MIRA INFORM REPORT

 

 

Report Date :

15.12.2014

 

IDENTIFICATION DETAILS

 

Name :

SUZLON WIND ENERGY LIMITED

 

 

Registered Office :

Global House 5A Sandy's Row, London, E1 7HW

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

07.04.2006

 

 

Com. Reg. No.:

05774256

 

 

Legal Form :

Private Limited With Share Capital

 

 

Line of Business :

·         Investment holding company. Accounts data converted from Euro.

·         Other service activities.

 

 

No of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

Slow but correct

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)

United Kingdom

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

UNITED KINGDOM - ECONOMIC OVERVIEW

 

The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. Over the past two decades, the government has greatly reduced public ownership. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Services, particularly banking, insurance, and business services, are key drivers of British GDP growth. Manufacturing, meanwhile, has declined in importance but still accounts for about 10% of economic output. After emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Falling home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets; these included nationalizing parts of the banking system, temporarily cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated a five-year austerity program, which aimed to lower London's budget deficit from about 11% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 largely due to the euro-zone debt crisis. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 21% by 2014. The Bank of England (BoE) implemented an asset purchase program of £375 billion (approximately $605 billion) as of December 2013. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU). In 2012, weak consumer spending and subdued business investment weighed on the economy, however, in 2013 GDP grew 1.4%, accelerating unexpectedly in the second half of the year because of greater consumer spending and a recovering housing market. The budget deficit is falling but remains high at nearly 7% and public debt has continued to increase.

 

Source : CIA

 

 

Company identification

 

SUZLON WIND ENERGY LIMITED

Telephone -

Global House 5a Sandy's Row

Fax -

London

Website -

E1 7HW

 

United Kingdom

 

 

Company Number:

05774256

Status:

Active - Accounts Filed

Foundation:

07/04/2006

 

 

 

Main indices

 

Payment experience and credit opinion

 

 

Comments  

 

No exact match CCJs are recorded against the company. Net Worth increased by 22.9% during the latest trading period. A 20.7% growth in Total Assets occurred during the latest trading period. The audit report contains no adverse comments. Pre-tax profits decreased by 999.9% compared to the previous trading period. The company saw a decrease in their Cash Balance of 85.7% during the latest trading period.

 

There has been no significant change in the company's credit rating. There has been no significant change in the com­pany's credit limit. There is insufficient data to indicate a change in this company's percentage of sales. No recent changes in directorship are recorded. The company is part of a group. The company was established over 8 years ago.

 

 

Basic information

 

Legal form

Private limited with Share Capital

 

Foundation

07/04/2006

 

Company No.

05774256

 

Shareholders

 

Name

Currency

Number of shares

Share type

Nominal value

SUZLON ENERGY LTD

GBP

682,710,041

ORDINARY

1

Total Share Capital

GBP 682,710,041

 

 

Management

 

Directors

Name

Address:

Date of birth

Nationality

Appointment date

Tulsibhai Ranchhodbhai Tanti

C/501, Satelite Towers, Orion,, Mundhwa, Pune 411036, Maharashtra

02/02/1958

Indian

07/04/2006

Kirtikant Vagadia

Global House 5a Sandy's Row, London E1 7HW

12/03/1965

Indian

28/03/2013

 

Company Secretary

Name

Address:

Appointment date

TMF NOMINEES LIMITED

400 Capability Green, Luton, Bedfordshire LU1

3AE

27/01/2009

 

Other Known Addresses

 

Global House, 5A Sandys Row, London E1 7HW

 

 

Company Relationship

 

Company No.

Name

Status

Country

Ultimate parent

-

SUZLON ENERGY LTD

Other

IN

 

 

Business Activities 

 

Main activity

Principal Activity

Investment holding company. Accounts data converted from Euro.

SIC03

Other service activities

SIC07

Other service activities n.e.c.

 

 

Economic data

 

Turnover and Employees

 

Date of Accounts

Turnover

Employees

31/03/2011

Not Stated

Not Stated

31/03/2012

Not Stated

Not Stated

31/03/2013

Not Stated

Not Stated

 

 

Supplementary data

 

Banks

 

Bank Name

Bank Branch Sort Code

STANDARD CHARTERED

60-91-04

 

 

Auditor

 

Auditor name

ERNST & YOUNG LLP

 

 

Events

 

Company history

Date

Action

19/02/2010

New Accounts Filed

19/02/2010

New Accounts Filed

14/05/2010

Annual Returns

27/07/2010

New Accounts Filed

27/07/2010

New Accounts Filed

18/05/2011

Annual Returns

29/10/2011

New Accounts Filed

26/05/2012

Annual Returns

22/12/2012

New Accounts Filed

05/04/2013

MrG.R. Tanti has left the board

19/04/2013

Annual Returns

24/04/2013

New Board Member K. Vagadia appointed

08/06/2013

Annual Returns

10/06/2013

Annual Returns

06/05/2014

Annual Returns

07/05/2014

New Accounts Filed

07/05/2014

New Accounts Filed

 

Mortgages

Charge created

28/09/2007

Charge registered

17/10/2007

Status

OUTSTANDING

Entitled person

ABN AMRO BANK N.V. SINGAPORE BRANCH (SECURITY AGENT)

Secured amount

ALL MONIES DUE OR TO BECOME DUE FROM EACH OBLIGOR TO THE CHARGEE UNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EV­IDENCING THE CHARGE

Mortgage detail

THE SHARES AND SHARE RIGHTS, SEE THE MORTGAGE CHARGE DOCUMENT

FOR FULL DETAILS

Charge created

29/02/2008

Charge registered

11/03/2008

 

Status

OUTSTANDING

 

Entitled person

ABN AMRO BANK N.V. SINGAPORE BRANCH (THE SECURITY AGENT)

 

Secured amount

ALL MONIES DUE OR TO BECOME DUE FROM EACH OBLIGOR TO THE CHARGEE IN ITS CAPACITY AS A FINANCE PARTY AND AS A PARALLEL CREDITOR UNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENC­ING THE CHARGE

 

Mortgage detail

ALL ITS PRESENT AND FUTURE RIGHTS TITLEAND INTEREST IN AND TO ALL THE SHARES AND SHARE RIGHTS SEE IMAGE FOR FULL DETAILS

 

 

 

Accounts

 

PROFIT & LOSS

 

 

31/03/2013

52

GBP Group: No

31/03/2012

52

GBP Group: No

31/03/2011

52

GBP Group: No

31/03/2010

52

GBP Group: No

Turnover

0

0

0

0

Export

0

0

0

0

Cost of Sales

-

-

-

-

Gross Profit

-

-

-

-

Wages And Salaries

0

0

0

0

Directors Emoluments

0

0

0

0

Operating Profit

-12,351,588.8

-29,559.07

-20,670.05

-70,354.19

Depreciation

0

0

0

0

Audit Fees

14,779.53

14,779.53

7,751.27

42,050.78

Interests Payments

1,265,292.71

652,762.95

0

0

 

 

31/03/2013

52

GBP Group: No

31/03/2012

52

GBP Group: No

31/03/2011

52

GBP Group: No

31/03/2010

52

GBP Group: No

Pre Tax Profit

-12,700,550

-677,396

-11,196

-67,120

Taxation

0

0

0

105,126.96

Profit After Tax

-12,700,550.12

-677,395.51

-11,196.27

38,007.43

Dividends Payable

0

0

0

0

Retained Profit

-12,700,550.12

-677,395.51

-11,196.27

38,007.43

 

BALANCE SHEET

 

 

31/03/2013

52

GBP Group: No

31/03/2012

52

GBP Group: No

31/03/2011

52

GBP Group: No

31/03/2010

52

GBP Group: No

Tangible Assets

963,811,479

798,439,117

823,029,024

772,698,528

Intangible Assets

0

0

0

0

Total Fixed Assets

963,811,479

798,439,117

823,029,024

772,698,528

Stock

0

0

0

0

Trade Debtors

0

0

0

0

Cash

13,137

91,962

120,575

67,928

Other Debtors

0

0

1,723

194,081

Miscellaneous Current Assets

0

0

0

0

Total Current Assets

13,137

91,962

122,298

262,009

Trade Creditors

0

821

2,584

46,094

Bank Loans and Overdraft

0

0

0

0

Other Short Term Finance

0

13,794,236

0

0

Miscellaneous Current Liabilities

24,633

671,648

18,086

28,303

Total Current Liabilities

24,633

14,466,705

20,670

74,398

Bank Loans and Overdrafts LTL

0

0

0

0

Other Long Term Finance

0

0

0

0

Total Long Term Liabilities

0

0

0

0

 

Capital & Reserves

 

 

31/03/2013

31/03/2012

31/03/2011

31/03/2010

 

52

52

52

52

 

GBP

GBP

GBP

GBP

 

Group: No

Group: No

Group: No

Group: No

Called Up Share Capital

784,929,797

784,929,797

823,327,879

773,060,003

P and L Account Reserve

-13,565,974

-865,424

-197,227

-173,864

Revaluation Reserve

0

0

0

0

 

 

 

31/03/2013

31/03/2012

31/03/2011

31/03/2010

 

52

52

52

52

 

GBP

GBP

GBP

GBP

 

Group: No

Group: No

Group: No

Group: No

Sundry Reserves

192,436,161

0

0

0

Shareholders Funds

963,799,984

784,064,373

823,130,652

772,886,139

Other Financial Item

 

 

31/03/2013

52

GBP Group: No

31/03/2012

52

GBP Group: No

31/03/2011

52

GBP Group: No

31/03/2010

52

GBP Group: No

Net Worth

963,799,984

784,064,373

823,130,652

772,886,139

Working Capital

-11,495

-14,374,743

101,628

187,611

Total Assets

963,824,616.13

798,531,078.08

823,151,322.02

772,960,536.95

Total Liabilities

24,633

14,466,705

20,670

74,398

Net Assets

963,799,984

784,064,373

823,130,652

772,886,139

 

 

Cash Flow

 

 

31/03/2013

31/03/2012

31/03/2011

31/03/2010

 

52

52

52

52

 

GBP

GBP

GBP

GBP

 

Group: No

Group: No

Group: No

Group: No

Net Cash Flow from Operations

0

0

0

0

Net Cash Flow before Financing

0

0

0

0

Net Cash Flow from Financing

0

0

0

0

Increase in Cash

-78,824

-28,614

52,647

52,563

 

 

Miscellaneous

 

 

31/03/2013

31/03/2012

31/03/2011

31/03/2010

 

52

52

52

52

 

GBP

GBP

GBP

GBP

 

Group: No

Group: No

Group: No

Group: No

Capital Employed

963,799,984

784,064,373

823,130,652

772,886,139

 

 

Financial Ratio

 

Name

31/03/2013

31/03/2012

31/03/2011

31/03/2010

Pre Tax Profit Margin

0.0%

0.0%

0.0%

0.0%

Current Ration

0.53

0.01

5.92

3.52

Sales or Net Working Capital

0.00

0.00

0.00

0.00

Gearing

0.00 %

0.00 %

0.00 %

0.00 %

Equity

100.00 %

98.19%

100.00 %

99.99 %

Creditor Days

0.00

0.00

0.00

0.00

Debtor Days

0.00

0.00

0.00

0.00

Liquidity or Acid test

0.53

0.00

5.91

3.52

Return on Capital Employed

-1.31 %

-0.08 %

0.00 %

0.00 %

Return on Total Assets Employed

-1.31 %

-0.08 %

0.00 %

0.00 %

Current Debt Ratio

0.00 %

0.01 %

0.00 %

0.00 %

Total Debt Ratio

0.00 %

0.01 %

0.00 %

0.00 %

Stock Turnover Ratio

0.0%

0.0%

0.0%

0.0%

Return on Net Assets Employed

-1.31%

-0.08%

0.00%

0.00%

 

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 :

RAS

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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