MIRA
INFORM REPORT
|
Report Date : |
13.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
INOX WIND LIMITED |
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Registered Office : |
Plot No. 1, Khasra No. 264 to 267, Industrial Area, Village Basal–
174103, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of Incorporation : |
09.04.2009 |
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Com. Reg. No.: |
06-031083 |
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Capital
Investment/ Paid-up Capital: |
Rs. 300.000 Million |
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CIN No.: [Company
Identification No.] |
U31901HP2009PLC031083 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PTLI10831C |
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PAN No.: [Permanent
Account No.] |
AACCI0597B |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Wind Turbine |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 1200000 |
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Status : |
New Company |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a new company establishing itself gradually. Trade relations
are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution. |
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 |
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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
|
Registered Office/ Factory : |
Plot No. 1, Khasra No. 264 to 267, Industrial Area, Village Basal–
174103, |
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E-Mail : |
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Website : |
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Corporate Office : |
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Tel. No.: |
91-120-6149600/ 3063600/ 3063756 |
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Fax No.: |
91-120-6149610/ 3063610 |
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E-Mail : |
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Factory 2 : |
Blade Plant, Khasra No. 128, |
DIRECTORS
AS ON 23.06.2010
|
Name : |
Mr. Deepak R Asher |
|
Designation : |
Director |
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Address : |
17/1, Utkanth Society, Behind Alkapuri Club, Vadodara-390007, Gujarat |
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Date of Birth/Age : |
15.01.1959 |
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Date of Appointment : |
09.04.2009 |
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Name : |
Mr. Siddharth Jain |
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Designation : |
Additional Director |
|
Address : |
94, Benzer Terrace, Sea Face Worli, Mumbai-400018, Maharashtra |
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Date of Birth/Age : |
21.09.1978 |
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Date of Appointment : |
25.04.2009 |
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Name : |
Mr. Devansh Jain |
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Designation : |
Additional Director |
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Address : |
47, Golf Links, New Delhi-110003, |
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Date of Birth/Age : |
13.10.1986 |
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Date of Appointment : |
25.04.2009 |
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Name : |
Mr. Rajeev Gupta |
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Designation : |
Additional Director |
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Date of Appointment : |
26.11.2009 |
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Name : |
Mr. Vivek K Jain |
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Designation : |
Director |
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Address : |
47, Golf Links, New Delhi-110003, |
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Date of Birth/Age : |
30.08.1955 |
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Name : |
Mr. Pavan K Jain |
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Designation : |
Director |
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Address : |
31, Benzer Terrace, |
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Date of Birth/Age : |
17.05.1951 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Gujarat Fluorochemicals Limited, |
|
29999400 |
|
Vivek Kumar Jain |
|
100 |
|
Devendra Kumar Jain |
|
100 |
|
Devansh Jain |
|
100 |
|
Pavan Kumar Jain |
|
100 |
|
Sidhharth Jain |
|
100 |
|
Deepak Asher |
|
100 |
|
TOTAL |
|
30000000 |
(AS ON 30.09.2010)
|
Category |
|
Percentage |
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|
|
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Bodies corporate |
|
100.00 |
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Wind Turbine |
GENERAL INFORMATION
|
Bankers : |
Not Available |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Patankar and Associates Chartered Accountants |
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Holding Company
: |
Gujarat Fluorochemicals Limited, |
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Group Company
: |
·
Inox Air Products
Limited
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000000 |
Equity Shares |
Rs. 10/- Each |
Rs. 500.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000000 |
Equity Shares |
Rs. 10/- Each |
Rs. 300.000 Million |
Out of above 29999400 Shares are held by the Holding Company
Gujarat Fluorochemicals Limited
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
300.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
(12.439) |
|
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NETWORTH |
|
|
287.561 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
574.686 |
|
|
TOTAL BORROWING |
|
|
574.686 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
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TOTAL |
|
|
862.247 |
|
|
|
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APPLICATION OF FUNDS |
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|
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|
|
|
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FIXED ASSETS [Net Block] |
|
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361.437 |
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Capital work-in-progress |
|
|
334.036 |
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|
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0 |
|
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Advance on Capital Accounts |
|
|
53.772 |
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Pre-operative expenditure pending allocation |
|
|
38.508 |
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|
DEFERRED TAX ASSETS |
|
|
0.074 |
|
|
|
|
|
787.827 |
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|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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|
Inventories |
|
|
115.887 |
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Sundry Debtors |
|
|
86.441 |
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Cash & Bank Balances |
|
|
47.685 |
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Other Current Assets |
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|
0.000 |
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Loans & Advances |
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|
36.641 |
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Total
Current Assets |
|
|
286.654 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
|
|
187.387 |
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Other Current Liabilities |
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|
23.283 |
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Provisions |
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|
1.564 |
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Total
Current Liabilities |
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|
212.234 |
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Net Current Assets |
|
|
74.420 |
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|
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MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
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TOTAL |
|
|
862.247 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2010 |
|
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|
SALES |
|
|
|
|
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Income |
|
|
78.495 |
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Other Income |
|
|
0.055 |
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TOTAL (A) |
|
|
78.550 |
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|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
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Materials Consumed |
|
|
70.874 |
|
|
|
Manufacturing and Other Expenses |
|
|
16.448 |
|
|
|
TOTAL (B) |
|
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87.322 |
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|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
(8.772) |
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|
|
|
|
|
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Less |
FINANCIAL
EXPENSES (D) |
|
|
1.951 |
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|
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|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
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(10.723) |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
1.790 |
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PROFIT BEFORE
TAX (E-F) (G) |
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(12.513) |
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Less |
TAX (I) |
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(0.074) |
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PROFIT AFTER TAX
(G-I) (J) |
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(12.439) |
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Earnings Per Share
(Rs.) |
|
|
(20.64) |
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KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2010 |
|
PAT / Total Income |
(%) |
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(15.84) |
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Net Profit Margin (PBT/Sales) |
(%) |
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(15.94) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(1.93) |
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Return on Investment (ROI) (PBT/Networth) |
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(0.04) |
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Debt Equity Ratio (Total Liability/Networth) |
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2.74 |
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Current Ratio (Current Asset/Current Liability) |
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1.35 |
LOCAL AGENCY FURTHER INFORMATION
COMPANY
The company was incorporated on 9th April 2009 under
Certificate of Incorporation issued by the Deputy Registrar of Companies, Punjab,
Himachal Pradesh and Chandigarh bearing No. U31901HP2009PLC031083 of 2009-10
and had obtained certificate for Commencement of Business on 15th April, 2010.
The company has, thereafter, set up manufacturing facilities for wind
turbines at Una, Himachal Pradesh and Bawla,
FIXED ASSETS
- Tangible
Assets
- Leasehold
land
- Building
- Plant and
Machinery
- Office
Equipments
- Computers
- Furniture and
Fixtures
- Vehicles
AS PER WEBSITE
DETAILS
Profile
Subject was incorporated in the year 2009, to cater to the
global markets for wind energy products and associated services. Consequent to
a business diversification study conducted by McKinsey and Company Inc., the
Group decided to invest in the renewables field. After a detailed market study
and working on the concept development for this initiative for almost two
years, subject was incorporated. Inox Wind believes that wind energy will help
in bridging the present demand supply gap witnessed in the emerging and
developing economies across the globe and at the same time mitigate the
environmental issues facing the world today. Inox Wind aims to develop its wind
energy business into an environmentally friendly, socially responsible and
financially attractive business.
Inox Wind is a fully integrated player in the wind energy market having
state-of-the-art manufacturing plants near Ahmedabad (
Moreover, since the Inox Group owns many operating wind farms and is also a
wind farm developer, they understand the expectations of a wind turbine owner.
As a result they have a product which is designed keeping in mind the customer.
The fact that they have their own blade and tower manufacturing facility
enables them to adapt to changes very quickly. Their wind turbines deliver one
of the most efficient power curves in the market thereby maximizing revenue for
the customer.
Manufacturing
They at Inox Group are totally committed to the products and
services they offer to their customers. They have fully integrated state of the
art manufacturing facilities for their products. Their management team
boasts of highly competent members with years of experience to their
credit. Inox Group has been credited with setting up highly complex,
sophisticated and advanced facilities within budgeted cost and time limits.
Today, these global sized facilities are producing one of the best quality
products at high productivity levels and at globally competitive costs
while at the same time maintaining excellent stakeholder relationships.
Driven by these objectives and abilities, Inox Wind has set-up world class
manufacturing facilities to cover all the major components of a wind
turbine. Needless to say, this would give them full control on the quality
of the final product and help them keep their costs at competitive
levels.
Nacelle and Hub: They have set up one of the most advanced plant for
manufacturing Nacelles and Hubs in Una district of Himachal Pradesh. This plant
spans over 6500 Sq meters and is built on their land measuring 17 acres. The
plant configuration has been designed to enable them to increase the
manufacturing capacity to twice the existing levels.
Inox Wind has equipped this plant with latest state of the art tools, tackles
and facilities to carryout production operations with high efficiency and zero
defect tolerances. The plant has both grid and captive power supply to ensure
un-interrupted production.
Rotor Blades: Located strategically in the state of Gujarat to
ensure easier handling of these bulky cargo during transportation to project sites
as well as to sea port for shipment, this plant is spread over 8000 sq meters
in a 32 acre area land near the city of Ahmedabad in Gujarat. All
critical machinery and equipments like Blade Moulds, Resin Mixers, Drilling /
Cutting tools and Vacuum equipment are imported from world renowned
manufacturers to ensure high quality output.
Tower Plant: Wind turbine towers are structurally critical
components designed to carry weight of around 150 tones and withstanding high
wind loads at heights of upto 80 meters from the ground level. The Tower
plant has a built up area of 2600 Sq Meters and is housed in the common complex
along with the Rotor Blade Plant. Considering the criticality of
the Rolling process in the manufacturing of
Inox
Group
Inox Group is a $2 billion, professionally managed business
group, with interests in diverse businesses including Industrial Gases,
Refrigerants, Chemicals, Carbon Credits, Cryogenic Engineering, Renewable
Energy and Entertainment. The INOX Group employs more than 5000 people at more
than 75 business units across the country, and has a distribution network that
is spread across more than 50 countries around the globe. Each INOX Group
company is characterized by three distinct characteristics - early
identification of a winning business idea, building it to a size of dominant
market leadership in that segment, and attaining profit leadership position
through cutting-edge efficiency in operations.
The major Group companies include:
Gujarat Fluorochemicals Limited –
Inox Air Products Limited - Which is amongst
Inox India Limited -
Inox Leisure Limited - Amongst India’s largest, fastest growing and most
profitable Multiplex Chain.
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.44.79 |
|
|
1 |
Rs.73.19 |
|
Euro |
1 |
Rs.63.59 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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.