MIRA INFORM REPORT

Report Date :

25.08.2011

IDENTIFICATION DETAILS

Name :	SUZLON INFRASTRUCTURE SERVICES LIMITED (w.e.f. 30.03.2007)
Formerly Known As :	SUZLON WINDFARM SERVICES LIMITED
Registered Office :	One Earth, Hadapsar, Pune – 411 028, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	27.07.1998
Com. Reg. No.:	25-016515
Capital Investment / Paid-up Capital :	Rs.1420.000 millions
CIN No.: [Company Identification No.]	U40108PN1998PLC016515
TAN No.: [Tax Deduction & Collection Account No.]	PNES07043B
PAN No.: [Permanent Account No.]	AADCS0451M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Windmill Products.
No. of Employees :	4000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (36)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 10543000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a well established company having moderate track records. The company has successful in wiping off the accumulated losses of previous years. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre 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.

INFORMATION PARTED BY

Name :	Mr. Kaushik
Designation :	Accounts Executive
Date :	24.08.2011

LOCATIONS

Registered Office/ Factory :	One Earth, Hadapsar, Pune – 411 028, Maharashtra, India
Tel. No.:	91-20-40122000
Fax No.:	91-20-40122100/ 200
E-Mail :	mca@suzlon.com kaushik@suzlon.com
Website :	www.suzlon.com
Location :	Owned
Branch Office :	Located at: v Chennai v Kolhapur

DIRECTORS

As on 25.09.2010

Name :	Mr. Amarsinh Abhaysinh Parmar
Designation :	Director
Address :	Plot No.36, ACACIA – I, Magarpatta City, Hadapsar, Pune – 411 028, Maharashtra, India
Date of Birth/Age :	15.05.1950
Date of Appointment :	31.12.1999
DIN No.:	00028602
Name :	Mr. Vinod Ranchhodbhai Tanti
Designation :	Director
Address :	A-901, Silver Woods, Mundhwa, Pune – 411 036, Maharashtra, India
Date of Birth/Age :	29.06.1962
Date of Appointment :	14.04.2004
DIN No.:	00002266
Name :	Mr. Ranjitsinh Abhaysinh Parmar
Designation :	Director
Address :	Plot No.27A, ACACIA – I, Magarpatta City, Hadapsar, Pune – 411 028, Maharashtra, India
Date of Birth/Age :	26.08.1955
Date of Appointment :	01.04.2007
DIN No.:	00002613
Name :	Mr. Balrajsinh Abhaysinh Parmar
Designation :	Director
Address :	Plot No.27B, ACACIA – I, Magarpatta City, Hadapsar, Pune – 411 028, Maharashtra, India
Date of Birth/Age :	28.05.1957
Date of Appointment :	01.07.2005
Date of Ceasing :	01.03.2010
DIN No.:	00002276

KEY EXECUTIVES

Name :	Mr. Kaushik
Designation :	Accounts Executive
Name :	Ms. Sharvari Shantaram Kashalikar
Designation :	Secretary
Address :	B-3, Flat No.11, Ganesh Complex, Manik Baug, Sinhagad Road, Pune – 411 051, Maharashtra, India
Date of Birth/Age :	04.04.1979
Date of Appointment :	01.11.2008
PAN No.:	ARGPK9744C
Name :	Mr. Vinodkumar Pandya
Designation :	Senior General Manager C to C
Date of Birth/Age :	59 Years
Qualification :	B.E Mechanical
Experience :	26 Years
Date of Appointment :	07.08.1999
Name :	Mr. Anilbhai Jasani
Designation :	Senior General Manager - PE
Date of Birth/Age :	62 Years
Qualification :	Diploma Electrical, Diploma Mechanical
Experience :	12 Years
Date of Appointment :	01.04.2000
Name :	Mr. Anil Gagvani
Designation :	Head OMS-India Business (Senior General Manager)
Date of Birth/Age :	43 Years
Qualification :	P.G. Diploma Management, Diploma Electronics, B.E Electronics
Experience :	23 Years
Date of Appointment :	01.02.2002
Name :	Mr. Nilesh Dhanani
Designation :	Deputy Business Head C to C
Date of Birth/Age :	38 Years
Qualification :	B.COM
Experience :	20 Years
Date of Appointment :	01.05.2004
Name :	Mr. Prakash Vora
Designation :	General Manager - Engineering
Date of Birth/Age :	48 Years
Qualification :	B.E.(Electrical), ICWA (Inter)
Experience :	26 Years
Date of Appointment :	29.04.2004
Name :	K. Chandrasekhar
Designation :	General Manager - Finance and Accounts
Date of Birth/Age :	46 Years
Qualification :	B.Com, CA, CWA
Experience :	22 Years
Date of Appointment :	29.09.2006
Name :	Mr. Bhavesh N. Chandaria
Designation :	General Manager - HR
Date of Birth/Age :	36 Years
Qualification :	Diploma Business Management, P.G. Diploma Psychology, Master's Degree Management, Certification Education, Bachelor's Degree Commerce
Experience :	18 Years
Date of Appointment :	18.06.2007
Name :	Mr. Dinesh Kumar Gupta
Designation :	General Manager - Finance and Accounts
Date of Birth/Age :	42 Years
Qualification :	B.Com, CA
Experience :	19 Years
Date of Appointment :	19.07.2007
Name :	Atulkumar S. Shah
Designation :	Business Head -Concept to Commissioning
Date of Birth/Age :	61 Years
Qualification :	B.E Electrical, Diploma Materials, M.Tech Electrical
Experience :	38 Years
Date of Appointment :	13.08.2007
Name :	Mr. Suresh R. Pillai
Designation :	Senior General Manager – Wind Resource
Date of Birth/Age :	41 Years
Qualification :	B. Tech Mechanical
Experience :	20 Years
Date of Appointment :	07.12.2007
Name :	Mr. Harshvardhan Bhatnagar
Designation :	Vice President - Offshore Projects Development
Date of Birth/Age :	51 Years
Qualification :	B.E Civil, M.B.A Marketing
Experience :	30 Years
Date of Appointment :	01.04.2008
Name :	Mr. Pradeep K. Bansal
Designation :	Vice President – Quality
Date of Birth/Age :	56 Years
Qualification :	BE (Mechanical)
Experience :	38 Years
Date of Appointment :	19.10.2005
Date of Leaving :	06.06.2009
Name :	Mr. Hitendra R. Jasani
Designation :	Head – Transformer
Date of Birth/Age :	50 Years
Qualification :	BE (Electrical), MMM (Marketing Management)
Experience :	28 Years
Date of Appointment :	16.01.2006
Date of Leaving :	08.07.2009
Name :	Mr. Madhav Kekane
Designation :	Vice President – HR and Admin
Date of Birth/Age :	57 Years
Qualification :	MPM, LLB
Experience :	28 Years
Date of Appointment :	05.12.2007
Date of Leaving :	17.07.2009
Name :	Mr. Rohit Modi
Designation :	President – India Business
Date of Birth/Age :	47 Years
Qualification :	MA Economic
Experience :	24 Years
Date of Appointment :	02.04.2008
Date of Leaving :	31.05.2009

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.09.2010

Names of Shareholders (Equity Shares)	No. of Shares
Suzlon Energy Limited, India	22999400
Girish R. Tanti jointly with Suzlon Energy Limited, India	100
Tulsi R. Tanti jointly with Suzlon Energy Limited, India	100
Vinod R. Tanti jointly with Suzlon Energy Limited, India	100
Jitendra R. Tanti jointly with Suzlon Energy Limited, India	100
Gita T. Tanti jointly with Suzlon Energy Limited, India	100
Sangita V. Tanti jointly with Suzlon Energy Limited, India	100
Total	23000000

Names of Shareholders (Preference Shares)	No. of Shares
Suzlon Energy Limited, India	9400000
Total	9400000

As on 25.09.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Windmill Products.

Products :

Item Code No. (ITC Code)	Not Applicable
Product Description	Project Execution of Windmills
Item Code No. (ITC Code)	Not Applicable
Product Description	Operation and Maintenance of Windmills
Item Code No. (ITC Code)	85042200
Product Description	Manufacture, Trading and Sale of Transformers

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Installed Capacity (Nos.)	Actual Production (Nos.)
Transformer	NIL *	121

The installed capacity is as determined by the management and relied upon by the auditors.

* During the year the company has changed its mode of operation from manufacturing to trading of transformers and in consequent thereto has transferred the ownership of transformer manufacturing division to SE Electricals Limited (fellow subsidiary) under Business Transfer Agreement dated September 21, 2009 w.e.f. October 01, 2009.

GENERAL INFORMATION

Customers :

Wholesalers and Manufacturer

No. of Employees :

4000 (Approximately)

Bankers :

v State Bank of India

v The Saraswat Co-Operative Bank Limited

v Axis Bank Limited

v HDFC Bank Limited

v YES Bank Limited

v Bank of India, Kolhapur Branch

v Bank of Baroda, Kolhapur Branch

v Industrial Development Bank of India Limited, IDBI Tower WTC Complex, Cuffe Parade, Mumbai – 400 005, Maharashtra, India

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
A. Term Loans
From Banks [Term loans secured by a first charge on all present end future movable and immovable assets (excluding certain identified assets) as well as current assets of the SuzIon Entities and also by pledge of shares of certain subsidiaries the holding Company.]	325.067	50.833
From Financial Institutions (Secured by way of first charge on WTG Assets and land at Jaisalmer and Tirupati and ail receivables out of the Income generated from above and personal guarantee of Directors and corporate guarantee of Suzlon Energy Limited.)	17.008	48.575
B. Working Capital Facilities from Banks [Working capital facilities secured by a first charge on all present and future movable and immovable assets (excluding certain identified assets) as well as current assets of the Suzlon Entities and also by pledge d shares of certain subsidiaries of the holding Company.]	1462.090	1602.349
Total	1804.165	1701.757

Note:

Suzlon Energy Limited ('SEL') along with some of its Indian subsidiaries and the Company, collectively referred as "Suzlon Entities", have jointly executed a debt Consolidation and Refinancing Arrangement (the 'Arrangement') on February 5, 2010 with a consortium comprising of various banks and financial institutions ('Consortium') lead by the State Bank of India as the Facility Agent and SBI Cap Trustee Company Limited as the Security Trustee.

As per the Arrangement, the Consortium has sanctioned a consolidated loan amount and based on business requirements, the Company has availed various facilities of rupee term loans. fund based working capital facilities and non-fund based working capital facilities. The Arrangement also covers the earlier sanctioned loans, which have either been continued or converted into a new loan facility, as the case may be.

Company has incurred an amount of approximately Rs.31.171 millions, as consultancy and processing charges in regard to the Arrangement, the cost of which will be amortised over the tenure of respective facilities.

Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Short Term
a. From Financial Institutions	250.000	0.000
b. From Other than Banks (From Suzlon Energy Limited)	0.000	938.200
Total	250.000	938.200

Banking Relations :	--
Financial Institutions :	v SBICAP Trustee Company Limited, 202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai – 400 005, Maharashtra, India v Indian Renewable Energy Development Agency Limited, Core-4A, East Court, 1^st Floor, India Habitat Centre, Lodi Road, New Delhi – 110 003, India
Auditors :
Name :	SNK and Company Chartered Accountants
Address :	E-2-B, The Fifth Avenue, Dhole Patil Road, Near Regency Hotel, Pune – 411 001, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAJFS8455L
Name :	S.R. Batliboi and Company Chartered Accountants
Address :	C-401, Fourth Floor, Panchshil Tech Park, CTS No.2175, Yerwada (Near Don Bosco School), Pune – 411 006, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AALFS0506L
Holding Company :	Suzlon Energy Limited CIN No.: L40100GJ1995PLC025447 Address: “Suzlon”, 5, Shrimali Society, Near Shri Krishna Complex, Navrangpura, Ahmedabad – 380 009, Gujarat, India
Subsidiaries :	SISL Green Infra Limited CIN No.: U70101GJ2004PLC044948
Fellow Subsidiaries :	v Suzlon Towers and Structures Limited v Suzlon Engitech Limited v SE Electricals Limited v Suzlon Generators Limited v Suzlon Structures Limited v Suzlon Power infrastructure Limited v Suzlon Gujarat Windpark Limited v SE Drive Technik GmbH

CAPITAL STRUCTURE

As on 25.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
23000000	Equity Shares	Rs.10/- each	Rs.230.000 millions
20900000	Preference Shares	Rs.100/- each	Rs.2090.000 millions
	Total		Rs.2320.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
23000000	Equity Shares	Rs.10/- each	Rs.230.000 millions
9400000	Preference Shares	Rs.100/- each	Rs.940.000 millions
			Rs.1170.000 millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
23000000	Equity Shares	Rs.10/- each	Rs.230.000 millions
20900000	Preference Shares	Rs.100/- each	Rs.2090.000 millions
	Total		Rs.2320.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
23000000	Equity Shares	Rs.10/- each	Rs.230.000 millions
900000	10% Cumulative Redeemable Preference Shares	Rs.100/- each	Rs.90.000 millions
5000000	1% Cumulative Redeemable Preference Shares	Rs.100/- each	Rs.500.000 millions
6000000	7% Optionally Convertible Cumulative Redeemable Preference Shares	Rs.100/- each	Rs.600.000 millions
			Rs.1420.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		1420.000	1420.000	820.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1215.840	900.000	900.000
4] (Accumulated Losses)		0.000	(254.805)	(285.169)
NETWORTH		2635.840	2065.195	1434.831
LOAN FUNDS
1] Secured Loans		1804.165	1701.757	1191.400
2] Unsecured Loans		250.000	938.200	260.000
TOTAL BORROWING		2054.165	2639.957	1451.400
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		4690.005	4705.152	2886.231
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1088.180	962.572	821.103
Capital work-in-progress		55.540	48.344	136.528
INVESTMENT		0.525	0.025	0.221
DEFERREX TAX ASSETS		0.440	85.112	127.087
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2120.400	3434.727	3398.770
	Sundry Debtors	4270.029	2661.838	1633.985
	Cash & Bank Balances	565.386	173.185	86.446
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1573.128	1622.176	485.647
Total Current Assets		8528.943	7891.926	5604.848
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3353.438	3006.723	2918.705
	Other Current Liabilities	1443.422	1173.835	832.002
	Provisions	186.763	102.269	52.849
Total Current Liabilities		4983.623	4282.827	3803.556
Net Current Assets		3545.320	3609.099	1801.292
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		4690.005	4705.152	2886.231

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Net Sales	11052.827	10263.550	10386.736
		Other Income	67.411	51.972	8.541
		TOTAL (A)	11120.238	10315.522	10395.277
Less	EXPENSES
		Cost of Products and Services	7642.214	7779.385	8671.228
		Operating and Other Expenses	1299.236	1054.057	1187.353
		Employee Remuneration and Benefits	890.480	892.573	844.370
		TOTAL (B)	9831.930	9726.015	10702.951
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1288.308	589.507	(307.674)
Less	FINANCIAL EXPENSES (D)		240.627	306.233	149.031
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1047.681	283.274	(456.705)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		178.164	189.031	132.863
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		869.517	94.243	(589.568)
Less	TAX (H)		298.872	63.879	(169.930)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		570.645	30.364	(419.638)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(254.805)	(285.169)	134.469
	BALANCE CARRIED TO THE B/S		315.840	(254.805)	(285.169)
	IMPORTS
		Components & Spares	103.023	166.330	294.295
		Capital Goods	0.000	0.000	14.314
	TOTAL IMPORTS		103.023	166.330	308.609
	Earnings/ (Loss) Per Share (Rs.)		21.96	(0.15)	(19.25)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	5.13	0.29	(4.04)
Net Profit Margin (PBT/Sales)	(%)	7.87	0.92	(5.68)
Return on Total Assets (PBT/Total Assets}	(%)	9.04	1.07	(9.17)
Return on Investment (ROI) (PBT/Networth)		0.33	0.05	(0.41)
Debt Equity Ratio (Total Liability/Networth)		2.67	3.35	3.66
Current Ratio (Current Asset/Current Liability)		1.71	1.84	1.47

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Sundry Creditors
(a) Total outstanding dues to Micro, Small and Medium Enterprises	33.344	75.874	2.535
(b) Total outstanding dues of creditors other than Micro, Small and Medium Enterprises	3320.094	2930.849	2916.170
Total	3353.438	3006.723	2918.705

Note:

The registered office of the company has been shifted from Godrej Millennium, 5^th Floor, 9, Koregaon Park Road, Pune – 411 001, Maharashtra to the present address w.e.f. 10.02.2010.

NATURE OF OPERATIONS:

The Company is primarily engaged in the erection, installation and commissioning (Project Execution) and operation and maintenance (O and M) activities of wind turbine generators (WTGs). The company is also engaged in power generation, manufacturing and trading of transformers used in WTG's and Wind Resource related activities.

OPERATIONS REVIEW:

During the year the Company achieved sale of Rs.11052.827 millions as against Rs.10263.550 millions in the previous year. Net Profit after tax stood at Rs.570.645 millions as compared to net profit after tax of Rs.30.364 millions in the previous year.

OPERATION AND MAINTENANCE ACTIVITY:

The Business of the Company is continuing on its path and rapid growth. The number of Wind Turbine Generators (WTGs) maintained by the Company during the year 2009-10 were 4893 (Previous Year-4334). The customers of the Company are having long term contracts for operation and maintenance of the WTGs. With a full fledged set-up at various O and M centres, the Company has been able to provide excellent services to its customers by enhancing machine availability.

ERECTION AND COMMISSIONING ACTIVITY AND MANUFACTURING AND SALE OF TRANSFORMERS:

The Company having embarked upon the additional business activities w.e.f. 1^st April 2007 pertaining to infrastructure development including but not limiting to civil construction, erection, installation and commissioning of WTGs and business of trading and manufacturing of Transformer in addition to its existing business activities of operation and maintenance of WTGs, has continued its growth during the year. During the year the Company has commissioned 559 WTGs all over India.

The Company is expected to continue the growth momentum in its business.

FORM 8:

Corporate identity number of the company	U40108PN1998PLC016515
Name of the company	SUZLON INFRASTRUCTURE SERVICES LIMITED
Address of the registered office or of the principal place of business in India of the company	One Earth, Hadapsar, Pune – 411 028, Maharashtra, India E-Mail: mca@suzlon.com
This form is for	Modification of charge
Charge identification number of the modified	10207981
Type of charge	Immovable Property Any interest in immovable property Others (Description of Properties)
Particular of charge holder	CIN No.: U65991MH2005PLC158386 SBICAP Trustee Company Limited, 202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai – 400 005, Maharashtra, India E-Mail: corporate@sbicaptrustee.com
Nature of description of the instrument creating or modifying the charge	Indenture of Mortgage dated 30^th November 2010 executed between the Company and the Security Trustee, acting for the benefit of the Lenders.
Date of instrument Creating the charge	30.11.2010
Amount secured by the charge	Rs.153468.345 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Terms of Repayment: Working Capital Facility - (a) Fund based - repayable on demand subject to a moratorium of 24 months; (b) Non-fund based - repayable on demand. Corporate Guarantee for securing Foreign Currency Facility - 30^th September 2015 LOC Facility - stands terminated once the Financial Assistance of USD 465 Million by SBI, BOI and BOB stands repaid, which date would be on or before 30^th September 2014 Margin: (A) FB Working Capital Facility - (1) Raw materials (domestic/imported) - 25%, (2) SIP/FG/Stores, Spares - 25%, (3) Domestic Receivables - 25%, Cover Period - 150 days for the first year and 135 days for second year onwards, (4) Export receivables - 10%, Cover Period - 240 days for first year and 210 days for second year onwards, (5) EPC/PCFC - 10% of the FOB value of order; (B) NFB Working Capital Facility - 5%; (C) Term Loan - Nil; (D) Corporate Guarantee - Nil; (E) LOC Facility - Nil. Extent and Operation of the charge: First charge on a pari passu basis has been created in favour of the Trustee over the assets.
Short particulars of the property charged	All the rights, title, interest and benefit in all and singular the beneficial right, title and interest of the Company in respect of all immovable property of the Company All other assets, present and future
Date of latest modification prior to the present modification	29.11.2010
Particulars of the present modification	The Financial Assistance of Rs.153468.345 millions granted by various Lenders, is further secured by charge over property situated in the State of Tamilnadu.

CONTINGENT LIABILITIES NOT PROVIDED FOR:

Particulars	31.03.2010 (Rs. in millions)
Disputed labour cost liabilities	0.173
Disputed service tax liabilities	29.471
Disputed Royalty Liability for Excavation of Major Minerals.	25.946
Disputed infrastructure Development Charges	596.453
Disputed property tax Liability	15.634
Disputed professional tax Liability	1.384
Interest payable under MSMED Act. 2006	9.516
Unpaid dividend on cumulative preference shares (inclusive of taxes) (Outstanding for 2007-08 Rs.11.457 millions, for the year 2008-09 Rs.33.880 millions and for 2009-10 Rs.65.517 millions)	110.854

The Company is a co-guarantor for certain loans granted to fellow subsidiaries and the holding company.

The amount of guaranty attributable to the Company cannot be determined.

FIXED ASSETS:

v Freehold Land

v Leasehold Land

v Plant and Machinery

v Building

v Wind Research and Measuring Equipments

v Wind Mills

v Furniture and Fixtures

v Office Equipments

v Computers

v Vehicles

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 records 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] 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.45.77
UK Pound	1	Rs.75.58
Euro	1	Rs.65.97

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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
TOTAL		36

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.