MIRA
INFORM REPORT
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Report Date : |
09.07.2012 |
IDENTIFICATION DETAILS
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Name : |
AJIT SOLAR PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
24.05.2007 |
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Com. Reg. No.: |
17-024478 |
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Capital Investment
/ Paid-up Capital : |
Rs. 19.163 Millions |
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CIN No.: [Company Identification
No.] |
U40106RJ2007PTC024478 |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business
: |
Manufacturing solar Photovoltaic Modules. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ca (14) |
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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 an established company having moderate track record. There
appears huge accumulated losses recorded by the company. However, trade
relations are reported to be fair. Business is active. Payments are reported
to be slow. The company can be considered for business dealings on a safe and
secure 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
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Country Name |
Previous Rating (30.09.2011) |
Current Rating (31.12.2011) |
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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 Office : |
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Tel. No.: |
91-141-2371166 |
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Fax No.: |
91-141-4011711 |
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E-Mail : |
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Website : |
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Factory : |
E-33-34, RIICO Industrial Area, Bagru (Extension ), Jaipur , |
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Tel. No.: |
91-141-2371166 |
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Fax No.: |
91-141-4011711 |
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E-Mail : |
DIRECTORS
AS ON 30.05.2012
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Name : |
Mr. Ajit Singh Gehlot |
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Designation : |
Managing Director |
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Address : |
2, Bank Colony, Alwar, Jaipur-302001, |
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Date of Birth/Age : |
28.02.1955 |
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Date of Appointment : |
24.05.2007 |
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DIN No.: |
00029346 |
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Other Directorship: |
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Name : |
Mrs. Priya Singh Gehlot |
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Designation : |
Director |
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Address : |
2, Bank Colony, Alwar, Jaipur-302001, |
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Date of Birth/Age : |
06.09.1962 |
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Date of Appointment : |
24.05.2007 |
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DIN No.: |
00029408 |
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Other Directorship: |
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KEY EXECUTIVES
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Name : |
V.M. and Associates |
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Designation : |
Company Secretaries |
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Address : |
403, Royal World, |
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Email ID : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.05.2012
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Names of Shareholders |
No. of Shares |
Percentage of
Shares |
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Mr. Ajit Singh Gehlot |
1149750 |
60.00 |
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Mrs. Priya Singh Gehlot |
766500 |
40.00 |
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Total |
1916250 |
100.00 |
AS ON 30.05.2012
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing solar Photovoltaic Modules. |
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Products : |
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PRODUCTION STATUS AS ON (31.03.2012)
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Particulars |
Unit |
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Installed
Capacity |
Actual
Production |
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Solar PV Module |
No. |
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20 MW |
7936 |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
v
Bank of v
Oriental Bank of Commerce v
ICICI Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
D. Khanna and Associates Chartered Accountants |
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Address : |
G-6, Royal Sundram, Plot No.1, Vivekanand Marg, C-Scheme,
Jaipur-302001, |
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Tel. No.: |
91-141-2372701/ 2372752 |
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Fax No.: |
91-141-2372702 |
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Income-tax
PAN of auditor or auditor's firm : |
AAGCA3878F |
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Enterprises where the Key Management Personnel along with their
relatives exercise significant influence : |
v
The Tractor Station v
Auto Agric Industries Private Limited v
General Automobile Company Private Limited v
Swastika Woollen Industries Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1,916,250 |
Equity Shares |
Rs. 10/- each |
Rs. 19.163
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
19.163 |
19.163 |
19.163 |
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2] Share Application Money |
0.000 |
0.000 |
2.500 |
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3] Reserves & Surplus |
(141.839) |
(2.390) |
93.838 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(45.004) |
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NETWORTH |
(122.676) |
16.773 |
70.497 |
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LOAN FUNDS |
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1] Secured Loans |
380.093 |
405.473 |
406.326 |
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2] Unsecured Loans |
127.308 |
118.022 |
92.914 |
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TOTAL BORROWING |
507.401 |
523.495 |
499.240 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
384.725 |
540.268 |
569.737 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
341.526 |
360.422 |
378.221 |
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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 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
39.235
|
163.272 |
192.638 |
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Sundry Debtors |
56.099
|
36.097 |
0.016 |
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Cash & Bank Balances |
11.680
|
3.522 |
3.002 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
2.924
|
6.702 |
7.534 |
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Total
Current Assets |
109.938
|
209.593 |
203.190 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
61.937
|
15.205 |
11.742 |
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Other Current Liabilities |
4.246
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14.012 |
0.147 |
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Provisions |
0.771
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0.745 |
0.000 |
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Total
Current Liabilities |
66.954
|
29.962 |
11.889 |
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Net Current Assets |
42.984
|
179.631 |
191.301 |
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MISCELLANEOUS EXPENSES |
0.215 |
0.215 |
0.215 |
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TOTAL |
384.725 |
540.268 |
569.737 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SALES |
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Income |
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Other Income |
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TOTAL |
107.024 |
124.722 |
21.635 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
246.472 |
175.946 |
66.639 |
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PROFIT/ (LOSS)
BEFORE TAX |
(139.448) |
(51.224) |
(45.004) |
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Less |
TAX |
0.000 |
0.000 |
0.000 |
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PROFIT/
(LOSS) AFTER TAX |
(139.448) |
(51.224) |
(45.004) |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Sales and Consultancy |
0.000 |
37.278 |
0.000 |
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TOTAL EARNINGS |
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IMPORTS |
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Raw Materials |
27.708 |
59.764 |
90.760 |
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Stores & Spares |
0.360 |
0.786 |
0.052 |
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Capital Goods |
0.000 |
0.000 |
3.407 |
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TOTAL IMPORTS |
28.068 |
60.550 |
94.219 |
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Earnings/ (Loss)
Per Share (Rs.) |
(72.77) |
(26.73) |
(23.49) |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(130.30) |
(41.07) |
(208.01) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(30.89) |
(8.99) |
(7.74) |
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Return on Investment (ROI) (PBT/Networth) |
|
(1.14) |
(3.05) |
(0.64) |
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Debt Equity Ratio (Total Liability/Networth) |
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(4.68) |
33.00 |
7.25 |
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Current Ratio (Current Asset/Current Liability) |
|
1.64 |
6.99 |
17.09 |
LOCAL AGENCY FURTHER INFORMATION
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Check List by Info Agents |
Available in Report
(Yes / No) |
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1. Year of Establishment |
Yes |
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2. Locality of the firm |
Yes |
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3. Constructions of the firm |
Yes |
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4. Premises details |
No |
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5. Type of Business |
Yes |
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6. Line of Business |
Yes |
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7. Promoter’s background |
Yes |
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8. No. of Employees |
No |
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9. Name of person contacted |
No |
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10. Designation of contact person |
No |
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11. Turnover of firm for last three years |
Yes |
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12. Profitability for last three years |
Yes |
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13. Reasons for variation <> 20% |
-- |
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14. Estimation for coming financial year |
No |
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15. Capital in the business |
Yes |
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16. Details of sister concerns |
Yes |
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17. Major suppliers |
No |
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18. Major customers |
No |
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19. Payments terms |
No |
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20. Export / Import details |
No |
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21. Market information |
-- |
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22. Litigations that the firm / promoter involved |
-- |
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23. Banking Details |
Yes |
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24. Banking facility details |
Yes |
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25. Conduct of the banking account |
-- |
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26. Buyer visit details |
-- |
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27. Financials, if provided |
Yes |
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28. Incorporation details, if applicable |
Yes |
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29. Last accounts filed at ROC |
Yes |
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30. Major Shareholders, if available |
Yes |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U40106RJ2007PTC024478 |
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Name of the
company |
AJIT SOLAR
PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
National Motors
Building, M.I.Road, Jaipur – 302001, Rajasthan, India |
|
This form is for |
Modification of
charge |
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Charge
identification number of the modified |
10083600 |
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Type of charge |
Immovable
Property Book Debts Movable Property Others (Corporate
Guarantee and Equitable Mortgage) |
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Particular of
charge holder |
Bank of Email ID: miroadjaipur@bankofbaroda.com
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Nature of
description of the instrument creating or modifying the charge |
1. Supplemental
Composite Agreement of Hypothecation of Goods, Book-Debts, Moveable Machinery
and Vehicles LDOC17(C). 2. Supplemental
Memorandum of Entry LDOC 90(G). 3. Corporate
Guarantee agreement given by M/s. Swastika Woolen Industries Private Limited.
LDOC 33(A) 4. Supplemental
Memorandum of Entry given by Swastika Woolen Industries Private Limited LDOC
90(G). 5. Copy of Board
Resolution. 6. Copy of Board
Resolution of Swastika Woolen Industries Private Limited. |
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Date of
instrument Creating the charge |
30.03.2010 |
|
Amount secured by
the charge |
Rs. 130.300
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest : for
PC/FBP/FBD - @ 2.75% below BPLR of the
bank at present 9.25% p.a., with monthly rests, subject to change from time
to time. Terms of Repayment Repayable on
demand. Margin On stocks, Book
debts - 25% On Plant &
machinery - 25% Cash Margin - 25% Extent and Operation of the charge The charge will
operate as first charge on pari passu basis with The Bank of Rajasthan
Limited, Bank of Baroda, OBC, to secure overall facility of Rs.130.300
Millions granted to the company by the bank details as follow. Cash Credit
- Rs.15.000 Millions PC/FBP/FBD Rs.35.000 Millions PC/FBP/FBD Rs.31.500 Millions (one time) Letter of credit Rs. 22.500 Millions Bank
Guarantee Rs. 11.300 Millions Cash Credit
(Adhoc)Rs. 15.000 Millions Total Rs.130.300 Millions |
|
Short particulars
of the property charged |
First charge by
way of hypothecation on pari-passu basis with The Bank of Rajasthan Limited,
Bank of Baroda, OBC, of all stock of raw material, semi finished and finished
goods, stock in transit, packing
material, consumable goods, stores and spares, all present and future book
debts, outstanding monies, receivables, claims, bills, and all other present
and future plant, machinery and
current and fixed assets of the company to cover overall limits of Rs.98.800
Millions in addition to PC/FBP/FBD (one time) of Rs.31.500 Millions totaling
Rs.130.300 Millions granted
to the company by the bank. Equitable
Mortgage is extended on immovable property of the company comprising factory
land and building constructed or to be constructed, Fixed plant and
machinery, and factory land and building erected or to be erected both present and future situated at E-33
& 34, RIICO Industrial Area, Bagru Ext., Corporate
guarantee and equitable mortgage is extended by M/s Swastika Woollen Industries
Pvt. Ltd., in favour of Bank of Baroda, M.I.Road, Jaipur, in respect of its all immovable and fixed
assets comprising factory land, building fixed plant and machinery situated
at Khasra No.5, 6, 7 and 8, Village Belaka, Delhi Road, Alwar (Rajasthan),
as a security to cover overall
limits of Rs.130.300 Millions given to M/s.Ajit Solar Pvt. Ltd. The above
security also cover existing term loan of Rs.100.000 Millions. |
|
Particulars of
the present modification |
By this
modification overall limits has been enhanced from Rs.98.800 Millions to
Rs.130.300 Millions details as under. Cash Credit
- Rs.15.000 Millions PC/FBP/FBD Rs.35.000 Millions PC/FBP/FBD Rs.31.500 Millions (one time) Letter of
credit Rs. 22.500 Millions Bank
Guarantee Rs. 11.300 Millions Cash Credit
(Adhoc)Rs. 15.000 Millions Total Rs.130.300 Millions Other terms and
condition remain unchanged. |
FIXED ASSETS:
v
Land
v
Building
v Plant and Machinery
v Furniture and Fixtures
v Vehicles
v Office Equipment
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. 55.42 |
|
|
1 |
Rs. 86.04 |
|
Euro |
1 |
Rs. 68.61 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
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 |
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 |
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
14 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.