|
Report Date : |
05.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
MEGAWATT
SOLUTIONS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
5/82, Blue Beach
Road, Neelangarai, Chennai – 600 041, Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
26.08.2009 |
|
|
|
|
Com. Reg. No.: |
18-072699 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.3.800
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999TN2009PTC072699 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer
of Solar Steam Generating Systems. |
|
|
|
|
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 14000 |
|
|
|
|
Status : |
Yet to Commence Commercial Operation |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Even though the company was incorporated in the year 2009, they are
yet to commence its commercial operation. As per the available information the management is hopeful to commence
its activity very soon. Business is active. Payments are unknown. 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) |
|
|
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
|
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 : |
5/82, Blue Beach
Road, Neelangarai, Chennai – 600 041, Tamilnadu, India |
|
Tel. No.: |
Not Available |
|
|
91-9654451401 (Mr. Siddharth Malik) |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
B-125 Sector 51, Noida – 201 301, Uttar Pradesh, India |
|
|
|
|
Factory 1 : |
A 272, Sector 46, Noida – 201 301, Uttar Pradesh, India |
|
Fax No.: |
91-11-66173761 |
|
|
|
|
Factory 2 : |
D-208, Sector 63, Gautam Budh Nagar, Noida – 201 301, Uttar
Pradesh, India |
DIRECTORS
As on 28.09.2012
|
Name : |
Mr. Siddharth Malik |
|
Designation : |
Director |
|
Address : |
B-125, Sector-51, Noida – 201 301, Uttar Pradesh, India |
|
Date of Birth/Age : |
14.02.1980 |
|
Date of Appointment : |
26.08.2009 |
|
DIN No.: |
02714209 |
|
|
|
|
Name : |
Mr. Arun Thangam |
|
Designation : |
Director |
|
Address : |
42, Subbaiah Pillai Layout, Chinnandan Koil
Road, Karur – 639 001, Tamilnadu, India |
|
Date of Birth/Age : |
03.02.1947 |
|
Date of Appointment : |
14.11.2009 |
|
Date of Ceasing : |
14.10.2012 |
|
DIN No.: |
00186276 |
|
|
|
|
Name : |
Mr. Ramesh Kymal |
|
Designation : |
Director |
|
Address : |
AIKYAM, 5/82 , Blue Beach Road, Neelangarai, Chennai –
600 041, Tamilnadu, India |
|
Date of Birth/Age : |
16.07.1956 |
|
Date of Appointment : |
26.08.2009 |
|
Date of Ceasing : |
14.10.2012 |
|
DIN No.: |
00296624 |
KEY EXECUTIVES
|
Name : |
B. Chandra |
|
Designation : |
Practising Company Secretary |
|
Address : |
A2, Happy Home Apartments, #9, United India Colony, 4th
Main Road, Kodambakkam, Chennai – 600 024, Tamilnadu, India |
|
Tel. No.: |
91-44-43587356 |
|
Mobile No.: |
91-9840276313/ 9840375053 |
|
E-Mail : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Ramesh Kymal |
|
185000 |
|
Siddharth Malik |
|
5000 |
|
Arun Thangam |
|
187500 |
|
Anita Kymal |
|
2500 |
|
Total |
|
380000 |
As on 28.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of Solar Steam Generating Systems. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Bhaskaran and Ramesh Chartered Accountants |
|
Address : |
No:48,(Old No:150), Eldams Road, Chennai – 600 018, Tamilnadu, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFB6387K |
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 |
|
380000 |
Equity Shares |
Rs.10/- each |
Rs.3.800
millions |
|
|
|
|
|
Reconciliation of number of shares
|
Particulars |
As at 31.03.2012 |
|
Number of equity shares at the beginning of the year |
380000 |
|
Issued during the year |
-- |
|
Number of equity shares at the end of the year |
380000 |
Number of shares held by share holders more than 5% of total equity
shares
|
Name of
Shareholder |
As at 31.03.2012 |
|
Ramesh Kymal |
185000 48.68% |
|
Arun Thangam |
187500 49.34% |
Equity Shares: The
company has one class of equity shares having a par value of Rs.10 per share.
Each shareholder is eligible for one vote per share held. The dividend if
proposed by the Board of Directors is subject to the approval of the
shareholders in the ensuing Annual General Meeting, except in case of interim
dividend. In the event of liquidation, the equity shareholders are eligible to
receive the remaining assets of the Company after distribution of all
preferential amounts, in proportion to their shareholding.
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 |
3.800 |
3.800 |
0.100 |
|
|
2] Share Application Money |
0.000 |
12.035 |
5.715 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(0.336) |
0.000 |
0.000 |
|
|
NETWORTH |
3.464 |
15.835 |
5.815 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
15.411 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
15.411 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
18.875 |
15.835 |
5.815 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
18.448 |
16.491 |
1.024 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED 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 |
0.446
|
0.536 |
1.868 |
|
|
Other Current Assets |
0.000
|
0.140 |
0.000 |
|
|
Loans & Advances |
0.000
|
0.000 |
0.917 |
|
Total
Current Assets |
0.446
|
0.676 |
2.785 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.014
|
1.195 |
0.025 |
|
|
Other Current Liabilities |
0.005
|
0.137 |
0.116 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
0.019
|
1.332 |
0.141 |
|
|
Net Current Assets |
0.427
|
(0.656) |
2.644 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
2.147 |
|
|
|
|
|
|
|
|
TOTAL |
18.875 |
15.835 |
5.815 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Debt Equity Ratio (Total Debt/Networth) |
|
4.45
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
23.47
|
0.51 |
19.75 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
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 |
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 |
|
Unsecured Loans |
31.03.2012 (Rs. in Millions) |
31.03.2011 (Rs. in Millions) |
|
SHORT TERM BORROWINGS |
|
|
|
Unsecured Loans and advances from Directors |
15.411 |
0.000 |
|
Total |
15.411 |
0.000 |
PROJECT HIGHLIGHTS
A great deal of
progress has been made in the development of the prototype of the CST system.
The company has further been listed in Ministry of New and Renewable Energy
(MNRE)’s list of approved manufacturers of concentrated solar thermal system in
the country. This will allow the company’s customers to avail the benefits
offered by central and various state governments
FINANCIAL HIGH
LIGHTS
The company is yet
to commence commercial operations and is hopeful of doing that in the current
financial year.
Bankers Charges
Report as per Registry
|
Corporate identity number of the company |
U74999TN2009PTC072699 |
|
Name of the company |
MEGAWATT
SOLUTIONS PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
5/82, Blue Beach
Road, Neelangarai, Chennai – 600 041, Tamilnadu, India E-Mail: rkymal07@gmail.com |
|
This form is for |
Creation of charge |
|
Type of charge |
Immovable Property Movable Property (not being pledge) |
|
Particular of charge holder |
Ramesh Kymal and
Arun Thangam 5/82, Blue Beach
Road, Neelangarai, Chennai – 600 041, Tamilnadu, India E-Mail: rkymal07@gmail.com |
|
Nature of description of the instrument
creating or modifying the charge |
Loan Agreement |
|
Date of instrument Creating the charge |
14.10.2012 |
|
Amount secured by the charge |
Rs.9.200 millions |
|
Brief particulars of the principal terms
an conditions and extent and operation of the charge |
Rate of Interest: 18% per annum for the first two years on
5.700 millions 18% per Annum in case of non payment
within 60 days for Rs.3.500 millions Terms of Repayment: Rs.3.500 millions to be repaid within 60
days from the agreement date. Rs.5.700 millions to be repaid within 2 years. Margin: NIL Extent and Operation of the charge: Until the repayment of the loan together
with interest |
|
Short particulars of the property charged |
Prototype of Solar Dish Concentrator at
Gwalpahari, Gurgaon, Haryana Vehicle With Regn No.UP16Y9780 All civil structures at Gwalpahari,
Gurgaon, Haryana |
FIXED ASSETS:
·
Computer
·
Vehicle
·
Furniture and Fittings
·
Project Building
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.55.05 |
|
|
1 |
Rs.82.75 |
|
Euro |
1 |
Rs.71.61 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
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 |
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 |
|
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.