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MIRA
INFORM REPORT
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Report Date : |
22.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
POWERGEN INFRASTRUCTURE (L.L.C.) |
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|
|
Project Office : |
Shriram Bhuvan, 2nd
Floor, 772, Tilak Road, Opposite Best Office, Dadar T.T, Mumbai – 400014, Maharashtra,
India |
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|
Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
10.01.2009 |
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Capital Investment
/ Paid-up Capital : |
Rs. 841.852 Millions |
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|
|
FCRN No.: |
F03613 |
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|
Legal Form : |
Foreign Registry Company |
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Line of Business
: |
Trading in power generation, transmission,
commissioning and distribution equipment. |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 6177000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
-- |
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Comments : |
Subject is a Dubai (U.A.E) based company having satisfactory track.
The company has achieved sizable turnover in its very first year of
operations in The company can be considered normal for 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Project Office
in |
Shriram Bhuvan, 2nd
Floor, 772, Tilak Road, Opposite Best Office, Dadar T.T, Mumbai – 400014, Maharashtra,
India |
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E-Mail : |
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Website : |
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Corporate Office: |
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Site Office in |
Adani Power Maharashtra
Limited Plot No.: A-1, Tiroda Growth Centre, MIDC, Tiroda, Dist: Gondia- 441 911, Maharashtra, |
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E-Mail : |
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Place of
Business : |
6-B, |
MANAGEMENT
|
Name : |
Mr. Ahmed Ali Shaban Mohammed, U.A.E. |
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Designation : |
Promoter Director |
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|
|
|
Name : |
Ms. Najla Mohamed, U.A.E. |
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Designation : |
Promoter Director |
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|
|
|
Name : |
Mr. |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Sunil Chaudhary |
|
Designation : |
Authorised Representative |
|
Address : |
B-502, Sanskar. Off Karnavati
Club, Prahalad Nagar, Setelite, Ahmedabad – 380015, |
|
|
AALPC6501D |
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|
|
|
Name : |
Mr. Jaydev Mishra |
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Designation : |
Authorised Representative |
|
Address : |
B-5, Shyam Apartment, Dhiraj
Nagar, Co operative Housing Society, Rameshwar Cross Road, Meghani Nagar, Ahmedabad – 380016,
Gujarat, India |
|
PAN No.: |
AJKPM1462F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
US $ |
|
Ahmed Ali Shaban Mohammed |
153 |
41,689 |
|
Najla Mohamed |
144 |
39,238 |
|
Yuning Yao |
3 |
817 |
|
Total |
300 |
81,744 |
BUSINESS DETAILS
|
Line of Business : |
Trading in power generation, transmission,
commissioning and distribution equipment.
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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|
|
Bankers : |
Not Available |
|
-Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
G.K. Choksi and Company Chartered Accountants |
|
Address : |
“Madhuban”, Near |
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Tel. No.: |
91-79-30012009 |
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Fax No.: |
91-79-26569929 |
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E-Mail : |
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|
|
|
|
Name : |
KSI Shah and
Associates Chartered
Accountants |
|
Address : |
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|
Tel. No.: |
04-332 5657 |
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Fax No.: |
04-332 5667 |
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E-Mail : |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital : NA
Issued, Subscribed & Paid-up Capital/ Head office account: Rs.841.852
millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
PROJECT
OFFICE INDIAN OPERATION
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
841.852 |
328.554 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
702.452 |
0.000 |
|
|
NETWORTH |
|
1544.304 |
328.554 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
|
1544.304 |
328.554 |
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|
|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
0.000 |
0.000 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
1108.538 |
42.892 |
|
|
Sundry Debtors |
|
810.007 |
0.000 |
|
|
Cash & Bank Balances |
|
329.433 |
107.632 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
1690.038 |
207.484 |
|
Total
Current Assets |
|
3938.016 |
358.008 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
925.761 |
16.714 |
|
|
Other Current Liabilities |
|
1190.608 |
5.025 |
|
|
Provisions |
|
277.343 |
7.715 |
|
Total
Current Liabilities |
|
2393.712 |
29.454 |
|
|
Net Current Assets |
|
1544.304 |
328.554 |
|
|
|
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|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
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|
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TOTAL |
|
1544.304 |
328.554 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income from Operation |
|
|
2980.806 |
|
|
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Other Income |
|
|
0.364 |
|
|
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TOTAL |
|
|
2981.170 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Construction |
|
|
2000.418 |
|
|
|
Administration, Selling and Other Expenses |
|
|
103.300 |
|
|
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TOTAL |
|
|
2103.718 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
|
877.452 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
|
175.000 |
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
|
|
|
702.452 |
|
|
|
|
|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
|
702.452 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
-- |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
23.56 |
NA |
|
|
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|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
29.44 |
NA |
|
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
22.28 |
NA |
|
|
|
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.57 |
NA |
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|
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Debt Equity Ratio (Total Liability/Networth) |
|
|
1.55 |
0.09 |
|
|
|
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
|
1.65 |
12.15 |
LOCAL AGENCY FURTHER INFORMATION
RESULTS
The company has made a profit of US $
15,533,909/- in the current period.
REVIEW OF THE BUSINESS
The company is registered to trade in power
generation, transmission and distribution equipment.
BUSINESS ACTIVITY
a)
Subject is limited
liability company registered in the emirate of Dubai, under commercial license
# 611747 issued by the department of economic development, Dubai, U.A.E in
accordance with the provision of Article 218 of the U.A.E. commercial companies
law no. 8 of 1984, as amended
b)
The company id
established to carry out trading in power generation, transmission and
distribution equipment.
c)
The company has opened a
project office in
CONTINGENT LIABILITY
(Rs. in US $)
|
Particular |
31.03.2010 |
31.03.2009 |
|
Banker’s Letter of Guarantee |
200,000 |
0.0000 |
|
|
|
|
Above Facilities is secured against margin
account
WEBSITE DETAILS:
PROFILE:
Subject is a Dubai (U.A.E) based entity established for global trading, engineering, and execution of turnkey project on the back of its expertise in engineering technologies, and latest know-how.
They are a company devoted for enrichment of social infrastructure. Their projects include Thermal Power Generation Plants, Power Transmission lines, Railway Corridors etc. in Asia Pacific Region. Due to their strengths in strategic business planning to design, construct and test-run, they are earning immense amount of trust from their customers in power Industry.
In addition to customer satisfaction achieved by timely execution of projects
with desired quality, they strive towards building long term relationships with
their valued customers. PIL is geared up to meet the challenges of this dynamic
business environment based on its people, technologies and analytical
competitiveness.
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.51.35 |
|
|
1 |
Rs.80.97 |
|
Euro |
1 |
Rs.69.26 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.