MIRA INFORM REPORT
|
Report Date : |
03.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
CARGO POWER AND INFRASTRUCTURE PRIVATE LIMITED (w.e.f.
31.03.2010) |
|
|
|
|
Formerly Known
As : |
CARGO SPONGE IRON AND POWER PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Jindal House, 1/9B, Asaf Ali Road, New Delhi -
110002 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
26.05.2005 |
|
|
|
|
Com. Reg. No.: |
55-136738 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 0.100 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27310DL2005PTC136738 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is in the process of establishing and bidding for various
Solar Power Projects. |
|
|
|
|
No. of Employees
: |
100 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (18) |
|
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 : |
Even though the company was incorporated in the year 2005, they have not
yet started with their commercial activity. As confirmed with Mr. Pawan (Finance Head) the company is going to
start its activity from July 2013. Business is active. Payments are unknown. The company can be considered for business dealing 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.
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. Pawan |
|
Designation : |
Finance Head |
|
|
|
|
Name : |
Mr. Dhruv Bhatra |
|
Designation : |
Director |
|
Contact No.: |
91-9873755555 |
|
Date : |
03.06.2013 |
LOCATIONS
|
Registered Office : |
Jindal House, 1/9B, Asaf Ali Road, New Delhi -
110002, India |
|
Tel. No.: |
91-11-23233022 |
|
Mobile No.: |
91-9825100421 (Mr. Pawan) 91-9873755555 (Mr. Dhruv Bhatra) |
|
Fax No.: |
91-11-23237395 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
Cargo House, Opposite Gandhi Ashram, Ashram Road, Ahmedabad – 380027,
Gujarat, India |
|
|
|
|
Branch Office 1 : |
Opposite Rajpath Club, S.G Highway, Bodakdev, Ahmedabad-380015, Gujarat, India |
|
Tel. No.: |
91-79-26872944 |
|
Fax No.: |
91-79-26873126 |
|
|
|
|
Branch Office 2 : |
Randheja Chowkdi, Gandhinagar-Mansa Highway, Gandhinagar - 382620, Gujarat, India |
|
Tel. No.: |
91-79-23287705 |
|
Fax No.: |
91-79-23287704 |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Aditya Nanda |
|
Designation : |
Director |
|
Address : |
16 Ring Road, Lajpat Nagar – IV, New Delhi – 110024, Delhi, India |
|
Date of Birth/Age : |
15.11.1980 |
|
Date of Appointment : |
30.06.2009 |
|
DIN No.: |
00035037 |
|
|
|
|
Name : |
Mr. Anita Nanda |
|
Designation : |
Director |
|
Address : |
16 Ring Road, Lajpat Nagar – IV, New Delhi – 110024, Delhi, India |
|
Date of Birth/Age : |
11.12.1959 |
|
Date of Appointment : |
26.05.2005 |
|
DIN No.: |
00035231 |
|
|
|
|
Name : |
Mr. Vimal Gujral |
|
Designation : |
Additional director |
|
Address : |
Plot No. 204, Sector – 4, Post – Gandhidham, Kutch – 370201, Gujarat,
India |
|
Date of Birth/Age : |
24.03.1950 |
|
Date of Appointment : |
15.07.2010 |
|
DIN No.: |
00040201 |
|
|
|
|
Name : |
Mr. Raj Kumari Nanda |
|
Designation : |
Director |
|
Address : |
16 Ring Road, Lajpat Nagar – IV, New Delhi – 110024, Delhi, India |
|
Date of Birth/Age : |
10.04.1932 |
|
Date of Appointment : |
26.05.2005 |
|
DIN No.: |
00040228 |
|
|
|
|
Name : |
Mr. Jayant Nanda |
|
Designation : |
Director |
|
Address : |
16 Ring Road, Lajpat Nagar – IV, New Delhi – 110024, Delhi, India |
|
Date of Birth/Age : |
10.12.1956 |
|
Date of Appointment : |
26.05.2005 |
|
DIN No.: |
00056740 |
|
|
|
|
Name : |
Mr. Dhruv Batra |
|
Designation : |
Director |
|
Address : |
W – 11, Greater Kailash – 11, New Delhi – 110048, Delhi, India |
|
Date of Birth/Age : |
26.11.1984 |
|
Date of Appointment : |
23.11.2009 |
|
DIN No.: |
02700504 |
KEY EXECUTIVES
|
Name : |
Mr. Pawan |
|
Designation : |
Finance Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Cargo Motors Private Limited, India |
|
7399 |
|
Bharat Hotels Limited, India |
|
2600 |
|
Dhruv Batra |
|
1 |
|
Total |
|
10000 |
AS ON 30.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
99.99 |
|
Directors
or relatives of directors |
|
0.01 |
|
TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is in the process of establishing and bidding for various
Solar Power Projects. |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
|
|
|
|
No. of Employees : |
100 [Approximately] |
|
|
|
|
Bankers : |
HDFC Bank, Ahmedabad, Gujarat, India |
|
|
|
|
Facilities : |
-- |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Ashok Khndelwal Associate Chartered Accountants |
|
Address : |
912-B,Indra Prakash Building, 21, Bharkhamba Road, New Delhi – 110001,
Delhi, India |
|
Tel No.: |
91-11-23319140/ 43526370 |
|
Mobile No.: |
91-9810313391/ 9958510011 |
|
Fax No.: |
91-11-23730523 |
|
Email: |
|
|
Website : |
|
|
PAN No.: |
AAHFA8634P |
|
|
|
|
Holding Company : |
Cargo Motors Private Limited CIN No:
U50101DL1959PTC003124 |
|
|
|
|
Fellow Subsidiaries : |
Thermosol Glass Private Limited |
|
|
|
|
Subsidiaries : |
CIN
No: U40106DL2010PTC203745
CIN
No: U40108DL2010PTC204502
CIN
No: U40104DL2010PTC210692
CIN
No: U40106DL2010PTC203686 |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs. 5.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
Rs.10/- each |
Rs. 0.100
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.100 |
0.100 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
(0.163) |
(0.166) |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(0.123) |
|
|
NETWORTH |
(0.063) |
(0.066) |
(0.023) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.623 |
0.459 |
0.000 |
|
|
TOTAL BORROWING |
0.623 |
0.459 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
0.560 |
0.393 |
(0.023) |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.000 |
0.000 |
0.000 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.400 |
0.400 |
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 |
0.186
|
0.115 |
0.093 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
0.000
|
0.000 |
0.000 |
|
Total
Current Assets |
0.186
|
0.115 |
0.093 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.000
|
0.000 |
0.116 |
|
|
Other Current Liabilities |
0.026
|
0.122 |
0.000 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
0.026
|
0.122 |
0.116 |
|
|
Net Current Assets |
0.160
|
(0.007) |
(0.023) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
0.560 |
0.393 |
(0.023) |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
54.578 |
4.745 |
4.153 |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
51.359 |
47.330 |
115.269 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
51.359 |
47.330 |
115.269 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
3.219 |
(42.585) |
(111.116) |
|
|
|
|
|
|
|
|
|
|
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
3.219 |
(42.585) |
(111.116) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
321.90 |
(4.26) |
Nil
|
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
5.89 |
(897.47) |
(2675.56) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1730.65 |
(37030.43) |
(119479.57) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(51.09) |
645.23 |
4831.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(10.30) |
(8.81) |
(5.04) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
7.15 |
0.94 |
0.80 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2012 [Rs. in millions] |
31.03.2011 [Rs. in millions] |
31.03.2010 [Rs. in millions] |
|
Sundry Creditors |
0.000
|
0.000 |
0.116 |
|
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 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 |
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 |
No |
|
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 |
Rs.
in Millions
|
Unsecured Loan |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
Loans and Advances from Related Party |
|
|
|
From Holding Company |
0.513 |
0.350 |
|
From Director |
0.110 |
0.109 |
|
|
|
|
|
Total |
0.623 |
0.459 |
CORPORATE INFORMATION:
Subject (“The Company”) is a subsidiary Cargo Motors
Private Limited. It is in the process of establishing and bidding for various
Solar Power Projects.
FINANCIAL RESULTS AND
PERFORMANCE:
During the year, the company has generated revenue amounting to Rs. 54.578 Millions as compared to Rs. 4.745 Millions in the previous year. The net profit earned by the Company was Rs. 3.219 Millions as against the loss to Rs.42.585 Millions in the previous year.
SOLAR POWER PROJECT -
A MISSION OF THE COMPANY
To commercialize the use of Solar Thermal Technology in country, Ministry of Nonrenewable Energy (MNRE), is encouraging private sectors by providing financial assistance to explore the Solar Radiations as a major source of energy. According to the research carried out, Rajasthan, northern Gujarat, the parts of Andhra Pradesh, Maharashtra and Madhya Pradesh receive fairly large amount of solar radiations as compared to many parts of the world especially Japan, Europe and the US where development and use of solar technologies is maximum. This plenty of raw solar energy available in nation encourages their company to install the 'Solar Thermal Power Project 'and explore the booming Sector. If successful, they can be a major conservator of energy resources and producer of solar energy technologies all over the world.
The Company has four wholly owned subsidiaries, namely Cargo Solar Power (Gujarat) Private Limited, Cargo Solar Power (Rajasthan) Private Limited, Cargo Solar Power Private Limited and Cargo Wind Power (Gujarat) Private Limited for the Generation of Solar Thermal Power and Wind Power in the state of Gujarat and Rajasthan or elsewhere in India.
Cargo Solar Power (Gujarat) Private Limited is a wholly owned subsidiary for the Generation of Solar Thermal Power Projects in the state of Gujarat. The Company has signed a Power Purchase Agreement (PPA) with GUVNL in April. 2010 for the generation of Solar Thermal Power Projects at Rapar, District Kutch. The project is in an advance stage as the acquisition of land is in process and the plant and Machinery has been ordered.
Cargo Solar Power (Rajasthan) Private Limited is a wholly owned subsidiary for the Generation of Solar Thermal Power Projects in the state of Rajasthan. During the year, the Directors have taken all their efforts to get the Solar Power projects but the same has not been materialized.
Cargo Solar Power Private Limited is a wholly owned subsidiary for the Generation of Solar Thermal Power Projects.
Cargo Wind Power (Gujarat) Private Limited is a wholly owned subsidiary for the Generation of Wind Power.
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.56.50 |
|
|
1 |
Rs.86.00 |
|
Euro |
1 |
Rs.73.68 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
TPT |
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 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--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 |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
18 |
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.