MIRA
INFORM REPORT
|
Report Date : |
19.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
GLOBAL WIND POWER LIMITED |
|
|
|
|
Registered Office : |
301, Satellite Silver, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2009 |
|
|
|
|
Date of Incorporation : |
23.02.2007 |
|
|
|
|
Com. Reg. No.: |
11-168078 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1240.390 millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U74140MH2007PLC168078 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
SRTG01581G |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAECM9752G |
|
|
|
|
Legal Form : |
A closely held Public Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer and Exporter of Wind Mill Generators and Turbine |
|
|
|
|
No. of Employees
: |
275 (Approximately) (in Office-125 and In Factory-150) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 5700000 |
|
|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow |
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|
|
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Litigation : |
Clear |
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|
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|
Comments : |
Subject is promoted by the Reliance ADA Group, It is a company having
moderate track. There appears some accumulated losses recorded by the company
in the year 2008-09. However, 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 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Mukesh |
|
Designation : |
Deputy Finance Manager |
|
Date : |
14.05.2011 |
LOCATIONS
|
Registered
Office / Factory: |
301, Satelite Silver, |
|
Tel. No.: |
91-22-39918500 |
|
Fax No. : |
91-22-39918521 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
3000sq.fts |
|
Location : |
Owned |
|
|
|
|
Head Office : |
15, |
|
Tel No. : |
91-44-39182618 |
|
|
|
|
Factory 1 : |
24/1, 26-27-28, 358/2/2/3, 359/1,
|
|
Area : |
50 Acers |
|
Location : |
Owned |
|
|
|
|
Overseas Office
: |
Amsterdamseweg 204 A, 1182 HL |
|
Tel. No.: |
+ 31 20 4260 923 |
|
Fax No. : |
+ 31 20 4260 901 |
|
E-Mail : |
DIRECTORS
As On 31.03.2009
|
Name : |
Mr. Dinesh Navnitlal Modi |
|
Designation : |
Director |
|
Address : |
B -22, Sperry Star CHS Limited, |
|
Date of Birth/Age : |
21.11.1950 |
|
Date of Appointment : |
23.02.2007 |
|
|
|
|
Name : |
Mr. Prakash Pandurang Khedekar |
|
Designation : |
Director |
|
Address : |
103 Swaraj Palace, Plot 12/13 Sector 12D, Koparkhairane, Navi Mumbai –
400 709, |
|
Date of Birth/Age : |
02.03.1974 |
|
Date of Appointment : |
23.02.2007 |
|
|
|
|
Name : |
Mr. M N Sudhindra Rao |
|
Designation : |
Director |
|
Address : |
Flat No. 61, 6th Floor, Vijaydeep Co-operative Housing
Society Limited, 31, Ridge Road, Malbar Hill, Mumbai 400 006, Maharashtra |
|
Date of Birth/Age : |
22.05.1957 |
|
Date of Appointment : |
25.09.2007 |
|
|
|
|
Name : |
Mr. Vikash Girdhari Lal Singhla |
|
Designation : |
Director |
|
Address : |
270, Old Anaj Mandi, Tohana, DT Fatehabad, Haryana - 125
120 |
|
Date of Birth/Age : |
20.10.1982 |
|
Date of Appointment : |
29.05.2009 |
KEY EXECUTIVES
|
Name : |
Rajive K Bansal |
|
Designation : |
Company Secretary |
|
Address : |
A - 1 / 146 , Safdarjung Enclave, |
|
Date of Birth/Age : |
11.10.1962 |
|
Date of Appointment : |
07.07.2008 |
|
|
|
|
Name : |
Rajive K Bansal |
|
Designation : |
Manager |
|
Address : |
A - 1 / 146 Indian , Safdarjung Enclave, |
|
Date of Birth/Age : |
11.10.1962 |
|
Date of Appointment : |
07.07.2008 |
|
|
|
|
Name : |
Malhotra Avtar Ashish |
|
Designation : |
Company Secretary |
|
Address : |
15, |
|
Date of Birth/Age : |
19.06.1979 |
|
Date of Appointment : |
01.06.2009 |
|
|
|
|
Name : |
R Ravishankar |
|
Designation : |
Manager |
|
Address : |
20/1, |
|
Date of Birth/Age : |
02.03.1963 |
|
Date of Appointment : |
04.08.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2009
|
Names of Shareholders |
|
No. of Shares |
|
Equity Shares |
|
|
|
Abhijit Banerjee |
|
1 |
|
Ashish Karyekar |
|
1 |
|
Divyesh Dalal |
|
1 |
|
Ramesh Shenoy |
|
1 |
|
Shivangi Samani |
|
1 |
|
K Latha |
|
25 |
|
B Rekha Flat |
|
69 |
|
V Satish Kumar |
|
72 |
|
Abhishek Loonker |
|
100 |
|
|
|
100 |
|
Malini Agarwal |
|
111 |
|
Bhawar Singh |
|
200 |
|
Janardan Mitta Pallavi |
|
200 |
|
Vasanta Kumar |
|
200 |
|
Chandanbala Jain |
|
266 |
|
Kamna Jain |
|
266 |
|
Ruchi Jain |
|
266 |
|
Sadhana Ora |
|
266 |
|
Nirav Dolatrai |
|
267 |
|
Bharathi Ponde |
|
277 |
|
Rakesh Kumar Jain |
|
306 |
|
Santosh Kumar Ora |
|
306 |
|
Shrenik Kumar Jain |
|
320 |
|
Kamala Agarwal |
|
347 |
|
Sanjay Agarwal |
|
444 |
|
G Rajagopalan |
|
500 |
|
Bijen C . Shah |
|
625 |
|
Jatin A. Shah |
|
625 |
|
Sanil Jatin Shah |
|
625 |
|
Shikha Jatin Shah |
|
625 |
|
Vidya Ganapathy Sivaraman |
|
800 |
|
Nikhil Khandelwal |
|
980 |
|
Narasimha Rao Koppuravuri |
|
1000 |
|
Somanchi Naga Raja Rao |
|
1000 |
|
Anjana P Harikar |
|
1133 |
|
Chetan A. Shah |
|
1250 |
|
Sheela C. Shah |
|
1250 |
|
Alka Gopal Khatri |
|
1333 |
|
Gopal C Khatri |
|
1333 |
|
|
|
1333 |
|
Bharati C Ajmera |
|
1350 |
|
Champa Devi |
|
1500 |
|
Venugopalan Parandhaman |
|
1500 |
|
Vinita Ramadevi |
|
1500 |
|
Prem Gul Rajani |
|
1600 |
|
Ramanathan Ganesh |
|
1744 |
|
Nikhil Gholani |
|
2000 |
|
Manish Kishore Vora |
|
2266 |
|
Goldfin Capital Private Limited Liability Company Limited |
|
2666 |
|
|
|
2666 |
|
Sushil Kumar Maroo |
|
2777 |
|
Vikram M Bhatt |
|
3333 |
|
Vandana Berkos Desai |
|
3350 |
|
Indu K Jain |
|
3999 |
|
Bhavita Manish Parikh |
|
4666 |
|
Powersurfer Interactive India Private Limited |
|
4995 |
|
Atul J Agarwal Mercator Lines Limited |
|
5000 |
|
Sonata Investments Limited |
|
5000 |
|
Pallavi R |
|
5040 |
|
Farida Asif Petiwala |
|
5200 |
|
Satyen D Shah |
|
5347 |
|
Protos Engineers Company Private Limited |
|
5400 |
|
Kusum Khandelwal |
|
5833 |
|
Ashok Reddy P |
|
6500 |
|
Umanath Investment Private Limited |
|
6500 |
|
Vaasatva Advisors Private Limited |
|
6555 |
|
Brescon Corporate Advisors Limited |
|
6660 |
|
Mukesh Jain |
|
6805 |
|
Vajubhai Lallubhai Shah |
|
8263 |
|
P V |
|
10000 |
|
Parvesh Gandotra |
|
10000 |
|
Rita S Kothari |
|
10000 |
|
Vivek Mundra |
|
10000 |
|
Ratna Suresh Jain |
|
12100 |
|
Elesh Anubhai Gopani |
|
13333 |
|
Nikhil Vora |
|
13333 |
|
Mukul Mahavir Prasad Agarwal |
|
13350 |
|
Jeevraj Singhi |
|
13611 |
|
Anagha Investment Private Limited |
|
13888 |
|
Goutam Bhailal Doshi |
|
13900 |
|
Keshav Bansal |
|
14400 |
|
Chetan Jain |
|
14583 |
|
Vishesh Jain |
|
14583 |
|
Ronak Iqbal Lakhani |
|
15000 |
|
Balkrishna Gopiram Goenka |
|
20000 |
|
K R Bharat |
|
20000 |
|
Methodical Investment Trading Company Private Limited |
|
20000 |
|
Paragraph Securities Private Limited |
|
20000 |
|
Rajiv Maheshvari |
|
20000 |
|
Sanjay Jagdish Pddar |
|
20000 |
|
Pradeep Sandeep Trading and Investment |
|
20416 |
|
Syntex Corporation Private Limited |
|
20416 |
|
MC Jain Infoservices Private Limited |
|
26500 |
|
Findeal Investments Private Limited |
|
27268 |
|
Ashwin Kumar Kothari |
|
27708 |
|
Jagdish N Master |
|
27708 |
|
Hawa Bilkis Zubair |
|
40800 |
|
Satyamitra Stock
Consultants Private Limited |
|
49444 |
|
Paresh Navnitlal
Bhagat |
|
50000 |
|
Sudarshan Fiscal
Services Private Limited |
|
58333 |
|
Index Equities
Private Limited |
|
80000 |
|
Principal Holdings
( |
|
100000 |
|
Superstar Exports
Private Limited |
|
156503 |
|
Pacific Corporate
Services Ltd |
|
180555 |
|
Blue Diamond
Properties Private Limited |
|
194444 |
|
Naishadh Jawahar
Paleja |
|
200000 |
|
Dhananjaya Money
Management Services |
|
214963 |
|
Tprvet.E L Ltidn.E
Asia Master Fund ( |
|
400000 |
|
Quantum (M)
Limited |
|
475000 |
|
Lata Bhanshali |
|
634166 |
|
Rajni Jain |
|
658500 |
|
Sudharshan
Securities Private Limited |
|
705416 |
|
Reliance Capital
Limited |
|
1440000 |
|
Total |
|
6239061 |
|
|
|
|
|
Preference Shares: |
|
|
|
Sonata Investments
Limited |
|
250000000 |
|
|
Total |
250000000 |
Equity Shares Breakup (Percentage of Total Equity)
(As on 30.09.2009)
|
Sr No. |
Category |
Percentage |
|
1 |
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
14.26 |
|
2 |
Bodies corporate |
53.95 |
|
3 |
Other top fifty shareholders |
31.57 |
|
4 |
Others |
0.22 |
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Wind Mill Generators and Turbine |
|
|
|
|
Exports : |
|
|
Products : |
Wind Mill Generators |
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
European Countries |
|
|
|
|
Terms : |
Depend |
GENERAL INFORMATION
|
Employees : |
275
(Approximately) (in Office-125 and In Factory-150) |
||||||||||||||||
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Bankers : |
|
||||||||||||||||
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|
||||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Malpani and Associates Chartered Accountants |
|
Address : |
307, Chartered House 297/299, |
|
|
|
|
Holding Company : |
Reliance Capital Limited |
|
|
|
|
Associates : |
Norwin A/S |
|
|
|
|
Subsidiary : |
|
|
|
|
CAPITAL STRUCTURE
As on : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
16000000 |
Equity Shares |
Rs. 10/- each |
Rs. 160.000 million |
|
490000000 |
Preference Shares |
Rs. 1/- each |
Rs. 490.000 millions |
|
|
Total |
|
Rs.
650.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6239061 |
Equity Shares |
Rs. 10/- each |
Rs. 62.390 million |
|
250000000 |
Preference Shares |
Rs. 1/- each |
Rs. 250.000 millions |
|
|
Total |
|
Rs.
312.390 Millions |
|
Add: |
|
|
|
|
|
Equity Share Application Money Pending Allotment |
|
Rs. 603.000 Millions |
|
|
Equity Warrants Issued and Subscribed |
|
Rs. 325.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.
1240.390 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital (including Share Application Money and Equity warrants Issued and Subscribed) |
1240.390 |
291.542 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
249.162 |
142.964 |
0.000 |
|
|
4] (Accumulated Losses) |
[52.308] |
[9.266] |
[0.002] |
|
|
NETWORTH |
1437.244 |
425.240 |
0.098 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1821.166 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
80.517 |
280.000 |
0.000 |
|
|
TOTAL BORROWING |
1901.683 |
280.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.00 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3338.927 |
705.240 |
0.098 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1288.491 |
78.141 |
0.000 |
|
|
Capital work-in-progress |
19.426 |
98.216 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
937.620 |
377.593 |
0.000 |
|
|
DEFERREX TAX ASSETS |
3.411 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1176.916
|
0.000 |
0.000 |
|
|
Sundry Debtors |
0.000
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
107.609
|
33.074 |
0.100 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
119.574
|
150.651 |
0.000 |
|
Total
Current Assets |
1404.099
|
183.725 |
0.100 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
310.543
|
30.632 |
0.006 |
|
|
Provisions |
3.577
|
1.803 |
0.002 |
|
Total
Current Liabilities |
314.120
|
32.435 |
0.008 |
|
|
Net Current Assets |
1089.979
|
151.290 |
0.092 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.006 |
|
|
|
|
|
|
|
|
TOTAL |
3338.927 |
705.240 |
0.098 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
Income From Operations |
0.000 |
0.000 |
0.000 |
|
|
Other Income |
2.580 |
1.851 |
0.000 |
|
|
Total Income |
2.580 |
1.851 |
0.000 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
(45.713) |
(8.764) |
(0.002) |
|
|
Provision for Taxation |
2.671 |
0.500 |
0.000 |
|
|
Profit/(Loss) After Tax |
(43.042) |
(9.264) |
(0.002) |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Raw Materials |
587.029 |
NA |
NA |
|
|
Stores & Spares |
0.492 |
NA |
NA |
|
|
Capital Goods |
108.934 |
NA |
NA |
|
Total Imports |
696.455 |
NA |
NA |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Cost of Contracts in Progress |
0.000 |
0.000 |
0.000 |
|
|
Administration and Other Expenses |
19.307 |
10.615 |
0.000 |
|
|
Depreciation |
1.390 |
0.000 |
0.002 |
|
|
Interest and Finance Charges |
27.596 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Earnings Per Share (Rs.) |
(7.84) |
(33.76) |
-- |
|
|
Particulars |
|
31.03.2011 |
31.03.2010 |
|
Sales Turnover (Approximately) |
|
2500.000 |
1000.000 |
|
|
|
|
|
Expected Sales (2011-2012) : Rs. 7000.000 millions
The above information has been parted by Mr. Mukesh.
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
(1668.29)
|
(500.48) |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.69)
|
(0.32) |
(2.00) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.03)
|
(0.02) |
(0.02) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.54
|
0.73 |
0.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.46
|
5.66 |
12.50 |
|
|
|
|
|
|
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS
During the year, the Company started its main operation and successfully completed installation of five 750KW Wind Turbine Generators (WTGs) out of which three are commissioned. Further the Company has received orders for 20 WTGs and 13 Towers. Company has technology agreement with three European experts in the wind industry viz. Norwin, Fuhrlander and Lagerwey. GWPL acquired a full license for a Danish 750 kW fixed-speed active stallregulated Norwin turbine with a rotor diameter of 47 meters, the Norwin turbine has been renamed GWP47 - 750kW. In addition, Fuhrlander of Germany has issued a license to GWPL for a GWP 77 - 1500 kW pitch-controlled variable speed turbine model originally designed by Windtec. GWPL also has a third turbine type, the GWPL 82 - 2000 kW. This is a direct drive wind turbine concept designed by engineering consultancy Lagerwey Wind, headed by Dutch wind pioneer Henk Lagerwey.
SUBSIDIARY COMPANY
During the year, Ashban Company Limited,
Licensed and
installed capacities and production
Licensed Capacity
The products manufactured and sold by the Company wind turbine generators (WTG) and components have not been included in the list of mandatory items, which require a license under the New Industrial Policy in terms of Notification no. S. O. 477 (E) dated July 25, 1991; and hence, licensing requirements are not applicable to the products manufactured by the Company.
Installed Capacity
The installed capacities are not precisely ascertainable, given the nature of operations, changes in product mix and utilisation of manufacturing facilities; and hence, have not been disclosed. The Company has not installed any WTG during the year.
Share Capital
Authorised Capital
During the year, the Authorised Capital of the Company was increased from 55,00,00,000 (Rupees Fifty Five Crore) divided into 60,00,000 (Sixty Lakh) equity shares of Rs.10 each and 49,00,00,000 (Forty Nine Crore) Preference Shares of Re. 1 each to Rs.650.000 Millions divided into 1,60,00,000 (One Crore Sixty Lakh) equity shares of Rs. 10 each and 49,00,00,000 (Forty Nine Crore) Preference Shares of Re. 1 each.
Equity Shares
Issue of shares on
rights basis
In order to strengthen the Company’s financial position and to generate resources for implementing future growth plans and for general corporate purposes, the Company made a rights issue of 3,58,411 Equity Shares of Rs 10 each for cash at premium of Rs 40 to the then existing equity shareholders of the Company on Rights Basis in the ratio of 1 : 10.
The Company received applications along with remittance for 339,949 equity shares at a price of Rs. 50 per share (including a premium of Rs.40 per share) aggregating Rs.16.997 Millions. The said shares were allotted on May 24, 2008.
Issue of shares on
preferential basis
Reliance Capital
Limited
In order to raise further capital for funding the expansion of business activities of the Company and for general corporate purposes, the Company raised further resources by issue of 14,40,000 equity shares of Rs 10 each and 65,00,000 convertible warrants, each convertible into 1 equity share of Rs.10 each, for cash at premium of Rs 40, on a preferential basis to Reliance Capital Limited, an affiliate of the promoters of the Company.
Foreign Direct
Investors
The Company also issued of 8,75,000 equity shares of Rs.10
each for cash at premium of Rs.40, on a preferential basis to Tree Line Asia
Master Fund (
Note
The registered office address of the company has been shifted from 402,
Satelite Silver, Opposite Honda Showroom, Andheri Kurla Road, Marol , Andheri
(East), Mumbai – 400 056, Maharashtra, India to present w.e.f 21.01.2009.
Form : 8
Bankers Charges
Report as per Registry
|
Corporation identity number or foreign company registrations number of
the company |
U74140MH2007PLC168078 |
|
Name of the company |
GLOBAL WIND POWER LIMITED |
|
Address |
301, Satellite Silver, |
|
This Form is for |
Creation of charge |
|
Type of Charges |
· Book Debts · Movable Property · Others |
|
Particular of the charge holder
|
Export - Import Bank of |
|
Nature or description of the instrument creating charge |
Deed of Hypothecation of Moveable Assets
dated 22.09.2009 executed
by Global Wind Power Limited (the
Company') in favour of Export-Import Bank of India( Exim Bank) to secure the
term loan of Rs.750.000 Millions (NR/USD).
|
|
Date of the instrument creating charge |
22.09.2009 |
|
Amount Secure by the charge |
Rs. 810.000 millions |
|
Brief of the principal terms and conditions and extent and operation of
the charge |
Rate of Interest : INR : PLR - 3% p.a. payable monthly on 20th of each month and USD : LIBOR (6 months) + 350 bps p.a., payable with quarterly rests subject to reset in accordance with the provisions of Loan Agreement Terms of Repayment: To be repaid in 27 quarterly
installments commencing after expiry of 18 months from the date of commencement of commercial
production. Margin: 28.19% Extent and operation of the Charge: The Charge created in favour of Exim Bank over the Company's moveable
fixed assets shall rank as a first charge (excluding the assets exclusively
charged to other Lenders) and over current assets shall rank as second
charge. |
|
Short particulars of the Property charged |
The whole of the Company's moveable fixed assets and current assets
both present and future, more particularly described in Schedule III to the
Deed of Hypothecation. |
AS PER WEBSITE DETAILS
PROFILE
Subject is promoted by the Reliance ADA Group with a goal of becoming a
leading provider of renewable wind energy solutions. World class facilities
have been established in
At GWP, they are working on making customers successful in deploying
wind energy while lessening the impacts of fossil generation. They believe that
the wind industry growth will be significant and will provide a viable
alternative for power. This will help displace inefficient and costly Carbon
fuel based power generation.
To expedite their ability to make a significant contribution to the
energy issues, GWP has entered into technology transfer agreements with leaders
in this industry from
Subject acquired a full license for a Danish 750 kW fixed-speed active
stall-regulated Norwin turbine. With a rotor diameter of 47 meters the Norwin
turbine has been renamed GWP47 - 750kW.
Subject also has a third turbine type, the GWP 82 - 2000 kW. This
is a direct drive wind turbine concept designed by engineering consultancy
Lagerwey Wind, headed by Dutch wind pioneer Henk Lagerwey.
In addition, Fuhrlander of Germany has issued a license to GWP for a GWP 100 - 2500 kW asynchronous machine,
variable speed turbine model originally designed by W2E.
Subject plans a careful step-by-step growth strategy for the next few
years, with customer satisfaction high on the agenda of company values and an
integral part of the ISO quality system. Offering a full service contract that
covers turbine risks is therefore closely linked to the sales and this is
facilitated by its association with Reliance, which also owns an insurance
company. At the same time this modest growth scenario gives GWP time to build a
scalable organization with limited growing pains.
The ISO certified manufacturing facilities are located in
They have embarked on a journey to drive their energy economy to a greener
and more sustainable future while promoting shareholder value.
TECHNOLOGY PARTNERS
They have technology agreements
with three European experts in the wind industry.
Norwin: 750KW
The company was founded in 1992
as an Engineering company by Engineers from the former wind turbine company,
Danwin. Further the company designed and manufactured the first Active Stall
Regulation turbine in the world in 1995. These turbines were manufactured in
In 2004, Norwin started a new
line called "Special Projects" where the advanced knowledge and
experience possessed by the company engineers was put into supplying an
integrated wind turbines at the Bahrain World Trade Centre.
Around 366 turbines of the 225
KW and 37 turbines of 750 KW are currently operational in
Lagerwey: 2.0MW
In 1979 Henk Lagerwey founded
the first wind turbine company in the
From that time
Since 2002 Lagerwey Wind BV is
active in designing direct drive turbines in the multi mega watt class.
Advantages of the GWP82-2000kW:
The Lagerwey Wind design of the
GWP82-2000kW direct drive turbine excels in simplicity and robustness. The
aerodynamic performance of the pitch controlled rotor with well proven LM
blades ensures a high energy yield under various circumstances. The mechanical
power of the rotor is converted to electrical energy by the highly efficient
permanent magnet direct drive generator. This generator is the heart of the
turbine and is designed for long life time, high efficiency and low cost. The
full power converter technology allows the system to operate in weak grid
situations.
The turbine is designed for
ambient temperatures up to 40°C. The tower top weight is low in relation to the
competition. The costs of installation at site are relatively low because of
the low weight of the heaviest components. Costs for service and maintenance
are decreased as a result of the simple design.
In summary, the design enables:
- High performance in energy
- Low production costs
- Low maintenance costs
- Longevity
Fuhrlander: 2.5MW
Fuhrlander AG was founded as a
black smith and is a leader in the wind industry.
Mr. Fuhrlander, the promoter of
the company, is a technocrat and a pioneer in the Wind Industry in
They started manufacturing 30 KW
turbines in the year 1987 followed by 100, 250, 800 and 1000 KW.
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. 45.07 |
|
|
1 |
Rs. 72.97 |
|
Euro |
1 |
Rs. 63.57 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--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.