MIRA
INFORM REPORT
|
Report Date : |
14.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
SUNBORNE ENERGY TECHNOLOGIES PRIVATE LIMITED |
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Registered
Office : |
9, Mathura Road, Jangpura ‘B’, New Delhi-110014 |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
31.10.2008 |
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Com. Reg. No.: |
55-222584 |
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Capital
Investment / Paid-up Capital : |
Rs.0.101 Million |
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CIN No.: [Company Identification
No.] |
U72900DL2008PTC222584 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
HYDS23800A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The Company is engaged in the business of carrying out Research and Development
activity for developing Solar Thermal Technologies. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Yet to Commence Business |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is engaged in the business of carrying out Research and
Development activity for developing Solar Thermal Technologies. The project of
the company is still under its implementation stage. Payments are unknown. 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
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
|
Registered Office : |
9, Mathura Road, Jangpura ‘B’, New Delhi-110014, India |
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Tel No.: |
91-124-4750600 |
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Fax No.: |
91-124-4750601 |
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E-Mail : |
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Website : |
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Corporate Office : |
Unit 403, 4th Floor, Tower A, Unitech Cyber park, Sector
39, Gurgaon-122001, Haryana, India |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Anil Nayar |
|
Designation : |
Additional Director |
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Address : |
Flat No.9, LCG 0105A, The Laburnium,
Gurgaon – 122002, Haryana, India |
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Date of Birth/Age : |
26.05.1965 |
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Date of Appointment : |
22.05.2009 |
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DIN : |
01997052 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U74999DL2004PTC198643 |
Axis
Risk Consulting Services Private Limited |
Director |
30-09-08 |
13-12-07 |
04-08-09 |
Active |
NO |
|
2 |
U74900GJ2009FTC056422 |
SunBorne
Energy Gujarat One Private Limited |
Director |
17-09-10 |
22-05-09 |
- |
Active |
NO |
|
3 |
U72900DL2008PTC222584 |
SunBorne
Energy Technologies Private Limited |
Director |
26-04-10 |
22-05-09 |
- |
Active |
NO |
|
4 |
U40109AP2008PTC061586 |
SunBorne
Energy Andhra Private Limited |
Director |
26-04-10 |
22-05-09 |
- |
Active |
NO |
|
5 |
U74999DL2009FTC188629 |
SunBorne
Energy Services India Private Limited |
Director |
16-09-10 |
22-05-09 |
- |
Active |
NO |
|
6 |
U74900RJ2009FTC028507 |
SunBorne
Energy Rajasthan One Private Limited |
Director |
15-09-10 |
22-05-09 |
- |
Active |
NO |
|
7 |
U72900DL2010PTC197569 |
Minimill
Technologies Services India Private Limited |
Director |
01-01-10 |
01-01-10 |
- |
Active |
NO |
|
8 |
U74140RJ2010PTC031900 |
SunBorne
Energy Jaipur Solar Thermal Private Limited |
Director |
24-05-10 |
24-05-10 |
- |
Active |
NO |
|
9 |
U74140RJ2010PTC031899 |
SunBorne
Energy Rajasthan Solar Private Limited |
Director |
24-05-10 |
24-05-10 |
- |
Active |
NO |
|
10 |
U37100HR2010PTC040378 |
SunBorne
Energy Gujarat Solar Thermal Private Limited |
Additional
director |
24-05-10 |
24-05-10 |
- |
Active |
NO |
|
11 |
U40100DL2010PTC223562 |
SunBorne
Energy Power Project Private Limited |
Director |
02-06-10 |
02-06-10 |
- |
Active |
NO |
|
Name : |
Mr. James Varghese Abraham |
|
Designation : |
Additional Director |
|
Address : |
LCG – 3, Laburnium Apartment, Sushant Lok, Sector – 28, Gurgaon –
122002, |
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Date of Birth/Age : |
14.12.1964 |
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Date of Appointment : |
22.05.2009 |
|
DIN : |
02559000 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U74140MH1996PTC099037 |
The
Boston Consulting Group (India) Private Limited |
Director |
06-01-06 |
06-01-06 |
30-09-09 |
Active |
NO |
|
2 |
U74900GJ2009FTC056422 |
sunBorne
Energy Gujarat One Private Limited |
Director |
17-09-10 |
22-05-09 |
- |
Active |
NO |
|
3 |
U72900DL2008PTC222584 |
SunBorne
Energy Technologies Private Limited |
Director |
26-04-10 |
22-05-09 |
- |
Active |
NO |
|
4 |
U40109AP2008PTC061586 |
SunBorne
Energy Andhra Private Limited |
Director |
26-04-10 |
22-05-09 |
- |
Active |
NO |
|
5 |
U74900RJ2009FTC028507 |
SunBorne
Energy Rajasthan One Private Limited |
Director |
15-09-10 |
22-05-09 |
- |
Active |
NO |
|
6 |
U74999DL2009FTC188629 |
SunBorne
Energy Services India Private Limited |
Director |
16-09-10 |
22-05-09 |
- |
Active |
NO |
|
7 |
U74140RJ2010PTC031900 |
SunBorne
Energy Jaipur Solar Thermal Private Limited |
Director |
24-05-10 |
24-05-10 |
- |
Active |
NO |
|
8 |
U74140RJ2010PTC031899 |
SunBorne
Energy Rajasthan Solar Private Limited |
Director |
24-05-10 |
24-05-10 |
- |
Active |
NO |
|
9 |
U37100HR2010PTC040378 |
SunBorne
Energy Gujarat Solar Thermal Private Limited |
Additional
director |
24-05-10 |
24-05-10 |
- |
Active |
NO |
|
10 |
U40100DL2010PTC223562 |
SunBorne
Energy Power Project Private Limited |
Director |
02-06-10 |
02-06-10 |
- |
Active |
NO |
|
11 |
U40101MH2007PLC174071 |
L&T
Power Development Limited |
Director |
26-08-11 |
24-03-11 |
- |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
SunBorne Energy Services India Private Limited, India |
10099 |
|
SunBorne Energy Holdings LLC, USA |
1 |
|
Total |
10100 |
AS ON 30.09.2011
|
Equity Shares
Break Up |
Percentage |
|
Bodies Corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the business of carrying out Research and Development
activity for developing Solar Thermal Technologies. |
GENERAL INFORMATION
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Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
BSR and Associates Chartered Accountant |
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Address : |
Building No.10, 8th Floor, |
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Tel. No.: |
91-124-2549191 |
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Fax No.: |
91-124-2549101 |
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Pan : |
AAIFB7355D |
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Holding Company : |
SunBorne Energy Services India Private Limited, India CIN No.: U74999DL2009FTC188629 |
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Ultimate Holding Company : |
SunBorne Energy
Development Holding Limited, Mauritius up till 14 September 2010 and SunBorne
Energy Services India Private Limited w.e.f. 15 September 2011 |
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Fellow
Subsidiary : |
·
SunBorne Energy Jaipur Solar Thermal Private
Limited ·
SunBorne Energy Rajasthan One Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
50000 |
Equity Shares |
Rs.10/- each |
Rs. 0.500 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
10100 |
Equity Shares |
Rs.10/- each |
Rs. 0.101
Million |
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NOTE:
(Of the above,
10,099 equity shares are held by SunBorne Energy Services India Private
Limited, the holding company. 1 equity share is held by SunBorne Energy
Holdings LLC, USA, the ultimate holding company)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
|
31.03.2011 [15
Months] |
31.12.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
0.101 |
0.100 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
0.499 |
0.000 |
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4] (Accumulated Losses) |
|
(4.843) |
(0.058) |
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NETWORTH |
|
(4.243) |
0.042 |
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LOAN FUNDS |
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1] Secured Loans |
|
0.000 |
0.000 |
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2] Unsecured Loans |
|
12.398 |
0.000 |
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TOTAL BORROWING |
|
12.398 |
0.000 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
|
8.155 |
0.042 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
0.147 |
0.000 |
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Capital work-in-progress |
|
7.637 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
0.000 |
0.000 |
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Sundry Debtors |
|
0.000 |
0.000 |
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Cash & Bank Balances |
|
0.346 |
0.092 |
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Other Current Assets |
|
0.000 |
0.000 |
|
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Loans & Advances |
|
2.757 |
0.000 |
|
Total
Current Assets |
|
3.103 |
0.092 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
|
1.051 |
0.045 |
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Current Liabilities |
|
1.641 |
0.005 |
|
|
Provisions |
|
0.040 |
0.000 |
|
Total
Current Liabilities |
|
2.732 |
0.050 |
|
|
Net Current Assets |
|
0.371 |
0.042 |
|
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
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TOTAL |
|
8.155 |
0.042 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2011 [15
Months] |
31.12.2009 |
|
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SALES |
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|
Income |
|
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Other Income |
|
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TOTAL |
|
0.000 |
0.000 |
|
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|
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|
Less |
EXPENSES |
|
|
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|
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|
Office Expenses |
|
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Administrative Expenses |
|
|
|
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Financial Expenses |
|
4.786 |
(0.058) |
|
|
|
Depreciation |
|
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Advertising Expenses |
|
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TOTAL |
|
4.786 |
(0.058) |
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PROFIT / (LOSS) BEFORE TAX |
|
(4.786) |
(0.058) |
|
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|
Less |
TAX |
|
0.000 |
0.000 |
|
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|
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PROFIT / (LOSS)
AFTER TAX |
|
(4.786) |
(0.058) |
|
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|
Earnings (Loss)
Per Share (Rs.) |
|
(481.49) |
(5.75) |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2011 |
31.12.2009 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(147.26) |
(63.04) |
|
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Return on Investment (ROI) (PBT/Networth) |
|
|
(1.13) |
(1.38) |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
|
(3.57) |
1.19 |
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Current Ratio (Current Asset/Current Liability) |
|
|
1.14 |
1.84 |
LOCAL AGENCY FURTHER INFORMATION
Note:
1.
The company changed its registered office from the
state of Andhra Pradesh to New Delhi and New Company Registration No.
55-222584, of New Delhi R.O.C. was Obtained.
2.
Registered office of the company has been shifted
from FM House, 25, Huda Residential Complex, Road No.2, Banjara Hills,
Hyderabad – 500033, Andhra Pradesh, India to the present address w.e.f.
13.07.2011
BACKGROUND
Subject was
incorporated on 31 October 2008 under the Companies Act 1956. The Company is
engaged in the business of carrying out Research and Development activity for
developing Solar Thermal technologies which is aimed to give a cost effective
and efficient power projects from non-conventional sources of solar energy.
The Company during
the year has also got a sanction for implementation of an R and D
–cum-demonstration project entitled “Development of a Modular Central Receiver
Concentrated Solar Power Plant for Decentralized Power Generation” project with
Ministry of New and Renewable Energy, Government of India support.
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. 50.27 |
|
|
1 |
Rs. 80.07 |
|
Euro |
1 |
Rs. 68.44 |
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.