MIRA INFORM REPORT

Report Date :

19.05.2012

IDENTIFICATION DETAILS

Name :	SE BLADES LIMITED (w.e.f 06.12.2011)

Formerly Known As :	SE COMPOSITES LIMITED SUZLON TOWERS 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.:	08-041188

Capital Investment / Paid-up Capital :	Rs. 2389.800 Millions

CIN No.: [Company Identification No.]	U28999KA2006PLC041188

TAN No.: [Tax Deduction & Collection Account No.]	BLRS24690B

PAN No.: [Permanent Account No.]	AAKCS472L

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer of blades.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 2300000

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. Profitability of the company is under pressure. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. 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 – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

India

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 – 560025, Karnataka, India
Tel. No.:	91-80-22489620/22249270/30520655
Fax No.:	91-80-22249117
E-Mail :	mca@suzlon.com

Corporate Office:	One Earth, Hadapsa, Pune – 411028, Maharashtra, India
Tel. No.:	91-20-40122000
Fax No.:	91-20-40122100/40122200

Factory:	Plot No. 3, Synefra Engg. & Constr. Ltd. SEZ Village – Nadsal, Post: Padubidri, District: Udupi – 574111, Karnataka, India
Tel. No.:	91-820-2599901
Fax No.:	91-820-2599903

DIRECTORS

AS ON 10.09.2011

Name :

Mr. Vinod R 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	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	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	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
18	U29299PN2005PTC021209	REPOWER SYSTEMS INDIA PRIVATE LIMITED	Additional director	23/02/2012	23/02/2012	-	Active	NO

Name :

Mr. Jitendra R 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	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	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	1/4/2008	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	1/4/2012	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

Name :

Mr. Ranjitsinh A Parmar

Designation :

Director

Address :

Plot No. 27 – A, Acacia – 1, Magarpatta City, Hadapsar, Pune – 411028, Maharashtra, India

Date of Birth/Age :

26.08.1955

Date of Appointment :

01.04.2010

DIN No.:

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	U40108WB2005PTC166026	SIMRAN WIND PROJECT PRIVATE LIMITED	Director	20/09/2008	18/06/2008	20/11/2009	Active	NO
10	L40108WB2005PLC139595	TECHNO ELECTRIC AND ENGINEERING COMPANY LIMITED	Director	21/08/2008	18/06/2008	3/9/2009	Active	NO
11	U40108RJ2003PLC018429	SAMIRAN JODHPUR WINDFARMS LIMITED	Director	30/09/2008	18/06/2008	-	Active	NO
12	U40108RJ2003PLC018432	SAMIRAN JAISALMER WINDFARMS LIMITED	Director	30/09/2008	18/06/2008	-	Active	NO
13	U40108RJ2003PLC018430	SAMIRAN UDAIPUR WINDFARMS LIMITED	Director	30/09/2008	18/06/2008	-	Active	NO
14	U31101PN2004PLC019205	SUZLON GENERATORS LIMITED	Managing director	1/4/2012	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	30/01/2012	Active	NO
20	U40108KA2006PLC041191	SUZLON WIND INTERNATIONAL LIMITED	Director	1/9/2010	1/4/2010	1/4/2012	Active	NO
21	U40100GJ2000PLC037245	SUZLON TOWERS AND STRUCTURES LIMITED	Director	3/9/2010	1/4/2010	1/11/2010	Amalgamated	NO
22	U27109GJ2004PLC044170	SUZLON STRUCTURES LIMITED	Director	1/4/2012	1/4/2010	-	Active	NO
23	U28999KA2006PLC041188	SE BLADES LIMITED	Director	1/9/2010	1/4/2010	-	Active	NO
24	U27310GJ2006PLC048563	SE FORGE LIMITED	Additional director	1/4/2012	1/4/2012	-	Active	NO
25	U70109TN2004PLC053389	SHUBH REALTY (SOUTH) LIMITED	Additional director	19/04/2012	19/04/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mrs. Gauri S Joshi
Designation :	Secretary
Address :	1822 Deshmukhwadi, Sadashiv Peth, Pune – 411030, Maharashtra, India
Date of Birth/Age :	16.08.1981
Date of Appointment :	01.01.2010

Name :	Mr. Gopalakrishnan Ramesh
Designation :	Chief Operating Officer
Qualification:	Master and PhD Mechanical Engineering, B Tech - Mechanical
Exxperience:	17 Years
Date of Birth/Age :	44 Years

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 10.09.2011

Names of Shareholders (Equity Shares)	No. of Shares
Suzlon Energy Limited, India	14999940
Tulsi R.Tanti Jointly with Suzlon Energy Limited, India	10
Girish R.Tanti Jointly with Sutlon Energy Limited, India	10
Vinod R.Tanti Jointly with Suzlon Energy Limited, India	10
Jitendra R.Tanti Jointly with Suzlon Energy Limited, India	10
Gita T.Tanti Jointly with Suzlon Energy Limited, India	10
Sangita V.Tanti Jointly with Suzlon Energy Limited, India	10

Total	15000000

Names of Shareholders (Preference Shares)	No. of Shares
Suzlon Energy Limited, India	3500000
Suzlon Energy Limited, India	6805000
Suzlon Energy Limited, India	42093000

Total	52398000

EQUITY SHARE BREAK UP (PERCENTAGE OF TOTAL EQUITY)

As on 10.09.2011

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of blades.

Product:	Item Code No	Product Description
	85030090	Rotor Blade

PRODUCTION STATUS

As on 31.03.2011

Particulars	Unit	Actual Production
Blades	Nos	1028

Licensed capacity - The products manufactured and sold by the Company i.e., blades 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 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, Ahmadabad – 380014, Gujarat, India

(Rs. In Millions)

Facilities :

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	(A)2123.250	600.419
Working capital loans banks secured	(B)1533.261	602.264
Total	3656.511	1202.683
Note: (A) 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 (B) 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
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Working capital loans others unsecured	1127.062	1129.661
Other debt unsecured	4260.947	2975.826
Total	5388.009	4105.487


Banking Relations :	--

Auditors 1 :
Name :	SNK and Company Chartered Accountants
Address :	E-2-B, 4^th Floor, The Fifth Avenue, Dhole Patil Road, Pune – 411001, Maharashtra, India
PAN.:	AAJFS8455L

Auditors 2 :
Name :	SR Batliboi and Company Chartered Accountants
Address :	C-401, Fourth Floor, Panchshil Tech Park, CTS No. 2175, Yerawada (Near Don Bosco School), Pune – 411006, Maharashtra, India
PAN.:	AALFS0506L

Holding Company :	Suzlon Energy Limited, India

Fellow Subsidiaries :	· Suzlon Towers and Structures Limited (STSL) · Suzlon Wind International Limited (SWIL) · SE Electricals Limited (SEEL) · Suzlon Infrastructure Services Limited (SISL) · Suzlon Energy Portugal-Energia Eólica Unipressol Lda. (SE Portugal) · Suzlon Energy (Tianjin) Limited. (SETL) · Suzlon Energia Eólica do Brasil Limited · Suzlon Wind Energy Nicaragua · Suzlon Blade Technology (SBT) · Suzlon Wind Energy A/S (SWEAS) · Suzlon Energy Australia Pty. Limited (SEA) · Suzlon Wind Energy Corporation (SWECO)

CAPITAL STRUCTURE

As on 10.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

15000000	Equity Shares	Rs.10/- each	Rs. 150.000 Millions
56300000	Preference Shares	Rs.100/- each	Rs. 5630.000 Millions

	Total		Rs. 5780.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

15000000	Equity Shares	Rs.10/- each	Rs. 150.000 Millions
52398000	Preference Shares	Rs.100/- each	Rs. 5239.800 Millions

	Total		Rs. 5389.800 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

15000000	Equity Shares	Rs.10/- each	Rs. 150.000 Millions
56300000	Preference Shares	Rs.100/- each	Rs. 5630.000 Millions

	Total		Rs. 5780.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

15000000	Equity Shares (Of the above: 15,000,000 equity shares of Rs. 10 each are held by Suzlon Energy Limited, the holding company, with its nominees.)	Rs.10/- each	Rs. 150.000 Millions
22398000	Cumulative Redeemable Preference Shares	Rs.100/- each	Rs. 2239.800 Millions

	Total		Rs. 2389.800 Millions

Of the above: 15,000,000 equity shares of Rs. 10 each are held by Suzlon Energy Limited, the holding company, with its nominees.

22,398,000 (10,310,000) 9% cumulative redeemable Preference Shares of Rs. 100 each fully paid

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		2389.800	2389.800	1181.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	112.174
4] (Accumulated Losses)		(1805.986)	(815.660)	0.000
NETWORTH		583.814	1574.140	1293.174
LOAN FUNDS
1] Secured Loans		3656.511	1202.683	625.337
2] Unsecured Loans		5388.009	4105.487	1620.000
TOTAL BORROWING		9044.520	5308.170	2245.337
DEFERRED TAX LIABILITIES		0.000	22.717	23.486

TOTAL		9628.334	6905.027	3561.997

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		1597.112	1643.856	1565.202
Capital work-in-progress		194.520	275.584	377.400

INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1185.822	760.599	695.127
	Sundry Debtors	7720.706	5079.690	3477.110
	Cash & Bank Balances	81.881	120.138	208.856
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	485.198	487.728	390.904
Total Current Assets		9473.607	6448.155	4771.997
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1600.262	1438.323	2913.141
	Other Current Liabilities	23.789	17.061	190.199
	Provisions	12.854	7.184	49.262
Total Current Liabilities		1636.905	1462.568	3152.602
Net Current Assets		7833.702	4985.587	1619.395

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		9625.334	6905.027	3561.997

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	3715.196	3596.606	3762.913
		Other Income	5.942	10.024	4.342
		TOTAL (A)	3721.138	3606.630	3767.255

Less	EXPENSES
		Consumption material changes inventories	1971.282	1692.664
		Manufacturing service costs	1331.453	1629.904	3339.537
		Employee related expenses	193.242	121.190
		Administrative selling other expenses	28.604	467.708
		TOTAL (B)	3524.581	3911.466	3339.537

Less	PROFIT/LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		196.557	(304.836)	427.718

Less	FINANCIAL EXPENSES (D)		252.577	1.547	116.573

	PROFIT/LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(56.020)	(306.383)	311.145

Less/ Add	DEPRECIATION/ AMORTISATION (F)		281.065	225.448	126.173

	PROFIT/LOSS BEFORE TAX (E-F) (G)		(337.085)	(531.831)	184.972

Less	TAX (H)		(23.456)	(0.067)	24.437

	PROFIT/LOSS AFTER TAX (G-H) (I)		(313.629)	(531.898)	160.535

	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(815.659)	112.174	(3.027)

	APPROPRIATIONS
		Dividend on preference shares		0.254	38.749
		Tax on Dividend		0.043	6.585
	BALANCE CARRIED TO THE B/S		(1805.985)	(815.659)	112.174

	EARNINGS IN FOREIGN CURRENCY
		FOB value of export	1796.005	2135.182	2622.244
	TOTAL EARNINGS		1796.005	2135.182	4757.426

	IMPORTS
		Raw Materials		14.569	15.737
		Stores & Spares		715.855	1317.482
		Capital Goods		36.691	146.525
	TOTAL IMPORTS			767.115	1479.744

	Earnings/Loss Per Share (Rs.)		(81.64)	(75.13)	8.31

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(8.42)	(14.74)	4.26

Net Profit Margin (PBT/Sales)	(%)	(9.07)	(14.78)	4.91

Return on Total Assets (PBT/Total Assets}	(%)	(3.55)	(8.24)	3.87

Return on Investment (ROI) (PBT/Networth)		(0.57)	(0.33)	0.14

Debt Equity Ratio (Total Liability/Networth)		2.80	0.92	2.43

Current Ratio (Current Asset/Current Liability)		5.78	4.40	1.51

LOCAL AGENCY FURTHER INFORMATION

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	--
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

CHANGE IN REGISTERED OFFICE:

The registered office of the Company was shifted from 101-A, 1st Floor, Prestige Towers, 100, Residency Road, Bangalore-560025 to 3rd Floor, Anchorage 2, # 100/2, Richmond Road, Bangalore-560025 with effect from 1st November 2010.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U28999KA2006PLC041188
Name of the company	SE BLADES 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 – 560025, Karnataka, India Email: mca@suzlon.com
This form is for	Creation of charge
Type of charge	· Book debts · Movable property (not being pledge)]\ · Floating charge
Particular of charge holder	Nationalised bank, Overseas Branch, 3rd Floor, Amrit Jayanti Bhavan, Navjivan Trust Complex, P.O. Navjivan, Ahmedabad – 380014, Gujarat, India Email: dipak.parmar@sbi.co.in
Nature of instrument creating 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 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 or asset(s) charged (including complete address and location of the property)	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

FIXED ASSETS

· Land development charges

· Building

· Plant and machinery

· Computers

· Office equipments

· Furniture and fixtures

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.54.87
UK Pound	1	Rs.86.46
Euro	1	Rs.69.49

INFORMATION DETAILS

Report Prepared by :

PRL

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	-
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		28

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.

MIRA INFORM REPORT

1185.822

7720.706

81.881

0.000

485.198

9473.607

1600.262

23.789

12.854

1636.905

7833.702

(8.42)

(9.07)

(3.55)

(0.57)

2.80

5.78

Unit