MIRA
INFORM REPORT
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Report Date : |
27.07.2011 |
IDENTIFICATION DETAILS
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Name : |
NUETECH SOLAR SYSTEMS PRIVATE LIMITED |
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Registered
Office : |
No.5, B.M. Shankarappa Industrial Estate, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
12.03.2002 |
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Com. Reg. No.: |
08-030228 |
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Capital
Investment / Paid-up Capital : |
Rs.8.000 millions |
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CIN No.: [Company Identification
No.] |
U31909KA2002PTC030228 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRN02033D |
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PAN No.: [Permanent Account No.] |
AABCN6398L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Solar Water Heater and Solar Lighting for domestic and
industrial applications. |
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No. of Employees
: |
125 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 148000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well–established company having satisfactory track records. Trade relations are fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings usual 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) |
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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 |
INFORMATION PARTED BY
|
Name : |
Mr. Anand K. |
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Designation : |
Finance / Accounts Department |
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Contact No.: |
91-80-23483766 |
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Date : |
23.07.2011 |
LOCATIONS
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Registered/ Corporate/ Head Office/ Factory 1 : |
No.5, B.M. Shankarappa Industrial Estate, |
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Tel. No.: |
91-80-23483766/ 65981441/ 47/ 23356789/ 23481743-48/ 23481744 |
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Fax No.: |
91-80-23281730/ 23115802 |
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E-Mail : |
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Website : |
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Area : |
21200 sq ft |
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Location : |
Rented |
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Branch Office : |
Located at: v
Pune v
v
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DIRECTORS
As on 30.09.2009
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Name : |
Mr. Kanathuru Raju Surendra Kumar |
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Designation : |
Whole Time Director |
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Address : |
Jyesta No.132, III B, Main II Stage, Nagarabhavi, |
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Date of Birth/Age : |
18.10.1966 |
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Date of Appointment : |
12.03.2002 |
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DIN No.: |
01007574 |
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Name : |
Mr. Boregowda Prakash |
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Designation : |
Whole Time Director |
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Address : |
948A, ITI Layout, 3rd Cross, Papareddypalya Nagar, Bhavi, 2nd
Stage, |
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Date of Birth/Age : |
01.07.1961 |
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Date of Appointment : |
12.03.2002 |
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DIN No.: |
01121355 |
KEY EXECUTIVES
|
Name : |
Mr. Anand K. |
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Designation : |
Finance / Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2009
|
Names of Shareholders |
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No. of Shares |
|
K.R. Surendra Kumar |
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440000 |
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B. Prakash |
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360000 |
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Total |
|
800000 |
As on 30.09.2009
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Equity Share Breakup |
|
Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Solar Water Heater and Solar Lighting for domestic and
industrial applications. |
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Products : |
Solar Water Heaters |
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Imports : |
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Products : |
Solar Heater |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit (30 days) |
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Purchasing : |
L/C, Cash and Credit (30/ 45 days) |
PRODUCTION STATUS (AS ON 31.03.2009)
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Particulars |
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Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Solar Water Heaters |
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NA |
NA |
11825 Sets |
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GENERAL INFORMATION
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Customers : |
Wholesalers and Dealer DEFENCE
ORGANISATIONS v
Northern Command, v
Army Base, GOVERNMENT
DEPARTMENTS / PSU v Indian Space Research Organization (ISRO), Sri Harikota, Andhra Pradesh v
Postal v
v
Executives Engineer’s Office, v
Indian Railway Vasco, v
Boys Hostel Pajancoa, Karaikkal, v
IRCON, HOSPITALS v
v Manipal Universal Learning Private Limited v
v Prakurti Ayurveda Chikistalya, Gaziabad, Uttar Pradesh v Jnana Sagara, Shimoga v
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No. of Employees : |
125 (Approximately) |
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Bankers : |
v
Canara Bank, No.628/ 629, Rajajinagar, III
Block Branch, v Corporation Bank v The Karnataka Bank v
Bank of v Veerashiv Co-Operative Bank Limited v Citi Bank v ICICI Bank v American Express Bank v
Canara Bank, v Kotak Mahindra Bank Limited v Standard Chartered Bank v HDFC Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Dhananjay G. Hegde Chartered Accountants |
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Address : |
# 47/1, Ground Floor, 4th Cross, Malleshwaram, |
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Tel./ Fax No.: |
91-80-23444985/ 24360790 |
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E-Mail : |
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PAN No.: |
AABPH7183G |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
800000 |
Equity Shares |
Rs.10/- each |
Rs.8.000 millions |
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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 |
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|
|
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1] Share Capital |
8.000 |
8.000 |
8.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
29.059 |
15.806 |
5.626 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
37.059 |
23.806 |
13.626 |
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LOAN FUNDS |
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1] Secured Loans |
70.017 |
36.201 |
13.856 |
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2] Unsecured Loans |
1.127 |
1.045 |
0.048 |
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TOTAL BORROWING |
71.144 |
37.246 |
13.904 |
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DEFERRED TAX LIABILITIES |
0.086 |
0.097 |
0.048 |
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TOTAL |
108.289 |
61.149 |
27.578 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
24.776 |
8.794 |
4.891 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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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|
|
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Inventories |
21.798
|
14.353
|
10.637
|
|
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Sundry Debtors |
105.562
|
92.270
|
40.446
|
|
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Cash & Bank Balances |
18.935
|
0.467
|
1.929
|
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Other Current Assets |
0.000
|
0.000
|
0.000
|
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Loans & Advances |
17.644
|
20.561
|
8.821
|
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Total
Current Assets |
163.939
|
127.651 |
61.833 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
73.601
|
69.950
|
36.923
|
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Other Current Liabilities |
0.000
|
0.000
|
0.000
|
|
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Provisions |
6.864
|
5.404
|
2.301
|
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Total
Current Liabilities |
80.465
|
75.354
|
39.224
|
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Net Current Assets |
83.474
|
52.297
|
22.609
|
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MISCELLANEOUS EXPENSES |
0.039 |
0.058 |
0.078 |
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TOTAL |
108.289 |
61.149 |
27.578 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
253.325 |
237.906 |
158.059 |
|
|
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Other Income |
1.450 |
0.755 |
0.508 |
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|
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Variation in Stock |
7.445 |
3.715 |
1.757 |
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|
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TOTAL |
262.220 |
242.376 |
160.324 |
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|
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Less |
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|
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|
|
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Office Expenses |
242.114 |
226.744 |
153.476 |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
242.114 |
226.744 |
153.476 |
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PROFIT BEFORE
TAX |
20.106 |
15.632 |
6.848 |
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Less |
TAX |
6.853 |
5.453 |
2.292 |
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PROFIT AFTER TAX
|
13.253 |
10.179 |
4.555 |
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Earnings Per
Share (Rs.) |
16.57 |
207.00 |
5.70 |
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Particulars |
|
|
31.03.2011 (Approximately) |
|
Sales Turnover |
|
|
233.200 |
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|
|
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Expected Sales (2011-2012): Rs.300.000 millions
The above information has been parted by Mr. Anand K. (Finance /
Accounts Department).
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.05
|
4.20
|
2.84
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
7.94
|
6.57
|
4.33
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.65
|
11.46
|
10.26
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.54
|
0.66
|
0.50
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
4.09
|
4.73
|
3.89
|
|
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|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.04
|
1.69
|
1.58
|
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS:
The Company during the year has made a Turnover of Rs.253.325 millions
and Other Income of Rs.1.450 millions as against the Turnover of Rs.237.906 millions
and other income of Rs.0.755 million for the previous year. The Company has
earned a net profit before making provision for taxation amounting to Rs.20.106
millions as against net profit before making provision for taxation amounting
the Rs.15.632 millions for the previous year.
Form 8:-
|
Corporate identity number of the company |
U31909KA2002PTC030228 |
|
Name of the company |
NUETECH SOLAR SYSTEMS PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in |
E-Mail: info@nuetechsolar.com |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10026984 |
|
This form is for |
Creation of
charge |
|
Type of charge |
v
Movable property (not being pledge) v
Floating charge v
Book debts |
|
Particular of charge holder |
Canara Bank, 628/629, Rajajinagar, Iii
Block, E-Mail: blr0411@canbank.co.in |
|
Nature of instrument creating charge |
Supplemental Common Hypothecation Agreement |
|
Date of instrument Creating the charge |
18.02.2010 |
|
Amount secured by the charge |
Rs.117.120 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of interest: OCC/ODBD - 12.5% p.a. (BPLR + 0.5%) Other limits - as per existing/sanction terms Terms of repayment: OCC/ODBD - running account repayable on demand ILC/FLC - Usance period - 90 days BG - Period not to exceed 24 months including claim period BG (ST) - Period 1 year Margin: OCC/ODBD - 25% against stocks, 40% book debts ILC/FLC - 25% BG - 25% BG (ST) - 15% Extent and Operation of charge: The charge shall operate to the extent of the loan amount plus
interest commission costs expenses and other changes thereon Others The said amount of Rs.117.120 millions comprises OCC/ODBD Rs.50.000
millions; LC Rs.8.000 millions; TL I Rs.1.075 millions; TL II Rs.16.425
millions; BG Rs.20.000 millions; BG (ST)
Rs.20.000 millions, Can Bank Mobile Rs.1.620 millions |
|
Short particulars of the property charged (Including location of the
property) |
First charge by way of hypothecation
of stocks of raw materials, stock in process, finished goods, stores, spares,
plant, machineries, book debts and other movables present and future stored
installed at No.5, Shankarappa Industrial Estate, Sunkada Katte, Magadi Main
Road, Bangalore 560091 or at any other place. |
|
Date of latest
modification prior to the present modification |
16.02.2010 |
|
Particulars of
the present modification |
By the above, the charge on stocks, plant, machineries, book debts and
other movables present and future shall cover the present modified limits
aggregating Rs.117.120 millions. (all other terms and conditions remain unchanged) |
TRADE REFERENCES:
v
Bharat Petroleum
v
Bharat Electronics Limited,
v
Ircon,
CONTINGENT LIABILITIES NOT PROVIDED FOR: (As
on 31.03.2010)
v
Performance Bank Guarantee for Solar Water
Heater given as on 31.03.2010 for the covering Rs.26.058 Millions.
fixed Assets:
v Land and Building
v Land at Dobaspet
v Plant and Machinery
v Computer Systems
v Furniture and Fixtures
v Software
v Office Equipment
v Mobile Phones
v Motor Car – Fabia (Skoda)
v Motor Car – Verna CRDIVGT
v Fax Machines
v Type Writer
v Fire Extinguisher
v Telephone equipment
v Electrical Installation
v Bajaj M80
v Santro Car
v Tempo
v Motor Bike
v
v Xerox Machine
v EPABX
v Leasehold Improvement
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] 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.44.29 |
|
|
1 |
Rs.72.37 |
|
Euro |
1 |
Rs.64.17 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
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.