MIRA INFORM REPORT

Report Date :

30.01.2013

IDENTIFICATION DETAILS

Name :	SUZLON ENERGY B.V.

Registered Office :	Strawinskylaan 1541 Tower C 15fl 1077XX Amsterdam

Country :	Netherlands

Financials (as on) :	31.03.2009

Date of Incorporation :	20.06.2001

Com. Reg. No.:	08097857

Legal Form :	Besloten Vennootschap

Line of Business :	Manufacture of electric motors

No. of Employees :	22

RATING & COMMENTS

MIRA’s Rating :

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 :	Delayed
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

(31.03.2011)

Current Rating

(30.06.2012)

Netherlands

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

NETHERLANDS - ECONOMIC OVERVIEW

The Dutch economy is the fifth-largest economy in the euro-zone and is noted for its stable industrial relations, moderate unemployment and inflation, a sizable trade surplus, and an important role as a European transportation hub. Industrial activity is predominantly in food processing, chemicals, petroleum refining, and electrical machinery. A highly mechanized agricultural sector employs only 2% of the labor force but provides large surpluses for the food-processing industry and for exports. The Netherlands, along with 11 of its EU partners, began circulating the euro currency on 1 January 2002. After 26 years of uninterrupted economic growth, the Dutch economy - highly dependent on an international financial sector and international trade - contracted by 3.5% in 2009 as a result of the global financial crisis. The Dutch financial sector suffered, due in part to the high exposure of some Dutch banks to U.S. mortgage-backed securities. In 2008, the government nationalized two banks and injected billions of dollars of capital into other financial institutions, to prevent further deterioration of a crucial sector. The government also sought to boost the domestic economy by accelerating infrastructure programs, offering corporate tax breaks for employers to retain workers, and expanding export credit facilities. The stimulus programs and bank bailouts, however, resulted in a government budget deficit of 5.3% of GDP in 2010 that contrasted sharply with a surplus of 0.7% in 2008. The government of Prime Minister Mark RUTTE began implementing fiscal consolidation measures in early 2011, mainly reductions in expenditures, which resulted in an improved budget deficit of 3.8% of GDP.

Source : CIA

CONTACTINFORMATION

Company name	Suzlon Energy B.V.
Tradename	Suzlon Energy B.V.
Address	Strawinskylaan 1541 Tower C 15fl 1077XX AMSTERDAM Netherlands
Mail address	Strawinskylaan 1541 Tower C 15fl 1077XX AMSTERDAM Netherlands
Telephone number	0203337611
Telefax number	0205241650
E-mail address	m.piebenga@suzlon.com
Website	www.suzlon.com
VAT number / RSIN	809847759

COMPANY STRUCTURE

Shareholder	Ae-Rotor Holding B.V.
	Jan Tinbergenstraat 290
	7559ST HENGELO OV
	Netherlands
	KvK: 08097459
	Active since: 08-06-2001
	Percentage: 100.00%
Holding company	Ae-Rotor Holding B.V.
	Jan Tinbergenstraat 290
	7559ST HENGELO OV
	KvK: 08097459
Affiliated companies	SE Blades Technology B.V.
	Jan Tinbergenstraat 290
	7559ST HENGELO OV
	KvK: 08097855
	Valum Holding B.V.
	Strawinskylaan 1541
	1077XX AMSTERDAM
	KvK: 24105396

Bank Rabobank Netherlands

MANAGEMENT

Management S.T.M. Chau Simon Ting Male

Authorization: Jointly authorized

Position: Manager

Date appointed: 01-07-2008

Date of birth: 16-11-1957

K. Vagadia Kirtikant

Authorization: Fully authorized

Position: General director

Date appointed: 01-04-2012

Date of birth: 12-03-1965

F.H.J. Visscher Frans Hilbert Jan

Authorization: Fully authorized

Position: General director

Date appointed: 01-01-2009

Date of birth: 24-06-1953

S.T.M. Chau Simon Ting Male

Authorization: Limited authorization (max: € 20.000)

Position: Proxy Date appointed: 24-03-2009

Date of birth: 16-11-1957

J.B. Swarts Johannes Berend

Authorization: Limited authorization (max: € 30.000)

Position: Proxy

Date appointed: 18-02-2011

Date of birth: 16-12-1967

PAYMENT INFORMATION

Payment experiences Payments are seriously delayed

Payments Based on multiple payment experiences up to € 7.500

Quarter: 2 2012: 32 Average days

Quarter: 3 2012: 60 Average days

Quarter: 4 2012: 205 Average days

Quarter: 1 2013: 232 Average days

	invoices	current quarter		2012 Q4	2012 Q3	2012 Q2
Total	21	100%	4.387	3.806	2.006	558
Within terms	5	0,0%		28	111	382
Delayed 0 - 30	5	7,2%	316	474	1.895	79
Delayed 31 - 60	3	17,5%	769	673		97
Delayed 61 - 90	2	41,7%	1.830	1.373
Delayed 91 - 120	2	13,4%	589	503
Delayed 120+ days	4	20,1%	883	755

FINANCIAL INFORMATION

Publication financial statement Annual accounts 2009 are published on 26-08-2009 (Broken accounting year) Annual accounts 2008 are published on 16-03-2010 (Broken accounting year) Annual accounts 2007 are published on 27-02-2008 (Broken accounting year)

Type of publication Corporate

Publication Although the statutory deadline, the company's annual documents are not yet published in the register of the Chamber of Commerce.

CORE FIGURES

BOOKYEAR	2009	2008	2007
Quick ratio	0,04	0,34
Current ratio	0,04	0,36
Nett workingcapital / Balance total	-14,87	-1,52
Capital and reserves / Balance total	-14,43	-1,91
Capital and reserves / Fixed assets	-32,35	-12,36
Solvency	-0,94	-0,66
Nett workingcapital	-30.129.868	-11.623.570
Capital and reserves	-29.226.492	-14.612.749	-3.325.255
Change capital and reserves	-100,01%
change short term liabilities	72,68%
Operating profit	-13.169.116	-12.938.000
Profitability operating profit	negative	negative

Annual accounts Although the statutory deadline, the company's annual documents are not yet published in the register of the Chamber of Commerce.

Last annual accounts 2009

Type of publication Corporate

Operating profit 2009: -13.169.116

2008: -12.938.000

Result after taxes 2009: -14.613.743

2008: -14.382.000

Tendency Declining

Capital and reserves 2009 -29.226.492

Total debt 2009 31.252.432

Current ratio 2009 0,04

Quick ratio 2009 0,04

Nett workingcapital 2009 -30.129.868

Profitability Negative

Solvency Negative

Liquidity Negative

Currency Euro

BALANCE

BOOKYEAR	2009	2008	2007
End of bookyear	31 -03-2009	31 -03-2008	31 -03-2007
Tangible assets	903.376	1.182.071	5.624.767
Fixed assets	903.376	1.182.071	5.624.767

Stocks and work in progress		231.305	231.305
Accounts receivable	914.290	6.197.979	1.062.326
Liquid assets	208.274	45.260	544.406
Current assets	1.122.564	6.474.544	1.838.037
Total assets	2.025.940	7.656.615	7.462.804

Capital and reserves	-29.226.492	-14.612.749	-3.325.255
Long term liabilities		4.171.250	4.406.250
Trade debts suppliers	1.589.027
Other short term debts	29.663.405
Total short term debt	31.252.432	18.098.114	6.381.809
Total debt	31.252.432	22.269.364	10.788.059
Total Liabilities	2.025.940	7.656.615	7.462.804

PROFIT & LOSS ACCOUNT
BOOKYEAR	2009	2008
Turnover	-231.305
Other operating income	-231.305	-231.000
Operating charges	12.937.811	12.938.000
Operating profit	-13.169.116	-12.938.000
Financial income	170.479	170.000
Financial charges	1.513.482	1.513.000
Financial result	-1.343.003	-1.343.000
Result before taxes	-14.512.119	-14.281.000
Result after taxes	-14.512.119	-14.281.000
Extraordinary charges	101.624	102.000
Extraordinary result		102.000
Taxes on extraordinary result	-101.624	-102.000
Extraordinary result after taxes	-101.624	-102.000
Nett result	-14.613.743	-14.382.000

Company structure

• Ae-Rotor Holding B.V. (08097459) HENGELO OV

o SE Blades Technology B.V. (08097855) HENGELO OV Subsidiary (100%)

o Suzlon Energy B.V. (08097857)

AMSTERDAM

Subsidiary o Valum Holding B.V. (24105396)

AMSTERDAM

Subsidiary (100%)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.70
UK Pound	1	Rs.84.35
Euro	1	Rs.72.21

INFORMATION DETAILS

Report Prepared by :

PRL

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%)

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.

Handelsregisternummer	08097857
Registered in	Chamber of commerce Amsterdam
First registration	20-06-2001
Act of foundation	08-06-2001
Date of constitution	23-04-2001
Continuation date	08-06-2001
Last change in statutes	07-03-2011
Legal form	Besloten Vennootschap
Place of Constitution	Amsterdam

Employees	Total: 22
Employees according to CoC	Chamber of commerce: 22
Bookyear	2013	2012	2011
Number	22	22	22
Change	0,00%	0,00%	0,00%