MIRA INFORM REPORT
|
Report Date : |
08.12.2014 |
IDENTIFICATION DETAILS
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Name : |
WEBSOL ENGINEERING SYSTEM LIMITED |
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Formerly Known
As : |
WEBSOL ENERGY SYSTEM LIMITED |
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Registered
Office : |
48, Pramatha Choudhury Sarani, Plot No -849, Block –P, 2nd
Floor, New Alipore, Kolkata – 700053, West Bengal |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
08.02.1990 |
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Com. Reg. No.: |
21-048350 |
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Capital
Investment / Paid-up Capital : |
Rs. 219.731 Millions |
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CIN No.: [Company Identification
No.] |
L29307WB1990PLC048350 |
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IEC No.: |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Divulged |
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PAN No.: [Permanent Account No.] |
Not Divulged |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacture of Solar Photovoltaic Cells and Modules. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Silk Company |
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Payment Behaviour : |
Slow and Delayed |
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Litigation : |
Clear |
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Comments : |
The Subject company is a sick company the company has made reference
to Board for Industrial and Financial Reconstruction (BIFR) which duly
registered and its outcome is awaited. The management has register case (Case No. 15/2013) with Board for
Industrial and Financial Reconstruction. The financial position of the company is weak, net worth of the
company has been fully eroded. However, business is active. Payment terms are slow and delayed. The company can be considered for business on a fully 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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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
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks over
coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
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
31-03-2014.
INFORMATION DENIED BY
MANAGEMENT NON CO – OPRATIVE (91-31-74222690/932)
LOCATIONS
|
Registered Office : |
48, Pramatha Choudhury Sarani, Plot No -849, Block –P, 2nd
Floor, New Alipore, Kolkata – 700053, West Bengal, India |
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Tel. No.: |
91-33-24000419 |
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Fax No.: |
91-33-24000375 |
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E-Mail : |
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Web site : |
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Corporate Office / Plant Address : |
Falta SEZ, Sector – II, Falta Village Birsa, Mouza Akalmegh, P.S
Ramnagar, South 24 Pargana – 743504, West Bengal |
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Tel. No.: |
91-31-74222932 |
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Fax No.: |
91-31-74222933 |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. S.L Agarwal |
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Designation : |
Managing Director |
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Name : |
Mr. B. R. Sengupta |
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Designation : |
Independent Director |
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Name : |
Mr. S. Mandal |
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Designation : |
Nominee Director |
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Name : |
Mr. D. Sethia |
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Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Ms. Swati Agarwal |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
549748 |
2.50 |
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|
5519674 |
25.12 |
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|
6069422 |
27.62 |
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Total shareholding of Promoter and Promoter Group (A) |
6069422 |
27.62 |
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(B) Public Shareholding |
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Mutal
Funds / UTI |
7600 |
0.03 |
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|
40 |
0.00 |
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|
4867268 |
22.15 |
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|
4874908 |
22.19 |
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|
|
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|
4827971 |
21.97 |
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|
3186635 |
14.50 |
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|
2414130 |
10.99 |
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|
600000 |
2.73 |
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Foreign Corporate Bodies |
600000 |
2.73 |
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|
11028736 |
50.19 |
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Total Public shareholding (B) |
15903644 |
72.38 |
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Total (A)+(B) |
21973066 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
|
Total (A)+(B)+(C) |
21973066 |
0.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture of Solar Photovoltaic Cells and Modules. |
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Products : |
v Solar
Photovoltaic Cells v Modules |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
Not Divulged |
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Customers : |
Wholesalers, Retailers, End Users, OEM’s and Others |
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No. of Employees : |
Not Divulged |
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Bankers : |
v Allahabad Bank v The Federal Bank
Limited v Standard
Chartered Bank v Dena Bank v HDFC Bank v Axis Bank v EXIM Bank v ICICI Bank |
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Facilities : |
(Rs.
In Millions)
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Auditors : |
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|
Name : |
Agarwal Sanganeria and Company Chartered Accountant |
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Memberships : |
v S. L. Industries
Private Limited, India v Industry Side
Private Limited, India v Tysom Agencies
Private Limited, India |
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Collaborators : |
Not Divulged |
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Associates/Subsidiaries : |
Not Divulged |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs. 300.000 Millions |
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|
|
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|
Isued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11286533 |
Equity Shares |
Rs.10/- each |
Rs. 112.866
Millions |
|
9986533 |
Bonus shares |
Rs.10/- each |
Rs. 99.865
Millions |
|
700000 |
Equity Shares |
Rs.10/- each |
Rs. 7.000
Millions |
|
|
TOTAL |
|
Rs. 219.731 Millions |
RECONCILIATION OF EQUITY SHARES
|
PARTICULARS |
As at 31.03.2014 |
|
|
Number of Shares |
(Amount in Millions) |
|
|
Shares outstanding at the beginning of the
year |
2,19,73,066 |
2,197.31 |
|
Shares Issued during the year |
-- |
-- |
|
Shares outstanding at the end of the year |
2,19,73,066 |
2,197.31 |
b. Terms and rights attached to the Equity shares
The Company has only one class of Equity
Shares having a par value of Rs. 10/- per Equity Share. Each holder of equity shares
is entitled to one vote per equity share held. All equity shares ranks pari
passu with respect to the dividend, voting rights and other terms. The Dividend
proposed, if any, by the Board of Directors is subject to the approval of the
Shareholders in the ensuing Annual General
Meeting. In the event of liquidation of the company, normally the equity
shareholders are eligible to receive remaining assets of the Company after distribution of all
preferential amounts, in proportion to their shareholding.
c. 60,69,422 (27.62%) No. of Equity Shares of the company are held by
promoter and the promoter group as on 31st March 2014
d. Details of shareholders holding more than 5% of total shares of the
Company:
|
Name of
shareholder |
As at 31.03.2014 |
|
|
Number of Shares |
% of Holding |
|
|
S L Industries Private Limited, India |
55,19,674 |
25.12% |
|
Tysom Agencies Private Limited, India |
20,00,000 |
9.10% |
|
The Royal Bank of Scotland PLC as trustee of
the Jupiter India Fund |
-- |
0.00% |
|
Mavi Investment Fund Limited, India |
-- |
0.00% |
|
The National Westminster Bank PLC as trustee
of the Jupiter India Fund |
18,46,162 |
8.40% |
|
The Indiaman Fund Limited, India |
11,64,776 |
5.30% |
e. 99,86,533 nos. of Equity Shares of Rs. 10/- each fully paid issued by
way of Bonus Shares in financial year 2009-10.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
219.731 |
219.731 |
219.731 |
|
(b) Reserves & Surplus |
(1644.701) |
(901.243) |
(742.145) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
(1424.970) |
(681.512) |
(522.414) |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1715.655 |
1938.197 |
2610.772 |
|
(b) Deferred tax liabilities (Net) |
193.883 |
193.883 |
193.883 |
|
(c) Other long term
liabilities |
115.748 |
338.150 |
500.384 |
|
(d) long-term
provisions |
0.000 |
0.000 |
4.027 |
|
Total Non-current
Liabilities (3) |
2025.286 |
2470.230 |
3309.066 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
2177.831 |
1421.989 |
712.372 |
|
(b) Trade
payables |
2277.198 |
1048.066 |
236.712 |
|
(c)
Payables For Capital Contract |
3.392 |
2.132 |
6.726 |
|
(d) Other
current liabilities |
1207.840 |
1015.718 |
1016.201 |
|
(e) Short-term
provisions |
28.188 |
27.068 |
22.264 |
|
Total Current
Liabilities (4) |
5694.449 |
3514.973 |
1994.275 |
|
|
|
|
|
|
TOTAL |
6294.765 |
5303.691 |
4780.927 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
3215.049 |
3384.706 |
3431.474 |
|
(ii)
Intangible Assets |
0.531 |
0.553 |
0.000 |
|
(iii)
Capital work-in-progress |
118.162 |
9.025 |
72.974 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1.510 |
1.510 |
1.510 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
325.184 |
297.746 |
349.240 |
|
(e) Other
Non-current assets |
141.969 |
161.371 |
40.215 |
|
Total Non-Current
Assets |
3802.405 |
3854.911 |
3895.413 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.500 |
|
(b)
Inventories |
383.682 |
391.929 |
333.250 |
|
(c) Trade
receivables |
1753.290 |
719.765 |
172.521 |
|
(d) Cash
and cash equivalents |
25.485 |
91.594 |
152.710 |
|
(e)
Short-term loans and advances |
328.131 |
223.575 |
205.246 |
|
(f) Other
current assets |
1.772 |
21.917 |
21.287 |
|
Total
Current Assets |
2492.360 |
1448.780 |
885.514 |
|
|
|
|
|
|
TOTAL |
6294.765 |
5303.691 |
4780.927 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3046.558 |
1142.158 |
1432.521 |
|
|
|
Other Income |
12.510 |
114.663 |
29.115 |
|
|
|
TOTAL |
3059.068 |
1256.821 |
1461.636 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2513.286 |
972.797 |
2194.925 |
|
|
|
stores and spares consumed |
121.194 |
30.811 |
31.872 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
20.948 |
30.883 |
109.595 |
|
|
|
Employees benefits expense |
66.167 |
42.673 |
63.205 |
|
|
|
Exceptional Items |
387.595 |
(132.455) |
604.477 |
|
|
|
Power and Fuel |
93.837 |
56.973 |
75.329 |
|
|
|
Other expenses |
111.548 |
98.959 |
139.231 |
|
|
|
TOTAL
(B) |
3314.575 |
1100.641 |
3218.634 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(255.507) |
156.180 |
(1756.998) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
310.304 |
185.427 |
317.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(565.811) |
(29.247) |
(2074.498) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
177.646 |
129.851 |
199.550 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(743.457) |
(159.098) |
(2274.048) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(743.457) |
(159.098) |
(2274.048) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(33.83) |
(7.24) |
(106.58) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin (PAT/Sales) |
(%) |
(24.40) |
(13.93) |
(158.74) |
|
|
|
|
|
|
|
Operating Profit Margin (PBITD/Sales) |
(%) |
(8.39) |
13.67 |
(122.65) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(12.04) |
(3.01) |
(48.32) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.52 |
0.23 |
4.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
(2.73) |
(4.93) |
(6.36) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.44 |
0.41 |
0.44 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
219.731 |
219.731 |
219.731 |
|
Reserves & Surplus |
(742.145) |
(901.243) |
(1644.701) |
|
Net
worth |
(522.414) |
(681.512) |
(1424.970) |
|
|
|
|
|
|
long-term borrowings |
2610.772 |
1938.197 |
1715.655 |
|
Short term borrowings |
712.372 |
1421.989 |
2177.831 |
|
Total
borrowings |
3323.144 |
3360.186 |
3893.486 |
|
Debt/Equity
ratio |
(6.361) |
(4.930) |
(2.732) |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1432.521 |
1142.158 |
3046.558 |
|
|
|
(20.269) |
166.737 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1432.521 |
1142.158 |
3046.558 |
|
Profit |
(2274.048) |
(159.098) |
(743.457) |
|
|
(158.74%) |
(13.93%) |
(24.40%) |
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 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 |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
Long Term
Borrowing |
|
|
|
(a) Loan from
related party |
|
|
|
From Promoter Company |
37.089 |
51.242 |
|
(b) Loan from
others |
|
|
|
From Joint Stock Companies (including Interest Accrued) |
0.000 |
151.063 |
|
|
|
|
|
Short Term
Borrowing |
|
|
|
From Joint Stock Companies |
176.603 |
0.000 |
|
|
|
|
|
Total |
213.692 |
202.305 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10501310 |
31/03/2014 |
105,300,000.00 |
RENESOLA SINGAPORE PTE. LIMITED |
CLEANTECH LOOP, #02-28 CLEANTECH PARK, SINGAPORE- 637141, SINGAPORE |
C05870118 |
|
2 |
10430760 |
06/06/2013 |
2,323,500,000.00 |
AXIS BANK LIMITED |
CORPORATE BANKING
BRANCH (CBB),, 1, SHAKESPEARE S |
B76971936 |
|
3 |
10366782 |
29/10/2013 * |
677,600,000.00 |
AXIS BANK LIMITED |
CORPORATE BANKING
BRANCH (CBB),, 1, SHAKESPEARE S |
B90514845 |
|
4 |
10360461 |
31/05/2012 |
60,000,000.00 |
ICICI Bank Limited |
LANDMARKRACE COURCE CIRCLE, Vadodara, Gujarat - 390007, INDIA |
B41564253 |
|
5 |
10355983 |
25/05/2012 * |
1,115,800,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE
BRANCH, 17, R. N. MUKHERJEE RO |
B43158104 |
|
6 |
10334733 |
23/06/2012 * |
83,200,000.00 |
AXIS BANK LIMITED |
CORPORATE BANKING
BRANCH (CBB),, 1, SHAKESPEARE S |
B44148955 |
|
7 |
10313063 |
30/09/2011 |
816,250,000.00 |
AXIS BANK LIMITED |
'TRISHUL' 3rd
Floor, Opp. Samartheshwar Temple,, |
B23509482 |
|
8 |
10295479 |
23/06/2011 |
45,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE
BRANCH, 17, R. N. MUKHERJEE RO |
B16297053 |
|
9 |
10249113 |
24/12/2012 * |
475,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
Centre One
Building, Floor 21,, World Trade Centre Complex, Cuffe Parade, Mumbai,
Maharashtra - 400 |
B68258367 |
|
10 |
10224066 |
20/05/2010 |
400,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE
BRANCH, 17, R. N. MUKHERJEE RO |
A87247532 |
* Date of charge modification
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER
ENDED 30TH JUNE 2014
(Rs in Millions)
|
Sr. No |
Particulars |
Quarter Ended |
|
30.06.2014 |
||
|
(Unaudited) |
||
|
1 |
Income From
Operations |
|
|
|
a. Net Sales/ Income from Operations (Net of Excise Duty) |
384.700 |
|
|
b. Other Operating Income |
0.000 |
|
|
Total Income from
Operations (Net) |
384.700 |
|
2 |
Expenditure |
|
|
|
a. Cost of material Consumed |
732.200 |
|
|
b. Purchase of Stock-in trade |
0.000 |
|
|
c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
(388.900) |
|
|
d. Employees Benefit Expenses |
16.900 |
|
|
e. Depreciation and Amortisation Expenses |
41.700 |
|
|
f. Power and Fuel |
28.200 |
|
|
g. Other Expenses |
14.100 |
|
|
Total Expenses |
444.200 |
|
3 |
Profit from
Operations before Other Income, Interest and Exceptional Items |
(59.500) |
|
4 |
Other Income |
-- |
|
5 |
Profit from
ordinary activities before finance cost & exceptional items |
(59.500) |
|
6 |
Finance Costs |
90.600 |
|
7 |
Profit from
ordinary activities after finance costs & exceptional items |
(150.100) |
|
8 |
Exceptional items |
7.500 |
|
9 |
Profit from
ordinary activities before tax |
(142.600) |
|
10 |
Tax Expense |
0.000 |
|
11 |
Net Profit from
ordinary activity after tax |
(142.600) |
|
12 |
Extraordinary Items |
--- |
|
13 |
Net Profit After
Tax |
(142.600) |
|
14 |
Paid-up equity share capital (face value of Rs.10 per share) |
219.700 |
|
15 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year |
-- |
|
16 |
Earning Per Share (of Rs.10 each) (not annualized) |
|
|
|
Basic EPS |
(6.49) |
|
|
Diluted EPS |
-- |
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
17 |
Public Shareholding |
|
|
|
- No. of shares |
15903644 |
|
|
- Percentage of shareholding |
72.38% |
|
18 |
Promoter &
Promoter Group Shareholding |
|
|
|
a)
Pledged/Encumbered |
|
|
|
- No. of shares |
5500000 |
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
90.62% |
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
25.03% |
|
|
b) Non-encumbered |
|
|
|
- No. of shares |
569422 |
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
9.38% |
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
2.59% |
|
|
PARTICULARS |
Quarter Ended 30.06.2014 |
|
B. |
INVESTOR COMPLIANTS |
|
|
|
Pending at the beginning of the Quarter |
NIL |
|
|
Received during the Quarter |
NIL |
|
|
Disposed during the Quarter |
NIL |
|
|
Remaining unresolved at the end of the Quarter |
NIL |
OPERATIONS
During the year the company was able to
utilize the manufacturing capacity at its optimum but the sales realization continued to remain lower thereby
resulting in losses for yet another year.
The concerned Government department has
already initiated the imposition of anti -dumping duty on imports of solar
cells and modules and has at the same me
outlined the requirement of domestic content under various solar schemes to
revive the industry. These positive
steps will help the Company to augment its sales and profitability.
During the financial year the company reported
total revenue of Rs. 30,59.068 millions against Rs. 12,56.821 millions during
the last financial period for nine months. The company suffered a loss of Rs.
7,43.457 millions after providing Rs. 1,77.646 millions towards depreciation and Rs. 3,10.304
millions towards interest during the
current financial year as compared to a loss of Rs. 159.098 Millions
Lacs in the last financial period.
INDUSTRY REVIEW
Global synopsis
Global Solar Photovoltaic (SPV) industry
The year 2014 has
seen an increasing focus on curbing the emissions of greenhouse gases and other
pollutants. This has been coupled with legislation and the need to enhance
energy self-sufficiency and security. The global solar power market is
benefiting from various incentive schemes in the form of tradable green energy
certificates, feed-in-tariff s (FiTs), subsidies and tax rebates for the use of
renewable energy for power generation.
This has fuelled
the global solar power market to grow at a rapid pace. While sale volumes are
primarily concentrated in Asia- Pacific, there has been an upward shift in
sales across other geographies as well.
The total global
installed SPV capacity by the end of 2013 was 137GW largely dominated by the
Germany. SPV demand, on the other hand, was primarily dominated by the
Asia-Pacific region, accounting for approximately 46% of annual installed SPV
capacity globally. China, Japan, India, and Australia continued to be the top
four countries driving regional demand.
The prices of SPV
systems in the European region has witnessed a steeper fall owing to less FiTs
and speculations on further subsidy cuts in the core solar power market. The
unilateral obligation of the European Union member states to the Kyoto
Protocol, which is designed to decrease emissions of greenhouse gases has also
driven the solar power market in this region.
In the meantime,
the United States has become a lucrative destination as the price of solar PV
systems in the region has declined due to the reduction in imports from China
following the imposition of anti -dumping and illegal subsidy tariff s on
imports. With panel prices across the globe coming down drastically, Asian
manufacturers are now looking at value chain integration and technical
efficiencies to differentiate their products from other suppliers in the
market.
Indian SPV industry
The Indian SPV
industry is on the cusp of a revolution. When the current solar energy
programme, the National Solar Mission was launched in 2010, a target of 20,000
MW was set for 2022. The country’s grid connected solar power capacity has
reached only 2,632 MW, but the cost of power generation has come down from
Rs.18 per unit to Rs.7.5 per unit in just three years and promises to decline
further.
During 2013, the
Indian market witnessed 905 MW of solar PV installations compared to 982 MW in
FY 2012. Though domestic manufacturers have a capacity for installing only
700-800 MW annually and foreign manufacturers contribute a bulk of the
capacity, the right policy iniatives will catalyse the domestic industry’s
growth.
Government has
announced various incentives and programs to promote PV industry in terms of
increased indigenous manufacturing, increased power generation from solar,
increased industry participation in R&D and technology development.
The SPV industry’s
potential to supply clean and cheap energy, achieve rural electrification,
provide employment and fight climate change could make it the most important
driver of India’s future growth.
Jawaharlal Nehru
National Solar Mission (JNNSM)
Objectives
• Reduce India’s
dependence on imports of diesel and coal for power genera on
• Reduce
greenhouse gas emissions
• Contribute to energy security
Global Solar Photovoltaic (SPV) industry
outlook
The solar power is
anticipated to be an important factor towards meeting the energy needs across
the globe. According to EPIA and GREENPEACE report on Solar Generation, global
solar markets between 2016 and 2025 are estimated to remain on a high growth
path an annual growth rate of 19% till 2020 and 11% until 2025. The growth will
be largely driven by Asia-Pacific region.
As such, Germany,
France, Spain, Italy and the United Kingdom, together, plan to install more
than 75 GW of SPV capacities. Drafting strict clean energy regulations and
offering adequate subsidies to the renewable energy sector along with
maintaining clarity in the incentive guidelines for solar power manufacturers
will drive the Global SPV industry in the coming years.
FIXED ASSETS
Tangible Assets
v Leasehold Land
v Building
v Plant and Machinery
v Furniture and Fixture
v Computers
v Office Equipments
v Motor Vehicles
Intangible Assets
v Computers Software
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. 61.85 |
|
|
1 |
Rs. 96.72 |
|
Euro |
1 |
Rs. 76.53 |
INFORMATION DETAILS
|
Information Gathered
by : |
DIP |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ANU |
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.