MIRA INFORM REPORT

Report Date :

19.06.2014

IDENTIFICATION DETAILS

Name :	SE ELECTRICALS LIMITED (w.e.f. 13.01.2009)
Formerly Known As :	SUZLON ELECTRICALS INTERNATIONAL LIMITED (w.e.f. 04.03.2008) SUZLON ROTOR INTERNATIONAL LIMITED
Registered Office :	201, 2nd Floor, Gold Tower, 50, Residency Road, Bangalore – 560025, Karnataka
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	12.12.2006
Com. Reg. No.:	08-041190
Capital Investment / Paid-up Capital :	Rs.959.000 Millions
CIN No.: [Company Identification No.]	U31108KA2006PLC041190
PAN No.: [Permanent Account No.]	AAKCS4715P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The Company is engaged in the manufacture of Generators, Transformers and Panels for Wind Turbine Generators (WTGs).
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

B (32)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 4400000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating reflects company’s moderate financial risk profile marked by loss incurred by the company from its operational activities during financial year 2013 and stretched liquidity position of the company. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some caution.

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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

US investment bank Goldman Sachs has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long Term Loan = BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	May 2012

Rating Agency Name	ICRA
Rating	Fund Based Limits = A3
Rating Explanation	Moderate degree of safety and high credit risk
Date	May 2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Pradeep Bhosale
Designation :	Accounts Executive
Contact No.:	91-20-67021121
Date :	17.06.2014

LOCATIONS

Registered Office :	201, 2nd Floor, Gold Tower, 50, Residency Road, Bangalore – 560025, Karnataka, India
Tel. No.:	91-80-66971900
Fax No.:	91-80-66971919
E-Mail :	mca@suzlon.com saravanakumar.velusamy@suzlon.com govindarajan.s@suzlon.com jhitendra@suzlon.com jhitendra@suzlon.com
Locality :	Commercial
Corporate Office :	Suzlon One Earth, Aqua Lounge, Level I, Opposite Magarpatta City, Hadapsar, Pune – 411028, Maharashtra, India
Tel. No.:	91-20-67021121
Factory 1 :	Plot No. 2 , SEZ-Synefra , KM Patti, Coimbatore – 641659, Tamilnadu, India
Tel. No.:	91-421-2266217 / 226684 / 2266252
E-Mail :	balan@suzlon.com sriwathsan.dhaamodharen@suzlon.com s.viswanathan@suzlon.com
Factory 2 :	Gat No.339/3/1, Chakan Industrial Area, Village Mahalunge, Tal Khed Rajgurunagar, Pune – 410501, Maharashtra, India
E-Mail :	dram@suzlon.com atul.deshpande@suzlon.com
Factory 3 :	Survey No. 93, National Highway No. 8, Varnama – Vadsala, Vadodara - 391240, Gujarat, India
Tel. No.:	91-265-2832634
Fax No.:	uttam.sanil@suzlon.com sashwin@suzlon.com abhinav@suzlon.com

DIRECTORS

As on 10.09.2013

Name :

Mr. Amarsinh Abhaysinh Parmar

Designation :

Managing Director

Address :

Plot No.36, Acacia – I, Magarpatta City, Hadapsar – 411028, Maharashtra, India

Date of Birth/Age :

15.05.1950

Date of Appointment :

01.04.2012

PAN No.:

ACNPP0122D

DIN No.:

00028602

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U40108PN1998PLC016515	Suzlon Infrastructure Services Limited	Director	01/04/2008	31/12/1999	-	Amalgamated	NO
2	U29999PN2001PLC016118	USHDEV ENGITECH LIMITED	Managing director	01/04/2012	03/05/2001	26/07/2012	Active	NO
3	U70101PN1997PLC016521	SARJAN REALITIES LIMITED	Director	19/02/2005	19/02/2005	-	Active	NO
4	U40300GJ2001PLC067617	SALENE POWER INFRASTRUCTURE LIMITED	Director	01/04/2005	01/04/2005	-	Active	NO
5	U40108TZ2009PTC015375	PUJAA SHREE GREEN POWER PRIVATE LIMITED	Director	21/08/2009	21/08/2009	22/02/2010	Active	NO
6	U70101GJ2004PLC044948	Suzlon Global Services Limited	Director	03/09/2010	01/10/2009	-	Active	NO
7	U31108KA2006PLC041190	SE Electricals Limited	Managing director	01/04/2013	01/04/2010	-	Active	NO
8	U70101GJ2002PLC068006	SAMIRAN REALTIES LIMITED	Director	13/08/2012	01/10/2011	-	Active	NO

Name :

Mr. Vinod Ranchhodbhai Tanti

Designation :

Director

Address :

A-901, Silver Wodds, Mundhwa, Pune – 411036, Maharashtra, India

Date of Birth/Age :

29.06.1962

Date of Appointment :

12.12.2006

PAN No.:

AARPT6367N

DIN No.:

00002266

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U65910GJ1994PTC022641	Tanti Holdings Private Limited	Director	28/07/1994	28/07/1994	-	Active	NO
2	U40100GJ2000PLC037245	SUZLON TOWERS AND STRUCTURES LIMITED	Director	01/04/2010	25/01/2000	01/11/2010	Amalgamated	NO
3	U40108PN1998PLC016515	Suzlon Infrastructure Services Limited	Director	01/09/2006	14/04/2004	-	Amalgamated	NO
4	U65993PN2005PTC020371	SURUCHI HOLDINGS PRIVATE LIMITED	Director	04/03/2005	04/03/2005	-	Active	NO
5	U65993PN2005PTC020433	SANMAN HOLDINGS PRIVATE LIMITED	Director	18/03/2005	18/03/2005	-	Amalgamated	NO
6	U45203TZ2004PLC011180	SUZLON POWER INFRASTRUCTURE LIMITED	Director	01/04/2005	01/04/2005	-	Active	NO
7	U29999PN2001PLC016118	USHDEV ENGITECH LIMITED	Director	27/06/2005	27/06/2005	26/07/2012	Active	NO
8	U70102GJ2006PLC048887	SE Energy Park Limited	Director	10/08/2006	10/08/2006	-	Amalgamated	NO
9	U40108KA2006PLC041191	SUZLON WIND INTERNATIONAL LIMITED	Director	31/10/2010	12/12/2006	21/06/2013	Active	NO
10	U31108KA2006PLC041190	SE Electricals Limited	Director	12/12/2006	12/12/2006	-	Active	NO
11	U28999KA2006PLC041188	SE Blades Limited	Director	12/12/2006	12/12/2006	-	Active	NO
12	U27109GJ2004PLC044170	SUZLON STRUCTURES LIMITED	Director	25/07/2007	01/02/2007	-	Active	NO
13	U31101PN2004PLC019205	SUZLON GENERATORS LIMITED	Director	09/07/2007	02/05/2007	-	Active	NO
14	U27106KA2008PLC045714	Synew Steel Limited	Director	24/03/2008	24/03/2008	-	Active	NO
15	U27310GJ2006PLC048563	SE FORGE LIMITED	Director	16/09/2008	01/04/2008	-	Active	NO
16	U40108PN2008PLC131668	SE SOLAR LIMITED	Director	05/09/2009	16/03/2009	-	Active	NO
17	L40100GJ1995PLC025447	SUZLON ENERGY LIMITED	Director	01/06/2012	01/11/2010	-	Active	NO
18	U29299PN2005PLC021209	REPOWER SYSTEMS INDIA LIMITED	Director	14/09/2012	23/02/2012	-	Active	NO
19	U65993PN2005PTC020372	SUGATI HOLDINGS PRIVATE LIMITED	Director	28/09/2012	01/05/2012	-	Active	NO

Name :

Mr. Jitendra Ranchhodbhai Tanti

Designation :

Director

Address :

A-1102, Silver Wodds, Mundhwa, Pune – 411036, Maharashtra, India

Date of Birth/Age :

13.04.1964

Date of Appointment :

12.12.2006

DIN No.:

00002257

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L17119GJ1992PLC017218	SNS TEXTILES LIMITED	Director	15/04/1992	15/04/1992	15/06/2009	Active	NO
2	U55100GJ1997PTC032418	Sugati Beach Resort Private Limited	Director	28/05/1997	28/05/1997	-	Active	NO
3	U29999PN2001PLC016118	USHDEV ENGITECH LIMITED	Director	03/05/2001	03/05/2001	26/07/2012	Active	NO
4	U40300GJ2001PLC067617	SALENE POWER INFRASTRUCTURE LIMITED	Director	01/02/2007	07/06/2001	-	Active	NO
5	U45202PN1998PLC016516	Aspen Infrastructures Limited	Managing director	01/04/2014	01/04/2003	-	Active	NO
6	U31101PN2004PLC019205	SUZLON GENERATORS LIMITED	Director	29/04/2004	29/04/2004	15/05/2007	Active	NO
7	U40108PN1998PLC016515	Suzlon Infrastructure Services Limited	Director	01/05/2004	01/05/2004	01/04/2007	Amalgamated	NO
8	U45203TZ2004PLC011180	SUZLON POWER INFRASTRUCTURE LIMITED	Director	10/06/2004	10/06/2004	-	Active	NO
9	U65993PN2005PTC020434	SAMANVAYA HOLDINGS PRIVATE LIMITED	Director	18/03/2005	18/03/2005	-	Active	NO
10	U65993PN2005PTC020433	SANMAN HOLDINGS PRIVATE LIMITED	Director	18/03/2005	18/03/2005	-	Amalgamated	NO
11	U27310GJ2006PLC048563	SE FORGE LIMITED	Director	26/06/2006	26/06/2006	01/04/2008	Active	NO
12	U40108KA2006PLC041191	SUZLON WIND INTERNATIONAL LIMITED	Director	12/12/2006	12/12/2006	20/02/2012	Active	NO
13	U31108KA2006PLC041190	SE Electricals Limited	Director	12/12/2006	12/12/2006	-	Active	NO
14	U28999KA2006PLC041188	SE Blades Limited	Managing director	01/04/2012	12/12/2006	-	Active	NO
15	U40103GJ2006PTC049608	SIL TRANSMISSION (RAJASTHAN) Private LIMITED	Director	20/12/2006	20/12/2006	-	Active	NO
16	U70109TN2004PLC053389	SHUBH REALTY (SOUTH) LIMITED	Director	13/09/2011	15/03/2011	19/04/2012	Active	NO
17	U45202GJ2012PLC072115	Synefra Infrastructures Limited	Director	26/09/2012	26/09/2012	-	Active	NO

Name :

Mr. Vaidhyanathan Raghuraman

Designation :

Director

Address :

20 Kallol Apartments, I P Extension, Patpar Ganj, Delhi – 110092, India

Date of Birth/Age :

01.03.1943

Date of Appointment :

10.09.2013

DIN No.:

00411489

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L27102OR1979PLC000819	ORISSA SPONGE IRON AND STEEL LIMITED	Nominee director	24/09/1999	24/09/1999	17/04/2009	Active	NO
2	L40100GJ1995PLC025447	SUZLON ENERGY LIMITED	Director	18/07/2006	29/10/2005	-	Active	NO
3	U28999KA2006PLC041188	SE Blades Limited	Director	10/09/2013	11/06/2013	-	Active	NO
4	U31108KA2006PLC041190	SE Electricals Limited	Director	10/09/2013	15/06/2013	-	Active	NO
5	U40108KA2006PLC041191	SUZLON WIND INTERNATIONAL LIMITED	Director	10/09/2013	29/06/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mrs. Sharvari S Kashalikar
Designation :	Secretary
Address :	B-3, Flat No. 11, Ganesh Complex, Manikbaug, Sinhgad Road, Pune – 411051, Maharashtra, India
Date of Birth/Age :	04.04.1976
Date of Appointment :	01.04.2014
PAN No.:	ARGPK9744C

MAJOR SHAREHOLDERS

As on 10.09.2013

Names of Equity Shareholders	No. of Shares
Suzion Energy Limited, India	9999940
Tulsi R. Tanti J/W Suzion Energy Limited, India	10
Girish R. Tanti J/W Suzion Energy Limited, India	10
Vinod Ranchhodbhai Tanti J/W Suzion Energy Limited, India	10
Jitendra Ranchhodbhai Tanti J/W Suzion Energy Limited, India	10
Gita T. Tanti J/W Suzion Energy Limited, India	10
Sangita V. Tanti J/W Suzion Energy Limited, India	10
Total	10000000

Names of Preference Shareholders	No. of Shares
Suzion Energy Limited, India	8590000
Total	8590000

Equity Share Break up (Percentage of Total Equity)

As on 10.09.2013

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is engaged in the manufacture of Generators, Transformers and Panels for Wind Turbine Generators (WTGs).

Products :

Product Description	ITC Code
Generators for WTG	85371000

Exports :

Products :

Finished Goods

Countries :

Germany

Imports :

Products :

Raw Material

Countries :

• Germeny
• China
• USA

Terms :

Selling :

L/C and Credit

Purchasing :

L/C and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

Information denied by management

Bankers :

Punjab National Bank, IBB Branch, Barakhamba Road, New Delhi - 110001, Delhi, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Rupee term loans from banks	1014.400	440.000
Short Term Borrowings
Working capital loans from banks	412.500	746.900
Total	1426.900	1186.900

Long term borrowings :

The details of security for the secured loans are as follows:

i) In case of financial facilities from CDR Lenders in accordance with MRA, RTL of Rs.460.000 Millions, WCTL of Rs.587.500 Millions of which Rs.33.100 Millions classified as current maturities of long term borrowings, fund based working capital facilities of Rs.412.500 Millions FITL of Rs. Nil and non-fund based working capital facilities are secured by first pari passu charge on all chargeable present and future tangible/intangible movable assets of each of the Borrowers, first charge on all chargeable present and future immovable assets (excluding the identified properties) of each of the Borrowers, first charge on all present and future chargeable current assets of each of the Borrowers, first charge over Trust and Retention Account (TRA) and other bank accounts of the Borrowers, pledge of equity shares held by SEL in its 7 Indian subsidiaries which are forming part of the Borrowers, negative lien over the equity shares held by SEL in SE Forge Limited, pledge on shares of Suzlon Energy Limited, Mauritius (SELM) held by SEL, pledge of shares of certain other overseas subsidiaries held by SEL?s step down overseas subsidiaries including pledge of shares of Repower Systems SE (Repower), negative lien over the equity shares of certain overseas subsidiaries of SEL held by its step down overseas subsidiaries, pledge of certain equity shares of SEL held by its promoters, guarantee of an overseas subsidiary, personal guarantee of the managing director of SEL and limited personal guarantee of one director of SSL.

ii) Term loans from banks and financial institution of Rs Nil (Rs.490.000 Millions) of which Rs Nil (Rs.440.000 Millions) classified as long term borrowing and Rs Nil (Rs.50.000 Millions) classified as current maturities of long term borrowing and working capital facilities from banks of Rs Nil (Rs.746.900 Millions) and non-fund based working capital securities are secured by first charge on all chargeable present and future tangible/intangible movable assets of each of the Borrowers, first charge on all chargeable present and future immovable assets (excluding the identified properties) of each of the Borrowers, first charge on all present and future chargeable current assets of each of the Borrowers, first charge over TRA and other bank accounts of the Borrowers, pledge of equity shares held by SEL in its 7 Indian subsidiaries which are forming part of the Borrowers, negative lien over the equity shares held by SEL in SE Forge Limited, pledge on shares of certain overseas subsidiaries held by SEL and its step down overseas susidiaries including pledge of shares of Repower, negative lien over the equity shares of certain overseas subsidiaries of SEL held by its step down overseas subsidiaries, pledge of certain equity shares of SEL held by its promoters, guarantee of an overseas subsidiary, personal guarantee of the managing director of SEL and limited personal guarantee of one director of SSL.

The details of repayment of long term borrowings are as follows:

Particulars	Upto 1 Year	2 to 5 Years	Beyond 5 years	Total
Secured loans	33.100	683.200	331.200	1047.500
	(40.000)	(360.000)	(90.000)	(490.000)

The rate of interest on long term borrowings ranges between 11.00 % p.a.to 16.25 % p.a. depending upon the prime lending rate of the bank and financial institutions, wherever applicable, and the interest rate spread agreed with the banks.

Short term borrowings :

i) The rate of interest on the working capital loans from banks ranges between 11.00% p.a. to 16.25% p.a. depending upon the prime lending rate of the banks and financial institutions, wherever applicable, and the interest rate spread agreed with the banks. For details of security given for short term borrowings, refer note (ii) above

ii) Foreign currency loan carries interest @ LIBOR+2% .The loan is repayable after 6 months from the date of its origination.

iii) Loans from related parties comprise of Inter Corporate Deposit from parent company Suzlon Energy Limited, which carry interest @13% p.a; and comprise of short term and long term loans. Short term loans are repayable on demand

Banking Relations :	--
Financial Institution :	Sbicap Trustee Company Limited, Apeejay House, 6th Floor, West Wing, 3, Dinshaw Wachha Road, Churchgate,, Mumbai - 400020, Maharashtra, India
Auditors :
Name 1 :	SNK and Company Chartered Accountants
Address :	E-2-B 4Th Floor, The Fifth Avenue, Dhole Patil Road, Near Regency Hotel , Pune – 411001, Maharashtra, India
PAN No.:	AAJFS8455L
Name 2 :	S. R. Batliboi and Company Chartered Accountants
Address :	Panchsil Techpark, C 401, Fourth Floor, Yerawada Pune – 411006, Maharashtra, India
PAN No.:	ACHFS9180N
Holding Company :	Suzlon Energy Limited CIN No.: L40100GJ1995PLC025447
Fellow Subsidiary Company :	Suzlon Wind International Limited CIN No.: U40108KA2006PLC041191 Suzlon Generators Limited CIN No.: U31101PN2004PLC019205 SE Forge Limited CIN No.: U27310GJ2006PLC048563 Suzlon Power Infrastructure Limited CIN No.: U45203TZ2004PLC011180 Suzlon Towers and Structures Limited CIN No.: U40100GJ2000PLC037245 Suzlon Infrastructure Services Limited CIN No.: U40108PN1998PLC016515 Suzlon Wind Energy Corporation REpower Systems SE, Suzlon Energia Eólica do Brasil Limited Suzlon Energy (Tianjin) Limited Suzlon Gujarat Wind Park Limited Suzlon Wind Energy Portugal, Lda Suzlon Energy Australia Pty Limited Suzlon Wind Energy Nicaragua Sociedad Anonima Suzlon Energy A/s Suzlon Wind Energy Espana S.L Suzlon Wind Energy A/s. Suzlon Wind Energy Equipment Trading (Shanghai) Company Limited Suzlon Wind Enerji San. Ve Tic. Limited
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Aspen Infrastructures Limited CIN No.: U45202PN1998PLC016516 Suzlon Foundation CIN No.: U74900GJ2007NPL052449
Others :	SE Electricals Limited , Employee fund gratuity scheme

CAPITAL STRUCTURE

As on 10.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions
20000000	Preference Shares	Rs.100/- each	Rs.2000.000 Millions
	Total		Rs.2100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions
8590000	Equity Shares	Rs.100/- each	Rs.859.000 Millions
	Total		Rs.959.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	959.000	959.000	959.000
(b) Reserves & Surplus	132.400	187.000	155.187
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1,091.400	1,146.000	1,114.187
(3) Non-Current Liabilities
(a) long-term borrowings	1,264.400	690.000	730.000
(b) Deferred tax liabilities (Net)	119.100	106.500	84.521
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	10.100	8.500	5.465
Total Non-current Liabilities (3)	1,393.600	805.000	819.986
(4) Current Liabilities
(a) Short term borrowings	1,990.600	1,055.800	661.224
(b) Trade payables	844.600	1,419.600	1,753.644
(c) Other current liabilities	227.400	107.100	56.031
(d) Short-term provisions	8.000	9.700	9.264
Total Current Liabilities (4)	3,070.600	2,592.200	2,480.163
TOTAL	5,555.600	4,543.200	4,414.336
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1,526.300	1,520.100	1,552.712
(ii) Intangible Assets	12.500	8.200	0.000
(iii) Capital work-in-progress	28.100	26.000	52.620
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	67.700	71.100	61.528
(e) Other Non-current assets	36.200	36.200	63.221
Total Non-Current Assets	1,670.800	1,661.600	1,730.081
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1,170.600	1,176.700	975.056
(c) Trade receivables	2,654.300	1,518.500	1,666.377
(d) Cash and cash equivalents	10.200	56.700	5.503
(e) Short-term loans and advances	47.800	127.800	35.705
(f) Other current assets	1.900	1.900	1.614
Total Current Assets	3,884.800	2,881.600	2,684.255
TOTAL	5,555.600	4,543.200	4,414.336

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		1,971.000	4,357.000	3,997.123
		Other Income		82.200	130.800	4.401
		TOTAL (A)		2,053.200	4,487.800	4,001.524
Less	EXPENSES
		Cost of Materials Consumed		1,265.900	3,702.700	3,214.572
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		36.000	(187.600)	(68.016)
		Employee Benefits Expenses		106.300	140.800	119.912
		Other Expenses		251.200	347.900	307.159
		TOTAL (B)		1,659.400	4,003.800	3,573.627
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			393.800	484.000	427.897
Less	FINANCIAL EXPENSES (D)			344.900	329.800	224.475
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			48.900	154.200	203.422
Less	DEPRECIATION/ AMORTISATION (F)			90.900	93.000	86.850
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			(42.000)	61.200	116.572
Less	TAX (H)			12.600	29.400	39.063
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			(54.600)	31.800	77.509
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			187.000	155.200	77.677
	BALANCE CARRIED TO THE B/S			132.400	187.000	155.186
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	427.000	146.200	572.856
	TOTAL EARNINGS			427.000	146.200	572.856
	IMPORTS
			Raw Materials	473.800	1836.300	1068.569
			Stores & Spares	2.900	0.300	9.216
			Capital Goods	5.000	3.100	0.228
	TOTAL IMPORTS			481.700	1839.700	1078.013
	Earnings Per Share (Rs.)			(14.50)	--	--

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(2.66)	0.71	1.94
Net Profit Margin (PBT/Sales)	(%)	(2.13)	1.40	2.92
Return on Total Assets (PBT/Total Assets}	(%)	(0.76)	1.35	2.67
Return on Investment (ROI) (PBT/Networth)		(0.04)	0.05	0.10
Debt Equity Ratio (Total Debt /Networth)		2.98	1.52	1.25
Current Ratio (Current Asset/Current Liability)		1.27	1.11	1.08

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	959.000	959.000	959.000
Reserves & Surplus	155.187	187.000	132.400
Net worth	1114.187	1146.000	1091.400
long-term borrowings	730.000	690.000	1264.400
Short term borrowings	661.224	1055.800	1990.600
Total borrowings	1391.224	1745.800	3255.000
Debt/Equity ratio	1.249	1.523	2.982

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	3,997.123	4,357.000	1,971.000
		9.003	(54.762)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	3,997.123	4,357.000	1,971.000
Profit	77.509	31.800	(54.600)
	1.94%	0.73%	(2.77%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------
26]	Buyer visit details	----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

Note: The registered office of the Company has been shifted from 3rd Floor, Anchorage 2, # 100/2, Richmond Road, Bangalore-560025 to 201, 2nd Floor, Gold Tower, 50, Residency Road, Bangalore-560025, Karnataka, India w.e.f. 19th November 2012.

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Loans and advances from related parties	250.000	250.000
Short Term Borrowings
Loans and advances from related parties	1578.100	308.900
Total	1828.100	558.900

The details of repayment of long term borrowings are as follows:

Particulars	Upto 1 Year	2 to 5 Years	Beyond 5 years	Total
Unsecured loans	-	250.000	-	250.000
	(-)	(250.000)	(-)	(250.000)

CORPORATE INFORMATION

The Company is engaged in the manufacture of Generators, Transformers and Panels for Wind Turbine Generators (WTGs).

The manufacturing facilities for Generators and Panels are set up as "Units in Notified SEZ" at Coimbatore in the State of Tamil Nadu and the Company has obtained an approval from the development commissioner for setting up the manufacturing facilities as "Units in the Notified SEZ" vide letter No 8/2/2007/Suzlon Infra dated 18th September, 2007.

The manufacturing facilities for Transformers are set up as non-SEZ units and are situated at Vadodra in the State of Gujarat.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10482212	28/02/2014	900,000,000.00	IDBI Bank Limited	Idbi Tower, Wtc Complex,, Cuffe Parade, Mumbai, Maharashtra - 400005, India	B98354285
2	10459181	28/10/2013 *	35,634,641,700.00	SBICAP Trustee Company Limited	8, Khetan Bhavan, 5th Floor,, 198, J.T.Road, Churchgate,, Mumbai, Maharashtra - 400020, India	B89841191
3	10406469	31/12/2012	10,782,200,000.00	Punjab National Bank	IBB Branch, Barakhamba Road, New Delhi, Delhi - 110001, India	B68986348
4	10315659	14/10/2011	3,000,000,000.00	Oriental Bank of Commerce	917-20/20 A, Obc Towers, F. C. Road,, Pune, Maharashtra - 411004, India	B24541617
5	10209916	03/03/2014 *	147,802,000,000.00	SBICAP Trustee Company Limited	Apeejay House, 6th Floor, West Wing,, 3, Dinshaw Wachha Road, Churchgate, Mumbai, Maharashtra - 400020, India	B98426497
6	10113738	07/07/2008	700,000,000.00	State Bank of India	Specialised Commercial Branch, 1st Floor,, Neptune Tower Annexe, Gandhigram, Ahmedabad, Gujarat - 380009, India	A42095265

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.12
UK Pound	1	Rs.102.00
Euro	1	Rs.81.43

INFORMATION DETAILS

Information Gathered by :	PLK
Analysis Done by :	KAR
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

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%)

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

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.