MIRA INFORM REPORT
|
Report Date : |
30.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
PREMIER SOLAR SYSTEMS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
V.V. Towers, 3rd Floor, Trimelgerry Main Road, Karkhana,
Secunderabad – 500 015, Telangana |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
03.04.1995 |
|
|
|
|
Com. Reg. No.: |
01-019909 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.38.094
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U40106TG1995PTC019909 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCP8800D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject
is engaged in the business of manufacturer of solar panels, cells and
equipments and also engaged in generation of electricity. |
|
|
|
|
No. of Employees
: |
Information declined by the Management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 762000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an
established company having satisfactory track record. There seems some
dip in the turnover of the company during 2013. However, networth of the company
is satisfactory. General financial position of the company is normal and
acceptable for business dealing. Trade relations
are reported as fair. Business is active. Payment terms are reported to be
slow but 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
NEWS
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a quarter
of a century. The data was below an official estimate of 4.9 % annual growth
and compared with 4.5 % in the last fiscal year. However, the current account
deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product,
in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before. A
sharp fall in gold imports due to restrictions on overseas purchases and muted
import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two. While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs.2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of Amway
India was arrested by the Andhra Pradesh Police in connection with a complaint
against the direct selling firm. This is the second time that he has been taken
into custody. A year, ago the Kerala Police had arrested Pinckney and two
company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers with hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US
governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
SE 1B |
|
Rating Explanation |
Highest performance capability and moderate financial strength. |
|
Date |
July, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Ms. Radha |
|
Designation : |
Account Executive |
|
Contact No.: |
91-40-27744415 |
|
Date : |
28.06.2014 |
LOCATIONS
|
Registered/ Corporate Office : |
V.V. Towers, 3rd Floor, Trimelgerry Main Road, Karkhana, Secunderabad
– 500 015, Telangana, India |
|
Tel. No.: |
91-40-27744415/ 27744416 |
|
Fax No.: |
91-40-27744417 |
|
E-Mail : |
marketing@premiersolarsystems.com |
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory : |
Survey No.53, Annaram Village, Jinaram Mandal, Opposite Dundigal Air
Force Academy, Medak District – 502 313, Telangana, India |
|
Tel. No.: |
91-8458-275123/ 275099 |
|
Fax No.: |
91-8458-275099/ 274428 |
|
|
|
|
Power Generation Plant and Power
Distribution Plant : |
Located at: ·
Jharkhand |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Chiranjeev Singh Saluja |
|
Designation : |
Managing Director |
|
Address : |
C-27, Vikrampuri, Secunderabad – 500 003, Telangana, India |
|
Date of Birth/Age : |
17.09.1973 |
|
Date of Appointment : |
01.04.1997 |
|
DIN No.: |
00664638 |
|
PAN No.: |
ABWPS5533K |
|
|
|
|
Name : |
Mr. Surenderpal Singh Saluja |
|
Designation : |
Director |
|
Address : |
C-27, Vikrampuri, Secunderabad – 500 003, Telangana, India |
|
Date of Birth/Age : |
26.12.1946 |
|
Date of Appointment : |
03.04.1995 |
|
DIN No.: |
00664597 |
|
PAN No.: |
ABMPS7079N |
KEY EXECUTIVES
|
Name : |
Ms. Radha |
|
Designation : |
Account Executive |
|
|
|
|
Name : |
GSLN Gupta |
|
Designation : |
Company Secretary in Practice |
|
Address : |
Flat No.201, 2nd Floor, Vijetha Pinnacle, Lane Opposite to
Pantaloons, Begumpet, Hyderabad – 500 016, Telangana, India |
|
Mobile No.: |
91-9849989328/ 8801829959 |
|
E-Mail : |
MAJOR SHAREHOLDERS
AS ON 30.09.2013
|
Names of Shareholders |
No. of Shares |
|
Surenderpal Singh Saluja |
968100 |
|
Chiranjeev Singh Saluja |
2089500 |
|
Manjeet Kaur Saluja |
99800 |
|
Sunali Saluja |
330000 |
|
Jasveen Kaur |
2000 |
|
Anitha Kaur |
5000 |
|
Charandeep Singh |
15000 |
|
G.S. Monga |
15000 |
|
S.C. Wadhawan |
200000 |
|
Amritha Saluja |
25000 |
|
Kuldeep Singh |
60000 |
|
Total |
3809400 |
AS ON 01.03.2014
|
Names of Allottees |
No. of Shares |
|
Chiranjeev Singh Saluja |
487500 |
|
Surenderpal Singh Saluja |
703100 |
|
Total |
1190600 |
AS ON 30.09.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.0 |
BUSINESS DETAILS
|
Line of Business : |
Subject
is engaged in the business of manufacturer of solar panels, cells and
equipments and also engaged in generation of electricity. |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2013)
Licensed Capacity,
Installed Capacity and Production:
|
Particulars |
Unit |
FY
2012-13 |
|
Solar Lantern |
Nos. |
25000 |
|
Solar Street Light |
Nos. |
3000 |
|
Solar Emergency Lights |
Nos. |
25000 |
|
Solar Water Heater |
Nos. |
200000 LPD |
|
Solar Home Lighting System |
Nos. |
15000 |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the Management. |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
|
|
|
|
|
Auditors : |
|
|
Name : |
Padmanabha Rao and Company Chartered Accountants |
|
Address : |
G-5, Jamuna Sadan, Mayuri Marg, Begumpet, Hyderabad – 500 016, Telangana, India |
|
PAN No.: |
ABHPR9664F |
|
|
|
|
Subsidiary Company : |
Premier Solar Powertech Private Limited (CIN No.:
U40108AP2010PTC070745) |
CAPITAL STRUCTURE
AFTER 30.09.2013
Authorised Capital : Rs.60.000 millions
Issued, Subscribed & Paid-up Capital : Rs.50.594
millions
AS ON 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3809400 |
Equity Shares |
Rs.10/- each |
Rs.38.094
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 |
38.094 |
38.094 |
38.094 |
|
(b) Reserves & Surplus |
152.383 |
143.719 |
148.057 |
|
(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) |
190.477 |
181.813 |
186.151 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
162.504 |
103.231 |
28.944 |
|
(b) Deferred tax liabilities (Net) |
34.611 |
19.608 |
5.843 |
|
(c)
Other long term liabilities |
13.698 |
2.955 |
0.143 |
|
(d)
Long-term provisions |
40.057 |
37.438 |
37.438 |
|
Total
Non-current Liabilities (3) |
250.870 |
163.232 |
72.368 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
132.209 |
62.949 |
50.120 |
|
(b)
Trade payables |
353.447 |
490.168 |
98.538
|
|
(c)
Other current liabilities |
25.213 |
12.338 |
6.679
|
|
(d)
Short-term provisions |
4.190 |
2.403 |
1.402
|
|
Total
Current Liabilities (4) |
515.059 |
567.858 |
156.739 |
|
|
|
|
|
|
TOTAL |
956.406 |
912.903 |
415.258 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
388.931 |
320.774 |
46.556 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
33.422 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
63.141 |
0.051 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
0.000 |
0.000 |
0.000 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
452.072 |
320.825 |
79.978 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
90.271 |
111.294 |
77.882
|
|
(c)
Trade receivables |
197.698 |
108.858 |
88.534
|
|
(d)
Cash and cash equivalents |
186.452 |
287.934 |
106.283
|
|
(e)
Short-term loans and advances |
16.658 |
73.800 |
62.581 |
|
(f)
Other current assets |
13.255 |
10.192 |
0.000 |
|
Total
Current Assets |
504.334 |
592.078 |
335.280 |
|
|
|
|
|
|
TOTAL |
956.406 |
912.903 |
415.258 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations (Net) |
|
722.618 |
1176.588 |
|
|
|
Other Income |
|
31.003 |
16.813 |
|
|
|
TOTAL |
|
753.621 |
1193.401 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
713.816 |
1174.997 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
|
713.816 |
1174.997 |
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX AND EXCEPTIONAL ITEMS |
|
39.805 |
18.404 |
|
|
|
|
|
|
|
|
|
Less |
EXCEPTIONAL
ITEMS |
|
9.139 |
6.477 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
30.666 |
11.927 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
22.002 |
16.265 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
8.664 |
(4.338) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
261.503 |
224.470 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
|
2.27 |
(1.14) |
|
|
|
PARTICULARS |
|
|
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Domestic Turnover |
|
|
117.105 |
|
|
|
Export Turnover |
|
|
431.832 |
|
|
|
Other Income |
|
|
2.789 |
|
|
|
TOTAL (A) |
|
|
551.726 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
|
|
346.533 |
|
|
|
Consumption of store and spare parts and packing material |
|
|
31.341 |
|
|
|
Salary, wages, bonus and employees benefits |
|
|
12.307 |
|
|
|
Managerial remuneration |
|
|
2.700 |
|
|
|
Payments to Auditors |
|
|
0.075 |
|
|
|
Insurance Expenses |
|
|
0.507 |
|
|
|
Power and Fuel |
|
|
2.827 |
|
|
|
Manufacturing Expenses |
|
|
34.290 |
|
|
|
Selling and Distribution Expenses |
|
|
26.043 |
|
|
|
Administrative Expenses |
|
|
10.650 |
|
|
|
Increase or decrease in finished goods |
|
|
(2.493) |
|
|
|
TOTAL (B) |
|
|
464.780 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
86.946 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
12.121 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
74.825 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
9.293 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
|
|
65.532 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
|
13.102 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
|
|
52.430 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
391.418 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
|
|
13.76 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.15 |
(0.36) |
9.50 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.24 |
1.01 |
11.94 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.43 |
1.31 |
17.16 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16 |
0.07 |
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.55 |
0.91 |
0.42 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.98 |
1.04 |
2.14 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
38.094 |
38.094 |
38.094 |
|
Reserves & Surplus |
148.057 |
143.719 |
152.383 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
186.151 |
181.813 |
190.477 |
|
|
|
|
|
|
Long-term borrowings |
28.944 |
103.231 |
162.504 |
|
Short term borrowings |
50.120 |
62.949 |
132.209 |
|
Total borrowings |
79.064 |
166.180 |
294.713 |
|
Debt/Equity ratio |
0.425 |
0.914 |
1.547 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from Operations (Net) |
548.937 |
1176.588 |
722.618 |
|
|
|
114.339 |
(38.584) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from Operations (Net) |
548.937 |
1176.588 |
722.618 |
|
Profit |
52.430 |
(4.338) |
8.664 |
|
|
9.55% |
(0.37%) |
1.20% |
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 |
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] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10313407 |
31/08/2013 * |
186,259,000.00 |
INDIAN RENEWABLE ENERGY
DEVELOPMENT AGENCY LIMITED |
INDIA HABITAT CENTRE1ST FLOOR
EAST COURT CORE, 4A LODHI ROAD, NEW DELHI, DELHI - 110003, INDIA |
B87849873 |
|
2 |
80005816 |
30/01/2014 * |
562,800,000.00 |
STATE BANK OF HYDERABAD |
MSME BALANAGAR BRANCH,
NARSAPUR X ROADS, BALANAGAR, HYDERABAD, ANDHRA PRADESH - 500037, INDIA |
B97458624 |
|
3 |
90138448 |
14/08/2003 |
6,066,000.00 |
INDIAN RENEWABLE ENERGY
DEVELOPMENT AGENCY LIMITED |
CORE-4A; EAST COURT, 1ST
FLOOR; INDIA HABITAT CENTRE; LODI ROAD, NEW DELHI, DELHI - 110003, INDIA |
- |
|
4 |
90136864 |
23/07/2003 |
6,066,000.00 |
INDIAN RENEWABLE ENERGY
DEVELOPMENT AGENCY LIMITED |
CORE-4A; EAST COURT, 1ST
FLOOR; INDIA HABITAT CENTRE; LODI ROAD, NEW DELHI, DELHI - 110003, INDIA |
- |
|
5 |
90138425 |
25/04/2003 |
6,066,000.00 |
INDIAN RENEWABLE ENERGY DEVELOPMENT
AGENCY LIMITED |
CORE-4A; EAST COURT, 1ST
FLOOR; INDIA HABITAT CENTRE; LODI ROAD, NEW DELHI, DELHI - 110003, INDIA |
- |
* Date of charge modification
|
Unsecured Loans |
31.03.2013 (Rs. in Millions) |
31.03.2012 (Rs. in Millions) |
|
SHORT TERM BORROWINGS |
|
|
|
Loans repayable on demand |
|
|
|
- From Banks |
0.000 |
10.703 |
|
- From other
parties |
1.000 |
0.000 |
|
Other Loans
(Advance from Customers) |
5.026 |
17.332 |
|
Total |
6.026 |
28.035 |
Note:
The registered office of the company has been shifted from Plot No.6, 1st Floor, S.V. Reddy Complex, Tadbund X Roads, Secunderabad – 500 009, Andhra Pradesh to the present address w.e.f. 18.02.2008.
COMPANY OVERVIEW:
Subject was incorporated on
April 03, 1995 under the Companies Act 1956 as a private limited company to
carry on the business of manufacturer of solar panels, cells and equipments.
During the year 2012-13 company commenced generation of energy in the
commissioned a solar power plant in the state of Jharkhand with effect from the
30/31st March, 2013. Company caters to domestic and international
market.
FINANCIAL RESULTS:
The income from operations
stood at Rs.722.618 millions as against Rs.1176.688 millions in the previous
year, resulting in Profit of Rs.8.664 millions as against loss of Rs.4.338
millions for the previous year. Owing to slowdown in general economy and
Hyderabad in particular, the revenues of the company fell marginally.
FIXED ASSETS:
·
Land
·
Building
·
Mobile Phone
·
Computer and Computer Peripherals
·
Dies and Tools
·
Electrical Equipment and Installation
·
Erection
·
Furniture and Fixtures
·
Jigs and Fixtures
·
Motor Bus
·
Motors Cars
·
Office Appliances
·
Office Equipment
·
Plant and Machinery
·
Solar Water Pumping Systems (Leased)
·
Testing Equipment
·
Tools
·
Vehicles (Two Wheeler)
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.60.09 |
|
|
1 |
Rs.102.40 |
|
Euro |
1 |
Rs.81.88 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
42 |
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.