MIRA
INFORM REPORT
|
Report Date : |
12.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
KENERSYS INDIA PRIVATE LIMITED |
|
|
|
|
Registered Office : |
S No. 49 Industry House, Opp, Kalyani Steels Limited, Mundhwa, Pune –
411 036, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2008 |
|
|
|
|
Date of Incorporation : |
20.10.2007 |
|
|
|
|
Com. Reg. No.: |
11-130881 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U40102PN2007PTC130881 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
PNEK08064A |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AADCK2089H |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing and Operation of Wind Energy Generators. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
New Company |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a new company incorporated for manufacturing and operation
of wind energy generators. The company had not commenced commercial
operations till 31.03.2008. No further details could be available. The company can be considered for small to mediocre business dealings
initially. |
LOCATIONS
|
Registered Office : |
S No. 49 Industry House, Opp, Kalyani Steels Limited, Mundhwa, Pune –
411 036, Maharashtra, India |
|
Tel. No.: |
91-20-26702418 |
|
Mobile No.: |
91-98812 50665 |
|
Fax No.: |
91-20-26702383 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Europe Office : |
Kenersys GmbH, Engelstrasse 68, 48143 Münster, Germany |
|
Tel. No.: |
49-0-251-21099-116 |
|
Fax No.: |
49-173 99 32 9 72 |
|
E-Mail : |
49-0-251-21099-200 |
|
Area : |
DIRECTORS
|
Name : |
Mr. Shriniwas B Kanade |
|
Designation : |
Director |
|
Address : |
20 Nityananad Housing Society, Pune Satara Road, Pune – 411 043, Maharashtra,
India |
|
Date of Birth/Age : |
04.03.1953 |
|
Date of Appointment : |
20.10.2007 |
|
|
|
|
Name : |
Mr. Jeevanprasad Patwardhan |
|
Designation : |
Director |
|
Address : |
635/86, Vijay Nagar Colony, Sadashiv Peth, Pune – 411 030, Maharashtra,
India |
|
Date of Birth/Age : |
24.04.1958 |
|
Date of Appointment : |
20.10.2007 |
|
|
|
|
Name : |
Mr. Babasaheb Neelkanth Kalyani |
|
Designation : |
Nominee Director |
|
Address : |
Amit, 221/A, Kalyani Nagar, Yerawada, Pune – 411 006, Maharashtra,
India |
|
Date of Birth/Age : |
07.01.1949 |
|
Date of Appointment : |
13.05.2008 |
|
|
|
|
Name : |
Mr. Amit Babasaheb Kalyani |
|
Designation : |
Nominee Director |
|
Address : |
Amit, 221/A, Kalyani Nagar, Yerawada, Pune – 411 006, Maharashtra,
India |
|
Date of Birth/Age : |
26.07.1975 |
|
Date of Appointment : |
13.05.2008 |
|
|
|
|
Name : |
Mr. Govind Damodar Patwardhan |
|
Designation : |
Director |
|
Address : |
635/86, Vijay Nagar Colony, Sadashiv Peth, Pune – 411 030,
Maharashtra, India |
|
Date of Birth/Age : |
24.04.1958 |
|
Date of Ceasing : |
13.05.2008 |
|
|
|
|
Name : |
Mr. Francesco Giuliani |
|
Designation : |
Director |
|
Address : |
66 Prospect Street, Greenwich - 06830 |
|
Date of Birth/Age : |
16.03.1972 |
|
Date of Appointment : |
09.07.2008 |
|
|
|
|
Name : |
Mr. Glenn Jeffrey Payne |
|
Designation : |
Director |
|
Address : |
12 Hilltop Trail, Westport 06880 |
|
Date of Birth/Age : |
09.11.1964 |
|
Date of Appointment : |
09.07.2008 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 26.04.2008)
|
Names of Shareholders |
No. of Shares |
|
Shriniwas B Kanade |
100 |
|
J G Patwardhan |
100 |
|
KTMS Engineering Private Limited |
49800 |
|
|
|
|
Total |
50000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2008)
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Operation of Wind Energy Generators. |
GENERAL
INFORMATION
|
Bankers : |
HDFC Bank Limited |
|
|
|
|
Banking
Relations : |
- |
|
|
|
|
Auditors : |
|
|
Name : |
P V Deo Chartered Accountant |
|
Address : |
Laxminarayan Nagar, No. 4, Erandawana, Pune – 411 004, Maharashtra,
India |
|
Tel. No.: |
91-20-25465542 |
|
|
|
|
Holding Company : |
KTMS Engineering Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
0.500 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
0.500 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
134.026 |
|
|
TOTAL BORROWING |
|
|
134.026 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
134.526 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
0.000 |
|
|
Capital work-in-progress |
|
|
67.662 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000 |
|
|
Sundry Debtors |
|
|
0.000 |
|
|
Cash & Bank Balances |
|
|
2.637 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
71.453 |
|
Total
Current Assets |
|
|
74.090 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
|
7.249 |
|
|
Provisions |
|
|
0.000 |
|
Total
Current Liabilities |
|
|
7.249 |
|
|
Net Current Assets |
|
|
66.841 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.023 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
134.526 |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2008 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
|
282.55 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
10.22 |
LOCAL AGENCY
FURTHER INFORMATION
Business
Activities
During the period i.e. from 20th October, 2007 to 31st
March 2008, company was exclusively engaged in setting up its business of
manufacturing and operation of wind energy generators. The Company has not
commenced its commercial operations during the period covered by these
accounts.
Since the entire share capital of the company is held by KTMS
Engineering Private Limited, Pune the company is a 100% subsidiary of KTMS
Engineering Private Limited.
Web Details
Profile
These
capabilities are further consolidated with integration of end-to-end design
capabilities right from components to wind turbine systems offered by the
highly experienced team of engineers of RSBConsult GmbH , a design and
consulting house based in Muenster, Germany. RSBConsult is now a part of
Kalyani Group.This team had strong design capabilities for state-of-the-art
products i.e. wind turbines with an access to the complete supply chain in wind
energy sector. This has been complimented by the core team of Kenersys India
with expertise in Operations.
Subject thus brings to the market the products and technology backed
by an organization that has strong capabilities and expertise in areas like
project management, robust managerial and financial resources and experience in
the operations of wind farms.
Strong
credibility of the Kalyani Group, its engineering orientation and the business
approach including the product strategy is ideally poised to provide the
competitive edge to the project developers globally.
Business Structure and Organisation
Subject
business model has been developed from the concept and we are proud to
highlight the fact that the concept is the first of its kind to develop into a
business organization in Indian Wind Power history. The objective of the
concept is to de-risk the technology aspect of the product to the maximum
extent and to ensure that the products are in-line with Global Business Model.
Subject
will offer its services to the customers through its corporate offices viz.
Kenersys GmbH, at Muenster in Germany and Kenersys India Private Limited at
Pune in India to cater to the markets worldwide.
The
design, manufacture and assembly of the wind turbines will be strategically
located at India and Europe so as to maximize the service delivery to the
customer.
The
Kalyani Group would
also provide wind farm development and Operations and Maintenance (O and M)
services through its group companies or through third parties.
Products
The market requirements for
products do vary depending on the geographical locations, the wind regime, and
the policies of the country. In order to cater to such specific needs of the
market, Kenersys has strategized its design philosophy
·
Products
for global applications- Two platforms with variants to suit localized needs
·
Modularity
within Platforms
·
Proven
design configuration
·
To
maximize the uptime of the turbines
The
products are under the high stage of development and are concurrently
undergoing certification.
·
Kenersys K82-2000kW
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.47.59 |
|
UK Pound |
1 |
Rs.74.55 |
|
Euro |
1 |
Rs.60.57 |
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 |
|