MIRA INFORM REPORT
|
Report Date : |
17.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
PRAMOD FIBRE-PLAST PRIVATE LIMITED |
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|
|
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Registered
Office : |
Plot No. E - 97, MIDC Area, Ambad, Nashik – 422010, Maharashtra |
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Country : |
India |
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|
|
Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
21.05.2007 |
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Com. Reg. No.: |
11-170964 |
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Capital Investment
/ Paid-up Capital : |
Rs. 7.500 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25209MH2007PTC170964 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
NSKP03210E |
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PAN No.: [Permanent Account No.] |
AAECP2585J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing of
Fibreglass Reinforsed Plastic Products (FRP), Sheet Metal Products and also
providing manufacturing ancillary services. |
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|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 63300 |
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|
|
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. General financial position of the company is normal and acceptable for
business dealings. Trade relations are reported as fair. Business is active. Payment
terms are reported to be usually correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may grow
4.7 % in the current financial year, lower than the official estimate of 4.9 %,
Fitch Rating said. The global rating agency expects the economy to pick up in
the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
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 DECLINED
MANAGEMENT NON-COOPERATIVE
(CONTACT NO.: 91-253-2382792 / 6601692)
LOCATIONS
|
Registered Office/ Factory 1 : |
Plot No. E - 97, MIDC Area, Ambad, Nashik – 422010, Maharashtra, India |
|
Tel. No.: |
91-253-2382792 |
|
Fax No.: |
91-253-6601692 |
|
E-Mail : |
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|
Website : |
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|
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|
Factory 2 : |
Gat No. 594 to 597, Opposite Thyssenkrutt Company, A/P: Gonde Dumale,
District Nashik – 422403, Maharashtra, India |
DIRECTORS
AS ON 28.09.2013
|
Name : |
Mr. Uttam Khanderao Shinde |
|
Designation : |
Director |
|
Address : |
Flat No. 4, Omkar Apartment, Opposite I.B.P. Complex, Savarkar Nagar,
Gangapur Road, Anandwali, Nashik – 422013, Maharashtra, India |
|
Date of Birth/Age : |
29.04.1966 |
|
Date of Appointment : |
21.05.2007 |
|
PAN No.: |
ADBPS3877R |
|
DIN No.: |
01397983 |
|
|
|
|
Name : |
Mrs. Vidya Uttam Shinde |
|
Designation : |
Director |
|
Address : |
Flat No. 4, Omkar Apartment, Opposite I.B.P. Complex, Savarkar Nagar,
Gangapur Road, Anandwali, Nashik – 422013, Maharashtra, India |
|
Date of Birth/Age : |
11.04.1970 |
|
Date of Appointment : |
21.05.2007 |
|
PAN No.: |
ADLPS3186M |
|
DIN No.: |
01397969 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2013
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Uttam Khanderao Shinde |
382500 |
51.00 |
|
Vidya Uttam Shinde |
367500 |
49.00 |
|
|
|
|
|
Total |
750000 |
100.00 |
AS ON 28.09.2013
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Directors
or relatives of directors |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of
Fibreglass Reinforsed Plastic Products (FRP), Sheet Metal Products and also
providing manufacturing ancillary services. |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
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Bankers : |
· Bank of Baroda Torna Complex, Gangapur Road Branch, Nashik - 422013, Maharashtra, India · Bank of Baroda Gangapur Road Branch, Gangapur Road, Nashik - 422005, Maharashtra, India · Axis Bank Limited Trishul 3rd Floor Opposite Samartheshwar Temple, Law
Garden Ellisbridge, Ahmedabad - 380006, Gujarat, India |
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Facilities : |
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Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
Patil Daware Girase Pawar and Associates Chartered Accountants |
|
Address : |
14/15, Shraddha Sankul Building No. 1, Old Gangapur Naka, Gangapur
Road, Nashik – 422002, Maharashtra, India |
|
Tel. No.: |
91-253-2319641/ 2310348/ 2577542/ 2573176/ 2575065 |
|
Fax No.: |
91-253-2310348 |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
AAFFP0407R |
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|
|
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Associates
: |
·
P S Composites Private Limited ·
Windmech Technos |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
750,000 |
Equity Shares |
Rs. 10/- each |
Rs. 7.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
750,000 |
Equity Shares |
Rs. 10/- each |
Rs. 7.500 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
7.500 |
5.000 |
4.005 |
|
(b) Reserves & Surplus |
8.347 |
5.608 |
2.892 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.995 |
|
Total
Shareholders’ Funds (1) + (2) |
15.847 |
10.608 |
7.892 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
7.016 |
5.827 |
3.032 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
7.016 |
5.827 |
3.032 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
9.696 |
9.877 |
7.787 |
|
(b)
Trade payables |
7.543 |
6.363 |
4.069 |
|
(c)
Other current liabilities |
4.207 |
6.365 |
2.683 |
|
(d)
Short-term provisions |
1.374 |
0.934 |
0.215 |
|
Total
Current Liabilities (4) |
22.820 |
23.539 |
14.754 |
|
|
|
|
|
|
TOTAL |
45.683 |
39.974 |
25.678 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
15.687 |
12.726 |
11.461 |
|
(ii)
Intangible Assets |
0.035 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
3.375 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.107 |
0.099 |
0.042 |
|
(d) Long-term Loan
and Advances |
0.052 |
0.052 |
0.052 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.024 |
|
Total
Non-Current Assets |
15.881 |
16.252 |
11.579 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
3.456 |
2.406 |
1.988 |
|
(c)
Trade receivables |
23.333 |
20.046 |
10.281 |
|
(d)
Cash and cash equivalents |
1.491 |
0.239 |
0.871 |
|
(e)
Short-term loans and advances |
0.700 |
0.850 |
0.550 |
|
(f)
Other current assets |
0.822 |
0.181 |
0.409 |
|
Total
Current Assets |
29.802 |
23.722 |
14.099 |
|
|
|
|
|
|
TOTAL |
45.683 |
39.974 |
25.678 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
57.064 |
54.223 |
37.503 |
|
|
|
Other Income |
0.302 |
0.319 |
1.303 |
|
|
|
TOTAL (A) |
57.366 |
54.542 |
38.806 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
20.546 |
15.749 |
8.728 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(0.749) |
(0.114) |
1.241 |
|
|
|
Employees benefits expense |
14.500 |
14.529 |
12.149 |
|
|
|
Other expenses |
14.144 |
16.167 |
10.448 |
|
|
|
TOTAL (B) |
48.441 |
46.331 |
32.566 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
8.925 |
8.211 |
6.240 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.616 |
2.370 |
1.527 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6.309 |
5.841 |
4.713 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.094 |
1.868 |
1.368 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
4.215 |
3.973 |
3.345 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.476 |
1.257 |
1.063 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2.739 |
2.716 |
2.282 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1.444 |
0.000 |
0.000 |
|
|
|
Components & Spares Parts |
0.000 |
0.510 |
0.000 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.65 |
5.43 |
5.70 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.77 |
4.98 |
5.88 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.39 |
7.33 |
8.92 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.25 |
10.88 |
13.05 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27 |
0.37 |
0.42 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.05 |
1.48 |
1.37 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.31 |
1.01 |
0.96 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
4.005 |
5.000 |
7.500 |
|
Reserves & Surplus |
2.892 |
5.608 |
8.347 |
|
Share Application money
pending allotment |
0.995 |
0.000 |
0.000 |
|
Net
worth |
7.892 |
10.608 |
15.847 |
|
|
|
|
|
|
long-term borrowings |
3.032 |
5.827 |
7.016 |
|
Short term borrowings |
7.787 |
9.877 |
9.696 |
|
Total
borrowings |
10.819 |
15.704 |
16.712 |
|
Debt/Equity
ratio |
1.371 |
1.480 |
1.055 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
37.503 |
54.223 |
57.064 |
|
|
|
44.583 |
5.239 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
37.503 |
54.223 |
57.064 |
|
Profit |
2.282 |
2.716 |
2.739 |
|
|
6.08% |
5.01% |
4.80% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10213639 |
29/03/2010 |
2,000,000.00 |
BANK OF BARODA |
GANGAPUR ROAD BRANCH, GANGAPUR ROAD, NASHIK - 422005, MAHARASHTRA, INDIA |
A83801738 |
|
2 |
10192450 |
18/03/2014 * |
26,860,000.00 |
BANK OF BARODA |
TORNA COMPLEX,, GANGAPUR ROAD BRANCH, NASHIK - 422013, MAHARASHTRA, INDIA |
C04035762 |
|
3 |
10108146 |
27/12/2007 |
7,000,000.00 |
AXIS BANK LIMITED |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD - 380006, GUJARAT, INDIA |
A40336141 |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Term Loans from Banks |
0.768 |
2.311 |
|
Loans and Advances from related parties |
1.350 |
0.000 |
|
|
|
|
|
Total |
2.118 |
2.311 |
CHANGE OF ADDRESS:
The Registered office of the company has been shifted from 4, Omkar
Apartment, Savarkar Nagar, Gangapur Road, Nashik – 422013, Maharashtra, India
to the present address w.e.f.24.12.2007.
CORPORATE INFORMATION:
Subject is
manufacture of Fibreglass Reinforsed Plastic Products (FRP), Sheet Metal
Products and providing manufacturing ancillary services. The Company was
incorporated on 21st May, 2007 under the Companies Act, 1956.
OPERATIONS AND
PERFORMANCE:
In the context of the above economic and market environment; the
company's has performed very well during the year 2012-2013. The company has
reported sales and other income of Rs.57.366 Millions against 54.542 Millions
turnover during the previous year, thereby registered the rise in net profit
after tax from Rs.2.716 Millions to Rs.2.739 Millions.
Despite the slowing down of the economy, the company has continued to
deliver with strong turnover. Though the profitability of the company has come
under pressure, the company continues to have potential for growth.
INDUSTRIAL
OUTLOOK:
FRP products are extensively used by various segments of industry.
1)
Electrical Industry: FRP components are used as
insulating materials in control panels due to high electrical as well as
mechanical strength of FRP.
2)
Construction Industry: FRP doors and frames are
becoming popular choice as FRP do not absorb moisture in the atmosphere and is
light weight and can be made in attractive colours. Also decorative panels and laminates
have great scope.
3)
Railway and automobile Industry: The FRP has fire
retardant properties and light weight. Therefore, FRP is preferred over other
materials in Railway coaches and in automobiles.
4)
Wind Energy Industry: Many new WTG (Wind Turbine Generator)
Manufacturing companies are coming to India. Therefore, there is huge scope for
manufacture and supply of Nacelle enclosure and Spinner Casing which is made
out of FRP (Fibreglass Reinforced Plastic).
5)
Chemical Industry: The FRP has chemical barrier
properties and corrosion resistance. Therefore, various chemical processing
equipments are made from FRP.
GLOBAL MARKETS AND
OUTLOOK:
Despite continuing macro-economic turbulence, the wind market continued
its strong growth momentum in calendar year 2012, mainly led by what was an
extraordinary performance of the US market as a result of the then uncertainty
of an extension for Production Tax Credit. CY 2012 ended with 46 GW in new
capacity connected to the grid worldwide. The offshore wind segment grew by
over 50 per cent in CY 2012, reaching 1.4 GW in new installations. While many
key wind markets delivered a resilient performance, the India market
experienced a 17 per cent drop in CY 2012 over CY 2011 installations to 2.3 GW,
partly due to the withdrawal of the Indian Government's Generation Based
Incentive and Accelerated Depreciation benefits.
New capacity additions are projected to drop in CY 2013, due to low
levels of order intake and drop in project financing activities in CY 2012.
Policy uncertainties over continuance of PTC in US and GBI in India along with
retroactive cut in support level in some part of Europe have dampened new
order-intake. However, the industry remains resilient and we expect the
activity to pick up in the second half of CY 2013. Global new order intake is
showing signs of improvement since April 2013 for the industry, due to renewal
of PTC in the US, increased feed in tariff in India and improved growth
prospects in China.
Looking ahead, wind markets are expected to grow at a CAGR of four per
cent in the next five year period, between CY 2013 and CY 2017, with offshore
set to grow even faster at CAGR of 24 per cent. The long-term future for wind
is underpinned mainly by its efficiency and cost effectiveness in relationship with
other conventional fossil fuels, especially with the Levelized Cost of Energy
(LCOE) for wind continuously decreasing. The LCOE of wind is already at par or
competing closely with fossil fuels without the need for much government
support in most markets. In addition to cost competitiveness, energy security
concerns and concerns on the impact of climate change to play key roles in
shaping the future course of wind power development. New products are being
introduced with a significantly improved yield curve, and technological
advances allow utilities to rely more and more on wind as a mainstay power
source. According to analysis published by the International Energy Agency
(IEA), renewable energy - including wind - could rival coal as the biggest
global source of electricity production by 2035.
WIND ENERGY A BIRD
EYE VIEW:
The evidence is clearly before us, there are today 1.5 billion people
around the world with no regular access to power - no light, no electricity for
basic day-to-day appliances, and no power to operate machines for agriculture,
or to pump water. A lack of access to energy for them results in no access to
food, water or decent health facilities. Sustainable development requires we
not only focus on urban development, but bringing basic and essential
development to those who need it the most.
With sustainable development as a clear priority alongside climate
change and energy security concerns, a roadmap to a sustainable energy mix is
clearly a global priority. Over the past year the wind energy sector has
continued to consolidate its position as a mature, cost effective and
increasingly mainstream source of power. Global macroeconomic trends have had a
visible impact on the growth of the sector with growing momentum in emerging
markets, and offshore wind showing strong promise in select mature markets.
The increasingly large scale of projects and advances in technology,
alongside external factors like increasing volatility in fossil fuel supplies
and prices, have reinforced wind's position as a cost competitive power source
in comparison with conventional fuels. Industry estimates show that the cost of
wind power has come down by over 30 per cent in just the last three years, and
a recently published report by the US Energy Information Administration
projects that, by 2016, wind will be cheaper than even coal in pure
cost-per-kilowatt/hour terms.
However, wind today competes as not only a cost effective energy source,
but as a sustainable, environment-friendly and long-term energy solution. With
the developing world's ever increasing need for power, and the global need for
more secure energy supplies - there is no doubt that wind will be the key
renewable resource for the world in the years to come. This is reflected in the
rapid growth of wind in key growth markets the world over. Emerging markets
have delivered strong growth, India – their home market - showed strong
momentum which we see continuing over the midterm.
WIND ENGERY
OUTLOOK IN INDIA:
Volatile generation led to the world's biggest blackout last year when
half of India was without power for two days. Recently, the government
announced it would spend $7.9 billion to double transmission capacity in the
next five to six years to connect solar and wind projects. There's almost 20 GW
of wind and solar in India now. Almost 400 million Indians-about a third of the
subcontinent's population-don't have access to electricity. This power deficit,
which includes about 100,000 un-electrified villages, places India's per capita
electricity consumption at just 639 kwh-among the world's lowest rates.
India's national and state governments are taking action to correct this
vicious circle of power deficits and mounting carbon emissions. They are
rolling out ambitious plans to generate more electricity, deliver access to the
poor, and do it by replacing coal with renewable sources. The government has
set a target of increasing renewable energy generation by 40 gigawatts (GW) by
2022.
The development of wind power in India began in the 1999s, and has
significantly increased in the last few years. India ranks fourth amongst wind
energy producing countries in the world after Germany, Spain and USA. Total
installed wind power in India is around 19564.95 MW as on 3lS'January, 2013.
Estimated potential is 102,788 MW. Wind farms have been installed in more than
10 states. It is estimated that, 6000MV of additional wind power capacity will
be installed in India by 2014. Wind power accounts for 8.5% of India's total installed
power capacity, and it generates 1.6% of the country's power.
Many new WTG (Wind Turbine Generator) Manufacturing companies are coming
to India. Hence there is a lot of scope for the manufacture and supply of
Nacelle enclosure and Spinner Casing which is made out of FRP (Fiberglass
Reinforced Plastic). And further there is much scope for servicing and
refurbishing wind blades and spoilers.
They are hopeful for at least maintaining the same level of activity
during the next financial year 2013-14. And the directors are confident that,
the Company would continue to give excellent results during the next financial
years. The Company plans to spread its activity in several more states in the
country. The Company is also trying for export orders. The focus will be on the
optimum utilisation of production facilities at all the plants. The focus will
be on the optimum utilisation of production facilities at all the plants. The
company has prepared a risk plan and has identified the plans to mitigate the risks.
FIXED ASSETS:
· Leasehold Land
· Building
· Plant and Machinery
· Furniture and Fixture
· Vehicles
· Computer 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. 60.01 |
|
|
1 |
Rs. 102.00 |
|
Euro |
1 |
Rs. 81.25 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.