MIRA INFORM REPORT

Report Date :

29.01.2013

IDENTIFICATION DETAILS

Name :	SE DRIVE TECHNIK GMBH
Registered Office :	Wasserstrasse 223 , Bochum, 44799
Country :	Germany
Financials (as on) :	31.03.2011
Date of Incorporation :	01.12.2005
Com. Reg. No.:	11018
Legal Form :	Private Subsidiary
Line of Business :	Subject engaged in activities of managing holding companies primarily engaged in holding the securities of (or other equity interests in) companies and enterprises for the purpose of owning a controlling interest or influencing management decisions
No. of Employees :	4

RATING & COMMENTS

MIRA’s Rating :

B

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

Status :	Moderate
Payment Behaviour :	No Complaints
Litigation :	Clear

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^th, 2012

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

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

germany - ECONOMIC OVERVIEW

The German economy - the fifth largest economy in the world in PPP terms and Europe's largest - is a leading exporter of machinery, vehicles, chemicals, and household equipment and benefits from a highly skilled labor force. Like its Western European neighbors, Germany faces significant demographic challenges to sustained long-term growth. Low fertility rates and declining net immigration are increasing pressure on the country's social welfare system and necessitate structural reforms. Reforms launched by the government of Chancellor Gerhard SCHROEDER (1998-2005), deemed necessary to address chronically high unemployment and low average growth, contributed to strong growth in 2006 and 2007 and falling unemployment. These advances, as well as a government subsidized, reduced working hour scheme, help explain the relatively modest increase in unemployment during the 2008-09 recession - the deepest since World War II - and its decrease to 6.0% in 2011. GDP contracted 5.1% in 2009 but grew by 3.6% in 2010, and 2.7% in 2011. The recovery was attributable primarily to rebounding manufacturing orders and exports - increasingly outside the Euro Zone. Germany's central bank projects that GDP will grow 0.6% in 2012, a reflection of the worsening euro-zone financial crisis and the financial burden it places on Germany as well as falling demand for German exports. Domestic demand is therefore becoming a more significant driver of Germany's economic expansion. Stimulus and stabilization efforts initiated in 2008 and 2009 and tax cuts introduced in Chancellor Angela MERKEL's second term increased Germany's budget deficit to 3.3% in 2010, but slower spending and higher tax revenues reduce the deficit to 1.7% in 2011, below the EU's 3% limit. A constitutional amendment approved in 2009 limits the federal government to structural deficits of no more than 0.35% of GDP per annum as of 2016. Following the March 2011 Fukushima nuclear disaster, Chancellor Angela Merkel announced in May 2011 that eight of the country's 17 nuclear reactors would be shut down immediately and the remaining plants would close by 2022. Germany hopes to replace nuclear power with renewable energy. Before the shutdown of the eight reactors, Germany relied on nuclear power for 23% of its energy and 46% of its base-load electrical production.

Source : CIA

Company name & address

SE DRIVE TECHNIK GMBH

Wasserstrasse 223

Bochum, 44799

Germany

Tel: +49 (0) 234 9783490

Fax: +49 (0) 234 97834910

SYNTHESIS

Employees: 4

Company Type: Private Subsidiary

Corporate Family: 40 Companies

Ultimate Parent: Suzlon Energy Limited

Incorporation Date: 01-Dec-2005

Financials in: USD (mil)

Fiscal Year End: 31-Mar-2011

Reporting Currency: Euro

Annual Sales: NA

Total Assets: 1,920.3

Business Description

SE Drive Technik GmbH is primarily engaged in activities of managing holding companies primarily engaged in holding the securities of (or other equity interests in) companies and enterprises for the purpose of owning a controlling interest or influencing management decisions. This class also includes: activities of head offices, centralised administrative offices and the like that administer, oversee and manage other units of the company or enterprise and that normally undertake the strategic or organisational planning and decision-making role of the company or enterprise.

Industry

Industry Commercial Banks

ANZSIC 2006: 6240 - Financial Asset Investing

NACE 2002: 7415 - Management activities of holding companies

NAICS 2002: 551112 - Offices of Other Holding Companies

UK SIC 2003: 7415 - Management activities of holding companies

UK SIC 2007: 642 - Activities of holding companies

US SIC 1987: 6719 - Offices of Holding Companies, Not Elsewhere Classified

 Key Executives

Name	Title
Ranjit Parmar	Managing director
Tulsi Tanti	Managing director

Registered No.(DEU): 11018

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7571683
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.704672

Corporate Overview

Location
Wasserstrasse 223
Bochum, 44799
Germany

Tel: +49 (0) 234 9783490

Fax: +49 (0) 234 97834910

Sales EUR(mil): NA

Assets EUR(mil): 1,353.2

Employees: 4

Fiscal Year End: 31-Mar-2011

Industry: Commercial Banks

Incorporation Date: 01-Dec-2005

Company Type: Private Subsidiary

Quoted Status: Not Quoted

Registered No.(DEU): 11018

Managing director: Ranjit Parmar

Industry Codes

ANZSIC 2006 Codes:

6240

-

Financial Asset Investing

NACE 2002 Codes:

7415

-

Management activities of holding companies

NAICS 2002 Codes:

551112

-

Offices of Other Holding Companies

US SIC 1987:

6719

-

Offices of Holding Companies, Not Elsewhere Classified

UK SIC 2003:

7415

-

Management activities of holding companies

UK SIC 2007:

642

-

Activities of holding companies

Business Description

SE Drive Technik GmbH is primarily engaged in activities of managing holding companies primarily engaged in holding the securities of (or other equity interests in) companies and enterprises for the purpose of owning a controlling interest or influencing management decisions. This class also includes: activities of head offices, centralised administrative offices and the like that administer, oversee and manage other units of the company or enterprise and that normally undertake the strategic or organisational planning and decision-making role of the company or enterprise.

Financial Data

Financials in:	EUR(mil)
Assets:	1,353.2
Current Assets:	3.5
Total Liabilities:	1,353.2
Issued Capital:	0.0
Net Worth:	442.5
Date of Financial Data:	31-Mar-2011

1 Year Growth

NA

Key Corporate Relationships

Bank: Commerzbank

Corporate Family	Corporate Structure News:
	Suzlon Energy Limited SE Drive Technik GmbH
SE Drive Technik GmbH Total Corporate Family Members: 40

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Suzlon Energy Limited	Parent	Pune	India	Miscellaneous Capital Goods	4,459.3	13,000
REpower Systems SE	Subsidiary	Hamburg, Hamburg	Germany	Electric Utilities	1,606.1	2,456
PowerBlades GmbH	Subsidiary	Bremerhaven, Bremen	Germany	Fabricated Plastic and Rubber		235
REpower Systems GmbH	Subsidiary	Hamburg, Hamburg	Germany	Engineering Consultants		200
Repower UK Ltd.	Subsidiary	Edinburgh	United Kingdom	Business Services	18.2	118
REpower S.A.S.	Subsidiary	Courbevoie, Hauts-de-Seine	France	Miscellaneous Capital Goods	22.9	100
REpower Australia Pty Ltd.	Subsidiary	Melbourne, VIC	Australia	Miscellaneous Capital Goods		100
REpower Italia s.r.l	Subsidiary	Milan	Italy	Miscellaneous Capital Goods		40
Repower Portugal - Sistemas Eólicos, S.A.	Subsidiary	Oliveira De Frades, Oliveira De Frades	Portugal	Miscellaneous Capital Goods	6.0	37
REpower USA Corp .	Subsidiary	Denver, CO	United States	Miscellaneous Capital Goods	6.2	30
WEL Windenergie Logistik GmbH	Subsidiary	Hamburg, Hamburg	Germany	Aerospace and Defense		2
REpower Canada Inc	Subsidiary	Barrie, ON	Canada	Business Services
REpower Wind Systems Trading (China) Ltd.	Subsidiary	Beijing	China	Miscellaneous Capital Goods
REpower Benelux b.v.b.a.	Subsidiary	Oostende, West Flanders	Belgium	Business Services
Windpark Blockland GmbH & Co KG	Subsidiary	Hamburg	Germany	Miscellaneous Capital Goods
Windpark Meckel/Gilzem GmbH & Co KG	Subsidiary	Hamburg	Germany	Miscellaneous Capital Goods
Suzlon Generators Limited	Subsidiary	Pune, Maharashtra	India	Miscellaneous Capital Goods		300
Suzlon Energy Australia Pty. Ltd.	Subsidiary	Melbourne, VIC	Australia	Electronic Instruments and Controls		200
Suzlon Energy GmbH	Subsidiary	Rostock, Mecklenburg-Vorpommern	Germany	Construction Services		150
Suzlon Energy A/S	Subsidiary	Arhus	Denmark	Miscellaneous Capital Goods	15.6	120
Suzlon Energia Eólica Do Brasil Ltda.	Subsidiary	Fortaleza, Ceara	Brazil	Miscellaneous Capital Goods		160
Suzlon Wind Energy Italy SRL	Subsidiary	Roma, Roma	Italy	Engineering Consultants	0.9	2
Suzlon Towers and Structures Limited	Subsidiary	Ahmedabad, Gujarat	India	Miscellaneous Capital Goods		100
Suzlon Wind Energy Corporation	Subsidiary	Chicago, IL	United States	Miscellaneous Capital Goods	39.2	90
Suzlon Blade Technology B.V.	Subsidiary	Hengelo	Netherlands	Miscellaneous Capital Goods	12.9	70
Suzlon Wind Energy España Sl	Subsidiary	Madrid	Spain	Miscellaneous Capital Goods	16.5	43
Suzlon Rotor Corporation	Subsidiary	Pipestone, MN	United States	Miscellaneous Capital Goods		8
Suzlon Energy B.V.	Subsidiary	Amsterdam, North Holland	Netherlands	Miscellaneous Capital Goods		8
Suzlon Windenergie GmbH	Subsidiary	Bochum, Nordrhein-Westfalen	Germany	Business Services		3
Suzlon Wind International Limited	Subsidiary	Pune, Maharashtra	India	Miscellaneous Capital Goods	138.8
Se Electricals Limited	Subsidiary	Coimbatore, Tamil Nadu	India	Electronic Instruments and Controls	87.7
Suzlon Wind Energy Ltd.	Subsidiary	London	United Kingdom	Personal Services	0.0
AE Rotor Holding B.V.	Subsidiary	Hengelo, Overijssel	Netherlands	Miscellaneous Capital Goods
SE Drive Technik GmbH	Subsidiary	Bochum, Nordrhein-Westfalen	Germany	Commercial Banks		4
Suzlon Energy (Tianjin) Limited	Subsidiary	Tianjin	China	Miscellaneous Capital Goods
Acquisition by China Power New Energy Devlpmnt Co., Ltd proposed/announced.See corporate structure news on Suzlon Energy Limited for details
SE Composites Limited	Subsidiary	Pune, Maharashtra	India	Miscellaneous Capital Goods
SE Forge Limited	Subsidiary	Pune, Maharashtra	India	Miscellaneous Fabricated Products
Suzlon Power Infrastructure Pvt. Ltd.	Subsidiary	Pune, Maharashtra	India	Miscellaneous Capital Goods
Suzlon Infrastructure Services Limited	Subsidiary	Pune, Maharashtra	India	Miscellaneous Capital Goods
Suzlon Structures Limited	Subsidiary	Ahmedabad, Gujarat	India	Miscellaneous Capital Goods

Executives Report

Executives

Name	Title	Function
Ranjit Parmar	Managing director	Managing Director
Tulsi Tanti	Managing director	Managing Director

Annual Profit & Loss

	31-Mar-2011	31-Mar-2010	31-Mar-2009
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.757168	0.70861	0.707647
Consolidated	No	No	No
Provisions	2.5	0.0	1.5

Annual Balance Sheet

Financials in: USD (mil)

	31-Mar-2011	31-Mar-2010	31-Mar-2009
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.704672	0.739044	0.753182
Consolidated	No	No	No
Issued capital	0.0	0.0	0.0
Capital reserves	832.1	793.4	778.5
Profits for the year	-204.2	-147.1	-30.6
Profit brought forward from previous year(s)	-154.3	-31.2	-
Total stockholders equity	628.0	646.3	748.0
Other provisions	-	-	1.4
Provisions and allowances	2.7	0.0	1.4
Total long-term liabilities	470.2	470.5	-
Total current liabilities	819.5	699.1	735.5
Total liabilities (including net worth)	1,920.3	1,816.0	1,484.9
Patents	-	0.0	0.0
Intangibles	0.0	0.0	0.0
Total tangible fixed assets	0.0	0.0	0.1
Total financial assets	1,895.5	1,788.5	1,481.4
Total non-current assets	1,895.6	1,788.6	1,481.5
Total receivables	4.6	2.9	0.4
Cash and liquid assets	0.4	0.0	0.0
Total current assets	5.0	2.9	0.4
Prepaid expenses and deferred costs	19.8	24.5	3.0
Total assets	1,920.3	1,816.0	1,484.9

Annual Ratios

Financials in: USD (mil)

	31-Mar-2011	31-Mar-2010	31-Mar-2009
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.704672	0.739044	0.753182
Consolidated	No	No	No
Current ratio	0.06	0.04	0.01
Acid test ratio	0.06	0.04	0.01
Total liabilities to net worth	0.21%	0.18%	0.10%
Net worth to total assets	0.03%	0.04%	0.05%
Current liabilities to net worth	0.13%	0.11%	0.10%
Fixed assets to net worth	0.30%	0.28%	0.20%
Net worth	628.0	646.3	748.0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.89
UK Pound	1	Rs.84.92
Euro	1	Rs.72.50

INFORMATION DETAILS

Report Prepared by :

NLM

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	--

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.