MIRA INFORM REPORT
|
Report Date : |
02.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
NUETECH SOLAR SYSTEMS PRIVATE LIMITED |
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Registered
Office : |
No.5, B.M. Shankarappa Industrial Estate, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
12.03.2002 |
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Com. Reg. No.: |
08-030228 |
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Capital
Investment / Paid-up Capital : |
Rs.8.000 millions |
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CIN No.: [Company Identification
No.] |
U31909KA2002PTC030228 |
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|
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRN02033D |
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PAN No.: [Permanent Account No.] |
AABCN6398L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Solar Water Heater and Solar Lighting for domestic and
industrial applications. |
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No. of Employees
: |
130 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 170000 |
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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 well established company having satisfactory track. There appears
slight dip in the profitability of the company. However, trade relations are
reported to be fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
ICRA Assigned: ‘SP 3B’ |
|
Rating Explanation |
Performance capability and financial strength
is Moderate. |
|
Date |
February 2012 |
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.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Anand K. |
|
Designation : |
Finance Controller |
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Contact No.: |
91-80-23483766 |
|
Date : |
25.09.2012 |
LOCATIONS
|
Registered/ Corporate/ Head Office/ Factory 1 : |
No.5, B.M. Shankarappa Industrial Estate, |
|
Tel. No.: |
91-80-23483766/ 65981441/ 47/ 23356789/ 23481743-48/ 23481744 |
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Fax No.: |
91-80-23281730/ 23115802 |
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E-Mail : |
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Website : |
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Area : |
21200 sq ft |
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Location : |
Rented |
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Branch Office : |
Located at: v
Pune v
v
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DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Kanathuru Raju Surendra Kumar |
|
Designation : |
Whole Time Director |
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Address : |
Jyesta No.132, III B, Main II Stage, Nagarabhavi, |
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Date of Birth/Age : |
18.10.1966 |
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Date of Appointment : |
12.03.2002 |
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DIN No.: |
01007574 |
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Name : |
Mr. Boregowda Prakash |
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Designation : |
Whole Time Director |
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Address : |
948A, ITI Layout, 3rd Cross, Papareddypalya Nagar, Bhavi, 2nd
Stage, |
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Date of Birth/Age : |
01.07.1961 |
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Date of Appointment : |
12.03.2002 |
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DIN No.: |
01121355 |
KEY EXECUTIVES
|
Name : |
Mr. Anand K. |
|
Designation : |
Finance Controller |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
K.R. Surendra Kumar |
|
440000 |
|
B. Prakash |
|
360000 |
|
Total |
|
800000 |
List of Allottees (As on 15.11.2011)
|
Names of Allottees |
|
No. of Shares |
|
K.R. Surendra Kumar |
|
220000 |
|
B. Prakash |
|
180000 |
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Total |
|
400000 |
As on 30.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Solar Water Heater and Solar Lighting for domestic and
industrial applications. |
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Terms : |
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Selling : |
Cash / Credit |
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Purchasing : |
Cash / Credit |
GENERAL INFORMATION
|
Customers : |
Wholesalers and Retailers DEFENCE
ORGANISATIONS
GOVERNMENT
DEPARTMENTS / PSU
HOSPITALS
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No. of Employees : |
130 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Dhananjay G. Hegde Chartered Accountants |
|
Address : |
# 47/1, Ground Floor, 4th Cross, Malleshwaram, |
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Tel./ Fax No.: |
91-80-23444985/ 24360790 |
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E-Mail : |
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PAN No.: |
AABPH7183G |
CAPITAL STRUCTURE
After 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000
millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1200000 |
Equity Shares |
Rs.10/- each |
Rs.12.000
millions |
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As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
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|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
800000 |
Equity Shares |
Rs.10/- each |
Rs.8.000 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 |
|
|
|
|
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1] Share Capital |
8.000 |
8.000 |
8.000 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
34.596 |
29.061 |
15.806 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
42.596 |
37.061 |
23.806 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
40.468 |
70.017 |
36.201 |
|
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2] Unsecured Loans |
0.049 |
1.127 |
1.045 |
|
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TOTAL BORROWING |
40.517 |
71.144 |
37.246 |
|
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DEFERRED TAX LIABILITIES |
0.045 |
0.086 |
0.097 |
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TOTAL |
83.158 |
108.291 |
61.149 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
24.870 |
24.776 |
8.794 |
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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 |
31.898
|
21.798
|
14.353
|
|
|
Sundry Debtors |
88.600
|
105.506
|
92.270
|
|
|
Cash & Bank Balances |
0.888
|
18.935
|
0.467
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
15.246
|
17.703
|
20.561
|
|
Total
Current Assets |
136.632
|
163.942
|
127.651 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
75.669
|
73.601
|
69.950
|
|
|
Other Current Liabilities |
0.000
|
0.000
|
0.000
|
|
|
Provisions |
2.675
|
6.865
|
5.404
|
|
Total
Current Liabilities |
78.344
|
80.466
|
75.354
|
|
|
Net Current Assets |
58.288
|
83.476
|
52.297
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.039 |
0.058 |
|
|
|
|
|
|
|
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TOTAL |
83.158 |
108.291 |
61.149 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
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SALES |
|
|
|
|
|
|
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Income |
233.055 |
253.325 |
237.906 |
|
|
|
Other Income |
2.257 |
1.450 |
0.755 |
|
|
|
Variation in Stock |
10.100 |
7.445 |
3.715 |
|
|
|
TOTAL |
245.412 |
262.220 |
242.376 |
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
235.308 |
240.210 |
226.744 |
|
|
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Administrative Expenses |
|
|
|
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|
|
Advertising Expenses |
|
|
|
|
|
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TOTAL |
235.308 |
240.210 |
226.744 |
|
|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
10.104 |
22.010 |
(including Depreciation Expenses) |
|
|
|
|
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|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1.935 |
1.904 |
|
|
|
|
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|
|
|
|
|
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PROFIT BEFORE
TAX |
8.169 |
20.106 |
15.632 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
2.634 |
6.853 |
5.453 |
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
|
5.535 |
13.253 |
10.179 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.87 |
16.57 |
207.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.25
|
5.05
|
4.20
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.51
|
7.94
|
6.57
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.06
|
10.65
|
11.46
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.54
|
0.66
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.79
|
4.09
|
4.73
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.74
|
2.04
|
1.69
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
Yes |
|
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% |
-- |
|
14] |
Estimation
for coming financial year |
No |
|
15] |
Capital
in the business |
Yes |
|
16] |
Details
of sister concerns |
Yes |
|
17] |
Major
suppliers |
No |
|
18] |
Major
customers |
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 |
-- |
|
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 |
No |
Bankers Charges
Report as per Registry
|
Corporate identity number of the company |
U31909KA2002PTC030228 |
|
Name of the company |
NUETECH SOLAR SYSTEMS PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in |
No.5, B.M. Shankarappa Industrial Estate, Magadi Road, Sunkadakatte,
Viswaneedam Post, Bangalore – 560 091, Karnataka E-Mail: info@nuetechsolar.com |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10026984 |
|
This form is for |
Creation of
charge |
|
Type of charge |
|
|
Particular of charge holder |
Canara Bank, 628/629, Rajajinagar, Iii
Block, E-Mail: blr0411@canbank.co.in |
|
Nature of instrument creating charge |
Supplemental Common Hypothecation Agreement |
|
Date of instrument Creating the charge |
04.07.2012 |
|
Amount secured by the charge |
Rs.112.545 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of interest: OCC/ODBD - 14% p.a. (linked to base rate of the bank) Other limits as per existing/sanction terms Terms of
repayment: OCC/ODBD - Running account repayable on demand TL II - Repayable in 60 EMI's first 59 months of Rs.33330/- each last
installament of Rs.33530/- each. No repayment holiday. Other limits as per existing/sanction terms Margin: OCC/ODBD - As per existing terms TL II - 25% Other limits as per existing/sanction terms Extent and
Operation of charge: The charge shall operate to the extent of the loan amount plus
interest commission costs expenses and other changes thereon Others The said amount of Rs.112.545
millions comprises OCC/ODBD Rs.65.000 millions TL I Rs.16.425 millions
TL II Rs.2.000 millions, BG Rs.20.000 millions, ILC/FLC Rs.7.500 millions and
Canmobile Rs.1.620 millions |
|
Short particulars of the property charged (Including location of the
property) |
First charge by way of hypothecation
of stocks of raw materials, stock in process, finished goods, stores, spares,
plant, machineries, book debts and other movables present and future
including vehicle already charged earlier, stored/installed at company
premises at No.C-450, 1st Cross, 1st Stage, Peenya Industrial Area, Bangalore
560058 or at any other place |
|
Date of latest
modification prior to the present modification |
03.07.2012 |
|
Particulars of
the present modification |
By the above, the charge on stocks, bookdebts, plant, machineries and
other movables present and future including the vehicle already charged
earlier, shall cover the present modified limits aggregating
Rs.11,25,45,000/- (Rupees eleven crores twenty five lakhs forty five thousand
only) However, the charge on immovable properties shall continue at
Rs.119.120 millions (all other terms and conditions remain unchanged) |
fixed Assets:
- Land and Building
- Land at Dobaspet
- Plant and Machinery
- Computer Systems
- Furniture and Fixtures
- Software
- Office Equipment
- Mobile Phones
- Motor Car – Fabia (Skoda)
- Motor Car – Verna CRDIVGT
- Fax Machines
- Type Writer
- Fire Extinguisher
- Telephone equipment
- Electrical Installation
- Bajaj M80
- Santro Car
- Tempo
- Motor Bike
- Factory Building Renovation
- Xerox Machine
- EPABX
- Leasehold Improvement
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.52.78 |
|
|
1 |
Rs.85.16 |
|
Euro |
1 |
Rs.67.79 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
DPK |
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 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
44 |
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.