MIRA
INFORM REPORT
|
Report Date : |
06.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
SUNBORNE ENERGY SERVICES INDIA PRIVATE LIMITED |
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Registered
Office : |
9, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
19.03.2009 |
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Com. Reg. No.: |
55 – 188629 |
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Capital
Investment / Paid-up Capital : |
Rs. 0.481 Million |
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CIN No.: [Company Identification
No.] |
U74999DL2009FTC188629 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Developing Power Projects which is derived from non- conventional
source of Solar Energy. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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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 |
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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 financial, the company has not started its commercial
operations till March, 2010. 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.
ECGC Country Risk Classification List – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
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 |
LOCATIONS
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Registered Office : |
9, |
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E-Mail : |
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Website : |
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Corporate Office : |
1st Floor, Technopolis, DLF Golf and |
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Tel. No.: |
91-124-475-0600 |
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Fax No.: |
91-124-475-0601 |
DIRECTORS
As on 16.09.2010
|
Name : |
Mr. Anil Thankappan Nayar |
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Designation : |
Director |
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Address : |
Flat No. |
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Date of Birth/Age : |
26.05.1965 |
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Date of Appointment : |
16.09.2010 |
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DIN No.: |
01997052 |
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Name : |
Mr. James Varghese Kavunkal
Abraham |
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Designation : |
Director |
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Address : |
SE-3, World Spa Esat, Sector -30/41, Gurgaon – 122002, |
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Date of Birth/Age : |
14.12.1964 |
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Date of Appointment : |
16.09.2010 |
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DIN No.: |
02559000 |
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Name : |
Mr. Aseem Bhupendra Sharma |
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Designation : |
Director |
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Address : |
Flat No. 801- A, The Laburnum Sushantlok – I, Gurgaon – 122002, |
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Date of Birth/Age : |
24.09.1963 |
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Date of Appointment : |
16.09.2010 |
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DIN No.: |
02237398 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 16.09.2010
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Names of Shareholders |
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No. of Shares |
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Sunborne Engineering Development Holding Limited, FS Court, Tewnty
Eight, Cybercity, Ebene, Maurtius |
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24062 |
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Sunborne Energy Holding L L C, C/o, General Catalyst, 20 University
Road, Suit 450, Cambridge MA 02138. |
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1 |
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Sunborne Energy Development Holding One Limited, FS Court, Tewnty
Eight, Cybercity, Ebene, Maurtius |
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24062 |
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Total |
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48125 |
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List of
Allottees As on 08.11.2010 |
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Wadhawan Solar Private Limited, 4th Floor, |
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11110 |
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List of
Allottees As on 20.03.2011 |
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Sunborn Energy Development Holdings Limited, |
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9995 |
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Sunborn Energy Development Holdings One Limited, |
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9995 |
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List of Allottees
As on 30.03.2011 |
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Wadhawan Solar Private Limited, 4th Floor, |
|
7498 |
As on 16.09.2010
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Developing Power Projects which is derived from non- conventional
source of Solar Energy. |
GENERAL INFORMATION
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Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Financial Institution : |
SVB India Finance Private Limited, 84, Free Press House, 215, Nariman
Point, Mumbai – 400021, Maharashtra, India |
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Auditors : |
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Name : |
B S R and Associates Chartered Accountant |
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Address : |
Building No.10, 8th Floor, Tower – B, |
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Tel. No.: |
91-124-2549191 |
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Fax No.: |
91-124-2549101 |
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PAN.: |
AAIFB0630K |
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Holding Company: |
Sunborne Energy Development Holdings Limited |
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Ultimate Holding
Company: |
Sunborne Energy Holdings, LLC |
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Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
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|
50000 |
Equity Shares |
Rs.10/- each |
Rs. 0.500 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
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|
48125 |
Equity Shares |
Rs.10/- each |
Rs. 0.481
Million |
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|
Note:
Or the above 48124 shares are held by Sunborne
Energy Development Holdings Limited,
As on 16.09.2010
Authorised Capital : Rs. 2.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 0.667 Million
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
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|
SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
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|
0.481 |
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2] Share Application Money |
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|
0.000 |
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3] Reserves & Surplus |
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|
312.288 |
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4] (Accumulated Losses) |
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(85.725) |
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NETWORTH |
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|
227.044 |
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LOAN FUNDS |
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1] Secured Loans |
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|
0.000 |
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2] Unsecured Loans |
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|
0.000 |
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TOTAL BORROWING |
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|
0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
|
|
227.044 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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2.857 |
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Capital work-in-progress |
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|
0.000 |
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INVESTMENT |
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|
23.399 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
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Sundry Debtors |
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0.000 |
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Cash & Bank Balances |
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|
179.175 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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|
32.861 |
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Total
Current Assets |
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212.036 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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0.000 |
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Other Current Liabilities |
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9.373 |
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Provisions |
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|
1.875 |
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Total
Current Liabilities |
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11.248 |
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Net Current Assets |
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200.788 |
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MISCELLANEOUS EXPENSES |
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|
0.000 |
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TOTAL |
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227.044 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2010 |
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SALES |
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Income |
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Other Income |
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TOTAL |
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3.438 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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Financial Expenses |
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Depreciation |
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TOTAL |
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88.774 |
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PROFIT BEFORE
TAX |
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(85.336) |
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Less |
TAX |
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0.389 |
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PROFIT AFTER TAX
|
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(85.725) |
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Earnings Per
Share (Rs.) |
|
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(2602.23) |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2010 |
|
PAT / Total Income |
(%) |
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(2493.45) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(39.71) |
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Return on Investment (ROI) (PBT/Networth) |
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(0.37) |
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Debt Equity Ratio (Total Liability/Networth) |
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0.05 |
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Current Ratio (Current Asset/Current Liability) |
|
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|
18.85 |
LOCAL AGENCY FURTHER INFORMATION
Change of Address:
Registered office of the company has been shifted from 18,
Background:
Sunborne Energy Services India Private Limited (‘the company’) was
incorporated on 19 March 2009 under the companies Act 1956. The Company is engaged
in the business of developing power projects which is derived from non-
conventional source of solar energy.
As at 31 March 2010 the company is yet to commence any commercial
operations in
Form 8:
|
Corporate
identity number of the company |
U74999DL2009FTC188629 |
|
Name of the
company |
SUNBORNE ENERGY SERVICES INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
9, |
|
This form is for |
Creation of charge |
|
Type of charge |
Book Debts Movable Property Floating charge Patent, License under a patent Trademark Copyright or license under a copyright |
|
Particular of
charge holder |
SVB India Finance Private Limited, 84, Free Press House, 215, Nariman
Point, Mumbai – 400021, Maharashtra, India |
|
Nature of
instrument creating charge |
Deed of
Hypothecation |
|
Date of
instrument Creating the charge |
09.11.2010 |
|
Amount secured by
the charge |
Rs. 75.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest 12% per annum Terms of
Repayment Earlier of (i)
February 15, 2012, or (ii) occurrence of an Event of Default Margin NIL Extent and
Operation of the charge The charge is for
Term Loan Amount Rs. 75.000 Millions and the charge is secured by a first
charge by way of hypothecation in favour of SVB of all of Company’s existing,
future, fixed and current assets including any and all intellectual Property
except for the investments made or held by the company in its subsidiaries
and/ or in the Special Purpose Vehicles (SPVs). For further details, refer to
Deed of Hypothecation attached with this form. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
|
Fixed Assets:
- Plant and Machinery
- Computer Hardware
- Furniture and Fixture
- 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.44.85 |
|
|
1 |
Rs.73.29 |
|
Euro |
1 |
Rs.64.89 |
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.