%20PRIVATE%20LIMITED%2019-Sep-2007_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
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Report Date : |
19.09.2007 |
IDENTIFICATION DETAILS
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Name : |
L M GLASFIBER ( |
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Registered Office : |
Plot No. 61 and 62, Kasaba Industrial Area, |
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Country : |
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Date of Incorporation : |
30.12.1999 |
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Com. Reg. No.: |
8-26157 |
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CIN No.: [Company
Identification No.] |
U31101KA1999PLC026157 |
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Legal Form : |
Private limited liability company. |
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Line of Business : |
Manufacturer of Wind Turbine Rotor Blades |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a part of LM Glasfiber, |
LOCATIONS
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Registered Office : |
Plot No. 61 and 62, Kasaba Industrial Area, |
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Tel. No.: |
91-80-2791700 / 701 |
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Fax No.: |
91-80-27971320 / 532 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory Office : |
Plot no. 85, 2nd Phase, KIADB Industrial Area, Dobespet,
Nelamangala Taluka, Rural District - 562 111 |
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Area : |
100 acres |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Nirmal K Gupta |
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Designation : |
Managing Director and Chief Executive Officer |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Wind Turbine Rotor Blades. |
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Exports : |
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Products : |
Wind Turbine Roter blades |
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Countries : |
US, |
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Imports : |
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Products : |
Raw Materials and Components for Roter Blades |
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Countries : |
North Europe, |
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Terms : |
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Purchasing : |
Credit (30 days – 60 Days) |
GENERAL INFORMATION
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No. of Employees : |
1400 |
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Bankers : |
BNP Paribas Bank, Standard Chartered Address: M G Road Branch, |
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Banking
Relations : |
--- |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
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Capital Investment : |
NA |
FINANCIAL DATA
[all figures are
in Rs. in millions]
Financials:
No financials of the company could be available since incorporation.
Management remained non–co-operative during current investigation.
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Particulars |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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3000.000 |
2800.000 |
Expected Sales (2007-08) : Rs. 3500.000 millions
LOCAL AGENCY FURTHER INFORMATION
WEBSITES DETAILS:
LM GLASFIBER BLADES
Competitive wind
energy
They have one goal,
which they share with their customers: to maintain the competitiveness of wind
energy by making sure that electricity produced this way gets cheaper all the
time. It’s about keeping both investment and operating costs to a minimum,
while boosting how much electricity the turbine can produce.
Performance and
reliability
Their contribution
to this is reliable, high-performance blades that exploit the wind energy to
the full throughout the 20-year service life of the turbine.
Lightning protection
LM blades feature
the best lightning protection currently available, with documented results.
Financial results for 2006
24-04-2007
Financial results for 2006
1 January 2006 – 31 December
2006 LM Glasfiber increases sales by 43%
By expanding capacity and improving capacity utilisation LM
Glasfiber increased sales by 43% while improving profitability. In terms of MW,
sales rose to an all time high of 4,100MW from 3,000MW in 2005.
·
Sales in 2006
amounted to DKK 3,539 million up from DKK 2,469 million in 2005. Main drivers
for the increase were strong global demand for wind power, geographical
positioning in the key growth markets for wind power and a broadening of their
customer base.
·
Earnings before
interest, taxes, depreciation, amortisation and special items (EBITDA) amounted
to DKK 796 million against DKK 416 million in 2005, and operating profit (EBIT)
amounted to DKK 401 million against DKK 160 million in 2005.
·
Operating profit as
a percentage of sales improved from 6.5% in 2005 to 11.3% in 2006 exceeding
their margin guidance of 10%. The improvement was mainly based on improved
capacity utilisation, changes in product and market mix as well as price
increases compensating for an increase in raw material prices in 2005.
·
Investments, which
in 2006 related primarily to capacity expansions in
·
Free cash flow
increased to DKK 217 million compared with DKK 56 million in 2005 due mainly to
the increase in operating profit.
·
For 2007, LM Glasfiber
forecasts sales growth of at least 25%, and operating profit is expected to
represent at least 10% of revenue. Their outlook for 2007 is based on:
o
Strong global demand
for wind power
o
Broadened strategic
customer base and long-term contracts with key customers
o
Continued capacity
expansion of 1,000MW in
o
Expected run-in
costs associated with bringing three new factories on-line in 2007
o
Continued high
capacity utilisation and expected positive cost effects from their comprehensive
process improvement programme REACH.
Roland Sundén, CEO of LM Glasfiber, said: “We are at a unique moment in time when they are starting to
realise the urgency of reducing their dependence on coal, oil and gas.
And there is no doubt that wind power will become an increasingly important
component of the overall energy mix in many countries.
This situation
constitutes a significant value creation opportunity for LM Glasfiber.
In 2006 they have
responded by expanding their global manufacturing capacity and welcoming more
than 1,000 new colleagues. They have opened a new wind tunnel to further
reduce the cost of wind energy by driving innovation in rotor blade
aerodynamics. During the first six months of wind tunnel testing in 2006, they
have documented a potential for efficiency improvements of more than 5%.
They have launched
REACH – their comprehensive process improvement programme aimed at
systematically implementing and developing world class business processes and
systems to continuously improve their performance in terms of quality, on-time
delivery, and cost. Safeguarding their ability to consistently deliver
high-quality blades on time to their customers while growing their business
rapidly is an important challenge and a key focus area for management.
Finally, executing
on their growth and innovation focus they expanded their strategic customer
base and increased their global market share in a surging market.
All these
improvements can be attributed to the dedication of their people. I would like
to thank all LM Glasfiber people for ytheir hard work and commitment in 2006.”
The financial statements theyre adopted at LM Glasfiber Holding A/S’s Annual General Meeting earlier today.
The Annual Report 2006 for LM Glasfiber Holding A/S is available for download at www.lmglasfiber.com/investor and supporting imagery can be downloaded from www.lmglasfiber.com/images.
Introduction LM Glasfiber
LM Glasfiber A/S,
LM Glasfiber has
been a market leader in rotor solutions since long with a fluctuating global
market share of approx.30-40%. LM Glasfiber has core competencies in Design,
Materials, Processes, Automation,
LM Glasfiber’s
approach to uniform quality
LM recognizes the
essential need to ensure uniform quality of its product globally. In order to
achieve this difficult task it has embarked on the establishment of essential
core competencies within the group. It is a common knowledge that whenever they
encounter an engineering problem, the best practice is to use the 7 QC Tools
for scientific trouble shooting. Similarly LM deploys 7 core competencies in
technical and managerial functions to meet the challenge of ensuring uniform
quality world wide. They are design, process, materials, know how/experience,
tools/systems, testing and HR skills.
Design
Design data base is
the foundation on which other core competencies are built. In order to have a
strong data base it is imperative to
have the in-house Research & Development constantly functioning. Innovative
material selection and smart engineering lead to optimization of structural
design. The understanding of how the strength on one design parameter affects
the other parameter is the key driver in enhancing the reliability and cost
effectiveness. The design of aerodynamic geometry of blade is aimed at bringing
a balance on the ratios between blade performance and loads on the blade. This
means that the ratio between the power production of the turbine and the cost
of ownership of the blade during its 20 yrs of design life time should be
optimized. The same principle is also applicable to the ratio of performance
and noise. In order to adequately support these concepts, design tools such as
computational fluid dynamics, Flex-5, LM-Blade and finite element method are
extensively used. Use of new materials, new tools and new blade structure form
the core of futuristic blade technology leading to considerable weight
reductions and increased performance. It is also envisaged that in future, a
computer will be monitoring the measurements of strain, acceleration in root,
temperature, lightning detection and cracks in the trailing edge on the blade
so that the blade is enabled to be smart in its performance. Effective
protection against lightning is crucial for the safety of a wind turbine. The
blades are the most expensive single components of a wind turbine and a
lightning strike can have a highly destructive effect on an unprotected blade.
Replacing components and carrying out any repairs made necessary by lightning
strikes are much more costly in the case of an offshore machine than on land
based sites. All of this presents a considerable challenge to lightning
protection for the rotor blades-a challenge that LM lightning protection has
tackled and beaten.
Process
LM has perfected
several process technologies for manufacturing the rotor blades. Among them,
the most
frequently used are
the hand lay up and vacuum infusion techniques. Automation in process
technology ensures shorter cycle time, clear documentation and good
repeatability. ISO 9001:2000 quality management system ensures uniform process
guidelines in the manufacture of rotor blades. LM has also evolved global
procedures for key areas such as technology transfer, audits of products and
processes. It also has prescribed global specifications for materials, working
instructions, process specifications and training programme for
technicians.Audits of production and other key processes are performed by LM
Group quality and environment department in all LM companies.
Audits of blades
produced include the documentation and often a static test is performed by LM
Group quality and environment and also by R&D departments on location to
verify conformance of blades in serial production.
www.lmglasfiber.com
4 / 5
Materials
LM strongly
believes in the right choice of materials that yield best performance to cost
ratio when used in the blade construction utilizing the simplest process. LM
also possesses a large data base on the material properties and their
characterization. This is owing to the fact that a fully fledged material testing
laboratory manned by specialists has been relentlessly working on new and
advanced materials. Material specialists of LM have developed special
formulations and specifications for a number of critical materials for use in
the blades and moulds including some of the process aids. Also, the culture of
working very close with the world renowned material suppliers guiding and
helping them by sharing confidential details of the process requirements has
been yielding amazing results in meeting the stringent quality and time
schedule. Global purchase contracts, pricing and volumes have attracted many of
the suppliers to enthusiastically participate in most of the R&D projects
in developing and testing new and advanced materials for the current and future
projects.
Know-how and
experience
The abundant
experience and the know-how gathered over the years of R&D pursuit have
brought into the organization manufacturing efficiency with optimization of
cost and technology. This tremendous advantage is evident from the facts that
LM has the largest specialized R&D affording the fast learning-curve
effect, reduced start up and product development cost, shorter pay-back of
recurrent investments in materials and process technology and short time to
market. This means LM brings in global manufacturing in different locations of
the world at low cost to market with local sourcing advantages that makes risk
diversification a reality. The success of performance of a truly a global
company lies in translating the know-how and experience of the core group to
its subsidiaries around the world. This is made possible by a systematic
technology transfer procedure. Standardized project manual, describing phases,
gates and objectives when starting production of a specific blade type in a LM
company is the trigger. One company having the best expertise and currently
producing the blade type acts as the transferor. A project team consisting of
participants from both the transferor and receiver companies is in charge of
the transfer. Training of the receiving company’s workers in transferor’s
company is initiated months in advance. Complete documentation package is
transferred, including working instructions, checklists,
bill of materials,
tools list etc. Necessary hardware such as moulds and materials is transferred.
Review of all new processes, materials and tools is carried out by the
transferor. Finally, a product audit is performed on the first article and the
necessary acceptance certificates are issued.
Tools and systems
The manufacturing
process for the FRP rotor blades is basically a moulding technique that
involves a mould split along the chord of the blade profile. The process may
involve reasonably high temperatures due to exothermic heat or external heating
to effect polymerization. So, it is necessary to ensure adequate strength,
rigidity and thermal stability in the mould while designing the same. For
obvious reasons the giant moulds are made with non-metallic, composite
materials and the mould building by itself an expertise that is hard to get. LM
has mastered the composite tooling technology and has established a centre of
expertise to build moulds for all its subsidiaries.
Specialized
materials and processes for repair and maintenance of the moulds and
accessories have been developed and strict procedures and training on tool
engineering are imparted to the users. All the data storage and technical
transactions of the entire group are connected through world wide computer
network system called team centre engineering and all the group companies use a
common ERP system called Axapta for all the key functions such as
inventory,planning, finance, production and HR. All the group companies are
inter- connected through a highly secure global intranet to exchange and share
all the information.
Testing
LM embarks on
integrated test programme for operational assurance and product lifetime. LM is
the only blade manufacturer with accredited full scale inhouse test facilities.
The present capacity is capable of testing the blades up to 65m long and loads
up to 30MNm. Simulation of 20 years of operation including external actions
that may need to be performed for even 6 months-depending upon the type of
blade- is carried out in these test facilities. Random test of the full blade
and components and extensive NDT (Non Destructive Testing) programme using
infra red and ultra sound scanning are regular features of this facility.
Besides product testing, LM has test facilities for receiving inspection of raw
materials, coupon tests for process control and metrology checks in the mould
fabrication facility.
HR skills
Good people will
be happy only in a company with good people. This understanding of human values
by all the group companies has lead to the strategy of local management.
Adapting value based leadership such as initiative, responsibility and forward
thinking and following global HR guidelines on recruitment, development,
performance appraisal and training the trainers are common practices of entire
group companies. Periodical international training for the managers and best
practice transfers through group conferences on major functional levels such as
technical, service, purchase, finance and quality.
Conclusion
LM Glasfiber A/S
today, is reckoned as the highly quality oriented group of companies by the
entire business fraternity in the wind energy sector. The aforesaid strategy
has enabled LM group to earn the respect of the global customers largely due to
the fact that it has conquered the challenge of achieving the uniform quality
of its product world wide. Hence, LM rotor blades, irrespective of their source
of manufacture any where in the world are acknowledged to be identical with
respect to their quality and performance.
References
1. LM NewsLetters,
LM Glasfiber A/S, DK-6640 Lunderskov.
2. Newer concepts
in the technology application on composite wind turbine rotor blades,
C.S.Sampath Kumaran, Technical Director, LM Glasfiber (India) Pvt.Ltd.
3. Taming the
power of lightning, LM Glasfiber A/S DK-Lunderskov.
4. A
Non-Destructive test Method, LM Glasfiber A/S DK-6640 Lunderskov.
OTHER INFORMATION:
Consolidated
balance sheet, 31 December (in DKK thousands)
[ L M Glasfiber Holding A/S]
|
Particulars |
|
31.12.2006 |
31.12.2005 |
|
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|
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Liabilities and
Equity |
|
|
|
|
Share capital |
|
176284 |
102195 |
|
Exchange rate adjustment reserve |
|
[3114] |
[37] |
|
Hedge transaction reserve |
|
9814 |
3821 |
|
Retained earnings |
|
1508222 |
694104 |
|
|
|
|
|
|
Equity |
|
1691206 |
800083 |
|
|
|
|
|
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Provisions for warranty commitments |
|
80008 |
33498 |
|
Finance Leases |
|
52929 |
45723 |
|
Subordinated Loan Notes |
|
9820 |
727269 |
|
Senior loan |
|
374749 |
524965 |
|
Mezzanine loan |
|
497445 |
473440 |
|
Prepayments from customer |
|
139216 |
96592 |
|
Other long term liabilities |
|
115 |
305 |
|
|
|
|
|
|
Long – term liabilities |
|
1154282 |
1901792 |
|
Short – term portion of other long – term liabilities |
|
21723 |
11784 |
|
Short term portion of loans, etc |
|
174512 |
173585 |
|
Bank loans |
|
174739 |
128345 |
|
Provisions for warranty commitments |
|
241006 |
119694 |
|
Prepayments from customers |
|
169355 |
52012 |
|
Trade payables |
|
483416 |
336702 |
|
Taxes |
|
20739 |
28841 |
|
Other payables |
|
174149 |
199679 |
|
Deferred income |
|
31951 |
35816 |
|
Short term
liabilities |
|
1491590 |
1086458 |
|
|
|
|
|
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Total
liabilities |
|
2645872 |
2988250 |
|
|
|
|
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Total
liabilities and equity |
|
4337078 |
3788333 |
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|
|
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|
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Assets |
|
|
|
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Goodwill |
|
1821172 |
1821172 |
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Completed development projects |
|
35438 |
26876 |
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Development projects in progress |
|
20773 |
31435 |
|
|
|
|
|
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Intangible
assets |
|
|
|
|
Land and buildings |
|
419781 |
296074 |
|
Plant And Machinery |
|
226220 |
224924 |
|
Fixtures, Fitting and Equipment |
|
67738 |
50961 |
|
Leasehold Improvements |
|
62255 |
43771 |
|
Property, Plant and Equipment Under Construction |
|
34634 |
132801 |
|
Property, Plant and
Equipment Under Construction |
|
810628 |
748531 |
|
Other securities |
|
539 |
631 |
|
Deferred tax asset |
|
312977 |
297158 |
|
Other non –
current assets |
|
313516 |
297789 |
|
|
|
|
|
|
Total non –
current assets |
|
3001527 |
2925803 |
|
|
|
|
|
|
Inventories |
|
373627 |
263355 |
|
Trade receivables |
|
611899 |
371690 |
|
Other receivables |
|
69313 |
80152 |
|
Prepaid expenses |
|
10284 |
7854 |
|
Cash |
|
270428 |
139479 |
|
Current assets |
|
1335551 |
862530 |
|
|
|
|
|
|
Total assets |
|
4337078 |
3788333 |
Consolidated
income statement 1 January – 31 December (in DKK thousands)
|
PARTICULARS |
|
31.12.2006 |
31.12.2005 |
|
Revenue |
|
35539439 |
2469210 |
|
Change in finished goods and work in
progress |
|
40586 |
[19237] |
|
Other income |
|
23799 |
3374 |
|
Operating income |
|
3603824 |
2453347 |
|
|
|
|
|
|
Cost of Sales |
|
1467766 |
1087905 |
|
Other external expenses |
|
517661 |
321418 |
|
Staff Expenses |
|
780203 |
618793 |
|
Depreciation, amortization and impairment |
|
198072 |
169781 |
|
Other expenses |
|
41782 |
9143 |
|
Special items |
|
197197 |
85838 |
|
Operating
Expenses |
|
3202681 |
2292878 |
|
Operating profit |
|
401143 |
160469 |
|
|
|
|
|
|
Financial Income |
|
11207 |
41395 |
|
Financial Expenses |
|
[191804] |
[184974] |
|
|
|
|
|
|
Financial income and expenses |
|
[180597] |
[143579] |
|
|
|
|
|
|
Profit before tax |
|
220546 |
16890 |
|
|
|
|
|
|
Tax on profit for the year |
|
[75517] |
[33302] |
|
|
|
|
|
|
Profit / (loss) for the year |
|
145029 |
[16412] |
TRADE REFERENCE:
·
Vestas Wind Technology, Pondichery
·
GE Energy, Chennai (
·
Elecon Engineering Company Limited,
·
Suzlan Energy, Pune
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.40.26 |
|
|
1 |
Rs.81.15 |
|
Euro |
1 |
Rs.56.28 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|