MIRA
INFORM REPORT
|
Report Date : |
09.09.2014 |
IDENTIFICATION DETAILS
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Name : |
WEBSOL ENERGY SYSTEM LIMITED (w.e.f. 28.05.2011) |
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Formerly Known As : |
WEBEL-SL ENERGY SYSTEMS LIMITED |
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Registered Office : |
Plot No- 849, Block-P, 48, Pramatha Choudhury Sarani, 2nd Floor, New Alipore, Kolkata- 700 053, West Bengal |
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Country : |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
08.02.1990 |
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Com. Reg. No.: |
21-48350 |
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Capital
Investment / Paid-up Capital : |
Rs.219.700 Millions |
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CIN No.: [Company
Identification No.] |
L29307WB1990PLC048350 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALW02490F |
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PAN No.: [Permanent
Account No.] |
AAACW3039L |
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Legal Form : |
A public limited liability company.
The company’s shares are listed on the Stock Exchanges. |
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Line of Business : |
Manufacturer of
Photovoltaic Monocrystalline Solar Cells and Modules. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Sick company |
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Payment Behaviour : |
Slow and delayed |
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Litigation : |
Clear |
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Comments : |
The subject company is declared as a sick unit by Board for Industrial
and Financial Reconstruction. The management has register Case (Case No. 15/2013) with Board for
Industrial and Financial Reconstruction under sick industrial companies’ act
1985. The order on which approval for rehabilitation proposal is pending. Business is active. Payment terms are reported to be slow and delayed. The company can be considered for business dealings on a fully 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) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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-Cooperative
Contact No.: 91-33-2400419
LOCATIONS
|
Registered Office/ : |
Plot No- 849, Block-P, 48, Pramatha Choudhury Sarani, 2nd
Floor, New Alipore, Kolkata- 700 053, West Bengal, India |
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Tel. No.: |
91-33-23573754 / 24000419 |
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Fax No.: |
91-33-23573258 / 24000375 |
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E-Mail : |
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Website : |
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Corporate Office/ Factory 1 : |
Falta SEZ, Sector II, Falta, Village Birsa, Mouza Akalmegh, P.S.
Ramnagar, District South 24 Parganas – 743 504, West |
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Tel. No.: |
91 3174 222932 |
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Fax No.: |
91 3174 222933 |
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E-Mail : |
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Factory 2: |
Plot No.N1, Block - GP Sector – V, Salt |
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Correspondence Office : |
Ideal Centre, 9, A. J. C. Bose Road, 5th Floor, Kolkata – 700 017, West Bengal, India |
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Overseas Office : |
Tel: 904 363 0679 E mail : ramesh@webelsolar.com
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DIRECTORS
AS ON : 31.03.2013
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Name : |
Mr. S.L. Agarwal |
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Designation : |
Managing Director and CEO |
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Name : |
Mr. S. K. Tibrewalla |
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Designation : |
Independent Director |
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Name : |
Mr. B. R. Sengupta |
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Designation : |
Independent Director |
KEY EXECUTIVES
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Name : |
Ms. Swati Agarwal |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2014
|
Category of Shareholder |
Total No. of Shares |
Total
Shareholding as a % of Total No. of Shares |
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(A) Shareholding
of Promoter and Promoter Group |
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549748 |
2.50 |
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5519674 |
25.12 |
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6069422 |
27.62 |
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Total
shareholding of Promoter and Promoter Group (A) |
6069422 |
27.62 |
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(B)
Public Shareholding |
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7600 |
0.03 |
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40 |
0.00 |
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4867268 |
22.15 |
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4874908 |
22.19 |
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5015718 |
22.83 |
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3100817 |
14.11 |
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2312201 |
10.52 |
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600000 |
2.73 |
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600000 |
2.73 |
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11028736 |
50.19 |
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Total
Public shareholding (B) |
15903644 |
72.38 |
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Total
(A)+(B) |
21973066 |
100.00 |
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(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
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0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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Total
(A)+(B)+(C) |
21973066 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 million
BUSINESS DETAILS
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Line of Business : |
Manufacturer of
Photovoltaic Monocrystalline Solar Cells and Modules. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
· Allahabad Bank · The Federal Bank Limited · Standard Chartered Bank · Dena Bank · HDFC Bank · Axis Bank · Exim Bank · ICICI Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Agarwal Sanganeria and Company Chartered Accountants |
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Associates : |
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CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :Not Available
Issued, Subscribed & Paid-up Capital : Rs.219.700 Millions
AS ON : 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
3,00,00,000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
1,12,86,533 |
Equity Shares (fully paid up in cash) |
Rs.10/- each
|
Rs. 112.866 Millions |
|
99,86,533 |
Equity Shares ( issued as bonus shares by capitalization
of Securities Premium) |
Rs.10/- each
|
Rs. 99.865 Millions |
|
700,000 |
Equity Shares (fully paid for consideration
other than cash) |
Rs.10- each |
Rs. 7.000 Millions |
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Total |
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Rs.219.731 Millions |
Reconciliation
of Equity Shares
|
Particulars |
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As at 31.03.2013 |
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Number
of Shares |
Amount
(Rs.in Millions) |
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Shares outstanding at the beginning of the year |
|
21,973,066 |
219.731 |
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Shares Issued during the year |
|
- |
- |
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Shares outstanding at the end of the year |
|
21,973,066 |
219.731 |
Terms
and rights attached to the Equity shares
The
Company has only one class of Equity Shares having a par value of Rs. 10/- per Equity
Share. Each holder of equity shares is entitled to one vote per equity share
held. All equity shares ranks pari passu with respect to the dividend, voting
rights and other terms. The Dividend proposed, if any, by the Board of
Directors is subject to the approval of the Shareholders in the ensuing Annual
General Meeting. In the event of liquidation of the company, normally the
equity shareholders are eligible to receive remaining assets of the Company
after distribution of all preferential amounts, in proportion to their
shareholding .
60,69,422
(27.62%) No. of Equity Shares of the company are held by promoter and the
promoter group as on 31st March 2013
Details
of shareholders holding more than 5% of total shares of the Company:
|
Particulars |
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As at 31.03.2013 |
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Number
of Shares |
%
of Holding |
|
S L Industries Private Limited |
|
5,519,674.00 |
25.12% |
|
Tysom Agencies Private Limited |
|
2,000,000.00 |
9.10% |
|
The Royal Bank of Scotland Plc as trustee of the Jupiter
India Fund |
|
1,846,162.00 |
8.40% |
|
Mavi Investment Fund Limited |
|
1,492,500.00 |
6.79% |
|
The Indiaman Fund Limited |
|
1,164,776.00 |
5.30% |
99,86,533 nos. of Equity
Shares of Rs.10/- each fully paid issued by way of Bonus Shares in financial year
2009-10
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
30.06.2012 |
|
|
|
|
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|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
219.700 |
219.731 |
219.731 |
|
(b) Reserves & Surplus |
(1644.700) |
(901.243) |
(742.145) |
|
(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) |
(1425.000) |
(681.512) |
(522.414) |
|
|
|
|
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|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1715.700 |
1938.197 |
2610.772 |
|
(b) Deferred tax liabilities (Net) |
193.900 |
193.883 |
193.883 |
|
(c) Other long term
liabilities |
115.700 |
476.464 |
500.384 |
|
(d) long-term provisions |
0.000 |
4.804 |
4.027 |
|
Total
Non-current Liabilities (3) |
2025.300 |
2613.348 |
3309.066 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2177.700 |
1421.989 |
712.372 |
|
(b) Trade payables |
2277.300 |
909.752 |
236.712 |
|
(c) Other current liabilities |
1207.800 |
2.132 |
6.726 |
|
(d)Payable for Capital
Contract |
3.400 |
1015.718 |
1016.201 |
|
(e) Short-term provisions |
28.200 |
22.264 |
22.264 |
|
Total
Current Liabilities (4) |
5694.400 |
3371.855 |
1994.275 |
|
|
|
|
|
|
TOTAL |
6294.700 |
5303.691 |
4780.927 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3215.000 |
3384.706 |
3431.474 |
|
(ii) Intangible Assets |
0.500 |
0.553 |
0.000 |
|
(iii) Capital work-in-progress |
118.200 |
9.025 |
72.974 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1.500 |
1.510 |
1.510 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
325.200 |
297.746 |
349.240 |
|
(e) Other Non-current assets |
142.000 |
161.371 |
40.215 |
|
Total
Non-Current Assets |
3802.400 |
3854.911 |
3895.413 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.500 |
|
(b) Inventories |
383.700 |
391.929 |
333.250 |
|
(c) Trade receivables |
1753.300 |
719.765 |
172.521 |
|
(d) Cash and cash equivalents |
25.500 |
91.594 |
152.710 |
|
(e) Short-term loans and
advances |
328.100 |
223.575 |
205.246 |
|
(f) Other current assets |
1.700 |
21.917 |
21.287 |
|
Total
Current Assets |
2492.300 |
1448.780 |
885.514 |
|
|
|
|
|
|
TOTAL |
6294.700 |
5303.691 |
4780.927 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
30.06.2012 |
|
|
SALES |
|
|
|
|
|
Income |
3046.600 |
1142.158 |
1432.521 |
|
|
Other Income |
12.500 |
114.663 |
29.115 |
|
|
TOTAL
|
3059.100 |
1256.821 |
1461.636 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
2634.500 |
972.797 |
2194.925 |
|
|
Stores and Spares |
0.000 |
30.811 |
31.872 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
20.900 |
30.883 |
109.595 |
|
|
Employees benefits expense |
66.200 |
42.673 |
63.205 |
|
|
Power and Fuel |
93.800 |
56.973 |
75.329 |
|
|
Exceptional Items |
378.300 |
(132.455) |
604.477 |
|
|
Other Expenses |
111.500 |
98.959 |
139.231 |
|
|
TOTAL
|
3305.200 |
1100.641 |
3218.634 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
(246.100) |
156.180 |
(1756.998) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
310.300 |
185.427 |
317.500 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(556.400) |
(29.247) |
(2074.498) |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
177.600 |
129.851 |
199.550 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
(734.000) |
(159.098) |
(2274.048) |
|
|
|
|
|
|
|
Less |
TAX
(H) |
9.300 |
0.000 |
67.807 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H)
(I) |
(743.300) |
(159.098) |
(2341.855) |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
NA |
2.180 |
1122.360 |
|
|
TOTAL
EARNINGS |
NA |
2.180 |
1122.360 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
NA |
999.586 |
1351.665 |
|
|
Components and Stores parts |
NA |
26.933 |
27.749 |
|
|
Capital Goods |
NA |
Nil |
39.470 |
|
|
TOTAL
IMPORTS |
NA |
1026.519 |
1418.884 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
(33.83) |
(7.24) |
(106.58) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
30.06.2012 |
|
PAT / Total Income |
(%) |
(24.30) |
(12.66) |
(160.22) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(24.09) |
(13.93) |
(158.74) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(11.89) |
(3.01) |
(48.32) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.52 |
0.23 |
4.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
(2.73) |
(4.93) |
(6.36) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.44 |
0.43 |
0.44 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
30.06.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
219.731 |
219.731 |
219.700 |
|
Reserves & Surplus |
(742.145) |
(901.243) |
(1644.700) |
|
Net
worth |
(522.414) |
(681.512) |
(1425.000) |
|
|
|
|
|
|
long-term borrowings |
2610.772 |
1938.197 |
1715.700 |
|
Short term borrowings |
712.372 |
1421.989 |
2177.700 |
|
Total
borrowings |
3323.144 |
3360.186 |
3893.400 |
|
Debt/Equity
ratio |
(6.361) |
(4.930) |
(2.732) |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
30.06.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1432.521 |
1142.158 |
3046.600 |
|
|
|
(20.269) |
166.741 |
NET PROFIT MARGIN
|
Net
Profit Margin |
30.06.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1432.521 |
1142.158 |
3046.600 |
|
Profit/(loss) Aster Tax |
(2341.855) |
(159.098) |
(743.300) |
|
|
(163.48%) |
(13.93%) |
(24.40%) |
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 |
No |
|
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 |
No |
|
31] |
Date of Birth
of Proprietor/Partner/Director, if available |
No |
|
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 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10501310 |
31/03/2014 |
105,300,000.00 |
RENESOLA
SINGAPORE PTE. LTD. |
CLEANTECH LOOP,
#02-28 CLEANTECH PARK, SINGAPORE, |
C05870118 |
|
2 |
10430760 |
06/06/2013 |
2,323,500,000.00 |
AXIS BANK
LIMITED |
CORPORATE BANKING
BRANCH (CBB),, 1, SHAKESPEARE S |
B76971936 |
|
3 |
10366782 |
29/10/2013 * |
677,600,000.00 |
AXIS BANK
LIMITED |
CORPORATE
BANKING BRANCH (CBB),, 1, SHAKESPEARE S |
B90514845 |
|
4 |
10360461 |
31/05/2012 |
60,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE
COURCE CIRCLE, VADODARA, GUJARAT - 39 |
B41564253 |
|
5 |
10355983 |
25/05/2012 * |
1,115,800,000.00 |
ALLAHABAD BANK |
INDUSTRIAL
FINANCE BRANCH, 17, R. N. MUKHERJEE RO |
B43158104 |
|
6 |
10334733 |
23/06/2012 * |
83,200,000.00 |
AXIS BANK
LIMITED |
CORPORATE BANKING
BRANCH (CBB),, 1, SHAKESPEARE S |
B44148955 |
|
7 |
10313063 |
30/09/2011 |
816,250,000.00 |
AXIS BANK
LIMITED |
'TRISHUL' 3RD
FLOOR, OPP. SAMARTHESHWAR TEMPLE,, |
B23509482 |
|
8 |
10295479 |
23/06/2011 |
45,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL
FINANCE BRANCH, 17, R. N. MUKHERJEE RO |
B16297053 |
|
9 |
10249113 |
24/12/2012 * |
475,000,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21,, WORLD TRADE CENTR |
B68258367 |
|
10 |
10224066 |
20/05/2010 |
400,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL
FINANCE BRANCH, 17, R. N. MUKHERJEE RO |
A87247532 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Loan from related party [From Promoter Company] |
NA |
51.242 |
|
Loan from others [From Joint Stock Companies (including Interest
Accrued)] |
NA |
151.063 |
|
|
|
|
|
Total |
NA |
202.305 |
Note :
The registered office of the company has been shifted from Plot No.N1, Block - GP Sector – V, Salt Lake
Electronics Complex, Kolkata – 700 091, India West Bengal to the present address.
FIXED ASSETS:
- Buildings
- Plant and Machinery
- Furniture and Fixture
- Computer
- Office Equipment
- Motor Vehicles
STATEMENT OF STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30th JUNE 2014
(Rs. in millions)
|
Sr. No. |
Particular |
|
Quarter Ended |
|
|
|
|
30.06.2014 |
|
|
|
|
(Unaudited) |
|
1. |
Gross
Sales / Income |
|
|
|
|
a. Net Sales / Income from Operations (Net of Excise and Discounts) |
|
384.700 |
|
|
b. Other Operating Income |
|
--- |
|
|
Total
Income (a+b) |
|
384.700 |
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
a) Changes in inventories of finished goods,
wip and Stock-in-trade |
|
(388.900) |
|
|
b) Cost of Materials Consumed
(Net) |
|
732.200 |
|
|
c) Purchase of Traded Goods |
|
-- |
|
|
d) Employee Benefit Expenses |
|
16.900 |
|
|
e) Depreciation |
|
41.700 |
|
|
f) Power and Fuel |
|
28.200 |
|
|
g) Other Expenditure |
|
14.100 |
|
|
g)
Total Expenditure (a to f) |
|
444.200 |
|
|
|
|
|
|
3. |
Profit From Operations before Other Income, Interest and
Exceptional Items (1-2) |
|
(59.500) |
|
4. |
Other Income |
|
--- |
|
5. |
Profit Before Interest and Exceptional Items (3+4) |
|
(59.500) |
|
6. |
Interest / Financial |
|
90.600 |
|
7. |
Profit After Interest but before Exceptional Items (5-6) |
|
(150.100) |
|
8. |
Exceptional Items |
|
7.500 |
|
9. |
Profit from Ordinary Activities before Tax (7+8) |
|
(142.600) |
|
10. |
Tax Expense |
|
-- |
|
11. |
Net Profit from Ordinary Activities after Tax (9-10) |
|
(142.600) |
|
12. |
Extraordinary Item (net of expense) |
|
-- |
|
13. |
Net Profit for the period (11-12) |
|
(142.600) |
|
14. |
Share of Profit and loss of Associates |
|
-- |
|
15. |
Minority Interest |
|
-- |
|
16. |
Profit/(Loss) After tax, Minority Interest, Share of Profit
and loss of Associates (13-14-15) |
|
|
|
17. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
|
219.700 |
|
18. |
Reserves Excluding Revaluation Reserve |
|
|
|
|
|
|
|
|
|
Basic
and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
a) Basic and diluted EPS before extraordinary items |
|
(6.49) |
|
|
b) Basic and diluted EPS after extraordinary items |
|
(6.49) |
|
|
|
|
|
|
A. |
Public
Shareholding |
|
|
|
1. |
-Number of Shares |
|
1,59,03,644 |
|
|
- Percentage of Shareholding |
|
72.38 |
|
|
|
|
|
|
2. |
Promoters
and Promoter Group Shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
- Number of Shares |
|
55,00,000 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
|
90.62 |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
|
25.03 |
|
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
|
- Number of Shares |
|
5,69,422 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
|
9.38 |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
|
2.59 |
|
B |
INVESTOR COMPLAINTS
: |
Quarter Ended 30.06.2014 |
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
Nil |
|
|
Disposed of during the quarter |
Nil |
|
|
Remaining unresolved at the end of the quarter |
Nil |
NOTES
The Company has only one primary business segment namely production of Solar Photovoltaic Cells and Modules and as such As 17 relation to Segmental Reporting does not apply.
During the quarter under the company has increased the operating capacity for manufacturing of solar photovoltaic cells and modules to 90MW by addition certain new capital equipments financed by M/S Renesola Singapore Pte Limited.
Interest on loans from bank has been provided in the case were the banks have charged the same and not provided in case not the bank who have not charged the same in view the accounts been classified as NPA.
Provision for deferred tax, on unsecured loans and provision for income tax, if any will be made at the year ended.
This statement was duly reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 14.08.2014.
Figures of the previous quarter/ period have been regrouped/ rearranged wherever necessary to make them comparable with the current year's figures.
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 : |
PRT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SNT |
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.