MIRA INFORM REPORT

Report No. :	315580
Report Date :	31.03.2015

IDENTIFICATION DETAILS

Name :	GAMESA WIND TURBINES PRIVATE LIMITED
Registered Office :	No. 334, Futura IT Park, B Block, 8^th Floor, Old Mahabalipuram Road, Sholinganallur, Chennai – 600119, Tamilnadu
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	06.05.2006
Com. Reg. No.:	18-079179
Capital Investment / Paid-up Capital :	Rs.14135.200 Million
CIN No.: [Company Identification No.]	U74991TN2006PTC079179
IEC No.:	Not Available
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 primarily engaged in the business of development of Windfarms and Manufacture, Erection and Installation of Wind Turbine Generators (WTG's). It also provides Operation and Maintenance service for WTG's.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 34000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “”Gamesa Eolica SL, Spain.” It is an established company having satisfactory track. Trade relations seem to be fair. Business is active. Payments are 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 – 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	SP2A (Validity Expired)
Rating Explanation	High performance capability and high financial strength.
Date	02.01.2013

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Santosh
Designation :	Key Executive
Contact No.:	91-44-39242424

LOCATIONS

Registered Office :	No. 334, Futura IT Park, B Block, 8^th Floor, Old Mahabalipuram Road, Sholinganallur, Chennai – 600119, Tamilnadu, India
Tel. No.:	91-44-3924-2424
Fax No.:	Not Available
E-Mail :	gmaheshpetluru@gamesacorp.com info@legaleagleindia.com
Website :	http://www.gamesacorp.com
Service Center :	No.489, GNT Road, Thandal Kazhani Village, Vadagarai, P. O. Red Hills, Chennai – 600052 , Tamilnadu, India
Factory 1:	Plot No. 3A, Phase III GIDC Halol, Panchmahal – 389350, Gujarat, India
Factory 2:	Door No.7, G.S.T Road, Pazhamathur Village, Mamandur, Madruranthakam Taluk, Kancheepuram-603111, Tamilnadu, India

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Ricardo Chocarro Melgosa

Designation :

Director

Address :

Catalina Erauso 11 8 B, Donostia San Sebastian Guipuzcoa- 39554

Date of Birth/Age :

01.05.1971

Date of Appointment :

30.06.2009

DIN No.:

02383399

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	U74991TN2006PTC079179	GAMESA WIND TURBINES PRIVATE LIMITED	Director	30/06/2009	24/11/2008	-	Active	NO

Name :

German Gonzalez Avecilla

Designation :

Director

Address :

C, Rodriguez Arias 69, 4 Dr, Bilbao, Spain

Date of Birth/Age :

09.10.1969

Date of Appointment :

29.09.2012

Din No.:

05227724

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	U74991TN2006PTC079179	GAMESA WIND TURBINES PRIVATE LIMITED	Director	29/09/2012	26/03/2012	-	Active	NO

Name :

Mr. Ramesh Kymal

Designation :

Director

Address :

Aikyam, N.5/82, Blue Beach Road, Neelangari Chennai – 600041, Tamilnadu, India

Date of Birth/Age :

16.07.1956

Date of Appointment :

29.09.2014

Din No.:

00296624

PAN No.:

AETPK8597D

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	U40101TN1996PTC036871	Vestas Wind Technology India Private Limited	Managing director	30/04/1997	30/04/1997	09/02/2009	Active	NO
2	U40108RJ2000PTC016186	MUNOTH NEG WINDFARM PRIVATE LIMITED	Director	07/03/2000	07/03/2000	17/03/2008	Active	NO
3	U40108TN2000PTC046200	NEGM INFRASTRUCTURE DEVELOPMENT PRIVATE LIMITED	Director	27/11/2000	27/11/2000	09/02/2009	Active	NO
4	U40108TN2001PTC047758	B.B. HILLS WINDFARM DEVELOPMENT PRIVATE LIMITED	Director	17/09/2001	17/09/2001	09/02/2009	Active	NO
5	U40108TN2002PTC049386	INDAN ENERGY PRIVATE LIMITED	Whole-time director	08/08/2002	08/08/2002	-	Active	NO
6	U40105KA2002PTC031011	BELLARY WINDPOWER PRIVATE LIMITED	Director	17/09/2002	17/09/2002	09/02/2009	Active	NO
7	U70101TN2005PTC055782	AIKYAM HOLDINGS PRIVATE LIMITED	Director	28/03/2005	28/03/2005	-	Active	NO
8	U40102TN2007PTC063208	Vestas Technology R&D Chennai Private Limited	Director	20/04/2007	20/04/2007	09/02/2009	Active	NO
9	U40109TN2007PTC063453	INDEN WIND ENERGY PRIVATE LIMITED	Director	10/05/2007	10/05/2007	01/03/2013	Active	NO
10	U40102TN2007PTC063507	CONTINUUM WIND ENERGY (INDIA) PRIVATE LIMITED	Director	15/05/2007	15/05/2007	21/08/2007	Active	NO
11	U40102TN2007PTC063508	MAHARASHTRA REVANGAON WINDFARM DEVELOPMENT PRIVATE LIMITED	Director	15/05/2007	15/05/2007	21/08/2007	Active	NO
12	U67120KA2006PTC038777	NEELAMANGALA INVESTMENTS AND HOLDINGS PRIVATE LIMITED	Director	22/10/2007	22/10/2007	-	Active	NO
13	U74999TN2009PTC072699	MEGAWATT SOLUTIONS PRIVATE LIMITED	Director	26/08/2009	26/08/2009	14/10/2012	Active	NO
14	U40108TN2006PTC087128	RSR POWER PRIVATE LIMITED	Director	13/10/2010	13/10/2010	12/10/2012	Active	NO
15	U74999DL2010PTC208250	Windar Renewable Energy Private Limited	Director	28/10/2010	28/10/2010	09/10/2013	Active	NO
16	U40108TN2007PTC086929	GM NAVARRA WIND ENERGY PRIVATE LIMITED	Director	23/03/2011	23/03/2011	12/10/2012	Active	NO
17	U74991TN2006PTC079179	GAMESA WIND TURBINES PRIVATE LIMITED	Managing director	29/09/2014	15/11/2012	-	Active	NO

Name :

Mr. Kishore Bharani

Designation :

Director

Address :

Plot No.10-3-7/1 Flat No.102, Near Geeta Nursing Home East Marredpally Hyderabad – 500026, Andhra Pradesh, India

Date of Birth/Age :

19.02.1958

Date of Appointment :

30.09.2013

Din No.:

05240592

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	U40102GJ2010PTC063242	KINTECH SANTALPUR WINDPARK PRIVATE LIMITED	Director	29/09/2012	07/05/2012	14/10/2013	Active	NO
2	U40108TN2006PTC087128	RSR POWER PRIVATE LIMITED	Director	20/09/2012	01/08/2012	11/10/2013	Active	NO
3	U40108TN2007PTC086929	GM NAVARRA WIND ENERGY PRIVATE LIMITED	Director	21/09/2012	01/08/2012	10/10/2013	Active	NO
4	U31103TN2011PTC082117	RAJGARH WINDPARK PRIVATE LIMITED	Director	13/09/2013	08/11/2012	11/10/2013	Active	NO
5	U31101TN2011PTC081084	KADAPA WIND FARMS PRIVATE LIMITED	Director	25/09/2013	10/04/2013	10/10/2013	Active	NO
6	U31903TN2011PTC081070	KURNOOL WIND FARMS PRIVATE LIMITED	Director	26/09/2013	10/04/2013	10/10/2013	Active	NO
7	U31101TN2011PTC081083	ANANTAPUR WIND FARMS PRIVATE LIMITED	Director	24/09/2013	10/04/2013	10/10/2013	Active	NO
8	U74991TN2006PTC079179	GAMESA WIND TURBINES PRIVATE LIMITED	Director	30/09/2013	06/08/2013	-	Active	NO

Name :

Garcia jesus maria cornado

Designation :

Director

Address :

C. Anorbe Bidea 5, Zarautz Spain

Date of Birth/Age :

22.10.1967

Date of Appointment :

13.03.2014

Din No.:

06813406

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	U74991TN2006PTC079179	GAMESA WIND TURBINES PRIVATE LIMITED	Director	29/09/2014	11/03/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. V Ramkrishnan Iyer
Designation :	Company Secretary
Address :	105, First Floor, Manju Mansion, Opp Naveen Super Market East Marredpally Secunderabad – 500026, Andhra Pradesh, India
Date of Birth/Age :	24.08.1976
Date of Appointment :	04.05.2011

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage
Gamesa Eolica S.L. Unipersonal, Spain	1235001804	87.37
Gamesa Corporation Tecnologica S.A., Spain	7293417	0.52
Gamesa Innovation and Technology S L, Spain	171228624	12.11
TOTAL	1413523845	100.00

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00

BUSINESS DETAILS

Line of Business :

Subject is primarily engaged in the business of development of Windfarms and Manufacture, Erection and Installation of Wind Turbine Generators (WTG's). It also provides Operation and Maintenance service for WTG's.

Products :

Item Code No. (ITC Code)	Product Description
85023100	Electric generating sets and rotary converters

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Not Available

Purchasing :

Not Available

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

Not Available

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	ASV Ramana Tower, 52, Venkatanarayanan Road, T. Nagar, Chennai -600017, Tamilnadu, India
PAN No:	AACFD3771D
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	Gamesa Eolica SL, Spain
Ultimate Holding company :	Game Sa Corporacion Technologies S.L, Spain
Subsidiaries Company :	GM Navarra Wind Energy Private Limited [U40108TN2007PTC086929] Kintech Santalpur Windpark Private Limited [U40102GJ2010PTC063242] RSR Power Private Limited [U40108TN2006PTC087128] Anantapur Wind Farms Private Limited [U31101TN2011PTC081083] Kurnool Wind Farms Private Limited [U31903TN2011PTC081070] Kadapa Wind Farms Private Limited [U31101TN2011PTC081084] Rajgarh Windpark Private Limited [U31103TN2011PTC082117]
Associates :	Kintech Santalpur Windpark Private Limited [U40102GJ2010PTC063242] Windar Renewable Energy Private Limited [U74999DL2010PTC208250]
Fellow Subsidiaries :	· Cantarey, Spain · Enertron, S.L. UNIPERSONAL, Spain · Gamesa Blade Tianjin Comapny Limited, China · Game Sa Innovation and Technology S L Unipersonal, Spain · Gamesa Tianjin Comapny Limited, China · Gamesa P A, China · Gamesa Wind US LLC, United States

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2000,000,000	Equity Shares	Rs.10/- each	Rs.20000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1413,523,845	Equity Shares	Rs.10/- each	Rs.14135.200 Million

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	14135.200	7298.500	7298.500
(b) Reserves & Surplus	(2127.800)	(2980.700)	(775.000)
(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)	12007.400	4317.800	6523.500
(3) Non-Current Liabilities
(a) long-term borrowings	772.200	1289.900	747.400
(b) Deferred tax liabilities (Net)	0.000	0.000	68.100
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	31.000	57.100	33.300
Total Non-current Liabilities (3)	803.200	1347.000	848.800
(4) Current Liabilities
(a) Short term borrowings	1131.000	6856.000	7228.700
(b) Trade payables	10688.200	7218.100	5610.800
(c) Other current liabilities	10551.700	7242.500	3610.350
(d) Short-term provisions	1088.000	538.300	1327.300
Total Current Liabilities (4)	23458.900	21854.900	17777.150
TOTAL	36269.500	27519.700	25149.450
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3826.400	2950.600	2598.200
(ii) Intangible Assets	28.600	32.000	38.400
(iii) Capital work-in-progress	0.000	594.400	674.900
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	122.900	122.900	122.500
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	400.700	300.100	87.900
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	4378.600	4000.000	3521.900
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	8255.700	8469.100	6255.450
(c) Trade receivables	5508.200	2097.000	3782.200
(d) Cash and cash equivalents	667.000	761.400	920.100
(e) Short-term loans and advances	2168.900	2686.100	3169.200
(f) Other current assets	15291.100	9506.100	7500.600
Total Current Assets	31890.900	23519.700	21627.550
TOTAL	36269.500	27519.700	25149.450

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	35298.300	11610.100	22847.000
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX		553.500	(2273.800)	(940.400)
Less	TAX		0.000	(68.100)	74.800
	PROFIT / (LOSS) AFTER TAX		553.500	(2205.700)	(1015.200)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	346.000	565.100	478.000
	Earnings / (Loss) Per Share (Rs.)		0.57	(3.02)	(1.39)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PBT/Sales)	(%)	1.57	(19.00)	(4.44)
Return on Total Assets (PBT/Total Assets}	(%)	1.53	(8.48)	(3.86)
Return on Investment (ROI) (PBT/Networth)		0.05	(0.53)	(0.14)
Debt Equity Ratio (Total Debt/Networth)		0.16	1.89	1.22
Current Ratio (Current Asset/Current Liability)		1.36	1.08	1.22

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	7298.500	7298.500	14135.200
Reserves & Surplus	(775.000)	(2980.700)	(2127.800)
Net worth	6523.500	4317.800	12007.400
long-term borrowings	747.400	1289.900	772.200
Short term borrowings	7228.700	6856.000	1131.000
Total borrowings	7976.100	8145.900	1903.200
Debt/Equity ratio	1.223	1.887	0.159

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)
Revenue from Operations	22847.000	11610.100	35298.300
		(49.183)	204.031

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from Operations	22847.000	11610.100	35298.300
Profit	(1015.200)	(2205.700)	553.500
	(4.44%)	(19.00%)	1.57%

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]	PAN of Proprietor/Partner/Director, if available	Yes
32]	Date of Birth 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

NOTE: The registered office of the company has been shifted from 489, GNT Road, Thandal Kalani Village, Red Hills, Chennai-600052,Tamilnadu, India to the present address w.e.f. 11.04.2011.

CORPORATION INFORMATION:

Subject is a company incorporated in India and is a subsidiary of Gamesa Eolica S.L. Spain. The Company's manufacturing facilities are situated at Mamandur, Chennai in the state of Tamilnadu (for manufacture of Nacelles) and Halol in the state of Gujarat (for the manufacture of blades). The Company is primarily engaged in the business of development of Windfarms and Manufacture, Erection and Installation of Wind Turbine Generators (WTG's). It also provides Operation and Maintenance service for WTG's.

UNSECURED LOAN

(Rs. In Million)

UNSECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Foreign currency term loans from banks	772.200	764.500
Other loans and advances	0.000	525.400
Short Term Borrowing
Working capital loans from banks	0.000	2404.900
Loans repayable on demand	1131.000	4451.100
Total	1903.200	8145.900

FIXED ASSETS:

· Building on Leasehold Land

· Plant and Machinery

· Moulds

· Furniture and Fixtures

· Computer

· Vehicles

Website Details:

GAMESA IS COMMITTED TO MAXIMISING LOCAL CONTENT AND MANUFACTURING: IGNACIO MARTIN

Spanish wind turbine maker Ganesa expects to reach a wind turbine output of about 700 Mw in India this year, up from 400 Mw in 2013. Ignacio Martin, chairman, Gamesa, in an interview with T E Narasimhan, shares his view about the Indian market and company's proposed euro 100 million ($128 million) plan:

How do you see the Indian market for Gamesa and what are the plans for the country?

The Indian market is very promising and some of the initiatives taken by the government are also very supportive. The government is already keen on growing the sector to 10 gigawatt (GW) per annum. This is an achievable target provided the framework is conducive to investment and growth.

Gamesa has already established one of the top companies in the wind sector with a strong local manufacturing presence. We look forward to be among the leading companies in India by strengthening our manufacturing, introducing new efficient products and expanding the wind farm development.

The inauguration comes after ‘Make In India’, how do you see this campaign and what would be your contribution? What should the government do to make it successful?

It is the need of the hour! India has a huge deficit in current account and trade and we cannot continue to import when we have the technology and resources here in India.

Gamesa, as a company, is committed to maximising  local content and manufacturing. We hope with growing demand, the supply chain will be much stronger and it will enable us to source more from India. The industry also needs a certain critical mass in terms of volume to ensure that the local supply chain becomes competitive. Therefore, the government’s initiative to scale up wind energy to about 10GW is the right step for promoting local manufacturing.

Will the company look at using the Chennai facility for export markets? If yes, what percentage will be for export markets?

Currently, the plants are focused to meet local demand as India is a fast-growing global market. We have exported turbines to countries like Sri Lanka. Our focus is on meeting the growing demand locally and strengthening the supply chain. If the opportunity emerges, then we shall consider exports as well.

How important is India for Gamesa and how competitive is manufacturing in India?

India is very critical to Gamesa’s future growth. India already contributes about 1/4th of our business and we see this growing in future. We are committed to having a strong and agile organisation in India to meet the demands of our clients. Manufacturing in India also make tremendous business sense as it enables us to gain proximity to the market. We have a high local content which means the industry and supply chain has developed rapidly in the past decade. We look forward to further strengthening the supply chain to improve our manufacturing competitiveness in the region.

How much has Gamesa  invested in India till now ? Any further plans? If yes, how much?

Gamesa has made significant investment in nurturing the young Indian organisation. This was mainly in establishing the local manufacturing facilities in Chennai and Baroda. Besides this, we have also supported India in building a strong wind farm development as the Indian market requires turnkey wind farms.

We plan to invest about  euro 100 million over the next five years. The key focus areas will be to strengthen our manufacturing capabilities especially for the launch of new products like G114-2.0 in India, develop the supply chain and increase localisation, and increase our land bank to promote and develop wind farms.

How much does India contribute to Gamesa’s business globally?

India contributed about 27 per cent in the three quarters of 2014 in terms of Mw sold. This has steadily increased over the past and India is now the second largest market for Gamesa globally and only next to Latin America. At the end of 2013, India accounts for 22 per cent of total MW sold.

What are the product development activities Gamesa have which are relevant to Indian market?

Indian Market needs a low wind turbine. The G97-2.0 is already one of the benchmarks for efficiency in the segment. We plan to launch the next generation G114-2.0 MW next year.

The turbine has one of the largest blades which enable higher wind capture & hence more power. Additionally, the Blade is specifically designed to maximizing generation during low winds while reducing noise. The G114 is expected to produce upto 20 per cent more energy compared to G97 depending on site conditions. This will significantly reduce the the cost of energy and also improve the utilisation of evacuation infrastructure.

Are you looking for partners to offer financial support to your clients? If so, what are the plans and current status of this

Our core business Wind Turbines & Wind farms . However, if the need arises we would be happy to assist our clients in securing financing.

Currently, most of our clients are well funded. In fact the Indian market is already attracting a lot of interest from global PE & infrastructure funds.

However, there needs to be greater focus on Debt financing which is still a challenge in India.  This is a larger issue which needs Govt attention. Some kind of Government Fund or dedicated financing facility would be big boost to the sector.

What is the status of your plans to enter Solar sector in India ?

The Solar industry very nascent but has tremendous potential. However, the sector has only a handful of companies with long experience in Project Development. We have an inherent expertise in Designing & Constructing Wind farms which we would like to leverage this in the Solar space.

GAMESA TOPS WIND ENERGY INSTALLATIONS IN INDIA

Spanish wind energy turbine maker Gamesa has retained top position for a second year in row for the highest number of grid-connected installations in India. Suzlon and Wind World India took the second and third spot respectively. The rankings were released by Danish firm Make Consulting, which analyses the wind energy market globally.

In 2014, about 2,300 Mw of wind energy was added in India a growth of 27 per cent over 2013, when 1,800 Mw was added. Gamesa accounted for a quarter of all grid-connected installations with a market share of 25 per cent in 2014. Suzlon and Wind World India achieved 21 and 15 per cent, respectively. “We plan to add 1,000 Mw installations in India this year and acquiring business from independent power producers. With favourable policies, growth will be easier,” said Ramesh Kymal, managing director of Gamesa in India.

Suzlon, which earlier in the year, sold its German subsidiary Senvion, to US-based private equity Centrebridge, did not figure in the global top 15 turbine makers in 2014 butSenvion stood at 13th place.Suzlon was ranked fifth globally in 2013. Suzlon has contested the report findings. “The report has misrepresented Suzlon group installations. It has only considered stand-alone figures of Suzlon and Senvion for 2014. However, the agreement to sell Senvion was signed in January,” a Suzlon spokesperson said.

SPAIN’S GAMESA BAGS 300 MW WIND TURBINE CONTRACT FROM GREENKO

Spain’s biggest wind turbine maker Gamesa Corp Tecnologica SA on Monday said it has signed an agreement with Hyderabad-based renewable energy company Greenko Group Plc. to supply turbines for 300 megawatt (MW) wind power projects. The deal value was not disclosed. Out of the 300 MW, the supply for the first phase of 160 MW is underway at Jaisalmer in Rajasthan and Basavanabagewadi in Karnataka, Gamesa said in a statement. The project is expected to be commissioned by June. The second phase of 140 MW, coming up in Andhra Pradesh and Karnataka, is expected to be commissioned by September 2015. Gamesa will supply, erect and commission its specially designed G97-2.0 MW-T-104 low wind turbines, capable of capturing more energy from the available low wind sites in India. Gamesa signed turbine supply agreement with Greenko for total 600 MW till date. Gamesa said it has also won an order from CLP India Pvt. Ltd to supply 50 turbines totaling 100 megawatts for a project in Chandigarh. Gamesa with 20% share in Indian market as on December 2013 has installed over 1,700 MW and services close to 1,400 MW under operation and management agreements. India ranked fifth among top 10 wind power producers in the world by adding 1,700 MW capacity in 2013, according to Renewables 2014 Global Status Report, published by REN21, the Renewable Energy Policy Network for the 21st Century. India, which added more than 4,000 MW renewable capacity in 2013 also plans to increase the capacity to 55,000 MW by 2017 from the current level of around 30,000 MW.

GAMESA TO BUILD A 12-MW WIND FARM IN GERMANY FOR ENERGY COMPANY DEW21 UNDER A TURNKEY ARRANGEMENT

06 March 2015

Gamesa, a global technology leader in wind energy, has received its first order from Germany energy provider DEW 21. Specifically, it has been contracted to build the 12-MW Horst wind farm located in the town of Schneverdingen, in Lower Saxony, under a turnkey arrangement.

Given the fact that it is a turnkey contract, Gamesa will handle all the tasks necessary to develop the wind farm, from obtaining the required licences and permits to performing the civil engineering and electrical wiring work needed to build and operate the project, while also transporting, installing and commissioning the wind turbines.

The Horst wind farm will be equipped with six G97-2.0 MW turbines, slated for delivery from July; the wind farm's commissioning is scheduled for November 2015. Once operational, the facility will generate enough electricity to supply over 8,500 German households.

Gamesa's presence in the German market dates back to 2003. In its capacity as developer, it has developed and commissioned over 263 MW in this market where it currently has a pipeline of close to 236 MW at varying stages of development. In its capacity as manufacturer, it has installed 185 MW of its turbines and operates 57 MW under O&M agreements.

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 records 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.62.63
UK Pound	1	Rs.92.94
Euro	1	Rs.68.06

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		44

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.