|
Report Date : |
19.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
DELTA POWER SOLUTIONS INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 38, Phase-1, Sector-5, Integrated Industrial Estate, Rudrapur
Pantnagar- 263153, Uttarakhand |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
09.04.2007 |
|
|
|
|
Com. Reg. No.: |
20-032864 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1638.627 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U32201UR2007FTC032864 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCD5896N |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing and Trading in various electronic items in the segment of Telecom Power Systems (TPS), Power Management (PM), Magnetics (M), Visual Display Units (VDU), Industrial Automation products (IA). |
|
|
|
|
No. of Employees
: |
650 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 6150000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of ‘Delta Greentech International Singapore PTE
Limited’. Subject is a well established company having a moderate track
record. There appears drastic dip in the revenue earned during 2012. There
also appears some losses being incurred by the company in the current year.
However, trade relations as 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) |
|
|
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/ Factory : |
Plot No. 38, Phase-1, Sector-5, Integrated Industrial Estate, Rudrapur
Pantnagar, Uttarakhand – 263153, |
|
Tel. No.: |
91-124-4874900 |
|
Fax No.: |
91-124-4874945 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office
1 : |
Plot No.27, Sector -34, EHTP, Gurgaon – 122001, Haryana, India |
|
Tel. No.: |
91-124-4874900/ 4169040 |
|
Fax No.: |
91-124-4036045 |
|
Area : |
1 Acre |
|
Location : |
Rented |
|
|
|
|
Corporate Office
2 : |
Plot No.43, Sector-35, Industrial Estate, Gurgaon – 122001, Haryana,
India |
|
|
|
|
Factory : |
RS No.15/2, 3, 4, 6, |
|
Tel. No.: |
91-413-2643311 |
|
Fax No.: |
91-413-2641002 |
|
Location : |
Owned |
DIRECTORS
As on 29.09.2012
|
Name : |
Ming Cheng Wang |
|
Designation : |
Director |
|
Address : |
93/ 53, D S Tower 2, Sukhumvit, 39 Klongtun, North Wattana, Bangkok -
10110, Thailand |
|
Date of Birth/Age : |
13.11.1946 |
|
Date of Appointment : |
09.04.2007 |
|
DIN No.: |
00956675 |
|
|
|
|
Name : |
Anusorn Muttaraid |
|
Designation : |
Director |
|
Address : |
888/ 41, M 006, Tambol Phraksa, Amphurmuang, Samutprakarn - 10280,
Thailand |
|
Date of Birth/Age : |
28.02.1954 |
|
Date of Appointment : |
11.08.2008 |
|
DIN No.: |
02338579 |
|
|
|
|
Name : |
Mr. Deepak Sharma |
|
Designation : |
Director |
|
Address : |
M-129, S.F. Blossom- II, Mayfield Garden, Sector-51, Gurgaon - 122002,
Haryana, India |
|
Date of Birth/Age : |
26.11.1972 |
|
Date of Appointment : |
06.12.2011 |
|
DIN No.: |
03598381 |
KEY EXECUTIVES
|
Name : |
Mr. Nandan Kumar |
|
Designation : |
Secretary |
|
Address : |
Ashiana Angan, L- 733, L- 09, Near Alwar Bye Pass, Bhiwadi - 301019,
Rajasthan, India |
|
Date of Birth/Age : |
04.10.1979 |
|
Date of Appointment : |
11.09.2008 |
|
PAN No.: |
ASUPK2066N |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Delta Greentech International (Singapore) PTE Limited, Singapore |
|
163862651 |
|
DET Video Technology Limited, British
Virgin Islands |
|
1 |
|
|
|
|
|
Total |
|
163862652 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2012
|
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 : |
Manufacturing and Trading in various electronic items in the
segment of Telecom Power Systems (TPS), Power Management (PM), Magnetics (M),
Visual Display Units (VDU), Industrial Automation products (IA). |
||||||||
|
|
|
||||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
650 (Approximately) |
|
|
|
|
Bankers : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountant |
|
Address : |
Gurgaon, |
|
PAN No.: |
AAFFP3698A |
|
|
|
|
Holding Company : |
Delta Greentech SGP PTE Limited, |
|
|
|
|
Parent of
Holding company (Ultimate Holding company) : |
Delta Electronic ( |
|
|
|
|
Fellow Subsidiaries
(Subsidiaries of Ultimate Holding company) : |
v
Delta Electronics Inc., v
Delta Electronics International Limited, v
Delta Electro-optics (Wuijiang-Limited) v
Delta Energy Systems (India) Private Limited CIN
No: U32308HR1996PTC034410 v
Delta Products Corporation v
Delta – Cimic Electronics Company Limited China v
Delta Energy Systems, v
Delta Greentech China Company Limited, v
Delta India Electronics Private Limited CIN
No: U32109HR2008FTC038068 v
Delta Greentech SGP Pte Limited, v
Delta Electronics (Jiang Su) Company Limited v
Delta Electronics ( v
Delta Energy Systems ( v
Delta Energy Systems ( v
v
Delsolar Company Limited v
Delsolar (Wujiang) Limited v
Delta Energy Systems ( v
Delta Video Display Systems v
Delta Energy Systems ( v
Delta Greentech (Brasil) v
Delta Energy Systems, v
Delta India Electronics Private Limited CIN
No: U32109HR2008FTC038068 v
Delta Products Corporation, |
CAPITAL STRUCTURE
As on 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
170000000 |
Equity Shares |
Rs.10/- each |
Rs. 1700.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
163862652 |
Equity Shares |
Rs.10/- each |
Rs. 1638.627 Millions |
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 |
1638.627 |
1220.000 |
1220.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
29.086 |
142.894 |
|
|
4] (Accumulated Losses) |
(100.256) |
0.000 |
0.000 |
|
|
NETWORTH |
1538.371 |
1249.086 |
1362.894 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
600.000 |
300.000 |
|
|
TOTAL BORROWING |
0.000 |
600.000 |
300.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1538.371 |
1849.086 |
1662.894 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
512.068 |
551.293 |
546.018 |
|
|
Capital work-in-progress |
16.441 |
6.636 |
6.520 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.090 |
0.090 |
0.050 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
14.348 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
548.310
|
713.826 |
829.902 |
|
|
Sundry Debtors |
539.715
|
985.921 |
941.378 |
|
|
Cash & Bank Balances |
83.194
|
45.403 |
117.693 |
|
|
Other Current Assets |
5.494
|
6.076 |
0.044 |
|
|
Loans & Advances |
335.270
|
269.638 |
246.050 |
|
Total
Current Assets |
1511.983
|
2020.864 |
2135.067 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
409.292
|
639.905 |
942.947 |
|
|
Other Current Liabilities |
69.533
|
61.297 |
50.650 |
|
|
Provisions |
23.386
|
28.595 |
45.512 |
|
Total
Current Liabilities |
502.211
|
729.797 |
1039.109 |
|
|
Net Current Assets |
1009.772
|
1291.067 |
1095.958 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1538.371 |
1849.086 |
1662.894 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations (Net) |
2784.830 |
4236.271 |
4340.273 |
|
|
|
Other Income |
27.071 |
5.909 |
12.988 |
|
|
|
TOTAL (A) |
2811.901 |
4242.180 |
4353.261 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
2884.613 |
4223.259 |
4159.543 |
|
|
|
|
TOTAL (B) |
2884.613 |
4223.259 |
4159.543 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
(72.712) |
18.921 |
193.718 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
12.396 |
40.442 |
12.437 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND
AMORTISATION (C-D) (E) |
(85.108) |
(21.521) |
181.281 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
70.607 |
60.440 |
54.298 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F)
(G) |
(155.715) |
(81.961) |
126.983 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.000 |
31.847 |
30.778 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I) (J) |
(155.715) |
(113.808) |
96.205 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
29.086 |
142.894 |
46.690 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED TO
THE B/S |
(126.629) |
29.086 |
142.894 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.95) |
(0.93) |
0.79 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(5.54) |
(2.68) |
2.21 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(5.59) |
(1.93) |
2.93 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(7.69) |
(3.19) |
4.74 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.10) |
(0.07) |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.48 |
0.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.01 |
2.77 |
2.05 |
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 |
Yes |
|
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 |
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 |
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 |
NOTE:
The registered office of the company has been shifted from Plot No. 28, Sector 34, EHTP, Gurgaon – 122 001, Haryana to the present address w.e.f. 24.04.2009.
FINANCIAL PERFORMANCE
During the period, the company has earned income Rs.2811.901 Millions as against Rs.4242.180 Millions in the previous year. The Company has incurred the losses after tax of Rs. 155.715 Millions during the period as compared to the loss after tax of Rs. 113.808 Millions in the previous financial year.
BUSINESS OPERATIONS
The Company has withstood the challenges of the year 2011-2012 and is again confident to have a strong performance in the coming year of 2012-2013.
Based on the current market scenario and due to advent of new technology like tower sharing concepts, the Company continued to foresee these new challenges ahead in Telecom power systems (TPS) segments. However, in both the products segment i.e. TPS and UPS, the Company still expects double digit growth in the years to come. The Directors are confident that in order to meet these challenges necessary resources would be arranged for and utilized optimally to get maximum benefit.
UNSECURED LOAN
(Rs.
in Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
|
Rupee term loans banks unsecured |
0.000 |
270.000 |
|
Rupee term loans others unsecured |
0.000 |
330.000 |
|
|
|
|
|
Total |
0.000 |
600.000 |
FIXED ASSETS
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. 81.94 |
|
Euro |
1 |
Rs. 70.02 |
INFORMATION DETAILS
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
33 |
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.