MIRA INFORM REPORT
|
Report Date : |
14.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
VIKRAM SOLAR PRIVATE LIMITED (w.e.f. 03.09.2008) |
|
|
|
|
Formerly Known
as : |
INTERNATIONAL CLOTHIERS INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
‘Tobacco House’1, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation
: |
02.12.2005 |
|
|
|
|
Com. Reg. No.: |
21-106448 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U18100WB2005PTC106448 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Automotive Modules |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 700000 |
|
|
|
|
Status : |
Recently Commenced Business |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Though the company was incorporated in the year 2005, its started commercial
activity recently in the year 2009-10. Business is active. Payments are
reported to be slow. The company can be considered for business dealings on a secured 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Rohit |
|
Designation : |
Accounts Department |
|
Date : |
09.04.2011 |
LOCATIONS
|
Registered Office/Factory : |
‘Tobacco House’1, |
|
Tel. No.: |
91-33-22307299 |
|
Fax No.: |
91-33-2248488 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Hari Krishna Chudhary |
|
Designation : |
Director |
|
Address : |
134, |
|
Date of Birth/Age : |
04.12.1943 |
|
Date of Appointment : |
14.07.2008 |
|
|
|
|
Name : |
Mr. Anil Chaudhary |
|
Designation : |
Director |
|
Address : |
Sukhwani Associates, Flat No. 47F/E, Vivek Nagar, Pune – 411035, |
|
Date of Birth/Age : |
18.04.1967 |
|
Date of Appointment : |
14.07.2008 |
|
|
|
|
Name : |
Mr. Krisshna Kumar Maskara |
|
Designation : |
Director |
|
Address : |
15, |
|
Date of Birth/Age : |
25.08.1978 |
|
Date of Appointment : |
01.01.2009 |
|
|
|
|
Name : |
Mr. Raj Kumar Mishra |
|
Designation : |
Director |
|
Address : |
67/68, |
|
Date of Birth/Age : |
29.09.1964 |
|
Date of Appointment : |
20.07.2010 |
|
|
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Hari Krishna Chaudhary |
|
157250 |
|
Urmila Chaudhary |
|
446250 |
|
Anil Vhaudhary |
|
474450 |
|
Chaudhary Nilam |
|
355000 |
|
Gyanesh Chaudhary |
|
432050 |
|
G.C. Chaudhary and Sons, Kolkata |
|
450000 |
|
Anil Chaudhary and Sons, Kolkata |
|
450000 |
|
Monolink Trexim Private Limited, Kolkata |
|
1425000 |
|
Vikram Capital Management Limited, Kolkata |
|
4900000 |
|
Vikram India Limited, Kolkata |
|
999250 |
|
Meenakshi Chaudhary |
|
460000 |
|
H.K. Chaudhary and Sons, Kolkata |
|
450000 |
|
|
|
|
|
Total |
|
10999250 |
AS ON 30.09.2010
|
Category |
Percentage |
|
|
|
|
Bodies corporate |
66.59 |
|
Directors or relatives of Directors |
33.41 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Automotive Modules |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Exports : |
|
||||
|
Products : |
Automotive Modules |
||||
|
Countries : |
|
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Depends |
||||
|
|
|
||||
|
Purchasing : |
Depend |
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Solar Photovoltaic Modules and Systems |
KW |
Nil |
12000.00 |
3237.30 |
|
|
|
|
|
|
GENERAL INFORMATION
|
Customers : |
|
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
100 (Approximately) |
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
State Bank of |
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
Note :
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Rustogi and Company Chartered Accountant |
|
Address : |
19, |
|
Tel. No.: |
91-33-22480823 / 0856 |
|
Fax No.: |
91-33-22430746 |
|
|
|
|
Associates : |
|
|
|
|
|
Subsidiaries : |
|
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10999250 |
Equity Shares |
Rs.10/- each |
Rs.109.993
Millions |
|
|
|
|
|
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 |
109.992 |
52.242 |
7.050 |
|
|
2] Share Application Money |
17.400 |
27.400 |
0.000 |
|
|
3] Reserves & Surplus |
47.000 |
14.686 |
6.950 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
174.392 |
94.328 |
14.000 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
522.367 |
45.661 |
28.622 |
|
|
2] Unsecured Loans |
0.000 |
6.845 |
4.737 |
|
|
TOTAL BORROWING |
522.367 |
52.506 |
33.359 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
696.759 |
144.834 |
47.359 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
222.786 |
31.372 |
39.050 |
|
|
Capital work-in-progress |
4.835 |
85.174 |
7.496 |
|
|
|
|
|
|
|
|
INVESTMENT |
1.283 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
131.705
|
0.000 |
1.799 |
|
|
Sundry Debtors |
282.767
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
8.340
|
2.061 |
0.595 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.016 |
|
|
Loans & Advances |
101.931
|
28.279 |
0.027 |
|
Total
Current Assets |
524.743
|
30.340 |
2.437 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Other Current Liabilities |
56.818
|
1.982 |
1.604 |
|
|
Provisions |
0.070
|
0.070 |
0.020 |
|
Total
Current Liabilities |
56.888
|
2.052 |
1.624 |
|
|
Net Current Assets |
467.855
|
28.288 |
0.813 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
696.759 |
144.834 |
47.359 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
|
|
|
TOTAL TURNOVER |
335.239 |
-- |
-- |
|
|
|
|
|
|
|
|
|
Less |
|
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
302.547 |
-- |
-- |
|
|
|
Interest |
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
TOTAL |
302.547 |
-- |
-- |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
32.830 |
-- |
(1.939) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
-- |
-- |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
32.830 |
-- |
(1.946) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
301.788 |
0.000 |
NA |
|
|
TOTAL EARNINGS |
301.788 |
0.000 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
247.946 |
0.000 |
NA |
|
|
|
Stores & Spares |
0.280 |
0.000 |
NA |
|
|
|
Capital Goods |
85.259 |
0.000 |
NA |
|
|
TOTAL IMPORTS |
333.485 |
0.000 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.73 |
-- |
-- |
|
Expected Sales (2010-2011) : Rs. 500.000 millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
9.79
|
-- |
-- |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.39
|
-- |
-- |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
-- |
(4.67) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.32
|
0.85 |
2.49 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
9.22
|
14.78 |
1.50 |
LOCAL AGENCY FURTHER INFORMATION
TRADE REFERENCES :
Jayder
NOTE :
The Registered office address of the company has been shifted from 26,
Sakespares Sarani, 8th Floor, West Bengal, India to present address
w.e.f. 18.10.2008
FIXED ASSETS :
- Land
(Leasehold)
- Buildings
- Plant and
Machinery
- Electrical
Installations
- Generator Set
- Electrical
Equipments
- Computer
- Vehicles
- Handling
Equipments
- Office
Equipments
- Tools and
Equipments
- Certification
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 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. 44.48 |
|
|
1 |
Rs. 72.36 |
|
Euro |
1 |
Rs. 64.42 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
28 |
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.