MIRA
INFORM REPORT
|
Report Date : |
19.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
EMERGENT VENTURES INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Universal Trade Tower, 5th Floor, Sector – 49, Sohna Road,
Gurgaon – 122001, Haryana |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
16.08.1999 |
|
|
|
|
Com. Reg. No.: |
05-037386 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.1.854 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U73100HR1999PTC037386 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
A Global Consulting and Finance Firm Providing CDM Consultant
Services. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1800000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered/
Corporate Office : |
Universal Trade Tower, 5th Floor, Sector – 49, Sohna Road,
Gurgaon – 122001, Haryana, India |
|
Tel. No.: |
91-124-4353100 |
|
Fax No.: |
91-124-4102980 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branches : |
Located at: ·
Kolkata ·
Mumbai ·
Hyderabad ·
Pune Bangalore ·
Bhubaneshwar |
DIRECTORS
As on 24.08.2011
|
Name : |
Mr. Naresh Chandra |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
4/4053, Vasant Kunj, New Delhi - 110 070, Delhi,
India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
01.08.1934 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
23.12.2008 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00015833 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship :
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Vinod Kumar Kala |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Managing director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
122, Tatvam Villas, Vipul World, Sector-48, Gurgaon – 122002, Haryana, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
13.08.1962 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
15.02.2000 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00650333 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship :
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Ravi Kumar Sinha |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
B216, Vasant Vihar, New Delhi - 110057, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
28.10.1947 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
23.12.2008 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00350100 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship :
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Krishnamurthy Venugopala Tenneti |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
79, Adarsh Vista, Basavanagar, Vibuthipura, Marathahalli, Bangalore –
560037, Karnataka, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
29.06.1945 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
16.08.1999 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
01338477 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship :
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Rajendra Pandhare |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Nominee director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
C 234, First Floor, Defence Colony, New Delhi, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
13.11.1960 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
23.12.2008 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
01669086 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship :
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Raja Parthasarathy |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Nominee director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
7N, Dilwara, M.K. Road, Mumbai – 400021, Maharashtra, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
29.11.1969 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
22.12.2010 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
02182373 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship :
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Navneet Kaur |
|
Designation : |
Secretary |
|
Date of Appointment : |
01.04.2009 |
|
PAN No. : |
AJPPK7276F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.08.2011
|
Names of Shareholders |
No. of Shares |
|
Vinod Kumar Kala |
123750 |
|
Shubhmangala Kala |
2 |
|
IDFC Trustee Company Limited, India |
46544 |
|
Beneficial Owner Sustainable Climate Initiative Trust, India |
2924 |
|
Rajendra Pandhare |
1250 |
|
Ashutosh Pandey |
10465 |
|
Atul Sanghal |
500 |
|
Total |
185435 |
Equity Share Break up (Percentage of Total Equity)
As on 24.08.2011
|
Category |
Percentage |
|
Bodies corporate |
26.68 |
|
Directors or relatives of Directors |
67.41 |
|
Other top fifty shareholders |
5.91 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
A Global Consulting and Finance Firm Providing CDM Consultant
Services. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||
|
|
|
|||||||||
|
Bankers : |
Not Available |
|||||||||
|
|
|
|||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B S R and Company Chartered Accountants |
|
Address : |
Building No. 10, 8th Floor, Tower – B, DLF Cyber City,
Phase – II, Gurgaon – 122002, Haryana, India |
|
PAN.: |
AAIFB7357B |
|
|
|
|
Subsidiaries : |
·
Anahita Clean Technologies Private Limited CIN
No. : U40105DL2008PTC176100 ·
Windforce Management Services Private Limited CIN
No.: U74120HR2008PTC037774 ·
Emergent Ventures International Inc – USA ·
Green Indus Bio Energy Private Limited CIN
No. : U40200HR2009PTC039222 ·
Magadh Biofuels Plantations Private Limited CIN
No.: U01403HR2009PTC038772 ·
Becquerel Energy Private Limited ·
Chloris Renewable Technologies Private Limited ·
Harit Bio Energy Private Limited CIN
No. : U40107HR2010PTC040615 ·
Ka Renewable Energies Private Limited ·
Keeling Energy Private Limited ·
Mundeshwari Bio Energy Private Limited CIN
No. : U40106HR201PTC040595 ·
Nyx Renewable Energies Private Limited ·
Perihelion Energy Private Limited CIN
No.: U40300HR2010PTC040398 ·
Sanmati Bio Energy Private Limited ·
Tathagata Bio Energy Private Limited CIN
No. : U40300HR2010PTC040586 ·
Terre Solar Energy Private Limited CIN
No. : U40106HR2010PTC040443 ·
Vibhuti Bio Energy Private Limited CIN
No. : U40107HR2010PTC040616 ·
Andhrasol Energy Private Limited CIN
No. : U40300HR2010PTC040397 ·
Kunwar Bio Energy Private Limited CIN
No. : U40300HR2010PTC040585 ·
Helios Renewables Pte. Limited ·
REsource Power Private Limited ·
Zeus Renewables Technologies Private Limited ·
Rance Energy Private Limited ·
Sistan Energy Private Limited ·
High Wind Energy Private Limited ·
Rance Energy Private Limited ·
Emergent Ventures International Pte Limited,
Singapore ·
Emergent Ventures International Australia Pty
Limited ·
Emergent Ventures (Malaysia) Sdn Bhd |
|
|
|
|
Associates |
·
DeCore Transtechnologies Private Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
750000 |
Equity Shares |
Rs.10/- each |
Rs.7.500 Millions |
|
250000 |
Preference Shares |
Rs.10/- each |
Rs.2.500 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.10.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
185435 |
Equity Shares |
Rs.10/- each |
Rs.1.854
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1.854 |
1.706 |
1.705 |
|
|
2] Share Application Money |
0.898 |
0.416 |
0.095 |
|
|
3] Reserves & Surplus |
455.323 |
450.033 |
446.169 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
458.075 |
452.155 |
447.969 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.483 |
0.631 |
0.762 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.483 |
0.631 |
0.762 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
458.558 |
452.786 |
448.731 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
9.531 |
7.747 |
11.057 |
|
|
Capital work-in-progress |
1.103 |
1.568 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
234.716 |
306.585 |
352.274 |
|
|
DEFERREX TAX ASSETS |
2.227 |
3.652 |
0.533 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2.281
|
0.000 |
0.000
|
|
|
Sundry Debtors |
60.325
|
44.206
|
25.903
|
|
|
Cash & Bank Balances |
31.934
|
33.275
|
56.145
|
|
|
Other Current Assets |
0.572
|
0.850
|
0.000
|
|
|
Loans & Advances |
172.260
|
93.342
|
26.776
|
|
Total
Current Assets |
267.372
|
171.673 |
108.824
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
23.931
|
8.754
|
18.189
|
|
|
Other Current Liabilities |
29.006
|
26.455
|
5.194
|
|
|
Provisions |
3.454
|
3.230
|
0.574
|
|
Total
Current Liabilities |
56.391
|
38.439 |
23.957
|
|
|
Net Current Assets |
210.981
|
133.234 |
84.867
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
458.558 |
452.786 |
448.731 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
133.037 |
88.842 |
99.026 |
|
|
|
Other Income |
15.697 |
15.190 |
29.202 |
|
|
|
TOTAL (A) |
148.734 |
104.032 |
128.228 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods sold |
0.741 |
0.000 |
0.000 |
|
|
|
Personnel Expenses |
76.805 |
40.942 |
13.020 |
|
|
|
Operating and other Expenses |
59.051 |
58.197 |
79.127 |
|
|
|
TOTAL (B) |
136.597 |
99.139 |
92.147 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
12.137 |
4.893 |
36.081 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.205 |
0.082 |
1.256 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
11.932 |
4.811 |
34.825 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.731 |
3.741 |
2.094 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
8.201 |
1.070 |
32.731 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2.762 |
(3.119) |
4.799 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H)
(I) |
5.439 |
4.189 |
27.932 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
48.632 |
44.446 |
17.914 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed dividend on 15% optionally
convertible redeemable preference shares |
(0.001) |
(0.003) |
(0.003) |
|
|
|
Corporate Dividend tax on proposed
dividend |
(0.001) |
(0.001) |
(0.001) |
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
(1.396) |
|
|
BALANCE CARRIED
TO THE B/S |
48.630 |
48.632 |
44.446 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Consultancy income |
4.868 |
8.443 |
10.583 |
|
|
|
Sale of CER |
0.811 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
5.679 |
8.443 |
10.583 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
29.79 |
24.83 |
165.69 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.65
|
4.03 |
21.78
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.16
|
1.20 |
33.05
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.96
|
0.59 |
27.30
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.01 |
0.07
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.12
|
0.086 |
0.05
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.74
|
4.46 |
4.54
|
LOCAL AGENCY FURTHER INFORMATION
Operational Performance
The year 2010-11
remained tough for the industry. The uncertainty regarding the future of the
Clean Development Mechanism (CDM) and/or a successor to the Kyoto Protocol, continued.
Although talks did not collapse in Cancun last year, there is still no
international treaty in place for climate change mitigation; the European
Union’s Emissions Trading Scheme continues to be primary user of Certified
Emission Reductions (CERs), but with stringent eligibility restrictions – the
foremost of which is the requirement that CDM projects be registered by the end
of this commitment period. The pressure to get this done is only mounting,
while the pace at which projects can get registered remains largely unaltered,
despite interventions made to make the process more efficient. The softness in
economic conditions in EU, USA, Japan is another dampner on the market
sentiments as well as positive movement on post Kyoto treaty.
In Clean Energy
Business (CE, formerly known as Carbon Finance and Technology Solutions)
business, the Company has successfully developed its own portfolio of projects
~ 150 MW, for which the Company is also raising investments.
The Company has
signed integrated development service contracts for bio-mass combustion
projects, wind projects and solar projects and their service scope covers ~ 190
MW+ projects.
Although the
Company faced policy delays in Bihar, the bio-mass policy has been announced
just recently in June 2011. This is a progressive policy and will add
significantly to the attractiveness of their projects. A significant
development in renewable energy sector is progress made on implementing
Renewable Portfolio Obligations (RPOs) and Renewable Energy Certificates (REC).
Once the teething troubles are over, this will enhance the attractiveness of
renewable energy projects in India.
Company’s biomass
gasification program saw some significant progress. The first project is likely
to start in July 2011. This will be first such project in Sri Lanka with its
own dedicated bio-mass. There is significant interest in debt financing for the
project.
They have also
received approvals for five such projects in nearby areas and their project has
strong support from provincial and central governments in Sri Lanka.
In solar, due to
the impetus created by the National Solar Mission as they as the Gujarat Solar
program, they played an instrumental role in 80MW+ of solar projects. As a
result, they were able to exceed their revenue expectations from solar for the
year.
Despite the presence of negative forces, they were still able to expand
business activities:
· Expanded its CDM
project pipeline by 100+projects
· Contracted
sustainability consulting projects from institutions such as the World Bank,
UNEP, MNRE and other international and governmental agencies
· Establish and
expand the advisory business for solar power development
· As owner’s
engineers, they have successfully signed contracts worth 140 MW and completed delivery
for wind projects.
Financial Performance
The Company’s
revenue increased by 43% for the financial year ended March 31, 2011, although
margins continue to be depressed due to the following reasons:
·
The SEA and US operations are in negative territory;
CAB was affected by a three month shut-down of the Swiss registry and an
extended review of HFC-23 review that caused a delay in realizing revenues in
the Carbon Business.
·
Many of large projects, including investments in
Company’s own asset portfolio started by it are not complete and are in the
middle of monetization cycles.
Company’s Profit
after Tax for the financial year ended March 31, 2011 was Rs.5.439 Millions
(Previous Year Rs.4.189 Millions).
New Business launches and expansion
The Company had
entered into a joint venture agreement with Ankur Scientific Energy
Technologies Private Limited (ASET) to set up and invest in Biomass
gasification based power plants. Accordingly, Helios Renewables Pte Limited,
Singapore (Helios), was incorporated as 51:49 joint venture between the Company
and ASET. Helios’s mandate is to develop self sustainable environment friendly
power projects based on the biomass gasification technology in South and South
East Asia. EVI Singapore and ASET will hold 51% and 49% of equity respectively.
The salient
features of RE power development in Sri Lanka are it has Investor friendly RE
policies viz. favourable tariff, long term power purchase agreements, tax
holidays, exemption of duties of imported equipment, allowing foreign
investments. Further, Sri Lanka has availability of land for plantation and
also potential for developing biomass required for power plants. Helios has set
up a 100% subsidiary viz. Helios Thirappane Bio-power Project Private Limited
in Sri Lanka (Helios Thirappane), which would operate 2.20 MW Biomass Gassifier
Power Project. The Project would be executed in two phases, 0.5 MW and 1.70MW.
The first phase of 0.5 MW has already been erected and commissioning works are
under progress. It is expected to start generation by mid July 2011.
Subsidiaries
a) WindForce Management Services Private Limited (“WindForce”)
In the third year
of its operation (2010 – 2011), WindForce established itself as one of the well
known consulting organization and developer in the field of Wind Energy Sector
in India. In consulting, WindForce completed more than 2000 MW WRA and provided
services as Owner’s Engineers to more than 150 MW projects in various States of
India. WindForce has also bagged an assignment for Integrated Development
Services for 100 MW project for an IPP and shall be involved in the complete
life-cycle of the project right from land identification to project
development.
The Company
continues to focus on the Consulting Services as a regular business and to
remain as established service provider to the Investors. Additionally, in the
area of project development, WindForce has identified sites with capacity to
develop more than 250 MW of windfarm in Tamil Nadu. ~85 MW equivalent land has
been acquired for this purpose, which also has approval for Power Evacuation.
Wind Force is now in the process of developing the 50 - 100 MW of wind farms in
next year. Wind Force further plans to expand development activities to
Maharashtra and Karnataka during this year. In Karnataka they have already
applied for 70 MW+ site for approval from KREDAL (Karnatak Renewable Energy
Development Agency Limited) and have begun wind measurement work. The Revenue
and Net Profit Before Tax of the Company for the year ended March 31, 2011 are
Rs.42.600 Millions (an increase of more than 155% over previous year) and
Rs.18.100 Millions (an increase of more than 3300% over previous year)
respectively.
b) Anahita Clean Technologies Private Limited (“Anahita”) [Previously
known as Creative Ecoworks Private Limited]
Anahita was
incorporated as a wholly owned subsidiary of the Company for carrying on the
social activities in the vicinity of the areas where the Company proposed to
set up renewable energy projects. However, such activities have been put on
hold for some time. It has been therefore, decided to carry on the business of
setting up projects in biomass, waste to energy, etc, as IPP (Independent Power
Producer) through Anahita. The money for these projects would be raised from
the market. Developed projects and project SPVs will be transferred to Anahita.
The Revenue and Net Loss of Anahita for the year ended March 31, 2011 were Rs.
Nil and Rs.0.048 Millions respectively.
c) Magadh Biofuels Plantations Private Limited (“Magadh Biofuels”)
The Company had
incorporated Maghadh Biofuels as a wholly owned subsidiary on February 5, 2009
by acquiring 10,000 equity shares of Rs. 10 each. The Company proposes to
provide consultancy services for setting up Solar Thermal / PV Power Projects
under the National Solar Mission Round 2 and Rajasthan State Solar Program.
Under these programs, the developers of Solar Power are required to tie up land
and obtain evacuation clearance before applying for allocation. The Company
proposes to attract investment for Magadh Biofuels from investors once the land
allocation is in place and the guidelines for the National Solar Mission Round
2 / Rajasthan State Solar Program process are in place. The Revenue and Net
Loss of Magadh Biofuels for the year ended March 31, 2011 were Rs. Rs.Nil and
Rs.0.021 Millions respectively.
d) REsource Power Private Limited (“REsource Power”)
The Company had
incorporated REsource Power as a wholly owned subsidiary on August 31, 2009 by
acquiring 10,000 equity shares of Rs. 10 each. REsource Power Private Limited
registration was converted from Solar Thermal to Solar PV with Rajasthan
Renewable Energy Corporation Limited and the in-principle land allocation was
received from the Rajasthan government. Post this development effort, REsource
was sold to Platina Partners LLP last year as a part of the Project Development
Agreement between EVI and Platina Partners.
The Revenue and
Net Loss of REsource Power for the period ended March 31, 2010 were Rs. Nil and
Rs.0.021 Millions respectively.
e) Green Indus Bio Energy Private Limited (“Green Indus”)
Green Indus has
been incorporated on June 22, 2009 as a 100% subsidiary of the Company for
setting up a waste-to-energy poultry project in the state of Haryana. Green
Indus was set up implement the Panchkula Poultry Waste based 5.6 MW power plant
in association with Indus Terra. Green Indus has already received the in
principle approval from Haryana Renewable Energy Development Agency for the
project. Haryana Electricity Regulatory Commission has notified the tariff for
the project. It is proposed to bring in investors in Green Indus to fund the
project once the development phase is complete. The Revenue and Net Loss of
Green Indus for the period ended March 31, 2011 were Rs. Nil and Rs.0.027 Millions
respectively.
f) Emergent Ventures International Pte. Limited (“EVI Singapore”)
The Company had
incorporated EVI Singapore on July 22, 2008 as a 100% subsidiary. Aggregate
investments made into Singapore till date is SGD 1,170,000. EVI Singapore manages
Thailand and Indonesia representative offices and subsidiaries in Australia,
and Malaysia. The team has grown to 12 (twelve) in Thailand, Indonesia and
Malaysia working on over 30 Advisory Business projects. Last year, EVI
Singapore expanded its service offerings in the region by winning large Policy
Advisory assignments and couple of large VER back-to-back deals. There is also
a much higher acceptability for CERs from SEA post 2012; this shall play
critical role with possible restrictions on CERs from India and China. Taping
into this opportunity EVI Singapore has developed of a strong pipeline of
forward contracts with upfront brokerage. Singapore continues to be a large
potential market for SCVA business and the team has couple of large value
proposal under discussions. As outlook for EVI Singapore continues to be
positive, focus on cash is on top priority for all representative
offices/subsidiaries. The Revenue and Net Loss of EVI Singapore for the year
ended March 31, 2011 were SGD 501,780(equivalent to Rs.179.988 Millions) and
SGD 582,507 (equivalent to Rs.20.898 Millions), respectively.
g) Emergent Ventures International Inc. (“EVI US”)
EVI US, a US
subsidiary of the Company started operations in June 2009, based in California.
The primary service offerings in the US are Sustainability and Climate Risk
Advisory, and Carbon Trading. At the end of 2009-2010, US climate change
regulations were firming up, organizations were expected to be mandated to
assess and disclose new risks posed by climate change to their businesses, as
well as report their carbon and other ecological footprints; however most of
these policies are yet to become mandatory as was expected. EVI US was awarded
and successfully implemented its first advisory project at the 2nd largest egg
producer in the United States in May 2010, a Life Cycle Assessment for all the
products. EVI US also closed 2 deals in the voluntary market with marquee
corporate buyers (News Corp and Interface Global). Overall the progress on the
sustainability advisory business has not picked up as expected due to the
various setbacks received to the Obama administration’s climate change policy
push. The cap and trade scheme in California is all set to start in 2013
barring any more legal googlies.
In 2010-11, EVI US earned revenues of approx US$ 614,000, primarily from
voluntary carbon trading operations. In financial year 2011-12, EVI US expects
a ramp-up in terms of sustainability advisory services and increase their reach
to corporate VER buyers. The Revenue and Net Profit of EVI US for the period
ended March 31, 2011 were US Dollar 614,140 and US Dollar 16,615, respectively.
Background
Subject was
incorporated on 16 August 1999. The company is a leading advisory firm which is
providing services for climate change mitigation which includes facilitation of
Clean Development Mechanism (CDM) registration, facilitating sale of carbon
emission reductions (CERs)/ verified emission reductions (VERs) for clients,
Carbon Foot-printing, Carbon Neutrality, Carbon Asset Management.
As part of its
business strategy, company has also created solutions for clean technology
implementation. The clean energy business would include CER backed financing,
Engineering Procurement and Commissioning (EPC), engineering services,
selection of technologies, etc.
Contingent
liabilities (As on 31.03.2011)
The Company has
pledged with IFCI Venture Capital Funds Limited (IFCI) 12,500 (previous year
12,500) equity shares of Rs. 10 each held by it in DeCore Transtechnologies
Private Limited against the financial assistance granted by IFC1 to DeCore
Science and Technologies Limited.
FIXED ASSETS
·
Office Equipments
·
Computers
·
Furniture and Fixtures
·
Vehicles
·
Software
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.52.81 |
|
|
1 |
Rs.82.00 |
|
Euro |
1 |
Rs.68.81 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.