MIRA
INFORM REPORT
|
Report Date : |
26.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
EMMVEE PHOTOVOLTAIC POWER PRIVATE LIMITED |
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Formerly Known
As : |
EMMVEE TOUGHENED GLASS AND PHOTOVOLTAICS PRIVATE LIMITED |
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Registered Office
: |
55, Solar Tower, 6 |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
21.03.2007 |
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Com. Reg. No.: |
08-42197 |
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Capital
Investment / Paid-up Capital : |
Rs. 104.000
Millions |
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|
CIN No.: [Company Identification
No.] |
U260101KA2007PTC042197 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRE04624E |
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PAN No.: [Permanent Account No.] |
AABCE7342P |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Producer of high quality photovoltaic-modules. |
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No. of Employees
: |
Not Divulged by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1100000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The company had
recorded some accumulated losses in the previous years. However with some
improvement in the financial position it has been successful in wiping off
those losses. Trade relations are reported as fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for small to mediocre business dealings
at usual 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) |
|
|
A1 |
A1 |
|
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 |
|
Off-credit |
D |
INFORMATION DECLINED BY
|
Name : |
Ms. Swarna |
|
Designation : |
Accounts Department |
LOCATIONS
|
Registered Office : |
55, Solar Tower, 6 Main, 11 Cross, Lakashmaiah Block, Ganganagar,
Bangalore-560024, |
|
Tel. No.: |
91-80-43233311/ 43233310/ 23638380/ 81 |
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Fax No.: |
91-80-28467808/ 23332060 |
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E-Mail : |
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|
Website : |
http://www.emmveetuffglass.com
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|
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Factory 1 : |
# 13/1, Ballary Road, Jala Hobli, Sonnappanahalli, Bellahalasur Post,
Bangalore-562157, Karnataka, India |
|
Tel. No.: |
91-80-43233511/ 28477022/ 501 |
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Fax No.: |
91-80-28467808/ 28477502 |
DIRECTORS
As on 27.09.2010
|
Name : |
Mr. Manjunatha Donthi Venkatarathnaiah |
|
Designation : |
Chairman and Managing Director |
|
Address : |
B 22, Shubha Nilaya, 5 Main 10 Cross Housing Layout, Bangalore-560032,
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Date of Birth/Age : |
08.08.1967 |
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Date of Appointment : |
21.03.2007 |
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Other Directorship: |
Emmvee Solar Systems Private Limited U85110KA1996PTC021190 |
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Name : |
Mrs. Shubha Manjunatha |
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Designation : |
Managing Director |
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Address : |
B 22, Shubha Nilaya, 5 Main 10 Cross Housing Layout, Bangalore-560032,
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Date of Birth/Age : |
22.03.1972 |
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Date of Appointment : |
21.03.2007 |
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Name : |
Mr. Srinath Thippe Gowda |
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Designation : |
Whole Time Director |
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Address : |
# 1701, 17 Cross, MC Layout, Vijayanagar, Bangalore-560040, |
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Date of Birth/Age : |
13.04.1964 |
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Date of Appointment : |
29.09.2008 |
KEY EXECUTIVES
|
Name : |
Ms. Swarna |
|
Designation : |
Accounts Department |
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|
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|
Name : |
Mr. Mahabaleshwar Bhat |
|
Designation : |
Secretary |
|
Address : |
# 843 18 Cross, 5 Main, HMT Layout, Vidyaranya, Bangalore-560097, |
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Date of Birth/Age : |
05.04.1975 |
|
Date of Appointment : |
20.10.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2010
|
Names of Shareholders |
No. of Shares |
|
Donthi Venkatharathnaia Manjunatha |
5200000 |
|
Manjunatha Shubha |
5200000 |
|
Emmvee Solar Lightings HUF Represented by D V Manjunath |
391810 |
|
Total |
10791810 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Producer of high quality photovoltaic-modules. |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged by the management |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B S R and Company Chartered Accountant |
|
Address : |
Maruthi Info – Tech Centre, 11-12/1, |
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Tel. No.: |
91-80-39806000 |
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Fax No.: |
91-80-39806999 |
CAPITAL STRUCTURE
As on 27.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12000000 |
Equity Shares |
Rs. 10/- each |
Rs. 120.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10791810 |
Equity Shares |
Rs. 10/-
each |
Rs. 107.918
Millions |
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12000000 |
Equity Shares |
Rs. 10/- each |
Rs. 120.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10400000 |
Equity Shares |
Rs. 10/-
each |
Rs. 104.000
Millions |
(Of the above, 5200000 Equity Shares are
individually held by Mr. Manjunath Dhoni Venkatarathnaiah and Mrs. Shubha Manjunatha
Dhoni)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
104.000 |
104.000 |
10.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
184.762 |
103.539 |
87.539 |
|
|
4] (Accumulated Losses) |
0.000 |
[12.391] |
[36.016] |
|
|
NETWORTH |
288.762 |
195.148 |
62.023 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
615.983 |
535.797 |
245.898 |
|
|
2] Unsecured Loans |
36.847 |
6.784 |
125.268 |
|
|
TOTAL BORROWING |
652.830 |
542.581 |
371.166 |
|
|
DEFERRED TAX LIABILITIES |
91.697 |
26.114 |
22.245 |
|
|
|
|
|
|
|
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TOTAL |
1033.289 |
763.843 |
455.434 |
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APPLICATION OF FUNDS |
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|
|
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|
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|
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FIXED ASSETS [Net Block] |
564.363 |
232.263 |
219.594 |
|
|
Capital work-in-progress |
0.686 |
187.510 |
17.254 |
|
|
|
|
|
|
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INVESTMENT |
0.000 |
0.000 |
16.207 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
187.288
|
168.034 |
128.397 |
|
|
Sundry Debtors |
432.062
|
166.427 |
59.272 |
|
|
Cash & Bank Balances |
16.285
|
48.272 |
30.864 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
81.742
|
49.398 |
49.108 |
|
Total
Current Assets |
717.377
|
432.131 |
267.641 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
204.970
|
71.530 |
44.095 |
|
|
Other Current Liabilities |
17.876
|
12.485 |
20.368 |
|
|
Provisions |
26.291
|
4.046 |
0.799 |
|
Total
Current Liabilities |
249.137
|
88.061 |
65.262 |
|
|
Net Current Assets |
468.240
|
344.070 |
202.379 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1033.289 |
763.843 |
455.434 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1607.782 |
1230.074 |
275.746 |
|
|
|
Other Income |
6.533 |
16.059 |
11.035 |
|
|
|
TOTAL (A) |
1614.315 |
1246.133 |
286.781 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of goods Sold |
1192.403 |
1022.179 |
|
|
|
|
Personnel Cost |
36.923 |
30.327 |
|
|
|
|
Operating and Administrative expenses |
128.234 |
114.440 |
|
|
|
|
TOTAL (B) |
1357.56 |
1166.946 |
300.389 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
256.755 |
79.187 |
NA |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
58.137 |
32.127 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
198.618 |
47.060 |
NA |
|
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
37.689 |
19.205 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
160.929 |
27.855 |
[13.608] |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
67.314 |
4.230 |
22.408 |
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-I) (J) |
93.615 |
23.625 |
[36.016] |
|
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|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
[12.391] |
[36.016] |
-- |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
81.224 |
[12.391] |
[36.016] |
|
|
|
|
|
|
|
|
|
|
Basic/ Diluted
Earnings Per Share (Rs.) |
9.00 |
4.68 |
50.45 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.80
|
1.90 |
[12.56] |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.01
|
2.26 |
[4.93] |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.56
|
4.19 |
[2.79] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.56
|
0.14 |
[0.22] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.12
|
3.23 |
7.04 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.88
|
4.91 |
4.10 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
- Total outstanding dues to micro and small enterprises |
0.035 |
0.018 |
0.000 |
|
- Total outstanding dues to creditors other than micro and small
enterprises |
204.935 |
71.512 |
44.095 |
|
Total |
204.970 |
71.530 |
44.095 |
Turnover and
Profits:
For the year 2009-10 the company has achieved the turnover of Rs.
1607.782 Millions. Total Profit of Rs. 93.615 Millions.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U260101KA2007PTC042197 |
|
Name of the
company |
EMMVEE PHOTOVOLTAIC POWER PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
55, Solar Tower, 6 Main, 11 Cross, Lakashmaiah Block, Ganganagar,
Bangalore-560024, |
|
This form is for |
Modification of
Charge |
|
Charge
identification number of the charge to be modified |
10065252 |
|
Type of charge |
Immovable Property |
|
Particular of
charge holder |
Ing Vysya Bank Limited, G-2, No. 19 (old No. 86), Lower Palace
Orchards, |
|
Nature of
instrument creating charge |
Memorandum of
Entry |
|
Date of
instrument Creating the charge |
13.10.2010 |
|
Amount secured by
the charge |
Rs. 634.100
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest No Change Terms of
Repayment No Change-
Present terms Continue Margin No Change-
Present margin continue Extent and
Operation of the charge Pari passu first
charge (ING Vysya Bank Limited and State Bank of |
|
Short particulars
of the property charged |
Industrial land
and building at Sy. No. 13/1, Kata No. 131, at Industrial land
and building at St. No. 10-A, Sy. N 37/2 at 55, 11th Cross, 4th
Main, Lakmaiah Block, Ganganagar, Bangalore extent of land 2400 s.ft. and
building consisting of Ground + 2 upper floors measuring 5560 sq.ft. |
|
Particulars of
the present modification |
The company has
created EM on immovable property of the company to secure limit of Rs.
634.100 Millions |
Fixed Assets:
·
·
Building
·
Plant and Machinery
·
Computers
·
Furniture and Fixtures
·
Electrical Fittings
·
Office Equipments
·
Vehicles
·
Computer Software
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.45.38 |
|
|
1 |
Rs.73.31 |
|
Euro |
1 |
Rs.63.70 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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.