MIRA
INFORM REPORT
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Report Date : |
05.09.2007 |
IDENTIFICATION DETAILS
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Name : |
KL SOLAR COMPANY PRIVATE LIMITED |
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Registered Office : |
6/8, Bharathi Colony, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
01.09.2004 |
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Com. Reg. No.: |
011313 |
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CIN No.: [Company
Identification No.] |
U29307TZ2004PTC011313 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CMBK04140D |
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PAN No.: [Permanent
Account No.] |
PAN APPLIED |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of renewable energy products. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 23000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. 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 : |
6/8, Bharathi Colony, Main Raod, Peelamedu, |
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E-Mail : |
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Website : |
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Factory 1 : |
1/482 – B, Transport Nagar, Neelambur, |
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Tel. No.: |
91-422-2628909 / 6563638 |
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Fax No.: |
91-422-2628504 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Narayansami Krishnakumar |
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Designation : |
Non-Executive Director |
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E-Mail: |
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Date of Birth/Age: |
27.06.1955 |
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Address : |
6/8, Bharathi Colony, Main Raod, Peelamedu, |
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Date of Appointment : |
01.09.2004 |
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Name : |
Mrs. Latha Krishnakumar |
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Designation : |
Executive Director |
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Date of Birth/Age: |
18.09.1960 |
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Address : |
6/8, Bharathi Colony, Main Raod, Peelamedu, |
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Date of Appointment : |
01.09.2004 |
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Name : |
Mr. K. Arun |
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Designation : |
Director |
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Address : |
6/8, Bharathi Colony, Main Raod, Peelamedu, |
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Date of Appointment : |
01.09.2004 |
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Name : |
Mr. Krishnakumar Vishnu |
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Designation : |
Non-Executive Director |
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E-Mail: |
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Date of Birth/Age: |
18.04.1984 |
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Address : |
6/8, Bharathi Colony, Main Raod, Peelamedu, |
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Date of Appointment : |
01.09.2004 |
SHAREHOLDING PATTERN
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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 and Exporters of renewable energy products. |
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Products : |
v
PV-Modules v
Off-Grid Modules v
Grid-connected Modules |
GENERAL INFORMATION
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Bankers : |
v
UCO
Bank Head Office: No. 10, Biplabi Trailokya Maharaj Sarani, Kolkata v
Branch
at 862, |
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Facilities : |
- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R. Gurubatham Chartered Accountant |
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Address : |
Gurukripa, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs. 10.00 each |
Rs. 5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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230000 |
Equity Shares |
Rs. 10.00 each |
Rs. 2.300
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 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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2.300 |
2.300 |
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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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3.666 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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5.966 |
2.300 |
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LOAN FUNDS |
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1] Secured Loans |
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0.661 |
0.000 |
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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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0.661 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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7.077 |
2.300 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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5.141 |
2.242 |
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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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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.783 |
0.000 |
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Sundry Debtors |
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5.609 |
0.000 |
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Cash & Bank Balances |
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0.443 |
0.121 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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1.001 |
0.055 |
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Total
Current Assets |
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7.836 |
0.176 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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5.860 |
0.247 |
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Provisions |
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0.143 |
0.000 |
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Total
Current Liabilities |
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6.003 |
0.247 |
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Net Current Assets |
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1.832 |
(0.072) |
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MISCELLANEOUS EXPENSES |
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0.104 |
0.130 |
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TOTAL |
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7.077 |
2.300 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.12 |
0.11 |
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Current Ratio (Current Asset/Current Liability) |
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1.31 |
0.71 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
KL SOLAR COMPANY PRIVATE LIMITED |
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Presented By |
Mr. N.
Krishnakumar, Director |
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1) Date and description of instrument creating the change |
1)
Deed
of Hypothecation of Movable Plant and Machinery to secure Term Loan for Rs.
0.7000 millions dated 17.06.2005 2)
Hypothecation
of Book Debts to secure Demand Cash-Credit for Rs. 2.500 millions dated
17.06.2005 3)
Agreement
for Extension of charge by way of Hypothecation over Current Assets to secure
Non-Fund Based facilities dated 17.06.2005 4)
Draft
of Hypothecation of Plant and machinery as Additional Security to secure the
fund based and non fund based limit of Bank Guarantee of Rs. 0.200 millions
and Letter of Credit of Rs. 0.500 millions upto a total extent of Rs. 3.900
millions dated 17.06.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 3.900
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 |
First charge by
way of hypothecation of the movable plant, machinery, equipments, implements
and appliances and all present and future stocks of raw materials such as
Silicon Wafers, work-in-process, finished goods, stores and spares stored
and/or to be store/brought in or situated at 1/482-B, Transport Nagar,
Neelambur, Coimbatore – 641 014 any where else. First charge on
the Present and Future Book-Debts bill money receivable chooses in action
claims, all sums due or to be become due. First charge on
all the movable properties of the Company present and future. First charge on
all Plant, machinery, engines, boilers, appliances, tools and implements
brought in or stored or to be stored at 1/482B, Transport Nagar, Neelambur,
Coimbatore – 641 014 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The charge
operates as security for the due repayment by the Company to UCO Bank of its
loan together with interest, costs, charges, expenses and other moneys payable.
Rate of interest is 2.5% over the Reserve bank rate subject to the minimum
13.5% per annum. Other terms and conditions are as per Agreement (s)
enclosed. |
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5) Name and Address and description of the person entitled to the charge. |
v
UCO
Bank Head Office: No. 10, Biplabi Trailokya Maharaj Sarani, Kolkata v
Branch
at 862, |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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Corporate identity
number (CIN) Foreign company registration number |
U29307TZ2004PTC011313 |
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Name of the
Company |
KL SOLAR COMPANY PRIVATE LIMITED |
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Address |
6/8, Bharathi Colony, |
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This form is for |
Modification of
Charge |
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Type of Charge |
A charge on: v
Book
Debts v
Movable
property (not being pledge) v
Floating
Charge |
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Particulars of
the charge holder |
UCO Bank E-Mail: bo.coimba@ucobank.co.in |
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Nature or
description of the instrument(s) creating or modifying the charge |
1.
Hypothecation
of Goods to secure a Demand Cash Credit 2.
Hypothecation
and Book Debts to Secure Demand Cash Credit 3.
Agreement
For Packing Credit Advance 4.
Deed
of Hypothecation of Movable Plant and Machinery to Secure a Term Loan 5.
Agreement
for Extension of Charge By way of Hypothecation over Current Assets to Secure
Non-Fund Based Facilities. |
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Date of the
instrument creating or modifying the charge |
11.06.2007 |
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Amount secured by
the charge |
Rs. 13.637
millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
(a) Rate of Interest: BPLR – 4.00% per
annum subject to minimum of 9.50% per annum with monthly rests for packing
credit. (b) Terms of
Repayment: Repayable on
demand inclusive of interest/commission/charges to the date of payment (c) Margin: Packing Credit
-25% on stocks and 40% on book debts Letter of
Credit-25% by way of FDR Bank
Guarantee-25% by way of FDR (d) Extent and
operation of the charge First charge over
stock of Photovoltaics cells, modules, equipments etc. and other current assets
including raw materials tock in process, finished goods etc. and movable
property of any kind, plant and machinery, implements and appliances and Book
Debts/Receivables operate as security for due repayment of loan (both fund
based and non-fund based) along with interest, expenses and charges. |
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Short particulars
of the property charged (including location of the property) |
stock of
Photovoltaics cells, modules, equipments etc. and other current assets
including raw materials tock in process, finished goods etc. and movable
property of any kind stored at 1/482B, Transport Nagar, Neelambur, Coimbatore
– 641 014 or anywhere else and Laser process machines, PECUD equipments,
screen printing machine, furnace, laminators, oven, water treatment plant, testing
and other ancillary equipment etc and Book Debts/Receivables. |
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Particular of the
present modification |
Secured by the
first charge on stocks, Movable Plant and Machinery, Book Debts, Receivables
and other current assets. |
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Website details attached:
They are a” Green Power Company” Founded in late 2004.
Provide compelling and useful green energy products for people around the
world.
Overview
They learn from their past experience and customers. When they initiate
production they listen to what their customers have to say and they then set
out to design products based on their customer's wants and need's--because they
can't make their products better until they know what their customers want to
do with it. They get motivated when they create products that make the tasks
easier, efficient, and more eco-friendly.
Their flagship product range for the Off-Grid market was released in
late '05 and became an instant hit with customers worldwide. Within months of
release our product volumes surged to new heights. Since the release they've
been fortunate to receive contracts for OEM manufacturing from prestigious
global companies like Solar World AG. Their association makes us a privileged
entity in the global domain.
To the present date their products is used by hundreds of installers and
end-users. From those starting out in the Photovoltaic field they welcome you
to join their family of customers to make their planet earth a cleaner place to
live.
About Solar
Modern day devices that convert sunlight into energy are called
photovoltaic cells or “PVs” for short. More commonly, they're known as solar
cells. Solar photovoltaic cells are small, square shaped panel semiconductors
manufactured in thin film layers from silicon and other conductive materials.
When sunlight strikes the PV cell, chemical reactions release electrons,
generating electric current. The small current from individual PV cells, which
are installed in modules, power individual homes and businesses, or can be
plugged into the bulk electricity grid.
Unlike conventional sources of
electricity, which are a major cause of problems like smog, acid rain and
global warming, a solar system produces no air or water pollution. Solar has
zero emissions, operates silently, requires little maintenance and is generated
where it is needed - in the home, at a factory or in an office building. Solar
energy's benefits are real and immediate - creating savings for years to come
while reducing Greenhouse Gas (GHG) emissions and helping the environment.
Because they do not produce polluting air emissions or water effluents, solar
PV systems are prime candidates for supplying electricity at locations where
such environmental impacts are unacceptable; for example, in parks and places
where preserving high levels of environmental quality is important. Due to
strong demand world-wide and technological innovations, solar PV panels have
become increasingly affordable. Solar PV systems are upgradeable and
expandable. Depending on the budget, a basic system can be installed initially
and more PV modules can be added later.
PV-Modules (OEM)
They
manufacture Crystalline PV-Modules. Being Original Equipment Manufacturers (OEM),
they produce these modules on the basis of the customers' specifications. Hence
their products are customized to their clients' needs and as per their
requirements.
Off-Grid Modules
Off-Grid-connected
PV power systems are part of the movement toward an independent electrical
network. A "off-grid pv system” generates its own electricity for its
application needs. The generated power is stored by charging a battery bank
during day on sunny days. One can use battery banks to provide power for the
application systems when required even during night time. Their of-grid-modules
range from 5 w and above to up to 120 w. This range of PV Modules charge
systems with either 6V/12V.
Grid-connected Modules
Grid-connected
PV power systems are part of the movement toward a decentralized electrical
network. A "grid-connected" system generates its own electricity and
feeds its excess power into the utility grid for later use. This does away with
buying and maintaining a battery bank. One can still use battery banks to
provide backup power when the grid goes down, but they are not required. Their
grid-connected modules range from 100 w and above to up to 240 w.
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. 40.94 |
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|
1 |
Rs. 82.26 |
|
Euro |
1 |
Rs. 55.59 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
|
45 |
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 |
|