MIRA INFORM REPORT

 

 

Report Date :

09.01.2013

 

IDENTIFICATION DETAILS

 

Name :

AVI SOLAR ENERGY PRIVATE LIMITED

 

 

Registered Office :

No. 146/ 4, Shanthala Plaza, 2nd Floor, 8th Main, 14th Cross Road, Malleshwaram, Bangalore- 560003, Karnataka

 

 

Country :

India

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

07.09.2010

 

 

Com. Reg. No.:

08- 055090

 

 

Capital Investment / Paid-up Capital :

Rs. 5.409 Millions

 

 

CIN No.:

[Company Identification No.]

U40108KA2010PTC055090

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BLRA14433G

 

 

PAN No.:

[Permanent Account No.]

AAICA8132C

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Solar power generators, Solar LED light, Solar LED street light, etc.

 

 

No. of Employees :

10 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca (12)

 

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 :

Small Company

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is a small company in its field. Its scale of activities are limited. There appears some accumulated losses recorded by the company.

 

However, trade relations are reported to be fair. Business is active. Payments are slow.

 

The company can be considered for business dealings on a safe and secured trade terms and condition.

 

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.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Ashok

Designation :

Chief Executive Officer

Contact No.:

91- 9845355204

Date :

05.01.2013

 

 

LOCATIONS

 

Registered Office :

No. 146/ 4, Shanthala Plaza, 2nd Floor, 8th Main, 14th Cross Road, Malleshwaram, Bangalore- 560003, Karnataka, India

Tel. No.:

91- 80- 23568018

Mobile No.:

91- 9845355204 (Mr. Ashok)

Fax No.:

Not Available

E-Mail :

sales@avisolar.in

Website :

http://avisolar.in

Location :

Owned

 

 

Factory  :

Bangalore, Near Mantri Mall

 

 

DIRECTORS

 

As on 31.08.2012

 

Name :

Mr. Ashoka Doddennegere Marulappa

Designation :

Managing director

Address :

Flat No. 122, Sobha Zircon, Jakkur Plantation, Bangalore- 560064, Karnataka

Date of Birth/Age :

05.06.1970

Date of Appointment :

07.09.2010

DIN No.:

03123160

 

 

 

Name :

Mr. Shreedhara Lingappa Hittur

Designation :

Whole- time director

Address :

No. 3, 5th Cross, 1st Main, Vijayanagara, Shimoga- 577201, Shimoga, Karnataka

Date of Birth/Age :

15.08.1969

Date of Appointment :

07.09.2010

DIN No.:

03124855

 

 

 

Name :

Mr. Amarapura Subramanyasastry Janardhana

Designation :

Director

Address :

No. B004, Payal Palace, Apartment, Basaveswara Nagar, Industrial Town, Bangalore- 560079, Karnataka

Date of Birth/Age :

06.05.1961

Date of Appointment :

19.01.2012

DIN No.:

05178283

 

 

 

Name :

Mr. Bommenahalli Lakshmikantha Honnappa

Designation :

Director

Address :

Neralu, 2nd Link Road, 6th Cross, Sit Extension, Tumkur- 572102, Karnataka

Date of Birth/Age :

02.05.1970

Date of Appointment :

19.01.2012

DIN No.:

05178272

 

 

KEY EXECUTIVES

 

Name :

Mr. Ashok

Designation :

Chief Executive Officer

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 31.08.2012

 

Names of Shareholders

 

No. of Shares

Ashoka Doddennegere Marulappa

 

164000

Shreedhara Lingappa Hittur

 

107000

Basavaraj Doddennerere Marulappa

 

59700

Indudhara Lingappa Hittur

 

23000

Lakshmikantha Bommanahalli Honnappa

 

76000

Somashekar Tenkila Hariappa

 

27700

Janardhana Amarapura Subramanya

 

19500

Harish Lakkavalli Ranganath

 

28000

Naveen Kumar K

 

1000

Rekha Godigondanahally Shantappa

 

15000

Suresh Doddenngere Marulappa

 

20000

Total

 

540900

 

 

Equity Share Break up (Percentage of Total Equity)

 

As on 31.08.2012

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Solar power generators, Solar LED light, Solar LED street light, etc.

 

 

Terms :

 

Selling :

Cash and Credit (30 Days)

 

 

Purchasing :

Cash and Credit (30 Days)

 

 

GENERAL INFORMATION

 

Customers :

End Users

 

 

No. of Employees :

10 (Approximately)

 

 

Bankers :

Ø       State Bank of India, Bangalore, Karnataka, India

 

Banking Relations :

------

 

 

Auditors :

 

Name :

Srikanth Sathyanarayana and Associates

Chartered Accountants

Address :

No. 356/ A, 8th Cross, 12th Main, 5th Block, Bhuvaneshwari Nagar, BSK 3rd Stage, Bangalore- 560085, Karnataka, India

PAN No.:

AZIPS1172L

 

 

CAPITAL STRUCTURE

 

As on 31.08.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2000000

Equity Shares

Rs.10/- each

Rs. 20.000 Millions

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

693400

Equity Shares

Rs.10/- each

Rs. 6.934 Millions

 

 

As on 31.03.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

700000

Equity Shares

Rs.10/- each

Rs. 7.000 Millions

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

540900

Equity Shares

Rs.10/- each

Rs. 5.409 Millions

 

 

 

 

 

 

 

 

 

 

 

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

 

5.409

0.450

2] Share Application Money

 

0.000

1.290

3] Reserves & Surplus

 

0.000

0.000

4] (Accumulated Losses)

 

(2.054)

(0.067)

NETWORTH

 

3.355

1.673

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

 

3.355

1.673

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

0.372

0.335

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

0.000

0.000

DEFERRED TAX ASSETS

 

0.924

0.015

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 
1.032

0.734

 

Sundry Debtors
 
0.596

0.093

 

Cash & Bank Balances
 
0.534

0.028

 

Other Current Assets
 
0.160

0.179

 

Loans & Advances
 
0.254

0.352

Total Current Assets
 

2.576

1.386

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
 
0.372

0.013

 

Other Current Liabilities
 
0.127

0.034

 

Provisions
 
0.018

0.016

Total Current Liabilities
 
0.517

0.063

Net Current Assets
 
2.059

1.323

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.000

 

 

 

 

TOTAL

 

3.355

1.673

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2012

31.03.2011

 

SALES

 

 

 

 

 

Income

 

1.345

0.136

 

 

Other Income

 

0.014

0.001

 

 

TOTAL                                    

 

1.359

0.137

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of materials consumed

 

1.399

(0.136)

 

 

Changes in inventories of Finished goods

 

(0.080)

0.000

 

 

Employee Benefit Expense

 

1.993

0.033

 

 

Other Expenses

 

0.744

0.291

 

 

TOTAL                                    

 

4.056

0.188

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

 

(2.697)

(0.051)

 

 

 

 

 

Less

FINANCIAL EXPENSES                        

 

0.002

0.002

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION                                  

 

(2.699)

(0.053)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

 

0.074

0.030

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE EXTRAORDINARY ITEMS AND TAX

 

(2.773)

(0.083)

 

 

 

 

 

 

EXTRAORDINARY ITEMS

 

(0.113)

0.000

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX             

 

(2.886)

(0.083)

 

 

 

 

 

Less

TAX                                                                 

 

(4.872)

(0.016)

 

 

 

 

 

 

PROFIT/(LOSS) AFTER TAX                

 

(1.986)

(0.067)

 

 

 

 

 

 

Earnings Per Share (Rs.)

 

(3.67)

(1.49)

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2012

31.03.2011

PAT / Total Income

(%)
 

(146.21)

(48.91)

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

(214.57)

(61.03)

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

(97.90)

(4.82)

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

(0.86)

(0.05)

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

0.15

0.04

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

4.98

22.00

 

 

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

Yes

8]

No. of employees

Yes

9]

Name of person contacted

Yes

10]

Designation of contact person

Yes

11]

Turnover of firm for last two years

Yes

12]

Profitability for last two 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

Yes

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

No

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

 

 

Note :  The registered office has been shifted from No. 1217, HIG, 2nd Floor, 8th B Cross Road, B Sector,                      New Town Yelahanka, Banagalore – 560064, Karnataka, India to the present address.

 

 

FIXED ASSETS

 

  • Computer
  • Software
  • Printer
  • Furniture and Fixtures
  • Plant and Machinery

 

 

 

 

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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. 55.33

UK Pound

1

Rs. 89.05

Euro

1

Rs. 71.67

 

 

INFORMATION DETAILS

 

Information Gathered by :

PDT

 

 

Report Prepared by :

RJT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

2

PAID-UP CAPITAL

1~10

2

OPERATING SCALE

1~10

2

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

1

--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

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

 

12

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.