MIRA
INFORM REPORT
|
Report Date : |
29.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
CIRA RENEWABLE ENERGY PRIVATE LIMITED |
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Registered
Office : |
MIG B-15, Dr. A. S. Rao Nagar, ECIL Post, |
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Country : |
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Financials (as
on) : |
30.09.2014 (Provisional) |
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Date of
Incorporation : |
04.01.2013 |
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Com. Reg. No.: |
01-085227 |
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Capital
Investment / Paid-up Capital : |
Rs. 11.519 Millions |
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CIN No.: [Company Identification
No.] |
U40108AP2013PTC085227 |
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TIN: |
36585297824 |
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IEC No.: |
0913010979 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAFCC1225R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The company is engaged in setting up Solar PV Power Plants by
Employing equipment of High Quality and Reliability and durability meeting
international Standards. |
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No. of Employees
: |
37 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
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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 51000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow But Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively new company having moderate track record. Rating is constrained on account of short track record of operation
and low reserve of the company. However, trade relation are improving. Business is active. Payment
terms are slow but correct. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
India |
A1 |
A1 |
|
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
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Rating |
Not Available |
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Rating Explanation |
Not Available |
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Date |
Not Available |
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 PARTED BY
|
Name : |
Mr. P. Pavithran |
|
Designation : |
General Manager |
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Contact No.: |
91-9493413441 |
|
Date : |
27.12.2014 |
LOCATIONS
|
Registered Office/ Corporate Office 1 : |
MIG B-15, Dr. A. S. Rao Nagar, ECIL Post, Hyderabad – 500062, Telangana, India |
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Tel. No.: |
91-40-27144694 |
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Mobile No.: |
91-9493413441 (Mr. P. Pavithran) |
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Fax No.: |
91-40-27144694 |
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E-Mail : |
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Website : |
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Area : |
2500 Sq. Ft. |
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Location : |
Rented |
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Corporate Office 2 : |
MIG B-20, Dr. A. S. Rao Nagar, ECIL Post, Hyderabad –
500062, Telangana, India |
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Tel. No.: |
91-40-27135381/0465/0504 |
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Fax No.: |
91-40-27135387 |
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Branch Office : |
House No. 16 Dikchow Path, Rukmini Gaon. Gurwahati – 22, Assam, India |
DIRECTORS
As on: 30.09.2014
|
Name : |
Mr. Venkat Tribhuvan Vaddi |
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Designation : |
Managing Director |
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Address : |
H. No. 30-52-5-61, Creative Nagar, A.S. Rao Nagar, Hyderabad - 500062, Telengana, India |
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Date of Appointment : |
04.01.2013 |
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Qualification |
B.E. (ECE) |
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Experience |
8 Years |
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DIN No.: |
06452016 |
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Name : |
Mr. Anand Kumar Sonkamble |
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Designation : |
Whole-Time Director |
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Address : |
8-4-369-88, Banjara Nagar, Borabanda, Hyderabad – 500008, Telangana,
India |
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Date of Appointment : |
04.01.2013 |
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Qualification |
B. Tech (ECE) |
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Experience |
6 Years |
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DIN No.: |
06464064 |
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Name : |
Mr. Ghana Kanta Chutia |
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Designation : |
Whole-time director |
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Address : |
Lathia – village, Gogamukh – Post, Dhemeji – 787034, India |
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Date of Appointment : |
04.01.2013 |
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Qualification |
AMIE |
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Experience |
10 Years |
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DIN No.: |
00804172 |
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Name : |
Mr. Anil kumar Nair |
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Designation : |
Whole-time director |
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Address : |
238 Saket Phase 2, kapra ECIL PO Hyderabad – 500062, Telangana, India |
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Date of Appointment : |
04.01.2013 |
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Qualification |
MA |
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Experience |
6 Years |
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DIN No.: |
06452031 |
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Name : |
Mr. Nihar Panda |
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Designation : |
Whole-time director |
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Address : |
At – Hathipatar Road, Raniguda Farm, Rayagada – 765001, India |
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Date of Appointment : |
04.01.2013 |
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DIN No.: |
6455291 |
KEY EXECUTIVES
|
Name : |
Mr. P. Pavithran |
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Designation : |
General Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Venkat Tribhuvan Vaddi |
|
240000 |
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Anand Kumar Sonkamble |
|
240000 |
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Ghana Kanta Chutia |
|
190000 |
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Anil kumar Nair |
|
80000 |
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Nihar Panda |
|
240000 |
As on: 30.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
The company is engaged in setting up Solar PV Power Plants by
Employing equipment of High Quality and Reliability and durability meeting international
Standards. |
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Products : |
- |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Applicable |
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Imports : |
Not Applicable |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit |
PRODUCTION STATUS (31.03.2014)
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Particulars |
Installed
Capacity |
Actual
Production |
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Off grid and grid tie Solar PV Power Plants of deferent capacity |
2 MW |
2 MW |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
End Users
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No. of Employees : |
37 (Approximately) |
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Bankers : |
·
Axis Bank, Kapra, Hyderabad
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Auditors : |
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Name : |
NVS Murty and Company Chartered Accountant |
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Address : |
Plot No.14-B, Vasavi Nagar-B, Picket, Secunderabad – 500015, Telangana, India |
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Mobile No.: |
91-9440051943 |
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E-Mail : |
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PAN No.: |
AASPN3588J |
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Memberships : |
Not available |
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Collaborators : |
Not available |
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Associates/Subsidiaries : |
Not available |
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Sister Concern: |
Not available |
CAPITAL STRUCTURE
As on: 30.09.2014
(Provisional)
Authorized Capital: Not Available
Issued, Subscribed & Paid-up Capital: Rs. 11.519
Millions
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
Provisional 30.09.2014 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
11.519 |
10.000 |
4.000 |
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(b) Reserves & Surplus |
10.412 |
6.924 |
0.601 |
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(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money pending allotment |
0.000 |
1.119 |
2.699 |
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Total
Shareholders’ Funds (1) + (2) |
21.931 |
18.043 |
7.300 |
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(3)
Non-Current Liabilities |
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(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Deferred tax liabilities (Net) |
0.028 |
0.028 |
0.004 |
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(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
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(d) long-term provisions |
0.000 |
0.000 |
0.000 |
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Total Non-current Liabilities (3) |
0.028 |
0.028 |
0.004 |
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(4) Current Liabilities |
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(a) Short term borrowings |
0.000 |
0.000 |
0.476 |
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(b) Trade payables |
0.000 |
81.792 |
5.017 |
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(c) Other current
liabilities |
76.313 |
2.054 |
1.460 |
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(d) Short-term provisions |
8.675 |
3.739 |
1.048 |
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Total Current Liabilities (4) |
84.988 |
87.585 |
8.001 |
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TOTAL |
106.947 |
105.656 |
15.305 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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(i) Tangible assets |
0.309 |
0.213 |
0.050 |
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(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
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(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
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(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
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(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
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(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
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(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
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(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
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Total Non-Current Assets |
0.309 |
0.213 |
0.050 |
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(2) Current assets |
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(a) Current investments |
0.000 |
0.000 |
0.000 |
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(b) Inventories |
0.000 |
0.606 |
0.025 |
|
(c) Trade receivables |
96.266 |
98.114 |
11.189 |
|
(d) Cash and cash
equivalents |
2.393 |
1.103 |
3.664 |
|
(e) Short-term loans and
advances |
1.109 |
5.620 |
0.377 |
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(f) Other current assets |
6.870 |
0.000 |
0.000 |
|
Total Current Assets |
106.638 |
105.443 |
15.255 |
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|
|
|
|
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TOTAL |
106.947 |
105.656 |
15.305 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
Provisional 30.09.2014 |
31.03.2014 |
31.03.2013 |
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SALES |
|
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Income |
85.917 |
196.997 |
12.253 |
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Other Income |
1.320 |
0.000 |
0.000 |
|
|
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TOTAL (A) |
87.237 |
196.997 |
12.253 |
|
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Less |
EXPENSES |
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Cost of Materials Consumed |
64.476 |
0.000 |
0.000 |
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|
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Purchase of stock in Trade |
0.000 |
153.150 |
6.663 |
|
|
|
Change in inventories of finished goods |
0.000 |
(0.582) |
(0.024) |
|
|
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Employees benefits expense |
0.000 |
12.089 |
1.792 |
|
|
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Direct Expenses |
12.106 |
0.000 |
0.000 |
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|
|
Operating Expenses |
5.568 |
0.000 |
0.000 |
|
|
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Other expenses |
0.000 |
23.101 |
2.951 |
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|
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TOTAL (B) |
82.150 |
187.758 |
11.382 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5.087 |
9.239 |
0.871 |
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Less |
FINANCIAL
EXPENSES (D) |
0.039 |
0.000 |
0.000 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5.048 |
9.239 |
0.871 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.000 |
0.073 |
0.002 |
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PROFIT BEFORE
TAX (E-F) (G) |
5.048 |
9.166 |
0.869 |
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Less |
TAX (H) |
1.560 |
2.843 |
0.268 |
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PROFIT AFTER TAX
(G-H) (I) |
3.488 |
6.323 |
0.601 |
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Earnings Per
Share (Rs.) |
- |
6.32 |
0.06 |
|
KEY RATIOS
|
PARTICULARS |
|
Provisional 30.09.2014 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
4.06 |
3.21 |
4.90 |
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Operating Profit Margin (PBIDT/Sales) |
(%) |
5.92 |
4.69 |
7.11 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.72 |
8.68 |
5.68 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.23 |
0.51 |
0.12 |
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Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.07 |
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Current Ratio (Current Asset/Current Liability) |
|
1.25 |
1.20 |
1.91 |
FINANCIAL ANALYSIS
[All figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
Provisional 30.09.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
4.000 |
10.000 |
11.519 |
|
Reserves & Surplus |
0.601 |
6.924 |
10.412 |
|
Share
Application money pending allotment |
2.699 |
1.119 |
0.000 |
|
Net worth |
7.300 |
18.043 |
21.931 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.476 |
0.000 |
0.000 |
|
Total borrowings |
0.476 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.065 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
Provisional 30.09.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
12.253 |
196.997 |
85.917 |
|
|
|
1,507.745 |
(56.387) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
Provisional 30.09.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
12.253 |
196.997 |
85.917 |
|
Profit |
0.601 |
6.323 |
3.488 |
|
|
4.90% |
3.21% |
4.06% |
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 |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
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 |
Yes |
TRADE REFERENCE:
|
Company Name: |
Consol Neowatt Energy Solution Compant Private Limited |
|
Address: |
Survey No. 43/2/3, Mundhwa Road, Mundhawa, Pune – 411036, Maharashtra, India |
|
Person Name: |
Mr. Sumesh Nair (Marketing Head) |
|
Tel No. |
91-8888780727 |
|
|
|
|
Company Name: |
NED Energy Limited |
|
Address: |
Sy. No. 823 and 827, Medchel Village and Mandal, R.R District – 501401, India |
|
Person Name: |
Mr. G. Srinivasan (Vice President) |
|
Tel No. |
91-9866614054 |
|
|
|
|
Company Name: |
VIMFAB Tech India Private Limited |
|
Address: |
Survey No. 78/A, Chinna Shivanoor (Village), Cheguta Mandal, Medak, India |
|
Person Name: |
Mr. RajiReddy (Managing Director) |
|
Tel No. |
91-8790073280 |
|
|
|
|
Company Name: |
Bharath Electricals, |
|
Address: |
24-64, Near Anand Bagh X Road, Malkajgiri, Hyderabad - 500047, Telengana, India |
|
Person Name: |
Mr. Keshore |
|
Tel No. |
91-9440896630 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10488850 |
13/03/2014 |
5,000,000.00 |
CANARA BANK |
Canara Bank, Prashanthi Nagar, Kukatpally, Hyderabad, Andhra Pradesh - 500072, India |
C02566859 |
* Date of charge modification
FIXED ASSETS:
· Computer
· Plant and Equipment
· Furniture and Fixture
· Office Equipment
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.63.64 |
|
|
1 |
Rs.98.98 |
|
Euro |
1 |
Rs.77.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
SMT |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
28 |
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.