MIRA
INFORM REPORT
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Report Date : |
19.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
GLOBAL WIND POWER LIMITED |
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Registered Office : |
402, Satelite Silver, Opposite Honda Showroom, Andheri Kurla Road, Marol
, Andheri (East), Mumbai – 400 056, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
23.02.2007 |
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Com. Reg. No.: |
11-168078 |
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CIN No.: [Company
Identification No.] |
U74140MH2007PLC168078 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
SRTG01581G |
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PAN No.: [Permanent
Account No.] |
AAECM9752G |
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Legal Form : |
A closely held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Wind Mill Towers, Nessels and Blades |
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 400 |
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Status : |
New company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a new company and yet to commence commercial operations.
The company has been successful in obtaining sizeable amount of loan from its
banker. Trade relations are fair. No payments records could be available at
present. The company can be considered for small to mediocre business dealings
with slight caution initially. |
LOCATIONS
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Registered Office / Factory: |
402, Satelite Silver, Opposite Honda Showroom, Andheri Kurla Road,
Marol , Andheri (East), Mumbai – 400 056, Maharashtra, India |
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Tel. No.: |
91-22-30091422 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Dinesh Navnitlal Modi |
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Designation : |
Director |
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Address : |
B -22, Sperry Star CHS Limited, Eksar Road, Borivali (West), Mumbai –
400 091, Maharashtra, India |
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Name : |
Mr. Prakash Pandurang Khedekar |
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Designation : |
Director |
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Address : |
103 Swaraj Palace, Plot 12/13 Sector 12D, Koparkhairane, Navi Mumbai –
400 709, India |
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Name : |
Mr. M N Sudhindra Rao |
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Designation : |
Director |
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Address : |
Flat No. 6 CD, 6th Floor, New Mona CHS Private Limited,
Mona Apartments, 46 F, Malabar Khambala Div, 8 B D Road, Mumbai – 400 026,
Maharashtra, India |
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Date of Birth/Age : |
22.05.1957 |
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Date of Appointment : |
25.09.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders (as on 31.03.2007) |
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No. of Shares |
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Equity Shares : |
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Powersurfer Interactive (India) Private limited |
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4995 |
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Sonata Investment Limited |
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5000 |
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Ramesh Shenoy Jtly with Powersurfer Interactive (India) Private Limited |
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1 |
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Mr. Abhijit Banerjee Jtly with Powersurfer Interactive (India) Private Limited |
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1 |
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Mr. Divyesh Dalal jtly with Powersurfer Interactive (India) Private Limited |
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1 |
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Mr. Ashish Karyekar jtly with Powersurfer Interactive (India) Private Limited |
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1 |
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Mrs. Shivangi Samani jtly with Powersurfer Interactive (India) Private Limited |
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1 |
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Total
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10000 |
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Preference
Shares: |
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Sonata Investments Limited |
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250000000 |
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Total |
250000000 |
Equity Shares Breakup (Percentage of Total Equity): (as on 31.03.2007):-
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Sr No. |
Category |
Percentage |
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1 |
Bodies Corporate |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Wind Mill Towers, Nessels and Blades |
GENERAL
INFORMATION
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Bankers : |
Axis Bank Limited Nariman Point Branch, Atlanta Building,
Ground Floor, Nariman Point, Mumbai – 400 012, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Malpani and Associates Chartered Accountants |
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Address : |
307, Chartered House 297/299, Dr. Cawasji Hormasji Street, Near Marine
Lines Church, Mumbai – 400 002, Maharashtra, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100 million |
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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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
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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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0.000 |
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4] (Accumulated Losses) |
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[0.002] |
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NETWORTH |
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0.098 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
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0.000 |
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TOTAL BORROWING |
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0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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0.098 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.000 |
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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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0.000 |
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Sundry Debtors |
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0.000 |
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Cash & Bank Balances |
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0.100 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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0.000 |
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Total
Current Assets |
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0.100 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.006 |
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Provisions |
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0.002 |
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Total
Current Liabilities |
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0.008 |
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Net Current Assets |
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0.092 |
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MISCELLANEOUS EXPENSES |
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0.006 |
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TOTAL |
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0.098 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
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Sales Turnover |
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0.000 |
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Other Income |
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0.000 |
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Total Income |
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0.000 |
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Profit/(Loss) Before Tax |
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(0.002) |
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Provision for Taxation |
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0.000 |
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Profit/(Loss) After Tax |
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(0.002) |
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Expenditures : |
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Other Expenditure |
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0.002 |
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Total Expenditure |
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0.002 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(2.00) |
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Return on Investment (ROI) (PBT/Networth) |
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(0.02) |
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Debt Equity Ratio (Total Liability/Networth) |
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0.08 |
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Current Ratio (Current Asset/Current Liability) |
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12.50 |
LOCAL AGENCY
FURTHER INFORMATION
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Corporation identity number or foreign company registrations number of
the company |
U74140MH2007PLC168078 |
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Name of the company |
GLOBAL WIND POWER LIMITED |
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Address |
402, Satelite Silver, Opposite Honda Showroom, Andheri Kurla Road,
Marol , Andheri (East), Mumbai – 400 056, Maharashtra, India |
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This Form is for |
Creation of charge |
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Type of Charges |
· Book Debts · Movable Property · Others |
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Particular of the charge holder
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Axis Bank Limited Nariman Point Branch, Atlanta Building,
Ground Floor, Nariman Point, Mumbai – 400 012, India Email: suyashri@vsnl.com
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Nature or description of the instrument creating charge |
Deed of hypothecation of current assets
(stock and book debts) dated 27.02.2008 |
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Date of the instrument creating charge |
27.02.2008 |
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Amount Secure by the charge |
Rs. 810.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of Interest : Commission on L/C 0.0375% per month Terms of Repayment: On Demand Margin: Cash Margin – Nil Extent and operation of the Charge: The assets are given to secure one time letter of credit (Import) of
Rs. 710.000 millions and one time letter of credit (import / Inland) of Rs.
100.000 millions. |
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Short particulars of the Property charged |
Hypothecation of present and future stock including raw material,
stock in process, goods procured under LC, finished goods and other current assets being movable
property stored at Co’s premises and outstanding monies receivables claims in
the course of business. |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.64 |
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UK Pound |
1 |
Rs.83.00 |
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Euro |
1 |
Rs.66.00 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
--- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
---- |
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--PROFITABILIRY |
1~10 |
---- |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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 |
YES |
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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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26 |
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. |
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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