MIRA INFORM REPORT

Report Date :

22.12.2014

IDENTIFICATION DETAILS

Name :	SUZLON ENERGY AUSTRALIA PTY LTD
Registered Office :	Level 42, 80 Collins Street, Melbourne, Victoria 3000
Country :	Australia
Financials (as on) :	31.03.2014
Date of Incorporation :	15.01.2004
Com. Reg. No.:	ACN: 107631176
Legal Form :	Australian Proprietary Company
Line of Business :	The Subject is engaged in providing total wind power solutions such as installation and maintenance of wind turbine power plants.
No. of Employee :	265 [Subject] 10,000 [Suzlon Group]

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)
Australia	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

AUSTRALIA - ECONOMIC OVERVIEW

The Australian economy has experienced continuous growth and features low unemployment, contained inflation, very low public debt, and a strong and stable financial system. By 2012, Australia had experienced more than 20 years of continued economic growth, averaging 3.5% a year. Demand for resources and energy from Asia and especially China has grown rapidly, creating a channel for resources investments and growth in commodity exports. The high Australian dollar has hurt the manufacturing sector, while the services sector is the largest part of the Australian economy, accounting for about 70% of GDP and 75% of jobs. Australia was comparatively unaffected by the global financial crisis as the banking system has remained strong and inflation is under control. Australia has benefited from a dramatic surge in its terms of trade in recent years, stemming from rising global commodity prices. Australia is a significant exporter of natural resources, energy, and food. Australia's abundant and diverse natural resources attract high levels of foreign investment and include extensive reserves of coal, iron, copper, gold, natural gas, uranium, and renewable energy sources. A series of major investments, such as the US$40 billion Gorgon Liquid Natural Gas project, will significantly expand the resources sector. Australia is an open market with minimal restrictions on imports of goods and services. The process of opening up has increased productivity, stimulated growth, and made the economy more flexible and dynamic. Australia plays an active role in the World Trade Organization, APEC, the G20, and other trade forums. Australia has bilateral free trade agreements (FTAs) with Chile, Malaysia, New Zealand, Singapore, Thailand, and the US, has a regional FTA with ASEAN and New Zealand, is negotiating agreements with China, India, Indonesia, Japan, and the Republic of Korea, as well as with its Pacific neighbors and the Gulf Cooperation Council countries, and is also working on the Trans-Pacific Partnership Agreement with Brunei Darussalam, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, the US, and Vietnam.

Source : CIA

IDENTIFICATION
Verified
Subject name:	SUZLON ENERGY AUSTRALIA PTY LTD
Address:	Level 42, 80 Collins Street
Town:	Melbourne
State/province:	Victoria
Zip/postal code:	3000
Country:	Australia
Telephone:	+61 (3) 86606555 / 86606501
Fax:	+61 (3) 86606500
Email:	info-au@suzlon.com
Website:	www.suzlon.com (Group)
Remarks:	The Subject's registered address is: Level 29 80 Collins Street Melbourne VIC 3000 Australia
EXECUTIVE SUMMARY
Date registered:	15-01-2004
Legal form:	Australian Proprietary Company
Share capital	5,550,001 ordinary shares
Sales turnover:	AUD 17,585,000 (Non-consolidated 12 months, 31-03-2014) INR 100,508,800,000 (Group consolidated 6 months, 30-09-2014)
Main activities:	Provision of energy services
Employees:	265 (Subject); 10,000 (SUZLON Group)
Interpretation	Clear indications of financial stress and operational weakness are evident. Open credits of any magnitude are not advisable. Exercise business relations with caution.
REGISTRY DATA
Key Facts
Date registered:	15-01-2004
Legal form:	Australian Proprietary Company
Registration no:	ACN: 107631176
Registry auth.	Australian Securities and Investments Commission
Tax number:	ABN: 55107631176
Registry status:	Live/Active
LEGAL FILINGS
Bankruptcy filings:	None
Court judgements:	None
Tax liens:	None
Other:	None
MANAGEMENT & STAFF
Key Managers
Name:	Dan Kofoed Hansen
Job title:	Director
Name:	Kirti Jasvantlal Vagadia
Job title:	Director
Name:	Frans Hilbert Jan Visscher
Job title:	Chief Executive Officer
Name:	Bhavna Lathigara
Job title:	Company Secretary
Staff
No of employees	265 (Subject); 10,000 (SUZLON Group)
BOARD OF DIRECTORS / OTHER APPOINTMENTS
Appointments
Name:	Dan Kofoed Hansen
Board function:	Director
Date appointed:	01-02-2014
Address:	16 Glen View Close Diamond Creek, VIC 3089 Australia
Biography:	Born: 20-09-1958 Birth Place: Denmark
Name:	Frans Hilbert Jan Visscher
Board function:	Director
Date appointed:	07-06-2010
Address:	Kloosterlaan 10 1861 SE Bergen Netherlands
Biography:	Born: 24-06-1953 Birth Place: The Hague, Netherlands
Name:	Kirti Jasvantlal Vagadia
Board function:	Director
Date appointed:	17-04-2012
Address:	D-302 Kalpataru Regency LL Kalyani Nagar, Pune 411 006 India
Biography:	Born: 12-03-1965 Birth Place: Barwala-Ahmedabad, India
SHARE CAPITAL
Composition
Authorised:	AUD 5,550,001
Number/type:	5,550,001 ordinary shares
Share value:	AUD 1
Issued:	5,550,001 ordinary shares
Paid-up:	AUD 5,550,001
Shareholders/Owners
How Listed	Full List
Composition
Name:	SUZLON ENERGY A/S
% of shares:	100%
Address:	Kystvejen 29 8000 Aarhus C Denmark
CORPORATE AFFILIATIONS
Structure
Name:	SUZLON ENERGY LIMITED
Affiliation type:	Ultimate Holding Company
Address:	"Suzlon", 5, Shrimali Society Near Shri Krishna Complex, Navrangpura Ahmedabad, Gujarat – 380 009 India
Comment:	Suzlon Energy Limited manufactures and sells wind turbine generators (WTGs) and related components in India, Europe, the United States, Canada, China, Australia, and internationally. It offers rotor blade concept and direct drive systems; general, stator, rotor, and control system annular generators; grid connection and SCADA systems, and control and flexi systems; and tubular steel and precast concrete towers, as well as constructs towers and foundations.
Name:	SUZLON ENERGY A/S
Affiliation type:	Parent Company
Address:	Kystvejen 29 8000 Aarhus C Denmark
Name:	SUZLON ENERGY AUSTRALIA RWFD PTY. LTD.
Affiliation type:	Associate
Address:	Australia
Name:	SUZLON NORTH ASIA LTD
Affiliation type:	Associate
Address:	Hong Kong
Name:	SUZLON PROJECT VIII LLC
Affiliation type:	Associate
Address:	USA
Name:	SUZLON WIND ENERGY LIMITED
Affiliation type:	Associate
Address:	United Kingdom
Comments	Other companies of the SUZLON Group should also be considered as affiliates of the Subject. A list of major affiliated companies is attached to this report.
BANKING & FINANCING
Bankers
Bank name:	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
Address:	Australia
Comments	It is generally not the policy of local banks to provide credit status information to non-bona fide applications, and interested parties would be advised to consult first with the Subject if banker's references are required.
FINANCIAL ACCOUNTS
Description
Required to file:	Yes
Source:	Commercial Registry Filing / Group Consolidated Statements
Presentation:	Attached to this report / Summarised below
Date of accounts:	31-03-2014
Type of accounts:	Full audited (Unaudited – 6 months Group Consolidated)
Currency:	Australian Dollar (AUD), Indian Rupee (INR)
Exchange rate:	USD 1 = AUD 1.21 as of 15-12-2014 USD 1 = INR 62.36 as of 12-12-2014
Summarised
	31-03-2014		31-03-2013	30-09-2014
Currency:	Australian Dollar (AUD)		Australian Dollar (AUD)	Indian Rupee (INR)
Consolidation:	Non-consolidated		Non-consolidated	Group consolidated
Period:	12 months		12 months	6 months
Sales turnover:	17,585,000		17,387,000	100,508,800,000
Gross profit:	-5,339,000		467,000
Profit before tax:	-9,636,000		-4,148,000	-13,085,500,000
Profit after tax:	-9,636,000		-4,148,000	-13,849,000,000
Non-current assets:	2,850,000		8,870,000	141,688,500,000
Current assets:	138,517,000		128,643,000	141,874,400,000
Total assets:	141,367,000		137,513,000	283,562,900,000
Current liabilities:	191,416,000		174,369,000	151,576,300,000
Non-current liabilities:	1,350,000		4,907,000	149,566,400,000
Total liabilities:	192,766,000		179,276,000	301,142,700,000
Shareholders' equity:	-51,399,000		-41,763,000	-17,579,800,000
Comments	The above group consolidated figures relate to the Subject's Ultimate Holding Company SUZLON ENERGY LIMITED and its subsidiaries.
OPERATIONS & HISTORY
Activities
Full description:	The Subject is engaged in providing total wind power solutions such as installation and maintenance of wind turbine power plants.
PROPERTY & ASSETS
Premises	The Subject principally operates from premises located at the heading address, consisting of administrative offices.
PAYMENTS
Purchase Terms
Local:	Cash Credits 14-30 days
Imports:	L/Cs Credits 30 days net
Sales Terms
Local:	Cash Credits 14-30 days
Exports:	L/Cs Credits 30 days net
Debt Collections / Judgements	No negative information was found.
Payment Experience
Payment behaviour:	As trade references were not supplied, the Subject's payment track record history CANNOT BE ACCURATELY DETERMINED.
INVESTIGATIVE NOTES
Sources:		Interviews and material provided by the Subject Other official and local business sources
ATTACHMENTS
Attachments:		Financial statements Financial ratios Group consolidated financial statements List of affiliated companies

Financial Ratios
	31-03-2014	31-03-2013	Trend
PROFITABILITY [%]
Gross Margin	-30.36%	2.69%	-1228.62%
Gross Profit / Sales Turnover * 100
Operating Margin	N/A	N/A	N/A
Operating Profit / Sales Turnover * 100
Net Profit Margin	-54.8%	-23.86%	-129.67%
Profit After Tax / Sales Turnover * 100
Return On Equity (ROE)	-18.75%	-9.93%	-88.82%
Profit After Tax / Equity * 100
Return On Assets (ROA)	-6.82%	-3.02%	-125.83%
Profit After Tax / Total Assets * 100
Return On Investment (ROI)	-18.75%	-9.93%	-88.82%
Profit Before Tax / Equity * 100
EFFICIENCY [%]
Asset Turnover	12.44%	12.64%	-1.58%
Sales Turnover / Total Assets * 100
Inventory Turnover	N/A	N/A	N/A
Sales Turnover / Inventory * 100
LIQUIDITY [%]
Current Ratio (CR)	72.36%	73.78%	-1.92%
Current Assets / Current Liabilities * 100
Quick Ratio (QR)	N/A	N/A	N/A
(Current Assets – Inventory) / Current Liabilities * 100
DEBT [%]
Debt Ratio	136.36%	130.37%	4.59%
Total Liabilities / Total Assets * 100
Long-Term Debt Ratio	-2.63%	-11.75%	77.62%
Long-Term Liabilities / Equity * 100

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.07
UK Pound	1	Rs.98.73
Euro	1	Rs.77.46

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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