MIRA
INFORM REPORT
|
Report Date : |
01.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MAHARISHI SOLAR TECHNOLOGY PRIVATE LIMITED |
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Registered Office : |
A – 14, Mohan Co-Operative Industrial Estate, Mathura Road, New Delhi
– 110044 |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
09.07.1999 |
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Com. Reg. No.: |
55-100629 |
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CIN No.: [Company
Identification No.] |
U74999DL1999PTC100629 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELM05652D |
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PAN No.: [Permanent
Account No.] |
AACCM0458M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Multi – Crystalline Silicone Ingots, Photovoltaic
Wafers, Cells and PV Modules, Solar Thermal Flat Plate Collectors, System and
BIOS. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1800000 |
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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 records. Subject has been successful in wiping off all its previous losses
during the year 2006-07. Trade relations are fair. Business is active.
Payments are reported as usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office / Corporate Office : |
A – 14, Mohan Co-Operative Industrial Estate, Mathura Road, New Delhi
– 110044, India |
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Tel. No.: |
91-11-26959800 / 26959701/ 26959401 |
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Fax No.: |
91-11-26959669 / 26836682 |
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E-Mail : |
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Website : |
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Regional Marketing Office (North)
: |
A – 14, Mohan Co-Operative Industrial Estate, Mathura Road, New Delhi – 110044, India |
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Tel. No.: |
91-11-26959800 / 26959701/ 26959401 |
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Fax No.: |
91-11-26959669 |
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E-Mail : |
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Regional Marketing Office (South)
: |
28 Dr. Guruswamy Road, Chetpet, Chennai – 600031, Tamilnadu, India |
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Tel. No.: |
91-44-26403958 |
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Fax No.: |
91-44-26403978 |
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Production Facility : |
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P V Division : |
Mruthyunjayapuram, Village, Buchhi Naidu Kandriga Mandal, Chittoor
District, Andhra Pradesh, India |
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Tel. No.: |
91-8578-277745 |
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Fax No.: |
91-8578-277503 |
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Thermal Division : |
C – 146 and 147, Hosiery Complex, Phase – 2, Noida, District Gautam
Budha Nagar, Uttar Pradesh, India |
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Tel. No.: |
91-120-4348500 / 01 |
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Fax No.: |
91-120-4348987 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Rajeev Arora |
|
Designation : |
Director |
|
Address : |
J – 139, Sector – 41, Noida - 201303, Uttar Pradesh, India |
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Date of Birth/Age : |
07.04.1961 |
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Date of Appointment : |
09.07.1999 |
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Name : |
Mr. Rajesh Srivastava |
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Designation : |
Director |
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Address : |
95, Sector – 35, Shivalik, Noida - 201301, Uttar Pradesh, India |
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Date of Birth/Age : |
20.04.1963 |
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Date of Appointment : |
09.07.1999 |
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Name : |
Mr. Ajay Prakah Shrivastava |
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Designation : |
Director |
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Address : |
A – 214, New Friends Colony, New Delhi – 110065, India |
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Date of Birth/Age : |
03.05.1955 |
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Date of Appointment : |
17.07.1999 |
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Name : |
Mr. Moravineni Venkataramanamurthy |
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Designation : |
Director |
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Address : |
1 -115 – 1, Madras Raod, Srikalahasti – 517644, Andhra Pradesh, India |
|
Date of Birth/Age : |
09.04.1952 |
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Date of Appointment : |
31.05.2000 |
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|
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Name : |
Mr. K N Bansal |
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Designation : |
Director |
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Address : |
Indian Institute of Technology, Centre For Energy Studies, Hauz Khas,
New Delhi – 11001, India |
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Date of Appointment : |
23.02.2002 |
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|
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|
Name : |
Mr. Rudrapatna Narayanswamy Sreenath |
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Designation : |
Director |
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Address: |
2401, 8th Main, 22nd Cross, Banasankari, 2nd
Stage, Bangalore 560070, Karnataka, India |
KEY EXECUTIVES
|
Name : |
Mr. H Chandrapravas Nayak |
|
Designation : |
Company Secretary |
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Address : |
21 / 80, Lodhi Colony, New Delhi – 110003, India |
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Date of Birth/Age : |
02.01.1969 |
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Date of Appointment : |
01.08.2001 |
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Name : |
Mr. R Alagar |
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Designation : |
Company Secretary |
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Address : |
11/2, Venkat Apartments, Gandhi Street, T. Nagar, Chennai – 600017,
India |
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Tel No.: |
91-44-28142194 |
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Fax No.: |
91-9381032459 |
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Email: |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 31.03.2007
|
Names of Shareholders |
|
No. of Shares |
|
Ram Srivastava |
|
10 |
|
Rajeev Arora |
|
10 |
|
Ajay Prakah Shrivastava |
|
9980 |
|
Anand Prakash Shrivastava |
|
346255 |
|
Maharishi Technology Corporation BV |
|
35269280 |
|
Total |
|
35625535 |
AS ON 30.09.2007
|
Category |
|
Percentage of
Holding |
|
Foreign Holdings(Foreign institutional Investors, Foreign Companies, Foreign
Financial Institutions, Non – resident Indian or Overseas corporate bodies or
other |
|
99.00 |
|
Director or Relative of directors |
|
1.00 |
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Multi – Crystalline Silicone Ingots, Wafers, Cells and
PV Modules, Solar Thermal Flat Plate Collectors. |
|
|
|
|
Products : |
˛ Multicrystalline Silicon Wafers ˛ Multicrystalline Silicon Solar Cells
˛ Solar Home ˛ Lighting System
Solar Thermal Product/System Details ˛ Single & Double Glazed Flat Plate Collector |
|
|
|
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Exports : |
|
|
Products : |
· Cells Solar · Wafers |
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Countries : |
· USA · Spain · Italy · Germany · Afganisthan · Nigeria |
GENERAL
INFORMATION
|
No. of Employees : |
280 [In Office 15
+ In Factory 175] |
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|
|
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Bankers : |
State Bank of
India A – 14, South
Extension Part – 1, New Delhi, India |
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|
|
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Banking
Relations : |
Satisfactory |
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Auditors : |
|
|
Name : |
Deepak Jain Chartered Accountants |
|
Address : |
207, Aggarwal Tower, H – 6, Netaji Subhash Place, Pitampura – 110034,
Delhi, India |
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|
|
|
Associates : |
|
CAPITAL STRUCTURE
AS ON 30.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
36500000 |
Equity Shares |
Rs.10/- each |
Rs.365.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
35625535 |
Equity Shares |
Rs.10/- each |
Rs.356.255
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
356.255 |
356.255 |
356.256 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
18.674 |
7.405 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(7.902) |
|
|
NETWORTH |
374.929 |
363.660 |
348.354 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
186.512 |
161.992 |
161.517 |
|
|
2] Unsecured Loans |
123.184 |
55.684 |
22.428 |
|
|
TOTAL BORROWING |
309.696 |
217.676 |
183.945 |
|
|
DEFERRED TAX LIABILITIES |
11.025 |
5.786 |
4.941 |
|
|
|
|
|
|
|
|
TOTAL |
695.650 |
587.122 |
537.240 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
384.482 |
355.434 |
251.876 |
|
|
Capital work-in-progress |
9.104 |
0.000 |
66.664 |
|
|
|
|
|
|
|
|
INVESTMENT |
15.639 |
15.639 |
15.640 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
190.390
|
131.991
|
96.621 |
|
|
Sundry Debtors |
88.896
|
124.341
|
106.311 |
|
|
Cash & Bank Balances |
21.245
|
26.720
|
37.919 |
|
|
Other Current Assets |
1.115
|
2.183
|
1.688 |
|
|
Loans & Advances |
88.129
|
74.036
|
75.919 |
|
Total
Current Assets |
389.775
|
359.271 |
318.458 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
103.350
|
142.567
|
112.987 |
|
|
Provisions |
0.000
|
5.012
|
2.411 |
|
Total
Current Liabilities |
103.350
|
147.579 |
115.398 |
|
|
Net Current Assets |
286.425
|
211.692
|
203.060 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
Silicon Project |
0.000 |
4.357 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
695.650 |
587.122 |
537.240 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
Sales Turnover [Including Other Income] |
280.291 |
365.895 |
221.824 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
14.389 |
16.421 |
11.166 |
|
Provision for Taxation |
3.119 |
1.114 |
1.174 |
|
Profit/(Loss) After Tax |
11.270 |
15.307 |
9.992 |
|
|
|
|
|
|
Earnings in Foreign Currency |
172.312 |
95.224 |
112.130 |
|
|
|
|
|
|
Imports |
181.132 |
110.283 |
214.463 |
|
|
|
|
|
|
Total Expenditure |
265.902 |
349.474 |
210.658 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
4.02
|
4.18
|
4.50 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.13
|
4.49
|
5.03 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.86
|
2.30
|
1.96 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.05
|
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.10
|
1.00
|
0.86 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.77
|
2.43
|
2.75 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
of Suppliers:
·
REC Scan Wafer AS
Tormod, Gjestlandsvei 41, N – 3908, Porsgrunn, Norway
·
Wacker Chemie AG
Johannes-Hess-Str. 24, 84489, Burghausen, Germany
·
Dupont Taiwan Limited
13th Floor, Hung Kuo Building No. 167, Tun Hwa North Road,
Taipei, Taiwan 105
Trade References
of Exporters:
·
Smile and Goodwill Company Limited
104/7 Moo, 2, T baansuan, Ammuang Sukumvit Road, Chonburi 20000,
Thailand
·
L.U..X. s.r.l.
Strada delle roveri snc, 15068, Pozollo Formigaro, Italy
·
Sea Petroleum and Gas Company Limited
KM 14, Lekki-Epe Expressway, Agung, Lagos Sate, Nigeria
Form 8:
|
Name of the company |
MAHARISHI SOLAR
TECHNOLOGY PRIVATE LIMITED |
|
Presented
By |
Shri Rajeev
Aroara, Director |
|
1) Date and description of instrument creating the change |
Agreement of Loan
for overall limit dt.10.03.2004. Agreement of hypothecation of goods and
assets de.10.03.2004. Agreement of pledge of goods and assets dt.10.03.2004
and letter regarding the grant of individual limits within the overall limit
dt.10.03.2004. |Charge registered on 07.04.2004 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.150.000
millions |
|
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 |
1. First charge
on hypothecation of stocks of raw materials, stock in process finished goods,
goods in transit including stores and spares lying at Mruthyunjayapuram,
Village Bucchi Naidu, Kandriga Mandal, Chittoor District, Andhra Pradesh and
else where in the country and hypothecation of book debts of the company 2. Second charge
on the fixed assets of the company |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
1. First charge
on stock and book debts in favour of bank and second charge in favour of
IREDA on the same 2. Fixed charge
on pari passu basis with IREDA on fixed assets upto Rs.50.000 millions to
secure Bank Guarantee 3. Second charges
on Pari Passu basis with IREDA on fixed assets to secure working capital
limit of Rs.75.000 millions and LC of Rs.25.000 millions 4. Interest as
applicable from time to time. At present, 2% over state Bank advance rate
(SBAR), ie 12.25% pa with monthly rests |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of
India A – 14, South
Extension Part – 1, New Delhi |
|
6) Date and brief description of instrument modifying the charge |
Declaration /
Undertaking in the form of affidavit with regard to mortgage by way of
deposit of title deed. (Memoradum of entry recorded at IREDA) on 20.05.2004 |
|
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. |
First charge on
stock and book debts in favour of bank and second charge in favour of IREDA
on the same 2. Fixed charge
on pari passu basis with IREDA on fixed assets upto Rs.50.000 millions to secure
Bank Guarantee |
As per Web Details
Company Profile:
The need for a viable everlasting alternative source of energy to
dwindling fossil fuel deposits was felt during the 70’s—the years of oil crisis.
It further triggered off with the increasing environmental pollution caused by
the combustion of fossil fuels. Thus solar energy, the primary source of energy
for life on earth, was recognized as one of the most sought-after energy
sources to replace the fossil fuels.
Subject, an ISO
9001:2000 Certified Company, was established in 1999 to harness solar
energy for application in Residential, Commercial, Industrial and Agricultural
areas.
SOLAR PV DIVISION
The Company has
set up a vertically integrated manufacturing facility to produce
multi-crystalline silicon ingots, wafers, cells, modules and systems. Subject
aspires to meet the requirements of the Photovoltaic Industry and also
envisages fulfilling its long cherished ambition of providing power to the
common man.
The Company has
200 associates including technical experts from India, Germany, Italy, USA and
Japan. The plant capacity is 2.5 MW per year and this will be expanded to 15 MW
per year in the coming two years making Subject as one of the largest
multi-crystalline silicon PV manufacturing facility in the world.
SOLAR THERMAL
DIVISION
During the year
2005-06, MSTPL diversified into Solar Thermal Technology and set-up a new
Manufacturing unit at NOIDA, Phase-II Extn., Distt. Gautam Budh Nagar (U. P.)
The new unit
designs, engineers and manufactures a wide range of Solar Thermal products /
Systems such as Single Glazed Flat Plate Collectors, Double Glazed Flat Plate
Collectors, Domestic Solar Water Heaters, Large Scale Solar Water Heaters and
Solar Air Conditioning Systems.
The present
installed capacity of the unit is 3,000 Nos.(6000 M2/4200 kwth)
Solar Flat Plate Collectors per annum for supply and installation of Solar
Water Heating Systems at Hotels, Hostels, Canteens, Herbal / Milk Processing
Plants, Hospitals, Swimming Pools, Residential and Industrial Complexes.
The unit has
already designed and supplied solar water heating systems of various sizes
ranging from 100 LPD to 5000 LPD totalling to an aggregate capacity of 75,000
LPD to various costumer in the country.
Technical Expertise and Services
Subject is a strong technological base and infrastructure helps it to
deliver state-of-the-art products and services. Its in-house R and D backed
with strong professionals, continuously innovate and improve the quality of the
products. The company receives timely advice from its technical partner GT
Solar Technologies Inc., of USA —the world leaders in Photovoltic, on
upgradation of processes and incorporation of latest innovations/improvements.
Subject has a very dedicated team of engineers and support staff with long
experience in the field of photovoltic cells. The creative intelligence of the
entire team is enlivened and the full potential of its members is harnessed
using the technique of Transcendental Meditation gifted by His Holiness
Maharishi Mahesh Yogi.
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. 46.94 |
|
UK Pound |
1 |
Rs. 85.57 |
|
Euro |
1 |
Rs. 67.29 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
52 |
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 |
|