MIRA
INFORM REPORT
|
Report Date : |
03.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
BHASKAR SILICON PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
2/3 Judges Court Road, 1st Floor, Kolkata 700027, West
Bengal |
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|
|
|
Country : |
India |
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|
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|
Financials (as
on) : |
31.03.2010 |
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|
|
|
Date of
Incorporation : |
13.05.2008 |
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Com. Reg. No.: |
125627 |
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|
|
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Capital
Investment / Paid-up Capital : |
Rs.330.707 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U14290WB2008PTC125627 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALB10428F |
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|
|
Legal Form : |
Private Limited Liability Company
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|
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Line of Business
: |
Manufacturer of Silicon and Poly Silicon for Solar Cells |
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|
|
|
No. of Employees
: |
15 Approximately |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (16) |
|
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 |
|
Status : |
Yet to commence business |
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|
|
|
Payment Behaviour : |
Unknown |
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|
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|
Litigation : |
Clear |
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Comments : |
Though the company was incorporated in the year 2008, the company is
yet to commence its commercial business activities. However, trade relations
are reported as fair. Payment terms are unknown. Initially, 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. D K Singh |
|
Designation : |
Finance Manager |
|
Date : |
03.08.2011 |
LOCATIONS
|
Registered Office : |
2/3 Judges Court Road, 1st Floor, Kolkata 700027, West
Bengal, India |
|
Tel. No.: |
91-33-24490221 |
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Fax No.: |
91-33-24490220 |
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E-Mail : |
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Website : |
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Factory : |
Located At: Haldia, Kolkata |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Ratanlal Gaggar |
|
Designation : |
Director |
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Date of Birth/Age : |
01.12.1932 |
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Date of Appointment : |
18.08.2008 |
|
|
|
|
Name : |
Mr. Shantipada Gon Chaudhuri |
|
Designation : |
Director |
|
Date of Birth/Age : |
29.04.1948 |
|
Date of Appointment : |
04.11.2008 |
|
|
|
|
Name : |
Mrs. Jyoti Poddar |
|
Designation : |
Director |
|
Date of Birth/Age : |
08.11.1961 |
|
Date of Appointment : |
13.05.2008 |
|
|
|
|
Name : |
Mr. Soumendra Chakraborty |
|
Designation : |
Director |
|
Date of Birth/Age : |
25.12.1970 |
|
Date of Appointment : |
13.05.2008 |
|
|
|
|
Name : |
Mr. Sabyasachi Sen |
|
Designation : |
Director |
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Date of Birth/Age : |
01.09.1951 |
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Date of Appointment : |
18.08.2008 |
KEY EXECUTIVES
|
Name : |
Mr. S N Jajodia |
|
Designation : |
Secretary |
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Date of Birth/Age : |
02.08.1961 |
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Date of Appointment : |
05.05.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
West Bengal Green Energy Development Corporation Limited, Kolkata,
West Bengal |
25000 |
|
Mrs. Jyoti Poddar |
9900 |
|
Mr. Soumendra Chakraborty |
100 |
|
Environ Energy Tech Service Limited, Kolkata, West Bengal |
13051900 |
|
International Solar Pte Limited, Singapore |
19983800 |
|
Total |
33070700 |
AS ON 30.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
60.35 |
|
Bodies corporate |
|
39.54 |
|
Directors or relatives of directors |
|
0.03 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Silicon and Poly Silicon for Solar Cells |
|
|
|
|
Imports : |
|
|
Products : |
Machinery |
|
Countries : |
Germany |
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|
|
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Terms : |
|
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Selling : |
Cash, Credit (30-60 Days) |
|
|
|
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Purchasing : |
L/C, Cash, Credit (30-60 Days) |
GENERAL INFORMATION
|
Customers : |
OEM’s |
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|
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No. of Employees : |
15 Approximately |
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|
|
|
Bankers : |
·
Indian Bank, Kolkata Main Branch, West Bengal,
India ·
HDFC Bank ·
Union Bank of India |
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|
|
|
Facilities : |
-- |
|
|
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Chaturvedi and Company Chartered Accountant |
|
Address : |
24, Park Street, Kolkata 700016, West Bengal, India |
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|
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35000000 |
Equity Shares |
Rs. 10 each |
Rs.350.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
33070700 |
Equity Shares |
Rs. 10 each |
Rs.330.707 millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
330.707 |
300.100 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.993 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
331.700 |
300.100 |
|
|
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 |
|
0.067 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
331.767 |
300.100 |
|
|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
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|
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|
FIXED ASSETS [Net Block] |
|
2.848 |
0.000 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
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|
|
|
|
|
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|
INVESTMENT |
|
0.175 |
57.200 |
|
|
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 |
|
|
Cash & Bank Balances |
|
0.446
|
0.543 |
|
|
Other Current Assets |
|
3.883
|
3.765 |
|
|
Loans & Advances |
|
283.109
|
216.158 |
|
Total
Current Assets |
|
287.438
|
220.466 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
0.055
|
0.196 |
|
|
Other Current Liabilities |
|
1.947
|
0.019 |
|
|
Provisions |
|
0.068
|
0.000 |
|
Total
Current Liabilities |
|
2.070
|
0.215 |
|
|
Net Current Assets |
|
285.368
|
220.251 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
PREOPERATIVE EXPENSES |
|
43.376 |
22.649 |
|
|
|
|
|
|
|
|
TOTAL |
|
331.767 |
300.100 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.01 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
138.85 |
878.35 |
LOCAL AGENCY FURTHER INFORMATION
WORKING:
The
company has not yet commenced any business since the project for setting up
plant is in process. The management hopes to commence the projected activities
in near future.
NOTE:
The Company
has also changed its Registered Office from 60A, Diamond Harbour Road
Thakurpukur, Kolkata-700063, West Bengal, India to present address w.e.f.
22.08.2009.
FIXED ASSETS:
·
Office Equipment
·
Air Conditioner
·
Computer
·
Furniture and Fixture
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.44.23 |
|
|
1 |
Rs.72.09 |
|
Euro |
1 |
Rs.62.98 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
16 |
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.