%20PRIVATE%20LIMITED%20-%20144473%2007-Jun-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
07.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
AEG POWER SOLUTIONS (INDIA) PRIVATE LIMITED (w.e.f. 16.11.2010) |
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Formerly Known
As : |
HARMER&SIMMONS PSS (INDIA) PRIVATE LIMITED |
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Registered
Office : |
No. 9, P B Dreams Park, Gollarahatti, Magadi Main Road, Vishwaneedam
Post, Bangalore North, Bangalore – 560091, Karnataka |
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Country : |
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Financials (as
on) : |
31.12.2009 |
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Date of
Incorporation : |
10.10.2006 |
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Com. Reg. No.: |
08-40698 |
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Capital
Investment / Paid-up Capital : |
Rs.20.600
Millions |
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CIN No.: [Company Identification
No.] |
U31200KA2006FTC040698 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRH03230D |
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PAN No.: [Permanent Account No.] |
AABCH7519P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Service Provider of Transporters and Plant Designers. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (11) |
|
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 : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
huge accumulated losses being recorded by the company. However, trade
relations are reported as fair. Business is active. Payments are reported to
be slow. 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) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
No. 9, P B Dreams Park, Gollarahatti, Magadi Main Road, Vishwaneedam
Post, Bangalore North, Bangalore – 560091, Karnataka, India |
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Tel. No.: |
91-80-23581223/ 24/ 25/ 27 |
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Fax No.: |
91-80-23581226 |
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E-Mail : |
sridhar.murthy@powersupplysystems.com |
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Website : |
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Sales Office : |
202, Vipul Square, Sushant Lok- 1, Gurgaon – 1220029, Haryana, India |
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Tel No.: |
91-124-4044731/ 732 |
DIRECTORS
(AS ON 26.06.2010)
|
Name : |
Mr. Kirit Wadhia |
|
Designation : |
Director |
|
Address : |
# 268, London Road, Earley, Reading, Berkshire,
Rgbiaj, United Kingdom |
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Date of Birth/Age : |
29.04.1960 |
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Date of Appointment : |
10.10.2006 |
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DIN No.: |
00526041 |
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Name : |
Mr. Sridhar Murthy Lakshmi Narayana Sastry Shiddlaghatta |
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Designation : |
Director |
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Address : |
1, Lottegollahalli, # 5206, Anriyadwellington, RMV 2nd
Stage, Bangalore – 560094, Karnataka, India |
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Date of Birth/Age : |
21.05.1958 |
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Date of Appointment : |
10.10.2006 |
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Din No.: |
00530850 |
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Name : |
Mr. Marios Christou Michaelides |
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Designation : |
Director |
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Address : |
Queendon Cottage, Cambridge Road, Quendon, Saffron Walden, CB 113XJ,
United Kingdom |
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Date of Birth/Age : |
28.01.1963 |
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Date of Appointment : |
12.03.2007 |
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DIN No.: |
01496253 |
KEY EXECUTIVES
|
Name : |
Mr. S. P. Nagarajan |
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Designation : |
Company Secretary |
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Address : |
S-818, Eighth Floor, South Block- Manipal Centre, 47 Dickenson Road,
Bangalore – 560042, Karnataka, India |
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Telefax No.: |
91-80-41136320/ 41141544 |
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Mobile No.: |
91-9845384585 |
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Email : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 26.06.2010)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
S. L. Sridhar Murthy |
|
1000 |
|
Kirit Wadhia |
|
01 |
|
Nagaraja Bhat |
|
01 |
|
AEG Power Solutions B.V. (Formerly 3W Power Holdings (The Netherlands) B.V.), Netherlands |
|
231623 |
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Total |
|
232625 |
(AS ON 30.06.2010)
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Category |
|
Percentage |
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|
|
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
99.51 |
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Directors or relatives of directors |
|
0.48 |
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Others |
|
0.01 |
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|
|
|
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Total
|
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Service Provider of Transporters and Plant Designers. |
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Products : |
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GENERAL INFORMATION
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Customers : |
· AEG Power Solutions GmbH, Germany · Harmer&Simmons (Malaysia) SDN BHD · AEG Power Solution, UK · Harmer&Simmons (SAS), France |
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No. of Employees : |
Not Available |
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Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
BSR and Associates Chartered Accountant |
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Address : |
Maruthi Info-tech Centre, 11-12/1, Inner Ring Road, Koramangala, Bangalore
– 560071, Karnataka, India |
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Tel. No.: |
91-80-39806000 |
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Fax No.: |
91-80-39806999 |
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Holding Company : |
AEG Power Solutions B.V. (Formerly 3W Power Holdings (The Netherlands) B.V.), Netherlands |
CAPITAL STRUCTURE
(AFTER - AS ON
26.06.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
350000 |
Equity Share |
Rs.100/- each |
Rs.35.000 Millions |
|
|
|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
329322 |
Equity Share |
Rs.100/- each |
Rs.32.932
Millions |
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|
|
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(AS ON 26.06.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
350000 |
Equity Share |
Rs.100/- each |
Rs.35.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
232625 |
Equity Share |
Rs.100/- each |
Rs.23.263
Millions |
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|
|
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|
(AS ON 31.12.2009)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Share |
Rs.100/- each |
Rs.25.000 Millions |
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
206000 |
Equity Share |
Rs.100/- each |
Rs.20.600
Millions |
|
|
|
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|
NOTE:
(Of the above 204,998 equity shares of Rs.100 each ale held
by AEG Power Solutions B.V. (Formerly 3W Power Holdings (The Netherlands) B.V. the
holding company. The ultimate holding company is Germany1 Acquisition Limited,
Amsterdam, Netherlands (Previous year Ripplewood Holding LLP, USA)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
20.600 |
10.000 |
8.100 |
|
|
2] Share Application Money |
12.052 |
0.107 |
0.174 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(104.802) |
(58.068) |
(4.870) |
|
|
NETWORTH |
(72.150) |
(47.961) |
3.404 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
Securities Premium |
70.000 |
17.000 |
7.500 |
|
|
|
|
|
|
|
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TOTAL |
(2.150) |
(30.961) |
10.904 |
|
|
|
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|
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APPLICATION OF FUNDS |
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|
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|
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FIXED ASSETS [Net Block] |
9.123 |
11.318 |
1.472 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
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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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|
Inventories |
25.989
|
23.955 |
2.323 |
|
|
Sundry Debtors |
17.504
|
13.865 |
75.047 |
|
|
Cash & Bank Balances |
0.533
|
1.281 |
16.452 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.787 |
|
|
Loans & Advances |
17.082
|
15.482 |
16.426 |
|
Total
Current Assets |
61.108
|
54.583 |
111.035 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
69.352
|
94.581 |
101.214 |
|
|
Other Current Liabilities |
1.311
|
1.235 |
0 |
|
|
Provisions |
1.718
|
1.046 |
0.389 |
|
Total
Current Liabilities |
72.381
|
96.862 |
101.603 |
|
|
Net Current Assets |
(11.273)
|
(42.279) |
9.432 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
(2.150) |
(30.961) |
10.904 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL |
20.980 |
113.165 |
550.370 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
70.662 |
167.483 |
553.222 |
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(49.682) |
(54.318) |
(2.852) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
(3.167) |
(1.874) |
(0.664) |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(46.515) |
(52.444) |
(2.188) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(0.220) |
(0.754) |
(2.682) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(46.735) |
(53.198) |
(4.870) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.22) |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
PAT / Total Income |
(%) |
(222.76)
|
(47.01) |
(0.88) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(66.23)
|
(79.58) |
(1.94 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.64
|
1.09 |
(0.64) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(1.00)
|
(2.02) |
29.85 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.84
|
0.56 |
1.09 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The Registered office of the company has been shifted from No.2923/E 30,
1st Floor, East of Chord Road, II Stage, Vijayanagar, Bangalore –
560040, Karnataka, India, to the present address w.e.f. 01.11.2008.
COMPANY
The Company during the year manufactured DC Power Plants as per customer
specification at its own factory and developed new sets with higher capacity
which are going to hae more demand in the coming years. The company got the
approval of its products and infrastructure from BSNL, a leading Govt. Telecom
company which will create new av4enue for the growth of the company.
FUTURE PROSPECTS
There has been substantial increase of mobile base
subscribers in India and more and more opportunities have stated coming up in
telecom sector. New Operator companies are entering in to market and demand of
telecom towers are increasing tremendously. They foresee the significant demand
of the company products specially of Solar Hybrid System to cut down the
operating cost to mange the tower business.
FIXED ASSETS
· Leasehold Improvements
· Plant and Machinery
· Computers
· Office Equipment
· Electrical Equipments
· Furniture and Fixture
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] 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 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
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 |
1 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
-- |
|
--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 |
|
11 |
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.