MIRA INFORM REPORT
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Report No. : |
316579 |
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Report Date : |
09.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
SE FORGE LIMITED
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Registered
Office : |
5, Shrimali Society, Navrangpura, Ahmedabad – 360009, Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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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.4162.541 Million |
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CIN No.: [Company Identification
No.] |
U27310GJ2006PLC048563 |
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TIN No.: |
Not Available |
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IEC No.: |
Not Available |
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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
: |
750 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (17) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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Status : |
Moderate |
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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. Moreover, as per the information available from indirect source i.e.
CARE, we found that the subject is finding it difficult to service its debt
obligations on account of weak liquidity arising out of continued loss
marking operations. 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. 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = D |
|
Rating Explanation |
Default or are expected to be in default soon |
|
Date |
0477.02.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = D |
|
Rating Explanation |
Default or are expected to be in default soon |
|
Date |
04.02.2014 |
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 |
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Contact No.: |
91-9979864609 |
|
Date : |
08.04.2015 |
LOCATIONS
|
Registered Office/ Factory 1: |
5, Shrimali Society, Navrangpura, Ahmedabad – 380009, Gujarat, India |
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Tel. No.: |
91-79-26471100 / 66045000 |
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Mobile No. : |
91-9979864609 (Mr. Jayesh Gandhi) |
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Fax No.: |
91-79-26565540 |
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E-Mail : |
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Website : |
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Area : |
5000 Sq. Ft. |
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Location : |
Owned |
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Factory 2 : |
Plot No 1, SEZ Unit in Synefra Engineering and Construction Limited,
At and Village Piparia, Taluka Waghodia, District Vadodara - 391760,
Gujarat, India |
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Tel. No.: |
91-2668-245086-89 |
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Fax No.: |
91-2668-245226 |
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E-Mail : |
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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 |
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Fax No.: |
91-421-3990099 |
DIRECTORS
As on 25.09.2014
|
Name : |
Mr. Vinod Ranchhodbhai Tanti |
|
Designation : |
Director |
|
Address : |
A – 901, Ssilver Woods, Mundhwa, Pune – 411036, Maharashtra, India |
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Date of Birth/Age : |
29.06.1962 |
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Qualification : |
B.E.(Civil) |
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Date of Appointment : |
16.09.2008 |
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DIN No.: |
00002266 |
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Name : |
Mr. Ranjitsinh Abhaysinh Parmar |
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Designation : |
Director |
|
Address : |
Plot No. 27-A, Acacia-I, Magarpatta City, Hadapsar, Pune – 411028,
Maharashtra, India |
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Date of Birth/Age : |
26.08.1955 |
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Date of Appointment : |
11.07.2012 |
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DIN No.: |
00002613 |
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Name : |
Mr. Ranjitsinh Abhaysinh Parmar |
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Designation : |
Director |
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Address : |
Plot No. 27-A, Acacia-I, Magarpatta City, Hadapsar, Pune – 411028,
Maharashtra, India |
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Date of Birth/Age : |
26.08.1955 |
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Date of Appointment : |
11.07.2012 |
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DIN No.: |
00002613 |
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Name : |
Mr. Ishwar Chand Mangal |
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Designation : |
Director |
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Address : |
501, Shamik Building, Near Parle College, Dixit Road, Vile Parle (East),
Mumbai – 400057, Maharashtra, India |
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Date of Birth/Age : |
08.10.1970 |
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Date of Appointment : |
11.07.2012 |
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DIN No.: |
05003961 |
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Name : |
Bharati Rao |
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Designation : |
Director |
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Address : |
308, Kumar Paradise, BP Wadia Road, Bangalore - 560004, Karnataka,
India |
|
Date of Birth/Age : |
15.10.1948 |
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Date of Appointment : |
02.05.2014 |
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DIN No.: |
01892516 |
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Name : |
Mr. Ishwar Chand Mangal |
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Designation : |
Director |
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Address : |
501, Shamik Building, Near Parle College, Dixit Road, Vile Parle
(East), Mumbai – 400057, Maharashtra, India |
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Date of Birth/Age : |
08.10.1970 |
|
Date of Appointment : |
11.07.2012 |
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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 |
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Date of Appointment : |
01.11.2008 |
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PAN No.: |
AJQPG2763F |
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|
|
|
Name : |
Mr. Kamlesh Bhadani |
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Designation : |
Chief Executive
Officer |
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Date of Birth/Age : |
45 Years |
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Qualification : |
B.Com. |
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Experience : |
22 Years |
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|
|
Name : |
Mr. Jayesh Gandhi |
|
Designation : |
Deputy General Manager in Finance and Accounts |
MAJOR SHAREHOLDERS
As on 25.09.2014
|
Names of Shareholders |
No. of Shares |
% of Holding |
|
Suzlon Energy Limited, India |
|
416253525 |
|
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 |
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Gita T. Tanti Jointly with Suzlon Energy Limited, India |
|
100 |
|
Sangita V. Tanti Jointly with Suzlon Energy Limited, India |
|
100 |
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Lina J. Tanti Jointly with Suzlon Energy Limited, India |
|
100 |
|
Total |
|
416254125 |
Equity Share Break up (Percentage of Total Equity)
As on 25.09.2014
|
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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Brand Names : |
-- |
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Agencies Held : |
-- |
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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 : |
European Countries |
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Terms : |
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Selling : |
Cash and Credit (30 / 60 / 90 Days) |
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Purchasing : |
Cash and Credit (30 / 60 / 90 Days) |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
750 (Approximately) |
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Bankers : |
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Facilities : |
Cash Credit = Rs.6751.500 Million
Note: Long Term
Borrowings Indian rupee term loan from banks includes term
loan (RTL) taken from banks Rs.3033.054 Million and working capital term loan
(WCTL) of Rs.870.808 Million and funded interest term loan (FITL) of
Rs.984.544 Million carrying interest rate of 16.50 % per annum. RTL and WCTL
are repayable in 32 structured quarterly installments from quarter ending
December 2014 to September 2022 and FITL payable in 14 structured quarterly
installments from quarter ending December 2014 to March 2018. In case of financial facilities from CDR
Lenders in accordance with MRA RTL WCTL FITL and fund based working capital
facilities and non-fund based working capital facilities are secured by pari
passu charge on all movable assets (both fixed and current assets) and
immovable assets of the company. The said financial facilities are also
secured by personal guarantee of one of the directors of the company and
personal guarantee of managing director of the holding company of the
company. Foreign currency term loan includes loans
from Landes Bank for purchase of plant equipment’s of Rs.559.420 Million
carrying interest at EURIBOR plus thirty basis points repayable in 12 half
yearly installments from June 2009 and
also a loan of Rs.122.212 Million carrying interest rate of EURIBOR plus twenty five basis points
repayable in 12 half yearly installments from September 2009. These loans are
supported by corporate guarantee given by the Holding Company Suzlon Energy
Limited. Details of
continuing defaults of term loan repayments and interest are as follows:
Short Term
Borrowings The
rate of interest on working capital loans from banks is 15 per cent per
annum. |
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Auditors : |
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|
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 |
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PAN No.: |
AALFS0506L |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding Company : |
CIN No.: L40100GJ1995PLC025447 |
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Fellow Subsidiary
Company : |
CIN No.: U40108KA2006PLC041191
CIN No.: U27109GJ2004PLC044170
CIN No.: U31108KA2006PLC041190
CIN No.: U45202PN1998PLC016516
|
CAPITAL STRUCTURE
As on 25.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
450000000 |
Equity Shares |
Rs.10/- each |
Rs.4500.000 Million |
|
7500000 |
Preference Shares |
Rs.100/- each |
Rs.750.000 Million |
|
|
Total |
|
Rs.5250.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
416254125 |
Equity Shares |
Rs.10/- each |
Rs.4162.541 Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
4,162.541 |
2,412.541 |
2,412.541 |
|
(b) Reserves & Surplus |
(3,790.720) |
(2,359.347) |
(753.541) |
|
(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) |
371.821 |
53.194 |
1,659.000 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
5,048.758 |
2,355.314 |
3,254.973 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
950.000 |
500.000 |
|
(d) long-term
provisions |
22.937 |
28.998 |
26.101 |
|
Total Non-current
Liabilities (3) |
5,071.695 |
3,334.312 |
3,781.074 |
|
|
|
|
|
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(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
558.100 |
1,239.628 |
1,301.648 |
|
(b) Trade
payables |
427.005 |
990.632 |
1,203.230 |
|
(c) Other
current liabilities |
1,815.271 |
3,103.359 |
1,883.663 |
|
(d) Short-term
provisions |
3.415 |
10.896 |
7.143 |
|
Total Current
Liabilities (4) |
2,803.791 |
5,344.515 |
4,395.684 |
|
|
|
|
|
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TOTAL |
8,247.307 |
8,732.021 |
9,835.758 |
|
|
|
|
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II.
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
6,464.279 |
6,799.541 |
7,238.963 |
|
(ii)
Intangible Assets |
2.342 |
11.239 |
20.927 |
|
(iii)
Capital work-in-progress |
347.300 |
370.128 |
416.130 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.020 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
14.307 |
17.236 |
26.306 |
|
(e) Other Non-current
assets |
183.937 |
88.956 |
83.540 |
|
Total Non-Current
Assets |
7,012.165 |
7,287.100 |
7,785.886 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
305.942 |
635.064 |
1,015.025 |
|
(c) Trade
receivables |
771.554 |
666.002 |
854.845 |
|
(d) Cash
and cash equivalents |
72.532 |
72.790 |
114.583 |
|
(e)
Short-term loans and advances |
84.028 |
68.834 |
62.389 |
|
(f) Other
current assets |
1.086 |
2.231 |
3.030 |
|
Total Current
Assets |
1,235.142 |
1,444.921 |
2,049.872 |
|
|
|
|
|
|
TOTAL |
8,247.307 |
8,732.021 |
9,835.758 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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SALES |
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|
|
|
Income |
1,258.999 |
1,283.946 |
3,093.001 |
|
|
|
|
Other Income |
50.334 |
34.707 |
33.032 |
|
|
|
|
TOTAL (A) |
1,309.333 |
1,318.653 |
3,126.033 |
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Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
609.503 |
536.829 |
1,696.077 |
|
|
|
|
Purchase of Stock-in-trade |
0.000 |
0.000 |
17.825 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
114.033 |
249.168 |
(232.005) |
|
|
|
|
Employee Benefits Expenses |
136.508 |
191.229 |
255.849 |
|
|
|
|
Other Expenses |
497.387 |
641.064 |
1,070.636 |
|
|
|
|
TOTAL (B) |
1,357.431 |
1,618.290 |
2,808.382 |
|
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PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(48.098) |
(299.637) |
317.651 |
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|
Less |
FINANCIAL
EXPENSES (D) |
907.283 |
829.462 |
842.433 |
||
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|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
(955.381) |
(1,129.099) |
(524.782) |
||
|
|
|
|
|
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||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
475.992 |
476.708 |
671.224 |
||
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|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
(1,431.373) |
(1,605.807) |
(1,196.006) |
||
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|
|
|
|
||
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
(1,431.373) |
(1,605.807) |
(1,196.006) |
||
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(5,795.315) |
(4,189.508) |
(2,993.502) |
||
|
|
|
|
|
|
||
|
|
BALANCE CARRIED
TO THE B/S |
(7,226.688) |
(5,795.315) |
(4,189.508) |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
Export Earnings |
305.508 |
233.689 |
476.047 |
|
|
|
TOTAL EARNINGS |
305.508 |
233.689 |
476.047 |
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IMPORTS |
|
|
|
||
|
|
|
Raw Materials |
122.958 |
238.284 |
1020.265 |
|
|
|
|
Stores & Spares |
5.015 |
8.560 |
20.263 |
|
|
|
|
Capital Goods |
0.000 |
0.000 |
32.243 |
|
|
|
TOTAL IMPORTS |
127.973 |
246.844 |
1072.771 |
||
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|
|
|
|
||
|
|
Earnings /
(Loss) Per Share (Rs.) |
(5.90) |
(6.66) |
(4.96) |
||
Expected Sales (2014-2015): Rs.1320.000 Million
The above information has been parted by Mr. Jayesh Gandhi
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(113.69) |
(125.07) |
(38.67) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
(3.82) |
(23.34) |
10.27 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(18.12) |
(19.20) |
(12.70) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(3.85) |
(30.19) |
(0.72) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
15.08 |
67.58 |
2.75 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.44 |
0.27 |
0.47 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Share Capital |
2412.541 |
2412.541 |
4162.541 |
|
Reserves & Surplus |
(753.541) |
(2359.347) |
(3790.720) |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1659.000 |
53.194 |
371.821 |
|
|
|
|
|
|
Long Term borrowings |
3254.973 |
2355.314 |
5048.758 |
|
Short Term borrowings |
1301.648 |
1239.628 |
558.100 |
|
Total
borrowings |
4556.621 |
3594.942 |
5606.858 |
|
Debt/Equity
ratio |
2.747 |
67.582 |
15.079 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales |
3,093.001 |
1,283.946 |
1,258.999 |
|
|
|
(58.489) |
(1.943) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales
|
3,093.001 |
1,283.946 |
1,258.999 |
|
Profit |
(1,196.006) |
(1,605.807) |
(1,431.373) |
|
|
(38.67%) |
(125.07%) |
(113.69%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
Rs.
In Million
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current maturities of long term debt |
521.279 |
1284.580 |
1099.739 |
|
Total |
521.279 |
1284.580 |
1099.739 |
|
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
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
Yes |
|
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 |
31.03.2014 Rs. In Million |
31.03.2013 Rs. In Million |
|
LONG TERM BORROWINGS |
|
|
|
Foreign currency term loans from banks |
259.893 |
341.770 |
|
SHORT TERM BORROWINGS |
|
|
|
Working capital loans from banks |
28.396 |
136.200 |
|
Total |
288.289 |
477.970 |
GENERAL 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 Tamilnadu 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 and 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.1258.999 Million (Previous Year Rs.12839.46 Million). The Company has also earned a Direct Export of Rs.305.508 Million (Previous Year Rs.2336.89 Million) and Deemed Export (Sales to Other SEZ entities / EOU units) Rs.170.481 Million (Previous Year Rs.153.191 Million).
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.
The Company has also taken steps to indigenize raw material.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10541223 |
24/12/2014 |
934,000,000.00 |
State Bank Of India |
Neville House, J.N. Heredia Marg,, Ballard Estate, Mumbai, Maharashtra - 400001, India |
C39563119 |
|
2 |
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 |
|
3 |
10486901 |
14/03/2014 |
6,721,500,000.00 |
Punjab National Bank |
International Banking Branch, 8th Floor,, Dcm Building, 16, Barakhamba Road,, New Delhi, Delhi - 110001, India |
C01155555 |
|
4 |
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 |
|
5 |
10148024 |
12/07/2011 * |
2,768,182,000.00 |
Punjab National Bank |
International Banking Branch, Dcm Building,, Barakhamba Road,, New Delhi, Delhi - 110001, India |
B17232216 |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
NEWS:
SUZLON REAFFIRMS PLANS TO SELL SE FORGE UNIT
March 9 - Indian wind turbine maker Suzlon
Energy (BOM : 532667) on Monday reaffirmed it is looking to sell non-core
operations including its forging and foundry business SE Forge Limited
In a bourse statement, the debt-laden company
said it has been continuously exploring possibilities for deleveraging its
balance sheet such as the sale of non-core assets. Suzlon pointed out that, as
announced in February, its board had already approved the potential sale of Se
Forge and authorised the management to consider different options.
The latest announcement was made in response
to an earlier report by the Economic Times, which quoted a senior company
executive as saying that Suzlon wants to focus on rotor blade and wind turbine
manufacturing and for this reason plans to sell its non-core towers, generators
and forging equipment factories along with certain office complexes. The
company hopes to raise about INR 10 billion (USD 159.6m/EUR 146.9m) from
these transactions.
Chairman Tulsi Tanti has also confirmed to the
ET that Suzlon is in the process of divesting a stake in SE Forge. However, he
has noted that the company is in no hurry to sell and will wait for a good
valuation.
SUZLON TO SELL SE FORGE, OTHER ASSETS
MUMBAI: Tulsi Tanti-led Suzlon Group plans to
raise Rs.25000.000 Million by selling its Vadodra-based forging unit, SE Forge,
and other assets, as the world's fifth largest wind turbine maker looks to
reduce its debt. Suzlon, which has hired SBI Capital Markets to find buyers for
its assets, is close to sealing a deal for SE Forge, said people familiar with
the matter.
The latest plan comes close on the heels of Tanti selling a 23% stake in the
company to pharma tycoon Dilip Shanghvi for Rs.18000.000 Million. Earlier,
Suzlon had sold its Germany unit, Senvion, for euro 1 billion.
Suzlon has put on block a dozen non-critical assets, including land parcels,
office spaces and other component businesses to raise Rs.25000.00 Million, said
people quoted above. A major portion of this amount is expected to come from
the sale of its subsidiary SE Forge alone, said one of the persons. In 2008,
when IDFC Private Equity acquired a 17% stake in SE Forge, the company was
valued at Rs.23000.000 Million. But now Suzlon may find it difficult to get the
same valuation for its forging subsidiary because of the debts on its books. A
buyer for SE Forge has been identified and the deal is most likely to be
announced soon, said another person.
SUZLON SHARES RISE AS SENVION, SE FORGE SALE APPROVED
Shares of Suzlon Energy on Monday surged over
2.7 percent as the company has received shareholders' nod for sale of its
German arm Senvion and issue up to 1000.000 Million equity shares on
preferential basis.
"Suzlon receives shareholders and CDR EG
(Corporate Debt Restructuring Empowered Group) approval for Senvion sale and
issue of up to 100 Crore equity shares on preferential basis," the company
said in a filing to the BSE.
Earlier, debt-laden Suzlon had announced
selling its German subsidiary Senvion to US-based Venture Capital fund
Centrebridge Partners for a minor loss, mainly to cut debt.
Suzlon had acquired Senvion (earlier known as REpower) for over Rs.73000.000
Million in 2007.
In addition, the Board of Directors also approved sale of non-core asset namely
SE Forge limited and to make investments, give loans, guarantees and provide
securities beyond the prescribed limits.
Commenting on the occasion, Tulsi R. Tanti, Chairman, Suzlon Group said,
"We thank our shareholders and lenders for their confidence, trust and
faith in the strategic vision of Suzlon. I am confident the bold decisions
taken in the recent past by the company will pave the way for Suzlon's
resurgence."
He reiterated that these initiatives are in the interest of all stakeholders
and aligned
to the company's endeavour of creating maximum shareholder value.
"We will capitalize on our technological prowess, sustained market
leadership of 18 years and best-in-class services to tap the immense growth
opportunities in our home market, USA and other emerging economies," he
said.
Recently, brokerage house HDFC Securities initiated coverage with a buy on the
stock and set a target price of Rs 34 apiece.
The brokerage viewed that Suzlon is on the cusp of a turnaround.
Suzlon has aggressively reduced debt from its heavily levered balance sheet by
divesting its German subsidiary Senvion (for Euro 1 billion) and via a
preferential issue of Rs.18000.000 Million to Dilip Shanghvi and Associates
(DSA).
PRESS RELEASE
SUZLON-SUBSIDIARY
SEFORGE ANNOUNCES RS.3670.000 MILLION
(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 Million (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 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.62.33 |
|
|
1 |
Rs.92.53 |
|
Euro |
1 |
Rs.67.60 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--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 |
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 |
|
17 |
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.