MIRA INFORM REPORT

Report Date :

15.12.2014

IDENTIFICATION DETAILS

Name :	SUZLON WINDENERGIE GMBH
Registered Office :	Wasserstr. 223, D 44799 Bochum
Country :	Germany
Financials (as on) :	31.03.2013
Date of Incorporation :	04.12.2006
Com. Reg. No.:	HRB 11235
Legal Form :	Private limited company
Line of Business :	· Management of holding companies · Other activities of head offices · Other business support service activities n. e. c.
No of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No complaint
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)
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, has contributed to strong growth 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 5.3% in 2013. The new German government introduced a minimum wage of $11 per hour to take effect in 2015. Stimulus and stabilization efforts initiated in 2008 and 2009 and tax cuts introduced in Chancellor Angela MERKEL's second term increased Germany's total budget deficit - including federal, state, and municipal - to 4.1% in 2010, but slower spending and higher tax revenues reduced the deficit to 0.8% in 2011 and in 2012 Germany reached a budget surplus of 0.1%. 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 though the target was already reached in 2012. 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 electricity generating capacity and 46% of its base-load electricity production.

Source : CIA

Company name

SUZLON WINDENERGIE GMBH

Company Status: Active

Wasserstr. 223

D 44799 Bochum

Telephone:0234/9783491-0

Telefax: 0234/97843910

CONCLUSION

Business relations are permissible.

CompAny Summary

Legal Form Private limited company

Date of foundation: 04.12.2006

Shareholders'

agreement: 04.12.2006

Registered on: 23.05.2007

Commercial Register: Local court 44787 Bochum

under: HRB 11235

Share capital

EUR 25,000.00

Shareholder

SE Drive Technik GmbH

Wasserstr. 223

D 44799 Bochum

Legal form: Private limited company

Share capital: EUR 25,000.00

Share: EUR 18,750.00

Registered on: 24.11.2006

Reg. data: 44787 Bochum, HRB 11018

Profit transfer agreement

Shareholder:

Martifer SGPS S.A.

Zona Indutrieal

Apartadol 17

P Oliveira de Frades

Legal form: Other legal form

Share: EUR 6,250.00

Manager:

Frans Hilbert Jan Visscher

DK Bergen

having sole power of representation

born: 24.06.1953

Nationality: Swedish

Manager:

Bakul Rathod

IND Pune

having sole power of representation

born: 22.10.1959

Nationality: Indian

Further functions/participations of Bakul Rathod (Manager)

Manager:

SE Drive Technik GmbH

Wasserstr. 223

D 44799 Bochum

Legal form: Private limited company

Share capital: EUR 25,000.00

Registered

on: 24.11.2006

Reg. data: 44787 Bochum, HRB 11018

Proxy:

Suzlon Energy Limited

Kühnehöfe 3a

D 22761 Hamburg

Legal form: Branch of a private limited

company under foreign law

Share capital: INR 4,320,000,000.00

Registered

on: 09.12.2013

Reg. data: 20355 Hamburg, HRB 129907

COMPANY HISTORY

08.12.2006 - 28.02.2007 HOHENSTAUFEN

ZWEIHUNDERT-ZWEIUNDACHTZIGSTE (282.)

Vermögensverwaltungs GmbH

Börsenplatz 1

D 50667 Köln

Private limited company

28.02.2007 - 23.05.2007 Suzlon Windenergie GmbH (AG Köln, HRB

59225)

Börsenplatz 1

D 50667 Köln

Private limited company

RESIGNED ACTING PERSONS AND SHAREHOLDERS

14.02.2007 - 05.08.2014 Manager

Ranjit A. Parmar

IND Puna

BUSINESS ACTIVITIES

Main industrial sector

70101 Management of holding companies

70109 Other activities of head offices

82999 Other business support service activities n. e. c.

Financial Information

Payment experience: Within agreed terms

Negative information: We have no negative information at hand.

Balance sheet year: 2012 / 2013

REAL ESTATE

Type of ownership: Tenant

Address Wasserstr. 223

D 44799 Bochum

Land register documents were not available.

BANKERS

A bank connection is unknown.

FINANCIAL FIGURES

Liabilities: EUR 5,152,176.00

The number of employees is not known.

Profit transfer agreement to:

SE Drive Technik GmbH

Wasserstr. 223

D 44799 Bochum

BALANCE SHEETS

Balance sheet ratios 01.04.2012 - 31.03.2013(1)

Equity ratio [%]: 98.49

Liquidity ratio: 0.18

Balance sheet ratios 01.04.2011 - 31.03.2012

Equity ratio [%]: 98.61

Liquidity ratio: 0.39

Balance sheet ratios 01.04.2010 - 31.03.2011

Equity ratio [%]: 99.66

Liquidity ratio: 0.86

Balance sheet ratios 01.04.2009 - 31.03.2010

Equity ratio [%]: 99.99

Liquidity ratio: 10.00

(1) The depth of balance sheet suggests that the company, as a so-called micro-entity in accordance with art. 267a German Commercial Code, has availed itself of the facilitations of the German Micro-Entities Amending Account Law (MicBilG) This is why it is possible that the resultant reduction of the depth of presentation in the annual accounts may entail deviating calculation methods of the respective balance sheet ratios and thus to an altered Solvency Rating [NG] and/or balance sheet grade.

Equity ratio

The equity ratio indicates the portion of the equity as compared to the total capital. The higher the equity ratio, the better the economic stability (solvency) and thus the financial autonomy of a company.

Liquidity ratio

The liquidity ratio shows the proportion between adjusted receivables and net liabilities. The higher the ratio, the lower the company's financial dependancy from external creditors.

Type of balance sheet: Micro balance sheet

Financial year: 01.04.2012 - 31.03.2013 (2)

ASSETS EUR 350,635,190.11

Fixed assets EUR 342,674,514.56

Current assets EUR 7,960,675.55

Accounts receivable EUR 0.00

thereof total due from shareholders EUR 7,042,677.62

LIABILITIES EUR 350,635,190.11

Shareholders' equity EUR 345,461,425.74

Provisions EUR 21,588.00

Liabilities EUR 5,152,176.37

Type of balance sheet: Company balance sheet

Financial year: 01.04.2011 - 31.03.2012

ASSETS EUR 350,250,911.11

Fixed assets EUR 342,674,514.56

Financial assets EUR 342,674,514.56

Other / unspecified financial assets EUR 342,674,514.56

Current assets EUR 7,576,396.55

Accounts receivable EUR 7,575,185.36

thereof total due from shareholders EUR 5,713,544.91

Other debtors and assets EUR 7,575,185.36

Liquid means EUR 1,211.19

LIABILITIES EUR 350,250,911.11

Shareholders' equity EUR 345,461,425.74

Capital EUR 25,000.00

Subscribed capital (share capital) EUR 25,000.00

Reserves EUR 345,400,000.00

Capital reserves EUR 345,400,000.00

Balance sheet profit/loss (+/-) EUR 36,425.74

Profit / loss brought forward EUR 36,425.74

Provisions EUR 20,098.00

Liabilities EUR 4,769,387.37

Other liabilities EUR 4,769,387.37

Unspecified other liabilities EUR 4,769,387.37

(2) The abbreviated depth of presentation of the annual accounts may be atributed to application of regulations within the German Micro-Entities Amending Accounting Law.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.44
UK Pound	1	Rs.98.15
Euro	1	Rs. 77.44

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	ANK

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.