MIRA INFORM REPORT
|
Report No. : |
307806 |
|
Report Date : |
24.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
SUZLON ENERGY LIMITED |
|
|
|
|
Registered
Office : |
Suzlon, 5, Shrimali Society, Near Shri Krishna Complex, Navrangpura, Ahmedabad
– 380 009, Gujarat |
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|
|
|
Country : |
India |
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|
|
Financials (as
on) : |
31.03.2014 |
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|
|
|
Date of
Incorporation : |
10.04.1995 |
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|
|
|
Com. Reg. No.: |
04-025447 |
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Capital
Investment / Paid-up Capital : |
Rs. 4976.300 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L40100GJ1995PLC025447 |
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|
|
|
IEC No.: |
2495002021 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMS03088B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCS0472N |
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|
|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
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|
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|
Line of Business
: |
Subject
is primarily engaged in the business of manufacturing of wind turbine generators
(‘WTGs’) and related components of various capacities. |
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|
|
|
No. of Employees
: |
5700 (Approximately) |
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 |
|
Status : |
Moderate |
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|
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Payment Behaviour : |
Slow |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial
risk profile and losses that company has incurred from its operational
activities. However, trade relations are fair. Business is active. Payments are
reported to be slow. The company can be considered for business dealing with some 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.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Ms. Geetanjali |
|
Designation : |
Secretarial Officer |
|
Contact No.: |
91-20-67025000 |
|
Date : |
12.02.2015 |
LOCATIONS
|
Registered Office : |
“Suzlon”, 5, Shrimali Society, Near Shri Krishna Complex, Navrangpura,
Ahmedabad – 380 009, Gujarat, India |
|
Tel. No.: |
91-79-66045000/ 26407141 |
|
Fax No.: |
91-79-26565540/ 26442844 |
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E-Mail : |
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|
Website : |
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|
Location : |
Owned |
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|
|
|
Corporate/ Branch Office : |
One Earth, Opposite Magarpatta City, Hadapsar, Pune – 411 028, Maharashtra,
India |
|
Tel. No.: |
91-20-61356135/ 67022000 |
|
Fax No.: |
91-20-67022100/ 40122200/ 67022200 |
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E-Mail : |
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Factory 1/ Technical Service Centre : |
Plot
No.H-24 and H-25, M.G. Udyognagar Industrial Estate, Dabhel, Daman-396 210, Daman and Diu, India |
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Factory 2 : |
Plot
No.77, 13, Opposite GDDIC, Vanakbara Road, Village Malala, Diu – 362 520, Daman and Diu, India |
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Factory 3 : |
Plot
No.306/1 and 3, Bhimpore, Nani Daman, Daman – 396 210, Daman and Diu, India |
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Factory 4 : |
Survey
No.86/3-4, 87/1-3-4, 88/1-2-3, 89/1-2, Kadaiya Road, Daman – 396 210, Daman and Diu, India |
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Factory 5 : |
Survey
No.42/2 and 3, 54, 1 to 8, Bhenslore Road, Dunetha, Daman – 396 210, Daman and Diu, India |
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Factory 6 : |
Plot
No.4, OIDC, M.G. Udhyog Nagar, Dabhel, Nani Daman, Daman – 396 210, Daman and Diu, India |
|
|
|
|
Factory 7 : |
RS.No.9/1A,
9/1B, 9/3, 9/1C, 9/2, 10/1, 10/3, 58/1, 9/4A, 9/4B, 57/1, 57/3, 58/2, 58/3,
58/5, 58/6, 57/4, 59, Thiruvandralkoil, Opposite Whirlpool India Limited,
Pondicherry – 605 107, India |
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|
|
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Factory 8 : |
Block
No.93, Opposite Gayatri Petroleum, National Highway No.8, Village
Vadsala-Varnama, Vadodara – 391 242, Gujarat, India |
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|
|
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Factory 9 : |
Survey No.588, Village: Paddar, Bhuj, Kutch – 370 105,
Gujarat, India |
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Tel No.: |
91-2832-229028 |
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Location
: |
Owned |
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Factory 10 : |
Survey
No.282, Chhadvel (Korde), Sakri, Dhule – 424 305, Maharashtra, India |
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Branch Office : |
Located at: ·
Mumbai ·
Chennai ·
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Overseas Branch Office: |
Located at: ·
·
Brazil ·
·
·
·
·
·
|
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Tulsi R. Tanti |
|
Designation : |
Chairman and Managing Director |
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|
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|
Name : |
Mr. Vinod R. Tanti |
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Designation : |
Non-Executive Director |
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|
Name : |
Mr. Girish Tanti |
|
Designation : |
Non-Executive Director |
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|
Name : |
Mr. V. Raghuraman |
|
Designation : |
Non-Executive Independent Director |
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|
Name : |
Mr. Rajiv Ranjan Jha |
|
Designation : |
Non-Executive Independent Director (a nominee of Power
Finance Corporation Limited) |
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|
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|
Name : |
Mr. Marc Desaedeleer |
|
Designation : |
Non-Executive Independent Director |
|
|
|
|
Name : |
Mrs.
Bharati Rao, a nominee of State Bank of India |
|
Designation : |
Non-Executive
Independent Director |
|
|
|
|
Name : |
Mr.
Ravi Uppal |
|
Designation : |
Non-Executive Independent Director |
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|
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|
Name : |
Mrs.
Medha Joshi |
|
Designation : |
Non-Executive Director a nominee of IDBI Bank Limited (appointed as nominee director w.e.f. May 3, 2014) |
KEY EXECUTIVES
|
Name : |
Ms. Geetanjali |
|
Designation : |
Secretarial Officer |
|
|
|
|
Name : |
Mr. Amit Agarwal |
|
Designation : |
Chief Financial Officer |
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|
|
|
Name : |
Mr. Hemal A. Kanuga |
|
Designation : |
Company Secretary |
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|
|
|
Name : |
Mr. Rajendra Mahadik |
|
Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 13.01.2015
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
598384000 |
18.36 |
|
|
454400456 |
13.94 |
|
|
1052784456 |
32.30 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
1052784456 |
32.30 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
40890050 |
1.25 |
|
|
664007044 |
20.38 |
|
|
90232017 |
2.77 |
|
|
321615138 |
9.87 |
|
|
1116744249 |
34.27 |
|
|
|
|
|
|
263199918 |
8.08 |
|
|
|
|
|
|
584607136 |
17.94 |
|
|
184206571 |
5.65 |
|
|
57364678 |
1.76 |
|
|
37985649 |
1.17 |
|
|
57000 |
0.00 |
|
|
18183354 |
0.56 |
|
|
1138675 |
0.03 |
|
|
1089378303 |
33.43 |
|
Total Public shareholding (B) |
2206122552 |
67.70 |
|
Total (A)+(B) |
3258907008 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
8277524 |
0.00 |
|
|
8277524 |
0.00 |
|
Total (A)+(B)+(C) |
3267184532 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject
is primarily engaged in the business of manufacturing of wind turbine
generators (‘WTGs’) and related components of various capacities. |
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|
|
|
Products : |
wind turbine generators (‘WTGs’) |
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|
|
|
Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
Wholesalers, Retailers
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No. of Employees : |
5700 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
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|
Auditor 1 : |
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|
Name : |
SNK and Company Chartered Accountants |
|
Address : |
E-2-B, 4th Floor, The Fifth
Avenue, Dhole Patil Road, Near Regency Hotel, Pune – 411 001, Maharashtra, India |
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|
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|
Auditor 2 : |
|
|
Name : |
S.R. Batliboi and Company Chartered Accountants |
|
Address : |
C-401, 4th Floor, Panchshil Tech Park, Yerwada, (Near Don
Bosco School), Pune – 411 006, Maharashtra, India |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Joint venture : |
Suzlon Energy (Tianjin) Limited |
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Subsidiary Companies : |
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Entities where key management personnel
(‘KMP’)/relatives of key management personnel ('RKMP') have significant
influence : |
|
CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7,500,000,000 |
Equity Shares |
Rs.2/- each |
Rs.15000.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,267,184,532 |
Equity Shares |
Rs.2/- each |
Rs. 6534.369 millions |
|
|
|
|
|
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,500,000,000 |
Equity Shares |
Rs.2/- each |
Rs.1100.000 millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2,507,078,158 |
Equity Shares |
Rs.2/- each |
Rs. 5014.200 Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2,488,146,181 |
Equity Shares |
Rs.2/- each |
Rs.4976.300
Millions |
|
|
|
|
|
Reconciliation of the equity shares outstanding at the
beginning and at the end of the reporting period
|
Equity
shares |
As at 31st
March, 2014 |
|
|
No. of Shares (Crore) |
Amount (Rs. in
millions) |
|
|
At
the beginning of the year |
177.74 |
3554.700 |
|
Issued
during the year |
71.07 |
1421.600 |
|
Outstanding at the end of
the year |
248.81 |
4976.300 |
b. Terms/rights attached to equity shares
The Company has
only one class of equity shares having a par value of Rs 2 each. Each holder of
equity shares is entitled to one vote per share except for the underlying
depository shares held against the Global Depository Receipts (‘GDRs’). Holders
of the GDR have no voting rights with respect to the equity shares represented
by the GDRs. Deutsche Bank Trust Company Americas (the ‘Depository’), which is
the shareholder on record in respect of the equity shares represented by the
GDRs, will not exercise any voting rights in respect of the equity shares
against which GDRs are issued, unless it is required to do so by law. Equity
shares which have been withdrawn from the Depository facility and transferred
on the Company's register of members to a person other than the Depository,
ICICI Bank Limited (the ‘Custodian’) or a nominee of either the
Depository or the Custodian may be voted by
the holders thereof.
As regard the
shares, which did not have voting rights as on March 31, 2014 are GDRs –
1,791,178 / (equivalent shares – 7,164,712) and as on March 31, 2013 are GDRs –
1,023,173 / (equivalent shares – 4,092,692).
The Company
declares and pays dividends in Indian rupees. The dividend proposed by the
Board of Directors is subject to approval of the shareholders in the ensuing
Annual General Meeting.
In the event of
liquidation of the Company, the holder of equity shares will be entitled to
receive remaining assets of the Company, after distribution of all preferential
amounts. The distribution will be in proportion to the number of equity shares
held by the shareholders.
c. Aggregate number
of bonus shares issued, share issued for consideration other than cash and
shares bought back during the period of five years immediately preceding the
reporting date:
|
|
31.03.2014 No. of Shares In Millions |
|
Equity shares allotted as fully paid up pursuant to contracts for
consideration other than cash |
3.20 |
In addition, the Company has issued 32,000 shares (March 31, 2013: 1,393,000 shares) during the period of five years immediately preceding the reporting date, on exercise of options granted under the employee stock option plan (ESOP) wherein part consideration was received in the form of employee services.
d. Shares reserved for issue under
options
For details of shares reserved for issue under the employee stock option (ESOP) plan of the Company, Note 28(b), under heading of “Closing balance”.
For details of shares reserved for issue on conversion of FCCBs, refer Note 9 (II) (a) for terms of conversion / redemption. For details of shares reserved for issue on conversion of Funded Interest Term Loan into equity shares or compulsory convertible debentures and issue of equity shares in lieu of sacrifice of the CDR Lenders, refer Note 3(d) for terms of conversion.
For details of shares reserved for issue on conversion of existing promoter loans and promoter contribution in lieu of bank sacrifice and to certain vendors
e. Details of shareholders holding more than 5% equity shares in the
Company:
|
Name of the shareholder |
As at 31st
March, 2014 |
|
|
No. of Shares (Crore) |
% holding |
|
|
(Equity shares of Rs.2 each fully paid) |
|
|
|
IDBI Bank Limited |
16.26 |
6.53 |
|
Sugati Holdings Private Limited |
15.46 |
8.70 |
|
Tanti Holdings Private Limited |
12.27 |
6.90 |
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 |
|
|
|
|
(a) Share Capital |
4976.300 |
3554.700 |
3554.700 |
|
(b) Reserves & Surplus |
21663.300 |
19211.900 |
51424.400 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
1620.200 |
5816.700 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
28259.800 |
28583.300 |
54979.100 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
61194.500 |
61640.100 |
45274.600 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
157.000 |
300.100 |
1000.000 |
|
(d) long-term
provisions |
1393.400 |
2336.100 |
2288.000 |
|
Total Non-current
Liabilities (3) |
62744.900 |
64276.300 |
48562.600 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
22157.800 |
15433.500 |
18887.600 |
|
(b) Trade
payables |
34010.300 |
31684.600 |
41455.600 |
|
(c) Other
current liabilities |
33312.400 |
32449.500 |
29856.100 |
|
(d) Short-term
provisions |
5628.200 |
4289.000 |
12492.000 |
|
Total Current
Liabilities (4) |
95108.700 |
83856.600 |
102691.300 |
|
|
|
|
|
|
TOTAL |
186113.400 |
176716.200 |
206233.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
5947.200 |
7595.600 |
8512.500 |
|
(ii)
Intangible Assets |
1244.000 |
1887.900 |
1160.300 |
|
(iii)
Capital work-in-progress |
157.100 |
383.800 |
130.300 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
77300.700 |
81360.500 |
87029.800 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
232.700 |
|
(d) Long-term Loan and Advances |
31392.400 |
25344.600 |
24919.700 |
|
(e) Other
Non-current assets |
2601.100 |
3202.200 |
3107.800 |
|
Total Non-Current
Assets |
118642.500 |
119774.600 |
125093.100 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
4169.300 |
1126.400 |
|
(b) Inventories |
7409.900 |
15420.600 |
14659.400 |
|
(c) Trade
receivables |
15478.800 |
15862.500 |
34146.600 |
|
(d) Cash
and cash equivalents |
605.700 |
1391.700 |
2626.500 |
|
(e)
Short-term loans and advances |
19487.500 |
15521.400 |
25305.900 |
|
(f) Other
current assets |
24489.000 |
4576.100 |
3275.100 |
|
Total
Current Assets |
67470.900 |
56941.600 |
81139.900 |
|
|
|
|
|
|
TOTAL |
186113.400 |
176716.200 |
206233.000 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
30363.600 |
17481.100 |
68535.200 |
|
|
|
Other Income |
283.600 |
55.600 |
176.900 |
|
|
|
TOTAL (A) |
30647.200 |
17536.700 |
68712.100 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
16817.400 |
16994.500 |
44886.400 |
|
|
|
Purchases of Stock-in-Trade |
367.400 |
727.800 |
668.400 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
4767.300 |
(3203.500) |
(962.300) |
|
|
|
Employees benefits expense |
2557.000 |
2574.500 |
3374.300 |
|
|
|
Other expenses |
9576.300 |
13165.500 |
15047.400 |
|
|
|
Prior period items |
520.900 |
0.000 |
0.000 |
|
|
|
Exceptional
items |
(6383.500) |
5717.100 |
3489.200 |
|
|
|
TOTAL (B) |
28222.800 |
35975.900 |
66503.400 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2424.400 |
(18439.200) |
2208.700 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
9932.400 |
7845.100 |
5369.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(7508.000) |
(26284.300) |
(3160.900) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1740.000 |
2145.400 |
1826.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(9248.000) |
(28429.700) |
(4987.700) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(3.300) |
1468.300 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(9244.700) |
(29898.000) |
(4987.700) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
4418.000 |
3503.000 |
459.000 |
|
|
|
Interest on loans |
1432.400 |
1422.900 |
1850.500 |
|
|
TOTAL EARNINGS |
5850.400 |
4925.900 |
2309.500 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
7180.300 |
8725.300 |
23560.000 |
|
|
|
Stores & Spares |
2.600 |
8.000 |
194.000 |
|
|
|
Capital Goods |
115.500 |
1573.100 |
162.000 |
|
|
TOTAL IMPORTS |
7298.400 |
10306.400 |
23916.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(4.13) |
(16.82) |
(2.84) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(30.45) |
(171.03) |
(7.28) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
7.98 |
(105.48) |
3.22 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(8.51) |
(29.93) |
(4.20) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.33) |
(0.99) |
(0.09) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.95 |
2.70 |
1.17 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.71 |
0.68 |
0.79 |
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 |
3554.700 |
3554.700 |
4976.300 |
|
Reserves & Surplus |
51424.400 |
19211.900 |
21663.300 |
|
Share Application money
pending allotment |
0.000 |
5816.700 |
1620.200 |
|
Net
worth |
54979.100 |
28583.300 |
28259.800 |
|
|
|
|
|
|
long-term borrowings |
45274.600 |
61640.100 |
61194.500 |
|
Short term borrowings |
18887.600 |
15433.500 |
22157.800 |
|
Total
borrowings |
64162.200 |
77073.600 |
83352.300 |
|
Debt/Equity
ratio |
1.167 |
2.696 |
2.950 |
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 |
68535.200 |
17481.100 |
30363.600 |
|
|
|
(74.493) |
73.694 |
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 |
68535.200 |
17481.100 |
30363.600 |
|
Profit |
(4987.700) |
(29898.000) |
(9244.700) |
|
|
(7.28%) |
(171.03%) |
(30.45%) |
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 |
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 |
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 |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
(Rs.
In Millions)
|
UNSECURED LOAN |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
Long Term
Borrowing |
|
|
|
Foreign currency convertible bonds |
10485.100 |
14387.500 |
|
Total |
10485.100 |
14387.500 |
LITIGATION
DETAILS:
|
HIGH COURT OF GUJARAT |
|
COMPANY PETITION No. 110 of 2013 |
|
Status
: PENDING |
CCIN No : 001058201300110 |
|
|
|||||
|
|||||
|
|||||
|
S.NO. |
Name of the Petitioner |
Advocate On Record |
|
1 |
GALPERTI TECH S.R.L. |
MR PY DIVYESHVAR for: Petitioner(s) |
|
S.NO. |
Name of the Respondant |
Advocate On Record |
|
1 |
SUZLON ENERGY LTD |
M/S THAKKAR ASSOC. for :Respondent(s) |
|
|
|||
|
Presented On |
: 20/03/2013 |
Registered On |
: 21/03/2013 |
|
Bench Category |
: SINGLE BENCH |
District |
: AHMEDABAD |
|
Case Originated From |
: THROUGH HIS/HER/THEIR ADVOCATE |
Listed |
: 33 times |
|
StageName |
: NOTICE RETURNABLE MATTERS |
||
|
Classification |
SJ - OJ - COMPANY PETITION - COMPANIES ACT, 1956 - WINDING UP - 433 AND 434 |
|
Act |
COMPANIES ACT, 1956 |
CORPORATE
INFORMATION:
Suzlon Energy Limited (‘SEL’ or the ‘Company’) is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956 (the ‘Act’). Its shares are listed on two stock exchanges in India. The Company is primarily engaged in the business of manufacturing of wind turbine generators (‘WTGs’) and related components of various capacities. During the year, on March 29, 2014, the Company sold its operation and maintenance business undertaking to one of its subsidiaries, Suzlon Global Services Limited (SGSL) on a slump sale basis, as part of its strategic reorganisation and its initiatives for realising business efficiencies.
OPERATIONS
REVIEW:
On a standalone basis, the Company achieved revenue from operations of Rs. 30363.600 Millions and EBIT of Rs.(5699.100) Millions as against Rs.17481.100 Millions and Rs.(1,4867.500) Millions respectively in the previous year. Net loss after tax is Rs.(9244.700) Millions as compared to net loss after tax of Rs.(2,989.80) Millions in the previous year. The reduction in loss during the year compared to previous year is primarily due to increase in sales volume and gain on sale of OMS Business Undertaking.
On consolidated basis, the Group achieved revenue from operations of Rs.202115.800 Millions and EBIT of Rs.(9179.700) Millions as against Rs.187431.400 Millions and Rs.(20369.600) Millions respectively in the previous year. Net loss for the year is Rs.(35199.700) Millions as compared to loss of Rs. (47239.600) Millions in the previous year. The reduction in loss during the year compared to previous year is primarily due to increase in sales volume, change in market mix, and reduction in fixed cost and exceptional items.
Global wind market and outlook
After a strong
calendar year (CY) 2012, the annual size of wind market declined in CY 2013
primarily resulting from the reduced installations in the US by around 90 per
cent over previous year. CY 2013 ended with over 34 GW in new capacity
connected to the grid worldwide. The offshore wind segment grew by 32 per cent
in CY 2013, reaching 1.9 GW in new installations. While many key wind markets
delivered a resilient performance, the India market experienced a 26 per cent
drop in CY 2013 over CY 2012 installations to 1.7 GW, partly due to the
withdrawal of the Accelerated Depreciation (AD) and uncertainty over
continuance of Generation Based Incentive (GBI). The industry is poised for a
rebound in CY 2014 and CY 2015 after poor CY 2013 with growth of over 40%. A
healthy project pipeline in the US due to the PTC extension will be a major
contributor to the industry growth. GBI, CSR and AD driven demand in India,
market rebound in China, surge in turbines online in Brazil due to improved
transmission lines and continued record growth in Canada will be other factors
driving the industry in CY 2014 and CY 2015.
Looking ahead, global wind market is expected to grow steadily along with growing worldwide energy demand. The long-term future for wind is underpinned mainly by its efficiency and cost effectiveness in relationship with other conventional fossil fuels. New products are being introduced with a significantly improved yield curve. As a result, the Levelized Cost of Energy (LCOE) for wind has been continuously decreasing. In many regions, wind power is now competitive with new fossil fuel fired plants. In addition to cost competitiveness, energy security concerns and climate change issue continues to play key roles in shaping the future growth of renewables including wind energy.
Group Outlook
Today, the Suzlon Group is well positioned for a recovery in the medium-term with strong order book of over US$ 7.6bn as the end of May 2014 translating to approximately 5.3 GW of new capacity.
The Group’s global installations crossed 24,000 MW at the end of the fiscal year, with a growing service order backlog. As the Group’s global fleet continues to grow, the OMS revenue streams will continue to increase with stable margins.
The key to future competitiveness and growth lies in providing innovative and cost competitive solutions to consumers. Suzlon Group is well positioned to meet emerging demands of the market, both onshore and offshore.
Products and
technology
Technology is the key enabler for competitiveness in the wind space. The Group’s state of the art R&D facilities in Europe and India have led to the development of a comprehensive product portfolio, ranging from sub MW to 6.15 MW wind turbines. With a focus on reducing the cost of energy and thereby improving IRR for the customers, the Group launched three new products over the last two years. Senvion has developed and introduced 6M+ offshore turbine that ranks among the most powerful offshore wind turbine in the world to cater this growing market. Senvion has started to install the prototype of its new 6.2M152. With this turbine, the company is setting new standards for efficient electricity generation in offshore wind farms.
Suzlon Wind has already installed prototype in its preparation to offer S97 with 120 meter hybrid tower which is the tallest wind tower in India. This will enhance energy output by 10 per cent to 15 per cent over at 90 meter tower. New product S111 – 2.1 MW is in advance stage of development. This is specially designed for lower wind-speed sites delivering energy yield improvements of more than 20 per cent over the existing platform. This product is likely to be game changer for Suzlon Group. Suzlon Group continued its product innovation and research and development drive at R&D centers in Germany, The Netherlands, Denmark and India.
Group updates
Despite a tough year, Suzlon Group held on to its position to fifth place in both annual and cumulative capacity installations in CY 2013.
According to the Global Wind Turbine OEM 2013 Market Share report issued by MAKE, Suzlon Group has been ranked as fifth largest wind turbine manufacturer in the world, with a global market share of 6.3%, measured by newly installed generating capacity. Suzlon Group featured amongst top 4 OEMs in both America and EMEA (Europe, Middle East and Africa) region with a market share of 13.5% and 10.7% respectively as per the Make Report. Senvion was the largest supplier to Belgium and Netherlands, second largest supplier to France and
third largest supplier to Germany, UK, Austria and Poland in CY 2013.
Suzlon also regained its position as India’s top wind turbine supplier with installations of 403MW in FY 2013-14. Indian Wind market is forecasted to rebound on the back of reinstatement of Accelerated Depreciation (AD), increasing Feed-in-Tariffs in several states and with GBI benefits continuing to be in place for five years. Suzlon is well positioned to continue its market dominance.
Our focus as a Group during FY 2013-14 was on comprehensive liability management and operational turnaround. With the successful implementation of Corporate Debt Restructuring (CDR), improved business efficiency and reduced fixed cost helped Suzlon Wind to increase volumes and reduce losses. Financial restructuring is in final phase.
Key initiatives
The Management Team has laid out clear plans to address key priorities this year, namely –
1. Reduce debt and interest cost through capital balancing and monetization of assets;
2. Improve contribution margin by maximizing yield and reducing cost of turbine;
3. Focus on core and profitable markets;
4. Reducing fixed cost to lower the breakeven;
5. Enhance OMS business and profitability
With these focus areas, the management team believes that the Suzlon Group is well positioned to reach a level of long term sustainability to resume its growth trajectory and deliver significant value to its stakeholders.
CONTINGENT LIABILITIES
|
Unsecured
Loans |
31.03.2014 (Rs. in Millions) |
31.03.2013 (Rs. in Millions) |
|
Guarantees
given on behalf of subsidiaries in respect of loans granted to them by banks/financial institutions |
8477.900 |
8614.400 |
|
Tax
related matters pending in appeal* |
881.800 |
828.300 |
|
Compensation
payable in lieu of bank sacrifice |
2819.300 |
1030.600 |
|
Others |
169.500 |
115.500 |
* includes demand from tax authorities for various matters. The Company / tax department has preferred appeals on these matters and the same are pending with various appellate authorities. Considering the facts of the matters, no provision is considered necessary by management.
A few law suits have been filed on the Company and few subsidiaries of the Company by some of their suppliers for disputes in fulfilment of obligations as per supply agreements. The matters are pending for hearing before respective courts, the outcome of which is uncertain. The management has provided for an amount as a matter of prudence which it believes shall be the probable outflow of resources.
The borrowers have provided certain security in relation to Stand-by Letter of Credit (“SBLC”) issued by lenders for securing covered bonds issued by AE Rotor Holding B.V. a wholly owned subsidiary. The Borrowers are also obliged to provide corporate guarantee of USD 117.45 Million in relation to above SBLC to certain lenders.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10548194 |
04/02/2015 |
3,223,000.00 |
Indian Overseas Bank |
Pune Cantonment Branch, Plot No.7, M.G. Road,, Wonderland Building,,
Pune, Maharashtra - 411011, INDIA |
C43062348 |
|
2 |
10544005 |
26/12/2014 |
3,223,000.00 |
Indian Overseas Bank |
Pune Cantonment Branch, Plot No.7, M.G. Road,, Wonderland Building,,
Pune, Maharashtra - 411011, INDIA |
C40895922 |
|
3 |
10539351 |
12/12/2014 * |
3,000,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, Maker Tower E, Cuffe Parade,, Colaba,, Mumbai, Maharashtra -
400005, INDIA |
C38843348 |
|
4 |
10482213 |
28/02/2014 |
900,000,000.00 |
IDBI Bank Limited |
IDBI TOWER, WTC COMPLEX,, CUFFE PARADE, MUMBAI, Maharashtra - 400005,
INDIA |
B98354988 |
|
5 |
10459173 |
28/10/2013 * |
35,634,641,700.00 |
SBICAP TRUSTEE COMPANY LIMITED |
8, Khetan Bhavan, 5th Floor,, 198, J. T. Road, Churchgate,, Mumbai,
Maharashtra - 400020, INDIA |
B89725147 |
|
6 |
10406447 |
31/12/2012 |
10,782,200,000.00 |
PUNJAB NATIONAL BANK |
IBB BRANCH, BARAKHAMBA ROAD, NEW DELHI, Delhi - 110001, INDIA |
B68982776 |
|
7 |
10315652 |
14/10/2011 |
3,000,000,000.00 |
Oriental Bank of Commerce |
917-20/20A, OBC Towers,, F. C. Road,, Pune, Maharashtra - 411004,
INDIA |
B24538720 |
|
8 |
10207981 |
30/11/2010 * |
153,468,345,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MUMBAI, Maharashtra -
400005, INDIA |
B03385424 |
|
9 |
10208256 |
14/08/2014 * |
151,402,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, Maker Tower "E", Cuffe Parade,, Colaba,, Mumbai,
Maharashtra - 400005, INDIA |
C23499171 |
|
10 |
10208259 |
30/11/2010 * |
133,468,345,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MU |
B03512316 |
* Date of charge modification
STATEMENT OF UNAUDITED
STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED SEPTEMBER 30, 2014
(Rs. in millions)
|
Sr. No. |
Particulars |
Quarter Ended |
Nine months ended |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
||
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
||
|
1 |
Income from Operations |
7517.600 |
8165.000 |
15682.600 |
|
2 |
Other Operating Income |
22.500 |
7.300 |
29.800 |
|
3 |
Total Income (1+2) |
7540.100 |
8172.300 |
15712.400 |
|
4 |
Expenses |
|
|
|
|
|
a) Consumption of raw materials consumed (including project bought
outs) |
5206.700 |
4718.700 |
9925.400 |
|
|
b) Purchase of stock-in-trade |
52.900 |
91.900 |
144.800 |
|
|
c) Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
691.000 |
885.400 |
1576.400 |
|
|
d) Employee benefits expense |
527.100 |
483.800 |
1010.900 |
|
|
e) Depreciation and amortisation expense |
380.500 |
367.000 |
747.500 |
|
|
f) Foreign exchange loss/ (gain) |
(301.400) |
203.000 |
(98.400) |
|
|
g) Other Expenses |
2056.100 |
1840.300 |
3896.400 |
|
|
h) Prior period item |
-- |
-- |
-- |
|
|
Total Expenses |
8612.900 |
8590.100 |
17203.000 |
|
5 |
Profit/(Loss) from Operations before other income finance cost and
Exceptional Items (3-4) |
(1072.800) |
(417.800) |
(1490.600) |
|
6 |
Other Income |
485.800 |
509.300 |
995.100 |
|
7 |
Profit/(Loss) from ordinary activities before finance cost and
exceptional Items (5+6) |
(587.000) |
91.500 |
(495.500) |
|
8 |
Finance costs |
2976.800 |
3388.500 |
6365.300 |
|
9 |
Profit/(Loss) from ordinary activities after finance costs but before
Exceptional Items (7-8) |
(3563.800) |
(3297.000) |
(6860.800) |
|
10 |
Exceptional items |
|
|
|
|
|
A. Provision towards diminution in loans/ investment in subsidiaries |
1720.000 |
-- |
1720.000 |
|
|
B. (Profit)/ Loss on sale of investment |
-- |
-- |
-- |
|
|
C. Refinancing Cost |
-- |
1034.300 |
1034.300 |
|
|
Total Exceptional Items |
1720.000 |
1034.300 |
2754.300 |
|
11 |
Profit/(Loss) from ordinary activities before Tax (9-10) |
(5283.800) |
(4331.300) |
(9615.100) |
|
12 |
Tax expenses |
-- |
-- |
-- |
|
13 |
Net Profit/(Loss) for the period (11-12) |
(5283.800) |
(4331.300) |
(9615.100) |
|
14 |
Paid-up equity share capital (Ordinary Shares of Rs.2/- each) |
6110.200 |
|
|
|
15 |
Reserves excluding revaluation reserves |
-- |
-- |
-- |
|
16 |
Earnings/ (Loss) Per Share (EPS)
|
|
|
|
|
|
- Basic |
(1.87) |
(1.64) |
(3.51) |
|
|
- Diluted |
(1.87) |
(1.64) |
(3.51) |
|
PART
II |
|
|
|
|
|
A |
Particulars of Shareholding |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
No. of shares |
2002295884 |
1660277679 |
2002295884 |
|
|
% of shareholding |
65.54% |
61.20% |
65.54% |
|
B |
Promoters and Promoter Group Shareholding |
|
|
|
|
a |
Pledged/Encumbered |
|
|
|
|
|
No. of shares |
1037646625 |
974399318 |
1037646625 |
|
|
% of shares (as a % of the total shareholding of Promoter and Promoter
Group) |
98.56% |
92.55% |
98.56% |
|
|
% of shares (as a % of the total share capital of the Company) |
33.96% |
35.91% |
33.96% |
|
b |
Non-encumbered |
|
|
|
|
|
No. of shares |
15137831 |
78385138 |
15137831 |
|
|
% of shares (as a % of the total shareholding of Promoter and Promoter
Group) |
1.44% |
7.45% |
1.44% |
|
|
% of shares (as a % of the total share capital of the Company) |
0.50% |
2.89% |
0.50% |
|
|
Investor Complaints |
Quarter
ended 30.09.2014 |
|
|
Pending at the beginning of the Quarter |
Nil |
|
|
Received during the quarter |
19 |
|
|
Disposed off during the Quarter |
19 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER ENDED
SEPTEMBER 30, 2013
(Rs. in millions)
|
Sr. No. |
Particulars |
Quarter Ended |
Nine months ended |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
||
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
||
|
|
Segment Revenue |
|
|
|
|
a) |
Wind Turbine Generator |
52903.300 |
46245.100 |
99148.400 |
|
b) |
Foundry and Forgning |
652.200 |
276.600 |
928.800 |
|
c) |
Others |
48.800 |
24.600 |
73.400 |
|
|
Total |
53604.300 |
46546.300 |
100150.600 |
|
|
Less: Inter segment revenue |
298.300 |
116.200 |
414.500 |
|
|
Income from
operations |
53306.000 |
46430.100 |
99736.100 |
|
|
Segment Results |
|
|
|
|
|
Profit/ (Loss) before
Depreciation, Other Income, Finance Cost, Exceptional Items and Tax |
|
|
|
|
a) |
Wind Turbine Generator |
1118.300 |
756.300 |
1874.600 |
|
b) |
Foundry and Forging |
(21.100) |
(46.200) |
(67.300) |
|
c) |
Others |
44.300 |
20.800 |
65.100 |
|
|
Total |
1141.500 |
730.900 |
1872.400 |
|
|
Less: Depreciation/ Amortisation (including impairment losses) |
|
|
|
|
a) |
Wind Turbine Generator |
1643.000 |
1650.800 |
3293.800 |
|
b) |
Foundry and Forging |
119.700 |
118.400 |
238.100 |
|
c) |
Others |
19.200 |
17.000 |
36.200 |
|
|
Profit/ (Loss)
before Other Income, Finance Cost, Exceptional Items and Tax |
|
|
|
|
a) |
Wind Turbine Generator |
(524.700) |
(894.500) |
(1419.200) |
|
b) |
Foundry and Forging |
(140.800) |
(164.600) |
(305.400) |
|
c) |
Others |
25.100 |
3.800 |
28.900 |
|
|
Less: Finance Cost |
5234.400 |
5371.100 |
10605.500 |
|
|
Add: Other Income |
(128.700) |
(121.300) |
(250.000) |
|
|
|
|
|
|
|
|
Profit/ (Loss)
before Tax and Exceptional Items |
(5746.100) |
(6305.100) |
(12051.200) |
|
|
Exceptional Items |
-- |
1034.300 |
1034.300 |
|
|
Profit/ (Loss)
before Tax |
(5746.100) |
(7339.400) |
(13085.500) |
|
|
|
|
|
|
|
|
Capital Employed
(Segment Assets
– Segment Liabilities) |
|
|
|
|
a) |
Wind Turbine Generator |
129096.500 |
144015.800 |
129096.500 |
|
b) |
Foundry and Forging |
5551.200 |
5814.400 |
5551.200 |
|
c) |
Others |
884.700 |
882.900 |
884.700 |
|
|
Total |
135532.400 |
150713.100 |
135532.400 |
|
SOURCES OF FUNDS |
As on 30.09.2014 (Unaudited) |
|
I.
EQUITY
AND LIABILITIES |
|
|
(1)Shareholders'
Funds |
|
|
(a)
Share Capital |
6110.200 |
|
(b) Reserves & Surplus |
18041.300 |
|
|
24151.500 |
|
(2) Share Application money
pending allotment |
1380.600 |
|
(3)
Minority Interest |
-- |
|
|
|
|
(3) Non-Current
Liabilities |
|
|
(a) long-term borrowings |
81960.600 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
|
(c) Other long term
liabilities |
157.000 |
|
(d) long-term
provisions |
1092.300 |
|
|
83209.900 |
|
(4) Current Liabilities |
|
|
(a) Short term
borrowings |
22080.300 |
|
(b) Trade payables |
34781.000 |
|
(c) Other current
liabilities |
11409.200 |
|
(d) Short-term
provisions |
4360.000 |
|
|
72630.500 |
|
|
|
|
TOTAL |
181372.500 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
6685.600 |
|
(b)Goodwill on
Consolidation |
0.000 |
|
(c) Non-current Investments |
77227.700 |
|
(d) Deferred tax assets (net) |
0.000 |
|
(e) Long-term Loan and Advances |
30566.400 |
|
(f) Other
Non-current assets |
2498.300 |
|
|
116978.000 |
|
(2) Current assets |
|
|
(a) Current investments |
0.000 |
|
(b) Inventories |
5893.200 |
|
(c) Trade receivables |
19033.200 |
|
(d) Cash and cash
equivalents |
131.900 |
|
(e) Short-term loans
and advances |
15916.600 |
|
(f) Other current
assets |
23419.600 |
|
|
64394.500 |
|
|
|
|
TOTAL |
181372.500 |
FIXED ASSETS:
Tangible Assets
·
·
·
Buildings
·
Plant
and Machinery
·
Wind
Research and Measuring Equipments
·
Computer
and Office Equipments
·
Furniture
and Fixtures
·
Vehicles
Intangible Assets
·
Design and Drawings
·
SAP and Other Software
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.62.18 |
|
|
1 |
Rs.95.70 |
|
Euro |
1 |
Rs.70.75 |
INFORMATION DETAILS
|
Information
Gathered by : |
DPA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
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 |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
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.