|
Report Date : |
10.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
LM WIND POWER BLADES (INDIA) PRIVATE LIMITED (w.e.f.12.05.2010) |
|
|
|
|
Formerly Known
As : |
LM GLASFIBER (INDIA) PRIVATE LIMITED (w.e.f.19.12.2002) LM GLASFIBER (INDIA) LIMITED |
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|
|
Registered
Office : |
Plot No.85, Kiadb Industrial Area, Dabaspet, Nelamangala Taluka,
Bangalore-562111, Karnataka |
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|
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|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
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|
|
|
Date of
Incorporation : |
21.05.1993 |
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|
|
|
Com. Reg. No.: |
08-026157 |
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|
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|
Capital
Investment / Paid-up Capital : |
Rs. 126.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31101KA1993PTC026157 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRL00288B |
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|
|
|
PAN No.: [Permanent Account No.] |
AAACL3093R |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
Line of Business
: |
Supplier of Rotor Blades. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2900000 |
|
|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow But Correct |
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having moderate track record. These
appears losses from last two years of operations. However, trade relations
are reported to be fair. Business is active. Payments are reported to be slow
but correct. 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
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.85, Kiadb Industrial Area, Dabaspet, Nelamangala Taluka,
Bangalore-562111, Karnataka, India |
|
Tel. No.: |
91-80-27735362 / 27735361 / 67764800 |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
AS ON 30.11.2011
|
Name : |
Mr. Neeraj Bisaria |
||||||||||||||||
|
Designation : |
Director |
||||||||||||||||
|
Address : |
A-304, Samvridhi Gardenia, Sahakara Nagar, Bangalore-560092,
Karnataka, India |
||||||||||||||||
|
Date of Birth/Age : |
01.07.1971 |
||||||||||||||||
|
Date of Appointment : |
12.11.2009 |
||||||||||||||||
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DIN No.: |
02833292 |
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Other Directorship:
|
|||||||||||||||||
|
|
|
||||||||||||||||
|
Name : |
Mr. Vishal Almal |
||||||||||||||||
|
Designation : |
Director |
||||||||||||||||
|
Address : |
Flat No. B-306, Temple Tree Apartment, 29/1, Kanakapua Road,
Bangalore-560078, Karnataka, India |
||||||||||||||||
|
Date of Birth/Age : |
16.07.1974 |
||||||||||||||||
|
Date of Appointment : |
12.11.2009 |
||||||||||||||||
|
DIN No.: |
02834959 |
||||||||||||||||
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Other Directorship:
|
|||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Vishal Almal |
|
Designation : |
Secretary |
|
Address : |
Flat No. B-306, Temple Tree Apartment, 29/1, Kanakapua Road,
Bangalore-560078, Karnataka, India |
|
Date of Birth/Age : |
16.07.1974 |
|
Date of Appointment : |
20.04.2009 |
|
Pan No.: |
ADBPA2811P |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.11.2011
|
Names of Shareholders |
No. of Shares |
|
LM Wind Power A/s, Denmark |
12599980 |
|
LM China Holdings A/S, China |
10 |
|
LM Wind Power Blades (ND) Inc, USA |
5 |
|
LM Wind Power Blades (Ponferrada), S.A., Spain |
3 |
|
LM Glasfiber (Holland) B.V., Netherlands |
2 |
|
|
|
|
Total |
12600000 |
AS ON 30.11.2011
|
Equity Shares
Break Up |
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 |
BUSINESS DETAILS
|
Line of Business : |
Supplier of Rotor Blades. |
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Rotor Blades |
Nos. |
1842 |
1018 |
Notes: Installed capacity is as certified by the
management and relied upon by the auditors, being a technical matter.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||
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|
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Bankers : |
Not Available |
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Facilities : |
|
|
|
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountant |
|
Address : |
5th Floor, Tower D, The Millenia, 1 and 2, Murphy Road, Ulsoor,
Bangalore-560008, Karnataka, India |
|
Pan No.: |
AAEFP5579P |
|
|
|
|
Holding Company : |
LM Wind Power A/s, Denmark |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12600000 |
Equity Shares |
Rs.10/- each |
Rs.126.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12600000 |
Equity Shares |
Rs.10/- each |
Rs.126.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.12.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
126.000 |
126.000 |
126.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
623.488 |
694.361 |
622.758 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
749.488 |
820.361 |
748.758 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
85.065 |
0.000 |
341.505 |
|
|
TOTAL BORROWING |
85.065 |
0.000 |
341.505 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
834.553 |
820.361 |
1090.263 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1220.965 |
1235.999 |
1184.123 |
|
|
Capital work-in-progress |
4.252 |
8.182 |
183.087 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
574.331 |
417.526 |
356.104 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
640.684
|
548.043 |
633.150 |
|
|
Sundry Debtors |
358.549
|
614.318 |
1283.277 |
|
|
Cash & Bank Balances |
748.368
|
407.873 |
426.095 |
|
|
Other Current Assets |
7.688
|
10.177 |
12.878 |
|
|
Loans & Advances |
83.677
|
85.381 |
196.024 |
|
Total
Current Assets |
1838.966
|
1665.792 |
2551.424 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1345.813
|
1386.178 |
1925.009 |
|
|
Other Current Liabilities |
454.999
|
267.516 |
319.494 |
|
|
Provisions |
1003.149
|
853.444 |
939.972 |
|
Total
Current Liabilities |
2803.961
|
2507.138 |
3184.475 |
|
|
Net Current Assets |
(964.995)
|
(841.346) |
(633.051) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
834.553 |
820.361 |
1090.263 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.12.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3524.900 |
2623.000 |
4667.000 |
|
|
|
Other Income |
124.700 |
181.600 |
66.600 |
|
|
|
TOTAL |
3649.600 |
2804.600 |
4733.600 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
1770.200 |
1429.800 |
2666.600 |
|
|
|
Operating Expenses |
914.500 |
1005.000 |
1681.800 |
|
|
|
TOTAL |
2684.700 |
2434.800 |
4348.400 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
964.900 |
369.800 |
385.200 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
3.700 |
4.900 |
19.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
961.200 |
364.900 |
366.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
318.900 |
391.400 |
329.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
PRIOR PERIOD AND
EXTRAORDINARY ITEMS |
(700.000) |
176.000 |
(494.200) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
(57.700) |
149.500 |
(457.200) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
13.200 |
77.900 |
(146.800) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
(70.900) |
71.600 |
(310.400) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
842.346 |
1290.275 |
|
|
|
Recovery of Expenditures |
NA |
1.945 |
4.427 |
|
|
TOTAL EARNINGS |
NA |
844.291 |
1294.702 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
911.620 |
1946.523 |
|
|
|
Stores & Spares |
NA |
61.258 |
54.646 |
|
|
|
Capital Goods |
NA |
140.850 |
242.369 |
|
|
TOTAL IMPORTS |
NA |
1113.728 |
2243.538 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(5.63) |
5.68 |
(24.63) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.12.2008 |
|
PAT / Total Income |
(%) |
(1.94)
|
2.55 |
(6.56) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(1.64)
|
5.70 |
(9.80) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.59)
|
4.50 |
(11.17) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.08)
|
0.18 |
(0.61) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.85
|
3.06 |
4.71 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.65
|
0.66 |
0.80 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter involved in |
-- |
|
23) Banking Details |
No |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
|
31) PAN
of Proprietor/Partner/Director, if available |
No |
|
32) Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33) Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
34) External Agency Rating, if available |
No |
NOTE:
Registered office has been shifted from 61 and 62, Kasaba Industrial
Area, Hosakote Area, Bangalore, Karnataka, India to the present address
w.e.f.01.04.2009.
OVERVIEW:
The company has achieved a sales turnover of Rs.3,650 million compared to
Rs. 2,805 million in the previous year for 15 months ended 31st
March 2010. The company earned an operating profit of Rs.642 million compared
to loss of Rs.26 million in the previous period, however, during the current
year the company has incurred a net loss before tax of Rs.58 million compared
to net profit before tax of Rs.150 million in the previous period. The loss is
after considering extraordinary expenditure on account of provision for
doubtful debts and specific warranty provision towards inspection and repair of
rotor blades supplied to a Customer. The Wind Energy market in India is poised
for significant growth in the coming years and the Company has geared up to
meet the market challenges.
FINANCIAL
PERFORMANCE:
The company has carried forward an amount of Rs.488.3 million as
Reserves and Surplus for the year ended 31st March 2011 as compared
to Rs.559.1 million in the previous period.
BUSINESS SCENARIO:
The wind industry in India is expected to grow at fast pace due to
growing demand for energy and dwindling reserves of fossil fuel. The
investments in wind turbine installations in India continue to be driven by tax
incentives. This scenario is changing
with professional investments by potential developers to bridge the gap in the
growing demand for energy with clean and renewable energy sources such as wind
and solar power. The company has geared
up to meet this challenge with the stabilization of its state of the art plant
at Dobespet capable of for producing blades of > 40 meters in length.
FIXED ASSETS
·
Freehold Land
·
Leasehold Land
·
Building
·
Plant and Machinery
·
Data Processing Equipments
·
Furniture and Fixtures
·
Motor Vehicles
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.55.17 |
|
|
1 |
Rs.86.43 |
|
Euro |
1 |
Rs.68.27 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
31 |
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.