1. Summary Information

		Country	India
Company Name	SUZLON STRUCTURES LIMITED	Principal Name 1	Mr. Kalpesh Ratilal Kalthia
Status	Moderate	Principal Name 2	Mr. Ranjitsinh Abhaysinh Parmar
		Registration #	04-044170
Street Address	Suzlon 5, Shrimali Society, Near Shri Krishna Complex, Navarangpura, Ahmedabad - 380009, Gujarat, India
Established Date	25.05.2004	SIC Code	--
Telephone#	91-79-26404113	Business Style 1	Manufacturing
Fax #	91-79-26565540	Business Style 2	Exporting
Homepage	www.suzlon.com	Product Name 1	Tubular Towers
# of employees	600 (Approximately)	Product Name 2	--
Paid up capital	Rs. 293,668,000/-	Product Name 3	--
Shareholders	Foreign holdings – 1.07%, Bodies Corporate – 98.90%, Directors or relatives of directors – 0.03%	Banking	State Bank of India
Public Limited Corp.	No	Business Period	8 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ca (19)
Related Company
Relation	Country	Company Name	CEO
Holding company:	India	Suzlon Energy Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	1,680,538,000	Current Liabilities	1,667,075,000
Inventories	604,893,000	Long-term Liabilities	654,729,000
Fixed Assets	385,159,000	Other Liabilities	13,434,000
Deferred Assets	21,136,000	Total Liabilities	2,335,238,000
Invest& other Assets	264,193,000	Retained Earnings	327,013,000
		Net Worth	620,681,000
Total Assets	2,955,919,000	Total Liab. & Equity	2,955,919,000
Total Assets (Previous Year)	2,357,188,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	5,123,792,000	Net Profit	106,601,000
Sales(Previous yr)	3,364,062,000	Net Profit(Prev.yr)	25,024,000

MIRA INFORM REPORT

Report Date :

06.11.2012

IDENTIFICATION DETAILS

Name :	SUZLON STRUCTURES LIMITED (w.e.f.14.09.2008)
Formerly Known As :	SUZLON STRUCTURES PRIVATE LIMITED
Registered Office :	Suzlon 5, Shrimali Society, Near Shri Krishna Complex, Navrangpura, Ahmedabad - 380009, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	25.05.2004
Com. Reg. No.:	04-044170
Capital Investment / Paid-up Capital :	Rs. 293.668 Millions
CIN No.: [Company Identification No.]	U27109GJ2004PLC044170
TAN No.: [Tax Deduction & Collection Account No.]	AHMS08402C
PAN No.: [Permanent Account No.]	AAICS1406R
Legal Form :	A Closely Held Public Limited Liability Compan
Line of Business :	Manufacturing and Exporting of Tubular Towers for Wind Energy
No. of Employees :	600 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (19)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a subsidiary of Suzlon Energy Limited. It is an established company having moderate track. The group companies are suffering from heavy losses out of its operation due to which the liquidity position of the entire group is under pressure and they are failed to pay debts to the bank. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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 – 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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Fund based limit : A4
Rating Explanation	The risk prone credit quality, it carries high credit risk.
Date	28th May, 2012

Rating Agency Name	ICRA
Rating	Fund based limit : BB
Rating Explanation	The inadequate credit quality, it carries high credit risk.
Date	28th May, 2012

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/ Administrative Office :	Suzlon 5, Shrimali Society, Near Shri Krishna Complex, Navrangpura, Ahmedabad - 380009, Gujarat, India
Tel. No.:	91-79-26471100/ 26471355/ 26404113
Fax No.:	91-79-26565540/ 26471334
E-Mail :	marketing.india@suzlon.com shahendra@suzlon.com mca@suzlon.com smahendra@suzlon.com
Website :	www.suzlon.com
Factory :	Village Chopadavav, Near Ankur Salt, Bhachou National Highway, Gujarat, India

DIRECTORS

AS ON 11.07.2012

Name :

Mr. Kalpesh Ratilal Kalthia

Designation :

Director

Address :

6, Aditya Bungalows, Opposite Saint Kabir School, Near Surdhara Circle, Thaltej, Ahmedabad-380054, Gujarat, India

Date of Birth/Age :

10.11.1968

Qualification :

B.E.

Experience :

20 Years

Date of Appointment :

01.04.2010

DIN No.:

00005248

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	Company/ LLP Status	Defaulting status
1	U45200GJ1994PTC023126	R L KALTHIA ENGINEERING AND AUTOMOBILES PRIVATE LIMITED	Director	27/09/1994	27/09/1994	Active	NO
2	U15209GJ1994PLC023569	SURABHI MILKFOOD AND BEVERAGES LIMITED	Director	17/11/1994	17/11/1994	Active	NO
3	U65990GJ1995PTC026434	KALTHIA INVESTMENT PRIVATE LIMITED	Director	22/06/1995	22/06/1995	Active	NO
4	U40101GJ1995PTC027802	KALATHIA POWER INDIA PRIVATE LIMITED	Director	16/10/1995	16/10/1995	Active	NO
5	U29199GJ1995PLC028846	KALTHIA ENGINEERING AND CONSTRUCTION LIMITED	Whole-time director	01/04/2010	11/11/1996	Active	NO
6	U99999GJ1987PTC010195	MAYFAIR CLINICAL EDUCATION AND RESEARCH CENTRE PRIVATE LIMITED	Director	01/07/2003	01/07/2003	Active	NO
7	U27109GJ2004PLC044170	SUZLON STRUCTURES LIMITED	Director	01/04/2010	25/05/2004	Active	NO
8	U01111GJ2011PTC063761	KOYAFARMS AGROBUSINESS PRIVATE LIMITED	Director	21/01/2011	21/01/2011	Active	NO
9	U45208GJ2011PTC066147	KORAAM INFRASTRUCTURE PRIVATE LIMITED	Director	02/07/2011	02/07/2011	Active	NO
10	U40100GJ2005PTC046983	KOSOL HIRAMRUT ENERGIES PRIVATE LIMITED	Director	01/09/2011	01/09/2011	Active	NO
11	U45207GJ2012PTC070051	KOSE PROJECTS PRIVATE LIMITED	Director	24/04/2012	24/04/2012	Active	NO

Name :

Mr. Vinod Ranchhodbhai Tanti

Designation :

Director

Address :

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

Date of Birth/Age :

29.06.1962

Qualification :

B.E. (Civil)

Date of Appointment :

25.07.2007

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	Director	14/09/2012	23/02/2012	-	Active	NO
19	U65993PN2005PTC020372	SUGATI HOLDINGS PRIVATE LIMITED	Director	28/09/2012	01/05/2012	-	Active	NO

Name :

Mr. Hitesh Ratilal Kalthia

Designation :

Director

Address :

6, Aditya Bungalows, Opposite Saint Kabir School, Near Surdhara Circle, Thaltej, Ahmedabad-380054, Gujarat, India

Date of Birth/Age :

14.10.1971

Qualification :

B.Com

Date of Appointment :

25.07.2007

DIN No.:

00005243

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	Company/ LLP Status	Defaulting status
1	U15209GJ1994PLC023569	SURABHI MILKFOOD AND BEVERAGES LIMITED	Director	17/11/1994	17/11/1994	Active	NO
2	U65990GJ1995PTC026434	KALTHIA INVESTMENT PRIVATE LIMITED	Director	22/06/1995	22/06/1995	Active	NO
3	U40101GJ1995PTC027802	KALATHIA POWER INDIA PRIVATE LIMITED	Director	16/10/1995	16/10/1995	Active	NO
4	U29199GJ1995PLC028846	KALTHIA ENGINEERING AND CONSTRUCTION LIMITED	Managing director	01/04/2010	16/02/1996	Active	NO
5	U99999GJ1987PTC010195	MAYFAIR CLINICAL EDUCATION AND RESEARCH CENTRE PRIVATE LIMITED	Director	01/07/2003	01/07/2003	Active	NO
6	U45200GJ1994PTC023126	R L KALTHIA ENGINEERING AND AUTOMOBILES PRIVATE LIMITED	Director	30/12/2006	30/12/2006	Active	NO
7	U27109GJ2004PLC044170	SUZLON STRUCTURES LIMITED	Director	25/07/2007	01/02/2007	Active	NO
8	U20299GJ2005PTC045971	SIGNOUR LAMINATES (INDIA) PRIVATE LIMITED	Director	01/04/2009	01/04/2009	Active	NO
9	U01111GJ2011PTC063761	KOYAFARMS AGROBUSINESS PRIVATE LIMITED	Director	21/01/2011	21/01/2011	Active	NO
10	U45200GJ2011PTC065417	KALTHIA INFRA PRIVATE LIMITED	Director	12/05/2011	12/05/2011	Active	NO
11	U45202GJ2011PTC065489	KALTHIA INFRA-CON PRIVATE LIMITED	Director	18/05/2011	18/05/2011	Active	NO
12	U45208GJ2011PTC066147	KORAAM INFRASTRUCTURE PRIVATE LIMITED	Director	02/07/2011	02/07/2011	Active	NO

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

Qualification :

Diploma in Civil Engineering

Date of Appointment :

01.04.2012

DIN No.:

00002613

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	22/05/1996	22/05/1996	-	Active	NO
2	U55100GJ1997PTC032418	SUGATI BEACH RESORT PRIVATE LIMITED	Director	09/08/1999	09/08/1999	-	Active	NO
3	U45202PN1998PLC016516	ASPEN INFRASTRUCTURES LIMITED	Director	01/04/2010	15/12/1999	-	Active	NO
4	U70102GJ2006PLC048887	SE ENERGY PARK LIMITED	Director	10/08/2006	10/08/2006	-	Amalgamated	NO
5	U40103GJ2006PTC049608	SIL TRANSMISSION (RAJASTHAN) PRIVATE LIMITED	Director	20/12/2006	20/12/2006	12/07/2010	Active	NO
6	U40108PN1998PLC016515	SUZLON INFRASTRUCTURE SERVICES LIMITED	Director	01/04/2008	01/04/2007	-	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	03/09/2009	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	01/04/2012	08/12/2008	-	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	04/09/2009	-	Active	NO
18	U61200MH2009FTC196196	SE FREIGHT AND LOGISTICS INDIA PRIVATE LIMITED	Director	01/10/2009	01/10/2009	-	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	01/09/2010	01/04/2010	01/04/2012	Active	NO
21	U40100GJ2000PLC037245	SUZLON TOWERS AND STRUCTURES LIMITED	Director	03/09/2010	01/04/2010	01/11/2010	Amalgamated	NO
22	U27109GJ2004PLC044170	SUZLON STRUCTURES LIMITED	Director	01/04/2012	01/04/2010	-	Active	NO
23	U28999KA2006PLC041188	SE BLADES LIMITED	Director	01/09/2010	01/04/2010	-	Active	NO
24	U27310GJ2006PLC048563	SE FORGE LIMITED	Director	11/07/2012	01/04/2012	-	Active	NO
25	U70109TN2004PLC053389	SHUBH REALTY (SOUTH) LIMITED	Director	01/09/2012	19/04/2012	-	Active	NO
26	U45202GJ2012PLC072115	SYNEFRA INFRASTRUCTURES LIMITED	Director	26/09/2012	26/09/2012	-	Active	NO
27	AAA-0690	PAVAN PUTRA ENERGY LLP	Designated Partner	03/02/2010	03/02/2010	-	Active	NO

Name :

Mr. Kirtikumar Jasvantlal Vagadia

Designation :

Director

Address :

D-302, Kalpataru Regency II, Phase II, Kalyaninagar, Near Joggers Park, Pune – 411006, Maharashtra, India

Date of Birth/Age :

12.03.1965

Date of Appointment :

11.07.2012

DIN No.:

00605991

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	U65910GJ1996PTC030111	SKILPAN FINVEST PRIVATE LIMITED	Director	03/07/1996	03/07/1996	29/03/2007	Active	NO
2	U28112TZ2006PLC013294	ZF WIND POWER COIMBATORE LIMITED	Director	20/12/2006	20/12/2006	30/08/2012	Active	NO
3	U74130MH2004PLC145532	ITP SENERGY LIMITED	Director	31/07/2008	25/02/2008	-	Active	NO
4	U40108PN2005PTC021477	SUNRISE WIND PROJECT PRIVATE LIMITED	Director	30/09/2009	01/09/2008	-	Active	NO
5	U27310GJ2006PLC048563	SE FORGE LIMITED	Director	13/08/2009	31/01/2009	-	Active	NO
6	U61100MH2009FTC191616	SE SHIPPING INDIA PRIVATE LIMITED	Director	11/04/2009	11/04/2009	25/06/2009	Active	NO
7	U32109MH2007PTC167700	DIGITAL OUTSOURCING PRIVATE LIMITED	Director	20/09/2010	21/11/2009	-	Active	NO
8	U45202PN1998PLC016516	ASPEN INFRASTRUCTURES LIMITED	Director	25/09/2010	01/01/2010	-	Active	NO
9	U27109GJ2004PLC044170	SUZLON STRUCTURES LIMITED	Director	11/07/2012	20/04/2012	-	Active	NO
10	U45202GJ2012PLC072115	SYNEFRA INFRASTRUCTURES LIMITED	Director	26/09/2012	26/09/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 11.07.2012

Names of Equity Shareholders	No. of Shares
Kalpesh R Kalthia	5000
Suzlon Energy Limited, India	14524600
Kalthia Investment Private Limited, India	4630000
Rambhaben Ukapbhai	100
Gita T Tanti	100
Sangita V Tanti	100
Lina J Tanti	100
Pranav T Tanti	100
Kalthia Management Corporation, USA	206700
Total	19366800

Names of Preference Shareholders	No. of Shares
Suzlon Energy Limited, India	750000
Kalthia Investment Private Limited, India	29700
Kalthia Management Corporation, USA	220300
Total	1000000

AS ON 11.07.2012

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	1.07
Bodies corporate	98.90
Directors or relatives of directors	0.03
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Exporting of Tubular Towers for Wind Energy

Products :

ITC Code	Product Description
73082019	Fabricated Structural Product of Iron/ Steel

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Fabricated Structural Product of Iron/ Steel	MT	N.A.	72000	64552
Fabricated Metal Product of manufacture (Excl. items reserved for SSI Sector)	MT	N.A.	6000	Nil

GENERAL INFORMATION

No. of Employees :

600 (Approximately)

Bankers :

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

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loan bank secured	65.757	66.081
Rupee term loan others secured	0.000	1.183
Working capital loan bank secured	588.972	515.409
Total	654.729	582.673
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Other debt unsecured	0.000	13.161
Total	0.000	13.161

Banking Relations :	--
Auditors :
Name :	SNK and Company Chartered Accountants
Address :	E-2-B, 4th Floor, The Fifth Avenue, Near Regency Hotel, Dhole Patil Road, Pune – 411001, 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
Website :	www.snkca.com
Income-tax PAN of auditor or auditor's firm :	AAJFS8455L
Holding Company :	Suzlon Energy Limited [L40100GJ1995PLC025447]
Fellow Subsidiaries :	Ø Suzlon Towers and Structures Limited Ø Suzlon Wind Energy Corporation Ø Suzlon Wind Energy Portugal, LDA Ø Suzlon Wind Energy Espania Ø SE Forge Limited Ø Suzlon infrastructure and Services Limited Ø Suzlon Wind Energy AS Greece Ø Suzlon Wind Energy SRL Italy
Entities where Key management personnel/ Relatives of Key management personnel has significant influence :	Ø Suzlon infrastructure Limited Ø Kalthia Investment Private Limited Ø Kalthia Engineering and Construction Limited Ø Kalthia Management Corporation Ø R.L. Kalthia Engineering and Automobiles Private Limited Ø Kalthia Insurance Management Ø Kush Automobiles Ø Surabhi Milkfood and Beverages Limited Ø Mayfair Clinical Education and Research Centre Private Limited Ø Kalthia Power India Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
20,000,000	Equity Shares	Rs. 10/- each	Rs. 200.000 Millions
1,000,000	Preference Shares	Rs. 100/- each	Rs. 100.000 Millions
	Total		Rs. 300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
19,366,800	Equity Shares	Rs.10/- each	Rs. 193.668 Millions
1,000,000	Preference Shares	Rs. 100/- each	Rs. 100.000 Millions
	Total		Rs. 293.668 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		293.668	293.668	293.668
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		327.013	220.412	195.388
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		620.681	514.080	489.056
LOAN FUNDS
1] Secured Loans		654.729	582.673	603.337
2] Unsecured Loans		0.000	13.161	1051.400
TOTAL BORROWING		654.729	595.834	1654.737
DEFERRED TAX LIABILITIES		0.000	8.802	0.812
TOTAL		1275.410	1118.716	2144.605
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		385.159	379.022	465.742
Capital work-in-progress		4.173	3.613	3.504
INVESTMENT		260.020	0.000	0.000
DEFERREX TAX ASSETS		21.136	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	604.893	701.472	1698.672
	Sundry Debtors	1329.853	842.337	1292.254
	Cash & Bank Balances	123.074	140.316	210.420
	Other Current Assets	206.837	0.000	0.000
	Loans & Advances	20.774	290.428	436.850
Total Current Assets		2285.431	1974.553	3638.196
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1645.291	645.396	1735.559
	Other Current Liabilities	21.784	578.553	218.065
	Provisions	13.434	14.523	9.213
Total Current Liabilities		1680.509	1238.472	1962.837
Net Current Assets		604.922	736.081	1675.359
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1275.410	1118.716	2144.605

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	5123.792	3364.062	5873.637
		Other Income	23.413	17.056	20.243
		TOTAL (A)	5147.205	3381.118	5893.880
Less	EXPENSES
		Consumption materials changes inventories	4362.352	--	--
		Manufacturing service costs	107.013	--	--
		Contract cost	39.702	--	--
		Employee related expenses	107.604	--	--
		Administrative Selling and Other expenses	279.794	--	--
		Cost of Goods Sold	--	2453.598	4514.880
		Operating and Other Expenses	--	496.007	889.854
		Employees Remuneration	--	89.273	94.337
		TOTAL (B)	4896.465	3038.878	5499.071
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		250.740	342.240	394.809
Less	FINANCIAL EXPENSES (D)		66.639	197.659	301.488
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		184.101	144.581	93.321
Less/ Add	DEPRECIATION/ AMORTISATION (F)		74.654	87.852	104.037
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		109.447	56.729	(10.716)
Less	TAX (H)		2.846	31.705	(1.847)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		106.601	25.024	(8.869)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		159.244	134.220	143.089
	BALANCE CARRIED TO THE B/S		265.845	159.244	134.220
	EARNINGS IN FOREIGN CURRENCY
		Export Value on FOB Basis	0.000	603.022	1097.934
	IMPORTS
		Raw Materials	859.519	317.764	2073.350
		Stores & Spares	32.777	10.659	33.826
		Capital Goods	0.000	0.000	56.140
	TOTAL IMPORTS		892.296	328.423	2163.316
	Earnings/ (Loss) Per Share (Rs.)		5.02	0.81	(0.94)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.07	0.74	(0.15)
Net Profit Margin (PBT/Sales)	(%)	2.14	1.69	(0.18)
Return on Total Assets (PBT/Total Assets}	(%)	4.10	2.41	(0.26)
Return on Investment (ROI) (PBT/Networth)		0.18	0.11	(0.02)
Debt Equity Ratio (Total Liability/Networth)		3.76	3.57	7.40
Current Ratio (Current Asset/Current Liability)		1.36	1.59	1.85

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	Yes
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	Yes

BUSINESS REVIEW:

During the year, the company has manufactured and dispatched 458 Tubular Towers (TT) in domestic market. The business situation in domestic market has improved as compared to last year. The situation for Exports has worsened due to slow down in the economy world over.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U27109GJ2004PLC044170
Name of the company	SUZLON STRUCTURES LIMITED
Address of the registered office or of the principal place of business in India of the company	Suzlon 5, Shrimali Society, Near Shri Krishna Complex, Navrangpura, Ahmedabad-380009, Gujarat, India Email: mca@suzlon.com
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, 3^rd Floor, Amrit Jayanti Bhavan, Navjivan Trust Complex, P.O., Ahmedabad-380014, Gujarat, India Email: 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	31.03.2011	31.03.2010
Bonds/ Undertakings given by the Company under Duty Exemption Scheme to Customs Authorities	76.090	76.090
Claims lodged against Company by employees	0.084	0.456
Dividend on cumulative preferences shares (Inclusive of preferences dividend tax of Rs. 4.079 Millions)	28.079	18.719
Claims against the company not acknowledged as debts	2.998	2.998

FIXED ASSETS:

Ø Freehold Land

Ø Lease Hold Land

Ø Plant and Machinery

Ø Buildings

Ø Computers

Ø Office Equipments

Ø Furniture and Fixtures

Ø Vehicles

Ø Windmill

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 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. 54.08
UK Pound	1	Rs. 86.69
Euro	1	Rs. 69.37

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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		19

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.