MIRA INFORM REPORT
|
Report Date : |
11.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
EMMVEE PHOTOVOLTAIC POWER PRIVATE LIMITED (w.e.f. 10.11.2010) |
|
|
|
|
Formerly Known
As : |
EMMVEE TOUGHENED GLASS AND PHOTOVOLTAICS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
55, Solar Tower, 6 Main, 11 Cross, Lakashmaiah Block, Ganganagar,
Bangalore - 560024, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
21.03.2007 |
|
|
|
|
Com. Reg. No.: |
08-042197 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.107.918
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U26101KA2007PTC042197 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRE04624E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCE7342P |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Sells Toughened Glass and Photovoltaic
Modules. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2800000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having a satisfactory track record.
There appears slight dip in the sales and profitability during 2012. However, networth of the company seems to be strong. Trade relations
are reported to be fair. Business is active. Payments are reported to be
usually correct and as per commitments. The company can be considered for normal business dealings at usual
trade terms and conditions. |
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
BBB [Term Loan] |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
December 2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
A3+ [Fund Base Limits] |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
December 2012 |
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 : |
55, Solar Tower, 6 Main, 11 Cross, Lakashmaiah Block, Ganganagar,
Bangalore - 560024, Karnataka, India |
|
Tel. No.: |
91-80-43233311/ 43233310/ 23638380/ 81 |
|
Fax No.: |
91-80-28467808/ 23332060 |
|
E-Mail : |
|
|
Website : |
http://www.emmveetuffglass.com
|
|
|
|
|
Factory : |
#13/1, Ballary Road, Jala Hobli, Sonnappanahalli, Bellahalasur Post,
Bangalore-562157, Karnataka, India |
|
Tel. No.: |
91-80-28467801/02/03/04 |
|
Fax No.: |
91-80-28467808/28477502 |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Manjunatha Donthi Venkatarathnaiah |
|||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Managing Director |
|||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
B 22, Shubha Nilaya, 5 Main 10 Cross Housing Layout, Bangalore-560032,
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
08.08.1967 |
|||||||||||||||||||||||||||||||||||||||||||||
|
Qualification : |
B.Com |
|||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
26.03.2007 |
|||||||||||||||||||||||||||||||||||||||||||||
|
PAN No.: |
ABQPM7504G |
|||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00249495 |
|||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
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|
|||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mrs. Shubha Donthi Manjunatha |
|||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
B 22, Shubha Nilaya, 5 Main 10 Cross Housing Layout, Bangalore-560032,
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
22.03.1972 |
|||||||||||||||||||||||||||||||||||||||||||||
|
Qualification : |
B.Com |
|||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
26.03.2007 |
|||||||||||||||||||||||||||||||||||||||||||||
|
PAN No.: |
AMJPS7541K |
|||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00249559 |
|||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Srinath Thippe Gowda |
|||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Whole Time Director |
|||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
# 1701, 17 Cross, MC Layout, Vijayanagar, Bangalore-560040, |
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|
Date of Birth/Age : |
13.04.1964 |
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|
Date of Appointment : |
27.09.2010 |
|||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
01508121 |
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|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Fabienne Cuisinier |
|||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
# 03-03 The Hillside, 345, Upper Bukit Timah Road, 588197, Singapore |
|||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
09.02.1972 |
|||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
28.09.2011 |
|||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
03543294 |
|||||||||||||||||||||||||||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Mahabaleshwar Bhat |
|
Designation : |
Secretary |
|
Address : |
# 843 18 Cross, 5 Main, HMT Layout, Vidyaranya, Bangalore-560097, |
|
Date of Birth/Age : |
05.04.1975 |
|
Date of Appointment : |
20.10.2008 |
|
Pan No.: |
ALMPB7927Q |
|
|
|
|
Name : |
Mr. Vishwanath |
|
Designation : |
Manager In Accounts |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Donthi Venkatharathnaia Manjunatha |
|
5200000 |
|
Manjunatha Shubha |
|
5200000 |
|
D V Manjunath HUF Represented by D V Manjunath |
|
391810 |
|
|
|
|
|
TOTAL
|
|
10791810 |
AS ON 29.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Sells Toughened Glass and Photovoltaic
Modules. |
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|
|
|
||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|
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Bankers : |
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Facilities : |
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|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered AccountantS |
|
Address : |
Maruthi Info – Tech Centre, 11-12/1, |
|
Tel. No.: |
91-80-39806000 |
|
Fax No.: |
91-80-39806999 |
|
PAN No: |
AAIFB0630K |
|
|
|
|
Associates /
Subsidiaries : |
|
|
|
|
|
Other Related Parties : |
Emmvee Solar
Systems Private Limited
[U85110KA1996PTC021190] |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10791810 |
Equity Shares |
Rs.10/- each
|
Rs.107.918
Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
107.918 |
107.918 |
|
(b) Reserves & Surplus |
|
592.408 |
476.840 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
|
700.326 |
584.758 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a)
long-term borrowings |
|
344.774 |
396.523 |
|
(b) Deferred tax
liabilities (Net) |
|
163.154 |
104.000 |
|
(c)
Other long term liabilities |
|
2.367 |
2.265 |
|
(d)
long-term provisions |
|
29.319 |
18.417 |
|
Total
Non-current Liabilities (3) |
|
539.614 |
521.205 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
1425.702 |
1199.636 |
|
(b)
Trade payables |
|
628.549 |
237.842 |
|
(c)
Other current liabilities |
|
121.058 |
149.103 |
|
(d)
Short-term provisions |
|
18.675 |
3.335 |
|
Total
Current Liabilities (4) |
|
2193.984 |
1589.916 |
|
|
|
|
|
|
TOTAL |
|
3433.924 |
2695.879 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
693.332 |
515.680 |
|
(ii)
Intangible Assets |
|
8.492 |
0.382 |
|
(iii)
Capital work-in-progress |
|
60.253 |
249.427 |
|
(iv) Intangible assets under
development |
|
6.785 |
14.458 |
|
(b)
Non-current Investments |
|
95.092 |
0.000 |
|
(c)
Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
197.677 |
127.597 |
|
(e)
Other Non-current assets |
|
0.744 |
0.601 |
|
Total
Non-Current Assets |
|
1062.375 |
908.145 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
308.188 |
449.567 |
|
(c)
Trade receivables |
|
1969.707 |
1172.611 |
|
(d)
Cash and cash equivalents |
|
27.055 |
121.911 |
|
(e)
Short-term loans and advances |
|
48.687 |
43.645 |
|
(f)
Other current assets |
|
17.912 |
0.000 |
|
Total
Current Assets |
|
2371.549 |
1787.734 |
|
|
|
|
|
|
TOTAL |
|
3433.924 |
2695.879 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
104.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
184.762 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
288.762 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
615.983 |
|
|
2] Unsecured Loans |
|
|
36.847 |
|
|
TOTAL BORROWING |
|
|
652.830 |
|
|
DEFERRED TAX LIABILITIES |
|
|
91.697 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1033.289 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
564.363 |
|
|
Capital work-in-progress |
|
|
0.686 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
187.288
|
|
|
Sundry Debtors |
|
|
432.062
|
|
|
Cash & Bank Balances |
|
|
16.285
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
81.742
|
|
Total
Current Assets |
|
|
717.377 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
204.970
|
|
|
Other Current Liabilities |
|
|
17.876
|
|
|
Provisions |
|
|
26.291
|
|
Total
Current Liabilities |
|
|
249.137
|
|
|
Net Current Assets |
|
|
468.240
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1033.289 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3898.391 |
4359.254 |
1607.782 |
|
|
|
Other Income |
12.395 |
6.696 |
6.533 |
|
|
|
TOTAL (A) |
3910.786 |
4365.950 |
1614.315 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
1192.403 |
|
|
|
Personnel Cost |
3584.316 |
3906.087 |
36.923 |
|
|
|
Operating and Administrative expenses |
|
|
128.234 |
|
|
|
TOTAL (B) |
3584.316 |
3906.087 |
|
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
326.470 |
459.863 |
256.755 |
|
|
|
|
|
|
|
|
|
Less |
|
|
|
58.137 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
150.224 [Including
Financial Expenses and Depreciation] |
139.066 Including Financial
Expenses and Depreciation] |
198.618 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
37.689 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
176.246 |
320.797 |
160.929 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
60.678 |
12.931 |
67.314 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
115.568 |
307.866 |
93.615 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
81.224 |
(12.391) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
40.000 |
0.000 |
|
|
|
Dividend |
0.000 |
26.980 |
0.000 |
|
|
|
Tax on Dividend |
0.000 |
4.481 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
317.629 |
81.224 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
10.71 |
28.53 |
9.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
2.95
|
7.05 |
5.80
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.52
|
7.35 |
10.01
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.39
|
13.19 |
12.56
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.55 |
0.56
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.53
|
2.73 |
2.26
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.08
|
1.12 |
2.88
|
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 |
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] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
BACKGROUND:
Subject was incorporated on 21 March 2007, as a Private Limited Company under the Companies Act, 1956 (the Act). The name has been changed to Emmvee Photovoltaic Power Private Limited w.e.f. 10 November 2010. The Company is majorly owned by Mrs. Shubha Manjunatha Dhonti and Mr. Manjunatha Dhonti Venkatarathnaiah. The Company manufactures and sells toughened glass and photovoltaic modules.
TURNOVER AND PROFITS:
For the year 2011-12 the company has achieved the turnover of Rs.
3898.391 Millions. Total profit after tax of 115.567 Millions.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10245035 |
21/06/2013 * |
980,000,000.00 |
AXIS BANK LIMITED |
CORPORATE BANKING BRANCH, QUEENS ROAD, BANGALORE , KARNATAKA - 560001, INDIA |
B78431822 |
|
2 |
10239424 |
08/07/2013 * |
1,285,000,000.00 |
STATE BANK OF INDIA |
SPECIALISED MID CORPORATE BRANCH, NO. 97, RAILWAY |
B83652156 |
* Date of charge modification
CONTINGENT
LIABILITIES:
- Bank guarantee and letter of credit for
Rs 168.347 Millions (previous year: Rs. 214.355 Millions).
- Contingent liabilities disclosed above represent possible
obligations where possibility of cash outflow to settle the obligations is
not remote.
FIXED ASSETS:
- Freehold Land
- Building
- Plant and
Machinery
- Computers
- Furniture and
Fixtures
- Electrical
Fittings
- Office
Equipments
- Vehicles
- Computer
Software
WEBSITE DETAILS
EMMVEE BAGS ITS
LARGEST PHOTOVOLTAIC POWER PROJECT
EMMVEE PHOTOVOLTAIC
POWER PRIVATE LIMITED BAGGED AN 11.5 MW SOLAR PHOTOVOLTAIC PROJECT FROM
PRAGATHI GROUP, BENGALURU.
Subject is Solar PV module manufacturer and turnkey solution expert for mega watt scale projects, bags its largest photovoltaic power project of 11.5 MW from Pragathi Group. Emmvee recently completed 20 MW solar park, partially owned by third parties in Hindupur, State of Andhra Pradesh. Emmvee has proven its expertise in providing turn-key solutions for solar photovoltaic projects by successfully accomplishing its 20 MW solar park at Hindupur.
Pragathi Group is a Bengaluru based company which is predominantly into residential property development. The team in Pragathi Group is also engaged in other sectors such as Education, Software Training and Health Care.
Emmvee will be developing this 11.5 MW grid-connected solar photovoltaic project in the state of Andhra Pradesh, under open access system. The scope of project includes designing, engineering, manufacturing of modules, procurement of components, supply, erection, testing and commissioning to the grid. Emmvee is also facilitating Pragathi for land acquisition in Andhra Pradesh to develop the project and related liaison work. Emmvee expects the project to be completed by January 2014. Emmvee is also offering operation and maintenance of the power plant for a minimum of 5 years.
Pragathi group work towards delivering top quality development services. To deliver top quality, Pragathi believes in partnering with quality partners. Emmvee has proven its quality and commitment in the past and was an easy choice for the Pragathi to select Emmvee as its partner for solar park development. “Speaking about the project, Mr. Yadalam Hari Kishore says,” Pragathi group is a renewable enthusiast and we are keen to enter this segment by setting up the 11.5 MW solar park. Emmvee is a well known and a committed player in the industry offering quality products, services and solutions. Emmvee was an obvious choice for our debut project”.
Expressing his view on the project, Mr. D V Manjunatha, founder and Managing Director, Emmvee group, says, “This is another mile stone for us. We are extremely happy to partner with Pragathi group for their 11.5 MW solar park development. Our strong team has proven technical and operational skills in the solar park development and operation and maintenance of the park. We hope to successfully deliver the project to Pragathi Group”.
EMMVEE ELECTRIFIES
EDUCATIONAL INSTITUTION WITH SOLAR POWER. EMMVEE PHOTOVOLTAIC POWER PRIVATE
LIMITED INSTALLED 300 KWP ROOF-TOP SOLAR GRID CONNECTED POWER PLANT
FOR PSG INSTITUTIONS.
Subject is Solar PV module manufacturer, turnkey solution expertfor mega watt scale projects and roof-top projects, has installed 300 kWp roof-top solar grid connected power plant for PSG Institutions situated in Coimbatore, state of Tamil Nadu.
Many educational institutions have been established under the PSG and Son's Charities Trust. Among them are the PSG College of Arts and Science and PSG College of Technology. PSG College of Arts and Science is located at the industrial city of Coimbatore and PSG College of Technology is situated at Peelamedu, Coimbatore. 1x100 kWp system was installed at PSG College of Technology and 2x100 kWp systems were installed at PSG College of Arts and Science. Emmvee was responsible for Designing, Engineering, Supply, Erection and Commissioning of the systems.The systems were installed on the roof of the colleges. Being a renewable energy enthusiast, the institutions intend to bring awareness about solar energy among students and encourage them to go solar. It also helps the institution to tackle the power crisis in the region.
Mr. D. V. Manjunatha, founder and Managing Director of Emmvee, expressing his views, “We welcome such initiatives from educational institutions to go for renewable energy. The institutions being one of the leading players in the state will set a bench mark for others to follow. In the past we have installed roof-top systems for various institutions and we are glad that we were part of this project for PSG Institutions”.
EMMVEE BAGS 2 MW
SOLAR PHOTOVOLTAIC PROJECTS FROM MLR INDUSTRIES PRIVATE LIMITED
Subject is module manufacturer and turnkey solution expert has bagged 2 MW solar photovoltaic project from MLR Industries Private limited The 2 MW plant will be built at the manufacturing plant of MLR Industries Private limited located at Bibinagar, Nalagonda district in the state of Andhra Pradesh.
MLR Industries Private limited , an associate of Bambino Agro Industries Limited, incorporated in 2001, is one of the largest vermicelli producers in South East Asia. It is part of the diversified Bambino Group having interests in FMCG Products. Upon proudly introducing vermicelli products since 1982 in South India, the group later made its pan India's presence in a very short time.
The project will be a captive generation project, where the generated power will be self consumed by MLR Industries Private limited Emmvee will be responsible for end to end execution from designing of the solar power plant, engineering, supply of modules, procurement, installation, testing and commissioning of the 2 MW solar power plant. The generated power will be fed to the nearby substation and the connectivity will be made suitable for net-metering and banking of power. The entire power generated from the solar plant is eligible for obtaining Renewable Energy Certificates (RECs) as per the prevailing regulations notified by CERC and APERC.
Chairman and Director, Bambino Agro Industries Limited, Mr. M. Kishan Rao expresses on partnering with Emmvee for their power requirements, “At Bambino, we are committed for better tomorrow. Be it healthy food or clean environment by reducing the carbon foot print for next generation. Our belief in next gen technology solutions has been instrumental in delivering international quality products at consumer friendly prices. Solar captive power plant will also help in overcoming AP power crisis and reducing input power cost, it would translate into efficient manufacturing capacity utilization and healthy bottom line”.
Mr. D.V. Manjunatha, founder and Managing Director, Emmvee group, says, “This is our first project under captive power generation in MW scale. It is good to see industries coming forward to generate their own power through solar. Along with power generation, solar power projects provide economical benefits and also lower the carbon footprint in the environment. I am glad that Bambino Agro Industries has taken a great initiative towards this and surely set an example to drive other industries towards embracing solar 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.64.21 |
|
|
1 |
Rs.100.82 |
|
Euro |
1 |
Rs.85.21 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
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.