MIRA INFORM REPORT
|
Report No. : |
318392 |
|
Report Date : |
23.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
KSA POWERINFRA PRIVATE LIMITED (w.e.f. 20.08.2013) |
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Formerly Known
As : |
KSA ENERGY & CONTROL AUTOMATION PRIVATE LIMITED (w.e.f. 13.08.2011) G.E.T. ENERGY & CONTROL AUTOMATION PRIVATE LIMITED |
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Registered
Office : |
14-15, Rajendra Gardens, Vettuvankeni, Chennai-600041, Tamilnadu |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of Incorporation
: |
01.12.2007 |
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Com. Reg. No.: |
18-065576 |
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Capital
Investment / Paid-up Capital : |
Rs. 46.934 million |
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CIN No.: [Company Identification
No.] |
U31200TN2007PTC065576 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject engaged into executing EPC contract in power sector. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 220000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a satisfactory track record. The company has reported an increase in its sales turnover and
profitability during FY2014. However, Reserves seem to be low during the year 2014. The overall
financial position of the company seems to be decent. Trade relations are fair. Business is active. Payments are reported to
be slow but correct. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
Not Available
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 BY
|
Name : |
Ms. Sharanya |
|
Designation : |
Accounts Department |
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Contact No.: |
91-44-42034399 |
|
Date : |
17.04.2015 |
LOCATIONS
|
Registered Office : |
14-15, Rajendra Gardens, Vettuvankeni, Chennai-600041, Tamilnadu,
India |
|
Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Head Office : |
117, St. Ebbas Avenue, off P.S.Sivasamy Salai Mylapore,
Chennai-600004, Tamilnadu, India |
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Tel. No.: |
91-44-42034399/43114273 |
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E-Mail : |
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Website : |
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Branch office : |
No.86, 8th Cross, 4th Main, 6th Block, BDA Layout, Nagarabhavi 2nd
Stage Bangalore-560072, Karnataka, India |
DIRECTORS
As on 29.09.2014
|
Name : |
Mr. Vinnavadi Kachapeswaran |
|
Designation : |
Managing Director |
|
Address : |
No:15, Vettuvankeni, Neelankarai, Chennai-600041, Tamilnadu, India |
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Date of Birth/Age : |
30.03.1949 |
|
Date of Appointment : |
01.12.2007 |
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DIN No.: |
00640158 |
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|
|
|
Name : |
Mrs. Ganesan Saraswathy |
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Designation : |
Director |
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Address : |
No 14-15 Rajendra Gardens, Vettuvankeni, Thiruvanmiyur, Chennai-600041, Tamilnadu, India |
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Date of Birth/Age : |
08.10.1951 |
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Date of Appointment : |
09.05.2012 |
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DIN No.: |
05275236 |
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|
|
|
Name : |
Mrs. Roopa Seshadri |
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Designation : |
Director |
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Address : |
98 6th Cross BTM 2nd Stage Dollar LYT, Bilekahalli, Bg Road, Bangalore, 560076, Karnataka, India |
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Date of Birth/Age : |
17.01.1980 |
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Date of Appointment : |
01.10.2013 |
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DIN No.: |
06717842 |
KEY EXECUTIVES
|
Name : |
Ms. Sharanya |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Vinnavadi Kachapeswaran |
|
6150155 |
|
Ganesan Saraswathy |
|
113137 |
|
Roopa Seshadri |
|
70132 |
|
P. Rajasekaran |
|
18000 |
|
K M Poulose |
|
18000 |
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Total |
|
6369424 |
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
92.33 |
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Other top fifty shareholders |
7.67 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject engaged into executing EPC contract in power sector. |
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Products : |
Not Available |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
Karur Vysya Bank Limited, 85 Kutchery Road, Mylapore, Chennai, Tamilnadu - 600004, India |
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Facilities : |
(Rs.
In Million)
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Auditors : |
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Name : |
B B S K and Associates Chartered Accountants |
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Address : |
No 122, 1st Floor, Mandaveli Street, Mandaveli,
Chennai-600028, Tamilnadu, India |
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PAN No.: |
AALFB6307J |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/Subsidiaries : |
Not Divulged |
CAPITAL STRUCTURE
After As on
29.09.2014
Authorised Capital : Rs.100.000 million
Issued, Subscribed & Paid-up Capital : Rs.80.434
million
As on 29.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10,000,000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6,693,424 |
Equity Shares |
Rs.10/- each |
Rs.66.934
million |
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|
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|
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,000,000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4,693,424 |
Equity Shares |
Rs.10/- each |
Rs.46.934
million |
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|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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|
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I.
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
46.934 |
15.100 |
0.100 |
|
(b) Reserves & Surplus |
29.128 |
18.442 |
2.237 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
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|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
4.900 |
|
Total
Shareholders’ Funds (1) + (2) |
76.062 |
33.542 |
7.237 |
|
|
|
|
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(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
0.000 |
0.000 |
0.000 |
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|
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|
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
59.745 |
25.807 |
5.904 |
|
(b) Trade payables |
0.000 |
0.000 |
0.000 |
|
(c) Other current liabilities |
87.183 |
80.953 |
9.621 |
|
(d) Short-term provisions |
21.180 |
8.624 |
1.008 |
|
Total
Current Liabilities (4) |
168.108 |
115.384 |
16.533 |
|
|
|
|
|
|
TOTAL |
244.170 |
148.926 |
23.770 |
|
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|
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
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(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
6.459 |
7.551 |
1.637 |
|
(ii) Intangible Assets |
0.380 |
0.379 |
0.948 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(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) |
0.466 |
0.155 |
0.006 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current assets |
0.053 |
0.080 |
0.106 |
|
Total
Non-Current Assets |
7.358 |
8.165 |
2.697 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
3.144 |
1.446 |
0.252 |
|
(c) Trade receivables |
142.282 |
78.667 |
6.696 |
|
(d) Cash and cash equivalents |
15.482 |
15.784 |
10.762 |
|
(e) Short-term loans and
advances |
75.904 |
44.864 |
3.363 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
236.812 |
140.761 |
21.073 |
|
|
|
|
|
|
TOTAL |
244.170 |
148.926 |
23.770 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue (Gross) |
449.200 |
225.300 |
26.178 |
|
|
|
Other Income |
NA |
NA |
0.229 |
|
|
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TOTAL |
NA |
NA |
26.407 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
23.167 |
|
|
|
|
|
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|
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|
PROFIT BEFORE
TAX |
35.600 |
23.500 |
3.240 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
11.600 |
7.300 |
1.002 |
|
|
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|
PROFIT AFTER TAX
|
24.000 |
16.200 |
2.238 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.11 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Revenue) |
(%) |
5.34 |
7.19 |
8.55 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.61 |
15.80 |
13.63 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.47 |
0.70 |
0.45 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.79 |
0.77 |
0.82 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.41 |
1.22 |
1.27 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
0.100 |
15.100 |
46.934 |
|
Reserves & Surplus |
2.237 |
18.442 |
29.128 |
|
Share Application money
pending allotment |
4.900 |
0.000 |
0.000 |
|
Net
worth |
7.237 |
33.542 |
76.062 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
5.904 |
25.807 |
59.745 |
|
Total
borrowings |
5.904 |
25.807 |
59.745 |
|
Debt/Equity
ratio |
0.816 |
0.769 |
0.785 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Revenue (Gross) |
26.178 |
225.300 |
449.200 |
|
|
|
760.646 |
99.379 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Revenue (Gross) |
26.178 |
225.300 |
449.200 |
|
Profit |
2.238 |
16.200 |
24.000 |
|
|
8.55% |
7.19% |
5.34% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
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 |
Review of performance
During the year 2013-14 company bagged orders
to the tune of Rs.2500.000 million and has achieved a turnover of Rs.449.200 million
PBT of Rs.35.600 million and PAT of rs.24.000 million. The company has grown
from Rs.225.300 million in the previous year Rs.449.200 million in the current
year, which is 100% growth over the previous year.
(Rs.
In Million)
|
UNSECURED LOAN |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
Short Term
Borrowing |
|
|
|
Loans from Promoters |
0.407 |
0.807 |
|
Total |
0.407 |
0.807 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10547577 |
26/02/2015 * |
480,000,000.00 |
KARUR VYSYA BANK LIMITED |
85 KUTCHERY ROAD, MYLAPORE, CHENNAI, Tamilnadu - 600004, INDIA |
C46237418 |
|
2 |
10389371 |
26/02/2015 * |
100,000,000.00 |
DEVELOPMENT CREDIT BANK LIMITED |
6 Rajaji Road, Lake area, Nungambakkam, Chennai, Tamilnadu -
600034, INDIA |
C47624010 |
* Date of charge modification
FIXED ASSETS
- Furniture and
fitting
- Computer
- Vehicle
- Machinery
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.62.81 |
|
|
1 |
Rs.93.85 |
|
Euro |
1 |
Rs.67.58 |
INFORMATION DETAILS
|
Information
Gathered by : |
GAY |
|
|
|
|
Analysis Done by
: |
SUC |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
42 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.