MIRA INFORM REPORT
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Report No. : |
307824 |
|
Report Date : |
20.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
SUZLON WIND INTERNATIONAL LIMITED |
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Registered
Office : |
806A, 8th Floor, Prestige Towers, # 99 and 100, Residency
Road, Bangalore – 560025, Karnataka |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
12.12.2006 |
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Com. Reg. No.: |
08-041191 |
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Capital
Investment / Paid-up Capital : |
Rs.2033.000 Millions |
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CIN No.: [Company Identification
No.] |
U40108KA2006PLC041191 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRS33982E |
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PAN No.: [Permanent Account No.] |
AAKCS4713M |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturing of Nacelle assembly for making WTG. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary company of suzlon energy limited. It is an established company having moderate track record. The company has accumulated losses. However, trade relations are reported to be fair. Business is active.
Payment terms are reported to be slow. The company can be considered for business dealings with great
caution. |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
Not Available
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.
LOCATIONS
|
Registered Office : |
806A, 8th Floor, Prestige Towers, # 99 and 100, Residency
Road, Bangalore – 560025, Karnataka, India
|
|
Tel. No.: |
91-80-65698220 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate Office 1 : |
One Earth, Hadapsar, Pune – 411028, Maharashtra, India |
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Corporate Office 2 : |
806, Prestige Towers, 100, Residency Road, Bangalore – 560025, Karnataka,
India |
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Tel. No.: |
91-80-22249270 |
|
Fax No.: |
91-80-22249117 |
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Factory : |
Located at : Udupi in the State of |
DIRECTORS
AS ON 20.09.2014
|
Name : |
Mr. Balrajsinh Abhaysinh Parmar |
|
Designation : |
Managing Director |
|
Address : |
Plot No. 27-B, Acacia–I, Magarpatta City, Hadapsar, Pune – 411028,
Maharashtra, India |
|
Date of Birth/Age : |
28.08.1957 |
|
Qualification : |
Mechanical and Electrical Engineer with specialization in instrumentation
and control |
|
Date of Appointment : |
01.04.2012 |
|
DIN No: |
00002276 |
|
|
|
|
Name : |
Mr. Bakul Nathalal Rathod |
|
Designation : |
Director |
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Address : |
D-902, Road No. 10, Kalpataru Regency II, Kalyani Nagar, Pune – 411006,
Maharashtra, India |
|
Date of Birth/Age : |
22.10.1959 |
|
Qualification : |
BE-Electrical, BE-Mechanical |
|
Date of Appointment : |
20.02.2012 |
|
DIN No: |
03297384 |
|
|
|
|
Name : |
Mr. Harish Himatlal Mehta |
|
Designation : |
Director |
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Address : |
402, Pushkar Apartments Opposite Shakti Enclave, Judges Bungalows Road Bodakdev, Ahmedabad - 380054, Gujarat, India |
|
Date of Birth/Age : |
13.10.1952 |
|
Date of Appointment : |
21.06.2013 |
|
DIN No: |
00002753 |
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|
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|
Name : |
Mr. Vaidhyanathan Raghuraman |
|
Designation : |
Director |
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Address : |
20, Kallol Apartments, 35 IP Extension, Patparganj, Delhi - 110092, India |
|
Date of Birth/Age : |
01.03.1943 |
|
Date of Appointment : |
29.06.2013 |
|
DIN No: |
00411489 |
MAJOR SHAREHOLDERS
AS ON 20.09.2014
|
Names of Equity Shareholders |
No. of Shares |
|
Suzlon Energy Limited, |
9999940 |
|
Tulsi R. Tanti Jointly with Suzlon Energy Limited, India |
10 |
|
Girish R. Tanti Jointly with Suzlon Energy Limited, India |
10 |
|
Vinod R. Tanti Jointly with Suzlon Energy Limited, India |
10 |
|
Jitendra R. Tanti Jointly with Suzlon Energy Limited, India |
10 |
|
Gils T. Tanti Jointly with Suzlon Energy Limited |
10 |
|
Sangita V. Tanti Jointly with Suzlon Energy Limited |
10 |
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|
|
|
Total |
10000000 |
|
Names of Preference Shareholders |
No. of Shares |
|
Suzlon Energy Limited, |
19329550 |
|
|
|
|
Total |
19329550 |
Equity Share Break up (Percentage of Total Equity)
AS ON 20.09.2014
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Nacelle assembly for making WTG. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
·
Dena Bank, Corporate Business Branch, C-10, G- Block,
Bandra- Kurla Complex, Bandra (East), Mumbai-400051, ·
State Bank of ·
Oriental Bank of Commerce, 917-20/20A, OBC Towers,
F.C. Road, Pune – 411004, Maharashtra, India
· Punjab National Bank, IBB Branch, Barakhamba Road, New Delhi – 110001, India ·
HDFC Bank Limited ·
State Bank of ·
Bank of ·
Bank of ·
Union Bank of ·
Corporation Bank ·
Axis Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors 1 : |
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|
Name : |
SNK and Company Chartered Accountants |
|
Address : |
E-2-B, The fifth Avenue, Dhole Patil Road, Near Regency Hotel, Pune –
411001, Maharashtra, India |
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PAN.: |
AAJFS8455L |
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Auditors 2 : |
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|
Name : |
S.R. Batliboi and Company Chartered Accountants |
|
Address : |
C-401, Fourth Floor, Panchashil Tech Park, Yerwada, Pune – 411006,
Maharashtra, India |
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Pan No.: |
AALFS0506L |
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Membership : |
-- |
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Holding company : |
· Suzlon Energy Limited |
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Subsidiary company
: |
· SE Solar Limited |
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Fellow Subsidiary
company : |
· SE Blades Limited · SE Electricals Limited · SE Forge Limited · Suzlon Energia Eólica do Brazil Limited · Suzlon Energy Australia Pty. Limited · Suzlon Wind Energy Corporation · Suzlon Rotor Corporation · Suzlon Energy BV · Suzlon Energy A/s. · Suzlon Wind Energy España, S.L.U. · Suzlon Energy (Tianjin) Limited · Senvion SE ('Repower Systems SE) · Suzlon Generators Limited · Suzlon Wind Energy Equipment Trading (Shanghai) Company Limited · Suzlon Wind Energy Nicaragua, Sociedad Anónima · Senvion India Limited · Suzlon Wind Energy South Africa (PTY) Limited · Suzlon Wind Energy Uruguay · AE Rotor Holding B.V. · Suzlon Global Services Limited · SE Drive Technik GmbH |
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Enterprises which are owned, or have significant
influence of or are partners with Key management personnel and their
relatives : |
· Aspen Infrastructures Limited · Suzlon Foundation |
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|
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Others : |
· Suzlon Wind International Limited: Employees group gratuity scheme |
CAPITAL STRUCTURE
AS ON 20.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
20000000 |
Preference Shares |
Rs.100/- each |
Rs.2000.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.2100.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
19329550 |
Preference Shares |
Rs.100/- each |
Rs.1932.955 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.2032.955 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
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|
|
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(a) Share Capital |
2033.000 |
2033.000 |
2033.000 |
|
(b) Reserves & Surplus |
(2029.700) |
882.500 |
6419.200 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
3.300 |
2915.500 |
8452.200 |
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|
|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2822.500 |
2805.800 |
800.800 |
|
(b) Deferred tax liabilities (Net) |
0.100 |
12.700 |
14.700 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
193.200 |
19.500 |
28.200 |
|
Total Non-current
Liabilities (3) |
3015.800 |
2838.000 |
843.700 |
|
|
|
|
|
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(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
9611.200 |
6919.300 |
7186.500 |
|
(b) Trade
payables |
7940.000 |
5064.300 |
3705.500 |
|
(c) Other
current liabilities |
1200.600 |
2017.100 |
5888.900 |
|
(d) Short-term provisions |
111.000 |
407.900 |
14.100 |
|
Total Current
Liabilities (4) |
18862.800 |
14408.600 |
16795.000 |
|
|
|
|
|
|
TOTAL |
21881.900 |
20162.100 |
26090.900 |
|
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|
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II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
743.900 |
851.000 |
974.200 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
75.700 |
84.000 |
92.700 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
78.600 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2156.900 |
268.200 |
270.800 |
|
(e) Other
Non-current assets |
6553.700 |
8783.400 |
134.100 |
|
Total Non-Current
Assets |
9608.800 |
9986.600 |
1471.800 |
|
|
|
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|
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(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1494.600 |
2240.500 |
2855.100 |
|
(c) Trade
receivables |
10678.400 |
7834.500 |
21555.400 |
|
(d) Cash
and cash equivalents |
21.100 |
11.300 |
99.000 |
|
(e)
Short-term loans and advances |
77.200 |
86.700 |
104.100 |
|
(f) Other
current assets |
1.800 |
2.500 |
5.500 |
|
Total
Current Assets |
12273.100 |
10175.500 |
24619.100 |
|
|
|
|
|
|
TOTAL |
21881.900 |
20162.100 |
26090.900 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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SALES |
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Income |
5500.300 |
7980.300 |
2846.400 |
|
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|
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Other Income |
54.400 |
10.300 |
2367.000 |
|
|
|
|
TOTAL (A) |
5554.700 |
7990.600 |
5213.400 |
|
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|
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|
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|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
5261.700 |
6622.400 |
2279.800 |
|
|
|
|
Purchase of Stock-in-trade |
0.000 |
0.000 |
856.000 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
(86.000) |
117.200 |
(494.100) |
|
|
|
|
Employee Benefits Expenses |
69.900 |
59.100 |
67.800 |
|
|
|
|
Other Expenses |
763.600 |
1348.000 |
704.900 |
|
|
|
|
Exceptional Items |
1036.400 |
4016.000 |
0.000 |
|
|
|
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TOTAL (B) |
7045.600 |
12162.700 |
3414.400 |
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PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(1490.900) |
(4172.100) |
1799.000 |
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|
Less |
FINANCIAL
EXPENSES (D) |
1298.900 |
1239.400 |
1798.500 |
||
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||
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PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
(2789.800) |
(5411.500) |
0.500 |
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|
Less |
DEPRECIATION/
AMORTISATION (F) |
107.600 |
127.100 |
120.300 |
||
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|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
(2897.400) |
(5538.600) |
(119.800) |
||
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|
Less |
TAX (H) |
(12.600) |
(1.900) |
7.300 |
||
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|
|
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||
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PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
(2884.800) |
(5536.700) |
(127.100) |
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|
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EARNINGS IN
FOREIGN CURRENCY ON FOB |
3723.300 |
5301.900 |
1112.000 |
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IMPORTS |
|
|
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|
|
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Raw Materials |
3092.400 |
3038.800 |
3118.500 |
|
|
|
|
Stores & Spares |
6.600 |
4.800 |
1.200 |
|
|
|
|
Capital Goods |
0.000 |
0.000 |
0.700 |
|
|
|
TOTAL IMPORTS |
3099.000 |
3043.600 |
3120.400 |
||
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||
|
|
Earnings Per
Share (Rs.) |
(308.83) |
(574.02) |
(32.93) |
||
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT / Sales |
(%) |
(52.45) |
(69.38) |
(4.47) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
(27.11) |
(52.28) |
63.20 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(13.34) |
(27.59) |
(0.46) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(878.00) |
(1.90) |
(0.01) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
3767.79 |
3.34 |
0.94 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.65 |
0.71 |
1.47 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
2033.000 |
2033.000 |
2033.000 |
|
Reserves & Surplus |
6419.200 |
882.500 |
(2029.700) |
|
Net
worth |
8452.200 |
2915.500 |
3.300 |
|
|
|
|
|
|
long-term borrowings |
800.800 |
2805.800 |
2822.500 |
|
Short term borrowings |
7186.500 |
6919.300 |
9611.200 |
|
Total
borrowings |
7987.300 |
9725.100 |
12433.700 |
|
Debt/Equity
ratio |
0.945 |
3.336 |
3,767.788 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
2846.400 |
7980.300 |
5500.300 |
|
|
|
180.365 |
(31.077) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
2846.400 |
7980.300 |
5500.300 |
|
Profit |
(127.100) |
(5536.700) |
(2884.800) |
|
|
(4.47%) |
(69.38%) |
(52.45%) |
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 |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
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 |
---------- |
|
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 |
No |
UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Millions |
31.03.2013 Rs. In Millions |
|
Short Term Borrowings |
|
|
|
Loans and
advances from others |
5017.500 |
2662.400 |
|
|
|
|
|
Total |
5017.500 |
2662.400 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10539359 |
12/12/2014 * |
3,000,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER E, CUFFE PARADE,, COLABA,, MUMBAI, MAHARASHTRA - 400005, INDIA |
C38838439 |
|
2 |
10482226 |
28/02/2014 |
900,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWER, WTC COMPLEX,, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B98358443 |
|
3 |
10459174 |
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 |
B89731160 |
|
4 |
10406473 |
31/12/2012 |
10,782,200,000.00 |
PUNJAB NATIONAL BANK |
IBB BRANCH, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
B68987718 |
|
5 |
10315658 |
14/10/2011 |
3,000,000,000.00 |
ORIENTAL BANK OF COMMERCE |
917-20/20A, OBC TOWERS,, F. C. ROAD,, PUNE, MAHARASHTRA - 411004, INDIA |
B24540999 |
|
6 |
10211310 |
19/06/2014 * |
151,402,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER E, CUFFE PARADE,, COLABA,, MUMBAI, MAHARASHTRA - 400005, INDIA |
C09887951 |
|
7 |
10129673 |
23/09/2009 * |
6,500,000,000.00 |
STATE BANK OF INDIA |
OVERSEAS
BRANCH, AMRIT JAYANTHI BHAVAN, NAVJIVAN |
A70490362 |
*Date of modification Charges
FIXED ASSETS:
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment
· Computer Equipments
PRESS RELEASE:
SUN PHARMACEUTICALS FOUNDER DILIP SHANGHVI IN TALKS TO ACQUIRE STAKE IN
SUZLON ENERGY
MUMBAI:
Sun Pharmaceuticals founder Dilip Shanghvi andTulsi Tanti of Suzlon Energy,
are in advanced talks for a multi-layer deal to eventually give the pharma
baron's family a stake in the debt-laden wind turbine maker.
People
familiar with the development said a key player in the deal is Shanghvi's
brother-in-law Sudhir Valia, who is a director in Sun Pharma as well as Lakshdeep Investments &
Finance, which will provide Rs 4,000 crore which Suzlon will use to meet its
working capital requirement.
In a separate transaction, these
sources said the Tusli Tanti-owned company would take over solar panels firm PV
Power Tech, which is controlled by Shanghvi's son Aalok, through a stock deal
that would result in the Shangvi family acquiring stake in Suzlon. Aalok heads
the international marketing division of Sun Pharma.
Both
these transactions are dependent on Suzlon first repaying Rs 6,000 crore to State Bank of India.
The turbine maker will make this payment from the recent Rs 7,200-crore sale of
its German arm.
Sun
Pharma declined comment. "We have no comments to offer on these
queries," a spokesman said while Suzlon said it won't react to
"market speculation". Suzlon's shares rose nearly 8% on the Bombay Stock Exchange on Thursday. ET had reported this week
about talks between promoters of Sun Pharma and Suzlon, which had helped its
stock rise.
If the deal
materialises, it will help Shanghvi, India's richest man after Mukesh Ambani,
expand into the wind energy sector. It will also help Suzlon cut its heavy
burden of debt of Rs 17,300-crore. The deal will enable Suzlon to enter the
solar energy sector, which is a key priority of the Narendra Modi government.
Suzlon does not manufacture any
solar power equipment yet, but it said at the recent Vibrant Gujarat summit
that it plans to set up 500 MW solar capacity in the state.
Sector experts said the deal
being negotiated was good for both companies. "This is a good move to
diversify and deleverage itself, and the intent is clear as Shanghvi has also
applied for a payments bank licence; here also he is investing in his personal
capacity," said a senior market expert who tracks Sun Pharma closely.
Suzlon, in the last few years has
been grappling with a sharp slowdown in both local and global turbine sales due
to the economic downturn, removal of tax concessions for wind power in India,
high interest burden and stiff competition from Chinese companies and
consequently its debt pile has been rising. Suzlon had defaulted on repayments
in 2012. Its rising interest burden pushed the company into corporate debt
restructuring.
Retiring
debt and targeting high-growth markets like India, China and Brazil were the primary reason behind Suzlon
taking a haircut while selling its German unit, Senvion SE, to US-based
Centerbridge Partners for 1 billion euros earlier in January this year, an
asset that it had purchased in 2007 for 1.4 billion. Dilip Shangvi's business
on the other hand has flourished. It acquired Ranbaxy Laboratories and is interested in setting up a
payments bank. Earlier, the company had spoken about entering the power sector.
"The Modi government's strong focus on
wind and solar energy is another catalyst for this deal and a key reason why
both the promoters, Shanghvi and Tanti, are keen to come together," said
the source quoted above.
HIGH SHARE-PLEDGE BY PROMOTERS EARNS SUZLON ENERGY ‘NEGATIVE’ RATING
CHENNAI,
AUGUST 18:
As
much as 95.56 per cent of the shares held by the promoters of Suzlon Energy Ltd
or 50.42 per cent of the overall shares of the company, stood pledged with
lenders as on June 30.
This,
and the “irregularities in debt servicing” by the company, have caused the
rating agency ICRA to take a “negative” view of Suzlon Energy and its eight
subsidiaries.
The
agency has revised down the ratings of long and short-term debt facilities,
with “negative outlook”.
For
the quarter ended June, Suzlon reported consolidated net loss
of Rs. 849 crore, compared with a net profit of Rs. 60
crore for the previous year.
The
numbers consolidate the figures of eight subsidiaries — Suzlon Wind
International, SE Composites, SE Electricals, Suzlon Engitech, Suzlon
Generator, Suzlon Gujarat Wind Parks, Suzlon Power Infrastructure and Suzlon
Structure.
Industry
observers trace the origins of Suzlon’s troubles to the company’s purchase of
the German wind turbine manufacturer REPower in 2008. Suzlon owns 100 per cent
of REPower, which it acquired in phases, at a cost of €1.8 billion.
Today,
a stake sale in REPower looks possible and there have been reports that Alstom
is in talk with Suzlon for that purpose.
As at
the end of last quarter, Suzlon had orders worth Rs. 40,000 crore for
5,600 MW of turbines. The problems facing Suzlon are therefore, in finance.
In its
press release of August 13, Suzlon said that its first quarter volumes were
“significantly constrained by a shortfall in working capital facilities”. On
the BSE on Friday, the Suzlon share, of face value of Rs. 2, closed
at Rs. 16.80.
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 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.62.25 |
|
|
1 |
Rs.95.57 |
|
Euro |
1 |
Rs.71.01 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUC |
|
|
|
|
Report Prepared
by : |
NKT |
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 |
3 |
|
--PROFITABILITY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
26 |
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.