MIRA INFORM REPORT

Report No. :	352722
Report Date :	02.12.2015

IDENTIFICATION DETAILS

Name :	SUZLON ENERGY LIMITED

Registered Office :	Suzlon, 5, Shrimali Society, Near Shri Krishna Complex, Navrangpura, Ahmedabad – 380009, Gujarat
Tel. No.:	91-79-66045000/ 26407141

Country :	India

Financials (as on) :	31.03.2015

Date of Incorporation :	10.04.1995

Com. Reg. No.:	04-025447

Capital Investment / Paid-up Capital :	Rs. 4976.300 Million

CIN No.: [Company Identification No.]	L40100GJ1995PLC025447

IEC No.:	2495002021

TAN No.: [Tax Deduction & Collection Account No.]	AHMS03088B

PAN No.: [Permanent Account No.]	AADCS0472N

Legal Form :	Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

Line of Business :	Subject is primarily engaged in the business of manufacturing of wind turbine generators (‘WTGs’) and related components of various capacities.

No. of Employees :	1647 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Exist

Comments :	Subject was established in the year 1995 and it is engaged in providing wind energy solutions. It offers designing, developing and selling of wind turbine generators of different capacities and its components. The firms also engaged in sale and sub-lease of land, infrastructure development, gearboxes, foundry and forging components and power generation. For the financial year ended 2015, company possesses moderate operational performance and it has incurred losses from its operational activities. Moreover, a binding agreement was signed with Centerbridge Partners LP, USA on January 22, 2015 to sell 100% stake in Senvion SE, a step down wholly owned subsidiary of the Company. On April 29, 2015, the sale transaction got concluded. The sale of Senvion SE is aligned with the group's strategy to reduce the debt and focus on the home market and high growth market like USA and emerging markets like China, Brazil, South Africa, Turkey and Mexico. Furthermore, the Company signed definitive agreements with Dilip Shanghvi Family and Associates (the ((Investor Group") on February 13, 2015 for equity investments of Rs 18000 million in Suzlon Energy Limited. The Investor Group has also agreed to set-up a joint venture with the Company for setting-up of independent power projects in the renewable sector. In addition to the above, the Company will also be availing working capital facilities through credit enhancement provided by one or more of the entities owned by one or more of the Investor Group. The above rating strengths are tempered by erosion of networth due to accumulated losses over FY13-FY15 marked by its stretched working capital cycle, higher reliance on the external funding majorly in the form of Non-fund based line of credit for the overall execution of orders and susceptibility of the business to policy change and macroeconomic slowdown. Trade relations are reported as fair. Payment terms are reported to be slow. In view of aforesaid, the company can be considered for business dealings with some cautions.

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, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term Bank Facilities “BBB-”
Rating Explanation	Adequate degree of safety and moderate credit risk.
Date	08.10.2015

Rating Agency Name	CARE
Rating	Short term Bank Facilities “A3”
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	08.10.2015

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 31-03-2015.

INFORMATION DENIED BY

Name :	Mr. Hemal Kanuga
Designation :	Secretary
Contact No.:	91-20-67025000

LOCATIONS

Registered Office :	“Suzlon”, 5, Shrimali Society, Near Shri Krishna Complex, Navrangpura, Ahmedabad – 380 009, Gujarat, India
Tel. No.:	91-79-66045000/ 26407141
Fax No.:	91-79-26565540/ 26442844
E-Mail :	invesstrors@suzlon.com mca@suzlon.com bpeter@suzlon.com
Website :	www.suzlon.com

Corporate/ Branch Office :	One Earth, Opposite Magarpatta City, Hadapsar, Pune – 411 028, Maharashtra, India
Tel. No.:	91-20-61356135/ 67022000
Fax No.:	91-20-67022100/ 40122200/ 67022200
E-Mail :	suzloncorpcomm@suzlon.com

Factory 1/ Technical Service Centre :	Plot No.H-24 and H-25, M.G. Udyognagar Industrial Estate, Dabhel, Daman-396 210, Daman and Diu, India

Factory 2 :	Plot No.77, 13, Opposite GDDIC, Vanakbara Road, Village Malala, Diu – 362 520, Daman and Diu, India

Factory 3 :	Plot No.306/1 and 3, Bhimpore, Nani Daman, Daman – 396 210, Daman and Diu, India

Factory 4 :	Survey No.86/3-4, 87/1-3-4, 88/1-2-3, 89/1-2, Kadaiya Road, Daman – 396 210, Daman and Diu, India

Factory 5 :	Survey No.42/2 and 3, 54, 1 to 8, Bhenslore Road, Dunetha, Daman – 396 210, Daman and Diu, India

Factory 6 :	Plot No.4, OIDC, M.G. Udhyog Nagar, Dabhel, Nani Daman, Daman – 396 210, Daman and Diu, India

Factory 7 :	RS.No.9/1A, 9/1B, 9/3, 9/1C, 9/2, 10/1, 10/3, 58/1, 9/4A, 9/4B, 57/1, 57/3, 58/2, 58/3, 58/5, 58/6, 57/4, 59, Thiruvandralkoil, Opposite Whirlpool India Limited, Pondicherry – 605 107, India

Factory 8 :	Block No.93, Opposite Gayatri Petroleum, National Highway No.8, Village Vadsala-Varnama, Vadodara – 391 242, Gujarat, India

Factory 9 :	Survey No.588, Village: Paddar, Bhuj, Kutch – 370 105, Gujarat, India
Tel No.:	91-2832-229028
Location :	Owned

Factory 10 :	Survey No.282, Chhadvel (Korde), Sakri, Dhule – 424 305, Maharashtra, India

Branch Office :	Located at: · Mumbai · Chennai · New Delhi

Overseas Branch Office:	Located at: · Australia · Brazil · China · Denmark · Spain · Italy · Portugal · United States of America

DIRECTORS

As on 31.03.2015

Name :	Mr. Tulsi Ranchhodbhai Tanti
Designation :	Chairman and Managing Director
Address :	Florida Estate, Bungalow No.29/30, Keshav Nagar, Mundhwa, Pune-411036, Maharashtra, India
Date of Appointment :	10.04.1995
DIN No.:	00002283

Name :	Mr. Vinod Ranchhodbhai Tanti
Designation :	Director
Address :	Florida Estate, Bungalow No.T-18,, Keshav Nagar, Mundhwa, Pune-411036, Maharashtra, India
Date of Appointment :	01.11.2010
DIN No.:	00002266

Name :	Mr. Girish Tanti
Designation :	Non-Executive Director
Address :	A-1101,Ssilver Woods, Mundhwa, Pune-411036, Maharashtra, India
Date of Appointment :	04.12.1995
DIN No.:	00002603

Name :	Mr. Vaidhyanathan Raghuraman
Designation :	Director
Address :	20, Kallol Apts, 35 IP Extn, Patparganj, Delhi-110092, India
Date of Appointment :	29.10.2005
DIN No.:	00411489

Name :	Mr. Rajiv Ranjan Jha
Designation :	Non-Executive Independent Director (a nominee of Power Finance Corporation Limited)

Name :	Mr. Marc Desaedeleer
Designation :	Director
Address :	Lee Garden, Lower Road, Chalfont St Peter, Gerrards Cross, Buckinghamshire, London, SL98LQ, United Kingdom
Date of Appointment :	01.04.2012
DIN No.:	00508623

Name :	Mrs. Bharati Rao, a nominee of State Bank of India
Designation :	Non-Executive Independent Director

Name :	Mr. Ravi Uppal
Designation :	Director
Address :	841,15th Main, 3rd Block Koramangla, Bangalore-560034, Karnataka, India
Date of Appointment :	28.09.2012
DIN No.:	00025970

Name :	Mr. Venkataraman Subramanian
Designation :	Director
Address :	B-265, 1st Floor, Greater Kailash ,Part-I, Delhi-110048, India
Date of Appointment :	25.09.2014
DIN No.:	00357727

Name :	Mrs. Medha Vinay Joshi
Designation :	Nominee Director
Address :	D 72 Maker Kundan Gardens, Santacruz (West), Mumbai-400049, Maharashtra, India
Date of Appointment :	03.05.2014
DIN No.:	00328174

Name :	Ms. Pratima Ram
Designation :	Nominee Director
Address :	F-304, Central Park-I, Sector-42, Gurgaon-122002, Haryana, India
Date of Appointment :	27.03.2015
DIN No.:	03518633

Name :	Mr. Rajiv Ranjan Jha
Designation :	Nominee Director
Address :	C-II Block, 1267, First Floor, Palam Vihar, Gurgaon-122017, Haryana, India
Date of Appointment :	28.04.2011
DIN No.:	03523954

Name :	Per Torben Hornung Pedersen
Designation :	Additional Director
Address :	Rothenbaumchaussee 211, Hamburg, 20149, Germany
Date of Appointment :	28.09.2015
DIN No.:	07280323

KEY EXECUTIVES

Name :	Mr. Hemal Kanuga
Designation :	Secretary
Address :	8, Pritamnagar, Ellisbridge, Ahmedabad-380006, Gujarat, India
Date of Appointment :	04.05.2011
PAN No.:	AGIPK3230C

Name :	Mr. Kirti Jasvantlal Vagadia
Designation :	Chief Financial Officer
Address :	D-302, Kalptaru Regency-2, Phase-2, Kalyani Nagar, Near Joggers Park, Pune-411006, Maharashtra, India
Date of Appointment :	01.08.2015
PAN No.:	AAKPV2224M

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2015

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	598384000	12.22
Bodies Corporate	454400456	9.28
Sub Total	1052784456	21.50
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	1052784456	21.50
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	60027844	1.23
Financial Institutions / Banks	521200177	10.64
Insurance Companies	90232017	1.84
Foreign Institutional Investors	797368500	16.28
Sub Total	1468828538	29.99
(2) Non-Institutions
Bodies Corporate	1299804854	26.54
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	711067199	14.52
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	307376316	6.28
Any Others (Specify)	57859214	1.18
Non Resident Indians	45528305	0.93
Clearing Members	10886834	0.22
NRIs/Foreign Individuals	72400	0.00
Trusts	1371675	0.03
Sub Total	2376107583	48.51
Total Public shareholding (B)	3844936121	78.50
Total (A)+(B)	4897720577	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	10622544	0.00
Sub Total	10622544	0.00
Total (A)+(B)+(C)	4908343121	0.00

BUSINESS DETAILS

Line of Business :	Subject is primarily engaged in the business of manufacturing of wind turbine generators (‘WTGs’) and related components of various capacities.

Products :	Wind turbine generators (‘WTGs’)

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Divulged

Imports :	Not Divulged

Terms :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Wholesalers, Retailers

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

1647 (Approximately)

Bankers :

Axis Bank Limited
Indian Overseas Bank
Bank of Baroda
Bank of India
Oriental Bank of Commerce
Bank of Maharashtra
Central Bank of India
Punjab National Bank
Citibank, N.A.
State Bank of Bikaner and Jaipur
Corporation Bank
State Bank of India
Dena Bank
State Bank of Patiala
Export Import Bank of India
The Saraswat Co-operative Bank Limited
ICICI Bank Limited
Union Bank of India
IDBI Bank Limited
Yes Bank Limited

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2015	As on 31.03.2014
Long Term Borrowing
Term loans from
Banks	1733.700	34722.300
Financial institutions	15817.500	15987.100
Short Term Borrowing
Working capital facilities from banks	28694.300	19793.300
Working capital facilities from financial institutions	4085.300	2364.500
Working capital facilities from others	1500.000	0.000
Total	51830.800	72867.200
Notes : 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 and non-CDR lenders, RTL, WCTL, FITL aggregating Rs 52811.100 Million (Rs 5,3012.400 Million) of which Rs 33551.200 Million (Rs 50709.300 Million) classified as long-term borrowings and Rs 19259.900 Million (Rs 230.31 Million) classified as current maturities of long-term borrowings, fund based working capital facilities of Rs 20136.500 Million (Rs 17684.800 Million) 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 8 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, negative lien over the equity shares of certain overseas subsidiaries of SEL held by itsstep down overseas subsidiaries, pledge of certain equity shares of SEL held by its promoters, personal guarantee of the managing director of SEL and limited personal guarantee of one director of SSL. In addition to above, the loans outstanding as on March 31, 2014, were secured by pledge of shares of certain overseas subsidiaries held by SEL’s step down overseas subsidiaries including pledge of shares of Senvion SE and guarantee by an overseas subsidiary. Post April 29, 2015, the pledged shares and guarantee are ceded from the charge. ii) Rs 1747.800 Million (Rs 2108.500 Million) secured by way of priority repayment against the specific receivables being financed by certain lenders along with sharing of securities under CDR Package and personal guarantee of the managing director of SEL and limited personal guarantee of one director of SSL. iii) Rs 4085.300 Million (Rs 2364.500 Million) secured by way of priority repayment against the specific receivables being financed by a lender along with sharing of securities under CDR Package and personal guarantee of the managing director of SEL. iv) Rs 1500.000 Million (Rs Nil) secured by way of priority repayment on pari passu basis against the specific receivables being financed by a lender and a pari passu charge on the stock and receivables pertaining to specific projects with the lenders for the facility mentioned in point (v) below. v) Rs 6810.000 Million (Rs Nil) secured by way of priority repayment on pari passu basis against the specific receivables being financed by a lender and a pari passu charge on the stock and receivables pertaining to specific projects with the lender for the facility mentioned in point (iv) above, corporate guarantee of a company and pledge of shares of a company. vi) Vehicle loan of Rs 6.200 Million (Rs Nil), of which Rs 6.200 Million (Rs Nil) classified as current portion of long term borrowings is secured against vehicle under hire purchase contract. Short-term borrowings The rate of interest on the working capital loans from banks, financial institutions and others ranges between 11% p.a. to 14% 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.

Auditor 1 :
Name :	SNK and Company Chartered Accountants
Address :	E-2-B, 4^th Floor, The Fifth Avenue, Dhole Patil Road, Near Regency Hotel, Pune – 411 001, Maharashtra, India

Auditor 2 :
Name :	S.R. Batliboi and Company Chartered Accountants
Address :	C-401, 4^th Floor, Panchshil Tech Park, Yerwada, (Near Don Bosco School), Pune – 411 006, Maharashtra, India

Memberships :	Not Available

Collaborators :	Not Available

Joint venture :	Suzlon Energy (Tianjin) Limited

Subsidiary Companies :	AE-Rotor Holding B.V. Avind Desenvolvimento De Projetos De Energia Ltda Parque Eolico El Almendro S.L. PowerBlades GmbH PowerBlades Industries Inc. PowerBlades SA Senvion Holdings Pty Ltd. (formerly RECA Holdings Pty Limited) Senvion Betriebs-und Beteiligungs GmbH (formerly REpower Betriebs-und Beteiligungs GmbH) Senvion Investitions-und Projektierungs GmbH and Company KG (formerly REpower Investitions-und Projektierungs GmbH and Company KG) REpower North China Limited RE Power Systems Northern Europe A/S Senvion India Ltd (formerly REpower Systems India Limited) Senvion (Beijing) Trading Company Limited (formerly REpower Wind Systems Trading Inc.) Senvion Windpark Betriebs GmbH (formerly REpower Windpark Betriebs GmbH) RETC Renewable Energy Technology Center GmbH RiaBlades S.A. RPW Investments SGPS,SA SE Blades Limited SE Blades Technology B.V. SE Drive Technik GmbH SE Electricals Limited SE Forge Limited SE Solar Limited Senvion Australia Pty Limited Senvion Austria GmbH Senvion Benelux b.v.b.a. Senvion Canada Inc. Senvion Deutschland GmbH Senvion Energy PLC Senvion France S.A.S. Senvion Italia s.r.l Senvion Netherlands B.V. Senvion Portugal S.A. Senvion Romania SRL Senvion SE Senvion Polska Sp.z o.o Senvion Scandinavia AB Senvion Turkey Rüzgar Türbinleri Limited Şirketi Senvion UK Limited Senvion USA Corp. Sure Power LLC Suzlon Energia Elocia do Brasil Ltda Suzlon Energy (Tianjin) Limited Joint Venture Suzlon Energy A/S Suzlon Energy Australia CYMWFD Pty Limited Suzlon Energy Australia Pty. Limited Suzlon Energy Australia RWFD Pty Limited Suzlon Energy B.V. Suzlon Energy GmbH Suzlon Energy Korea Company Limited Suzlon Energy Limited, Mauritius Suzlon Energy Chile Lda. Suzlon Generators Limited Suzlon Global Services Limited Suzlon Gujarat Wind Park Limited Suzlon North Asia. Suzlon Power Infrastructure Limited Suzlon Project VIII LLC Suzlon Rotor Corporation Suzlon Structures Limited Suzlon Wind Energy (Lanka) Pvt Limited Suzlon Wind Energy BH Suzlon Wind Energy Bulgaria EOOD Suzlon Wind Energy Corporation Suzlon Wind Energy Equipment Trading (Shanghai) Company Limited Suzlon Wind Energy Espana, S.L Suzlon Wind Energy Italy s.r.l. Suzlon Wind Energy Limited Suzlon Wind Energy Nicaragua Sociedad Anonima Suzlon Wind Energy Portugal Energia Elocia Unipessoal Lda Suzlon Wind Energy Romania SRL Suzlon Wind Energy South Africa (PTY) Limited Suzlon Wind Energy Uruguay SA Suzlon Wind Enerji Sanayi Ve Ticaret Limited Sirketi Suzlon Wind International Limited Suzlon Windenergie GmbH Tarilo Holding B.V. Valum Holding B.V. Ventipower S.A. Ventinveste Indústria, SGPS, SA, WEL Windenergie Logistik GmbH Windpark Blockland GmbH and Company KG Yorke Peninsual Wind Farm Project Limited (Ceres)

Entities where key management personnel (‘KMP’)/relatives of key management personnel ('RKMP') have significant influence:	Sarjan Realities Limited Aspen Infrastructures Limited Shubh Reality (South) Limited Tanti Holdings Private Limited Suzlon Foundation Suruchi Holdings Private Limited Sugati Holdings Private Limited Synew Steel Limited Salene Power Infrastructure Limited Samanvaya Holdings Private Limited PT Wind Energy, Synefra Infrastructures Limited SE Freight and Logistics India Private Limited Sugati Beach Resort Private Limited Spectra Management Consultancy Private Limited Indian Wind Energy Association Windforce Management Services Private Limited Suzlon Green Power Limited Sandla Wind Project Private Limited

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount

7,500,000,000	Equity Shares	Rs.2/- each	Rs.15000.000 Million

Issued Capital :

No. of Shares	Type	Value	Amount
3,726,647,172	Equity Shares	Rs.2/- each	Rs. 7453.300 Million

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,707,715,195	Equity Shares	Rs.2/- each	Rs.7415.400 Million

Reconciliation of the equity shares outstanding at the beginning and at the end of the reporting period

Equity shares	As at 31^st March, 2015
Equity shares	No. of Shares (Crore)	Amount (Rs. in Million)
At the beginning of the year	248.81	4976.300
Issued during the year
CDR lenders	21.54	430.800
Vendors	6.79	135.700
Grant of Employee Stock Purchase Scheme (ESPS)	1.01	20.200
Promoters entity	7.78	155.600
Conversion of bonds	84.84	1696.800
Outstanding at the end of the year	370.77	7415.400

b. Terms/rights attached to equity shares

The Company has only one class of equity shares having a par value of Rs 2 each. Each holder of equity shares is entitled to one vote per share except for the underlying depository shares held against the Global Depository Receipts (‘GDRs’).

Holders of the GDR have no voting rights with respect to the equity shares represented by the GDRs. Deutsche Bank Trust Company Americas (the ‘Depository’), which is the shareholder on record in respect of the equity shares represented by the GDRs, will not exercise any voting rights in respect of the equity shares against which GDRs are issued, unless it is required to do so by law. Equity shares which have been withdrawn from the Depository facility and transferred on the Company's register of members to a person other than the Depository, ICICI Bank Limited (the ‘Custodian’) or a nominee of either the Depository or the Custodian may be voted by the holders thereof.

As regard the shares which did not have voting rights as on March 31, 2015 are GDRs – 2,114,631 / (equivalent shares – 8,458,524) and as on March 31, 2014 are GDRs – 1,791,178 / (equivalent shares – 7,164,712).

The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the Company, the holder of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

c. Aggregate number of bonus shares issued, share issued for consideration other than cash and shares bought back during the period of five years immediately preceding the reporting date:

31.03.2015

No. of Shares

(In Crore)

Equity shares allotted as fully paid up pursuant to contracts for consideration other than cash

3.20

In addition, the Company has issued 8,000 shares (32,000 shares) during the period of five years immediately preceding the reporting date on exercise of options granted under the employee stock option plan (ESOP) wherein part consideration was received in the form of employee services. In addition to this, during the year the Company has allotted 10,095,000 equity shares (Nil shares) to employees under ESPS Scheme.

d. Shares reserved for issue under options

For details of shares reserved for issue under the employee stock option (ESOP) plan of the Company, Note 31(b), under heading of “Closing balance”.

For details of shares reserved for issue on conversion of FCCBs, refer Note 12(II)(a) for terms of conversion/ redemption.

For details of shares reserved for issue on conversion of Funded Interest Term Loan into equity shares or compulsory convertible debentures and issue of equity shares in lieu of sacrifice of the CDR Lenders, refer Note 4(d) for terms of conversion. The shares were issued during the current year. There are no shares reserved for issue under options as at the balance sheet date.

For details of shares reserved for issue on conversion of existing promoter loans and promoter contribution in lieu of bank sacrifice and to certain vendors, refer Note 4(g). The shares were issued during the current year. There are no shares reserved for issue under options as at the balance sheet date.

For details of shares reserved for issue to an Investor Group, refer Note 10(ii) for terms of issue.

e. Details of shareholders holding more than 5% equity shares in the Company:

Name of the shareholder	As at 31^st March, 2015
Name of the shareholder	No. of Shares (Crore)	% holding
(Equity shares of Rs.2 each fully paid)
IDBI Bank Limited	20.45	5.52
Sugati Holdings Private Limited	26.25	7.08

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	7415.400	4976.300	3554.700
(b) Reserves & Surplus	(24046.600)	21663.300	19211.900
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	18000.000	1620.200	5816.700
Total Shareholders’ Funds (1) + (2)	1368.800	28259.800	28583.300

(3) Non-Current Liabilities
(a) long-term borrowings	55921.200	61194.500	61640.100
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	854.900	157.000	300.100
(d) long-term provisions	1218.600	1393.400	2336.100
Total Non-current Liabilities (3)	57994.700	62744.900	64276.300

(4) Current Liabilities
(a) Short term borrowings	34279.600	22157.800	15433.500
(b) Trade payables	27475.800	34010.300	31684.600
(c) Other current liabilities	32000.900	33092.400	32307.200
(d) Due to Customer	74.400	220.00	142.300
(e) Short-term provisions	4347.800	5628.200	4289.000
Total Current Liabilities (4)	98178.500	95108.700	83856.600

TOTAL	157542.000	186113.400	176716.200

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5039.100	5947.200	7595.600
(ii) Intangible Assets	838.400	1244.000	1887.900
(iii) Capital work-in-progress	198.300	157.100	383.800
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	25015.400	77300.700	81360.500
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	15805.500	31392.400	25344.600
(e) Other Non-current assets	4049.700	2601.100	3202.200
Total Non-Current Assets	50946.400	118642.500	119774.600

(2) Current assets
(a) Current investments	2500.000	0.000	4169.300
(b) Inventories	6109.200	7409.900	15420.600
(c) Trade receivables	15803.500	15478.800	15862.500
(d) Cash and cash equivalents	674.700	605.700	1391.700
(e) Short-term loans and advances	40824.800	19487.500	15521.400
(f) Other current assets	40683.400	24489.000	4576.100
Total Current Assets	106595.600	67470.900	56941.600

TOTAL	157542.000	186113.400	176716.200

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	22614.900	30363.600	17481.100
		Other Income	88.100	283.600	55.600
		TOTAL (A)	22703.000	30647.200	17536.700

Less	EXPENSES
		Cost of Materials Consumed	16274.600	16817.400	16994.500
		Purchases of Stock-in-Trade	183.900	367.400	727.800
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	493.800	4767.300	(3203.500)
		Employees benefits expense	1870.400	2557.000	2574.500
		Other expenses	7690.100	9576.300	13165.500
		Prior period items	0.000	520.900	0.000
		Exceptional items	46078.500	(6383.500)	5717.100
		TOTAL (B)	72591.300	28222.800	35975.900

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(49888.300)	2424.400	(18439.200)

Less	FINANCIAL EXPENSES (D)		8857.000	9932.400	7845.100

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(58745.300)	(7508.000)	(26284.300)

Less/ Add	DEPRECIATION/ AMORTISATION (F)		1578.100	1740.000	2145.400

	PROFIT BEFORE TAX (E-F) (G)		(60323.400)	(9248.000)	(28429.700)

Less	TAX (H)		0.000	(3.300)	1468.300

	PROFIT AFTER TAX (G-H) (I)		(60323.400)	(9244.700)	(29898.000)

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	754.100	4418.000	3503.000
		Interest on loans	1511.800	1432.400	1422.900
	TOTAL EARNINGS		2265.900	5850.400	4925.900

	IMPORTS
		Raw Materials	5733.600	7180.300	8725.300
		Stores & Spares	3.100	2.600	8.000
		Capital Goods	116.000	115.500	1573.100
	TOTAL IMPORTS		5852.700	7298.400	10306.400

	Earnings Per Share (Rs.)		(20.09)	(4.13)	(16.82)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	19266.100	17229.700	12729.500
Cash (used in) generated from operating activities	(172.300)	(1643.300)	2805.600
Net cash (used in) generated from operating activities	(147.500)	(1628.700)	2827.700

QUARTERLY RESULTS

Particulars	30.06.2015 (Unaudited)	30.09.2015 (Unaudited)
	1^st Quarter	2^nd Quarter
Net Sales	11159.700	11603.200
Total Expenditure	10481.800	10064.500
PBIDT (Excl OI)	677.900	1538.700
Other Income	1419.700	1257.700
Operating Profit	2097.600	2796.400
Interest	1983.200	1504.3000
Exceptional Items	(827.600)	140.500
PBDT	(713.200)	1432.600
Depreciation	260.600)	267.900
Profit Before Tax	(973.800)	1164.700
Tax	0.000	0.000
Provisions and contingencies	NA	NA
Profit After Tax	(973.800)	1164.700
Extraordinary Items	NA	NA
Prior Period Expenses	NA	NA
Other Adjustments	NA	NA
Net Profit	(973.800)	1164.700

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	(266.74)	(30.45)	(171.03)

Operating Profit Margin (PBDIT/Sales)	(%)	(220.60)	7.98	(105.48)

Return on Total Assets (PBT/Total Assets}	(%)	(45.59)	(8.51)	(29.93)

Return on Investment (ROI) (PBT/Networth)		(44.07)	(0.33)	(0.99)

Debt Equity Ratio (Total Debt /Networth)		79.97	3.56	3.14

Current Ratio (Current Asset/Current Liability)		1.09	0.71	0.68

STOCK PRICES

Face Value	Rs.2.00
Market Value	Rs.21.65

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	3554.700	4976.300	7415.400
Reserves & Surplus	19211.900	21663.300	(24046.600)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	5816.700	1620.200	18000.000
Net worth	28583.300	28259.800	1368.800

long-term borrowings	61640.100	61194.500	55921.200
Short term borrowings	15433.500	22157.800	34279.600
Current maturities of long-term debts	12729.500	17229.700	19266.100
Total borrowings	89803.100	100582.000	109466.900
Debt/Equity ratio	2.696	2.950	65.898

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	17481.100	30363.600	22614.900
		73.694	(25.520)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	17481.100	30363.600	22614.900
Profit	(29898.000)	(9244.700)	(60323.400)
	(171.03%)	(30.45%)	(266.74%)

LOCAL AGENCY FURTHER INFORMATION

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

(Rs. In Million)

UNSECURED LOAN	As on 31.03.2015	As on 31.03.2014
Long Term Borrowing
Foreign currency convertible bonds	22370.000	10485.100
Total	22370.000	10485.100

LITIGATION DETAILS:

HIGH COURT OF GUJARAT

TAX APPEAL No. 1251 of 2009

Status : PENDING

( Converted from : ST/1810/2009 )

CCIN No : 001092200901251

Next Listing Date: 15/12/2015

Coram

· HONOURABLE MS.JUSTICE HARSHA DEVANI

· HONOURABLE MR.JUSTICE G.B.SHAH

S.NO.	Name of the Petitioner	Advocate On Record
1.	COMMISSIONER OF INCOME TAX-IV	MR NITIN K MEHTA for: Appellant(s) 1

S.NO.	Name of the Respondant	Advocate On Record
1.	SUZLON ENERGY LTD	MR TUSHAR P HEMANI for :Opponent(s) 1

Presented On	: 15/06/2009	Registered On	: 15/06/2009
Bench Category	: DIVISION BENCH	District	: AHMEDABAD
Case Originated From	:THROUGH HIS/HER/THEIR ADVOCATE	Listed	: 23 times

Stage Name	FOR FINAL HEARING
Classification	DB - OJ - TAX APPEAL - INCOME TAX ACT, 1961 - APPEAL TO HIGH COURT - U/S 78
Act	INCOME-TAX ACT, 1961

CORPORATE INFORMATION:

The company is a public company domiciled in India. Its shares are listed on two stock exchanges in India. The Company is primarily engaged in the business of manufacturing of wind turbine generators (‘WTGs’) and related components of various capacities.

COMPANY’S PERFORMANCE:

On a standalone basis, the Company achieved revenue from operations of Rs 22614.900 Million and EBIT of Rs (5387.900) Million as against Rs 30363.600 Million and Rs (5699.100) Million respectively in the previous year. Net loss for the year is Rs 60323.400 Million as compared to net loss of Rs 9244.700 Million in the previous year. The increase in loss during the year compared to previous year is primarily due to provisions for diminution in investments of subsidiaries.

MANAGEMENT DISCUSSION AND ANALYSIS

Global wind market and outlook

After a slump in calendar year (CY) 2013, the wind market bounced back strongly in CY 2014 by growing 44% with an annual installation of 49 GW. The market was mainly driven by surge in installations in China, USA, Germany and Brazil. The offshore wind segment grew marginally with over 4 GW under construction.

Indian market experienced significant growth of 34% with 2.3 GW capacity installed in CY2014 due to restoration of Accelerated Depreciation (AD) and continued investment from Independent Power Producers (IPPs). Healthy project pipeline by IPPs coupled with ambitious target of 60 GW by 2022 from current level of 23 GW set by the new Government will continue to drive the market growth in India. The government has also gone ahead for amending the Electricity Act 2003, which is lying with the Parliament for approval and national tariff policy. The proposed amendments will lead to two distinct things as under:

• Renewable Generation Obligation (RGO), which will be applicable to Greenfield conventional power capacities in the future, where in they will have to procure certain percentage of off-take from Renewable Energy as a function of their installed capacity;

• Stricter enforcement of Renewables Purchase Obligation (RPO) as specified by various State Electricity Regulatory Commissions (SERCs)

The industry is poised for a record volume in CY 2015 to reach annual market size of 58 GW. The growth will be driven mainly by the end of the policy cycle in key markets particularly in China, USA and carryover of offshore wind capacity in Germany. Brazil and Canada will also witness huge installations.

The long term outlook of wind market continues to remain strong with Levelized Cost Of wind Energy becoming competitive vis-à-vis new fossil fuel plants in key markets. Wind market is likely to undergo a transition to market mechanism from 2017 to 2020 responding to regulatory reforms underway in key wind markets. The long-term future for wind is underpinned mainly by its efficiency and cost effectiveness in relationship with other conventional fossil fuels. New products are being introduced with a significantly improved yield curve and also to harness wind energy from low wind sites. In addition to cost competitiveness, energy security concerns and climate change issue continues to play key roles in shaping the future growth of renewables including wind energy.

Group Outlook

The Suzlon Group (‘the Group’) today is well positioned for a new phase of growth. The Group has over a billion dollar order book in India and a sizeable pipeline in International business markets. The Group remains a leading wind turbine manufacturer globally with over 14.5 GW of wind installation in 17 countries. Financial restructuring, including Senvion sale and turnaround efforts are making the Group leaner and stronger to harness growing opportunities both in turbine business and Operations and Maintenance Service (OMS) business. On top of a 60GW Wind Energy target, the Government has also set ambitious targets for Solar Energy of 100 GW by 2022. This is opening up opportunity to diversify and grow for the Group. India will remain a key market for Suzlon’s growth in near term. The Group also have a major share in the volume from Public Sector Units (PSU) / tender segment wherein wind installations over 1.5 GW completed till date and with an amended circular issued by Ministry of Corporate Affairs (MCA), there is going to be a larger investment by both central and state owned PSUs in the future, where the Group is in a position to grab a major market share.

Products and technology

Technology is the key enabler for competitiveness in the wind space. The Group’s state of the art R&D facilities in Europe and India have led to the development of a comprehensive product portfolio, ranging from sub MW to 2.1 MW wind turbines and tower height of up to 120 meter. With a focus on reducing the cost of energy and thereby improving IRR for the customers, the Group launched two new products over the last two years.

Suzlon has started serial production of S97 with 120 meter hybrid tower which is the tallest and first of its kind wind tower in India. This will enhance energy output by 10 per cent to 15 per cent over S97 with 90 meter tower, converting many low wind sites into commercially viable sites. The prototype of new product S111 – 2.1 MW has already been installed both in India and USA. S111 is specially designed for lower wind-speed sites delivering energy yield improvements of about 20 per cent over the existing platform of S97 at same Hub height. This product is likely to give Suzlon a huge competitive advantage particularly in Indian wind market. The Group continued its product innovation and research and development drive at R&D centers in Germany, The Netherlands, Denmark and India.

Group updates

Despite a tough year, Suzlon Group, including Senvion, achieved seventh and sixth place globally in annual and cumulative capacity installations respectively, in CY 2014. The global market share in 2014 as per MAKE Consulting was 4.9% in Annual and 7.1% on Cumulative basis. Suzlon Group, including Senvion, featured amongst top 5 OEMs in both America and EMEA (Europe, Middle East and Africa) region with a market share of 6% and 9% respectively as per the Make Report.

Suzlon would limit its focus on key and profitable International markets. Suzlon also maintained a top three position in India with installations of 442 MW in FY 2014-15. Indian Wind market is forecasted to rebound on the back of reinstatement of Accelerated Depreciation (AD), increasing Feed-in-Tariffs in several states and with GBI benefits continuing to be in place for five years. Suzlon is well positioned to continue its market dominance.

Our focus as a Group during FY 2014-15 was on comprehensive liability management, de-leveraging of balance sheet and on operational turnaround. The successful steps towards financial restructuring by the end of the year along with improving business efficiency and reduced fixed cost have helped Suzlon Wind to commence process of increasing volumes and reducing losses. However, in the process Suzlon has to book sizeable losses related to divestment of Senvion. Suzlon is now well positioned for resuming a new phase of growth with higher focus on key market.

Key initiatives

The Management Team has laid out clear plans to address key priorities in FY16, namely –

1. Regain market share in India

2. Improve contribution margin by maximizing energy yield, reduced cost of turbine and timely execution of projects

3. Focus on core and profitable International markets

4. Enhance machine availability and higher customer satisfaction through better OMS offerings

5. Establish and grow Solar and IPP verticals as independent businesses

With these focus areas, the management team believes that the Group is well positioned to reach a level of long term sustainability to resume its growth trajectory and deliver significant value to its stakeholders.

CONTINGENT LIABILITIES

Unsecured Loans	31.03.2015 (Rs. in Million)
Guarantees given on behalf of subsidiaries in respect of loans granted to them by banks/financial institutions	251.14
Tax related matters pending in appeal*	104.82
Compensation payable in lieu of bank sacrifice	--
Others	14.18

* includes demand from tax authorities for various matters. The Company / tax department has preferred appeals on these matters and the same are pending with various appellate authorities. Considering the facts of the matters, no provision is considered necessary by management.

A few law suits have been filed on the Company and few subsidiaries of the Company by some of their suppliers for disputes in fulfilment of obligations as per supply agreements. Further, few customers of the Company has disputed certain amount as receivable which the Company believes is contractually not payable. These matters are pending for hearing before respective courts, the outcome of which is uncertain. The management has provided for an amount as a matter of prudence which it believes shall be the probable outflow of resources.

The Company along with other borrowers has provided securities to secure Stand-by Letter of Facilities (“SBLC”) facilities of USD 655.41 Million issued for securing covered bonds issued by AE Rotor Holding B.V. a wholly owned subsidiary. The borrowers are also obliged to provide corporate guarantee of USD 117.45 Million in relation to above SBLC to certain lenders.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10577766	19/06/2015	1,623,000.00	Indian Overseas Bank	Pune Cantonment Branch, Plot No.7, M.G. Road, Wonderland Building, Pune, Maharashtra - 411001, INDIA	C57849903
2	10577769	19/06/2015	1,623,000.00	Indian Overseas Bank	Pune Cantonment Branch, Plot No.7, M.G. Road, Wonderland Building, Pune, Maharashtra - 411001, INDIA	C57851164
3	10577774	19/06/2015	1,623,000.00	Indian Overseas Bank	Pune Cantonment Branch, Plot No.7, M.G. Road, Wonderland Building, Pune, Maharashtra - 411001, INDIA	C57851834
4	10561537	26/03/2015	11,500,000,000.00	State Bank of India	Corporate Accounts Group-I Branch,, Jawahar Vypar Bhavan, 11/12 Floor, 1, Tolstoy Marg, New Delhi, Delhi - 110001, INDIA	C50116078
5	10562575	26/03/2015	1,500,000,000.00	ADITYA MEDISALES LIMITED	CFA (M/s ESSCO),Khasra 4/23,HCMR Vatika,, Complex 4,Plot 2,Sewa Dham Road,Village Mandoli, Delhi, Delhi - 110093, INDIA	C50557271
6	10548194	04/02/2015	3,223,000.00	Indian Overseas Bank	Pune Cantonment Branch, Plot No.7, M.G. Road, Wonderland Building, Pune, Maharashtra - 411011, INDIA	C43062348
7	10544005	26/12/2014	3,223,000.00	Indian Overseas Bank	Pune Cantonment Branch, Plot No.7, M.G. Road, Wonderland Building, Pune, Maharashtra - 411011, INDIA	C40895922
8	10482213	28/02/2014	900,000,000.00	IDBI Bank Limited	IDBI TOWER, WTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA	B98354988
9	10459173	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	B89725147
10	10406447	31/12/2012	10,782,200,000.00	PUNJAB NATIONAL BANK	IBB BRANCH, BARAKHAMBA ROAD, NEW DELHI, Delhi - 110001, INDIA	B68982776

* Date of charge modification

STATEMNET OF UNAUDITES RESULTS FOR THE QUARTER AND HALF YEAR ENDED

30^TH SEPTEMBER, 2015

(STANDALONE RESULTS)

(Rs. In Million)

PARTICULARS	Quarter ended		Year ended
	30.09.2015	30.06.2015	30.09.2015
	(Unaudited)
1. Income from operations
a) Net Sales/ Income from operation (net of excise duty)	115.832	111.231	227.063
b) Other operating income	0.200	0.366	0.566
Total income from Operations(net)	116.032	111.597	227.629
2.Expenditure
a) Cost of material consumed	86.384	56.884	143.268
b) Purchases of stock in trade	0.000	0.327	0.327
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(16.207)	15.370	-0.837
d) Employees benefit expenses	5.367	5.311	10.678
e) Depreciation and amortization expenses	2.679	2.606	5.285
f) foreign Exchange Loss/ (gain)	5.387	6.828	12.215
g) Other expenditure	19.714	20.098	39.812
Total expenses	103.324	107.424	210.748

3. Profit from operations before other income and financial costs	12.708	4.173	16.881
4. Other income	12.577	14.197	26.774
5. Profit from ordinary activities before finance costs	25.285	18.370	43.655
6. Finance costs	15.043	19.832	34.875
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	10.242	(1.462)	8.780
8. Exceptional item	(1.405)	8.276	6.871
9. Profit from ordinary activities before tax Expense:	11.647	(9.738)	1.909
10.Tax expenses	--	--	--
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	11.647	(9.738)	1.909
12.Extraordinary Items (net of tax expense)	--	--	--
13.Net Profit / (Loss) for the period (11-12)	11.647	(9.738)	1.909
14.Paid-up equity share capital (Nominal value Rs.2/- per share)	98.167	96.515	98.167
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year	--	--	--
16.i) Earnings per share (before extraordinary items) of Rs.2/- each) (not annualised):	--	--	--
(a) Basic	0.24	(0.23)	0.04
(b) Diluted	0.22	(0.23)	0.04

PARTICULARS	3 Months ended		Year ended
	30.09.2015	30.06.2015	30.09.2015
A. Particulars of shareholding	(Unaudited)
1. Public Shareholding
- Number of shares	3855558665	3772973288	3855558665
- Percentage of shareholding	78.55%	78.18%	78.55%

2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	1004576625	1037646625	1004576625
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	95.42%	98.56%	95.42%
Percentage of shares (as a % of total share capital of the company)	20.47%	21.50%	20.47%

b) Non Encumbered
Number of shares	48207831	15137831	48207831
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	4.58%	1.44%	4.58%
Percentage of shares (as a % of total share capital of the company)	0.98%	0.32%	0.98%

PARTICULAR	3 months ended 30.09.2015
B. Investor Complaints
Pending at the beginning of the quarter	Nil
Receiving during the quarter	10
Disposed of during the quarter	10
Remaining unreserved at the end of the quarter	Nil

REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE SEGMENTS

PARTICULARS	3 Months ended		Year ended
	30.09.2015	30.06.2015	30.09.2015
1. Segment Revenue
Wind Turbine Generator	17044.400	25540.400	42584.800
Foundry and Forging	1028.500	732.100	1760.600
Others	45.100	25.500	70.600
Total	18118.000	26298.000	44416.000
Less : Inter Segment Revenue	433.800	239.900	673.700
Total Income from operations	17684.200	26058.100	43742.300
2. Segment Result (Profit/ (Loss) Before Depreciation, Other Income, Finance cost, Exceptional Items and tax)
Wind Turbine Generator	677.200	1999.000	2676.200
Foundry and Forging	250.500	102.300	352.800
Others	40.900	21.200	62.100
Total	968.600	2122.500	3091.100
(Add/less) – Depreciation/ Amortisation ( including
Wind Turbine Generator	614.100	912.700	1526.800
Foundry and Forging	141.400	142.900	284.300
Others	23.100	17.400	40.500

Profit/ (Loss) Before Depreciation, Other Income, Finance cost, Exceptional Items and tax
Wind Turbine Generator	63.100	1086.300	1149.400
Foundry and Forging	109.100	(40.600)	68.500
Others	17.800	3.800	21.600
Less : Finance Cost	2576.300	4002.100	6578.400
Add : Other Income	(247.200)	(153.700)	(400.900)

Profit/ (Loss) Before Taxes and Exceptional Items	(2139.100)	(2798.900)	(4938.00)
Exceptional Items	(325.200)	(13144.600)	(13469.800)
Profit/ (Loss) Before Tax	(1813.900)	10345.700	8531.800
3. Capital Employed (Segment Assets-Segment Liabilities)
Wind Turbine Generator	16060.800	11851.600	16060.800
Foundry and Forging	6076.100	5889.400	6076.100
Others	794.000	804.400	794.000
Total	22930.900	18545.400	22930.900

STATEMENT OF ASSETS AND LIABILITIES AS ON 30.09.2015

SOURCES OF FUNDS	30.09.2015

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	9816.700
(b) Reserves & Surplus	(5878.600)
(c) Money received against share warrants	0.000

(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	3938.100

(3) Non-Current Liabilities
(a) long-term borrowings	42409.300
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	851.200
(d) long-term provisions	1116.900
Total Non-current Liabilities (3)	44377.400

(4) Current Liabilities
(a) Short term borrowings	11313.600
(b) Trade payables	21378.100
(c) Other current liabilities	15212.700
(d) Short-term provisions	4400.900
Total Current Liabilities (4)	52305.300

TOTAL	100620.800

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5970.200
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	15387.400
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	17424.000
(e) Other Non-current assets	6274.300
Total Non-Current Assets	45055.900

(2) Current assets
(a) Current investments	4055.300
(b) Inventories	8104.700
(c) Trade receivables	14668.100
(d) Cash and cash equivalents	1534.300
(e) Short-term loans and advances	10136.100
(f) Other current assets	17066.400
Total Current Assets	55564.900

TOTAL	100620.800

Notes :

1. The above results have been reviewed by the Audit Committee and taken on record by the Board of Directors at its meeting held on October 30, 2015. The statutory auditors of the Company have carried out a limited review of the above results for the quarter ended September 30, 2015.

2. The Company and its certain specified subsidiaries (collectively the "Group") and the CDR Lenders executed a Master Restructuring Agreement ("MRA") during FY 2012-13. The MRA as well as the provisions of the Master Circular on Corporate Debt Restructuring issued by the Reserve Bank of India, give a right to the CDR Lenders to get a recompense of their waivers and sacrifices made as part of the CDR Proposal. The recompense amount payable by the Company is contingent on various factors including improved performance of the Company and many other conditions, the outcome of which currently is materially uncertain. The amount of recompense payable to banks in lieu of sacrifice is currently not ascertainable. The auditors have given an Emphasis of Matter on the same.

3. On January 22, 2015, AE Rotor Holding B.V. a step-down wholly owned subsidiary of the Company and its subsidiaries signed a binding agreement with Centerbridge Partners LP, USA to sell 100% stake in Senvion SE. The closing was subject to customary closing conditions which got concluded on April 29, 2015 and therefore, consolidated financial results of Senvion SE and its subsidiaries for the month or April 2015 has been considered for consolidation. Accordingly, the consolidated financial results for the quarter and half year ended September 30, 2015 are to that extent not comparable with the prior period presented.

4. AE-Rotor Holding B.V. ('AERH'), a step-down wholly owned subsidiary of the Company and its subsidiaries have sold their entire stake in Senvion SE to Centerbridge Partners LP, USA on April 29, 2015. The net impact of changes in provision towards impairment of goodwill and currency translation gain pertaining to the investment in Senvion SE on sale of stake, is transferred to statement of profit and loss and disclosed under exceptional items in the consolidated financial results. However, this gain has no impact on the net worth of the company. The net impact is before considering impact of future earn out of Euro 50 million as it is subject to conditions.

5. The Company is in the process of applying the provisions of para 4(a) under the heading Notes after Part C in Schedule II of the Companies Act, 2013 relating to identification of significant parts of items of fixed assets with different useful lives. The effect of the same would be taken in the subsequent quarter. Management experts that this would not have a material impact on the financial results of the current quarter.

6. The Company has allotted following securities of the Company pursuant to the conversion notices received from certain bondholders of the USD 546,916,000 Step-up Convertible Bonds due July 2019 (the "Bonds") for conversion of Bonds in to equity shares with a fixed rate of exchange on conversion of Rs.60.225 to USD 1.00 in terms of the Information Memorandum dated June 17, 2014 as under:

(a) allotment of 47,276,233 Equity Shares on August 21, 2015 on conversion of 12,136 Bonds worth USD 12,136,000

(b) allotment of 35,309,144 Equity Shares on September 16, 2015 on conversion of 9,064 Bonds worth USD 9,064,000

(c) allotment of 65,250,241 Equity Shares on October 20, 2015 on conversion of 16,750 Bonds worth USD 16,750,000.

7. The figures stated above, have been reclassified wherever necessary to confirm with the classification in the financial results for the quarter ended September 30, 2015.

FIXED ASSETS:

Tangible Assets

· Freehold Land

· Leasehold Land

· Buildings

· Plant and Machinery

· Wind Research and Measuring Equipments

· Computer and Office Equipments

· Furniture and Fixtures

· Vehicles

Intangible Assets

· Design and Drawings

· SAP and Other Software

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.66.51
UK Pound	1	Rs.100.43
Euro	1	Rs.70.44

INFORMATION DETAILS

Information Gathered by :	PPT

Analysis Done by :	KAR

Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	2
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		41

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.