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Report Date : |
13.02.2013 |
IDENTIFICATION DETAILS
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Name : |
SUZLON ENERGY AUSTRALIA PTY LTD |
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Registered Office : |
Level 42, 80 Collins Street Melbourne Victoria 3000 |
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Country : |
Australia |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
15.01.2004 |
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Com. Reg. No.: |
107631176 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Construction of wind farms and sales and service of wind turbines. |
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No. of Employees : |
265 employees |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Poor |
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Payment Behaviour : |
Unknown |
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Litigation : |
--- |
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) |
|
Australia |
A1 |
A1 |
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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 |
AUSTRALIA - ECONOMIC OVERVIEW
Australia's abundant and diverse natural resources attract high levels of foreign investment and include extensive reserves of coal, iron ore, copper, gold, natural gas, uranium, and renewable energy sources. A series of major investments, such as the US$40 billion Gorgon Liquid Natural Gas project, will significantly expand the resources sector. Australia also has a large services sector and is a significant exporter of natural resources, energy, and food. Key tenets of Australia''s trade policy include support for open trade and the successful culmination of the Doha Round of multilateral trade negotiations, particularly for agriculture and services. The Australian economy grew for 17 consecutive years before the global financial crisis. Subsequently, the former RUDD government introduced a fiscal stimulus package worth over US$50 billion to offset the effect of the slowing world economy, while the Reserve Bank of Australia cut interest rates to historic lows. These policies - and continued demand for commodities, especially from China - helped the Australian economy rebound after just one quarter of negative growth. The economy grew by 1.4% during 2009 - the best performance in the OECD - by 2.7% in 2010, and by 1.8% in 2011. Unemployment, originally expected to reach 8-10%, peaked at 5.7% in late 2009 and fell to 5.0% in 2011. As a result of an improved economy, the budget deficit is expected to peak below 4.2% of GDP and the government could return to budget surpluses as early as 2015. Australia was one of the first advanced economies to raise interest rates, with seven rate hikes between October 2009 and November 2010. The GILLARD government is focused on raising Australia''s economic productivity to ensure the sustainability of growth, and continues to manage the symbiotic, but sometimes tense, economic relationship with China. Australia is engaged in the Trans-Pacific Partnership talks and ongoing free trade agreement negotiations with China, Japan, and Korea.
Source
: CIA
Verified Address
Subject name : SUZLON ENERGY AUSTRALIA PTY LTD
Business address :
Level 29, 80 Collins Street
Town : Melbourne
Province : Victoria
Zip/postal code : 3000
Country : Australia
Tel : +61 3 86606555
Fax : +61 3 86606500
Website : www.suzlon.com
Registered address
: Level 42, 80 Collins Street
Town Melbourne
Province : Victoria
Zip/postal code : 3000
Country : Australia
Executive Summary
Date founded or
registered : 15/01/2004
Legal form : Australian
Proprietary Company
Chief executive : Bhavna Lathigara
Issued & paid
up capital : AUD 5,550,001
Sales turnover : AUD 216,753,000 (Non-consolidated
12 months, 31/03/2011)
Net income : AUD -34,363,000
(Non-consolidated 12 months, 31/03/2011)
Total fixed assets
: AUD 254,348,000 (Non-consolidated
12 months, 31/03/2011)
Line of business :
Construction of wind
farms and sales and service of wind turbines.
Staff employed : 265 employees (Subject);
13,000 employees (Suzlon Group)
Company Analysis
Country risk : Country risk is
minimal
Operation trend : Operational trend is
declining
Management
experience : Management is
inadequately experienced
Financial
performance : Financial
performance is collapsing
Organization
structure : Organizational
structure is flawed
Detrimental : Some detrimental found
Payment history : Payment punctuality is
undetermined
Credit amount
suggestion : Fully secured terms.
Credit amount
asked : Not described.
Comments : It is strictly
advisable to conduct business dealing on prepayment or L/C basis
due to the Subject's share equity deficit.
Registry Data
Registration date
: 15/01/2004
Legal form : Australian
Proprietary Company
Registration no Australia Company
Number: 107631176
Registered authority
: Australian Securities
and Investments Commission
Fiscal/ Tax no : Australia Business
Number: 55107631176
Registry status : Live/Active
Previous name : None reported.
Change of legal
form : None reported.
Key Management
Name : Chris Judd
Designation : Chief Executive Officer
Appointments
Name : Frans Hilbert Jan
Visscher
Designation : Director
Appointment date : 07/06/10
Address : Kloosterlaan 10
1861 SE Bergen
Netherlands
Biography : Born on 24-06-1953 in The
Hague, Netherlands.
Name : Kirti Jasvantlal
Vagadia
Designation : Director
Appointment date :
17/04/12
Address : D-302, Kalpataru Regency II
Kalyani Nagar
Pune 411006
Maharashtra
India
Biography : Born on 12-03-1965 in
Barwala, Ahmedabad, India.
Name : Bhavna Lathigara
Designation : Director and Company Secretary
Appointment date :
30/09/12
Address : 149 Boundary Road
North Epping, NSW 2121
Australia
Biography : Born on 27-06-1976 in Rajkot,
India.
Staff employed : 265 employees (Subject); 13,000
employees (Suzlon Group)
Key Advisors
Auditors : ERNST & YOUNG
8 Exhibition Street
Melbourne, VIC 3000
Australia
Composition
Authorized Capital
: AUD 5,550,001
No of shares : 5,550,001 Ordinary Shares
Share par value : AUD 1
Issued capital : AUD 5,550,001
Paid up capital : AUD 5,550,001
How listed : Full
List
Composition
Shareholder name :
SUZLON ENERGY A/S
Address : Bredskifte Alle 13
Hasle
8210 Århus V
Denmark
No. of shares : 5,550,001 Ordinary Shares
% of shares : 100%
Structure
Name : SUZLON ENERGY LIMITED
Affiliation type :
Ultimate Holding Company
Address : One Earth, Opp. Magarpatta
City
Hadapsar
Pune 411028
India
Comments : Suzlon Energy Limited engages in the
manufacture and sale of wind turbine
generators, wind power systems, and related components.
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, 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
fromsub-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.
Name : SUZLON ENERGY A/S
Affiliation type :
Parent Company
Address : Bredskifte Allé 13
Aarhus 8210
Denmark
Name : SUZLON WIND ENERGY ESPANA, S.L
Affiliation type :
Sister Company
Address : C/ Rosario Pino, 14-16, 5ª Planta
28020 Madrid
Spain
Name : REPOWER AUSTRALIA PTY LTD
Affiliation type :
Sister Company
Address : Level 29, 80 Collins Street
Melbourne, VIC 3000
Australia
Name : SUZLON WIND ENERGY CORPORATION
Affiliation type :
Sister Company
Address : 8750 W. Bryn Mawr Avenue, Suite 720
Chicago, IL 60631
United States
Related companies
and corporate
affiliations
comments: Other companies of the
Suzlon Group should be considered affiliates of the
Subject.
Bank Details
Name of bank : The Australia and New Zealand Banking Group
Limited
Address : Australia
Account details :
Current Account
Comments : It is generally not the policy of local
banks to provide credit status information to
non related
parties, however interested parties would be advised to consult first
with the Subject
if banker's references are required.
Mortgages : None
reported.
Legal Fillings
Bankruptcy
fillings : None reported.
Court judgements :
None reported.
Tax liens : None reported.
Others : None
reported.
Description
Source of
financial statement : Commercial
Registry Filings
Financial statement
date : 31/03/11
Type of accounts : Full audited
Currency : Australia Dollar
(AUD)
Exchange rate : 1 USD = AUD 0.97 as of
11-02-2013
Summarized Financial Information
Consolidation type
: Non Consolidated Non Consolidated Group Consolidated
Currency : Australia
Dollar (AUD) Australia Dollar (AUD) India, Rupee (INR)
Denomination : (x1) One (x1) One (x1) One
Date of financial
year end : 31/03/11 31/03/10 31/03/12
Length of accounts
: 12 months 12 months 12 months
Sale turnover /
Income : 216,753,000 295,217,000 213,592,100,000
Gross profit : -3,507,000 -2,336,000
Profit before tax
: -25,236,000 -20,400,000 -1,417,900,000
Net income -34,363,000
-13,983,000
-4,725,900,000
Non current assets
: 20,350,000 31,061,000 139,539,600,000
Current assets : 233,998,000 240,882,000 184,733,200,000
Inventories : 55,798,000,000
Total assets : 254,348,000 271,943,000 326,299,900,000
Current
liabilities : 279,500,000
260,219,000 191,293,900,000
Non current
liabilities : 8,449,000 10,961,000 82,310,400,000
Total liabilities
: 287,949,000 271,180,000 273,604,300,000
Share equity : -33,601,000 763,000 52,695,600,000
Retained earning :
-39,151,000 -4,787,000
Comments : The non-consolidated financial information
above relates to the Subject only.
The group’s consolidated financial information above relates to the
Subject’s
Ultimate Holding Company Suzlon Energy Limited and all its subsidiaries
which
include the Subject.
In addition, financial statement of Suzlon Energy Limited states that
the Subject’s
turnover for financial year end 31-03-2012 was INR 7,248,100,000 with
loss
before tax of INR -212,400,000.
Main activities : The Subject is engaged in
construction of wind farms and sales and
service of wind turbines.
The Subject is ultimately owned by Suzlon Energy Limited, a public
listed
company based in India.
Suzlon Energy Limited engages in the manufacture and sale of wind
turbine generators, wind power systems, and related components. Its
product portfolio includes drive systems, annular generators, and grid
connection systems, as well as towers and foundations comprising tower
constructions, tubular steel towers, precast concrete towers, and
foundation constructions. The company is also involved in the
sale/sub-lease of land; infrastructure development; sale of foundry and
forging components; and generation and sale of power. In addition, it
offers
project services, which consist of land sourcing and permitting, wind
resource assessment, and installation and commissioning services, as
well
as operations and maintenance services. Suzlon Energy Limited operates
primarily in India, Europe, the United States, Canada, the People’s
Republic of China, and Australia. Suzlon Energy Limited was founded in
1995 and is headquartered in Pune, India.
Purchases
International :
Mainly from Asia
Sales
Local : Yes
International :
New Zealand, Pacific Islands
Property & Assets
Premises : The
Subject operates from premises located at the verified heading
address consisting
of an administrative office.
Branches : None
reported.
Gross Domestic Products (GDP) & Economic
Overview
Central bank : Reserve
Bank of Australia
Reserve of foreign
exchange & gold : US$ 43.879
billion
Gross domestic
product - GDP : US$ 1.586
trillion
GPP (Purchasing
power parity) : 954.296
billion of International dollars
GDP per capita -
current prices : US$ 68,916
GDP - composition
by sector : agriculture: 4%
industry: 25.6%
services: 70.4%
Inflation : 2009:
1.8%
2010: 2.8%
2011: 3.4%
Unemployment rate
: 2009: 5.6%
2010: 5.2%
2011: 5.1%
Public debt
(General
Government gross debt as
a % GDP): 2009:
16.9%
2010: 20.4%
2011: 22.9%
Government bond
ratings : Standard
& Poor's: AAA/Stable/A-1+
Moody's rating: Aaa
Moody's outlook: STA
Market value of
publicly traded
shares: US$1.258
trillion
Largest companies in the country : Commonwealth
Bank (Banking), BHP Billiton (Materials), Westpac Banking Group (Banking), Rio
Tinto (Materials), National Australia Bank (Banking), ANZ Banking (Banking),
Telstra (Telecommunications)
Trade & Competitiveness Overview
Total exports : US$210.7
billion
Exports
commodities : Coal,
iron ore, gold, meat, wool, alumina, wheat
Total imports : US$187.2
billion
Imports
commodities : Machinery
and transport equipment, computers and office machines,
telecommunication equipment and parts, crude oil and petroleum products
Export - major
partners : Japan 18.9%,
China 14.2%, South Korea 8%, US 6%, NZ 5.6%, India
5.5%, UK 4.2%
Import - major
partners : China
15.5%, US 12.8%, Japan 9.6%, Singapore 5.6%, Germany 5.2%,
UK 4.3%, Thailand 4.2%
FDI Inflows : 2008:
US$46,843 million
2009: US$25,716 million
2010: US$32,472 million
FDI Outflows : 2008:
US$33,604 million
2009: US$16,160 million
2010: US$26,431 million
Best countries for
doing business : 10 out of 183
countries
Global
competitiveness ranking : 20 (ranking by
country on a basis of 142, the first is the best)
Country and Population Overview
Total population :
22.23 million
Total area : 7,692,024 km2
Capital : Canberra
Currency : Australian dollars (AUD)
Internet users as
% of total
population: 76%
Purchase Term
International :
Prepayment, Telegraphic transfer, D/P, Credit 30-120 days
Sales Term
Local :
Prepayment, Bank transfer, D/P, Credit 30-120 days
International :
Prepayment, Telegraphic transfer, D/P, Credit 30-120 days
Trade Reference/ Payment
Behaviour
Comments : As
local and international trade references were not supplied, the Subject's
payment track
record history cannot be appropriately determined.
Investigation Note
Sources :
Interviews and material provided by the Subject
: Other official and local business sources
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.96 |
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|
1 |
Rs.84.49 |
|
Euro |
1 |
Rs.72.23 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
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 |
|
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.