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Report No. : |
345722 |
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Report Date : |
27.10.2015 |
IDENTIFICATION DETAILS
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Name : |
SUZLON ENERGY AUSTRALIA PTY LTD |
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|
|
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Registered Office : |
Level 1, 182
Stawell St, Burnley, VIC 3121 |
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|
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Country : |
Australia
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Financials (as on) : |
31.03.2015 |
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Date of Incorporation : |
15.01.2004 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
The subject in the service, maintenance and building of wind farms and
turnkey wind power solutions. |
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No. of Employees : |
Not Available |
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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|
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Payment Behaviour : |
Slow but correct |
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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) |
|
Australia |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
AUSTRALIA - ECONOMIC OVERVIEW
Following two decades of continuous growth, low
unemployment, contained inflation, very low public debt, and a strong and
stable financial system, Australia enters 2015 facing a range of growth
constraints, principally driven by a sharp fall in global prices of key export
commodities. Although demand for resources and energy from Asia and especially
China has grown rapidly, creating a channel for resources investments and
growth in commodity exports, sharp drops in current prices have already
impacted growth. The services sector is the largest part of the Australian
economy, accounting for about 70% of GDP and 75% of jobs. Australia was
comparatively unaffected by the global financial crisis as the banking system
has remained strong and inflation is under control. Australia has benefited
from a dramatic surge in its terms of trade in recent years, although this
trend could reverse or slow due to falling global commodity prices. Australia
is a significant exporter of natural resources, energy, and food. Australia's
abundant and diverse natural resources attract high levels of foreign
investment and include extensive reserves of coal, iron, copper, gold, natural
gas, uranium, and renewable energy sources. A series of major investments, such
as the US$40 billion Gorgon Liquid Natural Gas project, will significantly
expand the resources sector. Australia is an open market with minimal
restrictions on imports of goods and services. The process of opening up has
increased productivity, stimulated growth, and made the economy more flexible
and dynamic. Australia plays an active role in the World Trade Organization,
APEC, the G20, and other trade forums. Australia entered into free trade
agreements (FTAs) with the Republic of Korea and Japan, and concluded an FTA
with China, in 2014, adding to existing FTAs with Chile, Malaysia, New Zealand,
Singapore, Thailand, and the US, and a regional FTA with ASEAN and New Zealand.
Australia continues to negotiate bilateral agreements with India and Indonesia,
as well as larger agreements with its Pacific neighbors and the Gulf
Cooperation Council countries, and an Asia-wide Regional Comprehensive Economic
Partnership that includes the ten ASEAN countries and China, Japan, Korea, New
Zealand and India. Australia is also working on the Trans-Pacific Partnership
Agreement with Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand,
Peru, Singapore, the US, and Vietnam.
|
Source
: CIA |
REGISTERED NAME SUZLON ENERGY AUSTRALIA PTY LTD
ACN:
107 631 176
ABN: 55 107 631 176
|
Established |
2004 |
|
|
Incorporated |
2004 |
|
|
Line of Business |
service,
maintenance and building of wind farms |
|
|
Status |
Trading |
|
|
Suzlon Energy
Australia Pty Ltd |
|||
|
|
As at 31 March 2015 |
As at 31 March 2014 |
Change (%) |
|
Revenue |
$20,887,000.00 |
$17,585,000.00 |
18.78% |
|
Profit b/tax |
($2,390,000.00) |
($9,636,000.00) |
-75.20% |
|
Profit a/tax |
($2,390,000.00) |
($9,636,000.00) |
-75.20% |
|
Net Profit
Margin |
-11.44% |
-54.80% |
43.35% |
During fiscal 2015,
the subject recorded a deficiency in Net Cashflows from operating activities
totalling $4,590,000.
As at 31 March 2015
the subject recorded total current assets of $149,140,000. They included cash of
$26,074,000, receivables of $113,797,000 and inventories of $6,079,000.
Current liabilities
at the same date totalled $203,953,000 and included payables of $191,651,000.
As at 31 March 2015
the subject recorded a deficiency in Working Capital of $54,813,000 and a
current ratio of 0.73 to 1 indicating tight liquidity levels.
The subject
recorded a deficiency in Net Assets totalling $54,813,000 as at 31 March 2015.
At 31 March 2015
the subject recorded operating Losses and deficiencies in working capital, Net
Assets and Net Operating Cashflow.
Company Type Australian Proprietary Company
Incorporation Date 15 Jan 2004
Incorporation State Victoria
Registered Office Level 1, 182 Stawell St
BURNLEY,
VIC 3121
Number of Shares Issued 5,550,001
Paid Capital: 5,550,001
Shareholders SUZLON ENERGY A/S
Number
of Shares: 5,550,001
Current Directors
Total: 4
Director Name
KOLHE, MUKESH RAMKRISHNA
Appointment Date
05 Mar 2015
Date of Birth 23
Oct 1962
Place of Birth
JALGAON INDIA
Gender MALE
Resident Overseas
N
Address 6, 14
TRAWALLA AVE, TOORAK
VIC 3142
Document Number
7E7191145
Director Name
AGARWAL, AMIT AJAIKRISHNA
Appointment Date
30 Nov 2014
Date of Birth 24
Dec 1968
Place of Birth
ALLAHABAD INDIA
Gender UNKNOWN
Resident Overseas
Y
Address -
Document Number
2E1357544
Director Name
MODI, ROHIT
Appointment Date
30 Nov 2014
Date of Birth 01
Oct 1962
Place of Birth
ALWAR (RAJASTHAN) INDIA
Gender UNKNOWN
Resident Overseas
Y
Address -
Document Number
2E1357544
Director Name
VISSCHER, FRANS HILBERT
Appointment Date
07 Jun 2010
Date of Birth 24
Jun 1953
Place of Birth
THE HAGUE NETHERLANDS
Gender UNKNOWN
Resident Overseas
Y
Address -
Document Number
026686065
Current
Secretaries Total: 1
Secretary Name LATHIGARA,
BHAVNA
Appointment Date
30 Sep 2012
Date of Birth 27
Jun 1976
Place of Birth
RAJKOT INDIA
Address 149
BOUNDARY ROAD NORTH
EPPING NSW, 2121
Document Number 7E4798910
SECURITY
INTERESTS Effective 30 January 2012 the Personal
Property Securities Register (PPSR) was
introduced to give the different Commonwealth, State and Territory laws and
registers regarding security interests in personal property under one national
system.
TRADING ADDRESS Level 1, 182-184
Stawell Street,
Burnley, Victoria
3121
TELEPHONE (613) 8415 8900
WEBSITE http://www.suzlon.com/
EMAIL sea.enquiry@suzlon.com
HOLDING ENTITY SUZLON
ENERGY A/S - Denmark
ULTIMATE HOLDING
ENTITY SUZLON
ENERGY LTD
BANK Not determined
EMPLOYEES Not determined
The subject was incorporated in Victoria on 15 January 2004 to commence
operations in Australia as a new venture.
Global operations were established in India in 1995 with just 20 people.
The group began with a wind farm project in the Gujarat state of India in 1995 with a capacity of just 3 MW and has at the end of 2007, supplied over 7,500 MW world over.
Today Suzlon is ranked the 5th leading wind power equipment manufacturer with a
global market share of 10.5%.
The company
seized market leadership in India over 8 years ago, and has consistently
maintained over 50% market share, installing over 3,000 MW of wind turbine
capacity in the country.
The subject in the service, maintenance and building of wind farms and turnkey wind power solutions.
The global group
employs over 7,000 people and has operations across the America, Asia,
Australia and Europe.
Activities are conducted from premises located at the above listed trading address.
A search of of on
26 October 2015 failed to trace any litigation listed against the subject at
that date.
During the current investigation it was revealed that the subject part of its former Repower operations in April 2015.
Contact with the subject’s principals was unable to be established for the current enquiry. Upon calling the number continued to ring out without response.
From the subjects most recently lodged financial statements, it is noted that for the financial year ended 31 March 2015 the subject recorded revenue of $20,887,000, which resulted in an operating Loss before and after tax of $2,390,000.
Below is a summary of the subject’s income results for the past two financial years.
|
Suzlon Energy
Australia Pty Ltd |
|||
|
|
As at 31 March 2015 |
As at 31 March 2014 |
Change (%) |
|
Revenue |
$20,887,000.00 |
$17,585,000.00 |
18.78% |
|
Profit b/tax |
($2,390,000.00) |
($9,636,000.00) |
-75.20% |
|
Profit a/tax |
($2,390,000.00) |
($9,636,000.00) |
-75.20% |
|
Net Profit
Margin |
-11.44% |
-54.80% |
43.35% |
During fiscal 2015, the subject recorded a deficiency in Net Cashflows from operating activities totalling $4,590,000.
As at 31 March 2015 the subject recorded total current assets of $149,140,000. They included cash of $26,074,000, receivables of $113,797,000 and inventories of $6,079,000.
Current liabilities at the same date totalled $203,953,000 and included payables of $191,651,000.
As at 31 March 2015 the subject recorded a deficiency in Working Capital of $54,813,000 and a current ratio of 0.73 to 1 indicating tight liquidity levels.
The subject recorded a deficiency in Net Assets totalling $54,813,000 as at 31 March 2015.
At 31 March 2015 the subject recorded operating Losses and deficiencies in working capital, Net Assets and Net Operating Cashflow.
The major liabilities of the subject are related party payables of $189,029,141.
The Directors have sought and obtain a letter of support from the Ultimate Holding Entity, Suzlon Energy Group Ltd. This letter of support is effective until 30 June 2016.
Suzlon Energy Group Ltd has defaulted on certain debt repayments and also has overdue amounts payable to creditors and certain lenders. There is material uncertainty whether it will continue as a going concern and whether it will release its assets and extinguish its liabilities in the normal course of business. As such there is uncertainty as the whether the ultimate parent will be in a position to provide ongoing support to the subject.
|
Suzlon Energy
Australia Pty Ltd |
|||
|
|
As at 31 March 2015 |
As at 31 March 2014 |
Change (%) |
|
Revenue |
$20,887,000.00 |
$17,585,000.00 |
18.78% |
|
Profit b/tax |
($2,390,000.00) |
($9,636,000.00) |
-75.20% |
|
Profit a/tax |
($2,390,000.00) |
($9,636,000.00) |
-75.20% |
|
Net Profit
Margin |
-11.44% |
-54.80% |
43.35% |
|
Current Assets |
$149,140,000.00 |
$138,517,000.00 |
7.67% |
|
Non Current
Assets |
$648,000.00 |
$2,850,000.00 |
-77.26% |
|
Total Assets |
$149,788,000.00 |
$141,367,000.00 |
5.96% |
|
Current
Liabilities |
$203,953,000.00 |
$191,416,000.00 |
6.55% |
|
Non Current
Liabilities |
|
$1,350,000.00 |
-100.00% |
|
Total
Liabilities |
$203,953,000.00 |
$192,766,000.00 |
5.80% |
|
Net Assets |
($54,165,000.00) |
($51,399,000.00) |
5.38% |
|
Working Capital |
($54,813,000.00) |
($52,899,000.00) |
3.62% |
|
Current Ratio |
0.73 |
0.72 |
1.05% |
|
Debt to Equity |
-3.77 |
-3.75 |
0.40% |
Trade payment from
further sources in the past 4 months have traced the following data for the
subject.
Total Owing: $62,589
Total Past Due: $6,465
Average Late Payment Days: 9
All Industries Late Payment
Days: 7
-
Within
terms: $56,124
-
1 – 30
days past due: $6,450
-
31 – 60
days past due: $15
-
61 – 90
days past due: $0
-
91+
days: $0
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.96 |
|
|
1 |
Rs.99.55 |
|
Euro |
1 |
Rs.71.62 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
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 |
|
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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 |
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-- |
NB |
New Business |
-- |
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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.