|
Report Date : |
08.11.2013 |
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 : |
|
|
|
|
|
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, |
|
|
|
|
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 huge accumulated losses recorded by the company during
the financial year 2012. However, trade relations are reported to be fair. Business is active.
Payment terms 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85
to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International Finance
Corporation expects to come out with its rupee linked bonds issue before the
end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB
variant) and 5s (Rs 53500 for 16GB variant) has been
launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam
Ramesh. The Act replaces a 119 year old registration.
The Securities and Exchange Board of India has approved the trading of currency
futures on the Bombay Stock Exchange. The exchange plans to launch the currency
futures platform with advanced trading technology by the end of November.
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. Ashok |
|
Designation : |
Chief Executive Officer |
|
Contact No.: |
91- 9845355204 |
|
Date : |
31.10.2013 |
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 : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory : |
|
DIRECTORS
As on 31.08.2012
|
Name : |
Mr. Ashoka Doddennegere
Marulappa |
|
Designation : |
Managing director |
|
Address : |
Flat No. 122, Sobha Zircon, Jakkur Plantation, |
|
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 |
|
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, |
|
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 |
|
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, |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit (30 Days) |
|
|
|
|
Purchasing : |
Cash and Credit (30 Days) |
GENERAL INFORMATION
|
Customers : |
End Users |
|
|
|
|
No. of Employees : |
10 (Approximately) |
|
|
|
|
Bankers : |
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 Debt/Networth) |
|
|
0.00 |
0.00 |
|
|
|
|
|
|
|
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
INDEX OF CHARGES: NO
CHARGES EXIST FOR THE COMPANY.
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 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.62.57 |
|
|
1 |
Rs.100.63 |
|
Euro |
1 |
Rs.84.62 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Report Prepared
by : |
RAJ |
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 |
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 |
|
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 |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.