MIRA
INFORM REPORT
|
Report Date : |
19.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
SOVA POWER LIMITED (w.e.f. 29.10.2008) |
|
|
|
|
Formerly Known
As : |
SOVA POWER PRIVATE LIMITED (w.e.f. 22.10.2008) SOVA COMMERCIAL PRIVATE LIMITED |
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|
|
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Registered
Office : |
“FMC Fortuna”, 4th Floor, Room No.A16, 234/3A, |
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Country : |
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|
|
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Financials (as
on) : |
31.03.2010 |
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|
|
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Date of
Incorporation : |
12.06.1996 |
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|
|
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Com. Reg. No.: |
21-080016 |
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|
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Capital
Investment / Paid-up Capital : |
Rs.24.226
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999WB1996PLC080016 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALS22874F |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer of Solar
Photovoltaic Modules. |
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|
|
|
No. of Employees
: |
Approximately 50 (In office) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (18) |
|
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 |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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|
Comments : |
As per available details, the company has started its commercial operations
recently in January, 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. Anjan Maiti |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-9874655513 |
|
Date : |
18.07.2011 |
LOCATIONS
|
Registered Office : |
“FMC Fortuna”, 4th Floor, Room No.A16, 234/3A, |
|
Tel. No.: |
91-33-22902771/ 72 |
|
Mobile No.: |
91-9874655513 (Mr. Anjan Maiti) |
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Fax No.: |
91-33-40063804 |
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E-Mail : |
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|
Website : |
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|
Location : |
Rented |
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|
|
|
Factory : |
Layout Plot No.25, E.P.I.P., Banskopa, |
|
Area : |
6.4 Acres |
|
Location : |
Leased |
DIRECTORS
As on 29.09.2010
|
Name : |
Mr. Subrata Mukherjee |
|
Designation : |
Managing Director |
|
Address : |
Nabapally, Benachity, |
|
Date of Birth/Age : |
15.03.1960 |
|
Date of Appointment : |
01.04.2004 |
|
DIN No.: |
00106187 |
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|
|
|
Name : |
Mr. Gopa Mukherjee |
|
Designation : |
Joint Managing Director |
|
Address : |
Nabapally, Benachity, |
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Date of Birth/Age : |
24.05.1963 |
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Date of Appointment : |
01.04.2004 |
|
DIN No.: |
00106352 |
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|
|
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Name : |
Mr. Krishnandu Subrata Mukherjee |
|
Designation : |
Additional Director |
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Address : |
P-24, Recol Park Co-Operative Housing Society Limited, |
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Date of Birth/Age : |
02.04.1992 |
|
Date of Appointment : |
03.04.2010 |
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DIN No.: |
03028550 |
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|
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Name : |
Soumyen Sunil Mukherjee |
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Designation : |
Director |
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Address : |
Nebapally, Barasat, Kolkata – 700 126, West |
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Date of Birth/Age : |
11.10.1976 |
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Date of Appointment : |
01.10.2008 |
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Date of Ceasing : |
18.09.2010 |
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DIN No.: |
00106427 |
|
|
|
|
Name : |
Mr. Rajendra Jitendra Chakraborty |
|
Designation : |
Director |
|
Address : |
Village Neamatpur, P.O. Sitarampur, Burdwan – 713 359, West |
|
Date of Birth/Age : |
29.01.1947 |
|
Date of Appointment : |
18.02.2009 |
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Date of Ceasing : |
01.12.2009 |
|
DIN No.: |
02670150 |
|
|
|
|
Name : |
Mr. Joydeb Adwaita Karmakar |
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Designation : |
Director |
|
Address : |
Village and P.O. Ghutgoriya, P.S. Borjora, Sadar – 722 168, West |
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Date of Birth/Age : |
17.09.1957 |
|
Date of Appointment : |
18.02.2009 |
|
Date of Ceasing : |
01.12.2009 |
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DIN No.: |
02673553 |
KEY EXECUTIVES
|
Name : |
Mr. Anjan Maiti |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Bodies Corporate (A) |
|
|
|
Suresh Sova Property Private Limited, |
952520 |
39.32 |
|
Silicon Vyapaar Private Limited, |
149320 |
6.16 |
|
Trishul Vinimay Private Limited, |
500000 |
20.64 |
|
Total
|
1601840 |
66.12 |
|
|
|
|
|
Directors cum
Promoters (B) |
|
|
|
Subrata Mukherjee |
429360 |
17.72 |
|
Gopa Mukherjee |
83040 |
3.43 |
|
Krishnendu Mukherjee |
110020 |
4.54 |
|
Total
|
622420 |
25.69 |
|
|
|
|
|
Directors/
Relative of Directors (C) |
|
|
|
Soumyen Mukherjee |
68000 |
2.81 |
|
Salil Mukherjee |
51820 |
2.14 |
|
Lila Mukherjee |
45000 |
1.86 |
|
Saby Asachi Mukherjee |
31000 |
1.28 |
|
Nita Mukherjee |
2500 |
0.10 |
|
Total
|
198320 |
8.19 |
|
|
|
|
|
Total Equity
Share (A+B+C) |
2422580 |
100.00 |
As on 29.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
66.12 |
|
Directors
or relatives of directors |
|
33.88 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Solar
Photovoltaic Modules. |
|
|
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|
Brand Names : |
“SOVA SOLAR” |
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Exports : |
|
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Products : |
Solar Photovoltaic Modules |
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Countries : |
v
|
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Imports : |
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Products : |
Raw Materials |
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Countries : |
v
v
v
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Terms : |
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|
Selling : |
L/C, Cash and Credit |
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|
|
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Purchasing : |
L/C and Credit |
GENERAL INFORMATION
|
Suppliers : |
v
ABB Limited v
AFL Dachser Private Limited v
Allied ICD Services Limited v
Banerjee Construction v
v
Century Transformer (Private) Limited v
Creation Unique v
Ray Enterprise v
Rina Enterprise v
Sumon Enterprise v
Indosolar Limited v
Maity Brothers v
Spire Corporation v
Prince Motors v
Freight System ( |
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Customers : |
End Users |
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No. of Employees : |
Approximately 50 (In office) |
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Bankers : |
v
State Bank of v
State Bank of v
Indian Overseas Bank, v
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Facilities : |
Total Facility enjoyed including fund and non fund base – Rs.241.900
millions
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Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
B.C. Bandari and Company Chartered Accountants |
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|
|
|
Name : |
P. Sen Sharma and Company Chartered Accountants |
|
Address : |
309, |
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Tel. No.: |
91-33-22428432 |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
ALVPS7329E |
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|
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Related Party : |
Sova Ispat Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Shares |
Rs.10/- each |
Rs.40.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2422580 |
Equity Shares |
Rs.10/- each |
Rs.24.226
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
24.226 |
23.326 |
19.526 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
65.574 |
22.090 |
6.831 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
89.800 |
45.416 |
26.357 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
118.808 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
118.808 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.004 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
208.608 |
45.420 |
26.357 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
167.573 |
9.178 |
0.069 |
|
|
Capital work-in-progress |
0.000 |
1.018 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
18.132 |
18.132 |
18.132 |
|
|
DEFERREX TAX ASSETS |
0.288 |
0.000 |
0.001 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
69.415
|
0.000 |
0.000 |
|
|
Sundry Debtors |
0.000
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
4.436
|
10.235 |
2.671 |
|
|
Other Current Assets |
1.060
|
0.784 |
1.312 |
|
|
Loans & Advances |
4.265
|
7.427 |
5.917 |
|
Total
Current Assets |
79.176
|
18.446 |
9.900 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
10.606
|
|
0.648 |
|
|
Other Current Liabilities |
44.854
|
0.204 |
|
|
|
Provisions |
1.101
|
1.101 |
1.114 |
|
Total
Current Liabilities |
56.561
|
1.354 |
1.762 |
|
|
Net Current Assets |
22.615
|
17.092 |
8.138 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.017 |
|
|
|
|
|
|
|
|
TOTAL |
208.608 |
45.420 |
26.357 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
0.000 |
0.000 |
2.205 |
|
|
|
Other Income |
0.285 |
0.660 |
1.011 |
|
|
|
TOTAL |
0.285 |
0.660 |
3.216 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
(Increase)/ Decrease in Stocks |
(69.415) |
0.000 |
1.871 |
|
|
|
Purchase |
58.002 |
0.000 |
0.000 |
|
|
|
Freight, Duties and Conv. Cost |
11.413 |
0.000 |
0.000 |
|
|
|
Payments to & Provision for Employees |
0.000 |
0.130 |
0.018 |
|
|
|
Operating & Other Expenses |
1.136 |
0.341 |
0.108 |
|
|
|
Preliminary Expenses written off |
0.000 |
0.017 |
0.002 |
|
|
|
Directors’ Remuneration |
0.000 |
0.000 |
0.295 |
|
|
|
TOTAL |
1.136 |
0.488 |
2.294 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(0.851) |
0.172 |
0.922 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.057 |
0.028 |
0.017 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(0.908) |
0.144 |
0.905 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(0.292) |
0.054 |
0.281 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(0.616) |
0.090 |
0.624 |
|
|
|
|
|
|
|
|
|
Less |
Adjustment for
earlier year |
0.000 |
0.031 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2.570 |
2.511 |
1.887 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
1.954 |
2.570 |
2.511 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
USD 557982.18 Euro 322.00 |
0.000 0.000 |
NA NA |
|
|
|
Capital Goods |
USD 1476107.50 |
0.000 |
NA |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.31) |
0.05 |
3.20 |
|
Expected Sales (2011-2012): Rs.600.000 millions
The above information has been parted by Mr. Anjan Maiti (Accounts
Manager).
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(216.14)
|
13.64 |
19.40 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.00
|
0.00 |
41.04 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.37)
|
0.50 |
9.08 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.01)
|
0.00 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.95
|
0.03 |
0.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.40
|
13.62 |
5.62 |
LOCAL AGENCY FURTHER INFORMATION
Note:
As informed by Mr. Anjan (Accounts Manager) that company was known as
“Sova Commercial Private Limited” in 1996 but in 2008 company changed its name
to “Sova Power Limited.
Work in Sova Power Limited has started from January 2011.
Note:
The registered office of the company has been shifted from R.No.59, Martin Burn House, 5th Floor, 1, R.N. Mukherjee Road, Kolkata – 700 001, West Bengal to the present address w.e.f. 01.04.2009.
OPERATION:
The Company has successfully completed the construction of project for
manufacturing of SOLAR PHOTOVOLTAIC MODULE, and started commercial production.
FORM 8:
|
Corporate
identity number of the company |
U74999WB1996PLC080016 |
|
Name of the
company |
SOVA POWER LIMITED |
|
Address of the
registered office or of the principal place of business in |
“FMC Fortuna”, 4th Floor, Room No.A16, 234/3A, E-Mail: sovaispat@gmail.com |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10173433 |
|
Type of charge |
Immovable
Property Others (Plant and
Machinery) |
|
Particular of charge
holder |
State Bank of E-Mail: sbi.01936@sbi.co.in |
|
Nature of description
of the instrument creating or modifying the charge |
Tripartite
Inter-se Agreement. |
|
Date of
instrument Creating the charge |
24.03.2010 |
|
Amount secured by
the charge |
Rs.452.900
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: For Cash Credit:
@ 1.50% p.a. over SBAR, Presently effective rate @ 13.25% p.a. with monthly
rests. For LC/BG:
Commission at Bank's applicable rate. For Forward Contract
: As per Bank's applicable rate Terms of
Repayment: The borrowings
are repayable on demand. The loan is for
Cash Credit only which is repayable on demand according to Banking norms. Margin: 25% of Raw
Materials : Domestic and Imported, 25% of Finished
Goods, 30% of
Receivables (Cover 90 days), 10% of Letter of
Credit (Inland), and 10% of Bank
Guarantee. Extent and
Operation of the charge: Second Charge on
the whole of the movable and mortgaged properties as a continuing security. |
|
Short particulars
of the property charged |
All that pieces
and parcels of land measuring 6.40 acres or 25886.040 sq.mtr. at Mouza - (i)
Bamunara-58 (ii) Banskopa-61 (iii) Chaknarayanpur-60, Touzi No.11,
J.L.Nos.58, 60 and 61, C.S. Plot No. Hal Dag No.1, Khatian Nos.218 and 1918,
Parganas-Sergarh, P.S.-Faridpur (at present Located at:
Parganas - Sergarh, P.S. - Faridpur (at present |
|
Particulars of
the present modification |
By this first
modification, the overall limit remains the same at Rs.452.900 millions, but
additional security is created in favour of SBI by way of Second Charge on
the security of Land and Buildings and Hypothecation of Plant and Machinery.
All other terms and conditions continue to remain as before in full force and
effect. |
TRADE REFERENCES:
v
Vikram Solar Limited, Kolkata
v
Sova Inpat Limited, Kolkata
CONTINGENT LIABILITIES: (As on 31.03.2010)
v Contingent Liability in the nature of Bank Guarantees Rs.16.961 millions.
FIXED ASSETS:
v
v Site Development
v Building
v Plant and Machinery
v 33 KVA Substation
v Furniture and Fixture
v Motor Car
v Motor Bike
v Computers and Office Equipment
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 |
4 |
|
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 |
1 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
18 |
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.