MIRA INFORM REPORT

Report No. :	307777
Report Date :	20.02.2015

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 & 100, Residency Road, Bangalore-560025, Karnataka
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	12.12.2006
Com. Reg. No.:	08-041190
Capital Investment / Paid-up Capital :	Rs. 959.000 Millions
CIN No.: [Company Identification No.]	U31108KA2006PLC041190
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 Control Panels for Wind Turbine Generators (WTGs).
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Status :	Moderate
Payment Behavior :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate operational risk profile and huge accumulated loss incurred by 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 – 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

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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.

LOCATIONS

Registered Office :	806A, 8th Floor, Prestige Towers, # 99 & 100, Residency Road, Bangalore-560025, Karnataka, India
Tel. No.:	91- 80-65698220
Fax No.:	Not Available
E-Mail :	mca@suzlon.com
Corporate Office :	Plot No. 2 , SEZ-Synefra, KM Patti, Coimbatore- 641 659, Tamil Nadu, India,
Transformer-Vadodara	Survey No. 93, National Highway No. 8, Varnama – Vadsala, Vadodara – 391240, India

DIRECTORS

As on: 20.09.204

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

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. Amarsinh Abhaysinh Parmar

Designation :

Managing director

Address :

Plot No. 36, Acacia – 1, Magarpatta City, Hadapdar, Pune – 411028, Maharashtra, India

Date of Birth/Age :

15.05.1950

Date of Appointment :

01.09.2010

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	U40300GJ2001PLC067617	SALENE POWER INFRASTRUCTURE LIMITED	Director	01-04-2005	01-04-2005	-	Active	NO
5	U40108TZ2009PTC015375	PUJAA SHREE GREEN POWER PRIVATE LIMITED	Director	21-08-2009	21-08-2009	22-02-2010	Active	NO
6	U70101GJ2004PLC044948	Suzlon Global Services Limited	Director	03-09-2010	01-10-2009	-	Active	NO
7	U31108KA2006PLC041190	SE Electricals Limited	Managing director	01-04-2013	01-04-2010	-	Active	NO
8	U70101GJ2002PLC068006	SAMIRAN REALTIES LIMITED	Director	13-08-2012	01-10-2011	-	Active	NO

Name :

Mr. Jitendra Ranchhodbhai Tanti

Designation :

Director

Address :

A-1102, S Silver Woods 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	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. Dhyananathan T Raghuraman

Designation :

Director

Address :

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

Date of Birth/Age :

01.03.1943

Date of Appointment :

15.06.2013

DIN No.:

00411489

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L27102OR1979PLC000819	ORISSA SPONGE IRON AND STEEL LIMITED	Nominee director	24-09-1999	24-09-1999	17-04-2009	Active	NO
2	L40100GJ1995PLC025447	SUZLON ENERGY LIMITED	Director	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. Sharvari Shantaram Kashalikar
Designation :	Secretary
Address :	B-3, Flat No. 11, Ganesh Complex, Manikbaug, Sinhagad Road, Pune – 411051, Maharashtra, India
Date of Birth/Age :	04.04.1979
Date of Appointment :	01.04.2012
PAN No.:	ARGPK9744C

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 20.09.2014

Names of Shareholders	No. of Shares (Equity)
Suzlon Energy Limited, India	9999940
Tulsi R. Tanti J/w Suzlon Energy Limited, India	10
Girish R. Tanti J/w Suzlon Energy Limited, India	10
Vinod R. Tanti J/w Suzlon Energy Limited, India	10
Jitendra R. Tanti J/w Suzlon Energy Limited, India	10
Gita T. Tanti J/w Suzlon Energy Limited, India	10
Sangita V. Tanti J/w Suzlon Energy Limited, India	10
Total	10000000
Names of Shareholders	No. of Shares (Preference)
Suzlon Energy Limited, India	8590000
Total	8590000

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 :

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

Products :

ITC Code	Product Descriptions
85371000	Generators, Transformers and Control Panels for WTG

Brand Names :

Not available

Agencies Held :

Not available

Exports :

Not available

Imports :

Not available

Terms :

Not available

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not available

Bankers :

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

· State Bank of India, Soecialised Commercial Branch, 1^st Floor, Neptune Tower Annexe, Gandhidham, Ahmedabad - 380009, Gujarat, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Rupee term loans from banks	1053.900	1014.400
Short-term borrowings
Working capital loans from banks	406.300	412.500
Total	1460.200	1426.900

Financial Institute :	SBICAP Trustee Company Limited, 8, Khetan Bhavan, 5th Floor, 198, J.T.Road, Churchgate,, Mumbai - 400020, Maharashtra, India
Auditors 1 :
Name :	S.R. Batliboi and Company Chartered Accountants
Address :	C-401, Fourth Floor, Panchshil Tech Park, CTS No.2175, Yerawada (Near Don Bosco School), Pune-41106, Maharashtra, Indias
Income-tax PAN of auditor or auditor's firm :	ACHFS9180N
Auditors 2 :
Name :	SNK and Company Chartered Accountants
Address :	E-2-B, The Fifth Avenue, Near Regency Hotel, Pune – 411001, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAJFS8455L
Memberships :
Collaborators :
Holding company	· Suzlon Energy Limited
Fellow Subsidiary company:	· Suzlon Wind International Limited, India (U40108KA2006PLC041191) · Suzlon Wind Energy Corporation, Us · Suzlon Generators Limited, India (U31101PN2004PLC019205) · Suzlon Gujarat Wind Park Limited, India (U40108GJ2004PLC044409) · Suzlon Global Services Limited, India (U70101GJ2004PLC044948) · Se Forge Limited, India (U27310GJ2006PLC048563) · Suzlon Energy (Tianjin) Limited, Tianjin · Suzlon Energy Australia Private Limited, Australia · Suzlon Energy A/S. · Suzlon Energia Elocia Do Brasil Ltda, Brasil · Suzlon Wind Energy Portugal Energia Elocia Unipesso Lda, Portugal · Suzlon Wind Energy Espana S.L., Spain · Suzlon Wind Energy Nicaragua Sociedad Anonima, Nicaragua · Senvion Se (Formerly Repower Systems Se), Germany · Suzlon Wind Energy Equipment Trading (Shanghai) Company Limited, China · Suzlon Wind Energy South Africa Private Limited, South Africa · Suzlon Energy B.V., Brazil
Other Related Parties:	· Se Electricals Limited –Employee Fund Gratuity Scheme, India
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	· Suzlon Foundation (U74900GJ2007NPL052449) · Aspen Infrastructures Limited(U45202PN1998PLC016516)

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs.10/- each	Rs. 100.000 Millions
20,000,000	Preference shares	Rs.100/- each	Rs. 2000.000 Millions
	Total		Rs. 2100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs.10/- each	Rs. 100.000 Millions
8,590,000	Preference shares	Rs.100/- each	Rs. 859.000 Millions
	Total		Rs. 959.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	959.000	959.000	959.000
(b) Reserves & Surplus	(127.500)	132.400	187.000
(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)	831.500	1091.400	1146.000
(3) Non-Current Liabilities
(a) Long-term borrowings	1303.900	1264.400	690.000
(b) Deferred tax liabilities (Net)	162.200	119.100	106.500
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	11.100	10.100	8.500
Total Non-current Liabilities (3)	1477.200	1393.600	805.000
(4) Current Liabilities
(a) Short term borrowings	2798.100	1990.600	1055.800
(b) Trade payables	658.700	844.600	1419.600
(c) Other current liabilities	272.800	227.400	107.100
(d) Short-term provisions	5.900	8.000	9.700
Total Current Liabilities (4)	3735.500	3070.600	2592.200
TOTAL	6044.200	5555.600	4543.200
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1434.100	1526.300	1520.100
(ii) Intangible Assets	10.100	12.500	8.200
(iii) Capital work-in-progress	30.800	28.100	26.000
(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	48.100	67.700	71.100
(e) Other Non-current assets	1025.100	36.200	36.200
Total Non-Current Assets	2548.200	1670.800	1661.600
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	744.300	1170.600	1176.700
(c) Trade receivables	2698.500	2654.300	1518.500
(d) Cash and cash equivalents	7.500	10.200	56.700
(e) Short-term loans and advances	44.300	47.800	127.800
(f) Other current assets	1.400	1.900	1.900
Total Current Assets	3496.000	3884.800	2881.600
TOTAL	6044.200	5555.600	4543.200

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1827.200	1971.000	4357.000
		Other Income	76.500	82.200	130.800
		TOTAL (A)	1903.700	2053.200	4487.800
Less	EXPENSES
		Cost of Materials Consumed	1166.400	1265.900	3702.700
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	141.600	36.000	(187.600)
		Employees benefits expense	85.800	106.300	140.800
		Other expenses	188.200	237.200	347.900
		TOTAL (B)	1582.000	1645.400	4003.800
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		321.700	407.800	484.000
Less	FINANCIAL EXPENSES (D)		438.000	358.900	329.800
	PROFIT (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(116.300)	48.900	154.200
Less/ Add	DEPRECIATION/ AMORTISATION (F)		85.000	90.900	93.000
	PROFIT (LOSS) BEFORE TAX (E-F) (G)		(201.300)	(42.000)	61.200
Less	TAX (H)		58.600	12.600	29.400
	PROFIT (LOSS) AFTER TAX (G-H) (I)		(259.900)	(54.600)	31.800
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		132.387	186.987	155.187
	BALANCE CARRIED TO THE B/S		(127.513)	132.387	186.987
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	461.700	427.000	146.200
	Earnings(LOSS) Per Share (Rs.)		(35.03)	(14.50)	5.80

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(14.22)	(2.77)	0.73
Operating Profit Margin (PBIDT/Sales)	(%)	17.61	20.69	11.11
Return on Total Assets (PBT/Total Assets}	(%)	(3.35)	(0.76)	1.35
Return on Investment (ROI) (PBT/Networth)		(0.24)	(0.04)	0.05
Debt Equity Ratio (Total Debt /Networth)		4.93	2.98	1.52
Current Ratio (Current Asset/Current Liability)		0.94	1.27	1.11

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	959.000	959.000	959.000
Reserves & Surplus	187.000	132.400	(127.500)
Net worth	1146.000	1091.400	831.500
long-term borrowings	690.000	1264.400	1303.900
Short term borrowings	1055.800	1990.600	2798.100
Total borrowings	1745.800	3255.000	4102.000
Debt/Equity ratio	1.523	2.982	4.933

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	4357.000	1971.000	1827.200
		(54.762)	(7.296)

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	4357.000	1971.000	1827.200
Profit/Loss	31.800	(54.600)	(259.900)
	0.73%	(2.77%)	(14.22%)

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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Rupee term loans from others	250.000	250.000
Short-term borrowings
Rupee term loans from others	2391.800	1578.100
Total	2641.800	1828.100

CHANGE IN REGISTERED OFFICE:

Post 31st March 2014, the registered office of the Company was shifted from 201, 2nd Floor, Gold Tower, 50, Residency Road, Bangalore-560025 to 806A, 8th Floor, Prestige Towers, # 99 & 100, Residency Road, Bangalore-560025 with effect from 1st August 2014.

INDEX OF CHARGES:

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10539349	12/12/2014 *	3,000,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER E, CUFFE PARADE,, COLABA,, MUMBAI, MAHARASHTRA - 400005, INDIA	C38836029
2	10482212	28/02/2014	900,000,000.00	IDBI BANK LIMITED	IDBI TOWER, WTC COMPLEX,, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B98354285
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, MAHARASHTRA - 400020, INDIA	B89841191
4	10406469	31/12/2012	10,782,200,000.00	PUNJAB NATIONAL BANK	IBB BRANCH, BARAKHAMBA ROAD, NEW DELHI, 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, MAHARASHTRA - 411004, INDIA	B24541617
6	10209916	19/06/2014 *	151,402,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER E, CUFFE PARADE,, COLABA,, MUMBAI, MAHARASHTRA - 400005, INDIA	C09963646
7	10113738	07/07/2008	700,000,000.00	STATE BANK OF INDIA	SPECIALISED COMMERCIAL BRANCH, 1ST FLOOR,, NEPTUNE TOWER ANNEXE, GANDHIGRAM,, AHMEDABAD, GUJARAT - 380009, INDIA	A42095265

* Date of charge modification

CONTINGENT LIABILITIES:

(Rs. in millions)

PARTICULARS	31.03.2014
Preference share dividend and tax thereon	478.200
Excise and service tax matters in appeal	0.800
Compensation in lieu of sacrifice	86.600
Others	40.400
Total	606.000

FIXED ASSETS:

· Land

· Buildings

· Office building

· Factory building

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipments

· Other equipments

· Recipes, formulae, models, designs and prototypes

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.62.24
UK Pound	1	Rs.95.57
Euro	1	Rs.71.01

INFORMATION DETAILS

Analysis Done by :	KRN
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

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

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.