MIRA INFORM REPORT
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Report Date : |
04.02.2013 |
IDENTIFICATION DETAILS
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Name : |
SUZLON ENERGY (TIANJIN) LTD. |
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Registered Office : |
No. 15 Haitai Bei Road, Huayuan Industrial Development Area New
Technology Industry Park, Tianjin 300384 Pr |
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Country : |
China |
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Financials (as on) : |
31.05.2012 |
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Date of Incorporation : |
04.01.2006 |
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Com. Reg. No.: |
120000400053143 |
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Legal Form : |
Wholly Foreign-Owned Enterprise |
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Line of Business : |
Subject is engaged in designing, developing and manufacturing aero
generators. |
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No. of Employees : |
1,000 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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China |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
china - ECONOMIC OVERVIEW
Since the late 1970s China has moved from a closed, centrally planned system to a more market-oriented one that plays a major global role - in 2010 China became the world's largest exporter. Reforms began with the phasing out of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, creation of a diversified banking system, development of stock markets, rapid growth of the private sector, and opening to foreign trade and investment. China has implemented reforms in a gradualist fashion. In recent years, China has renewed its support for state-owned enterprises in sectors it considers important to "economic security," explicitly looking to foster globally competitive national champions. After keeping its currency tightly linked to the US dollar for years, in July 2005 China revalued its currency by 2.1% against the US dollar and moved to an exchange rate system that references a basket of currencies. From mid 2005 to late 2008 cumulative appreciation of the renminbi against the US dollar was more than 20%, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing allowed resumption of a gradual appreciation. The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2010 stood as the second-largest economy in the world after the US, having surpassed Japan in 2001. The dollar values of China's agricultural and industrial output each exceed those of the US; China is second to the US in the value of services it produces. Still, per capita income is below the world average. The Chinese government faces numerous economic challenges, including: (a) reducing its high domestic savings rate and correspondingly low domestic demand; (b) sustaining adequate job growth for tens of millions of migrants and new entrants to the work force; (c) reducing corruption and other economic crimes; and (d) containing environmental damage and social strife related to the economy's rapid transformation. Economic development has progressed further in coastal provinces than in the interior, and by 2011 more than 250 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of population control policy is that China is now one of the most rapidly aging countries in the world. Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the North - is another long-term problem. China continues to lose arable land because of erosion and economic development. The Chinese government is seeking to add energy production capacity from sources other than coal and oil, focusing on nuclear and alternative energy development. In 2010-11, China faced high inflation resulting largely from its credit-fueled stimulus program. Some tightening measures appear to have controlled inflation, but GDP growth consequently slowed to near 9% for 2011. An economic slowdown in Europe is expected to further drag Chinese growth in 2012. Debt overhang from the stimulus program, particularly among local governments, and a property price bubble challenge policy makers currently. The government's 12th Five-Year Plan, adopted in March 2011, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent on exports in the future. However, China has made only marginal progress toward these rebalancing goals.
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Source : CIA |
Company name and address
SUZLON ENERGY (TIANJIN) LTD.
NO. 15 HAITAI BEI ROAD, HUAYUAN INDUSTRIAL DEVELOPMENT AREA NEW
TECHNOLOGY INDUSTRY PARK, TIANJIN 300384 PR CHINA
TEL: 86 (0) 22-23700666/23706794
FAX: 86 (0) 22-23706626
EXECUTIVE SUMMARY
Date of Registration : JANUARY 4, 2006
REGISTRATION NO. : 120000400053143
LEGAL FORM : WHOLLY FOREIGN-OWNED ENTERPRISE
CHIEF EXECUTIVE :
TULSI.
R. TANTI (LEGAL REPRESENTATIVE)
REGISTERED CAPITAL : USD 55,000,000
staff :
1,000
BUSINESS CATEGORY : MANUFACTURING
Revenue :
CNY 1,783,924,000 (AS OF MAY 31, 2012)
EQUITIES :
CNY 623,817,000 (AS OF MAY 31, 2012)
WEBSITE : N/A
E-MAIL :
liyong.yang@suzlon.com
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : fairly good
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.22 = USD 1
Adopted
abbreviations (as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND & GENERAL REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL STATUS & HISTORY
SC was established as a wholly foreign-owned enterprise of PRC with
State Administration of Industry & Commerce (SAIC) under registration No.:
120000400053143 on January 4, 2006.
SC’s Organization Code Certificate No.:
78330695-3
%20LTD%20%20-%20208704%2004-Feb-2013_files/image010.jpg)
SC’s Tax No.: 120117783306953
SC’s registered capital: USD 55,000,000
SC’s paid-in capital: USD 55,000,000
Registration Change Record:
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Date |
Change of Contents |
Before the change |
After the change |
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Registered Capital |
USD 21,200,000 |
USD 55,000,000 |
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-- |
registered No. |
018071 |
120000400053143 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
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Name of Shareholder (s) |
% of Shareholding |
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Suzlon Energy Ltd. (India) |
100 |
SC’s Chief Executives:-
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Position |
Name |
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Legal Representative and Chairman |
Tulsi. R. Tanti |
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General Manager |
Abhinav Shah |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART &
BACKGROUND
Name %
of Shareholding
Suzlon Energy Ltd. (India) 100
=======================
Address: One Earth, Opp. Magarpatta City, Hadapsar Pune 411 0028 India
Tel: +91-20-4012 2000
Fax: +91-20-4012 2100 / 4012 2200
Website: www.suzlon.com
Email: suzloncorpcomm@suzlon.com
MANAGEMENT
Tulsi. R. Tanti, Legal Representative and Chairman
-------------------------------------------------------------------
%20LTD%20%20-%20208704%2004-Feb-2013_files/image011.jpg)
Gender: M
Nationality: India
Age: 55
Qualification: University
Working experience (s):
From 2006 to present, working in SC as legal representative and chairman
Also working in Suzlon Energy Ltd. as chairman and managing director
Abhinav Shah,
Supervisor
------------------------------------------
%20LTD%20%20-%20208704%2004-Feb-2013_files/image012.jpg)
Gender: M
Nationality: India
Working experience (s):
At present, working in SC as general manager
BUSINESS OPERATION
SC’s registered business scope includes designing and developing wind power
technology; developing, manufacturing and selling aero generators and related equipments and components; designing
and building wind farms; technology consulting services of above items.
SC is mainly engaged in designing, developing and manufacturing aero
generators.
SC’s products mainly include: aero generators.
SC sources its materials 60% from domestic market and 40% from the overseas market. SC sells 100% of its products in domestic market.
The buying terms of SC include Check, L/C, T/T and Credit of 30-60 days.
The payment terms of SC include Check, T/T and Credit of 30-60 days.
*Major Customer:
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Guohua (Xilinguole) Renewable Energy Co., Ltd.
*Major Supplier:
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Lapp Kabel (Shanghai) Co., Ltd.
Staff &
Office:
--------------------------
SC is known to have approx. 1,000
staff at present.
SC rents an area as its operating office & factory of approx.
250,000 sq. meters at the heading address.
RELATED COMPANY
SC is known to have a branch at present,
Suzlon Energy (Tianjin) Ltd. Beijing Branch
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Registration No.: 110000450014472
Principal: Fei Nanduo
Date of Registration: June 21, 2007
Address: Room 1808, Xinhua Insurance Building, No. 12 Jianguomen Wai
Street Jia, Chaoyang District, Beijing
Tel: 86 (0) 10-65695688
Fax: 86 (0) 10-65693251
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be determined
The appraisal serves as a reference to reveal SC's payments habits and
ability to pay. It is based on the 3
weighed factors: Trade payment experience (through current enquiry with SC's
suppliers), our delinquent payment and our debt collection record concerning
SC.
Trade payment experience: SC’s suppliers declined to make any
comments.
Delinquent payment record: None in our database.
Debt collection record: No overdue amount
owed by SC was placed to us for collection within the last 6 years.
BANKING
Basic Bank:
Industrial & Commercial Bank of China Tianjin Dafeng Road Sub-branch
AC#: 0302016919300079274
FINANCIALS
Financial Summary
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Unit: CNY’000 |
As
of May 31, 2012 |
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Total assets |
1,904,250 |
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Total liabilities |
1,288,150 |
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Equities |
616,100 |
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Revenue |
871,960 |
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Profits |
14,780 |
Important Ratios
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As of May 31,
2012 |
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*Liabilities to assets |
0.68 |
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*Net profit margin (%) |
1.70 |
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*Return on total assets (%) |
0.78 |
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* Revenue/Total assets |
0.46 |
FINANCIAL COMMENTS
PROFITABILITY:
FAIRLY GOOD
The revenue of SC appears fairly good in its line.
SC’s net profit margin is average.
SC’s return on total assets is average.
LIQUIDITY: AVERAGE
SC’s revenue is in a fair level, comparing with the size of its total
assets.
LEVERAGE: AVERAGE
The debt ratio of SC is average.
The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly Good.
CONCLUSIONS
SC is considered medium-sized in its line with fairly good financial
conditions.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.53.32 |
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|
1 |
Rs.84.60 |
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Euro |
1 |
Rs.72.63 |
INFORMATION DETAILS
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Report Prepared by
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SDA |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.