MIRA INFORM REPORT
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Report No. : |
345703 |
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Report Date : |
24.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
SUZLON ENERGY B.V. |
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Registered Office : |
Strawinskylaan 555 Awtctoren 1077XX
Amsterdam |
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Country : |
Netherlands |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
23.04.2001 |
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Com. Reg. No.: |
08097857 |
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Legal Form : |
Private company with common structure |
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Line of Business : |
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No. of Employees : |
4 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
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 |
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Litigation : |
Clear |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Netherlands |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
NETHERLANDS - ECONOMIC OVERVIEW
The Netherlands, the sixth-largest economy in the European Union, plays an important role as a European transportation hub, with a persistently high trade surplus, stable industrial relations, and moderate unemployment. Industry focuses on food processing, chemicals, petroleum refining, and electrical machinery. A highly mechanized agricultural sector employs only 2% of the labor force but provides large surpluses for food-processing and underpins the country’s status as the world’s second largest agricultural exporter. The Netherlands is part of the Eurozone, and as such, its monetary policy is controlled by the European Central Bank. The Dutch financial sector is highly concentrated, with four commercial banks possessing over 90% of banking assets. The sector suffered as a result of the global financial crisis and required billions of dollars of government support, but the European Banking Authority completed stringent reviews in 2014 and deemed Dutch banks to be well-capitalized. To address the 2009 and 2010 economic downturns, the government sought to stimulate the domestic economy by accelerating infrastructure programs, offering corporate tax breaks for employers to retain workers, and expanding export credits. The stimulus programs and bank bailouts, however, resulted in a government budget deficit of 5.3% of GDP in 2010 that contrasted sharply with a surplus of 0.7% in 2008. The government of Prime Minister Mark RUTTE has since implemented significant austerity measures to improve public finances and has instituted broad structural reforms in key policy areas, including the labor market, the housing sector, the energy market, and the pension system. As a result, the government budget deficit at the end of 2014 dropped to 1.8% of GDP. Following a protracted recession during which unemployment doubled to 7.4% and household consumption contracted for nearly three consecutive years, the year 2014 saw fragile GDP growth of 0.8 percent and a rise in most economic indicators. Drivers of growth included increased exports and business investments, as well as newly invigorated household consumption.
|
Source
: CIA |
Summary
Company name Suzlon
Energy B.V.
Operative address Strawinskylaan
555AWTCTOREN
1077XX AMSTERDAM
Netherlands
Legal form Besloten
vennootschap met gewone structuur
Registration number KvK-nummer:
08097857
VAT-number 809847759
|
Year |
2013 |
Mutation |
2012 |
Mutation |
2011 |
|
Fixed assets |
1.321.849 |
-78,46 |
6.136.253 |
-60,04 |
15.356.493 |
|
Total receivables |
97.620.956 |
97,39 |
49.455.979 |
8,41 |
45.618.029 |
|
Total equity |
-20.580.125 |
-343,45 |
-4.640.927 |
-163,48 |
7.311.096 |
|
Short term liabilities |
123.428.894 |
39,96 |
88.185.640 |
69,04 |
52.167.995 |
|
Net result |
-15.739.499 |
-40,09 |
-11.235.122 |
|
|
|
Working capital |
-21.901.974 |
-103,23 |
-10.777.180 |
-82,77 |
-5.896.657 |
|
Quick ratio |
0,79 |
-3,66 |
0,82 |
-7,87 |
0,89 |
Contact
information
Company name Suzlon
Energy B.V.
Trade names Suzlon
Energy B.V.
Operative address Strawinskylaan
555AWTCTOREN
1077XX AMSTERDAM
Netherlands
Correspondence address Strawinskylaan
555AWTCTOREN
1077XX AMSTERDAM
Netherlands
Telephone number 020-3337610
Fax number 0205241650
Mobile number 020-3337611
Email address m.piebenga@suzlon.com
Website www.suzlon.com
Registration
Registration number KvK-nummer:
08097857
Branch number 000017958318
VAT-number 809847759
Status Active
First registration company register 2001-06-08
Memorandum 2001-06-08
Establishment date 2001-04-23
Legal form Besloten
vennootschap met gewone structuur
Legal person since 2001-06-08
Last proposed admendment 2011-03-07
Issued placed capital EUR
5.400.000
Paid up share capital EUR
5.400.000
Activities
SBI 2711:
Manufacture of electric motors, generators and transformers
4652: Wholesale of electronic
and communication equipment and related parts
Exporter Yes
Importer Yes
Goal De
handel in, de import en export van en de ontwikkeling produktie van - en handel
in windmolens en de onderdelen en accessoires daarvoor
Relations
Shareholders AE-Rotor
Holding B.V.
Jan Tinbergenstraat 290
7559ST HENGELO OV
Netherlands
Registration number: 08097459
Percentage: 100%
Companies on same address Valum
Holding B.V.
Registration number: 24105396
Tarilo Holding B.V.
Registration number: 14037952
Primoris Investments B.V.
Registration number: 34274118
Management
Active management F.H.J.
Visscher Frans Hilbert Jan
Netherlands
Competence: Fully authorized
Function: General Director
Starting date: 2009-01-01
Date of birth: 1953-06-24,
's-Gravenhage, NL
Involved with the following
companies:
AE-Rotor Holding B.V.
Jan Tinbergenstraat 290
7559ST HENGELO OV
Netherlands
Registration number: 08097459
Function: General Director
K. Vagadia Kirtikant
Netherlands
Competence: Fully authorized
Function: General Director
Starting date: 2012-04-01
Date of birth: 1965-03-12,
Barwala Ahmedabad, IN
Involved with the following
companies:
AE-Rotor Holding B.V.
Jan Tinbergenstraat 290
7559ST HENGELO OV
Netherlands
Registration number: 08097459
Function: General Director
Employees
Year 2015
2014 2013
2012 2011
Total 4
4 4 22 22
Payments
Description Overeenkomstig
conditie
Key figures
|
Year |
2013 |
2012 |
2011 |
2009 |
|
Quick ratio |
0,79 |
0,82 |
0,89 |
0,04 |
|
|
|
|
|
|
|
Current ratio |
0,82 |
0,88 |
0,89 |
0,04 |
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|
|
|
|
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Working capital/ balance total |
-0,21 |
-0,13 |
-0,10 |
-14,87 |
|
|
|
|
|
|
|
Equity / balance total |
-0,20 |
-0,06 |
0,12 |
-14,43 |
|
|
|
|
|
|
|
Equity / Fixed assets |
-15,57 |
-0,76 |
0,48 |
-32,35 |
|
|
|
|
|
|
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Equity / liabilities |
-0,17 |
-0,05 |
0,13 |
-0,94 |
|
|
|
|
|
|
|
Balance total / liabilities |
0,83 |
0,95 |
1,13 |
0,06 |
|
|
|
|
|
|
|
Working capital |
-21.901.974 |
-10.777.180 |
-5.896.657 |
-30.129.868 |
|
|
|
|
|
|
|
Equity |
-20.580.125 |
-4.640.927 |
7.311.096 |
-29.226.492 |
|
|
|
|
|
|
|
Mutation equity |
-343,45 |
-163,48 |
|
-100,01 |
|
|
|
|
|
|
|
Mutation short term liabilities |
39,96 |
69,04 |
|
72,68 |
|
|
|
|
|
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|
Return on total assets (ROA) |
-15,30 |
-13,45 |
|
-716,32 |
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|
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Return on equity (ROE) |
76,48 |
242,09 |
|
49,65 |
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|
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Gross profit margin |
-21,21 |
-14.221,18 |
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|
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|
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Net profit margin |
-47,43 |
-30.709,60 |
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|
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Average collection ratio |
0,27 |
0,00 |
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Average payment ratio |
0,34 |
0,00 |
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Equity turnover ratio |
-1,61 |
-0,01 |
|
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|
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|
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Total assets turnover ratio |
0,32 |
0,00 |
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|
|
|
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|
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Fixed assets turnover ratio |
25,11 |
0,01 |
|
|
|
|
|
|
|
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Inventory conversion ratio |
8,58 |
0,01 |
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|
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|
|
|
|
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Turnover |
33.185.769 |
36.585 |
|
|
|
|
|
|
|
|
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Gross margin |
-2.194.734 |
-1.715.436 |
|
|
|
|
|
|
|
|
|
Operating result |
-7.037.137 |
-5.202.826 |
|
-13.169.116 |
|
|
|
|
|
|
|
Net result after taxes |
-15.739.499 |
-11.235.122 |
|
-14.613.743 |
|
|
|
|
|
|
|
|
|
|
|
|
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Cashflow |
-15.396.067 |
-10.987.958 |
|
|
|
|
|
|
|
|
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EBIT |
-7.037.137 |
-5.202.826 |
|
-13.169.116 |
|
|
|
|
|
|
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EBITDA |
-6.693.705 |
-4.955.662 |
|
|
Summary
The
2013 financial result structure is a negative working captial of -21.901.974 euro,
which is in agreement with -21 % of the total assets of the company. The
working capital has diminished with -103.23 % compared to previous year. The
ratio, with respect to the total assets of the company has however, declined.
The deterioration between 2012 and 2013 has mainly been caused by an increase
of the current liabilities. The current ratio of the company in 2013 was 0.82.
When the current ratio is below 1.5, the
company may have problems meeting its short-term obligations. The quick
ratio in 2013 of the company was 0.79. A company with a Quick Ratio of less
than 1 cannot currently pay back its current liabilities. The 2012 financial
result structure is a negative working captial of -10.777.180 euro, which is in
agreement with -13 % of the total assets of the company. The working capital
has diminished with -82.77 % compared to previous year. The ratio, with respect
to the total assets of the company has however, declined. The deterioration
between 2011 and 2012 has mainly been caused by an increase of the current
liabilities. The current ratio of the company in 2012 was 0.88. When the
current ratio is below 1.5, the company may have problems meeting its
short-term obligations. The quick ratio in 2012 of the company was 0.82. A
company with a Quick Ratio of less than 1 cannot currently pay back its current
liabilities.
Financial
statement
Last annual account 2013
Remark annual account There
is no financial data published
Type of annual account Corporate
Annual account Suzlon
Energy B.V.
Strawinskylaan 555AWTCTOREN
1077XX AMSTERDAM
Netherlands
Registration number: 08097857
Balance
|
Year |
2013 |
2012 |
2011 |
2009 |
|
End date |
2013-03-31 |
2012-03-31 |
2011-03-31 |
2009-03-31 |
|
Tangible fixed assets |
8.594 |
367.320 |
582.300 |
903.376 |
|
Financial fixed assets |
1.313.255 |
5.768.934 |
14.774.193 |
|
|
Fixed assets |
1.321.849 |
6.136.253 |
15.356.493 |
903.376 |
|
|
|
|
|
|
|
Total stock |
3.865.677 |
5.424.528 |
|
|
|
Total receivables |
97.620.956 |
49.455.979 |
45.618.029 |
914.290 |
|
Liquid funds |
40.287 |
22.527.953 |
653.309 |
208.274 |
|
|
|
|
|
|
|
Current assets |
101.526.920 |
77.408.460 |
46.271.338 |
1.122.564 |
|
Total assets |
102.848.770 |
83.544.714 |
61.627.831 |
2.025.940 |
|
|
|
|
|
|
|
Issued capital |
5.399.578 |
5.396.159 |
5.404.941 |
18.000 |
|
Share premium reserve |
54.265.521 |
52.026.805 |
48.910.399 |
|
|
|
|
|
|
|
|
Other reserves |
-80.245.223 |
-62.063.891 |
-47.004.244 |
-29.244.492 |
|
|
|
|
|
|
|
Total reserves |
-25.979.703 |
-10.037.086 |
1.906.155 |
-29.244.492 |
|
Total equity |
-20.580.125 |
-4.640.927 |
7.311.096 |
-29.226.492 |
|
|
|
|
|
|
|
Long term interest yielding debt |
|
|
2.148.740 |
|
|
|
|
|
|
|
|
Long term liabilities |
|
|
2.148.740 |
|
|
Accounts payable |
706.266 |
810.898 |
|
1.589.027 |
|
|
|
|
|
|
|
Other short term liabilities |
122.722.628 |
87.374.742 |
|
29.663.405 |
|
|
|
|
|
|
|
Short term liabilities |
123.428.894 |
88.185.640 |
52.167.995 |
31.252.432 |
|
Total short and long term liabilities |
123.428.894 |
88.185.640 |
54.316.735 |
31.252.432 |
|
Total liabilities |
102.848.770 |
83.544.714 |
61.627.831 |
2.025.940 |
Summary
The
total assets of the company increased with 23.11 % between 2012 and 2013.
Despite the assets growth, the non current assets decreased with -78.46 %. Asset
growth is in contrasts with the net worth decline of -343.45 %. The company's
indebtedness has, therefore, increased with 39.96 %. In 2013 the assets of the
company were 1.29 % composed of fixed assets and 98.71 % by current assets. The
assets are being financed by an equity of -20.01 %, and total debt of 120.01 %.
The total assets of the company increased with 35.56 % between 2011 and 2012.
Despite the assets growth, the non current assets decreased with -60.04 %.
Asset growth is in contrasts with the net worth decline of -163.48 %. The
company's indebtedness has, therefore, increased with 62.35 %. In 2012 the
assets of the company were 7.34 % composed of fixed assets and 92.66 % by
current assets. The assets are being financed by an equity of -5.56 %, and
total debt of 105.56 %.
Profit
and loss
|
Year |
|
2013 |
2012 |
2009 |
|
Revenues |
|
33.185.769 |
36.585 |
-231.305 |
|
|
|
|
|
|
|
Other operating income |
|
|
-231.305 |
|
|
|
|
|
|
|
|
Net turnover |
33.185.769 |
36.585 |
|
|
|
|
|
|
|
|
|
Gross margin |
-2.194.734 |
-1.715.436 |
|
|
|
|
|
|
|
|
|
Wages and salaries |
2.883.134 |
2.366.768 |
|
|
|
|
|
|
|
|
|
Amorization and depreciation |
343.431 |
247.164 |
|
|
|
|
|
|
|
|
|
Sales |
|
35.380.503 |
1.752.022 |
|
|
|
|
|
|
|
|
other operating costs |
1.615.837 |
873.458 |
|
|
|
|
|
|
|
|
|
Operating expenses |
40.222.906 |
5.239.411 |
12.937.811 |
|
|
|
|
|
|
|
|
Operating result |
-7.037.137 |
-5.202.826 |
-13.169.116 |
|
|
|
|
|
|
|
|
Financial income |
514.361 |
361.989 |
170.479 |
|
|
|
|
|
|
|
|
Financial expenses |
9.216.723 |
6.394.285 |
1.513.482 |
|
|
|
|
|
|
|
|
Financial result |
-8.702.362 |
-6.032.296 |
-1.343.003 |
|
|
|
|
|
|
|
|
Result on ordinary operations before taxes |
-15.739.499 |
-11.235.122 |
-14.512.119 |
|
|
|
|
|
|
|
|
Result of ordinary activities after taxes |
-15.739.499 |
-11.235.122 |
-14.512.119 |
|
|
|
|
|
|
|
|
Extraordinary expense |
|
|
101.624 |
|
|
|
|
|
|
|
|
Extraordinary result after taxation |
|
|
-101.624 |
|
|
|
|
|
|
|
|
Net result |
-15.739.499 |
-11.235.122 |
-14.613.743 |
|
Summary
The
turnover of the company grew with 90608.55 % between 2012 and 2013. The gross profit
of the company decreased by -27.94 % between 2012 and 2013. The operating
result of the company declined with -35.26 % between 2012 and 2013. This
evolution implies an decrease of the company's economic profitability. The
result of these changes is a reduction of the company's Economic Profitability
of -13.75% of the analysed period, being equal to -15.3 in the year 2013.
Despite the decline the assets turnover increased by 100 % reaching 0.32. The
Net Result of the company decreased by -40.09 % between 2012 and 2013. The company's Financial Profitability has
been negatively affected by the financial activities in comparison to the EBITs
behaviour. The result of these variations is a profitability reduction of -68.41
% of the analysed period, being 76.48 in the year 2013. The company's financial
profitability has been positively affected by its financial structure. The
company's Financial Profitability has been neutrally affected by the financial
activities in comparison to the EBITs behaviour. The result of these variations
is the unchanged profitability
of the analysed period, remaining unchanged at 242.09 in the year 2012.
Analysis
Branch (SBI) Manufacture
of electrical equipment (SBI code 27)
Region Groot
Amsterdam
Summary
In the
Netherlands 1520 of the companies are registered with the SBI code 27
In the region Groot Amsterdam 99
of the companies are registered with the SBI code 27
In the Netherlands 37 of the
bankrupcties are published within this sector
In the region Groot Amsterdam 3 of the bankruptcies are
published within this sector
The risk of this specific sector
in the Netherlands is normal
The risk of this specific sector in the region Groot
Amsterdam is normal
Publications
Deposits 28-04-2014:
De jaarrekening over 2012 (gebroken boekjaar) is gepubliceerd.
28-04-2014: De jaarrekening over
2013 (gebroken boekjaar) is gepubliceerd.
21-02-2014: De jaarrekening over
2011 (gebroken boekjaar) is gepubliceerd.
Functions
21-02-2014:
Per 31-07-2013 is bestuurder Simon Ting Man Chau uit functie getreden.
21-02-2014: Per 31-07-2013 is
gevolmachtigde Simon Ting Man Chau uit functie getreden.
03-04-2013: Per 01-04-2013 is
gevolmachtigde Johannes Berend Swarts uit functie getreden.
28-06-2012: Per 01-04-2012 is
bestuurder Kirtikant Vagadia in functie getreden.
15-06-2012: Per 01-04-2012 is bestuurder
Robin Banerjee uit functie getreden.
Other 12-12-2014:
... Datum deponering: 10-12-2014 Soort deponering: Geconsolideerde jaarrekening
Soort deponering: Geconsolideerde jaarrekening (art. 408 BW2). 07-03-2014:
Datum deponering: 18-02-2014 Soort deponering: Geconsolideerde jaarrekening
(art. 408 BW2).
Company
structure
Relations 4
Company Registration
number
AE-Rotor Holding B.V. (HENGELO OV) 08097459
| - - Suzlon Energy B.V. (AMSTERDAM) 08097857
| - - SE Blades Technology B.V. (HENGELO OV) 08097855
| - - Valum Holding B.V. (AMSTERDAM) 24105396
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.88 |
|
UK Pound |
1 |
Rs.99.89 |
|
Euro |
1 |
Rs.72.06 |
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
TRU |
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 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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.