MIRA
INFORM REPORT
|
Report Date : |
21.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Registered
Office : |
S. No. 49 Industry House, Opposite Kalyani Steels Limited, Mundhwa,
Pune-411036, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
20.10.2007 |
|
|
|
|
Com. Reg. No.: |
11-130881 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.761.222 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U40102PN2007PTC130881 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEK08064A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCK2089H |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
The Company is engaged in the business of Supply,
Erection, Installation, Operations and maintenance of Wind Turbine Generators
(WTG) and is also engaged in Development of Wind Farm. |
|
|
|
|
No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 327800 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Exists |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. Management of the company has filed its financials for the year 2013
but the same could not be made available from government department. As per available financial (2012), the rating reflects moderate
financial risk profile marked by continuous loss that company has incurred
over a year and below average financial performance. However, trade relations are fair. Business is active. Payments are
reported to be slow but correct. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
State-run banks hired nearly
300000 personnel including more than 94000 officers in the last four years,
according to the Indian Banks Association. A study by trade lobby Assocham in
September 2013 indicated that banks would need 800000 people in the next six
years. It estimated that state-run lenders alone would hire 50000 people in
2013/14.
The Competition Commission of
India plans to issue final orders within a broad time-frame of one year in matters
where it decides to carry out detailed investigations. The number of complaints
received by the watchdog which keeps tabs on unfair trade practices in the
marketplace.
The government has detected
custom tax evasion totaling around Rs 37920 mn in 14 states until December.
Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs
8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.
Connaught Place in New Delhi
slipped four notches to become the world’s eighth most expensive office
locations. London’s West End is the world’s most expensive office market.
There are 4.072 mn number of
high value spenders under the scanner of the income tax department. The income
tax department has information that they have made cash deposits announcing to
Rs 1 mn or more in their savings bank accounts in the current financial year.
It plans to check potential evasion before the closing of the financial year on
March 31.
Estimated pharmaceutical sales
in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago.
The life sciences and health care industry is up against challenges such as
quality management, says a recent Deloitte report.
The gross non-performing assets
of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months
of the financial year. In absolute terms, the 40 listed banks added Rs 3386
crore to their gross NPAs in nine months with the State Bank of India leading
with the State Bank of India leading with an accretion of Rs 16610 crore.
The inflow of smuggled gold
doubled in 2013 following restrictions to curb the supply from official
channels to contain the current account deficit. China surpassed India in the
demand for gold for the first time in 2013 due to liberalization of gold
trading norms by its local governments.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
B – [Bank Lines Cash Credit] |
|
Rating Explanation |
Have high risk of default |
|
Date |
January 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
A4 [Bank Lines Fund Based] |
|
Rating Explanation |
Have minima degree of safety and carry very high credit risk. |
|
Date |
January 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
Management non co-operative [91-20-30473100]
LOCATIONS
|
Registered Office : |
S. No. 49 Industry House, Opposite Kalyani Steels Limited, Mundhwa,
Pune-411036, Maharashtra, India |
|
Tel No : |
91-20-30473100 |
|
Fax No. |
91-20-30473133 |
|
E-Mail : |
|
|
Website : |
http://www.kenersys.com http://www.kalyanigroup.com
|
|
|
|
|
Corporate Office
: |
Survey No.15, Keshavanagar,
Pune – 411036, |
|
Tel No : |
91-20-30462899/
40362888 |
|
Fax No : |
91-20-41061999 |
|
E-Mail : |
|
|
|
|
|
Factory : |
Located at B-15/1, Baramati, Maharashtra,
India |
|
|
|
|
Local Office : |
Business Plaza Next to Westin Hotel, 7th Floor, 36/3B, North Main Road, Koregaon Park Annexe, Pune – 411001, Maharashtra, India |
|
Tel. No.: |
91-20-30473100 |
|
Fax No.: |
91-20-30473130 |
|
E-Mail : |
|
|
|
|
|
Overseas Office : |
Located At: Europe Office: Address: Kenersys Europe
GmbH, Portal 10, Albersloher Weg 10, 48155 Munster, Germany Tel No.: +49-0-251-21099-0 Fax No.: +49(0)-251-21099-200 E-mail: andreas.reuter@kenersys.com Sweden Office: Address: Magnus Fjelde, Tallstigen11,
18235 Danderyd, Sweden Tel. No.: +46-8-753.-05-35 E-Mail: nfo@kenersys.com America Office: Address: Kenersys
Americas LLC, 50W. Big |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Shriniwas Balwant Kanade |
|
Designation : |
Director |
|
Address : |
20, Nityanand Co-operative HSG Society, Pune, Satara Road, Dhankawadi,
Pune – 411043, Maharashtra, India |
|
Date of Birth/Age : |
04.03.1953 |
|
Qualification : |
BCom |
|
Date of Appointment : |
20.10.2007 |
|
DIN No.: |
00089063 |
|
|
|
|
Name : |
Mr. Francesco Giuliani |
|
Designation : |
Director |
|
Address : |
66 Prospect Street, Apartment A, Greenwich, 06830, United State of
America |
|
Date of Birth/Age : |
16.03.1972 |
|
Qualification : |
MBA |
|
Date of Appointment : |
09.07.2008 |
|
DIN No.: |
02153917 |
|
|
|
|
Name : |
Mr. Atul Zade |
|
Designation : |
Nominee Director |
|
Address : |
A-112, Aradhana CHS, G.D. Ambekar Marg, Naigaon, Dadar (East), Near
Wadala Tel Exchange, Mumbai-400014, Maharashtra, India |
|
Date of Birth/Age : |
25.06.1984 |
|
Date of Appointment : |
25.09.2013 |
|
DIN No.: |
06401708 |
|
|
|
|
Name : |
Mr. Sanjay Gandhi |
|
Designation : |
Whole-time director |
|
Address : |
Amanora Park Town, Sector R- 12, Tower No. 001, Flat No. 502,
Hadapsar, Pune – 411028, Maharashtra, India |
|
Date of Birth/Age : |
09.07.1976 |
|
Date of Appointment : |
28.09.2012 |
|
PAN No.: |
AHVPG4673M |
|
DIN No.: |
06388787 |
KEY EXECUTIVES
|
Name : |
Mr. Rashmi Ramesh Ballaney |
|
Designation : |
Secretary |
|
Address : |
Flat No. 49, Wonderland, 7 MG Road, Pune- 411000, Maharashtra, India |
|
Date of Birth/Age : |
05.06.1984 |
|
Date of Appointment : |
31.08.2012 |
|
PAN No.: |
AHNPB9605Q |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Shareholders |
No. of Shares |
No. of
Preferences Shares |
|
Kenersys Mauritius Private Limited, Mauritius |
66962403 |
-- |
|
DAT Trading Private Limited, Mumbai |
786087 |
-- |
|
IFCI Limited, India |
8373440 |
-- |
|
Kishore Saletore |
250 |
-- |
|
Kalyani Investment Company Limited, India |
-- |
85000000 |
|
|
|
|
|
TOTAL
|
76122180 |
85000000 |
AS ON 30.09.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
87.97 |
|
Public
financial companies |
|
11.00 |
|
Bodies
corporate |
|
1.03 |
|
TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the business of Supply,
Erection, Installation, Operations and maintenance of Wind Turbine Generators
(WTG) and is also engaged in Development of Wind Farm. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
|||||||||||||||||||||
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|
|
|||||||||||||||||||||
|
Bankers : |
·
State Bank of India Industrial Finance Branch, 2nd
Floor, Tara Chambers, Pune - Mumbai
Highway, Wakdewadi, Pune – 411003, Maharashtra, India ·
HDFC Bank Limited, Pune, Maharashtra, India ·
Axis Bank, Deccan Gymkhana |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.R Batliboi and Company Chartered Accountants |
|
Address : |
C-401, 4th Floor, Panchshil Tech Park, Yerwada, (Near Don Bosco School), Pune – 411006, Maharashtra, India |
|
Tel. No.: |
91-22-40356300 |
|
Fax No.: |
91-22-40356400 |
|
PAN No: |
AABFS3421N |
|
|
|
|
Ultimate Holding Company: |
Kalyani Mauritius Private Limited |
|
|
|
|
Holding Company: |
Kenersys Mauritius Private Limited |
|
|
|
|
Fellow Subsidiary: |
|
CAPITAL STRUCTURE
AS ON 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
80000000 |
Equity Shares |
Rs.10/- each |
Rs.800.000 Millions |
|
85000000 |
Preferences Shares |
Rs.10/- each |
Rs.850.000 Millions |
|
|
TOTAL
|
|
Rs.1650.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
76122180 |
Equity Shares |
Rs.10/- each |
Rs.761.222
Millions |
|
85000000 |
Preferences Shares |
Rs.10/- each |
Rs.850.000 Millions |
|
|
TOTAL |
|
Rs.1611.222 Millions |
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
80000000 |
Equity Shares |
Rs.10/- each |
Rs.800.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
76122180 |
Equity Shares |
Rs.10/- each |
Rs.761.222
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
761.222 |
734.499 |
|
(b) Reserves & Surplus |
|
(679.262) |
(427.675) |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
|
81.960 |
306.824 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
0.000 |
147.172 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long
term liabilities |
|
0.000 |
0.000 |
|
(d) Long-term
provisions |
|
25.849 |
7.901 |
|
Total Non-current
Liabilities (3) |
|
25.849 |
155.073 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
1189.891 |
1327.613 |
|
(b)
Trade payables |
|
1070.758 |
925.106 |
|
(c)
Other current liabilities |
|
538.377 |
725.388 |
|
(d) Short-term
provisions |
|
57.099 |
66.629 |
|
Total Current
Liabilities (4) |
|
2856.125 |
3044.736 |
|
|
|
|
|
|
TOTAL |
|
2963.934 |
3506.633 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
307.284 |
293.918 |
|
(ii)
Intangible Assets |
|
27.085 |
1.065 |
|
(iii)
Capital work-in-progress |
|
1.060 |
0.000 |
|
(iv)
Intangible assets under development |
|
1.639 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
28.730 |
94.095 |
|
(e) Other
Non-current assets |
|
3.133 |
0.593 |
|
Total Non-Current
Assets |
|
368.931 |
389.671 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
1312.880 |
1784.203 |
|
(c)
Trade receivables |
|
391.052 |
397.178 |
|
(d) Cash
and cash equivalents |
|
8.818 |
40.839 |
|
(e)
Short-term loans and advances |
|
882.190 |
886.529 |
|
(f)
Other current assets |
|
0.063 |
8.213 |
|
Total
Current Assets |
|
2595.003 |
3116.962 |
|
|
|
|
|
|
TOTAL |
|
2963.934 |
3506.633 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
248.403 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
276.080 |
|
|
4] (Accumulated Losses) |
|
|
(252.752) |
|
|
NETWORTH |
|
|
271.731 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
443.060 |
|
|
2] Unsecured Loans |
|
|
242.562 |
|
|
TOTAL BORROWING |
|
|
685.622 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.397 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
957.750 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
58.906 |
|
|
Capital work-in-progress |
|
|
65.810 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
517.558
|
|
|
Sundry Debtors |
|
|
402.839
|
|
|
Cash & Bank Balances |
|
|
33.904
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
663.531
|
|
Total
Current Assets |
|
|
1617.832 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
665.755
|
|
|
Other Current Liabilities |
|
|
118.048
|
|
|
Provisions |
|
|
0.995
|
|
Total
Current Liabilities |
|
|
784.798
|
|
|
Net Current Assets |
|
|
833.034
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
957.750 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
524.315 |
|
|
|
Other Income |
|
|
45.066 |
|
|
|
TOTAL (A) |
2194.200 |
1660.700 |
569.381 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw material Consumed |
|
|
521.193 |
|
|
|
Increase and Decrease in Work In Progress |
|
|
(31.615) |
|
|
|
Personal Expenses |
|
|
36.572 |
|
|
|
Other Expenses |
|
|
173.445 |
|
|
|
Capital work in Progress |
|
|
0.000 |
|
|
|
TOTAL (B) |
2832.900 (Including
Financial Expenses) |
2050.600 (Including
Financial Expenses) |
699.595 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
(130.214) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
34.931 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(638.700) |
(389.900) |
(165.145) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
36.100 |
12.600 |
6.759 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(674.800) |
(402.500) |
(171.904) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.000 |
(0.400) |
(0.397) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-I) (J) |
(674.800) |
(402.100) |
(172.301) |
|
|
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
|
Export Earnings |
0.700 |
0.000 |
NA |
|
|
|
TOTAL EARNINGS |
0.700 |
0.000 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
Raw Materials |
NA |
1202.656 |
573.782 |
|
|
|
TOTAL
IMPORTS |
NA |
1202.656 |
573.782 |
|
|
|
|
|
|
|
|
|
|
Earnings
Per Share (Rs.) |
8.86 |
(5.48) |
(9.31) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(30.74)
|
(24.21)
|
(382.33)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA
|
(32.78)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(22.79)
|
(11.48)
|
(10.62)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(8.23
|
(1.31)
|
(0.32)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
14.52
|
4.81
|
2.52
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.55
|
1.86
|
2.06
|
FINANCIAL ANALYSIS
[all figures are in
Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
|
31.03.2011 |
31.03.2012 |
|
|
|
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
|
734.499 |
761.222 |
|
Reserves & Surplus |
|
-427.675 |
-679.262 |
|
Net worth |
|
306.824 |
81.960 |
|
|
|
|
|
|
long-term borrowings |
|
147.172 |
0.000 |
|
Short term borrowings |
|
1327.613 |
1189.891 |
|
Total borrowings |
|
1,474.785 |
1,189.891 |
|
Debt/Equity ratio |
|
4.807 |
14.518 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2010 |
31.03.2011 |
31.03.2012 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Total Income |
569.381 |
1660.700 |
2194.200 |
|
|
|
191.668 |
32.125 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2010 |
31.03.2011 |
31.03.2012 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Total Income |
569.381 |
1660.700 |
2194.200 |
|
Profit |
(172.301) |
(402.100) |
(674.800) |
|
|
(30.26%) |
(24.21%) |
(30.75%) |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT MATURITIES OF LONG TERM
DEBT:
|
Particulars |
31.03.2012 [Rs. in millions] |
31.03.2011 [Rs. in millions] |
31.03.2010 [Rs. in millions] |
|
|
|
|
|
|
Current
Maturities of Long Term Debt |
171.617 |
161.129 |
NA |
|
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 |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
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 |
10438340 |
29/06/2013 |
250,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE
BRANCH, TARA CHAMBERS, MUMBAI |
B80242274 |
|
2 |
10130065 |
19/06/2013 * |
2,925,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE
BRANCH, TARA CHAMBERS, MUMBAI |
B79517637 |
* Date of charge modification
|
CASE DETAILS BENCH: BOMBAY LODGING NO.:
LPETNL/914/2012
FILING DATE: 15/09/2012 REG. NO.:
LPETN/914/2012 REG.
DATE: 15/09/2012
|
CORPORATE INFORMATION:
Subject was incorporated as
a Private Limited Company under the Companies Act, 1956 on October 20, 2007. The
Company is engaged in the business of supply, erection, installation,
operations and maintenance of wind turbine generators (WTG) and is also engaged
in other related activities including development of wind farm.
BUSINESS PERFORMANCE:
Due to the market conditions and challenges in the industry, the Company could achieve only approximately 32% increase in the total income. Since this is lower than the breakeven levels, the company continued to incur losses and loss for the year is Rs.674.800 Millions.
While reviewing the accounts of the company, the Board has noted that the Company’s accumulated losses are more than 50% of its peak net worth during the preceding four financial years, making it a potentially sick company under the provisions of the Sick Industrial Companies (Special Provisions) Act, 1985. Accordingly, the Board of Directors of the Company will refer the matter to the Board for Industrial and Financial Reconstruction (BIFR).
FUTURE OUTLOOK:
The customer base of the Company comprises of traditional customers and Independent Power producers. During all these years, the Company secured and executed 38 projects in aggregate from clients in Maharashtra, Gujarat and Tamil Nadu. The Company has also signed MOU/orders for over 200 MW approximately from large customer base across the Country, which is highly favorable to the business of the Company. Further, the Company has explored various wind preferred locations across the Country by setting up wind masts which would facilitate in development of the project well in advance to secure future growth.
CONTINGENT
LIABILITIES:
(Rs. In Millions)
|
Particulars
|
31.03.2012 |
31.03.2011 |
|
|
|
|
|
Guarantees and Counter guarantees given by the Company |
246.566 |
72.601 |
FIXED ASSETS:
·
Leasehold Land
·
Plant and Machinery
·
Office Equipments
·
Computers
·
Building
·
Plant and Machinery
·
Motor Vehicles
·
Land
·
Furniture and Fixture
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.61.13 |
|
|
1 |
Rs.101.17 |
|
Euro |
1 |
Rs.84.59 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
26 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.