MIRA INFORM REPORT
|
Report Date : |
13.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
SE FORGE LIMITED
|
|
|
|
|
Registered
Office : |
5, Shrimali Society, Navrangpura, Ahmedabad – 360009, Gujarat |
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|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
26.06.2006 |
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|
|
|
Com. Reg. No.: |
04-048563 |
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|
|
Capital
Investment / Paid-up Capital : |
Rs.2412.541
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27310GJ2006PLC048563 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMS13124G |
|
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|
|
PAN No.: [Permanent Account No.] |
AAKCS1047G |
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|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
Line of Business
: |
The Company is engaged in the manufacture of forging rings
and casting articles, required primarily for use in Wind Turbine Generators
(‘WTGs;). |
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|
|
|
No. of Employees
: |
700 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow and delayed |
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|
|
|
Litigation : |
Matter Converted to :COMP/290/2013 |
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|
Comments : |
Subject is a wholly owned subsidiary of “Suzlon Energy Limited”. It is
an established company having moderate track. The company possesses a deteriorated financial profile marked by the
partial erosion of its networth base on the back of continued losses incurred
since its inception. The rating also take into consideration, the stressed liquidity
profile necessitating the management to register itself for corporate debt
restructuring, where an empowered group approved the restructuring exercise
to be followed by the company. However, trade relations seems to be improving. Business is active. Payment terms are
reported as slow and delayed. In view of experienced promoters, the company can be considered for
business dealings on a safe and 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.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications:
Apex court order may alter coal import dynamics. Traders go slowly on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn Business Empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M a M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest Euro
100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that it had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = C |
|
Rating Explanation |
Very high risk of default regarding timely
servicing of financial obligations |
|
Date |
13.03.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A4 |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk |
|
Date |
13.03.2014 |
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 is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Jayesh Gandhi |
|
Designation : |
Deputy General Manager in Finance and Accounts |
|
Contact No.: |
91-9979864609 |
|
Date : |
13.10.2014 |
LOCATIONS
|
Registered Office/ Factory 1: |
5, Shrimali Society, Navrangpura, Ahmedabad – 380009, Gujarat, India |
|
Tel. No.: |
91-79-26471100 / 66045000 |
|
Mobile No. : |
91-9979864609 (Mr. Jayesh Gandhi) |
|
Fax No.: |
91-79-26565540 |
|
E-Mail : |
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|
Website : |
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|
Area : |
5000 Sq. ft. (Approximately) |
|
Location : |
Owned |
|
|
|
|
Factory 2 : |
Plot No 1, SEZ Unit in Synefra Engineering and Construction Limited,
At and Village Piparia, Taluka Waghodia, District Vadodara - 391760,
Gujarat, India |
|
Tel. No.: |
91-2668-245086-89 |
|
Fax No.: |
91-2668-245226 |
|
E-Mail : |
|
|
|
|
|
Factory 3 : |
Plot No. 1, SEZ Unit in Synefra Engineering and Construction Limited,
Kittampalayam Village, Annur Road, Karumathampatty, Coimbatore - 641659,
Tamilnadu, India |
|
Tel. No.: |
91-421-3990000 |
|
Fax No.: |
91-421-3990099 |
DIRECTORS
As on 31.08.2013
|
Name : |
Mr. Vinod Ranchhodbhai Tanti |
|
Designation : |
Director |
|
Address : |
A – 901, Ssilver Woods, Mundhwa, Pune – 411036, Maharashtra, India |
|
Date of Birth/Age : |
29.06.1962 |
|
Date of Appointment : |
B.E.(Civil) |
|
DIN No.: |
16.09.2008 |
|
|
|
|
Name : |
Mr. Kirtikumar Jasvantlal Vagadia |
|
Designation : |
Director |
|
Address : |
D – 302, Kalptaru Regency – 2, Phase – 2, Kalyani Nagar, Near Joggers
Park, Pune – 411006, Maharashtra, India |
|
Date of Birth/Age : |
12.03.1965 |
|
Date of Appointment : |
M.Com, CA |
|
DIN No.: |
13.08.2009 |
|
|
|
|
Name : |
Mr. Ranjitsinh Abhaysinh Parmar |
|
Designation : |
Director |
|
Address : |
Plot No. 27-A, Acacia-I, Magarpatta City, Hadapsar, Pune – 411028,
Maharashtra, India |
|
Date of Birth/Age : |
26.08.1955 |
|
Date of Appointment : |
11.07.2012 |
|
DIN No.: |
00002613 |
|
|
|
|
Name : |
Mr. Ishwar Chand Mangal |
|
Designation : |
Director |
|
Address : |
501, Shamik Building, Near Parle College, Dixit Road, Vile Parle
(East), Mumbai – 400057, Maharashtra, India |
|
Date of Birth/Age : |
08.10.1970 |
|
Date of Appointment : |
11.07.2012 |
|
DIN No.: |
05003961 |
KEY EXECUTIVES
|
Name : |
Mrs. Geetanjali Vishwanath Godse |
|
Designation : |
Secretary |
|
Address : |
A2, 414, Mangalmurti Co-operative Housing Society, 117A-2-538B, Sinhagad
Road, Parvati, Near Big Bazar, Pune – 411030, Maharashtra, India |
|
Date of Birth/Age : |
06.11.1981 |
|
Date of Appointment : |
01.11.2008 |
|
PAN No.: |
AJQPG2763F |
|
|
|
|
Name : |
Mr. Kamlesh Bhadani |
|
Designation : |
Chief Executive
Officer |
|
Date of Birth/Age : |
45 Years |
|
Qualification : |
B.Com. |
|
Experience : |
22 Years |
|
|
|
|
Name : |
Mr. Jayesh Gandhi |
|
Designation : |
Deputy General Manager in Finance and Accounts |
MAJOR SHAREHOLDERS
As on 31.08.2013
|
Names of Shareholders |
|
No. of Shares |
|
Suzlon Energy Limited, India |
|
241253525 |
|
Tulsi R. Tanti Jointly with Suzlon Energy Limited, India |
|
100 |
|
Vinod R. Tanti Jointly with Suzlon Energy Limited, India |
|
100 |
|
Girish R. Tanti Jointly with Suzlon Energy Limited, India |
|
100 |
|
Gita T. Tanti Jointly with Suzlon Energy Limited, India |
|
100 |
|
Sangita V. Tanti Jointly with Suzlon Energy Limited, India |
|
100 |
|
Lina J. Tanti Jointly with Suzlon Energy Limited, India |
|
100 |
|
Total |
|
241254125 |
Equity Share Break up (Percentage of Total Equity)
As on 31.08.2013
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the manufacture of forging rings
and casting articles, required primarily for use in Wind Turbine Generators (‘WTGs;). |
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Products : |
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Exports : |
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Products : |
Forging Rings and Casting Articles |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
Europe |
GENERAL INFORMATION
|
No. of Employees : |
700 (Approximately) |
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Bankers : |
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Facilities : |
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Banking Relations
: |
-- |
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|
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Auditors : |
|
|
Name : |
S.R. Batliboi and Company Chartered Accountants |
|
Address : |
C-401, Fourth
Floor, Panchshil Tech Park, Yerwada (Near Don Bosco School), Pune-411006,
Maharashtra, India |
|
PAN No.: |
AALFS0506L |
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Holding Company : |
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Fellow Subsidiary Company : |
|
CAPITAL STRUCTURE
After 31.08.2013
Authorised Capital : Rs.5250.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.4162.541
Millions
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000000 |
Equity Shares |
Rs.10/- each |
Rs.2500.000 Millions |
|
27500000 |
Preference Shares |
Rs.100/- each |
Rs.2750.000 Millions |
|
|
Total |
|
Rs.5250.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
241254125 |
Equity Shares |
Rs.10/- each |
Rs.2412.541
Millions |
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 |
2,412.541 |
2,412.541 |
2,412.541 |
|
(b) Reserves & Surplus |
(2,359.348) |
(753.541) |
442.466 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
53.193 |
1,659.000 |
2,855.007 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2,355.314 |
3,254.973 |
4,121.880 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
950.000 |
500.000 |
0.000 |
|
(d) long-term
provisions |
28.998 |
26.101 |
22.221 |
|
Total Non-current
Liabilities (3) |
3,334.312 |
3,781.074 |
4,144.101 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1,239.628 |
1,301.648 |
1,401.084 |
|
(b) Trade
payables |
990.632 |
1,203.230 |
1,040.187 |
|
(c) Other
current liabilities |
3,103.359 |
1,883.663 |
1,056.848 |
|
(d) Short-term
provisions |
10.896 |
7.143 |
2.001 |
|
Total Current
Liabilities (4) |
5,344.515 |
4,395.684 |
3,500.120 |
|
|
|
|
|
|
TOTAL |
8,732.020 |
9,835.758 |
10,499.228 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
6,799.541 |
7,238.963 |
7,713.120 |
|
(ii)
Intangible Assets |
11.239 |
20.927 |
22.508 |
|
(iii)
Capital work-in-progress |
370.128 |
416.130 |
480.177 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.020 |
0.020 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
17.236 |
26.306 |
51.718 |
|
(e) Other
Non-current assets |
88.956 |
83.540 |
104.722 |
|
Total Non-Current
Assets |
7,287.100 |
7,785.886 |
8,372.265 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
635.064 |
1,015.025 |
650.435 |
|
(c) Trade
receivables |
666.001 |
854.845 |
1,162.149 |
|
(d) Cash
and cash equivalents |
72.790 |
114.583 |
229.413 |
|
(e)
Short-term loans and advances |
68.834 |
62.389 |
81.429 |
|
(f) Other
current assets |
2.231 |
3.030 |
3.537 |
|
Total
Current Assets |
1,444.920 |
2,049.872 |
2,126.963 |
|
|
|
|
|
|
TOTAL |
8,732.020 |
9,835.758 |
10,499.228 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
1,283.946 |
3,093.001 |
3,576.070 |
|
|
|
|
Other Income |
34.707 |
33.032 |
28.004 |
|
|
|
|
TOTAL (A) |
1,318.653 |
3,126.033 |
3,604.074 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
536.829 |
1,696.077 |
2,016.795 |
|
|
|
|
Purchase of Stock-in-trade |
0.000 |
17.825 |
0.000 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
249.168 |
(232.005) |
(56.440) |
|
|
|
|
Employee Benefits Expenses |
191.229 |
255.849 |
273.455 |
|
|
|
|
Other Expenses |
641.064 |
1,070.636 |
1,078.353 |
|
|
|
|
TOTAL (B) |
1,618.290 |
2,808.382 |
3,312.163 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(299.637) |
317.651 |
291.911 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
829.462 |
842.433 |
747.296 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
(1,129.099) |
(524.782) |
(455.385)s |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
476.708 |
671.224 |
705.067 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
(1,605.807) |
(1,196.006) |
(1,160.452) |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
(1,605.807) |
(1,196.006) |
(1,160.452) |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(4,189.508) |
(2,993.502) |
(1,833.050) |
||
|
|
|
|
|
|
||
|
|
BALANCE CARRIED
TO THE B/S |
(5,795.315) |
(4,189.508) |
(2,993.502) |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
Export Earnings |
233.689 |
476.047 |
529.902 |
|
|
|
TOTAL EARNINGS |
233.689 |
476.047 |
529.902 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw Materials |
238.284 |
1020.265 |
1023.842 |
|
|
|
|
Stores & Spares |
8.560 |
20.263 |
10.362 |
|
|
|
|
Capital Goods |
0.000 |
32.243 |
83.672 |
|
|
|
TOTAL IMPORTS |
246.844 |
1072.771 |
1117.876 |
||
|
|
|
|
|
|
||
|
|
Earnings /
(Loss) Per Share (Rs.) |
(6.66) |
(4.96) |
(5.13) |
||
|
Particulars |
31.03.2014 |
|
Sales Turnover (Approximately) |
1290.000 |
|
|
(Due to market fluctuation and some government policies) |
The above information has been parted by Mr. Jayesh Gandhi
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(121.78) |
(38.26) |
(32.20)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(125.07) |
(38.67) |
(32.45)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(19.20) |
(12.70) |
(11.58)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(30.19) |
(0.72) |
(0.41)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
67.58 |
2.75 |
1.93 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.27 |
0.47 |
0.61 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
2412.541 |
2412.541 |
2412.541 |
|
Reserves & Surplus |
442.466 |
(753.541) |
(2359.348) |
|
Net
worth |
2855.007 |
1659.000 |
53.193 |
|
|
|
|
|
|
long-term borrowings |
4121.880 |
3254.973 |
2355.314 |
|
Short term borrowings |
1401.084 |
1301.648 |
1239.628 |
|
Total
borrowings |
5522.964 |
4556.621 |
3594.942 |
|
Debt/Equity
ratio |
1.934 |
2.747 |
67.583 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
3,576.070 |
3,093.001 |
1,283.946 |
|
|
|
(13.508) |
(58.4890 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs. In
Millions |
|
Sales
|
3,576.070 |
3,093.001 |
1,283.946 |
|
Profit |
(1,160.4520 |
(1,196.006) |
(1,605.807) |
|
|
(32.45%) |
(38.67%) |
(125.07%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
four years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
Yes |
|
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 |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
Yes |
|
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 |
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
LONG TERM BORROWINGS |
|
|
|
Foreign currency term loans from banks |
341.770 |
453.197 |
|
SHORT TERM BORROWINGS |
|
|
|
Rupee term loans from banks |
136.200 |
342.243 |
|
Total |
477.970 |
795.440 |
CORPORATE
INFORMATION
The Company is a public limited Company domiciled in India and it is a wholly owned subsidiary of Suzlon Energy Limited. The Company is incorporated under the provisions of the Companies Act, 1956. The Company is engaged in the manufacture of forging rings and casting articles, required primarily for use in Wind Turbine Generators (‘WTGs;). The Company has set up its manufacturing facilities as "Units in Notified Special Economic Zone (‘SEZ’)" at Vadodara and Coimbatore, in the states of Gujarat and Tamil Nadu respectively. The Company has obtained approvals from the Development Commissioners for setting up the manufacturing facilities as "Units in the Notified SEZ" vide letter No KASEZ/P&C/6/57/07-08/4744 dated July 31, 2007 for Vadodara Unit; and letter No. 8/1/2007-Suzlon Infra dated September 18, 2007 for Coimbatore Unit. The Company caters to both domestic and international markets.
BUSINESS REVIEW:
During the year, the Company has earned revenue from operations of Rs.1283.946 Millions (Previous Year Rs.3093.001 Millions). The Company has also earned a Direct Export of Rs.233.689 Millions (Previous Year Rs.476.047 Millions) and Deemed Export (Sales to Other SEZ entities / EOU units) Rs.153.191 Millions (Previous Year Rs.289.196 Millions).
During the year, the Company has also developed new customers for Wind and Non Wind Application of its products and have added new customers to its Customer Portfolio. As a Business Strategy, the Company continuously explores new geographies in Europe, U.S.A and Latin America for its products, by active marketing initiatives. The Company expects substantial volume from the overseas market in the years to come.
The Company has identified and continuously explores Non Wind Application of its products like Oil and Gas Sector, Process Equipments etc.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10504808 |
11/06/2014 |
6,721,500,000.00 |
IDBI Trusteeship Services Limited |
Asian Building, Ground Floor,, 17, R.Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India |
C07991284 |
|
2 |
10486901 |
14/03/2014 |
6,721,500,000.00 |
Punjab National Bank |
International Banking Branch, 8th Floor, DCM Building, 16, Barakhamba Road, New Delhi - 110001, INDIA |
C01155555 |
|
3 |
10149485 |
28/08/2010 * |
500,000,000.00 |
State Bank of Patiala |
Commercial Branch, Atlanta, 1st Floor, Jamnalal Bajaj Marg, Nariman Point, Mumbai, Maharashtra - 400021, India |
A96474499 |
|
4 |
10148024 |
12/07/2011 * |
2,768,182,000.00 |
Punjab National Bank |
International Banking Branch, 8th Floor, DCM Building, 16, Barakhamba Road, New Delhi - 110001, INDIA |
B17232216 |
|
5 |
10126261 |
15/04/2009 * |
1,000,000,000.00 |
State Bank of India |
Overseas Branch, Amrit Jayanthi Bhavan, Navjivan Post Office, Ahmedabad, Gujarat - 380014, India |
A61365615 |
|
6 |
10123168 |
15/04/2009 * |
2,300,000,000.00 |
State Bank of India |
Overseas Branch, Amrit Jayanthi Bhavan, Navjivan Post Office, Ahmedabad, Gujarat - 380014, India |
A61364469 |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
PRESS RELEASE
SUZLON-SUBSIDIARY
SEFORGE ANNOUNCES RS.3670.000 MILLIONS
(US$ 75 MN)
AGREEMENT WITH WIND MAJOR
Coimbatore / Pune: SEFORGE Limited, a Suzlon Group subsidiary, announced a key purchase agreement with a leading wind turbine manufacturer for the supply of machined tower flanges, used for wind towers, over a period of three years. The Rs.3670.000 Millions (US$ 75 mn) contract covers supply of flanges for wind turbine towers for projects in India and international markets.
Speaking on the agreement, Mr. Kamlesh Bhadani, CEO - SEFORGE, said: “This agreement underscores our ability to deliver components that meet the exacting standards of the global wind industry.
“This agreement, alongside recent agreements with other tower manufacturers and a large European bearing producer, highlight SEFORGE’s growing presence as an independent parts supplier to wind and related industries. We project that by FY13 50 per cent of our sales will be from companies outside the Suzlon Group.”
Speaking on the order, Mr. Tulsi Tanti, Chairman – Suzlon Group, said: “This is a very important order that underscores our collaborative relationship with other major wind turbine companies the world over. Wind has today achieved parity with most conventional sources of energy, beating even gas in per-unit cost in some markets; and it is projected that by 2015 wind will be truly competitive against even coalbased power. With wind contributing a mere three per cent to the world’s energy grid today, we as an industry have an enormous opportunity before us to become a central pillar of the energy mix of the future.”
SEFORGE operates a state of the art forging facility capable of producing seamless forged rings of maximum diameter of 5.2 meters, with an annual capacity of between 40,000 to 60,000 rings at Vadodara, Gujarat. SEFORGE has established itself as a key supplier to all major wind turbine manufacturers in India for the supply of forged rings used in wind turbine towers and bearings. The company also supplies rings to major international players in the oil and gas, power and defense sectors over and above the bearing and wind turbine sectors.
Three long-term agreements signed by SEFORGE in last few months together will consume approximately 40 per cent of SEFORGE’s forging capacity for the next three years.
SEFORGE also has a foundry division, based in Coimbatore, with a modern manufacturing facility capable of producing large sizes of castings with an annual capacity of 120,000 MT of castings. Large size castings are primarily supplied to wind industry, and the Foundry division also has potential to diversify into heavy engineering, aerospace and power sector equipment.
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.61.16 |
|
|
1 |
Rs.98.62 |
|
Euro |
1 |
Rs.77.67 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
27 |
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.