|
Report Date : |
25.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
SOLAPUR BIOENERGY SYSTEMS PRIVATE LIMITED |
|
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|
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Registered
Office : |
LIG, A - 36, E - 6, Arera Colony, |
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Country : |
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|
|
Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
12.05.2005 |
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|
|
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Com. Reg. No.: |
10-017596 |
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|
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Capital Investment
/ Paid-up Capital : |
Rs.37.000
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U40108MP2005PTC017596 |
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|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Generation of Electricity through Municipal Solid Waste. |
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No. of Employees
: |
55 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (15) |
|
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 : |
Project Under Implementation |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Though the company was incorporated in the year 2005, the company is
yet to commence its commercial operations. Project of the company is still under
its implementation stage. However, as claimed by the management the company
will start its commercial activities from March 2012. Payments are unknown. 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.
INFORMATION PARTED BY
|
Name : |
Mr. Umesh |
|
Designation : |
Senior Accountant |
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Contact No.: |
91-22-41702222 |
|
Date : |
23.02.2012 |
LOCATIONS
|
Registered Office : |
LIG, A - 36, E - 6, Arera Colony, |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Area : |
|
|
Location : |
Owned |
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|
|
|
Corporate Office : |
501, 5th Floor, Lakhani
Centrium, Plot No.27, Sector-15, CBD Belapur, Navi Mumbai – 400 614, |
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Tel. No.: |
91-22-41702222 |
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Fax No.: |
91-22-41702200 |
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Factory : |
Old Tuljapur, Kachra Depot, Solapur, |
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Location : |
Owned |
DIRECTORS
As on 29.09.2011
|
Name : |
Mr. Sarang Suhas Bhand |
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Designation : |
Director |
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Address : |
L-A 36, E-6, Area Colony, |
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Date of Appointment : |
12.05.2005 |
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DIN No.: |
01633419 |
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Other Directorship :
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Name : |
Mr. Suhas Bhanudas Gawali |
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Designation : |
Director |
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Address : |
101, Jai Hind Society, Plot No.107, Sector-29, Vashi, Navi Mumbai –
400 703, |
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Date of Birth/Age : |
17.01.1981 |
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Date of Appointment : |
18.09.2009 |
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DIN No.: |
02348471 |
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Other Directorship :
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KEY EXECUTIVES
|
Name : |
Mr. Umesh |
|
Designation : |
Senior Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2011
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
Sarang Suhas Bhand |
|
1 |
|
Organic Recycling Systems Private Limited, |
|
3699999 |
|
Total |
|
3700000 |
As on 30.09.2011
|
Names of Allottees (Non-Cumulative Redeemable Preference Shares) |
|
No. of Shares |
|
Organic Recycling Systems Private Limited, |
|
1480000 |
|
Total |
|
1480000 |
As on 29.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
99.99 |
|
Directors
or relatives of directors |
|
0.01 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Generation of Electricity through Municipal Solid Waste. |
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Imports : |
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Products : |
Machinery |
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Countries : |
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GENERAL INFORMATION
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Customers : |
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No. of Employees : |
55 (Approximately) |
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Bankers : |
Bank of Baroda, Big Splash, Sector 17, Shop No.126/66, Shivaji Circle,
Vashi, Navi Mumbai – 400 705, Maharashtra, India |
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|
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Facilities : |
(The term loan
is secured against all movable machinery, including all stores and spare parts,
as well as land, with primary securities
- (a) joint and several
demand promissory note signed by the company, (b) letter at installments with
acceleration clause, (c) Stamped L/c application and (d) Instrument of
Hypothecation of Machinery, (e) Equitable mortgage on land/building of
factory premises and (f) pledge of shares Rs.184.011 millions owned by
holding company Organic Recycling Systems Private Limited and collateral
security being (a) Personal Guarantee of Director Mr. Sarang Bhand and Corporate
Guarantees of Holding
Companies - Organic Recycling Systems Private Limited and Five Elements
Environment Ventures Private Limited) |
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|
|
|
Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Samir R. Sanghvi and Associates Chartered Accountants |
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Address : |
8, Shram Safalya Plot No.134, 2nd Floor Jain Society, Sion
(West), Mumbai – 400 022, |
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Tel. No.: |
91-22-24026648 |
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Fax No.: |
91-22-24026648 |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
AAZPS3365D |
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Holding Company : |
Organic
Recycling Systems Private Limited CIN No.: U40106MH2008PTC186309 Address: 501, Centrium, Plot No.27, Sector-15, CBD Belapur, Navi
Mumbai – 400 614, |
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|
|
|
Enterprises that exercise control directly/ indirectly : |
Five Elements Environment Ventures Private Limited |
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|
Enterprises that are under common control : |
Organic Waste ( |
CAPITAL STRUCTURE
After 29.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Shares |
Rs.10/- each |
Rs.40.000 millions |
|
1500000 |
Preference Shares |
Rs.10/- each |
Rs.15.000 millions |
|
|
Total |
|
Rs.55.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3700000 |
Equity Shares |
Rs.10/- each |
Rs.37.000
millions |
|
1480000 |
Preference Shares |
Rs.10/- each |
Rs.14.800
millions |
|
|
Total |
|
Rs.51.800 millions |
As on 29.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Shares |
Rs.10/- each |
Rs.40.000 millions |
|
1500000 |
Preference Shares |
Rs.10/- each |
Rs.15.000 millions |
|
|
Total |
|
Rs.55.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3700000 |
Equity Shares |
Rs.10/- each |
Rs.37.000
millions |
|
|
|
|
|
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Shares |
Rs.10/- each |
Rs.40.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3700000 |
Equity Shares |
Rs.10/- each |
Rs.37.000
millions |
|
|
|
|
|
[Of the above,
3,700,000 equity shares are held by Organic Recycling Systems Private Limited,
the Holding Company (1 share held by nominee)]
(All the above
shares are pledged with Bank of Baroda as security for Term Loan taken by the Company)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
37.000 |
37.000 |
0.100 |
|
|
2] Share Application Money |
130.996 |
38.992 |
0.200 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(0.300) |
(0.234) |
(0.140) |
|
|
NETWORTH |
167.696 |
75.758 |
0.160 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
185.294 |
48.320 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
9.913 |
|
|
TOTAL BORROWING |
185.294 |
48.320 |
9.913 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.011 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
352.990 |
124.089 |
10.073 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1.714 |
1.611 |
0.271 |
|
|
Capital work-in-progress, including Capital Advances |
349.852 |
108.639 |
9.623 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.169 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
0.000
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
2.972
|
12.955 |
0.400 |
|
|
Other Current Assets |
0.176
|
0.372 |
0.272 |
|
|
Loans & Advances |
6.310
|
0.895 |
0.062 |
|
Total
Current Assets |
9.458
|
14.222 |
0.734 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
7.385 |
0.204 |
0.510 |
|
|
Other Current Liabilities |
0.322
|
0.069 |
0.049 |
|
|
Provisions |
0.522
|
0.136 |
0.022 |
|
Total
Current Liabilities |
8.229
|
0.409 |
0.581 |
|
|
Net Current Assets |
1.229
|
13.813 |
0.153 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.026 |
0.026 |
0.026 |
|
|
|
|
|
|
|
|
TOTAL |
352.990 |
124.089 |
10.073 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
0.000 |
0.000 |
0.000 |
|
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
|
TOTAL |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Administrative Expenses |
0.247 |
0.083 |
0.090 |
|
|
|
TOTAL |
0.247 |
0.083 |
0.090 |
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(0.247) |
(0.083) |
(0.090) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(0.181) |
0.011 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(0.066) |
(0.094) |
(0.090) |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(0.02) |
(0.09) |
(9.00) |
|
Project is under construction
Activity will be started by March 2012
The above information has been parted by Mr. Umesh (Senior Accountant).
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.59)
|
(0.52)
|
(8.96)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
0.00
|
(0.56)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.15
|
0.64 |
65.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.15
|
34.77 |
1.26 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
7.385 |
0.204 |
0.510 |
|
|
|
|
|
|
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 |
Yes |
|
5) Type of
Business |
Yes |
|
6) Line of
Business |
Yes |
|
7) Promoter’s
background |
-- |
|
8) No. of
employees |
Yes |
|
9) Name of person
contacted |
Yes |
|
10) Designation
of contact person |
Yes |
|
11) Turnover of
firm for last three years |
No |
|
12) Profitability
for last three years |
No |
|
13) Reasons for
variation <> 20% |
-- |
|
14) Estimation
for coming financial year |
No |
|
15) Capital in
the business |
No |
|
16) Details of
sister concerns |
-- |
|
17) Major
suppliers |
No |
|
18) Major customers |
No |
|
19) Payments
terms |
Yes |
|
20) Export /
Import details (if applicable) |
Yes |
|
21) Market
information |
-- |
|
22) Litigations
that the firm / promoter involved in |
-- |
|
23) Banking
Details |
Yes |
|
24) Banking
facility details |
No |
|
25) Conduct of
the banking account |
-- |
|
26) Buyer visit
details |
-- |
|
27) Financials,
if provided |
No |
|
28) Incorporation
details, if applicable |
-- |
|
29) Last accounts
filed at ROC |
-- |
|
30) Major
Shareholders, if available |
-- |
Note:
The registered office of the company has been shifted from
M-158 E7, Arera Colony,
NATURE OF
OPERATIONS:
The Company is involved in the Construction, Development and Maintenance
of Municipal Solid Waste-to-Energy project at Solapur.
The Company has been promoted by Organic Recycling Systems Private
Limited which is the holding company of the Company.
FINANCIAL PERFORMANCE:
The Company has suffered loss of Rs.0.066
million (after tax) during the year ended 31st March, 2011.
FORM 8:
|
Corporate
identity number of the company |
U40108MP2005PTC017596 |
|
Name of the
company |
SOLAPUR BIOENERGY SYSTEMS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
LIG, A - 36, E - 6, Arera Colony, E-Mail: sarang.bhand@gmail.com |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
Property Movable Property
(not being pledge) |
|
Particular of
charge holder |
Bank of Baroda, Big Splash, Sector 17, Shop No.126/66, Shivaji Circle,
Vashi, Navi Mumbai – 400 705, Maharashtra, India E-Mail: vashi@bankofbaroda.com |
|
Nature of
description of the instrument creating or modifying the charge |
1) Instrument of
hypothecation of moveable machinery, and 2) Memorandum of
deposit of title deeds in respect of advance secured by equitable mortgage of
immovable property |
|
Date of
instrument Creating the charge |
19.11.2009 |
|
Amount secured by
the charge |
Rs.225.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: 2.75% over
benchmark prime lending rate of the bank per annum with monthly/quarterly/half-yearly
/ yearly rests or at such rate or rates as the bank may specify to the
borrower in writing Terms of
Repayment: 27 quarterly
installments of Rs.8.025 millions each and 28th installment of
Rs.8.325 millions Margin: As may be decide
by the Bank Extent and
Operation of the charge: First Charge Others: The Solapur
Immovable Property is leased property, which belongs to Solapur Municipal
Corporation. As per clause 13 of agreement of lease dated 01.07.2004 the
company can mortgage the property to Bank. Further on
20.11.2009, the company has obtained written consent from the Municipal
Commissioner- Solapur Municipal Corporation to mortgage the aforesaid land
with financial institution / Bank for the purpose of fund raising |
|
Short particulars
of the property charged |
All moveable
machinery of the borrower, including all stores and spare parts, both present
and future, belonging to the borrower, and all that piece and parcel of the
land in Survey No.68 (1) (Old) and Survey No.74/1 (New), situating at Mouje
Solapur, Tuljapur Road, Tehsil and District Solapur, Maharashtra, admeasuring
09 acres. |
|
Whether any of the property or interest therein under reference is not
registered in the name of the company |
Yes Solapur Municipal
Corporation. As per clause 13 of agreement of lease the company can mortgage
the property. the company has obtain written consent from the Municipal
Commissioner-Solapur |
FIXED ASSETS:
v
v Computers
v Office Equipments
v Furniture and Fixtures
v 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.49.07 |
|
|
1 |
Rs.77.19 |
|
Euro |
1 |
Rs.65.57 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
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 |
- |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
15 |
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.