|
Report Date : |
19.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
WELSPUN SOLAR RAJASTHAN PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Welspun House, 7th Floor, Kamala City, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
11.08.2010 |
|
|
|
|
Com. Reg. No.: |
11-206475 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.0.100 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U40105MH2010PTC206475 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Setting up of Solar Projects. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 400 |
|
|
|
|
Status : |
Yet to commence business operation |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a Welspun Group Company. Even though the company was incorporated in the year 2010. It is yet
to commence with it’s business operation. Payments are unknown. The company can be considered on a 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 |
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/ Corporate Office : |
Welspun House, 7th Floor, Kamala City, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
91-22-66136000/ 24908000 |
|
Fax No.: |
91-22-24908020/ 24908021 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on: 29.09.2012
|
Name : |
Mr. Jay Shankar Shukla |
|
Designation : |
Director |
|
Address : |
Flat 501, Plot 135, Jyoti Meadows, Sher-E-Punjab, Andheri (East), Mumbai – 400093, Maharashtra, India |
|
Date of Birth/Age : |
23.10.1974 |
|
Date of Appointment : |
11.08.2010 |
|
Voter ID No.: |
03121099 |
|
|
|
|
Name : |
Mr. Shivdarshan Lal Kapur |
|
Designation : |
Director |
|
Address : |
C-1, Sector 19, Gautam Budh Nagar, Noida – 201301, Uttar Pradesh, India |
|
Date of Birth/Age : |
15.08.1944 |
|
Date of Appointment : |
30.09.2011 |
|
DIN No.: |
03544979 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Welspun Renewables Energy Limited, India |
|
9999 |
|
Sindoor Mittal (Nominee of Welspun Renewables Energy Limited, India) |
|
1 |
|
|
|
|
|
Total |
|
10000 |
Equity Share Break up (Percentage of Total Equity)
As on: 29.09.2012
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
100.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Setting up of Solar Projects. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
IDBI Bank Limited |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sureka Associates Chartered Accountants |
|
Address : |
45C, Madhana Manor, Mogal Lane, Matunga (West), Mumbai – Maharashtra,
India |
|
Tel. No.: |
91-22-24306150/ 24327608 |
|
Fax No.: |
91-22-24327608 |
|
E-Mail : |
|
|
PAN No.: |
AAMFS8201P |
|
|
|
|
Holding Company : |
Welspun Renewables Energy Limited CIN No.:
U40103MH2009PLC197021 |
|
|
|
|
Fellow Subsidiary
Companies : |
·
Welspun Energy Maharastra Private Limited
(WEMHPL)w.e.f 30 May, 2011 ·
Welspun Energy Jharkhand Private Limited (WEJPL) ·
Welspun Energy Meghalaya Private Limited (WEMGPL) ·
Welspun Energy Resources Private Limited (WERSPL) ·
Welspun Energy Park Private Limited (WEPPL) ·
Welspun Energy Rajasthan Private Limited (WERJPL) ·
Welspun Energy Madhya Pradesh Limited (WEMPL) ·
Welspun Energy Anuppur Private Limited (WEAPPL) ·
Welspun Energy UP Private Limited (WEUPPL) ·
Welspun Energy Orissa Private Limited (WEOPL) ·
Welspun Energy Chhattisgarh Limited (WECL) ·
Welspun Solar Tech Private Limited (WSTPL) ·
Welspun Solar AP Private Limited (WSAPL) ·
Welspun Solar MP Private Limited (WSMPPL) ·
Weslpun Solar Punjab Private Limited (WSPJPL) ·
Welspun Solar Park Private Limited (WSPPL) ·
Welspun Solar UP Private Limited(WEUPL) ·
Welspun Urja India Limited (WUIL) ·
Welspun Urja Gujarat Private Limited (WUGPL) ·
Solarsys Energy Private Limited (SEPL) W.e.f. 15
March 2012 ·
Solarsys Renewable Energy Private Limited (SREPL)
w.e.f. 31 Dec 2011 ·
Dreisatz Mysolar24 Private Limited (DMPL) w.e.f.
29 Dec 2011 |
|
|
|
|
Associate Companies
: |
·
Welspun Corp Limited (WCL) ·
Krishiraj Trading Limited (KTL) ·
Welspun Fintrade Limited (WFL) ·
Ml Mysolar24 Private Limited (MMPL) w.e.f 29
December 2011 ·
Unity Power Private Limited (UPPL) w.e.f. 31
October 2011 ·
Northwest Energy Private Limited ("NEPL)
w.e.f. 31 October 2011 |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100
Million |
|
|
|
|
|
(a) Reconciliation of number of equity shares
outstanding as at 1st April 20II and 31st March 2012.
|
Particulars |
As at March 31,2012 |
|
|
|
Number |
Rs. In Millions |
|
Equity Shares |
|
|
|
At the beginning of the year |
10000 |
0.100 |
|
Outstanding at the end of the year |
10000 |
0.100 |
(b) Details of shareholders holding more than 5% shares
|
Name of Shareholder |
As at March 31, 2012 |
|
|
|
No. of Shares held |
% of Holding |
|
Welspun Renewables Energy Limited |
10000 |
100 |
|
|
|
|
|
TOTAL |
10000 |
100 |
(c) The company has only one class of equity shares having par value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
0.100 |
0.100 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
0.100 |
0.100 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
0.100 |
0.100 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
0.000 |
0.000 |
|
|
Capital work-in-progress |
|
0.037 |
0.027 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.000
|
0.000 |
|
|
Sundry Debtors |
|
0.000
|
0.000 |
|
|
Cash & Bank Balances |
|
0.072
|
0.081 |
|
|
Other Current Assets |
|
0.000
|
0.000 |
|
|
Loans & Advances |
|
0.000
|
0.000 |
|
Total
Current Assets |
|
0.072
|
0.081 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
0.000
|
0.000 |
|
|
Other Current Liabilities |
|
0.009
|
0.008 |
|
|
Provisions |
|
0.000
|
0.000 |
|
Total
Current Liabilities |
|
0.009
|
0.008 |
|
|
Net Current Assets |
|
0.063
|
0.073 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
0.100 |
0.100 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
8.00 |
10.13 |
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 |
Yes |
|
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 |
No |
|
12] |
Profitability for last three years |
No |
|
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 |
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 |
-- |
|
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 |
FINANCIAL RESULTS
As the Company's business activities have not yet started, there is no Profit and Loss Account for the year ended on 31st March, 2012.
BUSINESS REVIEW
The Management is putting in their best efforts for setting
up of Solar Projects in various states of India.
AS PER WEBSITE DETAILS:
Press Release
WELSPUN TIES UP FUNDS
FOR RAJASTHAN PROJECT
New Delhi, 10:
Welspun Energy Limited has tied up finances to set up a 50-MW solar power project in Rajasthan.
Announcing the financial closure for the project, the company said it has secured a long-term project funding of Rs 3550.000 Millions from a consortium of lenders comprising three public sector banks and one infrastructure finance firm.
Welspun had in January this year signed a power purchase agreement (PPA) with NTPC Vidyut Vyapar Nigam Limited — power grading arm of the state-owned power producer NTPC.
The 50-MW solar project in Rajasthan “is expected to be commissioned in the first quarter of 2013”, the company said in a statement here.
Allocation of solar PV projects in Phase-1 of Jawaharlal Nehru National Solar Mission was done in two batches over two financial years — 2010-2011 and 2011-2012.
“Welspun Solar AP Private Limited, a subsidiary of Welspun Energy, emerged as the only successful bidder for the 50 MW, the maximum capacity allowed for a single bidder,” the statement said. “The weighted average tariff of Rs 8.05 per unit quoted by the company was one of the lowest quoted at the time“.
Welspun Energy Managing Director Vineet Mittal said: “The quick financial closure reinforces the faith and support of the financial sector in Welspun Energy’s credibility and unmatched skill at project execution, commissioning and power generation.
“As the leading producers of highly competitive clean and green power, it is our aim to achieve grid parity within the next few years and establish the value of renewable energy to India’s energy security,” he said.
Welspun Energy, which already has presence in Rajasthan, Gujarat, Madhya Pradesh, Karnataka and Andhra Pradesh, is exploring opportunities in other states including Uttar Pradesh, Tamil Nadu, Orissa and Chhattisgarh.
It is further adding a capacity of over 250 MW solar projects by the end of 2013, making it one of the largest solar independent power producers in India.
WELSPUN SECURES Rs.
3550.000 MILLIONS LOAN FOR ITS SOLAR UNIT RAJASTHAN
MUMBAI: Welspun Energy Limited (WEL), a part
of the multi diversified $3.5 billion Welspun Group has achieved financial
closure for a 50 MW solar PV project in Rajasthan, which is the largest PV
capacity to be awarded to a single company under first phase of Jawaharlal
Nehru National Solar Mission (JNNSM).
WEL, one of India's leading renewable energy
companies has secured long term project funding of Rs 3550.000 Millions from a
consortium of lenders comprising of three public sector banks and one
infrastructure finance company. The power purchase agreement (PPA) was signed
with NVVN on the January 27, 2012 and the project is expected to be
commissioned in the first quarter of 2013, said a company statement on Monday.
"The quick financial closure reinforces
the faith and support of the financial sector in Welspun Energy's credibility
and unmatched skill at project execution, commissioning and power generation.
This is a major development for WEL and the renewable energy sector, given the
difficulties faced by most power project developers in organizing project
finance, said Vineet Mittal, managing director, WEL adding that as the leading
producers of highly-competitive clean and green power, it is our aim to achieve
grid parity within the next few years and establish the value of renewable
energy to India's energy security.
During the second batch of the phase one
auction under JNNSM, 20 bidders were awarded projects to be implemented in the
state of Rajasthan. Welspun Solar AP Private Limited, a subsidiary of WEL,
emerged as the only successful bidder for the 50MW, the maximum capacity
allowed for a single bidder. The weighted average tariff of Rs 8.05 per unit
quoted by the company was one of the lowest quoted at the time.
Apart from having a geographically diversified
presence in the five key states of Rajasthan, Gujarat, Madhya Pradesh,
Karnataka and Andhra Pradesh, WEL is further exploring opportunities in states
including Uttar Pradesh, Tamil Nadu, Orissa and Chhattisgarh. The Group with 30
MW solar capacities already under its belt is further adding a capacity of over
250 MW solar projects by the end of 2013, making it one of the largest solar
independent power producer (IPPs) in India.
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 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.54.29 |
|
|
1 |
Rs.84.09 |
|
Euro |
1 |
Rs.72.44 |
INFORMATION DETAILS
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.