|
Report Date : |
26.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
SONALI ENERGEES Private Limited (w.e.f 29.04.2009) |
|
|
|
|
Formerly Known
as: |
SONALI ENERGY Private Limited |
|
|
|
|
Registered
Office : |
C-208, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
26.03.2009 |
|
|
|
|
Com. Reg. No.: |
056444 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.35.600 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U40100GJ2009PTC056444 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
SRTS09966F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAMCS9288F |
|
|
|
|
Legal Form : |
Private Limited Liability Company
|
|
|
|
|
Line of Business
: |
Manufacturer of solar Photovoltaic Modules |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (14) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
Status : |
Project under implementation |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a company having moderate track. Even though the company was
incorporated in the year 2009, the project is still under implementation. Networth however appears to be good. Initially, the company can be considered for business dealings on a
safe and secured trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed legislative
work. India's medium-term growth outlook is positive due to a young population
and corresponding low dependency ratio, healthy savings and investment rates,
and increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
B+ (Fund Based Limits (Term Loan)) |
|
Rating Explanation |
High Risk of default |
|
|
|
|
Rating |
A4 (Export Packaging Credit) |
|
Rating Explanation |
Minimal degree of safety and very high credit risk |
|
Date |
June, 2012 |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ 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 : |
C-208, Belgium Chambers, Opposite Liner Bus Stand, Ring Road, Surat –
395003, Gujarat, India |
|
Tel. No.: |
91-261-2601208 |
|
Fax No.: |
91-261-2452501 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
Plot No. 180-199 Surat
Special Economic Zone, Sachin-Dist. Surat 394230, Gujarat, India |
|
E-Mail : |
DIRECTORS
AS ON 23.09.2011
|
Name : |
Mr. Jayaben Harilal Desai |
|
Designation : |
Director |
|
Address : |
10, City Light Society, City Light Road, Parle Point,
Athwalines, Surat – 395007, Gujarat |
|
Date of Birth/Age : |
15.08.1945 |
|
Date of Appointment : |
03.03.2010 |
|
DIN No.: |
00334344 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name of the Company/ LLP |
Current designation of the
Director/ Designated Partner |
Date of appointment at
current designation |
Original date of
appointment |
Date of cessation |
Company/ LLP Status |
Defaulting status |
|
1 |
U36939GJ1988PTC010710 |
TAPTI DIAMONDS PVT LTD |
Director |
07/08/1999 |
07/08/1999 |
- |
Active |
NO |
|
2 |
U40100GJ2009PTC056444 |
SONALI ENERGEES PRIVATE
LIMITED |
Director |
03/03/2010 |
03/03/2010 |
- |
Active |
NO |
|
Name : |
Mr. Niteshkumar Harilal Desai |
|
Designation : |
Director |
|
Address : |
10, City Light Society, City Light Road, Parle Point,
Athwalines, Surat – 395007, Gujarat |
|
Date of Appointment : |
26.03.2009 |
|
DIN No.: |
02334937 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name of the Company/ LLP |
Current designation of the
Director/ Designated Partner |
Date of appointment at
current designation |
Original date of
appointment |
Date of cessation |
Company/ LLP Status |
Defaulting status |
|
1 |
U40100GJ2009PTC056444 |
SONALI ENERGEES PRIVATE
LIMITED |
Director |
26/03/2009 |
26/03/2009 |
- |
Active |
NO |
|
Name : |
Mr. Rachana Nitesh Desai |
|
Designation : |
Director |
|
Address : |
10, City Light Society, City Light Road, Parle Point, Athwalines,
Surat – 395007, Gujarat |
|
Date of Appointment : |
26.03.2009 |
|
DIN No.: |
02354308 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name of the Company/ LLP |
Current designation of the
Director/ Designated Partner |
Date of appointment at current
designation |
Original date of
appointment |
Date of cessation |
Company/ LLP Status |
Defaulting status |
|
1 |
U40100GJ2009PTC056444 |
SONALI ENERGEES PRIVATE
LIMITED |
Director |
26/03/2009 |
26/03/2009 |
- |
Active |
NO |
|
Name : |
Mr. Maulesh Harilal Desai |
|
Designation : |
Director |
|
Address : |
10, City Light Society, City Light Road, Parle Point,
Athwalines, Surat – 395007, Gujarat |
|
Date of Appointment : |
11.11.2009 |
|
DIN No.: |
02784602 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name of the Company/ LLP |
Current designation of the
Director/ Designated Partner |
Date of appointment at
current designation |
Original date of
appointment |
Date of cessation |
Company/ LLP Status |
Defaulting status |
|
1 |
U40100GJ2009PTC056444 |
SONALI ENERGEES PRIVATE
LIMITED |
Director |
11/11/2009 |
11/11/2009 |
- |
Active |
NO |
|
Name : |
Mr. Pankaj Harilal Desai |
|
Designation : |
Director |
|
Address : |
10, City Light Society, City Light Road, Parle Point, Athwalines,
Surat – 395007, Gujarat |
|
Date of Appointment : |
11.11.2009 |
|
DIN No.: |
02784610 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name of the Company/ LLP |
Current designation of the
Director/ Designated Partner |
Date of appointment at current
designation |
Original date of
appointment |
Date of cessation |
Company/ LLP Status |
Defaulting status |
|
1 |
U40100GJ2009PTC056444 |
SONALI ENERGEES PRIVATE
LIMITED |
Director |
11/11/2009 |
11/11/2009 |
- |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 23.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Niteshkumar Desai |
|
312150 |
|
Rachana Desai |
|
27500 |
|
Jayaben Desai |
|
249244 |
|
Pankaj Desai |
|
1554821 |
|
Mauleshbhai Desai |
|
1092996 |
|
Jash Diamond Inc., New York |
|
323289 |
|
Total |
|
3560000 |
LIST OF ALLOTTEES AS ON 05.01.2012
|
Names of Shareholders |
|
No. of Shares |
|
Pankaj Desai |
|
75644 |
|
Mauleshbhai Harilal Desai |
|
39559 |
|
Jash Diamond Inc., New York |
|
471411 |
|
Total |
|
586614 |
LIST OF ALLOTTEES AS ON 26.03.2012
|
Names of Shareholders |
|
No. of Shares |
|
Mauleshbhai Harilal Desai |
|
26046 |
|
Total |
|
26046 |
LIST OF ALLOTTEES AS ON 20.08.2012
|
Names of Shareholders |
|
No. of Shares |
|
Mauleshbhai Harilal Desai JH – Kashmira Maulesh Desai |
|
576855 |
|
Pankaj Harilal Desai JH - Mauleshbhai Harilal Desai |
|
319546 |
|
Pankaj Harilal Desai JH – Varsha Pankaj Desai |
|
299585 |
|
Total |
|
1195986 |
AS ON 23.09.2011
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
9.058 |
|
Directors or relatives of Directors |
90.92 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of solar Photovoltaic Modules |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
State Bank of India, Specialised Commercial Branch, 1st
Floor, Kiran Chambers, Ring Road, Surat - 395002, Gujarat, India |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Shah Mehta and Associates Chartered Accountant |
|
Address : |
D-313, International Trade Centre, Majura Gate, Surat – 395001, Gujarat,
India |
|
|
|
|
Associates/Subsidiaries : |
NA |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2510000 |
Equity Shares |
Rs.10/- each |
Rs.25.100
Millions |
|
|
|
|
|
AS ON 23.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3560000 |
Equity Shares |
Rs.10/- each |
Rs.35.600
Millions |
|
|
|
|
|
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 |
35.600 |
25.100 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
64.416 |
25.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(0.053) |
0.000 |
0.000 |
|
|
NETWORTH |
99.963 |
50.100 |
0.100 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.407 |
1.438 |
0.250 |
|
|
TOTAL BORROWING |
0.407 |
1.438 |
0.250 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
100.370 |
51.539 |
0.350 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
74.380 |
47.349 |
0.000 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
0.000
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
3.558
|
7.467 |
0.103 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
14.792
|
(0.107) |
0.000 |
|
Total
Current Assets |
18.350
|
7.360 |
0.103 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.000
|
0.000 |
0.000 |
|
|
Other Current Liabilities |
0.093
|
3.919 |
0.001 |
|
|
Provisions |
0.011
|
0.016 |
0.000 |
|
Total
Current Liabilities |
0.104
|
3.935 |
0.001 |
|
|
Net Current Assets |
18.246
|
3.425 |
0.102 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
7.744 |
0.764 |
0.248 |
|
|
|
|
|
|
|
|
TOTAL |
100.370 |
51.538 |
0.350 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA
|
NA |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
NA |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
NA |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.01
|
0.11 |
2.51 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
176.44
|
1.87 |
103.00 |
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 |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
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 |
No |
|
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 |
FINANCIAL RESULTS:
During the year, the company has not carried out any business
operations. The project is under implementation and Infrastructure development
work is in progress. No commercial activities have been carried out by the company
during the year. Various strategies have been designed by the directors to
grasp the emerging opportunities and to enter the market.
The Board of Directors is taking appropriate actions and various
measures to complete the project as per schedule so as to start the commercial
production within the shortest possible time.
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.53.53 |
|
|
1 |
Rs.86.82 |
|
Euro |
1 |
Rs. 69.03 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
1 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
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 |
|
- |
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.