MIRA
INFORM REPORT
|
Report Date : |
11.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
VELNET NON–CONVENTIONAL ENERGY SYSTEMS PRIVATE LIMITED |
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Registered
Office : |
No. 1 North Portion, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
14.11.2006 |
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Com. Reg. No.: |
08-040931 |
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Capital
Investment / Paid-up Capital : |
Rs. 4.000 millions |
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CIN No.: [Company Identification
No.] |
U29307KA2006PTC040931 |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Solar Water Heater Systems of various sizes and
models. |
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No. of Employees
: |
90 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (41) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 50000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
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Risk Category |
ECGC Classification |
|
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 |
INFORMATION PARTED BY
|
Name : |
Mr. Chandrashekhar |
|
Designation : |
Director |
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Contact No.: |
91-80-9741109199 |
|
Date : |
03.07.2012 |
LOCATIONS
|
Registered Office/Factory : |
No. 1 North Portion, |
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Tel. No.: |
91-80-23417940 |
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Mobile No.: |
91-80-9741109199 (Mr. ChandraShekhar) |
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Fax No.: |
91-80-23418630 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Chandrashekar Shivasharanappa |
|
Designation : |
Managing Director |
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Address : |
Ashwathappa Layout, Kodigehalli, Bangalore-560092, |
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Date of Birth/Age : |
01.04.1974 |
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Date of Appointment : |
14.11.2006 |
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DIN No.: |
01986848 |
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Name of sole proprietorship firm : |
Velnet Systems Address: No.120, Ring Road, Bhadrappa Layout, Nagashetty Halli, |
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Name : |
Mrs. Rekha Chanrashekhar |
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Designation : |
Director |
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Address : |
Ashwathappa Layout, Kodigehalli, Bangalore-560092, |
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Date of Birth/Age : |
23.04.1976 |
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Date of Appointment : |
14.11.2006 |
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DIN No.: |
02440548 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Chandrashekar Shivasharanappa |
|
39000 |
|
Rekha Chanrashekhar |
|
1000 |
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TOTAL |
|
40000 |
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Solar Water Heater Systems of various sizes and models. |
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Exports : |
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Products : |
Solar Water Heater Systems |
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Countries : |
Ř
Ř
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Imports : |
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Products : |
Raw Material |
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Countries : |
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GENERAL INFORMATION
|
Suppliers : |
Ř
Amit Kumar – Dealer Ř
Anubhava Printers Ř
Divine Products Ř
D. K. Marketing Ř
D. M. Enterprises Ř
Energy Efficient Lights Ř
Fateh Solar Ř
Manjunath C – Dealer Ř
Media Options Ř
Megha Fine Arts Ř
Metro Metals Ř
Pop’s Mens Wear Ř
Prime Anodizers Ř
Rajshree Implex ( Ř
R. K. Enterprises Ř
Sankirtana Seva Trust Ř
S and J Associates Ř
S M S Traders and Fabricators Ř
Varun Traders and Hardwares Ř
Welflex Polymer Private Limited |
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Customers : |
Ř
The District Surgeon, Ř
The District Surgeon, Ř
Ř
The Chief Officer, Somawarapete Kodagu Ř
Deputy Commercial Manager [CPCL], Nagapattinam,
T.N Ř
The City Municipal Councial, Chamraj Nagar
District Ř
Pattana Panchayat, Somawarapete, Kodagu District Ř
Gram Panchayat Halakere, Rona Taluk, Gadag
District Ř
Gram Panchayat Humbala, Gadag District Ř
Town Municipal council, Chikkanayakana halli,
Tumkur District Ř
Jayveer Hotels Private Limited |
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No. of Employees : |
90 (Approximately) |
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Bankers : |
Ţ
Canara Bank, #
9 Chamundi Complex, Ring Road, Maruthinagar, Lottegollahalli ,
Bangalore – 560094, Karnataka, India. Ţ
ING Vysya Bank Ţ
Bank of Ţ
ABN AMRO Bank. |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
P.C. Ravindranath Chartered Accountant |
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Address : |
Above Professional Courier Office, |
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Tel. No.: |
91-8194-221603 (Office) 91-8194-234192 (Residential) |
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Mobile No.: |
91-9448566094 |
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PAN.: |
ACXPR45761N |
CAPITAL STRUCTURE
As on 30.09.2011
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
40000 |
Equity Shares |
Rs.100/- each |
Rs. 4.000 millions |
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Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
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|
40000 |
Equity Shares |
Rs.100/-
each |
Rs. 4.000
millions |
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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 |
4.000 |
4.000 |
3.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
9.938 |
4.685 |
1.833 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
13.938 |
8.685 |
4.833 |
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LOAN FUNDS |
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1] Secured Loans |
3.640 |
4.899 |
0.896 |
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2] Unsecured Loans |
0.000 |
1.979 |
0.622 |
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TOTAL BORROWING |
3.640 |
6.878 |
1.518 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
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TOTAL |
17.578 |
15.563 |
6.351 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.276 |
3.819 |
3.775 |
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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 |
5.327
|
4.858 |
1.728 |
|
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Sundry Debtors |
30.672
|
30.838 |
15.295 |
|
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Cash & Bank Balances |
1.488
|
5.901 |
0.216 |
|
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Other Current Assets |
7.182
|
3.851 |
1.088 |
|
|
Loans & Advances |
0.000
|
0.000 |
0.000 |
|
Total
Current Assets |
44.669
|
45.448 |
18.327 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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|
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Sundry Creditors |
11.401
|
20.498
|
10.991 |
|
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Other Current Liabilities |
10.476
|
4.612
|
2.382 |
|
|
Provisions |
8.490
|
8.595
|
2.378 |
|
Total
Current Liabilities |
30.367
|
33.705 |
15.751 |
|
|
Net Current Assets |
14.302
|
11.743 |
2.576 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
17.578 |
15.562 |
6.351 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
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SALES |
|
|
|
|
|
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Income |
164.176 |
121.823 |
82.759 |
|
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Other Income |
|
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|
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TOTAL (A) |
164.176 |
121.823 |
82.759 |
|
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|
|
|
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|
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Less |
EXPENSES |
|
|
|
|
|
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Office Expenses |
|
|
|
|
|
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Administrative Expenses |
155.492 |
114.398 |
79.325 |
|
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Advertising Expenses |
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TOTAL (B) |
155.492 |
114.398 |
79.325 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
8.684 |
7.425 |
3.434 |
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Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
1.082 |
3.105 |
1.122 |
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PROFIT BEFORE
TAX (E-F) (G) |
7.602 |
4.320 |
2.312 |
|
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|
|
|
|
|
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Less |
TAX (I) |
2.349 |
1.468 |
0.797 |
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PROFIT AFTER TAX
(G-I) (J) |
5.253 |
2.852 |
1.515 |
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|
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|
Earnings Per
Share (Rs.) |
131.325 |
NA |
NA |
|
|
Particulars |
31.03.2012 |
|
Sales Turnover (Approrimately) |
160.000 |
Expected Sales ( 2012-13 ) : Rs. 200.000 millions
The above information has been parted by Mr. Chandrashekar.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.19
|
2.34
|
2.79 |
|
|
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|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.85
|
8.77
|
10.47 |
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|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.54
|
0.50
|
0.48 |
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|
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|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.28
|
4.67
|
3.57 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.47
|
1.35
|
1.16 |
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 |
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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 |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
Yes |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
Yes |
|
18) Major customers |
Yes |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
Yes |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
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 |
REVIEW OF
OPERATION:
During the year, Company achieved a turnover of Rs. 164.175 millions but
resulted in profit of Rs. 5.253 millions. Company is expecting a better
performance in the current financial year.
Bankers Charges
Report as per Registry
|
Corporate identity
number of the company |
U29307KA2006PTC040931 |
|
Name of the
company |
VELNET NON–CONVENTIONAL ENERGY SYSTEMS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
No. 1 North Portion,
e-mail: info@kamalsolar.com |
|
This form is for |
Modification
of Charge |
|
Charge
identification (ID) number of the charge to be modified |
10187984 |
|
Type of charge |
Immovable
Property Book debts Movable Property
(not being pledge) |
|
Particular of
charge holder |
Canara Bank, # 9
Chamundi Complex, Ring Road, Maruthinagar Lottegollahalli, Bangalore – 560094,
Karnataka, India. e-mail: cb2834@canarabank.com |
|
Nature of
instrument modifying charge |
Supplemental
Common Hypothecation Agreement |
|
Date of
instrument Modifying the charge |
11.05.2012 |
|
Amount secured by
the charge |
Rs. 11.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest 13.75% Terms of Repayment As per sanction
letter. Margin 25% Extent and Operation of the charge The loan together
with all interest, costs, fees and expenses and all monies payable in terms
of this Agreement. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Primary Security: Hypothecation of
Stock and Book debts. Collateral
Securities: EMT of vacant
sites No 11 and 14 located at Aishwarya Aerorolyal, Kempathimmanahalli,
Devanahalli Taqluk, Bangalore Rural in the name of Ar. Chandrashekar valued
at Rs. 1.920 millions each as per valuation report dated 14.08.2009 of
C.M.Harikumar. 30LIC policies
standing in the name of Sri C. Chandrashekar with FV of Rs. 7.000 millions
and SV Rs. 1.553 millions 25% cash margin
(Rs. 0.250 millions) by way KDR for the B G Limit Of Rs. 1.000 millions. Personal
Guarantee: Both the
directors viz., Sri S Chandrashekar – Net worth Rs. 20.200 millions Smt. Rekha
Chanrashekar – Net Worth Rs. 28.200 millions. |
|
Particulars of
the present modification |
The total limit
has been modified to Rs. 11.000 millions as follows: OCC/ODBD: Renewal
of enhancement of existing limit from Rs. 6.000 millions to Rs. 10.000
millions. ST Bank Guaranty:
Existing Rs. 5.200 millions now stands O. Running Bank
Guaranty Limit: Rs. 1.000 millions ( no charge) |
FIXED ASSETS:
Ř Factory Shed
Ř Furniture and Fixture
Ř Plant and Machinery
Ř Tools and Equipments
Ř Mobile phone and Phone Instruments
Ř Computers and Printers
Ř Office Equipments
Ř Swaraja Mazda – 1
Ř Swaraja Mazda – 2
Ř Air Conditioners
Ř Display Demo Auto
Ř Mitsubushi Pajero Car
Ř Tata Ace vehicles – 2
Ř Solar water heaters (Flat plate Colleen)
Ř New Factory - WIP
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.55.80 |
|
|
1 |
Rs.86.53 |
|
Euro |
1 |
Rs.68.58 |
INFORMATION DETAILS
|
Information Gathered
by : |
JML |
|
|
|
|
Report Prepared
by : |
NID |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
41 |
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.