MIRA
INFORM REPORT
|
Report Date : |
11.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
PASL WIND SOLUTIONS PRIVATE LIMITED |
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Registered
Office : |
Plot No. 34-35, Phase-I, G.I.D.C., Vatva, Ahmedabad-382445, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
23.09.2008 |
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Com. Reg. No.: |
04-055104 |
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Capital
Investment / Paid-up Capital : |
Rs.15.000 Millions |
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CIN No.: [Company Identification
No.] |
U31100GJ2008PTC055104 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMP06448B |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing and Dealing in Wind Turbine Generator Components. |
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No. of Employees
: |
25 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (17) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Yet to commence business |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
As per last available financials, the company has not start its
commercial activities. However, trade relations are reported as fair. Payment
terms are unknown. Initially, the company can be considered for business dealings on a
secured 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.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Prafulchandra Chandrakant Mehta |
|
Designation : |
Director |
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Contact No.: |
91-79-40264646 |
|
Date : |
08.07.2011 |
LOCATIONS
|
Registered Office/Factory : |
Plot No. 34-35, Phase-I, G.I.D.C., Vatva, Ahmedabad-382445, |
|
Tel. No.: |
91-79-40264747/40264646 |
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E-Mail : |
DIRECTORS
As on 27.09.2010
|
Name : |
Mr. Kamalnayan Hasmukhlal Javeri |
|
Designation : |
Director |
|
Address : |
7, Lallubhai Park, Bus Stop, Xavier’s College, Opposite Som Lalit
College, Navrangpura, Ahmedabad-380009, Gujarat, India |
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Date of Birth/Age : |
23.11.1954 |
|
Date of Appointment : |
23.09.2008 |
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Din No.: |
00118050 |
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Name : |
Mr. Prafulchandra Chandrakant Mehta |
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Designation : |
Director |
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Address : |
10, Akhilesh Society, |
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Date of Birth/Age : |
09.03.1955 |
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Date of Appointment : |
23.09.2008 |
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Din No.: |
02329305 |
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|
|
Name : |
Mr. Abhishek Kamalnayan Javeri |
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Designation : |
Director |
|
Address : |
7, Lallubhai Park, Bus Stop, Xavier’s College, Opposite Som Lalit College,
Navrangpura, Ahmedabad-380009, Gujarat, India
|
|
Date of Birth/Age : |
26.06.1983 |
|
Date of Appointment : |
23.09.2008 |
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Din No.: |
00118117 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Patel Alloy Steel Private Limited, |
|
1210000 |
|
Prafulchandra Chandrakant Mehta |
|
260000 |
|
Kamalnayan Hasmukhlal Javeri |
|
15000 |
|
Abhishek Kamalnayan Javeri |
|
15000 |
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|
|
|
|
Total |
|
1500000 |
As on 02.02.2011
List of Allottees:
|
Particular |
|
No. of Shares |
|
Patel Alloy Steel Private Limited, |
|
4500000 |
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|
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|
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Total |
|
4500000 |
As on 27.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
80.67 |
|
Directors
or relatives of directors |
|
19.33 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Dealing in Wind Turbine Generator Components. |
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Terms : |
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Selling : |
Cash and Credit (30 days) |
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Purchasing : |
Cash and Credit (30 days) |
GENERAL INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
25 (Approximately) |
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Bankers : |
IDBI Bank Limited, Near Lal Bunglow, Off |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Dinesh R. Shah and Company Chartered Accountant |
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Address : |
51, Madhuban, Near |
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Holding Company: |
Patel Alloy Steel Private Limited (U27320GJ1979PTC003273) |
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Subsidiary Company: |
PWS Towers Private Limited (U28110GJ2008PTC055185) |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 Millions |
As on 27.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6000000 |
Equity Shares |
Rs.10/- each |
Rs.60.000 Millions |
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 |
|
15.000 |
10.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.686 |
0.130 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
15.686 |
10.130 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
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|
2] Unsecured Loans |
|
0.000 |
0.000 |
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|
TOTAL BORROWING |
|
0.000 |
0.000 |
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|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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|
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|
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TOTAL |
|
15.686 |
10.130 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
0.537 |
0.000 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
80.000 |
40.000 |
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|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
|
0.000 |
0.000 |
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Sundry Debtors |
|
0.000 |
0.000 |
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|
Cash & Bank Balances |
|
8.458 |
10.048 |
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|
Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
52.713 |
0.140 |
|
Total
Current Assets |
|
61.171 |
10.188 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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|
Sundry Creditors |
|
0.013 |
0.006 |
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Other Current Liabilities |
|
127.908 |
40.208 |
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|
Provisions |
|
0.290 |
0.070 |
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Total
Current Liabilities |
|
128.211 |
40.284 |
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|
Net Current Assets |
|
(67.040) |
(30.096) |
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MISCELLANEOUS EXPENSES |
|
2.189 |
0.226 |
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|
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TOTAL |
|
15.686 |
10.130 |
|
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 |
|
0.846 |
0.205 |
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EXPENSES |
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Office Expenses |
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Administrative Expenses |
|
1.897 |
0.005 |
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Advertising Expenses |
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TOTAL |
|
1.897 |
0.005 |
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PROFIT BEFORE
TAX |
|
0.846 |
0.200 |
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|
TAX |
|
0.290 |
0.070 |
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PROFIT AFTER TAX
|
|
0.556 |
0.130 |
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Earnings Per
Share (Rs.) |
|
0.37 |
0.13 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
-- |
63.41 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
-- |
1.96 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
-- |
0.02 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
8.17 |
3.98 |
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Current Ratio (Current Asset/Current Liability) |
|
|
0.48 |
0.25 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
0.013 |
0.006 |
OPERATIONS:
The company has not yet commenced commercial operations. The
prototype and designing work is in progress and the Company hopes to commence
the operations by the current year end and the Directors' efforts are in
progress in that direction.
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U31100GJ2008PTC055104 |
|
Name of the
company |
PASL WIND
SOLUTIONS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Plot No. 34-35, Phase-I, G.I.D.C., Vatva, Ahmedabad-382445, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Others |
|
Particular of charge
holder |
IDBI Bank Limited, Near Lal Bunglow, Off |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation dated 22.04.2011 |
|
Date of
instrument Creating the charge |
22.04.2011 |
|
Amount secured by
the charge |
Rs.200.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per LOI dated
09.12.2009 and Modified letter dated
16.01.2010 of IDBI Bank or any further modification from time to time Terms of
Repayment On Demand Margin As per LOI dated
09.12.2009 and Modified letter dated
16.01.2010 of IDBI Bank or any further modification from time to time Extent and
Operation of the charge First and
exclusive charge on all the movable assets of the company present and future |
|
Short particulars
of the property charged |
I)
All
the movable plant and machinery,
Tools, Spares and accessories such
other movable fixed assets of the company II)
All
raw material, stock, work in process, finished goods, tools and spares, scraps, packing material,
book-debts, bills, trade receivables and such other current assets of the
company |
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.44.33 |
|
|
1 |
Rs.70.74 |
|
Euro |
1 |
Rs.63.65 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
17 |
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.