MIRA INFORM REPORT
|
Report Date : |
02.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
GLOBAL WIND POWER LIMITED (w.e.f. 27.02.2008) |
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Formerly Known
As : |
GLOBAL WIND POWER PRIVATE LIMITED (w.e.f. 05.10.2007) MUKTIDAYA CONSULTANCY SERVICES PRIVATE LIMITED |
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Registered
Office : |
301, Satellite Silver, Andheri Kurla Road, Marol, Andheri (East),
Mumbai – 400059, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
23.02.2007 |
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Com. Reg. No.: |
11-168078 |
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Capital
Investment / Paid-up Capital : |
Rs.417.099 Millions |
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CIN No.: [Company Identification
No.] |
U74140MH2007PLC168078 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
SRTG01581G MUMM31282G |
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PAN No.: [Permanent Account No.] |
AAECM9752G |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Wind Mill Generators and Turbine. |
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No. of Employees
: |
560 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 750000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The management has failed to file its financial record with government
department for the year 2013. As per available financial record 2012, the company has incurred huge
accumulated losses and profitability of the company is under pressure. However, trade relations are fair. Business is active. Payment terms
are slow. The company can be considered for business dealing with great 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India’s current account deficit for the fiscal third quarter ended
September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product
from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in
exports and moderation in gold imports. Manufacturing activity and new orders
in India showed their strongest growth in a year in February. The news comes as
a relief after data showed Asia’s third largest economy grew by a
slower-than-expected 4.7 % annually in the three months through December. The
HSBC Manufacturing Purchasing Managers’ Index which gauges the business
activity of India’s factories but not its’ utilities, rose to 52.5 in February,
its highest in a year from 51.4 in January. Overall new orders for factory
goods which rose to a one-year high of 54.9 contributed to the surge. China has
emerged as India’s biggest trading partner in the current financial year
replacing the United Arab Emirates and pushing it to the third spot.
India-China trade has reached $49.5 billion with a 8.7 % share in India’s total
trade. The US comes second at $46 billion with 8.1 % share during the first
nine months of the current financial year.
The Reserve Bank of India has granted an additional nine months to the public
to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000
denominations, pushing the deadline to January 1, 2015. A day before dates for
the Lok Sabha polls were announced, the government decided to hike interest
rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The
new rates will be effective April, 1. The Supreme Court will resume hearing on
March, 11 Nokia’s appeal against a ruling over transferring ownership of its
local mobile phones plant which is the subject of a tax dispute to Microsoft
Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s
contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The
Central Bureau of Investigation will look into allegations that over $80
million was paid in kickbacks in a deal signed in 2011. India has asked Boeing
Co. to find a solution for problems with state-owned Air India’s 787
Dreamliners. The aircraft has experienced a series of malfunctions since its
debut in 2011.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term loans: D (Suspended) |
|
Rating Explanation |
Lowest credit quality and very low prospects of recovery. |
|
Date |
December 2013 |
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. Mehul |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-44-24781036 |
|
Date : |
27.03.2014 |
LOCATIONS
|
Registered Office/ Factory 1 : |
301, Satellite Silver, Andheri Kurla Road, Marol, Andheri (East),
Mumbai – 400059, Maharashtra, India |
|
Tel. No.: |
91-22-39918500/ 39918543 |
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Fax No. : |
91-22-39918521 |
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E-Mail : |
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Website : |
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Area : |
3000 sq. ft. |
|
Location : |
Owned |
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Head Office : |
15, |
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Tel No. : |
91-44-39182618 |
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Factory 2 : |
Survey No.24/1, 26, 27, 28, 358/2/2, 358/3, 359/1, Village Kherdi,
Khanvel, |
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Tel. No.: |
91-260-3268060/ 3091850 |
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Fax No.: |
91-260-2677977 |
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Area : |
50 Acres |
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Location : |
Owned |
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Branch Office : |
9th Floor, Tower 2B, One Indiabulld Centre, Jupiter Mills
Compound, Senapati Bapat Road, Elphinstone Road, Mumbai – 400013,
Maharashtra, India |
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Tel No.: |
91-22-39313500 |
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Fax No.: |
91-22-39313535 |
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Overseas Office
: |
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Tel. No.: |
+ 31 20 4260 923 |
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Fax No. : |
+ 31 20 4260 901 |
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E-Mail : |
DIRECTORS
As on 10.12.2011
|
Name : |
Mr. Prakash Pandurang Khedekar |
|
Designation : |
Director |
|
Address : |
103, |
|
Date of Birth/Age : |
02.03.1974 |
|
Date of Appointment : |
23.02.2007 |
|
DIN No.: |
01260382 |
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|
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Name : |
Mr. Hiren Vinay Shah |
|
Designation : |
Director |
|
Address : |
1 D, Cosmopolis 21, Ruparel Road, Mlabar Hill, Mumbai – 400006,
Maharashtra, India |
|
Date of Birth/Age : |
22.02.1967 |
|
Date of Appointment : |
03.01.2012 |
|
|
|
|
Name : |
Mr. Suresh Lachamandas Makhija |
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Designation : |
Director |
|
Address : |
Gundecha Symphony, Flat No. 1402 B Wing, CTS 737/8/4, Veera Desai Rd,
Andheri (West), Mumbai – 400058, Maharashtra, India |
|
Date of Birth : |
27.11.1948 |
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Date of Appointment : |
03.01.2012 |
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Name : |
Ms. Rashmee Ranchhodas Mehta |
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Designation : |
Director |
|
Address : |
402-B, Mithila Apartments, Kantinahgar, Behind J.B. Nagar, Mumbai –
400059, Maharashtra, India |
|
Date of Birth : |
24.04.1956 |
|
Date of Appointment : |
20.04.2012 |
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|
|
|
Name : |
Mr. Pramod Dinkar Satam |
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Designation : |
Director |
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|
Name : |
Mr. Vikash Singhla |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Mehul |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 10.12.2011
SHAREHOLDING DETAILS
FILE ATTACHED.
As on 15.11.2012
|
Names of Allottees |
|
No. of Shares |
|
REL Utility Engineers Limited, India |
|
7255000 |
|
Total |
|
7255000 |
Equity Share Break up (Percentage of Total Equity)
As on 10.12.2011
|
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 |
5.20 |
|
Bodies corporate |
21.70 |
|
Directors or relatives of Directors |
30.90 |
|
Other top fifty shareholders |
40.40 |
|
Other |
1.80 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Wind Mill Generators and Turbine. |
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Products : |
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Export: |
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Product: |
Wind Mill Generators and Turbine |
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Country: |
European Country |
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Terms : |
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Selling : |
L/C, Advance Payment, Cheque and Credit |
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Purchasing : |
L/C, Advance Payment, Cheque and Credit |
PRODUCTION STATUS (AS ON 31.03.2011)
Licensed Capacity
– The products manufactured and sold by the Company, i.e. WTG’s and Components have
not been included in the list of mandatory items, which requires a license
under the New Industrial Policy in terms of Notification No. S.O.477 (E) dated
25th July, 1991; and hence licensing requirements are not applicable
to the products manufactured by the Company.
Installed Capacity
- The installed capacities are not precisely ascertainable, given the nature of
operations, changes in product mix and utilization of manufacturing facilities;
and hence, have not been disclosed.
Production – Details of productions made during the year is as follows:
|
Particulars |
Units Produced (in Nos.) |
Units Produced (in MW’s) |
|
Wind Turbine Generators Up to 1 MW |
52 |
39.00 |
|
Towers |
9 |
NA |
|
Foundation Mounting Piece |
21 |
NA |
GENERAL INFORMATION
|
No. of Employees : |
560
(Approximately) |
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Bankers : |
v
Axis
Bank Limited Axis House, Bombay
Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400 025,
Maharashtra, India (Contact No.: 91-22-24252525) v
Punjab
National Bank 10, Raja Street, T.Nagar, Chennai - 600017, Tamil Nadu, India v
Export-Import
Bank of India Centre One
Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai – 400
005, Maharashtra, India v
Yes Bank Limited 9th Floor, Nehru Centre, Discovery of India, Dr. Annie
Besant Road, Worli, Mumbai – 400 018, Maharashtra, India v
Axis Bank Limited Nariman Point Branch, Atlanta Building, Ground Floor, Nariman Point,
Mumbai – 400021, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Malpani and Associates Chartered Accountants |
|
Address : |
307, Chartered House 297/299, |
|
PAN No.: |
AADPM2684D |
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|
|
|
Subsidiary Companies : |
· Ashban Company Limited, Cyprus · Global Wind Infrastructure and Services Private Limited, India (CIN No.: U74900DN2009PTC000294) |
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Other related parties
with whom transactions have taken place during the year : |
Major Investing
parties / Promoters having significant influence/ control on the Company
directly or indirectly: ·
Reliance Shares and Stock Brokers Private
Limited, · Reliance Net Limited, India (CIN No.: U74210MH1999PLC120378) · Reliance Capital Limited, India (CIN No.: L65910MH1986PLC165645) |
|
|
|
|
Associate : |
·
Norwin A/S, DENMARK |
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|
|
|
Other Related
Parties : |
· Reliance General Insurance Company Limited (RGICL), India (CIN No.: U66603MH2000PLC128300) |
CAPITAL STRUCTURE
As on 10.09.2012
Authorised Capital : Rs.650.000 millions
Issued, Subscribed & Paid-up Capital : Rs. 479.298
Millions
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs.400.000 millions |
|
250000000 |
Preference Shares |
Re.1/- each |
Rs.250.000 millions |
|
|
|
|
|
|
|
Total |
|
Rs.650.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16709894 |
Equity Shares |
Rs.10/- each |
Rs.167.099 millions |
|
250000000 |
Preference Shares |
Re.1/- each |
Rs.250.000 millions |
|
|
|
|
|
|
|
Total |
|
Rs.417.099
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 |
|
417.099 |
417.099 |
|
(b) Reserves & Surplus |
|
(230.084) |
793.675 |
|
(c) Money received against
share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.040 |
|
Total
Shareholders’ Funds (1) + (2) |
|
187.015 |
1,210.814 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
1984.004 |
1925.098 |
|
(b) Deferred tax liabilities
(Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
|
1984.004 |
1925.098 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
3428.238 |
1021.128 |
|
(b) Trade payables |
|
710.275 |
506.879 |
|
(c) Other current liabilities |
|
578.890 |
491.983 |
|
(d) Short-term provisions |
|
154.593 |
162.334 |
|
Total
Current Liabilities (4) |
|
4871.996 |
2182.324 |
|
|
|
|
|
|
TOTAL |
|
7043.015 |
5318.236 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
1720.580 |
1449.989 |
|
(ii) Intangible Assets |
|
538.300 |
1.471 |
|
(iii) Capital work-in-progress |
|
437.494 |
794.059 |
|
(iv) Intangible assets under
development |
|
681.434 |
1,164.827 |
|
(b) Non-current Investments |
|
182.977 |
182.329 |
|
(c) Deferred tax assets (net) |
|
0.000 |
3.411 |
|
(d) Long-term Loan and Advances |
|
24.908 |
14.185 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total
Non-Current Assets |
|
3585.693 |
3610.271 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
1824.175 |
680.976 |
|
(c) Trade receivables |
|
1013.904 |
767.591 |
|
(d) Cash and cash equivalents |
|
63.240 |
92.559 |
|
(e) Short-term loans and
advances |
|
533.013 |
134.770 |
|
(f) Other current assets |
|
22.990 |
32.069 |
|
Total
Current Assets |
|
3457.322 |
1707.965 |
|
|
|
|
|
|
TOTAL |
|
7043.015 |
5318.236 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
312.391 |
|
|
2] Share Application Money Pending Allotment |
|
|
603.000 |
|
|
3] Equity Warrants Issued and Subscribed |
|
|
325.000 |
|
|
4] Reserves & Surplus |
|
|
249.162 |
|
|
5] (Accumulated Losses) |
|
|
(468.890) |
|
|
NETWORTH |
|
|
1020.663 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
2460.665 |
|
|
2] Unsecured Loans |
|
|
50.000 |
|
|
TOTAL BORROWING |
|
|
2510.665 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
3531.328 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1335.587 |
|
|
Capital work-in-progress |
|
|
1336.086 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
120.485 |
|
|
DEFERRED TAX ASSETS |
|
|
3.411 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
675.409
|
|
|
Sundry Debtors |
|
|
87.775
|
|
|
Cash & Bank Balances |
|
|
119.388
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
164.140
|
|
Total
Current Assets |
|
|
1046.712
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
177.170
|
|
|
Other Current Liabilities |
|
|
129.605
|
|
|
Provisions |
|
|
4.178
|
|
Total
Current Liabilities |
|
|
310.953
|
|
|
Net Current Assets |
|
|
735.759
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
3531.328 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2042.865 |
2371.921 |
1037.643 |
|
|
|
Other Income |
9.363 |
4.877 |
28.634 |
|
|
|
TOTAL (A) |
2052.228 |
2376.798 |
1066.277 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
2303.030 |
1892.906 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(201.281) |
(23.886) |
|
|
|
|
Employee benefit expense |
103.775 |
88.925 |
|
|
|
|
Other expenses |
256.445 |
333.226 |
|
|
|
|
TOTAL (B) |
2461.969 |
2291.171 |
1194.111 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (A-B) (C) |
(409.741) |
85.627 |
(127.834) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
535.734 |
191.824 |
239.036 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(945.475) |
(106.197) |
(366.870) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
74.872 |
53.692 |
49.711 |
|
|
|
|
|
|
|
|
|
|
PROFIT /(LOSS)
BEFORE TAX (E-F) (G) |
(1020.347) |
(159.889) |
(416.581) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
3.412 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT /(LOSS)
AFTER TAX (G-H) (I) |
(1023.759) |
(159.889) |
(416.581) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(628.779) |
(468.890) |
(52.309) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(1652.538) |
(628.779) |
(468.890) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on F.O.B. basis |
NA |
32.094 |
1.834 |
|
|
|
Export of services |
NA |
21.608 |
0.000 |
|
|
TOTAL EARNINGS |
NA |
53.702 |
1.834 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
389.408 |
64.570 |
|
|
|
Stores & Spares |
NA |
6.536 |
0.000 |
|
|
|
Capital Goods |
NA |
148.400 |
0.151 |
|
|
TOTAL IMPORTS |
NA |
544.344 |
64.721 |
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss)
Per Share (Rs.) |
(3.84) |
(17.82) |
(66.77) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(49.89)
|
(6.73) |
(39.07) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(49.95)
|
(6.74) |
(40.15) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(17.77)
|
(5.04) |
(17.49) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(5.46)
|
(0.13) |
(0.41) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
28.94
|
2.43 |
2.46 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.71
|
0.78 |
3.37 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
417.099 |
417.099 |
|
Reserves & Surplus |
793.675 |
(230.084) |
|
Net
worth |
1,210.774 |
187.015 |
|
|
|
|
|
long-term borrowings |
1,925.098 |
1,984.004 |
|
Short term borrowings |
1,021.128 |
3,428.238 |
|
Total
borrowings |
2,946.226 |
5,412.242 |
|
Debt/Equity
ratio |
2.433 |
28.940 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2010 |
31.03.2011 |
31.03.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1037.643 |
2371.921 |
2042.865 |
|
|
|
128.587 |
(13.873) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2010 |
31.03.2011 |
31.03.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1037.643 |
2371.921 |
2042.865 |
|
Profit |
(416.581) |
(159.889) |
(1023.759) |
|
|
(40.15%) |
(6.74%) |
(50.11%) |
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
No |
|
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 |
Yes |
NOTE:
The registered office address of the company has been shifted from 402, Satellite
Silver, Opposite Honda Showroom, Andheri Kurla Road, Marol, Andheri (East),
Mumbai – 400 059, Maharashtra, India to present w.e.f 21.01.2009.
OPERATIONS
The Company achieved income from operation of Rs.2042.900 Millions as against zero income in the previous year. However, the Company incurred a net loss after tax of Rs.1020.300 Millions as compared to net loss after tax of Rs.159.900 Millions in the previous year. The loss in current year was mainly on account of interest and finance charges, higher inventory cost, tough economic conditions and cost of market entry.
Further during the year your company was successful in following areas
1. Tower manufacturing plant:
During the year company has produced 29 towers for customers like GE
2. 750 KW WTGs: 12
The Company has produced and sold 12 of 750 KW wind turbine generators (WTG)
3. 2MW WTG:
This year company manufactured and sold 1 no of machine, but due to technical problems faced in it management has kept capatalisation of plant on hold till suitable technology changes required for Commercial production is completed.
4. 2.5 MW WTG: 8
The Company has produced and sold 8 machines.
UNSECURED LOAN
|
PARTICULARS |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
Short-term
borrowings |
|
|
|
Intercorporate borrowings |
350.000 |
50.000 |
|
Loans and advances from related parties |
360.000 |
0.000 |
|
Total |
710.000 |
50.000 |
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION
|
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10309517 |
06/09/2011 |
650,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR. |
B22264816 |
|
2 |
10181753 |
03/05/2010 * |
750,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A87810727 |
|
3 |
10140528 |
31/12/2008 |
1,250,000.00 |
PUNJAB NATIONAL BANK |
T NAGAR, CHENNAI, TAMIL NADU - 600083, INDIA |
A55835680 |
|
4 |
10105569 |
12/02/2011 * |
900,000,000.00 |
PUNJAB NATIONAL BANK |
10, RAJA STREET, T.NAGAR, CHENNAI, TAMIL NADU - 600017, INDIA |
B12891685 |
|
5 |
10092075 |
05/08/2011 * |
2,000,000,000.00 |
AXIS BANK LIMITED |
AXIS HOUSE, BOMBAY
DYEING MILLS COMPOUND, PANDUR |
B21981451 |
* Date of charge modification
FIXED ASSETS
Tangible assets
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
Intangible assets
- Computer software
- Know-how
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.60.10 |
|
|
1 |
Rs.99.85 |
|
Euro |
1 |
Rs.82.58 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Report Prepared
by : |
KVT |
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 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
26 |
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.