MIRA INFORM REPORT

 

 

Report No. :

330210

Report Date :

07.07.2015

 

IDENTIFICATION DETAILS

 

Name :

TN SOLAR POWER ENERGY PRIVATE LIMITED

 

 

Registered Office :

No.560/562, 4-D, 4th Floor, Century Plaza, Anna Salai, Teynampet, Chennai – 600 018, Tamilnadu, India

Tel. No.:

91-44-24342595

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

14.10.2013

 

 

Com. Reg. No.:

18-093340

 

 

Capital Investment / Paid-up Capital :

Rs.8.140 million

 

 

CIN No.:

[Company Identification No.]

U40103TN2013PTC093340

 

 

IEC No.:

Not Available

 

 

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 :

Subject is engaged into power and energy generation and related business.

 

 

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 private limited company incorporated on 14th October, 2013. But the company has not yet commenced its commercial operations.

 

It is having a moderate track.

 

Mr. Ritesh (Accounts Department) has denied to disclose any information to us.

 

Business is active as per status shown in Registrar of Companies. Payment terms are unknown.

 

The company can be considered for business dealings on 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 31-03-2013.

 

INFORMATION DECLINED BY

 

Name :

Mr. Ritesh

Designation :

Accounts Department

Contact No.:

91-22-67490466/ 67490487

Date :

06.07.2015

 

 

LOCATIONS

 

Registered Office :

No.560/562, 4-D, 4th Floor, Century Plaza, Anna Salai, Teynampet, Chennai – 600 018, Tamilnadu, India

Tel. No.:

91-44-24342595

Fax No.:

Not Available

E-Mail :

secretarial.infra@shapoorji.com

 

 

Corporate Office :

Located at:

 

·         Mumbai

Tel. No.:

91-22-67490466/ 67490487

 

 

DIRECTORS

 

AS ON 31.03.2015

 

Name :

Mr. Sunil Vasudeo Kulkarni

Designation :

Additional Director

Address :

E-517, National Regency, Plot No.445, Takka, Taluka - Panvel, Raigad – 410 206, Maharashtra, India

Date of Appointment :

10.04.2015

DIN No.:

03137498

Other Directorship :

 

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U92311UR1989PTC010798

MADKINI HYDRO POWER PRIVATE LIMITED

Nominee director

11/08/2010

20/07/2010

24/05/2012

Active

NO

2

U45209GJ2008PTC054828

SHAPOORJI PALLONJI AND OEG SERVICES PRIVATE LIMITED

Director

31/07/2014

08/11/2013

-

Active

NO

3

U74900TN2011PTC083446

PRADDIN ENERGY PRIVATE LIMITED

Director

21/08/2014

27/12/2013

-

Active

NO

4

U40103TN2013PTC093340

TN SOLAR POWER ENERGY PRIVATE LIMITED

Additional director

10/04/2015

10/04/2015

-

Active

NO

5

U74900MH2015PTC264204

SP SOLREN PRIVATE LIMITED

Director

08/05/2015

08/05/2015

-

Active

NO

6

U74900MH2015PTC266093

SOLAR EDGE POWER AND ENERGY PRIVATE LIMITED

Director

29/06/2015

29/06/2015

-

Active

NO

7

U74900MH2015PTC266126

TRANSFORM SUN ENERGY PRIVATE LIMITED

Director

30/06/2015

30/06/2015

-

Active

NO

8

U74120MH2015PTC266177

SP PHOTOVOLTAIC PRIVATE LIMITED

Director

01/07/2015

01/07/2015

-

Active

NO

9

U74999MH2015PTC266309

RADIANCE SOLAR PRIVATE LIMITED

Director

03/07/2015

03/07/2015

-

Active

NO

 

 

Name :

Mr. Rajesh Nandkumar Bathija

Designation :

Additional Director

Address :

503, Shreyas Apartments, Poddar Road, Off S.V. Road, Santacruz (West), Mumbai – 400 054, Maharashtra, India

Date of Appointment :

10.04.2015

DIN No.:

06687649

Other Directorship :

 

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U01403GJ2008PTC054483

NURSERY PROJECTS AND AGRI DEVELOPMENT PRIVATE LIMITED

Director

27/09/2013

13/09/2013

-

Active

NO

2

U40300MH2010PTC202812

SHAPOORJI PALLONJI SOLAR PV PRIVATE LIMITED

Director

30/09/2013

13/09/2013

-

Active

NO

3

U45201GJ2008PTC054063

SHAPOORJI PALLONJI INFRASTRUCTURE (GUJARAT) PRIVATE LIMITED

Director

27/09/2013

13/09/2013

-

Active

NO

4

U10100MH2008PTC184554

UNIVERSAL MINE DEVELOPERS AND SERVICE PROVIDERS PRIVATE LIMITED

Director

30/09/2013

13/09/2013

-

Active

NO

5

U45203MH2010PTC202625

SHAPOORJI PALLONJI ROADS PRIVATE LIMITED

Director

30/09/2013

13/09/2013

-

Active

NO

6

U74900TN2011PTC083446

PRADDIN ENERGY PRIVATE LIMITED

Director

21/08/2014

27/12/2013

-

Active

NO

7

U26941GJ2008PTC054061

SHAPOORJI PALLONJI CEMENT (GUJARAT) PRIVATE LIMITED

Director

31/07/2014

22/05/2014

-

Active

NO

8

U35117GJ2005PTC047168

LEADER SHIP YARD PRIVATE LIMITED

Additional director

23/07/2014

23/07/2014

-

Active

NO

9

U40103TN2013PTC093340

TN SOLAR POWER ENERGY PRIVATE LIMITED

Additional director

10/04/2015

10/04/2015

-

Active

NO

 

 

KEY EXECUTIVES

 

Name :

Mr. Ritesh

Designation :

Accounts Department

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 21.07.2014

 

Names of Shareholders

 

No. of Shares

Percentage of Holding

Cape Infrastructure Private Limited, India

9500

1.17

Praddin Energy Private Limited, India

804500

98.83

Total

814000

100.00

 

 

AS ON 27.05.2015

 

Names of Allottee

 

 

No. of Shares

Praddin Energy Private Limited, India

 

15250000

Total

 

15250000

 

AS ON 21.07.2014

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Bodies corporate

 

100.00

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged into power and energy generation and related business.

 

 

Products/ Services :

Power and Energy Generation

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Not Divulged

 

 

Purchasing :

Not Divulged

 

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour

Market Goodwill

Overall

Not Divulged

Not Divulged

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality

Delivery Behaviour

Overall

Not Divulged

Not Divulged

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

Information declined by the Management. 

 

 

Bankers :

Banker Name

Not Divulged

Branch Address

Not Divulged

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

Banking Relations :

--

 

 

Financial Institution :

SBICAP Trustee Company Limited, 202, Maker Tower E, Cuffe Parade, Mumbai – 400 020, Maharashtra, India

 

 

Auditors :

 

Name :

ASNAJ and Company

Chartered Accountants

Address :

A-5, Vimal Udyog Bhavan, Near Star City Theatre, Manorama Nagarkar Marg, Matunga (West), Mumbai – 400 016, Maharashtra, India

Tel. No.:

91-22-24301528/ 48

Fax No.:

91-22-24301633

Income-tax PAN of auditor or auditor's firm :

AAFFM7062H

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Holding Company (Direct holding of more than one half in nominal value of paid-up equity share capital) :

Praddin Energy Private Limited, India (CIN No.: U74900TN2011PTC083446)

 

 

Indirect holding of more than one half in nominal value of paid-up equity share capital :

Shapoorji Pallonji Infrastructure Capital Company Limited

 

 

CAPITAL STRUCTURE

 

AFTER 21.07.2014

 

Authorised Capital : Rs.660.000 million

 

Issued, Subscribed & Paid-up Capital : Rs.240.640 million

 

AS ON 21.07.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

1000000

Equity Shares

Rs.10/- each

Rs.10.000 million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

814000

Equity Shares

Rs.10/- each

Rs.8.140 million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2014

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1) Shareholders' Funds

 

 

 

(a) Share Capital

 

 

8.140

(b) Reserves & Surplus

 

 

0.000

(c) Money received against share warrants

 

 

0.000

 

 

 

 

(2) Share Application money pending allotment

 

 

0.000

Total Shareholders’ Funds (1) + (2)

 

 

8.140

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

 

 

3.500

(b) Deferred tax liabilities (Net)

 

 

0.000

(c) Other long term liabilities

 

 

0.000

(d) Long-term provisions

 

 

0.000

Total Non-current Liabilities (3)

 

 

3.500

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

 

 

0.000

(b) Trade payables

 

 

0.857

(c) Other current liabilities

 

 

21.552

(d) Short-term provisions

 

 

0.031

Total Current Liabilities (4)

 

 

22.440

 

 

 

 

TOTAL

 

 

34.080

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

 

2.154

(ii) Intangible Assets

 

 

0.000

(iii) Capital work-in-progress

 

 

1.896

(iv) Intangible assets under development

 

 

0.000

(b) Non-current Investments

 

 

0.000

(c) Deferred tax assets (net)

 

 

0.000

(d)  Long-term Loan and Advances

 

 

27.946

(e) Other Non-current assets

 

 

0.000

Total Non-Current Assets

 

 

31.996

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

 

0.000

(b) Inventories

 

 

0.000

(c) Trade receivables

 

 

0.000

(d) Cash and cash equivalents

 

 

1.981

(e) Short-term loans and advances

 

 

0.103

(f) Other current assets

 

 

0.000

Total Current Assets

 

 

2.084

 

 

 

 

TOTAL

 

 

34.080

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

 

 

31.03.2014

Current Maturities of Long term debt

 

 

NA

Cash generated from operations

 

 

NA

Net cash flows from (used in) operations

 

 

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

 

31.03.2014

Debt Equity Ratio

(Total Debt /Networth)

 
 

 

0.43

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

 

0.09

 

 

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

No

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

No

18

Major suppliers

No

19

Major customers

No

20

Banking Details

No

21

Banking facility details

Yes

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 three years

No

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

No

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

 

UNSECURED LOAN

 

PARTICULARS

31.03.2014

(Rs. in Million)

LONG-TERM BORROWINGS

 

Loan from related party

3.500

Total

3.500

 

INDEX OF CHARGES:

 

S. No.

Charge ID

Date of Charge Creation/ Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10575782

04/06/2015

1,490,000,000.00

SBICAP TRUSTEE COMPANY LIMITED

202, MAKER TOWER E, CUFFE PARADE, MUMBAI – 400 020, MAHARASHTRA, INDIA

C56882814

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.63.58

UK Pound

1

Rs.99.11

Euro

1

Rs.70.29       

 

 

INFORMATION DETAILS

 

Information Gathered by :

KMN

 

 

Analysis Done by :

RAS

 

 

Report Prepared by :

SMN

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

2

PAID-UP CAPITAL

1~10

2

OPERATING SCALE

1~10

1

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

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

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

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.