MIRA
INFORM REPORT
|
Report Date : |
19.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
MODERN SOLAR PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
7, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
25.03.2009 |
|
|
|
|
Com. Reg. No.: |
21-134237 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs.2.500
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29296WB2009PTC134237 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALM10856G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAGCM053M |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business
: |
Manufacturer, Exporter and Supplier of Solar Pannel. |
|
|
|
|
No. of
Employees: |
Not Available |
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 : |
Recently Commenced business |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Though the company was incorporated in the year March, 2009, the
company has started its commercial operations recently in April, 2011.
Business is active. Payment terms are unknown. 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.
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 |
INFORMATION PARTED BY
|
Name : |
Mr. B Doshi |
|
Designation : |
Manager |
|
Date : |
18.07.2011 |
LOCATIONS
|
Registered Office/ Manufacturing Plant : |
7, |
|
Tel. No.: |
91-33-65228530 |
|
Fax No.: |
91-33-22828906 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Ketan Kantilal Doshi |
|
Designation : |
Director |
|
Address : |
3B, |
|
Date of Birth/Age : |
19.01.1962 |
|
Date of Appointment : |
25.03.2009 |
|
DIN No.: |
00426759 |
|
|
|
|
Name : |
Mr. Konal Kantilal Doshi |
|
Designation : |
Director |
|
Address : |
40, 9th Floor, Maheswar Niketan, |
|
Date of Birth/Age : |
14.08.1966 |
|
Date of Appointment : |
25.03.2009 |
|
DIN No.: |
00426600 |
|
|
|
|
Name : |
Mr. Ripple Piyush Doshi |
|
Designation : |
Director |
|
Address : |
32, Ocean Crest, |
|
Date of Birth/Age : |
27.11.1970 |
|
Date of Appointment : |
25.03.2009 |
|
DIN No.: |
00426457 |
|
|
|
|
Name : |
Mr. Rupen Ramniklal Avalani |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
12.11.1966 |
|
Date of Appointment : |
25.03.2009 |
|
DIN No.: |
012196692 |
|
|
|
|
Name : |
Mr. Jigar Avalani |
|
Designation : |
Director |
|
Address : |
23, |
|
Date of Birth/Age : |
13.03.1972 |
|
Date of Appointment : |
25.03.2009 |
|
DIN No.: |
01296616 |
KEY EXECUTIVES
|
Name : |
Mr. B Doshi |
|
Designation : |
Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Ketan Doshi |
|
42000 |
|
Konal Doshi |
|
42000 |
|
Ripple Doshi |
|
42000 |
|
Rupen Avalani |
|
2000 |
|
Jigar Avalani |
|
2000 |
|
Bhaven Avalani |
|
30000 |
|
Lhar Dealcom Private Limited, West |
|
90000 |
|
Total |
|
250000 |
AS on 31.03.2011
|
List of Allottees |
|
No. of Shares Allotted |
|
Bhavan Avlani |
|
20000 |
|
Ketan Kantilal Doshi |
|
41000 |
|
Konal Doshi |
|
41000 |
|
Lahar Delcom Private Limited, Kolkata, West |
|
106000 |
|
Ripple Dosh |
|
42000 |
|
Total |
|
250000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
|
Category |
Percentage |
|
Bodies corporate |
36.00 |
|
Directors or relatives of Directors |
64.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Supplier of Solar Pannel. |
GENERAL INFORMATION
|
Bankers : |
|
||||||
|
|
|
||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S Ludia and Company Chartered Accountant |
|
Address : |
36, |
|
Tel. No.: |
91-33-22251994 |
CAPITAL STRUCTURE
After As on
30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
600000 |
Equity Shares |
Rs. 10/- each |
Rs. 6.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs. 10/-
each |
Rs. 5.000
Millions |
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
600000 |
Equity Shares |
Rs. 10/- each |
Rs. 6.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Shares |
Rs. 10/-
each |
Rs.2.500
Millions |
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Shares |
Rs. 10/-
each |
Rs.2.500
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
2.500 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
22.369 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
24.869 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
36.402 |
|
|
TOTAL BORROWING |
|
|
36.402 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.015 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
61.286 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
3.015 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000 |
|
|
Sundry Debtors |
|
|
0.000 |
|
|
Cash & Bank Balances |
|
|
0.090 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
57.827 |
|
Total
Current Assets |
|
|
57.917 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
0.000 |
|
|
Other Current Liabilities |
|
|
0.282 |
|
|
Provisions |
|
|
0.420 |
|
Total
Current Liabilities |
|
|
0.702 |
|
|
Net Current Assets |
|
|
57.215 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.056 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
60.286 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
|
|
2.425 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
TOTAL |
|
|
1.121 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
|
1.304 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
|
0.435 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
|
|
0.869 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
3.48 (Approximately) |
|
Note: The company have started the activity in April, 2011
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2010 |
|
PAT / Total Income |
(%) |
|
|
35.84 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
2.14 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
|
1.49 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
82.50 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U29296WB2009PTC134237 |
|
Name of the
company |
MODERN SOLAR PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
7, |
|
This form is for |
Modification of
Charge |
|
Charge identification
number of the charge to be modified |
10232348 |
|
Type of charge |
Immovable Property Any interest in immovable property Others |
|
Particular of
charge holder |
State Bank of |
|
Nature of
instrument creating charge |
Memorandum of
Deposit for Creation of Charge for overall limit |
|
Date of
instrument Creating the charge |
06.10.2010 |
|
Amount secured by
the charge |
Rs. 222.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest CC: At 4.25% over
base rate of SBI with present effective rate of 11.85% p.a. with monthly rests. TL: At 4.50% over
base rate of SBI with present effective rate of 12.10% p.a. with monthly rests. Terms of
Repayment Working Capital
Limit is repayable on demand. The Term Loan of
Rs. 70.000 Millions is repayable in 12 quarterly installments commencing form
Jun 2011 and ending on March, 2014 and out of which first 4 installments of
Rs. 5.000 Millions each and 5th to 12th installments of
Rs. 6.250 Millions each. Margin AS stipulated by
the Bank for the respective assets from time to time. Cash Credit: Raw Material
(Both Domestic/ Imported) : 25% SIP, Finished
Goods, Consumables, Stores and Spares : 25% Receivables
(Cover period 90 Days) : 25% EPC/ FBD: 25% of
confirm export order/ LC on FOB Basis. Term Loan :
61.11% of the Project Cost (Equity Share 27.78% and Unsecured Loan 33.335 %) Letter of Credit
: 15% Cash Margin and Bank Guarantee:
15% Cash Margin Extent and
Operation of the charge The charge
operates as first charge on the whole of the mortgaged properties of the
company to secure the maximum amount
under the said charge fixed at Rs. 222.000 Millions together with interest,
costs and charges theron. Others The borrower
shall not do or allow anything which may prejudice the security and shall
comply with the terms and conditions of the Agreement. |
|
Short particulars
of the property charged |
All that piece
and parcel of Land ad-measuring 3245 sq. mt. more or less lying and situate a
Mouza Uttar Simulberia, Village Uttar Simulberia, comprised in Dag No. 47,
J.L. No. 3 at Sector- II, in the Falta Special Economic Zone, Falta, P.S.
Ramnagar, District South 24 Parganas, West Bengal together with all buidlign
and structures, plant and machineries
erected thereon both present and future under original Lease Deed No. 05896
for the year 2009. |
|
Particulars of
the present modification |
By this modification,
the overall limit remains same at Rs.
222.000 Millions However, the overall limit is additionally secured by
creation of mortgage on the above mentioned properties of the company for
securing due repayment and discharge of the liability by the borrower to the
bank together with interest, costs and charges thereon, All other terms
and conditions continues to remain as before in full force and effect. |
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.44.57 |
|
|
1 |
Rs.71.75 |
|
Euro |
1 |
Rs.62.60 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
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 |
NO |
|
--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.