MIRA
INFORM REPORT
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Report Date : |
07.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
SUZLON ENERGY AUSTRALIA PTY LTD |
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Registered Office : |
11/390 St Kilda Road Melbourne, Victoria 3004 |
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Country : |
Australia |
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Date of Incorporation : |
15.01. 2004 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacture of Wind Farms. |
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 : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
REGISTERED NAME
SUZLON ENERGY AUSTRALIA PTY LTD
ACN: 107 631 176
ABN: 55 107 631 176
CORPORATE SEARCH
Incorporation Date 15 Jan 2004
Incorporation State Victoria
Registered Office 11/390 ST KILDA Road
MELBOURNE, Victoria 3004 Australia
Number of Shares Issued 5,550,001
Paid Capita: 5,550,001
Shareholders SUZLON ENERGY A/S
Number of Shares: 5,550,001
Directors HORBACH, JAN ANDREAS
Appointment Date: 23 Jan 2008
Date of Birth: 25 Oct 1962
Gender: Unknown
Address:
HANSEN, JENS FREDERIK
Appointment Date: 23 Jan 2008
Date of Birth: 03 Jul 1959
Gender: Unknown
Address:
HANSEN, DAN KOFOED
Appointment Date: 04 Jan 2006
Date of Birth: 20 Sep 1958
Gender: Male
Address: 24 PINE Avenue CAMBERWELL, Victoria 3124 Australia
Secretary BARRY JOHN ROBERT GREIG
Appointment Date: 23 Jan 2008
Charges Date Registered: 22 Feb 2008
Chargee Name: 005 357 522 AUSTRALIA AND NEW
Charge Type: Fixed and floating charge
ASIC Charge No: 1593106
Date Registered: 30 Apr 2007
Chargee Name: 004 346 043 ESANDA FINANCE COR
Charge Type: Fixed charge
ASIC Charge No: 1446640
BUSINESS STRUCTURE
TRADING ADDRESS Level 10, 140 Bourke St
MELBOURNE, VIC 3000
TELEPHONE (613) 8660 6580
HOLDING ENTITY SUZLON ENERGY A/S - Denmark
ULTIMATE HOLDING
ENTITY SUZLON ENERGY INDIA
BANK ANZ BANKING GROUP
EMPLOYEES 105
BACKGROUND
The subject was incorporated in Victoria on 15 January 2004 to commence operations in Australia as a new venture.
Global operations were established in India in 1995 with just 20 people.
The group began with a wind farm project in the Gujarat state of India in 1995 with a capacity of just 3 MW and has at the end of 2007, supplied over 7,500 MW world over.
Today Suzlon is ranked the 5th leading wind power equipment manufacturer with a
global market share of 10.5%. The company seized market leadership in India
over 8 years ago, and has consistently maintained over 50% market share,
installing over 3,000 MW of wind turbine capacity in the country.
OPERATIONS
The subject operates in the manufacture of wind farms.
The global group employs over 13,000 people and has
operations across the America, Asia, Australia and Europe.
Activities are conducted from premises located at the above listed trading
address.
ADVERSE
A search of the records of Credit Advantage Limited failed to trace any litigation listed against the subject at that date.
FINANCES
The subject is not required to lodge financial statements with the Australian Securities and Investments Commission.
During the current interview conducted with the subject’s financial controller, Peter Sgardelis, he advised that for the last financial year ended 31 March 2008, the subject traded profitably and recorded revenue of $70,000,000.
With current Work in Progress taken into account the subject is expected to generate revenue growth for the current financial year ended 31 March 2009.
The subject maintains
a financing facility with the ANZ Bank, which is secured by a registered charge
over certain fixed and floating assets of the company.
Today the global operations of Suzlon are ranked the 5th leading wind power equipment manufacturer with a global market share of 10.5%.
Enquiries in trade quarters revealed satisfaction from one supplier contacted in dealing with the subject on a credit basis.
TRADE SURVEY
A trade survey on the subject traced the following accounts:
(Downer Engineering) Purchases for the current calendar year have totalled more than $4,000,000 on 30 day terms. Payment is met in 30 days and the account is considered satisfactory.
(Air-Rite) Nominated supplier failed to respond to correspondence despite chasing.
SUMMARY
The subject was incorporated in Victoria on 15 January 2004 to commence operations in Australia as a new venture.
Global operations were established in India in 1995 with just 20 people.
For the last financial year ended 31 March 2008, the subject traded profitably and recorded revenue of $70,000,000.
With current Work in Progress taken into account the subject is expected to generate revenue growth for the current financial year ended 31 March 2009.
Today the global operations of Suzlon are ranked the 5th leading wind power equipment manufacturer with a global market share of 10.5%.
Enquiries in trade quarters revealed satisfaction from one supplier contacted in dealing with the subject on a credit basis.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.46 |
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UK Pound |
1 |
Rs.83.37 |
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Euro |
1 |
Rs.64.46 |
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)