MIRA
INFORM REPORT
|
Report Date : |
08.01.2011 |
NOTE : New Name of the Company is ENVIRON ENERGY CORPORATION INDIA
PRIVATE LIMITED
IDENTIFICATION DETAILS
|
Name : |
ENVIRON ENERGY CORPORATION INDIA PRIVATE LIMITED |
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Formerly Known
as : |
SHELL SOLAR INDIA PRIVATE LIMITED |
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Registered
Office : |
60 A, |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
20.05.1999 |
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Com. Reg. No.: |
140439 |
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CIN No.: [Company Identification
No.] |
U40106WB1999PTC140439 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing Sustainable and Innovative Solar Energy Solutions. |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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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 : |
-- |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
huge accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
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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. Anand S |
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Designation : |
Finance Manager |
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Contact No.: |
91-80-26604874 |
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Date : |
07.01.2011 |
LOCATIONS
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Registered Office : |
60 A, |
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Tel. No.: |
91-33-24533523 |
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Fax No.: |
91-33-24380308 |
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E-Mail : |
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Website : |
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Area : |
1000 sq. ft. |
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Location : |
Owned |
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Corporate Office : |
20/1, Betta Chambers “4th Cross, 5th Main,
Chamarajpet, |
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Tel. No.: |
91-80-26604874 |
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Fax No.: |
91-80-26603815 |
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Area : |
2500 sq. ft. |
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Location : |
Owned |
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DIRECTORS
AS ON 30.09.2009
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Name : |
Mrs. Jyothi Kumar Poddar |
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Designation : |
Director |
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Address : |
16 – S Block ‘A’, New Allpore, Kolkata – 700053, West Bengal, |
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Date of Birth/Age : |
08.11.1961 |
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Date of Appointment : |
26.10.2007 |
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Name : |
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Designation : |
Director |
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Address : |
6/21, |
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Date of Birth/Age : |
25.12.1970 |
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Date of Appointment : |
26.10.2007 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2009
|
Names of Shareholders |
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No. of Shares |
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Gopalaswamey and Abner Pte Ltd. |
|
01 |
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Abner Pte. Ltd. Rody Corporation, |
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10734464 |
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Total |
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10734465 |
AS ON 30.09.2009
|
Category |
Percentage |
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Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
100.00 |
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Bodies corporate |
0.00 |
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Directors or relatives of Directors |
0.00 |
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Other top fifty shareholders |
0.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing Sustainable and Innovative Solar Energy Solutions. |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Cash |
Production Status
: As on 31.03.2009
|
Class of Goods |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
Solar home lighting systems |
No. of systems |
NA |
NA |
1330 |
|
|
Assembled |
NA |
NA |
(2134) |
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Solar Yard lighting systems |
No. of systems |
NA |
NA |
431 |
|
|
Assembled |
NA |
NA |
(351) |
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Solar water Pump systems |
No. of systems |
NA |
NA |
2 |
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Assembled |
NA |
NA |
(0) |
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Charge Controllers |
Numbers |
NA |
NA |
7388 |
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(10079) |
NOTE :
- The company’s
product is de-licensed under the Industries (Development and Regulations)
Act 1951
- Figures in
Brackets relate to previous Year ended 31st March, 2008
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
Netravathi Grameena Bank, Chamrajpet, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Rao and Swamy Chartered Accountant |
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Address : |
2/1, |
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Holding Company : |
Abner Pte Ltd, |
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Subsidiaries : |
None |
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Fellow Subsidiaries : |
Environ Energy Lanka Ltd |
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Associates : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
19000000 |
Equity Shares |
Rs.10/- each |
Rs.190.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10734465 |
Equity Shares |
Rs.10/- each |
Rs.107.344Millions |
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Note :
Of the above 10734465 equity shares of Rs. 10 each
fully paid up are held by Abner Pte. Ltd,
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
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|
31.03.2010 |
|
Sales Turnover (approximately ) |
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|
150.000 |
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Expected Sales (2010-2011) : Rs. 200.000 millions
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
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SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
107.344 |
107.344 |
86.332 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(117.787) |
(103.066) |
(68.689) |
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NETWORTH |
(10.443) |
4.278 |
17.643 |
|
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
52.746 |
73.640 |
17.978 |
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TOTAL BORROWING |
52.746 |
73.640 |
17.978 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
42.303 |
77.918 |
35.621 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.806 |
3.818 |
5.512 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
24.462
|
28.680 |
42.692 |
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Sundry Debtors |
32.329
|
24.311 |
30.553 |
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Cash & Bank Balances |
1.674
|
33.115 |
8.559 |
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Other Current Assets |
6.474
|
6.022 |
4.391 |
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Loans & Advances |
10.405
|
6.504 |
4.393 |
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Total
Current Assets |
75.344
|
98.632 |
90.588 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
24.455 |
13.291 |
38.524 |
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Other Current Liabilities |
8.102
|
7.867 |
8.327 |
|
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Provisions |
3.290
|
3.374 |
13.628 |
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Total
Current Liabilities |
35.847
|
24.532 |
60.479 |
|
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Net Current Assets |
39.497
|
74.100 |
30.109 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
42.303 |
77.918 |
35.621 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
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SALES |
|
|
|
|
|
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Income |
119.465 |
179.348 |
219.776 |
|
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Other Income |
4.497 |
3.692 |
2.384 |
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TOTAL (A) |
123.962 |
183.040 |
222.160 |
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Less |
EXPENSES |
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Administrative Expenses |
136.488 |
213.426 |
243.038 |
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Advertising Expenses |
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TOTAL (B) |
136.488 |
213.426 |
243.038 |
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(12.526) |
(30.386) |
(20.878) |
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Less |
FINANCIAL
EXPENSES (D) |
0.430 |
2.002 |
1.165 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(12.956) |
(32.388) |
(22.043) |
|
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|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.130 |
1.712 |
3.430 |
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PROFIT BEFORE
TAX (E-F) (G) |
(14.086) |
(34.100) |
(25.473) |
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Less |
TAX (I) |
(0.635) |
0.277 |
1.039 |
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PROFIT AFTER TAX
(G-I) (J) |
(14.721) |
(34.377) |
(26.512) |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Travel |
0.674 |
0.562 |
0.223 |
|
|
|
F.O.B Value of Export |
3.665 |
22.136 |
45.536 |
|
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TOTAL EARNINGS |
4.339 |
22.698 |
45.759 |
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Components |
1.542 |
2.752 |
46.490 |
|
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TOTAL IMPORTS |
1.542 |
2.752 |
46.490 |
|
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|
|
|
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|
|
Earnings Per
Share (Rs.) |
(1.37) |
(3.51) |
(3.07) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
(11.87)
|
(18.78) |
(11.93) |
|
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|
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|
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|
Net Profit Margin (PBT/Sales) |
(%) |
(11.79)
|
(19.01) |
(11.46) |
|
|
|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(18.02)
|
(33.28) |
(26.50) |
|
|
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|
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|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.34)
|
(7.97) |
(1.44) |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
(8.48)
|
22.94 |
4.50 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.10
|
4.02 |
1.49 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details :
|
Particulars |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
Sundry Creditors for goods, expenses and services |
|
|
|
|
-small Scale Industries |
-- |
3.783 |
9.251 |
|
-others |
24.455 |
9.508 |
29.273 |
|
|
|
|
|
|
Total |
24.455 |
13.291 |
38.524 |
Background :
Subject (formerly Shell Solar India Private Limited) was incorporated on
20 May 1999 as Shell Renewables India Private Limited, a wholly owned
subsidiary of Shell Overseas Investments BV,
The company is a small and Medium Sized Company (SMC) as defined in
Clause (F) of Rule 2 of Companies (Accounting Standards) Rule, 2006.
Accordingly, the company has complied with the Accounting Slandered as
applicable to a small and Medium sized Company. (SMC)
Performance :
There has been a decline in the company’s performance during the
financial year 2008-09. this is mainly due to the recession, which as impacted the
builders sector adversely. However, the company has managed to reduce its
Operating Expenses during the year.
Trade References :
- Hindustan Unilever Limited
- Canara Bank
- Allahabad Bank
Fixed Assets :
- Leasehold Equipments
- Data Processing Equipment
- Office Equipment
- Furniture and Fixtures
- Motor Vehicles
- Plant and Machinery
Note :
Registered office address of the company has
been shifted from Betta Chambersno. 36 (20/1), IV Cross, 5th Main, Chamarajapet,
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. 45.37 |
|
|
1 |
Rs. 70.03 |
|
Euro |
1 |
Rs. 58.93 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
26 |
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.