MIRA INFORM REPORT

 

 

Report Date :

13.12.2014

 

IDENTIFICATION DETAILS

 

Name :

SUZLON ENERGY B.V.

 

 

Registered Office :

Strawinskylaan 555A WTC Toren C 5E Etage, 1077XX Amsterdam

 

 

Country :

Netherlands

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

23.04.2001

 

 

Com. Reg. No.:

08097857

 

 

Legal Form :

Private Company

 

 

Line of Business :

·         Manufacture of electric motors, generators and transformers

·         Wholesale of electronic and communication equipment and related parts

·         Trading, import and export of production and the development of - and trade in wind turbines and parts and accessories

 

 

No of Employees :

4 [2014]

22 [2013]

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

Limited with full security

 

Status :

Moderate

Payment Behaviour :

Slow

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Netherlands

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

NETHERLANDS - ECONOMIC OVERVIEW

 

Netherlands is the sixth-largest economy in the euro-zone and is noted for its stable industrial relations, moderate unemployment and inflation, sizable trade surplus, and important role as a European transportation hub. Industrial activity is predominantly in food processing, chemicals, petroleum refining, and electrical machinery. A highly mechanized agricultural sector employs only 2% of the labor force but provides large surpluses for the food-processing industry and for exports. Netherlands, along with 11 of its EU partners, began circulating the euro currency on 1 January 2002. The Dutch financial sector suffered as a result of the global financial crisis, due in part to the high exposure of some Dutch banks to US mortgage-backed securities. In 2008, the government nationalized two banks and injected billions of dollars of capital into other financial institutions, to prevent further deterioration of a crucial sector. After 26 years of uninterrupted economic growth, the Dutch economy - highly dependent on an international financial sector and international trade - contracted by 3.5% in 2009. To recover, the government sought to boost the domestic economy by accelerating infrastructure programs, offering corporate tax breaks for employers to retain workers, and expanding export credit facilities. The stimulus programs and bank bailouts, however, resulted in a government budget deficit of 5.3% of GDP in 2010 that contrasted sharply with a surplus of 0.7% in 2008. The government of Prime Minister Mark RUTTE began implementing austerity measures in early 2011, mainly reducting expenditures, which resulted in an improved budget deficit in 2011. However, in 2012 tax revenues dropped, GDP contracted, and the budget deficit deteriorated. In 2013, the government budget deficit decreased to 3.3% of GDP due to increased government revenue from higher taxes. However, spending on social benefits also increased, due to a rise in unemployment benefits and payments for pensions. The high unemployment rate and tax increases have contributed to continued decreases in household disposable income, causing the Dutch economy to contract.

 

Source : CIA

Summary

Summary

Company name                        Suzlon Energy B.V.

Operative address                    Strawinskylaan 555A WTC toren C 5e etage

1077XX Amsterdam

Nederland

Legal form                Private Company

Registration number              KvK-nummer: 08097857

VAT-number                          809847759

 

Year

2013

Mutation

2012

Mutation

2011

Fixed assets

1.321.849

-78,46

6.136.253

-60,04

15.356.493

Total receivables

97.620.956

97,39

49.455.979

8,41

45.618.029

Total equity

-20.580.125

-343,45

-4.640.927

-163,48

7.311.096

Short term liabilities

123.428.894

39,96

88.185.640

69,04

52.167.995

Net result

-15.739.499

-40,09

-11.235.122

 

 

Working capital

-21.901.974

-103,23

-10.777.180

-82,77

-5.896.657

Quick ratio

0,79

-3,66

0,82

-7,87

0,89

 

 

 

 

 

 

Contact Information

Contact information

Company name                      Suzlon Energy B.V.

Trade names                                         Suzlon Energy B.V.

Operative address                  Strawinskylaan 555A WTC toren C 5e etage

1077XX Amsterdam

Nederland

Correspondence address       Strawinskylaan 555A WTC toren C 5e etage

1077XX Amsterdam

Nederland

Telephone number                 0203337611

Fax number                           0205241650

Email address                        m.piebenga@suzlon.com

Website                                  www.suzlon.com

 

 

Registration

 

Registration number                             KvK-nummer: 08097857

Branch number                                     000017958318

VAT-number                                          809847759

Status                                                   Active

First registration company register       20-06-2001

Memorandum                                        08-06-2001

Establishment date                               23-04-2001

Legal form                                            Besloten Vennootschap

Last proposed admendment                  07-03-2011

Issued placed capital                            EUR 5.400.000

Paid up share capital                            EUR 5.400.000

Activities

SBI                                                        Manufacture of electric motors, generators and transformers (2711)

Wholesale of electronic and communication equipment and related parts (4652)

Exporter                                                Ja

Importer                                                Ja

Goal                           Trading, import and export of production and the development of - and trade in wind turbines and parts and accessories thereof

 

 

 

Relations

Shareholders                                        Ae-Rotor Holding B.V.

Jan Tinbergenstraat 290

7559ST Hengelo

Nederland

 

Registratie nummer: 080974590000

Percentage: 100%

 

 

Management

 

Active Management                               F.H.J. Visscher (Frans Hilbert Jan)

Nederland

Bevoegdheid: Fully authorized

Functie: General Director

Datum gestart: 01-01-2009

Geboren: 24-06-1953, 's-Gravenhage, NL

Involved with the following companies

• Ae-Rotor Holding B.V.

Jan Tinbergenstraat 290

7559ST Hengelo

Nederland

Registratie nummer: 080974590000

Functie: General Director

 

 

K. Vagadia (Kirtikant)

Nederland

Bevoegdheid: Fully authorized

Functie: General Director

Datum gestart: 01-04-2012

Geboren: 12-03-1965, Barwala Ahmedabad, IN

Involved with the following companies

• Ae-Rotor Holding B.V.

Jan Tinbergenstraat 290

7559ST Hengelo

Nederland

Registratie nummer: 080974590000

Functie: General Director

 

Employees

 

Year

2014

2013

2012

2011

2009

Total

4

22

6

8

20

 

 

 

 

 

 

Payments

 

 

Description

The payments are regular

 

 

Key figures

 

Year

2013

2012

2011

2009

Quick ratio

0,79

0,82

0,89

0,04

Current ratio

0,82

0,88

0,89

0,04

Working capital/ balance total

-0,21

-0,13

-0,10

-14,87

Equity / balance total

-0,20

-0,06

0,12

-14,43

Equity / Fixed assets

-15,57

-0,76

0,48

-32,35

Equity / liabilities

-0,17

-0,05

0,13

-0,94

Balance total / liabilities

0,83

0,95

1,13

0,06

Working capital

-21.901.974

-10.777.180

-5.896.657

-30.129.868

Equity

-20.580.125

-4.640.927

7.311.096

-29.226.492

Mutation equity

-343,45

-163,48

 

-100,01

Mutation short term liabilities

39,96

69,04

 

72,68

Return on total assets (ROA)

-15,30

-13,45

 

-716,32

Return on equity (ROE)

76,48

242,09

 

49,65

Gross profit margin

-21,21

-14.221,18

 

 

Net profit margin

-47,43

-30.709,60

 

 

Average collection ratio

0,27

0,00

 

 

Average payment ratio

0,34

0,00

 

 

Equity turnover ratio

-1,61

-0,01

 

 

Total assets turnover ratio

0,32

0,00

 

 

Fixed assets turnover ratio

25,11

0,01

 

 

Inventory conversion ratio

8,58

0,01

 

 

Turnover

33.185.769

36.585

 

 

Gross margin

-2.194.734

-1.715.436

 

 

Operating result

-7.037.137

-5.202.826

 

-13.169.116

Net result after taxes

-15.739.499

-11.235.122

 

-14.613.743

Cashflow

-15.396.067

-10.987.958

 

 

EBIT

-7.037.137

-5.202.826

 

-13.169.116

EBITDA

-6.693.705

-4.955.662

 

 

 

Summary

 

The 2013 financial result structure is a negative working captial of -21.901.974 euro, which is in agreement with -21 % of the total assets of the company.

The working capital has diminished with -103.23 % compared to previous year. The ratio, with respect to the total assets of the company has however, declined.

The deterioration between 2012 and 2013 has mainly been caused by an increase of the current liabilities.

The current ratio of the company in 2013 was 0.82. When the current ratio is below 1.5, the company may have problems meeting its short-term obligations.

The quick ratio in 2013 of the company was 0.79. A company with a Quick Ratio of less than

1 cannot currently pay back its current liabilities.

The 2012 financial result structure is a negative working captial of -10.777.180 euro, which is in agreement with -13 % of the total assets of the company.

The working capital has diminished with -82.77 % compared to previous year. The ratio, with respect to the total assets of the company has however, declined.

The deterioration between 2011 and 2012 has mainly been caused by an increase of the current liabilities.

The current ratio of the company in 2012 was 0.88. When the current ratio is below 1.5, the company may have problems meeting its short-term obligations.

 

The quick ratio in 2012 of the company was 0.82. A company with a Quick Ratio of less than 1 cannot currently pay back its current liabilities.

 

 

 

 

 

Financial statement

 

Last annual account                              2013

Remark annual account         The company is obliged to file its financial statements.

Type of annual account          Corporate

Annual account                      Suzlon Energy B.V.

Strawinskylaan 555A WTC toren C 5e etage

1077XX Amsterdam

Nederland

Registratie nummer: 080978570000

 

 

Balance

 

Year

2013

2012

2011

2009

End date

31-03-2013

31-03-2012

31-03-2011

31-03-2009

Tangible fixed assets

8.594

367.320

582.300

903.376

Financial fixed assets

1.313.255

5.768.934

14.774.193

 

Fixed assets

1.321.849

6.136.253

15.356.493

903.376

Total stock

3.865.677

5.424.528

 

 

Total receivables

97.620.956

49.455.979

45.618.029

914.290

 

 

Year

2013

2012

2011

2009

End date

31-03-2013

31-03-2012

31-03-2011

31-03-2009

Liquid funds

40.287

22.527.953

653.309

208.274

Current assets

101.526.920

77.408.460

46.271.338

1.122.564

Total assets

102.848.770

83.544.714

61.627.831

2.025.940

Issued capital

5.399.578

5.396.159

5.404.941

18.000

Share premium reserve

54.265.521

52.026.805

48.910.399

 

Other reserves

-80.245.223

-62.063.891

-47.004.244

-29.244.492

Total reserves

-25.979.703

-10.037.086

1.906.155

-29.244.492

Total equity

-20.580.125

-4.640.927

7.311.096

-29.226.492

Long term interest yielding debt

 

 

2.148.740

 

Long term liabilities

 

 

2.148.740

 

Accounts payable

706.266

810.898

 

1.589.027

Other short term liabilities

122.722.628

87.374.742

 

29.663.405

Short term liabilities

123.428.894

88.185.640

52.167.995

31.252.432

Total short and long term liabilities

123.428.894

88.185.640

54.316.735

31.252.432

Total liabilities

102.848.770

83.544.714

61.627.831

2.025.940

 

Summary

 

The total assets of the company increased with 23.11 % between 2012 and 2013.

Despite the assets growth, the non current assets decreased with -78.46 %.

Asset growth is in contrasts with the net worth decline of -343.45 %. The company's indebtedness has, therefore, increased with 39.96 %.

In 2013 the assets of the company were 1.29 % composed of fixed assets and 98.71 % by current assets. The assets are being financed by an equity of -20.01 %, and total debt of

120.01 %.

The total assets of the company increased with 35.56 % between 2011 and 2012.

Despite the assets growth, the non current assets decreased with -60.04 %.

Asset growth is in contrasts with the net worth decline of -163.48 %. The company's indebtedness has, therefore, increased with 62.35 %.

In 2012 the assets of the company were 7.34 % composed of fixed assets and 92.66 % by current assets. The assets are being financed by an equity of -5.56 %, and total debt of

105.56 %.

 

 

 

 

 

Profit & Loss

 

Year

2013

2012

2009

Revenues

33.185.769

36.585

-231.305

Other operating income

 

 

-231.305

Net turnover

33.185.769

36.585

 

Gross margin

-2.194.734

-1.715.436

 

Wages and salaries

2.883.134

2.366.768

 

Amorization and depreciation

343.431

247.164

 

Sales

35.380.503

1.752.022

 

other operating costs

1.615.837

873.458

 

Operating expenses

40.222.906

5.239.411

12.937.811

Operating result

-7.037.137

-5.202.826

-13.169.116

Financial income

514.361

361.989

170.479

Financial expenses

9.216.723

6.394.285

1.513.482

Financial result

-8.702.362

-6.032.296

-1.343.003

Result on ordinary operations before taxes

-15.739.499

-11.235.122

-14.512.119

Result of ordinary activities after taxes

-15.739.499

-11.235.122

-14.512.119

Extraordinary expense

 

 

101.624

Extraordinary result after taxation

 

 

-101.624

Net result

-15.739.499

-11.235.122

-14.613.743

 

Summary T

 

The turnover of the company grew with 90608.55 % between 2012 and 2013.

The gross profit of the company decreased by -27.94 % between 2012 and 2013.

The operating result of the company declined with -35.26 % between 2012 and 2013. This evolution implies an decrease of the company's economic profitability.

The result of these changes is a reduction of the company's Economic Profitability of -13.75 % of the analysed period, being equal to 2012 % in the year 2013.

Despite the decline the assets turnover increased by 100 % reaching 0.32.

The Net Result of the company increased by -40.09 % between 2012 and 2013.

The company's Financial Profitability has been positively affected by the financial activities in comparison to the EBITs behaviour. The result of these variations is a profitability increase of

-68.41 % of the analysed period, being 76.48 % in the year 2013.

The company's financial profitability has been positively affected by its financial structure.

The company's Financial Profitability has been neutrally affected by the financial activities in comparison to the EBITs behaviour. The result of these variations is the unchanged profitability of the analysed period, remaining unchanged at 242.09 % in the year 2012.

 

 

 

 

 

 

Analysis

 

Branch (SBI)                          Manufacture of electrical equipment (27)

Region                    Groot Amsterdam

In the Netherlands 1520 of the companies are registered with the SBI code 27

In the region Groot Amsterdam 99 of the companies are registered with the SBI code 27

In the Netherlands 37 of the bankrupcties are published within this sector

In the region Groot Amsterdam 3 of the bankruptcies are published within this sector

The risk of this specific sector in the Netherlands is normal

The risk of this specific sector in the region Groot Amsterdam is normal

 

Publications

Filings                                   28-04-2014: De jaarrekening over 2012 (gebroken boekjaar) is gepubliceerd.

28-04-2014: De jaarrekening over 2013 (gebroken boekjaar) is gepubliceerd.

21-02-2014: De jaarrekening over 2011 (gebroken boekjaar) is gepubliceerd.

16-03-2010: De jaarrekening over 2008 (gebroken boekjaar) is gepubliceerd.

Functions                              21-02-2014: Per 31-07-2013 is bestuurder Simon Ting Man Chau uit functie getreden.

21-02-2014: Per 31-07-2013 is gevolmachtigde Simon Ting Man Chau uit functie getreden.

03-04-2013: Per 01-04-2013 is gevolmachtigde Johannes Berend Swarts uit functie

getreden.

28-06-2012: Per 01-04-2012 is bestuurder Kirtikant Vagadia in functie getreden.

15-06-2012: Per 01-04-2012 is bestuurder Robin Banerjee uit functie getreden.

15-03-2011: Per 18-02-2011 is gevolmachtigde Johannes Berend Swarts in functie getreden.

15-03-2011: Per 18-02-2011 is gevolmachtigde Jorg van de Korput uit functie getreden.

15-03-2011: Per 18-02-2011 is gevolmachtigde Manish Manjibhai Patel uit functie getreden.

Amendments                         07-03-2011: Per 7-3-2011 statuten gewijzigd.

07-03-2011: Geplaatst kapitaal gewijzigd in EUR 5.400.000,00 Gestort kapitaal gewijzigd in

EUR 5.400.000,00.

 

Other                                     07-03-2014: Datum deponering: 18-02-2014 Soort deponering: Geconsolideerde

jaarrekening (art. 408 BW2).

 

 

Company structure

 

Relations                                              4

 

Ae-Rotor Holding B.V.

Jan Tinbergenstraat 290

7559ST Hengelo

Nederland

Registratie nummer: 080974590000

 

• Suzlon Energy B.V.

Strawinskylaan 555A WTC toren C 5e etage

1077XX Amsterdam

Nederland

Registratie nummer: 080978570000

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.44

UK Pound

1

Rs.98.15

Euro

1

Rs.77.38

 

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

TPT

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)         Ownership background (20%)                   Payment record (10%)

Credit history (10%)                 Market trend (10%)                                 Operational size (10%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.