MIRA INFORM REPORT
|
Report Date : |
09.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
INDOSOLAR LIMITED |
|
|
|
|
Formerly Known
As : |
ROBIN GARMENTS PRIVATE LIMITED ROBIN SOLAR PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
C-12, Friends Colony (East), |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
08.04.2005 |
|
|
|
|
Com. Reg. No.: |
55-134879 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 3446.400 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L18101DL2005PLC134879 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELP13350B DELR15134A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECP2108F AADCR2872D |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Solar Photovoltaic Cells. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (11) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. The financial position of the company is week, there seems a sharp dip
in the turnover during 2014, the company is continuously incurring losses
which has resulted in to fully erosion of net worth. However, business is active. Payments terms are reported to be slow. The company can be considered for business dealings on a fully 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 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization policies.
A firm called Ciane Analytics studied returns from assets including
equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate
outperformed every other asset classes during the 23-year period with an
annualized return of 20 % ! Equities came in second with annualized return of
15.5 % ! However, while these returns may seem mouthwatering, the fact is that
the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
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 DENIED
MANAGEMENT NON CO-OPERATIVE (91-120-4762500)
LOCATIONS
|
Registered Office/ Factory 1 : |
C-12, Friends Colony (East), New Delhi – 110065, India |
|
Tel. No.: |
91-11-26841375/ 26311706 |
|
Fax No.: |
91-11-26843949 |
|
E-Mail : |
|
|
Website : |
|
|
Area: |
1000 Sq. mtr (Registered office) 8 Acres (Factory) |
|
Location : |
Owned |
|
|
|
|
Corporate Office/ Factory2 : |
3C/1, Ecotech – II, Udyog Vihar, District Gautam Budh Nagar, Greater
Noida 201306, Uttar Pradesh, India |
|
Tel. No.: |
91 120 4762500 |
|
Fax No.: |
91 120 4762533/ 4762525 |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Bhushan Kumar Gupta |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
C-12, Friends Colony (East), |
|
Date of Birth/Age : |
26.01.1936 |
|
Qualification : |
Entrepreneur |
|
Date of Appointment : |
25.09.2009 |
|
DIN No.: |
00168071 |
|
|
|
|
Name : |
Mr. Hulas Rahul Gupta |
|
Designation : |
Managing Director |
|
Address : |
C-12, Friends Colony (East), |
|
Date of Birth/Age : |
24.10.1959 |
|
Qualification : |
B.B.A. |
|
Date of Appointment : |
25.09.2009 |
|
DIN No.: |
00297722 |
|
|
|
|
Name : |
Mr. Gautam Singh Kuthari |
|
Designation : |
Independent Non Executive Director |
|
Address : |
Bargola Building, Fancy Bazar, Guwahati, Assam, 781001 |
|
Date of Birth/Age : |
31.08.1959 |
|
Date of Appointment : |
31.05.2010 |
|
Email : |
|
|
DIN No.: |
00945195 |
|
|
|
|
Name : |
Mr. Vidyut Manubhai Vora |
|
Designation : |
Non-Executive Independent Director |
|
|
|
|
Name : |
Mr. Vinati Dev |
|
Designation : |
Non-Executive Independent Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of Shareholder |
Total
No. of Shares |
% of Total No. of Shares |
|
(A) Shareholding of Promoter
and Promoter Group |
|
|
|
|
|
|
|
|
136885497 |
40.84 |
|
|
136885497 |
40.84 |
|
|
|
|
|
|
45114500 |
13.46 |
|
|
45114500 |
13.46 |
|
Total shareholding of Promoter and
Promoter Group (A) |
181999997 |
54.31 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
15975746 |
4.77 |
|
|
15975746 |
4.77 |
|
|
|
|
|
|
22457826 |
6.70 |
|
|
|
|
|
|
45652566 |
13.62 |
|
|
54829579 |
16.36 |
|
|
14228313 |
4.25 |
|
|
42644 |
0.01 |
|
|
1811096 |
0.54 |
|
|
3640579 |
1.09 |
|
|
1579378 |
0.47 |
|
|
7154616 |
2.13 |
|
|
137168284 |
40.93 |
|
Total Public shareholding (B) |
153144030 |
45.69 |
|
Total (A)+(B) |
335144027 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
335144027 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Solar Photovoltaic Cells. |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
Corporation Bank Industrial Finance Branch, 1ST Floor, 16/10, Telephone: +91 11 2875
7455/ 2875 7639 Facsimile: +91 11 28750956 Email: cb447@corpbank.co.in Contact Person: Mr. V. S.
Karthikeyan Website: www.corpbank.com Indian Bank G-41, Connaught Circus, Telephone: +91 11 2371
2162/ 2371 2164 Facsimile: +91 11 2371 8418 Email: ibnewdelhimain@vsnl.net Contact Person: Mr. G.
Rangarajan Website: www.indianbank.in Union Bank of Industrial Finance Branch, M-11, 1ST Floor, Telephone: +91 11 2341
7401 - 07 Facsimile: +91 11 2341
7405 Email: ifbcp@unionbankofindia.com Contact Person: Mr. Pankaj
Sharma Website: www.unionbankofindia.com Bank of Ground Floor, Bank of Baroda Building, 16,Sansad Marg, New Delhi 110
001, India Telephone: +91 11 2331
0349 Facsimile: +91 11 2371
1267 Email: indel@bankofbaroda.com Contact Person: Mr. R.K. Arora Website: www.bankofbaroda.com Andhra Bank M-35, Telephone: +91 11 2341
5616 Facsimile: +91 11 2341
6043 Email: bmdel084@andhrabank.co.in Contact Person: Mr. C. Bala
Subramanyam Website: www.andhrabank.in Bank of Corporate Financial Services Branch, |
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B S R and Associates Chartered Accountants |
|
Address : |
Building No.10, 8th Floor, Tower-B, DLF, Cyber City, Phase-II, Gurgaon
- 122002, India |
|
Tel. No.: |
91-124-3074000 |
|
Facsimile : |
91-124-2549101 |
|
E-Mail : |
|
|
|
|
|
Cost Auditors : |
|
|
Name : |
Kabra and Associates Cost Accountants |
|
Address : |
552/1B, Arjun Street, Main Vishwas Road, Vishwas Nagar, Delhi-110032, India |
|
|
|
|
Party holding
significant influence over the enterprise : |
v Greenlite Lighting Corporation |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
400000000 |
Equity Shares |
Rs.10/- each |
Rs.4000.000 Millions |
|
100000000 |
Preference Shares |
Rs.10/- each |
Rs.1000.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 5000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
335144027 |
Equity Shares |
Rs.10/- each |
Rs.3351.400 Millions |
|
9500000 |
Preference Shares |
Rs.10/- each |
Rs.95.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 3446.400
Millions |
a.
Reconciliation of shares outstanding at the beginning and at the end of
the reporting period:
|
Particulars |
31st March, 2014 |
|
|
Equity Shares |
Number (‘000) |
Rs In Millions |
|
At the beginning and at the end of the year |
335,144.03 |
3351.440 |
|
Preference shares |
|
|
|
At the beginning of the year |
9,500.00 |
95.000 |
|
Add : Fresh issue of share |
|
|
|
At the end of the year |
9,500.00 |
95.000 |
b.
Term and
rights attached to shares:
Equity shares
The Company has only one type of equity share having par value of Rs. 10. All shares rank pari passu with respect to dividend, voting rights and other terms. Each shareholder is entitled to one vote per share except, in respect of any shares on which any calls or other sums payable have not been paid. The Company pays and declares dividends in Indian Rupees. The dividend proposed, if any, by the Board of directors is subject to approval of shareholders in the ensuing Annual General Meeting. The repayment of equity share capital in the event of liquidation and buy back of shares are possible subject to prevalent regulations. In the event of liquidation, normally the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
Preference
shares
During the previous year, the Company has issued zero coupon 9,500,000 non-convertible, non-cumulative redeemable preference shares having par value of Rs. 10 each per share. The preference shares are redeemable after seven years from the date of allotment or after full repayment of existing loans taken by the Company from its bankers, whichever is later. The Company may, as decided by the Board of directors of the Company, pay maximum 100% of face value as premium on redemption.
c. Particulars of shareholders holding more than 5%:
|
Particulars |
31st March, 2014 |
|
|
|
Number (‘000) |
% of Share |
|
Equity shares of
Rs. 10 each fully paid |
|
|
|
Bhushan Kumar Gupta (Chairman) |
56,500.00 |
16.86% |
|
Hulas Rahul Gupta (Managing Director) |
80,385.49 |
23.99% |
|
Greenlite Lighting Corporation |
45,114.50 |
13.46% |
|
Preference shares of
Rs. 10 each fully paid |
|
|
|
Golden Equity Private Limited |
9,500.00 |
100.00% |
d. Aggregate number of shares issued for
consideration other than cash and shares bought back during the period of five
years immediately preceding 31 March 2014
(i) 185,000 equity shares (in '000) of Rs. 10 each, fully paid and 15,000 equity shares (in '000) of Rs. 0.50 each partly paid were issued to the shareholders of erstwhile Subject in the year ended 31 March 2009 in accordance with the scheme of amalgamation. Such partly paid equity shares were made fully paid prior to the effective date of scheme of amalgamation i.e. 24 September 2009.
(ii)
No shares have been bought back during the five-year period ended 31 March 2014
and 31 March 2013.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
3446.440 |
3446.440 |
3351.440 |
|
(b) Reserves & Surplus |
(3860.164) |
(2490.628) |
(1251.742) |
|
(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) |
(413.724) |
955.812 |
2099.698 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
7292.759 |
8448.320 |
7331.484 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
668.870 |
563.305 |
553.556 |
|
(d) long-term provisions |
1.658 |
3.051 |
2.526 |
|
Total Non-current Liabilities (3) |
7963.287 |
9014.676 |
7887.566 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
723.924 |
441.608 |
295.697 |
|
(b) Trade payables |
141.015 |
432.860 |
250.058 |
|
(c) Other current
liabilities |
3191.034 |
575.106 |
328.908 |
|
(d) Short-term provisions |
0.144 |
0.706 |
1.097 |
|
Total Current Liabilities (4) |
4056.117 |
1450.280 |
875.760 |
|
|
|
|
|
|
TOTAL |
11605.680 |
11420.768 |
10863.024 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
4916.037 |
5217.634 |
5608.186 |
|
(ii) Intangible Assets |
0.144 |
0.378 |
0.619 |
|
(iii) Capital
work-in-progress |
5691.100 |
5004.856 |
4205.567 |
|
(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) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
112.674 |
150.954 |
106.858 |
|
(e) Other Non-current assets |
325.209 |
309.197 |
291.806 |
|
Total Non-Current Assets |
11045.164 |
10683.019 |
10213.036 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.965 |
|
(b) Inventories |
367.241 |
404.517 |
321.060 |
|
(c) Trade receivables |
33.148 |
178.310 |
108.187 |
|
(d) Cash and cash
equivalents |
22.112 |
29.465 |
104.691 |
|
(e) Short-term loans and
advances |
131.146 |
118.230 |
100.001 |
|
(f) Other current assets |
6.869 |
7.227 |
15.084 |
|
Total Current Assets |
560.516 |
737.749 |
649.988 |
|
|
|
|
|
|
TOTAL |
11605.680 |
11420.768 |
10863.024 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
156.685 |
532.334 |
919.749 |
|
|
|
Other Income |
24.258 |
25.690 |
52.108 |
|
|
|
TOTAL |
180.943 |
558.024 |
971.857 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
10.154 |
569.088 |
861.161 |
|
|
|
Purchases of Stock-in-Trade |
51.867 |
14.637 |
0.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
62.109 |
(108.701) |
489.241 |
|
|
|
Employees benefits expense |
31.305 |
89.325 |
104.695 |
|
|
|
Exceptional Item |
0.000 |
99.382) |
0.000 |
|
|
|
Other expenses |
285.628 |
258.523 |
605.722 |
|
|
|
TOTAL |
441.063 |
813.490 |
2060.819 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
(260.120) |
(255.466) |
(1088.962) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
807.545 |
592.442 |
592.509 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(1067.665) |
(847.908) |
(1681.471) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
301.870 |
390.978 |
342.176 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(1369.535) |
(1238.886) |
(2023.647) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(1369.535) |
(1238.886) |
(2023.647) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of exports |
101.579 |
264.083 |
717.385 |
|
|
TOTAL EARNINGS |
101.579 |
264.083 |
717.385 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
33.106 |
493.405 |
738.879 |
|
|
|
Capital Goods |
202.072 |
2810.219 |
3896.290 |
|
|
|
Components and spare parts |
1.828 |
15.909 |
10.095 |
|
|
|
Commission on acquisition of capital goods |
0.000 |
0.000 |
8.342 |
|
|
TOTAL IMPORTS |
237.006 |
3319.533 |
4653.606 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(4.09) |
(3.70) |
(6.04) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
(756.89) |
(222.01) |
(208.22) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(874.07) |
(232.73) |
(220.02) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(23.16) |
(19.31) |
(30.40) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
3.31 |
(1.30) |
(0.96) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
(19.38) |
9.30 |
3.63 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.14 |
0.51 |
0.74 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
3351.440 |
3446.440 |
3446.440 |
|
Reserves & Surplus |
(1251.742) |
(2490.628) |
(3860.164) |
|
Net worth |
2099.698 |
955.812 |
-413.724 |
|
|
|
|
|
|
long-term borrowings |
7331.484 |
8448.320 |
7292.759 |
|
Short term borrowings |
295.697 |
441.608 |
723.924 |
|
Total borrowings |
7627.181 |
8889.928 |
8016.683 |
|
Debt/Equity ratio |
3.633 |
9.301 |
(19.377) |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Revenue from Operations |
919.749 |
532.334 |
156.685 |
|
|
|
(42.122) |
(70.566) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Revenue from Operations |
919.749 |
532.334 |
156.685 |
|
Profit |
(2023.647) |
(1238.886) |
(1369.535) |
|
|
(220.02%) |
(232.73%) |
(874.07%) |
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Loan from related
party |
|
|
|
Loan from shareholders |
147.849 |
95.000 |
|
Loan from other parties |
25.000 |
0.000 |
|
|
|
|
|
Total |
172.849 |
95.000 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10123124 |
05/07/2012
* |
11,099,200,000.00 |
UNION BANK OF
INDIA |
INDUSTRIAL FINANCE
BRANCH, M-11, FIRST FLOOR, MIDDLE CIRCLE, CONNAUGHT CIRCUS, NEW DELHI, Delhi
- 110001, INDIA |
B44051589 |
* Date of charge modification
PERFORMANCE
REVIEW
During the year, performance of the Company
continued to be severely impacted due to downturn in SPV Cell industry. Added
to this, large scale dumping at cheap prices of PV Cells from select countries
worsened the performance of the Company. The plant remained closed during the
year due to considerable fall in selling prices. Lower sales realization as
well as underutilization of capacity resulted in heavy cash losses. The
liquidity had dried-up and the Company is not in a position to service its debt
till revival of the market. In view of the same, the Company has approached its
Bankers for second corporate debt restructuring which is under consideration by
the Banks.
During the year, the Company reported total
income of Rs. 180.900 millions as against Rs. 558.100 millions last year. After
making a provision of Rs. 807.500 millions towards interest and Rs.301.900
millions towards depreciation, the current financial year closed with a loss of
Rs. 1369.500 millions as against loss of Rs. 1238.900 millions last year.
MANAGEMENT’S DISCUSSION AND ANALYSIS
INDUSTRY
STRUCTURE AND DEVELOPMENTS
During the
last few years, the solar industry has been affected due to oversupply in SPV cell
segment resulting in price war due to cheap dumping from select countries and
underutilization of capacities due to global industry downturn. During the
period of FY 2008-2012, most of the existing players in the PV cell
manufacturing segment expanded their capacities. Also several new players
entered the global PV cell manufacturing segment. The largest capacity addition
during this period was carried out by the Chinese Companies, making China the
largest player in this segment. This led to a supply surplus scenario in this
sector resulting in under-cutting of the prices, led by Chinese players. The
reduction in margins and increasing losses led to shutting down of older
manufacturing facilities in Western countries and even consolidation of the
industry in Europe, America and China.
A number of
federal policies that have helped to spur domestic demand for solar PV products
have expired or reached their funding limits. Even many countries reduced
subsidy support to solar sector in order to combat their fiscal deficit. The
above factors created an artificially high inventory pile-up in Asia as-well-as
at European ports. This caused a severe slowdown in the operations of solar
industry globally.
FUTURE
OUTLOOK
The current
industry situation is temporary and based on order book visibility and growth
of installations in Europe, USA and Asian countries, the present global
capacity surplus is projected to get wiped out within 12-18 months. Further,
the domestic market is slated to explode with projects scheduled to be
implemented under Jawaharlal Nehru National Solar Mission (JNNSM) and State
Solar Mission. The overall domestic market is estimated to swell to the level
of 20-30 GW by 2020. With the proposed up-gradation, the Company would move
into top tier of the market segment, which not only provides insulation from
the Chinese competition but also augments the pricing premiums.
Grid parity
for solar power in India is expected to reach by 2017/2018. Solar power in
India at current levels is already cheaper than electricity generated through
diesel. Support from various state Governments for solar power industry is
continuously increasing. Indian manufacturers of solar equipment are seeking
anti-dumping duty on imports on the grounds that local industry is bleeding
because of "ridiculously low" price of foreign equipment. Use of
domestically manufactured 'cells and modules' has been made mandatory for all
projects in the second batch of JNNSM under grid connected applications.
FIXED ASSETS
œ Leasehold land
œ Building - Factory
œ Building - Non Factory
œ Building (temporary structure)
œ Plant and machinery
œ Furniture and fixtures
œ Office equipment
œ Vehicles
œ Computers
UNAUDITED
RESULTS FOR THE QUARTER AND ENDED ON 30TH JUNE, 2014
(Rs.
In Millions)
|
|
|
Particulars |
Quarter
ended 30.06.2014 |
|
1 |
Income from Operations |
|
|
|
|
a) Net Sales/Income from Operations (net of excise duty) |
37.181 |
|
|
|
b) Other Operating Income |
-- |
|
|
|
Total Income from Operations (Net) |
37.181 |
|
|
2 |
Expenses |
|
|
|
|
a) |
Cost of Materials consumed |
(0.387) |
|
|
b) |
Purchase of stock in-trade |
18.308 |
|
|
c) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
11.332 |
|
|
d) |
Employee benefit expenses |
9.209 |
|
|
e) |
Depreciation and amortization expense |
82.340 |
|
|
f) |
Power & Fuel |
5.294 |
|
|
g) |
Foreign exchange (gain) / Loss |
2.124 |
|
|
h) |
Demurrage / detention charge |
-- |
|
|
i) |
Other expenses |
10.870 |
|
|
Total Expenses |
139.090 |
|
|
3 |
|
Profit /(Loss) from operations
before other income, finance costs and exceptional items (1-2) |
(101.909) |
|
4 |
Other Income |
6.333 |
|
|
5 |
|
Profit /(Loss) from
ordinary activities before finance costs and exceptional items (3+4) |
(95.576) |
|
6 |
Finance Costs |
217.076 |
|
|
7 |
|
Profit /(Loss) from
ordinary activities after finance costs but before exceptional items (5-6) |
(312.652) |
|
8 |
Exceptional Items |
-- |
|
|
9 |
Profit /(Loss) from ordinary activities before tax |
(312.652) |
|
|
10 |
Tax Expense |
-- |
|
|
11 |
Net Profit /(Loss) from ordinary activities after tax
(9-10) |
(312.652) |
|
|
12 |
Extraordinary items (net
of tax expense) |
-- |
|
|
13 |
Net Profit /(Loss) for the period (11-12) |
(312.652) |
|
|
14 |
Paid up equity share
capital (Eq. shares of Rs.10/- each) |
-- |
|
|
15 |
Reserve excluding
revaluation reserves |
|
|
|
16 |
|
Earnings per share
(before/after extraordinary items) of
Rs.10/- each |
|
|
|
|
Basic |
(0.93) |
|
|
|
Diluted |
(0.93) |
|
A |
|
PARTICULARS OF
SHAREHOLDING |
|
|
1 |
|
Public Shareholding |
|
|
|
|
- No. of Shares |
153144030 |
|
|
|
- Percentage of
Shareholding |
45.70% |
|
2 |
|
Promoters and promoter group shareholding |
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
- Number of shares |
136885495 |
|
|
|
- Percentage of shares (
as a % of the total shareholding of the promoter and promoter group) |
75.21% |
|
|
|
- Percentage of shares
(as a % of the total share capital of the Company) |
40.84% |
|
|
|
b) Non- encumbered |
|
|
|
|
- Number of shares |
45114502 |
|
|
|
- Percentage of shares (
as a % of the total shareholding of the promoter and promoter group) |
24.79% |
|
|
|
- Percentage of shares
(as a % of the total share capital of the Company) |
13.46% |
|
|
Particulars |
Quarter
ended 30.06.2014 |
|
|
B |
|
Investor Complaints |
|
|
|
|
Pending at the beginning
of the quarter |
-- |
|
|
|
Received during the
quarter |
-- |
|
|
|
Disposed during the
quarter |
-- |
|
|
|
Remaining unresolved at
the end of the quarter |
-- |
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.60.26 |
|
|
1 |
Rs.97.51 |
|
Euro |
1 |
Rs.77.94 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
-- |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
11 |
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.