MIRA INFORM REPORT

Report Date :

12.12.2013

IDENTIFICATION DETAILS

Name :	SE BLADES LIMITED (w.e.f.06.12.2011)
Formerly Known As :	SE COMPOSITES LIMITED (w.e.f.03.03.2008) SUZLON TOWERS INTERNATIONAL LIMITED
Registered Office :	201, 2nd Floor, Gold Tower, 50, Residency Road, Bangalore – 560025, Karnataka
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	12.12.2006
Com. Reg. No.:	08-041188
Capital Investment / Paid-up Capital :	Rs. 5389.800 Millions
CIN No.: [Company Identification No.]	U28999KA2006PLC041188
TAN No.: [Tax Deduction & Collection Account No.]	BLRS24690B
PAN No.: [Permanent Account No.]	AAKCS4712L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Rotor Blades for Wind Turbine Generators (WTGs).
No. of Employees :	500 (Approximately)

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 8086000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. 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 caution.

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6 % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

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.

INFORMATION PARTED BY

Name :	Mr. Mandar
Designation :	Purchase Department
Contact No.:	91-20-40122000
Date :	20.11.2013

LOCATIONS

Registered Office :	201, 2nd Floor, Gold Tower, 50, Residency Road, Bangalore – 560025, Karnataka, India
Tel. No.:	91-80-66971900 / 22489620
Fax No.:	91-80-66971919 / 22249117
E-Mail :	mca@suzlon.com klaxmikant@suzlon.com
Location :	Owned
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. and Constr. Limited, SEZ Village – Nandsal, Post Padubidri, District Udupi – 574111, Karnataka, India
Tel. No.:	91-820-2599901/ 2599215
Fax No.:	91-820-2599903

DIRECTORS

AS ON 10.09.2013

Name :

Mr. Jitendra Ranchhodbhai Tanti

Designation :

Managing director

Address :

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

Date of Birth/Age :

13.04.1964

Date of Appointment :

01.04.2012

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	26/07/2012	Active	NO
4	U40300GJ2001PLC067617	SALENE POWER INFRASTRUCTURE LIMITED	Director	01/02/2007	07/06/2001	-	Active	NO
5	U45202PN1998PLC016516	ASPEN INFRASTRUCTURES 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
17	U45202GJ2012PLC072115	SYNEFRA INFRASTRUCTURES LIMITED	Director	26/09/2012	26/09/2012	-	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

PAN No.:

ACNPP0121A

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	26/07/2012	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	21/06/2013	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. Ranjitsinh Abhaysinh 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/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	U40108WB2005PLC166026	SIMRAN WIND PROJECT LIMITED	Director	20/09/2008	18/06/2008	20/11/2009	Active	NO
10	L40108WB2005PLC139595	TECHNO ELECTRIC & 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	01/07/2013	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	U40108PN2008PLC131668	SE SOLAR LIMITED	Director	29/08/2013	07/03/2013	-	Active	NO
28	AAA-0690	PAVAN PUTRA ENERGY LLP	Designated Partner	03/02/2010	03/02/2010	-	Active	NO

Name :

Mr. Vaidhyanathan Raghuraman

Designation :

Director

Address :

22, Kallol Apartments, I P Extension, Patpar Ganj, Delhi – 110092, India

Date of Birth/Age :

01.03.1943

Date of Appointment :

10.09.2013

DIN No.:

00411489

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	L27102OR1979PLC000819	ORISSA SPONGE IRON AND STEEL LIMITED	Nominee director	24/09/1999	24/09/1999	17/04/2009	Active	NO
2	L40100GJ1995PLC025447	SUZLON ENERGY LIMITED	Director	18/07/2006	29/10/2005	-	Active	NO
3	U28999KA2006PLC041188	SE BLADES LIMITED	Director	10/09/2013	11/06/2013	-	Active	NO
4	U31108KA2006PLC041190	SE ELECTRICALS LIMITED	Director	10/09/2013	15/06/2013	-	Active	NO
5	U40108KA2006PLC041191	SUZLON WIND INTERNATIONAL LIMITED	Director	10/09/2013	29/06/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Mandar
Designation :	Purchase Department
Name :	Mrs. Gauri Satyajit 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
PAN No.:	AKJPB6565C
Name :	Gopalakrishnan Ramesh
Designation :	Chief Operating Officer
Date of Birth/Age :	46 Years
Qualification :	B Tech – (Mechanical), PhD – (Mechanical), MS - (Mechanical)
Experience :	20 Years

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 10.09.2013

Names of Equity Shareholders	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 Preference Shareholders	No. of Shares
Suzlon Energy Limited, India	3500000
Suzlon Energy Limited, India	6805000
Suzlon Energy Limited, India	42093000
Total	52398000

AS ON 10.09.2013

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

BUSINESS DETAILS

Line of Business :

Manufacturer of Rotor Blades for Wind Turbine Generators (WTGs).

Products/ Services :

ITC Code No.	Product Descriptions
85030090	Rotor Blades for Windmill

Exports :

Products :

Finished Goods

Countries :

· Uruguay

South Africa

Brazil

Imports :

Products :

Raw Material

Countries :

· Germany

USA

Terms :

Selling :

L/C and Credit

Purchasing :

L/C and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

500 (Approximately)

Bankers :

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

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

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Term loans from banks	365.200	132.000
SHORT TERM BORROWINGS
Working capital loans from banks	1868.100	2382.200
Total	2233.300	2514.200
SHORT TERM BORROWINGS i. The rate of interest on the working capital loans from banks ranges between 11.00% p.a. to 16.25% p.a. depending upon the prime lending rate of the banks and financial institutions, wherever applicable, and the interest rate spread agreed with the banks. For details of security given for short term borrowings, refer note 7. ii. Foreign Currency loan carries interest @ LIBOR+ 2% .The loan is repayable after 6 months from the date of its origination. iii. Loans from related parties comprise of Inter Corporate Deposit from parent company Suzlon Energy Limited, which carry interest @13% p.a; and comprise of short term and long term loans. Short term loans are repayable on demand.

Banking Relations :	--
Financial Institution :	SBICAP Trustee Company Limited, 8, Khetan Bhavan, 5th Floor, 198, J.T. Road, Churchgate, Mumbai - 400020, Maharashtra, India (Tel No.: 91-22-43025555)
Auditors 1 :
Name :	SNK and Company Chartered Accountants
Address :	E-2-B, 4th Floor, The Fifth Avenue, Dhole Patil Road, Near Regency Hotel, Pune-411001, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAJFS8455L
Auditors 2 :
Name :	S. R. Batliboi and Company LLP Chartered Accountants
Address :	C-401, 4th Floor, Panchshil Techpark, Yerwada, Pune – 411006, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	ACHFS9180N
Holding company :	Suzlon Energy Limited [L40100GJ1995PLC025447]
Fellow Subsidiary company :	· Suzlon Wind International Limited [U40108KA2006PLC041191] Suzlon Wind Energy Corp. Suzlon Energy (Tianjin) Ltd. Suzlon Rotor Corporation Suzlon Enrgy Portugal Energia Eo Un Lda Suzlon Energia Eolica do Brasil Ltda Suzlon Energy Australia Pty. Ltd Suzlon Blade Technology B.V Suzlon Energy B.V. Suzlon Energy A/S Suzlon Wind Energy Nicaragua, Sociedad Anónima REpower Systems SE Suzlon Wind Energy Espana
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Aspen Infrastructures Limited [U45202PN1998PLC016516]

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
15,000,000	Equity Shares	Rs. 10/- each	Rs. 150.000 Millions
56,300,000	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
15,000,000	Equity Shares	Rs. 10/- each	Rs. 150.000 Millions
52,398,000	Preference Shares	Rs. 100/- each	Rs. 5239.800 Millions
67,398,000	Total		Rs. 5389.800 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

NOTE: FINANCIAL DETAILS FILE ATTACHED

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	Yes
10]	Designation of contact person	Yes
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	Yes
20]	Export / Import details (if applicable)	Yes
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10459184	28/10/2013 *	35,634,641,700.00	SBICAP TRUSTEE COMPANY LIMITED	8, KHETAN BHAVAN, 5TH FLOOR, 198, J.T.ROAD, CHURCHGATE, MUMBAI - 400020, MAHARASHTRA, INDIA	B89843171
2	10405744	22/01/2013 *	15,861,700,000.00	SBICAP TRUSTEE COMPANY LIMITED	8, KHETAN BHAVAN, 5TH FLOOR, 198, J.T.ROAD, CHURCHGATE, MUMBAI - 400020, MAHARASHTRA, INDIA	B68952902
3	10406464	31/12/2012	10,782,200,000.00	PUNJAB NATIONAL BANK	IBB BRANCH, BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA	B68985480
4	10340838	17/02/2012	400,000,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, 3RD FLOOR, AMRIT JAYANTI BHAVAN, NAVJIVAN TRUST COMPLEX, P.O. NAVJIVAN,, AHMEDABAD - 380014, GUJARAT, INDIA	B34439513
5	10315644	14/10/2011	3,000,000,000.00	ORIENTAL BANK OF COMMERCE	917-20/20A, OBC TOWERS, F. C. ROAD, PUNE - 411004, MAHARASHTRA, INDIA	B24536591
6	10209917	28/10/2013 *	195,031,045,000.00	SBICAP TRUSTEE COMPANY LIMITED	8, KHETAN BHAVAN, 5TH FLOOR, 198, J.T.ROAD, CHURCHGATE, MUMBAI - 400020, MAHARASHTRA, INDIA	B89841472
7	10192537	04/12/2009	20,000,000,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, AMRIT JAYANTHI BHAVAN, NAVJIVAN POST OFFICE, AHMEDABAD - 380014, GUJARAT, INDIA	A74962960
8	10115709	08/08/2008	1,610,000,000.00	STATE BANK OF INDIA	SPECIALISED COMMERCIAL BRANCH, 1ST FLOOR, NEPTUNE TOWER ANNEXE, GANDHIGRAM, AHMEDABAD - 380009, GUJARAT, INDIA	A43170554

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Loans and advances from related parties	999.700	999.700
SHORT TERM BORROWINGS
Loans and advances from related parties	4295.900	1569.200
Total	5295.600	2568.900

CHANGE OF ADDRESS:

The registered office of the company has been shifted from 3^rd Floor, Anchorage 2, # 100/2, Richmond Road, Bangalore – 560025, Karnataka, India to the present w.e.f.19.11.2012.

CORPORATE INFORMATION

Subject is engaged in the manufacture of Rotor Blades for Wind Turbine Generators (WTGs). The Company has set up its manufacturing facilities as "Units in Notified Special Economic Zone (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 setting up of the manufacturing facilities as "Units in the Notified SEZ" vide letter No 37/2/2008: Suzlon SEZ/1516 dated February 22, 2008.

FIXED ASSETS:

· Land

Buildings

Plant and equipment

Furniture and fixtures

Office equipment

Other equipments

Computer software

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 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. 61.33
UK Pound	1	Rs. 100.79
Euro	1	Rs. 84.38

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	BVA

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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.