MIRA
INFORM REPORT
|
Report Date : |
30.05.2014 |
IDENTIFICATION DETAILS
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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
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MIRA’s Rating : |
Ca (15) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 and delayed |
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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. Rating reflects
irregularities in debt servicing to some of its large debtors by the company
on account of liquidity pressure and deterioration in operation performance. Business is active. Payment terms are slow and delayed. The company can be considered for business dealings on a secured trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays
hotspots for Indians. The total figure is expected to increase to 1.93 million
by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
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Rating |
Long Term Credit Facilities: D – Ratings are
in default or are expected to be in default soon. |
|
Date |
August, 2012 |
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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.
INFORMATION DECLINED
Management non-cooperative (Tel. No.: 91-20-61356135)
LOCATIONS
|
Registered Office : |
“Suzlon”, 5, Shrimali Society, Near Shri Krishna Complex, Navrangpura,
Ahmedabad – 380 009, Gujarat, India |
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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, Maharashtra, India |
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Branch Office : |
Located at: ·
Mumbai ·
Chennai ·
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Overseas Branch Office: |
Located at: ·
·
Brazil ·
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·
·
·
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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 |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. Hemal A. Kanuga |
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Designation : |
Company Secretary |
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Name : |
Mr. Rajendra Mahadik |
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Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 16.05.2014
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
598384000 |
22.11 |
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|
454400456 |
16.79 |
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|
1052784456 |
38.91 |
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Total shareholding of Promoter and Promoter Group (A) |
1052784456 |
38.91 |
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(B) Public Shareholding |
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|
28702944 |
1.06 |
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|
534976361 |
19.77 |
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|
73441345 |
2.71 |
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|
157114392 |
5.81 |
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|
794235042 |
29.35 |
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|
|
|
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|
159487670 |
5.89 |
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|
|
|
|
|
517284987 |
19.12 |
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|
116857873 |
4.32 |
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|
24822 |
0.00 |
|
|
65222573 |
2.41 |
|
|
37368596 |
1.38 |
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|
57000 |
0.00 |
|
|
8233262 |
0.30 |
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|
2663975 |
0.10 |
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|
10095000 |
0.37 |
|
|
6804740 |
0.25 |
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|
858877925 |
31.74 |
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Total Public shareholding (B) |
1653112967 |
61.09 |
|
Total (A)+(B) |
2705897423 |
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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|
7164712 |
0.00 |
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|
7164712 |
0.00 |
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Total (A)+(B)+(C) |
2713062135 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
Sl.No. |
Name of the
Shareholder |
Details of Shares
held |
Encumbered shares
(*) |
|||
|
|
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
No |
As a percentage |
As a % of |
|
1 |
Tulsi R Tanti |
39,05,000 |
0.14 |
3904253 |
99.98 |
0.14 |
|
2 |
Gita T Tanti |
6,45,12,000 |
2.38 |
64512000 |
100.00 |
2.38 |
|
3 |
Tulsi R Tanti As a Karta of Tulsi Ranchhodbhai HUF |
1,80,00,000 |
0.66 |
18000000 |
100.00 |
0.66 |
|
4 |
Tulsi R Tanti As a Karta of Ranchhodbhai Ramjibhai HUF |
4,25,70,000 |
1.57 |
42570000 |
100.00 |
1.57 |
|
5 |
Tulsi R Tanti |
4,26,60,000 |
1.57 |
42660000 |
100.00 |
1.57 |
|
6 |
Tanti Holdings Private Limited |
15,46,26,093 |
5.70 |
154400000 |
99.85 |
5.69 |
|
7 |
Vinod R Tanti |
1,13,67,000 |
0.42 |
11367000 |
100.00 |
0.42 |
|
8 |
Jitendra R Tanti |
1,24,00,000 |
0.46 |
12400000 |
100.00 |
0.46 |
|
9 |
Sangita V Tanti |
7,01,82,000 |
2.59 |
70182000 |
100.00 |
2.59 |
|
10 |
Lina J Tanti |
7,01,82,000 |
2.59 |
70182000 |
100.00 |
2.59 |
|
11 |
Rambhaben Ukabhai |
3,000 |
0.00 |
0 |
0.00 |
0.00 |
|
12 |
Vinod R Tanti as Karta of Vinod Ranchhodbhai HUF |
1,89,00,000 |
0.70 |
18900000 |
100.00 |
0.70 |
|
13 |
Jitendra R Tanti as Karta Jitendra Ranchhodbhai HUF |
1,27,23,000 |
0.47 |
12723000 |
100.00 |
0.47 |
|
14 |
Pranav T Tanti |
5,90,67,000 |
2.18 |
59067000 |
100.00 |
2.18 |
|
15 |
Nidhi T Tanti |
30,52,000 |
0.11 |
3000000 |
98.30 |
0.11 |
|
16 |
Rajan V Tanti |
1,66,05,000 |
0.61 |
16600000 |
99.97 |
0.61 |
|
17 |
Brij J Tanti |
3,71,17,000 |
1.37 |
37100000 |
99.95 |
1.37 |
|
18 |
Trisha J Tanti |
1,51,20,000 |
0.56 |
15100000 |
99.87 |
0.56 |
|
19 |
Girish R Tanti |
10,00,19,000 |
3.69 |
100018711 |
100.00 |
3.69 |
|
20 |
Suruchi Holdings Private Limited |
42,75,000 |
0.16 |
4000000 |
93.57 |
0.15 |
|
21 |
Sugati Holdings Private Limited |
26,24,97,868 |
9.68 |
184713354 |
70.37 |
6.81 |
|
22 |
Samanvaya Holdings Private Limited |
3,30,01,495 |
1.22 |
33000000 |
100.00 |
1.22 |
|
|
Total |
1,05,27,84,456 |
38.80 |
974399318 |
92.55 |
35.92 |
Shareholding
belonging to the category "Public" and holding more than 1% of the
Total No. of Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
|
|
|
|
|
|
1 |
IDBI Bank Limited |
176499905 |
6.51 |
|
2 |
Bank of Baroda |
40951937 |
1.51 |
|
3 |
Life Insurance Corporation of India |
73141345 |
2.70 |
|
4 |
Punjab National Bank |
51688525 |
1.91 |
|
5 |
State Bank of India |
102375254 |
3.77 |
|
6 |
Indian Overseas Bank |
39125544 |
1.44 |
|
7 |
Central Bank of India |
33274441 |
1.23 |
|
|
Total |
517056951 |
19.06 |
Shareholding
belonging to the category "Public" and holding more than 5% of the
Total No. of Shares
|
Sl. No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of
Total No. of Shares |
|
|
|
|
|
|
1 |
IDBI Bank Limited |
176499905 |
6.51 |
|
|
Total |
176499905 |
6.51 |
Details of Locked-in
Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares |
Locked-in Shares as
% of |
|
1 |
|
95,69,24,066 |
35.27 |
|
|
Total |
95,69,24,066 |
35.27 |
Details of Depository
Receipts (DRs)
|
Sl. No. |
Type of Outstanding
DR (ADRs, GDRs, SDRs, etc.) |
No. of Outstanding
DRs |
No. of Shares
Underlying |
Shares Underlying
Outstanding DRs as % of Total No. of Shares |
|
1 |
GDR |
17,91,178 |
71,64,712 |
0.26 |
|
|
Total |
17,91,178 |
71,64,712 |
0.26 |
BUSINESS 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 Baroda · Bank of India · Oriental Bank of Commerce · Bank of Maharashtra · Central Bank of India · Punjab National Bank · Citibank, N.A. · State Bank of Bikaner and Jaipur · Corporation Bank · State Bank of India · Dena Bank · State Bank of Patiala · Export Import Bank of India · The Saraswat Co-operative Bank Limited · ICICI Bank Limited · Union Bank of India · 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 India · Power Finance Corporation Limited |
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Auditor 1 : |
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|
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 : |
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|
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 20.09.2013
Authorised Capital : Rs.11000.000 millions
Paid-up Capital : Rs.4976.292 millions
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 |
|
© 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 |
|
© 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 |
|
(e) 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 |
230.000 |
|
|
|
(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) |
(29898.000) |
(5053.800) |
(1856.600) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
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) |
|
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 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
3554.700 |
3554.700 |
3554.700 |
|
Reserves & Surplus |
64390.100 |
51424.400 |
19211.900 |
|
Net worth |
67944.800 |
54979.100 |
22766.600 |
|
|
|
|
|
|
long-term borrowings |
53568.500 |
45274.600 |
61640.100 |
|
Short term borrowings |
11755.200 |
18887.600 |
15433.500 |
|
Total borrowings |
65323.700 |
64162.200 |
77073.600 |
|
Debt/Equity ratio |
0.961 |
1.167 |
3.385 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations |
43575.500 |
68535.200 |
17481.100 |
|
|
|
57.279 |
(74.493) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations |
43575.500 |
68535.200 |
17481.100 |
|
Profit |
(1856.600) |
(5053.800) |
(29898.000) |
|
|
(0.043) |
(0.074) |
(1.710) |
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
COMPANY APPLICATION No. 312 of 2013
In COMPANY PETITION / 110 / 2013 ( PENDING )
|
Status : PENDING |
( Converted from : O/ST/3199/2013 ) |
CCIN No : 001057201300312 |
|
Next Listing Date: |
24/06/2014 |
|
Coram |
HONOURABLE MR.JUSTICE S.R.BRAHMBHATT |
|
|
|
S.NO. |
Name of the
Petitioner |
Advocate On Record |
|
1 |
STATE BANK OF INDIA (SBI) |
MR UDAY R BHATT for: Applicant(s) |
1|
S.NO. |
Name of the
Respondant |
Advocate On Record |
|
1 |
GALPERTI TECH S.R.L. |
MR DEVANG VYAS for :Respondent(s) |
|
Presented On |
: 05/12/2013 |
Registered On |
: 11/12/2013 |
|
Bench Category |
: - |
District |
: AHMEDABAD |
|
Case Originated
From |
: THROUGH ADVOCATE |
Listed |
: 8 times |
|
StageName |
: NOTICE RETURNABLE MATTERS |
||
|
Classification |
SJ - OJ - COMPANY APPLICATION - COMPANIES ACT, 1956 - FROM BOARD FOR INDUSTRIES FINANCE AND RECONSTRUCTION (BIFR) |
||
|
Act |
COMPANIES ACT, 1956 |
||
OFFICE DETAILS
|
S. No. |
Filing Date |
Document Name |
Advocate Name |
Court Fee on
Document |
Document Details |
|
1 |
05/12/2013 |
VAKALATNAMA |
MR UDAY R BHATT ADVOCATE |
5 |
MR UDAY R BHATT(192) for P:1 |
|
2 |
05/12/2013 |
MEMO OF APPEAL/PETITION/SUIT |
MR UDAY R BHATT ADVOCATE |
50 |
MR UDAY R BHATT(192), for P:1 |
|
3 |
23/12/2013 |
AFFIDAVIT IN REPLY |
MR DEVANG VYAS ADVOCATE |
0 |
MR DEVANG VYAS(2794) for R:1 |
COURT PROCEEDINGS
|
S. No. |
Notified Date |
CourtCode |
Board Sr. No. |
Stage |
Action |
Coram |
|
1 |
12/12/2013 |
15 |
1 |
ADMISSION [PER COURT MATTERS] |
NEXT DATE |
HONOURABLE MR.JUSTICE R.M.CHHAYA |
|
2 |
24/12/2013 |
15 |
28 |
NOTICE RETURNABLE MATTERS |
NEXT DATE |
HONOURABLE MR.JUSTICE R.M.CHHAYA |
|
3 |
16/01/2014 |
15 |
11 |
NOTICE RETURNABLE MATTERS |
NEXT DATE |
HONOURABLE MR.JUSTICE R.M.CHHAYA |
|
4 |
06/02/2014 |
15 |
25 |
NOTICE RETURNABLE MATTERS |
NEXT DATE |
HONOURABLE MR.JUSTICE R.M.CHHAYA |
|
5 |
25/02/2014 |
15 |
32 |
NOTICE RETURNABLE MATTERS |
NEXT DATE |
HONOURABLE MR.JUSTICE R.M.CHHAYA |
|
6 |
19/03/2014 |
9 |
29 |
NOTICE RETURNABLE MATTERS |
NEXT DATE |
HONOURABLE MR.JUSTICE S.R.BRAHMBHATT HONOURABLE MR.JUSTICE R.M.CHHAYA |
|
7 |
02/04/2014 |
9 |
18 |
NOTICE RETURNABLE MATTERS |
NEXT DATE |
HONOURABLE MR.JUSTICE S.R.BRAHMBHATT |
|
8 |
23/04/2014 |
9 |
22 |
NOTICE RETURNABLE MATTERS |
NEXT DATE |
HONOURABLE MR.JUSTICE S.R.BRAHMBHATT |
|
9 |
24/06/2014 |
9 |
22 |
NOTICE RETURNABLE MATTERS |
|
HONOURABLE MR.JUSTICE S.R.BRAHMBHATT |
AVAILABLE ORDERS
|
S. No. |
Case Details |
Judge Name |
Order Date |
CAV |
Judgement |
Questions |
Transferred |
Download |
|
|
1 |
COMPANY APPLICATION/312/2013 |
HONOURABLE MR.JUSTICE R.M.CHHAYA |
12/12/2013 |
N |
ORDER |
- |
Y |
Download |
|
UNSECURED
LOANS
|
Particular
|
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 |
10482213 |
28/02/2014 |
900,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWER, WTC COMPLEX,
CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B98354988 |
|
2 |
10459173 |
28/10/2013 * |
35,634,641,700.00 |
SBICAP TRUSTEE COMPANY
LIMITED |
8, KHETAN BHAVAN, 5TH
FLOOR, 198, J.T. ROAD, CHURCHGATE, MUMBAI, MAHARASHTRA - 400020, INDIA |
B89725147 |
|
3 |
10406447 |
31/12/2012 |
10,782,200,000.00 |
PUNJAB NATIONAL BANK |
IBB BRANCH, BARAKHAMBA ROAD,
NEW DELHI, DELHI - 110001, INDIA |
B68982776 |
|
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 |
28/10/2013 * |
175,031,045,000.00 |
SBICAP TRUSTEE COMPANY
LIMITED |
8, KHETAN BHAVAN, 5TH FLOOR,
198, J.T. ROAD, CHURCHGATE, MUMBAI, MAHARASHTRA - 400020, INDIA |
B89719934 |
|
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 |
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,
INDIA |
A64945223 |
|
9 |
10150808 |
17/03/2009 |
4,000,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX,
CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A59941435 |
|
10 |
10137767 |
21/11/2008 |
3,000,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE
CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
A54510649 |
|
11 |
10100078 |
29/04/2008 * |
1,000,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX,
CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A37835352 |
|
12 |
10040252 |
25/09/2009 * |
650,000,000.00 |
STATE BANK OF INDIA |
OVERSEAS BRANCH, AMRIT JAYANTHI
BHAVAN, NAVJIVAN POST OFFICE, AHMEDABAD, GUJARAT - 380014, INDIA |
A70888516 |
|
13 |
10025482 |
13/07/2009 * |
3,031,000,000.00 |
STATE BANK OF INDIA |
OVERSEAS BRANCH, AMRIT JAYANTHI
BHAVAN, NAVJIVAN POST OFFICE, AHMEDABAD, GUJARAT - 380014, INDIA |
A65521296 |
|
14 |
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 |
|
15 |
90105217 |
21/05/2003 * |
58,900,000.00 |
INDIAN RENEWABLEE ENERGY
DEVELOPMENT AGENCY LIMITED |
CORE-4A; EAST COURT, 1ST
FLOOR; INDIA HABITAT CEN |
- |
|
16 |
80005858 |
21/11/2002 |
30,750,000.00 |
THE SARSWAT CO-OPERATIVE
BANK LIMITED |
SOMWAR PETH JILLA
PARISHAD CAMPUS, PUNE, MAHARASHTRA - 411011, INDIA |
- |
|
17 |
90106673 |
29/10/2002 |
60,000,000.00 |
STATE BANK OF INDIA |
SPECIALISED COMMERCIAL
BRANCH, GANDHIGRAM; NEPTUNE TOWER ANNEXE; ASHRAM ROAD, AHMEDABAD, GUJARAT - |
- |
|
18 |
80002836 |
30/03/2009 * |
54,500,000,000.00 |
STATE BANK OF INDIA |
OVERSEAS BRANCH, AMRIT JAYANTHI
BHAVAN,, NAVJIVAN POST OFFICE, AHMEDABAD, GUJARAT - 380014, INDIA |
A59524470 |
|
19 |
90109503 |
17/10/1996 |
319,000.00 |
ANZ GRINDLAYS BANK
LIMITED |
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 DECEMBER 31, 2013
(Rs. in millions)
|
Sr. No. |
Particulars |
Quarter Ended |
Nine months ended |
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
||
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
||
|
1 |
Income from Operations |
5058.100 |
5858.700 |
20391.700 |
|
2 |
Other Operating Income |
15.800 |
132.000 |
173.100 |
|
3 |
Total Income (1+2) |
5073.900 |
5990.700 |
20564.800 |
|
4 |
Expenses |
|
|
|
|
|
a) Consumption of raw materials consumed (including project bought
outs) |
1724.400 |
3517.600 |
8590.600 |
|
|
b) Purchase of stock-in-trade |
0.000 |
142.400 |
245.300 |
|
|
c) Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
1568.200 |
618.300 |
5251.500 |
|
|
d) Employee benefits expense |
683.600 |
668.500 |
2108.200 |
|
|
e) Depreciation and amortisation expense |
416.000 |
407.500 |
1230.000 |
|
|
f) Foreign exchange loss/ (gain) |
(451.800) |
1946.500 |
3615.700 |
|
|
g) Other Expenses |
1427.000 |
1998.900 |
5267.200 |
|
|
h) Prior period item |
520.900 |
0.000 |
520.900 |
|
|
Total Expenses |
5888.300 |
9299.700 |
26829.400 |
|
5 |
Profit/(Loss) from Operations before other income finance cost and
Exceptional Items (3-4) |
(814.400) |
(3309.000) |
(6264.600) |
|
6 |
Other Income |
573.200 |
572.100 |
1674.100 |
|
7 |
Profit/(Loss) from ordinary activities before finance cost and
exceptional Items (5+6) |
(241.200) |
(2736.900) |
(4590.500) |
|
8 |
Finance costs |
3084.800 |
2851.000 |
8917.100 |
|
9 |
Profit/(Loss) from ordinary activities after finance costs but before
Exceptional Items (7-8) |
(3326.000) |
(5587.900) |
(13507.600) |
|
10 |
Exceptional items |
|
|
|
|
|
A. Provision towards diminution in loans/ investment in subsidiaries |
3760.000 |
1757.500 |
7327.500 |
|
|
B. (Profit)/ Loss on sale of investment |
(349.800) |
0.000 |
(349.800) |
|
|
C. Refinancing Cost |
0.000 |
0.000 |
0.000 |
|
|
Total Exceptional Items |
3410.200 |
1757.500 |
6977.700 |
|
11 |
Profit/(Loss) from ordinary activities before Tax (9-10) |
(6736.200) |
(7345.400) |
(20485.300) |
|
12 |
Tax expenses |
0.000 |
0.000 |
(3.300) |
|
13 |
Net Profit/(Loss) for the period (11-12) |
(6736.200) |
(7345.400) |
(20482.000) |
|
14 |
Paid-up equity share capital (Ordinary Shares of Rs.2/- each) |
4834.100 |
4324.300 |
4834.100 |
|
15 |
Reserves excluding revaluation reserves |
-- |
-- |
-- |
|
16 |
Earnings/ (Loss) Per Share (EPS)
|
|
|
|
|
|
- Basic |
(3.11) |
(3.54) |
(9.46) |
|
|
- Diluted |
(3.11) |
(3.54) |
(9.46) |
|
PART
II |
|
|
|
|
|
A |
Particulars of Shareholding |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
No. of shares |
1442045997 |
1371846646 |
1442045997 |
|
|
% of shareholding |
59.66% |
63.45% |
59.66% |
|
B |
Promoters and Promoter Group Shareholding |
|
|
|
|
a |
Pledged/Encumbered |
|
|
|
|
|
No. of shares |
789685964 |
789685964 |
789685964 |
|
|
% of shares (as a % of the total shareholding of Promoter and Promoter
Group) |
80.99% |
99.92% |
80.99% |
|
|
% of shares (as a % of the total share capital of the Company) |
32.67% |
36.52% |
32.67% |
|
b |
Non-encumbered |
|
|
|
|
|
No. of shares |
185318978 |
605624 |
185318978 |
|
|
% of shares (as a % of the total shareholding of Promoter and Promoter
Group) |
19.01% |
0.08% |
19.01% |
|
|
% of shares (as a % of the total share capital of the Company) |
7.67% |
0.03% |
7.67% |
|
|
Investor Complaints |
Quarter
ended 31.12.2013 |
|
|
Pending at the beginning of the Quarter |
Nil |
|
|
Received during the quarter |
9 |
|
|
Disposed off during the Quarter |
9 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER ENDED
SEPTEMBER 30, 2013
(Rs. in millions)
|
Sr. No. |
Particulars |
Quarter Ended |
Nine months ended |
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
||
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
||
|
|
Segment Revenue |
|
|
|
|
a) |
Wind Turbine Generator |
4922.000 |
47498.300 |
135768.300 |
|
b) |
Foundry and Forgning |
252.000 |
200.600 |
699.100 |
|
c) |
Others |
11.900 |
49.400 |
92.200 |
|
|
Total |
5185.900 |
47748.300 |
136559.600 |
|
|
Less: Inter segment revenue |
87.700 |
54.800 |
253.400 |
|
|
Income from
operations |
50098.200 |
47693.500 |
136306.200 |
|
|
Segment Results |
|
|
|
|
|
Profit/ (Loss) before
Depreciation, Other Income, Finance Cost, Exceptional Items and Tax |
|
|
|
|
a) |
Wind Turbine Generator |
(1330.800) |
(370.200) |
(4712.400) |
|
b) |
Foundry and Forging |
(45.400) |
14.100 |
(62.200) |
|
c) |
Others |
7.700 |
45.300 |
79.800 |
|
|
Total |
(1368.500) |
(310.800) |
(4694.800) |
|
|
Less: Depreciation/ Amortisation (including impairment losses) |
|
|
|
|
a) |
Wind Turbine Generator |
1721.600 |
1839.200 |
5222.800 |
|
b) |
Foundry and Forging |
121.700 |
120.300 |
360.900 |
|
c) |
Others |
19.500 |
19.600 |
58.100 |
|
|
Profit/ (Loss)
before Other Income, Finance Cost, Exceptional Items and Tax |
|
|
|
|
a) |
Wind Turbine Generator |
(3052.400) |
(2209.400) |
(9935.200) |
|
b) |
Foundry and Forging |
(167.100) |
(106.200) |
(423.100) |
|
c) |
Others |
(11.800) |
25.700 |
21.700 |
|
|
Less: Finance Cost |
5102.900 |
4842.200 |
14914.600 |
|
|
Add: Other Income |
(108.200) |
(116.400) |
(332.500) |
|
|
|
|
|
|
|
|
Profit/ (Loss) before
Tax and Exceptional Items |
(8226.000) |
(7015.700) |
(24918.700) |
|
|
Exceptional Items |
2521.900 |
669.900 |
4552.900 |
|
|
|
|
|
|
|
|
Profit/ (Loss)
before Tax |
(10747.900) |
(7685.600) |
(29471.600) |
|
|
|
|
|
|
|
|
Capital Employed
(Segment Assets
– Segment Liabilities) |
|
|
|
|
a) |
Wind Turbine Generator |
150035.300 |
152416.400 |
150035.300 |
|
b) |
Foundry and Forging |
5055.700 |
5309.300 |
5055.700 |
|
c) |
Others |
1014.000 |
1043.900 |
1014.000 |
|
|
Total |
156105.000 |
158769.600 |
156105.000 |
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 SIGNS
AGREEMENT TO SUPPLY UP TO 47 WTG’S WITH POWER WORKS, USA
06 May 2014
Suzlon Group, the world’s fifth largest wind turbine manufacturer recently announced via their fully owned US based subsidiary SWECO (Suzlon Wind Energy Corp) its agreement to supply PowerWorks up to 98.7 MW of wind turbines.
As per the agreement, Suzlon Group will supply up to 47 WTG’s and will oversee the operations, maintenance and service of the windturbines for a period of two years.
The Group will supply up to 29 units of the S97 2.1 MWwind turbines and 17 units of the first S111 2.1 MW wind turbines for projects in California and Illinois, including the Panther Creek wind project.
Rick Koebbe, President of PowerWorks, said “PowerWorks is excited to join Suzlon in bringing two new wind projects to the market. These projects demonstrate PowerWorks commitment to competitive wind energy and to the continued build-out of our development pipeline.”PowerWorks will start taking delivery of wind turbines in the summer 2015.
Duncan Koerbel, CEO of Suzlon Wind Energy Corporation said “We have a 2 pronged strategy for expansion, first by expanding our customer base and by selling our newest and most efficient turbine model, the S111. The S111 blade profile has an optimum pressure coefficient distribution which is ideal for lower wind sites, in a variety of climates, including those at higher altitudes.
Tulsi Tanti, Chairman of Suzlon Energy Limited said “We have a strong focus on the US market as it offers a favourable renewable energy environment and federal policy framework moving in the right direction. We look forward in welcoming PowerWorks to the Suzlon Group.
”David Capparelli, VP of Sales for Suzlon Wind Energy Corporation said, “We’re very excited to sell our first S111s and work with the PowerWorks team. It’s great knowing that PowerWorks is a veteran wind company with 16 years of operating wind farm experience, and has selected Suzlon for its turbine needs.”
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 records 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.60.70 |
|
|
1 |
Rs.100.97 |
|
Euro |
1 |
Rs.84.16 |
INFORMATION DETAILS
|
Information Gathered
by : |
HTL |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
15 |
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.