MIRA
INFORM REPORT
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Report Date : |
12.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
HPP ENERGY INDIA PRIVATE LIMITED |
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Registered Office : |
L-71/A-B, First Floor, Malviya Nagar, New Delhi – 110 068 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.02.1995 |
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Com. Reg. No.: |
55-65549 |
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CIN No.: [Company
Identification No.] |
U74899DL1995PTC065549 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKH02161F |
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PAN No.: [Permanent
Account No.] |
AAACH1838C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
To carry out the business relating to engineering projects, power
projects, electrical and electronic projects, earthmoving and mining
projects, water resources projects, pollution control projects, oil gas and
petro chemical projects, pharmaceuticals and chemical projects. |
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 56000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an Indo – French Joint venture having satisfactory track
records. The company is doing well. It’s trade relations are fair. Financial
Position is satisfactory. Payments are usually correct and as per
commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
L-71/A-B, First Floor, Malviya Nagar, New Delhi – 110 068, India |
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Tel. No.: |
91-11-26675120/28 |
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Fax No.: |
91-11-26675144 |
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E-Mail : |
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Corporate Office 1 : |
B -156, Freedom Fighter Enclave, New Delhi – 110 068, India |
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Tel. No.: |
91-11-26675120/21 |
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Fax No.: |
91-11-26675144 |
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E-Mail : |
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Website : |
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Corporate Office 2 : |
GH -21 Sector -63, Noida, Uttar Pradesh, India |
DIRECTORS
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Name : |
Mr. Amarjeet Singh |
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Designation : |
Director |
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Address : |
76, Gautam Nagar, Andrews Ganj, New Delhi – 110 049, India |
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Date of Birth/Age : |
14.04.1967 |
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Date of Appointment : |
30.01.2007 |
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Name : |
Mr. Arvind Garg |
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Designation : |
Director |
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Address : |
B -156, FFCC NEB Sarai, New Delhi, India |
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Date of Birth/Age : |
15.07.1958 |
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Date of Appointment : |
17.02.1995 |
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Name : |
Mr. Sanjeev Kapoor |
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Designation : |
Director |
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Address : |
157/14, Jacobpura, Gurgaon -122 001, Haryana, India |
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Date of Birth/Age : |
27.05.1962 |
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Date of Appointment : |
17.02.1995 |
KEY EXECUTIVES
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Name : |
Pankaj Chauhan and Associates |
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Designation : |
Company Secretary |
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Address : |
8/49, E/35, Vidya Nagar, New Kaushal Pura, Dayal Bag, Agra, Delhi,
India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
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Names of Shareholders |
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No. of Shares |
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Hydro Power Plant |
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20000 |
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Mr. Arvind Garg |
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80700 |
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Mr. Sanjeev Kapoor |
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76300 |
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Mr. Amar Jeet Singh |
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73000 |
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Total |
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250000 |
(As on 31.03.2007)
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Category |
Percentage |
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Foreign holdings
(Foreign institutional investors ) foreign companies foreign financial
institutions , non residents or Overseas corporate bodies or others |
8.00 |
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Directors or relative of directors |
92.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
To carry out the business relating to engineering projects, power
projects, electrical and electronic projects, earthmoving and mining projects,
water resources projects, pollution control projects, oil gas and petro
chemical projects, pharmaceuticals and chemical projects. |
GENERAL
INFORMATION
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No. of Employees : |
200 |
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Bankers : |
360, Regal Building, Parliament Street, New Delhi – 110 0014, India
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Lalit Allagh and Associates Chartered Accountants |
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Address : |
1396, Duplex House, Sector 31, Gurgaon, Haryana – 122 001, India |
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Joint Venture
Company : |
Hydro Power Plant - France |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500
millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.500 |
2.500 |
2.500 |
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2] Share Application Money |
0.150 |
0.150 |
0.000 |
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3] Reserves & Surplus |
11.272 |
5.102 |
1.782 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
13.922 |
7.752 |
4.282 |
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LOAN FUNDS |
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1] Secured Loans |
0.726 |
1.578 |
1.830 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.726 |
1.578 |
1.830 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.047 |
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TOTAL |
14.648 |
9.330 |
6.159 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.612 |
5.748 |
4.309 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.133 |
0.032 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
12.542
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15.159 |
6.271 |
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Sundry Debtors |
38.285
|
7.559 |
16.752 |
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Cash & Bank Balances |
106.755
|
32.645 |
15.939 |
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Other Current Assets |
1.380
|
0.787 |
0.326 |
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Loans & Advances |
20.923
|
24.627 |
12.956 |
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Total
Current Assets |
179.885
|
80.777 |
52.244 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
165.052
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75.071 |
49.723 |
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Provisions |
4.963
|
2.199 |
0.671 |
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Total
Current Liabilities |
170.015
|
77.270 |
50.394 |
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Net Current Assets |
9.870
|
3.507 |
1.850 |
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MISCELLANEOUS EXPENSES |
0.033 |
0.043 |
0.000 |
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TOTAL |
14.648 |
9.330 |
6.159 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
199.100 |
142.544 |
139.986 |
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Other Income |
4.341 |
3.415 |
0.630 |
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Total Income |
203.441 |
145.959 |
140.616 |
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Profit/(Loss) Before Tax |
9.262 |
5.012 |
2.053 |
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Provision for Taxation |
3.091 |
1.692 |
0.718 |
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Profit/(Loss) After Tax |
6.171 |
3.320 |
1.335 |
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Expenditures : |
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Financial Charges |
1.127 |
0.785 |
1.152 |
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Depreciation |
1.339 |
1.219 |
0.896 |
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Other Expenditure |
191.713 |
138.943 |
136.515 |
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Total Expenditure |
194.179 |
140.947 |
138.563 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
3.03
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2.27 |
0.95 |
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Net Profit Margin (PBT/Sales) |
(%) |
4.65
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3.52 |
1.47 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.02
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5.79 |
3.63 |
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Return on Investment (ROI) (PBT/Networth) |
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0.66
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0.65 |
0.48 |
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Debt Equity Ratio (Total Liability/Networth) |
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12.26
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10.17 |
12.19 |
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Current Ratio (Current Asset/Current Liability) |
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1.05
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1.04 |
1.04 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Corporation identity number or foreign company registrations number of
the company |
U74899DL1995PTC065549 |
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Name of the company |
HPP ENERGY INDIA PRIVATE LIMITED |
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Address |
New Delhi – 110 068, India |
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This Form is for |
Creation of charge |
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Type of Charges |
· Immovable property · Any interest in immovable property · Book Debts · movable property · Floating Charge |
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Particular of the charge holder
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State Bank of Patiala Address: 30 Regal Building, Parliament
Street, New Delhi – 110 001, India |
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Nature or description of the instrument creating charge |
C -1 Agreement of loan for overall limit C-2, Agreement of hypothecation of goods
and assets C-3 Agreement of Pledge of goods and
assets C-4 Deed of guarantee for overall limit C -5, letter regarding the grant of
individual limit within overall limit |
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Date of the instrument creating charge |
16.01.2007 |
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Amount Secure by the charge |
Rs. 53.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of Interest : C/C (Hypothecation) 12.85%
Floating (BPLR +1.60%) L/C /B/G 14.85% Floating in case of development / Invocation (BPLR
+3.60%) Terms of repayment: On Demand / By sale proceeds Margin: Raw Material 25% Stock in process 25% Finished goods 25% Receivables up to 120 Days 50% Extent and operation of the charge: Charge shall operate in India on immovable property and current assets
present and future and collateral securities mentioned in the sanctioned
letter attached hereunder and title deeds has also been deposited. However no
document has been executed in this regard. Others: Not Applicable |
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Short particulars of the Property charged |
Primary Secu –A First and Exclusive charge on the immovable and
movable property assets and both present and future of the company A 1st
and exclusive charge on all the CA both the present and future relating to
the company , collateral (I) Eq. mortgage of office Block of the company at
L-71 , A –B, First Floor, Malviya Nagar, New Delhi – 110 017, One point in
the name of promoters having area of a 4 canel 2 Marlas situated at ii)
Personal guarantee of Arvind Garg,
Sanjeev Kapoor, Amar Jeet Singh |
WEBSITE
DETAILS:
History:
Subject is an ISO 9001-2000 certified Company. Incorporated in February 1995 as a Joint Venture Company in Technical Collaboration with Hydro Power Plant, France, one of the renowned Companies in Europe for design and manufacture of hydro turbines and peripheral equipment for manual/ automatic operations.
Subject is a Joint Venture Company with Hydro Power Plant - France, established
in India on EPC basis for implementation of Small Hydro Power Projects.
Hydro Power Plant, France, is one of the renowned enterprises in Europe designing and manufacturing hydro turbines and peripheral electrical equipment for manual / automatic operations since 1972.
Subject has established itself as the supplier engaged in Design, Supply, Manufacture, Erection, Testing and Commissioning of Electro Mechanical Equipment for Small Hydro Power Projects EPC basis i.e. from Concept to Commissioning.
They are approved manufacturer for Electro Mechanical Equipment for Hydro Power Projects with Ministry of Non Conventional Energy Sources (MNES), IREDA, World Bank, Alternate Hydro Energy Center – IIT Roorkee, Bihar State Hydro Power Corporation, Punjab State Electricity Board, TCE etc.
They have been able to create a niche for their selves in the filed of Small Hydro Power Sector in India, in a short span, due to the quality and timely delivery of equipment they offer to their customer – which remains unmatched in India.
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 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.39.94 |
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UK Pound |
1 |
Rs.78.81 |
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Euro |
1 |
Rs.63.05 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
50 |
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 |
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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 |
|
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 |
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