|
Report Date : |
07.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
SUZLON NORTH ASIA LTD. |
|
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|
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Registered Office : |
C/o Tricor Corporate Secretary Ltd. Level 28, Three Pacific Place, 1 Queen’s Road East |
|
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Country : |
Hong Kong |
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|
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Date of Incorporation : |
16.06.2008 |
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|
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Com. Reg. No.: |
39433155 |
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|
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Manufacturer of Wind turbine generators, etc. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Status : |
No Operating Office in Hong Kong |
|
Payment Behaviour : |
Unknown |
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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
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
HONG KONG - ECONOMIC OVERVIEW
Hong Kong has a free market economy, highly dependent on international trade and finance - the value of goods and services trade, including the sizable share of re-exports, is about four times GDP. Hong Kong's open economy left it exposed to the global economic slowdown that began in 2008. Although increasing integration with China, through trade, tourism, and financial links, helped it to make an initial recovery more quickly than many observers anticipated, it again faces a possible slowdown as exports to the Euro zone and US slump. The Hong Kong government is promoting the Special Administrative Region (SAR) as the site for Chinese renminbi (RMB) internationalization. Hong Kong residents are allowed to establish RMB-denominated savings accounts; RMB-denominated corporate and Chinese government bonds have been issued in Hong Kong; and RMB trade settlement is allowed. The territory far exceeded the RMB conversion quota set by Beijing for trade settlements in 2010 due to the growth of earnings from exports to the mainland. RMB deposits grew to roughly 7.8% of total system deposits in Hong Kong by the end of 2011, an increase of over 59% since the beginning of the year. The government is pursuing efforts to introduce additional use of RMB in Hong Kong financial markets and is seeking to expand the RMB quota. The mainland has long been Hong Kong's largest trading partner, accounting for about half of Hong Kong's exports by value. Hong Kong's natural resources are limited, and food and raw materials must be imported. As a result of China's easing of travel restrictions, the number of mainland tourists to the territory has surged from 4.5 million in 2001 to 28 million in 2011, outnumbering visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2011 mainland Chinese companies constituted about 43% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56% of the Exchange's market capitalization. During the past decade, as Hong Kong's manufacturing industry moved to the mainland, its service industry has grown rapidly. Growth slowed to 5% in 2011. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly in 2010 and inflation to rise 5.3% in 2011. Lower and middle income segments of the population are increasingly unable to afford adequate housing. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
Source
: CIA
SUZLON NORTH
ASIA LTD.
ADDRESS: c/o Tricor Corporate
Secretary Ltd.
Level 28, Three
Pacific Place, 1 Queen’s Road East, Hong Kong.
PHONE: 2980 1888
FAX: 2956 2192
Managing Director: Mr. Girish Ranchhod Tanti
Incorporated on: 16th
June, 2008.
Organization: Private
Limited Company.
Capital: Nominal: HK$600,000,000.00
Issued: HK$451,000.00
Business Category: Importer, Exporter and Manufacturer.
Group Turnover: INR 210,823.7
million (Year ended 31-03-2012)
Employees:
Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
Registered Head Office:-
c/o Tricor Corporate Secretary Ltd.
Level 28, Three Pacific Place, 1 Queen’s Road East, Hong Kong.
Holding Company:-
Tarilo Holding B.V., The Netherlands.
Ultimate Holding Company:-
Suzlon Energy Ltd., India.
Affiliated Companies:-
AE-Rotor Holding B.V., The Netherlands.
Cannon Ball Wind Energy Park-l, LLC, USA.
Parque Eolico El Almendro S.L., Spain.
PowerBlades GmbH, Germany.
PowerBlades SA, Portugal.
Renewable Energy Contractors Australia Pty. Ltd., Australia.
Rep Ventures Portugal S.A., Portugal.
REpower Australia Pty. Ltd., Australia.
REpower Benelux b.v.b.a., Belgium.
REpower Betriebs - und Beteilgungs GmbH, Germany.
REpower Diekat S.A., Greece.
REpower Espana S.L., Spain.
REpower Investitions - und Projektierungs GmbH & Co. KG, Germany.
REpower Italia s.r.l., Italy.
REpower North China Ltd., China.
REpower Portugal - Sistemas Eolicos, S.A., Portugal.
REpower S.A.S., France.
REpower Systems GmbH, Germany.
REpower Systems Inc., Canada.
REpower Systems Northern Europe A/S, Denmark.
REpower Systems Polska Sp.zo.o, Poland.
REpower Systems Scandinavia AB, Sweden.
REpower Systems SE, Germany.
REpower UK Ltd., UK.
REpower USA Corp., USA.
REpower Windpark Betriebs GmbH, Germany.
REpower Wind Systems Trading Inc., China.
RETC Renewable Energy Technology Centre, Germany.
RiaBlades S.A., Portugal.
RPW Investments, SGPS, S.A., Portugal.
SE Blades Ltd., India.
SE Blades Technology B.V., The Netherlands.
SE Drive Technik GmbH, Germany.
SE Electricals Ltd., India.
SE Forge Ltd., India.
SE Solar Ltd., India.
SISL Green Infra Ltd., India.
Sure Power LLC, USA.
Suzlon Energia Eloica do Brasil Ltda., Brazil.
Suzlon Energy (Tianjin) Ltd., China.
Suzlon Energy A/S, Denmark.
Suzlon Energy Australia CYMWFD Pty. Ltd., Australia.
Suzlon Energy Australia Pty. Ltd., Australia.
Suzlon Energy Australia RWFD Pty. Ltd., Australia.
Suzlon Energy B.V., The Netherlands.
Suzlon Energy Chile Limitada, Chile.
Suzlon Energy GmbH, Germany.
Suzlon Energy Korea Co. Ltd., South Korea.
Suzlon Energy Ltd., Mauritius.
Suzlon Engitech Ltd., India.
Suzlon Generators Ltd., India.
Suzlon Gujarat Wind Park Ltd., India.
Suzlon Infrastructure Services Ltd., India.
Suzlon Power Infrastructure Ltd., India.
Suzlon Project VIII LLC, USA.
Suzlon Rotor Corporation, USA.
Suzlon Structures Ltd., India.
Suzlon Towers and Structures Ltd., India.
Suzlon Wind Energy (Lanka) Pvt. Ltd., Sri Lanka.
Suzlon Wind Energy A/S, Denmark.
Suzlon Wind Energy bH, Bosina/Herzegovina.
Suzlon Wind Energy Bulgaria EOOD, Bulgaria.
Suzlon Wind Energy Corporation, USA.
Suzlon Wind Energy Equipment Trading (Shanghai) Co. Ltd., China.
Suzlon Wind Energy Espana, S.L., Spain.
Suzlon Wind Energy Italy s.r.l., Italy.
Suzlon Wind Energy Ltd., UK.
Suzlon Wind Energy Nicaragua Sociedad Anonima, Nicaragua.
Suzlon Wind Energy Portugal Energia Elocia Unipessoal Lda., Portugal.
Suzlon Wind Energy Romania SRL, Romania.
Suzlon Wind Energy South Africa (Pty) Ltd., South Africa.
Suzlon Wind Enerji Sanayi Ve Ticaret Ltd. Sirketi, Turkey.
Suzlon Wind International Ltd., India.
Suzlon Windenergie GmbH, Germany.
Suzlon Windpark Management GmbH, Germany.
Valum Holding B.V., The Netherlands.
Ventipower S.A., Portugal.
WEL Windenergie Logistik GmbH, Germany.
Windpark Blockland GmbH & Co. KG, Germany.
Windpark Olsdorf Watt GmbH & Co. KG, Germany.
Yorke Peninsula Wind Farm Project Pty. Ltd., Australia.
39433155
1247544
Managing Director: Mr. Girish
Ranchhod Tanti
Nominal Share Capital: HK$600,000,000.00 (Divided into 600,000,000
shares of HK$1.00 each)
Issued Share Capital: HK$451,000.00
(As per registry dated 16-06-2012)
|
Name |
|
No. of shares |
|
Tarilo Holding B.V. Strawinskylaan 1541, WTC Tower C, 15/F., 1077XX Amsterdam, The
Netherlands. |
|
451,000 ====== |
(As per registry dated 16-06-2012)
|
Name (Nationality) |
Address |
|
Girish Ranchhod TANTI |
A 1101, Ssilverwoods, Mundhwa, Pune 411036, India. |
|
Tulsi Tulsibhai Ranchhodbhai TANTI |
A/902, Ssilverwoods, Koregaonpark Ext Mundhwa, Pune 411036,
Maharastra, India. |
(As per registry dated 16-06-2012)
|
Name |
Address |
Co. No. |
|
Tricor Corporate Secretary Ltd. |
Level 28, Three Pacific Place, 1 Queen’s Road East, Hong Kong. |
0714799 |
The subject was incorporated on 16th June, 2008 as a private limited
liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Manufacturer.
Lines: Wind
turbine generators, etc.
Employees: Nil.
Commodities Imported: India, etc.
Markets: Asian
countries, Europe, South Africa, South America, etc.
Group Revenue: INR 178,791.3 million (Year
ended 31-03-2011)
INR 210,823.7
million (Year ended 31-03-2012)
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Nominal Share Capital: HK$600,000,000.00 (Divided into 600,000,000
shares of HK$1.00 each)
Issued Share Capital: HK$451,000.00
Group (Net Loss): (INR 13,239.7 million)
(Year ended 31-03-2011)
(INR 4,785.8 million) (Year ended 31-03-2012)
Profit or Loss: Group made losses in the past two years.
Condition: Business
is not active in Hong Kong.
Facilities: Is
making use of general banking facilities.
Payment:
Met trade
commitments as required.
Commercial Morality: Satisfactory.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Small.
Suzlon North Asia Ltd. is a wholly-owned subsidiary of Tarilo Holding
B.V., which is registered in The Netherlands.
The ultimate holding company of the subject Suzlon Energy Ltd.
[Suzlon/Group] is an India-based firm.
The directors of the subject are Girish Ranchhod Tanti and Tulsi
Tulsibhai Ranchhodbhai Tanti. They are
India passport holders and do not have the right to reside in Hong Kong
permanently.
Suzlon is a listed firm in India.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at Level 28, Three Pacific Place, 1 Queen’s Road East,
Hong Kong known as Tricor Corporate Secretary Ltd. which is handling its
correspondences and documents. This firm
is also the corporate secretary of the subject.
The subject has no employees in Hong Kong. It belongs to the Suzlon Group which is in
India.
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 Group’s global spread extends across
Asia, Australia, Europe, Africa and North and South America has over 21,500 MW
of wind energy capacity installed in 30 countries, operations across 33
countries and a workforce of over 13,000.
The Group offers one of the most comprehensive product portfolios –
ranging from sub-megawatt on-shore turbines at 600 Kilowatts (KW), to the
world’s largest commercial 6.15 MW offshore turbine – with a vertically
integrated, low - cost, manufacturing base. The Group – headquartered at Suzlon One Earth
in Pune, India – comprises Suzlon Energy Limited and its subsidiaries,
including REpower Systems SE.
Suzlon was set up by Mr. Tulsi Tanti’s venture into the textile
industry. Faced with soaring power costs
and the infrequent availability of power, he looked to wind energy as an
alternative. Beginning with a wind farm
project in the Indian state of Gujarat in 1995, with a capacity of just 3 MW -
he set forth to acquire the basic technology and varied expertise to set up
Suzlon Energy Limited - India’s first home-grown wind technology company.
Mr. Tulsi Tanti is also a director of the subject.
Suzlon has over 21,500 MW of installations across the world. It has earned a global cumulative market
share of 7.6%. Suzlon in India has a
cumulative installed base of over 7500 MW across 8 states, acquired over 43%
(as on September 2012) cumulative market share and is the market leader for the
last 14 consecutive years.
With world-class design, R&D teams, and state-of-the-art facilities
in Belgium, Germany, India and The Netherlands, Suzlon has set up an R&D
team.
Suzlon, in joint venture partnership with REpower, has established the
Renewable Energy Technology Center [RETC] in Hamburg. RETC provides cross-industrial and
interdisciplinary expertise in the areas of Research, Technology development,
Testing, Validation and Consulting in cooperation with an international
network.
Suzlon Group’s current annual manufacturing capacity stands at 5,900 MW
(Suzlon 4,200 MW + REpower 1,700 MW).
Its manufacturing facilities employ over 4,000 people worldwide.
Suzlon has had customers in China.
Its significant China customers are Huaneng Group and Datang Group.
For the year ended 31st March, 2012, Group revenue amounted to
INR 210,823.7 million (2011: INR 178,791.3 million). However, the Group made losses in the two
years. It suffered from a loss of INR
4,785.8 million in 2012, INR 13,239.7 million in 2011.
Suzlon also made a loss in FY 2010.
On 24th January, 2013, the Group is going to restructure its domestic
debt by the Empowered Group of Corporate Debt Restructuring (CDR) Cell.
The subject’s business in Hong Kong is not active. History in Hong Kong is over four years and
seven months.
Since the subject does not have its own operating office and has no
employees in Hong Kong, consider it good for business engagements on L/C basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.08 |
|
|
1 |
Rs.83.12 |
|
Euro |
1 |
Rs.72.02 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 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.