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MIRA
INFORM REPORT
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Report Date : |
06.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
POWER ENERGY CONSERVATION (INDIA) PRIVATE LIMITED |
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Registered Office : |
11, Aryavarta 351, Narayan, Dabholkar Road, Mumbai-400006, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
21.10.2005 |
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Com. Reg. No.: |
11-156964 |
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CIN No.: [Company
Identification No.] |
U40100MH2005PTC156964 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP21986G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Energy Meter, VIF Meter, RTU, Temperature
Meter, Lux/ Light Meter and Sky Light |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 8200 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is in informing stage and incurred heavy losses. Thus
Financial position can be regarded as poor. Payments are not available. Initially, the company can be considered for any business dealings on
safe and secured trade terms and conditions, only. |
LOCATIONS
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Registered Office : |
11, Aryavarta 351, Narayan, Dabholkar Road, Mumbai-400006,
Maharashtra, India |
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E-Mail : |
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Factory 1 : |
B-104. Kailas Esplande, LBS Marg, Ghatkopar (West), Mumbai-400086,
Maharashtra, India |
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Tel. No.: |
91-22-25007958 |
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Fax No.: |
91-22-25008958 |
DIRECTORS
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Name : |
Mr. James Gaza |
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Designation : |
Additional Director |
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Address : |
420, North May Stree, Chicago, IIlinois, -60622, Unitedc States of
America |
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Date of Birth/Age : |
19.09.1936 |
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Date of Appointment : |
02.05.2006 |
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Name : |
Mr. Suresh Nohra |
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Designation : |
Director |
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Address : |
11, ARyavartha, N D Marg, Mumbai-400026, Maharashtra, India |
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Date of Birth/Age : |
01.11.1942 |
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Date of Appointment : |
21.10.2005 |
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Name : |
Mr. Kewal Krishan Nohria |
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Designation : |
Director |
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Address : |
11, ARyavartha, N D Marg, Mumbai-400026, Maharashtra, India |
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Date of Birth/Age : |
10.01.1932 |
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Date of Appointment : |
21.10.2005 |
KEY EXECUTIVES
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Name : |
Mr. Anmish Rai |
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Designation : |
Vice President |
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Mobile No. : |
91-9820196007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 29.09.2005
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Names of Shareholders |
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No. of Shares |
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Kerwal Krishna Nohia |
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40000 |
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Sudesh Nohia |
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10000 |
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Stonewater Control Systems Incorporation |
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43689 |
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Jponto LLC |
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21641 |
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Total |
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115330 |
As on 25.09.2007
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List of Allottees |
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No. of Shares Allotted |
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Kewal Krishan Nohria |
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7500 |
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Chetan VAdiala Sanghvi |
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66793 |
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Vadilal Motialal Sanghvi |
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45707 |
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Total |
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120000 |
As on 02.03.2007
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List of Allottees |
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No. of Shares Allotted |
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Honto, LLC |
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43689 |
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Kewal Nohria |
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100000 |
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Total |
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143689 |
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List of Allottees |
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No. of Shares Allotted |
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Stonewater Control System INC |
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46126 |
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Honto, LLC |
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22527 |
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Total |
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68653 |
Equity Share Breakup (Percentage of Total Equity)
As on 29.09.2007
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Category |
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Percentage |
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Foreign holdings (Foreign institutional Investor(s), Foreign
Companie(s) Foreign Financial institution (s), Non-resident Indian(s) or
Overseas corporate bodies or others |
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54.22 |
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Directors or relatives of directors |
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45.78 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Energy Meter, VIF Meter, RTU, Temperature
Meter, Lux/ Light Meter and Sky Light |
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Products : |
·
Energy Meter ·
VIF Meter ·
RTU ·
Temperature Meter ·
Lux / Light Meter ·
Sky Light |
GENERAL
INFORMATION
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Bankers : |
Not Available |
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Banking
Relations : |
Unknown |
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Auditors : |
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Name : |
Ashish J Jain and Company Chartered Accountant |
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Address : |
Kanhya Bhavan, A- Block, Gound Floor, 554, Chira Bazar, Marine Lines (
East), Mumbai-400002, Maharashtra, India |
CAPITAL STRUCTURE
As on 24.07.2007
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 |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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327672 |
Equity Shares |
Rs. 10/-
each |
Rs. 3.277
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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3.277 |
1.153 |
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2] Share Application Money |
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0.000 |
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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[1.626] |
[0.377] |
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NETWORTH |
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1.651 |
0.776 |
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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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0.000 |
0.000 |
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TOTAL |
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1.651 |
0.776 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.115 |
0.009 |
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Capital work-in-progress |
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0.000 |
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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0.643 |
0.000 |
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Sundry Debtors |
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0.000 |
0.000 |
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Cash & Bank Balances |
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0.921 |
0.757 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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0.161 |
0.018 |
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Total
Current Assets |
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1.725 |
0.775 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.236 |
0.075 |
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Provisions |
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0.004 |
0.000 |
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Total
Current Liabilities |
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0.240 |
0.075 |
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Net Current Assets |
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1.485 |
0.700 |
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MISCELLANEOUS EXPENSES |
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0.051 |
0.067 |
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TOTAL |
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1.651 |
0.776 |
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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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[1.231] |
[0.377] |
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Provision for Taxation |
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0.000 |
0.00 |
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Profit/(Loss) After Tax |
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[1.231] |
[0.377] |
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Total Imports |
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Expenditures : |
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Depreciation & Amortization |
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0.024 |
0.001 |
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Other Expenditure |
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1.207 |
0.376 |
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Total Expenditure |
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1.231 |
0.377 |
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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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00.00 |
0.00 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.00 |
0.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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[0.74] |
[0.48] |
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Return on Investment (ROI) (PBT/Networth) |
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[66.90] |
[48.00] |
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Debt Equity Ratio (Total Liability/Networth) |
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0.15 |
0.09 |
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Current Ratio (Current Asset/Current Liability) |
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7.18 |
10.33 |
LOCAL AGENCY
FURTHER INFORMATION
AS PER WEBSITE
Profile
Subject is a
manufacturer and exporter of Energy
Meter, VIF Meter, RTU, Temperature, Lux/Light Meter, Sky Light, etc. The aim to reduce energy consumption by
increasing the efficiency, redesigning, replacing, controlling and using
the system effectively. An in-house quality assurance laboratory ensures that
the quality standards are in conformance to international benchmarks, at every
stage of the production. The have escalated to this level of success by
producing and supplying high quality products, an exceptional level of service,
better after sales support and transparency in all the business dealings.
The Products
An electronic energy meter's functionality and performance
outperforms that of the traditional ferraris wheel meter. One advantage of an
electronic meter in nonlinear loads is its high metering accuracy; electronic
measurements are more robust and accurate. Cost and reliability are the main
obstacles blocking their wider use. To be more attractive to customers, the
electronic meter must offer either more functionality or the cost must be
decreased near the level of electromechanical solutions.
The Technology
The review the sources of energy consumption and make recommendations. All
recommendations are accompanied by detailed analysis of cost, return on
investment and implementation plans. Once approved, the provide consultancy or
supply system or implement the plans to deliver measurable results.
The Services
The measure the usage of electricity, fuel, water, gas, etc. on real time basis
and keep the data on server. The offer “Energy Management System” specially
developed for energy conservation. The analysis of data is important and the
have the expertise and experience in analysis, which helps them in continuously
reducing the energy consumption while offering the same or better conditions of
safe and healthy environment. The philosophy extends beyond the boundary of one
time benefit. The continuously track the data and help the customer to derive
perpetual benefit. In case the data shows deviation from its defined path, the
offer notification services such as alarms, sms, and emails to the specified
person to keep control on the processes.
The Solutions
The offer the following solutions:
·
Energy management/accounting system
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Energy monitoring and data logging system
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Temperature monitoring and data logging system
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Cooler Control.
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.46.88 |
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UK Pound |
1 |
Rs.82.97 |
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Euro |
1 |
Rs.64.99 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
1 |
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OPERATING SCALE |
1~10 |
1 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
1 |
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--PROFITABILIRY |
1~10 |
-- |
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--LIQUIDITY |
1~10 |
-- |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
-- |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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 |
NO |
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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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14 |
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 |
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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 |
|
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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