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Suzlon Energy
BSE: 532667 | NSE: SUZLON | ISIN: INE040H01021 | Engineering - Heavy
- Directors Report
- Chairman's Speech
- Auditors Report
- Notes To Accounts
- Accounting Policy
- Finished Products
- Raw Materials
| Directors Report | Year End : Mar '08 |
The directors of your Company are delighted to present the 13th Annual
Report of the Company together with the audited accounts for the
financial year ended March 31, 2008.
FINANCIALPERFORMANCE
The standalone and consolidated audited financial results for the year
ended March 31, 2008 are as follows:
Particulars
Standalone
Rs in crore US$ in million*
2007-08 2006-07 2007-08 2006-07
Sales 6,926.01 5,380.37 1,726.75 1,237.72
Earning/profit before 1,592.90 1,194.30 397.13 274.74
interest, depreciation
and tax (EBIDTA)
Add: Other income 125.61 88.10 31.32 20.27
Less: Interest 125.34 89.33 31.25 20.55
Less: Depreciation 86.21 73.49 21.49 16.91
Profit before tax 1,506.96 1,119.58 375.71 257.55
and exceptional items
Less: Current tax 102.13 69.04 25.46 15.88
(Net of earlier years tax
and MAT credit entitlnt)
Less: Deferred tax (23.49) (13.02) (5.85) (3.00)
Less: Fringe benefit tax 11.44 2.42 2.85 0.56
Profit after tax and 1,416.88 1,061.14 353.25 244.11
exceptional items
Less: Exceptional items, 151.17 - 37.69 -
net of tax
Pet profit 1,265.71 1,061.14 315.56 244.11
Add: Share in associate n.a. n.a. n.a. n.a.
profit after tax
Less: Share of minority
interest n.a. n.a. n.a. n.a.
Net profit after share 1,265.71 1,061.14 315.56 244.11
in associates profit and
minority interest
Add: Balance brought
forward 1,477.86 882.49 368.45 203.01
Profit available for 2,743.57 1,943.63 684.01 447.12
appropriations
Less: Interim dividend - 143.88 - 33.10
equity shares
Less: Proposed dividend 149.69 - 37.32 -
on equity shares
Less: Dividend on preference - 1.50 - 0.35
shares
Less: Tax on dividends 25.44 20.39 6.34 4.69
Less: Transfer to general 300.00 300.00 74.79 69.01
reserve
Surplus carried to 2,268.44 477.86 565.56 339.97
balance sheet
Consolidated
Rs in crore US$ in million*
2007-08 2006-07 2007-08 2006-07
13,679.43 7,985.73 3,410.48 1,837.07
1,924.45 1,295.82 479.79 298.10
264.55 96.50 65.96 22.20
532.03 252.26 132.64 58.03
289.36 171.80 72.15 39.52
1,367.61 968.26 340.96 222.75
187.17 112.37 46.66 25.85
(2.28) (12.57) (0.57) (2.89)
14.40 3.66 3.59 0.84
1,168.32 864.80 291.28 198.95
151.17 - 37.69 -
1,017.15 864.80 253.59 198.95
55.75 - 13.90 -
42.80 0.77 10.67 0.18
1,030.10 864.03 256.82 198.77
1,163.04 794.81 289.96 182.84
2,193.14 1,658.84 546.78 381.61
- 144.22 - 33.18
149.69 0.32 37.32 0.07
0.20 1.70 0.05 0.39
26.38 21.14 6.58 4.86
326.75 328.42 81.46 75.55
1,690.12 1,163.04 421.37 267.56
OPERATIONSREVIEW
During the year under review, the Company has posted an impressive
performance.
On a standalone basis, the Company achieved a turnover of Rs 6,926.01
crore as against Rs 5,380.37 crore in the previous year registering a
growth of 28.73% .The net profit after tax stood at Rs 1,265.71 crore
compared to Rs 1,061.14 crore inthe previous year registeringa growth
of 19.28%.
On a consolidated basis, the turnover is Rs 13,679.43 crore as against
Rs 7,985.73 crore in the previous year registering a growth of 71.30%.
The profit after tax, share in associates profit and minority interest
is Rs 1,030.10 crore compared toRs 864.03 crore in the previous year,
registeringa growth of 19.22%.
In keeping with its vision of becoming a truly global player, the
Company through its subsidiaries purchased approximately 33.85% stake
in repower Systems AG (REpower), third largest manufacturer of wind
turbine generators (WTGs), for a consideration of approximately Euro
453 million and simultaneously also has voting pooling agreements with
Areva and Martifer (subject to certain minority protection and other
rights) who, in aggregate, hold approximately 53.25%
stake in repower as on June 6,2007.
The Company maintained its position as the fifth largest wind turbine
manufacturer with world market share increasing to 10.5% in CY 2007
from 7.7% in CY 2006. Along with REpower, the Company achieved a market
share of 13.9% in CY 2007. The Company also maintained its market
leadership in India for the tenth consecutive year with around 58% of
the market share. (Source: BTM Consult ApS-World market Update 2007).
APPROPRIATIONS
Dividend
The board of directors are pleased to recommend a final dividend of Re
1 per equity share (50 % of par value of Rs 2 per share) for the
financial year 2007-08, subject to the approval of the members at the
ensuing annual general meeting of the Company. The dividend will entail
an outflow of Rs 149.69 crore. The dividend would be tax-free in the
hands of shareholders.
Transfer to reserves
The board of directors propose to transfer Rs 300 crore to the general
reserve in accordance with the Companies (Transfer of Profit to
Reserves) Rules, 1975.
CAPITAL AND FINANCE
Sub- division of face value of equity shares
In terms of the recommendation of the board of directors and pursuant
to the approval received from the members, each equity share of the
Company of the face value of Rs 10 has been sub-divided into 5 equity
shares of the face value of Rs 2 each (share split) with effect from
January 28, 2008.
Further, consequent to the said share split, new International
Securities Identification Number (ISIN) INE040H01021 has been created
for the Companys shares in dematerialised form.
Movement in authorised capital
During the year under review, the authorised share capital of the
Company was restructured by sub-division of 430,000,000 equity shares
bearing a face value of Rs 10 each into 2,150,000,000 equity shares of
Rs 2 each and reclassification of 1,500,000 unissued preference shares
of Rs 100 each in the authorised share capital of the Company to
75,000,000 equity shares of Rs 2 each. Pursuant to the sub-division and
reclassification, the authorised share capital of the Company is Rs
4,450,000,000 divided into 2,225,000,000 equity shares of Rs 2 each.
Movement in paid-up capital
During the year under review, the Company allotted 235,700 equity
shares of Rs 10 each (prior to share split) and 2,000 equity shares of
Rs 2 each (after share split) upon exercise of stock options by the
eligible employees under the Employee Stock Option Plan-2005.
On December 20, 2007, the Company allotted 11,386,000 equity shares of
Rs 10 each (since adjusted to 56,930,000 equity shares of Rs 2 each)
for cash at an issue price of Rs 1,917 per equity share of Rs 10 each
(since adjusted to Rs 383.40 per equity share of Rs 2 each) aggregating
to Rs 2,182.70 crore to selected Qualified Institutional Buyers
pursuant to the guidelines for Qualified Institutional Placements under
Chapter XIII-A of the Securities and Exchange Board of India
(Disclosure and Investor Protection) Guidelines, 2000.
Zero coupon convertible bonds
On June 11, 2007, the Company made an issue of zero coupon convertible
bonds to the tune of USD 300 million and on October 10, 2007, the
Company has made an issue of zero coupon convertible bonds to the tune
of USD 200 million thus aggregating to a zero coupon bond issue of USD
500 million comprising of 500,000 bonds due 2012 of USD 1,000 each in
two separate phases of 300,000 (Phase I bonds) and 200,000 (Phase II
bonds).
Each Phase I bond is convertible, at any time on or after July 22, 2007
but prior to close of business on June 5, 2012, into equity shares to
be issued at a pre-determined price of Rs 359.68 per share of Rs 2 each
at a pre- determined rate of US = Rs 40.83. The shares allotted on
such conversion will aggregate to 2.22% of the post-conversion equity
base of the Company based on the equity baseasofMarch31, 2008.
Each Phase II bond is convertible, at any time on or after November 20,
2007 but prior to close of business on October 4, 2012, into equity
shares to be issued at a pre-determined price of Rs 371.55 per share of
Rs 2 each at a pre-determined rate of US = Rs 39.87. The shares
allotted on such conversion will aggregate to 1.38% of the post-
conversion equity base of the Company based on the equity base as of
March 31, 2008.
SUBSIDIARIES
The Company has 44 subsidiaries, a list of which is given in the note
to accounts. The existing domestic and international subsidiaries
continued to perform satisfactorily during the year under review.
The name of Suzlon Towers International Limited has been changed to SE
Composites Limited which is now engaged in manufacturing of rotor
blades, whereas name of Suzlon Rotor International Limited has been
changedto Suzlon Electricals International Limited which is now engaged
in manufacturing of generators.
Hansen Transmissions International N.V. which was acquired in May 2006,
listed its equity shares on London Stock Exchange on December 11, 2007.
The net proceeds received through the offer were approximately Euro 440
million (gross). Post IPO, holding of the Company in Hansen stands at
71.28%.
Domestic subsidiaries incorporated during the year
Hansen Drives Limited was incorporated on December 20, 2006 in the
state of Tamil Nadu, India. It became a wholly-owned subsidiary of
Hansen Transmissions International N.V. with effect from April 12,
2007. It is engaged in the business of manufacturing gearboxes for
WTGs.
Overseas subsidiaries incorporated / acquired during the year
Suzlon Wind Energy Espana, S.L. was incorporated on June 5, 2007 as a
wholly-owned subsidiary of Suzlon Wind Energy A/S, Denmark. It has been
formed for undertaking varied activities in the gamut of renewable
energies, specifically participation in the development of wind farms.
On October 9, 2007, Hansen Transmissions International N.V. acquired
Lommelpark N.V., Belgium. It is engaged in the business of hotel and
catering.
Consolidated financial statements
In terms of the approval granted under Section 212(8) of the Companies
Act, 1956 by the Ministry of Corporate Affairs, Government of India
vide its letter No.47/169/2007-CL-III dated March 20, 2008, the Company
has been exempted from complying with the provisions contained in
sub-section (1) of Section 212 of the Companies Act, 1956.
However, as directed by the Ministry of the Corporate affairs, some key
information has been disclosed in a brief abstract forming part of this
annual report. Accordingly, the annual report of the Company contains
the consolidated audited financial statements prepared pursuant to
clause 41 of the listing agreement entered into with the stock
exchanges and prepared in accordance with the accounting standards
prescribed by the Institute of Chartered Accountants of India (ICAI).
Further, the annual accounts of the subsidiary companies and the
related detailed information will be made available to any member of
the Company / its subsidiaries seeking such information at any point of
time. The annual accounts of the subsidiary companies will alsobe kept
for inspectionby any memberat the Companys registered office and
corporate office and that of the respective subsidiary companies.
GROUP
Persons forming part of the Group coming within the definition of
Group as defined in the Monopolies and Restrictive Trade Practices
Act, 1969 for the purpose of inter-se transfer of shares of the Company
under regulation 3(1)(e)(i) of SEBI (Substantial Acquisition of Shares
and Takeovers) Regulations, 1997 are disclosed in aseparate section of
the annual report.
PUBLIC DEPOSITS
During the year, the Company has not accepted any deposits within the
meaning of the provisions of Section 58Aofthe Companies Act, 1956.
DIRECTORS
Mr. Pradip Kumar Khaitan and Mr. Ashish Dhawan, the directors of the
Company retire by rotation at the ensuing annual general meeting and
being eligible offer themselves for re-appointment. As stipulated in
terms of Clause 49 of the listing agreement with the stock exchanges,
the brief resume of Mr. Pradip Kumar Khaitan and Mr. Ashish Dhawan, is
provided in the report on corporate governance, which forms an integral
part of this annual report.
The term of office of Mr. Tulsi R. Tanti, Managing Director and Mr.
Girish R. Tanti, Wholetime Director of the Company expired on March 31,
2008. The Board of Directors of the Company, in its meeting held on
January 29, 2008 has re-appointed Mr. Tulsi R. Tanti as a Managing
Director and Mr. Girish R. Tanti as a Wholetime Director of the Company
for a further period of three years with effect from April 1, 2008. The
shareholders of the Company have, by postal ballot process, approved
re-appointment of Mr. Tulsi R. Tanti and Mr. Girish R.
Tanti as Managing Director and Wholetime Director respectively on May 22,
2008.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 217(2AA) of the Companies Act, 1956, the directors
confirm that:
(a) in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures;
(b) they have selected such accounting policies and applied them
consistently and made judgements and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the CompanyasatMarch31, 2008 and of the profit of the Company for the
year ended on that date;
(c) they have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of
Companies Act, 1956. They confirm that there are adequate systems and
controls for safeguarding the assets of the Company and for preventing
and detecting fraud and other irregularities;
(d) they have prepared the annual accounts on a going concern basis.
AUDITORS AND AUDITORS REPORT
M/s SNK & Co., Chartered Accountants, Pune, and M/s S.R. Batliboi &
Co., Chartered Accountants, Pune, the joint statutory auditors ofthe
Company hold office until the conclusion of the ensuing annual general
meeting of the Company. Both the statutory auditors have confirmed
their eligibility and willingness to accept office, if re-appointed.
The Auditors Report to the shareholders does not contain any
qualifications.
PARTICULARS OF EMPLOYEES
In terms of the provisions of Section 217(2A) of the Companies Act,
1956, read with the Companies (Particulars of Employees) Rules, 1975 as
amended, the names and other particulars of the employees are required
to be set out in the annexure to the directors report. However, as per
the provisions of Section 219(1)(b)(iv) of the said Act, the annual
report excluding the aforesaid information is being sent to all the
members of the Company and others entitled thereto. Any member
interested in obtaining such particulars may write to the Company
Secretary at the registered officeof the Company.
CORPORATE GOVERNANCE
As required by Clause 49 (VI) of the listing agreement entered into by
the Company with the stock exchanges, a detailed report on corporate
governance forms part of the annual report. The Company is in
compliance with the requirements and disclosures that have to be made
in this regard. The auditors certificate on compliance with corporate
governance requirements by the Company forms part of the said report.
MANAGEMENT DISCUSSION AND ANALYSIS
The management discussion and analysis on the operations and financial
position of the Company is provided in a separate section forming part
of the annual report.
EMPLOYEE STOCK OPTION PLANS (ESOPs)
The exponential growth of the Company has, in large measure, been
possible owing to the wholehearted support, commitment and teamwork of
its personnel. Accordingly, the Company has introduced Employee Stock
Option Plan-2005 (ESOP-2005) and Employee Stock Option Plan-2006
(ESOP-2006) for its employees and employees of its subsidiary
companies. The Company has also introduced Employee Stock Option Plan-
2007 (ESOP-2007) and Special Employee Stock Option Plan-2007 (Special
ESOP-2007) for its employees and employees of its subsidiary companies.
The details of options granted under the ESOP-2005 and ESOP-2006 is
given in the table below, however since the options in regard to
ESOP-2007 and Special ESOP-2007 have not yet been granted by the
Remuneration Committee, the details required to be provided in terms of
Securities and Exchange Board of India (Employees Stock Option Scheme
and Employee Stock Purchase Scheme) Guidelines, 1999 have not been
provided.
Particulars ESOP-2005* ESOP-2006*
Total grants authorised by the plan (Nos.) 4,605,000 519,500
Pricing formula on the date of grant 50% of final
issue The average
of daily
price
determined
in weighted
average
the IPO of price of
Companys
Company. shares
listed on BSE
for the
period from
October 19,
2005 to
March 31, 2006
Variation in terms of options Nil Nil
Options granted during the year (Nos.) Nil 519,500
Weighted average price per option granted 51 192.20
Total number of options outstanding
as at April 1, 2007 (Nos.) 3,153,000 Nil
Options vested during the year (Nos.) 1,266,000 Nil
Options vested as of March 31, 2008,
yet to be exercised (Nos.) 246,000 Nil
Options exercised during the year (Nos.) 1,180,500 Nil
Total number of equity shares arising
as a result of 1,180,500 Nil
exercise of options (Nos.)
Options forfeited lapsed
cancelled during the year (Nos.) 114,500 Nil
Money realised by exercise of option (Rs.) 60,205,500 Nil
Total number of options in force at the
end of the year (Nos.) 1,858,000 519,500
Options granted to senior
managerial personnel As per Note 1 As per Note 1
Employees receiving 5% or more of
the total number of None As per Note 2
options granted during the year
Employees granted options equal
to or exceeding 1% of None None
the issued capital
Particulars ESOP-2005* ESOP-2006*
Diluted EPS (before exceptional items) on issue of shares 9.48 on
exercise, calculated in accordance with AS 20 (Rs) Diluted EPS (after
exceptional items)on issue of shares 8.47 on exercise, calculated in
accordance with AS 20 (Rs) Difference between the employee compensation
The Company has charged a sum of cost calculated using the intrinsic
value of stock Rs 2.14 crore (ESOP-2005) and Rs2.39crore options and
the employee compensation cost that (ESOP-2006) for the year ended
March 31, 2008 shall have been recognised if the fair value of the [Rs
7.30 crore (ESOP-2005) for year ended options had been used and the
impact of this difference March 31,2007], being intrinsic value of
options.
on profitsand EPS of the Company HadtheCompanyfollowedthefairvalue
method based on “Black-Scholes” model, additional charge to profit&
loss account would have been Rs 3.35 crore for the year ended March 31,
2008 (Rs 2.49 crore for the year ended March 31,2007). The impact on
basic and diluted EPS would have been Re 0.02 per share (before
exceptional items) and Re 0.03 per share (after exceptional items)
respectively for year ended March 31, 2008 (Re 0.02 and Re 0.01 per
share for basic and diluted EPS respectively for year ended March 31,
2007). Weighted average exercise price and weighted average fair value
of options, exercise price of which is less than the market price on
the date of grant:
i)Weighted aver ageexerciseprice(Rs) 51.00 192.20
ii)Weighted aver agefairvalue(Rs) 68.39 284.10
Notes:
1. The details of options granted under ESOP-2005 and ESOP-2006 to
senior managerial personnel are as under:
Names of senior Designation
managerial personnel
I.C. Mangal Head-Business Development (West)
KirtiVagadia Head-Finance
Praful Mehta Head-Purchase
R. Sridhar Head- Supply Chain Management
Thorsten Spehr Head- WTG Design
Nilesh Vaishnav Head- CSR
William Verheij Head-Rotor Blade R&D
Dr. V.B. Rao Vice President-Marketing
A. W. P Van Megen Vice President-International
Corporate Development
T. Pradeep Kumar Head-Technology
Dr. V V Rao Group Head-Information Technology
Saibaba V. Business Head-South
Stock options granted
UnderESOP-2005 Under ESOP-2006
2,00,000 43,000
2,00,000 43,000
2,00,000 41,500
2,00,000 41,500
1,50,000 Nil
1,30,000 22,000
75,000 Nil
70,000 16,500
50,000 Nil
50,000 30,000
Nil 23,500
Nil 20,500
2. Employees receiving 5% or more of the total number of options
granted during the year:
Name of the employee Designation Stock options granted*
I.C. Mangal Head-Business Development 43,000
(West)
Kirti Vagadia Head-Finance 43,000
Praful Mehta Head-Purchase 41,500
R. Sridhar Head-Supply Chain 41,500
Management
Fatehali Alchiya General Manager-Engineering 30,000
T. Pradeep Kumar Head-Technology 30,000
* The figures for number of options granted under ESOP-2005 and
ESOP-2006 have been adjusted for the impact of share split and have
accordingly been restated as per par value of Rs 2 per share.
Significant assumptions used to estimate fair values of options granted
during the year
Particulars ESOP-2005 ESOP-2006
Risk-free interest rate 8% 8%
Expected life (years) 4 5
Expected volatility 0.500 0.668
Dividend yield 1.18% -
Market price on grant date Not applicable 374.80
The Securities and Exchange Board of India (SEBI) has issued Securities
and Exchange Board of India (Employee Stock Option Scheme and Employee
Stock Purchase Scheme) Guidelines, 1999. This is effective for all
stock option schemes established after June 19,1999. In accordance with
these guidelines, the excess of the market price of the underlying
equity shares as of the date of grant over the exercise price of the
option, including upfront payments, if any, is to be recognised and
amortised on a straightline basis over the vesting period.
The equity shares issued/to be issued under the ESOP-2005, ESOP-2006,
ESOP-2007and Special ESOP-2007of the Company shall rank pari passu in
all respects including dividend with the existing equity shares of the
Company.
PARTICULARS OF CONSERVATION OF ENERGY, RESEARCH AND DEVELOPMENT,
TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
Information as required under Section 217(1)(e) of the Companies Act,
1956 read with the Companies (Disclosure of particulars in the report
of board of directors) Rules, 1988 are set out hereunder:
A. Conservation of energy
The operations of the Company are not energy-intensive. However, energy
conservation is a priority area for the Company. The Companys
continued efforts to reduce and optimise the use of energy consumption
have shown positive results. Better controls are planned to achieve
further reduction in energy consumption. All the new manufacturing
facilities of the Company are equipped with hi-tech energy monitoring
and conservation systems to monitor usage, minimise wastage and
increase overall efficiency at every stage of power consumption.
Particulars 2007-08 2006-07
A. Powerand Fuel Consumption
Electricity
(a) Purchased units 13,676,043 10,359,697
Total Amount (Rs) 49,539,996 37,944,375
Rate/Unit(Rs) 3.62 3.66
(b) Own generation
Through diesel generator
Units generated 1,282,996 1,458,382
Units per litre of diesel oil 3.05 4.03
Cost/per Unit 10.97 8.76
B. Consumption per unit of
production (Units/MW) 7,524.67 7,503.54
B. Research and development
The Company places great emphasis on continued research and development
and undertakes the same primarily through its wholly-owned
subsidiaries. It has taken initiatives towards upgrading and increasing
the cost-efficiency of its existing WTG models and designing,
developing and stabilising new models to optimally extract energy from
the wind.
Specific areas in which research & development is carried out
1. Aerodynamic performance enhancements New aerodynamic profiles
Application of aerodynamic tools Computational fluid dynamics (CFD)
simulation of aerodynamic behavior Surface finish technologies
2. Development of turbine variants for local markets Specific
electrical designs to suit local electrical regulations Tower designs
for optimising logistics costs Cold climate versions for various
platforms Advanced grid compliance features Advanced Supervisory
Control and Data Acquisition (SCADA) systems
3. Increasing reliability and automated operations
Systematic analysis of areas of improvement Precautionary strengthening
of components Driving processes for automated operations
4. Continued initiatives on innovation projects Load control
strategies Concrete-steel hybrid towers Application of nano- technology
Benefits derived
1. Increase of energy yield and reduced cost of energy
2. Enabling business growth in various markets across the globe
3. Facilitating deeper penetration of wind in the energy matrix
4. Providing the basis for next generation wind turbine systems
Future plan of action
1. Continued efforts on aerodynamic performance enhancements to make
next generation blades.
2. New product and variant developments as per the requirements of the
market.
Expenditure on R&D
Particulars 2008 2007
Capital (including technical know-how) 7.65 5.13
Recurring 7.16 10.44
Total 14.81 15.57
Total R&D as % of sales 0.21 0.29
C. Technology absorption, adoption and innovation:
Efforts in brief made towards technology absorption, adoption and
innovation:
1. Certification from reputed institutions like Det Norske Veritas
(DNV) for design, manufacture and supply of WT Gs and rotor blades
2. Setting up in house technology campus to facilit at eupgradation of
technology and design
3. Indigenous developments of WTGs components
4. Training of personnel at inhouse facilities towards latest products
and designs, manufacturing technologies and processes
5. Participation in national/international conferences, seminars and
exhibitions.
6. Use of state-of-the-art equipments, instrument and software.
7. Analysing feedback from customers to improve quality of products
and services
Benefits derived
1. Improvement in existing processes
2. Enhancement of product performance, new business opportunities and
exports
3. Improved accuracy, speed, safety standards
4. Reduction in cost
5. Expansion of product range
D. Foreign exchange earnings and outgo
During the financial year,the Company was a net foreign exchange
earner. Total foreign exchange earned by the Company during the year
under review was Rs 2,837.75 crore, compared to Rs 1,777.54 crore
during the previous year. Total foreign exchange outgo during the year
under review was Rs 2,775.35 crore, compared to Rs 1,964.14 crore
during the previous year.
ACKNOWLEDGEMENT
The directors wish to place on record their appreciation for the
co-operation and support received from the government and
semi-government agencies, especially from the Ministry of
Non-Conventional Energy Sources (MNES), all state level nodal agencies
and all state electricity boards.
The directors are thankful to all the bankers and financial
institutions for their support to the Company. The Board places on
record its appreciation for continued support provided by the esteemed
customers, suppliers, consultants and shareholders.
The directors also acknowledge the hard work, dedication and commitment
of the employees. The enthusiasm and unstinting efforts of the
employees have enabled the Company to continue to be a leading player
in the wind industry.
For and on behalf of the Board of Directors of
Suzlon Energy Limited
Place : Mumbai Tulsi R. Tanti
Date : May 22, 2008 Chairman & Managing Directors
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