MIRA
INFORM REPORT
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Report Date : |
25.06.2007 |
IDENTIFICATION DETAILS
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Name : |
SUNSHINE POWER PRODUCTS PRIVATE LIMITED |
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Registered Office : |
Sunshine House, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
28.06.2004 |
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Com. Reg. No.: |
098975 |
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CIN No.: [Company
Identification No.] |
U74999WB2004PTC098975 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALS16919A |
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PAN No.: [Permanent
Account No.] |
AAICS2398Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of different type of solar photo voltaic system
electrical appliances. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
USD 8900 |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company having satisfactory track. Directors are reported as experienced and
respectable businessmen. Trade
relations are reported as fair. Business
is active. Payments are however
reported as correct and as per commitments. The company can be considered for small business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
Sunshine House, |
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Tel. No.: |
91-33-24980521 / 0522 / 0523 |
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Fax No.: |
91-33-24980508 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Uttam Mukherjee |
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Designation : |
Managing Director |
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Address : |
Shyampur Ghosh Para, Budge, Kolkata – 700 137, 24PGS (S), West |
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Date of Birth/Age : |
21.01.1969 |
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Date of Appointment : |
28.06.2004 |
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Name : |
Mr. Ujjal Kumar Mukherjee |
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Designation : |
Director |
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Address : |
Shyampur Ghosh Para, Budge, Kolkata – 700 137, 24PGS (S), West |
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Date of Birth/Age : |
28.01.1972 |
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Date of Appointment : |
28.06.2004 |
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Name : |
Mr. Debasis Patra |
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Designation : |
Director |
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Address : |
Shyampur Ghosh Para, Budge, Kolkata – 700 137, 24PGS (S), West |
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Date of Birth/Age : |
02.01.1972 |
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Date of Appointment : |
28.06.2004 |
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Name : |
Mr. Shambhu Manna |
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Designation : |
Director |
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Address : |
106, |
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Date of Birth/Age : |
12.05.1959 |
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Date of Appointment : |
28.06.2004 |
KEY EXECUTIVES
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Name : |
Mr. Bijan Kumar Malik |
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Designation : |
Company Secretary |
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Address : |
“Anurag”, 1 / 83, M M |
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Tel No.: |
91-33-25515059 |
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Mobile No.: |
91-9433535712 |
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E-Mail: |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Uttam Mukherjee |
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2514 |
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Mr. Ujjal Kumar Mukherjee |
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1257 |
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Mr. Debasis Patra |
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1257 |
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Mr. Shambhu Manna |
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1257 |
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Category |
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Percentage
of Holding |
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Directors or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of different type of solar photo voltaic system
electrical appliances. |
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Products : |
v
TV operated by Solar v
Solar Home System v
Solar Lantern v
Solar Power Batteries v
Solar Water Heater |
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Purchasing : |
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GENERAL INFORMATION
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Bankers : |
State Bank of Behala Branch, 1168 / 1, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M/s. JIT and Associates Chartered Accountants |
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Address : |
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Tel. No.: |
91-33-22445856 |
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Mobile No.: |
91-9331034675 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 100.00 each |
Rs. 5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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19500 |
Equity Shares |
Rs. 100.00
each |
Rs. 1.950
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.950 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.290 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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2.240 |
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LOAN FUNDS |
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1] Secured Loans |
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0.091 |
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2] Unsecured Loans |
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0.000 |
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TOTAL BORROWING |
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0.091 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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2.331 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.501 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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Sundry Debtors |
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Cash & Bank Balances |
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NA |
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Other Current Assets |
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Loans & Advances |
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Total
Current Assets |
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NA |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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Provisions |
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NA |
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Total
Current Liabilities |
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Net Current Assets |
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1.711 |
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MISCELLANEOUS EXPENSES |
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0.119 |
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TOTAL |
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2.331 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
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Sales Turnover |
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10.074 |
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Other Income |
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0.000 |
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Total Income |
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10.074 |
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Profit/(Loss) Before Tax |
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0.449 |
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Provision for Taxation |
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0.159 |
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Profit/(Loss) After Tax |
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0.290 |
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Total Expenditure |
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9.625 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
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PAT / Total Income |
(%) |
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2.88 |
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Net Profit Margin (PBT/Sales) |
(%) |
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4.46 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.20 |
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Debt Equity Ratio (Total Liability/Networth) |
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NA |
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Current Ratio (Current Asset/Current Liability) |
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NA |
LOCAL AGENCY FURTHER INFORMATION
Trade References
Bharat Electronics
Limited,
Jharkhand Renewable
Energy Development Agency (JREDA)
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Name of the company |
M/s. SUNSHINE
POWER PRODUCTS PRIVATE LIMITED |
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Presented By |
Mr. Uttam
Mukherjee (Managing Director) |
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1) Date and description of instrument creating the change |
Date: 19.07.2005 1) General agreement for the Grant of small
Industrial Advances and Hypothecation of Movable assets, book debts and other
assets. 2) Agreement for the grant of small
Industrial Advances |
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2) Amount secured by the charge/amount owing on the securities of charge |
Overall Limit of
Rs. 0.800 million consisting of working capital of Rs. 00800 million. |
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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 |
The advance will
be primarily secured by Hypothecation of stock-in-trade and Book Debts |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest Interest at
minimum of 11.00% p.a. Margin: 25% Collateral Security: 1) Equity mortgage of land valued Rs. 0.310
million and Rs. 0.271 million in the name of Shri. Avijit Guria and Shri
Abhijit Bhattarcharjee 2) Lien of 3) Personal guarantee of all the directors in
their personal capacities and Shri. Avijit Guria and Shri. Abhijit
Bhattacharjee |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of Behala (Kolkata)
Branch, 1168 / 1, |
Website details attached
Manufacturing Area
Once a product has made it through the design
process it goes into manufacture. As a company
subject has a long-term target to manufacture products in clean factories which
aim for ‘ true zero emission’ This means
that their factories aim for significant reduction in water usage as well as
reducing emissions for Green House gases, chemical substances & wastes.
Their products are manufacture under stringent quality checks & control.
Their laboratory is self-sufficient. It has full facilities for testing process
materials, components, and semi-finished & finished products.
Achievements
All their employees are trustworthy,
practical & respectable.
Over the last five years the company has evolved into a luminous brand with a
unique proposition – technology innovation, quality & premium. In the last
five years the company had already established itself in the field of
alternative energy. Today sunshine has gone further by becoming a preferred
choice for alternative energy systems.
During last five years they have supplied, installed & commissioned
– Solar Photovoltaic home lighting systems: 5MWAll the above systems are
satisfactorily maintained & serviced by their dealers & distributors
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
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Indian Rupees |
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US Dollar |
1 |
Rs. 40.58 |
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1 |
Rs. 81.89 |
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Euro |
1 |
Rs. 55.29 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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27 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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