1. Summary Information

		Country	INDIA
Company Name	SUZLON WIND INTERNATIONAL LIMITED	Principal Name 1	MR. VINOD R. TANTI
Status	SATISFACTORY	Principal Name 2	MR. JITENDRA R. TANTI
		Registration #	08-041191
Street Address	3^RD FLOOR, ANCHORAGE 2, # 100/ 2, RICHMOND ROAD, BANGALORE – 560 025, KARNATAKA
Established Date	12.12.2006	SIC Code	--
Telephone#	91-80-22489620	Business Style 1	MANUFACTURER
Fax #	91-80-22249117	Business Style 2	--
Homepage	http://www.suzlon.com	Product Name 1	NACELLES, HUBS
# of employees	Not Available	Product Name 2	NOSE CONES FOR WIND TURBINE GENERATORS [WTG].
Paid up capital	Rs.2,032,955,000/-	Product Name 3	--
Shareholders	BODIES CORPORATE-100%	Banking	STATE BANK OF INDIA
Public Limited Corp.	NO	Business Period	5 YEARS
IPO	NO	International Ins.	--
Public Enterprise	NO	Rating	Ba (50)
Related Company
Relation	Country	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	19,899,325,000	Current Liabilities	5,369,514,000
Inventories	2,619,897,000	Long-term Liabilities	10,014,424,000
Fixed Assets	1,090,563,000	Other Liabilities	77,078,000
Deferred Assets	0,000	Total Liabilities	15,461,016,000
Invest& other Assets	235,361,000	Retained Earnings	6,351,175,000
		Net Worth	8,384,130,000
Total Assets	23,845,146,000	Total Liab. & Equity	23,845,146,000
Total Assets (Previous Year)	20,123,628,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	8,686,172,000	Net Profit	890,862,000
Sales(Previous yr)	15,930,539,000	Net Profit(Prev.yr)	5,550,400,000

MIRA INFORM REPORT

Report Date :

19.11.2011

IDENTIFICATION DETAILS

Name :	SUZLON WIND INTERNATIONAL LIMITED
Registered Office :	3^rd Floor, Anchorage 2, # 100/2, Richmond Road, Bangalore – 560 025, Karnataka
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	12.12.2006
Com. Reg. No.:	08-041191
Capital Investment / Paid-up Capital :	Rs.2032.955 Millions
CIN No.: [Company Identification No.]	U40108KA2006PLC041191
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the manufacture of Nacelles, Hubs and Nose Cones for Wind Turbine Generators [WTG].
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 33500000
Status :	Satisfactory
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is a subsidiary of Suzlon Energy Limited. It is an established company having satisfactory track. There appears to be some dip in the turnover and profitability of the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. 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 – September 30, 2011

Country Name

Previous Rating (30.06.2011)

Current Rating (30.09.2011)

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

LOCATIONS

Registered Office :	3^rd Floor, Anchorage 2, # 100/ 2, Richmond Road, Bangalore – 560 025, Karnataka, India
Tel. No.:	91-80-22489620
Fax No.:	91-80-22249117
E-Mail :	mca@suzlon.com
Website :	http://www.suzlon.com
Corporate Office 1 :	One Earth, Hadapsar, Pune – 411 028, Maharashtra, India
Corporate Office 2 :	806, Prestige Towers, 100, Residency Road, Bangalore – 560 025, Karnataka, India
Tel. No.:	91-80-22249270
Fax No.:	91-80-22249117
Factory :	Located at : Udupi in the State of Karnataka, India

DIRECTORS

As on 10.09.2011

Name :

Mr. Vinod R. Tanti

Designation :

Director

Address :

A-901, Ssilver Woods, Mundhwa, Pune – 411 036, Maharashtra, India

Date of Birth/Age :

29.06.1962

Date of Appointment :

31.10.2010

DIN :

00002266

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U65910GJ1994PTC022641	TANTI HOLDINGS PRIVATE LIMITED	Director	28/07/1994	28/07/1994	-	Active	NO
2	U40100GJ2000PLC037245	SUZLON TOWERS AND STRUCTURES LIMITED	Director	1/4/2010	25/01/2000	1/11/2010	Amalgamated	NO
3	U40108PN1998PLC016515	SUZLON INFRASTRUCTURE SERVICES LIMITED	Director	1/9/2006	14/04/2004	-	Amalgamated	NO
4	U65993PN2005PTC020371	SURUCHI HOLDINGS PRIVATE LIMITED	Director	4/3/2005	4/3/2005	-	Active	NO
5	U65993PN2005PTC020433	SANMAN HOLDINGS PRIVATE LIMITED	Director	18/03/2005	18/03/2005	-	Amalgamated	NO
6	U45203TZ2004PLC011180	SUZLON POWER INFRASTRUCTURE LIMITED	Director	1/4/2005	1/4/2005	-	Active	NO
7	U29999PN2001PLC016118	SUZLON ENGITECH LIMITED	Director	27/06/2005	27/06/2005	-	Active	NO
8	U70102GJ2006PLC048887	SE ENERGY PARK LIMITED	Director	10/8/2006	10/8/2006	-	Amalgamated	NO
9	U28999KA2006PLC041188	SE COMPOSITES LIMITED	Director	12/12/2006	12/12/2006	-	Active	NO
10	U31108KA2006PLC041190	SE ELECTRICALS LIMITED	Director	12/12/2006	12/12/2006	-	Active	NO
11	U40108KA2006PLC041191	SUZLON WIND INTERNATIONAL LIMITED	Director	31/10/2010	12/12/2006	-	Active	NO
12	U27109GJ2004PLC044170	SUZLON STRUCTURES LIMITED	Director	25/07/2007	1/2/2007	-	Active	NO
13	U31101PN2004PLC019205	SUZLON GENERATORS LIMITED	Director	9/7/2007	2/5/2007	-	Active	NO
14	U27106KA2008PLC045714	SYNEW STEEL LIMITED	Director	24/03/2008	24/03/2008	-	Active	NO
15	U27310GJ2006PLC048563	SE FORGE LIMITED	Director	16/09/2008	1/4/2008	-	Active	NO
16	U40108PN2008PLC131668	SE SOLAR LIMITED	Director	5/9/2009	16/03/2009	-	Active	NO
17	L40100GJ1995PLC025447	SUZLON ENERGY LIMITED	Whole-time director	27/09/2011	1/11/2010	-	Active	NO

Name :

Mr. Jitendra R. Tanti

Designation :

Director

Address :

A-1102, Ssilver Woods, Mundhwa, Pune – 411 036, Maharashtra, India

Date of Birth/Age :

13.04.1964

Date of Appointment :

12.12.2006

DIN :

00002257

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L17119GJ1992PLC017218	SNS TEXTILES LIMITED	Director	15/04/1992	15/04/1992	15/06/2009	Active	NO
2	U55100GJ1997PTC032418	SUGATI BEACH RESORT PRIVATE LIMITED	Director	28/05/1997	28/05/1997	-	Active	NO
3	U29999PN2001PLC016118	SUZLON ENGITECH LIMITED	Director	3/5/2001	3/5/2001	-	Active	NO
4	U40300GJ2001PLC067617	SALENE POWER INFRASTRUCTURE LIMITED	Director	1/2/2007	7/6/2001	-	Active	NO
5	U45202PN1998PLC016516	SYNEFRA ENGINEERING AND CONSTRUCTION LIMITED	Managing director	1/4/2011	1/4/2003	-	Active	NO
6	U31101PN2004PLC019205	SUZLON GENERATORS LIMITED	Director	29/04/2004	29/04/2004	15/05/2007	Active	NO
7	U40108PN1998PLC016515	SUZLON INFRASTRUCTURE SERVICES LIMITED	Director	1/5/2004	1/5/2004	1/4/2007	Amalgamated	NO
8	U45203TZ2004PLC011180	SUZLON POWER INFRASTRUCTURE LIMITED	Director	10/6/2004	10/6/2004	-	Active	NO
9	U65993PN2005PTC020433	SANMAN HOLDINGS PRIVATE LIMITED	Director	18/03/2005	18/03/2005	-	Amalgamated	NO
10	U65993PN2005PTC020434	SAMANVAYA HOLDINGS PRIVATE LIMITED	Director	18/03/2005	18/03/2005	-	Active	NO
11	U27310GJ2006PLC048563	SE FORGE LIMITED	Director	26/06/2006	26/06/2006	1/4/2008	Active	NO
12	U28999KA2006PLC041188	SE COMPOSITES LIMITED	Director	12/12/2006	12/12/2006	-	Active	NO
13	U40108KA2006PLC041191	SUZLON WIND INTERNATIONAL LIMITED	Director	12/12/2006	12/12/2006	-	Active	NO
14	U31108KA2006PLC041190	SE ELECTRICALS LIMITED	Director	12/12/2006	12/12/2006	-	Active	NO
15	U40103GJ2006PTC049608	SIL TRANSMISSION (RAJASTHAN) Private LIMITED	Director	20/12/2006	20/12/2006	-	Active	NO
16	U70109TN2004PLC053389	SHUBH REALTY (SOUTH) LIMITED	Director	13/09/2011	15/03/2011	-	Active	NO

Name :

Mr. Ranjitsinh Abhaysinh Parmar

Designation :

Director

Address :

Plot No.27-A, Acacia – I, Magarpatta City, Hadapsar, Pune – 411 028, Maharashtra, India

Date of Birth/Age :

26.08.1955

Date of Appointment :

01.09.2010

DIN :

00002613

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L17119GJ1992PLC017218	SNS TEXTILES LIMITED	Director	22/05/1996	22/05/1996	-	Active	NO
2	U55100GJ1997PTC032418	SUGATI BEACH RESORT PRIVATE LIMITED	Director	9/8/1999	9/8/1999	-	Active	NO
3	U45202PN1998PLC016516	SYNEFRA ENGINEERING AND CONSTRUCTION LIMITED	Director	1/4/2010	15/12/1999	-	Active	NO
4	U70102GJ2006PLC048887	SE Energy Park Limited	Director	10/8/2006	10/8/2006	-	Amalgamated	NO
5	U40103GJ2006PTC049608	SIL TRANSMISSION (RAJASTHAN) Private LIMITED	Director	20/12/2006	20/12/2006	12/7/2010	Active	NO
6	U40108PN1998PLC016515	SUZLON INFRASTRUCTURE SERVICES LIMITED	Director	1/4/2008	1/4/2007	-	Amalgamated	NO
7	U74900GJ2007NPL052449	SUZLON FOUNDATION	Director	27/12/2007	27/12/2007	-	Active	NO
8	U40108GJ2008PLC053315	SUZLON GREEN POWER LIMITED	Director	24/03/2008	24/03/2008	-	Active	NO
9	U40108RJ2003PLC018430	SAMIRAN UDAIPUR WINDFARMS LIMITED	Director	30/09/2008	18/06/2008	-	Active	NO
10	U40108RJ2003PLC018432	SAMIRAN JAISALMER WINDFARMS LIMITED	Director	30/09/2008	18/06/2008	-	Active	NO
11	U40108RJ2003PLC018429	SAMIRAN JODHPUR WINDFARMS LIMITED	Director	30/09/2008	18/06/2008	-	Active	NO
12	L40108WB2005PLC139595	TECHNO ELECTRIC AND ENGINEERING COMPANY LIMITED	Director	21/08/2008	18/06/2008	3/9/2009	Active	NO
13	U40108WB2005PTC166026	SIMRAN WIND PROJECT PRIVATE LIMITED	Director	20/09/2008	18/06/2008	20/11/2009	Active	NO
14	U31101PN2004PLC019205	SUZLON GENERATORS LIMITED	Director	20/08/2009	8/12/2008	-	Active	NO
15	U61100MH2009FTC191616	SE SHIPPING INDIA PRIVATE LIMITED	Director	20/09/2010	25/06/2009	-	Active	NO
16	U40108TZ2009PTC015375	PUJAA SHREE GREEN POWER PRIVATE LIMITED	Director	21/08/2009	21/08/2009	22/02/2010	Active	NO
17	U40108GJ2004PLC044409	SUZLON GUJARAT WIND PARK LIMITED	Director	30/09/2010	4/9/2009	-	Active	NO
18	U61200MH2009FTC196196	SE FREIGHT AND LOGISTICS INDIA PRIVATE LIMITED	Director	1/10/2009	1/10/2009	-	Active	NO
19	U67190KA2009PTC051891	AZURE CAPITAL ADVISORS PRIVATE LIMITED	Director	29/09/2010	19/02/2010	-	Active	NO
20	U28999KA2006PLC041188	SE COMPOSITES LIMITED	Director	1/9/2010	1/4/2010	-	Active	NO
21	U40108KA2006PLC041191	SUZLON WIND INTERNATIONAL LIMITED	Director	1/9/2010	1/4/2010	-	Active	NO
22	U27109GJ2004PLC044170	SUZLON STRUCTURES LIMITED	Managing director	1/4/2011	1/4/2010	-	Active	NO
23	U40100GJ2000PLC037245	SUZLON TOWERS AND STRUCTURES LIMITED	Director	3/9/2010	1/4/2010	1/11/2010	Amalgamated	NO

KEY EXECUTIVES

Name :	Mr. Mukesh Kumar J. Mantri
Designation :	Secretary
Address :	Mahatma Residency, # 201, Anegundi, 1^st Cross, Mangalore – 575 004, Karnataka, India
Date of Birth/Age :	19.10.1964
Date of Appointment :	01.03.2009
PAN :	ADLPM7741A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 10.09.2011

Names of Shareholders	No. of Equity Shares
Suzlon Energy Limited, India	9999940
Tulsi R. Tanti J/W Suzlon Energy Limited, India	10
Girish R. Tanti J/W Suzlon Energy Limited, India	10
Vinod R. Tanti J/W Suzlon Energy Limited, India	10
Jitendra R. Tanti J/W Suzlon Energy Limited, India	10
Gita T. Tanti J/W Suzlon Energy Limited, India	10
Sangita V. Tanti J/W Suzlon Energy Limited, India	10
Total	10000000

Names of Shareholders	No. of Preference Shares
Suzlon Engery Limited, India	19329550
Total	19329550

As on 10.09.2011

Equity Share Breakup (Percentage of Total Equity)

Category	Percentage of Holding
Bodies Corporate ( not mentioned above)	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the manufacture of Nacelles, Hubs and Nose Cones for Wind Turbine Generators [WTG].

Products :

Product Description	ITC Code
Nacelle Assembly [Wind operated electricity generators]	85023100
Parts of Wind operated electricity generators	85030090
Rotor, Nose Cone, Hub Assembly	3601
Nacell Cover	3601
WTG Assembly	3601

PRODUCTION STATUS [As on 31.03.2010]

Particulars	Actual Production
	In Nos.	In MW’s
Nacelees Assembly [2.1 MW]	147	308.70
Hub Assembly [2.1 MW]	147	308.70

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Dena Bank, Corporate Business Branch, C-10, G- Block, Bandra- Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India

· State Bank of India, Specialised Commercial Branch, 1^st Floor, Neptune Tower Annexe, Gandhigram Ahmedabad-380009, Gujarat, India

· Oriental Bank of Commerce, 917-20/20A, OBC Towers, F.C. Road, Pune – 411004, Maharashtra, India

· HDFC Bank Limited

· State Bank of Patiala

· Bank of Maharashtra

· Bank of India

· Union Bank of India

· Corporation Bank

· Axis Bank Limited

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
A. Term loan from Banks [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 company.]	4550.497	582.431
B. Working capital facilities from Banks
Rupee Loan	1509.017	1268.582
Foreign Currency Loans [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.]	753.852	1679.211
Total	6813.366	3530.224

Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Short Term
- From Banks	0.000	50.468
- From Others	3201.058	1899.711
Total	3201.058	1950.179

Banking Relations :	--
Financial Institutions :	SBICAP Trustee Company Limited, 202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India
Auditors 1 :
Name :	S.R. Batliboi and Company Chartered Accountants
Address :	C-401, Fourth Floor, Panchashil Tech Park, Yerwada, Pune-411006, Maharashtra, India
Pan No.:	AALFS0506L
Auditor 2 :
Name :	SNK and Company Chartered Accountants
Address :	E-2-B, The fifth Avenue, Dhole Patil Road, Near Regency Hotel, Pune-411001, Maharashtra, India
Pan No.:	AAJFS8455L
Holding Company :	Suzlon Energy Limited, India CIN No.: L40100GJ1995PLC025447
Associates/Subsidiaries :	Tanti Holdings Limited U65910GJ1994PLC022641 SE Solar Limited U40108PN2008PLC131668 Suruchi Holdings Private Limited U65993PN2005PTC020371 Sanman Holdings Private Limited U65993PN2005PTC020433 Suzlon Power Infrastructure Private Limited U45203TZ2004PTC011180 Suzlon Engitech Private Limited U29999PN2001PTC016118 SE Engergy Park Limited U70102GJ2006PLC048887 Senergy Global Private Limited U74130MH2004PTC145532 SNS Textiles Limited U17119GJ1992PLC017218 Suzlon Engitech Private Limited U29999PN2001PTC016118 Sarjan Infrastructure Finance Limited U45201MH2001PLC132261 Suzlon Infrastructure Limited U31101PN2004PTC019205 Suzlon Structures Private Limited U27109GJ2004PTC044170 Suzlon Windfarm Services Limited U40108PN1998PLC016515 Amanvaya Holdings Private Limited U65993PN2005PTC020434 Suzlon Generators Private Limited U31101PN2004PTC019205 Suzlon Gujarat Wind Park Limited U40108GJ2004PLC044409 Sugati Holdings Private Limited U65993PN2005PTC020372
Fellow Subsidiaries :	Suzlong Towers and Structures Limited U40100GJ2000PLC037245 SE Forge Limited U27310GJ2006PLC048563 S E Composites Limited (SECL) S E Electricals Limited (SEEL) Suzlon Generator Limited (SGL) Suzlon Energy Partugal Energia Eo Un Lda Suzlon Wind Energy Corporation USA (SWECO) Suzlon Wind Energy A/S (SWEAS) Suzlon Energy Austria Pty, Limited (SEA) Suzlon Energy A/S Suzlon Energia Eolica do Brasil LIda Hansen Transmissions International N.V., Belgium Hansen Wind Energy Drive (China) Company Limited Hansen Drive India Suzlon Infrastructure Services Limited (SISL)
Entity where the Control or Key Management Personnel ('KMP'} exists :	Synefra Engineering and Construction Limited (Formerly Known As Suzlon Infrastructure Limited)

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs.10/- each	Rs.100.000 Millions
20,000,000	Cumulative Redeemable Preference Shares	Rs.100/- each	Rs.2000.000 Millions
	Total		Rs.2100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares (Of the above equity shares 10,000,000 equity shares of Rs.10/- each are held by Suzlon Energy Limited, the holding company and its nominees)	Rs.10/- each	Rs.100.000 Millions
19,329,550	9% Cumulative Redeemable Preference Shares	Rs.100/- each	Rs.1932.955 Millions
	Total		Rs.2032.955 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		2032.955	1182.655	500.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		6351.175	5460.625	0.000
4] (Accumulated Losses)		0.000	0.000	(10.613)
NETWORTH		8384.130	6643.280	489.387
LOAN FUNDS
1] Secured Loans		6813.366	3530.224	0.000
2] Unsecured Loans		3201.058	1950.179	0.000
TOTAL BORROWING		10014.424	5480.403	0.000
DEFERRED TAX LIABILITIES		11.288	13.166	0.000
TOTAL		18409.842	12136.849	489.387
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1090.563	950.403	1.158
Capital work-in-progress		215.916	471.521	553.735
INVESTMENT		19.445	18.445	0.010
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2619.897	2107.012	5.010
	Sundry Debtors	17987.050	15794.946	84.800
	Cash & Bank Balances	1479.554	268.363	79.116
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	432.721	512.938	66.984
Total Current Assets		22519.222	18683.259	235.910
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5302.096	7835.614	300.228
	Other Current Liabilities	67.418	64.140	0.383
	Provisions	65.790	87.025	0.814
Total Current Liabilities		5435.304	7986.779	301.426
Net Current Assets		17083.918	10696.480	(65.516)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		18409.842	12136.849	489.387

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	8686.172	15930.539	84.733
		Other Income	15.938	20.165	0.000
		TOTAL (A)	8702.110	15950.704	84.733
Less	EXPENSES
		Cost of goods sold	4917.534	9012.612	83.251
		Operating and Other Expenses	1794.652	681.895	10.504
		Employees remuneration and benefits	79.842	35.451	0.000
		Exceptional Items	0.000	231.306	0.000
		TOTAL (B)	6792.028	9961.264	93.755
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1910.082	5989.440	(9.022)
Less	FINANCIAL EXPENSES (D)		843.944	325.555	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1066.138	5663.885	(9.022)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		129.884	87.029	0.000
	PROFIT BEFORE TAX (E-F) (G)		936.254	5576.856	(9.022)
Less	TAX (H)		45.392	26.456	0.799
	PROFIT AFTER TAX (G-H) (I)		890.862	5550.400	(9.821)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		5460.625	(10.613)	(0.792)
Less	APPROPRIATIONS
		Dividend on preference shares	0.267	67.663	0.000
		Tax on Dividend	0.045	11.499	0.000
	BALANCE CARRIED TO THE B/S		6351.175	5460.625	(10.613)
	EARNINGS IN FOREIGN CURRENCY
	FOB Value of Export		7260.358	15412.958	NA
	TOTAL EARNINGS		7260.358	15412.958	NA
	IMPORTS
	Raw Materials		3510.561	8731.779	32.771
	Stores & Spares		7.124	18.360	0.000
	Capital Goods		0.000	287.979	55.551
	TOTAL IMPORTS		3517.685	9038.118	88.322
	Earnings Per Share (Rs.)		71.11	547.16	(2.23)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	10.24	34.80	(11.59)
Net Profit Margin (PBT/Sales)	(%)	10.78	35.01	(10.65)
Return on Total Assets (PBT/Total Assets}	(%)	3.97	28.40	(3.81)
Return on Investment (ROI) (PBT/Networth)		0.11	0.84	(0.02)
Debt Equity Ratio (Total Liability/Networth)		1.84	1.20	0.62
Current Ratio (Current Asset/Current Liability)		4.14	2.34	0.78

LOCAL AGENCY FURTHER INFORMATION

Note: The registered office of the company has been shifted from 101-A, 1^st Floor, Prestige Towers, 100, Residency Road, Bangalore – 560 025, Karnataka to the present address w.e.f. 01.11.2010.

Nature of Operations :

Subject is engaged in the manufacture of Nacelles, Hubs and Nose Cones for Wind Turbine Generators [WTG]. The company has set up its manufacturing facilities as ‘Units in Notified SEZ’ at Udupi in the State of Karnataka. The company has obtained an approval from the office of Development Commissioner, Suzlon Infrastructure Special Economic Zone for settling up of the manufacturing facilities as ‘Units in Notified SEZ’ vide letter No. 37/17/2007: SuzlonSEZ/6193 dated September 21, 2007

CONTINGENT LIABILITIES:

Particular	31.03.2010 (Rs. In Millions)	As on 31.03.2009 (Rs. In Millions)
Preference Sham Dividend and tax thereon	179.481	0.000
Import duty	2.152	2.152
Guarantees Given by the company	Note [b]	NA
Others	7.092	0.000

a] The Government of India with a view to curtail the increasing price of steel products Imposed an export duty of 15% from May 2008, on TMT sleet bars used in construction Industry; and the Authorities held that the supplies to Special Economic Zones from Domestic tariff area are to be treated as exports and took the view that such supplies would attract export duty (import, customs duty from SEZ unit holder's perspective}, The Company being art SEZ unit holder, the Government of India has demanded Import customs duty from the Company on the Imports of TMT steel bars for use in the construction of the plant and buildings In the SEZ notified area vide letter F. No. 6/2/2008 -SEZ (pt) dated 30.06.2008, The Company has filed writ petition in the High Courts of Karnataka in this regard for which stay/extension orders have been granted to the Company by the respective High Courts. However if at the time of hearing, the verdict is not in favour of the Company, the Company would have to pay Rs. 2.152 millions as at March 31, 2010,

b] The Company has stood as co- guarantor for certain loans; granted to holding company and fellow subsidiaries.

Bankers Charges Report as per Registry

Corporate identity number of the company	U40108KA2006PLC041191
Name of the company	SUZLON WIND INTERNATIONAL LIMITED
Address of the registered office or of the principal place of business in India of the company	3rd Floor, Anchorage 2, # 100/2, Richmond Road, Bangalore – 560025, Karnataka, India
This form is for	Creation of charge
Type of charge	Book Debts Movable Property Floating Charge Others
Particular of charge holder	Oriental Bank of Commerce, 917-20/20A, OBC Towers, F.C. Road, Pune – 411004, Maharashtra, India Email : bm1088@obc.co.in
Nature of instrument creating charge	Agreement of Hypothecation of Assets dated 14th October 2011.
Date of instrument Creating the charge	14.10.2011
Amount secured by the charge	Rs.3000.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest - Base rate plus 2.5% p.a. payable monthly (floating rate) Terms of Repayment - Repayable on demand Margin - (A) Fund Based Working Capital Facility - (1) Inventory-25%, (2) Domestic Debtors (upto 135 days)-25%, (3) Overseas Debtors (upto 210 days)-10%, (4) Domestic (above 135 days) and Overseas (above 210 days) Debtors-100%; (B) Non Fund Based Working Capital Facility - LC and BG Facility - 5% Extent and Operation of the charge - First charge over the assets of the Company, whose details are securing fund based and non-fund based working capital facilities sanctioned by the Bank
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First pari passu charge on all present and future tangible / intangible movable assets of the Company First pari passu charge on all present and future current assets of the Company First pari passu charge over the Trust and Retention Account Assignment / Charge of all rights, interest, policies, benefits in the material contracts and agreements of the Company

Bankers Charges Report as per Registry

Corporate identity number of the company	U40108KA2006PLC041191
Name of the company	SUZLON WIND INTERNATIONAL LIMITED
Address of the registered office or of the principal place of business in India of the company	3^rd Floor, Anchorage 2, # 100/ 2, Richmond Road, Bangalore – 560 025, Karnataka, India E-Mail: mca@suzlon.com
This form is for	Modification of charge
Charge identification number of the modified	10211310
Type of charge	Uncalled share capital Book Debts Movable Property Floating Charge Goodwill Patent, license under a patent Others (F8 _ Description of Properties)
Particular of charge holder	SBICAP Trustee Company Limited, 202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai – 400 005, Maharashtra, India E-Mail: vishwas.pathak@sbicaps.com
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation dated 12^th May 2010 executed between the Company and the Security Trustee
Date of instrument Creating the charge	12/05/2010
Amount secured by the charge	Rs.133468.345 millions
Brief particulars 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) Rupee Term Loan - As per F8_Repayment Schedule Term Loan. (3) Corporate Guarantee for securing Foreign Currency Facility - 30^th September 2015. Margin: (A) Fund based 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) Non-fund based 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, whose details are as per "F8_Description of Properties", for the benefit of the Lenders, whose details are as mentioned in the Deed of Hypothecation as also as per "List of Lenders" Others: Details of various Facilities are as stated in the Deed of Hypothecation as also as per "F8_Limits"
Short particulars of the property charged	Movable plant and machinery All rights, title, interest, benefit, claims and demands whatsoever of the Company in, to, under and / or in respect of the Material Contracts All the rights, title, interest, benefit, claims and demands whatsoever of the Company in, to, under and / or in respect of the Insurance Contracts All rights, title, interest, benefit, claims and demands whatsoever of the Company's Accounts Current Assets
Particulars of the present modification	The security referred to at point 15 above and as more particularly described in "Annexure to F8_Description of Properties" shall also be the security on pari passu basis for the aggregate financial assistance of Rs.133468.345 millions including the fresh sanction by Dena Bank, EXIM Bank, Saraswat Bank, Citi Bank, Corporation Bank, ICICI, Axis Bank and Power Finance of Rs.730.000 millions, Rs.2000.000 millions, Rs.500.000 millions, Rs.860.000 millions, Rs.700.000 millions, Rs.3500.000 millions, Rs.2900.000 millions and Rs.8270.000 millions respectively.

Corporate identity number of the company	U40108KA2006PLC041191
Name of the company	SUZLON WIND INTERNATIONAL LIMITED
Address of the registered office or of the principal place of business in India of the company	806, Prestige Towers, 100, Residency Road, Bangalore-560025, Karnataka, India
This form is for	Modification of charge
Charge identification	10149076
Type of charge	Immovable property
Particular of charge holder	Dena Bank, Corporate Business Branch, C-10, G- Block, Bandra- Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India E-Mail: psnene@denabank.co.in
Nature of instrument creating charge	No instrument was executed but a joint equitable mortgage was created on 23^rd September 2009 by deposit of title deeds in respect of the company’s immovable properties situated at village Nadsal and Pilimar, Taluka and District Udupi in the State of Karnataka.
Date of instrument Creating the charge	23.09.2009
Amount secured by the charge	Rs.730.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest BPLR-12.75% p. a. Term of Repayment 15 equal quarterly installment commencing from 30^th September 2009 and ending on 31^st March 2013 Margin 50% Extent and operations of the charge The immovable properties of the company situated at village Nadsal and Palimar, Taluka and District Udupi in the State of Karnatak, together with all building and structure thereon shall also be a security on first charge basis for the term loan of Rs.730.000 millions of Dena Bank.
Short particular of the property or asset(s) charged	i. All the immovable properties of the company situated at village Nadsal and Palimar, Taluka and District Udupi in the State of Karnataka and admeasuring about 4.302 Acres and 44.661 Acres of land
Particular of the present modification	Joint Equitable mortgage was created over the immovable properties of the company situated at Village Nadsal and Palimar, Taluka and District Udupi in the State of Karnataka, which shall now also be a security on first charge basis for the due repayment, discharged and redemption by the company to Dena Bank for its term loan of Rs.730.000 millions

Fixed Assets:

· Furniture and Fixture

· Computers

· Office Equipments

· Factory Building

· Land Development

· Plant and Machinery

· 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] 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.50.72
UK Pound	1	Rs.79.88
Euro	1	Rs.68.46

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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.