MIRA
INFORM REPORT
|
Report Date : |
15.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
USL PHOTOVOLTAICS
PRIVATE LIMITED |
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|
|
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Registered
Office : |
1/473 Avavasi
Road, Neelambur, Coimbatore – 641014, Tamilnadu |
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Country : |
India |
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Financials (as
on) : |
31.03.2007 |
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Date of
Incorporation : |
01.09.1999 |
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Com. Reg. No.: |
18-8987 |
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CIN No.: [Company
Identification No.] |
U32109TZ199PTC008987 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CMBU03045A |
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Legal Form : |
Private Limited
Liability Company |
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Line of
Business : |
Manufacturer,
Importer and Exporter of solar modules, photo-voltaic cells and related solar
equipments |
RATING &
COMMENTS
|
MIRA’s Rating
: |
A |
RATING
|
STATUS |
PROPOSED
CREDIT LINE |
|
|
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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Maximum Credit
Limit : |
USD 160000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established company having satisfactory track. Trade relations are fair.
Payments are usually correct and as per commitments. The company can be
considered normal for business dealings at usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Venkatesh |
|
Designation : |
General Manager and Director |
|
Date : |
02.09.2008 |
LOCATIONS
|
Registered Office/
Factory : |
1/473 Avavasi
Road, Neelambur, Coimbatore – 641014, Tamilnadu |
|
Tel. No.: |
91-422-2627651 /
2627003 / 2038781 / 2628909/ 262785 |
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Mobile : |
91-989405000 |
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Fax No.: |
91-422-2628504 /
2038781 |
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E-Mail : |
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Website: |
DIRECTORS
|
Name : |
Mr. U. Ashok |
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Designation : |
Director |
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Address : |
No. 10, Bharathi
Colony, Peelamedu, Coimbatore 641004, Tamilnadu, India |
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Date of
Birth/Age : |
20.03.1974 |
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Date of
Appointment: |
01.09.1999 |
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Name : |
Mr. K. Arun |
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Designation : |
Director |
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Address: |
No. 6 / 8,
Bharathi Colony, Peelamedu, Coimbatore 641004, Tamilnadu, India |
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Date of
Birth/Age : |
14.11.1981 |
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Date of
Appointment: |
01.09.1999 |
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Email : |
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Name : |
Ms. P Akila |
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Designation : |
Director |
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Address : |
No. 3, Pera Naidu
Street, Peelamedu, Coimbatore 641004, Tamilnadu, India |
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Date of Birth
: |
14.05.1965 |
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Date of Appointment
: |
03.11.2004 |
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Email : |
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|
Name : |
Dr. Rudrapatna
Narayanswamy Sreenath |
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Designation : |
Director |
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Address : |
No. 2401. 8th
Main, 22nd Cross, Banasankari, 2nd Stage, Bangalore
560070, Karnataka, India |
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Date of
Birth/Age : |
18.03.1941 |
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Date of
Appointment : |
03.11.2004 |
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Name : |
Mr. O. R.
Venkatesan |
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Designation : |
Additional
Director |
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Address : |
63 Nandanagar, Singanallur,
Coimbatore – 641005, Tamilnadu, India |
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Date of
Birth/Age : |
04.02.1945 |
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Qualification
: |
Under Graduate |
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Date of
Appointment : |
23.07.2008 |
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Name : |
Mr. Kytharam
Ananthasivan Neelakantan |
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Designation : |
Additional Director
|
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Address : |
055, New Thillai
Nagar, Thirumalai Nagar, P. N. Pudur, Coimbatore – 641041, Tamilnadu, India |
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Date of
Birth/Age : |
29.10.1956 |
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Date of
Appointment : |
23.07.2008 |
KEY EXECUTIVES
|
Name : |
Mr. C N
Paramasivam |
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Designation : |
Company Secretary
|
|
Address : |
“Surya”, 35
Mayflower Avenue, Behind Senthil Nagar, Sowripalayam Road, Coimbatore 641
028, Tamilnadu, India |
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Tel No.: |
91-422-2316758 |
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Fax No.: |
91-422-2318780 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on
30.09.2004)
|
Names
of Shareholders |
No. of Shares |
|
|
|
|
Mr. U. Ashok |
58703 |
|
Mr. K. Arun |
58703 |
|
Ms. P. Akila |
50591 |
|
Maharishi Solar
Techn. Private Limited |
52704 |
|
Winrock International
India |
3 |
|
|
|
|
Total |
220704 |
(As on 31.03.2007)
|
Category |
Percentage |
|
|
|
|
Bodies corporate (no mentioned above) |
23.88 |
|
Directors of relatives of directors |
49.52 |
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Other top fifty (50) shareholders (other than listed above) |
26.60 |
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|
|
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Total |
100.00 |
BUSINESS DETAILS
|
Line of
Business : |
Manufacturer,
Importer and Exporter of solar modules, photo-voltaic cells and related solar
equipments |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
40% to 60%
Advances |
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Purchasing : |
100% Advance |
GENERAL
INFORMATION
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Customers : |
Dealers |
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No. of
Employees : |
65 |
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Bankers : |
C & I Division, Coimbatore, India
1524/1287, Trichy
Road, Coimbatore – 641018, Tamilnadu India |
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Banking Relations : |
Satisfactory |
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Auditors : |
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Name: |
S. Kalyanam Chartered
Accountants |
|
Address : |
Gurukripa, Iyer
Hospital Road, Singanallur Post, Coimbatore 641005, Tamilnadu, India |
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|
|
|
Name: |
R Gurubatham Chartered
Accountant |
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Address : |
Gurukripa, Iyer
Hospital Road, Singanallur Post, Coimbatore – 641005, Tamilnadu, India |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 millions |
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Issued,
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
220704 |
Equity Shares |
Rs.10/- each |
Rs.2.207 millions |
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|
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share Capital |
2.207 |
2.207 |
2.207 |
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2] Share
Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves &
Surplus |
29.453 |
25.936 |
20.183 |
|
|
4] (Accumulated
Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
31.660 |
28.143 |
22.390 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
14.935 |
14.470 |
16.847 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
14.935 |
14.470 |
16.847 |
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DEFERRED TAX
LIABILITIES |
2.219 |
2.280 |
2.293 |
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|
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|
|
|
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TOTAL |
48.814 |
44.893 |
41.530 |
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APPLICATION OF
FUNDS |
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|
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|
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|
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FIXED ASSETS [Net
Block] |
8.044 |
7.844 |
8.101 |
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Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
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INVESTMENT |
10.007 |
10.007 |
10.007 |
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DEFERREX TAX
ASSETS |
0.000 |
0.000 |
0.000 |
|
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|
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CURRENT ASSETS,
LOANS & ADVANCES |
|
|
|
|
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Inventories |
41.960
|
27.041 |
35.660 |
|
|
Sundry Debtors |
2.269
|
11.486 |
5.372 |
|
|
Cash & Bank
Balances |
1.459
|
5.497 |
1.900 |
|
|
Other Current
Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
4.154
|
2.715 |
1.978 |
|
Total Current Assets |
49.842
|
46.739 |
44.910 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current
Liabilities |
18.746
|
19.249 |
21.155 |
|
|
Provisions |
0.333
|
0.448 |
0.344 |
|
Total Current Liabilities |
19.079
|
19.697 |
21.499 |
|
|
Net
Current Assets |
30.763
|
27.042 |
23.411 |
|
|
|
|
|
|
|
|
MISCELLANEOUS
EXPENSES |
0.000 |
0.000 |
0.011 |
|
|
|
|
|
|
|
|
TOTAL |
48.814 |
44.893 |
41.530 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
189.450 |
123.025 |
106.491 |
|
|
Other Income |
4.956 |
1.858 |
1.991 |
|
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Total Income |
194.406 |
124.883 |
108.482 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
4.001 |
6.289 |
6.493 |
|
|
Provision for Taxation |
0.484 |
0.536 |
1.936 |
|
|
Profit/(Loss) After Tax |
3.517 |
5.753 |
4.557 |
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|
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Export Value |
163.813 |
92.532 |
90.732 |
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Imports : |
|
|
|
|
|
|
Raw Materials |
152.266 |
58.199 |
61.343 |
|
|
Capital Goods |
0.439 |
0.433 |
2.065 |
|
Total Imports |
152.705 |
58.632 |
63.408 |
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|
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Expenditures : |
|
|
|
|
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|
Financial Charges |
2.465 |
2.212 |
2.532 |
|
|
Depreciation & Amortization |
1.218 |
1.181 |
1.072 |
|
|
Other Expenditure |
186.722 |
115.201 |
94.781 |
|
Total
Expenditure |
190.405 |
118.594 |
98.385 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.81
|
4.60 |
4.20 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.11
|
5.11 |
6.09 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.91
|
11.52 |
12.24 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.22 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.07
|
1.21 |
1.71 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.61
|
2.37 |
2.08 |
LOCAL AGENCY FURTHER
INFORMATION
Trade Reference:
- Software
Technology, Chennai
- Indian
Chamber of Commerce, Coimbatore
Form 8:
|
Name of the
company |
USL
PHOTOVOLTAICS PRIVATE LIMITED |
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|
Presented By |
MR. U ASHOK, DIRECTOR |
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1) Date and description
of instrument creating the change |
Hypothecation of
goods to secure a demand cash credit dated 25.09.2001 |
||||||||||||
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs.19.000
millions |
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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 |
All stocks of Raw Materials, such as silicon
wafers, glass, frames, chemicals, etc. and work in process, finished goods
such as photovoltaic cells, photovoltaic modules etc. packing materials, etc.
stored at 1/473, Avanashi Road, Neelambur, Coimbatore 641014 or anywhere
else. |
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|
4) Gist of the
terms and conditions and extent and operation of the charge. |
Interest at the rate of 3.00% p. a. below the BPLR of Reserve Bank of
India rate subject to a minimum of 8.0% p. a. |
||||||||||||
|
5) Name and
Address and description of the person entitled to the charge. |
UCO Bank 862, Raja Street, Coimbatore 641001, Tamilnadu, India |
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6) Date and brief description of instrument
modifying the charge |
1. Hypothecation
of Goods secure a Demand cash credit dated 04.02.2004 2. Agreement for
extension of charge by way of Hypothecation over current assets to secure non
fund based facilities dated 04.02.2004 3. Agreement for
packing credit advance dated 04.02.2004 |
||||||||||||
|
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. |
Aggregate credit
limit has been enhanced as follows
|
Website Details
Attached:
Profile:
Solar Photovoltaic system produce energy from the Sun for every
day use, independent of fossil fuel supplies and utility connections. Fuel is already
delivered and available everywhere.
Very minimal maintenance is required and has maximum reliability
compare to power lines.
Photovoltaic systems are silent non-polluting and provide power
for a wide range of applications such as Home lighting, Radio, TV, Water
Pumps, Security systems Telecommunications, Navigation, Power plants and many
other industrial uses.
As Conventional energy becomes dear and pollution poisons the
environment the Sun is increasingly being seen as the natural source of power. This
becomes more relevant in areas where it is not feasible to connect expensive
power grids to pump water for drinking and irrigation purposes.
Harnessing solar energy, Subject has been doing significant
developmental work in this direction for past 7 years. Indian PV Industry is
adopting mostly crystalline silicon based PV cells.
The efficiency is in the range of 13 to 14% @ STC. In the balance
of systems, enhanced quality Charge controllers, Inverters etc., have been
introduced. Experience has been gained in Grid Interactive Power plants thanks
to MNES supported programme.
As the promoters are technocrats the products manufactured are
comparatively at par with international Standards.
Quality Policy of
UPL
UPL commits to build Quality in
every activity by involving all people and elements of organization to deliver
zero defect products / services on time in national and international markets
for achieving customer satisfaction. UPL endeavors continually for enhancement
of performance which will ensure value for money for customer. Human Resources
To manufacture products conforming to National / International standards in
performance and safety. UPL employs about 65 personnel including more than 20
engineers.
EHTP Status
They are an 100% Export Oriented
Unit (EOU) that confirms to the Electronic Hardware Technology Park status.
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.45.77 |
|
UK Pound |
1 |
Rs.80.67 |
|
Euro |
1 |
Rs.64.20 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
60 |
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 |
|