MIRA
INFORM REPORT
|
Report Date : |
12.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
SUZLON ENERGY LIMITED |
|
|
|
|
Registered
Office : |
Suzlon 5, Shrimali Society, Near Shri Krishna Complex, Navrangpura,
Ahmedabad-380009, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
10.04.1995 |
|
|
|
|
Com. Reg. No.: |
04-025447 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs.3554.700 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L40100GJ1995PLC025447 |
|
|
|
|
IEC No.: |
2495002021 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMS03088B |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on the
Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer, Importer and Exporter of Wind Turbines and Generators
and it’s Parts. |
|
|
|
|
No. of
Employees: |
13000 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2250000000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Profitability
of the company is under severe pressure. However, trade relations are reported
as fair. Business is active. Payments to their various suppliers in The company can be considered for business dealings on a secured trade
terms and conditions, initially. |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Suzlon 5, Shrimali Society, Near Shri Krishna Complex, Navrangpura,
Ahmedabad-380009, |
|
Tel. No.: |
91-79-6604-5000/26407141 |
|
Fax No.: |
91-79-2656 5540/ 2644 2844 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate / Branch Office : |
One Earth, |
|
Tel. No.: |
91-20-61356135 / 67022000 |
|
Fax No.: |
91-20-67022100 / 4012 2200 |
|
E-Mail : |
|
|
|
|
|
Factory : |
Survey No. 588, Village: Padhar, Near Bhuj Kutch, |
|
Tel No.: |
91-2832-229028 |
|
|
|
|
Branch Office : |
Also Located At:
|
|
|
|
|
Overseas Branch Office: |
Located At:
|
|
|
|
DIRECTORS
|
Name : |
Mr. Tulsi R.
Tanti |
|
Designation : |
Chairman and
Managing Director |
|
|
|
|
Name : |
Mr. Girish Tanti |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. V. Raghuraman |
|
Designation : |
Non-Executive Director Independent Director |
|
|
|
|
Name : |
Ms. Mythili Balsubramanian (a nominee of IDBI Bank Limited) |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Rajiv Ranjan Jha (a nominee of Power Finance Corporation Limited) |
|
Designation : |
Non-Executive Director Independent Director |
|
|
|
|
Name : |
Mr. Vinod R. Tanti |
|
Designation : |
Non-Executive Director |
|
Date of ceasing: |
01.06.2012 |
|
|
|
|
Name : |
Mr. Ashish Dhawan |
|
Designation : |
Non-Executive Director Independent Director |
|
Date of Reigning |
01.04.2012 |
|
|
|
|
Name : |
Mr. Ajay Relan |
|
Designation : |
Non-Executive Director Independent Director |
|
Date of Reigning |
25.05.2012 |
|
|
|
|
Name : |
Mr. Marc Desaedeleer |
|
Designation : |
Non-Executive Director Independent Director |
|
Date of Appointment: |
01.04.2012 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2012
|
Category of Shareholder |
Total No. of
Shares |
Percentage of
Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
658,839,000 |
37.07 |
|
|
278,902,588 |
15.69 |
|
|
937,741,588 |
52.76 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
937,741,588 |
52.76 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
40,472,540 |
2.28 |
|
|
10,196,216 |
0.57 |
|
|
13,935,731 |
0.78 |
|
|
184,920,875 |
10.40 |
|
|
249,525,364 |
14.04 |
|
|
|
|
|
|
11,599,569 |
6.50 |
|
|
|
|
|
|
370,035,287 |
20.82 |
|
|
69,621,820 |
3.92 |
|
|
31,646,741 |
1.78 |
|
|
24,567,981 |
1.38 |
|
|
57,000 |
-- |
|
|
6,887,985 |
0.39 |
|
|
133,775 |
0.01 |
|
|
586,926,299 |
33.02 |
|
Total
Public shareholding (B) |
836,451,663 |
47.06 |
|
Total
(A)+(B) |
1,774,170,369 |
99.82 |
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
|
|
|
|
-- |
-- |
|
|
3,172,396 |
0.18 |
|
|
3,172,396 |
0.18 |
|
Total
(A)+(B)+(C) |
1,777,365,647 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 millionBUSINESS DETAILS
|
Line of Business : |
Manufacturer, Importer and Exporter of Wind Turbines and Generators
and it’s Parts. |
|
|
|
PRODUCTION STATUS (As on
31.03.2011)
|
Particulars |
Unit
Produced |
|
|
|
(in Nos.) |
(in MW’s) |
|
Wind Turbine
Generators Upto 1 MW |
89 |
53.40 |
|
Wind Turbine
Generators Above 1MW and Upto 2 MW |
435 |
625.75 |
|
Wind Turbine
Generators Above 2 MW |
228 |
478.80 |
|
Total |
752 |
1157.95 |
GENERAL INFORMATION
|
No. of Employees : |
13000 [Approximately] |
||||||||||||||||||||||||||||||||||||||||||
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||||||||||||||||||||||||||||||||||||||||||
|
Bankers/Institutions : |
·
Axis Bank Limited ·
Indian Overseas Bank ·
Bank of ·
Life Insurance Corporation of ·
Bank of ·
Bank of Commerce ·
Bank of ·
Power Finance Corporation Limited ·
Central Bank of ·
Punjab National Bank ·
Citibank, N.A. ·
State Bank of ·
Corporation Bank ·
State Bank of ·
Dena Bank ·
State Bank of ·
Export Import Bank of ·
The Saraswat Co-operative Bank Limited ·
ICICI Bank Limited ·
Union Bank of ·
IDBI Bank Limited ·
Yes Bank Limited |
||||||||||||||||||||||||||||||||||||||||||
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|
|
||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
Rs.
In Millions
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditor 1 : |
|
|
Name : |
SNK and Company Chartered Accountants |
|
Address : |
E-2-B, The |
|
|
|
|
Auditor 2 : |
|
|
Name : |
S.R. Batliboi and Company Chartered Accountants |
|
Address : |
C-401, 4th Floor, |
|
|
|
|
Subsidiaries : |
·
Eólica Faísa S.A. ·
Eólica Faísa I – Geração E
ComercializaçãoDeEnergia S.A. ·
Eólica Faísa II – Geração E
ComercializaçãoDeEnergia S.A. ·
Eólica Faísa III – Geração E
ComercializaçãoDeEnergia S.A. ·
Eólica Faísa IV – Geração E
ComercializaçãoDeEnergia S.A. ·
Eólica FaísaV– Geração E
ComercializaçãoDeEnergia S.A. ·
REpower SystemsIndia Private Limited ·
REpower SystemsNorthern ·
Suzlon Energy ·
Suzlon Project VIII LLC ·
SuzlonWindEnergy (Lanka) Pvt. Limited · Yorke PeninsualWindFarmProject Pty. Limited · Rep Ventures - Portugal S.A. Liquidated · Suzlon Infrastructure Services Limited Merged with the Company ·
· Suzlon Windpark Management GmbH Liquidated · Windpark Olsdorf Watt GmbH & Co. KG · Parque Eolico El Almendro S.L. · REpower SystemsSE · Suzlon Blade Technology ·
Suzlon Blade Limited ·
AE Rotor Holding B.V. ·
Age Parque Eolico El Almendro S.L. ·
Cannon Ball Wind Energy Park-1, LLC ·
PowerBlades GmbH ·
PowerBlades SA ·
Rep Ventures Portugal S.A. ·
REpower Australia Pty Limited ·
REpower ·
REpower Betriebs – und Beteiligungs GmbH ·
REpower Systems Inc. ( ·
REpower Diekat ·
REpower Espana S.L. ·
REpower Geothermie GmbH ·
REpower Investitions – und Projektierungs GmbH
and Company KG ·
REpower Italia S.R.L ·
REpower North ( ·
REpower ·
REpower Systems GmbH (earlier known as
Einundzwanzigste Vittorio Verwaltungs GmbH) ·
REpower Systems Polska SP.ZO.O ·
REpower S.A.S. ·
REpower Systems ·
REpower Systems AG ·
REpower UK Limited ·
REpower USA Corp. ·
REpower Wind Systems Trading ( ·
REpower Windpark Betriebs GmbH ·
RETC Renewable Energy Technology Centre ·
RPW Investments SGPS,SA ·
Renewable Energy Contractors Australia Pty
Limited ·
RiaBlades ·
SE Composites Limited ·
SE Drive Technik GmbH ·
SE Electricals Limited ·
SE Forge Limited ·
SE Solar Limited ·
SISL Green Infra Limited ·
Sure Power LLC ·
Suzlon Blade Technology B.V. ·
Suzlon Energia Elocia do Brazil Ltda ·
Suzlon Energy ( ·
Suzlon Energy A/S ·
Suzlon Energy Australia Pty. Limited ·
Suzlon Energy Australia RWFD Pty Limited ·
Suzlon Energy Australia CYMWFD Pty Limited ·
Suzlon Energy B.V. ·
Suzlon Energy GmbH ·
Suzlon Energy Korea Company, Limited ·
Suzlon Energy Limited, ·
Suzlon Engitech Limited ·
Suzlon Generators Limited ·
Suzlon Gujarat Wind Park Limited ·
Suzlon Infrastructure Services Limited ·
Suzlon North Asia Limited ·
Suzlon Power Infrastructure Limited ·
Suzlon Rotor Corporation ·
Suzlon Structures Limited ·
·
Suzlon Wind Energy A/S ·
Suzlon Wind Energy BH ·
Suzlon Wind Energy ·
Suzlon Wind Energy Corporation ·
Suzlon Wind Energy Equipment Trading ( ·
Suzlon Wind Energy Espana, S.L ·
Suzlon Wind Energy ·
Suzlon Wind Energy Limited ·
Suzlon Wind Energy ·
Suzlon Wind Energy ·
Suzlon Wind Energy ·
Suzlon Wind Enerji Sanayi Ve Ticaret Limited
Sirketi ·
Suzlon Wind Energy South ·
Suzlon Windenergie GmbH ·
Suzlon Wind International Limited ·
Suzlon Windpark Management GmbH ·
Tarilo Holding B.V. ·
Valum Holding B.V. ·
Ventipower ·
WEL Windenergie Logistik GmbH ·
Windpark Blockland GmbH and Company KG ·
Windpark Olsdorf Watt Gmbh and Company KG |
|
|
|
|
Related Party: |
2. REpower SystemsAG 3. SE Composites Limited SE Blades Limited 4. B.V. SE Blades Technology B.V. |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3500000000 |
Equity Share |
Rs.2/- each |
Rs.7000.000 Millions |
|
|
|
|
|
Issued, Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1796297624 |
Equity Share |
Rs.2/- each |
Rs.3592.600 Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1777365647 |
Equity Share |
Rs.2/- each |
Rs.3554.700
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
3554.700 |
3554.700 |
3113.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.400 |
|
|
3] Employee stock options outstanding |
|
|
156.800 |
|
|
4] Reserves & Surplus |
52685.100 |
64390.100 |
52772.400 |
|
|
5] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
56239.800 |
67944.800 |
56043.100 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
49230.300 |
42511.000 |
38911.600 |
|
|
2] Unsecured Loans |
14931.900 |
22812.700 |
37100.600 |
|
|
TOTAL BORROWING |
64162.200 |
65323.700 |
76012.200 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
TOTAL |
120402.000 |
133268.500 |
132055.300 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
9672.800 |
8631.700 |
9171.600 |
|
|
Capital work-in-progress |
130.300 |
370.400 |
103.800 |
|
|
|
|
|
|
|
|
INVESTMENT |
88156.200 |
78450.700 |
75926.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
556.400 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
14659.400
|
10149.500 |
7978.000 |
|
|
Sundry Debtors |
34379.300
|
22974.600 |
29868.100 |
|
|
Cash & Bank Balances |
2626.500
|
1296.400 |
5992.200 |
|
|
Other Current Assets |
4927.900
|
4470.200 |
0.000 |
|
|
Loans & Advances |
52941.300
|
47803.400 |
41877.900 |
|
Total
Current Assets |
109534.400
|
86694.100 |
85716.200 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
|
12525.400
|
|
|
Other Current Liabilities |
72311.700
|
37517.900 |
23893.300
|
|
|
Provisions |
14780.000
|
3916.900 |
2443.600
|
|
Total
Current Liabilities |
87091.700
|
41434.800 |
38862.300 |
|
|
Net Current Assets |
22442.700
|
45259.300 |
46853.900 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
120402.000 |
133268.500 |
132055.300 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
68535.200 |
43575.500 |
34886.800 |
|
|
|
Other Income |
176.900 |
88.400 |
2431.400 |
|
|
|
TOTAL (A) |
68712.100 |
43663.900 |
37318.200 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
44886.400 |
29474.500 |
|
|
|
|
Purchase of Traded Goods |
668.400 |
230.00 |
|
|
|
|
Employee benefit expense |
3374.300 |
2152.300 |
|
|
|
|
Other expense |
15047.400 |
11440.800 |
|
|
|
|
Increse/decrese in inventories of finished goods work in- progress and
stock –in trade |
(962.300) |
(2237.000) |
|
|
|
|
TOTAL (B) |
63014.200 |
41060.600 |
41123.400 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5697.900 |
2603.300 |
(3805.200) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
5369.600 |
3266.500 |
7319.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
328.300 |
(663.200) |
(11124.200) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1826.800 |
1568.900 |
1262.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
BEFORE EXCEPTIONAL ITEMS and TAX |
(1498.500) |
(2232.100) |
(12386.900) |
|
|
|
|
|
|
|
|
|
Less |
Exceptional
Items |
3489.200 |
372.800 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
BEFORE TAX |
(4987.700) |
(2604.900) |
(12386.900) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
66.100 |
(4461.500) |
(1754.000) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(5053.800) |
(1856.600) |
(14140.900) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
459.000 |
327.800 |
9903.300 |
|
|
|
Other Earnings |
1850.500 |
1822.900 |
1136.000 |
|
|
TOTAL EARNINGS |
2309.500 |
2150.700 |
11039.300 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
23560.000 |
17448.100 |
10326.200 |
|
|
|
Stores & Spares |
194.000 |
9.600 |
4.900 |
|
|
|
Capital Goods |
162.000 |
606.600 |
968.100 |
|
|
TOTAL IMPORTS |
23916.000 |
18064.3 |
11299.2 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(2.84) |
(1.09) |
(9.19) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(7.36)
|
(4.25) |
(37.89) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(7.25)
|
(5.98) |
(35.50) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(4.18)
|
(2.73) |
(13.05) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.09)
|
(0.04) |
(0.22) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.69
|
1.57 |
2.04 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.26
|
2.09 |
2.21 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
No |
|
No.
of Employees |
Yes |
|
Name
of Person Contacted |
No |
|
Designation
of contact person |
No |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
No |
Operations review:
-
On a standalone
basis, the Company achieved revenue from operations of Rs 68535.200 Millions and
EBIT of Rs 3871.100 Millions as against Rs 435755.000 Millions and Rs 1034.400
Millions respectively in the previous year. Net loss after tax is Rs 5053.800
Millions as compared to net loss after tax of Rs 1856.600 Millions in the
previous year. Though the volume and performance improved compared to previous
year, there is increase in loss compared to previous year, primarily due to
provision for diminution in value of investment in subsidiaries of Rs 3489.200
Millions, foreign exchange loss and increase in finance cost.
On consolidated
basis, the Group achieved revenue from operations of Rs 210823.700 Millions and
EBIT of Rs 11599.7 Millions as against Rs 178791.3 Millions and Rs 3898.400
Millions respectively in the previous year. Net loss for the year is Rs
4785.800 Millions as compared to loss of Rs 13239.700 Millions in the previous
year. During the year, there is decrease in loss compared to previous year
primarily due to increase in sales volume resulting to higher EBIT. Also during
the year, sale of Hansen stake and reversal of provision towards diminution in
investment in Hansen contributed gain of Rs 2272.400 Millions while in previous
year provision towards diminution in investment in Hansen resulted into loss of
Rs 2160.000 Millions
Capital:
Authorised and paid-up share capital - During the year there was no change in the Authorised Share Capital and Paid up Share Capital. As on date, the Authorised Share Capital of the Company is Rs 700,00,00,000/- divided into 350,00,00,000 equity shares of Rs 2/- each and the paid-up capital of the Company is Rs 355,47,31,294/- divided into 177,73,65,647 equity shares of Rs 2/- each. The outstanding GDRs as on March 31, 2012 are 7,93,099 representing 31,72,396 equity shares of Rs 2/- each.
Global Depository
Receipts ( GDRs ) –
The outstanding GDRs as on March 31, 2012 are 7,93,099 representing
31,72,396 equity shares of Rs 2/- each. Each GD Represents four underlying
equity shares in the company
Foreign Currency Convertible Bonds (“FCCBs”) - On April 12, 2011,
the Company made an issue of 875, 5% Foreign Currency Convertible Bonds of US$
200,000 each for a total consideration of US$ 175,000,000. The Bonds are
convertible at any time on and after May 23, 2011 up to the close of business
on April 6, 2016 by holders of the Bonds into fully paid equity shares with
full voting rights with a par value of Rs 2/- each of the Company at an initial
conversion price of Rs 54.01 per share with a fixed rate of exchange on
conversion of Rs 44.5875 to US$1.00
Post March 31, 2012, the Company has issued separate notices, each dated
May 18, 2012, to convene meetings of the holders of the US$ 300,000,000 Zero
Coupon Convertible Bonds due 2012 and the US$ 35,592,000 7.5% Convertible Bonds
due 2012 (the “Bonds”) for extension of the maturity date (i.e. June 12, 2012)
of the Bonds by 45 days i.e. until July 27, 2012. The meetings of the holders
of the Bonds are proposed to be held on June 11, 2012. The extension has been
requested to allow the Company to obtain requisite approvals and finalize
documentation for raising up to US$ 300,000,000 under new facilities from the
Company's senior secured lenders, which will allow the Company to meet its
redemption obligations under the outstanding Bonds in full
Updates on Repower
The Company through
By the registration of the squeeze-out resolution with the commercial
register, all shares of the minority shareholders of REpower were transferred
to AERH and consequently REpower became a step down wholly owned subsidiary of
the Company. Subsequently the shares of REpower were delisted from the German
Stock Exchange on November 9, 2011.
Updates on amalgamation and demerger The Honourable High Court of Gujarat and the
Honourable High Court of judicature at Bombay have approved the Composite
Scheme of Arrangement and Restructuring (De-merger And Amalgamation) ('Scheme')
of the Company and its certain wholly owned subsidiaries and accordingly
effective October 10, 2011:
·
Power Generation Division of Suzlon Towers And
Structures Limited stands de-merged and transferred to Suzlon Engitech Limited;
·
Project Execution Division of Suzlon Infrastructure
Services Limited stands de-merged and transferred to Suzlon Gujarat WindPark
Limited;
·
Suzlon Towers And Structures Limited stands
amalgamated with the Company (after the above referred de-merger); and
·
Suzlon Infrastructure Services Limited stands
amalgamated with the Company (after the above referred de-merger).
All the above takes effect from the appointed date i.e. April 1, 2010.
Management Discussion and Analysis
Global markets and outlook
Despite serious macro-economic turbulence in calendar year 2011, the
wind market continued its strong growth momentum, with new capacity addition
growing by more than six per cent with 41,713MWof installationsworldwide.
Suzlon Group's key markets delivered an even stronger performance, with
We believe several forces will continue to play a key role in shaping
the future course of wind power development. While on the one hand global
economic turmoil has precipitated a slowdown in investment across the board,
long-term factors such as energy security concerns, climate change mitigation,
global treaties like the Kyoto Protocol and national / regional targets, and -
most important - the increasingly competitive cost of wind energy, will
continue to drive considerable positivemomentumin the sector.
2012 is projected by industry analysts to be one of the strongest years
for the sector, with installations independently estimated to growby over 20
per cent year-on-year. Markets are expected to grow at a rate of over seven per
cent CAGR in the next four year period, between 2012 and 2016; and the share of
wind power in global electricity generation is projected to increase to nearly
eight per cent by 2020, up
Industry estimate for annual installations
Looking beyond the five year horizon, the key growth factors are
stronger than ever: increasing population and urbanization will drive rapid
growth in energy consumption, and climate change challenges will demand concerted
global action. They believe the key to future competitiveness and growth lies
in providing highly cost competitive solutions; providing consumers with
sustainable and affordable wind energy which is comparable to or cheaper than
conventional fuel prices, even as technological advances allow utilities to
rely more and more on wind as a mainstay power source. At Suzlon Group, they
are driving a focused strategy to develop technology, products and
solutions that are ahead of the curve and positioned tomeet emerging
demands of the market.
Group outlook
The Suzlon Group continued its push into high growth / high margin
markets, with an exceptionally strong firm order book of over US$ 7.4 bn as on
date – representing 30 per cent growth year-on-year. The order book, standing
at over 5,700MWin terms of delivery volumes, saw broad based contributions
across markets including the Americas, Europe, India and offshore; with a
strong customer base of robust financial investors and large global utilities.
With new order intakes of 3,628MWover the past year, the Group order book
underscores
strong market momentum and their pace of execution.
The Group's long-term frame agreements stood at 4.5GW, of which nearly
17 per cent have already been converted into firm orders. The agreements, with
some of the largest utilities and independent power producers in the world,
give additional long term business visibility for the Group.
The Group's global installations approached 20,000MWat the end of the
fiscal, with it creating a growing service order backlog. With a firm outlook
of approximately US$ 2 bn over a 15 year horizon, service orders create stable,
contractual cash flows for the business with EBITDA margins as strong as 20 per
cent. As the Group's global fleet continues to grow, global OMS revenue streams
are expected to continue to rise.
Products and technology
Their order book has been built on a foundation of robust, reliable
technology and tailored end-to-end solutions offerings. The Group's global
fleet, across 28 countries, delivered uptime levels above the industry standard
of 97 per cent. The Group continued its research and development drive,
maintaining investments at approximately two per cent of Group revenues
.
The past year saw the launch of four new platforms – The Suzlon S8X –
1.5MW, the S9X – 2.1MW, the REpower 3XM – 3MW, and MM100 platforms. The new
offerings reflect their philosophy of 'progressive optimization', driving
research and innovation to meet the evolving needs of markets and their customers.
The innovation and engineering driving their technology program is
centered on a core of over 500 highly qualified engineers and scientists at
centers in
With these new turbines adding to their comprehensive product portfolio,
the Suzlon Group has a turbine for every customer, market and wind site
anywhere in the world.
Group updates
They made significant progress in bringing together Suzlon and REpower
at strategic and operational levels over the course of the fiscal. With a
complementary product portfolio and numerous market synergies, the Group gives
customers the most comprehensive choice of products and service offerings in
the global market place.
Internally, they are making rapid progress in driving synergies in supply
chain and sourcing. With their well established low-cost component sourcing in
The Group also recently announced the appointment of Mr Vinod Tanti to
the role of COO for REpower Systems SE, where he will apply his extensive
experience and expertise from heading the supply chain function at Suzlon.
The companies, through the joint-venture
The companies combined operations in
Key initiatives
The management team has laid out clear plans to address key priorities
this year, namely –
1. Delivering on guidance; leveraging synergies between Suzlon and
REpower to achieve this;
2. Addressing near-term repayment obligations; disposing of non-critical
assets, focus on core businesses;
3. Reducing interest cost;
4. Reducing working capital intensity;
5. Balancing debt more effectively across the Group, and
6. Maintain total focus on on-time delivery, quality, health and safety.
With these focus areas, the management team believes that the Suzlon
Group is ideally positioned to resume its growth trajectory and
deliver significant value to their stakeholders.
Contingent
Liability
Rs.
In Millions
|
|
31.03.2012 |
|
Guarantees given on behalf of subsidiaries in respect of loans granted to them by banks/financial institutions |
32590.800 |
|
Income tax matters pending in appeal** |
417.000 |
|
Others |
57.900 |
** includes demand from income-tax authorities for various matters.
The Company / tax department has preferred appeals on these matters and the
same are pending with various appellate authorities. Considering the facts of
the matters, no provision is considered necessary by management.
FIXED ASSETS:
·
·
·
Buildings
·
Plant
and Machinery
·
Wind
research and measuring equipments
·
Computers
and office equipments
·
Furniture
and Fixtures
·
Vehicles
AS PER WEB SITE
DETAILS
PRESS RELEASE
SUZLON GROUP SIGNS 300 MW EQUIPMENT
· Firm order of 100 MW to be supplied in FY13
· Framework agreement for 200 MW
· Order consists of Suzlon’s S9X – 2.1 MW turbine suite
·
First large equipment supply-model order in
Pune: Suzlon Group, the world's fifth* leading and India’s
largest wind turbine manufacturer, has signed an equipment sale deal with ReNew
Power Ventures Pvt. Ltd. (‘ReNew Power’), for wind energy projects of 300 MW to
be developed across India. Suzlon will supply, supervise, operate and maintain
the projects, while ReNew Power will act as a developer. ReNew Power is one of
Suzlon will, under the firm contract, supply 48 units of its
latest S9X suite – comprising both S95 and S97 turbines to ReNew Power for a
100 MW project in
The framework agreement for a further 200 MW will be converted into firm contracts based on completion of the site development by ReNew Power.
Speaking on the order, Mr. Sumant Sinha, Chairman and CEO, ReNew Power, said: “This order marks our pioneering foray into the ‘Developers’ mode of large scale wind power projects, notably in the areas of site development and power evacuation”.
Speaking on the order Mr Tulsi Tanti, Chairman - Suzlon
Group said: “We are pleased to receive this repeat order from ReNew Power, and
look forward to partnering with the company in its ambitious plans for the wind
energy sector in
“The IPP segment is set to form an increasingly large part of the Indian wind market, itself set for record growth, and Suzlon is ideally positioned to partner this segment.”
The S9X suite, which features larger rotor diameters, increased hub heights and technology enhancements, like the doubly fed induction generator (DFIG) technology, are designed to harness power efficiently from lower wind speed sites
About ReNew Power
Founded by Mr. Sumant Sinha, Chairman and CEO, ReNew Power
Ventures Pvt. Ltd. has uniquely established and positioned itself in the
renewable energy market with the intention of producing clean energy and
thereby reducing
meeting
About Suzlon Group:
The Suzlon Group is ranked as the world’s fifth largest*
wind turbine supplier, in terms of cumulative installed capacity, at the end of
2011. The company’s global spread extends across Asia,
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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.55.37 |
|
|
1 |
Rs.85.95 |
|
Euro |
1 |
Rs.67.87 |
INFORMATION DETAILS
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
27 |
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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.