MIRA INFORM
REPORT
|
Report Date : |
19.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
PV POWER TECHNOLOGIES PRIVATE LIMITED |
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Registered
Office : |
Unit No. GJ-14, SDF-VII, Seepz Sez, Andheri (East), Mumbai – 400096, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
22.01.2008 |
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Com. Reg. No.: |
11-178125 |
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Capital
Investment/ Paid-up Capital: |
Rs. 0.100 Million |
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CIN No.: [Company Identification
No.] |
U40102MH2008PTC178125 |
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IEC No.: |
0307089690 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP24670C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Semi-Conductor Grade Photovoltaic Cell
Modules and Solar Modules. |
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No. of
Employees: |
20 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (13) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively new company having moderate track. There
appears huge accumulated losses recorded by the company. However, trade relations
are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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) |
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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/ Corporate Office/ Factory: |
Unit No. GJ-14, SDF-VII, Seepz Sez, Andheri (East), Mumbai – 400096, |
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Tel. No.: |
91-22-42214800 |
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Fax No.: |
91-22-42214801 |
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E-Mail : |
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Website: |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Pushpak Vaghjibhai Desai |
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Designation : |
Director |
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Address : |
301, Hira Kunj, Shaheed Bhagat Singh Marg, Vile Parle (West), Mumbai –
400056, |
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Date of Birth/Age : |
20.01.1978 |
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Qualification : |
BS in Marketing and International Business from US |
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Experience : |
13 Years |
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Date of Appointment : |
22.01.2008 |
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DIN No: |
00370384 |
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 |
U36900MH1999PTC118993 |
Sundaram Jewels Private Limited |
Managing director |
09-10-00 |
09-10-00 |
- |
Active |
NO |
|
Name : |
Mr. Aalok Dilip Shanghvi |
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Designation : |
Director |
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Address : |
801, |
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Date of Birth/Age : |
21.09.1984 |
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Qualification : |
Bachelor’s degree in Molecular Biology from US |
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Experience : |
7 Years |
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Date of Appointment : |
22.01.2008 |
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DIN No: |
01951829 |
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Name : |
Mr. Jimmi Vaghji Desai |
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Designation : |
Additional Director |
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Address : |
301, 3rd Floor, Hira Kunj, Shaheed Bhagat Singh Marg, Vile
Parle (West), Mumbai – 400056, |
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Date of Birth/Age : |
13.07.1984 |
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Date of Appointment : |
13.04.2009 |
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DIN No: |
02623717 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Aalok Dilip Shanghvi |
1 |
|
Privilege Trading Private Limited, |
4999 |
|
Pushpak Vaghjibhai Desai |
1 |
|
Vinod Desai |
2 |
|
Sundaram Jewels Private Limited, |
4997 |
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|
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Total |
10000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2010
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Semi-Conductor Grade Photovoltaic Cell
Modules and Solar Modules. |
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Solar Photovoltaic Modules |
Nos |
62500 |
45000 |
6893 |
GENERAL INFORMATION
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No. of Employees : |
20 (Approximately) |
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Bankers : |
Indusind Bank Limited, Indusind House 425, Dadasaheb Bhadkamkar Marg,
Mumbai – 400004, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
J.P Wankadia and Company Chartered Accountants |
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Address : |
32 C, Mulla Manzil, 1st Floor, |
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PAN No.: |
AAIPW5872E |
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Subsidiary: |
PV Power Tech GmBH |
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Holding Company
: |
Privilege Trading Private Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
10000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
10000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100 Million |
||
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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|
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|
1] Share Capital |
0.100 |
0.100 |
1.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.228 |
0.000 |
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4] (Accumulated Losses) |
(5.534) |
0.000 |
(1.575) |
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NETWORTH |
(5.434) |
0.328 |
(0.575) |
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LOAN FUNDS |
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|
1] Secured Loans |
70.110 |
4.750 |
0.000 |
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2] Unsecured Loans |
126.585 |
124.057 |
97.485 |
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TOTAL BORROWING |
196.695 |
128.807 |
97.485 |
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DEFERRED TAX LIABILITIES |
2.728 |
0.000 |
0.000 |
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TOTAL |
193.989 |
129.135 |
96.910 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
93.020 |
96.274 |
85.728 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.002 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
36.463
|
26.091 |
8.975 |
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Sundry Debtors |
57.627
|
0.000 |
0.000 |
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Cash & Bank Balances |
5.392
|
2.042 |
0.559 |
|
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Other Current Assets |
0.000
|
0.000 |
1.648 |
|
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Loans & Advances |
10.213
|
10.239 |
0.000 |
|
Total
Current Assets |
109.695
|
38.372 |
11.182 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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|
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Sundry Creditors |
7.805
|
5.001 |
0.000 |
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Other Current Liabilities |
0.736
|
0.356 |
0.000 |
|
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Provisions |
0.185
|
0.156 |
0.000 |
|
Total
Current Liabilities |
8.726
|
5.513 |
0.000 |
|
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Net Current Assets |
100.969
|
32.859 |
11.182 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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|
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TOTAL |
193.989 |
129.135 |
96.910 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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|
|
|
|
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|
167.271 |
0.391 |
NA |
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Other Income |
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TOTAL |
167.271 |
0.391 |
NA |
|
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|
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Less |
EXPENSES |
|
|
|
|
|
|
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|
170.304 |
0.008 |
NA |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
170.304 |
0.008 |
NA |
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PROFIT/ (LOSS)
BEFORE TAX |
(3.033) |
0.383 |
NA |
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|
Less |
TAX |
(2.730) |
0.155 |
NA |
|
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PROFIT/ (LOSS)
AFTER TAX |
(5.763) |
0.228 |
NA |
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BALANCE CARRIED
TO THE B/S |
(5.534) |
0.228 |
NA |
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EARNINGS IN
FOREIGN CURRENCY |
|
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|
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|
C.I.F Value of Exports |
140.574 |
0.000 |
NA |
|
|
TOTAL EARNINGS |
140.574 |
0.000 |
NA |
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IMPORTS |
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|
|
|
C.I.F Value of Imports |
142.627 |
74.946 |
0.000 |
|
|
|
Raw Materials |
0.000 |
0.000 |
5.555 |
|
|
|
Stores & Spares |
0.000 |
0.000 |
3.420 |
|
|
|
Capital Goods |
0.000 |
0.000 |
43.420 |
|
|
TOTAL IMPORTS |
142.627 |
74.946 |
52.395 |
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|
Earnings/ (Loss)
Per Share (Rs.) |
(576.35) |
22.86 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(3.44)
|
58.31 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.49)
|
0.28 |
NA |
|
|
|
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|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.55)
|
1.16 |
NA |
|
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|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(37.80)
|
409.51 |
(169.54) |
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|
Current Ratio (Current Asset/Current Liability) |
|
12.57
|
6.96 |
0.00 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The Registered Office of the company has been shifted from 301, Hira
Kunj, Veer Bhagat Singh Marg, Vile Parle (West), Mumbai – 400056,
Contingent Liability:
The company has executed a Bond in favour of the President of India
valued at Rs. 160.651 Millions against import of raw material and capital
goods.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U40102MH2008PTC178125 |
|
Name of the
company |
PV POWER
TECHNOLOGIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Unit No. GJ-14, SDF-VII, Seepz Sez, Andheri (East), Mumbai – 400096, Email: pushpak@pvpowertech.com
|
|
This form is for |
Modification of charge |
|
Charge
Identification number of the charge to be modified |
10183141 |
|
Type of charge |
Immovable property |
|
Particular of
charge holder |
Indusind Bank Limited, Indusind House 425, Dadasaheb Bhadkamkar Marg,
Mumbai – 400004, Email: vlaxman@vsnl.com |
|
Nature of instrument
creating charge |
Memorandum
Recording Equitable Mortgage by Deposit of title deeds (firm and Companies). |
|
Date of
instrument Creating the charge |
02.08.2011 |
|
Amount secured by
the charge |
Rs. 140.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest as may
be stipulated by the bank from time to time. Terms of Repayment On Demand. Margin As may be
stipulated by Bank from time to time. Extent and Operation of the charge The Company
created an equitable mortgage by way of deposit of title deeds in respect of
its immovable properties as described under
item No.15 as
security for the due repayment of Rs.140.000 Millions by
the Company together with all costs, commission, interest and expenses and
Other charges. |
|
Short particulars
of the property charged |
All those pieces
and parcel of land situated being and lying at village Unit No. GJ 14, SDF
VII in the Santacruz Electronic Export Processing Zone (SEEPZ), within the
village limits of ******Kondivita/ Vyaravali/ Parjapur Taluka in the
registration District Andheri, Sub-District Mumbai admeasuring 630 Sq Mtr.
together with the buildings and structures constructed to/to be constructed************thereon
and all the fixed plant, machinery fixture and fittings annexed thereto. |
|
Date of last
modification prior to the present modification |
24.09.2010 |
|
Particulars of
the present modification |
The Company created
a mortgage by deposit of title deeds in respect of its immovable property
being lying and situated at Mumbai (Andheri) as further security for
repayment of monies due and payable under credit facilities of Rs.140.000
Millions sanctioned by the Bank to the Company. |
Fixed Assets:
- Air Conditioners
- Computers
- Electrical Fittings
- Furnitures and Fixtures
- Building
- Office Equipments
- Plant and Machinery
- Software System
- Pre Operative Expenses
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.49.13 |
|
|
1 |
Rs.77.58 |
|
Euro |
1 |
Rs.67.58 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
- |
|
--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 |
|
13 |
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.