MIRA
INFORM REPORT
|
Report Date : |
25.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
VEER
ENERGY AND INFRASTRUCTURE LIMITED |
|
|
|
|
Formerly Known As : |
JHANTLA
INVESTMENTS LIMITED |
|
|
|
|
Registered Office : |
G-1,
Bajsons Industrial Estate, Cardinal Gracious Road, Chakala, Andheri [East],
Mumbai 400099, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
20.11.2006
(Unaudited) |
|
|
|
|
Date of Incorporation : |
24.10.1980 |
|
|
|
|
Com. Reg. No.: |
11-23334 |
|
|
|
|
CIN No.: [Company
Identification No.] |
L65990MH1980PLC023334 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMV03682E |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACJ8658G |
|
|
|
|
Legal Form : |
A
public limited liability company. The companys shares are listed on the
Stock Exchanges. |
|
|
|
|
Line of Business : |
Subject is engaged in the business of investments and dealings in
securities. |
RATING & COMMENTS
|
MIRAs Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD
35000 |
|
|
|
|
Status : |
Satisfactory
|
|
|
|
|
Payment Behaviour : |
Unknown
|
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject
is an investment company and now diversifying into Power and Infrastructure
Projects. Directors are experienced, respectable and having satisfactory
means of their own. Their trade relations are fair. No payment records are
available. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
G-1,
Bajsons Industrial Estate, Cardinal Gracious Road, Chakala, Andheri [East],
Mumbai 400099, Maharashtra, India |
|
Tel. No.: |
91-22-28236455
|
|
Mobile No.: |
91-9820618666 |
|
Fax No.: |
91-22-28236404 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory
1 : |
Site
purchased for development Village
Chandroli, District Bachau, Kutch, Gujarat |
|
Area : |
500
Sq. ft |
|
Location : |
Owned |
|
|
|
|
Factory
2 : |
Possession
under process from Devprun Industries 90/P,
Village Baska, District Panchmahal, Halol, Gujarat |
|
Area : |
40000
Sq. ft |
|
Location : |
Owned |
DIRECTORS
|
Name : |
Mr.
Yogesh Mahasukhlal Shah |
|
Designation : |
Director
|
|
Address : |
Khalakdina,
Terrace, 3rd Floor, A wing, 73-August Kranti Marg, Mumbai
400036, Maharashtra, India |
|
Date of Birth/Age : |
01.01.1958 |
|
Qualification : |
B. Com |
|
Experience : |
10
Years |
|
Date of Appointment : |
26.12.2005 |
|
|
|
|
Name : |
Mr.
Sunil Kamalkant Chhada |
|
Designation : |
Director
|
|
Address : |
A 3,
Kitkat, Carter Road No. 1, Borivali [East], Mumbai 400066, Maharashtra,
India |
|
Date of Birth/Age : |
24.12.1968 |
|
Qualification : |
HSC |
|
Experience : |
8
Years |
|
Date of Appointment : |
21.06.2004 |
|
|
|
|
Name : |
Mr.
Ritesh Pankaj Choksi |
|
Designation : |
Director
|
|
Address : |
Manju
Villa, N. S. Road No 6, 16 Hatkesh Society, JVPD Scheme, Vile Parle [West],
Mumbai 400056, Maharashtra, India |
|
Date of Birth/Age : |
14.12.1979 |
|
Qualification : |
SSC,
Diploma in Production Technology. Bachelor of Engineering. Diploma in
Management (FMB) |
|
Experience : |
5
Years |
|
Date of Appointment : |
26.12.2005 |
|
|
|
|
Name : |
Mr.
Dipendranath Chakrabarti |
|
Designation : |
Director
|
|
Address : |
C/8,
Devidayal Apartment, Near M T Agarwal Municipal general Hospital, Mulund
(West), Mumbai 400080 |
|
Date of Birth/Age : |
24.06.1935 |
|
Qualification : |
B. Sc.
(Phy. Maths and Chemistry B. E. (Elect) |
|
Experience : |
28
Years |
|
|
|
|
Name : |
Mr.
Ratanshi D Gogari |
|
Designation : |
Director
|
|
Address : |
14,
Hajare Chawl, Haji Mohmad Noulaane, Bandar (West), Mumbai 400050 |
|
Date of Birth/Age : |
10.05.1941 |
|
Qualification : |
Astrologer
|
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Mr.
Jigar Jaswantlal Shah |
63350 |
|
Ms.
Shanti Narain |
27750 |
|
Mr.
Chunilal Nandlal Sapru |
10000 |
|
Mr.
Manish Manilal Gosar (Huf) |
9900 |
|
Mr.
Paulomi Jignesh Shah |
9600 |
|
Mr.
Yogesh M Shah |
9500 |
|
Mr.
Anil M Shah |
9500 |
|
Mr.
Nilay Suvrat Shah |
9250 |
|
Mr.
Sudhir Kumar |
5800 |
|
Mr.
Bipin Chandra K Shah |
5650 |
|
Mr.
Arun Mehra |
5500 |
|
Mr.
Uday Babulal Shah |
2900 |
|
Mr.
Lalphul Investment Limited |
2500 |
|
Mr.
Sarika Uttam Bafna |
2000 |
BUSINESS DETAILS
|
Line of Business : |
Subject
is engaged in the business of investments and dealings in securities. |
|
|
|
|
Terms : |
|
|
Selling : |
L/C |
|
|
|
|
Purchasing : |
Cash |
GENERAL
INFORMATION
|
Customers : |
Investors
|
|
|
|
|
No. of Employees : |
15 |
|
|
|
|
Bankers : |
Bank
of Maharashtra, Juhu, Vile Parle (West), Mumbai 400056 A/c.
No. 918 Standard
Chartered Bank, S G Marg, Mumbai 400002 A/c.
No. 235-0-505106-5 IDBI
Bank, Pydhonie Branch, Mumbai A/c.
No. 100102000040105 |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking Relations : |
Unknown
|
|
|
|
|
Auditors : |
Jayesh
R. Shah and Company Chartered
Accounts B-2,
Swagat Ciba Society, Amrut Nagar, Ghatkoper [West], Mumbai 400086,
Maharashtra, India |
|
Tel. No.: |
91-22-25002191 |
|
E-Mail : |
|
|
|
|
|
Associates/Subsidiaries : |
Choksi
Group F
Bajsons Industrial Estate, Cardinal Gracious Road, Chakal, Andheri (East),
Mumbai 400099 Line
of Business Customised Engineering Product Perfect
Engineering Works 103
Bajson Industrial Estate, Cardinal Gracious Road, Chakal, Andheri (East),
Mumbai 400099 Line
of Business Manufacturing and Supply of Cooling Towers and Spares Micro
Module 19,
New Nandu Industrial Estate, Mahakali Caves Road, Andheri (East), Mumbai
400099 Line
of Business Manufacturing and Supply of Machinery Parts Perfect
Gears 18/19,
New Nandu Industrial Estate, Mahakali Caves Road, Andheri (East), Mumbai
400093 Line
of Business Manufacturing and Supply of Cooling Tower and Spares for
Cooling towers and machining job as per requirement Choksi
Industrial Products Private Limited Pathare
Wadi. Opposite Bagicha Rest, Marve Road, Malad (West), Mumbai 400095 Line
of Business Manufacturing and Supply of Cooling towers and spares for
cooling towers Elmech
Engineers F
Bajsons Industrial Estate, Cardinal Gracious Road, Chakala, Andheri (East),
Mumbai 400099 Line
of Business S.S./M.S. Fabrication and turnkey project fvarious project Alka
Enterprise 8,
Ashiana, 13th Road, Juhu Scheme, Vile Parle (West), Mumbai Line
of Business Trading Activity Advance
Electronic (India) Proprietor
Choksi Engineering Work Private Limited F
Bajsons Industrial Estate, Cardinal Gracious Road, Chakal, Andheri (East),
Mumbai 400099 Line of Business Manufacturing of
Transformers, Stabilizers, Control Panel, Rectifier Industrial
Electronic (India) Proprietor
Chokshi Electroner Private Limited D
2 Bajsons Industrial Estate, Cardinal Gracious Road, Chakala, Andheri
(East), Mumbai 400099 Line
of Business Manufacturing of Various type of transformers |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
7500000 |
Equity Shares |
Rs. 10/- each |
Rs. 75.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
20.11.2006 (10 Month & 20 days) |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
5.000 |
2.000 |
2.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
4.150 |
2.821 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
[1.852] |
|
|
NETWORTH |
9.150 |
4.821 |
0.148 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.140 |
|
|
2] Unsecured Loans |
21.011 |
22.600 |
0.000 |
|
|
TOTAL BORROWING |
21.011 |
22.600 |
0.140 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
30.161 |
27.421 |
0.288 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4.353 |
4.330 |
0.000 |
|
|
Capital work-in-progress |
17.256 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.014 |
10.072 |
0.211 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3.947
|
3.753 |
0.000 |
|
|
Sundry Debtors |
16.810
|
2.748 |
0.000 |
|
|
Cash & Bank Balances |
0.541
|
5.108 |
0.141 |
|
|
Other Current Assets |
1.002
|
1.002 |
0.000 |
|
|
Loans & Advances |
0.537
|
0.537 |
0.000 |
|
Total Current Assets |
22.837
|
13.148 |
0.141 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
14.762
|
0.037 |
0.064 |
|
|
Provisions |
0.025
|
0.579 |
-- |
|
Total Current Liabilities |
14.787
|
0.616 |
0.064 |
|
|
Net Current Assets |
8.050
|
12.532 |
0.077 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.488 |
0.487 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
30.161 |
27.421 |
0.288 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
20.11.2006 (10 Month & 20 days) |
31.03.2006 |
31.03.2005 |
|
Sales Turnover [including other income] |
16.572 |
8.482 |
0.624 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
1.328 |
5.252 |
0.027 |
|
Provision
for Taxation |
0.130 |
0.577 |
-- |
|
Profit/(Loss)
After Tax |
1.198 |
4.675 |
0.027 |
|
|
|
|
|
|
Total Expenditure |
15.938 |
3.231 |
0.597 |
KEY
RATIOS
|
PARTICULARS |
|
20.11.2006 (10 Month & 20 days) |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
7.22
|
55.12 |
4.33 |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
8.01
|
61.92 |
4.33 |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
4.88
|
30.05 |
19.15 |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
0.14
|
1.09 |
0.18 |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
3.91
|
4.82 |
1.38 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
1.54
|
21.34 |
2.20 |
LOCAL AGENCY
FURTHER INFORMATION
Future
Prospects
The
Company is presently engaged in the business of investments and dealings in
securities. The company are planning to diversify into the other business
activities in order to generate larger turnover and profits for the Company.
The Board feels that there are immense business opportunities in the field of
power / energy. Looking to the business opportunities available, the Company
plans to diversify its activities and make foray into the fields of power /
energy. The Directors are of the opinion that he new business. The company has
changed its name and objects to carry on the new business in the field of Non
Conventional Energy and Related activities.
Trade
References
Umedica
Lab Private Limited
Reva
Chambers 1st Floor, Near Income tax office, Mumbai
Contact
Person Mr. Umedbhai Doshi
Tel. No.
91-22-22085041
Loba
Chemie Private Limited
Jehangir
Villa, 107, Wade Houise Road, Colaba, Mumbai 05
Contact
Person Mr. Dhirenbhai Shah
Tel. No.
91-22-22151010
Kintech
Systems Private Limited
301,
Shivam Complex, Near Law Garden, Navrangpura, Ahemdabad
Contact
Person Mr. Jigar Shah
Tel. No.
91-79-264660
Pioneer
Wincom Private Limited
New No.
5, Abiramapuram, 1st Street, Chennai 600018
Contact
Person Mr. Giri
Tel. No.
91-44-249871
Arkay
Plastic Private Limited
3 Tejpal
Road, Oppsite Rly Crossing, Ville Parle (East), Mumbai
Contact
Person Mr. Haresh Shah
Tel. No.
91-22-26187614
Voltas
Limited
Voltas
Sagar, Chinchpokli, Mumbai
Contact
Person Mr. A K Joshi, VP, ACBD
Tel. No.
91-22-56656800
Bhartia
Industries Limited
20-4
Mathura Road, Faridabad
Contact
Person Mr. Premkumar
Tel. No.
91-129-5061
Fibroplast
Private Limited
Vashi,
New Delhi
Contact
Person Mr. Narayan
Tel. No.
91-11-27641847
Bhagyalaxmi
Steel Alloy
301,
Humera Arcade, Behind Roopa Hotel 181/183,
Samuel
Street, Mumbai
Contact
Person Ms. Dipti Modi
Tel. No.
91-22-28642924
Twilight
Mercantile Private Limited
206,
Shivai Industrial Estate, 89, Andheri Kurla Road,
Saki
Naka, Andheri (East), Mumbai
Contact
Person Mr. Abhijeet
Tel. No.
91-22-56916847
Global
Exim Private Limited
301/302,
Faiz E Qutbi, 375, Narsi Natha Street,
Masjidf
(West), Mumbai
Contact
Person Mr. Bhavin
Tel. No.
91-22-56369445
Pushpanjali
Floriculture Limited
232,
Samule Street, 4th Floor, R. No. 14
Mumbai -
400003
Contact
Person Mr. Chirag/Chetan
Tel. No.
91-22-23456232
Axis
Trading Company Private Limited
139-C,
Noman Mansion, Kemps Corner,
Near
Shalimar Hotel, Mumbai
Contact
Person Mr. Bipin Vora
Tel. No.
91-22-23674070
Fixed
Assets
v
Air
Conditioners
v
Computer
v
Furniture
& Fixture
v
Factory
Premises
Veer
Energy & Infrastructure Limited, formerly known as Jhantla Investment
Limited was taken over with a sole purpose of entering into wind Energy market
in India. Veer Energy is taken over with initiatives of promoters of Niyati
Industrial Limited and Choksi Group. The commercial activities for Veer Energy
has already acquired approx. 500 acres of land in Gujarat for 20mW windfarm
project. Veer Energy has finalized to install and sell following wind turbines
for the 20mW project
Southern
Windfarms Limited (now under ADAG Group)
Pioneer
Gamesa
(Spanish Company)
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 Intl 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
companys 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
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.44.70 |
|
UK
Pound |
1 |
Rs.85.57 |
|
Euro |
1 |
Rs.57.82 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SCs credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit
history (10%) Market
trend (10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
|
<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|