	18-013130
Capital Investment / Paid-up Capital :	Rs.6207.992 Millions
CIN No.: [Company Identification No.]	U40100TZ2006PTC013130
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of generation and sale of power generated.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 18000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating takes into consideration company’s sound financial risk profile marked by strong capital base and fair profitability margins of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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 terms rating: A-
Rating Explanation	Adequate degree of safety and low credit risk.
Date	01.10.2014

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 :	484, Kamaraj Road, Uppilipalayam, Coimbatore – 641015, Tamil Nadu, India
Tel. No.:	91-422-2574316
Fax No.:	91-422-2574868
E-Mail :	leapgreenenergy@gmail.com

DIRECTORS

As on 30.09.2014

Name :

Mr. Ganganaidu Ramaswamy Naidu Karthikeyan

Designation :

Director

Address :

14, Huzur Road, Coimbatore – 641018, Tamil Nadu, India

Date of Birth/Age :

03.12.1943

Date of Appointment :

26.07.2011

DIN No.:

01587747

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	U17111TZ1947PTC000182	SRI KARTHIKEYA SPINNING AND WEAVING MILLS PRIVATE LIMITED	Managing director	01-09-08	23-12-70	-	Active	NO
2	L01542TZ1985PLC001706	RAJSHREE SUGARS & CHEMICALS LIMITED	Director	08-09-14	13-07-89	-	Active	NO
3	U72200TZ1998PTC008407	RND SOFTECH PRIVATE LIMITED	Director	19-05-04	19-05-04	-	Active	NO
4	U40100TZ2006PTC013130	LEAP GREEN ENERGY PRIVATE LIMITED	Director	26-07-11	09-10-06	-	Active	NO
5	U36900TZ2010PTC015999	RND HERBALS PRIVATE LIMITED	Director	16-04-10	16-04-10	22-11-14	Active	NO
6	L85110TZ1997PLC007783	LOTUS EYE HOSPITAL AND INSTITUTE LIMITED	Director	24-09-14	28-05-12	-	Active	NO

Name :

Mr. Karthikeyan Rajeev Akshay

Designation :

Managing director

Address :

14, Huzur Road, Coimbatore – 641018, Tamil Nadu, India

Date of Birth/Age :

15.08.1979

Date of Appointment :

11.10.2010

DIN No.:

01587823

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	U17111TZ1947PTC000182	SRI KARTHIKEYA SPINNING AND WEAVING MILLS PRIVATE LIMITED	Whole-time director	01-09-08	19-01-01	-	Active	NO
2	U45201TZ2006PTC012630	RND VENTURES PRIVATE LIMITED	Director	02-03-06	02-03-06	-	Active	NO
3	U40100TZ2006PTC013130	LEAP GREEN ENERGY PRIVATE LIMITED	Managing director	11-10-10	09-10-06	-	Active	NO
4	U40108TZ2011PTC016849	CLOVER ENERGY PRIVATE LIMITED	Director	21-04-11	11-03-11	-	Active	NO
5	U40108TZ2011PTC016873	OLIVE ECOPOWER PRIVATE LIMITED	Director	22-10-11	18-03-11	-	Active	NO
6	U40108TZ2011PTC017250	MAPLE RENEWABLE POWER PRIVATE LIMITED	Director	22-10-11	13-07-11	-	Active	NO
7	U40108TZ2011PTC017271	LOTUS CLEAN POWER VENTURE PRIVATE LIMITED	Director	22-10-11	21-07-11	-	Active	NO
8	U17111TZ2012PTC017841	ECO LEAP TECHNOLOGIES INDIA PRIVATE LIMITED	Director	24-03-12	27-01-12	-	Active	NO
9	U74140TZ2012PTC017830	FORCEONE SKILL DEVELOPMENT PRIVATE LIMITED	Director	27-01-12	27-01-12	-	Active	NO
10	U40108TZ2012PTC018862	TULIP RENEWABLE POWERTECH PRIVATE LIMITED	Director	06-12-12	22-10-12	-	Active	NO
11	U40108TZ2012PTC018863	VIOLET GREEN POWER PRIVATE LIMITED	Director	06-12-12	22-10-12	-	Active	NO
12	U40108TZ2012PTC018861	IRIS ECOPOWER VENTURE PRIVATE LIMITED	Director	06-12-12	22-10-12	-	Active	NO
13	U40108TZ2012PTC018859	ORCHID RENEWABLE POWERTECH PRIVATE LIMITED	Director	06-12-12	22-10-12	-	Active	NO
14	U55101AP2011PTC072351	HARNIKS REGENCY PRIVATE LIMITED	Director	10-12-13	10-12-13	-	Active	NO
15	U40108TZ2014PTC020227	IVY ECOENERGY INDIA PRIVATE LIMITED	Director	29-03-14	05-02-14	-	Active	NO
16	U74999TZ2014PTC020238	WINDBUILT INDIA PRIVATE LIMITED	Director	10-02-14	10-02-14	-	Active	NO

Name :

Mr. Vijayan Dev Anand

Designation :

Whole-time director

Address :

2/109, Vijaya Bhavan, Sastri Nagar, Karamadai, Coimbatore – 641104, Tamil Nadu, India

Date of Birth/Age :

07.08.1974

Date of Appointment :

11.10.2010

DIN No.:

01623938

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	U17111TZ1947PTC000182	SRI KARTHIKEYA SPINNING AND WEAVING MILLS PRIVATE LIMITED	Whole-time director	01-04-09	23-08-06	-	Active	NO
2	U40100TZ2006PTC013130	LEAP GREEN ENERGY PRIVATE LIMITED	Whole-time director	11-10-10	10-03-09	-	Active	NO
3	U40108TZ2011PTC016849	CLOVER ENERGY PRIVATE LIMITED	Director	21-04-11	11-03-11	-	Active	NO
4	U40108TZ2011PTC016873	OLIVE ECOPOWER PRIVATE LIMITED	Director	22-10-11	18-03-11	-	Active	NO
5	U40108TZ2011PTC017250	MAPLE RENEWABLE POWER PRIVATE LIMITED	Director	22-10-11	13-07-11	-	Active	NO
6	U40108TZ2011PTC017271	LOTUS CLEAN POWER VENTURE PRIVATE LIMITED	Director	22-10-11	21-07-11	-	Active	NO
7	U17111TZ2012PTC017841	ECO LEAP TECHNOLOGIES INDIA PRIVATE LIMITED	Director	24-03-12	27-01-12	-	Active	NO
8	U74140TZ2012PTC017830	FORCEONE SKILL DEVELOPMENT PRIVATE LIMITED	Director	27-01-12	27-01-12	-	Active	NO
9	U40108TZ2012PTC018862	TULIP RENEWABLE POWERTECH PRIVATE LIMITED	Director	06-12-12	22-10-12	-	Active	NO
10	U40108TZ2012PTC018863	VIOLET GREEN POWER PRIVATE LIMITED	Director	06-12-12	22-10-12	-	Active	NO
11	U40108TZ2012PTC018861	IRIS ECOPOWER VENTURE PRIVATE LIMITED	Director	06-12-12	22-10-12	-	Active	NO
12	U40108TZ2012PTC018859	ORCHID RENEWABLE POWERTECH PRIVATE LIMITED	Director	06-12-12	22-10-12	-	Active	NO
13	U40108TZ2014PTC020227	IVY ECOENERGY INDIA PRIVATE LIMITED	Director	29-03-14	05-02-14	-	Active	NO
14	U74999TZ2014PTC020238	WINDBUILT INDIA PRIVATE LIMITED	Director	10-02-14	10-02-14	-	Active	NO

Name :

Mr. Kumarramnarain

Designation :

Director

Address :

14, Huzur Road, Coimbatore – 641018, Tamil Nadu, India

Date of Birth/Age :

14.01.1976

Date of Appointment :

22.06.2009

DIN No.:

01587897

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	U17111TZ1947PTC000182	SRI KARTHIKEYA SPINNING AND WEAVING MILLS PRIVATE LIMITED	Director	23-08-06	23-08-06	-	Active	NO
2	U40100TZ2006PTC013130	LEAP GREEN ENERGY PRIVATE LIMITED	Director	22-06-09	10-03-09	-	Active	NO

Name :

Mr. Balakrishnan Srihari

Designation :

Director

Address :

188, Race Course, Coimbatore – 641018, Tamil Nadu, India

Date of Birth/Age :

09.06.1968

Date of Appointment :

22.06.2009

DIN No.:

00002556

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	U17121TZ1982PTC001220	K G TEXTILE PROCESSORS PRIVATE LIMITED	Director	29-09-89	29-09-89	-	Active	NO
2	U67120TZ1994PTC005327	K G B SECURITIES AND INVESTMENTS PRIVATE LIMITED	Director	05-09-94	05-09-94	-	Active	NO
3	U64201TZ1995PLC005697	ENTERPRISE TELESYS LIMITED	Director	17-01-95	17-01-95	-	Active	NO
4	U67120TZ1995PTC005959	KUMARANGANAPATHY INVESTMENTS PRIVATE LIMITED	Director	27-03-95	27-03-95	-	Active	NO
5	U65993TZ1995PTC006051	GANAPATHYKUMARAN INVESTMENTS PRIVATE LIMITED	Director	25-09-96	25-09-96	-	Active	NO
6	U65999TZ1994PLC005630	KG FABRIKS LIMITED	Managing director	29-09-10	26-09-98	-	Active	NO
7	L17115TZ1992PLC003798	K G DENIM LIMITED	Managing director	24-05-14	03-11-03	-	Active	NO
8	L17111TZ1946PLC000188	SRI KANNAPIRAN MILLS LIMITED	Director	31-01-04	31-01-04	-	Active	NO
9	U40101TZ2006PLC012972	ANANDHI POWER LIMITED	Director	31-07-06	31-07-06	-	Active	NO
10	U40108TZ2009PTC014992	RND WIND ENERGY PRIVATE LIMITED	Director	22-01-09	22-01-09	-	Under Process of Striking off	NO
11	U40100TZ2006PTC013130	LEAP GREEN ENERGY PRIVATE LIMITED	Director	22-06-09	10-03-09	-	Active	NO
12	U17111TZ2012PLC018705	COTTON SOURCING COMPANY LIMITED	Director	31-08-12	31-08-12	-	Active	NO
13	U74140DL2014NPL270744	TEXTILE SECTOR SKILL COUNCIL	Nominee director	14-11-14	14-11-14	-	Active	NO

Name :

Mr. Subramanian Vijay Pattabhiraman

Designation :

Director

Address :

BLK-530, East Coast Road, 16-03, Singapore – 458970

Date of Birth/Age :

23.09.1966

Date of Appointment :

26.07.2011

DIN No.:

02329368

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	U85110AP2004PTC043050	SEVENHILLS HEALTHCARE Private LIMITED	Nominee director	06-10-08	06-10-08	30-06-12	Active	NO
2	U40100TZ2006PTC013130	LEAP GREEN ENERGY PRIVATE LIMITED	Director	26-07-11	21-10-10	-	Active	NO
3	U85110KA2000PLC026939	NANDI ECONOMIC CORRIDOR ENTERPRISES LIMITED.	Director	07-04-11	14-03-11	-	Active	NO

Name :

Mr. Tanmaya Misra

Designation :

Director

Address :

22, 2^nd Floor, Palm Crest, 191-192, St Pauls Road, Bandra (West), Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

05.03.1970

Date of Appointment :

26.07.2011

DIN No.:

02309166

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	U85110AP2004PTC043050	SEVENHILLS HEALTHCARE Private LIMITED	Nominee director	30-06-12	18-11-09	-	Active	NO
2	U40100TZ2006PTC013130	LEAP GREEN ENERGY PRIVATE LIMITED	Director	26-07-11	21-10-10	-	Active	NO
3	U40108TZ2011PTC016849	CLOVER ENERGY PRIVATE LIMITED	Director	11-03-11	11-03-11	-	Active	NO
4	U40108TZ2011PTC016873	OLIVE ECOPOWER PRIVATE LIMITED	Director	18-03-11	18-03-11	-	Active	NO
5	U40108TZ2011PTC017250	MAPLE RENEWABLE POWER PRIVATE LIMITED	Director	26-07-11	26-07-11	-	Active	NO
6	U45203TG2006PTC051015	SOMA TOLLWAYS PRIVATE LIMITED	Nominee director	22-08-11	28-07-11	-	Active	NO
7	U40108TZ2011PTC017271	LOTUS CLEAN POWER VENTURE PRIVATE LIMITED	Director	22-10-11	22-10-11	-	Active	NO
8	U85110KA2000PLC026939	NANDI ECONOMIC CORRIDOR ENTERPRISES LIMITED.	Director	29-09-12	07-06-12	-	Active	NO
9	U40108TZ2012PTC018862	TULIP RENEWABLE POWERTECH PRIVATE LIMITED	Director	06-12-12	06-12-12	-	Active	NO
10	U40108TZ2012PTC018863	VIOLET GREEN POWER PRIVATE LIMITED	Director	06-12-12	06-12-12	-	Active	NO
11	U40108TZ2012PTC018861	IRIS ECOPOWER VENTURE PRIVATE LIMITED	Director	06-12-12	06-12-12	-	Active	NO
12	U40108TZ2012PTC018859	ORCHID RENEWABLE POWERTECH PRIVATE LIMITED	Director	06-12-12	06-12-12	-	Active	NO
13	U40108TZ2014PTC020227	IVY ECOENERGY INDIA PRIVATE LIMITED	Director	29-03-14	29-03-14	-	Active	NO

Name :

Mr. Lee Chee Kien

Designation :

Director

Address :

Unit- C 45/F, Tower 3, Sorrento 1, Austin Raod, West Tsimsha Tsui Kowloon

Date of Birth/Age :

21.10.1969

Date of Appointment :

12.03.2013

DIN No.:

06529440

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	U40100TZ2006PTC013130	LEAP GREEN ENERGY PRIVATE LIMITED	Director	12-03-13	12-03-13	-	Active	NO
2	U85110AP2004PTC043050	SEVENHILLS HEALTHCARE Private LIMITED	Nominee director	28-03-13	28-03-13	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders (Equity Shares)	No. of Shares
Rajeev Akshay	2500
Kartikeyan Kumar Ram Narain	2500
Vijayan Dev Anand	2500
Balakrishnan Srihan	2500
Sri Karthikeya SPG and WVG Mills Private Limited, India	2850000
Sri Karthikeya SPG and WVG Mills Private Limited, India	20150000
AIPRO (Mauritius) Holding II	22107647
Total	45117647

Names of Shareholders (Preference Shares)	No. of Shares
AIPRO (Mauritius) Holding II	275681588
AIPRO (Mauritius) Holding II	300000000
Total	575681588

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	49.00
Bodies corporate	50.98
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of generation and sale of power generated.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	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 :	Not Available
Contact No.:	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 :

• State Bank of Mysore, Coimbatore Main Branch, 75-76 Oppanakara Street, Coimbatore - 641001, Tamil Nadu, India
• Tamilnad Mercantile Bank Limited, Coimbatore Main Branch, 122, Big Bazaar Street, Coimbatore - 641001, Tamil Nadu, India
• Indian Bank, Coimbatore Main Branch, 31 Variety Hall Road, Coimbatore - 641001, Tamil Nadu, India
• Indian Overseas Bank, Mid Corporate Branch, Coimbatore, 11/952, Cross Cut Road, Gandhipuram, Coimbatore - 641012, Tamil Nadu, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Rupee term loans from banks	200.202	247.581
Short-term borrowings
Loans repayable on demand from banks	904.679	456.404
Total	1104.881	703.985

Banking Relations :	--
Financial Institute:	Tata Cleantech Capital Limited, One Forbes, Dr V B Gandhi Marg Fort, Mumbai - 400001, Maharashtra, India
Auditors :
Name :	B.S.R. and Associates Chartered Accountants
Address :	Maruthi Infotech Centre 11-12/1, Inner Ring Road, Koramangala, Bangalore 560071, Karnataka, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAIFB7355D
Memberships :	--
Collaborators :	--
Holding company:	Sri Karthikeya Spinning and Weaving Mills Private Limited, India [U17111TZ1947PTC000182]
Subsidiary company:	Violet Green Power Private Limited, India [U40108TZ2012PTC018863] Tulip Renewable Powertech Private Limited, India [U40108TZ2012PTC018862] Orchid Renewable Powertech Private Limited, India [U40108TZ2012PTC018859] Olive Ecopower Private Limited, India [U40108TZ2011PTC016873] Maple Renewable Power Private Limited, INDIA [U40108TZ2011PTC017250] Lotus Clean Power Venture Private Limited, INDIA [U40108TZ2011PTC017271] Ivy Ecoenergy India Private Limited, INDIA [U40108TZ2014PTC020227] Clover Energy Private Limited, India [U40108TZ2011PTC016849]

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs. 500.000 Millions
581000000	Preference Shares	Rs.10/- each	Rs. 5810.000 Millions
	Total		Rs. 6310.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
45117647	Equity Shares	Rs.10/- each	Rs. 451.176 Millions
575681588	Preference Shares	Rs.10/- each	Rs. 5756.816 Millions
	Total		Rs. 6207.992 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	6207.992	6207.992	3207.992
(b) Reserves & Surplus	71.184	16.819	5.507
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	30.000
Total Shareholders’ Funds (1) + (2)	6279.176	6224.811	3243.499
(3) Non-Current Liabilities
(a) long-term borrowings	200.202	247.581	280.938
(b) Deferred tax liabilities (Net)	30.175	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.174	0.152	0.074
Total Non-current Liabilities (3)	230.551	247.733	281.012
(4) Current Liabilities
(a) Short term borrowings	904.679	456.404	959.855
(b) Trade payables	0.000	0.829	0.098
(c) Other current liabilities	51.363	47.964	34.329
(d) Short-term provisions	0.157	0.114	0.366
Total Current Liabilities (4)	956.199	505.311	994.648
TOTAL	7465.926	6977.855	4519.159
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	489.598	517.395	542.889
(ii) Intangible Assets	0.345	0.798	0.217
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	3496.948	2599.948	1269.248
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	171.702	10.846	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	4158.593	3128.987	1812.354
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	30.668	34.888	32.390
(d) Cash and cash equivalents	2444.385	3513.333	1394.920
(e) Short-term loans and advances	781.320	268.298	1267.619
(f) Other current assets	50.960	32.349	11.876
Total Current Assets	3307.333	3848.868	2706.805
TOTAL	7465.926	6977.855	4519.159

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	104.654	145.755	110.746
	Other Income	214.782	19.644	70.709
	TOTAL (A)	319.436	165.399	181.455
Less	EXPENSES
	Operation and Maintenance	37.136	31.983	17.673
	Selling, General and Administration	38.681	38.482	33.007
	TOTAL (B)	75.817	70.465	50.680
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	243.619	94.934	130.775
Less	FINANCIAL EXPENSES (D)	130.828	55.686	94.355
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	112.791	39.248	36.420
Less/ Add	DEPRECIATION/ AMORTISATION (F)	28.251	27.936	27.269
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	84.540	11.312	9.151
Less	TAX (I)	30.175	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	54.365	11.312	9.151
	Earnings / (Loss) Per Share (Rs.)	0.09	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	51.95	7.76	8.26
Operating Profit Margin (PBIDT/Sales)	(%)	232.79	65.13	118.09
Return on Total Assets (PBT/Total Assets}	(%)	2.13	0.26	0.28
Return on Investment (ROI) (PBT/Networth)		0.01	0.00	0.00
Debt Equity Ratio (Total Debt /Networth)		0.18	0.11	0.38
Current Ratio (Current Asset/Current Liability)		3.46	7.62	2.72

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	3207.992	6207.992	6207.992
Reserves & Surplus	5.507	16.819	71.184
Share Application money pending allotment	30.000	0.000	0.000
Net worth	3243.499	6224.811	6279.176
long-term borrowings	280.938	247.581	200.202
Short term borrowings	959.855	456.404	904.679
Total borrowings	1240.793	703.985	1104.881
Debt/Equity ratio	0.383	0.113	0.176

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)
Sales	110.746	145.755	104.654
		31.612	(28.199)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	110.746	145.755	104.654
Profit	9.151	11.312	54.365
	8.26%	7.76%	51.95%

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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

OPERATING RESULTS AND PERFORMANCE

The Company recorded a pre-tax profit of Rs. 84.540 Millions (p.y. Rs 11.312 Millions) from operations out of the total income of Rs. 319.436 Millions (p.y. Rs. 165.399 Millions) on standalone basis. On a consolidated basis, Leap Green Energy and its operating subsidiaries clocked a pre-tax profit of Rs. 447.449 Millions (p. y. Rs. 405.842 Millions) and post-tax profit of Rs. 259.171 Millions (p.y. Rs. 382.366 Millions) out of the total income of Rs. 2642.806 Millions (p.y. Rs. 1890.127 Millions).

EQUITY INFUSION AND CAPITAL STRUCTURE

During the year under review, there was no change in the capital structure and the share capital of the Company remains the same as at 31^st March 2013.

BUSINESS HIGHLIGHTS

The Company and its subsidiaries operate in the segment of power generation from Wind Energy Generators (WEGs). The Directors are pleased to state that the Company and its subsidiaries have acquired WEGs with capacities ranging between 250 KW to 2100 KW located in Tamilnadu, and have also ventured into Rajasthan. Some of the business initiatives taken by the Board to position the Company in its growth path as a key player in the Green Energy Generation business are:

The Company has partnered with JP Morgan through their Asia Infrastructure and Related Opportunities Fund [AIRRO] for infusion of private equity in phases and the first and subsequent phase funding has been deployed for acquisition of WEG assets in the Company and its eight downstream subsidiaries.

The Company has set up downstream subsidiaries with captive power consumers as its members, to meet their respective power consumption requirements in Tamilnadu, besides direct supply to State Grid in Rajasthan operations. Accordingly during the said year four more SPVs which were incorporated in the previous year viz. Tulip Renewable Powertech Private Limited., Orchid Renewable Powertech Private Limited., Iris Ecopower Venture Private Limited. and Violet Green Power Private Limited. have since acquired WEGs and as at the time of this Report the aggregate capacity of Leap Green Energy alongwith its subsidiaries including those that are firmed up is 310 MW. All the WEGs are on stream generating and injecting power into the transmission lines of TANGEDCO for captive power consumers and into the transmission lines of RSEB for sale to the SEBs of Rajasthan respectively.

GOVERNMENT POLICY AND FUTURE OUTLOOK:

It is proven that the wind energy sector faces no constraints of wind resource, technology and personnel for its operations but the limiting/inhibiting factor is the consistency in policy and regulatory matters. With the ushering in of a new Central Government the MNRE Department is expected to attend to policy initiatives for Renewable Sector especially in grid corridor development and management; re introduction of accelerated depreciation benefit in tax law is a welcome move to give impetus to wind installations. Tamilnadu for its part has announced withdrawal of R and C measures wef 1st June 2014 and also lifted the five year long ban on interstate sale of power which will give option to private producers to access upcountry markets.

BACKGROUND

Subject was incorporated on 9 October 2006 as a private limited company under the Companies Act, 1956 (the Act). The Company is a subsidiary of Sri Karthikeya Spinning and Weaving Mills Private Limited (Holding Company). The Company is engaged in the business of generation and sale of power generated from renewable sources of energy.

FIXED ASSETS

Tangible assets

• Land
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipments
• Leasehold improvements

Intangible assets

• Computer software

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.16
UK Pound	1	Rs.94.28
Euro	1	Rs.73.73

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--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		48

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.