1. Summary Information
|
|
|
Country |
|
|
Company Name |
LANCO SOLAR
PRIVATE LIMITED |
Principal Name 1 |
Mr. L. Madhusudhan Rao |
|
Status |
Project under
implementation |
Principal Name 2 |
Mr. Vutukuri Saibaba |
|
|
|
Registration # |
01-060157 |
|
Street Address |
Lanco House,
Plot No.4, Software Units Layout, |
||
|
Established Date |
16.07.2008 |
SIC Code |
-- |
|
Telephone# |
91-40-40090400 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-40-23116127/
23116118 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Solar Panels |
|
|
# of employees |
Not Available |
Product Name 2 |
-- |
|
Paid up capital |
Rs. 100,000/- |
Product Name 3 |
-- |
|
Shareholders |
Bodies corporate – 100% |
Banking |
-- |
|
Public Limited Corp. |
No |
Business Period |
3 Years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
B
(26) |
|
Related
Company |
|||
|
Relation
|
Country |
Company
Name |
CEO |
|
Holding
Company |
|
Lanco Solar Energy Private Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
60,452,000 |
Current Liabilities |
19,094,000 |
|
Inventories |
0 |
Long-term Liabilities |
0 |
|
Fixed Assets |
64,630,000 |
Other Liabilities |
0 |
|
Deferred Assets |
0 |
Total Liabilities |
19,094,000 |
|
Invest& other Assets |
200,586,000 |
Retained Earnings |
306,474,000 |
|
|
|
Net Worth |
306,574,000 |
|
Total Assets |
325,668,000 |
Total Liab. & Equity |
325,668,000 |
|
Total Assets (Previous Year) |
|
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
-- |
Net Profit |
-- |
|
Sales(Previous yr) |
-- |
Net Profit(Prev.yr) |
-- |
MIRA
INFORM REPORT
|
Report Date : |
06.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
LANCO SOLAR PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No.4, Software Units Layout, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
16.07.2008 |
|
|
|
|
Com. Reg. No.: |
01-060157 |
|
|
|
|
Paid-up Capital
: |
Rs.0.100
million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74900AP2008PTC060157 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDL02019D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCL4930G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Supplier of Solar Panels. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1226000 |
|
|
|
|
Status : |
Project under implementation |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of Lanco Group, In view of strong holding, the company can be considered normal for
business dealings at usual trade terms and conditions. Profit and loss account of the company is not available. |
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Lanco House, Plot No.4, Software Units Layout, |
|
Tel. No.: |
91-40-40090400 |
|
Fax No.: |
91-40-23116127/ 23116118 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Lanco House, Plot # 397, Udyog Vihar, Phase – 3, Gurgaon – 122 016, |
|
Tel. No.: |
91-124-4741000 |
|
Fax No.: |
91-124-4741320 |
|
|
|
|
Office : |
Plot # 229, 3rd Floor, Udyog Vihar, Phase – I, Gurgaon –
122 016, |
|
Tel. No.: |
91-124-4691000 to 04 |
|
Fax No.: |
91-124-4692500 |
DIRECTORS
As on 30.06.2010
|
Name : |
Mr. L. Madhusudhan Rao |
|
Designation : |
Director |
|
Address : |
Plot No.157, Road No.10, Jubilee Hills, |
|
Date of Birth/Age : |
08.01.1966 |
|
Date of Appointment : |
17.07.2008 |
|
DIN No.: |
00074790 |
|
|
|
|
Name : |
Mr. Vutukuri Saibaba |
|
Designation : |
Whole Time Director |
|
Address : |
Plot No.397, Udyog Vihar, Phase – III, Gurgaon – 122 016, |
|
Date of Birth/Age : |
19.07.1963 |
|
Date of Appointment : |
14.04.2010 |
|
DIN No.: |
01926362 |
|
|
|
|
Name : |
Mr. Gangarap Venkatesh Babu |
|
Designation : |
Director |
|
Address : |
Plot No.397, Udyog Vihar, Phase – III, Gurgaon – 122 016, |
|
Date of Birth/Age : |
03.07.1968 |
|
Date of Appointment : |
18.05.2010 |
|
DIN No.: |
00075079 |
|
|
|
|
Name : |
Mr. Sridhar Lagadapati |
|
Designation : |
Director |
|
Address : |
Plot No.65, Survey No.4 and 6, Whisper Vallye, Hussein Shaklali
Dargah, Serlingampally Mandal, RR District – 500 081, Andhra Pradesh, India |
|
Date of Birth/Age : |
14.06.1968 |
|
DIN No.: |
00075809 |
|
|
|
|
Name : |
Mr. Garlapati Bhaskara Rao |
|
Designation : |
Director |
|
Address : |
Plot No.150, Road No.10, Jubilee Hills, |
|
Date of Birth/Age : |
01.06.1954 |
|
Date of Appointment : |
16.07.2008 |
|
Date of Ceasing : |
16.08.2010 |
|
DIN No.: |
00075034 |
KEY EXECUTIVES
|
Name : |
Mr. Parvesh Kumar Kheterpal |
|
Designation : |
Secretary |
|
Address : |
41, Sant Nagar, East of Kailash, |
|
Date of Birth/Age : |
20.04.1978 |
|
Date of Appointment : |
10.09.2010 |
|
PAN No.: |
AKXPK9427E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2010
|
Names of Shareholders |
|
No. of Shares |
|
Lanco Solar Energy Private Limited, |
|
9999800 |
|
G. Bhaskara Rao |
|
100 |
|
L. Sridhar |
|
100 |
|
Total
|
|
10000000 |
As on 30.06.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supplier of Solar Panels. |
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Security Trustee : |
Axis Trustee
Services Limited, Maker Towers 'F', 13th Floor, Cuffe Parade,
Colaba, Mumbai – 400 005, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
N.B. Kumar and Company Chartered Accountants |
|
Address : |
Flat No.5A, Prameswara Apartments, Beside SBH, Anandnagar,
Khairatabad, |
|
Tel. No.: |
91-40-42007176 |
|
|
|
|
Holding Company : |
Lanco Solar
Energy Private Limited, CIN No.: U40109AP2009PTC064018 Lanco Infratech Limited (As on 31.03.2010) CIN No.: L45200AP1993PLC015545 |
CAPITAL STRUCTURE
As on 30.06.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000000 |
Equity Shares |
Rs.10/- each |
Rs.2000.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
146280000 |
Equity Shares |
Rs.10/- each |
Rs.1462.800
millions |
|
|
|
|
|
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
35000000 |
Equity Shares |
Rs.10/- each |
Rs.350.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100
million |
|
|
|
|
|
(10000 shares are held by Lanco Infratech Limited, the Holding Company)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
0.100 |
0.100 |
|
|
2] Share Application Money |
|
306.474 |
72.700 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
306.574 |
72.800 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
306.574 |
72.800 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
64.630 |
5.303 |
|
|
Capital work-in-progress |
|
70.183 |
36.708 |
|
|
|
|
|
|
|
|
Expenditure during Construction |
|
130.392 |
44.374 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.000
|
0.000 |
|
|
Sundry Debtors |
|
0.000
|
0.000 |
|
|
Cash & Bank Balances |
|
26.207
|
3.653 |
|
|
Other Current Assets |
|
0.000
|
0.000 |
|
|
Loans & Advances |
|
34.245
|
27.860 |
|
Total
Current Assets |
|
60.452
|
31.513 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
5.994
|
41.729 |
|
|
Other Current Liabilities |
|
8.257
|
1.335 |
|
|
Provisions |
|
4.843
|
2.045 |
|
Total
Current Liabilities |
|
19.094
|
45.109 |
|
|
Net Current Assets |
|
41.358
|
(13.596) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.011 |
0.011 |
|
|
|
|
|
|
|
|
TOTAL |
|
306.574 |
72.800 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.06 |
0.62 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
3.17 |
0.70 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL REVIEW
AND OPERATIONAL PERFORMANCE:
The company is yet to commence the commercial operations.
The performance of the company during the year is as under:
v
Lanco Solar Private Limited Is setting up 1250 TPA
poly silicon and 80 MW Wafer Manufacturing Unit in the state of Orissa through
Single Window Clearance and High Level Committee clearance mechanism.
v
Orissa Pollution Control Board had issued No
Objection Certificate (NOC) for the Project and the Company has obtained
approval for water allocation of 5 MLD from
v
The Company had signed long term lease with Orissa
State Industrial Development Corporation, Government of Orissa for leasing 250
acres of land for the Project.
v
The facility has been given Formal Approval for
“Special Economic Zone” status from the Government of India.
v
The Company has achieved financial closure with the
project finance sanctioned by consortium of banks comprising of Axis Bank
Limited Corporation Bank, Bank of Baroda, United Bank of India, UCO Bank,
Andhra Bank, State Bank of
v
The Company is adopting the International
Competitive Bidding (ICB) procedure for award of “EPC Contract” for the Project
and NIT has been already been published.
FORM 8:
|
Corporate
identity number of the company |
U74900AP2008PTC060157 |
|
Name of the
company |
LANCO SOLAR PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No.4, Software Units Layout, E-Mail: parvesh.kheterpal@lancogroup.com
|
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10239364 |
|
Type of charge |
v
Uncalled share capita v
Book Debts v
Movable Property v
Floating Charge v
Others (hypothecation deed) v
Goodwill |
|
Particular of
charge holder |
CIN No.:
U74999MH2008PLC182264 Axis Trustee
Services Limited, Maker Towers 'F', 13th Floor, Cuffe Parade,
Colaba, Mumbai – 400 005, Maharashtra, India E-Mail: abhinav.shukla@axistrustee.com |
|
Nature of
description of the instrument creating or modifying the charge |
Addendum No.1 to
the Deed of Hypothecation dated November 04, 2010 executed by Lanco Solar Private
Limited, the Borrower in favour of Axis Trustee Services Limited, acting as a
Security Trustee for Axis Bank Limited, Dena Bank, Allahabad Bank, Bank of
Baroda, United Bank of India, Corporation Bank, Andhra Bank, The Jammu and
Kashmir Bank Limited, UCO Bank, State Bank of Bikaner and Jaipur, Indian Bank
and Bank of Maharashtra, the Lenders of term loan facilitates of Rs.9400.000
millions. |
|
Date of
instrument Creating the charge |
04.11.2010 |
|
Amount secured by
the charge |
Rs.9400.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Terms of
Repayment: The Company shall
repay the Loan to each of the Lenders in Thirty Six (36) unequal quarterly
installments on the quarterly dates of 31st March, 30th
June, 30th September and 31st December (Quarterly
dates) in each year commencing after 39 months from the date of Financial
Closure (the first repayment date). Margin: 30 percent by way
of equity contribution Extent and
Operation of the charge: First pari passu
charge on: i) whole of the Borrower's tangible moveable properties, both
present and future, ii) project document, letter of credit, performance bonds
etc, iii) receivables, commissions, revenues, iv) intangible assets, v)
insurance contracts Floating charge
on all other assets of the Borrower, both present and future, more
particularly described in Deed of Hypothecation dated 31.07.2010. |
|
Short particulars
of the property charged |
The properties described
in the Deed of Hypothecation dated 31.07.2010. |
|
Particulars of
the present modification |
The location of
the Project Site (Plant) has been changed from the State of |
FIXED ASSETS:
v Land – Freehold
v
v Office Equipment
v 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 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.44.50 |
|
|
1 |
Rs.71.25 |
|
Euro |
1 |
Rs.64.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--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.