|
|
|
MIRA INFORM REPORT
|
Report No. : |
496663 |
|
Report Date : |
17.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
SE FORGE LIMITED |
|
|
|
|
Registered
Office : |
5, Shrimali Society, Navrangpura, Ahmedabad – 360009, Gujarat |
|
Tel. No.: |
91-79-66045000 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2016 |
|
|
|
|
Date of
Incorporation : |
26.06.2006 |
|
|
|
|
Com. Reg. No.: |
04-048563 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 7849.208 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27310GJ2006PLC048563 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
|
|
|
|
TIN No.: |
24192200868 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAKCS1047G |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
24AAKCS1047G1ZJ |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in the manufacture of forging rings and casting articles, required primarily for use in Wind Turbine Generators ('WTGs'). (Registered Activity) |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow and delayed |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a wholly owned subsidiary of Suzlon Energy Limited. It is an established company incorporated in the year 2006 having moderate track records. The company is engaged in the business of manufacturing and exporting Iron Castings and Forged products, primarily used as components in the Wind Turbine Generators (WTGs) and other related equipment’s. As per Registrar of Companies the date of balance sheet (i.e. financial filed) is shown as 31.03.2017 but the documents related to the financial for the year 2017 are not available from any sources. As per available financials of 2016, the company has registered huge accumulated losses. However, the rating weakness is partially offset by healthy growth in the revenue of the company and improvement in the capital structure during FY 2016. Payments terms are seems to be slow and delayed. The company can be considered for business dealings 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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term rating: BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
20.09.2017 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term rating: A3+ |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
20.09.2017 |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 17.03.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED BY
|
Name : |
Mr. Jayesh Gandhi |
|
Designation : |
Not Divulged |
|
Contact No.: |
91-9979864609 |
|
Date : |
15.03.2018 |
Management non-cooperative (Tel No.: 91-79-66045000)
(Tel No.: 91-79-26471100 – Not Working)
LOCATIONS
|
Registered Office/ Factory 1: |
5, Shrimali Society, Navrangpura, Ahmedabad – 380009, Gujarat, India |
|
Tel. No.: |
91-79-66045000 |
|
Mobile No. : |
91-9979864609 (Mr. Jayesh Gandhi) |
|
Fax No.: |
91-79-26565540 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
5000 Sq. Ft. |
|
Location : |
Owned |
|
|
|
|
Factory 2 : |
Plot No 1, SEZ Unit in ASPEN Infrastructures Limited, At and Village Piparia, Taluka Waghodia, District Vadodara - 391760, Gujarat, India |
|
Tel. No.: |
91-2668-245086-89 |
|
Fax No.: |
91-2668-245227 |
|
E-Mail : |
|
|
|
|
|
Factory 3 : |
Plot No. 1, SEZ Unit in ASPEN Infrastructures Limited, Kittampalayam Village, Annur Road, Karumathampatty, Coimbatore - 641659, Tamilnadu, India |
|
Tel. No.: |
91-421-3990000 |
|
Fax No.: |
91-421-3990099 |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Vaidhyanathan Raghuraman |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
20, Kallol Apartment, 35 IP Extension, Patparganj, Delhi-110092, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
01.03.1943 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
01.08.2014 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00411489 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other
Directorship :
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Vinod Ranchhodbhai Tanti |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
A – 901, Ssilver Woods, Mundhwa, Pune – 411036, Maharashtra, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
29.06.1962 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Qualification : |
B.E.(Civil) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
16.09.2008 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PAN No.: |
AARPT6367N |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00002266 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other
Directorship :
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Per Torben Hornung Pedersen |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
Rothenbaumchaussee 211 Hamburg 20149 DE |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
01.03.2017 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
07280323 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other
Directorship :
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Nidhi Tulsibhai Tanti |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
Florida Estate, Bungalow No.29/30, Keshav Nagar, Mundhwa, Pune-411036,
Maharashtra, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
01.09.2017 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
02957451 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other
Directorship :
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Pratima Ram |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Nominee Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
F-304, Central Park-I, Sector-42, Gurugram-122002, Haryana, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
29.08.1950 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
27.03.2015 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PAN No.: |
ABNPR8942E |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
03518633 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other
Directorship :
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Akshay Rajan Kulkarni |
|
Designation : |
Company Secretary |
|
Address : |
Flat No.7, Shivdarshan Apartment, Benkar Wasti, Maruti Mandir Road, Dhayari Pune-411041, Maharashtra, India |
|
Date of Appointment : |
01.04.2017 |
|
PAN No.: |
DTXPK4687N |
|
|
|
|
Name : |
TPA Narayanan |
|
Designation : |
Chief Finance Officer |
|
Address : |
C-204, Nithya Enclave, Mettupalayam Road, Kaundampalayam,
Coimbatore, 641030, Tamilnadu, India |
|
Date of Appointment : |
21.08.2015 |
|
PAN No.: |
AAGPN1544E |
|
|
|
|
Name : |
Mr. Sunil Gupta |
|
Designation : |
Chief Executive Officer |
|
Address : |
A-8B Regal Palm Garden Cee Dee Yes Apts, Velachery
Tambaram Road Velachery, Chennai - 600042, Tamilnadu, India |
|
Date of Appointment : |
16.02.2015 |
|
PAN No.: |
AAMPG9716F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Suzlon Energy Limited, India |
|
784920191 |
|
Tulsi R. Tanti Jointly with Suzlon Energy Limited, India |
|
100 |
|
Vinod R. Tanti Jointly with Suzlon Energy Limited, India |
|
100 |
|
Girish R. Tanti Jointly with Suzlon Energy Limited, India |
|
100 |
|
Gita T. Tanti Jointly with Suzlon Energy Limited, India |
|
100 |
|
Sangita V. Tanti Jointly with Suzlon Energy Limited, India |
|
100 |
|
Lina J. Tanti Jointly with Suzlon Energy Limited, India |
|
100 |
|
Total |
|
784920791 |
Equity Share Break up (Percentage of Total Equity)
As on 22.09.2017
|
Category |
Percentage |
|
Promoters (Body corporate) |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the manufacture of forging rings and casting articles, required primarily for use in Wind Turbine Generators ('WTGs'). (Registered Activity) |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Brand Names : |
Not Available |
||||
|
|
|
||||
|
Agencies Held : |
Not Available |
||||
|
|
|
||||
|
Exports : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
No. of Employees : |
Information declined by the management |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
State Bank of Patiala, Commercial Branch, Atlanta, 1st
Floor, Jamnalal Bajaj Marg, Nariman Point, Mumbai-400021, Maharashtra, India |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
S.R. Batliboi and Company Chartered Accountants |
|
Address : |
C-401, Fourth
Floor, Panchshil Tech Park, Yerwada (Near Don Bosco School), Pune - 411006,
Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AALFS0506L |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding company (As
on 2017): |
CIN No.: L40100GJ1995PLC025447 |
|
|
|
|
Fellow Subsidiary
companies (As on 2016): |
|
CAPITAL STRUCTURE
AS ON 22.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
950000000 |
Equity Shares |
INR 10/- each |
INR 9500.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
784920791 |
Equity Shares |
INR 10/- each |
INR 7849.208
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
7849.208 |
5662.541 |
4162.541 |
|
(b) Reserves and Surplus |
(5089.382) |
(5605.596) |
(3790.721) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
2759.826 |
56.945 |
371.820 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3418.905 |
4899.980 |
5048.758 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
29.043 |
29.479 |
19.808 |
|
Total Non-current
Liabilities (3) |
3447.948 |
4929.459 |
5068.566 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
446.586 |
622.329 |
558.100 |
|
(b) Trade
payables |
470.262 |
648.584 |
427.005 |
|
(c) Other
current liabilities |
776.796 |
1490.978 |
1815.271 |
|
(d) Short-term
provisions |
18.956 |
16.030 |
6.544 |
|
Total Current
Liabilities (4) |
1712.600 |
2777.921 |
2806.920 |
|
|
|
|
|
|
TOTAL |
7920.374 |
7764.325 |
8247.306 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
5538.974 |
5779.238 |
6464.279 |
|
(ii)
Intangible Assets |
0.644 |
0.148 |
2.342 |
|
(iii) Tangible assets
capital work-in-progress |
121.439 |
302.559 |
347.300 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
16.263 |
16.246 |
20.407 |
|
(e) Other
Non-current assets |
408.080 |
292.079 |
177.340 |
|
Total Non-Current
Assets |
6085.400 |
6390.270 |
7011.668 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
704.177 |
569.230 |
305.942 |
|
(c) Trade
receivables |
1013.660 |
550.383 |
771.554 |
|
(d) Cash and
bank balances |
45.772 |
172.703 |
72.532 |
|
(e)
Short-term loans and advances |
64.193 |
67.184 |
77.928 |
|
(f) Other
current assets |
7.172 |
14.555 |
7.682 |
|
Total
Current Assets |
1834.974 |
1374.055 |
1235.638 |
|
|
|
|
|
|
TOTAL |
7920.374 |
7764.325 |
8247.306 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Revenue
from operations |
3935.807 |
1758.413 |
1258.999 |
|
|
Other Income |
67.246 |
19.978 |
11.929 |
|
|
TOTAL |
4003.053 |
1778.391 |
1270.928 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
1860.400 |
1126.852 |
609.503 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(29.469) |
(153.086) |
114.033 |
|
|
Employee benefit expense |
235.046 |
211.516 |
136.509 |
|
|
Other expenses |
1003.645 |
751.824 |
446.126 |
|
|
TOTAL |
3069.622 |
1937.106 |
1306.171 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
933.431 |
(158.715) |
(35.243) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
919.737 |
1032.251 |
920.138 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
13.694 |
(1190.966) |
(955.381) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
590.813 |
623.910 |
475.992 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(577.119) |
(1814.876) |
(1431.373) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(577.119) |
(1814.876) |
(1431.373) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(0.95) |
(4.33) |
(5.90) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
164.271 |
840.005 |
521.279 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
311.458 |
(907.685) |
72.117 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
94.01 |
114.24 |
223.68 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
3.88 |
3.19 |
1.63 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
92.26 |
210.08 |
255.71 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
1.33 |
(0.28) |
(0.12) |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.16 |
(0.03) |
(0.01) |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.67 |
1.10 |
1.02 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
1.46 |
111.73 |
16.48 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.62 |
48.78 |
7.55 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
2.05 |
106.80 |
18.33 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
1.01 |
(0.15) |
(0.04) |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT
/ Sales) * 100) |
% |
(14.66) |
(103.21) |
(113.69) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
(7.29) |
(23.37) |
(17.36) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
(20.91) |
(3187.07) |
(384.96) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.07 |
0.49 |
0.44 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.66 |
0.29 |
0.33 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.35 |
0.01 |
0.05 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
0.51 |
1.12 |
1.47 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.07 |
0.49 |
0.44 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
4162.541 |
5662.541 |
7849.208 |
|
Reserves & Surplus |
(3790.721) |
(5605.596) |
(5089.382) |
|
Net
worth |
371.820 |
56.945 |
2759.826 |
|
|
|
|
|
|
Long-term borrowings |
5048.758 |
4899.980 |
3418.905 |
|
Short term borrowings |
558.100 |
622.329 |
446.586 |
|
Current maturities of
long-term debts |
521.279 |
840.005 |
164.271 |
|
Total
borrowings |
6128.137 |
6362.314 |
4029.762 |
|
Debt/Equity
ratio |
16.481 |
111.727 |
1.460 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
1258.999 |
1758.413 |
3935.807 |
|
|
|
39.668 |
123.827 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
1258.999 |
1758.413 |
3935.807 |
|
Profit/ (Loss) |
(1431.373) |
(1814.876) |
(577.119) |
|
|
(113.69
%) |
(103.21
%) |
(14.66
%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NOTE:
The Registered office of the company has been shifted from “SUZLON”, 5, Shrimali Society, Navrangpura, Ahmedabad – 380009, Gujarat, India to the present address w.e.f. 01.08.2006
GENERAL INFORMATION
(As on 31.03.2016)
The Company is a public limited Company domiciled in India and it is a wholly owned subsidiary of Suzlon Energy Limited. The Company is engaged in the manufacture of forging rings and casting articles, required primarily for use in Wind Turbine Generators ('WTGs'). The Company has set up its manufacturing facilities as "Units in Notified Special Economic Zone ('SEZ')" at Vadodara and Coimbatore, in the states of Gujarat and Tamil Nadu respectively. The Company has obtained approvals from the Development Commissioners for setting up the manufacturing facilities as "Units in the Notified SEZ" vide letter No KASEZ/P and C/6/57/07-08/4744 dated July 31, 2007 for Vadodara Unit; and letter No. 8/1/2007-Suzlon Infra dated September 18, 2007 for Coimbatore Unit. The Company caters to both domestic and international markets
FINANCIAL RESULTS AND
COMPANY'S PERFORMANCE (As on 31.03.2016)
During the year, the Company has earned revenue from operations of INR 3935.807 Million (Previous Year INR 1758.413 Million). The Company has also earned a Direct Export of INR 984.273 Million (Previous Year INR 256.164 Million and Deemed Export (Sales to Other SEZ entities / EOU units) INR 46.853 Million (Previous Year INR 65.212 Million).
During the year, the Company has also developed new customers for Wind and Non Wind Application of its products and have added new customers to its Customer Portfolio. As a Business Strategy, the Company continuously explores new geographies in Europe, U.S.A and Latin America for its products, by active marketing initiatives. The Company expects substantial volume from the overseas market in the years to come.
The Company has identified and continuously explores Non Wind Application of its products like Oil and Gas Sector, Process Equipments etc.
UNSECURED LOAN
|
Particulars |
31.03.2016 (INR
in Million) |
31.03.2015 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Rupee term loans from banks |
0.000 |
120.831 |
|
Foreign currency term loans from banks |
582.636 |
0.000 |
|
Short-term
borrowings |
|
|
|
Rupee term loans from others |
0.000 |
7.439 |
|
Loans and advances from related parties |
127.747 |
0.000 |
|
Total |
710.383 |
128.270 |
INDEX
OF CHARGES
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
C68403427 |
10599044 |
IDBI TRUSTEESHIP SERVICES LIMITED |
07/10/2015 |
- |
- |
934000000.0 |
ASIAN BUILDING, GROUND FLOOR,17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI MAHARASHTRA 400001 INDIA |
|
2 |
C39563119 |
10541223 |
State Bank of India |
24/12/2014 |
- |
- |
934000000.0 |
NEVILLE HOUSE, J.N. HEREDIA MARG, BALLARD ESTATE, MUMBAI MAHARASHTRA 400001 INDIA |
|
3 |
C69171106 |
10504808 |
IDBI TRUSTEESHIP SERVICES LIMITED |
11/06/2014 |
03/11/2015 |
- |
6423000000.0 |
ASIAN BUILDING, GROUND FLOOR,17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI MAHARASHTRA 400001 INDIA |
|
4 |
C69172021 |
10486901 |
Punjab National Bank |
14/03/2014 |
03/11/2015 |
- |
6423000000.0 |
INTERNATIONAL BANKING BRANCH, DCM BUILDING, BARAKHAMBA ROAD, NEW DELHI 110001 INDIA |
|
5 |
G29405024 |
10148024 |
Punjab National Bank |
18/03/2009 |
12/07/2011 |
06/12/2016 |
2768182000.0 |
INTERNATIONAL BANKING BRANCH, DCM BUILDING, BARAKHAMBA ROAD, NEW DELHI 110001 INDIA |
|
6 |
G15969975 |
10149485 |
State Bank of Patiala |
30/03/2009 |
28/08/2010 |
06/10/2016 |
500000000.0 |
COMMERCIAL BRANCH, ATLANTA, 1ST FLOOR, JAMNALAL BAJAJ MARG, NARIMAN POINT, MUMBAI MAHARASHTRA 400021 INDIA |
|
7 |
C36097962 |
10123168 |
State Bank of India |
20/09/2008 |
15/04/2009 |
26/11/2014 |
2300000000.0 |
OVERSEAS BRANCH, AMRIT JAYANTHI BHAVAN, NAVJIVAN POST OFFICE, AHMEDABAD GJ 380014 INDIA |
|
8 |
C36103554 |
10126261 |
State Bank of India |
08/10/2008 |
15/04/2009 |
26/11/2014 |
1000000000.0 |
OVERSEAS BRANCH, AMRIT JAYANTHI BHAVAN, NAVJIVAN POST OFFICE, AHMEDABAD GJ 380014 INDIA |
|
9 |
A59188839 |
10128182 |
State Bank of Patiala |
08/10/2008 |
- |
26/03/2009 |
2250000000.0 |
COMMERCIAL BRANCH, ATLANTA, 1ST FLOOR, JAMNALAL BAJAJ MARG, NARIMAN POINT, MUMBAI MAHARASHTRA 400021 INDIA |
FIXED ASSETS
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Computer equipments
- Office equipment
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 64.87 |
|
UK Pound |
1 |
INR 90.49 |
|
Euro |
1 |
INR 79.91 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHW |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.