MIRA INFORM REPORT
|
Report No. : |
352234 |
|
Report Date : |
09.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
SOLON INDIA PRIVATE LIMITED (w.e.f. 20.03.2013) |
|
|
|
|
Formerly Known
As : |
MICROSOL INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
1st Floor, Dev’s Apartments, 10-3-3/30, East Marredpally, Secunderabad
– 500026, Telangana, India |
|
Tel. No.: |
91- |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2012 |
|
|
|
|
Date of
Incorporation : |
02.06.2011 |
|
|
|
|
Com. Reg. No.: |
36-074802 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.0.977 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31900TG2011PTC074802 |
|
|
|
|
IEC No.: |
Not Available (As claimed by company management that company does not export and
import) |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturers of solar modules and solar systems technology. (Other Source) |
|
|
|
|
No. of Employees
: |
Information declined by the management |
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 : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a relatively new company incorporated in the year 2011. It
has moderate track. The management has failed to file its latest financials for the year
2014 with the government department. Further, as per Registrar of Companies the date of balance sheet (i.e.
financial field) is shown as 31.03.2013 but document related to financial
year ending 2013 is not available from any other sources. Further, Ms. Rani (Office Executive) denied to provide any information
about the subject to us. However, as per available financials of the year 2012, the financial
condition of the company appears to be satisfactory. Payments terms are
unknown. In view of non-availability of latest financial, the company can be considered
for business dealings with 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
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
31-03-2015.
INFORMATION DENIED BY
|
Name : |
Ms. Rani |
|
Designation : |
Office Executive |
|
Contact No.: |
91-40-23399155 |
|
Date : |
02.12.2015 |
LOCATIONS
|
Registered Office : |
1st Floor, Dev’s Apartments, 10-3-3/30, East Marredpally,
Secunderabad – 500026, Telangana, India |
|
Tel. No.: |
91-40-23399155 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
|
|
|
Corporate Office : |
No. 8-2-601/P18, (New No. 147), Panchavati Colony, Road No. 10,
Banjara Hills, Hyderabad – 500034, Telangana, India |
|
Tel. No.: |
91-40-23399155 / 56 |
DIRECTORS
As on 29.06.2013
|
Name : |
Mr. Potluri Kamala Sudha Rani |
|
Designation : |
Director |
|
Address : |
Plot No.613/2, Aditya Enclave, Road No.33, Jubliee Hills, Hyderabad - 500033, Andhra Pradesh, India |
|
Date of Birth/Age : |
01.08.1964 |
|
Date of Appointment : |
13.06.2011 |
|
DIN No.: |
03544054 |
|
|
|
|
Name : |
Penubolu Suryanarayana |
|
Designation : |
Director |
|
Address : |
21 Wellington Enclave, Phase-Ii, Rukminidevi Colony, West Marredpally, Secunderabad - 500026, Andhra Pradesh, India |
|
Date of Birth/Age : |
23.09.1955 |
|
Date of Appointment : |
13.06.2011 |
|
DIN No.: |
03544064 |
KEY EXECUTIVES
|
Name : |
Ms. Rani |
|
Designation : |
Office Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.06.2013
|
Names of Shareholders |
|
No. of Shares |
|
Microsol INC |
|
97743 |
|
Satya Sai Kiran |
|
1 |
|
Total |
|
97744 |
Equity Share Break up (Percentage of Total Equity)
As on 29.06.2013
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of solar modules and solar systems technology. (Other Source) |
|
|
|
|
Products : |
Not Divulged |
|
|
|
|
Brand Names : |
Not Divulged |
|
|
|
|
Agencies Held : |
Not Divulged |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
Information declined by the management |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||
|
|
|
|
Auditors : |
|
|
Name : |
S.V. Rao and Associates Chartered Accountants |
|
Address : |
S.V. Square, 1st Floor, 8-2-293/82/A/796-B, Road No. 36,
Jubilee Hills, Hyderabad – 500033, Telangana, India |
|
Tel. No.: |
91-40-23555475 |
|
Mobile No.: |
91- |
|
Fax No.: |
91-40-23555476 |
|
E-Mail : |
|
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AANFS0379R |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company : |
Microsol INC, BVI |
|
|
|
|
Enterprises where Key Managerial personnel hold significant influence
: |
Microsol International LL FZE, UAE |
CAPITAL STRUCTURE
After 29.06.2013
Authorised Capital : Rs. 11.000 Million
Issued, Subscribed & Paid-up Capital : Rs. 1.518 Million
As on 29.06.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
97744 |
Equity Shares |
Rs.10/- each |
Rs.0.977
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
|
31.12.2012 (9
Months) |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
0.977 |
0.977 |
|
(b) Reserves & Surplus |
|
5.193 |
1.984 |
|
(c) Money received against share
warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
6.170 |
2.961 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
|
0.085 |
0.035 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
|
0.085 |
0.035 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
0.000 |
0.000 |
|
(b) Trade payables |
|
182.966 |
46.041 |
|
(c) Other current liabilities |
|
2.318 |
2.482 |
|
(d) Short-term provisions |
|
0.855 |
0.036 |
|
Total
Current Liabilities (4) |
|
186.139 |
48.559 |
|
|
|
|
|
|
TOTAL |
|
192.394 |
51.555 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
0.840 |
0.697 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
|
0.000 |
0.000 |
|
(iv) Intangible assets under
development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
2.307 |
0.002 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total
Non-Current Assets |
|
3.147 |
0.699 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
119.503 |
4.056 |
|
(c) Trade receivables |
|
59.322 |
41.756 |
|
(d) Cash and cash equivalents |
|
6.425 |
4.909 |
|
(e) Short-term loans and
advances |
|
3.997 |
0.135 |
|
(f) Other current assets |
|
0.000 |
0.000 |
|
Total
Current Assets |
|
189.247 |
50.856 |
|
|
|
|
|
|
TOTAL |
|
192.394 |
51.555 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
31.12.2012 (9
Months) |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Gross Income |
|
112.428 |
92.553 |
|
|
Other Income |
|
0.048 |
0.000 |
|
|
TOTAL
|
|
112.476 |
92.553 |
|
|
|
|
|
|
|
Less |
OPERATING
EXPENSES |
|
107.919 |
89.225 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
4.557 |
3.328 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
(0.228) |
0.255 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
4.785 |
3.073 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
|
0.070 |
0.018 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
4.715 |
3.055 |
|
|
|
|
|
|
|
Less |
TAX |
|
1.506 |
1.071 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
3.209 |
1.984 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
|
152.629 |
10.038 |
|
|
TOTAL
IMPORTS |
|
152.629 |
10.038 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
|
32.83 |
20.29 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
|
31.12.2012 (9
Months) |
31.03.2012 |
|
Current Maturities of Long term debt |
|
NA |
NA |
|
Cash generated from operations |
|
NA |
NA |
|
Net cash flow from operating activity |
|
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
|
31.12.2012 (9
Months) |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
|
2.85 |
2.14 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
|
4.05 |
3.60 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
2.45 |
5.93 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.76 |
1.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.02 |
1.05 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.12.2012 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
0.977 |
0.977 |
|
Reserves & Surplus |
1.984 |
5.193 |
|
Net
worth |
2.961 |
6.170 |
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.12.2012 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
92.553 |
112.428 |
|
|
21.474 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.12.2012 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
92.553 |
112.428 |
|
Profit |
1.984 |
3.209 |
|
|
2.14% |
2.85% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
No |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last one and half
years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last one and half years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
PERFORMANCE OF THE
COMPANY:
The Second Year (9 Months) Operations of the company has been very
encouraging and the Company has got sanctions from Ministry of Non-Renewable
Energy (MNRE). Government of India. New Delhi for 842 k wp Solar Roof Top
Projects in various locations under Subsidy Scheme.
The company has also bid several EPC Contacts under the MNRE Roof Top
Scheme and is quite confident of achieving profitability business in this
Segment. A dynamic team of young and committed Engineers and Marketing
Personnel are actively engaged in business development, which will surely
results in significant volumes and profitability in the future periods.
The Company will focus on consolidating its market share in the Roof Top
and Captive Consumption Segment. The Company will also selectively procure
orders for Grid connected Power Plants in the forthcoming year.
The Company is fully embraced with the business potential of renewable
energy certificate sale in PV Power Plants and is in discussions with several Premium
Rated Corporate for deploying suitable systems in this Segment.
The Company has participating in various Tenders invited by Government
Organizations and Private Institutions during this period.
INDEX
OF CHARGES: NO CHARGES EXIST FOR THE COMPANY
FIXED ASSETS
- Computer
- Office
Equipment
- Furniture and
Fitting
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 records 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.66.83 |
|
|
1 |
Rs.101.04 |
|
Euro |
1 |
Rs.73.04 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
1 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--PROFITABILITY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
YES |
|
--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.