MIRA INFORM REPORT

Report No. :	307819
Report Date :	16.02.2015

IDENTIFICATION DETAILS

Name :	SUZLON GENERATORS LIMITED (w.e.f. 27.08.2008)
Formerly Known As :	SUZLON GENERATORS PRIVATE LIMITED
Registered Office :	Gate No. 339/3/1 and Plot No. A-20/1 Near Chakan Industrial Area, Village Mahalunge, Taluka Khed, Pune – 410501, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	29.04.2004
Com. Reg. No.:	11-019205
Capital Investment / Paid-up Capital :	Rs. 762.800 Millions
CIN No.: [Company Identification No.]	U31101PN2004PLC019205
TAN No.: [Tax Deduction & Collection Account No.]	PNES09836B
PAN No.: [Permanent Account No.]	AAICS2059Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Electric Generators for Windmills.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a joint venture between Suzlon Energy Limited and Trasys Asia Limited Hong Kong. It is an established company having moderate track record. The company has incurred some accumulated losses. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. In view strong support received from its joint venture entities, the company can be considered for business dealings with some caution.

NOTES:

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

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 31-03-2014.

INFORMATION DECLINED

MANAGEMENT NON CO-OPERATIVE (Tel No.:91-20-67022000/ 67022499)

LOCATIONS

Registered Office/ Factory :	Gate No. 339/3/1 and Plot No. A-20/1 Near Chakan Industrial Area, Village Mahalunge, Taluka Khed, Pune – 410501, Maharashtra, India
Tel. No.:	91-2135-286193
Fax No.:	91-2135-286196
E-Mail :	mca@suzlon.com rakesh.sharma@suzlon.com
Location :	Owned

DIRECTORS

As on 20.08.2014

Name :

Mr. Vinod Ranchhodbhai Tanti

Designation :

Director

Address :

A-901, Ssilver Woods, Mundhwa, Pune – 411036, Maharashtra, India

Date of Birth/Age :

29.06.1962

Qualification :

B.E. Civil

Date of Appointment :

09.05.2007

PAN No.:

AARPT6367N

DIN No.:

00002266

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U65910GJ1994PTC022641	TANTI HOLDINGS PRIVATE LIMITED	Director	28-07-1994	28-07-1994	-	Active	NO
2	U40100GJ2000PLC037245	SUZLON TOWERS AND STRUCTURES LIMITED	Director	01-04-2010	25-01-2000	01-11-2010	Amalgamated	NO
3	U40108PN1998PLC016515	SUZLON INFRASTRUCTURE SERVICES LIMITED	Director	01-09-2006	14-04-2004	-	Amalgamated	NO
4	U65993PN2005PTC020371	SURUCHI HOLDINGS PRIVATE LIMITED	Director	04-03-2005	04-03-2005	-	Active	NO
5	U65993PN2005PTC020433	SANMAN HOLDINGS PRIVATE LIMITED	Director	18-03-2005	18-03-2005	-	Amalgamated	NO
6	U45203TZ2004PLC011180	SUZLON POWER INFRASTRUCTURE LIMITED	Director	01-04-2005	01-04-2005	-	Active	NO
7	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	U31108KA2006PLC041190	SE ELECTRICALS LIMITED	Director	12-12-2006	12-12-2006	-	Active	NO
11	U40108KA2006PLC041191	SUZLON WIND INTERNATIONAL LIMITED	Director	31-10-2010	12-12-2006	21-06-2013	Active	NO
12	U27109GJ2004PLC044170	SUZLON STRUCTURES LIMITED	Director	25-07-2007	01-02-2007	-	Active	NO
13	U31101PN2004PLC019205	SUZLON GENERATORS LIMITED	Director	09-07-2007	02-05-2007	-	Active	NO
14	U27106KA2008PLC045714	SYNEW STEEL LIMITED	Director	24-03-2008	24-03-2008	-	Active	NO
15	U27310GJ2006PLC048563	SE FORGE LIMITED	Director	16-09-2008	01-04-2008	-	Active	NO
16	U40108PN2008PLC131668	SE SOLAR LIMITED	Director	05-09-2009	16-03-2009	-	Active	NO
17	L40100GJ1995PLC025447	SUZLON ENERGY LIMITED	Director	01-06-2012	01-11-2010	-	Active	NO
18	U29299PN2005PLC021209	SENVION INDIA LIMITED	Director	14-09-2012	23-02-2012	-	Active	NO
19	U65993PN2005PTC020372	SUGATI HOLDINGS PRIVATE LIMITED	Director	28-09-2012	01-05-2012	-	Active	NO

Name :

Mr. Franz Hrachowitz

Designation :

Director

Address :

Obere Aquaduktgasse, House No. 14-16, 2nd Floor, Door No. 7, Vienna, 1235, Austria

Date of Birth/Age :

26.09.1948

Qualification :

Degree in Engineering

Date of Appointment :

07.05.2004

DIN No.:

00795090

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	U31101PN2004PLC019205	SUZLON GENERATORS LIMITED	Director	07-05-2004	07-05-2004	-	Active	NO
2	U31908PN2014FTC151954	ELIN MOTORS INDIA PRIVATE LIMITED	Director	28-07-2014	28-07-2014	-	Active	NO

Name :

Mr. Ranjitsinh Abhaysinh Parmar

Designation :

Director

Address :

Plot No. 27-A, Acacia-I, Magarpatta City, Hadapsar, Pune – 411028, Maharashtra, India

Date of Birth/Age :

26.08.1955

Qualification :

Diploma in Civil Eng.

Date of Appointment :

01.04.2012

PAN No.:

ACNPP0121A

DIN No.:

00002613

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	22-05-1996	22-05-1996	-	Active	NO
2	U55100GJ1997PTC032418	Sugati Beach Resort Private Limited	Director	09-08-1999	09-08-1999	-	Active	NO
3	U45202PN1998PLC016516	Aspen Infrastructures Limited	Director	01-04-2010	15-12-1999	-	Active	NO
4	U70102GJ2006PLC048887	SE Energy Park Limited	Director	10-08-2006	10-08-2006	-	Amalgamated	NO
5	U40103GJ2006PTC049608	SIL TRANSMISSION (RAJASTHAN) Private LIMITED	Director	20-12-2006	20-12-2006	12-07-2010	Active	NO
6	U40108PN1998PLC016515	Suzlon Infrastructure Services Limited	Director	01-04-2008	01-04-2007	-	Amalgamated	NO
7	U74900GJ2007NPL052449	SUZLON FOUNDATION	Director	27-12-2007	27-12-2007	-	Active	NO
8	U40108GJ2008PLC053315	SUZLON GREEN POWER LIMITED	Director	24-03-2008	24-03-2008	-	Active	NO
9	U40108RJ2003PLC018430	SAMIRAN UDAIPUR WINDFARMS LIMITED	Director	30-09-2008	18-06-2008	-	Active	NO
10	U40108RJ2003PLC018432	SAMIRAN JAISALMER WINDFARMS LIMITED	Director	30-09-2008	18-06-2008	-	Active	NO
11	U40108RJ2003PLC018429	SAMIRAN JODHPUR WINDFARMS LIMITED	Director	30-09-2008	18-06-2008	-	Active	NO
12	L40108WB2005PLC139595	TECHNO ELECTRIC & ENGINEERING COMPANY LIMITED	Director	21-08-2008	18-06-2008	03-09-2009	Active	NO
13	U40108WB2005PLC166026	SIMRAN WIND PROJECT LIMITED	Director	20-09-2008	18-06-2008	20-11-2009	Active	NO
14	U31101PN2004PLC019205	SUZLON GENERATORS LIMITED	Managing director	01-04-2012	08-12-2008	-	Active	NO
15	U61100MH2009FTC191616	SE SHIPPING INDIA PRIVATE LIMITED	Director	20-09-2010	25-06-2009	-	Active	NO
16	U40108TZ2009PTC015375	PUJAA SHREE GREEN POWER PRIVATE LIMITED	Director	21-08-2009	21-08-2009	22-02-2010	Active	NO
17	U40108GJ2004PLC044409	SUZLON GUJARAT WIND PARK LIMITED	Director	30-09-2010	04-09-2009	-	Active	NO
18	U61200MH2009FTC196196	SE FREIGHT AND LOGISTICS INDIA PRIVATE LIMITED	Director	01-10-2009	01-10-2009	01-07-2013	Active	NO
19	U67190KA2009PTC051891	AZURE CAPITAL ADVISORS PRIVATE LIMITED	Director	29-09-2010	19-02-2010	30-01-2012	Active	NO
20	U28999KA2006PLC041188	SE BLADES LIMITED	Director	01-09-2010	01-04-2010	-	Active	NO
21	U27109GJ2004PLC044170	SUZLON STRUCTURES LIMITED	Director	01-04-2012	01-04-2010	-	Active	NO
22	U40100GJ2000PLC037245	SUZLON TOWERS AND STRUCTURES LIMITED	Director	03-09-2010	01-04-2010	01-11-2010	Amalgamated	NO
23	U40108KA2006PLC041191	SUZLON WIND INTERNATIONAL LIMITED	Director	01-09-2010	01-04-2010	01-04-2012	Active	NO
24	U27310GJ2006PLC048563	SE FORGE LIMITED	Director	11-07-2012	01-04-2012	-	Active	NO
25	U70109TN2004PLC053389	SHUBH REALTY (SOUTH) LIMITED	Director	01-09-2012	19-04-2012	-	Active	NO
26	U45202GJ2012PLC072115	Synefra Infrastructures Limited	Director	26-09-2012	26-09-2012	-	Active	NO
27	U40108PN2008PLC131668	SE SOLAR LIMITED	Director	29-08-2013	07-03-2013	-	Active	NO
28	AAA-0690	PAVAN PUTRA ENERGY LLP	Designated Partner	03-02-2010	03-02-2010	-	Active	NO

Name :

Mr. Vaidhyanathan Raghuraman

Designation :

Director

Address :

20, Kallol Apartments, 35 IP Extension, Patparganj, Delhi – 110092, India

Date of Birth/Age :

01.03.1943

Date of Appointment :

20.08.2014

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	U27310GJ2006PLC048563	SE FORGE 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	U40108GJ2004PLC044409	SUZLON GUJARAT WIND PARK LIMITED	Director	25-09-2014	01-08-2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Harshawardhan Shirish Chindhade
Designation :	Secretary
Address :	Flat No.7, Neelambari Apartments, Opposite Mehendale Garage, Erandawane,, Pune – 411004, Maharashtra, India
Date of Birth/Age :	24.03.1975
Date of Appointment :	01.04.2012
PAN No.:	AEYPC7999E

MAJOR SHAREHOLDERS

AS ON 20.08.2014

Names of Equity Shareholders	No. of Shares
Suzlon Energy Limited, India	46882434
Rambhaben Ukabhai	100
Gita T. Tanti	100
Sangita V. Tanti	100
Lina J. Tanti	100
Pranav T. Tanti	100
Trasys Asia Limited, Hong Kong	15627612
Total	62510546

Names of Preference Shareholders	No. of Shares
Suzlon Energy Limited, India	10327817
Trasys Asia Limited, Hong Kong	3442605
Total	13770422

Equity Share Break up (Percentage of Total Equity)

As on 20.08.2014

Category	Percentage
Foreign holdings (Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	25.00
Bodies corporate	75.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Electric Generators for Windmills.

Products :

ITC Code No.	Product Description
85023100	Generators for Windmill

Brand Names :

--

Agencies Held :

--

Exports :

--

Imports :

--

Terms :

--

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

Customers :

Reference:	Not Divulged
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

No. of Employees :

Not Divulged

Bankers :

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

Oriental Bank of Commerce, 917-20/20a, OBC Towers, F. C. Road, Pune – 411004, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Term loans from banks	182.000	187.600
SHORT TERM BORROWINGS
Working capital loans from banks	201.800	199.000
Loans and advances from related parties	50.000	25.000
Total	433.800	411.600

Banking Relations :	--
Financial Institution :	SBICAP Trustee Company Limited, Apeejay House, 6^th Floor, West Wing, 3, Dinshaw Wachha Road, Churchgate, Mumbai – 400020, Maharashtra, India
Auditors :
Name :	SNK and Company Chartered Accountants
Address :	SNK and Company, E-2-B, 4^th Floor, The Fifth Avenue, Dhole Patil Road, Near Regency Hotel, Pune – 411001, Maharashtra, India
PAN No.:	AAJFS8455L
Membership :	--
Collaborators :	--
Holding company :	Suzlon Energy Limited CIN No.: L40100GJ1995PLC025447
Joint venture :	Trasys Asia Limited
Fellow Subsidiary company :	· Suzlon Wind International Limited CIN No.: U40108KA2006PLC041191 SE Electricals Limited CIN No.: U31108KA2006PLC041190 Suzlon Gujarat Wind Park Limited CIN No.: U40108GJ2004PLC044409 Suzlon Wind Energy Espana Suzlon Wind Energy Corporation, USA Suzlon Energia Eólica do Brasil Limited SE Australia Pty. Limited Suzlon Energy AS
Other Related Party :	· Suzlon Generators Limited – Superannuation Fund Suzlon Generators Limited – Employee Group Gratuity Scheme

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
65000000	Equity Shares	Rs.10/- each	Rs.650.000 Millions
14500000	Preference Shares	Rs.10/- each	Rs.145.000 Millions
	Total		Rs. 795.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
62510546	Equity Shares	Rs.10/- each	Rs.625.100 Millions
13770422	Preference Shares	Rs.10/- each	Rs.137.700 Millions
	Total		Rs. 762.800 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	762.800	762.800	762.800
(b) Reserves & Surplus	(363.300)	(366.300)	(334.700)
(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)	399.500	396.500	428.100
(3) Non-Current Liabilities
(a) long-term borrowings	182.000	187.600	123.200
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	13.100	10.600	8.700
Total Non-current Liabilities (3)	195.100	198.200	131.900
(4) Current Liabilities
(a) Short term borrowings	251.800	224.000	337.700
(b) Trade payables	169.500	152.400	264.300
(c) Other current liabilities	26.600	153.200	85.500
(d) Short-term provisions	1.800	2.900	1.000
Total Current Liabilities (4)	449.700	532.500	688.500
TOTAL	1044.300	1127.200	1248.500
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	465.800	506.500	545.800
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.400
(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	3.600	3.500	26.600
(e) Other Non-current assets	0.000	0.000	20.000
Total Non-Current Assets	469.400	510.000	592.800
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	165.500	221.600	332.400
(c) Trade receivables	299.400	313.000	150.100
(d) Cash and cash equivalents	3.900	6.200	25.700
(e) Short-term loans and advances	45.800	11.500	36.900
(f) Other current assets	60.300	64.900	110.600
Total Current Assets	574.900	617.200	655.700
TOTAL	1044.300	1127.200	1248.500

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income		575.100	412.700	1238.000
		Other Income		0.800	1.600	5.800
		TOTAL (A)		575.900	414.300	1243.800
Less	EXPENSES
		Cost of Materials Consumed		377.800	226.300	977.300
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade		11.200	10.000	-20.400
		Employees benefits expense		48.100	45.400	46.800
		Other expenses		47.400	47.300	400.400
		TOTAL (B)		484.500	329.000	1404.100
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			91.400	85.300	(160.300)
Less	FINANCIAL EXPENSES (D)			47.700	55.400	66.400
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			43.700	29.900	(226.700)
Less	DEPRECIATION/ AMORTISATION (F)			41.000	41.800	56.500
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			2.700	(11.900)	(283.200)
Less	TAX (H)			(0.300)	19.900	0.000
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			3.000	(31.800)	(283.200)
	EARNINGS IN FOREIGN CURRENCY			97.900	7.300	0.700
					s
	IMPORTS
			Raw Materials	3.600	49.800	121.400
	TOTAL IMPORTS			3.600	49.800	121.400
	Earnings Per Share (Rs.)			(0.03)	(0.60)	(6.82)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	0.52	(7.71)	(22.88)
Operating Profit Margin (PBDIT/Sales)	(%)	15.89	20.67	(12.95)
Return on Total Assets (PBT/Total Assets}	(%)	0.26	(1.06)	(22.69)
Return on Investment (ROI) (PBT/Networth)		0.01	(0.03)	(0.66)
Debt Equity Ratio (Total Debt /Networth)		1.09	1.04	1.08
Current Ratio (Current Asset/Current Liability)		1.28	1.16	0.95

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	762.800	762.800	762.800
Reserves & Surplus	(334.700)	(366.300)	(363.300)
Net worth	428.100	396.500	399.500
long-term borrowings	123.200	187.600	182.000
Short term borrowings	337.700	224.000	251.800
Total borrowings	460.900	411.600	433.800
Debt/Equity ratio	1.077	1.038	1.086

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1238.000	412.700	575.100
		-66.664	39.351

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1238.000	412.700	575.100
Profit/ (Loss)	(283.200)	(31.800)	3.000
	(22.88%)	(7.71%)	0.52%

LOCAL AGENCY FURTHER INFORMATION

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

INDEX OF CHARGE

SR. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10539353	15/12/2014 *	3,000,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER E, CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA	C38844114
2	10482218	28/02/2014	900,000,000.00	IDBI BANK LIMITED	IDBI TOWER, WTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B98355860
3	10459175	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	B89841977
4	10406457	31/12/2012	10,782,200,000.00	PUNJAB NATIONAL BANK	IBB BRANCH, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B68984228
5	10316024	14/10/2011	3,000,000,000.00	ORIENTAL BANK OF COMMERCE	917-20/20A, OBC TOWERS, F. C. ROAD, PUNE, MAHAR ASHTRA - 411004, INDIA	B24682379
6	10207979	14/08/2014 *	151,402,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER "E", CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA	C23505530
7	80005900	26/03/2007 *	975,000,000.00	STATE BANK OF INDIA	SPECIALISED COMMERCIAL BRANCH, GANDHIGRAM, NEPTU NE TOWER ANNEXE, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380009, INDIA	-

*Date of modification Charges

BUSINESS REVIEW:

During the year, the Company produced 146 Nos. generators equivalent to 290.65 MW.

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
Guarantees given on behalf of subsidiaries in respect of loans granted to them by banks/financial institutions	See note (a) below
Preference shares dividend and tax thereon	12.300	6.000
Recompense cost related to CDR	21.000	7.200
NOTE a) The Company has stood as co-guarantor for certain loans to holding company and fellow subsidiaries. b) The Company has provided certain security in relation to Stand-by Letter of Credit (SBLC) issued for securing covered bonds issued by AE Rotor Holding B.V. a fellow subsidiary. The Company is also obliged to provide corporate guarantee of USD 117.45 Million in relation to above SBLC to certain lenders.

FIXED ASSETS:

Tangible Assets

· Land

Buildings

Plant and Equipment

Furniture and Fixtures

Vehicles

Office Equipment

Computer Equipments

Other 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.62.14
UK Pound	1	Rs.95.78
Euro	1	Rs.71.05

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUB
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	2
--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		34

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.