BUSINESS INFORMATION REPORT

1. Summary Information

		Country	India
Company Name	SUZLON TOWERS AND STRUCTURES LIMITED	Principal Name 1	Mr. Harish H. Mehta
Status	Good	Principal Name 2	Mr. Dinesh K. Virani
		Registration #	---
Street Address	“Suzlon”, 5, Shrimali Society, Near Shri Krishna Complex, Navarangpura, Ahmedabad – 380 009, Gujarat
Established Date	25.01.2000	SIC Code	-
Telephone#	91-79-26471100	Business Style 1	Manufacturing
Fax #	91-79-26565540	Business Style 2	Dealing
Homepage	-	Product Name 1	-
# of employees	-	Product Name 2	-
Paid up capital	Rs. 450,000,000/-	Product Name 3	-
Shareholders	Bodies Corporate – 100%	Banking	State Bank of India
Public Limited Corp.	--	Business Period	11 Years
IPO	--	International Ins.	-
Public Enterprise	--	Rating	Ba (52)
Related Company
Relation	Country India	Company Name	CEO
Holding Company	India	Suzlon Energy Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	2,852,453,000	Current Liabilities	894,893,000
Inventories	222,756,000	Long-term Liabilities	1,197,276,000
Fixed Assets	1,991,725,000	Other Liabilities	568,728,000
Deferred Assets	0	Total Liabilities	2,660,897,000
Invest& other Assets	48,000	Retained Earnings	1,956,085,000
		Net Worth	2,406,085,000
Total Assets	5,066,982,000	Total Liab. & Equity	5,066,982,000
Total Assets (Previous Year)	8,267,763,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	5,331,078,000	Net Profit	211,323,000
Sales(Previous yr)	6,706,283,000	Net Profit(Prev.yr)	197,861,000

MIRA INFORM REPORT

Report Date :

12.07.2011

IDENTIFICATION DETAILS

Name :	SUZLON TOWERS AND STRUCTURES LIMITED
Formerly Known As :	SUZLON GREEN POWER LIMITED
Registered Office :	“Suzlon”, 5, Shrimali Society, Near Shri Krishna Complex, Navarangpura, Ahmadabad – 380 009, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	25.01.2000
Com. Reg. No.:	04-037245
Capital Investment / Paid-up Capital :	Rs. 450.000 millions
CIN No.: [Company Identification No.]	U40100GJ2000PLC037245
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturing and Dealing in Towers for WTG's and Setting up of Independent Power Projects.

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 9600000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of Suzlon Energy Limited, India. It is a well established company having fine track. The company is doing well. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	“Suzlon”, 5, Shrimali Society, Near Shri Krishna Complex, Navarangpura, Ahmadabad – 380 009, Gujarat, India
Tel. No.:	91-79-26471100
Fax No.:	91-79-26565540
E-Mail :	mca@suzlon.com

DIRECTORS

AS ON 03.09.2010

Name :	Mr. Harish Himatlal Mehta
Designation :	Whole Time Director
Address :	402, Pushkar Apartments, Opposite Shakti Enclave, Judges Bunglows Road, Bodakdev, Ahmadabad – 380 054, Gujarat, India
Date of Birth/Age :	13.10.1952
Date of Appointment :	01.04.2008
DIN No :	00002753
Name :	Mr. Vinod Ranchhodbhai Tanti
Designation :	Director
Address :	A-901, Silver Woods Mundhwa, Pune – 411036, Maharashtra, India
Date of Birth/Age :	29.06.1962
Date of Appointment :	25.01.2000
DIN No :	00002266
Name :	Mr. Ranjitsinh Abhaysinh Parmar
Designation :	Director
Address :	Plot No.27A, Acacia-I, Magarpatta City, Hadapsar, Pune – 411028, Maharashtra, India
Date of Birth/Age :	26.08.1955
Date of Appointment :	01.04.2010
DIN No :	00002613

KEY EXECUTIVES

Name :	Mr. Shailesh Dhanjibhai Tanti
Designation :	Secretary
Address :	8, Swami Akhand Anand Society, Vibhag 1 Nilkanth Mahadev Road Rana Park, Ahmedabad – 380061, Gujarat, India
Date of Birth/Age :	01.06.1974
Date of Appointment :	01.06.2003
PAN No :	ADKPT0059P

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 03.09.2010

Names of Shareholders	No. of Shares
Suzlon Energy Limited, India	39999400
Tulsi R Tanti J/w. Suzlon Energy Limited	100
Vinod R Tanti J/w. Suzlon Energy Limited	100
Jitendra R Tanti J/w. Suzlon Energy Limited	100
Girish R Tanti J/w. Suzlon Energy Limited	100
Gita T Tanti J/w. Suzlon Energy Limited	100
Sangita V Tanti J/w. Suzlon Energy Limited	100
Total	40000000

AS ON 03.09.2010

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Dealing in Towers for WTG's and Setting up of Independent Power Projects.

Products :

Item Code No. (ITC Code)	73082019
Product Description	Manufacturing and Dealing in Towers for WTG's

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Tubular Towers	Nos.	--	--	122

GENERAL INFORMATION

Bankers :

· State Bank of India

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
- From Bank (Term loans 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 of shares of certain subsidiaries of the holding)	502.904	806.468
- From Others (Loan is secured by way of charge over windmill projects at Rajasthan and sale proceeds of Power generation and corporate guarantee given by Suzlon Energy Limited)	21.373	29.145
Working Capital Facilities
- From Bank
Rupee Loan	672.999	865.727
(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 of shares of certain subsidiaries of the holding company)
Total	1197.276	1701.340
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Long Term
From Other Than Banks
From Body Corporate	0.000	700.000
Total	0.000	700.000

Banking Relations :	--
Financial Institution :	· SBICAP Trustee Company Limited, 202, Maker Tower, ‘E’, Cuffe Parade, Colaba, Mumbai-400005, Maharashtra, India
Auditors :
Name :	SNK and Company Chartered Accountants
Address :	E – 2- B, 4^th Floor, The Fifth Avenue, Dhole Patil Road, Near Regency Hotel, Pune – 411 001, Maharashtra, India
Tel. No.:	91-261-2656273-4/6544791-2/3299540-47
Fax No.:	91-261-2656868
E-Mail :	snk@snkca.com / snk@youtele.com
Holding Company :	Suzlon Energy limited CIN No.: L40100GJ1995PLC025447
Fellow Subsidiaries :	· Suzlon Infrastructure Services Limited · Suzlon Structures Limited · Suzlon Gujarat Windpark Limited · SE Composites Limited · Suzlon Engitech Limited · Suzlon Generators Limited · SE Forge Limited

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
55000000	Equity Shares	Rs.10/- each	Rs. 550.000 Millions
500000	Preference Shares	Rs. 100/- each	Rs. 50.000 millions
	Total		Rs. 600.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
40000000	Equity Shares	Rs.10/- each	Rs. 400.000 Millions
500000	13% Cumulative Redeemable Preference Shares	Rs. 100/- each	Rs. 50.000 millions
	Total		Rs. 450.000 millions

Note: 100% Equity and preference shares held by Suzlon Energy Limited

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		450.000	450.000	450.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1956.085	1744.762	1554.506
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2406.085	2194.762	2004.506
LOAN FUNDS
1] Secured Loans		1197.276	1701.340	1646.752
2] Unsecured Loans		0.000	700.000	250.000
TOTAL BORROWING		1197.276	2401.340	1896.752
DEFERRED TAX LIABILITIES		568.728	507.403	410.755
TOTAL		4172.089	5103.505	4312.013
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1991.725	2056.953	2081.027
Capital work-in-progress		0.000	0.000	23.437
INVESTMENT		0.048	0.048	0.063
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	222.756	1409.828	1617.211
	Sundry Debtors	2127.631	2926.444	1565.032
	Cash & Bank Balances	543.088	76.830	104.413
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	181.734	215.531	89.224
Total Current Assets		3075.209	4628.633	3375.880
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	763.754	1533.022	1083.519
	Other Current Liabilities	96.012	39.365	76.443
	Provisions	35.127	9.742	8.432
Total Current Liabilities		894.893	1582.129	1168.394
Net Current Assets		2180.316	3046.504	2207.486
MISCELLANEOUS EXPENSES		0.0000	0.000	0.000
TOTAL		4172.089	5103.505	4312.013

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales	5331.078	6706.283	7738.013
		Other Income	8.825	76.858	68.726
		TOTAL (A)	5339.903	6783.141	7806.739
Less	EXPENSES
		Cost of Goods Sold	4325.423	5657.183	5941.581
		Operating and Other Expenses	263.428	392.218	480.932
		Employees Remuneration and Benefits	34.336	35.154	30.449
		TOTAL (B)	4623.187	6084.555	6452.962
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		716.716	698.586	1353.777
Less	FINANCIAL EXPENSES (D)		275.023	283.570	290.690
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		441.693	415.016	1063.087
Less/ Add	DEPRECIATION/ AMORTISATION (F)		122.550	118.183	79.291
	PROFIT BEFORE TAX (E-F) (G)		319.143	296.833	983.796
Less	TAX (I)		107.820	98.972	303.873
	PROFIT AFTER TAX (G-I) (J)		211.323	197.861	679.923
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		869.762	679.506	257.188
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	250.000
		Interim Dividend on Preference Shares	0.000	0.000	0.000
		Final Dividend on Preference Shares	0.000	6.500	6.500
		Tax on Dividend	0.000	1.105	1.105
	BALANCE CARRIED TO THE B/S		1081.085	869.762	679.506
	IMPORTS
		Raw Materials	25.226	0.005	0.004
	TOTAL IMPORTS		25.226	0.005	0.004
	Earnings Per Share (Rs.)		5.09	4.76	16.81

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	3.96	2.91	8.71
Net Profit Margin (PBT/Sales)	(%)	5.99	4.42	12.71
Return on Total Assets (PBT/Total Assets}	(%)	6.30	4.31	18.03
Return on Investment (ROI) (PBT/Networth)		0.13	0.13	0.49
Debt Equity Ratio (Total Liability/Networth)		1.11	1.81	1.53
Current Ratio (Current Asset/Current Liability)		3.44	2.92	2.89

LOCAL AGENCY FURTHER INFORMATION

FORM 8

Corporate identity number of the company	U40100GJ2000PLC037245
Name of the company	SUZLON TOWERS AND STRUCTURES LIMITED
Address of the registered office or of the principal place of business in India of the company	Suzlon 5 Shrimali Soc Nr Shri Krishna Complex, Navrangpura, Ahmadabad – 380009, Gujarat, India
This form is for	Modification of charge
Type of charge	· Immovable property · Uncalled Share capital · Any interest in immovable property · Book debts · Movable property (not being pledge) · Floating charge · Others
Particular of charge holder	SBICAP Trustee Company Limited, 202, Maker Tower, ‘E’, Cuffe Parade, Colaba, Mumbai-400005, Maharashtra, India
Nature of instrument creating charge	nture of Mortgage executed on 30th November 2010 for properties situated in Gujarat between the Company and the Security Trustee, Security Trustee acting for the benefit of the Lenders listed
Date of instrument Creating the charge	30.11.2010
Amount secured by the charge	Rs. 133468.345 millions
Brief of the principal terms an conditions and extent and operation of the charge	Terms of repayment (1) Working Capital Facility - (a) Fund based - repayable on demand subject to a moratorium of 24 months; (b) Non fund based - repayable on demand. (2) Corporate Guarantee for securing Foreign Currency Facility - 30th September 2015 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. Extent and operation of the charge First charge on a pari passu basis has been created in favour of the Trustee over the assets, for the benefit of the Lenders, whose details are as mentioned in the Indenture of Mortgage
Short particulars of the property charged (Including location of the property)	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 Movable plant and machinery All rights, title, interest, benefit, claims and demands whatsoever of the Company in, to, under and / or in respect of all the Material Contracts and Insurance Contracts All rights, title, interest, benefit, claims and demands whatsoever of the Company's Accounts Current Assets All other assets, present and future
Charge identification number of the charge to be modified	10208259
Date of instrument modifying the charge	30.11.2010
Particulars of the present modification	The Financial Assistance of Rs.133468.345 millions granted by various Lenders

FIXED ASSETS:

• Land
• Leasehold Land
• Plant and Machinery
• Computer
• Furniture
• Other Office Equipment

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] 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. 44.37
UK Pound	1	Rs. 70.83
Euro	1	Rs. 62.95

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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		52

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.