MIRA
INFORM REPORT
|
Report Date : |
09.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SUZLON INFRASTRUCTURE LIMITED |
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Registered Office : |
Goderaj Millennium, 5th Floor, 9 Koregaon Park, Road, Pune
– 411001, Maharashtra |
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Country : |
India |
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|
Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
21.04.1998 |
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Com. Reg. No.: |
25-16515 |
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CIN No.: [Company
Identification No.] |
U45202PN1998PLC016516 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Operating and Maintenance of Wind Energy. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 6300000 |
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Status : |
Very Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Suzlon Group. Trade relations are fair. General
financials are good. Payments are reported as usually correctly and as per
commitments. The company can be considered good for any normal business dealings. It can be regarded as a promising business partner in a medium to
long-run. |
INFORMATION PARTED
BY
|
Name : |
Mr. Ashok Soni |
|
Designation : |
Account Manager |
|
Date : |
05.07.2008 |
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Name : |
Mr. Dhananjay Joshi |
|
Designation : |
General Manager |
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Contact No.: |
91-9922919774 |
|
Date : |
05.07.2008 |
LOCATIONS
|
Registered Office : |
Goderaj Millennium, 5th Floor, 9 Koregaon Park, Road, Pune
– 411001, Maharashtra, India |
|
Tel. No.: |
91-20-4022000/ 4022725/ 4021063 |
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Mobile No.: |
91-9922919774 |
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Fax No.: |
91-20-4022000/ 4022100 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Branch Office : |
First Floor, Sahjanans BIH Bhagwati Chambers, Nawrangpura, Ahmedabad,
Gujarat, India |
DIRECTORS
|
Name : |
Mr. Vinodh Tanti |
|
Designation : |
Director |
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|
Name : |
Mr. Ranjitsinh Parmar |
|
Designation : |
Director |
|
Address : |
Plot No.27-A, Acacia – I, Magarpatta City, Hadapsar, Pune – 411018,
Maharashtra, India |
|
Date of Birth/Age : |
26.08.1955 |
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Date of Appointment : |
01.04.2008 |
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Name : |
Mr. Amar Sinh Parmar |
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Designation : |
Director |
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|
Name : |
Mr. Balray Sinh Parmar |
|
Designation : |
Director |
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|
Name : |
Mr. Jitendra R. Tanti |
|
Designation : |
Director |
|
Address : |
C-601, Satellite Tower, Orion Mundhwa, Pune – 411036, Maharashtra,
India |
|
Date of Birth/Age : |
13.04.1964 |
|
Date of Appointment : |
01.04.2003 |
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|
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|
Name : |
Mr. Viral S. Jasubhai |
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Designation : |
Director |
|
Address : |
Shahi Qutir, Shahibaug, Ahmedabad – 380004, Gujarat, India |
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Date of Birth/Age : |
30.06.1962 |
|
Date of Appointment : |
31.12.2004 |
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|
Name : |
Mr. Harish Mehta |
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Designation : |
Director |
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Address : |
402, Pushkar Apartments, opposite Shakti Enclave Judges, Bunglows
Road, Bodakdev, Ahmedabad – 380054, Gujarat, India |
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Date of Birth/Age : |
13.10.1952 |
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Date of Appointment : |
19.02.2005 |
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Name : |
Mr. Avinash Kumar |
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Designation : |
Director |
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Address : |
81 Shiva Khand Vishwakarma Nagar, Vivek Vihar – II, Delhi – 110095,
India |
|
Date of Birth/Age : |
25.12.1974 |
|
Date of Appointment : |
16.09.2002 |
KEY EXECUTIVES
|
Name : |
Mr. Ashok Soni |
|
Designation : |
Account Manager |
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|
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|
Name : |
Mr. Dhananjay Joshi |
|
Designation : |
General Manager |
|
Contact No.: |
91-9922919774 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
|
Category |
|
Percentage |
|
|
|
|
|
Bodies Corporate (Not mentioned above) |
|
21.00 |
|
Directors or relatives of directors |
|
79.00 |
|
|
|
|
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Operating and Maintenance of Wind Energy. |
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|
Products : |
|
GENERAL
INFORMATION
|
No. of Employees : |
10000 (Group) |
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Bankers : |
Somwar Peth Branch, Jilla Parishad Campus, Somwar Peth, Pune – 411011,
Maharashtra, India |
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Banking
Relations : |
Good |
|
|
|
|
Financial Institutions : |
ITC Centre, 3rd
Floor, 760 Anna Salai, Chennai – 600002, Tamilnadu, India |
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|
|
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Auditors : |
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Name : |
S. R. Batlibol Chartered Accountant |
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Name : |
S. N. K. Chartered Accountant |
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Address : |
111, Nalanda Ellisbridge, Ahmedabad – 380006, Gujarat, India |
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Address : |
E-2-B, 4th Floor, The Fifth Avenue, Near Regency Hotel,
Dhole Patil Road, Pune – 411001, Maharashtra, India |
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|
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Associates/Subsidiaries : |
Sil Transmission (Rajasthan) Limited U40103GJ2006PLC049608 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17000000 |
Equity Shares |
Rs.10/- each |
Rs.170.000 Millions |
|
500000 |
Preference Shares |
Rs.100/- each |
Rs.50.000 Millions |
|
|
|
|
|
|
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Total |
|
Rs.220.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16000000 |
Equity Shares |
Rs.10/- each |
Rs.160.000
Millions |
|
500000 |
Preference Shares |
Rs.100/- each |
Rs.50.000
Millions |
|
|
|
|
|
|
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Total |
|
Rs.210.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
210.000 |
60.000 |
80.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1049.579 |
588.122 |
230.201 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1259.579 |
648.122 |
310.201 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
662.778 |
241.978 |
21.677 |
|
|
2] Unsecured Loans |
2147.000 |
0.000 |
500.000 |
|
|
TOTAL BORROWING |
2809.778 |
241.978 |
521.677 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
115.940 |
40.928 |
|
|
|
|
|
|
|
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TOTAL |
4069.357 |
1006.040 |
872.806 |
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|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
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|
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|
FIXED ASSETS [Net Block] |
1978.793 |
556.371 |
329.926 |
|
|
Capital work-in-progress |
530.111 |
14.765 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
1.635 |
1.119 |
1.114 |
|
|
DEFERREX TAX ASSETS |
54.060 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1405.351
|
880.267 |
313.088 |
|
|
Sundry Debtors |
1685.297
|
1900.668 |
1207.002 |
|
|
Cash & Bank Balances |
408.320
|
165.331 |
115.763 |
|
|
Other Current Assets |
0.000
|
26.928 |
4.475 |
|
|
Loans & Advances |
632.472
|
206.659 |
193.382 |
|
Total
Current Assets |
4131.440
|
3179.853 |
1833.710 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
2626.262
|
2710.995 |
1274.530 |
|
|
Provisions |
0.420
|
35.073 |
17.414 |
|
Total
Current Liabilities |
2626.682
|
2746.068 |
1291.944 |
|
|
Net Current Assets |
1504.758
|
433.785 |
541.766 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4069.357 |
1006.040 |
872.806 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
9412.426 |
5448.025 |
3527.188 |
|
|
Other Income |
12.901 |
53.128 |
24.868 |
|
|
Total Income |
9425.327 |
5501.153 |
3552.056 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
(550.701) |
454.457 |
264.683 |
|
|
Provision for Taxation |
(162.158) |
179.197 |
96.169 |
|
|
Profit/(Loss) After Tax |
(388.543) |
275.260 |
168.514 |
|
|
|
|
|
|
|
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Export Value |
421.433 |
NA |
NA |
|
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|
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|
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Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
2100.216 |
4809.336 |
2972.105 |
|
|
Increase/(Decrease) in Finished Goods |
(278.609) |
(108.736) |
61.874 |
|
|
Salaries, Wages, Bonus, etc. |
209.288 |
93.747 |
74.599 |
|
|
Managerial Remuneration |
12.232 |
9.284 |
8.968 |
|
|
Payment to Auditors |
1.122 |
1.000 |
0.500 |
|
|
Interest |
85.759 |
32.092 |
37.226 |
|
|
Insurance Expenses |
12.598 |
2.308 |
3.138 |
|
|
Depreciation & Amortization |
95.477 |
81.338 |
40.740 |
|
|
Other Expenditure |
7737.945 |
126.325 |
88.222 |
|
Total Expenditure |
9976.028 |
5046.695 |
3287.372 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
(4.12)
|
5.00 |
4.74 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(5.85)
|
8.34 |
7.50 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(9.01)
|
12.16 |
12.23 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.44)
|
0.70 |
0.85 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.32
|
4.61 |
5.85 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.57
|
1.16 |
1.42 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
- Reliance
- DLF
Form 8:
|
Corporate
identity number of the company |
U45202PN1998PLC016516 |
|
Name of the
company |
SUZLON INFRASTRUCTURE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Goderaj Millennium, 5th Floor, 9 Koregaon Park, Road, Pune
– 411001, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
Property Any interests in
immovable property |
|
Particular of
charge holder |
Infrastructure
Development Finance Company Limited ITC Centre, 3rd
Floor, 760 Anna Salai, Chennai – 600002, Tamilnadu, India L65191TN1997PLC037415 |
|
Nature of
instrument creating charge |
No instrument was
executed. A mortgage by deposit of title deeds was created by the company in
favour of IDFC in respect of its immovable properties situated at Tirupur and
Coimbatore Registered District, Tamilnadu, Village of Udipi, Taluk and
District (208.47 Acres and 432.845 acres) as security, inter alia, for the
due repayment and discharge by the company to IDFC as per Loan agreement
22/6/07 |
|
Date of
instrument Creating the charge |
23.04.2008 |
|
Amount secured by
the charge |
Rs.2.500 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: 1.71% per annum
over and above IDFC’s one year Benchmark Rate Prevailing on the date of each
disbursement. Terms of
Repayment: The Loan shall be
repaid in lumpsum on the date falling at the exipiry of 12 months from the
date of first disbursement. Margin: Nil Extent and
Operation of the charge: The charge
operates as security inter alia for the due repayment of the IDFC’s Loan of
Rs.2500.000 Millions together with interests, additional interests,
liquidated damages, premia on pre repayment, costs, charges, expenses and all
other monies payable by the company to IDFC in Terms of the Loan Agreement
dated 22.06.2007 entered between the company and IDFC. |
|
Particulars of
the property charged |
The immovable
properties of the company being the land situated at i)
Tirupur and
Coimbatore Registered District in the State of Tamilnadu and ii)
Leasehold land
aggregating 208.47 Acres and 432.845 Acres in Udipi Taluk and District in the
State of Karnataka. The details of land are more particularly described in
the Declaration and Undertaking dated 23.04.2008 attached hereto. |
|
Particulars of
the present modification |
The Term Loan of
the IDFC’s Loan of Rs.2500.000 Millions together with interests, additional
interests, liquidated damages, premia on pre repayment, costs, charges,
expenses and all other monies payable by the company to IDFC in Terms of the
Loan Agreement dated 22.06.2007, being the earlier charge is now also secured
by first pari passu mortgage charge created by deposit of title deeds by the
company on 23.04.2008 in favour of IDFC. |
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.43.37 |
|
UK Pound |
1 |
Rs.85.51 |
|
Euro |
1 |
Rs.68.08 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
YES |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
76 |
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 |
|