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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

507053

Report Date :

04.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

SUZLON ENERGY LIMITED

 

 

Registered Office :

Suzlon 5, Shrimali Society, Near Shri Krishna Complex, Navrangpura, Ahmedabad – 380009, Gujarat

Tel. No.:

91-79-66045000

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

10.04.1995

 

 

Com. Reg. No.:

04-025447

 

 

Capital Investment / Paid-up Capital :

INR 10048.800 Million

 

 

CIN No.:

[Company Identification No.]

L40100GJ1995PLC025447

 

 

IEC No.:

[Import-Export Code No.]

2495002021

 

 

TIN No.:

24073404454

 

 

CST No.:

24573404454

 

 

PAN No.:

[Permanent Account No.]

AADCS0472N

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Divulged

 

 

GSTN :

[Goods & Service Tax Registration No.]

27AADCS0472N1Z8

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges

 

 

Line of Business :

·         Manufacture and Sale of Wind Turbine Generators and related components of various capacities.

·         Operation and Maintenance of Wind turbine Generators.

·         Project Executive and Site Infrastructure Development. [Registered Activity]

 

 

No. of Employees :

2596 (Approximately)

 

 

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 :

Exists

 

 

Comments :

Subject was incorporated in the year 1995 and it is engaged in providing wind energy solutions. It offers designing, developing and selling of wind turbine generators of different capacities and its components. The firms also engaged in sale and sub-lease of land, infrastructure development, gearboxes, foundry and forging components and power generation.

 

As per the quarterly results of December 2017, the company has achieved sales turnover of INR 22038.6 million.

 

For the financial year 2017, the company has achieved a decent growth in its revenue as compared to the previous year and has reported net profit margin of 3.85%.

 

The company possesses healthy financial position marked by sound net worth base backed by strong capital structure.

 

Furthermore, the improvement in the financial flexibility of the company with the presence of strong financial investor such as Dilip Shanghvi Family And Associates (DSA largely consists of promoters, entities promoted by promoters of Sun Pharmaceuticals Industries Limited) is another major credit positive.

 

The above initiatives led to improvement in the overall liquidity profile which was impacted due to financial and operational issues in the past.

 

However, rating is constrained on account of low reserve base along with high debt balance sheet profile.

 

Business is active. Payment seems to be slow and delayed. 

 

In view of aforesaid, the company can be considered for business dealings with some caution.

 

NOTE: On April 27, 2016, the board of directors of the Company had approved a composite scheme which comprised of merger of its three wholly owned subsidiaries, namely, SE Blades Limited (‘SEBL’), SE Electricals Limited (‘SEEL’) and Suzlon Wind International Limited (‘SWIL’) in the Company, with effect from January 1, 2016 (being the appointed date for merger) and demerger of tower business from wholly owned subsidiary, Suzlon Structures Limited (‘SSL’) (now known as Suzlon Global Services Limited) (‘Scheme’) with the Company, with effect from April 1, 2016 (being the appointed date for demerger).

 

This Scheme has been approved by the Honorable National Company Law Tribunal, Ahmedabad Bench on May 31, 2017 and the Company has incorporated the accounting effects in its books of accounts as per the accounting treatment prescribed in the Scheme which is in compliance and accordance with the accounting standards applicable to the Company as of the appointed date of the Scheme.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

Long Term Loans (Withdrawal): A+

Rating Explanation

Adequate degree of safety and low credit risk

Date

12.01.2018

 

 

Rating Agency Name

CARE

Rating

Short Term Loans (Withdrawal): A1+

Rating Explanation

Very strong degree of safety and carry lowest credit risk

Date

12.01.2018

 

Reason for withdrawal: The withdrawal of the rating is at the request of the company.

 

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 31-03-2018.

 

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 04.05.2018

 

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 :

Not Divulged

Designation :

Office Executive

Contact No.:

91-79-66045000

 

 

Name :

Mr. K.K.

Designation :

Office Executive

Contact No.:

91-20-67025000

Date :

30.04.2018

 

 

LOCATIONS

 

Registered Office :

Suzlon 5, Shrimali Society, Near Shri Krishna Complex, Navrangpura, Ahmedabad – 380009, Gujarat, India

Tel. No.:

91-79-66045000

Fax No.:

91-79-26565540

E-Mail :

investors@suzlon.com

Website :

www.suzlon.com

 

 

Corporate/ Branch Office 1 :

One Earth, Opposite Magarpatta City, Hadapsar, Pune – 411028, Maharashtra, India

Tel. No.:

91-20-61356135/ 67022000/ 67025000

Fax No.:

91-20-67022100/ 40122200/ 67022200

E-Mail :

suzloncorpcomm@suzlon.com

 

 

Branch Office 2 :

Generator Unit, Plot No 2 Suzlon Infrastructure Sez Annur Road, Karumathapatti, Taluka Palladam, Coimbatore – 638559, Karnataka, India

 

 

Factory 1/ Technical Service Centre :

Plot No.H-24 and H-25, M.G. Udyog Nagar Industrial Estate, Dabhel, Daman – 396210, Daman and Diu, India

 

Factory 2 :

Plot No.77, 13, Opposite GDDIC, Vanakbara Road, Village Malala, Diu – 362520, Daman and Diu, India

 

Factory 3 :

Plot No.306/1 and 3, Bhimpore, Nani Daman, Daman – 396210, Daman and Diu, India

 

Factory 4 :

Survey No.86/3-4, 87/1-3-4, 88/1-2-3, 89/1-2, Kadaiya Road, Daman – 396210, Daman and Diu, India

 

Factory 5 :

Survey No.42/2 and 3, 54, 1 to 8, Bhenslore Road, Dunetha, Daman – 396210, Daman and Diu, India

 

Factory 6 :

Plot No.4, OIDC, M.G. Udhyog Nagar, Dabhel, Nani Daman, Daman – 396210, 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 – 605107, India

 

Factory 8 :

Block No.93, Opposite Gayatri Petroleum, National Highway No.8, Village Vadsala-Varnama, Vadodara – 391242, Gujarat, India

 

Factory 9 :

Survey No.588, Village: Paddar, Bhuj, Kutch – 370105, Gujarat, India

Tel No.:

91-2832-229028

Location :

Owned

 

Factory 10 :

Survey No.282, Chhadvel (Korde), Sakri, Dhule – 424305, Maharashtra, India

 

 

DIRECTORS

 

AS ON 2018

 

Name :

Mr. Tulsi Ranchhodbhai Tanti

Designation :

Managing Director

Address :

Florida Estate, Bungalow No.29/30, Keshav Nagar, Mundhwa, Pune – 411036, Maharashtra, India

Date of Appointment :

10.04.1995

DIN No.:

00002283

 

Name :

Mr. Vinod Ranchhodbhai Tanti

Designation :

Whole-time Director

Address :

Bunglow No.80 and 80A, Florida Estate, Keshav Nagar, Mundhwa, Pune -411036, Maharashtra, India

Age :

55 Years

Date of Appointment :

01.11.2010

DIN No.:

00002266

 

 

Name :

Mr. Girishbhai Ranchodbhai Tanti

Designation :

Director

Address :

A-1102, Silver Woods, Mundhwa, Pune – 411036, Maharashtra, India

Date of Appointment :

04.12.1995

DIN No.:

00002603

 

 

Name :

Mr. Ravikant Uppal

Designation :

Director

Address :

841,15th Main, 3rd Block Koramangla, Bangalore – 560034, Karnataka, India

Date of Appointment :

28.09.2012

DIN No.:

00025970

 

 

Name :

Mr. Venkataraman Subramanian

Designation :

Director

Address :

B-265, 1st Floor, Greater Kailash, Part-I, Delhi – 110048, India

Date of Appointment :

25.09.2014

DIN No.:

00357727

 

 

Name :

Mr. Vaidhyanathan Rag]huraman

Designation :

Director

Address :

20, Kallol Apartments, 35 IP Extension, Patparganj, Delhi – 110092, India

Date of Appointment :

29.10.2005

DIN No.:

00411489

 

 

Name :

Mr. Marc Desaedeleer

Designation :

Director

Address :

Lee Garden, Lower Road, Chalfont St Peter, Gerrards Cross, Buckinghamshire, London, SL98LQ, United Kingdom

Date of Appointment :

01.04.2012

DIN No.:

00508623

 

 

Name :

Ms. Vijaya Sampath

Designation :

Director

Address :

Flat No - 403, Block -14, Heritage City, Mehrauli Gurgaon Road, Gurugram – 122002, Haryana, India

Date of Appointment :

12.08.2016

DIN No.:

00641110

 

 

Name :

Mr. Sunit Sarkar

Designation :

Director

Address :

Ae-725, Salt Lake City, Sector-1, Kolkata – 700064, West Bengal, India

Date of Appointment :

11.11.2016

DIN No.:

02806212

 

 

Name :

Mrs. Pratima Ram

Designation :

Director

Address :

F-304, Central Park-I, Sector-42, Gurugram – 122002, Haryana, India

Date of Appointment :

27.03.2015

DIN No.:

03518633

 

 

Name :

Mr. Per Torben Hornung Pedersen

Designation :

Director

Address :

Rothenbaumchaussee 211, Hamburg, 20149, Germany

Date of Appointment :

28.09.2015

DIN No.:

07280323

 

 

Name :

Mr. Brij Mohan Sharma

Designation :

Additional Director

Address :

A 253, Twin Towers, Veer Savarkar Marg Prabhadevi, Mumbai-400025, Maharashtra, India 

Date of Appointment :

01.01.2018

DIN No.:

07193258

 

 

KEY EXECUTIVES

 

Name :

Mr. Jayarama Prasad Chalasani

Designation :

Chief Executive Officer

Address :

D3-604, Parsvnath Exotica, Golf Course Road, Sector – 53, Gurugram - 122002 Haryana, India

Date of Appointment :

04.04.2016

PAN No.:

ACVPC9985D

 

 

Name :

Mr. Hemal A Kanuga

Designation :

Company Secretary

Address :

8, Pritamnagar, Ellisbridge, Ahmedabad – 380006, Gujarat, India

Date of Appointment :

04.05.2011

PAN No.:

AGIPK3230C

 

 

Name :

Mr. Vinod Ranchhodbhai Tant

Designation :

Chief Operating Officer

 

 

Name :

Mr. Sanjay Baweja

Designation :

Chief Financial Officer

 

 

SHAREHOLDING PATTERN

 

AS ON March, 2018

 

Category of shareholder

Total nos. shares held

Shareholding as a % of total no. of shares (calculated as per SCRR, 1957) As a %

(A) Promoter & Promoter Group

1052784456

19.79

(B) Public

4257942401

80.04

(C) Non Promoter-Non Public

9047264

0.17

Grand Total

5319774121

100.00

 

 

Statement showing shareholding pattern of the Promoter and Promoter Group

 

Category of shareholder

No. of fully paid up equity shares held

Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of

A1) Indian

Individuals/Hindu undivided Family

598384000

11.27

Tulsi R .Tanti

3905000

0.07

Gita T. Tanti

64512000

1.21

Tulsi R.Tanti as Karta of Tulsi Ranchhodbhai HUF

18000000

0.34

Tulsi R.Tanti as karta of Ranchhodbhai Ramjibhai HUF

42570000

0.80

Tulsi R.Tanti J/w. Vinod R.Tanti J/w. Jitendra R.Tanti

42660000

0.80

Vinod R.Tanti

11367000

0.21

Jitendra R.Tanti

12400000

0.23

Sangita V.Tanti

70182000

1.32

Lina J.Tanti

70182000

1.32

Rambhaben Ukabhai

3000

0.00

Vinod R.Tanti as karta of Vinod Ranchhodbhai HUF

18900000

0.36

Jitendra R.Tanti as karta of Jitendra Ranchhodbhai HUF

12723000

0.24

Pranav T.Tanti

59067000

1.11

Nidhi T.Tanti

3052000

0.06

Rajan V.Tanti

16605000

0.31

Brij J.Tanti

37117000

0.70

Trisha J.Tanti

15120000

0.28

Girish R.Tanti

100019000

1.88

Any Other (specify)

454400456

8.56

Tanti Holdings Private Limited

158901093

2.99

Sugati Holdings Private Limited

262497868

4.94

Samanvaya Holdings Private Limited

33001495

0.62

Sub Total A1

1052784456

19.82

A2) Foreign

0.00

A=A1+A2

1052784456

19.82

 

Statement showing shareholding pattern of the Public shareholder

 

Category & Name of the Shareholders

No. of fully paid up equity shares held

Shareholding % calculated as per SCRR, 1957 As a % of

B1) Institutions

 

 

Mutual Funds/

254148363

4.79

KOTAK EQUITY ARBITRAGE FUND

54810000

1.03

RELIANCE ETF INFRA BEES INVESTMENT ACCOUNT

66015624

1.24

Foreign Portfolio Investors

534257931

10.06

COWELL & LEE INVESTMENT (MAURITIUS) LIMITED

111506181

2.10

Financial Institutions/ Banks

195656639

3.68

Insurance Companies

89932017

1.69

LIFE INSURANCE CORPORATION OF INDIA

89932017

1.69

Sub Total B1

1073994950

20.22

B2) Central Government/ State Government(s)/ President of India

0

0.00

B3) Non-Institutions

0

0.00

Individual share capital upto INR 0.200 million

1368862984

25.78

Individual share capital in excess of INR 0.200 million

636941792

11.99

Vibha D.Shanghvi

68000000

1.28

Aalok Dilip Shanghvi

68000000

1.28

Vidhi D.Shanghvi

68000000

1.28

NBFCs registered with RBI

1984615

0.04

Any Other (specify)

1176158060

22.15

Bodies Corporate

1062849746

20.01

Cannon Realty Pvt. Ltd. J/w. Sun Fastfin Services Pvt. Ltd. in the capacity of partners of M/s. GEE SIX Enterprises

138300000

2.60

Aditya Medisales Ltd. J/w. Unimed Investments Ltd. J/w. Ms. Vidhi Shanghvi in the capacity of partners of M/s. Expert Vision

55000000

1.04

Neostar Developers LLP

85000000

1.60

Real Gold Developers LLP

85000000

1.60

Tejaskiran Pharmachem Industries Pvt. Ltd. J/w. Virtuous Finance Pvt. Ltd. J/w. Aalok D. Shanghvi in the capacity of partners of M/s. Goldenstar Enter

100900000

1.90

Viditi Investment Pvt. Ltd. J/w. Virtuous Share Investments Pvt. Ltd. J/w. Vibha Shanghvi in the capacity of partners of M/s. Pioneer Resources

100900000

1.90

Suraksha Buildwell LLP

110000000

2.07

Family Investment Pvt. Ltd. J/w. Quality Investment Pvt. Ltd. J/w. Kumud S. Shanghviin the capacity of partners of M/s. Sunrise Associates

100900000

1.90

Clearing Members

14587036

0.27

Trusts

3514735

0.07

Non-Resident Indian (NRI)

94361557

1.78

Overseas Corporate Bodies

778736

0.01

Foreign Nationals

66250

0.00

Sub Total B3

3183947451

59.95

B=B1+B2+B3

4257942401

80.18

 

 

BUSINESS DETAILS

 

Line of Business :

·         Manufacture and Sale of Wind Turbine Generators and related components of various capacities.

·         Operation and Maintenance of Wind turbine Generators.

·         Project Executive and Site Infrastructure Development. [Registered Activity]

 

 

Products / Services :

NIC Code

Product Description

27101

Sale of Wind Turbine Generators and related components of various capacities
  • Wind Turbine Generators

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS – (NOT AVAILABLE)

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged 

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

Remark :

--

 

 

Customers :

 

Reference :

Not Divulged 

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark :

--

 

 

No. of Employees :

2596 (Approximately)

 

 

Bankers :

·         Bank of India, Pune Large Corporate Branch, Sushilp, 1290, Opposite Hotel Swan Inn, Off. J.M. Road, Shivajinagar, Pune-411005, Maharashtra, India

·         Union Bank of India, Industrial Finance Branch 619, Sachapir Street, Pune-411001, Maharashtra, India

·         State Bank of India, Dr. Ambedkar Road, Pimpri Colony, Pune – 411028, Maharashtra, India

·         Axis Bank Limited

·         Bank of Baroda

·         Bank of Maharashtra

·         Central Bank of India

·         Corporation Bank

·         Dena Bank

·         Export Import Bank of India

·         ICICI Bank Limited

·         IDBI Bank Limited

·         Indian Overseas Bank

·         Oriental Bank of Commerce

·         Punjab National Bank

·         The Saraswat Co-operative Bank Limited

·         Yes Bank Limited

 

 

Facilities :

SECURED LOANS

31.03.2017

INR In Million

31.03.2016

INR In Million

LONG TERM BORROWINGS

 

 

Term loans from banks

11250.700

13675.400

Term loans from financial institutions

12679.200

12551.900

 

 

 

SHORT TERM BORROWINGS

 

 

Working capital facilities from banks

19757.000

16971.900

Total

43686.900

43199.200

 

Auditor 1 :

 

Name :

SNK and Company

Chartered Accountants

Address :

E-2-B, 4th Floor, the Fifth Avenue, Dhole Patil Road, Pune – 411001, Maharashtra, India

ICAI Firm Registration No.

109176W

 

Auditor 2 :

 

Name :

S.R. Batliboi and Company

Chartered Accountants

Address :

C-401, 4th Floor, Panchshil Tech Park, Yerwada, (Near Don Bosco School), Pune – 411006, Maharashtra, India

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Subsidiary Companies:
  • Aalok Solarfarms Limited
  • Abha Solarfarms Limited
  • AE-Rotor Holding B.V.
  • Anshuman Renewables Limited
  • Gale Green Urja Limited
  • Gale Solarfarms Limited
  • Hermaba Renewables Limited
  • Kanak Renewables Limited
  • Manas Renewables Limited
  • Parque Eolico El Almendro S.L.
  • PowerBlades GmbH
  • PowerBlades Industries Inc.
  • PowerBlades SA
  • Rajat Renewables Limited
  • REpower North China Limited
  • RETC Renewable Energy Technology Center GmbH Ria Blades S.A.
  • RPW Investments SGPS,SA
  • Saroja Renewables Limited
  • SE Blades Limited
  • SE Blades Technology B.V.
  • SE Drive Technik GmbH
  • SE Electricals Limited
  • SE Forge Limited
  • Senvion (Beijing) Trading Company Limited
  • Senvion Australia Private Limited
  • Senvion Austria GmbH
  • Senvion Benelux b.v.b.a.
  • Senvion Betriebs- und Beteiligungs GmbH
  • Senvion Canada Inc.
  • Senvion Deutschland GmbH
  • Suzlon Energy PLC (formerly Senvion Energy PLC)
  • Senvion France S.A.S.
  • Senvion Holdings Private Limited
  • Senvion India Limited
  • Senvion Investitions- und Projektierungs GmbH and Co. KG
  • Senvion Italia s.r.l
  • Senvion Netherlands B.V.
  • Senvion Polska Sp.z o.o
  • Senvion Portugal S.A.
  • Senvion Romania SRL
  • Senvion Scandinavia AB
  • Senvion Turkey Rüzgar Türbinleri Limited Şirketi
  • Senvion UK Limited
  • Senvion USA Corp.
  • Senvion Windpark Betriebs GmbH
  • Shanay Renewables Limited
  • Sharanya Renewables Limited
  • Shreyas Solarfarms Limited
  • Sirocco Renewables Limited
  • Skeiron Renewables Energy Amidyala Limited
  • Skeiron Renewables Energy Borampalli Limited
  • Souravi Renewables Limited
  • Sure Power LLC
  • Suryoday Renewables Limited
  • Suyash Renewables Limited
  • Suzlon Energia Elocia do Brasil Ltd
  • Suzlon Energy A/S
  • Suzlon Energy Australia CYMWFD Private Limited
  • Suzlon Energy Australia Private Limited.
  • Suzlon Energy Australia RWFD Private Limited
  • Suzlon Energy B.V.
  • Suzlon Energy GmbH
  • Suzlon Energy Korea Company Limited
  • Suzlon Energy Limited
  • Suzlon Global Services Limited
  • Suzlon Global Services Limited
  • Suzlon Gujarat Wind Park Limited
  • Suzlon Power Infrastructure Limited
  • Suzlon Project VIII LLC
  • Suzlon Rotor Corporation
  • Suzlon Wind Energy (Lanka) Private Limited
  • Suzlon Wind Energy BH
  • Suzlon Wind Energy Bulgaria EOOD
  • Suzlon Wind Energy Corporation
  • Suzlon Wind Energy Equipment Trading (Shanghai) Company Limited Suzlon Wind Energy Espana, S.L
  • Suzlon Wind Energy Italy s.r.l.
  • Suzlon Wind Energy Limited
  • Suzlon Wind Energy Nicaragua Sociedad Anonima
  • Suzlon Wind Energy Portugal Energia Elocia Unipessoal Lda
  • Suzlon Wind Energy Romania SRL
  • Suzlon Wind Energy South Africa Private Limited
  • Suzlon Wind Energy Uruguay SA
  • Suzlon Wind Enerji Sanayi Ve Ticaret Limited Sirketi
  • Suzlon Wind International Limited
  • Suzlon Windenergie GmbH
  • Tarilo Holding B.V.
  • Tornado Solarfarms Limited
  • Vakratunda Renewables Limited
  • Valum Holding B.V.
  • Varadvinayak Renewables Limited
  • Ventinveste Indústria, SGPS, SA,
  • Ventipower S.A.
  • Vignaharta Renewable Energy Limited
  • WEL Windenergie Logistik GmbH
  • Wharton Wind, LLC
  • Windpark Blockland GmbH and Co KG
  • Yorke Peninsual Wind Farm Project Limited (Ceres)

 

 

Jointly Controlled entity :

  • Amun Solarfarms Limited
  • Avighna Solarfarms Limited
  • Consortium Suzlon Padgreen Company Limited
  • Prathamesh Solarfarms Limited
  • Rudra Solarfarms Limited
  • SE Solar Limited
  • Suzlon Generators Limited
  • Vayudoot Solarfarms Limited

 

 

Associates Company :
  • Suzlon Energy (Tianjin) Limited

 

CAPITAL STRUCTURE

 

AS ON 31.03.2017

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

12490000000

Equity Shares

INR 2/- each

INR 24980.000 Million

 

Issued Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

5043330927

Equity Shares

INR 2/- each

INR 10086.700 Million

 

 

 

 

 

Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

502439895

Equity Shares

INR 2/- each

INR 10048.800 Million

 

 

 

 

 

*The authorized equity share capital was increased to 12,490,000,000 equity shares of INR 2 each pursuant to the scheme of amalgamation and arrangement of its wholly owned subsidiaries vide the Order dated May 31, 2017 of the National Company Law Tribunal, Ahmedabad Bench.

 

Reconciliation of the equity shares outstanding at the beginning and at the end of the financial year

 

Equity shares

As at 31st March, 2017

No. of Shares

 

Amount

(INR in Million)

At the beginning of the year

502.050

10041.000

Issued during the year

 

 

Preferential allotment

--

--

Conversion of bonds

0.390

7.800

Outstanding at the end of the year

5024.400

10041.000

 

Terms / rights attached to equity shares

 

The Company has only one class of equity shares having a par value of INR 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, 2017 are GDRs – 2749000 / (equivalent shares – 10996000) and as on March 31, 2016 are GDRs – 2710731 / (equivalent shares – 10842924) as on April 1, 2015 are GDRs 2114631 / (equivalent shares – 8458524)

 

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.

 

The Company on February 13, 2015 signed a Shareholder Agreement as amended by an Amendment Agreement dated December 11, 2015 (collectively the "Agreement") with the Investor Group in terms of which the Investor Group agreed to subscribe to 100 Crore equity shares at the rate of INR 18 per shares aggregating to INR 18000.000 million, which were allotted on May 15, 2015. This is in addition to shares acquired under an Open Offer under SEBI Takeover Regulations. The key terms of the Agreement with the Investor Group are as follows;

- Appointment of one nominee director.

- Certain decisions by virtue of the agreement need shareholder approval.

- Investor group and Promoters of the Company shall be considered as Persons Acting in Concert under Regulation

2(1) (q) of the SEBI Takeover Regulations.

- If the Promoters decide to transfer any of their shareholding in the Company, they shall first offer these to the

Investor Group. Also, if the Investor Group decide to transfer any of their shareholding in the Company, they shall

first offer these to the Promoter Group.

- The Investor Group shares shall be subject to a lock-in period applicable under applicable regulations or one-year whichever is later.

- The Investor Group shall be consulted in accordance with the provisions of the Agreement.

 

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:

The Company issued 10095000 shares (March 31, 2016:10095000 shares and April 1, 2015: 10095000 shares) to employees under Employee stock purchase scheme, where in part consideration was received in the form of employee services.

 

Shares reserved for issue under options

For details of shares reserved for issue under the employee stock option (ESOP) plan of the Company, , under heading of “Closing balance”. For details of shares reserved for issue on conversion of FCCBs, (i) 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 (iv) for terms of conversion. There are no shares reserved for issue under options as at the balance sheet date.

 

Details of shareholders holding more than5%equity shares in the company:

 

Name of the shareholder

As at 31st March, 2017

No. of Shares

(Million)

% holding

(Equity shares of INR 2 each fully paid)

 

 

IDBI Bank Limited

--

--

Sugati Holdings Private Limited

26.25

5.24

 

Note: As per of the Company, including its register of shareholders /members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares.

 

 

FINANCIAL DATA

[all figures are INR Million]

 

ABRIDGED BALANCE SHEET [STANDALONE]

 

SOURCES OF FUNDS

31.03.2017

31.03.2016

31.03.2015

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

10048.800

10041.000

7415.400

(b) Reserves & Surplus

175.900

(3995.800)

(24046.600)

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

18000.000

Total Shareholders’ Funds (1) + (2)

10224.700

6045.200

1368.800

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

40385.400

42873.000

55921.200

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

2416.100

1287.100

854.900

(d) long-term provisions

582.700

1211.300

1218.600

Total Non-current Liabilities (3)

43384.200

45371.400

57994.700

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

19757.000

16971.900

34279.600

(b) Trade payables

46546.400

33211.800

27475.800

(c) Other current liabilities

15478.800

17346.400

32075.300

(d) Short-term provisions

6869.200

3974.900

4347.800

Total Current Liabilities (4)

88651.400

71505.000

98178.500

 

 

 

 

TOTAL

142260.300

122921.600

157542.000

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

9261.500

6804.300

5039.100

(ii) Intangible Assets

8292.400

10657.800

838.400

(iii) Capital work-in-progress

727.300

1769.900

198.300

(iv) Intangible assets under development

555.300

15.500

0.000

(b) Non-current Investments

32009.100

24457.400

25015.400

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

11292.400

6459.400

15805.500

(e) Other Non-current assets

6868.100

7878.200

4049.700

Total Non-Current Assets

69006.100

58042.500

50946.400

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

4811.000

3068.000

2500.000

(b) Inventories

22758.700

13315.900

6109.200

(c) Trade receivables

23068.800

18806.700

15803.500

(d) Cash and cash equivalents

1533.800

942.100

674.700

(e) Short-term loans and advances

17866.300

13486.500

40824.800

(f) Other current assets

3215.600

15259.900

40683.400

Total Current Assets

73254.200

64879.100

106595.600

 

 

 

 

TOTAL

142260.300

122921.600

157542.000

 

 

PROFIT & LOSS ACCOUNT [STANDALONE]

 

 

PARTICULARS

31.03.2017

31.03.2016

31.03.2015

 

SALES

 

 

 

 

Income

92292.100

59130.300

22614.900

 

Other Income

4174.400

5645.600

88.100

 

TOTAL

96466.500

64775.900

22703.000

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

58734.400

36265.400

16274.600

 

Purchases of Stock-in-Trade

4919.900

306.600

183.900

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(8235.700)

368.900

493.800

 

Employees benefits expense

4151.900

2460.100

1870.400

 

Other expenses

14534.700

11632.400

7690.100

 

Exceptional Item

5357.800

(1872.500)

46078.500

 

TOTAL

79463.000

49160.900

72591.300

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

17003.500

15615.000

(49888.300)

 

 

 

 

Less

FINANCIAL EXPENSES

9307.100

7760.100

8857.000

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

7696.400

7854.900

(58745.300)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

4139.900

4205.000

1578.100

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

3556.500

3649.900

(60323.400)

 

 

 

 

 

Less

TAX

(0.500)

(125.400)

0.000

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

3557.000

3775.300

(60323.400)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

284.100

1325.400

 754.100

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

 

 

 

Basic 

0.71

0.79

(20.09)

 

Diluted

0.71

0.79

(20.09)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2017

31.03.2016

31.03.2015

Current Maturities of Long term debt

NA

NA

NA

Cash generated from operations

28125.900

15370.700

19266.100

Net cash flow from (used in) operations Activities

28082.700

15550.900

(172.300)

 

 

QUARTERLY RESULTS

 

PARTICULARS

 

30.06.2017

1st Quarter

30.09.2017

1st Quarter

31.12.2017

1st Quarter

Unaudited

 

 

 

Net Sales

22472.900

6414.500

17263.200

Total Expenditure

19723.800

6750.800

14642.500

PBIDT (Excl OI)

2749.100

(336.300)

2620.700

Other Income

967.900

946.500

944.900

Operating Profit

3717.000

610.200

3565.600

Interest

2255.800

2421.900

2415.700

Exceptional Items

(129.700)

(1003.000)

(125.400)

PBDT

1331.500

(2814.700)

1024.500

Depreciation

1007.700

973.000

995.300

Profit Before Tax

323.800

(3787.700)

29.200

Tax

0.000

NA

NA

Provisions and contingencies

NA

NA

NA

Profit After Tax

323.800

(3787.700)

29.200

Extraordinary Items

NA

NA

NA

Prior Period Expenses

NA

NA

NA

Other Adjustments

NA

NA

NA

Net Profit

323.800

(3787.700)

29.200

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Average Collection Days

(Sundry Debtors / Income * 365 Days)

91.23

116.09

255.07

 

 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)

4.00

3.14

1.43

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

266.90

331.46

609.33

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

0.75

1.17

(8.17)

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

0.90

0.81

(8.21)

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.91

0.93

0.98

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

5.88

9.90

65.90

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

8.67

11.83

71.73

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

1.84

3.18

4.44

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

1.83

2.01

-5.63

 

 

PROFITABILITY RATIOS

 

PARTICULARS

31.03.2017

31.03.2016

31.03.2015

 

 

 

 

PAT to Sales

[(PAT/Sales) * 100)

%

3.85

6.38

(266.74)

 

 

 

 

 

Return on Total Assets

[(PAT / Total Assets) * 100]

%

2.50

3.07

(38.29)

 

 

 

 

 

Return on Investment (ROI)

[(PAT / Net Worth) * 100]

%

34.79

62.45

(4407.03)

 

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Current Ratio

(Current Assets / Current Liabilities)

0.83

0.91

1.09

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

0.57

0.72

1.02

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.07

0.05

0.01

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

5.99

5.96

12.16

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

0.83

0.91

1.09

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

STOCK PRICES

 

Face Value

INR 2/-

Market Value

INR 10.90/-

 

 

FINANCIAL ANALYSIS

[all figures are INR Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2015

31.03.2016

31.03.2017

 

INR In Million

INR In Million

INR In Million

Share Capital

7415.400

10041.000

10048.800

Reserves & Surplus

(24046.600)

(3995.800)

175.900

Share Application money pending allotment

18000.000

0.000

0.000

Net worth

1368.800

6045.200

10224.700

 

 

 

 

Long Term borrowings

55921.200

42873.000

40385.400

Short Term borrowings

34279.600

16971.900

19757.000

Total borrowings

90200.800

59844.900

60142.400

Debt/Equity ratio

65.898

9.900

5.882

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2015

31.03.2016

31.03.2017

 

INR In Million

INR In Million

INR In Million

Sales

22614.900

59130.300

92292.100

 

 

161.466

56.083

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2015

31.03.2016

31.03.2017

 

INR In Million

INR In Million

INR In Million

Sales

22614.900

59130.300

92292.100

Profit/(Loss)

(60323.400)

3775.300

3557.000

 

(266.74)%

6.38%

3.85%

 

 

 

 

ABRIDGED BALANCE SHEET [CONSOLIDATED]

 

SOURCES OF FUNDS

 

31.03.2017

31.03.2016

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

 

10048.800

10041.000

(b) Reserves & Surplus

 

(78462.100)

(85372.700)

(c) Money received against share warrants

 

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

 

0.000

0.000

(3) Non-controlling interest

 

86.800

0.000

Total Shareholders’ Funds

 

(68326.500)

(75331.700)

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

 

48409.800

92246.200

(b) Deferred tax liabilities (Net)

 

0.000

0.000

(c) Other long term liabilities

 

2654.800

1515.600

(d) long-term provisions

 

1272.000

2191.800

Total Non-current Liabilities

 

52336.600

95953.600

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

 

20763.800

18948.900

(b) Trade payables

 

48122.500

29698.800

(c) Other current liabilities

 

60486.700

22380.100

(d) Short-term provisions

 

8217.900

5582.500

Total Current Liabilities

 

137590.900

76610.300

 

 

 

 

TOTAL

 

121601.000

97232.200

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

14201.800

12345.300

(ii) Intangible Assets

 

2109.700

3385.500

(iii) Capital work-in-progress

 

1185.600

1971.600

(iv) Intangible assets under development

 

874.300

353.500

(b) Non-current Investments

 

2226.900

1263.100

(c) Deferred tax assets (net)

 

0.000

 0.000

(d)  Long-term Loan and Advances

 

59.600

24.700

(e) Other Non-current assets

 

9237.700

9574.800

Total Non-Current Assets

 

29895.600

28918.500

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

4811.000

2670.400

(b) Inventories

 

34688.400

25246.500

(c) Trade receivables

 

36275.300

25151.200

(d) Cash and cash equivalents

 

3361.200

6265.800

(e) Short-term loans and advances

 

494.000

959.800

(f) Other current assets

 

12075.500

8020.000

Total Current Assets

 

91705.400

68313.700

 

 

 

 

TOTAL

 

121601.000

97232.200

 

PROFIT & LOSS ACCOUNT [CONSOLIDATED]

 

 

PARTICULARS

 

31.03.2017

31.03.2016

 

SALES

 

 

 

 

Income

 

126925.300

94295.800

 

Other Income

 

1106.600

1522.800

 

TOTAL

 

128031.900

95818.600

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

 

82914.400

51848.200

 

Purchases of Stock-in-Trade

 

0.000

0.000

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

 

(7485.500)

4189.600

 

Employees benefits expense

 

10464.800

9590.900

 

Other expenses

 

16256.100

18188.000

 

Exceptional Items

 

0.000

(10795.600)

 

TOTAL

 

102149.800

73021.100

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

 

25882.100

22797.500

 

 

 

 

 

Less

FINANCIAL EXPENSES

 

12875.900

13040.200

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

 

13006.200

9757.300

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

 

3890.300

3917.600

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

 

9115.900

5839.700

 

 

 

 

 

Less

TAX

 

117.000

(236.100)

 

 

 

 

 

 

PROFIT/ (LOSS) AFTER TAX 

 

8998.900

6075.800

 

 

 

 

 

Add / Less

Share of loss of associate and jointly controlled entities

 

(482.500)

(244.800)

 

 

 

 

 

 

NET PROFIT/ (LOSS)  FOR THE YEAR

 

8516.400

5831.000

 

 

 

 

 

 

Earnings per equity share

 

 

 

 

Basic

 

1.71

1.22

 

Diluted

 

1.60

1.13

 

 

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

Yes

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)

Yes

16

No. of employees

Yes

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

No

33

Market information

--

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

COMPANY’S PERFORMANCE

 

On a standalone basis, the Company achieved revenue from operations of INR 92292.100 million and EBIT of INR 14211.700 million as against INR 59130.300 million and INR 4184.800 million respectively in the previous year. Net profit for the year is INR 3557.000 million as compared to INR 3775.300 million in the previous year.

 

MATERIAL DEVELOPMENTS DURING THE YEAR UNDER REVIEW AND OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR AND THE DATE OF THIS REPORT

 

The date of this Report, certain material changes took place, the details of which together with their rationale are as under:

a) Sale of Solar SPVs – the Company signed Share Subscription and Shareholders’ Agreements by Whatever name called, in respect of its solar special purpose vehicles (“SPVs”), the details of which are as under:

 

- CLP Windfarms (India) Private Limited (“CLP”) and SE Solar Limited ("SE Solar"), for setting-up 100 MW solar power project in the State of Telangana under SE Solar and eventually sale of SE Solar to CLP

 

- Unisun Energy Private Limited (“Unisun”) and Vayudoot Solarfarms Limited (“Vayudoot”) for setting-up 15 MW solar power project in the State of Telangana under Vayudoot and eventually sale of Vayudoot to Unisun;

 

- Canadian Solar Energy Holding Singapore 1 Private Limited (“Canadian Solar”) and Amun Solarfarms Limited (“Amun”) and Avighna Solarfarms Limited (“Avighna”) for setting-up 15 MW solar power project each in the State of Telangana under Amun and Avighna respectively, and eventually sale of the said Amun and Avighna to Canadian Solar

 

- AMP Solar India Private Limited (“AMP”) and Rudra Solarfarms Limited (“Rudra”) for setting-up 15 MW solar power project in the State of Telangana under Rudra and eventually sale of Rudra to AMP.

 

- Ostro Energy Private Limited (“Ostro”) for setting-up 50 MW solar power project in the State of Telengana under Prathamesh Solarfarms Limited (“Prathamesh”), 20 MW solar power project each under Heramba Renewables Limited (“Heramba”) and Shreyas Solarfarms Limited (“Shreyas”) and 10 MW solar power project each under Aalok Solarfarms Limited (“Aalok”) and Abha Solarfarms Limited (“Abha”) aggregating to 60 MW in the State of Rajasthan and eventually sale of the said Prathamesh, Heramba, Shreyas, Aalok and Abha to Ostro.

 

Amalgamation / Merger / Demerger

 

With a view to consolidate the manufacturing activities, to optimize on cost and to have enhanced efficiency, the Company had initiated a Composite Scheme of Amalgamation and Arrangement (the “Scheme”) involving merger of three wholly owned subsidiaries, namely, SE Blades Limited, SE Electricals Limited and Suzlon Wind International Limited into the Company, and demerger of tubular tower manufacturing division of another wholly owned subsidiary, namely, Suzlon Structures Limited (now known as Suzlon Global Services Limited), into the Company. The final hearing of the Scheme has been undertaken by the Honorable National Company Law Tribunal, Ahmedabad Bench (“NCLT”) and the final order has been passed on May 31, 2017 sanctioning the Scheme which has become effective from June 1, 2017 from the respective appointed dates, i.e. January 1, 2016 for merger and April 1, 2016 for demerger, consequent upon filing of the certified copy of the Order issued by the honorable National Company Law Tribunal, Ahmedabad Bench, with the Registrar of Companies, Gujarat.

 

Global renewable energy market and outlook

 

The calendar year (CY) 2016 witnessed a record Renewable Energy (RE) capacity addition of 138.5 GW up from 127.5 GW in 2015. However investments in RE excluding large Hydro fell by 23% to USD 241.6 billion. This decline in investment was primarily due to sharp reduction in the capital costs for Solar PV, Onshore and Off shore wind. Overall the RE investment in developing countries fell 30% to USD 116.6 billion and developed economies witnessed a decline of 14% to USD 125 billion. Key developing economies such as China, Mexico, Chile, South Africa and Morocco witnessed a decline in investments. This was primarily attributed to delays in auctions and financing.

 

This capacity addition came from all main stream RE sources such as Wind, Solar, Biomass, Waste, Geo thermal, Small Hydro and Marine. Solar added a whopping 75GWsurpassing any other technology for the first time.

 

The capacity addition in 2016 was equivalent to 55% of all the generating capacity added globally and investment in new renewables capacity was almost double that in fossil fuel generation for five years in succession. The increase in proportion of global electricity from these new RE sources rose from10.3%in 2015 to 11.3% in 2016 which translated in an emission offset of an estimated 1.7 Gt of CO2.

 

The most heartwarming sign of last year was the fructification of successful winning bids for solar and wind with plummeting tariffs. The winning solar bid in Chile was a record low at USD 29.1 per MWh and the winning wind bid in Morocco was a record low of USD 30 per MWh. Other places such as Dubai, India, Zambia, Mexico and Peru also had auction prices discovering new lows.

 

Availability of finance was not a constraint in most countries for investment in mature RE technologies. There was a record acquisition activity in the clean energy technologies in 2016 which totalled to USD 110.3 billion up by 17%. Assets acquisition in solar and wind parks reached a record figure of USD 72.7 billion. Corporate takeovers reached USD 27.6 billion; 58% more than 2015.

 

Solar attracted a new investment of USD 113.7 billion down 34% from 2015 due to significant cost reductions and also due to slowdowns in China and Japan. This was followed by Wind which attracted an investment of USD 112.5 billion, down by 9%.

 

On the capacity addition front, the CY 2016 witnessed a significant addition by Solar of 75GWand wind capacity additions declined from63GWto 54GW.

 

Other smaller RE sectors such as Bio fuels (USD 2.2 billion), Bio Mass and Waste (USD 6.8 billion), Geothermal (USD 2.7 billion), Small hydro (USD 3.5 billion) and marine saw a mixed fortune in terms of investment.

 

On the technology front, the up and coming innovation in hybrid technologies such as wind-solar, Hydro-Solar, PV-Solar Thermal, Solar Thermal-Geothermal, Biomass- Geo thermal were aggressively being promoted. This was done to optimize usage of shared resources such as grid and land and reduce Intermittency.

 

Global wind energy overview*

 

The CY 2016 was another strong year for the global wind industry with annual installations in excess of 50 GW. Overall the capacity addition was 54.6 GW. This capacity addition did not match the record-breaking installations witnessed in CY 2015 when the annual market crossed the 60GWmark for the first time.

 

 

UNSECURED LOANS:

 

Unsecured Loan

31.03.2017

INR In Million

31.03.2016

INR In Million

LONG-TERM BORROWINGS

 

 

Foreign currency convertible bonds       

16455.500

16645.700

Total

16455.500

16645.700

 

 

INDEX OF CHARGE:

 

S

No

SRN

Charge Id

Charge Holder Name

Date of Creation

Date of Modification

Date of Satisfaction

Amount

Address

1

G74297359

100148607

Bank of India

03/01/2018

-

-

600000000.0

Pune Large Corporate Branch, Sushilp, 1290,Opp. Hotel Swan Inn, Off. J.M. Road, ShivajinagarPuneMH411005IN

2

G74893785

100149779

UNION BANK OF INDIA

03/01/2018

-

-

860000000.0

Industrial Finance Branch619, Sachapir StreetPuneMH411001IN

3

G55906994

100126915

Bank of Baroda

15/09/2017

-

-

2902500000.0

Corporate Financial Services Branch, Mantri Court,First Floor, 39, Ramabai Ambedkar RoadPuneMH411001IN

4

G55973705

100126992

Bank of Baroda

15/09/2017

-

-

13000000000.0

Corporate Financial Services Branch, Mantri Court,First Floor, 39, Ramabai Ambedkar RoadPuneMH411001IN

5

G47264577

100106485

INDIAN RENEWABLE ENERGY DEVELOPMENT AGEN CY LIMITED

15/06/2017

-

-

1109000000.0

INDIA HABITAT CENTRE1ST FLOOR EAST COURT CORE4 A LODHI ROADNEW DELHIDe110003IN

6

G47265913

100106491

INDIAN RENEWABLE ENERGY DEVELOPMENT AGEN CY LIMITED

15/06/2017

-

-

1109000000.0

INDIA HABITAT CENTRE1ST FLOOR EAST COURT CORE4 A LODHI ROADNEW DELHIDe110003IN

7

G47269519

100106506

INDIAN RENEWABLE ENERGY DEVELOPMENT AGEN CY LIMITED

15/06/2017

-

-

554500000.0

INDIA HABITAT CENTRE1ST FLOOR EAST COURT CORE4 A LODHI ROADNEW DELHIDe110003IN

8

G47271028

100106509

INDIAN RENEWABLE ENERGY DEVELOPMENT AGEN CY LIMITED

15/06/2017

-

-

554500000.0

INDIA HABITAT CENTRE1ST FLOOR EAST COURT CORE4 A LODHI ROADNEW DELHIDe110003IN

9

G47896881

100108180

IDBI TRUSTEESHIP SERVICES LIMITED

13/06/2017

-

-

1051746163.14

ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARGBALLARD ESTATE, MUMBAIMUMBAIMH400001IN

10

G47897871

100108185

IDBI TRUSTEESHIP SERVICES LIMITED

13/06/2017

-

-

1051746163.14

ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARGBALLARD ESTATE, MUMBAIMUMBAIMH400001IN

 

 

CONTINGENT LIABILITIES:

 

(INR in million)

PARTICULARS

31.03.2017

31.03.2016

Customs duty, service tax and VAT related matters pending in appeal *

83.330

87.390

Amounts in respect of MSMED

44.920

33.780

SBLC availed and securities provided to secure loans availed by subsidiary**

4059.610

4286.860

Guarantees given on behalf of subsidiaries in respect of loans / guarantee granted to them by banks / financial institutions

53.540

62.000

 

 

* 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.

 

Few customers of the Company has disputed certain amount as receivable which the Company believes is contractually not payable. These 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 Group and SGL have provided securities to secure Stand-by Letter of Credit (‘SBLC’) facilities of USD 655 Million issued for securing covered bonds and foreign currency loan issued / availed by AERH. The outstanding balance of borrowing in AERH as on March 31, 2017 is USD 626 Million (March 31, 2016: USD 647 Million and April 1, 2015: USD 647 Million)

 

The Company has stood as co-borrower for loans granted to the Company and its fellow subsidiaries for which certain securities defined in Note are provided, the amount of which liability of each of parties is not ascertainable.

 

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31.12.2017

 

PARTICULARS

3 Months

9 Months

 

31.12.2017

30.09.2017

31.03.2017

 

[Unaudited]

[Unaudited]

[Unaudited]

1. Income from Operations

 

 

 

Net Sales/income from operations

17199.700

6378.100

46017.500

Other Operating Income

63.500

36.400

133.100

 Other Income

944.900

946.500

2859.300

Total income from operations (net)

18208.100

7361.000

49009.900

 

 

 

 

Expenses

 

 

 

Cost of materials consumed

3433.800

6142.300

21393.400

Purchases of stock-in trade

4646.300

845.600

7675.300

Changes in inventories of finished goods. work-in-progress and stock in trade

4800.800

(3387.400)

2066.000)

Employee benefits expense

653.000

685.600

2004.700

Depreciation and Amortization Expenses

995.300

973.000

2976.000

Other Expenses

1225.300

2107.900

7020.900

Finance Costs

2415.700

2421.900

7093.400

Foreign exchange loss/(Gain)

(116.700)

356.800

956.800

Total expenses

18053.500

10145.700

51186.500

Profit/ (Loss) from ordinary activities after finance cost but before exceptional items

154.600

(2784.700)

(2176.600)

Exceptional items

125.400

1003.000

1258.100

Profit/ (Loss) from ordinary activities before tax

29.200

(3787.700)

(3434.700)

Tax expenses

0.000

0.000

0.000

Net Profit / (Loss) for the period

29.200

(3787.700)

(3434.700)

 

 

 

 

Other compressive income

 

 

 

Items that will not be reclassified to profit and loss

26.700

29.000

15.900

Items that will be reclassified to profit and loss

 

 

 

Total other compressive income

55.900

(3758.700)

(3418.800)

 

 

 

 

Paid-up Equity Share Capital (Face value INR 2/- per share)

10639.500 

10639.500 

10639.500  

Earnings per share (before extraordinary items) of INR 2/- each (*not annualized):

 

 

(a) Basic

*0.01

*(0.72)

*(0.66)

(b) Diluted

*0.01

*(0.72)

*(0.66)

 

Notes :

 

1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on February 08, 2018 and February 09, 2018 respectively. The statutory auditors of the Company have earned out a limited review of the above results for the quarter and nine months ended December 31, 2017.

2. Suzlon Energy Limited and its three Indian subsidiaries and a joint venture (collectively "the Group') are obligors under the Onshore Stand by letter of credit CSBLC) Facility Agreement and have provided security under the Offshore SBLC Facility Agreement in connections with a SBLC issued by State Bank of India of USD 655 Million for securing the credit facility and covered bonds availed by AE Rotor Holding B.V.(AERH), a step-down wholly owned subsidiary of the Company. The Group believes that based on the strength of extended SBLC (due 2023) and the cash-flows generated from these business activities in international market, the outstanding borrowing of earth as on December 31, 2017 amounting to USD 626 Million (INR 39980.400 million) can be extended/refinanced. The Company management believes that AERH has reasonable business forecast over the next few years and estimates that AERH will be able to refinance the outstanding debt, if required and meet the debt obligations as and when they fall due and hence they believe that the financial guarantee obligation of USD 538 Million is not required to be recognised in financial statements and it has been classified as contingent liability. The auditors have included an Emphasis of Matter paragraph on the same in their review report on standalone financial results.


3. Exceptional item in standalone financial results for the quarter and rune months ended December 31, 2017 includes impairment provision on loans and investments in Subsidries.


4. During the previous quarter, one of the foreign subsidiary of the Company filed for voluntary liquidation under local laws in view of continued financial stress sustained by its operations. Accordingly, on loss of control, the amount of Rs. 148.24 cores on de-recognition of assets and liabilities and Rs. 306.55 crores towards release of foreign exchange gam from OCI Is transferred to statement of profit and loss and disposed under exceptional items in the consolidated financial results.


5. The figures stated above, have been reclassified wherever necessary to confirm with the classification in the financial results for the quarter and nine months ended December 31, 2017.

 

 

Tangible Assets

 

·         Freehold Land

·         Leasehold Land

·         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

 

 

WEBSITE DETAILS

 

NEWS/ PRESS RELEASE

 

SEBI SLAPS OVER RS 1 CR FINE ON SUZLON ENERGY

 

April 20, 2018

 

A total fine of INR 11.000 Million, including INR 0.500 million on an official, has been imposed as the company failed to disclose price sensitive information as required under the listing regulations on "more than one occasion".

 

Sebi today slapped a fine of more than INR 10.000 Million on wind turbine maker Suzlon Energy for violating insider trading norms.

 

A total fine of INR 11.000 Million, including INR 0.500 million, has been imposed as the company failed to disclose price sensitive information as required under the listing regulations on "more than one occasion".

 

"I find that the investigation did not bring out the disproportionate gain or unfair advantages to the noticees and loss caused to investors as a result of non-disclosure of truncation of order.

 

"They failed to make the disclosure on more than one occasion, hence it can be said, it is repetitive in nature," Sebi's Adjudicating Officer Sahil Malik said in the order.

 

The noticees in the case were Suzlon Energy, its promoters Tulsi R Tanti and Girish R Tanti, and Hemal A Kanuga.

 

Tulsi Tanti is Chairman and Managing Director while Girish Tanti is a Director.

 

Kanuga, who has been fined Rs 5 lakh, is compliance officer, according to the order.

 

According to information available on BSE, Kanuga is currently company secretary.

 

The violations pertain to failure to make certain corporate announcements about orders received by the company. The regulator looking into announcements made during the period from April 1, 2006 to March 31, 2009.

 

SEBI FINES SUZLON RS 110.000 MILLION FOR VIOLATING INSIDER TRADING NORMS

 

Suzlon Energy had failed to disclose price sensitive information as required under Sebi’s listing regulations on ‘more than one occasion’

 

Markets regulator Securities and Exchange Board of India (Sebi) on Friday imposed a fine of Rs 110.000 million on wind turbine maker Suzlon Energy Limited for violating insider trading norms.

 

Suzlon Energy had failed to disclose price sensitive information as required under Sebi’s listing regulations on “more than one occasion”.

“I find that the investigation did not bring out the disproportionate gain or unfair advantages to the noticee and loss caused to investors as a result of non-disclosure of truncation of order. They failed to make the disclosure on more than one occasion, hence it can be said, it is repetitive in nature,” Sebi’s adjudicating officer Sahil Malik said in the order.

 

The noticees in the case were Suzlon Energy, its promoters Tulsi R. Tanti and Girish R. Tanti, and Hemal A. Kanuga. Tulsi Tanti is chairman and managing director while Girish Tanti is a director.

 

Kanuga, who has been fined Rs5 lakh, is compliance officer, according to the order.

 

According to information available on BSE, Kanuga is currently company secretary.

 

The violations pertain to failure to make certain corporate announcements about orders received by the company. The regulator looking into announcements made during the period from 1 April 2006 to 31 March 2009. “It was alleged that around 18.8% of the order received by Noticee 1 (Suzlon) and informed by way of various corporate announcements were either not opted for by the clients or were not executed. It was also alleged that no specific corporate announcement was made by the noticees to inform stakeholders about the same,” Sebi noted.

 

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 66.66

UK Pound

1

INR 90.66

Euro

1

INR 80.00

 

 

INFORMATION DETAILS

 

Information Gathered by :

PNM

 

 

Analysis Done by :

NIY

 

 

Report Prepared by :

JYTK

 

 

SCORE FACTORS

 

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

 

 

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)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.
 
 

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