1. Summary Information

 

 

Country

India

Company Name

SUZLON ENERGY LIMITED

Principal Name 1

Mr. Tulsibhai Ranchodbhai Tanti

Status

Satisfactory

Principal Name 2

Mr. Girishbhai Ranchodbhai Tanti

 

 

Registration #

04-25447

Street Address

Suzlon 5, Shrimali Society, Near Shri Krishna Complex, Navrangpura, Ahmedabad – 380009, Gujarat, India

Established Date

10.04.1995

SIC Code

--

Telephone#

91-79-26471100

Business Style 1

Manufacturer,

Fax #

91-79-26471200 / 26565540

Business Style 2

Exporter

Homepage

http://www.suzlon.com

Product Name 1

Wind Turbines

# of employees

11000

Product Name 2

Generators

Paid up capital

 Rs.2,996,600,000/-

Product Name 3

--

Shareholders

shareholding of Promoter and Promoter Group - 57.22%

Public shareholding - 42.78%

Banking

State Bank of India

 

Public Limited Corp.

YES

Business Period

16 years

IPO

YES

International Ins.

-

Public Enterprise

YES

Rating

Ba (44)

Related Company

Relation

Country

Company Name

CEO

Associates

India

Suzlon Developers Private Limited

--

Note

-

 

2. Summary Financial Statement

Balance Sheet as of

31.03.2010

(Unit: Indian Rs.)

Assets

Liabilities

Current Assets

77,738,200,000

Current Liabilities

38,862,300,000

Inventories

7,978,000,000

Long-term Liabilities

76,012,200,000

Fixed Assets

9,171,600,000

Other Liabilities

0

Deferred Assets

0

Total Liabilities

114,874,500,000

Invest& other Assets

76,029,800,000

Retained Earnings

52,772,400,000

 

 

Net Worth

56,043,100,000

Total Assets

170,917,600,000

Total Liab. & Equity

170,917,600,000

 Total Assets

(Previous Year)

175,808,400,000

 

 

P/L Statement as of

31.03.2010

(Unit: Indian Rs.)

Sales

34,886,800,000

Net Profit

(14,140,900,000)

Sales(Previous yr)

72,355,800,000

Net Profit(Prev.yr)

(4,692,700,000)

 

MIRA INFORM REPORT

 

 

Report Date :

24.03.2011

 

IDENTIFICATION DETAILS

 

Name :

SUZLON ENERGY LIMITED

 

 

Registered Office :

Suzlon 5, Shrimali Society, Near Shri Krishna Complex, Navrangpura, Ahmedabad – 380009, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

10.04.1995

 

 

Com. Reg. No.:

04-25447

 

 

CIN No.:

[Company Identification No.]

L40100GJ1995PLC025447

 

 

IEC No.:

2495002021

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

AHMS03088B

 

 

Legal Form :

Public Limited Liability Company. The company’s shares are listed on the stock exchanges.

 

 

Line of Business :

Manufacturer, Importer and Exporter of Wind Turbines and Generators.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (44)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 224172400

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established wind power energy company having satisfactory track.

 

The company has reported some losses in the current year i.e. 2009-10.

 

However trade relations are reported as fair. Directors are reported to be experienced and respectable businessmen having satisfactory means of their own. Business is active. Payments are reported to be usually correct.

 

The company can be considered good for normal business dealings at usual trade terms and conditions.   

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – April 1, 2010

 

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION DENIED BY

 

Name :

Ms. Kiran

Designation :

Accounts

 

 

LOCATIONS

 

Registered Office :

Suzlon House, 5, Shrimali Society, Near Shri Krishna Complex, Navrangpura, Ahmedabad-380009, Gujarat, India

Tel. No.:

91-79-26471100

Fax No.:

91-79-26471200 / 26565540

E-Mail :

khemal@suzlon.com

vkirti@suzlon.com

mca@suzlon.com

Website :

http://www.suzlon.com

Area :

361.33 Sq. Mtrs.

Premises :

Owned

 

 

Head / Corporate Office :

2nd and 5th Floor, Godrej Millennium, 9, Koregaon Park Road,  Pune – 411001, Maharashtra, India

Tel. No.:

91-20-26202000 / 24022000 / 24015760 / 24022204 / 40122000

Fax No.:

91-20-24022100 / 40122100 / 40122200

E-Mail :

vkirti@suzlon.com

Area :

20137 sq. mtrs.

Location :

Owned

 

 

Factory 1 :

Plot No. 77/13, Opposite G.D.D.I.D.C. Office, Malala, Diu – 362520, Union Territory, India

Tel. No.:

91-2875-252541 / 5242

Fax No.:

91-2875-252281

Area :

3000 sq.mtrs

 

 

Factory 2 :

Survey No. 306/1 and 306/3, Opposite Carrier Aircomp Limited, Near Panchal Industrial Estate, Bhimpore, Nani Daman – 396210, Union Territory, India

Area :

6400 sq.mtrs

 

 

Factory 3 :

Plot No. H-24/25, Mahatma Gandhi Udhyog Nagar, Near Water Tank, Dabhel,  Nani Daman – 396210, Union Territory, India

Tel No :

91-260-2253673/2253674

 

 

Factory 4 :

Plot No. 57/3, (2 and 3), Dunetha, Daman - 396210, India

 

 

Factory 5 :

Survey No. 86/3-4, 87/1-3-4, 88/1-2-3, 89/1-2, Kadaiya, Daman - 396210, India

 

 

Factory 6 :

Survey No. 588, Paddar, Bhuj – 370 105, Gujrat, India

 

 

Factory 7 :

Survey No: 282, Chhadvel (Korde), Sakri, Dhule-424305, Maharashtra, India

 

 

Factory 8 :

Survey No. 42/ 2 and 3, 54, 1 to 8, Bhenslore Road, Dunetha, Daman-396210, Union Territory, India

 

 

Factory 9 :

Block No. 93, National Highway No. 8, Varnama-Vadsala, Dist. Vadodara - 391240, Gujarat, India

 

 

Factory 10 :

Survey No. 574, 59, Thiruvandarkoil, Thribhuvani Road, Pondicherry-605107, India

 

 

Factory 11 :

Vimannagar, Pune – 411014, Maharashtra, India

 

 

Corporate Office :

One Earth Opp Magarpatta City, Hadapsar, Pune – 411028, Maharashtra, India

Tel. No.:

91-20-40122000

Fax No.:

91-20-40122100 / 40122200

E-Mail :

suzloncorpcomm@suzlon.xom

 

 

Branches :

Located at :

·         Bangalore

·         Indore

·         New Delhi

·         Chennai

·         Jaipur

·         Surat

·         Coimbatore

·         Kolkata

·         Thiruvananthapuram

·         Hyderabad

·         Mumbai

·         Vadodara

·         Lucknow

·         Rajkot

·         Madurai

 

 

Overseas Offices :

Located at:

 

·         USA

·         Denmark

·         Netherlands

·         Australia

·         China

·         Germany

·         Italy

·         Portugal

·         Spain

·         Brazil

 

 

DIRECTORS

 

Name

Mr. Tulsibhai Ranchodbhai Tanti

Designation

Chairman and Managing Director

Address

C-501, Satellite Towers, Orion, Mundhwa, Pune-411036, Maharashtra, India

Date of Birth

02.02.1958

Qualification

B.Com, Diploma in Mechanical Engineering

Date of Appointment

10.04.1995

Email

ttulsi@suzlon.com

Other Directorship

Group Chairman of Suzlon Group of Companies viz. Suzlon Developers Private Limited, Sarjan Fealities Private Limited, AE Rotor Holding BV, Suzlon Wind Energy Corporation, Suzlon Windfarm Services Private Limited, SNS Textiles Limited, Suzlon Energy GmbH, Suzlon Green Power Limited

 

 

Name

Mr. Girishbhai Ranchodbhai Tanti

Designation

Executive Director

Address

C-401, Satellite Towers, Orion, Mundhwa, Pune-411036, Maharashtra, India

Date of Birth

08.02.1970

Qualification

B. E. (Elec.), Management Graduate from Cardiff, U. K.

 

 

Name

Mr. Balrajsinh A. Parmar

Designation

Director (Projects)

Address

301, Samrajya, Near Manav Mandir, Ahmedabad – 380 052, Gujarat, India

Date of Birth

28.05.1957

Date of Appointment

04.12.1995

 

 

Name

Mr. Vinodbhai Ranchodbhai Tanti

Designation

Director (Operation)

Address

15, Amrakadamb, Ramdevnagar, Satellite, Ahmedabad - 380 054, Gujarat, India

Date of Birth

29.06.1952

Date of Appointment

10.04.1995

 

 

Name

Mr. Ajay Relan

Designation

Independent Director

Address

Citi Bank N. A. Jeevan Vihar, Sansad Marg, New Delhi-110001, India

Qualification

M B A from IIM-A; B. A. Honours (Economics) from St. Stephen’s College, Delhi

 

 

Name

Mr. Pradip Kumar Khaitan

Designation

Independent Director

Address

B-103, Rai Enclave, 7/1A, Sunny Park, Kolkata-700019, West Bengal, India

Qualification

B. Com., L. L. B. Attorney-at-law

 

 

Name

Mr. Ashish Dhawan

Designation

Independent Director

Address

55A, Jor Bagh, New Delhi-110001, India

Qualification

M. B. A. from Harvard University and dual bachelors degree (B.S./B.A.) in applied mathematics and economics

 

 

Name

Mr. V Raghuraman

Designation

Independent Director

 

 

KEY EXECUTIVES

 

Name :

Mr. Hemal A. Kanuga

Designation :

Company Secretary

 

 

Name :

Mr. Asit Badve

Designation :

Vice President (Human Resource and Administration)

 

 

Name :

Mr. P. C. Mehta

Designation :

General Manager (Purchase)

 

 

Name :

Mr. Kirit Vagadia

Designation :

General Manager (Finance)

 

 

Name :

Mr. B. N. Shah

Designation :

General Manager (Marketing)

 

 

Name :

Mr. VKR Kutty

Designation :

General Manager (Foreign Trade)

 

 

Name :

Mr. R. Sridharan

Designation :

General Manager (Works)

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON : 31.12.2010

 

Category of Shareholder                                               

 

Total No. of Shares

Percentage of Holding

(A) Shareholding of Promoter and Promoter Group

 

 

(1) Indian

 

 

Individuals / Hindu Undivided Family

678,839,000

38.28

Bodies Corporate

335,902,588

18.94

Sub Total

1,014,741,588

57.22

(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

1,014,741,588

57.22

(B) Public Shareholding

 

 

(1) Institutions

 

 

Mutual Funds / UTI

36,186,307

2.04

Financial Institutions / Banks

12,389,836

0.70

Insurance Companies

10,903,194

0.61

Foreign Institutional Investors

179,933,728

10.15

Sub Total

239,413,065

13.50

(2) Non-Institutions

 

 

Bodies Corporate

118,814,314

6.70

Individuals

 

 

Individual shareholders holding nominal share capital up to Rs. 0.100 million

295,177,417

16.64

Individual shareholders holding nominal share capital in excess of Rs. 0.100 million

70,089,660

3.95

Any Others (Specify)

35,135,911

1.98

Non Resident Indians

22,650,920

1.28

Foreign Nationals

70,700

-

Clearing Members

12,264,934

0.69

Trusts

149,357

0.01

Sub Total

519,217,302

29.28

Total Public shareholding (B)

758,630,367

42.78

Total (A)+(B)

1,773,371,955

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

-

-

(1) Promoter and Promoter Group

-

-

(2) Public

3,993,692

-

Sub Total

3,993,692

-

Total (A)+(B)+(C)

1,777,365,647

-

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Importer and Exporter of Wind Mills, Wind Turbines and Generators.

 

 

Products :

·         Wind Energy, Solar Energy System and Assembling

·         Operation and Maintenance Contract

·         Electricity Generators

 

Product Description

Item Code No.

Wind operated electricity generators

85023100

 

 

Brand Names :

‘Suzlon’

 

 

Exports:

 

Countries:

·         USA

·         Italy

·         Australia

·         China

·         Germany

·         Middle East

 

 

Imports:

 

Countries:

·         Germany

·         Denmark

·         China

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash (30 days), Credit (30 days) and L/C

 

 

PRODUCTION STATUS

 

(As on 31.03.2009)

 

Product

Units produced

 

(in Nos.)

(in MW’s)

Wind Turbine Generators Upto 1 MW

93

55.80

Wind Turbine Generators Above 1MW and Upto 2 MW

502

718.00

Wind Turbine Generators Above 2 MW

585

1228.50

 

 

 

Total

1180

2002.30

 

 

GENERAL INFORMATION

 

Suppliers :

·         Sudwind GmbH, Germany

·         L. M. Glassfibre, India

·         Siemens, India

·         Winoray, Germany

·         Mita Tecknick, Germany

·         Mukesh Engineers, India

 

 

Customers :

·         Bajaj Auto Limited

·         Tata Group

·         Maharashtra Seamless Limited

·         Manickchand Group

·         Ajanta Group

·         Dhariwala Group

·         Ghodavat Group

·         Verroc Group

 

 

No. of Employees :

11000 (Approximately)

 

 

Bankers :

·         State Bank of India

Specialized Commercial Branch, Neptune Tower Annexe, Gandhigram, Asram Road, Ahmedabad, Gujarat, India

 

·         Axis Bank of India

Ground Floor, Sterling Plaza, 1262/B, J.M. Road, Pune, Maharashtra, India

 

·         IDBI Bank Limited (Cons. Leader)

Dyaneshwar Paduka Chowk, F.C. Road, Pune, Maharashtra, India

 

·         IndusInd Bank Limited

 

·         Bank of Maharashtra

1183-A, Sadashiv Vilas, F.C. Road, Pune, Maharashtra, India

 

·         Standard Chartered Bank

90, M.G. Road, Fort, Mumbai, Maharashtra, India

 

·         Deustsche Bank AG.

DB House, Hazarimal Somani Marg, Fort, Mumbai, Maharashtra, India

 

·         State Bank of Bikaner and Jaipur

Laxmi Road, Pune, Maharashtra, India

 

·         ING Vysya Bank Limited

F.C. Road, Pune, Maharashtra, India

 

·         State Bank of Indore

Mittal Court, D Wing, Ground Floor, Nariman Point, Mumbai, Maharashtra, India

 

·         Punjab National Bank

International Banking Branch, DCM Building, 8th Floor, Barakhambha Road, New Delhi, India

 

·         Indian Overseas Bank

7, Wonderland Building, M. G. Road, Pune, Maharashtra, India

 

·         Bank of Baroda

2, Moledina Road, Camp, Pune, Maharashtra, India

 

·         Citi Bank

Citibank N. A. Parmar House, 2413, East Street, Camp, Pune, Maharashtra, India

 

·         HDFC Bank Limited

·         The HSBC Limited

·         ICICI Bank Limited

·         The Hongkong and Shanghai Banking Corporation Limited

·         Banking Corporation Limited

·         Bank of India Limited

·         State Bank of Patiala

 

 

Facilities :

Particulars

As on 31.03.2009

(Rupees in Millions)

Secured Loans

 

12.5% secured redeemable non-convertible debentures

3000.000

 

 

Term Loans

 

From Banks

(Various loans secured by a first charge on certain immovable or movable fixed assets, second charge on current assets, first mortgage and charge on fixed assets of subsidiary and pledge of shares of subsidiary) 

5651.000

From other than banks

(Secured by a first charge on certain immovable and movable fixed assets and second charge on current assets and movable fixed assets)

148.400

 

 

Working Capital facilities from banks and financial institutions

 

Rupee Loans

20556.700

Foreign currency loans

(Working Capital Facilities are secured by hypothecation of current assets of the Company, first and second charge on certain immovable fixed assets)

10706.200

 

 

Total

40062.300

 

Particulars

As on 31.03.2009

(Rupees in Millions)

Unsecured Loans

 

Long-term

 

Zero coupon convertible bonds

25355.000

From other than banks

(Due within one year Rs.46.200 millions)

69.300

 

 

Short – term

 

From banks

7245.700

From other than banks

562.500

 

 

Total

33232.500

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

·         SNK and Company

Chartered Accountants

E-2-B, The Fifth Avenue, Dhole Patil Road, Near Regency Hotel, Pune – 411 001, Maharashtra, India

 

·         S.R. Batliboi and Company

Chartered Accountants

C-401, 4th Floor, Panchshil Tech Park, Yerwada, Near Don Bosco School, Pune – 411 006, Maharashtra, India

 

 

Memberships :

Confederation of Indian Industry

 

 

Associates (31.03.2009) :

·         Suzlon Developers Private Limited

·         Sarjan Realities Private Limited

·         Suzlon Green Power Limited

·         SNS Textiles Limited

·         Suzlon Wind Farm Services Limited

·         Godrej Millennium, 5th Floor,9, Koreaon park Road, Pune-411001, Maharashtra, India

·         Providing Oand M services for ETGs

·         Suzlon Structures Private Limited

‘Suzlon”5, Shrimali Society, near Shri Krishna Complex, Navarangpura, Ahmedabad-380009, Gujarat, India

·         Manufacturing Tubular Tower

·         Suzlon Generators Private Limited

·         Godrej Millennium, 5th Floor,9, Koreaon park Road, Pune-411001, Maharashtra, India

·         Manufacturing generators

·         Sarjan Infrastructure Finance Limited

IL and FS Financial Centre, 6th Floor, East Quadrant, Plot no 22, ‘G’ Block, Bandra-Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India

Financing infrastructure activities

·         Suzlon Infrastructure Limited

Godrej Millennim, 5th Floor, 9, Koregaon Park Road, Pune-411001, Maharashtra, India

Civil work, erection, installation and commissioning of WTGs

·         Sarjan Realities Limited

285/10, Koregaon Park, Behind Singh Motors, Near Hotel Gulmohar, Jupiter, Pune-411001, Maharashtra, India

Acquiring land for setting up wind-farms                                                       

 

 

Subsidiaries  (31.03.2009) :

·         AE-Rotor Holding B.V.

·         Eve Holding NV

·         Cannon Ball Wind Energy Park-1, LLC

·         Hansen Drives Limited, India

·         Hansen Drives Limited, Hongkong

·         Hansen Drives Private Limited

·         Hansen Transmissions Inc

·         Hansen Transmissions International NV

·         Hansen Transmissions Limited

·         Hansen Transmissions Mecanicas Limiteda

·         Hansen Transmissions Private Limited, Australia

·         Hansen Transmissions Private Limited, South Africa

·         Hansen Transmissions Tianjin Industrial Gearbox Company Limited

·         Hansen Wind Energy Drives (China) Company Limited

·         Lommelpark NV

·         PowerBlades GmbH

·         PowerBlades SA

·         Repower Australia Private Limited

·         Repower Benelux b.v.b.a.

·         Repower Betriebs – und Beteiligungs GmbH

·         Repower Canada Inc

·         Repower Diekat S A

·         Repower Espana S L

·         Repower Geothermie GmbH

·         Repower Investitions – und Projektierungs GmbH and Company KG

·         Repower Italia srl

·         Repower SAS

·         Repower Systems AG

·         Repower UK Limited 

·         Repower USA Corporation

·         Repower Wind Systems Trading (China) Limited

·         Repower Windpark Betriebs GmbH

·         RETC Renewable Energy Technology Centre

·         SE Composites Limited

·         SE Drive Technik GmbH

·         SE Electricals Limited (Formerly Suzlon Electricals International Limited)

·         SE Forge Limited

·         SE Solar Private Limited

·         Sister – sistemas a Technologia de Energias renovaveis Lda

·         Sunrise Wind Project Private Limited

·         Suzlon Blade Technology B V (Formerly AE Rotor Techniek B V )

·         Suzlon Energia Elocia do Brazil Limiteda

·         Suzlon Energy (Tianjin) Limited

·         Suzlon Energy A/S

·         Suzlon Energy Australia Private Limited

·         Suzlon Energy B V

·         Suzlon Energy GmbH

·         Suzlon Energy Korea Company limited

·         Suzlon Energy Limited, Mauritius

·         Suzlon Engitech Limited (Formerly Suzlon Engitech Private Limited)

·         Suzlon Generators Limited (Formerly Suzlon Generators Private Limited)

·         Suzlon Gujarat Wind Park Limited

·         Suzlon Infrastructure Services Limited

·         Suzlon North Asia Limited

·         Suzlon Power Infrastructure Limited (Formerly Suzlon Power Infrastructure Private Limited)

·         Suzlon Rotor Corporation

·         Suzlon Structure Limited (Formerly Suzlon Structures Private Limited)

·         Suzlon Towers and Structures Limited

·         Suzlon Wind Energy A/S

·         Suzlon Wind Energy Corporation

·         Suzlon Wind Energy Equipment Trading (Shanghai) Company Limited

·         Suzlon Wind Energy Espana, S L

·         Suzlon Wind Energy Italy s r l (Formerly Suzlon Energy Italy s r l)

·         Suzlon Wind Energy Limited

·         Suzlon Wind Energy Nicaragua Sociedad Anonima

·         Suzlon Wind Energy Portugal Energia Elocia Unipessoal Limiteda (Formerly Suzlon Energy Portugal Energia Elocia Unipessoal Limiteda)

·         Suzlon Wind Energy Romania SRL

·         Suzlon Wind Enerji Sanayi Ve Ticaret Limited Sirketi

·         Suzlon Wind International Limited

·         Suzlon Windenergie GmbH

·         Suzlon Windkraft Gmbh

·         Suzlon Windpark Management GmbH

·         Tarilo Holding B V

·         Wel Windenergie Logistik GmbH

·         Windpark Blockland GmbH and Company KG

·         Windpark Meckel / Gilzem GmbH and Company KG

·         Windpark Olsdorf Watt GmbH and Company KG   

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2009

 

Authorised Capital :

No. of Shares

Type

Value

Amount

2225000000

Equity Shares

Rs. 2/- each

Rs. 4450.000 millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

1498295400

Equity Shares

Rs. 2/- each

Rs. 2996.600 millions

 

NOTE

 

·         Of the above equity shares 1259276500 shares of Rs.2 each were allotted as fully paid bonus shares by utilization of Rs.1740.400 millions from general reserve, Rs.10.300 millions from capital redemption reserve and Rs.768.000 millions from securities premium account

·         Outstanding Employee Stock Options exercisable into 571000 equity shares of Rs.2 each fully paid. 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

3113.500

2996.600

2993.900

2] Shares Application Moneys

157.200

1032.500

102.200

3] Reserves & Surplus

52772.400

61774.100

66380.500

4] (Accumulated Losses)

0.000

0.000

0.000
                          NETWORTH

56043.100

65803.200

69476.600

 

 

 

 

LOAN FUNDS

 

 

 

1] Secured Loans

38911.600

40062.300

6722.600

2] Unsecured Loans

37100.600

33232.500

24124.800

TOTAL BORROWING

76012.200

73294.800

30847.400

Deferred Tax Liabilities

0.000

0.000

0.000

 

 

 

 
                            TOTAL

132055.300

139098.000

100324.000

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

9171.600

5515.000

5122.200

Capital work-in-progress

103.800

2869.700

1346.400

 

 

 

 

INVESTMENTS

75926.000

71278.000

49194.800

DEFERREX TAX ASSETS

0.000

1754.000

936.400

Foreign Currency Monetary item transaction difference account

0.000

3992.600

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories

7978.000

13836.200

14832.300

 

Sundry Debtors

29868.100

47451.400

33065.900

 

Cash & Bank Balances

5992.200

2124.000

8755.000

 

Other Current Assets

0.000

0.000

0.000

 

Loans & Advances

41877.900

26987.500

12891.500

Total Current Assets

85716.200

90399.100

69544.700

Less : Current Liabilities & Provisions

 

 

 
 
Current Liabilities
36418.700
33017.700
19463.900
 
Provisions
2443.600
3692.700
6356.600
Total Current Liabilities
38862.300
36710.400
25820.500

Net Current Assets

46853.900

53688.700

43724.200

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 
TOTAL

132055.300

139098.000

100324.000

 

 

 

 

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Income

34886.800

72355.800

69260.100

 

 

Other Income

5222.600

1773.000

1743.700

 

 

TOTAL                                     (A)

40109.400

74128.800

71003.800

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Raw Materials

22625.200

46122.200

43811.300

 

 

Power and Fuel

39.300

44.600

44.800

 

 

Employee Cost

1788.800

1978.400

1377.500

 

 

Other Manufacturing Expenses

2629.100

2886.600

1500.300

 

 

Selling and Administrative Expenses

4603.400

7589.700

5020.400

 

 

Miscellaneous Expenses

9679.100

16259.300

5334.800

 

 

Increased / Decreased in Stock

2549.700

(683.700)

(1541.400)

 

 

TOTAL                                     (B)

43914.600

74197.100

55547.700

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

(3805.200)

(68.300)

15456.100

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

7319.000

4339.700

1396.100

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

(11124.200)

(4408.000)

14060.000

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

1262.700

991.600

862.100

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

(12386.900)

(5399.600)

13197.900

 

 

 

 

 

Less

TAX                                                                  (I)

(1754.000)

(706.900)

540.800

 

 

 

 

 

 

PROFIT AFTER TAX (G-I)                                  (J)

(14140.900)

(4692.700)

12657.100

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

18000.900

22684.400

14778.600

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

0.000

(9.200)

4751.300

 

BALANCE CARRIED TO THE B/S

3860.000

18000.900

22684.400

 

 

 

 

 

 

Earnings Per Share (Rs.)

--

--

8.29

 

 

QUARTERLY RESULTS

 

PARTICULARS

 

30.06.2010

30.09.2010

31.12.2010

 

1st Quarter

2nd Quarter

3rd Quarter

Net Sales

5045.000

10695.100

12213.600

Total Expenditure

7475.700

10987.900

11126.100

PBIDT (Excl OI)

(2430.700)

(292.800)

1087.500

Other Income

667.200

1065.100

708.800

Operating Profit

(1763.500)

772.300

1796.300

Interest

1597.700

1290.400

1408.900

Exceptional Items

(372.800)

0.000

0.000

PBDT

(3734.000)

(518.100)

387.400

Depreciation

342.300

372.400

375.400

Profit Before Tax

(4076.300)

(890.500)

12.000

Tax

0.000

0.000

0.000

Provisions and contingencies

0.000

0.000

0.000

Profit After Tax

(4076.300)

(890.500)

12.000

Extraordinary Items

0.000

0.000

0.000

Prior Period Expenses

0.000

0.000

0.000

Other Adjustments

0.000

0.000

0.000

Net Profit

(4076.300)

(890.500)

12.000

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)

(35.25)

(6.33)

17.95

 

 

 

 

 

Net Profit Margin

(PBT/Sales)

(%)

(35.50)

(7.46)

19.06

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(13.05)

(5.63)

17.68

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

(0.22)

(0.08)

0.19

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

0.69

1.67

0.82

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

2.20

2.46

2.69

 

 

LOCAL AGENCY FURTHER INFORMATION

 

NOTE

 

The registered office address of the company has been shifted from Sahajanand Building, Navrangpura, and Ahmedabad – 380009 to present

 

OPERATIONS REVIEW

 

On a standalone basis, the Company achieved sale of Rs.34890.000 millions as against Rs.72360.000 millions in the previous year. Net loss after tax stood at Rs.(14140.000) millions as compared to net loss after tax of Rs.(4690.000) millions in the  previous year. The loss in current year was on account of low  volumes coupled with expenditure of exceptional nature, amounting to Rs.4390.000  millions as referred in Schedule P, Note 2 of the standalone financials.

 

On consolidated basis, the sale is Rs.206200.000 millions as against Rs.260820.000 millions in the previous year. Net loss after tax, share in associate's profit and minority interest is Rs.(9830.000) millions as compared to profit of Rs.2360.000 millions in the previous year.

 

CAPITAL

 

During the year, the Company issued 5,84,00,000 equity  shares of  Rs. 2  each  at a premium of Rs.87.55  per  equity  share  underlying 1,46,00,000  Global  Depository  Receipts (GDRs) each  GDR  representing  4 equity shares raising a total of USD 108.04 million.

 

Further, the  Company  allotted 12,343 equity shares of Rs.2  each  at  a premium  of Rs.74.74 per equity share pursuant to conversion of FCCBs  and 24,000 equity shares of Rs.2 each at a premium of Rs.49 per equity  share pursuant  to exercise of stock options by the eligible employees under  the Employee Stock Option Plan-2005. Post March 31, 2010, the Company allotted 8,000 equity shares of Rs.2 each at a premium of Rs.49 per equity share pursuant to exercise of stock options by the eligible employees under the Employee Stock Option Plan-2005.

 

As   on   date,   the  authorised  share  capital   of   the   Company   is Rs.445,00,00,000/- (Rupees four hundred forty five crore only) divided into 222,50,00,000  (Two hundred twenty two crore fifty lacs) equity  shares  of Rs.2/-  (Rupees  two only) each and the paid-up capital of the  Company  is Rs.311,34,79,486/-  (Rupees  three hundred eleven crore  thirty  four  lacs seventy   nine  thousand  four  hundred  eighty  six  only)  divided   into 155,67,39,743  (One hundred fifty five crore sixty seven lacs  thirty  nine thousand  seven hundred forty three) equity shares of Rs. 2/-  (Rupees  two only) each.

 

During  the  year  under review the Company made an issue  of  Zero  Coupon Convertible  Bonds due 2014 for USD 93.87 million (approximately  Rs.452.64 crore)  at  an  issue price of 104.30% of the principal amount  of  USD  90 million.

 

SUBSIDIARIES AND CONSOLIDATED FINANCIAL STATEMENTS

 

The existing domestic and international subsidiaries continued to perform satisfactorily during the year under review.

 

A. Domestic subsidiaries

 

During the year under review, Shubh Realty (Gujarat) Private Limited became a wholly owned subsidiary of Suzlon Infrastructure Services Limited and, in turn, became a step-down subsidiary of the Company.  Subsequently Shubh Realty (Gujarat) Private Limited was converted into public limited Company and its name was changed to SISL Green Infra Limited.

 

The name of  SE Solar Private Limited was changed  to  SE  Solar  Limited consequent to its conversion into public limited Company.

 

B. Overseas subsidiaries

 

During  the  year under review RPW Investments, SGPS, S.A.,  Valum  Holding B.V.,  Suzlon  Wind Energy Bulgaria EOOD, Suzlon Wind Energy BH  -  Bosnia, Suzlon Energy Australia RWFD Pty Ltd, Einundzwanzigste Vittorio Verwaltungs GmbH,  Age  Pargue Eolico EL Almendro, S.L. REpower Rep  Ventures  Portugal S.A. became subsidiaries of the Company.

 

The Company through its subsidiaries acquired an additional 16.85% stake of REpower Systems AG ('REpower') thereby increasing its holding in REpower to 90.50% as on March 31, 2010.

 

The Company's share holding through its subsidiary in Hanse Transmissions International NV ('Hansen') has reduced to 26.06% and it ceased to be a subsidiary of the Company, subsequent to sale of 35.22% in Hansen.

 

MANAGEMENT DISCUSSION AND ANALYSIS

 

1. INDUSTRY STRUCTURE AND DEVELOPMENTS:

 

Wind energy - Contribution to electricity supply Wind energy continues to play a successful and increasingly important role in the contribution to electricity supply of nations across the world. While it has been an integral part of power supply for European nations this past decade, wind now is significantly contributing electricity to the Chinese, American and Indian grids.  Currently wind power accounts for 1.6% of all electricity generated in the world with Denmark having the highest penetration of wind energy at 22.5%. Wind energy is projected to eventually supply close to 9% of the world's electricity requirements by the end of this decade.

 

Wind continues to be a cheaper source of electricity when compared to other renewable energy sources. Apart from being increasingly cost-competitive, wind power is also increasing employment in the field of renewable energy and allied industries.

 

Global Wind Energy Demand and Installations in 2009:

 

The year 2009 saw global installations reach 38 giga watts (GW). The global installed wind power capacity grew by 35% over 2008 to reach 160 GW.  Wind power thus remains one of the fastest growing renewable energy sources (BTM world market update 2009 - BTM Consultant ApS).

 

Top 5 Markets for Wind Power Installations in 2009:

 

2009 proved to be the year for China, which has once again more than doubled its capacity for the fifth year running. China added approximately 13GW in 2009 followed by the USA which added almost 10GW of wind power. The traditional market leaders in Europe - Spain and Germany were left far behind adding only 2.3GW and 1.9 GW respectively. The list of top 5 markets for wind power in 2009 is wrapped up with India installing 1.1GW. These 5 markets account for 86% of wind power installed globally in 2009 up from 82% in 2008.

 

2. SECTOR OUTLOOK

 

While many expected 2009 to be a relatively quiet year for the wind industry, the industry disproved its detractors by commissioning a  healthy 38 GW.

 

The foundations and long-term drivers of the wind industry remain strong with political and regulatory support. Public opinion and awareness of the global warming crisis and the contribution of wind energy in mitigating the same is also proving to be a strong fillip to the wind industry.

 

In the next 4 years, by 2014, the global annual capacity is expected to almost double to 72GW with Asia matching installations with Europe and the USA, led primarily by China. 2012 onwards, the offshore  sector  is  also expected to play a big part as planned wind farms come online primarily  in Europe and possibly in China.

 

Particulars

Cumulative installed  capacity   

    (MW) by  end of 2009          

Installed Capacity (MW) In 2009

 

2009

2009

Total Americas               

40351

11433

Total Europe                 

76553

10738

Total South and East Asia       

37147

14991

Total OECD-Pacific           

4873

620

Total other areas          

1161

321

Total MW new capacity  every year:                 

--

38103

Accu. capacity (MW)        

160084

--

 

 

Particulars

Forecast 2010-2014

(Including Offshore)

 

2010

2011

2012

2013

2014

Total Americas              

10000

12600

18400

18900

22100

Total Europe                

13305

16000

18025

20500

21250

Total South and East Asia     

16700

17850

19600

21300

23100

Total OECD-Pacific           

1200

1500

1850

2350

2450

Total other areas              

825

1100

1600

2350

2750

Total MW new capacity every year:

42030

49050

59475

65400

71650

Accu. capacity (MW)    

202114

251164

310639

376039

447689

 

 

Particulars

Installed Capacity Between  (2010-2014)          

Cumulative installed  capacity (MW) by  end of 2014

 

Sum

Accu.

Total Americas               

82000

122351

Total Europe                 

89080

165633

Total South and East Asia      

98550

135697

Total OECD-Pacific           

9350

14223

Total other areas          

8625

9786

Total MW new capacity  every year:                 

287605

447689

Accu. capacity (MW)        

 

 

 

Long term core drivers:

 

Some of the key long term drivers for the wind power industry are as follows:

 

* Policy Support

 

The Copenhagen Summit or COP-15 was a much awaited event in 2009.  Although the  summit  didn't  deliver binding emission  reduction  targets,  it  did provide  a boost to the industry in terms of increased awareness and  focus on  mitigating climate change. Governments and banks alike pledged to fund renewable  energy projects,  manufacturing/R and D  facilities  and  set   up attractive  tariff  regimes. The Obama Government's stimulus package has provided strong support to the wind industry in the US. Countries in almost every continent now have structured tariff regimes for wind energy  along with  compulsory  renewable  energy targets. These form the  base  of  the industry and will continue to drive the wind industry forward.

 

* Technology and Cost Improvements

 

The wind industry continues to mature as an industry with more focus on RandD and product improvements. 2009 has seen new machines being introduced in both the onshore and offshore arena. While the average size of machines gets larger, there is a constant effort to reduce the cost of the machine over its life-cycle, improve machine availability and thereby provide a higher rate of return on projects. Similar efforts are being made in allied spheres such as logistics, service and maintenance, etc. The wind industry is evolving and beginning to show the characteristics of a conventional manufacturing industry which will no doubt propel its growth.

 

* Energy Deficit and Security of Energy Supply:

 

The burgeoning energy deficit and intricacies of geo-politics has ensured that all countries pay special attention to their ever-heightening energy requirements.  Governments are finding themselves in awkward situations having to balance internal energy requirements with external politics. Wind energy is proving to be useful filler in the power supply gap apart from providing a suitable alternative to importing energy.

 

SUZLON POSITIONING

 

Suzlon  and REpower, if taken together, stand as the world's third  leading wind  turbine supplier group in terms of market share. Market share of  9.8 per  cent  is  derived from BTM Consultant ApS World  Market  Update  2009, ranking  Suzlon with 6.4 per cent of global market share and  REpower  with 3.4 per cent of global market share.

 

Suzlon and REpower compliment each other in their geographical presence and product portfolio.

 

 

Suzlon  Wind turbine manufacturer and turnkey solutions provider 

 

REpower    (Subsidiary of Suzlon) Wind turbine manufacturer 

Geographical, Canada, Presence

 Asia, USA, Australia, Latin America               

Europe, Europe, China, USA

Product WTGs

 

Portfolio

Low to Medium Capacity

 

WTGs (600 KW-2.1 MW)        

Medium to High Capacity

(1.5 MW-6 MW)

Category

On shore

 Off shore and On shore

 

Suzlon  closes  on  to the 9 GW mark  of  commissioned  installations  with cumulative installations reaching at 8908.89 MW as of March 31, 2010, in  5 continents  namely Asia, Australia, North America, South America and  Europe. India leads in the overall cumulative total with the highest installations followed by USA, China, Australia, Brazil, Spain, Portugal, Nicaragua and Turkey respectively. Suzlon has consistently held its number one position in India for almost a decade now and has also been the industry leader in Australia over the last couple of years. Recently it has also become a significant player in the Brazilian market

 

Some of the key developments in FY 2009-10:

 

Key facts about Suzlon

 

*  Suzlon combined with REpower is the world's 3rd largest integrated  wind turbine  manufacturer,  with an installed capacity of over 13 GW  having  a customer base of over 1600.

 

* Suzlon is the leading supplier in India - the 5th largest market for wind power.

 

* Suzlon carries out its business operations in 25 countries spread  across 5 continents.

 

* Suzlon has manufacturing units in 3 continents.

 

*  Suzlon  is  one of the six companies in the world to  have  value  chain access and Rotor Blade Technology.

 

*  Suzlon is amongst the top 3 suppliers of WTG's in the range 750-1499  KW which accounted for 12% of the total MW supplied during the year 2009.

 

*  Suzlon  has earned its place in The Brand Finance India's  Top  50  Most Valuable (Company) Brands published by The  Economic Times standing  firmly on the 22nd spot.

 

* According to a survey conducted by a leading Swiss lender, Bank Sarasin, Suzlon has a sustainable development standard and is better equipped for forthcoming   challenges   having   lower   risks   and   superior   return opportunities.

 

New market avenues:

 

*  Suzlon commissioned its first set of turbines with a total  capacity  of 31.5 MW in Turkey.

 

* Suzlon bagged its first order of 12.6 MW in Bulgaria.

 

*  Suzlon  turbines power the first commercial scale wind farm  of  Arizona (USA) having a capacity of 63 MW.

 

*  Suzlon entered the Scandinavian region by inking an order of 4.2  MW  in Sweden.

 

*  Suzlon opened the Infigen Energy's Capital Wind Farm in Australia  which has a total capacity of 141 MW.

 

*  Suzlon received a 15 MW order from State Bank of India, India's  premier banking  institution, for the Indian Banking Sector's maiden foray in  Wind Energy.

 

* Suzlon's maiden Project in Sri Lanka of 10 MW was formally inaugurated.

 

*  Suzlon  signed  an MoU with the Maldives government  for  setting  up  a Windpark with 25 MW capacity.

 

* REpower bagged an order worth ?2.2 million for offshore wind  farm,  the largest order for this industry till date.

 

BUSINESS STRATEGY

 

Suzlon's strategic intent for its businesses is enumerated as follows:

 

* Driving down cost

 

Suzlon has embarked upon a cost reduction drive, through improvement in operational efficiencies and reduction in administrative cost.  Strategic and tactical decisions are being taken to reduce cost by improved capacity utilization, effective vendor negotiations and value engineering.  The ultimate aim is to provide the wind turbines with the lowest life - cycle cost.

 

* Increasing customer centricity and carefully selecting markets to improve the order book

 

Suzlon stands on a strong foothold in view of the continued growth in Asian markets like China and India. Its manufacturing presence in these markets results in improvement of operational efficiency and timely delivery.  The Company plans to approach new markets this year through careful selection so as to establish itself as a leading player in each market it enters with a long-term plan in mind. Drawing from an enviable track record of  success in  providing  turnkey and EPC solutions in various  geographies,  Suzlon  is confident  of its flexibility to offer its customers a myriad  of  services and wind power solutions at competitive prices.

 

* Improving the product portfolio

 

In  the  coming year, Suzlon plans to significantly  upgrade  its  existing turbines  as well as add more products to its portfolio. Suzlon has a  top-quality R and D set-up with centres across Europe, China and India which function seamlessly to ensure that Suzlon turbines remain among the most competitive in the world.

 

*  Internal  transformation program to further improve  process  excellence Suzlon  initiated  a Company-wide transformation programme  christened  ACE (Achieving Collective Excellence) with the support of the Boston Consulting Group  (BCG)  in  June  2009. The programme is delivering results with significant improvements being brought about in the areas of manufacturing, technology, product design, market strategy, leadership and the  like.  A well-thought out path has been laid out for this programme which will touch every part of Suzlon and continue in the current financial year. Suzlon is confident that this programme will improve its internal processes and systems to be among the best in the world and show results in the areas of quality, cost, time and reliability.

 

Profit

 

The consolidated EBIDTA amounted to Rs.9430.000 millions and Rs.28160.000 millions for the  FY 2009-10 and FY 2008-09 representing 4.5 % and 10.8% of total  sales respectively. EBIDTA has primarily reduced due to lower volume of sales and inelastic nature of some of the overheads costs which did not come down proportionately with relatively lower sales volume.

 

Profit / (loss) before tax and exceptional items amounted to (Rs.8460.000 millions) and Rs.16130.000 millions for the FY 2009-10 and FY 2008-09,  representing (4.1%)  and  6.2% of total sales respectively. The PBT is  in  negative  as

EBIDTA for  the  year has been insufficient to  absorb  finance  cost  and depreciation.

 

Tax expenses increased to Rs.3560.000 millions in FY 2009-10 from Rs.2880.000 millions in FY 2008-09. However, a major part of the tax expense for the year is on account of re-assessment of deferred tax assets.

 

Profit / (loss) after tax amounted to (Rs.9900.000 millions) and Rs.4290.000 millions for the  financial year FY 2009-10 and FY 2008-09 representing (4.8%) and  1.6% of total sales respectively.

 

Share of Minority interest decreased to Rs.90.000 millions in FY 2009-10, compared to  Rs.1950.000 millions in FY 2008-09 and share in associate's profit  after  tax increased  to  Rs.160.000 millions in FY 2009-10, compared to Rs.20.000 millions  in  FY 2008-09.

 

As a result of the foregoing factors, net profit reduced from Rs.2360.000 millions in FY 2008-09 to loss of Rs.9830.000 millions in FY 2009-10.

 

Cautionary Statement

 

Suzlon  has included statements in this discussion, that contain  words  or phrases such as 'will', 'aim', 'will' likely result', 'believe',  'expect', 'will continue', 'anticipate', 'estimate', 'intend', 'plan', 'contemplate', 'seek  to',  'future',  'objective',  'goal',  'project',  'should',  'will pursue' and similar expressions or variations of such expressions that  are 'forward-looking statements'.

 

All forward-looking statements are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those contemplated by the relevant forward-looking statement. Important  factors that  could  cause  actual  results  to  differ  materially  from  Suzlon's expectations include:-

 

* Variation in the demand for electricity;

 

* Changes in the cost of generating electricity from wind energy and changes in wind patterns;

 

* Changes in or termination of policies of state governments in India that encourage investment in power projects;

 

* General economic and business conditions in India and other countries;

 

* Suzlon's ability to successfully implement its strategy, growth and expansion plans and technological initiatives;

 

* Changes in the value of the rupee and other currencies;

 

*   Potential mergers, acquisitions or restructurings and increased competition;

 

* Changes in laws and regulations;

 

* Changes in political conditions;

 

* Changes in the foreign exchange control regulations; and

 

* Changes in the laws and regulations that apply to the wind energy industry, including tax laws.

 

 

UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED 31.12.2010

 

(Rs In Millions)

Particulars

31.12.2010

Quarter Ended

(Unaudited)

31.12.2010

Nine Months Ended

(Unaudited)

Income

 

 

a) Net Sales / Income from Operations

12199.600

27913.400

b) Other Operating Income

14.000

40.300

Total Operating Income

12213.600

27953.700

Expenditure

 

 

(a) (Increase)/decrease in Stock in Trade

(623.000)

(979.000)

(b) Consumption of Raw Materials

7974.900

19132.100

(c) Purchase of traded goods

29.400

144.500

(d) Employees Cost

449.700

1493.200

(e) Depreciation

375.400

1090.100

(f) Foreign exchange loss / gain

189.400

1229.700

(f) Other Expenditure

3105.700

8569.200

Total Expenditure

11501.500

30679.800

Profit / (Loss) From Operations before other Income Interest & Exceptional Items

712.100

(2726.100)

Other Income

708.800

2441.100

Profit/(Loss) before Interest and Exceptional items

1420.900

(285.000)

Interest

1408.900

4297.000

Profit / (Loss) after interest before Exceptional items

12.000

(4582.000)

Exceptional Items

0.000

372.800

Profit / (Loss) From Ordinary activities before Tax

12.000

(4954.800)

Provision for Taxation

0.000

0.000

Net Profit/(Loss) From Ordinary activities after Tax

12.000

(4954.800)

Extraordinary Items

0.000

0.000

Net Profit/(Loss) for the period

12.000

(4954.800)

Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each )

3554.700

3554.700

Reserves (Excluding Revaluation Reserves)

--

--

Earning Per Share

 

-Basic

0.01

(2.95)

-Diluted

0.01

(2.95)

Public Share Holding

 

 

- Number of Shares

762624059

762624059

- Percentage of shareholding

42.91

42.91

Promoters and Promoter group share holding

 

 

a) Pledged / Encumbered

 

- Number of Shares

610501964

610501964

- Percentage of share (as a % of the total shareholding of promoter and promoter group)

60.16

60.16

- Percentage of shares(as a % of the total share capital of the company)

34.35

34.35

b) Non-encumbered

 

- Number of Shares

404239624

404239624

- Percentage of Share (as a % of the total shareholding of promoter and promoter group)

39.84

39.84

 - Percentage of Share (as a % of the total share capital of the company)

22.74

22.74

 

Notes :-

 

  1. The above results nave been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on February 04, 2011. The Statutory Auditors of the Company have carried out a limited review of the above results for the quarter and nine months ended December 31, 2010.

 

  1. Hansen Transmissions International NV (‘Hansen’) ceased to be subsidiary of the Company with effect from November 24, 2009. The Company holds 26.06% stake in Hansen as on December 31, 2010 and has accounted for it as an associate. The consolidated financial figures for year ended March 31, 2010 inter alia include the financial figures of Hansen till November 2009 as subsidiary end subsequently as an associate. Accordingly, the consolidated financial results for the quarter and nine months ended December 31, 2010 are to that extent not comparable with the consolidated financial results of the prior periods presented.

 

  1. On July 12, 2010 the Company has raised Rs.11883.900 Millions pursuant to the Rights Issue. The Company has allotted 188,633,322 Equity Shares or Rs.2 each at premium of Rs.61 per Equity Share on a rights basis to the existing equity shareholders of the Company in the ratio of 2 equity shares for every 15 fully paid-up equity shares held by the existing equity shareholders on the record date.

 

  1. The Indian Wind Energy Association (InWEA) of which the Company is a member has filed a civil appear in the Supreme Court against an order of the Appellate Tribunal for Electricity in regard to levy of Infrastructure Development Charges (IDC) by Tamil Nadu State Electricity Board. The auditors have without qualifying their opinion, given a Matter of Emphasis on non provision of the IDC Charges aggregating Rs.596.000 Millions as at December 31, 2010. Based on a legal opinion the Company/In WEA has a strong case in favour.

 

  1. The Company has not provided for the proportionate premium on redemption of Convertible Bonds, since the Company believes that the same is contingent In nature. The proportionate premium as at December 31, 2010 is approximately Rs.5273.200 Millions (Rs.3410.000 Millions). The auditors have without qualifying their opinion, given a Matter of Emphasis on non provision of the proportionate premium in their limited review report for the quarter ended December 31, 2010. The Company has securities premium of Rs.53060.900 Millions as at December 31, 2010, which is adequate to cover the cost of proportionate premium, in case the contingency materialses.

 

  1. On April 29, 2010, The Company had convened meetings of Bondholders of each of the series, who approved the respective resolutions put to them. Accordingly post receipt of regulatory approvals, the Company changed the conversion price of the Phase I bonds from Rs.359.68 per equity share to Rs.97.26 per equity share and for Phase II bonds from Rs.371.55 to Rs.97.26 per equity share, subject to adjustments in accordance with terms and conditions of the bonds. The revised floor price in respect of Phase l and Phase II bonds is Rs.74.025 per equity share. The fixed exchange rate was changed to 2USD=Rs.44.60 from 1USD=Rs.40.83 for Phase I bonds and 1USD=Rs.39.87 for Phase II bonds. The Company has incurred Rs.372.800 millions towards consent fee to bondholders and other cost and disclosed under exceptional items for the nine months ended December 31, 2010.

 

  1. On receipt of shareholders approval by way of Postal Ballot, on November 16, 2010, the Company issued and allotted 3,19,92,582 equity shares of Rs.2 each (1.80% stake) at a price of Rs.60 per share on preferential basis to ‘IDFC Trustee Company Limited, A/c IDFC Infrastructure Fund 3 A/c IDFC Private Equity Fund III (IDFC PE) as a consideration for acquisition of 4,12,54,125 equity shares of Rs.10 each (17.1% stake) in SE Forge Limited (SEFL), a subsidiary of the Company. This preferential allotment to IDFC PE has been made in compliance with the applicable SEBI Regulations. Consequent to acquisition of IDFC PE’s stake in SEFL, SEFL became a wholly owned subsidiary of the Company.

 

  1. The Company is in the process of seeking the required statutory and regulatory approvals, for implementing a Scheme of Arrangement and Restructuring (SOA). The following are the salient features of the SOA :
    • De-merger and consequent transfer of a) the Power Generation Division and b) the Protect Division from currently Wholly Owned Subsidiaries (WOS) to other two WOS.
    • Amalgamation of both the WOS with Suzlon Energy Limited after giving effect to the above-mentioned de-merger and consequent transfer of their respective division.

       The ‘Appointed Date’ fixed for this purpose Is April 03, 2010. This SOA is subject to sanctions u/s 391    and 394 of the Companies Act, 1956 by the respective Honorable High Courts. Since the SOA is yet to he   implemented, the shove results do not contain any effect on account of this SOA,

 

  1. The status of investor complaints received by the Company is as follows : Pending as on October 1, 2010 - 1; Received during the quarter – 31; Disposed during the quarter - 27; Pending as on December 31, 2010 - 5.

 

  1. The figures stated above, have basin reclassified wherever necessary to confirm with the classification in the financial results for the quarter and nine months ended December 31, 2010.

 

FIXED ASSETS

 

·         Freehold Land

·         Leasehold Land

·         Buildings

·         Plant and Machinery

·         Wind research and measuring equipments

·         Computers and office equipments

·         Furniture and Fixtures

·         Vehicles

·         Intangible assets

o        Designs and drawings

o        SAP software

 

 

AS PER WEBSITE DETAILS

 

PROFILE

Conceived in 1995 with just 20 people, Subjects now a wind power company with:

·         Over 14,000 people in 21 countries

·         Operations across the Americas, Asia, Australia and Europe

·         Fully integrated supply chain with manufacturing facilities in three continents

·         Sophisticated R and D capabilities in Denmark, Germany, India and The Netherlands

·         Market leader in Asia and 5th largest wind turbine manufacturer in the world

Philosophy and Strategy

Philosophy

·         To be a company that serves society with sustainable wind-power on a commercial scale with a focus on continuously increasing efficiency and reliability of the wind turbines.

·         To always be committed to a life-long relationship with customers and work towards total customer satisfaction.

·         To lay importance on bettering the quality, safety and environmental standards.

·         To build partnerships with all stakeholders; employees, customers, vendors, service providers, local communities and governments.

·         To conduct business only with the highest standards of ethics.

·         To contribute to the reduction of use of fossil fuels by reducing the carbon footprint in all the operations.

Strategy

·         Turnkey Solutions 

·         Vertical Integration

·         Global Integration

 

 

PRESS RELEASE

 

Suzlon Group Q3: Record US$ 7.3 bn

orderbook; steadily improving performance

 

  • Group orderbook rises to record US$ 7.3 bn; increase of 35 per cent*
  • Group revenues of Rs. 44330.000 Millions (US$ 968 mn)
  • EBITDA of Rs.1820.000 Millions (US$ 40 mn); Normalized EBITDA of Rs.3540.000 Millions (US$ 77 mn.)#
  • EBIT of Rs.400.000 Millions (US$ 9 mn); Normalized EBIT of Rs.2120.000 Millions (US$ 46 mn)#
  • Gross margins maintained at 32 per cent
  • Net debt-to-equity ratio of 1.5x

 

Mumbai: Suzlon Group, the world’s third largest** wind turbine supplier, reported its earnings today for the quarter ended December 31, 2010.

 

Mr. Tulsi R. Tanti, Chairman and Managing Director – Suzlon Group, said: “I am pleased to report that our Group performance is steadily improving. Emerging, offshore and key matured markets are showing sustained momentum. Our strategy to focus on these markets is delivering for us, as evidenced by our steady inflow of major orders over the past few months in India, Brazil, Canada and Belgium. Our US$ 7.3 billion orderbook (~5,000 MW) is one of the best in the industry, and gives us strong visibility for future growth.

 

“While the business environment remains challenging, particularly in the US and parts of Europe, our competitive position remains strong with a global sales and service organization – spanning 32 countries and 15 GW operating wind capacity worldwide – which is delivering in excess of 97 per cent availability. Our customer focus, comprehensive product portfolio and low cost supply chain has allowed us, in just 15 years, to build a base of over 1,800 customers, including 11 out of 15 of the largest wind customers worldwide.”

 

Mr. Robin Banerjee, Chief Financial Officer – Suzlon Energy Limited, said: “We have achieved a marked improvement in business performance over the past three quarters. There has been progress on all financial parameters and we have delivered steady gross profit margins. Our debt-to-equity ratio has been maintained and our focus on bringing down fixed costs is delivering results; we are working hard to reduce these further.

 

“However, notional forex losses have impacted our reported bottom line due to the significant volatility in the Euro-Rupee exchange rates. We are very clearly headed in the right direction, substantially improving our quarterly normalized EBIT performance year on year.”#

 

Key Updates

Market outlook: The global market for wind energy is improving. There has been a steady increase in financing for new build wind projects, quarter on quarter, going from US$ 18 billion in Q1 CY10 to US$ 26 billion in Q3 CY10. Additionally, there is significantly higher visibility of volumes emerging, with a global pipeline of 140 GW to 150 GW of wind installations over the next three years.^

 

Orderbook: The Suzlon Group has reported its largest ever orderbook, valued at approximately US$ 7.3 bn.

  • The Suzlon Wind orderbook stood at 2,578 MW (Rs. 14,600 cr.), with 1,624 MW (Rs. 9,300 cr.) in domestic orders and 954 MW (Rs. 5,300 cr.) in international orders as on February 4, 2011.
  • The REpower orderbook stood at EUR 2.9 billion (2,458 MW), compared to EUR 2.6 billion (2,254 MW) at the previous year’s record date, marking an increase of 11 per cent.

 

Key orders:

  • India: Suzlon entered into an agreement for 1,000 MW with Caparo Energy India Limited, valued at approximately US$ 1.28 billion – the largest in India to-date. The Company has also signed an order for 150 MW with Hindustan Zinc, a Vedanta Group company.
  • Brazil: Secured 218 MW order in Brazil from the Martifer Group, reinforcing Suzlon’s presence in this growth market.
  • Canada: REpower and Saint-Laurent Énergies Inc. concluded a contract for the delivery of 300 MW of capacity for the Lac Alfred wind farm project, making it the largest onshore project to date for the Company.
  • Belgium: REpower also signed 295 MW contract with C-Power for Thornton Bank offshore wind farm in Belgium. This contract – as measured by investment volume – represents the biggest ever project financing in the offshore wind industry.

 

New offices: Suzlon Energy announced the opening of a sales office in South Korea, a wind market with an estimated potential of 27 GW; and appointed a sales head for Sweden, which has set targets for half of the nation’s energy coming from renewables by 2020.

 

New appointment: Suzlon Energy appointed He Yaozu as CEO and Country Manager of its China operations, Suzlon Energy Tianjin Limited. Yaozu has been a senior adviser to China Machinery New Energy Co, and serves as a non-executive director of China Green Power Limited. Suzlon is giving a strong push to expand its China operations through initiatives including establishing an R&D centre in Tianjin, co-investing in wind farm projects, and increasing its manufacturing investment. Suzlon is the first major international wind turbine manufacturer in China with a Chinese CEO.

 

MoU with Gujarat Government: Suzlon signed a MoU with Gujarat Government, under the auspices of Vibrant Gujarat, to develop 1,000 MW of wind power projects.

 

15 GW installations: This quarter Suzlon Group marked a significant achievement and crossed the 15 GW milestone in worldwide installations. These include 10 GW by Suzlon Energy Limited and 5 GW by REpower Systems AG, amounting to nine per cent of the world’s total wind power installations. It covers Group onshore and offshore installations in 25 countries. The cumulative power generation from this 15 GW capacity has the potential to light up more than 13 million## households every year.

 

NOTES TO EDITORS:

  • Conversion rate of US$ 1 = Rs. 45.795
  • Conversion rate of EUR 1 = Rs. 62.9315
  • Compared to previous record date of orderbook announcement – October 30, 2010.
  • # Normalized EBITDA and EBIT calculations are made after adjusting for forex losses (primarily notional), forex loss on translation of REpower raw material cost.
  • ** Suzlon and REpower, if taken together, stand as the world’s third leading wind turbine supplier group in terms of market share. Market share of 9.8 per cent is derived from BTM Consult ApS World Market Update 2009, ranking Suzlon with 6.4 per cent of global market share and REpower with 3.4 per cent of global market share.
  • ^ Bloomberg New Energy Finance Report, October 2010.
  • ## Based on average per-household energy consumption in India.
  • Suzlon has declared that it will not to issue guidance until further notice.

 

About Suzlon Group

Suzlon Group ranked as the world’s third* leading wind turbine supplier in terms of market share in 2009. Suzlon has its corporate headquarters – Suzlon One Earth – in Pune, India. The company’s global spread reflects in its projects and markets portfolio – extending across Asia, Australia, Europe, South Africa and North and South America. Suzlon is a highly vertically integrated wind turbine manufacturer with manufacturing capability along the full value chain – from components to complete wind turbine systems. The Group has installed over 15,000 MW of wind energy capacity in 25 countries, established operations across 32 countries, with a workforce of over 13,000 personnel.

 

Suzlon was recognized with the Gigaton Award for global leadership in emissions control and sustainability practices in the energy at the COP16 summit in Cacun, Mexico. Suzlon was also ranked as a prestigious ‘Business Superbrand’ ranking in 2010 for the second time.

 

Suzlon has a share of over 90 per cent in REpower, and taken together, has a combined market share of 9.8 per cent*.

 

* Derived from BTM Consult ApS World Market Update 2009, ranking Suzlon with 6.4 per cent of globalmarket share and REpower with 3.4 per cent of global market share

 

 

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 records 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.44.77

UK Pound

1

Rs.72.66

Euro

1

Rs.63.06

 

 

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

4

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--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

NO

--EXPORT ACTIVITIES

YES/NO

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

44

 

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

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

--

NB

New Business

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.