MIRA
INFORM REPORT
|
Report Date : |
27.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
KIRAN ENERGY SOLAR POWER PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
21, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 (As Per Unaudited
Provisional Financial) |
|
|
|
|
Date of
Incorporation : |
18.06.2010 |
|
|
|
|
Com. Reg. No.: |
204421 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.2.964
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U40106MH2010PTC204421 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMK20305F |
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|
|
|
PAN No.: [Permanent Account No.] |
AADCK9924B |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Solar Power Developer. |
|
|
|
|
No. of Employees
: |
17 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
NB |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
- |
NB |
New Business |
- |
|
Maximum Credit Limit : |
USD 4500000 |
|
|
|
|
Status : |
New Company |
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|
|
|
Payment Behaviour : |
Unknown |
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|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a new company and yet to start it’s commercial business
activities. The company will start its business activities from December
2011. Payment terms are unknown. The company can be considered for business dealings on a safe and
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.
INFORMATION PARTED BY
|
Name : |
Mr. Krishnan Pathasarthi |
|
Designation : |
Finance Controller |
|
Contact No.: |
91-9004087675 |
|
Date : |
17.06.2011 |
LOCATIONS
|
Registered Office : |
21, |
|
Tel. No.: |
91-22-22692961 |
|
Mobile No.: |
91-9004087675 (Mr. Krishnan) |
|
Fax No.: |
91-22-22906168 |
|
E-Mail : |
|
|
Location : |
Rented |
|
|
|
|
Corporate Office : |
3, Advani Chambers, |
|
Tel. No.: |
91-22-67520934 |
|
Fax No.: |
91-22-66155988 |
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|
|
|
Factory: |
Plot No. 75, 76, 81, 82, 97 and 98P Gujarat Solar Park, |
|
Area: |
150 acres (Leased) |
DIRECTORS
|
Name : |
Mr. Ardeshir Dady Contractor |
|
Designation : |
Director |
|
Address : |
35, |
|
Date of Birth/Age : |
09.07.1962 |
|
DIN No.: |
00021184 |
|
|
|
|
Name : |
Mr. Richard Alan Rosling |
|
Designation : |
Director |
|
Address : |
9, |
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Date of Birth/Age : |
16.08.1962 |
|
DIN No.: |
00311138 |
|
|
|
|
Name : |
Mr. Vishal Vijay Gupta |
|
Designation : |
Additional Director |
|
Address : |
71, 7th Floor, Gree Press House, Free Press Marg, Nariman
Point, Mumbai – 400 021, Maharashtra, India |
|
Date of Birth/Age : |
24.09.1977 |
|
Date of Appointment : |
26.07.2010 |
|
DIN No.: |
01913013 |
|
|
|
|
Name : |
Mr. Sanjeev Balkrishna Chachondia |
|
Designation : |
Additional Director |
|
Address : |
D 3, Ellora Anushakti Nagar, Mumbai – 400 094, |
|
Date of Birth/Age : |
15.02.1964 |
|
Date of Appointment : |
26.07.2010 |
|
DIN No.: |
02234658 |
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|
|
|
Name : |
Mr. Anil Kevin Khatod |
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Designation : |
Additional Director |
|
Address : |
8560, |
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Date of Birth/Age : |
18.07.1956 |
|
Date of Appointment : |
26.07.2010 |
|
DIN No.: |
01740073 |
|
|
|
|
Name : |
Mr. Rahul Ashok Mehta |
|
Designation : |
Director |
|
Address : |
B 113, Dadar Paschim Apartments, |
|
Date of Birth/Age : |
05.03.1976 |
KEY EXECUTIVES
|
Name : |
Mr. Krishnan Pathasarthi |
|
Designation : |
Finance Controller |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
Ardeshir Dady Contractor |
|
5000 |
|
Richard Alan Rosling |
|
5000 |
|
Total |
|
10000 |
As on 09.11.2010
|
Names of Allottees (Class A Equity Shares) |
|
No. of Shares |
|
|
|
3325 |
|
NSR PE |
|
3160 |
|
Total |
|
6485 |
As on 09.11.2010
|
Names of Allottees (Compulsorily Convertible Preference Shares) |
|
No. of Shares |
|
|
|
13300 |
|
NSR PE |
|
12640 |
|
Total |
|
25940 |
As on 20.09.2010
|
Names of Allottees (Class B Equity Shares) |
|
No. of Shares |
|
Ardeshir Dady Contractor |
|
40000 |
|
Richard Rosling |
|
40000 |
|
Advisory and Analytics |
|
30000 |
|
Sharad Dalal |
|
9000 |
|
Pratibha Ashok |
|
6000 |
|
Total |
|
125000 |
As on 25.03.2011
|
Names of Allottees (Class A Equity Shares) |
|
No. of Shares |
|
|
|
5401 |
|
NSR PE |
|
5041 |
|
Total |
|
10442 |
As on 25.03.2011
|
Names of Allottees (Series A Compulsorily Convertible Preference
Shares) |
|
No. of Shares |
|
|
|
21605 |
|
NSR PE |
|
20167 |
|
Total |
|
41772 |
As on 25.03.2011
|
Names of Allottees (Class C Equity Shares) |
|
No. of Shares |
|
|
|
3700 |
|
Argonaut Capital, |
|
3453 |
|
Total |
|
7153 |
As on 25.03.2011
|
Names of Allottees (Class C Compulsorily Convertible Preference
Shares) |
|
No. of Shares |
|
|
|
14800 |
|
Argonaut Capital, |
|
13813 |
|
Total |
|
28613 |
As on 31.03.2011
|
Names of Allottees (Class A Equity Shares) |
|
No. of Shares |
|
Argonaut Capital, |
|
8201 |
|
Total |
|
8201 |
As on 31.03.2011
|
Names of Allottees (Series A Compulsorily Convertible Preference
Shares) |
|
No. of Shares |
|
Argonaut Capital, |
|
32802 |
|
Total |
|
32802 |
BUSINESS DETAILS
|
Line of Business : |
Solar Power Developer. |
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
17(Approximately) |
|
|
|
|
Bankers : |
v
State Bank of India, Commercial Branch, N.G.N.
Vaidya Marg, Horniman Circle, Fort, Mumbai-400001, Maharashtra, India v
HSBC Bank, |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
SVB India Finance Private Limited, 84, Free Press House, 215, Nariman
Point, Mumbai – 400 021, |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Tel No.: |
91-22-66198538 |
|
Fax No.: |
91-22-66198401 |
|
|
|
|
Sister Concern: |
Address: Line of Business: Solar Power Developer.
Address: 3, Advani Chambers, Line of Business: Solar Power Developer. |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.Rs.0.100 million |
|
600000 |
Class A Equity Shares |
Rs.10/- each |
Rs.6.000 millions |
|
140000 |
Class B Equity Shares |
Rs.10/- each |
Rs.1.400 millions |
|
258000 |
Class C Equity Shares |
Rs.10/- each |
Rs.2.580 millions |
|
480000 |
Class A Compulsorily Convertible Preference Shares |
Rs.10/- each |
Rs.4.800 millions |
|
206400 |
Class C Compulsorily Convertible Preference Shares |
Rs.10/- each |
Rs.2.064 millions |
|
|
Total |
|
Rs.16.944
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 million |
|
25128 |
Class A Equity Shares |
Rs.10/- each |
Rs.0.251 million |
|
125000 |
Class B Equity Shares |
Rs.10/- each |
Rs.1.250 millions |
|
7153 |
Class C Equity Shares |
Rs.10/- each |
Rs.0.072 million |
|
25940 |
Compulsorily Convertible Preference Shares |
Rs.10/- each |
Rs.0.259 million |
|
74574 |
Class A Compulsorily Convertible Preference Shares |
Rs.10/- each |
Rs.0.746 million |
|
28613 |
Class C Compulsorily Convertible Preference Shares |
Rs.10/- each |
Rs.0.286 million |
|
|
Total |
|
Rs.2.964 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
AS PER UNAUDITED
PROVISIONAL FINANCIAL BALANCE SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
2.964 |
|
|
2] Share Application Money |
|
|
567.117 |
|
|
3] Reserves & Surplus |
|
|
623.374 |
|
|
4] (Accumulated Losses) |
|
|
(62.737) |
|
|
NETWORTH |
|
|
1130.718 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
100.000 |
|
|
2] Unsecured Loans |
|
|
1.350 |
|
|
TOTAL BORROWING |
|
|
101.350 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
|
1232.068 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
2.100 |
|
|
Capital work-in-progress |
|
|
149.924 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
235.581 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000 |
|
|
Sundry Debtors |
|
|
0.000 |
|
|
Cash & Bank Balances |
|
|
843.764 |
|
|
Other Current Assets |
|
|
0.789 |
|
|
Loans & Advances |
|
|
6.500 |
|
Total
Current Assets |
|
|
851.053 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
|
|
|
Other Current Liabilities |
|
|
6.590 |
|
|
Provisions |
|
|
|
|
Total
Current Liabilities |
|
|
6.590 |
|
|
Net Current Assets |
|
|
844.463 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1232.068 |
|
AS PER UNAUDITED
PROVISIONAL FINANCIAL SUMMARIZED PROFIT & LOSS ACCOUNT
|
Particular |
As
on 31.03.2011 (Rs.
in Millions) |
|
|
|
|
Other Income |
0.781 |
|
Administrative Expenses |
60.049 |
|
Depreciation |
0.135 |
|
Interest |
3.333 |
|
Profit before tax |
62.737 |
|
Profit after tax |
62.737 |
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2011 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
|
0.10 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
129.14 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors: Not Available
TRADE REFERENCES:
v
Larsen and Toubro
FORM 8:
|
Corporate
identity number of the company |
U40106MH2010PTC204421 |
|
Name of the
company |
KIRAN ENERGY SOLAR POWER PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
21, E-Mail: ckshamankar@rediffmail.com |
|
This form is for |
Creation of charge
|
|
Type of charge |
v
Book
Debts v
Movable
Property v
Floating
Charge v
Patent,
license under a patent v
Trademark
v
Copyright
or license under a copyright |
|
Particular of
charge holder |
SVB India Finance Private Limited, 84, Free Press House, 215, Nariman
Point, Mumbai – 400 021, E-Mail: ashwath.rau@amarchand.com |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation |
|
Date of
instrument Creating the charge |
30.10.2010 |
|
Amount secured by
the charge |
Rs.100.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: (a) 12.25% p.a.
during initial eighteen months (b) 13% p.a. from the commencement of nineteen
month from the date of the disbursement of the initial Advance or Single
Advance as case may be. Terms of
Repayment: Repayable in 24
(Twenty Four) months. Extent and
Operation of the charge: The Charge is for
term loan amount for Rs.100.000 millions and the charge is secured by a first
charge by way of hypothecation in favor of SVB of all the Borrowers existing,
future, fixed and current assets including any and all Intellectual Property
and Intellectual Property Rights (not forming part of any power project
undertaken by the Company, including the Power Project) of the Company
hereinafter. |
|
Short particulars
of the property charged |
The Company's
existing, future, fixed and current assets including any and all Intellectual
Property and Intellectual Property Rights (not forming part of the power
project undertaken by the Company). |
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.44.94 |
|
|
1 |
Rs.71.89 |
|
Euro |
1 |
Rs.64.09 |
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.