%20PRIVATE%20LIMITED%20%20-%20138379%2009-Apr-2011_files/image009.jpg){kind=small}
MIRA INFORM REPORT
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Report Date : |
09.04.2011 |
IDENTIFICATION DETAILS
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Name : |
POWERDEAL ENERGY SYSTEMS ( |
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Registered
Office : |
F 29 MIDC, Satpur, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
10.09.2004 |
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Com. Reg. No.: |
11-148511 |
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CIN No.: [Company Identification
No.] |
U29300MH2004PTC148511 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
NSKP02609F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Galvanising Plant |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (48) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 2810000 |
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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 an established company having satisfactory track. Trade
relations are fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Mahesh B Khairnar |
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Designation : |
Director |
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Contact No.: |
91-253-2336698 |
|
Date : |
07.04.2011 |
LOCATIONS
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Registered Office : |
F 29 MIDC, Satpur, |
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Tel. No.: |
91-253-3048113 / 14 / 30 |
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E-Mail : |
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Area : |
5000 sq.ft |
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Location : |
Owned |
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Factory : |
Survey No. 5/1 8 6/2/1 (Part), Villoli, |
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Tel. No.: |
91-253-2336698 |
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Fax No.: |
91-253-2336699 |
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Location : |
Owned |
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Location : |
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DIRECTORS
AS ON 30.09.2010
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Name : |
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Designation : |
Director |
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Date of Birth/Age : |
22.11.1975 |
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Qualification : |
Graduate |
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Date of Appointment : |
10.09.2004 |
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Name : |
Mr. Yogesh Khairnar |
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Designation : |
Director |
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Date of Birth/Age : |
24.11.1977 |
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Qualification : |
Graduate |
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Date of Appointment : |
10.09.2004 |
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Name : |
Mrs. Shubhada M Khairnar |
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Designation : |
Director |
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Date of Birth/Age : |
01.10.1975 |
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Qualification : |
Graduate |
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Date of Appointment : |
10.09.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Mrs. Shubhada M Khairnar |
8591268 |
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Mr. Yogesh Khairnar |
8739084 |
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|
8601648 |
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Total |
25932000 |
AS ON 30.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
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Directors or relatives of directors |
|
100.00 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Galvanising Plant |
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Terms : |
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Selling : |
Cash, Credit (30-60-90 Days) |
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Purchasing : |
Cash, Credit (30-60-90 Days) |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
100 Approximately |
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Bankers : |
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Facilities : |
Cash Credit Rs. 650.000 millions (IDBI Bank)
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Banking
Relations : |
-- |
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Auditors : |
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Name 1: |
V Chartered Accountant |
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Address : |
320, Tulsiam Chambers, Nariman Point, Mumbai 400021, |
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Name 2: |
Milind C Modak Chartered Accountant |
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Address : |
Suman Vihar, Opposite State Bank, |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
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|
30010000 |
Equity Shares |
Rs. 10 each |
Rs.300.100 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
25932000 |
Equity Shares |
Rs. 10 each |
Rs.259.320 millions |
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|
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Of the above:
2962920
Equity Share of Rs. 10/- path fully paid-up have been alloted
pursuant to a Scheme of Arrangement, without payments being received in cash
2,16,10,000
Equity Shares of Rs. 10/- each fully paid-up have been alloted as bonus shares
by capitalisation of Security Premium, without payments being
received In cash
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
259.320 |
48.859 |
43.220 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
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3] Reserves & Surplus |
446.446 |
635.659 |
610.239 |
|
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4] (Accumulated Losses) |
(1.732) |
(0.713) |
0.000 |
|
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NETWORTH |
704.034 |
683.805 |
653.459 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
193.496 |
146.940 |
103.751 |
|
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2] Unsecured Loans |
20.305 |
55.941 |
3.182 |
|
|
TOTAL BORROWING |
213.801 |
202.881 |
106.933 |
|
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DEFERRED TAX LIABILITIES |
37.177 |
12.143 |
5.109 |
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|
|
|
|
|
|
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TOTAL |
955.012 |
898.829 |
765.501 |
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APPLICATION OF FUNDS |
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|
|
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FIXED ASSETS [Net Block] |
826.940 |
782.292 |
719.608 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
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|
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INVESTMENT |
10.519 |
4.683 |
2.763 |
|
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DEFERREX TAX ASSETS |
4.720 |
4.110 |
0.000 |
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
144.392
|
97.557 |
33.960 |
|
|
Sundry Debtors |
120.747
|
90.110 |
57.873 |
|
|
Cash & Bank Balances |
3.626
|
7.222 |
10.818 |
|
|
Other Current Assets |
26.103
|
28.489 |
13.594 |
|
|
Loans & Advances |
28.416
|
8.221 |
9.255 |
|
Total
Current Assets |
323.284
|
231.599 |
125.500 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
169.337
|
101.358 |
66.915 |
|
|
Other Current Liabilities |
0.000 |
0.000 |
0.000 |
|
|
Provisions |
41.117
|
22.506 |
15.469 |
|
Total
Current Liabilities |
210.454
|
123.864 |
82.384 |
|
|
Net Current Assets |
112.830
|
107.735 |
43.116 |
|
|
|
|
|
|
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|
MISCELLANEOUS EXPENSES |
0.003 |
0.009 |
0.014 |
|
|
|
|
|
|
|
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TOTAL |
955.012 |
898.829 |
765.501 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
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Sales |
1040.523 |
502.379 |
154.658 |
|
|
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Other Income |
0.000 |
0.000 |
2.204 |
|
|
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TOTAL (A) |
1040.523 |
502.379 |
156.862 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Selling and Distribution Expenses |
|
|
|
|
|
|
Office Expenses |
886.791 |
389.085 |
142.822 |
|
|
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Administrative Expenses |
|
|
|
|
|
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Advertising Expenses |
|
|
|
|
|
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TOTAL (B) |
886.791 |
389.085 |
142.822 |
|
|
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
153.732 |
113.294 |
14.040 |
|
|
|
|
|
|
|
|
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Less |
FINANCIAL
EXPENSES (D) |
31.517 |
19.510 |
NA |
|
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
122.215 |
93.784 |
14.040 |
|
|
|
|
|
|
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
65.603 |
61.427 |
1.409 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
56.612 |
32.357 |
12.631 |
|
|
|
|
|
|
|
|
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Less |
TAX (H) |
35.351 |
6.937 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
21.261 |
25.420 |
12.631 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
0.82 |
-- |
-- |
|
%20PRIVATE%20LIMITED%20%20-%20138379%2009-Apr-2011_files/image003.gif){kind=small}
%20PRIVATE%20LIMITED%20%20-%20138379%2009-Apr-2011_files/image004.gif){kind=small}
%20PRIVATE%20LIMITED%20%20-%20138379%2009-Apr-2011_files/image005.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.04
|
5.05 |
8.05 |
|
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|
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
5.44
|
6.44 |
8.16 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.92
|
3.19 |
1.49 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.05 |
0.02 |
|
|
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|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.65
|
0.49 |
0.29 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.53
|
1.86 |
1.52 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS (Rs. In Millions )
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
Sundry Creditors |
169.337
|
101.358 |
66.915 |
BUSINESS OPERATIONS AND
OUTLOOK
It is a matter of great
pleasure to inform all members of |he board that company has enhanced its Gross
Turnover of the company by 107% as compare to last year and the Net Profit by
74% as
compare to last year Due to issue of bonus shares the earning per share is
reduced though overall profit of company has increased substantially.
The Board of Directors and Members has also taken decision to enhances the
Authorized Share Capital by 250 millions to make it 300 millions as on 3lsl
March. 2010 With this due to excellent result for Last 3 Years company has also
decided to Issue Bonus Shares in proportion of 5 Shares for every one share to
the existing Shareholder's
During the year Company's main
business activity was in manufacturing of Energy Devices, Low Tension and
The performance of the
company has been on a very positive expanding trend due to full-fledged
production activities in respect of following areas which has been enhanced
during last year
- Transmission and Distribution of Medium Voltage
and Low Voltage
- Towers for Telecom Transmission of Power and
Windmill
- APFC Panels from 9Kvar to 600Kvar Capacity
- Project Orders in Transmission and Distribution
- Project Orders in Telecom Sector
It is also to be placed
before the board about expansional growth in Exports with The help of its new
division for handling imports and exports far Companies manufacturing products
as well as mercantile exports to have presence in global market and also
started the Project Division for attending
the turnkey projects in the field of telecommunication and transmission
segments
During the year Company has
taken decision for its expansion project in the field of a Reated Concrete Panels and Blocks
having very good Export potentials and expecting to start its commercial
production during the year 2010-11.
In the field of Companies Social
Responsibilities (GSR) company is one of the co-promoter in International
Knowledge Foundation (the Company registered under Section 25 of
companies Act as NGO) taking a various programmes for upliftment of Rural
community without disturbing the nature. The Board is also consisting of the
same Directors of the company
FIXED ASSETS:
- Building
- Motor Car and
Vehicle
- Plant and
Machinery
- Computer
- Electrical
Installation
- Furniture and
Fittings
- Tools and
Equipments
- Land
- Goodwill and
Brand
- Product Design
and Drawing
- Lifting and
Handling Equipment Crane WIP
FORM 8
|
Corporate
identity number of the company |
U29300MH2004PTC148511 |
|
Name of the
company |
POWERDEAL ENERGY SYSTEMS ( |
|
Address of the registered
office or of the principal place of
business in |
F 29 MIDC, Satpur, F 29 MIDC, Satpur, |
|
This form is for |
Modification of
charge Creation of
charge |
|
Type of charge |
Immovable
property Movable property
(not being pledge) Others |
|
Particular of
charge holder |
IDBI Bank, Email: pm.awate@idbi.co.in |
|
Nature of
instrument creating charge |
1. Declaration
and undertaking I and II, 2. Letter of USD
Term Loan facility, 3. LOI for LER
Limit, 4. Memorandum of
Entry. |
|
Date of
instrument Creating the charge |
23.12.2010 |
|
Amount secured by
the charge |
Rs. 650.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest TL- BPLR, CC-
BPLR, BD- FTP + 2.5%, LC and BG - COMMISSION 2% P. A. LER : AS PER
TARIFF OF BANK ECB : LIBOR + 3% PLUS
SERVICE TAX OF 2% Terms of repayment Old TL and CC as
per original sanction letter. New TL- monthly payable. CC, BD, LC and BG
repayable on demand. ECB- USD 1 million each payable in the 2nd, 3rd, 4th and
5th years from the date of 1st disbursement/ draw down. LER: As per
sanction letter dated 16.11.2010. Margin TL- 34%, CC-
Stock 25% and Book debts 40%, BD- 15%, LC and BG- 10%, ECB- 11.04 Cr. Extent and operation of the charge 1) First charge
over entire current assets and movable assets ,including moveable plant and
machinery ,spares , stocks, book debts ( present and future ) together with
interest ,addl. interest ,LD,costs etc. to be paid by the company. First
charge over company's entire immovable properties comprising on land bearing
Survey No.4/1, 4/2, 5/1 (part), 5/2,5/3/4, 6/2/1 and 5/1 apprx. 80,200 Sq.
Mtrs. situated at Village Vilholi, Taluka and Distt Nashik within the limits
of Vilholi Grampanchayat. Other VEHICLE , P and M
ETC. |
|
Short particulars
of the property charged (Including location of the property) |
First charge over
entire current assets and movable assets ,including moveable plant and
machinery ,spares , stocks, book debts ( present and future ) together with
interest ,addl. interest ,LD, costs First charge over co's entire immovable
properties comprising on land bearing Survey No.4/1, 4/2, 5/1, 5/2,5/3/4,
6/2/1 and 5/1(part) apprx. 80,200 Sq.Mtrs. situated at Village Vilholi,
Taluka and Distt Nashik within the limits of Vilholi Grampanchayat., together
with all buildings shed & structures constructed or to be constructed
thereon and all plant and machinery attached to earth or permanently fastened
to anything attached to earth fixtures and fittings erected/installed &
every part thereof. |
|
Particulars of
the present modification |
The present
modification has been made in the loan amount. The loan amount has been
enhanced from Rs. 240.000 millions to Rs. 650.000 millions consisting of the
following: 1}
TL(OLD)-Rs.80.000 millions, 2} TL(NEW)- Rs.
20.000 millions 3} TOTAL CC-Rs.
140.000 millions 4} Bill
discounting-Rs. 40.000 millions 5} TOTAL LC - Rs.
50.000 millions 6} TOTAL Bank
guarantee - Rs. 50.000 millions 7} Foreign
Currency Loan - USD 4 millions (approx. equals to Rs. 235.000 millions and 8} LER- Rs.
35.000 millions. Charge Also
Extended For Equitable Mortgage Created |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.04 |
|
|
1 |
Rs.72.20 |
|
Euro |
1 |
Rs.63.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.