MIRA
INFORM REPORT
|
Report Date : |
20.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ROARING 40S WIND FARMS (KHANDKE) PRIVATE LIMITED |
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Formerly Known As : |
ENERCON WIND FARMS (KAPPATGUDDA) PRIVATE LIMITED |
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Registered Office : |
302, 3rd Floor, Boston House, Suren Road, CTS No. 260/261
Andheri (East), Mumbai – 400 093, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
21.07.2005 |
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Com. Reg. No.: |
11-154946 |
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CIN No.: [Company
Identification No.] |
U29100MH2005PTC154946 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUME06157E |
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PAN No.: [Permanent
Account No.] |
AABCE4934F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Renewable Energy Developer. |
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. |
Small |
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Maximum Credit Limit : |
USD 3070000 |
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Status : |
New Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a new company with a strong capital base. The company had
not commenced commercial operations as per its last available financials. It
has incurred some initial losses. Payments are reported as usually correct
and as per commitments. The company can be considered for small to mediocre business dealings
initially at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
302, 3rd Floor, Boston House, Suren Road, CTS No. 260/261
Andheri (East), Mumbai – 400 093, Maharashtra, India |
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Tel. No.: |
91-22-67588841 / 5692848 |
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Fax No.: |
91-22-67588811 / 26730085 |
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E-Mail : |
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Website : |
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Corporate Office : |
Plot No. 31, Kolsite house, Shah Industrial Estate, Veera Desai Road,
Andheri (East), Mumbai – 400 053, Maharashtra, India |
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Tel. No.: |
91-22- 5692848 |
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Fax No.: |
91-22- 26730085 |
DIRECTORS
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Name : |
Mr. Mahesh Makhija |
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Designation : |
Director |
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Address : |
2-B, 507, Horizon View, Seven Bungalows, Andheri (West), Mumbai – 400
061, Maharashtra, India |
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Date of Birth/Age : |
21.06.1969 |
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Date of Appointment : |
01.04.2007 |
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Name : |
Mr. Ajay Mehra |
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Designation : |
Director |
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Address : |
101, Hare Krishna, Presidency Society, N S Roads, No. 8, Jvpd Scheme,
Vile Parle (West), Mumbai – 400 056, Maharashtra, India |
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Date of Appointment : |
21.07.2005 |
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Name : |
Mr. Yogesh Mehra |
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Designation : |
Director |
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Address : |
101, Hare Krishna, Presidency Society, N S Roads, No. 8, Jvpd Scheme,
Vile Parle (West), Mumbai – 400 056, Maharashtra, India |
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Date of Appointment : |
21.07.2005 |
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Name : |
Mrs. Radhika Mehra |
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Designation : |
Director |
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Address : |
101, Hare Krishna, Presidency Society, N S Roads, No. 8, JVPD Scheme,
Vile Parle (West), Mumbai – 400 056, Maharashtra, India |
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Date of Appointment : |
21.07.2005 |
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Name : |
Mr. Anton Johannes Rohner |
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Designation : |
Director |
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Address : |
97 Lord Street, Sandy Bay, Tasmania 7005, Australia |
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Date of Birth/Age : |
20.11.1968 |
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Date of Appointment : |
20.12.2006 |
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Name : |
Mr. Mark Stephen Kelleher |
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Designation : |
Director |
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Address : |
167, Pottery Road, Lenah Vally, Tasmania - 7008 |
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Date of Birth/Age : |
21.07.1958 |
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Date of Appointment : |
20.12.2006 |
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Name : |
Mr. Mathew Guy Groom |
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Designation : |
Director |
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Address : |
30 Colville Street, Battery Point, Tasmania -7004 |
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Date of Birth/Age : |
24.11.1970 |
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Date of Appointment : |
20.12.2006 |
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Name : |
Mr. Rajiv Ranjan Mishra |
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Designation : |
Director |
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Address : |
Apartment 2B, Nibbana Annexe Pali Hill, Bandra (West), Mumbai – 400
050, Maharashtra, India |
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Date of Birth/Age : |
01.01.1966 |
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Date of Appointment : |
20.12.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders (as on 31.03.2007) |
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No. of Shares |
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Mr. Yogesh Jogindernath Mehra |
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3400 |
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Mr. Ajay Jogindernath Mehra |
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3300 |
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Mr. Radhika Yogesh Mehra |
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3300 |
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Total
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10000 |
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Equity Share Break Up (as on
31.03.2007) |
Percentage |
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Foreign holdings
(Foreign institutional investors ) foreign companies foreign financial
institutions, non residents or Overseas corporate bodies or others |
100 % |
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Total |
100
% |
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BUSINESS DETAILS
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Line of Business : |
Renewable Energy Developer. |
GENERAL
INFORMATION
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Bankers : |
The Hong Kong and Shanghai Banking Corporation Limited S K Ahire Marg, Worli , Mumbai – 400 030, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountants |
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Address : |
252, Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai – 400 028,
Maharashtra, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
(As on
18.08.2007):-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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100000000 |
Equity Shares |
Rs. 10/- each |
Rs.1000.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
99985069 |
Equity Shares |
Rs. 10/- each |
Rs.999.851
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
0.100 |
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2] Share Application Money |
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767.589 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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[0.397] |
[0.008] |
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NETWORTH |
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767.292 |
0.092 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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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0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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767.292 |
0.092 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.000 |
0.000 |
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Capital work-in-progress |
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425.797 |
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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0.000
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0.000 |
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Sundry Debtors |
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0.000
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0.000 |
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Cash & Bank Balances |
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340.664
|
0.093 |
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Other Current Assets |
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0.000
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0.000 |
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Loans & Advances |
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0.000
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0.000 |
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Total
Current Assets |
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340.664 |
0.093 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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9.105
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0.001 |
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Provisions |
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0.000
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0.000 |
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Total
Current Liabilities |
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9.105 |
0.001 |
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Net Current Assets |
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331.559 |
0.092 |
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MISCELLANEOUS EXPENSES |
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9.936 |
0.000 |
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TOTAL |
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767.292 |
0.092 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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0.000 |
0.000 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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0.000 |
0.000 |
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Profit/(Loss) Before Tax |
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[0.389] |
[0.008] |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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[0.389] |
[0.008] |
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Total Expenditure |
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0.389 |
0.008 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total
Income |
(%) |
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NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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0.01 |
0.01 |
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Current Ratio (Current Asset/Current Liability) |
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37.42 |
93.00 |
LOCAL AGENCY
FURTHER INFORMATION
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Corporation identity number or foreign company registrations number of
the company |
U29100MH2005PTC154946 |
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Name of the company |
ROARING 40S WIND FARMS KHANDKE PRIVATE LIMITED |
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Address |
302, 3rd Floor, Boston House, Suren Road, CTS No. 260/261
Andheri (East), Mumbai – 400 093, Maharashtra, India |
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This Form is for |
Modification of charge |
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Type of Charges |
Immovable property |
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Particular of the charge holder
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The Hong Kong and Shanghai Banking Corporation Limited Address: S K Ahire Marg, Worli, Mumbai – 400 030, Maharashtra, India Email ID: gitanjalioliver@hsbc.co.in |
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Nature or description of the instrument creating charge |
Additional indenture of mortgage |
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Date of the instrument creating charge |
14.12.2007 |
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Amount Secure by the charge |
Rs. 1844.905 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate
of Interest : 6 month JPY Libor Margin: 170 basis Points Extent and operation of the
charge:- The security interest in favour of the security Trustee shall be a
first ranking pari passu charge. By way of the current modification the
company has granted additional security by way of mortgage of immovable
property: - All that piece and parcel of land situate at village Ratadgaon,
taluka Nagar, District Ahmedanagar, Maharashtra, India --- more specifically
defined in schedule B. |
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Short particulars of the Property charged |
By way of the current modification the company has granted additional
security by way of mortgage of immovable property:- All that piece and parcel of land situate at Village Ratadgaon, Taluka
Nagar, District Ahmednagar, Maharashtra, India ---more specifically defined
in schedule B. |
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Particulars of the present modification |
By way of the current modification the company has granted additional
security by way of mortgage of immovable property:- All that piece and parcel of land situate at Village Ratadgaon, Taluka
Nagar, District Ahmednagar, Maharashtra, India ---more specifically defined
in schedule B. |
WEBSITE DETAILS:
Formed through a partnership between energy giants Hydro Tasmania and China Light and Power (CLP) Group,
Since its inception in 2005, Roaring 40s’ commitment to success has
resulted in thirteen sites in operation or in planning in Australia, New
Zealand, India, Hong Kong and mainland China. Through their partnerships with China Datang Corporation
and Guohua Energy
Investments, Subject is now one of the leading foreign renewable
energy companies in China.
Khandke Wind Farm
(Project) :-
Khandke Wind Farm is a wholly-owned project of Roaring 40s Renewable Energy Pty Limited.
Subject has signed an agreement with the major turbine manufacturer
Enercon (India) Limited, for its first wind farm project in India. The
greenfield project in Maharashtra is the first of what is anticipated to be a
growing portfolio of wind energy projects for subject in this large emerging
market. It was made possible through the strong renewable energy policy
implemented in 2006 by the state of Maharashtra.
Location
The Khandke Wind Farm is sited in the Indian state of Maharashtra, whose coast
is bounded by the Arabian Sea.
Maharashtra is geographically the third largest state in India and also India’s
leading industrial state.
The project site is inland, 200 km to the east of the nation’s capital
Mumbai and approximately 20km to the east of Ahmadnagar.
Project scope
The Khandke Wind Farm project will have a total capacity 50.4 MW,
consisting of sixty-three Enercon E53 800 kW wind turbines.
Construction of the Khandke Wind Farm project has been broken into three
stages. Stage One construction commenced in May 2007. Stage Two is scheduled to
commence in November 2007 and Stage Three will commence in December 2007.
Khandke Wind Farm is expected to become fully operational in December
2007.
Environmental focus
Prior to commencing any construction, extensive field surveys were
undertaken, which included the collation of data on heritage, social, economic,
visual, flora and fauna values and wind farm noise.
No significant vegetation was identified as at risk at the site, which
is uninhabited and currently being used in some parts for agricultural purposes
(mostly small crops).
An environmental management plan has been prepared for the project and on-going
re-assessment of environmental factors will continue throughout the project
life-cycle.
Approvals process
Before a wind farm development project can proceed, appropriate
approvals are sought. The Maharashtra Energy Development Agency (MEDA) is a
single point of clearance on all issues, including environmental issues. The
MEDA has granted full in principle approval for the project.
Community benefits
Short to medium term employment will be created during the construction
phase, with staff being sourced from the local community. This will provide
positive economic flow-on benefits to the local community.
Additional employment opportunities exist for the on-going maintenance of the
site.
When completed, electricity generated by the Khandke Wind Farm will
supply enough energy to power 25,000 homes and save up to 110,000 tonnes of
carbon dioxide each year.
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 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.40.45 |
|
UK Pound |
1 |
Rs.81.20 |
|
Euro |
1 |
Rs.63.48 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
--- |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
--- |
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--PROFITABILIRY |
1~10 |
--- |
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--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
--- |
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DEMERIT POINTS |
|
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--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 |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
36 |
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 |
|