MIRA INFORM REPORT

Report Date :

15.12.2014

IDENTIFICATION DETAILS

Name :	SUZLON ENERGY A/S

Registered Office :	Bredskifte Alle 13, Aarhus V 8210

Country :	Denmark

Date of Incorporation :	20.08.2004

Com. Reg. No.:	28101120

Legal Form :	Limited company

Line of Business :	Subject engaged in activities of non-financial head offices Note: We tried to confirm / obtain the detailed activity but the same is not available from any sources.

No of Employees :	57

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 :			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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Denmark

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

DENMARK ECONOMIC OVERVIEW

This thoroughly modern market economy features a high-tech agricultural sector, state-of-the-art industry with world-leading firms in pharmaceuticals, maritime shipping and renewable energy, and a high dependence on foreign trade. Denmark is a member of the European Union (EU); Danish legislation and regulations conform to EU standards on almost all issues. Danes enjoy a high standard of living and the Danish economy is characterized by extensive government welfare measures and an equitable distribution of income. Denmark is a net exporter of food and energy and enjoys a comfortable balance of payments surplus, but depends on imports of raw materials for the manufacturing sector. Within the EU, Denmark is among the strongest supporters of trade liberalization. After a long consumption-driven upswing, Denmark's economy began slowing in 2007 with the end of a housing boom. Housing prices dropped markedly in 2008-09 and, following a short respite in 2010, have since continued to decline. Household indebtedness is still relatively high at more than 275% of gross disposable income in the first half of 2013. The global financial crisis has exacerbated this cyclical slowdown through increased borrowing costs and lower export demand, consumer confidence, and investment. Denmark made a modest recovery in 2010, in part because of increased government spending; however, the country experienced a technical recession in late 2010-early 2011. Historically low levels of unemployment rose sharply with the recession and have remained at about 6% in 2010-13, based on the national measure, about two-thirds average EU unemployment. An impending decline in the ratio of workers to retirees will be a major long-term issue. Denmark maintained a healthy budget surplus for many years up to 2008, but the budget balance swung into deficit in 2009, where it remains. In spite of the deficits, the new coalition government delivered a modest stimulus to the economy in 2012. Nonetheless, Denmark's fiscal position remains among the strongest in the EU with public debt at about 46% of GDP in 2013. Despite previously meeting the criteria to join the European Economic and Monetary Union (EMU), so far Denmark has decided not to join, although the Danish krone remains pegged to the euro.

Source : CIA

Company Summary

Business Name	Suzlon Energy A/S
Country	DENMARK
Company Registration Number/CVR	28101120
Main Code	701010
Main Activity	Activities of non-financial head offices
Company Status	Active
Latest Revenue
Latest Shareholder Equity	-252.675.000

Company Information

Basic Information
Business Name	Suzlon Energy A/S
Registered Company Name	Suzlon Energy A/S
Company Registration Number	28101120
Country	DENMARK
Date of Company Registration	2004-08-20
Legal Form	Limited company
Company Status	Active
Currency of this Report	DKK
Principal Activity Code	701010
Principal Activity Description	Activities of non-financial head offices
Contact Address	Bredskifte Alle 13, Aarhus V 8210
Contact Telephone Number	89438943

Activities
Activity Code	Activity Description
701010	Activities of non-financial head offices

Accounts

Profit and Loss
Financial Date	2014	2013	2012
Number of Weeks	52	52	52
Currency	EUR	EUR	EUR
Revenue	88.814.000	71.844.000	84.444.000
Operating Profit	-158.971.000	-71.427.000	-90.179.000
Retained Profit	-462.295.000	-86.743.000	-183.022.000

Balance Sheet
Financial Date	2014	2013	2012
Number of Weeks	52	52	52
Currency	EUR	EUR	EUR
Total Assets	1.439.470.000	1.157.479.000	1.171.823.000
Other Reserves	-252.675.000	209.259.000	-557.882.000

Contact Information

Main Address
Address	Country	Telephone
Bredskifte Alle 13, Aarhus V 8210	DENMARK	89438943

Email Addresses

info@suzlon.com

Web Pages

www.suzlon.com

Share Capital Structure

Currency	DKK
Nominal Share Capital	76.471.460

Directors/Managers

Current Directors
Name	Position	Start Date
Jesper Nybo Stenager	Managing director
Frans Hilbert Jan Visscher	Chairman
Kirtikant Vagadia	Member of the board
Jesper Nybo Stenager	Member of the board
Erik W Pedersen	Sales
Hanne Fynbo	Personnel

Group Structure

Ultimate Holding Parent
Name	Country
Suzlon Energy Ltd.

Subsidaries
Name	Country
Suzlon Wind Energy Corporation	UNITED STATES
Suzlon Energy Australia PTY ltd.	AUSTRALIA
Suzlon Energy Korea Co Ltd.	REPUBLIC OF KOREA
Suzlon Wind Energy Romania Srl.	ROMANIA
Suzlon Energy Nicaragua SA	NICARAGUA
Suzlon Wind Energy Sanayi ve Ticaret Sirketi	TURKEY
Suzlon Wind Energy BH	BOSNIA AND HERZEGOVINA
Ademco S.A.	GREECE
Adest Srl.	ITALY

Div Wind OOD	BULGARIA
Nuova Renerg Srl.	ITALY
Suzlon Energia Eolica do Brasil Ltda.	BRAZIL
Suzlon Energy Italy Srl.	ITALY
Suzlon Energy Portugal - Energia Eolica Lda.	PORTUGAL
Suzlon Wind Energy Bulgaria EOOD	BULGARIA
Suzlon Wind Energy Espana, S.L.U.	SPAIN

Other Information

Employee Information

2014	57
2013	86
2012	119

Real Estate
Real Estate	No

Other Trading Names
	Name
Business name	Suzlon Wind Energy A/S

Global Trading Information

Export Worldwide Import

Other Information
Type	Text
Historical data	The company merged on 22-05-2012 with Suzlon Wind Energy A/S (CVR 29615357), the registered company being the continuing one.
Capital conditions	fully paid up
Authorisation to sign	a member of the board alone

Additional Information

Additional Accounts Information
Date Format	MM-DD
Accounts Start Date	04-01
Accounts End Date	03-31

Additional Accounts Notes
Notes Date	Notes Detail
13/1-01-01T00:00:00	In the financial statement of 13/14 attention is drawn to leasing commitments.
11/1-01-01T00:00:00	In the financial statement of 11/12 new financial principle has been applied, and no figures are comparable with the ones of previous years.

Other Trading Names
Type	Name
Business name	Suzlon Wind Energy A/S

Global Trading Information
Export	Worldwide
Import

Other Information
Type	Text
Historical data	The company merged on 22-05-2012 with Suzlon Wind Energy A/S (CVR 29615357), the registered company being the continuing one.
Capital conditions	fully paid up
Authorisation to sign	a member of the board alone

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 62.44
UK Pound	1	Rs. 98.15
Euro	1	Rs. 77.38

INFORMATION DETAILS

Analysis Done by :	SMT

Report Prepared by :	DPT

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.