MIRA INFORM REPORT

Report No. :	503360
Report Date :	14.04.2018

IDENTIFICATION DETAILS

Name :	SIEMENS GAMESA RENEWABLE POWER PRIVATE LIMITED (w.e.f. June 2017)
Formerly Known As :	GAMESA RENEWABLE PRIVATE LIMITED (w.e.f. 31.07.2015) GAMESA WIND TURBINES PRIVATE LIMITED
Registered Office :	No.334, Futura IT Park, B Block, 8th Floor, Old Mahabalipuram Road, Sholinganallur, Chennai – 600119, Tamilnadu
Tel. No.:	91-44-39242424
Country :	India
Financials (as on) :	31.03.2016
Date of Incorporation :	06.05.2006
Com. Reg. No.:	18-079179
Capital Investment / Paid-up Capital :	INR 14135.200 Million
CIN No.: [Company Identification No.]	U74991TN2006PTC079179
IEC No.: [Import-Export Code No.]	0508033608
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
TIN No.:	33080905979
GSTN : [Goods & Service Tax Registration No.]	33AACCG6027C1Z6
PAN No.: [Permanent Account No.]	AACCG6027C
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturing of Wind Turbine Components (Registered activity)
No. of Employees :	Information declined by the management

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Maximum Credit Limit :	USD 54000000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2006. It is a subsidiary of Siemens Gamesa Renewable Energy Eolica SL, Spain. It is primarily engaged in the business of development of Windfarms and manufacturing, erection and installation of Wind Turbine Generators (WTG’s). It also provides Operation and Maintenance service for WTG’s. As per the Registrar of Companies date of balance sheet (i.e. financial filed) is shown as 31.03.2017 but documents related to the financial for the year 31.03.2017 are not available from any sources. For the financial year ended 2016, the company has gained a decent growth in its revenue as compared to the previous year and has achieved satisfactory net profit margin of 7.57%. The company’s fair financial position is marked by healthy capital base along with comfortable debt level. However, rating is constrained on account of low reserve base as compared to its capital. Rating takes into consideration the strength that the company derives from its holding company and its well experience management team. Business is active. Payment seems to be slow but correct. In view of aforesaid, 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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 31-03-2018.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 14.04.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DENIED

MANAGEMENT NON-COOPERATIVE: Tel. No.: 91-44-39242424

LOCATIONS

Registered Office :	No.334, Futura IT Park, B Block, 8th Floor, Old Mahabalipuram Road, Sholinganallur, Chennai – 600119, Tamilnadu, India
Tel. No.:	91-44-39242424
Fax No.:	91-44-30060661
E-Mail :	vramakrishnan@gamesacorp.com
Website :	http://www.gamesacorp.com
Headquarters :	489, GNT Road Thandal Kazhani Village, Vadagarai Post, Red Hills, Chennai - 600052, Tamilnadu, India

DIRECTORS

As on 31.03.2017

Name :

Mr. Ramesh Kymal

Designation :

Managing Director

Address :

Aikyam, No.5/82, Blue Beach Road, Neelangari, Chennai - 600041, Tamil Nadu, India

Date of Birth/Age :

16.07.1956

Qualification :

Mechanical Engineer

Date of Appointment :

29.09.2014

PAN No.:

AETPK8597D

DIN No.:

00296624

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U51909KA2006PTC038777	NEELAMANGALA INVESTMENTS AND HOLDINGS PRIVATE LIMITED	22/10/2007	-
U70101TN2005PTC055782	AIKYAM HOLDINGS PRIVATE LIMITED	28/03/2005	-

Name :

Mr. Ishwar Subramanian

Designation :

Director

Address :

Survey 119/4, Villa 1, Epsilon Enclave, Off Airport Road, Yemlur, Bangalore - 560037, Karnataka, India

Date of Birth/Age :

19.02.1960

Qualification :

Chartered Accountant

Date of Appointment :

21.07.2015

DIN No.:

01473535

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U24100TN2014PTC095144	SHEENLAC NOROO COATINGS INDIA PRIVATE LIMITED	19/08/2015	-
U52100KA2014PTC077106	CLEARTHINK SOFTWARE PRIVATE LIMITED	02/03/2015	-
U52300MH2007PTC173130	NUBIA TRADING PRIVATE LIMITED	14/08/2007	-
U63032PN2003PTC018005	ANGRE PORT PRIVATE LIMITED	08/07/2011	-
U67120KA2007PTC043173	FORUM SYNERGIES (INDIA) PE FUND MANAGERS PRIVATE LIMITED	16/04/2008	-
U67200MH2004PTC144558	HOWDEN INSURANCE BROKERS INDIA PRIVATE LIMITED	28/09/2015	-
U74140KA2001PTC028986	CEREBRAL CONSULTANCY SERVICES PRIVATE LIMITED	16/05/2001	-

Name :

Mr. Narasimman Ravichandran

Designation :

Director

Address :

No.167, 2nd Main Road, Kamakoti Nagar Pallikaranai, Chennai - 600100, Tamil Nadu, India

Date of Birth/Age :

12.09.1962

Date of Appointment :

29.09.2014

DIN No.:

06802026

Name :

Mr. Garcia Coronado Jesus Maria

Designation :

Director

Address :

C. Anorbe Bidea 5, Zarautz, Na, Spain

Date of Birth/Age :

22.10.1967

Date of Appointment :

29.09.2014

DIN No.:

06813406

Name :

Mr. David Jose Mesonero Molina

Designation :

Director

Address :

Avenida De El Ferrol Num. 30PL, 1 Pt 5, Madrid, 28029, Spain

Date of Appointment :

21.07.2015

DIN No.:

07222280

Name :

Mr. Jose Antonio Cortajarena Manchado

Designation :

Director

Address :

Avenue La Rioja, No.2, Door 8, Lardero, La Rioja, 26140, Spain

Date of Appointment :

21.07.2015

DIN No.:

07222304

Name :

Mr. Inaki Murgiondo Gorostidi

Designation :

Director

Address :

56, Pepe Artola, San Sebastian, Guipuzcoa, Basque, 20015, Spain

Date of Appointment :

21.07.2015

DIN No.:

07222321

Name :

Mr. Enrique Pedrosa Gomez

Designation :

Director

Address :

Street 1, Parraguirre,, No.1, 12 Floor, 6 Door, Izq, Bilbao, Basque, 48009, Spain

Date of Appointment :

21.07.2015

DIN No.:

07222370

KEY EXECUTIVES

Name :	Mr. V Ramakrishnan Iyer
Designation :	Secretary
Address :	105, First Floor, Manju Mansion, Opposite Naveen Super Market, East Marredpally, Secunderabad - 500026, Telangana , India
Date of Birth/Age :	01.08.1965
Date of Appointment :	AACPI5700K
PAN No.:	05.03.2013

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2017

Names of Shareholders	No. of Shares	%age
Gamesa Eolica S.L	1235001804	87.37
Gamesa Energia S.A	7293417	0.52
Gamesa Innovation and Technology S.L	171228624	12.11
Total	1413523845	100.00

Equity Share Break up (Percentage of Total Equity)

As on 28.09.2017

Category	Percentage
Promoter - Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Wind Turbine Components (Registered activity)

Products :

Item Code No.	Product Description
85013420	Other generating sets
4321903	Wind Turbine Components

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Not Divulged
Branch	--
Person Name (With Designation)	--
Contact Number	--
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

Auditors :
Name :	S.R. Batliboi and Associates LLP Chartered Accountants
Address :	6th and 7th Floor, 'A' Block, Tidal Park; (Module 601,701 and 702); No.4, Rajiv Gandhi Salai; Taramani, Chennai, Tamilnadu, India
PAN N Income-tax PAN of auditor or auditor's firm :	ACHFS9118A
Memberships :	Not Available
Collaborators :	Not Available
Holding company :	Gamesa Eoilca S.L, Spain
Ultimate Holding Company :	Gamesa Corporacion Technologica S.A., Spain
Subsidiary company :	Rajgarh Windpark Private Limited, India U31103TN2011PTC082117 Kintech Santalpur Windpark Private Limited, India U40102GJ2010PTC063242 RSR Power Private Limited, India U40108TN2006PTC087128 GM Navarra Wind Energy Private Limited, India U40108TN2007PTC086929 Anantapur Wind Farms Private Limited, India U31101TN2011PTC081083 Kadapa Wind Farms Private Limited, India U31101TN2011PTC081084 Kurnool Wind Farms Private Limited, India U31903TN2011PTC081070 Gagodar Renewable Energy Private Limited U31907TN2017PTC114162 Viralipatti Renewable Private Limited U31909TN2017PTC114131 Sanchore Renewable Private Limited U31909TN2017PTC114175 POOVANI WIND FARMS PRIVATE LIMITED U31909TN2017PTC114239 Mathak Wind Farms Private Limited U31904TN2017PTC114295 Latur Renewable Private Limited U31906TN2017PTC114294 Devarabanda Renewable Energy Private Limited U31100TN2017PTC114188 Ghatpimpri Renewable Private Limited U31909TN2017PTC114227 Kod Renewable Private Limited U31905TN2017PTC114238 Beed Renewable Energy Private Limited U31900TN2017PTC114852 Bhuj Renewable Private Limited U31909TN2017PTC114850 Dhone Renewable Private Limited U31906TN2017PTC115049 Gadag Renewable Private Limited U31900TN2017PTC114824 Jodhpur Wind Farms Private Limited U31909TN2017PTC114487 Koppal Renewable Private Limited U31909TN2017PTC115038 Kutch Renewable Private Limited U31909TN2017PTC114832 Nellore Renewable Private Limited U31906TN2017PTC114461 Osmanabad Renewable Private Limited U31100TN2017PTC114825 Tirupur Renewable Energy Private Limited U31909TN2017PTC114365 Bapuram Renewable Private Limited U31909TN2017PTC114375 Sankanur Renewable Energy Private Limited U31900TN2017PTC114800 Channapura Renewable Private Limited U31904TN2017PTC115068 Uppal Renewable Private Limited U31909TN2017PTC115037 Rangareddy Renewable Private Limited U31904TN2017PTC115042 Thoothukudi Renewable Energy Private Limited U31909TN2017PTC115044 Bidwal Renewable Private Limited U31909TN2017PTC115045 Jalore Wind Park Private Limited U31904TN2017PTC114374 Pugalur Renewable Private Limited U31909TN2017PTC115043 Tuljapur Wind Farms Private Limited U31900TN2017PTC114389
Fellow Subsidiary Company :	Enertron, S.L., Spain Gamesa Wind PA, China Gamesa Wind US LLC, United States Gamesa Wind Tianjin Co Limited, China Gamesa Innovation and Technology S.L., Spain Gamesa Eólica Brasil LTDA, Brazil Cantarey Reinosa, S.A. Unipersonal, Spain Valencia Power Converters, S.A., Spain Gamesa Energy Transmisión, S.A., China Gamesa Lanka Private Limited, Sri Lanka GESA Eolica Mexico, SA, Mexico Gamesa Kenya Limited, S.L., Kenya Gamesa Eolica Suc Filipinas, Philippines Gamesa Ireland Limited, Ireland Gamesa Israel Limited, Israel Gamesa Mauritius Limited, Mauritius Gamesa Energia (un), Spain Gamesa Corporativa (un), Spain GESA Eolica Mexico, SA, Mexico Gamesa Eólica Italia SRL, Italy

CAPITAL STRUCTURE

As on 31.03.2016

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000000	Equity Shares	INR 10/- each	INR 20000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1413520000	Equity Shares	INR 10/- each	INR 14135.200 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2016	31.03.2015	31.03.2014
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	14135.200	14135.200	14135.200
(b) Reserves & Surplus	4682.900	(488.700)	(2127.800)
(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)	18818.100	13646.500	12007.400
(3) Non-Current Liabilities
(a) long-term borrowings	1544.700	1621.400	772.200
(b) Deferred tax liabilities (Net)	245.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	116.900	64.000	31.000
Total Non-current Liabilities (3)	1906.600	1685.400	803.200
(4) Current Liabilities
(a) Short term borrowings	138.800	590.700	1131.000
(b) Trade payables	26463.700	16261.200	10622.500
(c) Other current liabilities	9127.900	2183.400	5723.300
(d) Short-term provisions	1324.800	1293.600	1091.000
Total Current Liabilities (4)	37055.200	20328.900	18567.800
TOTAL	57779.900	35660.800	31378.400
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5016.200	3562.500	3826.400
(ii) Intangible Assets	74.900	18.800	28.600
(iii) Capital work-in-progress	85.500	42.400	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	122.900	122.900	122.900
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1091.500	767.700	400.700
(e) Other Non-current assets	33.200	0.000	0.000
Total Non-Current Assets	6424.200	4514.300	4378.600
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	14228.000	8903.000	8255.600
(c) Trade receivables	13578.300	6785.000	5508.200
(d) Cash and cash equivalents	10210.500	4160.500	667.000
(e) Short-term loans and advances	3805.400	1311.500	2169.000
(f) Other current assets	9533.500	9986.500	10400.000
Total Current Assets	51355.700	31146.500	26999.800
TOTAL	57779.900	35660.800	31378.400

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2016	31.03.2015	31.03.2014
	SALES
	Income	68343.600	41060.600	35298.300
	Other Income	139.100	827.300	106.400
	TOTAL	68482.700	41887.900	35404.700
Less	EXPENSES
	Cost of Materials Consumed	36445.500	23511.900	19652.400
	Purchases of Stock-in-Trade	16306.300	9511.600	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(1160.200)	121.700	1807.100
	Employees benefits expense	1828.800	1126.400	814.200
	Expenditure on production, transportation and other expenditure pertaining to exploration and production activities	0.000	0.000	6693.700
	Other expenses	6830.700	4458.300	4532.100
	TOTAL	60251.100	38729.900	33499.500
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	8231.600	3158.000	1905.200
Less	FINANCIAL EXPENSES	532.700	821.900	673.700
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	7698.900	2336.100	1231.500
Less/ Add	DEPRECIATION/ AMORTISATION	759.500	747.500	678.000
	PROFIT/ (LOSS) BEFORE TAX	6939.400	1588.600	553.500
Less	TAX	1767.800	(50.500)	0.000
	PROFIT/ (LOSS) AFTER TAX	5171.600	1639.100	553.500
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	273.600	764.200	346.000
	TOTAL EARNINGS	273.600	764.200	346.000
	Earnings / (Loss) Per Share (INR)	3.66	1.16	0.57

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2016	31.03.2015	31.03.2014
Current Maturities of Long term debt	NA	NA	NA
Net cash flows from (used in) operations	10546.400	3742.800	2283.900
Net cash flows from (used in) operating activities	9171.600	4117.500	2700.500

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Average Collection Days (Sundry Debtors / Income * 365 Days)	72.52	60.31	56.96
Account Receivables Turnover (Income / Sundry Debtors)	5.03	6.05	6.41
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	183.11	179.73	197.29
Inventory Turnover (Operating Income / Inventories)	0.58	0.35	0.23
Asset Turnover (Operating Income / Net Fixed Assets)	1.59	0.87	0.49

LEVERAGE RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.67	0.62	0.62
Debt Equity Ratio (Total Liability / Networth)	0.09	0.16	0.16
Current Liabilities to Networth (Current Liabilities / Net Worth)	1.97	1.49	1.55
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.28	0.27	0.32
Interest Coverage Ratio (PBIT / Financial Charges)	15.45	3.84	2.83

PROFITABILITY RATIOS

PARTICULARS		31.03.2016	31.03.2015	31.03.2014
Net Profit Margin ((PAT / Sales) * 100)	%	7.57	3.99	1.57
Return on Total Assets ((PAT / Total Assets) * 100)	%	8.95	4.60	1.76
Return on Investment (ROI) ((PAT / Networth) * 100)	%	27.48	12.01	4.61

SOLVENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Current Ratio (Current Assets / Current Liabilities)	1.39	1.53	1.45
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.00	1.09	1.01
G-Score Ratio Financial (Networth / Total Assets)	0.33	0.38	0.38
G-Score Ratio Debt (Debts / Equity Capital)	0.12	0.16	0.13
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.39	1.53	1.45

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Share Capital	14135.200	14135.200	14135.200
Reserves & Surplus	(2127.800)	(488.700)	4682.900
Share Application money pending allotment	0.000	0.000	0.000
Net worth	12007.400	13646.500	18818.100
Long Term borrowings	772.200	1621.400	1544.700
Short Term borrowings	1131.000	590.700	138.800
Total borrowings	1903.200	2212.100	1683.500
Debt/Equity ratio	0.159	0.162	0.089

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Sales	35298.300	41060.600	68343.600
		16.325	66.446

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Sales	35298.300	41060.600	68343.600
Profit	553.500	1639.100	5171.600
	1.57%	3.99%	7.57%

ABRIDGED BALANCE SHEET – (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2016	31.03.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	14135.200	14135.200
(b) Reserves & Surplus	4669.200	(491.800)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
(3) Minority interest	7.900	0.000
Total Shareholders’ Funds (1) + (2)	18812.300	13643.400
(3) Non-Current Liabilities
(a) long-term borrowings	1544.700	1621.500
(b) Deferred tax liabilities (Net)	245.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	116.900	64.000
Total Non-current Liabilities (3)	1906.600	1685.500
(4) Current Liabilities
(a) Short term borrowings	138.800	590.700
(b) Trade payables	26459.400	16261.500
(c) Other current liabilities	9128.100	2183.400
(d) Short-term provisions	1324.800	1293.600
Total Current Liabilities (4)	37051.100	20329.200
TOTAL	57770.000	35658.100
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5016.200	3562.500
(ii) Intangible Assets	74.900	18.800
(iii) Capital work-in-progress	85.500	42.400
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	1093.600	767.900
(e) Other Non-current assets	151.900	113.700
Total Non-Current Assets	6422.100	4505.300
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	14285.900	8940.000
(c) Trade receivables	13578.200	6784.900
(d) Cash and cash equivalents	10213.600	4164.500
(e) Short-term loans and advances	3736.700	1276.900
(f) Other current assets	9533.500	9986.500
Total Current Assets	51347.900	31152.800
TOTAL	57770.000	35658.100

PROFIT & LOSS ACCOUNT– (CONSOLIDATED)

	PARTICULARS	31.03.2016	31.03.2015
	SALES
	Income	68343.600	41060.600
	Other Income	139.200	827.700
	TOTAL	68482.800	41888.300
Less	EXPENSES
	Cost of Materials Consumed	36445.500	23511.900
	Purchases of Stock-in-Trade	16307.200	9527.600
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(1160.200)	121.700
	Employees benefits expense	1832.700	1126.400
	Other expenses	6831.200	4459.100
	TOTAL	60256.400	38746.700
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	8226.400	3141.600
Less	FINANCIAL EXPENSES	532.700	821.900
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	7693.700	2319.700
Less/ Add	DEPRECIATION/ AMORTISATION	759.500	747.500
	PROFIT/ (LOSS) BEFORE TAX	6934.200	1572.200
Less	TAX	1767.800	(50.500)
	TOTAL PROFIT (LOSS) FOR PERIOD FROM CONTINUING OPERATIONS	5166.400	1622.700
	Profit (loss) of minority interest	0.000	(0.500)
	Share of profit (loss) of associates	(7.900)	0.000
	TOTAL PROFIT (LOSS) FOR PERIOD	5158.500	1622.200
	Earnings / (Loss) Per Share (INR)	3.65	1.15

LOCAL AGENCY FURTHER INFORMATION

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

FINANCIAL RESULTS

The Company’s financial performance for the year along with previous year’s figures, are given hereunder: Particulars for the Year ended 31st March, 2016 (Amount in Million) Particulars For the year ended 31st March, 2016 For the year ended 31st March, 2015 Total Income 68482.700 Million, 41887.900 Million, Net Profit before Tax 6939.400 Million 1588.600 Million, Profit after Tax 5171.600 Million, 1639.100 Million. Earnings per share (Basic) (in INR) 3.66 1.16 Earnings per Share (Diluted) (in INR) 3.66 1.16

REVIEW OF BUSINESS OPERATIONS AND FUTURE PROSPECTS

The Directors wish to present the details of business operations carried out during the year:

Production

During the year, the Company produced 1054MW of nacelles comprising the models of G9X, G5X and G114 with 548 Nacelles, 548 Towers and 544sets of rotors.

The Company developed additional suppliers for Tower steel, Tower internals and Tower manufacturing in line with the increased capacity requirements.

During the year, the Company has increased in-house blade manufacturing capacity by adding 3 additional lines at Halolto meet future business requirements.

The Company has also identified land near Nellore, Andhra Pradesh for the purpose of setting up integrated plant to meet the future capacity requirements. The Company is able to secure concession from Government of Andhra Pradesh for the proposed investment which in the 1st phase involves setting up of 2 lines of G114 blade to help cater to the requirements in the South India.

Company has successfully entered into second year of launching TQM initiative with a target to achieve the first ever TQM certification in the Wind Industry by 2018.

Commissioning

The Company during the year has commissioned 1,064 Mw of wind turbine generators. Further the Company has commissioned 63 Mw relating to Solar Modules. Gamesa retained the number one for the third consecutive year.

Sales

The company for the first time crossed 1GW installations in one year (FY-16), which is a remarkable feat. With a strong market outlook and increased economic activity, the Company is well poised to achieve even greater heights during FY 2016-17. The beginning quarter of FY 2016-17 has been positive with strong order book extending supplies till Dec 2017.

Marketing and Market environment

The market continues to exhibit strong growth pattern in tune with the last year. Although, demand has been high and a favorable politico-economic environment continues to exist for Renewable Energy, recent downward tariff revision especially in MP proves to be a hindrance. While the Independent Power Producers has been aggressively scaling operations and placing orders, the Industrial Segment has also witnessed a growth due to the reinstatement of Accelerated Depreciation. Also, the fact that the GBI is expiring in FY 2017 has made many IPPs deploy more installation ever than before.

There have been 2 key market trends:

Policy Impetus: The Central Government has taken significant initiatives to promote Renewable Energy in the country. This is creating a lot of interest among overseas investors who have actively invested in various Indian Independent Power Producers (IPPs) and Government Projects. All this is leading to a greater demand. Further, several states such as Andhra Pradesh, Rajasthan and Tamil Nadu have attractive tariffs which is leading to large scale concentration of investments in projects in these regions.

The recently unveiled wind-hybrid solar policy (10 GW by 2022), repowering (1.2 GW) and wind auction (1 GW) are further expected to boost the demand in the near term, although the real impact of the initiatives is likely to be felt in the next 2-3 years as the entire eco-system especially financial sector is aligned with the growth objectives.

Moreover, Power is predominantly a state subject and not all states have been proactive in resolving issues related to Land Acquisition, Permits, Grid Interconnection and Power Purchase Agreements. Although, the recently introduced UDAY scheme aimed at reviving ailing DISCOMs has received considerable support from the states with about 20 states joining the scheme – the actual success will depend on the utilities’ ability to reduce losses and increase tariffs.

The Central Government has also decided to reduce the Accelerated Depreciation to 40% from the current 80% from FY2017-18 and also withdraw the Tax holiday under the Section 80IA from the same fiscal. The extension of Generation Based Incentive is not yet certain and certain sections of the industry donot expect this to be renewed.

These factors are likely to have some impact on the returns of their customers, it is the uncertainty of the policy in some states like Maharashtra and MP, which is a cause of concern.

Despite these challenges, the sector is poised to grow around 7000 MW/year in 3-4 years’ time.

Investments: The sector has received large scale investments from Global PE and Infrastructure funds besides Indian Corporates in 2015. This has resulted in the rapid growth of IPPs despite the fact the Depreciation Based investment dried up when the benefit was withdrawn in 2012. Now they are witnessing a scenario where some of these IPPs are being acquired by leading Global Utilities. This indicates the maturing of the industry, which will result in long term sustainable growth and not short term growth driven by PE funds.

Further, The Debt market has also evolved to meet the requirements of the sector. Banks, Financial Institutions and even IPPs are exploring the bonds market. Infact there were a couple of Green Bond issues this year. NTPC and along with a few other banks and IPPs will tap the bond market this year to side step the pressure on commercial lending and take advantage of the falling interest rates. Over the industry is expected to raise debt at lower cost and for longer tenors. They are also likely to see Infrastructure Debt Funds taking an active role in refinancing of some of the Debt in the sector which was initially provided by the Commercial Banks.

UNSECURED LOAN

UNSECURED LOAN	31.03.2016 (INR in Million)	31.03.2015 (INR in Million)
Long-term Borrowings
Foreign currency term loans from banks	391.800	468.500
Rupee term loans from others	1152.900	1152.900
Short-term borrowings
Other loans and advances, others	138.800	590.700
Total	1683.500	2212.100

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

• Land
• Buildings
• Office building
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Computer equipments
• Factory equipments

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	INR
US Dollar	1	INR 65.12
UK Pound	1	INR 92.51
Euro	1	INR 80.58

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	NYT
Report Prepared by :	SUJ

SCORE FACTORS

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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.