MIRA
INFORM REPORT
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Report Date : |
27.05.2011 |
IDENTIFICATION DETAILS
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Name : |
RRB ENERGY LIMITED (w.e.f January 2008) |
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Formerly Known As : |
VESTAS RRB INDIA LIMITED |
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Registered Office : |
GA – 1 / B-1 Extension, Mohan Co- Operative Industrial Estate, Mathura
Road, New Delhi 110 044, Delhi |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
01.12.1987 |
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Com. Reg. No.: |
55-029949 |
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Paid-up Capital : |
Rs. 56.200 Millions |
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CIN No.: [Company
Identification No.] |
U29299DL1987PLC029949 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELV05133C |
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PAN No.: [Permanent
Account No.] |
AAACV0109N |
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Legal Form : |
Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Wind Electric Generators |
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No. of Employees : |
1000 (approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (31) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 14000000 |
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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. Profitability
of the company appears to be under pressure. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow but
correct. The company can be considered for business dealings with some caution.
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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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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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
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Registered Office / Works: |
GA – 1 / B-1 Extension, Mohan Co- Operative Industrial Estate, Mathura
Road, New Delhi 110 044, India |
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Tel. No.: |
91-11-40552222 |
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Fax No.: |
91-11-40552200 |
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E-Mail : |
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Website : |
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Area : |
1000 sq. ft. |
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Location : |
Owned |
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Corporate Office
Cum Works : |
17, |
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Tel. No.: |
91-44-23641111 |
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Fax No.: |
91-44-23642222 |
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E-Mail : |
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Head Office : |
189, Sukhdev Vihar, |
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Tel. No.: |
91-11-26848228/26838365/26327711/26327722 |
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Fax No.: |
91-11-26335160/26835760/26327733 |
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E-Mail : |
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Manufacturing Unit : |
Blade and
Controller No.182/2, By Tele No: 91-44-26491891 Fax: 91-44-26491890 E-mail: pnml@rrbenergy.com
TAMILNADU Tel : 91 - 4255-253824 Telefax : 91 - 4255-253530 E-mail : palladam@rrbenergy.com Wind Farm Project
Tel : 91-4633 - 281010, 4633-280690 and 280659 Fax : 91-4633 – 280640 E-mail : tenkasi@rrbenergy.com
Telefax : 91 - 8192-262529 E-mail : davangere@rrbenergy.com
Tel : 91 - 4652- 263258 / 263145 Telefax : 91 - 4652-263258 E-mail : muppandal@rrbenergy.com
Tel : 91 - 8381 – 262353 E-mail : gajendragarh@rrbenergy.com
70, Indira Colony Jaisalmer - 305 001,
MADHYA PRADESH GUJARAT |
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Branches : |
·
Pune ·
Satara ·
·
Muppandal ·
Palladam ·
Tenkasi ·
·
·
Chitradurga ·
Gadag ·
Mavinahunda ·
Devangere ·
Jaipur ·
Jaisalmer ·
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DIRECTORS
As On 17.09.2010
|
Name : |
Mr. Kapil Narinder Nath Mohan |
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Designation : |
Directors |
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Address : |
Mohan Nagar, Gaziabad-201 007, |
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Date of Birth/Age : |
10.07.1929 |
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Qualification : |
Ph. D. |
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Date of Appointment : |
14.08.1989 |
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DIN No.: |
00196021 |
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Name : |
Mr. Nandagopal Masilamani |
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Designation : |
Directors |
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Address : |
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Date of Birth/Age : |
09.06.1939 |
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Date of Appointment : |
14.08.1989 |
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DIN No.: |
00058710 |
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Name : |
Mr. Rakesh B. M. Bakshi |
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Designation : |
Chairman Cum Managing Director |
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Address : |
161 Sukhdev Vihar, |
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Date of Birth/Age : |
04.06.1958 |
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Date of Appointment : |
01.12.1987 |
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Qualification : |
B.Sc. (Mechanical Engineer) |
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DIN No.: |
00392862 |
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Name : |
Mr. Sarvesh Satpal Kumar |
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Designation : |
Managing Directors |
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Address : |
E-2, Sector – 30, Noida
– 201 305, |
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Date of Birth/Age : |
27.01.1963 |
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Date of Appointment : |
01.02.2007 |
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Qualification : |
M. Com |
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DIN No.: |
00406836 |
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Name: |
Mr. Taruvai Subbayya Taruvai Venkatraman Krishnamurthy |
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Designation : |
Director |
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Address: |
Flat 9, Gokul Tower (Next) to Mookambika Complex, 9/10 Sir C P
Ramaswamy Road, Alwarpet, Chennai – 600 018, Tamilnadu, India |
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Date of Birth/Age : |
16.05.1940 |
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Date of Appointment : |
01.04.2008 |
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DIN No.: |
00279767 |
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Name : |
Mr. Daya Nand Dewan Chand Khurana |
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Designation : |
Director |
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Address : |
288 Vasant Enclave, |
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Date of Birth/Age : |
15.05.1935 |
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Date of Appointment : |
29.09.2008 |
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DIN No.: |
00020601 |
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Name : |
Mrs. Promilla Rai Saheb Dault Bakshi |
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Designation : |
Director |
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Address : |
161 Sukhdev Vihar |
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Date of Birth/Age : |
30.08.1938 |
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DIN No.: |
00392920 |
KEY EXECUTIVES
|
Name : |
Mr. Ravinder Kumar Vir Bhan Sachdeva |
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Designation : |
Secretary |
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Address : |
House No.416, Sainik
Vihar, Pitampura, |
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Date of Birth/Age: |
01.10.1954 |
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Date of Appointment
: |
02.03.2007 |
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Pan No.: |
AAUPS0133J |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 17.09.2010
|
Names of Shareholders |
Address |
No. of Shares |
|
Promilla Bakshi |
161, Sukhdev Vihar, |
3300 |
|
Rakesh Bakshi |
161, Sukhdev Vihar, |
4111800 |
|
Seema Bakshi |
161, Sukhdev Vihar, |
149600 |
|
Eco RRB Infra Private Limited |
2C and D, 2nd floor, M-6, |
1354500 |
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Sarvesh Kumar |
E-2, Sector – 30, Noida – 201301, |
100 |
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T V Hariharan |
151, E Pocket, A-2, Mayur Vihar Phase-3, |
100 |
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Shiv Nand Semwal |
L-55, Lajpat Nagar-II, |
100 |
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Susamma John |
3rd Floor, Harinagar Ashram, Jungpura, P.O, |
100 |
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Nisha Singh Mankotia |
H. No., 504, Sector 28, |
100 |
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Pramod Singh Rana |
C-2, Church Compound, Sukhdev Vihar, New Delhi-110025, |
100 |
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R. K. Sachdeva |
416, Sainik Vihar, Pitampura, |
100 |
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Sunita Punjabi |
A-31/C, DDA Flats, Munirka, |
100 |
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Total |
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5620000 |
As On 17.09.2010
|
Category |
Percentage |
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Bodies corporate |
24.10 |
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Directors or relatives of Directors |
75.89 |
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Other top fifty shareholders |
0.01 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Wind Electric Generators |
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Products : |
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Licensed and
Installed Capacities
Licensed Capacity – 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 utilization of
manufacturing facilities of different components of WEGs are varied and hence,
have not been disclosed.
PRODUCTION STATUS (31.03.2010)
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Class of Goods |
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Actual Production Nos MW |
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V 27-225 KW |
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- - |
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V 39-500 KM with 47 mtr rotor |
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- - |
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V47-600 KW |
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197 118.20 |
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Total |
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|
197 118.20 |
GENERAL INFORMATION
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No. of Employees : |
1000 (approximately) |
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Bankers : |
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Facilities : |
Note : a) Cash Credit and buyers Credit is secured by a first pari passu charge on: i) The company’s current assets in the form of raw materials, semi-finished goods, stores and spares, receivables and other current assets ii) Hypothecation of plant and machinery and iii) Hypothecation of certain immovable properties of the company B) The above loans are also covered by personal guarantee of the Chairman and Managing director and corporate guarantee provided by Eco RRB Infra Private Limited (formerly RRB Consultants and Engineers Private Limited), a company in which the CMD is a director
Note: The loan from a Bank is also covered by personal guarantee of the CMD
and corporate Guarantee provided by Eco RRB Infra Private Limited
(formerly RRB Consultants and Engineers Private Limited) a company in which
the CMD is a Director. |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
B.S.R and Company |
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Address : |
Chartered Accountant |
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Tel. No.: |
No.10, |
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Pan No.: |
AAIFB0630K |
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Associates/Subsidiaries : |
·
Eco RRB Infra Private Limited (formerly known
as RRB Consultants and Engineers Private Limited, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
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|
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|
15000000 |
Equity shares |
Rs.10/- each |
Rs.150.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
5620000 |
Equity shares |
Rs.10/- each
|
Rs.56.200
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
56.200 |
56.200 |
56.200 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
291.290 |
369.228 |
1077.494 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
347.490 |
425.428 |
1133.694 |
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LOAN FUNDS |
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1] Secured Loans |
839.365 |
1864.459 |
910.284 |
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2] Unsecured Loans |
2180.000 |
2270.000 |
2180.000 |
|
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TOTAL BORROWING |
3019.365 |
4134.459 |
3090.284 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
58.456 |
|
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LIABILITY FOR DEFERRED PAYMENTS |
299.000 |
299.000 |
0.000 |
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TOTAL |
3665.855 |
4858.887 |
4282.434 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1200.472 |
1251.000 |
1040.400 |
|
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Capital work-in-progress |
625.998 |
440.402 |
46.684 |
|
|
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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 |
|
|
|
|
|
|
Inventories |
1556.720
|
3605.842
|
2918.864
|
|
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Sundry Debtors |
1815.581
|
737.681
|
2890.776
|
|
|
Cash & Bank Balances |
222.141
|
244.329
|
195.964
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
421.583
|
382.687
|
552.177
|
|
Total
Current Assets |
4016.025
|
4970.539
|
6557.781
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1395.195
|
1020.796
|
2493.522
|
|
|
Other Current Liabilities |
746.705
|
749.578
|
842.799
|
|
|
Provisions |
34.740
|
32.680
|
26.110
|
|
Total
Current Liabilities |
2176.640
|
1803.054
|
3362.431
|
|
|
Net Current Assets |
1839.385
|
3167.485
|
3195.350
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3665.855 |
4858.887 |
4282.434 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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SALES |
|
|
|
|
|
|
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Income |
5680.349 |
3256.871 |
5954.587 |
|
|
|
Other Income |
151.350 |
17.846 |
49.273 |
|
|
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TOTAL (A) |
5831.699 |
3274.717 |
6003.860 |
|
|
|
|
|
|
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|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material consumed |
3769.875 |
2278.677 |
4425.989 |
|
|
|
Personnel cost |
182.574 |
248.879 |
168.649 |
|
|
|
Manufacturing and other expenses |
1265.057 |
1772.522 |
1539.190 |
|
|
|
Prior period items |
0.000 |
0.000 |
5.799 |
|
|
|
Exceptional Items |
0.000 |
(154.475) |
0.000 |
|
|
|
Increase/(Decrease) in Finished Goods |
402.909 |
(496.099) |
(488.820) |
|
|
|
TOTAL (B) |
5620.415 |
3649.504 |
5650.807 |
|
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
211.284 |
(374.787) |
353.053 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
208.589 |
308.443 |
134.436 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2.695 |
(683.230) |
218.617 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
80.634 |
78.353 |
67.491 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(77.939) |
(761.583) |
151.126 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.000 |
(53.317) |
52.684 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
(77.939) |
(708.266) |
98.442 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(609.824) |
98.442 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(687.763) |
(609.824) |
98.442 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
25.682 |
111.481 |
NA |
|
|
TOTAL EARNINGS |
25.682 |
111.481 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials, Stores and Spare and Capital Goods |
596.151 |
2330.317 |
NA |
|
|
TOTAL IMPORTS |
596.151 |
2330.317 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
(13.87) |
(126.03) |
17.52 |
|
|
|
- Diluted |
(13.87) |
(126.03) |
15.69 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(1.34)
|
(21.63)
|
2.54
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(1.37)
|
(23.38)
|
16.39
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.49)
|
(12.24)
|
2.30
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.22)
|
(1.79)
|
0.13
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
14.95
|
13.96
|
2.97
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.85
|
2.76
|
1.95
|
LOCAL AGENCY FURTHER INFORMATION
BACKGROUND:
Subject (hereafter
referred as 'RRBEL' or the time Company') was incorporated on 01.12.1987 and is
engaged in the business of manufacture, erection and commissioning of Wind
Electric Generators (WEGs). The Company is also engaged in the business of
providing after sales services and maintenance services for WEGs. The Company
has manufacturing facilities at Chennai and
Note:
The Registered Office of the company has been shifted from 189 Sukhdev
Vihar,
OPERATIONS
In a business,
there will be junctures when the business environment turn adverse, as it
happened with your Company during the previous financial year. Rather than
complain, the Company took it as a challenge and has tried to demonstrate an
ability to transform adversities into opportunities. In view of the change in
economic environment and sustained efforts put in by the Company to improve the
health of the business. The net sales turnover of the Company for the year
under review increased to Rs. 5831.700 Millions as compared to Rs.3274.600
Millions in the previous financial year, registering a growth of more than 78
percent oil an annualized basis.
Besides placing
emphasis on increasing the turnover, the Company also placed strong focus on
reducing the operating expenditure, improving operational efficiency and
reducing the working capital requirements. The Company could achieve success i
n this direction also to a greater extant. As against the EBITDA (Earnings
before interest, taxes, depreciation and amortization) of Rs. (-) 529.300
Millions during the previous year, the Company closed the year under review
with increased turnover and with EBITDA of Rs.211.200 Millions. There has been
a loss of Rs. 77.900 Millions during the year. Since the Company has debited a
sum of Rs. 80.600 Millions towards depreciation as per the rates indicated i n
the accounting policy of the Company, there is no cash loss to the Company
during the financial year 2009-10. In the absence of profits, no
recommendations have been made for declaration of dividends and transfer of any
amount to reserves.
FUTURE OUTLOOK
With the changing
economic environment, favourable and supportive initiatives of the Government
of India, coupled with an established track record, possession of in-house
design and technical capabilities to produce technologically advanced,
efficient and superior performing Wind Turbines and the expected development of
a Wind Turbine of higher capacity shortly, the Company expects to not only
increase its turnover but also to increase its market share in the Wind Energy
sector.
The Company
harbours a vision to foray into the power generation business through a
Generation Company. With the support being extended by the Government of India
for the New and Renewable Energy sector viz announcement of Generation based
Incentive for Wind Energy projects, launching of a National Solar Mission etc.,
the Company is hopeful that the Renewable Energy sector and especially the Wind
Energy sector can be envisioned as one of the fast growing sources of clean
arid green energy in the future. Many of the Government owned arid public
sector banks and enterprises are taking the initiative of combating climate
change and reducing the carbon footprint by setting up Wind Power projects. As
such, the Company is hopeful to achieve a higher level of achievements during
the coming years. This is further supported by the fact that the concept of
Green Energy is gaining world wide momentum as it is widely believed that this
can help in reduction of green house gas emissions.
EXPANSION
The manufacturing
facilities established by the Company for Wind Electric Generator (WEG) Blades
and Controllers and parts thereof at Poonamalle, Chennai will be used to its
fullest capacity during the financial year 2010-11. Taking into account the
expected increase in operations of the Company with the enhanced efforts and
with the likely development of a higher capacity Wind Turbine, the Company has
also initiated action to explore the possibilities of enhancing the capacity of
the existing manufacturing facility to manufacture WEG Blades and Controllers
and parts thereof at Poonamallee, Chennai.
The Company has
also planned for execution or Phase - I1 of tlie above mentioned facility for
manufacture of Blades for higher capacity WEGs and WEG Controllers and parts
thereof rewired for the same.
Form 8:
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U29299DL1987PLC029949 |
|
Name of the
company |
RRB INDIA LIMITED |
|
Address of the
registered office or of the principal place of business in |
GA-1/B-1
Extension, Mohan Co-opeartive Industrial Estate, Mathura Road, New Delhi –
110 044, India. |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
Canara Bank,
Maharani Bagh, |
|
Nature of description
of the instrument creating or modifying the charge |
Common
Hypothecation Agreement dated 30th June, 2009 and Letter Evidencing Deposit
of Title Deed dated 30.06.2009 |
|
Date of
instrument Creating the charge |
30.06.2009 |
|
Amount secured by
the charge |
Rs.854.700
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest BPLR + 0.75%p.a
(PRESENTLY 12.75% p.a.) subject to change from time to time by the Bank. Terms of Repayment
As per Common
Hypothecation Agreement dated 30.06.2009 Margin As per Common
Hypothecation Agreement dated 30.06.2009 Extent and
Operation of the charge As per Common
Hypothecation Agreement dated 30.06.2009. The limits are as follows: Cash Credit/
ODBD- Rs.350.000 millions WCDL- Rs.204.700
millions Letter of Credit/
FLC- Rs.200.000 millions (Sub limit (ILC/DP - Rs.50.000 millions and sub
limit Buyers credit - Rs.150.000 millions. Bank Guarantee
Rs.100.000 millions) |
|
Short particulars
of the property charged |
As per Common
Hypothecation Agreement dated 30.06.2009 |
Fixed Assets
·
·
·
· Plant and Machinery
· Furniture and Fixtures
· Office Equipments
· Computer
· Electrical Fittings
· Vehicles
· Software
AS PER WEBSITE DETAILS
PROFILE:
A pioneering Company in the field of Wind Power Generation, Subject is
one of the foremost players in the wind energy sector in
HISTORY
The Company was
incorporated in the year 1987 with the main objective of producing world class
Wind Electric Generators (WEGs) in
Hundreds of
Megawatts of wind power capacity, based on different sizes of WEGs, produced
and installed for a number of clients by RRBEL are operating successfully at
numerous locations in various States in
In the year 1990, the Company had setup a WEG Manufacturing Facility at
Chennai, Tamil Nadu,
In the year 2007, Merrill Lynch, invested Rs.218 millions in the Company and in
the same year the Company has commenced its export operations.
In the year 2008, the Company had added to its fold, state of the art
Manufacturing Facilities for WEG Blades and WEG Controllers and parts thereof
at Poonamallee, Chennai, Tamil Nadu,
PRESS RELEASE:
Vestas RRB India Limited (Vestas RRB) is in an advanced
stage of commencing the construction of a state of the art Wind Electric
Generator (WEG) blade manufacturing facility at Chennai, Tamil Nadu in
The initial outlay for the project is expected to be around Rs.350 million. The Company’s WEG blade manufacturing facility will be producing 23 meter long WEG blades by using advanced prepreg technology. Production is likely to commence in six months. In the first year the Company plans to manufacture 350 sets of blades and during the second year the Company plans to produce 700 sets of blades. Commencement of local production of the WEG blades will help in bringing down the overall cost of the WEGs considerably. It will also lead to huge savings in terms of time and transportation costs. The lead time of getting the blades from the time of placing the order will be reduced from 120 days to 40 days, which in turn will help in reducing the project commissioning time for the Company’s customers. Vestas Wind Systems A/S, the technology provider for the Company’s blade manufacturing facility uses proprietary reinforced graphite material to make WEG blades that are lighter, stronger and more corrosion resistant as compared to blades used by other WEG producers. The Company’s blade manufacturing facility will also be having offices, meeting rooms, testing laboratories, storage space as well as arrangement for healthcare and recreation. The facility will conform to international standards in safety and environment. The facility will also have scope for expansion to cater for higher capacity WEGs in the future. The Company will also be setting up a WEG at the site to provide captive power for the facility. This facility will also have an array of latest solar and energy efficient devices to make it most environment friendly. Rainwater harvesting and waste water management has been incorporated in the design. The Company also has a comprehensive plan for landscaping and horticulture.
The Company’s strategy is to establish a cost advantage through an ongoing process of augmenting its lateral and vertical manufacturing capability. Vestas RRB WEGs which are of the “Pitch Regulated” type are based on the well known and world proven Vestas technology. Vestas RRB WEGs are equipped with microprocessor controlled pitch regulation, ensuring continuous and optimal adjustment of the angles of the blades in relation to the prevailing wind. Vestas RRB WEGs are well known for their trouble free performance and are also well suited for Indian grid and climatic conditions and the same are able to deliver high plant load factors even in low/medium wind regimes due to the design parameters incorporated into them. With lower cost and a very highly skilled project management capability Vestas RRB aims to become a leader of the Wind Energy sector within the next two years.
Vestas RRB was incorporated in the year 1987 with the main
objective of producing world class WEGs in
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.45.29 |
|
|
1 |
Rs.73.84 |
|
Euro |
1 |
Rs.64.18 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
31 |
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.