MIRA
INFORM REPORT
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Report Date : |
04.01.2011 |
Note:
“KAMAL SOLAR” is a brand name of the company.
IDENTIFICATION DETAILS
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Name : |
VELNET NON–CONVENTIONAL ENERGY SYSTEMS PRIVATE LIMITED |
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Registered
Office : |
No.120, Ring Road, Bhadrappa Layout, Nagashetty Halli, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
14.11.2006 |
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Com. Reg. No.: |
08-040931 |
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CIN No.: [Company Identification
No.] |
U29307KA2006PTC040931 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Solar Water Heater Systems of various sizes and
models. Also into Photo Voltaic Applications such as street lighting,
Lanterns, Home Lightning, Water Pumping, Power Packs. |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 35000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. Trade relations are reported as fair.
Business is active. Payments are reported to be slow but correct. The company can be considered for small 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
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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 |
LOCATIONS
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Registered Office/ Factory : |
No.120, Ring Road, Bhadrappa Layout, Nagashetty Halli, |
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Tel. No.: |
91-80-23418630/ 23512799 |
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Fax No.: |
91-80-23418630/ 23512799 |
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E-Mail : |
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Website : |
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Area : |
1 Acre |
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Location : |
Owned |
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Branch Office : |
No.5-5-148/4/F, Vanasthali Hills, |
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E-Mail : |
DIRECTORS
As on 30.08.2010
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Name : |
Mr. Chandrashekar Shivasharanappa |
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Designation : |
Managing Director |
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Address : |
No.1, |
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Date of Birth/Age : |
01.04.1974 |
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Date of Appointment : |
14.11.2006 |
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Name of sole proprietorship firm : |
Velnet Systems Address: No.120, Ring Road, Bhadrappa Layout, Nagashetty Halli, |
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Name : |
Mrs. Rekha Chanrashekhar |
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Designation : |
Director |
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Address : |
No.1, |
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Date of Birth/Age : |
23.04.1976 |
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Date of Appointment : |
14.11.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.08.2010
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Names of Shareholders |
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No. of Shares |
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Chandrashekar Shivasharanappa |
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36000 |
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Rekha Chanrashekhar |
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4000 |
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Total
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40000 |
As on 30.08.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Solar Water Heater Systems of various sizes and
models. Also into Photo Voltaic Applications such as street lighting,
Lanterns, Home Lightning, Water Pumping, Power Packs. |
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Products : |
KAMAL SOLAR |
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Terms : |
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Selling : |
Local |
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Purchasing : |
Local Purchase – 30 days |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
90 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
P.C. Ravindranath Chartered Accountant |
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Address : |
Above Professional Courier Office, |
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Tel. No.: |
91-8194-221603 (Office) 91-8194-234192 (Residential) |
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Mobile No.: |
91-9448566094 |
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Memberships : |
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CAPITAL STRUCTURE
As on 30.08.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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40000 |
Equity Shares |
Rs.100/- each |
Rs.4.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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40000 |
Equity Shares |
Rs.100/- each |
Rs.4.000 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
01.04.2009 to
31.03.2010 (12 Months) |
01.01.2008 to
31.03.2009 (15 Months) |
31.12.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.000 |
3.000 |
1.800 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
4.684 |
1.833 |
0.318 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
8.684 |
4.833 |
2.118 |
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LOAN FUNDS |
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1] Secured Loans |
4.899 |
0.896 |
1.824 |
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2] Unsecured Loans |
1.979 |
0.622 |
1.570 |
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TOTAL BORROWING |
6.878 |
1.518 |
3.394 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
15.562 |
6.351 |
5.512 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.819 |
3.775 |
6.717 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.550 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
4.858
|
1.728 |
0.259 |
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Sundry Debtors |
30.838
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15.295 |
7.922 |
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Cash & Bank Balances |
5.901
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0.216 |
0.273 |
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Other Current Assets |
3.851
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1.088 |
0.328 |
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Loans & Advances |
0.000
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0.000 |
0.000 |
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Total
Current Assets |
45.448
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18.327 |
8.782 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
20.498
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10.991 |
7.376 |
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Other Current Liabilities |
4.612
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2.382 |
2.232 |
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Provisions |
8.595
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2.378 |
0.929 |
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Total
Current Liabilities |
33.705
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15.751 |
10.537 |
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Net Current Assets |
11.743
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2.576 |
(1.755) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
15.562 |
6.351 |
5.512 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
01.04.2009 to
31.03.2010 (12 Months) |
01.01.2008 to
31.03.2009 (15 Months) |
31.12.2007 |
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SALES |
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121.823 |
82.759 |
40.400 |
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Other Income |
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TOTAL |
121.823 |
82.759 |
40.400 |
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Less |
EXPENSES |
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Office Expenses |
114.398 |
79.324 |
39.470 |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
114.398 |
79.324 |
39.470 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
7.425 |
3.435 |
0.930 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
3.105 |
1.122 |
0.535 |
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PROFIT BEFORE
TAX |
4.320 |
2.313 |
0.395 |
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Less |
TAX |
1.468 |
0.798 |
0.078 |
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PROFIT AFTER TAX
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2.852 |
1.515 |
0.317 |
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Earnings Per
Share (Rs.) |
71.30 |
NA |
NA |
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Average Value of Inventories at any given time: About Rs.30.000 millions
KEY RATIOS
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PARTICULARS |
|
01.04.2009 to
31.03.2010 (12 Months) |
01.01.2008 to
31.03.2009 (15 Months) |
31.12.2007 |
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PAT / Total Income |
(%) |
2.34
|
2.79 |
0.78 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.77
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10.47 |
2.55 |
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Return on Investment (ROI) (PBT/Networth) |
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0.50
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0.48 |
0.19 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.67
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3.57 |
6.58 |
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Current Ratio (Current Asset/Current Liability) |
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1.35
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1.16 |
0.83 |
LOCAL AGENCY FURTHER INFORMATION
REVIEW OF
OPERATION:
During the year, Company achieved a turnover of Rs.121.823 millions but resulted
in profit of Rs.2.852 millions. Company is expecting better performance in the
current Financial Year.
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Corporate
identity number of the company |
U29307KA2006PTC040931 |
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Name of the
company |
VELNET NON–CONVENTIONAL ENERGY SYSTEMS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
No.120, Ring Road, Bhadrappa Layout, Nagashetty Halli, E-Mail: info@kamalsolar.com |
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This form is for |
Creation of
charge |
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Type of charge |
Book Debts Floating Charge |
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Particular of
charge holder |
Canara Bank, No.112, E-Mail: cms@companiesinn.com |
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Nature of
description of the instrument creating or modifying the charge |
Common
hypothecation agreement. |
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Date of
instrument Creating the charge |
25/09/2009 |
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Amount secured by
the charge |
Rs.7.200 millions
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: OCC/ODBD: 11.25%
(BPLR-0.75%) BG: Commission as per bank guidelines. Terms of
Repayment: OCC/ODBD: On
Demand. BG: On Demand. Margin: OCC/ODBD: 25% for
stock and 40% for book debts. BG: 30%. Extent and
Operation of the charge: First charge on
the stock and book debts of the company. |
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Short particulars
of the property charged |
All the stock and
book debts of the company. |
FIXED ASSETS:
·
Factory Shed
·
Furniture and Fixtures
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Plant and Machinery
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Tools and Equipments
·
Computers and Printers
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Office Equipments
·
Air Conditioner
·
Vehicles
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.44.67 |
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|
1 |
Rs.69.45 |
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Euro |
1 |
Rs.59.37 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
29 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
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.