MIRA INFORM
REPORT
|
Report
Date : |
21.08.2007 |
IDENTIFICATION DETAILS
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Name : |
USL PHOTOVOLTAICS PRIVATE LIMITED |
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Registered
Office : |
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Country
: |
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Financials
(as on) : |
31.03.2006 |
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Date
of Incorporation : |
01.09.1999 |
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Com.
Reg. No.: |
8987 |
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CIN
No.: [Company
Identification No.] |
U32109TZ199PTC008987 |
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TAN
No.: [Tax
Deduction & Collection Account No.] |
CMBU03045A |
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Legal
Form : |
Private Limited Liability Company |
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Line
of Business : |
Manufacturer, Importer and Exporter of solar modules,
photo-voltaic cells and related solar equipments |
RATING & COMMENTS
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MIRA’s
Rating : |
A |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum
Credit Limit : |
USD 112572 |
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Status
: |
Satisfactory |
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Payment
Behaviour : |
Usually
correct |
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Litigation
: |
Clear |
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Comments
: |
Subject is a well established company having satisfactory
track. Trade relations are fair. Payments are usually correct and as per
commitments. The company can be considered normal for business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered
Office : |
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Tel.
No.: |
91-422-2627651 / 2627003 / 2038781 / 2628909 |
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Fax
No.: |
91-422-2628504 / 2038781 |
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E-Mail
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Website: |
DIRECTORS
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Name : |
Mr. N. Krishnakumar |
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Designation
: |
Managing Director |
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Address: |
Old No. 29G, New No. 6 / 8, Bharathi Colony, Main Road,
Peelamedu, Coimbatore 641 004, Tamilnadu, India |
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Date
of Birth/Age: |
14.11.1981 |
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Date
of Appointment: |
01.09.1999 |
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Name : |
Mr. U. Ashok |
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Designation
: |
Director |
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Address
: |
No. 10, Bharathi Colony, Peelamedu, |
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Date
of Birth/Age : |
20.03.1974 |
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Date
of Appointment: |
01.09.1999 |
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Name : |
Mr. K. Arun |
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Designation
: |
Director |
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Address: |
No. 6 / 8, Bharathi Colony, Peelamedu, |
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Date
of Birth/Age : |
21 years |
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Date
of Appointment: |
01.09.1999 |
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Name : |
Ms. P Akila |
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Designation
: |
Director |
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Address
: |
No. 3, |
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Date
of Appointment : |
01.04.2005 |
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Name : |
Mr. Partha Sarathy |
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Designation
: |
Director |
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Address
: |
Old No. 3B, New No. 5, |
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Date
of Birth/Age : |
14.05.1965 |
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Date
of Appointment : |
03.11.2004 |
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Name : |
Mr. Dr. Rudrapatna Narayanswamy Sreenath |
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Designation
: |
Director |
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Address
: |
No. 2401. 8th Main, 22nd Cross,
Banasankari, 2nd Stage, |
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Date
of Birth/Age : |
18.03.1941 |
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Date
of Appointment : |
03.11.2004 |
Note: The above directors are as of 2002, subsequently
during about 2003-04, Director Mr. Ashok quit the company and started his own
business, current list of directors are not known.
KEY
EXECUTIVES
|
Name : |
Mr. C N
Paramasivam |
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Designation
: |
Company
Secretary |
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Address
: |
“Surya”, |
MAJOR SHAREHOLDERS
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Names of Shareholders |
No. of Shares |
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Mr. U.
Ashok |
58703 |
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Mr. K.
Arun |
58703 |
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Ms. P.
Akila |
50591 |
|
Maharishi
Solar Techn. Private Limited |
52704 |
|
Winrock
International |
3 |
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Total |
220704 |
Equity shares breakup (percentage of total equity)
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S. No. |
Category |
Percentage |
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1 |
Bodies corporate (no mentioned
above) |
23.88 |
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2 |
Directors of relatives of
directors |
49.52 |
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3 |
Other top fifty (50)
shareholders (other than listed above) |
26.60 |
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Total |
100.00 |
BUSINESS DETAILS
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Line
of Business : |
Manufacturer, Importer and Exporter of solar modules,
photo-voltaic cells and related solar equipments |
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Exports
to : |
Africa, |
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Imports
from : |
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PRODUCTION STATUS
Actual
Production during 2000-2001: 203.19 KW
GENERAL INFORMATION
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No. of
Employees : |
65 |
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Bankers
: |
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Facilities : |
-- |
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Banking Relations : |
Satisfactory |
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Auditors
: |
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Name: |
Mr. S. Kalyanam Chartered Accountants |
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Address : |
Gurukripa, |
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Associates/Subsidiaries
: |
Nil |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 millions |
Issued,
Subscribed & Paid-up Capital :
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No. of
Shares |
Type |
Value |
Amount |
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220704 |
Equity Shares |
Rs. 10/- each |
Rs. 2.207 millions |
FINANCIAL
DATA
[all
figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS
FUNDS |
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1] Share
Capital |
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2.207 |
2.207 |
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2] Share
Application Money |
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0.000 |
0.000 |
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3]
Reserves & Surplus |
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25.936 |
20.183 |
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4]
(Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
|
28.143 |
22.390 |
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LOAN
FUNDS |
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1]
Secured Loans |
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14.470 |
16.847 |
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2]
Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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DEFERRED
TAX LIABILITIES |
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2.280 |
2.293 |
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TOTAL |
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44.893 |
41.530 |
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APPLICATION
OF FUNDS |
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FIXED
ASSETS [Net Block] |
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7.844 |
8.101 |
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Capital
work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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10.007 |
10.007 |
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DEFERREX
TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT
ASSETS, LOANS & ADVANCES |
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Inventories |
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27.041 |
35.660 |
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Sundry
Debtors |
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11.486 |
5.372 |
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Cash
& Bank Balances |
|
5.497 |
1.900 |
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Other
Current Assets |
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0.000 |
0.000 |
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Loans
& Advances |
|
2.715 |
1.978 |
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Total Current Assets |
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46.739 |
44.910 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current
Liabilities |
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19.249 |
21.155 |
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Provisions |
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0.448 |
0.344 |
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Total Current
Liabilities |
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19.697 |
21.499 |
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Net Current Assets |
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27.042 |
23.411 |
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MISCELLANEOUS
EXPENSES |
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0.000 |
0.011 |
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TOTAL |
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44.893 |
41.530 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
|
123.025 |
106.491 |
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Other Income |
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1.858 |
1.991 |
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Total
Income |
|
124.883 |
108.482 |
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Profit/(Loss) Before Tax |
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6.289 |
6.493 |
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Provision for Taxation |
|
0.536 |
1.936 |
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Profit/(Loss) After Tax |
|
5.753 |
4.557 |
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Earnings
in Foreign Currency : |
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Total
Earnings |
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92.532 |
90.732 |
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Imports
: |
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Raw Materials |
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58.199 |
61.343 |
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Capital Goods |
|
0.433 |
2.065 |
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Total
Imports |
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58.632 |
63.408 |
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Expenditures : |
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Financial Charges |
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2.212 |
2.532 |
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Depreciation & Amortization |
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1.181 |
1.072 |
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Other Expenditure |
|
111.808 |
94.781 |
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Total
Expenditure |
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115.201 |
98.385 |
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KEY RATIOS
|
PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
|
4.60 |
4.20 |
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Net Profit Margin (PBT/Sales) |
(%) |
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5.11 |
6.09 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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11.52 |
12.24 |
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Return on Investment (ROI) (PBT/Networth) |
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0.22 |
0.28 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.21 |
1.71 |
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Current Ratio (Current Asset/Current Liability) |
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2.37 |
2.08 |
LOCAL AGENCY FURTHER
INFORMATION
|
Name
of the company |
USL
PHOTOVOLTAICS PRIVATE LIMITED |
||||||||||||
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Presented By |
MR. U ASHOK, DIRECTOR |
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1) Date
and description of instrument creating the change |
Hypothecation
of goods to secure a demand cash credit dated 25.09.2001 |
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2) Amount
secured by the charge/amount owing on the securities of charge |
Rs.
19.000 millions |
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3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
All
stocks of Raw Materials, such
as silicon wafers, glass, frames, chemicals, etc. and work in process,
finished goods such as photovoltaic cells, photovoltaic modules etc. packing
materials, etc. stored at 1/473, Avanashi Road, Neelambur, Coimbatore 641 014
or anywhere else. |
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4) Gist
of the terms and conditions and extent and operation of the charge. |
Interest at the rate of 3.00% p. a. below the BPLR of
Reserve Bank of India rate subject to a minimum of 8.0% p. a. |
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5) Name
and Address and description of the person entitled to the charge. |
UCO Bank 862, |
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6)
Date and brief description of
instrument modifying the charge |
1.
Hypothecation of Goods secure a Demand cash credit dated 04.02.2004 2. Agreement
for extension of charge by way of Hypothecation over current assets to secure
non fund based facilities dated 04.02.2004 3.
Agreement for packing credit advance dated 04.02.2004 |
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7)
Particulars of modifications specifying the terms and conditions or the
extent of operations of the charge in which modification is made and the
details of the modification. |
Aggregate
credit limit has been enhanced as follows
|
Website Details Attached:
Profile:
Solar Photovoltaic system produce energy from the Sun for every
day use, independent of fossil fuel supplies and utility connections. Fuel is
already delivered and available everywhere.
Very minimal maintenance is required and has maximum reliability
compare to power lines.
Photovoltaic systems are silent non-polluting and provide power
for a wide range of applications such as Home lighting, Radio, TV, Water
Pumps, Security systems Telecommunications, Navigation, Power plants and many
other industrial uses.
As Conventional energy becomes dear and pollution poisons the
environment the Sun is increasingly being seen as the natural source of power.
This becomes more relevant in areas where it is not feasible to connect
expensive power grids to pump water for drinking and irrigation purposes.
Harnessing solar energy, USL Photovoltaics Pvt. Limited have been
doing significant developmental work in this direction for past 7 years. Indian
PV Industry is adopting mostly crystalline silicon based PV cells.
The efficiency is in the range of 13 to 14% @ STC . In the balance
of systems, enhanced quality Charge controllers, Inverters etc., have been
introduced. Experience has been gained in Grid Interactive Power plants thanks
to MNES supported programme.
As the promoters are technocrats the products manufactured are
comparatively at par with international Standards.
Their
Mission
Power For the Generations
Ahead !
Quality
Policy of UPL
UPL commits to build Quality in
every activity by involving all people and elements of organization to deliver
zero defect products / services on time in national and international markets
for achieving customer satisfaction. UPL endeavors continually for enhancement
of performance which will ensure value for money for customer. Human Resources
To manufacture products conforming to National / International standards in
performance and safety. UPL employs about 65 personnel including more than 20
engineers.
EHTP
Status
They are an 100% Export Oriented
Unit (EOU) that confirms to the
CMT
REPORT (Corruption, Money Laundering & Terrorism]
The Public
Notice information has been collected from various sources including but not
limited to: The Courts,
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.41.01 |
|
|
1 |
Rs.55.30 |
|
Euro |
1 |
Rs.81.39 |
SCORE
& RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP
CAPITAL |
1~10 |
6 |
|
OPERATING
SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT
LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT
POINTS |
|
|
|
--BANK
CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER
ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT
POINTS |
|
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--SOLE
DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT
ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
60 |
This
score serves as a reference to assess SC’s credit risk and to set the amount of
credit to be extended. It is calculated from a composite of weighted scores
obtained from each of the major sections of this report. The assessed factors
and their relative weights (as indicated through %) are as follows:
Financial condition (40%) Ownership background (20%) Payment record (10%)
Credit history (10%) Market trend (10%) Operational size
(10%)
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. |
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 |
|