MIRA
INFORM REPORT
|
Report Date : |
01.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
GREENFUEL ENERGY SOLUTIONS PRIVATE LIMITED |
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Registered
Office : |
F-7B, Okhla Phase-1, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
31.10.2006 |
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Com. Reg. No.: |
55-155119 |
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Capital
Investment / Paid-up Capital : |
Rs.1.500
millions |
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CIN No.: [Company Identification
No.] |
U40107DL2006PTC155119 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELG10096C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Supplier and Assembling of CNG Products. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 312000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having good track. The
profitability of the company appears to be good. Trade relations are reported as fair. Business is active. Payments are
reported as regular and as per commitments. The company can be considered good 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
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Rating |
SE 1B |
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Rating Explanation |
Highest performance capability and moderate financial strength |
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Date |
15.10.2011 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
F-7B, Okhla Phase-1, |
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Tel. No.: |
Not Available |
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Mobile No.: |
91-9810323577 (Mr. Akshay Kashyap) |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Factory : |
Plot No.62, Sector - 4, IMT Manesar, Gurgaon – 122 050, |
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Tel. No.: |
91-124-4999800 |
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Fax No.: |
91-124-4999822 |
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E-Mail : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Akshay Kashyap |
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Designation : |
Director |
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Address : |
163-D, Sainik Farm, Khanpur, |
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Date of Appointment : |
31.10.2006 |
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DIN No.: |
00795591 |
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Other Directorship :
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Name : |
Ms. Sunanda Kashyap |
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Designation : |
Director |
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Address : |
163-D, Sainik Farm, Khanpur, |
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Date of Appointment : |
31.10.2006 |
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DIN No.: |
01069655 |
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Name : |
Agam Kumar Dinesh Prasad Singh |
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Designation : |
Director |
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Address : |
Dumra, Nawagarh, Dhanbad – 828 306, |
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Date of Birth/Age : |
18.12.1978 |
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Date of Appointment : |
31.01.2007 |
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DIN No.: |
01127323 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Akshay Kashyap |
|
90000 |
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Sunanda Kashyap |
|
60000 |
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Total |
|
150000 |
As on 30.09.2011
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Equity Share Breakup |
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Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Supplier and Assembling of CNG Products. |
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Products : |
v
CNG Products v
H-CNG Products v
Hydrogen Products v
CNG Kits |
GENERAL INFORMATION
|
Suppliers : |
v
AGP Engineering Products v
ARK Fluid System Components Private Limited v
Bangalore Fluid System Components Private Limited v
Bundy India Limited v
Desi Ess Buhin Private Limited v
OMB Saleri Spa v
Star Special Air Gases Private Limited v
Haryana Industries v
Ganpati Sales Corporation v
ND System Décor v
Indian Steel Industries v
Perfect Foods v
R.G. Engineers v
RS Tools and Metals |
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Customers : |
v
Maruti Suzuki India Limited v
Hyundai v
TATA Motors Limited – v
TATA Motors Limited – Pune v
TATA Motors Limited – Pant Nagar v
TATA Motors Limited – v
Eicher v
Mahindra v
Swaraj Mazda v
JCBL Group v
Ashok Leyland v
EKC v
Associate Cylinders v
Jay FE Cylinders Limited v
Aavantika Gas Limited v
Sabarmati Gas v
Maharashtra Natural Gas Limited v
Mahanagar Gas v
Gujarat Adani Energy Limited (GAEL) v
Parker |
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No. of Employees : |
Not Available |
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Bankers : |
v Corporation
Bank, M-3 and 4, Greater Kailash-II, v State Bank of v Kotak Mahindra Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Sanjesh Jawarani and Company Chartered Accountants |
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Address : |
A – 13, First Floor, |
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Income-tax
PAN of auditor or auditor's firm : |
AAKPJ5366L |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
150000 |
Equity Shares |
Rs.10/- each |
Rs.1.500
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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.500 |
1.500 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
76.443 |
32.022 |
12.087 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
77.943 |
33.522 |
12.187 |
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LOAN FUNDS |
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1] Secured Loans |
8.565 |
16.122 |
8.889 |
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2] Unsecured Loans |
0.000 |
5.216 |
0.496 |
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TOTAL BORROWING |
8.565 |
21.338 |
9.385 |
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DEFERRED TAX LIABILITIES |
0.261 |
0.311 |
0.000 |
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TOTAL |
86.769 |
55.171 |
21.572 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
40.868 |
38.346 |
3.995 |
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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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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.125 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
44.933
|
27.201 |
11.070 |
|
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Sundry Debtors |
43.557
|
54.733 |
25.711 |
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Cash & Bank Balances |
16.512
|
7.376 |
4.309 |
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Other Current Assets |
1.733
|
0.000 |
0.000 |
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Loans & Advances |
38.455
|
16.455 |
7.357 |
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Total
Current Assets |
145.190
|
105.765 |
48.447 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
56.302
|
70.712 |
23.389 |
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Other Current Liabilities |
4.376
|
1.877 |
1.422 |
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Provisions |
38.611
|
16.355 |
6.192 |
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Total
Current Liabilities |
99.289
|
88.944 |
31.003 |
|
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Net Current Assets |
45.901
|
16.821 |
17.444 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.004 |
0.008 |
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TOTAL |
86.769 |
55.171 |
21.572 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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Income |
424.197 |
269.068 |
95.918 |
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Closing Stock |
|
27.201 |
11.070 |
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|
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Other Income |
|
2.638 |
0.843 |
|
|
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TOTAL |
424.197 |
298.907 |
107.831 |
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|
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Less |
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|
|
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|
Opening Stock |
357.571 |
11.070 |
8.134 |
|
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Purchases |
|
176.014 |
52.358 |
|
|
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Direct Expenses |
|
39.085 |
13.786 |
|
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Administrative Expenses |
|
24.748 |
15.062 |
|
|
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Personnel Expenses |
|
11.191 |
4.782 |
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|
Legal and Professional Charges |
|
0.933 |
0.090 |
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Traveling Expenses |
|
3.715 |
2.078 |
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TOTAL |
357.571 (including
depreciation) |
266.756 |
96.290 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
32.151 |
11.541 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
|
1.616 |
0.051 |
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PROFIT BEFORE
TAX |
66.626 |
30.535 |
11.490 |
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Less |
TAX |
22.205 |
10.600 |
3.875 |
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PROFIT AFTER TAX
|
44.421 |
19.935 |
7.615 |
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|
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|
Earnings Per
Share (Rs.) |
296.14 |
132.90 |
NA |
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
10.47
|
6.67 |
7.06 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
11.35 |
11.98 |
|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
35.81
|
21.19 |
21.91 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.85
|
0.91 |
0.94 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.38
|
3.29 |
3.31 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.46
|
1.19 |
1.56 |
LOCAL AGENCY FURTHER INFORMATION
|
Check
List by Info Agents |
Available
in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
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2) Locality of the firm |
Yes |
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3) Constitutions 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 |
|
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 |
|
16) Details of sister concerns |
No |
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17) Major suppliers |
Yes |
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18) Major customers |
Yes |
|
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 |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
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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)
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32)
PAN of Proprietor/Partner/Director, if available |
No |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
Yes |
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U40107DL2006PTC155119 |
|
Name of the
company |
GREENFUEL ENERGY SOLUTIONS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
F-7B, Okhla Phase-1, E-Mail: sanjeshjawarani@gmail.com |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
Property Book Debts Movable Property
(not being pledge) Floating Charge Others
(Inventories, Current and Fixed Assets of the Company) |
|
Particular of
charge holder |
Corporation
Bank, M-3 and 4, Greater Kailash-II, E-Mail: cb286@corpbank.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
I) Common Deed of
Hypothecation of movables/assets/debts II) Letter of
continuity for the property Nature of facility
given by the bank to the borrower is as follows:- 1) CC Limit -
Rs.25.000 millions 2) Term Loan
Review - Rs.6.881 millions 3) Import LC-cum
buyer credit - Rs.13.500 millions 4) BG Limit -
Rs.2.500 millions Total - Rs.
47.881 millions |
|
Date of
instrument Creating the charge |
24.05.2011 |
|
Amount secured by
the charge |
Rs.47.881
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: As per sanction
letter Terms of
Repayment: As per sanction
letter Margin: As per sanction
letter Extent and
Operation of the charge: As per sanction
letter |
|
Short particulars
of the property charged |
Hypothecation of first
charge on inventory cum books debts/ current assets of the company. Collateral
Security:- i) Continuing
security of the property situated at Industrial Plot No. A-9, DLF Industrial
Area, ii) Exclusive
charge on industrial Property No.62, Sector-4 IMT Manesar, Gurgaon. iii) Exclusive
charge on Hypothecation of entire fixed assets of the company excluding
vehicles financed by other banks. |
FIXED ASSETS:
v Furniture and Fixture
v Office Equipment
v Photo Copy Machine
v Computer
v Telephone Instrument
v Car
v Motorcycle
v Projector
v Air Conditioner
v Land and Building
v Plant and Machinery
Subject’s area of expertise is in providing solutions for CNG, Hydrogen and H CNG (HythaneTM) fuel vehicles. The company’s CNG system solutions are fitted in more than 70,000 vehicles that includes buses, trucks, light commercial vehicles and passenger cars. Their products therefore have a proven record in different vehicle segments, making them the preferred partner for their customers alternate fuel programs.
They have a team of trained engineers who Interact with OEMs from the initial
stages of the project and assist them in specifying the best suited products
for their alternate fuel vehicles. Customer’s confidence in their ability to
provide the safest and most reliable products is reflected in their rapid
growth in a relatively short period of time.
Subject can provide the following solutions to its customers:
v
Best suited components for CNG/Hydrogen or H CNG
vehicles
v
Sub-assembled and pressure –tested components for
mass produced CNG vehicles.
Complete end-to-end solutions for CNG vehicles
2006
v
Subject was founded in October 2006 for the complete
integration of High Pressure Systems for CNG vehicles.
2007
v
Awarded TATA Motors Marco Polo Low Floor CNG Bus
project.
v
Awarded JCBL CNG Low Floor Bus project for supply
to BEST.
2008
v
Started supplies to Tata Xenon CNG vehicles in
v
Due to the excellent performance of their products,
TATA specified Subject products in all their vehicles such as SFC407, LP1510,
LP1613, LP 909 etc.
v
Successfully completed the HCB CNG Bus project with
Eicher Motors.
v
Supplies begin to the company CEV for Hyundai 0 Km
CNG project.
2009
v
Supplies start to Eicher Motors for all their CNG
commercial vehicles.
v
Selected by Maruti Suzuki India Limited to supply
sub-assembled, pre-tested CNG parts for their factory fitted CNG vehicles.
v
Begin supplies to Tata Ace, Ace Magic, and Swaraj
Mazda.
2010
v
Move to a new location at Manesar (Haryana) for the
sub-assembly and pressure testing of CNG parts that are supplied to mass
produced Maruti Suzuki CNG vehicles.
v
Supplies for SOP of Maruti Suzuki CNG vehicles
begin.
v
SAP® B1 is implemented at Subject.
2011
v
NSIC-CRISIL rating of SE1B
v
ISO/TS 16949:2009 certification
v
WEH authorised service center for WEH products
First and only company in India
v
To do complete high pressure CNG system for Low floor Busses.
v
Whose HP solenoid valves have completed more than 1
million Kms cumulative on buses.
First and only company in
v
Two ferrule Stainless Fittings to OEM’s in
v
Solenoid Cylinder Valves used by OEM’s.
v
Only company in
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.52.70 |
|
|
1 |
Rs.85.71 |
|
Euro |
1 |
Rs.68.15 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
53 |
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.