MIRA
INFORM REPORT
|
Report Date : |
01.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SUZLON ENERGY
LIMITED |
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Registered
Office : |
‘Suzlon House’,
5, Shrimali Society, Near Shree Krishna Complex, Navrangpura, Ahmedabad -
380009, Gujarat |
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Country : |
India |
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Financials (as
on) : |
31.03.2006 |
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Date of
Incorporation : |
10.04.1995 |
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Com. Reg. No.: |
04-25447 |
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CIN No.: [Company
Identification No.] |
L40100GJ1995PLC025447 |
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IEC No. |
2495002021 |
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TAN No.: [Tax Deduction
& Collection Account No.] |
AMMS03088B |
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Legal Form : |
Public Limited
Liability Company. The company’s shares are listed on the stock exchanges. |
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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 |
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Maximum Credit
Limit : |
USD 100000000 |
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Status : |
Satisfactory |
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Payment Behaviour
: |
Regular |
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Litigation : |
Clear |
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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, Gujarat, India |
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Tel. No.: |
91-79-26471100 |
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Fax No.: |
91-79-26471200 /
26565540 |
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E-Mail : |
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Website : |
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Area : |
361.33 Sq. Mtrs. |
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Premises : |
Owned |
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Head /
Corporate Office : |
2nd
& 5th Floor, Godrej Millennium, 9, Koregaon Park Road, Pune – 411001, Maharashtra, India |
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Tel. No.: |
91-20-26202000/24022000/24015760/24022204 |
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Fax No.: |
91-20-24022100 |
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E-Mail : |
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Area : |
20137 sq. mtrs. |
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Location : |
Owned |
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Factory 1 : |
Plot No. 77/13,
Opposite G.D.D.I.D.C. Office, Malala, Diu – 362520, Union Territory |
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Tel. No.: |
91-2875-252541 /
5242 |
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Fax No.: |
91-2875-252281 |
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Area : |
3000 sq.mtrs |
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Factory 2 : |
Survey No. 306/1
and 306/3, Opposite Carrier Aircomp Limited, Near Panchal Industrial Estate,
Bhimpore, Nani Daman – 396210, Union Territory. |
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Area : |
6,400 sq.mtrs |
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Factory 3 : |
Plot No. H-24/25,
Mahatma Gandhi Udhyog Nagar, Near Water Tank, Dabhel, Nani Daman – 396210, Union Territory |
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Tel No : |
91-260-2253673/2253674 |
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Factory 4 : |
Near Check Post,
Bhensrole Road, Dunetha, Nani Daman – 396210, Union Territory |
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Factory 5 : |
Thiruvandarkoil,
Opposite Whirlpool India Limited, Nannadipet Commune, Pondicherry - 605107 |
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Factory 6 : |
Survey No. 588,
Paddhar (Village),Taluka Bhuj, District Kutch, Gujrat-370105 |
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Factory 7 : |
Survey No: 282, Chhadvel (Korde), Sakri,
Dhule-424305 |
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Factory 8 : |
Survey No. 42/ 2 & 3, 54, 1 to 8,
Bhenslore Road, Dunetha, Daman-396 210, Union Territory |
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Factory 9 : |
Plot No. 50, 51, 52,
54, 755, Village, Manjusar, Taluka Salvli, District-Baroda-391775 |
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Factory 10 : |
Survey No. 574, 59, Thiruvandarkoil,
Thribhuvani Road, Pondicherry-605107 |
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Branches : |
1207, Raheja Centre,
Free Press Journal Marg, Nariman Point, Mumbai, Maharashtra, India Area: 3000 sq.
ft. Sahjanand, 1st
Floor, C. G. Road, Navrangpura, Ahmedabad, Gujarat, India 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, Nawroji Road, Chetpat, Chennai – 600 031, Tamil Nadu, India Tel. No.
91-44-26429721 Fax No.
91-44-26412780 23, Graficon
Arcade, 38, Sassoon Road, Pune – 411 001, Maharashtra, India 1/4, Amrur
Commercial Center, Near Astron Cinema, Sardarnar Main Road, Rajkot – 360 001,
Gujarat, India 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 Block, China World Trade Centre, Jianguomenwai Street, Choyang, Beljing
China-100004 Manufacturign
Unit-Survey Nos-476 to 479, Chhani, Vadodara, Baroda-391741 Eros Corporate Towers, 9th Floor, Nehru
Place, New Delhi - 110 019 1st Floor, "Neelkanth",
1-Bhavani Singh Road, Opposite Nehru Sahkar Bhavan, C-Scheme, Jaipur - 302
001 Plot No. 108/4, First & Second, Floor
(East Wing), Srivari Gokul Towers' Race Course Road, Coimbatore - 641 018,
Tamilnadu, India 1st Floor, Uma Enclave, Flat No.1B, Road
No. 9, Hyderabad - 500 034, Andhra Pradesh, India 4th Floor, Kankaria Estate, 6, Little
Russel Street, Kolkata - 700 071, West Bengal, India 412/413, Centre Point, 4th Floor, R.C.
Dutta Road, Alkapuri, Vadodara - 390 005, Gujarat, India 103, Sapphire Twins Building, 1st Floor,
Office No. 102 & 103 Plot No. 16-17, A. B. Road, PU-3, Scheme
No. 54, Indore - 452 008 T.C.1 5/610(4), Kumari Nilayam,
Udarasiromani Road, Thiruvanathpuram - 695 010 206, 2nd Floor, Thakorbhai Mithaiwala
Market, Sahara Gate Crossing, Ring Road, Surat - 395 003, Gujarat 5th & 6th Floor,
Viscos Towers, Avinashi Road, Coimbatore – 641019, Tamilnadu, India |
SOLE
PROPRIETOR/PARTNERS/DIRECTORS
|
Name
|
Mr. Tulsibhai
Ranchodbhai Tanti |
|
Designation |
Chairman and
Managing Director |
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Qualification |
B.Com, Diploma in
Mechanical Engineering |
|
Address |
C-501, Satellite
Towers, Orion, Mundhwa, Pune-411036 |
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Date of Birth |
02.02.1958 |
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Date of
Appointment |
10.04.1995 |
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Email |
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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 |
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Name
|
Mr. Girishbhai
Ranchodbhai Tanti |
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Designation |
Director
(International Operation) |
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Address |
C-401, Satellite
Towers, Orion, Mundhwa, Pune-411036 |
|
Date of Birth |
08.02.1970 |
|
Qualification |
B. E. (Elec.),
Management Graduate from Cardiff, U. K. |
|
Experience |
10 years |
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Name
|
Mr. Balrajsinh A.
Parmar |
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Designation |
Director
(Projects) |
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Address |
301, Samrajya, Near
Manav Mandir, Ahmedabad – 380 052, Gujarat, India |
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Date of Birth |
28.05.1957 |
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Date of
Appointment |
04.12.1995 |
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Name
|
Mr. Vinodbhai
Ranchodbhai Tanti |
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Designation |
Director
(Operation) |
|
Address |
15, Amrakadamb, Ramdevnagar,
Satellite, Ahmedabad - 380 054, Gujarat, India |
|
Date of Birth |
29.06.1952 |
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Date of
Appointment |
10.04.1995 |
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|
Name |
Mr. Ajay Relan |
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Designation |
Director (Nominee
Citycorp International Finance Corporation Inc.) |
|
Address |
Citi Bank N. A.
Jeevan Vihar, Sansad Marg, New Delhi-110001 |
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Date of
Birth/Age : |
53 Years |
|
Qualification |
M B A from IIM-A;
B. A. Honours (Economics) from St. Stephen’s College, Delhi |
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Name |
Mr. Pradip Kumar
Khaitan |
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Designation |
Director |
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Address |
B-103, Rai
Enclave, 7/1A, Sunny Park, Kolkata-700019 |
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Date of
Birth/Age : |
65 Years |
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Qualification |
B. Com., L. L. B.
Attorney-at-law |
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|
Name |
Mr. Ashish Dhawan
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Designation
|
Director (Nominee
Chrys Capital III, LLC, Mauritius) |
|
Address |
55A, Jor Bagh,
New Delhi-110001 |
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Date of Birth |
37 Years |
|
Qualification |
M. B. A. from
Harvard University and dual bachelors degree (B.S./B.A.) in applied
mathematics and economics |
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|
Name |
Vidhyanathan
Raghuraman |
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Designation
|
Director |
|
Address |
20, Kallol
Apartments, I P Extension, Pratap Ganj, Delhi-110095 |
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Date of Birth |
63 years |
|
Qualification |
M. Tech (Chemical
Engineering) |
KEY EXECUTIVES
|
Name : |
Mr. Hemal A.
Kanuga |
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Designation : |
Company Secretary |
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Name : |
Mr. Asit Badve |
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Designation : |
Vice President
(Human Resource and Administration) |
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Name : |
Mr. P. C. Mehta |
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Designation : |
General Manager
(Purchase) |
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Name : |
Mr. Kirit Vagadia |
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Designation : |
General Manager
(Finance) |
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Name : |
Mr. B. N. Shah |
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Designation : |
General Manager
(Marketing) |
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Name : |
Mr. VKR Kutty |
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Designation : |
General Manager
(Foreign Trade) |
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Name : |
Mr. R. Sridharan |
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Designation : |
General Manager
(Works) |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
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 |
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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. |
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Products : |
v Wind Energy, Solar Energy System &
Assembling v Operation & Maintenance Contract v Electricity Generators Generic Names of Principal Products / Services
of the company is as under :
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Brand Names : |
‘Suzlon’ |
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Exports to : |
USA, Italy,
Australia, China, Germany and Middle East |
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Imports from : |
Germany, Denmark,
China |
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Terms : |
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Selling : |
Cash and Credit |
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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 GmbH, Germany Ř
L. M. Glassfibre, India Ř
Siemens, India Ř
Winoray, Germany Ř
Mita Tecknick, Germany Ř Mukesh
Engineers, India |
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Customers : |
Ř
Bajaj Auto Limited Ř
Tata Group Ř
Maharashtra Seamless Limited Ř
Manickchand Group Ř
Ajanta Group Ř
Dhariwala Group Ř
Ghodavat Group Ř
Verroc Group |
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Trade Terms : |
Ř
Flender, Germany Ř
ASVG, Germany Ř
L. M. Glasfibre Ř
Siemens |
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No. of Employees : |
3200 |
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Bankers : |
State Bank of India Specialized Commercial Branch, Neptune Tower Annexe, Gandhigram, Asram Road, Ahmedabad. UTI Bank of India Ground Floor, Sterling Plaza, 1262/B, J.M. Road, Pune IDBI Bank Limited (Cons. Leader) Dyaneshwar Paduka Chowk, F.C. Road, Pune IndusInd Bank Limited Bank of Maharashtra 1183-A, Sadashiv Vilas, F.C. Road, Pune Standard Chartered Bank 90, M.G. Road, Fort, Mumbai Deustsche Bank AG. DB House, Hazarimal Somani Marg, Fort, Mumbai State Bank of Bikaner & Jaipur Laxmi Road, Pune ING Vysya Bank Limited F.C. Road, Pune State Bank of Indore Mittal Court, D Wing, Ground Floor, Nariman Point, Mumbai Punjab National Bank International Banking Branch, DCM Building, 8th Floor, Barakhambha
Road, New Delhi Indian Overseas Bank 7, Wonderland Building, M. G. Road, Pune State Bank of Patiala Bank of Baroda 2, Moledina Road, Camp, Pune Citi Bank Citibank N. A. Parmar House, 2413, East Street, Camp, Pune HDFC Bank Limited UTI Bank Limited |
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Facilities : |
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Banking Relations : |
Satisfactory |
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Auditors : |
v Sanjay N. Kapadia & Company Chartered Accountants 111,
Nalanda Enclave, Pritamnagar,
Ellisbridge, Ahmedabad – 380006,
Gujarat v S. R. Batliboi and Company Chartered Accountants The Metropole, F-1, 1st Floor,
Bund Garden Road, Pune- 411001 |
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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,
Koregaon Park Road, Pune-411001 Civil work, erection, installation and
commissioning of WTGs v Sarjan Realities Limited 285/10, Koregaon Park, Behind Singh
Motors, Near Hotel Gulmohar, Jupiter, Pune-411001 Acquiring land for setting up wind-farms |
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Subsidiaries : |
Ř AE-Rotor Holding B.V., Netherlands Ř AE-Totor Techniek B.V., Netherlands Ř Suzlon Energy B.V., Netherlands Ř Suzlon Wind Energy Corporation, U.S.A. Ř Suzlon Wind Farm Services Limited, U.S.A. Ř Cannon Ball Wind Energy Park – I, LLC,
U.S.A. Ř Suzlon Energy GmbH, Germany Ř Suzlon Energy Australia Pty Limited,
Australia Ř
Suzlon
Energy A/S Ř
Suzlon
Structures Private Limited Ř
Suzlon
Towers and Structures Limited (Formerly Suzlon Green Power Limited) 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 (Tianjin) Limited 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, Mauritius |
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|
|
|
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]
ABRIDGED BALANCE
SHEET
|
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 |
Total 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 |
|
|
|
|
|
Total Earnings
|
N.A. |
279.600 |
363.168 |
|
|
|
|
|
Total Import
|
N.A. |
7297.280 |
3377.380 |
|
|
|
|
|
Total Expenditure
|
29550.800 |
15483.100 |
7106.987 |
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
30.06.2006 [1st Qtr.] |
30.09.2006 [2nd Qtr.] |
30.12.2006 (3rd Qtr.) |
|
Sales Turnover |
9337.700 |
12854.500 |
11056.700 |
|
Other Income |
129.300 |
127.000 |
204.000 |
|
Total Income |
9467.000 |
12981.500 |
11260.700 |
|
Total Expenditure |
6944.800 |
9831.500 |
8998.800 |
|
Operating Profit |
2522.200 |
3150.000 |
2261.900 |
|
Interest |
163.100 |
210.400 |
221.500 |
|
Gross Profit |
2359.100 |
2939.600 |
2040.400 |
|
Depreciation |
149.300 |
163.900 |
170.300 |
|
Tax |
273.800 |
240.800 |
107.800 |
|
Reported PAT |
1936.000 |
2534.900 |
1762.300 |
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 Limited (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, Belgium for a consideration of Euro 431.43 Million.
By virtue of the acquisition of Eve Holding 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 above consolidated results for the quarter / half year
ended September 30, 2006, interalia includes the results of Eve Holding NV,
Belgium. Accordingly the sales and gross margins for the consolidated results
during the quarter / half year ended September 30, 2006 are to that extent not
comparable with the consolidated results of prior periods presented. 4. In view
of the seasonality of business, the financial results for the quarter / half
year ended are not indicative of the full year's performance. 5. On July 10,
2006 the Company issued and allotted 128,300 equity shares of Rs.10 each at an
exercise price of Rs.255 per equity share as per the terms of stock option
plan. Consequent to this issue, the equity share capital of the Company has
increased from 287,531,380 equity shares to 287,659,680 equity shares. 6. The
Consolidated financial results comprise the financial results of Suzlon Energy
Limited and its subsidiaries. 7. The figures stated above, have been
reclassified wherever necessary to conform with the classification in the
financial statements for the quarter ended September 30, 2006.
200612 Quarter 3
Notes
EPS is Basic Status of Investor Complaints for the quarter ended
December 31, 2006 Complaints Pending at the beginning of the quarter 06
Complaints Received during the quarter 33 Complaints disposed off during the
quarter 37 Complaints unresolved at the end of the quarter 02 (since resolved
in January 2007) 1. The above unaudited results for the quarter ended December
31, 2006 have been reviewed by the audit committee and taken on record by the
Board of Directors at their meeting held on January 29, 2007 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 / nine months
ended December 31, 2006 do not include the sale of tubular towers aggregating
approximately Rs 1169.60 million and Rs 3294.70 million respectively which have
been sold through the wholly owned subsidiary. Accordingly, the sales
realizations and gross margins for standalone results during the quarter / nine
months ended December 31, 2006 are to that extent not comparable with the
standalone results of prior periods presented. 3. In view of the seasonality of
business, the financial results for the quarter ended / nine months ended are
not indicative of the full year's performance. 4. Suzlon Energy Limited (SEL or 'the Company') through its wholly
owned subsidiary, AE-Rotor Holding B.V., The Netherlands ('AE-Rotor') has on
May 09, 2006, purchased 100% of the share capital of Eve Holding NV, Belgium
for a consideration of Euro 431.43 Million. By virtue of the acquisition of Eve
Holding 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 above consolidated
results for the quarter / nine months ended December 31, 2006, interalia
includes the results of Eve Holding NV, Belgium. Accordingly the sales and
gross margins for the consolidated results during the quarter / nine months
ended December 31, 2006 are to that extent not comparable with the consolidated
results of prior periods presented. 5. During the quarter the Company issued
and allotted 84000 equity shares, 5200 equity shares, and 15700 equity shares
of Rs 10 each at an exercise price of Rs 255 per equity share on October 04,
2006 and December 02, 2006 respectively as per the terms of stock option plan.
Consequent to this issue, the equity share capital of the Company has increased
from 287,659,680 equity shares to 287,764,580 equity shares. 6. The
Consolidated financial results comprise the financial results of Suzlon Energy Limited and its subsidiaries. 7. The figures stated
above, have been reclassified wherever necessary to conform with the
classification in the financial statements for the quarter ended December 31,
2006.
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.100.00/- |
|
High |
Rs.1050.00/- |
|
Low |
Rs.1018.05/- |
LOCAL AGENCY
FURTHER INFORMATION
NOTE:
The Company’s
registered office situated at Sahajanand Building, Navrangpura, and Ahmedabad –
380009 has been shifted to the above address.
NOTE :
SE FORGE
Address : 5th
& 6th Floor, Viscos Towers, Avinashi Road, Coimbatore – 641019,
Tamilnadu, India
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 Gujarat having
Company Registration Number 25447.
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 Germany and Nederland and has developed largest Wind Farm with 201MW
capacity at Satara, Maharashtra, which is the largest Wind farm of Single make
in Asia.
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 Germany for technology development, an R&D facility in the
Netherlands for rotor blade molding and tooling, and Wind Turbine and rotor
blade manufacturing facilities in India. All this is backed up by stringent
international quality control and assurance systems like ISO 9001:2000 and Type
certification.
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 India. Sudwind GmbH Windkrafttanlagen was
subsequently taken over by Sudwind Energiesysteme GmbH ('Sudwind'). The parties
entered into a fresh agreement dated September 30, 1996, under which Sudwind
proposed to share technical know-how relating to 0.27 MW, 0.30 MW, 0.35 MW,
0.60 MW and 0.75 MW WTGs in consideration for royalty to be paid on the basis
of each WTG sold over the course of five years from the date of this agreement.
The Company obtained the official non-exclusive, non-transferable license for
the manufacturing, marketing, dealing and servicing of APX-60 type blades from
the trustee of Aerpac B.V. upon its liquidation, for consideration of Euro
200,000 vide an agreement that was entered into between the trustee of Aerpac
B.V. and the Company dated 04.06.2001. This license is valid for an indefinite
period. The Company entered into an agreement dated April 10, 2001 with Enron
Wind Rotor Production B.V. for the acquisition of the moulds and the production
line and technical support and assistance for the production of the rotor blade
type APX 60-P in India for total consideration of Euro 500,000. Enron has granted
these rights for the manufacturing, marketing and dealing with the products for
an indefinite period.
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 Germany and The Netherlands through
wholly-owned subsidiaries. SEG, incorporated in 2001 and earlier known as AX
215 Verwaltungsgesellschaft mbH became a wholly-owned subsidiary of the Company
in 2002. AERT, a wholly owned subsidiary of AERH, which in turn is a wholly
owned subsidiary of the Company, was incorporated in 2001 to engage in the
development of technology for rotor blades, a key component of WTGs. Further,
Suzlon Energy A/S, a wholly-owned subsidiary of the Company was incorporated in
August, 2004 to supervise the international marketing activities of the
Company. It is proposed that the entire non-India marketing activities of the
Company shall be coordinated through Suzlon Energy A/S. SWECO, now a
wholly-owned subsidiary of the Suzlon Energy A/S, was incorporated in 2001 to
market, the WTGs manufactured by the Company in U.S.A. Further, Suzlon Energy
A/S has another wholly-owned subsidiary, Suzlon Energy Australia Pty Limited,
which was incorporated in 2004 to access the wind energy market in Australia.
Suzlon Energy B.V. earlier known as AE-Rotor B.V., The Netherlands, a
wholly-owned subsidiary of AERH, which is a wholly-owned subsidiary of the
Company, was incorporated in 2001 to market the rotor blades manufactured by
the Company. Cannon Ball Wind Energy Park-I, LLC ('Cannon Ball') was
incorporated as a limited liability company in July, 2002 for the purpose of
setting up a wind power project in North Dakota, USA. Cannon Ball is a
wholly-owned subsidiary of SWECO which is a subsidiary of Suzlon Energy A/S.
Further, a representative office of the Company was also set up in China in
2003 to explore the Chinese market.
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
v
950KW
v
1MW
v
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
India has ambitious plans for exports of Turbines to U.S.A., China, Australia
and New Zealand.
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 Daman.
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 India is with respect to high logistics
costs, which offset the competitive edge of lower production costs. At this
stage, the government should provide the stimuli by formulating a policy
conductive for exports, as was done to boost the information technology sector.
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 India an excellent opportunity
in overseas business.
Considering the new
business opportunities in China, Australia and New Zealand, the company is in
process of setting up joint ventures and subsidiaries in the near future.
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.
India ranked fourth amongst the wind energy markets worldwide for the calendar
year 2005 with cumulative installations of 4253 MW accounting for 7.20% of the
global installed capacity. The Indian wind energy market has shown a growth of
41.80% during the said period. The Indian wind sector is expected to continue
to grow, given the power shortfalls, rising demand for power, as well as the
strong emphasis by the government on the promotion of the sector. The Indian
wind power installations are expected to reach 12253 MW by the end of 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 India. It had cumulative global sales of
2,321 WTGs with total capacity of 2,108.09 MW on March 31, 2006.
The Company's strategic focus outside home market is to expand globally in the
leading markets like USA and China and the emerging markets of Europe. The
international business headquarters established in Denmark has successfully
garnered large international orders across America, Asia Pacific and Australia.
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 up gradation 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 India and abroad.
Fixed Assets
Freehold Land, Leasehold
Land, Buildings, Plant And Machinery, Computers And Office Equipments,
Furniture And Fixtures And Vehicles.
NEWS :
2005
Subject
opens its International operations head quarters at Aarhus Denmark
Subject, Asia’s largest integrated wind power company opened
office of their wholly owned subsidiary, Suzlon Energy A/S in the Aarhus
Denmark, which is known as a hub for wind energy.
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 Denmark
Mr. Harsh Bhasin graced the function by his presence.
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 Denmark for
its global head quarter over other destinations and reiterated Subject’s
commitment to wind energy. India’s ambassador to Denmark Mr. Bhasin hailed
Subject’s achievements in wind industry over past few years and mentioned that
in the times of outsourcing of jobs from Europe to India, Subject has created a
history by reversing the trend by generating employment opportunity in Denmark.
Mr. Dipak Rostogi, head of CVC international Citi group, in his colourful
speech explained why Citi group chose to participate in Subject as equity
investor.
Subject reception generated lot of excitement amongst local
media, local press and TV acknowledged Subject’s entry in Denmark and carried
short stories on the subject.
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 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.44.28 |
|
UK Pound |
1 |
Rs.86.62 |
|
Euro |
1 |
Rs.58.32 |
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 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
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