MIRA INFORM REPORT

Report Date :

21.08.2012

IDENTIFICATION DETAILS

Name :	SE ELECTRICALS LIMITED [w.e.f. 30.01.2009]
Formerly Known As :	SUZLON ELECTRICALS INTERNATIONAL LIMITED (w.e.f. 04.03.2008) SUZLON ROTOR INTERNATIONAL LIMITED
Registered Office :	3^rd Floor, Anchorage 2, # 100/2, Richmond Road, Bangalore – 560025, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	12.12.2006
Com. Reg. No.:	08-041190
Capital Investment / Paid-up Capital :	Rs. 959.000 Millions
CIN No.: [Company Identification No.]	U31108KA2006PLC041190
TAN No.: [Tax Deduction & Collection Account No.]	BLRS24691C
PAN No.: [Permanent Account No.]	AAKCS4715P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the manufacture of Generators, Transformers and Control Panels for Wind Turbine Generators (WTGs).
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (35)

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

Maximum Credit Limit :	USD 4400000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is a subsidiary of Suzlon Energy Limited. It is an established company having moderate track records. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct The company can be considered for business dealings with some cautions.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	3^rd Floor, Anchorage 2, # 100/2, Richmond Road, Bangalore – 560025, Karnataka, India
Tel. No.:	91-80-22249270/ 66971900
Fax No.:	91-80-22249117/ 66971919
E-Mail :	mca@suzlon.com
Website :	http://www.suzlon.com
Corporate Office :	Karumathpatti, Generator Unit, Old No.2, Suzlon, Sez A, Coimbatore – 638559, India
Tel. No.:	91-422-2214792
Fax No.:	91-422-2214792

DIRECTORS

AS ON 10.07.2012

Name :

Mr. Amarsinh Abhaysinh Parmar

Designation :

Managing director

Address :

Plot No. 36, Acacia – 1, Magarpatta City, Hadapdar, Pune – 411028, Maharashtra, India

Date of Birth/Age :

15.05.1950

Date of Appointment :

01.09.2010

DIN No.:

00028602

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U40108PN1998PLC016515	SUZLON INFRASTRUCTURE SERVICES LIMITED	Director	01/04/2008	31/12/1999	-	Amalgamated	NO
2	U29999PN2001PLC016118	SUZLON ENGITECH LIMITED	Managing director	01/04/2012	03/05/2001	-	Active	NO
3	U70101PN1997PLC016521	SARJAN REALITIES LIMITED	Director	19/02/2005	19/02/2005	-	Active	NO
4	U40300GJ2001PLC067617	SALENE POWER INFRASTRUCTURE LIMITED	Director	01/04/2005	01/04/2005	-	Active	NO
5	U40108TZ2009PTC015375	PUJAA SHREE GREEN POWER PRIVATE LIMITED	Director	21/08/2009	21/08/2009	22/02/2010	Active	NO
6	U70101GJ2004PLC044948	SISL GREEN INFRA LIMITED	Director	03/09/2010	01/10/2009	-	Active	NO
7	U31108KA2006PLC041190	SE ELECTRICALS LIMITED	Managing director	01/04/2011	01/04/2010	-	Active	NO
8	U70101GJ2002PLC068006	SAMIRAN REALTIES LIMITED	Additional director	01/10/2011	01/10/2011	-	Active	NO

Name :

Mr. Vinod Ranchhodbhai Tanti

Designation :

Director

Address :

A-901, S Silver Woods Mundhwa, Pune – 411036, Maharashtra, India

Date of Birth/Age :

29.06.1962

Date of Appointment :

12.12.2006

DIN No.:

00002266

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP 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	01/04/2010	25/01/2000	01/11/2010	Amalgamated	NO
3	U40108PN1998PLC016515	SUZLON INFRASTRUCTURE SERVICES LIMITED	Director	01/09/2006	14/04/2004	-	Amalgamated	NO
4	U65993PN2005PTC020371	SURUCHI HOLDINGS PRIVATE LIMITED	Director	04/03/2005	04/03/2005	-	Active	NO
5	U65993PN2005PTC020433	SANMAN HOLDINGS PRIVATE LIMITED	Director	18/03/2005	18/03/2005	-	Amalgamated	NO
6	U45203TZ2004PLC011180	SUZLON POWER INFRASTRUCTURE LIMITED	Director	01/04/2005	01/04/2005	-	Active	NO
7	U29999PN2001PLC016118	SUZLON ENGITECH LIMITED	Director	27/06/2005	27/06/2005	-	Active	NO
8	U70102GJ2006PLC048887	SE ENERGY PARK LIMITED	Director	10/08/2006	10/08/2006	-	Amalgamated	NO
9	U40108KA2006PLC041191	SUZLON WIND INTERNATIONAL LIMITED	Director	31/10/2010	12/12/2006	-	Active	NO
10	U31108KA2006PLC041190	SE ELECTRICALS LIMITED	Director	12/12/2006	12/12/2006	-	Active	NO
11	U28999KA2006PLC041188	SE BLADES LIMITED	Director	12/12/2006	12/12/2006	-	Active	NO
12	U27109GJ2004PLC044170	SUZLON STRUCTURES LIMITED	Director	25/07/2007	01/02/2007	-	Active	NO
13	U31101PN2004PLC019205	SUZLON GENERATORS LIMITED	Director	09/07/2007	02/05/2007	-	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	01/04/2008	-	Active	NO
16	U40108PN2008PLC131668	SE SOLAR LIMITED	Director	05/09/2009	16/03/2009	-	Active	NO
17	L40100GJ1995PLC025447	SUZLON ENERGY LIMITED	Director	01/06/2012	01/11/2010	-	Active	NO
18	U29299PN2005PLC021209	REPOWER SYSTEMS INDIA LIMITED	Additional director	23/02/2012	23/02/2012	-	Active	NO
19	U65993PN2005PTC020372	SUGATI HOLDINGS PRIVATE LIMITED	Additional director	01/05/2012	01/05/2012	-	Active	NO

Name :

Mr. Jitendra Ranchhodbhai Tanti

Designation :

Director

Address :

A-1102, S Silver Woods Mundhwa, Pune – 411036, Maharashtra, India

Date of Birth/Age :

13.04.1964

Date of Appointment :

12.12.2006

DIN No.:

00002257

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP 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	03/05/2001	03/05/2001	-	Active	NO
4	U40300GJ2001PLC067617	SALENE POWER INFRASTRUCTURE LIMITED	Director	01/02/2007	07/06/2001	-	Active	NO
5	U45202PN1998PLC016516	SYNEFRA ENGINEERING AND CONSTRUCTION LIMITED	Managing director	01/04/2011	01/04/2003	-	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	01/05/2004	01/05/2004	01/04/2007	Amalgamated	NO
8	U45203TZ2004PLC011180	SUZLON POWER INFRASTRUCTURE LIMITED	Director	10/06/2004	10/06/2004	-	Active	NO
9	U65993PN2005PTC020434	SAMANVAYA HOLDINGS PRIVATE LIMITED	Director	18/03/2005	18/03/2005	-	Active	NO
10	U65993PN2005PTC020433	SANMAN HOLDINGS PRIVATE LIMITED	Director	18/03/2005	18/03/2005	-	Amalgamated	NO
11	U27310GJ2006PLC048563	SE FORGE LIMITED	Director	26/06/2006	26/06/2006	01/04/2008	Active	NO
12	U40108KA2006PLC041191	SUZLON WIND INTERNATIONAL LIMITED	Director	12/12/2006	12/12/2006	20/02/2012	Active	NO
13	U31108KA2006PLC041190	SE ELECTRICALS LIMITED	Director	12/12/2006	12/12/2006	-	Active	NO
14	U28999KA2006PLC041188	SE BLADES LIMITED	Managing director	01/04/2012	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	19/04/2012	Active	NO

KEY EXECUTIVES

Name :	Sharvari Shantaram Kashalikar
Designation :	Secretary
Address :	B-3, Flat No. 11, Ganesh Complex, Manikbaug, Sinhagad Road, Pune – 411051, Maharashtra, India
Date of Birth/Age :	04.04.1979
Date of Appointment :	01.04.2012
PAN No.:	ARGPK9744C

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 10.07.2012

Names of Shareholders	No. of Shares (Equity)
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 Shares (Preference)
Suzlon Energy Limited, India	8590000
Total	8590000

AS ON 10.07.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the manufacture of Generators, Transformers and Control Panels for Wind Turbine Generators (WTGs).

Products :

ITC Code	Product Descriptions
001	Generators 4For WTG
002	Transformers For WTG
003	Control Panels For WTG
004	Hub Panels For WTG

PRODUCTION STATUS AS ON (31.03.2011)

Particulars	Unit	Actual Production
Generators	(Nos.)	270
Control Panel Units	(Nos.)	105
Hub Panel	(Nos.)	111
Transformer	(Nos.)	745

Licensed capacity - The products manufactured and sold by the Company i.e., WTG’s and components have not been included in the list of mandatory items, which require a license under the New Industrial Policy in terms of Notification no. S.O.477 (E) dated 25th July, 1991; and hence, licensing requirements are not applicable to the products manufactured by the Company.

Installed capacity –The installed capacities are not precisely ascertainable, given the nature of operations, changes in product mix and utilisation of manufacturing facilities; and hence, have not been disclosed.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India, Overseas Branch, 3^rd Floor, Amrit Jayanti Bhavan, Navjivan trust Complex, P.O. Navjivan, Ahmedabad – 380014, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term loans banks secured	500.000	0.000
Foreign currency loans others secured	83.215	0.000
Working capital loans banks secured	471.416	201.130
Total	1054.631	201.130
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Other debt unsecured	356.592	832.087
Total	356.592	832.087

Banking Relations :	--
Auditors 1 :
Name :	S.R. Batliboi and Company Chartered Accountants
Address :	C-401, Fourth Floor, Panchshil Tech Park, CTS No.2175, Yerawada (Near Don Bosco School), Pune-41106, Maharashtra, Indias
Income-tax PAN of auditor or auditor's firm :	AALFS0506L
Auditors 2 :
Name :	SNK and Company Chartered Accountants
Address :	E-2-B, The Fifth Avenue, Near Regency Hotel, Pune – 411001, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAJFS8455L
Holding Company :	Suzlon Energy Limited [L40100GJ1995PLC025447]
Fellow Subsidiary :	· Suzlon Wind International Limited [U40108KA2006PLC041191] · Suzlon Energy B.V. · Suzlon Wind Energy Corporation · Suzlon Infrastructure Services Limited [U40108PN1998PLC016515] · Suzlon Generators Limited [U31101PN2004PLC019205] · SE Forge Limited [U27310GJ2006PLC048563] · Suzlon Energy (Tianjin) Limited · Suzlon Energy Australia Pty Limited · Suzlon Wind Energy A/s. · Suzlon Energia Eólica do Brasil Limited · Suzlon Wind Energy Portugal, Lda · Suzlon Wind Energy San. Ve Tic. Limited · Suzlon Wind Energy Espana S.L.U · Suzlon Towers and Structures Limited [U40100GJ2000PLC037245] · Suzlon Gujarat Wind Park Limited [U40108GJ2004PLC044409] · Suzlon Power Infrastructure Private Limited [U45203TZ2004PLC011180] · Suzlon Wind Energy Nicaragua · SE Composites Limited [U28999KA2006PLC041188]
Entity where Key Management Personnel ('KMP') have significant influence :	Synefra Engineering and Construction Limited [U45202PN1998PLC016516]

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs. 10/- each	Rs. 100.000 Millions
20,000,000	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	Rs. 10/- each	Rs. 100.000 Millions
8,590,000	Preference Shares	Rs. 100/- each	Rs. 859.000 Millions
	Total		Rs. 959.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		959.000	959.000	781.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		155.187	77.677	20.180
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1114.187	1036.677	801.180
LOAN FUNDS
1] Secured Loans		1054.631	201.130	199.308
2] Unsecured Loans		356.592	832.087	0.000
TOTAL BORROWING		1411.223	1033.217	199.308
DEFERRED TAX LIABILITIES		84.521	59.136	19.809
TOTAL		2609.931	2129.030	1020.297
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1552.712	1477.326	1459.357
Capital work-in-progress		53.119	63.098	104.636
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	975.056	590.836	259.451
	Sundry Debtors	1666.377	994.413	263.916
	Cash & Bank Balances	68.724	198.946	79.629
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	96.594	87.880	51.810
Total Current Assets		2806.751	1872.075	654.806
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1772.799	13.748	110.790
	Other Current Liabilities	16.928	1257.086	1083.653
	Provisions	12.924	12.635	4.059
Total Current Liabilities		1802.651	1283.469	1198.502
Net Current Assets		1004.100	588.606	(543.696)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2609.931	2129.030	1020.297

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	3997.123	2407.032	1067.710
		Other Income	4.406	5.814	4.401
		TOTAL (A)	4001.529	2412.846	1072.111
Less	EXPENSES
		Consumption materials changes inventories	3199.208	1883.083
		Manufacturing service costs	132.544	79.081
		Employee related expenses	119.497	95.971
		Administrative selling other expenses	155.351	72.708
		TOTAL (B)	3606.600	2130.843	921.976
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		394.929	282.003	150.135
Less	FINANCIAL EXPENSES (D)		191.507	108.196	56.640
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		203.422	173.807	93.495
Less/ Add	DEPRECIATION/ AMORTISATION (F)		86.850	71.587	45.379
	PROFIT BEFORE TAX (E-F) (G)		116.572	102.220	48.116
Less	TAX (H)		39.063	44.723	20.879
	PROFIT AFTER TAX (G-H) (I)		77.509	57.497	27.237
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		77.677	20.180	[7.057]
	BALANCE CARRIED TO THE B/S		155.186	77.677	20.180
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	572.856	672.555	146.928
	IMPORTS
		Raw Materials		467.081	375.359
		Stores & Spares		0.582	1.992
		Capital Goods		0.632	163.792
	TOTAL IMPORTS		N.A.	468.295	541.143
	Earnings Per Share (Rs.)		(1.23)	(1.66)	(1.68)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.94	2.38	2.54
Net Profit Margin (PBT/Sales)	(%)	2.92	4.25	4.51
Return on Total Assets (PBT/Total Assets}	(%)	2.67	3.05	2.28
Return on Investment (ROI) (PBT/Networth)		0.10	0.10	0.06
Debt Equity Ratio (Total Liability/Networth)		2.88	2.23	1.74
Current Ratio (Current Asset/Current Liability)		1.56	1.46	0.55

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Note: The registered office of the Company was shifted from 101-A, 1st Floor, Prestige Towers, 100, Residency Road, Bangalore-560025 to the present w.e.f. 01.10.2010

NATURE OF OPERATIONS:

SE Electricals Limited (‘SEEL’ or the 'Company') is engaged in the manufacture of Generators, Transformers and Control Panels for Wind Turbine Generators (WTGs).

The manufacturing facilities for Generators and Control Panels are set up as "Units in Notified SEZ" at Coimbatore in the State of Tamilnadu and the Company has obtained an approval from the development commissioner for setting up the manufacturing facilities as "Units in the Notified SEZ" vide letter No 8/2/2007/Suzlon Infra dated 18^th September, 2007.

During the year, the Company has acquired the Transformer unit from Suzlon Infrastructure and Services Limited, a group company, effective October 1, 2009. The manufacturing facilities for Transformer are set up as non-SEZ units and are situated at Vadodra in the State of Gujarat.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U31108KA2006PLC041190
Name of the company	SE ELECTRICALS 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, sIndia
This form is for	Creation of charge
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	State Bank of India, Overseas Branch, 3rd Floor, Amrit Jayanti Bhavan, Navjivan Trust Compplex, P.O. Navjivan, Ahmedabad – 380014, Gujarat, India Email ID: dipak.parmar@sbi.co.in
Nature of description of the instrument creating or modifying the charge	Agreement of Hypothecation of Goods And Assets dated 17 February 2012
Date of instrument Creating the charge	17.02.2012
Amount secured by the charge	Rs. 400.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 5.75% above Base Rate, effective Rate 15.75% p.a. Terms of Repayment Repayable on demand Margin (1) Raw materials (domestic/imported) - 25%, (2) SIP/FG/Stores, Spares - 25%, (3) Domestic Receivables - 25%, Cover Period - 135 days, (4) Export receivables - 10%, Cover Period - 210 days, (5) EPC/PCFC - 10% of the FOB value of order Extent and Operation of the charge First charge on all current assets, ranking pari passu with SBI Consortium Lenders and USD Facility Lenders, and second charge on all movable fixed assets
Short particulars of the property charged	All the current assets, viz., all types of stocks, receivables, documents of title to goods, etc. belonging to the Company and stored any where All movable fixed assets, both present and future

CONTINGENT LIABILITIES:

(Rs. In Millions)

Particulars	March 31, 2011	March 31, 2010
Preference share dividend and tax thereon	208.027	118.176
Import duty	Nil	0.928
Excise and service tax matters in appeal	0.767	0.767
Claims against the company not acknowledged as debts	Nil	15.079
Guarantees given by the Company	Note	Note
Others	5.975	2.998
Total	214.002	137.948

Note: The company has stood as co- guarantor for certain loans granted to holding company and fellow subsidiaries.

FIXED ASSETS:

· Land – Leasehold

· Building

· Plant and Machinery

· Furniture and Fixture

· Office Equipment

· Computers

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. 55.70
UK Pound	1	Rs. 87.55
Euro	1	Rs. 68.85

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		35

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

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.