MIRA
INFORM REPORT
|
Report Date : |
15.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
DECENTRALISED ENERGY SYSTEM [ |
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Registered Office : |
No. 4, 2nd Floor, 4th |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
11.06.1996 |
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Com. Reg. No.: |
08- 43185/ 031074 |
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CIN No.: [Company
Identification No.] |
U99999KA1996PTC043185 / U40101KA1996PTC031074 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRD00919C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
To establish, promote, own, build operate and manage decentralised
power stations and energy services in rural areas. |
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 : |
USD 69000 |
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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
to be 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. |
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 |
LOCATIONS
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Registered Office : |
No. 4, 2nd Floor, 4th Main, KHM Block, RT Nagar,
Main Road, Bangalore-560032, |
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Tel. No.: |
91-80-41328160/ 23431346 /
23431348 |
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Fax No.: |
91-80-23431353 |
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E-Mail : |
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Website : |
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Overseas Office : |
Dr. Hari Sharan, Birchstrasse
6, 8472 |
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Tel. No.: |
41-52-335 3500 |
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Fax No.: |
41-52-335 1442 |
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E-Mail : |
DIRECTORS
As on 29.09.2010
|
Name : |
Mr. Krishnan |
|
Designation : |
Director |
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Address : |
345, 6th |
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Name : |
Mr. Shahid Akhtar |
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Designation : |
Director |
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Address : |
At PO Gaioyari, Via Araria, -854311, |
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Name : |
Dr. H N Sharan |
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Designation : |
Director |
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Address : |
Grundstrasse 8 – 8472, |
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Date of Birth/Age : |
03.12.1932 |
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Date of Appointment : |
11.06.1996 |
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Name : |
Dr. Ashok Khosla |
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Designation : |
Director |
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Address : |
22, OLAF Palme Marg, Vasant Vihar, New Delhi-110057, |
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Date of Birth/Age : |
31.03.1940 |
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Date of Appointment : |
11.06.1996 |
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Name : |
Dr. Arun Kumar |
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Designation : |
Director |
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Address : |
K-14, |
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Date of Birth/Age : |
01.04.1948 |
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Date of Appointment : |
20.07.1997 |
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Name : |
Mr. S N Sharan |
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Designation : |
Director |
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Address : |
Village and P.O. Baharbarri, Araria-854329, |
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Date of Birth/Age : |
01.06.1951 |
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Date of Appointment : |
28.09.2005 |
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Name : |
Mr. K Ramachandra |
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Designation : |
Director |
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Address : |
Shreyas No. 3, NHCS Laout, Basaueshwara Nagar, Bangalore-560079, |
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Date of Birth/Age : |
24.10.1941 |
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Date of Appointment : |
21.06.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
|
H |
|
1 |
|
Ashook Khosla |
|
1 |
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Technology And Action Fro Rural Advancement, |
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8100 |
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Dasag Engineering ( |
|
9788 |
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Arish Dastur |
|
2400 |
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Swiss Climate Invest A G, Switazerland |
|
3593 |
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Total |
|
23883 |
Equity Share
Breakup (Percentage of Total Equity)
As on 30.09.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
15.04 |
|
Bodies corporate |
74.89 |
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Directors or relatives of Directors |
10.07 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
To establish, promote, own, build operate and manage decentralised
power stations and energy services in rural areas. |
GENERAL INFORMATION
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Bankers : |
Not Available |
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Facilities: |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
G. S. Ravi Kumar Chartered Accountants |
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Address : |
14, |
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Tel No.: |
91-80-22267579/ 22261938 |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
24000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.400 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
23883 |
Equity Shares |
Rs. 100/- each |
Rs. 2.388
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
2.388 |
2.388 |
2.388 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
20.804 |
13.029 |
13.503 |
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4] (Accumulated Losses) |
[5.940] |
[5.500] |
[4.862] |
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NETWORTH |
17.252 |
9.917 |
11.029 |
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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 |
0.160 |
0.080 |
0.795 |
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TOTAL BORROWING |
0.160 |
0.080 |
0.795 |
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DEFERRED TAX LIABILITIES |
0.403 |
0.330 |
0.312 |
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TOTAL |
17.815 |
10.327 |
12.136 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.229 |
5.954 |
6.560 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.073 |
0.073 |
0.073 |
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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 |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
0.000
|
0.000 |
0.000 |
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Cash & Bank Balances |
15.261
|
3.390 |
0.967 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
20.686
|
14.586 |
10.997 |
|
Total
Current Assets |
35.947
|
17.976 |
11.964 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
Sundry Creditors |
0.759
|
0.649 |
0.433 |
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Other Current Liabilities |
22.675
|
13.027 |
6.028 |
|
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Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
23.434
|
13.676 |
6.461 |
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Net Current Assets |
12.513
|
4.300 |
5.503 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
17.815 |
10.327 |
12.136 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
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Other Income |
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TOTAL |
|
4.204 |
0.150 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
|
4.370 |
[0.053] |
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Advertising Expenses |
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TOTAL |
|
4.370 |
[0.053] |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
[0.166] |
0.203 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
|
0.201 |
0.796 |
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PROFIT BEFORE
TAX |
|
[0.367] |
[0.593] |
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Less |
TAX |
|
0.000 |
0.000 |
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PROFIT AFTER TAX
|
|
[0.367] |
[0.593] |
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Earnings Per Share
(Rs.) |
|
[15.39] |
[24.84] |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
[8.73]
|
[395.33] |
NA |
|
|
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|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
[0.89]
|
[2.48] |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
[0.02]
|
[0.06] |
NA |
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|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.37
|
1.82 |
0.66 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.53
|
1.31 |
1.85 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The Registered office of the company has been shifted from
139/B, 10th Main, RMV Extension,
DIRECTOR’S
PROFILE
|
Name |
Mr.
Shailendra Nath Sharan (Bullu ji) |
|
Address |
Chitraguptanagar,
At
& P.O. :- Araria Dist.
– Araria State
- Bihar ( PIN
– 854311 |
|
|
Director,
DESI Power |
|
Village
Address |
Shailendra
Nath Sharan (Bullu ji) CEO,
BOVS. Limited Director
DESI Power At
& P.O.- Baharbari:854329 Panchayat
- Dabhra Dist.
- Araria |
|
Professional:
Current |
Team
leader: DESI Power’s 100 Village EmPower Partnership Project Director,
DESI Power Director,
DESI Power (Kosi) Private Limited CEO,
BOVS Limited (village cooperative, Baharbari) |
|
Experience in the field of agriculture and plantation |
Working in this field since 1972. Started-mechanized farming
in the year 1973 with tractor and diesel pump and improved variety of seeds,
with all positive and negative experiences. He is striving to keep pace with
advance production technologies and literature to keep him updated in this
field. He is in a position to identify and solve the problems of echo
friendly agriculture, plantation and industry. |
|
Experience
in the field of Social and organizational |
It is the normal field for a person working in the remote |
|
Experience
in the field of technical |
He can manage mechanical equipment, as he is working with
it and other equipment for a long time. He has worked in a company named
SOPHOS, in the filed of PV systems and installed PV lighting systems in the |
|
Working
Experience |
He organizes, manages and works in diversity. Right now he
is the team leader of DESI Power’s 100 Village EmPP project. His filed of
interest is working for rural |
|
Name |
Dr.
Arun Kumar |
|
|
Technology Development
Specialist |
|
Education |
Development
of Physical Metallurgy and Science of |
|
|
Indian
Institute of Technology, |
|
Present Employment |
Vice President, Development
Alternatives employed since 1989 |
|
Key Qualifications |
Dr. Arun Kumar is Vice President, Development Alternatives and
has wide experience in the areas of Technology Design, Systems Engineering,
Business Development and Organisation of research. Since 1989 he has been responsible
for innovation and development of Technology Systems required for large-scale
creation of sustainable livelihoods. He is responsible for development and
promotion of technology packages in the area of Decentralised Energy
Production, Cleaner Production Technologies, Biomass Utilisation and other
Livelihood Technologies. The Cleaner Production packages consist of technologies for
production of Handmade Recycled Paper, Decentralised Production of
Electricity. During the last 12 years of work undertaken in the Development
Alternatives Group; field tested and economically viable packages have been
developed and widely promoted for recycling of paper, burnt brick production
and cement based roofing products. The technology packages are available to commercial
businesses and rural micro enterprises and these include Tara Handmade Paper
Production Technology and the Vertical Shaft Brick Kiln Technology. Under his
leadership the first DESI Power Biomass based Energy System was installed and
commissioned at TARAgram, Orchha. The first 100 kW unit meets the entire
electricity requirements of the appropriate Technology Center of Development
Alternatives and has been running since 1996. Dr. Arun Kumar has been actively involved in planning for
large-scale dissemination of Cleaner technologies required under the
International Protocols. He has been leading an initiative for Research into
issues of regional sustainable development. During the course of research
work on Structural Transformation Processes, he has authored a pioneering
study on Downward Spiralling of resources - their impact on Livelihood
Systems. He has authored numerous publications on technology promotion and
benchmarking. His team's research focus is to understand issues related to
technology assessment, technology development and processes that accelerate
acceptance of emerging technologies. He represents the DA Group on several
national committees of CII, Department of Science and Technology. |
|
Name |
K.RAMACHANDRA |
|
Educational
Qualification |
Bachelor
of Engineering in Mechanical Engineering, University of Master
of Engineering in Internal Combustion Engines, Indian Institute of Science, Diploma
in Management Studies, |
|
Present
Employment |
Chief
Engineer, Netpro Renewable Energy ( Director,
DESI Power |
|
Experience |
K.Ramachandra, Chief Engineer, Netpro Renewable Energy ( He successfully designed and commissioned the Low CV gas
combustion system at Ennore Thermal Power Station - a project fully funded by
Ministry of Energy , Govt. of India, Direct Ignition of Pulverised coal
system at Satpura Thermal Station and Vijayawada Thermal Power Station, and
the 3 Mbtu / hr. Fuel Evaluation Test facility, a joint BHEL and USDOE
project. He was also heading the Business Development Department
for a period of three years. After retirement from service in BHEL as
Additional General Manager, is presently working for Netpro Renewable Energy
( Has published/presented a number of technical papers in
technical journals/National & International seminars. |
Promoters
Dr. H. N. Sharan
receives the SESI Lifetime Achievement Award.
This year, the Solar Energy Society of India conferrred its
, President, Dasag Energy Engineering Limited,
Ashok Khosla Wins
Premier United Nations Environment Prize
Dr. Ashok Khosla has worked tirelessly to demonstrate both the theory and
practice of "sustainable development" through his teaching and
fostering of environment-friendly and commercially viable technologies.
Partners
1.
WSD was set up in 1995 in response to the perceived opportunity for the poor to
build up their assets through international emissions trading.
2.
Technology and Action for Rural Advancement (TARA) is a unique social
enterprise based in
3.
Baharbari Odyugic Vikas Swavalamvi Shakari Samiti (BOVS), Limited
emerged as a panchayat level cooperative, committed to the development of micro
scale industries in the Baharbari panchayat.
Fixed
Assets:
·
Plant and Machinery
·
Office Equipments
·
Computers
·
Furniture and Fixtures
·
Buildings
·
Vehicles
·
Electrical Fittings
·
Land
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.45.30 |
|
|
1 |
Rs.71.73 |
|
Euro |
1 |
Rs.60.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
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.