MIRA INFORM REPORT

Report Date :

29.01.2013

IDENTIFICATION DETAILS

Name :	SUZLON WIND ENERGY ESPANA SL
Registered Office :	C/ Rosario Pino, 14-16 Planta 5. Madrid, 28020
Country :	Spain
Financials (as on) :	31.12.2011
Date of Incorporation :	2007
Com. Reg. No.:	B85064749
Legal Form :	Private Subsidiary
Line of Business :	Wind Turbines Mfr
No. of Employees :	43

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 :	Slow
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)
Spain	A2	A2

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

spain - ECONOMIC OVERVIEW

spain's mixed capitalist economy is the 13th largest in the world, and its per capita income roughly matches that of Germany and France. However, after almost 15 years of above average GDP growth, the Spanish economy began to slow in late 2007 and entered into a recession in the second quarter of 2008. GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and by another 0.1% in 2010, before turning positive in 2011, making Spain the last major economy to emerge from the global recession. The reversal in Spain''s economic growth reflected a significant decline in construction amid an oversupply of housing and falling consumer spending, while exports actually have begun to grow. Government efforts to boost the economy through stimulus spending, extended unemployment benefits, and loan guarantees did not prevent a sharp rise in the unemployment rate, which rose from a low of about 8% in 2007 to over 20% in 2011. The government budget deficit worsened from 3.8% of GDP in 2008 to 9.2% of GDP in 2010, more than three times the euro-zone limit. Madrid cut the deficit to 8.5% of GDP in 2011, a larger deficit than the 6% target negotiated between Spain and the EU. Spain''s large budget deficit and poor economic growth prospects have made it vulnerable to financial contagion from other highly-indebted euro zone members despite the government''s efforts to cut spending, privatize industries, and boost competitiveness through labor market reforms. Spanish banks'' high exposure to the collapsed domestic construction and real estate market also poses a continued risk for the sector. The government oversaw a restructuring of the savings bank sector in 2010, and provided some $15 billion in capital to various institutions. Investors remain concerned that Madrid may need to bail out more troubled banks. The Bank of Spain, however, is seeking to boost confidence in the financial sector by pressuring banks to come clean about their losses and consolidate into stronger groups.

Source : CIA

Company name and address

SUZLON WIND ENERGY ESPANA SL

C/ Rosario Pino, 14-16 Planta 5.

Madrid, 28020

Spain

Tel: +(34) 915794727

Fax: +(34) 915794766

Website: www.suzlon.com

Employees: 43

Company Type: Private Subsidiary

Corporate Family: 40 Companies

Ultimate Parent: Suzlon Energy Limited

Incorporation Date: 2007

Auditor: Ernst Young Sl

Financials in: USD (In Millions)

Fiscal Year End: 06-Nov-2012

Reporting Currency: Euro

Annual Sales: 16.5 ¹

Net Income: 0.0

Total Assets: 139.4

Business Description

Wind Turbines Mfr

Industry

Industry	Miscellaneous Capital Goods
ANZSIC 2006:	2499 - Other Machinery and Equipment Manufacturing Not Elsewhere Classified
NACE 2002:	2911 - Manufacture of engines and turbines, except aircraft, vehicle and cycle engines
NAICS 2002:	333611 - Turbine and Turbine Generator Set Units Manufacturing
UK SIC 2003:	2911 - Manufacture of engines and turbines, except aircraft, vehicle and cycle engines
UK SIC 2007:	2811 - Manufacture of engines and turbines, except aircraft, vehicle and cycle engines
US SIC 1987:	3511 - Steam, Gas, and Hydraulic Turbines, and Turbine Generator Set Units

Key Executives

Name	Title
Cabredo Felipe Garcia Mina	Secretary, Member Of The Board, Chief Executive Officer
Frans Hilbert Jan Visscher	President, Member Of The Board
Chau Simon	Member Of The Board

Registered No.(ESP): B85064749

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.775219
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7817886

Corporate Overview

Location
C/ Rosario Pino, 14-16 Planta 5.
Madrid, 28020
Spain

Tel: +(34) 915794727

Fax: +(34) 915794766

Websitet: www.suzlon.com

Sales EUR(mil): 12.8

Assets EUR(mil): 109.0

Employees: 43

Fiscal Year End: 06-Nov-2012

Industry: Miscellaneous Capital Goods

Incorporation Date: 2007

Company Type: Private Subsidiary

Quoted Status: Not Quoted

Registered No.(ESP): B85064749

Secretary, Member Of The Board, Chief Executive Officer: Cabredo Felipe Garcia Mina

Industry Codes

ANZSIC 2006 Codes:
2499	-	Other Machinery and Equipment Manufacturing Not Elsewhere Classified

NACE 2002 Codes:
2911	-	Manufacture of engines and turbines, except aircraft, vehicle and cycle engines

NAICS 2002 Codes:
333611	-	Turbine and Turbine Generator Set Units Manufacturing

US SIC 1987:
3511	-	Steam, Gas, and Hydraulic Turbines, and Turbine Generator Set Units

UK SIC 2003:
2911	-	Manufacture of engines and turbines, except aircraft, vehicle and cycle engines

UK SIC 2007:
2811	-	Manufacture of engines and turbines, except aircraft, vehicle and cycle engines

Business Description

Other specialised construction activities n.e.c

More Business Descriptions

Wind Turbines Mfr

Financial Data

Financials in:	EUR(mil)
Revenue:	12.8
Net Income:	0.0
Assets:	109.0
Current Assets:	106.8
Fixed Assets:	2.1
Long Term Debt:	10.2
Total Liabilities:	109.0
Issued Capital:	0.0
Net Worth:	-3.2
Date of Financial Data:	06-Nov-2012

1 Year Growth

-59.4%

NA

NA

Branch Offices

Location
Paseo Castellana 155 2 A
Madrid, 28046

Key Corporate Relationships

Auditor:	Ernst Young Sl
Bank:	Banco Bilbao Vizcaya Argentaria, S.A.
Auditor:	Ernst Young Sl

Corporate Structure News

Suzlon Wind Energy España Sl
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
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

Board of Directors

Name	Title	Function
Cabredo Felipe Garcia Mina	Secretary, Member Of The Board, Chief Executive Officer	Director/Board Member
Frans Hilbert Jan Visscher	President, Member Of The Board	Director/Board Member
Chau Simon	Member Of The Board	Director/Board Member

Executives

Name	Title	Function
Cabredo Felipe Garcia Mina	Secretary, Member Of The Board, Chief Executive Officer	Chief Executive Officer
Frans Hilbert Jan Visscher	President, Member Of The Board	President
Energy A-S Suzlon Wind	Single Partner	Partner

Annual Profit & Loss

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.71919	0.755078	0.719047
Consolidated	No	No	No
Charges	32.4	38.3	220.3
Stock Reduction	-	7.8	-
Supplies	26.1	19.9	211.1
Consumption of Raw Materials	26.1	19.9	211.1
Staff Costs	2.6	3.3	2.5
Wages and Salaries	2.1	2.6	2.0
Social Security Costs	0.5	0.8	0.5
Depreciation	0.4	0.4	0.1
Allowance for Trade Operations	-	0.2	-
Variation of Other Trade Provisions	-	0.2	-
Other Operating Charges	1.9	5.9	6.7
External Services	1.9	5.9	6.7
Taxes	0.0	0.0	-
Other Operating Expenses	0.0	0.0	-
Financials and Similar Charges	1.4	0.7	-
Due to Liabilities With Group Companies	1.0	0.0	-
Due to Other Liabilities	0.3	0.7	-
Net Financial Income	-	0.5	1.4
Profit From Ordinary Activities	-	-	0.1
Changes in Provisions for Assets	-	0.1	-
Losses From Assets and Securities Portfolio	-	0.0	-
Extraordinary Profit	0.0	-	-
Profit Before Taxes	-	-	0.1
Corporation Tax	-	0.1	0.0
Financial Year Result (Profit)	-	-	0.1
Income	30.7	35.4	220.4
Net Total Sales	17.8	34.1	185.7
Sales	13.9	32.7	185.7
Rendering of Services	3.8	1.5	-
Increase in Stocks	12.7	-	33.3
Miscellaneous Operating Income	0.0	0.0	-
Auxiliary Income From Current Management	0.0	0.0	-
Operating Losses	0.5	3.3	1.3
Income From Miscellaneous Interests	0.1	1.2	1.3
From Group Companies	0.0	1.2	1.0
Miscellaneous Interests	0.0	0.0	0.4
Gains from Exchange Rate	0.2	-	0.1
Negative Financial Results	1.1	-	-
Ordinary Activities' Losses	1.6	2.8	-
Profit on Disposal of Assets	0.0	-	-
Negative Extraordinary Results	-	0.1	-
Losses Before Taxes	1.6	2.9	-
Financial Year Result (Losses)	1.6	3.0	-

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.770327	0.745406	0.696986
Consolidated	No	No	No
Software	0.0	0.0	0.0
Total Intangible Fixed Assets	0.0	0.0	0.0
Other Installations, Tools, and Furniture	1.4	1.7	0.9
Other Tangible Assets	0.0	0.0	0.0
Total Tangible Fixed Assets	1.4	1.8	0.9
Investments in Group Companies	0.0	0.0	-
Receivables from Group Companies	1.3	1.0	-
Long-Term Guarantees and Deposits	0.1	0.1	0.2
Financial Investments	1.4	1.1	0.2
Total Fixed Assets	2.8	2.9	1.1
Raw Materials and Other Consumables	13.1	15.5	21.0
Finished Products	38.2	27.2	37.5
Payments on Account	-	1.7	-
Total Stocks	51.3	44.5	58.5
Trade Debtors	4.0	3.3	25.9
Receivables, Group Companies	80.0	64.9	70.7
Other Debtors	0.0	-	-
Staff	0.0	0.0	0.0
Public Bodies	2.1	3.0	0.0
Total Debtors	86.1	71.2	96.7
Short-Term Guarantees and Deposits	0.2	0.1	-
Total Short-Term Investments	0.2	0.1	-
Cash	1.2	7.1	17.1
Prepayments and Accrued Income	0.0	0.2	-
Total Current Assets	138.7	123.1	172.2
Total Assets	141.5	126.0	173.3
Legal Reserve	0.0	0.0	0.0
Miscellaneous Reserves	0.2	0.2	0.1
Total Reserves	0.2	0.2	0.2
Prior Year Losses	-2.9	-	-
Profit or Loss Brought Forward	-2.9	-	-
Profit or Loss for the Financial Year	-1.5	-3.0	0.1
Total Equity	-4.2	-2.8	0.2
Loans and Other Liabilities	-	0.2	-
Total Amounts Owed to Credit Institutions	-	0.2	-
Amounts Owed to Group Companies	13.2	13.4	-
Total Debts with Group or Affiliated Companies	13.2	13.4	-
Total Long Term Liabilities	13.2	13.6	-
Loans and Other Liabilities	0.0	18.2	-
Total Amounts Owed to Credit Institutions	0.0	18.2	-
Amounts Owed to Group Companies	107.6	88.5	106.5
Total Short-Term Amounts Owed to Group and Associa	107.6	88.5	106.5
Amounts Owed for Purchases of Goods or Services	23.9	6.2	65.5
Total Trade Creditors	23.9	6.2	65.5
Public Bodies	0.2	0.2	1.1
Total Other Creditors	0.2	0.2	1.1
Prepayments and Accrued Income	0.8	2.1	-
Total Short Term Creditors	132.5	115.2	173.1
Total Liabilities and Equity	141.5	126.0	173.3

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.89
UK Pound	1	Rs.84.92
Euro	1	Rs.72.51

INFORMATION DETAILS

Report Prepared by :

SDA

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.