MIRA INFORM REPORT

Report Date :

27.12.2014

IDENTIFICATION DETAILS

Name :	SUZLON ENERGIA EÓLICA DO BRASIL LTDA
Registered Office :	Rodovia BR-116, Nº,2186 A – Cajazeiras 60.864-012 - Fortaleza/CE
Country :	Brazil
Date of Incorporation :	26.06.2006
Legal Form :	Limited Liability Company
Line of Business :	Manufacture of windmill
No. of Employees :	Not Available

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 :	Unknown
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)
Brazil	A2	A2

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

BRAZIL - ECONOMIC OVERVIEW

Characterized by large and well-developed agricultural, mining, manufacturing, and service sectors, and a rapidly expanding middle class, Brazil's economy outweighs that of all other South American countries, and Brazil is expanding its presence in world markets. Since 2003, Brazil has steadily improved its macroeconomic stability, building up foreign reserves, and reducing its debt profile by shifting its debt burden toward real denominated and domestically held instruments. In 2008, Brazil became a net external creditor and two ratings agencies awarded investment grade status to its debt. After strong growth in 2007 and 2008, the onset of the global financial crisis hit Brazil in 2008. Brazil experienced two quarters of recession, as global demand for Brazil's commodity-based exports dwindled and external credit dried up. However, Brazil was one of the first emerging markets to begin a recovery. In 2010, consumer and investor confidence revived and GDP growth reached 7.5%, the highest growth rate in the past 25 years. Rising inflation led the authorities to take measures to cool the economy; these actions and the deteriorating international economic situation slowed growth in 2011-13. Unemployment is at historic lows and Brazil's traditionally high level of income inequality has declined for each of the last 14 years. Brazil's historically high interest rates have made it an attractive destination for foreign investors. Large capital inflows over the past several years have contributed to the appreciation of the currency, hurting the competitiveness of Brazilian manufacturing and leading the government to intervene in foreign exchange markets and raise taxes on some foreign capital inflows. President Dilma ROUSSEFF has retained the previous administration's commitment to inflation targeting by the central bank, a floating exchange rate, and fiscal restraint

Source : CIA

Company name

SUZLON ENERGIA EÓLICA DO BRASIL LTDA

ADDRESSES

MAIN ADDRESS:	RODOVIA BR-116, Nº,2186 A - CAJAZEIRAS
ZIP CODE/CITY:	60.864-012 - FORTALEZA/CE
PHONE:	85 3265-1308
FAX:	85 3265-1308
E-MAIL:	hygor.ferreira@suzlon.com
WEB SITE:	www.suzlon.com

BRANCHES:
ADDRESS:	ALAMEDA XINGÚ,350 CONDOMÍNIO TOWER IGUATEMI - ALPHAVILLE
ZIP CODE/CITY:	06455-030 BARUERI/SP

LEGAL DATA

MAIN ACTIVITIES:

MANUFACTURE OF WINDMILL.

LEGAL FORM:	LIMITED LIABILITY COMPANY
INCORPORATION DATE:	28/06/2006
REGISTER DATE:	28/06/2006
BALANCE SHEET FILING DATE:	31/12
TAX CONTRIBUTOR NUMBER(CNPJ):	08.146.882/0001-00
STATE REGISTER:	620008471
SHARE CAPITAL:	R$ 968.995,00

BOARD OF DIRECTORS:
FABIO RODRIGUES FERREIRA	MANAGER
ALESSANDRA RAFFO SCHNEIDER	MANAGER

AUTHORIZED USE OF SIGNATURE

THE MANAGERS ARE AUTHORIZED TO SIGN ON BEHALF OF THE COMPANY.

SHAREHOLDERS / PARTNERS:
SUZLON ENERGY A/S	86,45%
AE ROTOR HOLDING	13,55%

AFFILIATES / SUBSIDIARIES:

SUZLON GROUP.

COMPANY'S BACKGROUND

THE SUBJECT WAS ESTABLISHED JUNE 28, 2006 AS BRANDEBURG PARTICIPAÇÕES LTDA. TO BE ENGAGED IN THE SAID LINE OF BUSINESS. LATER IT ALTERED TO ABOVE-MENTIONED NAME AND UP TO DATE.

BUSINESS ADDRESS HAS CHANGED FROM (AVENIDA SENADOR VIRGILIO TÁVORA, 195, FORTALEZA/CE) TO THE PRESENT REGISTERED ONE.

FURTHER DETAILS ARE SO FAR NOT KNOWN.

REMARKS:

--------

WHEN CONTACTING THE SUBJECT WE INTERVIEWED MR. HYGOR, FINANCIAL DEPARTMENT, WHO INFORMED THAT WOULD NOT DISCLOSE ANY KIND OF INFORMATION UNLESS THE INQUIRING PARTY'S NAME WAS DISCLOSED.

IF IT IS POSSIBLE TO DISCLOSE THE NAME OF THE INTERESTED SUPPLIER OF THE SUBJECT, WE MAY RESUME OUR CONTACTS AND TRY TO OBTAIN FURTHER INFORMATION.

THE DATA CONTAINED HEREIN WERE OBTAINED FROM OUTSIDE SOURCES, OUR DATABASE AND OFFICIAL. NO FURTHER DATA WAS AVAILABLE WITH SEVERAL SOURCES USUALLY INVESTIGATED.

PUBLIC INFORMATION:

PROTESTS:

665 PROTESTS,TOTAL AMOUNT R$ 7.447.660,39

DATE OF FIRST PROTEST: 12/2012 R$ 1.686,75

DATE OF HIGHEST PROTEST: 05/2013 R$ 432.643,00

DETAILS OF LATEST PROTESTS:

NOTARY OFFICE:	DATE:	VALUE:
8º CARTORIO DE CE-FORTALEZA	26/11/2014	R$ 103.579,63
8º CARTORIO DE CE-MARANAU	21/11/2014	R$ 65,55
1º CARTORIO DE CE-FORTALEZA	26/11/2014	R$ 12.260,00
2º CARTORIO DE CE-FORTALEZA	25/11/2014	R$ 378,25
5º CARTORIO DE CE-FORTALEZA	13/11/2014	R$ 13.775,00

LAWSUITS:
	DATE:	COURT OF LAW:

4	EXECUTIVE LAWSUITS	25/10/13	4ª VARA DE BARUERI/SP
2	MONITORY SUITS	10/09/14	23ª VARA DE FORTALEZA/CE
1	EVICTION	30/07/13	16ª VARA DE FORTALEZA/CE

FINANCIAL INFORMATION

DUE TO THE SUBJECT'S LEGAL FORM, IT IS NOT OBLIGED TO PUBLISH THE BALANCE SHEET INFORMATION. WHEN INTERVIEWING SOURCES AT THE SUBJECT COMPANY DECLINED TO PROVIDE ANY KIND OF FINANCIAL INFORMATION.

OUTSIDE SOURCES CONTACTED SHOWED NO FINANCIAL DATA ABOUT THIS COMPANY.

EXCHANGE RATE:
US$ 1,00 = R$ 2,72	- OFFICIAL RATE ON 17/12/2014

COMMENTS ON THE FINANCIAL INFORMATION:

IN THE ABSENCE OF FINANCIAL INFORMATION NO COMMENTS CAN BE MADE ABOUT THE SUBJECT'S CURRENT FINANCIAL STANDING.

REAL ESTATE:

NOT AVAILABLE

VEHICLES:

NOT AVAILABLE

MACHINES:

NOT AVAILABLE

INSURANCE

NOT AVAILABLE.

BANKING REFERENCES

BANCO SANTANDER (BRASIL) S/A

CAIXA ECONOMICA FEDERAL

BANCO CITIBANK S/A

REMARKS: IN BRAZIL THE BANKS ARE PROHIBITED BY LAW TO PROVIDE INFORMATION OR ANY KIND OF COMMENTS ABOUT THEIR CLIENTS. DUE TO THIS LAW PROHIBITION WE ARE UNABLE TO PROVIDE ANY BANKING DETAILS.

ACCORDING TO THE CENTRAL BANK OF BRAZIL OFFICIAL REPORT, THE COMPANY HAS NOT RETURNED CHECKS UP TO DATE. (IN THE TERMS OF "CIRCULAR 1682 BRAZILIAN CENTRAL BANK").

ACTIVITIES COMMENTS

MANUFACTURE OF WINDMILL.

IMPORT AND EXPORT:

IMPORTS FROM:

NOT AVAILABLE.

EXPORTS TO:

NOT AVAILABLE.

MAIN CLIENTS:

DOMESTIC CLIENTS:

NOT AVAILABLE.

STAFF:

NOT AVAILABLE.

CONCEPT AND FULFILMENT

THE SUBJECT WAS ESTABLISHED IN 2006. SO FAR IT HAS A TRADE HISTORY AFFECTED BY LOT OF PROTESTS REGISTERED.

THE COMPANY HAS TRADE RELATIONS WITH SOME LOCAL SUPPLIERS BUT UP TO DATE ONLY SMALL PAYMENTS WERE REPORTED AND THE SUBJECT IS NOT SAID TO BE USER OF TRADE CREDIT FACILITIES.

THE LAWSUITS REPORTED ARE NOT RELATED WITH TRADE DEBTS. THEY ARE RELATED TO TAX DEBTS THAT FOR ANY REASON THE COMPANY HAS NOT YET PAID.

OUR INVESTIGATION THROUGH THE PUBLIC RECORDS SHOWED SEVERAL DETRIMENTAL FILES REGISTERED AGAINST THE SUBJECT WHAT SHOWS IT HAS BEEN FAILING TO FULFILL SOME OF ITS TRADE COMMITMENTS.

MAIN SUPPLIERS:

DOMESTIC SUPPLIERS:

BALASKA EQUIPE INDUSTRIA E COMERCIO LTDA

NACIONAL GÁS BUTANO DISTRIBUIDORA LTDA

PHELPS DODGE INTERNATIONAL BRASIL LTDA

TECH DATA BRASIL LTDA

PAYMENT HISTORY:

NO PAYMENT RECORD IS REGISTERED.

FINAL OPINION

BASED ON THE OVERALL DATA AVAILABLE THE SUBJECT MAY BE CONSIDERED FOR NORMAL BUSINESS COMMITMENTS. CREDIT FACILITIES HOWEVER SHOULD BE GRANTED ON FULLY SECURED TERMS DUE TO THE ABSENCE OF FINANCIAL DATA AND THE HIGH AMOUNT PROTESTS.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.64
UK Pound	1	Rs.98.98
Euro	1	Rs.77.74

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	NIS

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.