MIRA
INFORM REPORT
|
Report Date : |
04.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
SUZLON ENERGY LIMITED |
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Registered
Office : |
“Suzlon”, 5, Shrimali Society, Near Shri Krishna Complex, Navrangpura,
Ahmedabad – 380 009, Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
10.04.1995 |
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Com. Reg. No.: |
04-025447 |
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Capital
Investment/ Paid-up Capital: |
Rs.3554.700
Millions |
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CIN No.: [Company Identification
No.] |
L40100GJ1995PLC025447 |
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IEC No.: |
2495002021 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMS03088B |
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PAN No.: [Permanent Account No.] |
AADCS0472N |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Subject
is primarily engaged in the business of manufacturing of wind turbine
generators (‘WTGs’) and related components of various capacities. |
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No. of
Employees: |
5565 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (18) |
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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 : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having moderate track record.
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years respectively.
By 2020, emerging Asia will become the world’s largest consuming block,
overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term Credit Facilities: D – Ratings are
in default or are expected to be in default soon. |
|
Date |
August, 2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Credit Facilities: D – Ratings
are in default or expected to be in default on maturity. |
|
Date |
August, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name has been found enlisted as a
defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’
list as of 31-03-2012.
LOCATIONS
|
Registered Office : |
“Suzlon”, 5, Shrimali Society, Near Shri Krishna Complex, Navrangpura,
Ahmedabad – 380 009, Gujarat, India |
|
Tel. No.: |
91-79-66045000/ 26407141 |
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Fax No.: |
91-79-26565540/ 26442844 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate/ Branch Office : |
One Earth, Opposite Magarpatta City, Hadapsar, Pune – 411 028, Maharashtra,
India |
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Tel. No.: |
91-20-61356135/ 67022000 |
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Fax No.: |
91-20-67022100/ 40122200/ 67022200 |
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E-Mail : |
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Factory 1/ Technical Service Centre : |
Plot
No.H-24 and H-25, M.G. Udyognagar Industrial Estate, Dabhel, Daman-396 210, Daman and Diu, India |
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Factory 2 : |
Plot
No.77, 13, Opposite GDDIC, Vanakbara Road, Village Malala, Diu – 362 520, Daman and Diu, India |
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Factory 3 : |
Plot
No.306/1 and 3, Bhimpore, Nani Daman, Daman – 396 210, Daman and Diu, India |
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Factory 4 : |
Survey
No.86/3-4, 87/1-3-4, 88/1-2-3, 89/1-2, Kadaiya Road, Daman – 396 210, Daman and Diu, India |
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Factory 5 : |
Survey
No.42/2 and 3, 54, 1 to 8, Bhenslore Road, Dunetha, Daman – 396 210, Daman and Diu, India |
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Factory 6 : |
Plot
No.4, OIDC, M.G. Udhyog Nagar, Dabhel, Nani Daman, Daman – 396 210, Daman and Diu, India |
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Factory 7 : |
RS.No.9/1A,
9/1B, 9/3, 9/1C, 9/2, 10/1, 10/3, 58/1, 9/4A, 9/4B, 57/1, 57/3, 58/2, 58/3,
58/5, 58/6, 57/4, 59, Thiruvandralkoil, Opposite Whirlpool India Limited,
Pondicherry – 605 107, India |
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Factory 8 : |
Block
No.93, Opposite Gayatri Petroleum, National Highway No.8, Village
Vadsala-Varnama, Vadodara – 391 242, Gujarat, India |
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Factory 9 : |
Survey No.588, Village: Paddar, Bhuj, Kutch – 370 105,
Gujarat, India |
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Tel No.: |
91-2832-229028 |
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Location
: |
Owned |
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Factory 10 : |
Survey
No.282, Chhadvel (Korde), Sakri, Dhule – 424 305 |
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Branch Office : |
Located at: ·
Mumbai ·
Chennai ·
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Overseas Branch Office: |
Located at: ·
·
Brazil ·
·
·
·
·
·
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DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Tulsi R. Tanti |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. Vinod R. Tanti |
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Designation : |
Non-Executive Director |
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Name : |
Mr. Girish Tanti |
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Designation : |
Non-Executive Director |
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Name : |
Mr. V. Raghuraman |
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Designation : |
Non-Executive Independent Director |
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Name : |
Mr. Rajiv Ranjan Jha |
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Designation : |
Non-Executive Independent Director (a nominee of Power
Finance Corporation Limited) |
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Name : |
Mr. Marc Desaedeleer |
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Designation : |
Non-Executive Independent Director |
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Name : |
Mrs.
Bharati Rao, a nominee of State Bank of India |
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Designation : |
Non-Executive
Independent Director (appointed as additional director w.e.f. August 13,
2012) |
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Name : |
Mr.
Ravi Uppal |
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Designation : |
Non-Executive
Independent Director (appointed as additional director w.e.f. September 28,
2012) |
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Name : |
Mr.
Ravi Kumar, a nominee of IDBI Bank Limited |
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Designation : |
Non-Executive
Independent Director (appointed as additional director w.e.f. July 20, 2013) |
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Name : |
Mrs.
Mythili Balasubramanian, a nominee of IDBI Bank Limited |
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Designation : |
Non-Executive
Independent Director (ceased to be a director w.e.f. July 20, 2013) |
KEY EXECUTIVES
|
Name : |
Mr. Amit Agarwal |
|
Designation : |
Chief Financial Officer |
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Name : |
Mr. Hemal A. Kanuga |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.07.2013
|
Category of Shareholder |
Total No. of
Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
598384000 |
27.73 |
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|
191907588 |
8.89 |
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|
790291588 |
36.63 |
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Total shareholding of Promoter and Promoter Group (A) |
790291588 |
36.63 |
|
(B) Public Shareholding |
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|
29053093 |
1.35 |
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|
348733301 |
16.16 |
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|
48280625 |
2.24 |
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|
196377737 |
9.10 |
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|
622444756 |
28.85 |
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|
|
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|
108449679 |
5.03 |
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|
|
|
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|
500149008 |
23.18 |
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|
98992389 |
4.59 |
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|
24822 |
0.00 |
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|
37417424 |
1.73 |
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|
34404173 |
1.59 |
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|
57000 |
0.00 |
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|
2810026 |
0.13 |
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|
146225 |
0.01 |
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|
745033322 |
34.53 |
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Total Public shareholding (B) |
1367478078 |
63.37 |
|
Total (A)+(B) |
2157769666 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
4368568 |
0.00 |
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|
4368568 |
0.00 |
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Total (A)+(B)+(C) |
2162138234 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
Subject
is primarily engaged in the business of manufacturing of wind turbine
generators (‘WTGs’) and related components of various capacities. |
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 |
GENERAL INFORMATION
|
No. of Employees : |
5565 (Approximately) |
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Bankers : |
·
Axis Bank Limited ·
Indian Overseas Bank ·
Bank of ·
Bank of India ·
Oriental Bank of Commerce ·
Bank of ·
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 : |
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Banking
Relations : |
-- |
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Financial Institution : |
·
Life Insurance Corporation of ·
Power Finance Corporation Limited |
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Auditor 1 : |
|
|
Name : |
SNK and Company Chartered Accountants |
|
Address : |
E-2-B, 4th Floor, The Fifth
Avenue, Dhole Patil Road, Near Regency Hotel, Pune – 411 001, Maharashtra,
India |
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Auditor 2 : |
|
|
Name : |
S.R. Batliboi and Company Chartered Accountants |
|
Address : |
C-401, 4th Floor, Panchshil Tech Park, Yerwada, (Near Don
Bosco School), Pune – 411 006, Maharashtra, India |
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|
|
|
Subsidiary Companies : |
·
AE-Rotor Holding B.V. ·
Avind Desenvolvimento De Projetos De Energia Ltda
·
Parque Eolico El Almendro S.L. ·
PowerBlades GmbH ·
PowerBlades SA ·
REpower Australia Pty Limited (Formerly known as
Renewable Energy Contractors Australia Pty Limited) ·
PowerBlades Industries Inc. ·
RECA Holdings Pty Limited (Formerly known as
REpower Australia Pty Limited) ·
REpower Benelux b.v.b.a. ·
REpower Betriebs – und Beteiligungs GmbH ·
REpower Espana S.L. Subsidiary Company ·
REpower Investitions – und Projektierungs GmbH
and Co. KG ·
REpower Italia s.r.l ·
REpower North China Limited ·
REpower Portugal - Sistemas Eolicos, S.A. ·
REpower S.A.S. ·
REpower Systems DTE Romania SRL ·
REpower Systems India Limited (Formerly REpower
Systems India Private Limited) ·
REpower Systems GmbH ·
REpower Systems Inc ·
REpower Systems Northern Europe A/S ·
REpower Systems Polska Sp.z o.o ·
REpower Systems Scandinavia AB ·
REpower Systems SE ·
REpower UK Limited ·
REpower USA Corp. ·
REpower Windpark Betriebs GmbH ·
REpower Wind Systems Trading Inc. ·
RETC Renewable Energy Technology Centre ·
RiaBlades S.A. ·
RPW Investments, SGPS, S.A. ·
SE Blades Limited ·
SE Blades Technology B.V. ·
SE Drive Technik GmbH ·
SE Electricals Limited ·
SE Forge Limited ·
SE Solar Limited ·
SISL Green Infra Limited ·
Sure Power LLC ·
Suzlon Energia Eloica do Brasil Ltda ·
Suzlon Energy (Tianjin) Limited ·
Suzlon Energy A/S ·
Suzlon Energy Australia CYMWFD Pty Limited ·
Suzlon Energy Australia Pty. Limited ·
Suzlon Energy Australia RWFD Pty. Limited ·
Suzlon Energy B.V. ·
Suzlon Energy Chile Limitada ·
Suzlon Energy GmbH ·
Suzlon Energy Korea Co., Limited ·
Suzlon Generators Limited ·
Suzlon Gujarat Wind Park Limited ·
Suzlon North Asia Limited ·
Suzlon Power Infrastructure Limited ·
Suzlon Project VIII LLC ·
Suzlon Rotor Corporation ·
Suzlon Structures Limited ·
Suzlon Wind Energy (Lanka) Private Limited ·
Suzlon Wind Energy bH ·
Suzlon Wind Energy Bulgaria EOOD ·
Suzlon Wind Energy Corporation ·
Suzlon Wind Energy Equipment Trading (Shanghai)
Co. Limited ·
Suzlon Wind Energy Espana, S.L ·
Suzlon Wind Energy Italy s.r.l. ·
Suzlon Wind Energy Limited ·
Suzlon Wind Energy Nicaragua Sociedad Anonima ·
Suzlon Wind Energy Portugal Energia Elocia
Unipessoal Lda ·
Suzlon Wind Energy Romania SRL ·
Suzlon Wind Energy South Africa (PTY) Limited ·
Suzlon Wind Enerji Sanayi Ve Ticaret Limited
Sirketi ·
Suzlon Wind International Limited ·
Suzlon Windenergie GmbH ·
Tarilo Holding B.V. ·
Valum Holding B.V. ·
Ventipower S.A ·
WEL Windenergie Logistik GmbH ·
Windpark Blockland GmbH and Co KG ·
Yorke Peninsula Wind Farm Project Pty Limited |
|
|
|
|
Entities where key management
personnel (‘KMP’)/relatives of key management personnel ('RKMP') have
significant influence : |
·
Sarjan Realities Limited ·
Aspen Infrastructures Limited (Formerly
Synefra Engineering and Construction Limited) ·
Shubh Realities (South) Limited ·
Tanti Holdings Private Limited ·
Suzlon Foundation ·
Girish R. Tanti (HUF) ·
Suruchi Holdings Private Limited ·
Sugati Holdings Private Limited ·
Synew Steel Limited ·
Salene Power Infrastructure Limited ·
Samanvaya Holdings Private Limited ·
Synefra Infrastructures Limited. |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3500000000 |
Equity Shares |
Rs.2/- each |
Rs.7000.000 Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1796297624 |
Equity Shares |
Rs.2/- each |
Rs.3592.600 Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1777365647 |
Equity Shares |
Rs.2/- each |
Rs.3554.700
Millions |
|
|
|
|
|
Reconciliation of the equity shares outstanding at the
beginning and at the end of the reporting period
|
Equity shares |
As at 31st March, 2013 |
|
|
No. of Shares (Crore) |
Amount
(Rs.
in millions) |
|
|
At the beginning of the
year |
177.74 |
3554.700 |
|
Issued during the year |
-- |
-- |
|
Outstanding at the end of the year |
177.74 |
3554.700 |
Terms/rights attached to equity shares
The Company
has only one class of equity shares having a par value of Rs 2 each. Each
holder of equity shares is entitled to one vote per share except for the
underlying depository shares held against the Global Depository Receipts
(‘GDRs’). Holders of the GDR have no voting rights with respect to the equity
shares represented by the GDRs. Deutsche Bank Trust Company Americas (the
‘Depository’), which is the shareholder on record in respect of the equity
shares represented by the GDRs, will not exercise any voting rights in respect
of the equity shares against which GDRs are issued, unless it is required to do
so by law. Equity shares which have been withdrawn from the Depository facility
and transferred on the Company's register of members to a person other than the
Depository, ICICI Bank Limited (the ‘Custodian’) or a nominee of either the
Depository or the Custodian may be voted by the holders thereof.
As
regard the shares, which did not have voting rights as on March 31, 2013 are
GDRs – 1,023,173 (equivalent shares 4,092,692) and as on March 31, 2012 are
GDRs – 793,099 (equivalent shares 3,172,396).
The
Company declares and pays dividends in Indian rupees. The dividend proposed by
the Board of Directors is subject to approval of the shareholders in the ensuing
Annual General Meeting.
In the
event of liquidation of the Company, the holder of equity shares will be
entitled to receive remaining assets of the Company, after distribution of all
preferential amounts. The distribution will be in proportion to the number of
equity shares held by the shareholders.
Aggregate number of bonus shares issued, share issued for
consideration other than cash and shares bought back during the period of five
years immediately preceding the reporting date:
|
|
31.03.2013 No. of Shares (Crore) |
|
Equity shares allotted as fully paid up pursuant to
contracts for consideration other than cash |
3.20 |
In addition, the Company issued 1,393,000 shares (March 31, 2012
2,573,500 shares) during the period of five years immediately preceding the
reporting date on exercise of options granted under the employee stock option
plan (ESOP) wherein part consideration was received in the form of employee
services.
Details of shareholders holding more than 5% equity shares
in the Company
|
Name of the shareholder |
As at 31st March, 2013 |
|
|
No. of Shares (Crore) |
%
holding |
|
|
(Equity shares of Rs 2 each fully paid) |
|
|
|
Mr. Girish R. Tanti |
10.00 |
5.63 |
|
Tanti Holdings Private Limited |
15.46 |
8.70 |
|
Morgan Stanley Asia (Singapore) PTE |
12.27 |
6.90 |
Note:
As per of the Company, including its register of shareholders/ members and other
declarations received from shareholders regarding beneficial interest, the
above shareholding represents both legal and beneficial ownerships of shares.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
3554.700 |
3554.700 |
3554.700 |
|
(b) Reserves & Surplus |
19211.900 |
51424.400 |
64390.100 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
5816.700 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
28583.300 |
54979.100 |
67944.800 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
61640.100 |
45274.600 |
53568.500 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long
term liabilities |
100.000 |
1000.000 |
1000.000 |
|
(d) Long-term
provisions |
2336.100 |
2288.000 |
795.100 |
|
Total Non-current
Liabilities (3) |
64076.200 |
48562.600 |
55363.600 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
15433.500 |
18887.600 |
11755.200 |
|
(b)
Trade payables |
31684.600 |
41455.600 |
32562.100 |
|
(c)
Other current liabilities |
30415.700 |
29856.100 |
3955.800 |
|
(d) Due
to customers |
142.300 |
0.000 |
0.000 |
|
(e) Short-term
provisions |
4289.000 |
12492.000 |
3121.800 |
|
Total Current
Liabilities (4) |
81965.100 |
102691.300 |
51394.900 |
|
|
|
|
|
|
TOTAL |
174624.600 |
206233.000 |
174703.300 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
7595.600 |
8512.500 |
7462.000 |
|
(ii)
Intangible Assets |
1887.900 |
1160.300 |
1169.700 |
|
(iii)
Capital work-in-progress |
383.800 |
130.300 |
370.400 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
81360.500 |
87029.800 |
77949.300 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
556.400 |
|
(d) Long-term Loan and Advances |
25344.600 |
24919.700 |
34395.500 |
|
(e)
Trade receivables |
0.400 |
232.700 |
0.000 |
|
(f) Other
Non-current assets |
3001.700 |
3107.800 |
3890.800 |
|
Total Non-Current
Assets |
119574.500 |
125093.100 |
125794.100 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
4169.300 |
1126.400 |
501.400 |
|
(b)
Inventories |
15420.600 |
14659.400 |
10149.500 |
|
(c)
Trade receivables |
15862.500 |
34146.600 |
22974.600 |
|
(d) Cash
and cash equivalents |
1391.700 |
2626.500 |
1296.400 |
|
(e)
Short-term loans and advances |
15521.400 |
25305.900 |
13407.900 |
|
(f)
Other current assets |
2684.600 |
3275.100 |
579.400 |
|
Total
Current Assets |
55050.100 |
81139.900 |
48909.200 |
|
|
|
|
|
|
TOTAL |
174624.600 |
206233.000 |
174703.300 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
17481.100 |
68535.200 |
43575.500 |
|
|
|
Other Income |
55.600 |
176.900 |
88.400 |
|
|
|
TOTAL (A) |
17536.700 |
68712.100 |
43663.900 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of
materials consumed |
16994.500 |
44886.400 |
29474.500 |
|
|
|
Purchases of
traded goods |
727.800 |
668.400 |
230.00 |
|
|
|
(Increase)/decrease
in inventories of finished goods work-in-progress and stock-in-trade |
(3203.500) |
(962.300) |
(2237.000) |
|
|
|
Employee
benefits expense |
2574.500 |
3374.300 |
2152.300 |
|
|
|
Other expenses |
13165.500 |
15047.400 |
11440.800 |
|
|
|
Exceptional
items |
5717.100 |
3489.200 |
372.800 |
|
|
|
TOTAL (B) |
35975.900 |
66503.400 |
41433.400 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(18439.200) |
2208.700 |
2230.500 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
7845.100 |
5369.600 |
3266.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(26284.300) |
(3160.900) |
(1036.000) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2145.400 |
1826.800 |
1568.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(28429.700) |
(4987.700) |
(2604.900) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1468.300 |
66.100 |
(748.300) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(29898.00) |
(5053.800) |
(1856.600) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of exports |
3503.000 |
459.000 |
327.800 |
|
|
|
Interest on loans |
1422.900 |
1850.500 |
1822.900 |
|
|
TOTAL EARNINGS |
4925.900 |
2309.500 |
2150.700 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
8725.300 |
23560.000 |
17448.100 |
|
|
|
Stores & Spares |
8.000 |
194.000 |
9.600 |
|
|
|
Capital Goods |
1573.100 |
162.000 |
606.600 |
|
|
TOTAL IMPORTS |
10306.400 |
23916.000 |
18064.300 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(16.82) |
(2.84) |
(1.09) |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2013 |
|
Type |
|
|
1st
Quarter |
|
Net Sales |
|
|
9500.200 |
|
Total Expenditure |
|
|
11234.900 |
|
PBIDT (Excl OI) |
|
|
(1734.700) |
|
Other Income |
|
|
858.800 |
|
Operating Profit |
|
|
(875.900) |
|
Interest |
|
|
2981.300 |
|
Exceptional Items |
|
|
(2140.000) |
|
PBDT |
|
|
(5997.200) |
|
Depreciation |
|
|
406.500 |
|
Profit Before Tax |
|
|
(6403.700) |
|
Tax |
|
|
(3.300) |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
(6400.400) |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
(6400.400) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(170.49) |
(7.36)
|
(4.25) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(162.63) |
(7.28)
|
(5.98) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(30.61) |
(4.19)
|
(2.72) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.99) |
(0.09)
|
(0.04) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.70 |
1.17
|
0.96 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.67 |
0.79
|
0.95 |
LOCAL AGENCY FURTHER INFORMATION
|
Check
List by Info Agents |
Available
in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
No |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if
applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
Yes |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
|
31)
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32)
PAN of Proprietor/Partner/Director, if available |
No |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
Yes |
LITIGATION
DETAILS:
|
HIGH COURT OF GUJARAT |
|
CIVIL
APPLICATION No. 2788 of 2003 |
|
|
|
In
SPECIAL CIVIL APPLICATION/ 4063/ 1993 ( PENDING ) |
|
Status : PENDING |
|
CCIN
No : 001003200302788 |
|
|
|||||
|
|
||||
|
|
||||
|
S.NO. |
Name of the Petitioner |
Advocate On Record |
|
1 |
HARISHCHANDRASINHJI DANSINHJI VALA |
|
|
S.NO. |
Name of the Respondant |
Advocate On Record |
|
1 |
K C KAPOOR |
NOTICE SERVED BY DS for :Respondent(s) |
|
|
|||
|
Presented On |
: 22/04/2003 |
Registered On |
: 21/04/2003 |
|
Bench Category |
: SINGLE BENCH |
District |
: RAJKOT |
|
Case Originated From |
: THROUGH ADVOCATE |
Listed |
: 70 times |
|
Stage Name |
: FOR FINAL HEARING |
||
|
|
|
|
Act |
·
CIVIL PROCEDURE CODE, 1908 |
|
Office Details |
|
S.
No. |
Filing
Date |
Document
Name |
Advocate
Name |
Court
Fee on Document |
Document
Details |
|
1 |
21/04/2003 |
VAKALATNAMA |
MR MC BHATT ADVOCATE |
4 |
MR
MC BHATT:1-1/3 |
|
2 |
21/04/2003 |
MEMO OF APPEAL/PETITION/SUIT |
MR MC BHATT ADVOCATE |
5 |
MR
MC BHATT:1-1/3 |
|
3 |
28/04/2003 |
AFFIDAVIT OF DS |
MR MC BHATT ADVOCATE |
0 |
MR
MC BHATT:1-1/3 |
|
4 |
29/04/2003 |
AFFIDAVIT OF DS |
MR MC BHATT ADVOCATE |
0 |
MR
MC BHATT:1-1/3 |
|
5 |
30/04/2003 |
APPEARANCE NOTE |
MR PRASHANT G DESAI ADVOCATE |
- |
MR
PRASHANT G DESAI:4 |
|
6 |
28/05/2003 |
APPLICATION |
MR MC BHATT ADVOCATE |
0 |
MR
MC BHATT:1-1/3 |
|
Linked Matters |
|||||
|
S.
No. |
Case
Detail |
Status
Name |
Disposal
Date |
Action/Coram |
|
1 |
CIVIL APPLICATION/3374/2003 |
PENDING |
- |
- ·
HONOURABLE MR.JUSTICE D.A.MEHTA |
|
2 |
CIVIL APPLICATION/3497/2003 |
DISPOSED |
13/08/2003 |
CA DISPOSED OF ·
HONOURABLE MR.JUSTICE KUNDAN SINGH |
|
Court Proceedings |
||||
|
S.
No. |
Notified
Date |
Court
Code |
Board
Sr. No. |
Stage |
Action |
Coram |
|
1 |
01/10/2012 |
13 |
142 |
FOR FINAL HEARING |
NEXT DATE |
·
HONOURABLE MR.JUSTICE R.M.CHHAYA |
|
2 |
04/12/2012 |
13 |
89 |
FOR FINAL HEARING |
NEXT DATE |
·
HONOURABLE SMT. JUSTICE ABHILASHA
KUMARI |
|
3 |
28/01/2013 |
13 |
127 |
FOR FINAL HEARING |
NEXT DATE |
·
HONOURABLE SMT. JUSTICE ABHILASHA
KUMARI |
|
4 |
25/03/2013 |
10 |
- |
FOR FINAL HEARING |
NEXT DATE |
·
HONOURABLE MS.JUSTICE HARSHA DEVANI |
|
5 |
07/05/2013 |
10 |
97 |
FOR FINAL HEARING |
NEXT DATE |
·
HONOURABLE MS.JUSTICE HARSHA DEVANI |
|
6 |
09/07/2013 |
10 |
195 |
FOR FINAL HEARING |
NEXT DATE |
·
HONOURABLE MS.JUSTICE HARSHA DEVANI |
|
7 |
31/07/2013 |
10 |
38 |
FOR FINAL HEARING |
undefined |
·
HONOURABLE MS.JUSTICE HARSHA DEVANI |
|
Available Orders |
||||||
|
S.
No. |
Case
Details |
Judge
Name |
Order
Date |
CAV |
Judgment/Order |
|
1 |
CIVIL APPLICATION/2788/2003 |
·
HONOURABLE MR.JUSTICE D.A.MEHTA |
17/06/2003 |
N |
ORDER |
|
2 |
CIVIL APPLICATION/2788/2003 |
·
HONOURABLE MR.JUSTICE KUNDAN SINGH |
06/08/2003 |
N |
ORDER |
|
3 |
CIVIL APPLICATION/2788/2003 |
·
HONOURABLE MR.JUSTICE JAYANT PATEL |
30/04/2003 |
N |
ORDER |
|
4 |
CIVIL APPLICATION/2788/2003 |
·
HONOURABLE MR.JUSTICE KUNDAN SINGH |
13/08/2003 |
N |
ORDER |
|
5 |
CIVIL APPLICATION/2788/2003 |
·
HONOURABLE MR.JUSTICE JAYANT PATEL |
24/04/2003 |
N |
ORDER |
|
6 |
CIVIL APPLICATION/2788/2003 |
·
HONOURABLE MR.JUSTICE KUNDAN SINGH |
06/10/2003 |
N |
ORDER |
CHARGES:
|
ENTITY |
PERSON |
COMPETENT
AUTHORITY |
REGULATORY
CHARGES |
REGULATORY
ACTION(S) / DATE OF ORDER |
FURTHER
DEVELOPMENTS |
|
SUZLON
ENERGY LIMITED |
|
SEBI |
ALLEGED
DELAY IN AMENDMENT IN CODE OF CONDUCT AND DID NOT INCORPORATE PROVISIONS
RELATED TO PRE-CLEARANCE OF TRADES VIOLATING REGULATION 12(1) OF SEBI
(PROHIBITION OF INSIDER TRADING) REGULATIONS, 1992 |
REACHED
SETTLEMENT (SETTLEMENT CHARGES RS.0.200 MILLION VIDE CONSENT ORDER) |
|
|
SUZLON
ENERGY LIMITED |
|
EPFO |
EXEMPTED
AND UNEXEMPTED ESTABLISHMENTS DEFAULTED WITH EPFO INCLUDING PROVIDENT FUND, PENSION
AND EDLI CONTRIBUTION, ADMINISTRATION CHARGES AND PENAL DAMAGES OF RS.7.265
MILLIONS |
AMONG
OTHER ACTIONS, NAMES OF DEFAULTERS PUT ON THE EPFO WEBSITE |
|
|
Unsecured
Loans |
31.03.2013 (Rs. in Millions) |
31.03.2012 (Rs. in Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Foreign currency convertible bonds |
14387.500 |
13481.900 |
|
Loans and advances from related parties |
0.000 |
1450.000 |
|
Total |
14387.500 |
14931.900 |
INDEX OF CHARGES
|
S. No. |
Charge
ID |
Date
of Charge Creation/Modification |
Charge
amount secured |
Charge
Holder |
Address |
Service
Request Number (SRN) |
|
1 |
10405746 |
22/01/2013
* |
15,861,700,000.00 |
SBICAP
TRUSTEE COMPANY LIMITED |
8, KHETAN
BHAVAN, 5TH FLOOR, 198, J.T. ROAD, CHURCHGATE, MUMBAI, MAHARASHTRA - 400020,
INDIA |
B69022556 |
|
2 |
10406447 |
31/12/2012 |
10,782,200,000.00 |
PUNJAB
NATIONAL BANK |
IBB
BRANCH, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
B68982776 |
|
3 |
10340821 |
17/02/2012 |
400,000,000.00 |
STATE
BANK OF INDIA |
OVERSEAS
BRANCH, 3RD FLOOR, AMRIT JAYANTI BHAVAN, |
B34435156 |
|
4 |
10315652 |
14/10/2011 |
3,000,000,000.00 |
ORIENTAL
BANK OF COMMERCE |
917-20/20A,
OBC TOWERS,, F. C. ROAD, PUNE, MAHARASHTRA - 411004, INDIA |
B24538720 |
|
5 |
10207981 |
30/11/2010
* |
153,468,345,000.00 |
SBICAP
TRUSTEE COMPANY LIMITED |
202,
MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
B03385424 |
|
6 |
10208256 |
22/01/2013
* |
143,108,345,000.00 |
SBICAP
TRUSTEE COMPANY LIMITED |
8,
KHETAN BHAVAN, 5TH FLOOR, 198, J.T. ROAD, CHURCHGATE, MUMBAI, MAHARASHTRA - 400020,
INDIA |
B68881283 |
|
7 |
10208259 |
30/11/2010
* |
133,468,345,000.00 |
SBICAP
TRUSTEE COMPANY LIMITED |
202,
MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
B03512316 |
|
8 |
10189823 |
30/11/2010
* |
20,000,000,000.00 |
STATE
BANK OF INDIA |
OVERSEAS
BRANCH, AMRIT JAYANTHI BHAVAN,, NAVJIVAN |
B03607736 |
|
9 |
10189822 |
30/11/2010
* |
20,000,000,000.00 |
STATE
BANK OF INDIA |
OVERSEAS
BRANCH, AMRIT JAYANTHI BHAVAN, NAVJIVAN |
B03631363 |
|
10 |
10190448 |
04/12/2009 |
20,000,000,000.00 |
STATE
BANK OF INDIA |
OVERSEAS
BRANCH, AMRIT JAYANTHI BHAVAN,, NAVJIVAN |
A74961400 |
|
11 |
10164974 |
02/07/2009 |
3,000,000,000.00 |
PUNJAB
NATIONAL BANK |
INTERNATIONAL
BANKING BRANCH, DCM BUILDING, 8TH FLOOR, BARAKHAMBA ROAD, NEW
DELHI, DELHI - 110001 |
A64945223 |
|
12 |
10150808 |
17/03/2009 |
4,000,000,000.00 |
IDBI
BANK LIMITED |
IDBI
TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A59941435 |
|
13 |
10137767 |
21/11/2008 |
3,000,000,000.00 |
ICICI
BANK LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
A54510649 |
|
14 |
10100078 |
29/04/2008
* |
1,000,000,000.00 |
IDBI
BANK LIMITED |
IDBI
TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A37835352 |
|
15 |
10040252 |
25/09/2009
* |
650,000,000.00 |
STATE
BANK OF INDIA |
OVERSEAS
BRANCH, AMRIT JAYANTHI BHAVAN,, NAVJIVAN |
A70888516 |
|
16 |
10025482 |
13/07/2009
* |
3,031,000,000.00 |
STATE
BANK OF INDIA |
OVERSEAS
BRANCH, AMRIT JAYANTHI BHAVAN, NAVJIVAN |
A65521296 |
|
17 |
10009749 |
26/12/2007
* |
3,500,000,000.00 |
INDUSTRIAL
DEVELOPMENT BANK OF INDIA LIMITED |
IDBI
TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A29266715 |
|
18 |
90105217 |
21/05/2003
* |
58,900,000.00 |
INDIAN
RENEWABLEE ENERGY DEVELOPMENT AGENCY LIMITE |
CORE-4A;
EAST COURT, 1ST FLOOR; INDIA HABITAT CEN |
- |
|
19 |
80005858 |
21/11/2002 |
30,750,000.00 |
THE
SARSWAT CO OPERATIVE BANK LIMITED |
SOMWAR
PETH JILLA PARISHAD CAMPUS, PUNE, MAHARASHTRA - 411011, INDIA |
- |
|
20 |
90106673 |
29/10/2002 |
60,000,000.00 |
STATE
BANK OF INDIA |
SPECIALISED
COMMERCIAL BRANCH, GANDHIGRAM; NEPTUNE TOWER ANNEXE; ASHRAM ROAD, AHMEDABAD,
GUJARAT - |
- |
|
21 |
80002836 |
30/03/2009
* |
54,500,000,000.00 |
STATE
BANK OF INDIA |
OVERSEAS
BRANCH, AMRIT JAYANTHI BHAVAN,, NAVJIVAN |
A59524470 |
|
22 |
90109503 |
17/10/1996 |
319,000.00 |
ANZ
GRINDLAYS BANK LTD. |
270;
DR. D.N. ROAD, BOMBAY, MAHARASHTRA, INDIA |
- |
* Date of charge modification
CORPORATE
INFORMATION:
The
Company is a public company domiciled in India and incorporated under the
provisions of the Companies Act, 1956 (the ‘Act’). Its shares are listed on two
stock exchanges in India. The Company is primarily engaged in the business of
manufacturing of wind turbine generators (‘WTGs’) and related components of
various capacities.
OPERATIONS
REVIEW:
On a
standalone basis, the Company achieved revenue from operations of Rs.17481.100
millions and EBIT of Rs(14867.500) millions as against Rs.68535.200 millions
and Rs.3871.100 millions respectively in the previous year. Net loss after tax
is Rs.29898.000 millions as compared to net loss after tax of Rs.5053.800 millions
in the previous year. The increase in loss during the year compared to previous
year is primarily due to decrease in sales volume.
MANAGEMENT
DISCUSSION AND ANALYSIS
Global
markets and outlook
Despite
continuing macro-economic turbulence, the wind market continued its strong
growth momentum in calendar year 2012, mainly led by what was an extraordinary
performance of the US market as a result of the then uncertainty of an
extension for Production Tax Credit. CY 2012 ended with 46 GW in new capacity
connected to the grid worldwide*. The offshore wind segment grew by over 50 per
cent in CY 2012, reaching 1.4 GW in new installations. While many key wind
markets delivered a resilient performance, the India market experienced a 17
per cent drop in CY 2012 over CY 2011 installations to 2.3 GW, partly due to
the withdrawal of the Indian Government’s Generation Based Incentive and
Accelerated Depreciation benefits.
New
capacity additions are projected to drop in CY 2013, due to low levels of order
intake and drop in project financing activities in CY 2012. Policy
uncertainties over continuance of PTC in US and GBI in India along with
retroactive cut in support level in some part of Europe have dampened new
order-intake. However, the industry remains resilient and they expect the
activity to pick up in the second half of CY 2013. Global new order intake is
showing signs of improvement since April 2013 for the industry, due to renewal
of PTC in the US, increased feed in tariff in India and improved growth prospects
in China.
Industry
estimate for annual installations
Looking
ahead, wind markets are expected to grow at a CAGR of four per cent in the next
five year period, between CY 2013 and CY 2017, with offshore set to grow even
faster at CAGR of 24 per cent. The long-term future for wind is underpinned
mainly by its efficiency and cost effectiveness in relationship with other
conventional fossil fuels, especially with the Levelized Cost of Energy (LCOE)
for wind continuously decreasing. The LCOE of wind is already at par or
competing closely with fossil fuels without the need for much government
support in most markets. In addition to cost competitiveness, energy security
concerns and concerns on the impact of climate change to play key roles in
shaping the future course of wind power development.
New
products are being introduced with a significantly improved yield curve, and
technological advances allow utilities to rely more and more on wind as a
mainstay power source. According to analysis published by the International
Energy Agency (IEA), renewable energy - including wind - could rival coal as
the biggest global source of electricity production by 2035.
Group
Outlook
Today,
the Suzlon Group is well positioned for a recovery in the medium-term with
strong and firm order book of over US$ 7.5bn as on date - translating to
approximately 5,850 MW of new capacity.
The
Group’s global installations crossed 22,000 MW at the end of the fiscal, with a
growing service order backlog. As the Group’s global fleet continues to grow,
the OMS revenue streams will continue to increase, with likely assured annual
contractual cash flows from the OMS business projected to reach US$ 1bn by
2020.
The
key to future competitiveness and growth lies in providing highly cost competitive
solutions to consumers with sustainable and affordable wind energy. Suzlon
Group is well positioned to meet emerging demands of the market, both onshore
and offshore.
Products
and technology
Technology
is the key enabler for competitiveness in the wind space. The Group’s
sophisticated R&D capabilities in the wind energy space have led to the
development of a comprehensive product portfolio, ranging from 600 kW to 6.15
MW wind turbines. With a focus on reducing the cost of energy, the Group launched
three new products over FY13. The S111 – 2.1 MW, specially designed for lower
windspeed sites delivering energy yield improvements of more than 20 per cent
over the existing platform. This will help the Company to enhance its market
share for low wind regime markets. In parallel, for the existing S97 model the
120 meter tower development progressed in the year 2012-13. This will enhance
energy output by more than 10 per cent compared to present model at 90 meter
configuration.
REpower
has developed and introduced 6M+ offshore turbine that ranks among the most
powerful offshore wind turbine in the world to cater this growing market.
Suzlon Group continued its product innovation and research and development
drive at R&D centers in Germany, The Netherlands, Denmark and India.
Group
updates
Despite
a more than 35 per cent decrease in Suzlon’s supplies to India in CY 2012, as a
result of the slowdown in its home market, the company maintained its
leadership in India in CY 2012. Their subsidiary REpower’s robust growth
continues in the FY 12-13, with over 2.2 GW of installations in FY13,
contributing to growth in revenues by 33 per cent YOY in FY12-13. REpower was
the second largest supplier to Canada and the third largest supplier to
Germany, Italy and France in CY 2012. The Group retained fifth position in the
world installation in 2012.
Our
focus as a Group during FY 12-13 was on comprehensive liability management.
This coupled with constrained working capital facilities, lead to adverse
impact on business. However, they are to report the successful implementation
of Corporate Debt Restructuring Package, and rationalized net working capital
to 14 per cent of sales. The Company had successfully redeemed the first
tranche of FCCB with scheduled maturity value of $360 Mn in July, 2012 and
remains in active and constructive dialogue with bondholders of outstanding
series of FCCB.
Key
initiatives
The
Management Team has laid out clear plans to address key priorities this year,
namely –
1.
Achieving working capital optimization;
2.
Disposing of non critical assets and reduce debt;
3.
Reducing fixed costs by right sizing organization;
4.
Reducing project life cycle; Optimize Cash Cycle;
5.
Improving contribution margin by maximizing yield and reducing cost of energy;
6.
Enhancing service profitability;
7.
Focus on core and profitable markets;
With
these focus areas, the management team believes that the Suzlon group is well
positioned to reach a level of long term sustainability to resume its growth
trajectory and deliver significant value to their stakeholders.
SCHEME
OF ARRANGEMENT AND RESTRUCTURING FOR MERGER AND DE-MERGER
a. The
Company implemented a Scheme of Arrangement and Restructuring (‘Scheme’). The ‘Appointed
Date’ fixed for this purpose was April 1, 2010. The following were the salient
features of the Scheme.
•
De-merger and consequent transfer of (a) Power Generation Division of Suzlon
Towers And Structures Limited (‘STSL’), a wholly owned subsidiary (‘WOS’) of
the Company to Suzlon Engitech Limited, another WOS of the Company; and (b)
Project Execution Division of Suzlon Infrastructure Services Limited (‘SISL’),
a WOS of the Company to Suzlon Gujarat Wind Park Limited, another WOS of the
Company.
•
Amalgamation of STSL and SISL with the Company after giving effect to the
above-mentioned de-merger and consequent transfer of their respective division.
b.
During the previous year, the Scheme has been sanctioned by the Hon'ble High
Court at Gujarat vide Order dated August 10, 2011 and Hon’ble High Court of
Judicature at Bombay vide Order dated September 02, 2011.
Accordingly,
all the assets and liabilities of Power Generation Division of STSL and Project
Execution Division of SISL are considered to be transferred and vested with
Suzlon Engitech Limited and Suzlon Gujarat Wind Park Limited (‘Resulting
Companies’) respectively, Resulting Companies have issued equity shares to the
shareholder of STSL and SISL and thereafter both the companies, viz., STSL and
SISL (‘Transferor Companies’) have been amalgamated with the Company
(‘Transferee Company’) on appointed date i.e. with effect from April 1, 2010 as
per the Scheme. Amalgamation of STSL and SISL with the Company has been
accounted for under the “Pooling of Interest Method (Amalgamation in the nature
of Merger)” as prescribed by Accounting Standard 14 – Accounting for
Amalgamations.
CONTINGENT LIABILITIES
|
Unsecured
Loans |
31.03.2013 (Rs. in Millions) |
31.03.2012 (Rs. in Millions) |
|
Guarantees
given on behalf of subsidiaries in respect of loans granted to them by banks/financial institutions |
8614.400 |
32590.800 |
|
Tax
related matters pending in appeal* |
828.300 |
417.000 |
|
Compensation
payable in lieu of bank sacrifice |
1030.600 |
0.000 |
|
Others |
115.500 |
57.900 |
*
includes demand from 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.
A few
law suits have been filed on the Company and few subsidiaries of the Company by
some of their suppliers for disputes in fulfilment of obligations as per supply
agreements. The matters are pending for hearing before respective courts, the
outcome of which is uncertain. The management has provided for an amount as a
matter of prudence which it believes shall be the probable outflow of
resources.
The
borrowers have provided certain security in relation to Stand-by Letter of
Credit (“SBLC”) issued by lenders for securing covered bonds issued by AE Rotor
Holding B.V. a wholly owned subsidiary. The Borrowers are also obliged to
provide corporate guarantee of USD 117.45 Million in relation to above SBLC to
certain lenders.
STATEMENT OF UNAUDITED
STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2013
(Rs. in millions)
|
Sr. No. |
Particulars |
Quarter Ended |
|
|
|
30th June, 2013 |
|
|
|
Unaudited |
|
1 |
Income from Operations |
9474.900 |
|
2 |
Other Operating Income |
25.300 |
|
3 |
Total Income (1+2) |
9500.200 |
|
4 |
Expenses |
|
|
|
a) Consumption of raw materials consumed (including project bought
outs) |
3348.600 |
|
|
b) Purchase of stock-in-trade |
102.900 |
|
|
c) Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
3065.000 |
|
|
d) Employee benefits expense |
756.100 |
|
|
e) Depreciation and amortisation expense |
406.500 |
|
|
f) Foreign exchange loss/ (gain) |
2121.000 |
|
|
g) Other Expenses |
1841.300 |
|
|
Total Expenses |
11641.400 |
|
5 |
Profit/(Loss) from Operations before other income finance cost and
Exceptional Items (3-4) |
(2141.200) |
|
6 |
Other Income |
858.800 |
|
7 |
Profit/(Loss) from ordinary activities before finance cost and
exceptional Items (5+6) |
(1282.400) |
|
8 |
Finance costs |
2981.300 |
|
9 |
Profit/(Loss) from ordinary activities after finance costs but before
Exceptional Items (7-8) |
(4263.700) |
|
10 |
Exceptional items |
|
|
|
A. Provision towards diminution in loans/ investment in subsidiaries |
2140.000 |
|
|
B. (Profit)/ Loss on sale of investment |
-- |
|
|
C. Refinancing Cost |
-- |
|
|
Total Exceptional Items |
2140.000 |
|
11 |
Profit/(Loss) from ordinary activities before Tax (9-10) |
(6403.700) |
|
12 |
Tax expenses |
(3.300) |
|
13 |
Net Profit/(Loss) for the period (11-12) |
(6400.400) |
|
14 |
Paid-up equity share capital (Ordinary Shares of Rs.2/- each) |
4183.200 |
|
15 |
Reserves excluding revaluation reserves |
-- |
|
16 |
Earnings/ (Loss) Per Share (EPS)
|
|
|
|
Basic |
(3.18) |
|
|
Diluted |
(3.18) |
|
PART
II |
|
|
|
A |
Particulars of Shareholding |
|
|
1 |
Public Shareholding |
|
|
|
No. of shares |
1301321033 |
|
|
% of shareholding |
62.22% |
|
B |
Promoters and Promoter Group Shareholding |
|
|
a |
Pledged/Encumbered |
|
|
|
No. of shares |
789685964 |
|
|
% of shares (as a % of the total shareholding of Promoter and Promoter
Group) |
99.92% |
|
|
% of shares (as a % of the total share capital of the Company) |
37.75% |
|
b |
Non-encumbered |
|
|
|
No. of shares |
605624 |
|
|
% of shares (as a % of the total shareholding of Promoter and Promoter
Group) |
0.08% |
|
|
% of shares (as a % of the total share capital of the Company) |
0.03% |
|
|
Investor Complaints |
Quarter
ended June 30, 2013 |
|
|
Pending at the beginning of the Quarter |
Nil |
|
|
Received during the quarter |
4 |
|
|
Disposed off during the Quarter |
4 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER ENDED
JUNE 30, 2013
(Rs. in millions)
|
Sr. No. |
Particulars |
Quarter Ended |
|
|
|
30th June, 2013 |
|
|
|
Unaudited |
|
|
Segment Revenue |
|
|
a) |
Wind Turbine Generator |
38348.000 |
|
b) |
Foundry and Forgning |
246.500 |
|
c) |
Others |
30.900 |
|
|
Total |
38625.400 |
|
|
Less Inter segment revenue |
110.900 |
|
|
Income from
operations |
38514.500 |
|
|
Segment Results |
|
|
|
Profit/ (Loss) before
Depreciation, Other Income, Finance Cost, Exceptional Items and Tax |
|
|
a) |
Wind Turbine Generator |
(3011.400) |
|
b) |
Foundry and Forgning |
(30.900) |
|
c) |
Others |
26.800 |
|
|
Total |
(3015.500) |
|
|
Less: Depreciation/ Amortisation (including impairment losses) |
|
|
a) |
Wind Turbine Generator |
1662.000 |
|
b) |
Foundry and Forgning |
118.900 |
|
c) |
Others |
19.000 |
|
|
Profit/ (Loss) before
Other Income, Finance Cost, Exceptional Items and Tax |
|
|
a) |
Wind Turbine Generator |
(4673.400) |
|
b) |
Foundry and Forgning |
(149.800) |
|
c) |
Others |
7.800 |
|
|
Less: Finance Cost |
4969.500 |
|
|
Add: Other Income |
(107.900) |
|
|
|
|
|
|
Profit/ (Loss)
before Tax and Exceptional Items |
(9677.000) |
|
|
Exceptional Items |
1361.100 |
|
|
|
|
|
|
Profit/ (Loss)
before Tax |
(11038.100) |
|
|
|
|
|
|
Capital Employed
(Segment Assets
– Segment Liabilities) |
|
|
a) |
Wind Turbine Generator |
146771.600 |
|
b) |
Foundry and Forgning |
4895.700 |
|
c) |
Others |
1027.100 |
|
|
Total |
152694.400 |
FIXED ASSETS:
Tangible Assets
·
·
·
Buildings
·
Plant
and Machinery
·
Wind
Research and Measuring Equipments
·
Computer
and Office Equipments
·
Furniture
and Fixtures
·
Vehicles
Intangible Assets
·
Design and Drawings
·
SAP and Other Software
WEBSITE DETAILS:
PRESS RELEASES/ NEWS:
SUZLON
GROUP WINS 58 MW OF UK ORDERS
18th September, 2013
Edinburgh
/ Pune: Suzlon Group’s UK subsidiary, REpower UK, has signed four
new turbine contracts adding to an already strong pipeline of onshore orders in
the UK in 2013. The company’s UK operation will be supplying turbines for new
wind farms at Clashindarroch in Aberdeenshire, Scotland, Eye Airfield in
Suffolk in the South East of England, Hampole in Yorkshire and finally
Westnewton located in Cumbria.
Andreas
Nauen, CEO – Repower Systems SE, commented: “I am delighted to
announce the closure of four new UK contracts which demonstrate the reliability
and technical excellence of our turbines across the product portfolio. We are
particularly delighted to continue our working partnerships with Vattenfall,
Broadview Energy and Temporis Capital, as well as signing our first contract
with Good Energy with whom we look forward to working with in 2013 and beyond.”
The Clashindarroch Wind Farm, developed by Vattenfall, is situated in the
Clashindarroch Forest near Huntly, Aberdeenshire, and will consist of 18 of
REpower’s MM82 turbines. With a total installed capacity of 37 MW, the wind
farm will provide enough electricity for approximately 19,580 homes per-annum.
Construction of the windfarm has already commenced and is due for completion by
March 2015.
Eye
Airfield Wind Farm, developed by the Ventus funds and managed by Temporis
Capital, will consist of two REpower 3.4M104 turbines with a total capacity of
6.8 MW, enough to power approximately 3,600 homes. The 3.4M104 is currently the
most powerful onshore wind turbine in the UK and Eye represents REpower’s
fourth UK order for the turbine since the first installation at Blyth harbour
last year. Construction at Eye is due to start in November, 2013 and will be completed
in April, 2014.
Hampole
Wind Farm, developed by Good Energy, will consist of four MM92 turbines, and
represents the first turbine contract to be signed between the two companies.
The site will have a total capacity of 8.2 MW and is expected to generate
nearly 20,000 MWh a year, enough to power over 4,800 homes. Construction at
Hampole has started, and the turbines will arrive in January, 2014 and the site
is scheduled for completion by July, 2014.
Finally
the Westnewton Wind Farm, developed by Broadview Energy, is located in Cumbria
between the villages of Aspatria and Westnewton and will consist of three MM82
turbines. With a total capacity of 6.15 MW, the turbines will generate enough
electricity to power approximately 3,250 homes. Broadview and REpower continue
to build a strong working relationship. Previously, Broadview bought five MM92
and four MM92 turbines for their Seamer and Low Spinney Wind Farms
respectively. Work at the Westnewton Wind Farm is due to commence this winter
and will be completed by March, 2014.
About
REpower:
REpower
Systems SE, a wholly owned subsidiary within the Suzlon Group, is one of the
world’s leading manufacturers of onshore and offshore wind turbines. The
international mechanical engineering company develops, produces and markets
wind turbines for almost any location – with rated outputs of 1.8 MW to 6.15 MW
and rotor diameters of 82 metres to 126 metres. Furthermore, the company offers
its customers project specific solutions in the areas of turnkey, service and maintenance,
transport and installation, as well as foundation planning and construction.
The profitable and reliable systems are designed at the REpower TechCenter in
Osterrönfeld and manufactured at its plants in Husum (North Friesland), Trampe
(Brandenburg) and Bremerhaven as well as Portugal, India and China. With more
than 3,300 employees worldwide the company headquartered in Hamburg can make
use of the experience gained from the manufacture and installation of over
4,900 wind turbines around the world. REpower is represented by distribution
partners, subsidiaries and participations in European markets such as France,
Belgium, the UK, Italy, Portugal, Sweden, Poland and Spain as well as on a
global level in the USA, China, Australia and Canada.
About Suzlon
Group:
The
Suzlon Group is ranked as the world’s fifth largest* wind turbine supplier, in
terms of cumulative installed capacity and marketshare, at the end of 2012. The
company’s global spread extends across Asia, Australia, Europe, Africa and North
and South America with over 22,500 MW of wind energy capacity installed,
operations across over 30 countries and a workforce of over 11,000. The Group
offers one of the most comprehensive product portfolios – ranging from
sub-megawatt onshore turbines at 600 Kilowatts (KW), to the world’s largest
commercially-available offshore turbine at 6.15 MW – 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.
About
Good Energy
Good
Energy Group plc is listed on the AIM market of the London Stock Exchange. Good
Energy is a licensed electricity supplier, it ensures that all their electricity
is 100% matched with electricity sourced from renewable energy, backed by
Renewable Energy Guarantee of Origin certificates (REGOs) over the course of 12
months. To compare the fuel mix of other suppliers. Good Energy has over 32,000
renewable electricity customers and over 8,500 gas customers. Good Energy works
with a community of over 46,000 small and medium scale renewable electricity
generators. Good Energy is the owner of Delabole Wind Farm, the UK’s first
commercial wind farm. It has targeted the development of 110MW of capacity of
new renewable electricity generation assets by 2016.
SUZLON
GROUP SELLS 75% STAKE IN CHINA SUBSIDIARY TO POLY LONGMA ENERGY (DALIAN)
LIMITED
18th September, 2013
Forms 25:75 joint venture with Poly LongMa Energy (Dalian)
Limited
Poly LongMa Energy (Dalian) Limited takes over management,
China sales
Suzlon Group becomes technology partner, responsible for
manufacturing, quality
JV covers Suzlon’s existing China product portfolio
Pune /
Tianjin: Suzlon Group, the world’s fifth largest* wind turbine maker,
today announced it has entered into an agreement with China’s Poly LongMa
Energy (Dalian) Limited – a conglomerate focused on conventional and green
energy investments – to divest 75 per cent stake in its China-based
manufacturing subsidiary – Suzlon Energy Tianjin Limited (SETL) – for US$ 28
mn, with the first tranche of payment completed per the terms of the agreement.
Suzlon Group will continue to own 25 per cent share in the company and
participate in its operations as joint venture partner.
Thereafter,
Poly LongMa Energy (Dalian) Limited will lead marketing and sales operations in
China, with Suzlon acting as technology partner with its existing China
portfolio – including the S66–1.25 MW, S82–1.5 MW and S88–2.1 MW turbines, and
manage manufacturing and quality for the venture.
Speaking
on the development, Mr Tulsi Tanti, Chairman – Suzlon Group, said: “This
is an important step forward for our future business in China. With this joint
venture, we monetize an asset we have built up from 2006, and through our
partner, Poly LongMa Energy (Dalian) Limited, maintain our strong presence in
the world’s largest market, which remains strategically important for us. With
the combined strength of both groups, the new joint venture will be very well
positioned in China, and offer the potential to explore exports as well.
“While
this deal has taken time and changes to fructify, we believe this achieves the
best possible balance for the Group and our stakeholders, including our
customers, vendors, lenders and employees.”
Speaking
on the development, Mr Shen Gaohua, Chairman - Poly LongMa Energy (Dalian)
Limited, said: “With this joint venture deal the new SETL will renew its
vigor of youth. China has the world’s largest wind market, by integrating
Suzlon’s brand name and technology in the world’s wind turbine industry
with our capital and market resources in China; we believe the new SETL
will make brilliant achievements in the market. This joint venture will
set a good example for cooperation between Indian and Chinese
enterprises.”
SUZLON
GROUP WINS 48 MW ORDER IN FRANCE
12th September, 2013
Order for 24 units of REpower MM92 turbines
Turbines will be supplied to four windfarms
Courbevoie
/ Pune: REpower Systems SE, a Suzlon Group-subsidiary, signed a
contract with Valorem for 24 wind turbines of type MM92 with 80 metres hub
height and a rated power of 2 megawatt (MW) to be supplied to four windfarms
located in French Picardie, Pays de la Loire and Burgundy regions. REpower will
also provide the full maintenance of the windfarms for 10 years.
The
Airaine wind farm, located in Picardie, with a total power output of 12 MW,
will be inaugurated on 19th September. Work at the Pays de Retz South windfarm,
located in Loire Atlantique, began recently and the commissioning is planned
for autumn of this year.
The 12
turbines intended for Venoy Bene and Courgis, located in Burgundy will be
erected in the beginning of 2014 and the two wind farms will be commissioned in
spring 2014.
The
towers of the 24 turbines will be manufactured at the Francéole facility in the
Burgundy region. Valorem’s subsidiary, Valréa, coordinates civil works and
electrical works. Civil works, electrical works and other services as transport
are handled by French companies.
Jean-Yves
Grandidier, President - Valorem said: “We are glad to renew the
partnership with REpower. We already have 21 REpower turbines in operation in
Western France and a good partnership is established within our companies.”
Olivier
Perot, Managing Director – REpower S.A.S., added: "We
are pleased Valorem is continuing the business partnership with REpower for
these four contracts. This highlights the quality of our service and the
reliability of our turbines. Moreover, REpower is proud to contribute to the
creation of activities and jobs for wind sector in France through our long-term
industrial partners such as Francéole.” With a total output of 48 MW, the four
wind farms will cover the electricity needs of approximately 48,500 people
(including heating) and offset 32,000 tons of CO2 emissions annually.
SUZLON
GROUP Q1 FY14: TRENDING TOWARDS NORMALIZATION
2nd August, 2013
Revenues of Rs.38510.000 millions / ~US$ 649 mn
Consolidated EBIT of Rs (4820.000) millions / US$ (81) mn
Operations ramping up at Suzlon Wind: 219 MW sold in Q1
FY14, against 250 MW for full-year FY13
Continuing progress on Project Transformation
o
Group OpEx down by 31% Q-o-Q
o
Manpower rationalization continues
o
Working capital reduced to 11.4% from 13.6% at Q4 FY13
o
Aggressive focus on further optimization continues
Pune: Suzlon
Group, the world’s fifth largest* wind turbine maker, on Friday, August 2nd
2013, announced its results for the first quarter (Q1) of financial year 2013-14.
Mr
Tulsi Tanti, Chairman – Suzlon Group, said: “This has been a progressive
quarter for the Suzlon Group. We regained some of our lost momentum and began
to see results from the Group’s ongoing focus on key priorities. This is
reflected in the uptick in performance at the Suzlon Wind level, and REpower
continuing to deliver a respectable performance despite a very challenging
marketplace. “Looking at the markets, India continues to regain momentum,
returning from a 50 per cent drop in the last fiscal. In other key emerging as
well as developed markets, for example Australia, Canada, Europe, South Africa,
we continue to see positive movement.
“While
we expect this year to continue to be challenging, we are confident that our
mid-to-long-term
outlook remains strong.”
Mr
Kirti Vagadia, Group Head of Finance, said: “On the operational front I am
pleased to note that real progress has been achieved. While our financial
performance was impacted by the exceptional depreciation of the Rupee, and we incurred
one-time costs related to restructuring at REpower, we achieved steady progress
on key operating indicators.
“With
a total focus on execution we delivered near-normal volumes, compared to
historic performance, at the Suzlon Wind-level. However, as Q1 is also the
lowest volume quarter in a fiscal for our business, resulting in an
under-absorption of fixed costs having a negative impact on the bottom-line.
“It is
important to note that we continue to bring down fixed costs, and therefore our
break-even point. We have achieved a 31 per cent reduction in our operating
expenses as compared to the last quarter, we continue to bring down the working
capital-to-sales ratio to 11.4 per cent at the end of Q1, from 13.6 per cent in
the last quarter. Our non-critical asset divestment program continues to be on
track.
“There
remains a lot of work to be done but this performance gives us the confidence
that, with the continuing support of our lenders, customers, suppliers and key
stakeholders, we are on the right road to business normalization.”
Key
updates
Suzlon Wind delivered
an improved performance, with 219 MW sold over the first quarter of FY14, a 46
per cent increase over volumes in Q1 of the last fiscal and a full 88 per cent
of total volumes achieved in FY13. The business saw continuing traction in core
markets including India, Brazil and South Africa, and significant interest from
other emerging markets.
REpower completed
key projects over the quarter including the 122 ™ Zuidlob windfarm, REpower’s
largest onshore project till date, and the 325 MW ‘Thornton Bank’ offshore
windfarm. The successful completion of the ‘Thornton Bank’ offshore project,
one of the world’s largest offshore windfarms, underscores REpower’s leadership
position in the offshore space.
The
Company maintained its focus on cost reduction and improving efficiency through
right-sizing, improving production efficiency, eliminating cost redundancies
and maximizing synergies.
Global Service (OMS): The
vertical continued its strong growth, delivering 53 per cent growth in Q1 FY14
compared to the same period in the last fiscal. With best-in-class availability
and a near 100 per cent renewal track record, the vertical secured a service
order backlog of US$ 4 bn over a five-year horizon.
Business efficiency: The
company, under ‘Project Transformation’, further reduced working capital to
11.4 per cent of sales, operating expenditure by 31 per cent
quarter-on-quarter, and continued to rationalize manpower at the Group-level.
One-time costs: The
Company’s financial performance was impacted by non-routine costs, including
notional foreign exchange losses totaling approximately Rs.1550.000 millions/
US$ 26 mn, due to the extraordinary depreciation of the Rupee against the US
Dollar and the Euro. The Company also booked exceptional costs for its
restructuring program of Rs.1360.000 millions/ US$ 23 mn.
Orderbook: The
consolidated Group orderbook stood at 5.36 GW, approximately INR 419470.000
millions/ US$ 7.1 bn in value, with an intake of 356 ™ over Q1 FY14.
The
management of the Company, as a precautionary measure, excluded from the
orderbook a US project totalling 200 MW due to non-movement of this order.
Non-critical asset sale: This previously announced
initiative to divest approximately US$ 400 mn of non-critical assets continues
to be on track.
FCCB: The Company continues to be in active,
solution-oriented dialogue with FCCB-holders, their advisors, and our senior
secured lenders.
SUZLON'S PROMOTERS
SELL 2.11%-STAKE; RAISE RS.630.000 MILLIONS
December 26, 2012
Wind-turbine maker Suzlon Energy on Wednesday said its promoters have sold shares worth Rs.630.000 millions as part of corporate debt restructuring mechanism and the funds would be used to reduce liabilities Wind-turbine maker Suzlon Energy on Wednesday said its promoters have sold shares worth Rs.630.000 millions as part of corporate debt restructuring mechanism and the funds would be used to reduce liabilities.
"The promoters of the company have sold 3.75 crore shares on Wednesday for a total consideration of approximately Rs.630.000 millions, representing approximately 2.11 percent of the paid-up capital of the company," Suzlon said in a statement.
Following the sale, the promoter group's holding in the company stands reduced to 50.65 percent of the paid-up capital. "The company plans to use these funds for business operations and debt reduction," it said.
According to the statement, these funds would be infused into the company by a suitable mode at the earliest, subject to applicable laws to comply with equity infusion requirements under the corporate debt restructuring (CDR) mechanism.
As part of the CDR process, Suzlon's promoters are required to infuse certain funds into the company upfront. Suzlon has a debt burden of over Rs.130000.000 millions including foreign currency convertible bonds (FCCBs) obligations.
Recently, bondholders had rejected its proposal seeking four-month extension to repay overseas debt worth about USD 221 million.
On October 29, Suzlon said it has initiated discussions with lenders for restructuring debt, including a two-year moratorium on repayment of term loans. In the 2012 September quarter, Suzlon reported a consolidated net loss of Rs.8077.400 millions.
The entity had a consolidated net profit of Rs.480.000 millions in the second quarter of last fiscal. The figures are after taxes, minority interest and share of profit/loss of associates. Suzlon has an order book of about Rs.372900.000 millions (nearly USD 7 billion).
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 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.61.94 |
|
|
1 |
Rs.100.44 |
|
Euro |
1 |
Rs.84.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
- |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
18 |
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.