1.  SHARE CAPITAL
 
 Equity share capital
 
 (i) The Equity share Capital includes 26,207,108 Equity Shares of Rs
 10/- each allotted as fully paid up Bonus shares as follows:-
 
 500,000 Equity Shares in 1997-1998 by capitalization of Reserves
 
 500,000 Equity shares in 1998-1999 by capitalization Share Premium
 
 7,530,000 Equity Shares in 2003-2004 by capitalization of share premium
 issue @ the ratio 1:1
 
 7,530,000 Equity Shares in 2004-2005 by capitalization of share premium
 issue @ the ratio of1:2
 
 1,01,47,108 Equity Shares in 2005-2006 by capitalization of reserves by
 issue @ the ratio of 2:5
 
 (ii) The Equity Share Capital includes 5,037,778 Equity shares of Rs
 10/- each allotted as fully paid up Shares on conversion of Convertible
 Preference Shares as follows:-
 
 120,000 Equity Shares of Rs. 10/- each in 1998-1999 at a premium of
 Rs.490/-
 
 100,000 Equity Shares of Rs.107- each in 2000-2001 at a premium of
 Rs.490/-
 
 2,040,000 Equity Shares of Rs.107- in 2001 - 2002 of which 40,000/-
 shares were issued at a premium of Rs.490/- and 2,000,000/- shares at
 par.
 
 2,777,778 Equity Shares of Rs.10/- in 2004- 2005 at a premium of
 Rs.8/-.
 
 (iii)The Equity Share Capital includes 10,000 Equity Shares allotted as
 fully paid up Shares for
 considerationforLand,issuedduring1999-2000atapremiumofRs.50/-.
 
 (iv)The company, during the year 2005-06, allotted 9,42,000 Equity
 shares at a premium of Rs. 90 per Share to discharge its liability
 against capital goods.
 
 (v) The company, during the year 2007-08, allotted 1,12,84,600 Equity
 shares at a premium of Rs.55 per share through public issue of shares.
 
 (vi)The Company, during the year 2009-10, allotted 20,00,000 Equity
 shares at a premium of Rs. 28.18 per share, by conversion of warrants.
 
 2.  RESERVES AND SURPLUS
 
 Reserves and surplus includes adjustment made in value of certain
 assets in line with their earning potential and reversal of excess
 provision of earlieryears.
 
 3.  SECURED LOANS
 
 a.  Term loan availed from Axis Bank Limited, secured against the motor
 vehicles of the company.  Amount outstanding ason31st March 2011 -Rs.
 2,617,041.
 
 b.  Term loan availed from Kotak Bank Limited, secured against the
 motor vehicles of the company.  Amount outstanding as on 31st March
 2011-Rs.2,659,352.
 
 c.  OCC availed from Bank of India, against the hypothecation of
 stocks. Amount outstanding as on 31st March 2011-Rs.33,250,556.
 
 d.  Term loan from Andhra Bank, Ahmadabad secured by 5 Wegs situate in
 the State Tamil Nadu Outstanding as on 31st March 2011 Rs.35,502,464.
 
 e.  During the year the Company has availed a term loan from India
 Renewable Energy Development Company Limited, Delhi secured by 6 Wegs
 situated in the State of Karnataka Outstanding as on 31st March 2011
 Rs.318,661,090.
 
 4.  CURRENT LIABILITIES
 
 Sundry creditors and trade creditors are subject to confirmation.
 
 5.  FIXED ASSETS
 
 a) Work-in-progress-Agri Division
 
 Fixed assets include Rs. 4,506,507/-spent for the agricultural division
 to be written off over the period of time proportionate to the
 substantial agricultural income that would accrue to the company.
 
 b) Plant & machinery
 
 Plant & Machinery includes revaluation amount of Rs. 6,000,000/- which
 has depreciated to Rs.  3,614,000/-.
 
 c) Guarantee Deposits
 
 The deposits constitute deposits given to owners of the WEGs which are
 maintained by the company. The Company has provided security deposits
 to extent of Rs. 738,984,727 of the owners of windmills and the concern
 windmills are under company''s management.
 
 6.  INVESTMENTS
 
 Investments of Rs. 3,76,15,891/- includes investments made in Indowind
 Power Private Limited for an amount of Rs. 4,25,000/-which is the
 company''s subsidiary.
 
 7.  SUNDRY DEBTORS
 
 Sundry debtors recoverable in cash or in kind are unsecured and are
 subject to confirmation.
 
 8.  LOANS &ADVANCES
 
 Loans and advances includes Trade & Other Advances totaling to Rs.
 520,821,470/- which are unsecured and recoverable in cash or kind and
 are subject to confirmation includes advances to subsidiary company Rs
 55,64,374/-
 
 9. MISCELLANEOUS EXPENSES
 
 This relates to the expenses incurred in connection with Initial public
 offering of Equity shares of the Company and Issue of Foreign Currency
 Convertible Bonds to the extent not written off during the year.
 
 10. RELATED PARTY DISCLOSURE UNDER ACCOUNTING STANDARD-18
 
 The details of related parties as identified by the management are as
 under:
 
 i) Key Management Personnel
 
 ShriBala KV - Chairman
 
 Shri Ravindranath K.S.  - Whole Time Director
 
 Shri Niranjan Jagtap - Director
 
 Shri Jayaraman T R - Director
 
 ii) Associates
 
 Indus Finance Corporation Ltd.  Indonet Global Ltd.  Loyal Credit &
 Investments Ltd.  Subuthi Investments Pvt. Ltd.  Indus Nutri Foods Pvt.
 Ltd.  Bekae Properties Pvt. Ltd.  Bewind Energy Pvt. Ltd.  IndEco
 Ventures Ltd.  RavelloAdvertisingPvt.Ltd.  Soura Capital Pvt Ltd.
 Indus Capital Pvt. Ltd.
 
 iii) Subsidiary
 
 Indowind Power Pvt. Ltd.
 
 11. RELATED PARTY TRANSACTIONS
 
 The Company has identified all related parties and details of
 transactions are given below. No provision for doubtful debts or
 advances is required to be made and no amounts have been written off or
 written back during the year in respect of debts due from or to related
 parties. There are no other related parties where control exists that
 need to be disclosed.
 
 12. FOREIGN CURRENCY CONVERTIBLE BONDS
 
 During the year 2007-2008, the company issued 5 years 2.5% Coupon US$
 denominated Foreign Currency Convertible Bonds (FCCB) aggregating to
 US$ 30 million (INR. 118,47,00,000 as on date of issue) comprising of
 300 US bonds of US $ 1,00,000 each to finance capital expenditure. The
 bond holders have an option of converting these bonds into equity
 shares at an initial conversion price of Rs. 167.11 per share (Face
 value Rs.10 each) with a fixed rate of exchange on conversion of Rs.
 39.405 / US$ at any time prior to close of business on 21st December
 2012, unless redeemed. The FCC Bonds have been restructured with the
 existing Bondholders. Accordingly, the FCCB will be Zero Coupon Bonds
 and will have a 50% mandatory conversion (i.e., US$ 15 million) in to
 ordinary equity shares at a price equilant to the 10 DMA subject to a
 cap of Rs.65/-. and the balance 50% of the Bonds (i.e., US$ 15 million)
 will have the option to convert at the same premium level applicable
 for the mandatory conversion price or redeem @ 106.724 % upon maturity
 on December 21,2012. The Process is under progress for completion
 
 13. PROFIT AND LOSS ACCOUNT
 
 (i) APPROPRIATIONS
 
 No appropriation made during the year with respect to Capital
 Redemption due to change of accounting period from July to June to
 April to March.
 
 (ii) INFORMATION PURSUANTTO THE PROVISIONS OF SCHEDULE VI TO THE
 COMPANIES ACT, 1956.
 
 (b) Projects
 
 Project under implementation - Opening 0. 95 MW
 
 New projects commenced during the year 28.00 MW
 
 Project under implementation - Closing 28.95 MW
 
 (iii) Expenditure in Foreign Currency
 
 - Travel Rs.NIL/- (previous year NIL)
 
 (iv) Remuneration paid to Directors
 
 The company has paid Rs.1,032,837/- by way of remuneration to the whole
 time director.  Sitting fees paid during the year Rs. 105,000/-
 
 (vi) Information with regard to other matters specified in Schedule VI
 of the Companies Act, 1956, are either Nil, or not applicable to the
 Company for the period under Audit.
 
 (vii)Value of imports during the year RsNIL/-( Previous Year NIL)
 
 14. CONTINGENT LIABILITIES
 
 Income Tax demand for the AY 1998-99 is Rs. 2,654,944/- ,for AY 2004-05
 is Rs. 5,38,759 for AY 2006-07 is Rs.10,985,773/- and for the A Y
 2007-08, Rs. 55,63,470/- are under litigation. The company has been
 legally advised that the demand is likely to be deleted or
 substantially reduced.  The company has preferred appeals and the said
 appeals are pending before the appellate authorities.
 
 In the case of Foreign Currency Convertible Bonds, in case of
 redemption at the maturity date i.e 21st December, 2012, the applicable
 forex rate is contingent in nature for which no provision is required
 as perThe Reserve Bankof India''s guidelines.
 
 The company has deposited, with The Hon''ble High Court of Madras, an
 amount of Rs.10.81 Crores in the matter relating to the disputed claims
 of ICICI Bank Limited relating to sale of Wind mills to the company,
 Lease rentals and issues relating to Preference shares are settled.
 Both the parties have raised claims against each other and waiting for
 the final outcome from the competent authorities. Hence no amount is
 quantified. Meanwhile the ICICI Bank Limited has realized around Rs
 6.93 Crores by selling 14,65,899 Equity shares of the company, which
 the company is claiming.
 
 15. IMPAIRMENT LOSS
 
 During the year company recognised an impairment loss of Rs.
 9,33,92,555/- on the Plant & Machinery whose generating ability had
 diminished.
 
 16. SEGMENT INFORMATION
 
 Based on Accounting Standard 17,issued by the Institute of Chartered
 Accountant of India the Company''s primary business segment is wind
 Power generation, project sale, financial income and other income
 
 17. Retirement Benefits
 
 Consist of the following:
 
 Provident Fund Rs 4.29 Lakhs
 
 Employees State Insurance Rs 0.30 Lakhs
 
 19 Previous year''s figures have been regrouped wherever necessary and
 as the company''s current Financials are for 9 months period, the
 current period''s figures are not comparable with previous year''s
 figures.
 
 18 EARNING PER SHARE
 
 Profit After tax Rs. 39,602,512
 
 No. of Shares Rs. 49,741,486
 
 Earning Per share (Annualized) Rs. 0.80