MIRA INFORM REPORT

Report No. :	307775
Report Date :	20.02.2015

IDENTIFICATION DETAILS

Name :	SE BLADES LIMITED (w.e.f.06.12.2011)
Formerly Known As :	SE COMPOSITES LIMITED (w.e.f.03.03.2008) SUZLON TOWERS INTERNATIONAL LIMITED
Registered Office :	806A, 8th Floor, Prestige Towers, # 99 and 100, Residency Road, Bangalore – 560025, Karnataka
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	12.12.2006
Com. Reg. No.:	08-041188
Capital Investment / Paid-up Capital :	Rs.5389.800 Millions
CIN No.: [Company Identification No.]	U28999KA2006PLC041188
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	BLRS24690B
PAN No.: [Permanent Account No.]	AAKCS4712L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Rotor Blades for Wind Turbine Generators (WTGs).
No. of Employees :	800 (Approximately)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of some accumulated losses incurred by the company. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some caution.

NOTES:

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

ECGC Country Risk Classification List – 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

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Kaushik Vagadiya
Designation :	Accounts Manager
Contact No.:	91-20-40122000
Date :	13.12.2015

LOCATIONS

Registered Office :	201, 2nd Floor, Gold Tower, 50, Residency Road, Bangalore – 560025, Karnataka, India
Tel. No.:	91-80-66971900/ 22489620
Fax No.:	91-80-66971919/ 22249117
E-Mail :	mca@suzlon.com klaxmikant@suzlon.com
Location :	Owned
Corporate Office:	One Earth, Hadapsa, Pune – 411028, Maharashtra, India
Tel. No.:	91-20-40122000
Fax No.:	91-20-40122100/ 40122200
Factory:	Plot No. 3, Synefra Engg. and Constr. Limited, SEZ Village – Nandsal, Post Padubidri, District Udupi – 574111, Karnataka, India
Tel. No.:	91-820-2599901 / 2599215 / 2599880
Fax No.:	91-820-2599903 / 2599888

DIRECTORS

As on 20.09.2014

Name :

Mr. Vinod Ranchhodbhai Tanti

Designation :

Director

Address :

A-901, S Silver Woods, Mundhwa, Pune – 411036, Maharashtra, India

Date of Birth/Age :

29.06.1962

Date of Appointment :

12.12.2006

PAN No.:

ACNPP0121A

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. Jitendra Ranchhodbhai Tanti

Designation :

Managing director

Address :

A – 1102, S Silver Woods, Mundhwa, Pune – 411036, Maharashtra, India

Date of Birth/Age :

13.04.1964

Date of Appointment :

01.04.2012

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	U40300GJ2001PLC067617	SALENE POWER INFRASTRUCTURE LIMITED	Director	01/02/2007	07/06/2001	-	Active	NO
5	U45202PN1998PLC016516	Aspen Infrastructures Limited	Managing director	01/04/2014	01/04/2003	-	Active	NO
6	U31101PN2004PLC019205	SUZLON GENERATORS LIMITED	Director	29/04/2004	29/04/2004	15/05/2007	Active	NO
7	U40108PN1998PLC016515	Suzlon Infrastructure Services Limited	Director	01/05/2004	01/05/2004	01/04/2007	Amalgamated	NO
8	U45203TZ2004PLC011180	SUZLON POWER INFRASTRUCTURE LIMITED	Director	10/06/2004	10/06/2004	-	Active	NO
9	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	U31108KA2006PLC041190	SE Electricals Limited	Director	12/12/2006	12/12/2006	-	Active	NO
13	U28999KA2006PLC041188	SE Blades Limited	Managing director	01/04/2012	12/12/2006	-	Active	NO
14	U40108KA2006PLC041191	SUZLON WIND INTERNATIONAL LIMITED	Director	12/12/2006	12/12/2006	20/02/2012	Active	NO
15	U40103GJ2006PTC049608	SIL TRANSMISSION (RAJASTHAN) Private LIMITED	Director	20/12/2006	20/12/2006	-	Active	NO
16	U70109TN2004PLC053389	SHUBH REALTY (SOUTH) LIMITED	Director	13/09/2011	15/03/2011	19/04/2012	Active	NO
17	U45202GJ2012PLC072115	Synefra Infrastructures Limited	Director	26/09/2012	26/09/2012	-	Active	NO

Name :

Mr. Ranjitsinh Abhaysinh Parmar

Designation :

Director

Address :

Plot No. 27 – A, Acacia – 1, Magarpatta City, Hadapsar, Pune – 411028, Maharashtra, India

Date of Birth/Age :

26.08.1955

Date of Appointment :

01.04.2010

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 :

22, Kallol Apartments, I P Extension, Patpar Ganj, 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	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 :	Mrs. Gauri Satyajit Joshi
Designation :	Secretary
Address :	1822, Deshmukhwadi, Sadashiv Peth, Pune – 411030, Maharashtra, India
Date of Birth/Age :	16.08.1981
Date of Appointment :	01.01.2010
PAN No.:	AKJPB6565C
Name :	Gopalakrishnan Ramesh
Designation :	Chief Operating Officer
Date of Birth/Age :	46 Years
Qualification :	B Tech – (Mechanical), PhD – (Mechanical), MS - (Mechanical)
Experience :	20 Years
Name :	Mr. Mandar
Designation :	Purchase Department

MAJOR SHAREHOLDERS

As on 20.09.2014

Names of Equity Shareholders	No. of Shares
Suzlon Energy Limited, India	14999940
Tulsi R. Tanti Jointly with Suzlon Energy Limited, India	10
Girish R. Tanti Jointly with Sutlon Energy Limited, India	10
Vinod R. Tanti Jointly with Suzlon Energy Limited, India	10
Jitendra R. Tanti Jointly with Suzlon Energy Limited, India	10
Gita T. Tanti Jointly with Suzlon Energy Limited, India	10
Sangita V. Tanti Jointly with Suzlon Energy Limited, India	10
Total	15000000

Names of Preference Shareholders	No. of Shares
Suzlon Energy Limited, India	3500000
Suzlon Energy Limited, India	6805000
Suzlon Energy Limited, India	42093000
Total	52398000

Equity Share Break up (Percentage of Total Equity)

As on 20.09.2014

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Rotor Blades for Wind Turbine Generators (WTGs).

Products :

Product Description	Item Code No. (ITC Code)
Rotor Blades for Windmill	85030090

Brand Names :

--

Agencies Held :

--

Exports :

Products :

Finished Goods

Countries :

· South African Countries

· Brazil

· European Countries

Imports :

Products :

Raw Material

Countries :

· Germany

· USA

Terms :

Selling :

Cash, L/C and Credit (30 Days, 60 Days and 90 Days)

Purchasing :

Cash, L/C and Credit (30 Days, 60 Days and 90 Days)

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
Remark :	Not Divulged

Customers :

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
Remark :	Not Divulged

No. of Employees :

800 (Approximately)

Bankers :

· IDBI Bank Limited, IDBI Tower, WTC Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India

· State Bank of India, Overseas Branch, 3rd Floor, Amrit Jayanti Bhavan, Navjivan Trust Complex, P.O. Navjivan, Ahmedabad - 380014, Gujarat, India

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

Facilities :

Cash Credit = Rs.900.000 Millions (From IDBI Bank Limited)

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Rupee term loans from banks	405.700	365.200
SHORT TERM BORROWINGS
Working capital loans from banks	1818.900	1868.100
Total	2224.600	2233.300

Notes:

Long Term Borrowings

Details of security for secured loans are as follows:

In case of financial facilities from CDR Lenders in accordance with MRA and non-CDR lenders, WCTL of Rs.438.800 Millions (Rs.387.000 Millions) of which Rs.405.700 Millions (Rs.365.200 Millions) is classified as long term borrowing and Rs.33.100 Millions (Rs.21.800 Millions) is classified as current maturities of long term borrowing, fund based working capital facilities of Rs.1818.900 Millions (Rs.1868.100 Millions) and non-fund based working capital facilities are secured by first pari passu charge on all chargeable present and future tangible/ intangible movable assets of each of the Borrowers, first charge on all chargeable present and future immovable assets (excluding the identified properties) of each of the Borrowers, first charge on all present and future chargeable current assets of each of the Borrowers, first charge over Trust and Retention Account (TRA) and other bank accounts of the Borrowers, pledge of equity shares held by SEL in its 7 Indian subsidiaries which are forming part of the Borrowers, negative lien over the equity shares held by SEL in SE Forge Limited, pledge on shares of Suzlon Energy Limited, Mauritius (SELM) held by SEL, pledge of shares of certain other overseas subsidiaries held by SELs step down overseas subsidiaries including pledge of shares of Senvion SE (Senvion) (formerly known as REpower Systems SE), negative lien over the equity shares of certain overseas subsidiaries of SEL held by its step down overseas subsidiaries, pledge of certain equity shares of SEL held by its promoters, guarantee of an overseas subsidiary, personal guarantee of the managing director of SEL and limited personal guarantee of one director of SSL.

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

Particulars	Up to 1 year	2 to 5 years	Above 5 years	Total
Secured loans	33.100	405.700	0.000	438.800
	(21.800)	(365.200)	0.000	(387.000)
Unsecured loans	0.000	999.700	0.000	999.700
	0.000	(999.700)	0.000	(999.700)
Total	33.100	1405.400	0.000	1438.500
	(21.800)	(1364.900)	0.000	(1386.700)

The rate of interest on the long-term borrowings is 11.00% p.a., being the interest rate spread agreed with the CDR lenders pursuant to the CDR proposal.

Short Term Borrowings

i. The rate of interest on the working capital loans is 11.00% p.a., being the interest rate spread agreed with CDR lenders pursuant to the CDR proposal. For details of security given for short term borrowings.

ii. Loans from related parties comprise of Inter Corporate Deposit from the holding company SEL, which carry interest @11% p.a. and comprise of short term and long term loans. Short term loans are repayable on demand.

Auditors :
Name :	SNK and Company Chartered Accountants
Address :	E-2-B, 4th Floor, The Fifth Avenue, Dhole Patil Road, Near Regency Hotel, Pune-411001, Maharashtra, India
PAN No.:	AAJFS8455L
Auditors 2 :
Name :	S. R. Batliboi and Company LLP Chartered Accountants
Address :	C-401, 4th Floor, Panchshil Techpark, Yerwada, Pune – 411006, Maharashtra, India
PAN No.:	ACHFS9180N
Memberships :	--
Collaborators :	--
Holding company :	· Suzlon Energy Limited CIN No.: L40100GJ1995PLC025447
Fellow Subsidiary company :	· Suzlon Wind International Limited CIN No.: U40108KA2006PLC041191 · Suzlon Global Services Limited CIN No.: U70101GJ2004PLC044948 · Suzlon Wind Energy Corp. · Suzlon Energy (Tianjin) Limited · Suzlon Rotor Corporation · Suzlon Energia Eolica do Brasil Ltda · Suzlon Energy Australia Pty. Ltd · Suzlon Blade Technology B.V · Suzlon Energy B.V. · Suzlon Energy A/S · Suzlon Wind Energy Nicaragua, Sociedad Anónima · Senvion SE · Suzlon Wind Energy Espana
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Aspen Infrastructures Limited CIN No.: U45202PN1998PLC016516 · Suzlon Foundation
Others :	· SE Blades Limited - Employee Group Gratuity Scheme

CAPITAL STRUCTURE

As on 20.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Millions
56300000	Preference Shares	Rs.100/- each	Rs.5630.000 Millions
	Total		Rs.5780.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15,000,000	Equity Shares	Rs.10/- each	Rs.150.000 Millions
52,398,000	Preference Shares	Rs.100/- each	Rs.5239.800 Millions
	Total		Rs.5389.800 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	5,389.800	5,389.800	5,389.800
(b) Reserves & Surplus	(4,007.900)	(3,368.300)	(2,086.200)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1,381.900	2,021.500	3,303.600
(3) Non-Current Liabilities
(a) long-term borrowings	1,405.400	1,364.900	2,319.700
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	58.300	14.400	13.100
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	1,463.700	1,379.300	2,332.800
(4) Current Liabilities
(a) Short term borrowings	7,281.000	6,164.000	3,951.400
(b) Trade payables	2,158.900	1,413.300	1,579.700
(c) Other current liabilities	424.200	1,088.800	649.500
(d) Short-term provisions	6.700	12.600	10.500
Total Current Liabilities (4)	9,870.800	8,678.700	6,191.100
TOTAL	12,716.400	12,079.500	11,827.500
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1,344.600	1,561.500	1,764.300
(ii) Intangible Assets	2.300	2.900	3.600
(iii) Capital work-in-progress	0.000	130.100	202.100
(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	367.400	370.200	412.700
(e) Other Non-current assets	5,010.800	24.200	57.300
Total Non-Current Assets	6,725.100	2,088.900	2,440.000
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	644.300	1,274.000	1,576.100
(c) Trade receivables	5,302.700	8,634.700	7,737.900
(d) Cash and cash equivalents	7.300	12.800	10.200
(e) Short-term loans and advances	36.800	68.400	59.400
(f) Other current assets	0.200	0.700	3.900
Total Current Assets	5,991.300	9,990.600	9,387.500
TOTAL	12,716.400	12,079.500	11,827.500

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income		2,415.600	2,346.100	3,071.700
		Other Income		418.500	414.000	906.000
		TOTAL (A)		2,834.100	2,760.100	3,977.700
Less	EXPENSES
		Cost of Materials Consumed		1,527.600	1,043.000	1,965.400
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		347.800	250.000	(332.300)
		Employee Benefits Expenses		124.400	153.600	184.700
		Other Expenses		1,303.600	1,216.300	1,175.100
		Exceptional Items		(1,100.000)	0.000	0.000
		TOTAL (B)		2,203.400	2,662.900	2,992.900
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			630.700	97.200	984.800
Less	FINANCIAL EXPENSES (D)			920.000	978.900	930.600
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			(289.300)	(881.700)	54.200
Less	DEPRECIATION/ AMORTISATION (F)			350.100	400.400	334.100
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			(639.400)	(1,282.100)	(279.900)
Less	TAX (H)			0.200	0.000	0.300
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			(639.600)	(1,282.100)	(280.200)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			(3368.300)	(2086.200)	(1806.000)
	BALANCE CARRIED TO THE B/S			(4007.900)	(3368.300)	(2086.200)
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	1810.500	1080.400	658.800
	TOTAL EARNINGS			1810.500	1080.400	658.800
	IMPORTS
			Raw Materials	1009.400	311.900	1178.400
			Stores & Spares	33.100	14.300	11.800
			Capital Goods	0.000	15.800	242.700
	TOTAL IMPORTS			1042.500	342.000	1432.900
	Earnings / (Loss) Per Share (Rs.)			(79.41)	(122.26)	(46.85)

Expected Sales (2014-2015): Rs.3000.000 Millions

The above information has been parted by Mr. Kaushik Vagadiya

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	(26.48)	(54.65)	(9.12)
Operating Profit Margin (PBDIT/Sales)	(%)	26.11	4.14	32.06
Return on Total Assets (PBT/Total Assets}	(%)	(5.03)	(10.73)	(2.41)
Return on Investment (ROI) (PBT/Networth)		(0.46)	(0.63)	(0.08)
Debt Equity Ratio (Total Debt /Networth)		6.29	3.72	1.90
Current Ratio (Current Asset/Current Liability)		0.61	1.15	1.52

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	5389.800	5389.800	5389.800
Reserves & Surplus	(2086.200)	(3368.300)	(4007.900)
Share Application money pending allotment	0.000	0.000	0.000
Net worth	3303.600	2021.500	1381.900
Long Term borrowings	2319.700	1364.900	1405.400
Short Term borrowings	3951.400	6164.000	7281.000
Total borrowings	6271.100	7528.900	8686.400
Debt/Equity ratio	1.898	3.724	6.286

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	3,071.700	2,346.100	2,415.600
		(23.622)	2.962

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	3,071.700	2,346.100	2,415.600
Profit	(280.200)	(1,282.100)	(639.600)
	(9.12%)	(54.65%)	(26.48%)

LOCAL AGENCY FURTHER INFORMATION

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

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Loans and advances from related parties	999.700	999.700
SHORT TERM BORROWINGS
Loans and advances from related parties	5462.100	4295.900
Total	6461.800	5295.600

CORPORATE INFORMATION

The Company is engaged in the manufacture of Rotor Blades for Wind Turbine Generators (WTGs). The Company has set up its manufacturing facilities as "Units in Notified Special Economic Zone (SEZ)" at Udupi in the State of Karnataka. The Company has obtained an approval from the Office of Development Commissioner, Suzlon Infrastructure Special Economic Zone for setting up of the manufacturing facilities as "Units in the Notified SEZ" vide letter No 37/2/2008: Suzlon SEZ/1516 dated February 22, 2008.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10539348	12/12/2014 *	3,000,000,000.00	Sbicap Trustee Company Limited	202, Maker Tower E, Cuffe Parade,, Colaba, Mumbai, Maharashtra - 400005, India	C38834586
2	10482209	28/02/2014	900,000,000.00	IDBI Bank Limited	IDBI Tower, Wtc Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India	B98352297
3	10459184	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	B89843171
4	10406464	31/12/2012	10,782,200,000.00	Punjab National Bank	IBB Branch, Barakhamba Road, New Delhi, Delhi - 110001, India	B68985480
5	10315644	14/10/2011	3,000,000,000.00	Oriental Bank Of Commerce	917-20/20A, OBC Towers,, F. C. Road, Pune, Maharashtra - 411004, India	B24536591
6	10209917	19/06/2014 *	151,402,000,000.00	Sbicap Trustee Company Limited	202, Maker Tower E, Cuffe Parade,, Colaba,, Mumbai, Maharashtra - 400005, India	C09875683
7	10115709	08/08/2008	1,610,000,000.00	State Bank Of India	Specialised Commercial Branch, 1st Floor,, Neptune Tower Annexe, Gandhigram,, Ahmedabad, Gujarat -  380009, India	A43170554

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.25
UK Pound	1	Rs.95.57
Euro	1	Rs.71.01

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	DIV
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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	YES
--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.