MIRA INFORM REPORT
|
Report
Date : |
19.01.2007 |
IDENTIFICATION DETAILS
|
Name : |
SUZLON
ENERGY LIMITED |
|
|
|
|
Registered
Office : |
‘Suzlon House’, 5, Shrimali Society, Near Shree Krishna
Complex, Navrangpura, Ahmedabad - 380009, |
|
|
|
|
Country
: |
|
|
|
|
|
Financials
(as on) : |
31.03.2006 |
|
|
|
|
Date
of Incorporation : |
10.04.1995 |
|
|
|
|
Com.
Reg. No.: |
04-25447 |
|
|
|
|
CIN
No.: [Company
Identification No.] |
L40100GJ1995PLC025447 |
|
|
|
|
IEC
No. |
2495002021 |
|
|
|
|
TAN
No.: [Tax
Deduction & Collection Account No.] |
AMMS03088B |
|
|
|
|
Legal
Form : |
Public
Limited Liability Company. The company’s shares are listed on the stock
exchanges. |
|
|
|
|
Line
of Business : |
Manufacturer, Importer and Exporter of Wind Mills, Wind
Turbines and Generators. |
RATING & COMMENTS
|
MIRA’s
Rating : |
A |
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum
Credit Limit : |
USD 100000000 |
|
|
|
|
Status
: |
Satisfactory
|
|
|
|
|
Payment
Behaviour : |
Regular |
|
|
|
|
Litigation
: |
Clear |
|
|
|
|
Comments
: |
Subject is a well-established and progressive
company. The company is controlled,
financed and managed by Tanti family whose resources are of good value. General financial position is satisfactory. Payments are usually correct and as per
commitments. The company can be considered normal for business dealings
at usual trade terms and conditions. |
LOCATIONS
|
Registered
Office : |
‘Suzlon House’, 5, Shrimali Society, Near Shri Krishna
Complex, Navrangpura, Ahmedabad-380009, |
|
Tel.
No.: |
91-79-26471100 |
|
Fax
No.: |
91-79-26471200
/ 26565540 |
|
E-Mail
: |
|
|
Website
: |
|
|
Area : |
361.33 Sq.Mtrs. |
|
Premises : |
Owned |
|
|
|
|
Head /
Corporate Office : |
2nd & 5th Floor, Godrej
Millennium, 9, Koregaon Park Road,
Pune – 411001, Maharashtra, India |
|
Tel.
No.: |
91-20-26202000/24022000/24015760/24022204 |
|
Fax
No.: |
91-20-24022100 |
|
E-Mail
: |
|
|
Area : |
20137 sq.mtrs. |
|
Location : |
Owned |
|
|
|
|
Factory
1 : |
Plot No. 77/13, Opposite G.D.D.I.D.C. Office, Malala, Diu
– 362520, |
|
Tel.
No.: |
91-2875-252541
/ 5242 |
|
Fax
No.: |
91-2875-252281 |
|
Area : |
3000 sq.mtrs |
|
|
|
|
Factory
2 : |
Survey No. 306/1 and 306/3, Opposite Carrier Aircomp
Limited, Near Panchal Industrial Estate, Bhimpore, Nani Daman – 396210, |
|
Area : |
6,400
sq.mtrs |
|
|
|
|
Factory
3 : |
Plot No. H-24/25, Mahatma Gandhi Udhyog Nagar, Near Water
Tank, Dabhel, Nani Daman – 396210, |
|
Tel No
: |
91-260-2253673/2253674 |
|
|
|
|
Factory
4 : |
Near
Check Post, |
|
|
|
|
Factory
5 : |
Thiruvandarkoil, Opposite Whirlpool India Limited,
Nannadipet Commune, |
|
|
|
|
Factory
6 : |
Survey No. 588, Paddhar (Village),Taluka Bhuj, District |
|
|
|
|
Factory
7 : |
Survey No: 282, Chhadvel (Korde),
Sakri, Dhule-424305 |
|
|
|
|
Factory
8 : |
Survey
No. 42/ 2 & 3, 54, 1 to 8, |
|
|
|
|
Factory
9 : |
Plot No. 50, 51, 52, 54, 755, Village, Manjusar, Taluka
Salvli, District-Baroda-391775 |
|
|
|
|
Factory
10 : |
Survey
No. 574, 59, Thiruvandarkoil, |
|
|
|
|
Branches
: |
1207, Raheja Centre,
Free Press Journal Marg, Nariman Point, Mumbai, Area:
3000 sq. ft. Sahjanand, 1st Floor, Tel. No.:
91-79-26449630 / 551 / 26448547 / 5731 Fax No.:
91-79-26565540 E-Mail: ho@suzlon.com, suzlon@ad1.vsnl.net.in 8-2, Bushara House, 46,
Tel. No.
91-44-26429721 Fax No.
91-44-26412780 23, Graficon Arcade,
38, 1/4, Tel. No.
91-281-2473445 / 2473446 Fax No.
91-281-2474562 IL & FS Financial Centre, 6th
Floor, East Quadrant, Plot no 22, ‘G’ Block, Bandra-Kurla Complex, Bandra
(East), Mumbai-400051 Village Thiruvandarkoil,
Tehsil Villianur, District-Mannadipet, Pondicherry-605107 Unit No.
104 & 106, First Floor, Delta Wines, Raheja Towers , 177, Anna Salai,
Chennai-600002 101A, 1st & 8th Floor, Prestige
Towers, No. 100, Field Marshal K. M. Carriappa Road [Residency Road],
Bangalore – 560025, Karnataka, India Room No.
2325 No. 1 Manufacturign
Unit-Survey Nos-476 to 479, Chhani, Vadodara, Baroda-391741 Eros
Corporate Towers, 9th Floor, 1st Floor, "Neelkanth", Plot No. 108/4, First &
Second, Floor (East Wing), Race 1st Floor, Uma Enclave, Flat No.1B, Road No. 9, 4th Floor, Kankaria Estate, 6, Little 412/413, Centre Point, 4th Floor, 103, Plot
No. 16-17, T.C.1 5/610(4), Kumari Nilayam, 206, 2nd Floor, Thakorbhai Mithaiwala Market,
Sahara Gate Crossing, 5th
& 6th Floor, |
DIRECTORS
|
Name |
Mr. Tulsibhai Ranchodbhai Tanti |
|
Designation
|
Chairman and Managing Director |
|
Qualification |
B.Com, Diploma in Mechanical Engineering |
|
Address |
C-501, |
|
Date
of Birth |
02.02.1958 |
|
Date
of Appointment |
10.04.1995 |
|
Email |
|
|
Other
Directorship |
Group Chairman of Suzlon Group of Companies viz. Suzlon
Developers Private Limited, Sarjan Fealities Private Limited, AE Rotor
Holding BV, Suzlon Wind Energy Corporation, Suzlon Windfarm Services Private
Limited, SNS Textiles Limited, Suzlon Energy GmbH, Suzlon Green Power Limited |
|
|
|
|
Name |
Mr. Girishbhai Ranchodbhai Tanti |
|
Designation
|
Director (International Operation) |
|
Address |
C-401, |
|
Date
of Birth |
08.02.1970 |
|
Qualification |
B. E. (Elec.), Management Graduate from |
|
Experience |
10 years |
|
|
|
|
Name |
Mr. Balrajsinh A. Parmar |
|
Designation
|
Director (Projects) |
|
Address |
301, Samrajya, Near Manav Mandir, Ahmedabad – 380 052, |
|
Date
of Birth |
28.05.1957 |
|
Date
of Appointment |
04.12.1995 |
|
|
|
|
Name |
Mr. Vinodbhai Ranchodbhai Tanti |
|
Designation
|
Director (Operation) |
|
Address
|
15, Amrakadamb, Ramdevnagar, Satellite, Ahmedabad - 380
054, |
|
Date
of Birth |
29.06.1952 |
|
Date
of Appointment |
10.04.1995 |
|
|
|
|
Name |
Mr. Ajay Relan |
|
Designation |
Director (Nominee Citycorp International Finance
Corporation Inc.) |
|
Address |
Citi Bank N. A. Jeevan Vihar, Sansad Marg, New
Delhi-110001 |
|
Date
of Birth/Age : |
53 Years |
|
Qualification |
M B A from IIM-A; B. A. Honours (Economics) from St.
Stephen’s College, |
|
|
|
|
Name |
Mr. Pradip Kumar Khaitan |
|
Designation |
Director |
|
Address |
B-103, Rai Enclave, 7/1A, Sunny Park, Kolkata-700019 |
|
Date
of Birth/Age : |
65 Years |
|
Qualification |
B. Com., L. L. B. Attorney-at-law |
|
|
|
|
Name |
Mr. Ashish Dhawan |
|
Designation |
Director (Nominee Chrys Capital III, LLC, |
|
Address |
55A, Jor Bagh, New Delhi-110001 |
|
Date
of Birth |
37 Years |
|
Qualification |
M. B. A. from |
|
|
|
|
Name |
Vidhyanathan Raghuraman |
|
Designation |
Director |
|
Address |
20, Kallol Apartments, I P Extension, Pratap Ganj,
Delhi-110095 |
|
Date
of Birth |
63 years |
|
Qualification |
M. Tech (Chemical Engineering) |
|
|
|
OTHER PERSONNEL
|
|
|
Mr. Hemal
A. Kanuga |
Company Secretary |
|
Mr. Asit
Badve |
Vice President (Human Resource and Administration) |
|
Mr. P. C.
Mehta |
General Manager (Purchase) |
|
Mr. Kirit
Vagadia |
General Manager (Finance) |
|
Mr. B. N.
Shah |
General Manager (Marketing) |
|
Mr. VKR
Kutty |
General Manager (Foreign Trade) |
|
Mr. R.
Sridharan |
General Manager (Works) |
MAJOR
SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
Percentage of Holding |
|
Promoters (including persons
acting in concert) |
200642400 |
69.78 |
|
Foreign Institutional Investors |
63390169 |
22.05 |
|
Non-resident Indians / Overseas
Corporate Bodies |
1795775 |
0.62 |
|
Mutual funds, Financial
Institutions and Banks |
1569914 |
0.55 |
|
Private corporate bodies |
936397 |
0.33 |
|
Resident Indians |
19196725 |
6.67 |
|
TOTAL |
287531380 |
100.00 |
BUSINESS DETAILS
|
Line
of Business : |
Manufacturer, Importer and Exporter of Wind Mills, Wind
Turbines and Generators. |
|
|
|
|
Products
: |
v
Wind Energy, Solar Energy System & Assembling v
Operation & Maintenance Contract v
Electricity Generators |
|
|
|
|
Brand
Names : |
‘Suzlon’ |
|
|
|
|
Exports
to : |
|
|
|
|
|
Imports
from : |
|
|
|
|
|
Terms
: |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash (30 days), Credit (30 days) and L/C |
PRODUCTION STATUS
Product |
Units |
Actual Production |
|
Wind
Turbine Generators Upto 1 MW |
Nos. |
83.00 |
|
Wind
Turbine Generators Above 1MW & Upto 2 MW |
Nos. |
740.00 |
|
Wind
Turbine Generators Above 2 MW |
Nos. |
8.00 |
|
Blades |
Nos. |
2460.00 |
GENERAL INFORMATION
|
Suppliers
: |
Ř
Sudwind Ř
L. M. Glassfibre, Ř
Ř
Ř
Ř Mukesh Engineers, |
||||||||||||||||
|
|
|
||||||||||||||||
|
Customers
: |
Ř
Bajaj Auto Limited Ř
Tata Group Ř
Ř
Manickchand Group Ř
Ajanta Group Ř
Dhariwala Group Ř
Ghodavat Group Ř
Verroc Group |
||||||||||||||||
|
|
|
||||||||||||||||
|
Trade
Terms : |
Ř
Ř
ASVG, Ř
L. M. Glasfibre Ř
Siemens |
||||||||||||||||
|
|
|
||||||||||||||||
|
No. of
Employees : |
3200 |
||||||||||||||||
|
|
|
||||||||||||||||
|
Bankers
: |
State
Bank of Specialized Commercial Branch, UTI Bank
of Ground
Floor, IDBI Bank
Limited (Cons. Leader) Dyaneshwar
Paduka Chowk, IndusInd
Bank Limited Bank of 1183-A,
Sadashiv Vilas, Standard
Chartered Bank 90, Deustsche
Bank AG. DB House,
Hazarimal Somani Marg, Fort, Mumbai State
Bank of Bikaner & Jaipur ING Vysya
Bank Limited F.C.
Road, Pune State
Bank of Mittal
Court, D Wing, Ground Floor, Nariman Point, Mumbai Punjab
National Bank International Banking Branch, Indian
Overseas Bank 7, State
Bank of Bank of 2, Citi Bank Citibank
N. A. Parmar House, 2413, HDFC Bank
Limited UTI Bank
Limited |
||||||||||||||||
|
|
|
||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking Relations : |
Satisfactory |
|
|
|
|
Auditors
: |
v
Sanjay N. Kapadia & Company Chartered Accountants 111, Nalanda
Enclave, Pritamnagar,
Ellisbridge, Ahmedabad – 380006, v
S. R. Batliboi and Company Chartered
Accountants The Metropole, F-1, 1st
Floor, |
|
|
|
|
Associates
: |
v
Suzlon Developers Private Limited v
Sarjan Realities Private Limited v
Suzlon Green Power Limited v
SNS Textiles Limited v
Suzlon Wind Farm Services Limited Godrej Millennium, 5th
Floor,9, Koreaon park Road, Pune-411001 Providing O& M services for
ETGs v
Suzlon Structures Private Limited ‘Suzlon”5, Shrimali
Society, near Shri Krishna Complex, Navarangpura, Ahmedabad-380009 Manufacturing Tubular Tower v
Suzlon Generators Private Limited Godrej Millennium, 5th
Floor,9, Koreaon park Road, Pune-411001 Manufacturing generators v
Sarjan Infrastructure Finance Limited IL & FS Financial
Centre, 6th Floor, East Quadrant, Plot no 22, ‘G’ Block,
Bandra-Kurla Complex, Bandra (East), Mumbai-400051 Financing infrastructure
activities v
Suzlon Infrastructure Limited Godrej Millennim, 5th
Floor, 9, Civil work, erection, installation
and commissioning of WTGs v
Sarjan Realities Limited 285/10, Acquiring land for setting up
wind-farms |
|
|
|
|
Subsidiaries
: |
Ř
AE-Rotor Holding B.V., Ř
AE-Totor Techniek B.V., Ř
Suzlon Energy B.V., Ř
Suzlon Wind Energy Corporation, Ř
Suzlon Wind Farm Services Limited, Ř
Ř
Suzlon Energy Ř
Suzlon Energy Australia Pty Limited, Ř Suzlon Energy A/S Ř Suzlon Structures Private Limited Ř Ř Suzlon Windkraft GmbH (Formerly
Constellation GmbH) Ř Suzlon Generators Private Limited Ř Windpark Olsdorf WATT GmbH &
Co KG Ř Suzlon Windpark Management GmbH Ř Suzlon Rotor Corporation Ř Suzlon Power Infrastructure
Private Limited Ř Suzlon Energy ( Ř SE Drive Techniek GmbH Ř Suzlon Gujarat Wind Park Limited Ř Suzlon Engitech Private Limited
(Formerly Sarjan Engitech Private Limited) Ř Suzlon Energy Limited, |
|
|
|
|
Membership
|
Confederation
of Indian Industry |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
330000000 |
Equity
Shares |
Rs.10/- each |
Rs.3300.000 millions |
|
11500000 |
Preference
shares |
Rs.100/- each |
Rs.1150.000 millions |
|
|
|
Total |
Rs.4450.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
287531380 |
Equity
Shares |
Rs.10/- each |
Rs.2875.300 millions |
|
1500000 |
Preference
Shares |
Rs.100/- each |
Rs.150.000 millions |
|
|
|
Grand Total
|
Rs.3025.300 millions |
FINANCIAL DATA
[all
figures are in Rupees Millions]
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
3025.300 |
2019.23 |
393.48 |
|
|
2] Employee stock options |
103.600 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
25093.600 |
7276.49 |
3774.80 |
|
TOTAL
|
28222.500 |
9295.72 |
4168.28 |
|
|
|
|
|
|
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2766.100 |
2854.57 |
1723.76 |
|
|
2] Unsecured Loans |
587.600 |
370.83 |
482.83 |
|
|
TOTAL BORROWING |
3353.700 |
3225.40 |
2206.59 |
|
|
Deferred Tax Liabilities |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
31576.200 |
12521.120 |
6374.87 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2956.800 |
1602.70 |
1353.14 |
|
|
Capital work-in-progress |
762.500 |
179.28 |
124.27 |
|
|
|
|
|
|
|
|
INVESTMENTS |
2927.400 |
1260.08 |
533.25 |
|
|
DEFERREX TAX ASSETS |
580.000 |
276.06 |
105.30 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
Inventories |
11044.900 |
4945.87 |
2017.12 |
|
|
Sundry Debtors |
15839.100 |
6763.35 |
3172.94 |
|
|
Cash & Bank Balances |
3162.400 |
881.99 |
603.60 |
|
|
Loans & Advances |
6911.300 |
3759.82 |
2267.80 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Total Current Assets |
36957.700 |
16351.030 |
8061.460 |
|
|
Less : |
|
|
|
|
|
Current Liabilities & Provisions |
|
|
|
|
|
|
Current Liabilities
|
8583.200
|
5291.88
|
2998.85 |
|
|
Provisions
|
4025.000
|
1856.15
|
804.32 |
Total Current Liabilities
|
12608.200 |
7148.030 |
3803.170 |
|
|
Net Current Assets |
24349.500 |
9203.000 |
4258.290 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.620 |
|
|
|
|
|
|
|
TOTAL
|
31576.200 |
12521.120 |
6374.87 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
38577.400 |
19407.600 |
8043.597 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
9026.600 |
3924.500 |
1306.814 |
Provision for Taxation
|
814.700 |
309.800 |
130.000 |
Profit/(Loss) After Tax
|
8211.900 |
3614.700 |
1176.814 |
|
|
|
|
|
Export Value
|
N.A. |
279.600 |
363.168 |
|
|
|
|
|
Import Value
|
N.A. |
7297.280 |
3377.380 |
|
|
|
|
|
Total Expenditure
|
29550.800 |
15483.100 |
7106.987 |
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2006 [1st Qtr.] |
30.09.2006 [2nd Qtr.] |
|
Sales Turnover |
|
9337.700 |
12854.5 |
|
Other Income |
|
129.300 |
127.0 |
|
Total Income |
|
9467.000 |
1,2981.5 |
|
Total Expenditure |
|
6944.800 |
9831.5 |
|
Operating Profit |
|
2522.200 |
3150.0 |
|
Interest |
|
163.100 |
210.4 |
|
Gross Profit |
|
2359.100 |
2939.6 |
|
Depreciation |
|
149.300 |
163.9 |
|
Tax |
|
273.800 |
240.8 |
|
Reported PAT |
|
1936.000 |
2534.9 |
Notes
200606
Quarter 1
Expenditure Includes (Increase)/Decrease in
stock in Trade Rs (979.40) million Consumption of Raw Material (including
Purchase of traded goods) Rs 6370.70 million Staff Cost Rs 201.50 million Other
cost Rs 1352.00 million EPS is Basic Status of Investor Complaints for the
quarter ended June 30, 2006 Complaints Pending at the beginning of the quarter
04 Complaints Received during the quarter 56 Complaints disposed off during the
quarter 56 Complaints unresolved at the end of the quarter 04 1. The above
results were reviewed by the audit committee and subjected to a limited review
by the statutory auditors of the Company and have been taken on record by the
Board of Director and the audit committee at their meeting held on July 29,
2006. 2. The Company as part of its long-term plans of having independent
manufacturing units for various components of a Wind Turbine Generator ('WTG')
has realigned its operations and has commenced sale of tubular towers through
one of its wholly owned subsidiaries. Accordingly, the sales of WTG's for the
quarter ended June 30, 2006, do not include the sale of tubular tower
aggregating approximately Rs 934.50 million, which have been sold through the
wholly owned subsidiary. Accordingly, the sales realizations and gross margins
during the quarter ended June 30, 2006 are to that extent not comparable with
the results of prior periods presented. 3. In view of the seasonality of
business the financial result for the quarter ended are not indicative of the
full year's performance. 4. Suzlon Energy Ltd (SEL) or the Company through Its
wholly owned subsidiary, Ae-Rotor Holding BV., the Netherlands (AE-Rotor) has
on May 09, 2006, purchased 100% of the share capital of Eve Holding NV, Belgium
fore consideration of Euro 431.43 million by virtue of the acquisition of Eve
holding NV by Ae-Rotor, the company has 100% ownership of Hansen Transmissions
International NV. Belgium along with its subsidiaries, which are engaged in the
business of design, development, manufacturing and supply of industrial and
wind gear boxes and is the second largest wind energy gearbox manufacturer in
the world having approximately 33% global market share, The provisional
unaudited consolidated results of Hansen Transmissions International NV,
Belgium (At per Belgium GAAP) for the period May 01, 2006 to June 30, 2006 are
as follows: Sales - Rs 3151.90 million: Profit Before Tax Rs 387.70 million. 5.
The Company is primarily engaged in the business of manufacture and sale of
WTG's and its parts. These, in the context of Accounting Standard 17 ('AS-17'),
Segment Reporting issued by the ICAI, are considered to constitute one single
primary segment. Hence, as per accounting standard Interpretation -20 issued by
the ICAI, Segment information as per AS-17 not required to be disclosed. 6. The
figures stated above, have been reclassified wherever necessary to confirm with
the classification in the financial statements for the quarter ended June 30,
2006.
Notes
200609 Quarter 2
Expenditure
Includes (Increase)/Decrease in stock in Trade Rs (457.70) million Consumption
of Raw Material (including Purchase of traded goods) Rs.8315.50 million Staff
Cost Rs 285.60 million Other cost Rs.1688.10 million EPS is Basic Status of
Investor Complaints for the quarter ended September 30, 2006 Complaints Pending
at the beginning of the quarter 04 Complaints Received during the quarter 63
Complaints disposed off during the quarter 61 Complaints unresolved at the end
of the quarter 06 (since resolved in October 2006) 1. The above unaudited
results for the quarter ended September 30, 2006 have been reviewed by the
audit committee and taken on record by the Board of Directors at their meeting
held on October 26, 2006 and October 27, 2006 respectively. The limited review,
as required under Clause 41 of the listing agreement has been carried out by
the statutory auditors of the Company. 2. The Company as part of its long-term
plans of having independent manufacturing units for various components of a
Wind Turbine Generator ('WTG') has realigned its operations and has commenced
sale of tubular towers through one of its wholly owned subsidiary. Accordingly,
the standalone results for the quarter / Half year ended September 30, 2006 do
not include the sale of tubular towers aggregating approximately Rs.1188.10
million and Rs 2125.10 million respectively which have been sold through the
wholly owned subsidiary. Accordingly, the sales realizations and gross margins
for standalone results during the quarter / half year ended September 30, 2006
are to that extent not comparable with the standalone results of prior periods
presented. 3. The Company through its wholly owned subsidiary, AE-Rotor Holding
B.V., The Netherlands ('AE-Rotor') has on May 10, 2006, purchased 100% of the
share capital of Eve Holding NV,
KEY RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt Equity Ratio |
0.18 |
0.41 |
0.45 |
|
Long Term Debt Equity Ratio |
0.09 |
0.18 |
0.28 |
|
Current Ratio |
2.23 |
1.76 |
1.82 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
12.25 |
10.17 |
6.61 |
|
Inventory |
4.74 |
5.51 |
5.53 |
|
Debtors |
3.35 |
3.86 |
2.81 |
|
Interest Cover Ratio |
17.54 |
10.50 |
6.12 |
|
Operating Profit Margin (%) |
26.48 |
24.65 |
21.09 |
|
Profit Before Interest and Tax Margin
(%) |
25.27 |
22.62 |
19.87 |
|
Cash Profit Margin (%) |
22.89 |
20.88 |
17.68 |
|
Adjusted Net Profit Margin (%) |
21.68 |
18.85 |
16.46 |
|
Return on Capital Employed (%) |
43.41 |
46.36 |
31.73 |
|
Return on Net Worth (%) |
45.26 |
60.10 |
38.88 |
STOCK PRICES
|
Face Value |
Rs.1000.00/- |
|
High |
Rs.1316.00 |
|
Low |
Rs.1292.30 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The Company’s registered office situated at
NOTE :
SE FORGE
Address : 5th & 6th Floor,
This is a new project of Suzlon Energy Limited for :
Ř Setting up Foundry of capacity
100000 tonnes castings which would be operational in 2nd quarter of 2007
Ř Setting up Forgings for Winter Winds
which would be operational by end of 2007.
It was confirmed by Mr. Hygo Shipmann who is foreign
technician working for the project.
HISTORY
The company was incorporated on 10th April 1995
at Ahmedabad in
Subject belongs to Suzlon Group of Companies promoted by Mr.
Tulsibhai R. Tanti, a qualified and technocrat entrepreneur along with his
family members.
The company has developed in house technology through their own
Research and Development centers in
Subject integrates consultancy, design,
manufacturing, operation and maintenance services to provide customers with
total wind power solutions
Subject is one of the fastest growing Wind Energy companies in the world. The
key to company’s meteoric growth has been company’s vision of creating
world-class products by adopting the best of everything from around the globe. Subject
has a subsidiary in
The Company was incorporated in 1995 by Tulsi Tanti. Tulsi Tanti was primarily
in the textile business and was introduced to wind energy through a wind power
project that he had commissioned for his textile factory. The first subscribers
to the Memorandum were the family members and friends of Tulsi Tanti.
The Company entered into a technical collaboration agreement in 1995 with a
German company, Sudwind GmbH Windkrafttanlagen to source the latest technology
for the production of WTGs in
The Company introduced the concept of total solutions wherein, in addition to
the supplies of equipments, the client is offered project execution work
comprising land acquisition, site development, erection and commissioning,
foundation and other civil work and O&M services. These services are
offered in conjunction with the Associate Companies. SWSL, a subsidiary of the
Company, was incorporated in 1998 with the objective of providing O&M for
wind power projects set up by the Company. The Company has also set up
technological development centers in
Subject has taken a step further for establishing its presence in China by
commencing the establishment of a wind turbine generator manufacturing facility
in China through its wholly owned subsidiary Suzlon Energy (Tianjin Limited,
The said manufacturing facility which is scheduled to commence its commercial
operations by about Second quarter of financial year 2006-2007 would cater to
the energy needs of China.
The companies product range includes 0.35 MW, 0.60 MW, 0.95 MW, 1.00 MW, 1.25
MW and 2.00 MW WTGs
Subject also has the distinction of introducing the concept of large wind parks
in Asia and has gone on to build some of the largest wind parks in Asia
including the world's largest wind park of its kind.
Further, Subject's status as a force to reckon with in the wind energy industry
came with the World Wind Energy Association's award for the year 2003,
recognizing its contribution in disseminating wind energy worldwide.
BUSINESS
The company specializes in providing total solutions in wind
power generation with cohesive integration of design, manufacturing, installation,
operations and maintenance services.
v
In
the mid-capacity segment of wind energy converters, the company offers 350 KW
v
In
higher capacity segment the company has an entire Mega Power Series in the
offerings
950KW
1MW
1.25 MW
v
The
company is currently developing 2 MW turbine (WEC).
Projects are also under progress in Karnataka and in
Rajasthan.
Its major customers include manufacturers and end users
The company has collaboration with Sudwind Energiesysteme
GmbH of Germany for manufacturing of wind turbine generators.
It ranked 9th amongst the top 10 Wind Energy
Turbine Manufacturers in world and 1st in
Subject has been accredited with ISO 9001:2000 Certification
from Det Norske Veritas for manufacturing, installation, commissioning,
operating and maintenance of wind mill by wind turbine generators division.
While the modern wind energy technology had been dominated
mainly by the U.S.A. and Organization of Economic Co-operation and Development
(OECD) countries, this endeavor registers a first time south-north
Co-operation, and thus opening up new vistas in a highly specialized field for
India. That had been achieved through continual efforts put by Subject through
establishment of research and development centers in the European Union and
world-class manufacturing facilities at
Commitment to the cause and superior performance of its Wind
Turbines based on its strong R&D focus has resulted in company reaching the
top few in the wind energy markets world over, in a very short period of time.
Today, the company ranks among the top ten in the world. The company has to its
credit the development of the World's largest wind park, of 250
MW capacity, of its kind.
One of the major issues in exporting wind turbine from
The export of wind turbine was not of just a technology but
a total project export. Such exports of wind turbines and financing from
developed countries go hand in hand. Using the same analogy, the sector also
offers bankers in
Considering the new business opportunities in
The company offers a comprehensive range of value-added
services and solutions. It ensures permanent energy yield optimization in
accordance to the onsite climate and grid conditions. The detailed monitoring
of several wind turbine parameters, formidable technology expertise, plus a
comprehensive range of advanced systems enable it to provide the most effective
and integrated level of service. The combined synergy of our business units and
customer support network deliver benefits to their customers.
DIVIDEND :
An interim dividend of Rs.2.50 per equity share
(25% on par value of Rs.10.00) absorbing a sum of Rs.718.8 millions was paid in
February 2006.
The directors recommend a final dividend of Rs.2.50 per equity share absorbing
a sum of Rs.718.8 millions for the financial year 2005-2006
subject to the approval of the shareholders at the ensuing Annual General
Meeting.
The directors have also recommended dividend of Rs.10 per share absorbing a sum
of Rs.15.1 millions on 10% cumulative redeemable preference shares of Rs.100
each.
The total dividend payout ratio for the year 2005-2006 is 17.69% (previous year
10.04%).
BUSINESS
OVERVIEW
The Company had a very successful year, with robust growth in sales and
profits. The sales were Rs.37884.6 millions and profit after tax was Rs.8211.9
millions, registering a growth of 97.57% and 127.19%, respectively.
The strong performance of the Company is attributed to increasing demand for
Wind Turbine Generators (WTGs) worldwide. There is a growing global acceptance
for increasing the share of renewable energy in the energy-mix in most
countries. This has lead to the development of conducive policies world over to
support the growth of renewable energy. Wind energy has emerged as the largest
beneficiary as it is commercially viable alternative, and has made a
significant contribution in the world energy market. Cumulative wind power
installations worldwide reached 59264 MW by the end of calendar year 2005. The
cumulative installations are expected to reach nearly 150000 MW at a CAGR of
21% by the year 2010.
The Company was placed fifth worldwide in terms of annual installations and
second in terms of increase in market share during the calendar year
2005.
The Company continues to dominate the Indian market with market share of over
50% and operates in eight states in
The Company's strategic focus outside home market is to expand globally in the
leading markets like
The directors believe that the Company will continue to enhance its market
position as a result of some of the following initiatives:
Ř Enhanced manufacturing
capabilities.
Ř Expansion of operations
across varied geographies.
Ř Extended range of
successful turbine models and development of new models.
Ř Continuous R&D,
product development and upgradation in WTG and its components.
Ř Focused vertical integration
to enhance the value chain, secure timely deliveries and enhance the
Ř Technological knowledge
pool at component level.
Ř Strategic acquisitions
across the value chain of wind energy solutions.
Ř Strong trained,
dedicated and motivated human asset base in
Generic Names of Principal Products
/ Services of the company is as under :
|
Product
Description |
Item Code
No. |
|
Wind
operated electricity generators |
3601 |
Fixed
Assets
NEWS :
2005
Subject
opens its International operations head quarters at Aarhus
Subject,
A small but graceful
function for the formal opening was organized at the office itself. The
function was attended by about hundred persons from the wind industry. Amongst
the invitees were customers, bankers, vendors, stakeholders and well wishers of
Suzlon. Indian Ambassador in
In his opening speech, CEO of Suzlon Energy A/S, Mr. Per Pedersen,
welcomed the guests and formally announced opening of the office. He also
highlighted various activities that would be carried out from this office,
namely management of Subject’s global business initiatives. Mr. Tulsi Tanti
Chairman of Suzlon in his brief address explained why Subject chose
Subject reception generated lot of excitement amongst local media,
local press and TV acknowledged Subject’s entry in
CMT REPORT [Corruption, Money laundering & Terrorism]
The Public Notice information has been collected from
various sources including but not limited to: The Courts,
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 records 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.44.34 |
|
|
1 |
Rs.87.61 |
|
Euro |
1 |
Rs.57.61 |
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 |
Unfavourable & favourable
factors carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |