MIRA INFORM REPORT

Report No. :	355358
Report Date :	28.12.2015

IDENTIFICATION DETAILS

Name :	SE ELECTRICALS LIMITED (w.e.f. 30.01.2009)

Formerly Known As :	SUZLON ELECTRICALS INTERNATIONAL LIMITED (w.e.f. 04.03.2008) SUZLON ROTOR INTERNATIONAL LIMITED

Registered Office :	806A, 8th Floor, Prestige Towers, 99 and 100, Residency Road, Bangalore - 560025, Karnataka
Tel. No.:	91-80-65698220

Country :	India

Financials (as on) :	31.03.2015

Date of Incorporation :	12.12.2006

Com. Reg. No.:	08-041190

Capital Investment / Paid-up Capital :	Rs.959.000 Million

CIN No.: [Company Identification No.]	U31108KA2006PLC041190

IEC No.:	0706025270

TAN No.: [Tax Deduction & Collection Account No.]	BLRS24691C

PAN No.: [Permanent Account No.]	AAKCS4715P

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Subject is engaged in the manufacture of Generators, Transformers and Panels for Wind Turbine Generators (WTGs). (Registered Activity)

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 1820000

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate operational and financial risk profile and huge accumulated loss incurred by the company. The company has recorded loss from its operation which has accumulated over the years and eroded the reserves of the company, rating is further constrained on company’s huge external borrowing which has risk the liquidity position of the company. However, trade relations are fair. Business is active. Payments are reported to be slow. The company can be considered for business dealing 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, 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

NOT AVAILABLE

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.

LOCATIONS

Registered Office :	806A, 8th Floor, Prestige Towers, 99 and 100, Residency Road, Bangalore - 560025, Karnataka, India
Tel. No.:	91-80-65698220
Fax No.:	Not Available
E-Mail :	mca@suzlon.com marketing.india@suzlon.com

Corporate Office :	Plot No. 2 , SEZ-Synefra, KM Patti, Coimbatore- 641 659, Tamilnadu, India,

Transformer-Vadodara	Survey No. 93, National Highway No. 8, Varnama – Vadsala, Vadodara – 391240, India

DIRECTORS

As on 31.03.2015

Name :

Mr. Amarsinh Abhaysinh Parmar

Designation :

Managing Director

Address :

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

Date of Birth/Age :

15.05.1950

Date of Appointment :

01.04.2013

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	U29999TN2001PLC097292	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	U40300GJ2001PTC067617	SALENE POWER INFRASTRUCTURE Private 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. Venkataraman Subramanian

Designation :

Director

Address :

B-265, 1^st Floor, Greater Kailash, Part-I, Delhi - 110048, India

Date of Appointment :

20.09.2014

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	25/09/2014	29/10/2005	-	Active	NO
3	U28999KA2006PLC041188	SE Blades Limited	Director	20/09/2014	11/06/2013	-	Active	NO
4	U31108KA2006PLC041190	SE Electricals Limited	Director	20/09/2014	15/06/2013	-	Active	NO
5	U40108KA2006PLC041191	SUZLON WIND INTERNATIONAL LIMITED	Director	20/09/2014	29/06/2013	-	Active	NO
6	U27109GJ2004PLC044170	SUZLON STRUCTURES LIMITED	Director	25/09/2014	01/08/2014	-	Active	NO
7	U40108GJ2004PLC044409	SUZLON GUJARAT WIND PARK LIMITED	Director	25/09/2014	01/08/2014	-	Active	NO
8	U31101PN2004PLC019205	SUZLON GENERATORS LIMITED	Director	20/08/2014	01/08/2014	-	Active	NO
9	U45203TZ2004PLC011180	SUZLON POWER INFRASTRUCTURE LIMITED	Director	10/09/2014	01/08/2014	-	Active	NO
10	U27310GJ2006PLC048563	SE FORGE LIMITED	Director	25/09/2014	01/08/2014	-	Active	NO
11	U70101GJ2004PLC044948	Suzlon Global Services Limited	Director	28/09/2015	30/03/2015	-	Active	NO

Name :

Mr. Vaidhyanathan Raghuraman

Designation :

Director

Address :

20, Kallol Apartment, 35 IP Extension, Patparganj, Delhi - 110092, India

Date of Birth/Age :

01.03.1943

Date of Appointment :

20.09.2014

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	25/09/2014	29/10/2005	-	Active	NO
3	U28999KA2006PLC041188	SE Blades Limited	Director	20/09/2014	11/06/2013	-	Active	NO
4	U31108KA2006PLC041190	SE Electricals Limited	Director	20/09/2014	15/06/2013	-	Active	NO
5	U40108KA2006PLC041191	SUZLON WIND INTERNATIONAL LIMITED	Director	20/09/2014	29/06/2013	-	Active	NO
6	U27109GJ2004PLC044170	SUZLON STRUCTURES LIMITED	Director	25/09/2014	01/08/2014	-	Active	NO
7	U40108GJ2004PLC044409	SUZLON GUJARAT WIND PARK LIMITED	Director	25/09/2014	01/08/2014	-	Active	NO
8	U31101PN2004PLC019205	SUZLON GENERATORS LIMITED	Director	20/08/2014	01/08/2014	-	Active	NO
9	U45203TZ2004PLC011180	SUZLON POWER INFRASTRUCTURE LIMITED	Director	10/09/2014	01/08/2014	-	Active	NO
10	U27310GJ2006PLC048563	SE FORGE LIMITED	Director	25/09/2014	01/08/2014	-	Active	NO
11	U70101GJ2004PLC044948	Suzlon Global Services Limited	Director	28/09/2015	30/03/2015	-	Active	NO

Name :

Mr. Jitendra Ranchhodbhai Tanti

Designation :

Director

Address :

Florida Estate, Bungalow No.79, Keshav Nagar, 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	U29999TN2001PLC097292	USHDEV ENGITECH LIMITED	Director	03/05/2001	03/05/2001	26/07/2012	Active	NO
4	U40300GJ2001PTC067617	SALENE POWER INFRASTRUCTURE Private Limited	Director	01/02/2007	07/06/2001	-	Active	NO
5	U45202PN1998PLC016516	Aspen Infrastructures Limited	Managing director	01/04/2014	01/04/2003	17/08/2015	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	U65993PN2005PTC020433	SANMAN HOLDINGS PRIVATE LIMITED	Director	18/03/2005	18/03/2005	-	Amalgamated	NO
10	U65993PN2005PTC020434	SAMANVAYA HOLDINGS PRIVATE LIMITED	Director	18/03/2005	18/03/2005	-	Active	NO
11	U27310GJ2006PLC048563	SE FORGE LIMITED	Director	26/06/2006	26/06/2006	01/04/2008	Active	NO
12	U28999KA2006PLC041188	SE Blades Limited	Director	17/08/2015	12/12/2006	-	Active	NO
13	U40108KA2006PLC041191	SUZLON WIND INTERNATIONAL LIMITED	Director	12/12/2006	12/12/2006	20/02/2012	Active	NO
14	U31108KA2006PLC041190	SE Electricals Limited	Director	12/12/2006	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	U45202GJ2012PTC072115	Synefra Infrastructures Private Limited	Director	26/09/2012	26/09/2012	-	Active	NO

Name :

Mr. Vinod Ranchhodbhai Tanti

Designation :

Director

Address :

Florida Estate, Bungalow No.T-18, Keshav Nagar, Mundhwa, Pune - 411036, Maharashtra, India

Date of Birth/Age :

29.06.1962

Date of Appointment :

12.12.2006

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	-	Amalgamated	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	U29999TN2001PLC097292	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	U28999KA2006PLC041188	SE Blades Limited	Director	12/12/2006	12/12/2006	-	Active	NO
10	U40108KA2006PLC041191	SUZLON WIND INTERNATIONAL LIMITED	Director	31/10/2010	12/12/2006	21/06/2013	Active	NO
11	U31108KA2006PLC041190	SE Electricals 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	U27106KA2008PTC045714	Synew Steel Private 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	U29299PN2005PTC021209	SENVION INDIA Private Limited	Director	14/09/2012	23/02/2012	07/09/2015	Active	NO
19	U65993PN2005PTC020372	SUGATI HOLDINGS PRIVATE LIMITED	Director	28/09/2012	01/05/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sanjay Agrawal
Designation :	Chief Financial Officer
Address :	A6-505, Kunal Icon, Pimple Saudagar, Aundh, Pune - 411027, Maharashtra, India
Date of Appointment :	01.07.2015
PAN No.:	AEWPA5540B

Name :	Sharvari Shantaram Kashalikar
Designation :	Company Secretary
Address :	B-3, Flat No.11, Ganesh Complex, Manik Baug, Sinhagad Road, Pune - 411051, Maharashtra, India
Date of Birth/Age :	04.04.1979
Date of Appointment :	01.04.2012
PAN No.:	ARGPK9744C

MAJOR SHAREHOLDERS

As on 31.03.2015

Names of Shareholders (Equity Share)		No. of Shares
Suzlon Energy Limited, India		9999940
Tulsi R. Tanti J/w Suzlon Energy Limited		10
Girish R. Tanti J/w Suzlon Energy Limited		10
Vinod R. Tanti J/w Suzlon Energy Limited		10
Jitendra R. Tanti J/w Suzlon Energy Limited		10
Gita T.Tanti J/w Suzlon Energy Limited		10
Sangita V.Tanti J/w Suzlon Energy Limited		10
Total		10000000

As on 31.03.2015

Names of Shareholders (Preference Share)		No. of Shares
Suzlon Energy Limited, India		8590000
Total		8590000

As on 20.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the manufacture of Generators, Transformers and Panels for Wind Turbine Generators (WTGs). (Registered Activity)

Products :

Product Description	Item Code No. (ITC Code)
Generators, Transformers and Control Panels for WTG	85371000

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Not Available

Purchasing :

Not Available

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

Banker Name	State Bank of India
Branch Address	Corporate Accounts Group-I Branch, Jawahar Vypar Bhavan, 11/12 Floor, 1, Tolstoy Marg, New Delhi - 110001, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
Term loans from banks	423.600	1053.900
SHORT TERM BORROWING
Term loans from banks	73.200	0.000
Loans repayable on demand	367.200	406.300
Total	864.000	1460.200

Financial Institution :	Aditya Medisales Limited, CFA (M/S Essco), Khasra 4/23, HCMR Vatika, Complex 4, Plot 2, Sewa Dham Road, Village Mandoli, Delhi - 110093, India SBICAP Trustee Company Limited, Apeejay House, 6th Floor, West Wing, 3, Dinshaw Wachha Road, Churchgate, Mumbai – 400020, Maharashtra, India

Auditors :
Name :	SRBC and Company LLP Chartered Accountants
Address :	C-401, Fourth Floor, Panchshil Tech Park, Yerwada, Pune – 411006, Maharashtra, India
PAN No.:	ACHFS9117R

Memberships :	Not Available

Collaborators :	Not Available

Holding company :	Suzlon Energy Limited, India

Fellow Subsidiary companies :	Suzlon Global Services Limited, India Suzlon Gujarat Wind Park Limited, India Suzlon Generators Limited, India Suzlon Wind International Limited, India SE Forge Limited, India Suzlon Wind Energy Corporation, United States of India Suzlon Energia Eólica do Brasil Limited, Brazil Suzlon Energy Australia Pty Limited, Australia Suzlon Energy BV, Brazil Suzlon Wind Enerji San. ve Tic. Limited, Turkey Suzlon Wind Energy South Africa, South Africa Suzlon Wind Energy Uruguay S.L., Uruguay Senvion SE, Germany Suzlon Power Infrastructure Limited, India

Joint venture :	Suzlon Energy (Tianjin) Limited, China

Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Aspen Infrastructures Limited, India SE Freight and Logistics India Private Limited, India

CAPITAL STRUCTURE

As on 29.09.2015

Authorised Capital:

No. of Shares	Type	Value	Amount

10000000	Equity Shares	Rs.10/- each	Rs.100.000 Million
20000000	Preference Shares	Rs.100/- each	Rs.2000.000 Million
	Total		Rs.2100.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount

10000000	Equity Shares	Rs.10/- each	Rs.100.000 Million
8590000	Preference Shares	Rs.100/- each	Rs.859.000 Million
	Total		Rs.959.000 Million

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	959.000	959.000	959.000
(b) Reserves & Surplus	(322.200)	(127.500)	132.400
(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)	636.800	831.500	1091.400

(3) Non-Current Liabilities
(a) long-term borrowings	673.600	1303.900	1264.400
(b) Deferred tax liabilities (Net)	111.700	162.200	119.100
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.800	11.100	10.100
Total Non-current Liabilities (3)	787.100	1477.200	1393.600

(4) Current Liabilities
(a) Short term borrowings	2392.500	2798.100	1990.600
(b) Trade payables	552.900	658.700	844.600
(c) Other current liabilities	957.700	272.800	227.400
(d) Short-term provisions	19.100	5.900	8.000
Total Current Liabilities (4)	3922.200	3735.500	3070.600

TOTAL	5346.100	6044.200	5555.600

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1329.400	1434.100	1526.300
(ii) Intangible Assets	7.200	10.100	12.500
(iii) Capital work-in-progress	16.100	30.800	28.100
(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	47.400	48.100	67.700
(e) Other Non-current assets	25.000	1025.100	36.200
Total Non-Current Assets	1425.100	2548.200	1670.800

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	561.900	744.300	1170.600
(c) Trade receivables	3309.000	2698.500	2654.300
(d) Cash and cash equivalents	2.400	7.500	10.200
(e) Short-term loans and advances	42.800	44.300	47.800
(f) Other current assets	4.900	1.400	1.900
Total Current Assets	3921.000	3496.000	3884.800

TOTAL	5346.100	6044.200	5555.600

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	1736.400	1827.200	1971.000
	Other Income	6.700	76.500	82.200
	TOTAL	1743.100	1903.700	2053.200

Less	EXPENSES
	Cost of Materials Consumed	1163.900	1166.400	1265.900
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	18.500	141.600	36.000
	Employees benefits expense	88.400	85.800	106.300
	Other expenses	185.100	197.500	237.200
	TOTAL	1455.900	1591.300	1645.400

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	287.200	312.400	407.800

Less	FINANCIAL EXPENSES	424.300	428.700	358.900

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(137.100)	(116.300)	48.900

Less/ Add	DEPRECIATION/ AMORTISATION	108.100	85.000	90.900

	PROFIT/ (LOSS) BEFORE TAX	(245.200)	(201.300)	(42.000)

Less	TAX	(50.500)	58.600	12.600

	PROFIT/ (LOSS) AFTER TAX	(194.700)	(259.900)	(54.600)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	(127.500)	132.400	187.000

	Balance Carried to the B/S	(322.200)	(127.500)	132.400

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	416.500	461.700	427.000
	TOTAL EARNINGS	416.500	461.700	427.000

	IMPORTS
	Raw Materials	325.800	337.900	NA
	Stores and spares	0.200	1.000	NA
	Capital Goods	0.000	0.700	NA
	TOTAL IMPORTS	326.000	339.600	NA

	Earnings / (Loss) Per Share (Rs.)	(28.78)	(35.03)	(14.50)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	642.100	58.600	33.100
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	835.800	(442.700)	(1470.400)

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT/Sales)	(%)	(11.21)	(14.22)	(2.77)

Operating Profit Margin (PBDIT / Sales)	(%)	16.54	17.10	20.69

Return on Total Assets (PBT/Total Assets}	(%)	(4.60)	(3.35)	(0.76)

Return on Investment (ROI) (PBT/Networth)		(0.39)	(0.24)	(0.04)

Debt Equity Ratio (Total Debt/Networth)		5.82	5.00	3.01

Current Ratio (Current Asset/Current Liability)		1.00	0.94	1.27

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	959.000	959.000	959.000
Reserves & Surplus	132.400	(127.500)	(322.200)
Net worth	1091.400	831.500	636.800

long-term borrowings	1264.400	1303.900	673.600
Short term borrowings	1990.600	2798.100	2392.500
Current Maturities of Long Term Debt	33.100	58.600	642.100
Total borrowings	3288.100	4160.600	3708.200
Debt/Equity ratio	3.013	5.004	5.823

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	1971.000	1827.200	1736.400
		(7.296)	(4.969)

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	1971.000	1827.200	1736.400
Profit	(54.600)	(259.900)	(194.700)
	(2.77%)	(14.22%)	(11.21%)

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	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
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	No
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	----------------------
33	Market information	----------------------
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

Note:

The Registered address of the Company has been shifted from 201, 2nd Floor, Gold Tower, 50, Residency Road, Bangalore-560025 to the present address w.e.f. 1.08.2014

CORPORATE INFORMATION

Subject having CIN U31108KA2006PLC041190 is engaged in the manufacture of Generators, Transformers and Panels for Wind Turbine Generators (WTGs).The Company has set up its manufacturing facilities for Generators and Panelsas "Units in Notified Special Economic Zone (‘SEZ’)" at Coimbatore in the State of Tamil Nadu. The Company has obtained an approval from the development commissioner, Suzlon Infrastructure Special Economic Zone for setting up of the manufacturing facilities as "Units in the Notified SEZ" vide letter No 8/2/2007/Suzlon Infra dated September 18, 2007.

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

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
Loans and advances from related parties	250.000	250.000
SHORT TERM BORROWING
Loans and advances from others	1952.100	2391.800
Total	2202.100	2641.800

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10561522	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 - 110001, INDIA	C50111319
2	10562561	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 - 110093, INDIA	C50552199
3	10459181	28/10/2013 *	35,634,641,700.00	SBICAP TRUSTEE COMPANY LIMITED	8, KHETAN BHAVAN, 5TH FLOOR, 198, J. T. ROAD, CHURCHGATE, MUMBAI - 400020, MAHARASHTRA, INDIA	B89841191
4	10406469	31/12/2012	10,782,200,000.00	PUNJAB NATIONAL BANK	IBB BRANCH, BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA	B68986348
5	10315659	14/10/2011	3,000,000,000.00	ORIENTAL BANK OF COMMERCE	917-20/20A, OBC TOWERS, F. C. ROAD, PUNE - 411004, MAHARASHTRA, INDIA	B24541617
6	10209916	24/08/2015 *	147,802,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER "E", CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA	C64619505
7	10113738	07/07/2008	700,000,000.00	STATE BANK OF INDIA	SPECIALISED COMMERCIAL BRANCH, 1ST FLOOR, NEPTUNE TOWER ANNEXE, GANDHIGRAM, AHMEDABAD - 380009, GUJARAT, INDIA	A42095265

* Date of charge modification

FIXED ASSETS

Land
Buildings
Office Building
Plant and Equipment
Furniture and Fixtures
Vehicles
Office Equipment
Computer Equipments

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.66.20
UK Pound	1	Rs.98.29
Euro	1	Rs.72.41

INFORMATION DETAILS

Analysis Done by :	KYP

Report Prepared by :	PNM

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
--PROFITABILITY	1~10	---
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	---
--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		27

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.