1. Summary Information
|
|
|
Country |
|
|
Company Name |
DELTA POWER
SOLUTIONS INDIA PRIVATE LIMITED |
Principal Name 1 |
Mr. Ming Cheng Wang |
|
Status |
Moderate |
Principal Name 2 |
Mr. Albert Chang |
|
|
|
Registration # |
032864 |
|
Street Address |
Plot No.38,
Phase - 1, Sector - 5,Integrated Industrial Estate, Rudrapur, Pant Nagar,
Uttarakhand-263153, |
||
|
Established Date |
09.07.2007 |
SIC Code |
-- |
|
Telephone# |
-- |
Business Style 1 |
Manufacturer |
|
Fax # |
-- |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Electrical Transfomer / Rectifier / Ststic Converters |
|
|
# of employees |
650 (Approximately) |
Product Name 2 |
Monitors and P-rojectors |
|
Paid up capital |
Rs. 1,220,000,000/- |
Product Name 3 |
Electrical Machines and Appratus |
|
Shareholders |
Foreign Holdings-100% |
Banking |
Standard Chartered Bank |
|
Public Limited Corp. |
NO |
Business Period |
4 Years |
|
IPO |
NO |
International Ins. |
- |
|
Public |
NO |
Rating |
B
(38) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Sister Concern |
Singapore |
Delta Greentech SGP Pte Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
1,292,986,000 |
Current Liabilities |
1,026,930,000 |
|
Inventories |
829,902,000 |
Long-term Liabilities |
300,000,000 |
|
Fixed Assets |
546,018,000 |
Other Liabilities |
0 |
|
Deferred Assets |
14,348,000 |
Total Liabilities |
1,326,930,000 |
|
Invest& other Assets |
6,570,000 |
Retained Earnings |
142,894,000 |
|
|
|
Net Worth |
1,362,894,000 |
|
Total Assets |
2,689,824,000 |
Total Liab. & Equity |
2,689,824,000 |
|
Total Assets (Previous Year) |
2,604,082,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
4,340,273,000 |
Net Profit |
96,205,000 |
|
Sales(Previous yr) |
3,336,055,000 |
Net Profit(Prev.
yr) |
73,636,000 |
MIRA
INFORM REPORT
|
Report Date : |
30.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
DELTA POWER SOLUTIONS INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No.38, Phase - 1, Sector - 5,Integrated Industrial Estate,
Rudrapur, Pant Nagar, Uttarakhand-263153 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
09.07.2007 |
|
|
|
|
Com. Reg. No.: |
20-032864 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1220.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U32201UR2007FTC032864 |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business
: |
Manufacturer of Electronic Instrument and Controls. |
|
|
|
|
No. of Employees
: |
650 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5400000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. 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 – 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 |
LOCATIONS
|
Registered
Office : |
Plot No.38, Phase - 1, Sector - 5,Integrated Industrial Estate,
Rudrapur, Pant Nagar, Uttarakhand-263153, |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Corporate Office
: |
Plot No 27, Sector -34,EHTP, Gurgaon-122001, Haryana, India |
|
Tel. No.: |
91-124-4169040 |
|
Fax No.: |
91-124-4036045 |
|
Area : |
1 Acre |
|
Location : |
Rented |
|
|
|
|
Factory : |
Rs No.15/2,3,4,6,Thirubhavanar village, Mannadipet Commune, Pound
Cherry - 605107, |
|
Tel. No.: |
91-413-2643311 |
|
Fax No.: |
91-413-2641002 |
|
Location : |
Owned |
DIRECTORS
AS ON 17.09.2010
|
Name : |
Mr.Sanjay Taneja |
|
Designation : |
Director |
|
Address : |
House No.F-80, |
|
Date of Birth/Age : |
06.03.1972 |
|
Date of Appointment : |
11.08.2008 |
|
DIN No.: |
02328127 |
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 |
U32201UR2007FTC032864 |
Delta
Power Solutions India Private Limited |
Director |
11-08-08 |
11-08-08 |
- |
Active |
NO |
|
2 |
U74140HR2011PTC041830 |
DelSolar
India EPC Company Private Limited |
Director |
06-01-11 |
06-01-11 |
29-03-11 |
Active |
NO |
|
Name : |
Mr. Anusorn Muttaraid |
|
Designation : |
Director |
|
Address : |
888/41,M006 Tambol Phraksa, Amphur Muang, |
|
Date of Birth/Age : |
28.02.1954 |
|
Date of Appointment : |
11.08.2008 |
|
DIN No.: |
02338579 |
|
Name : |
Mr. Ming Cheng Wang |
|
Designation : |
Director |
|
Address : |
D S Tower 2, 93/53, Soi, Sukhumvit, 39, Sukhumvti Road, Klongtoey
North, District Watana Province, Bangkok-10110 |
|
Date of Birth/Age : |
13.11.1946 |
|
Date of Appointment : |
09.04.2007 |
|
DIN No.: |
00956675 |
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 |
U32308HR1996PTC034410 |
Delta
Energy Systems (India) Private Limited |
Director |
11-03-04 |
11-03-04 |
11-08-08 |
Active |
NO |
|
2 |
U32201UR2007FTC032864 |
Delta
Power Solutions India Private Limited |
Director |
09-04-07 |
09-04-07 |
- |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Mr. Nandan Kumar |
|
Designation : |
Secretary |
|
Address : |
843, Akshardham Apartment, Sector-19, Docket-3, Dwarka, New
Delhi-110075, Delhi, India |
|
Date of Birth/Age : |
04.10.1979 |
|
Date of Appointment : |
11.09.2008 |
|
PAN No. : |
ASUPK2066N |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 17.09.2010
|
Names of Shareholders |
No. of Shares |
|
Delta Greentech SGP Private Limited, Singapore |
121999999 |
|
DET Video Technology Limited, |
01 |
|
|
|
|
Total |
122000000 |
AS ON 17.09.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Electronic Instrument and Controls. |
||||||||
|
|
|
||||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees
: |
650 (Approximately) |
||||||||||||||||
|
|
|
||||||||||||||||
|
Bankers : |
·
ABN Amro Bank, |
||||||||||||||||
|
|
|
||||||||||||||||
|
Facilities : |
|
||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Water House - Chartered Accountant |
|
Address : |
Building No-8 ,Tower B, 8th Floor, DLF, Cyber City,
Gurgaon-122001,Haryana, India |
|
|
|
|
Holding Company : |
·
Delta Greentech SGP Pte Limited, Singapore |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
125000000 |
Equity Shares |
Rs.10/- each |
Rs. 1250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
122000000 |
Equity Shares |
Rs.10/- each |
Rs. 1220.000
Millions |
|
|
|
|
|
Notes:
[Out of above, 121999999 (Previous period:
60000000) Equity Shares are held by Delta Greentech SGT Pte Limited the holding
company].
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
01.01.2008 To 31.03.2009 |
09.04.2007 To 31.12.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1220.000 |
1220.000 |
620.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
142.894 |
46.690 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1362.894 |
1266.690 |
620.000 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
300.000 |
122.691 |
0.000 |
|
|
TOTAL BORROWING |
300.000 |
122.691 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1662.894 |
1389.381 |
620.000 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
546.018 |
541.244 |
106.900 |
|
|
Capital work-in-progress |
6.520 |
13.674 |
91.382 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.050 |
0.050 |
0.050 |
|
|
DEFERREX TAX ASSETS |
14.348 |
12.426 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
829.902 |
834.876 |
152.272 |
|
|
Sundry Debtors |
941.377 |
799.770 |
11.445 |
|
|
Cash & Bank Balances |
117.693 |
232.767 |
86.350 |
|
|
Other Current Assets |
0.044 |
0.067 |
0.055 |
|
|
Loans & Advances |
233.872 |
169.208 |
252.436 |
|
Total Current Assets |
2122.888 |
2036.688 |
502.558 |
|
|
Less : CURRENT LIABILITIES &
PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
942.947 |
1156.813 |
104.026 |
|
|
Current Liabilities |
38.472 |
41.427 |
2.123 |
|
|
Provisions |
45.511 |
16.461 |
1.687 |
|
Total Current Liabilities |
1026.930 |
1214.701 |
107.836 |
|
|
Net Current Assets |
1095.958 |
821.987 |
394.722 |
|
|
|
|
|
|
|
|
PROFIT AND LOSS ACOUNT |
0.000 |
0.000 |
26.946 |
|
|
|
|
|
|
|
|
TOTAL |
1662.894 |
1389.381 |
620.000 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
01.01.2008 To 31.03.2009 |
09.04.2007 To 31.12.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4340.273 |
3336.055 |
35.096 |
|
|
|
Other Income |
12.989 |
23.713 |
8.782 |
|
|
|
TOTAL |
4353.262 |
3359.768 |
43.878 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods
Sold |
|
|
24.884 |
|
|
|
Manufacturing
Expenses |
|
|
0.880 |
|
|
|
Personnel Coats |
4159.544 |
3220.929 |
19.697 |
|
|
|
Other
Expenditure |
|
|
21.765 |
|
|
|
TOTAL |
4159.544 |
3220.929 |
67.226 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
193.718 |
138.839 |
(23.348) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
12.437 |
17.052 |
1.414 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
181.281 |
121.787 |
(24.762) |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
54.298 |
39.056 |
1.824 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
126.983 |
82.731 |
(26.587) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
30.778 |
9.095 |
0.360 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
96.205 |
73.636 |
(26.946) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
46.690 |
(26.946) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
142.895 |
46.690 |
(26.946) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.79 |
0.65 |
(0.43) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
01.01.2008 To 31.03.2009 |
09.04.2007 To 31.12.2007 |
|
PAT / Total
Income |
% |
2.21 |
2.19 |
(61.41) |
|
|
|
|
|
|
|
Net Profit
Margin (PBT/Sales) |
% |
2.93 |
2.48 |
(75.76) |
|
|
|
|
|
|
|
Return on Total
Assets (PBT/Total
Assets} |
% |
4.73 |
3.21 |
(4.36) |
|
|
|
|
|
|
|
Return on Investment
(ROI) (PBT/Networth) |
|
0.09 |
0.07 |
(0.04) |
|
|
|
|
|
|
|
Debt Equity
Ratio (Total
Liability/Networth) |
|
0.97 |
1.06 |
0.17 |
|
|
|
|
|
|
|
Current Ratio (Current
Asset/Current Liability) |
|
2.07 |
1.68 |
4.66 |
LOCAL AGENCY FURTHER INFORMATION
Note :
The company changed registered office from Khasra No-2918/2, Kataria
complex, Daulatabad Road, Gurgaon, Haryana, India to Plot No.28, Sector 34,
EHTP, Gurgaon-122001, Haryana, India w.e.f. 18.03.2008
The registered office has again been shifted to Plot No.38, Phase - 1,
Sector - 5, Integrated Industrial Estate, Rudrapur, Pant Nagar,
Uttarakhand-263153, India w.e.f.24.04.2009
FINANCIAL PERFORMANCE
During the period,
the company has earned income Rs. 4353.262 millions as against Rs. 3359.768
millions in the previous year. The Company has earned Profit after tax of Rs.
96.204 millions as compared to Rs. 73.635 millions in the previous year.
BUSINESS OPERATIONS
The Company has
withstood turbulent year of 2009-10 and is again confident to have a strong
performance in the coming year of 2010-11.
Based on the
current market scenario and due to advent of new technology like tower sharing
concepts, the Company could foresee new challenges ahead in Telecom power
systems (TPS) segments. However, in both the products segment i.e. TPS and UPS,
the Company still expects double digit growth in the years to come. The
Directors are confident that in order to meet these challenges necessary
resources would be arranged for and utilized optimally to get maximum benefit.
FIXED
ASSET
- Leasehold Improvements
- Building
- Plant and Machinery
- Office Equipment
- Furniture and Fixtures
- Computers
- Vehicle
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. 48.92 |
|
|
1 |
Rs. 76.52 |
|
Euro |
1 |
Rs. 66.64 |
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 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.