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Report Date : |
04.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
STERLITE POWER GRID VENTURES LIMITED |
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Registered
Office : |
Survey No 68/1, Rakholi Village, Madhuban Dam Road, Silvassa - 396230, Dadar Nagar Haveli |
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Country : |
India |
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Date of
Incorporation : |
03.06.2014 |
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Com. Reg. No.: |
54-000454 |
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Capital
Investment / Paid-up Capital : |
Rs. 16071.749 Millions |
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CIN No.: [Company Identification
No.] |
U33120DN2014PLC000454 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Providing power transmission solutions, taking turn key projects. |
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No. of Employees
: |
160 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
- |
NB |
New Business |
- |
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Status : |
New Business |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a new company incorporated during 3th June, 2014 and
establishing itself gradually. Mr. Ramil Gupta (Deputy Finance Manager) has provided us with all
information and he also confirmed that the company will start its business
activity from December, 2014. Business is active as per the status shown in the registrar of
companies. Payment terms are reported to be unknown. The company can be considered for business dealings on a safe and
secured 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Ramil Gupta |
|
Designation : |
Deputy Manager Finance |
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Contact No.: |
91-11-49962200 |
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Date : |
04.11.2014 |
LOCATIONS
|
Registered Office : |
Survey No 68/1, Rakholi Village, Madhuban Dam Road,
Silvassa - 396230, Dadar Nagar Haveli, India |
|
Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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|
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Corporate Office : |
C2 Block, 2nd Floor, Mira Corporate Suits, Ishwar Nagar,
New Delhi – 110069, India |
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Tel. No.: |
91-11-49962200 |
DIRECTORS
As on 03.05.2014
|
Name : |
Mr. Pravin Agarwal |
|
Designation : |
Director |
|
Address : |
117, Koregaon Park, Pune, 411001, Maharashtra, India |
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Date of Birth/Age : |
16.10.1954 |
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Date of Appointment : |
03.06.2014 |
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DIN No.: |
00022096 |
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|
|
|
Name : |
Mr. Anand Agarwal |
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Designation : |
Director |
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Address : |
Waterfront, G 602, S. No.212, Next To HSBC,
Software, South Avenue, Kalyani Nagar, Pune, 411006, Maharashtra, India |
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Date of Birth/Age : |
07.08.1967 |
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Date of Appointment : |
03.06.2014 |
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DIN No.: |
00057364 |
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|
|
|
Name : |
Mr. Pratik Agarwal |
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Designation : |
Director |
|
Address : |
Flat No:217,SamudraMahal, Dr.Annie Besant Road,
Worli, Mumbai, 400018,Maharashtra, India |
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Date of Birth/Age : |
02.12.1982 |
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Date of Appointment : |
03.06.2014 |
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DIN No.: |
03040062 |
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|
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Name : |
Mr. Udai Dhawan |
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Designation : |
Director |
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Address : |
107,1st Floor, Anand Lok New Delhi – 110049, India |
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Date of Birth/Age : |
17.01.1973 |
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Date of Appointment : |
30.07.2014 |
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DIN No.: |
03048040 |
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PAN No.: |
AAFPD8065P |
KEY EXECUTIVES
|
Name : |
Mr. Ramil Gupta |
|
Designation : |
Deputy Manager Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 03.05.2014
|
Names of Shareholders (Equity
Shares) |
|
No. of Shares |
|
Sterlite Technology Limited, India |
|
49994 |
|
Anupam Krishna Jindal |
|
1 |
|
Swapnil Prakash Patil |
|
1 |
|
Anand Agarwal |
|
1 |
|
Kattunga Srinivas Rao |
|
1 |
|
Navin Sharma |
|
1 |
|
Vishal Aggarwal |
|
1 |
|
Total |
|
50000 |
As on 25.06.2014
|
Names of Allottee (Equity
Shares) |
|
No. of Shares
Allotted |
|
Standard Chartered Financial Holdings, Mauritius |
|
2000 |
|
Total |
|
2000 |
As on 30.06.2014
|
Names of Allottee (Preference Shares) |
|
No. of Shares
Allotted |
|
Standard Chartered Financial Holdings, Mauritius |
|
409098008 |
|
Total |
|
409098008 |
BUSINESS DETAILS
|
Line of Business : |
Providing power transmission solutions, taking turn key projects. |
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Terms : |
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Selling : |
Cash / Advance Payment |
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Purchasing : |
Cash / Advance Payment |
GENERAL INFORMATION
|
Customers : |
Wholesalers, Retailers and End Users |
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No. of Employees : |
160 (Approximately) |
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Bankers : |
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Banking
Relations : |
--- |
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Auditors : |
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|
Name : |
Manish P Jain and Associates Chartered Accountants |
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Address : |
217, Dariyasthan Building, 33, Dariyasthan Street, Vadgadi, Mumbai –
400003, Maharashtra, India |
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Tel. No.: |
91-22-23448683 |
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E-Mail : |
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Sister Concern |
Sterlite Technology Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10,000,000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
1,740,000,000 |
Preference Share |
Rs.10/- each |
Rs.17400.000 Millions |
|
|
Total |
|
Rs.17500.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
52,000 |
Equity Shares |
Rs.10/- each |
Rs.0.520 Millions |
|
1,607,122,874 |
Preference Share |
Rs.10/- each |
Rs.16071.229 Millions |
|
|
Total |
|
Rs.16071.749
Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
NEW BUSINESS
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
No |
|
12] |
Profitability for last three years |
No |
|
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 |
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18] |
Major customers |
No |
|
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 |
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24] |
Banking facility details |
No |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
No |
|
28] |
Incorporation details, if applicable |
No |
|
29] |
Last accounts filed at ROC |
No |
|
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: NO
CHARGES EXIST FOR THE COMPANY
AS PER WEBSITE
PRESS RELEASE
STANDARD CHARTERED TO
INVEST RS 5000.000 MILLIONS IN STERLITE POWER GRID
Jul 7, 2014
MUMBAI: Power transmission solutions provider, Sterlite Technologies has entered into an agreement to raise Rs 5000.000 Millions through equity infusion from Standard Chartered Private Equity for funding its existing as well as new projects, the company said today.
"Sterlite Technologies has entered into agreements with Standard Chartered Private Equity for an equity investment of Rs 5000.000 Millions in Sterlite Power Grid Ventures Limited (SPGVL)," a release issued here said.
SPGVL, a subsidiary of Sterlite, focused on the development and operations of power transmission projects, will issue convertible securities to Standard Chartered Private Equity for a minority share, it said.
"The proceeds will be used for equity contribution in existing as well as new power transmission projects. While there have been many foreign investments in the power generation sector, this would be the first foreign investment into India's power transmission sector," SPGVL chairman Pravin Agarwal said.
He further said that though the country's generation capacity is increasing, there is a clear bottleneck in transmission and distribution sectors due to which many parts of the country are energy surplus while others remain power-deficient.
"Through our initiatives in transmission, we endeavour to contribute to the new government's stated vision of providing 24X7 power to every Indian household," Agarwal added.
SPGVL is the largest private developer of power transmission systems in the country with a portfolio of six projects on build, own, operate and maintain (BOOM) basis spread across 10 states, the company said.
The first three projects, with over 2,000 kms of transmission lines, and two 765/400 KV substations are in the final stage of completion, while the next three projects will start operating sequentially from FY17.
In September 2013, Sterlite energised 400 KV D/C Purnia - Biharsharif line, a critical link between India's Eastern and Northern Grids, the release said.
Commenting on the deal, Standard Chartered Private Equity Managing Director and India Head, Udai Dhawan said: "We are extremely excited to partner with Sterlite, which has established itself as a leading player in the power transmission sector on the back of a high quality management team, excellent execution capabilities and a marquee project portfolio.
"We believe that our partnership with the Sterlite group, a long standing and a highly valuable client of Standard Chartered Bank, will help the build-out and the strengthening of the transmission infrastructure in India," he said.
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.61.41 |
|
|
1 |
Rs.98.06 |
|
Euro |
1 |
Rs.76.67 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NTH |
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.