MIRA INFORM REPORT
|
Report Date : |
04.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
IENERGY RENEWABLES PRIVATE LIMITED (w.e.f. 24.08.2010) |
|
|
|
|
Formerly Known
As : |
IENERGY MANAGEMENT SERVICES INDIA PRIVATE LIMITED |
|
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Registered
Office : |
A-1/304, Safdarjung Enclave, New Delhi – 110029 |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
01.08.2008 |
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Com. Reg. No.: |
55-215041 |
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|
Capital Investment
/ Paid-up Capital : |
Rs. 0.126 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999DL2008PTC215041 |
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|
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|
Legal Form : |
Private Limited Liability Company |
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|
Line of Business
: |
Subject is engaged in various disciplines which include
project management, consultancy and advisory services in the renewable energy
sector, renewable energy generation. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 170000 |
|
|
|
|
Status : |
Moderate |
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|
Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record.
There appears continuous losses recorded by the company. However, networth of the company seems to be strong. Trade relations
are reported be fair. Business is active. Payments are reported to be slow
but correct. The company can be considered for business dealings with some
caution. |
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 |
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 : |
A-1/304, Safdarjung Enclave, New Delhi – 110029, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
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E-Mail : |
|
|
Website : |
DIRECTORS
As on 27.09.2012
|
Name : |
Mr. Santanu Bagchi |
|
Designation : |
Director |
|
Address : |
906, Beverly Hills T 36, Lokhandwala Road, Opposite Shastri Nagar, Andheri West, Mumbai - 400053, Maharashtra, India |
|
Date of Birth/Age : |
24.02.1962 |
|
Date of Appointment : |
28.05.2009 |
|
DIN No.: |
01270608 |
|
|
|
|
Name : |
Mr. James Rupert Charles Strachwitz |
|
Designation : |
Director |
|
Address : |
Friedastr 3, Muenchen – 81479, Germany |
|
Date of Birth/Age : |
16.05.1965 |
|
Date of Appointment : |
28.05.2009 |
|
DIN No.: |
02139651 |
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|
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|
Name : |
Mr. Som Nath Saini |
|
Designation : |
Director |
|
Address : |
6C-702, Spring Leaf. Lokhandwala Town Ship, Kandivali (East), Mumbai – 400101, Maharashtra, India |
|
Date of Birth/Age : |
03.03.1971 |
|
Date of Appointment : |
18.09.2010 |
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DIN No.: |
03164342 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Indian Energy Limited, Germany |
|
1 |
|
Indian Energy (Mauritius) Limited, Mauritius |
|
12626 |
|
Total |
|
12627 |
As on 25.08.2012
|
Names of Allottee |
|
No. of Shares
Allotted |
|
Indian Energy (Mauritius) Limited, Mauritius |
|
433 |
|
Total |
|
433 |
As on 27.09.2012
Equity Share Break up (Percentage of Total Equity)
|
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 |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in various disciplines which include project management, consultancy and advisory services in the renewable energy sector, renewable energy generation. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|
|
Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Haribhakti and Company Chartered Accountants |
|
Address : |
42,Free Press House, 215, Nariman Point, Mumbai – 400059, Maharashtra,
India |
|
Tel. No.: |
91-22-61326999 |
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Fax No.: |
91-22-22856237 |
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Website : |
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PAN.: |
AAAFH2010F |
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Holding Company : |
Indian Energy (Mauritius) Limited |
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Ultimate Holding
Company : |
Indian Energy Limited (Guernsey) |
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Fellow Subsidiaries : |
|
CAPITAL STRUCTURE
As on 27.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
|
|
|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13060 |
Equity Shares |
Rs.10/- each |
Rs.0.131
Million |
|
|
|
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|
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
|
|
|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12627 |
Equity Shares |
Rs.10/- each |
Rs.0.126
Million |
|
|
|
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|
Reconciliation of the
number of shares outstanding at the beginning and at the end of the reporting
period:-
|
Particulars |
Equity Shares |
|
|
|
Number |
Rs. In Millions |
|
Shares outstanding at the beginning of the year |
11,049 |
0.110 |
|
Shares Issued during the year |
1,578 |
0.016 |
|
Shares outstanding at the end of the year |
12,627 |
0.126 |
Shares held by
holding and ultimate holding Company :-
|
Particulars |
Equity Shares |
|
|
|
Number |
Rs. In Millions |
|
Indian Energy (Mauritius) Limited - The Holding Company |
12,626 |
1.26 |
|
Indian Energy Limited - The ultimate Holding Company |
1 |
0.00 |
Statement of
shareholder holding more than 5 percent shares:-
|
Name of Shareholder |
No. of Shares held |
% of Holding |
|
Indian Energy (Mauritius) limited |
12,626 |
99.99 |
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 |
0.126 |
0.110 |
0.100 |
|
|
2] Share Application Money |
0.000 |
20.000 |
10.000 |
|
|
3] Reserves & Surplus |
42.552 |
14.798 |
0.615 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
42.678 |
34.908 |
10.715 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
7.700 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
7.700 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
50.378 |
34.908 |
10.715 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
0.566 |
0.538 |
0.373 |
|
|
Capital work-in-progress |
0.500 |
1.453 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.853 |
0.513 |
0.155 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
37.959
|
22.927 |
13.180 |
|
|
Cash & Bank Balances |
1.029
|
0.724 |
1.495 |
|
|
Other Current Assets |
6.343
|
4.264 |
0.000 |
|
|
Loans & Advances |
13.871
|
14.799 |
2.102 |
|
Total
Current Assets |
59.202
|
42.714 |
16.777 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.886
|
1.862 |
1.120 |
|
|
Other Current Liabilities |
6.273
|
6.023 |
5.028 |
|
|
Provisions |
3.584
|
2.425 |
0.442 |
|
Total
Current Liabilities |
10.743
|
10.310 |
6.590 |
|
|
Net Current Assets |
48.459
|
32.404 |
10.187 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
50.378 |
34.908 |
10.715 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
|
|
|
|
|
Income |
26.577 |
23.056 |
13.654 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
26.577 |
23.056 |
13.654 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative Expenses |
30.617 |
20.095 |
11.558 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
30.617 |
29.095 |
11.558 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(4.040) |
(6.039) |
2.096 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.090 |
0.071 |
0.015 |
|
|
|
|
|
|
|
|
|
|
Prior period
Adjustments |
0.000 |
0.120 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
(4.130) |
(5.990) |
2.081 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(0.339) |
(0.199) |
0.619 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
(3.791) |
(5.791) |
1.462 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
(325.60) |
(563.20) |
146.19 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(14.26)
|
(25.12) |
0.11 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(6.91)
|
(13.85) |
0.12 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.10)
|
(0.17) |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.18
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.51
|
4.14 |
2.55 |
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 |
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 |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
No |
|
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 of the company has been shifted from
C-205, III Floor, Near Holy Child School, Tagor Garden Extension, New Delhi –
110027, India
to present address w.e.f. 07.01.2012
BACKGROUND OF THE
COMPANY;
The Company was incorporated on 1st August 2008 under the Indian Companies Act, 1956 as iEnergy Management Services India Private Limited with registration number (CIN) U74999KA2008PTC047359.
The Company is primarily engaged in various disciplines which include project management, consultancy and advisory services in the renewable energy sector, renewable energy generation. The Company is a subsidiary of Indian Energy (Mauritius) Limited (IEML), Mauritius. IEML is a subsidiary of Indian Energy Limited (IEL), Guernsey.
UNSECURED LOAN
(Rs.
In Millions)
|
Particular |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
Short Term
Borrowings |
|
|
|
Interest free loans and advances |
7.700 |
0.000 |
|
Total |
7.700 |
0.000 |
FIXED ASSETS
- Computers
- Office
Equipment
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.56.57 |
|
|
1 |
Rs.86.15 |
|
Euro |
1 |
Rs.73.64 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
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 |
3 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.