Our Company was incorporated as 'Indowind Energy Private Limited' on 
 July 19, 1995 vide certificate of incorporation No. 18-32311 of 1995
 issued 
 by the RoC, Tamil Nadu at Chennai. Thereafter, pursuant to the
 provisions of 
 Section 43A of the Companies Act, our Company was converted into
 Public 
 Limited Company on September 30, 1997.
 
 Our Company has been promoted by Mr. K.V. Bala and Subuthi Finance 
 Limited with the main object of developing wind farms on a large
 scale for 
 commercial exploitation, generating energy from Wind Mills, Wind
 Turbines and 
 other Equipment and selling it to State Electric Boards and Corporate
 clients. 
 Our Promoter Mr. K.V. Bala, a B.Tech, MBA having promoted Subuthi
 Finance 
 identified wind energy generation as a sunrise sector and in this
 endeavour, 
 promoted our Company for sale of 'Green Power' to Corporates and
 SEBs. Our 
 Company commenced its commercial operation of generating power on
 September, 
 1995 by setting up 225 KW Wind Electric Generator in Tamil Nadu. Our
 Company 
 has been raising its generation capacity every year and the same has
 since been 
 increased to 16.825 MW. Our Company generated 5.6 lac units of power
 during 
 1995-96 with a PLF of 4.5%, which has been continuously increasing
 and it 
 achieved a production of 283.75 lac units with a PLF of 23.76 %
 during FY 
 2005-06.
 
 We have purchased WEGs from reputed suppliers like NEPC-MICON, 
 VESTAS-RRB, AMTL-Wind World and AWT to avoid dependence on single 
 technology and single manufacturer. We offer 'Green Power' to our
 customers that 
 include SEBs and Corporates. Other than the above we are also into
 the business 
 of providing Operations and Maintenance services for windmills.
 Recently we have 
 also ventured into turnkey projects for erection, installation and
 maintenance of 
 windmills for corporates companies. We have worked continuously to
 strengthen 
 our infrastructure and enhance our presence in this sector. 
 
 We have been selling the power generated to Tamil Nadu Electricity
 Board (TNEB) 
 and various private corporate clients in Karnataka such as Hindustan
 Coca Cola 
 Beverages Private Limited, Karnataka Distilleries Limited, Managalore
 Distilleries 
 Limited, H&R Johnson India Limited, Delphi Automotive Systems Private
 Limited and
 Spicer India Limited. The electricity charges recovered for the
 corporate clients in 
 Karnataka are more than the revenue generated from the sale to SEBs.
 Since the 
 wheeling charges under the new policy are very exorbitant, we have
 decided to sell 
 the power generated from the proposed 9 MW project to KPTCL where the
 realisation 
 per unit is higher as compared to sale to private corporate clients.
 
 For the year ended June 30, 2006, we achieved a turnover and
 profitability of 
 Rs. 2603.41 lacs and Rs. 550.91 lacs respectively. Due to better cost
 management 
 and higher PLF, our Company has been able to maintain a sustainable
 growth. During 
 the period FY 2002 - 2006, our turnover and profitability has grown
 at a CAGR of 
 28.81% and 22.31% respectively.
 
 Our Company had filed its Draft Offer document on two previous
 occasions, with SEBI 
 and Stock Exchanges. We had initially filed our Draft Prospectus with
 SEBI and NSE on 
 September 15, 2003 for a public issue of 25,10,000 Equity Shares of
 Rs. 10/- each at 
 a premium of Rs. 20/- each aggregating to Rs. 753 lacs. NSE, vide its
 letter dated April 
 16, 2004, had given an in-principle approval for listing. In view of
 the changes in capital 
 structure, we withdrew the Draft Prospectus, vide our letter dated
 July 5, 2004.
 
 On the second occasion, we filed a Draft Red Herring Prospectus with
 SEBI and BSE 
 on February 2, 2006 for a public issue of 90,00,000 Equity Shares of
 Rs. 10/- each at a 
 price to be decided through Book Building process. In view of the
 changes in the Project 
 and Capital Structure, we withdrew the Draft Red Herring Prospectus,
 vide our letter 
 dated March 23, 2006. 
 
 Major events in the history of our Company is given below:
 
 Year                Event
 
 1995   * Commenced Business as Private Limited Company
 
            *  Our first Wind Mill commissioned during September 1995
 in Tamil Nadu with the
               capacity of 225 KW.
 
 1998   * Being the front runner to set up wind mill project in the
 state of Karnataka.
 
 2004   * Setup Wind Mill assembly plant in the State of Pondicherry
 
 2005   * Company patented the  Green Power as trade mark during March
 2005
 
            * Obtained Host Country approval for CER (Carbon Emission
 Reduction) and Project
               registered with UNFCCC (No.0277)
 
            * 100th Windmill commissioned at Nettoor - HT SC 1513 on
 25th October
 
 2006   * Signed MOU with Titan Industries for Green Power
 
            * Completed the accounting year with 143 windmills in the
 group & Total group 
              capacity reached 34.74 MW
 
            * First Wind Energy company in India to get Carbon credits
 issued by UNFCCC on 
               24th September