MIRA INFORM REPORT

 

 

Report No. :

324377

Report Date :

02.06.2015

 

IDENTIFICATION DETAILS

 

Name :

WEBSOL ENERGY SYSTEM LIMITED (w.e.f. 28.05.2011)

 

 

Formerly Known As :

WEBEL-SL ENERGY SYSTEMS LIMITED

 

 

Registered Office :

Plot No- 849, Block-P, 48, Pramatha Choudhury Sarani, 2nd Floor, New Alipore, Kolkata- 700053, West Bengal

Tel. No.:

91-3174-222932 / 33-24000419

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

08.02.1990

 

 

Com. Reg. No.:

21-48350

 

 

Capital Investment / Paid-up Capital :

Rs.219.731

 

 

CIN No.:

[Company Identification No.]

L29307WB1990PLC048350

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

CALW02490F

 

 

PAN No.:

[Permanent Account No.]

AAACW3039L

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Manufacturer of Photovoltaic monocrystalline solar cells.

 

 

No. of Employees :

Information decline by the management.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

C

 

RATING

STATUS

PROPOSED CREDIT LINE

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

 

Status :

Sick company

 

 

Payment Behaviour :

Slow and Delayed

 

 

Litigation :

Clear

 

 

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 – 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

 

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

 

Management non co-operative (91-3174-222932 / 33-24000419)

 

 

LOCATIONS

 

Registered Office :

Plot No- 849, Block-P, 48, Pramatha Choudhury Sarani, 2nd Floor, New Alipore, Kolkata- 700053, West Bengal, India

Tel. No.:

91-3174-222932 / 33-24000419

Fax No.:

91-33-23573258 / 24000375

E-Mail :

websol@webelsolar.com

info@webelsolar.com

Website :

http://www.webelsolar.com

 

 

Corporate Office/ Factory 1 :

Falta SEZ, Sector II, Falta, Village Birsa, Mouza Akalmegh, P.S. Ramnagar, District South 24 Parganas – 743 504, West Bengal, India

Tel. No.:

91 3174 222932

Fax No.:

91 3174 222933

E-Mail :

websol@webelsolar.com

 

 

Factory 2:

Plot No.N1, Block - GP Sector – V, Salt Lake Electronics Complex, Kolkata – 700 091, West Bengal, India

 

 

Correspondence Office :

Ideal Centre, 9, A. J. C. Bose Road, 5th Floor, Kolkata – 700 017, West Bengal, India

 

 

Overseas Office :

USA
9727 Touchton Rd, # 1508 Jacksonville, FL 32246, USA

Tel: 904 363 0679

Mobile : 904 248 1418

E mail : ramesh@webelsolar.com

 

Germany
Haydnstrasse 23a, 12167 Berlin, Germany

Tel: +49 30 2197 8851

Fax: +49 30 2197 8381

Mobile: +49 176 6400 4608

E mail : stephan@webelsolar.com

 

 

DIRECTORS

 

As on 31.03.2015

 

Name :

Mr. S. L. Agarwal

Designation :

Managing Director

 

 

Name :

Mr. B. R. Sengupta

Designation :

Independent Director

 

 

Name :

Mr. S. Mandal

Designation :

Nominee Director

 

 

Name :

Mrs. S. Khaitan

Designation :

Director

 

 

Name :

Mr. D. Sethia

Designation :

Independent Director

 

 

KEY EXECUTIVES

 

Name :

Ms. Swati Agarwal

Designation :

Company Secretary

 

 

SHAREHOLDING PATTERN

 

As on 31.03.2015

 

Category of Shareholder

Total No. of Shares

Total Shareholding as a % of Total No. of Shares

(A) Shareholding of Promoter and Promoter Group

 

 

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

549748

2.50

http://www.bseindia.com/include/images/clear.gifBodies Corporate

5519674

25.12

http://www.bseindia.com/include/images/clear.gifSub Total

6069422

27.62

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

6069422

27.62

(B) Public Shareholding

 

 

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

7600

0.03

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

40

0.00

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

4379268

19.93

http://www.bseindia.com/include/images/clear.gifSub Total

4386908

19.96

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

4994703

22.73

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

Individual shareholders holding nominal share capital up to Rs. 0.100 Million

3256375

14.82

Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million

2665658

12.13

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

600000

2.73

http://www.bseindia.com/include/images/clear.gifForeign Corporate Bodies

600000

2.73

http://www.bseindia.com/include/images/clear.gifSub Total

11516736

52.41

Total Public shareholding (B)

15903644

72.38

Total (A)+(B)

21973066

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

0

0.00

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

21973066

0.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Photovoltaic monocrystalline solar cells.

 

 

Products :

Not Available

 

 

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

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

No. of Employees :

Information decline by the management.

 

 

Bankers :

·         Allahabad Bank

·         The Federal Bank Limited

·         Standard Chartered Bank

·         Dena Bank

·         HDFC Bank

·         Axis Bank

·         EXIM Bank

·         ICICI Bank

 

 

Facilities :

SECURED LOANS

31.03.2014

(Rs. in Millions)

31.03.2013

(Rs. in Millions)

LONG TERM BORROWINGS

 

 

Term loans from Banks

 

 

Facility A - Term Loan

1459.518

1418.182

Facility B - Working Capital Term Loan

53.334

38.000

Facility C - Funded Interest Term Loan

111.174

61.828

(All the above loans are secured by way of first pari passu charge on the entire Fixed Assets of the company situated at Falta SEZ Unit and second pari passu charge on the entire Current Assets of the company and guaranteed by Managing Director and corporate guarantee of the Promoter Company)

 

 

Other loans and advances

 

 

Buyers Credit - Foreign Currency Loans from Overseas Banks’

(Foreign Currency Loans in the form of Buyer's Credit from overseas banks are secured

against capex letter of credits issued by the bank of the Company)

0.000

217.087

Vehicle Loans

0.000

0.796

Machinery purchase loan on installment basis

54.540

0.000

SHORT TERM BORROWINGS

 

 

Loans repayable on demand from banks

 

 

Export Packing Credit

154.477

155.426

WCTL and FITL of Working capital Lenders

825.918

799.533

Cash Credits/Working Capital Demand Loan

731.005

416.049

-Bills for Collection

50.980

50.980

(All the above loans are secured by way of first pari passu charge on the entire current assets of the company, second pari passu charge on the entire fixed assets of the Falta SEZ unit, personal guarantee of Managing Director and corporate guarantee of the promoter company)

 

 

Term loans repayable within one year

184.188

0.000

Machinery purchase loan on installment basis

54.540

0.000

Vehicle loan

0.120

0.000

Total

3679.794

3157.881

 

Auditors :

 

Name :

Agarwal Sanganeria and Company

Chartered Accountants

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associates :

·         S. L. Industries Private Limited

·         Industry Side Private Limited

·         Tysom Agencies Private Limited

 

 

CAPITAL STRUCTURE

 

As on

 

Authorised Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

30000000

Equity Shares

Rs.10/- each

Rs.300.000 Million

 

Issued, Subscribed & Paid-up Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

11286533

Equity Shares fully paid in cash

Rs.10/- each

Rs.112.866 Million

9986533

Equity Shares fully paid up issued as bonus shares by capitalization of securities premium

Rs.10/- each

Rs.99.865 Million

700000

Equity Shares fully paid for consideration other than cash

Rs.10/- each

Rs.7.000 Million

 

Total

 

Rs.219.731 Million

 

Reconciliation on of Equity Shares

 

Particulars

As at 31.03.2014

Number of Shares

Rs. In Million

Shares outstanding at the beginning of the year

21973066

219.731

Shares Issued during the year

---

---

Shares outstanding at the end of the year

21973066

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/- 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.

 

Details of Shareholders holding more than 5% of total shares of the company:

 

Particulars

As at 31.03.2014

Number of Shares

% holding

S L Industries Private Limited

5519674

25.12%

Tysom Agencies Private Limited

2000000

9.10%

The Royal Bank of Scotland PLC as trustee of the Jupiter India Fund

---

0.00%

Mavi Investment Fund Limited

---

0.00%

The National Westminster Bank PLC as trustee of the Jupiter India Fund

1846162

8.40%

The Indiaman Fund Limited

1164776

5.30%

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

 

ABRIDGED BALANCE SHEET

 

 

SOURCES OF FUNDS

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

219.731

219.731

219.731

(b) Reserves & Surplus

(1644.701)

(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)

(1424.970)

(681.512)

(522.414)

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

1715.655

1938.197

2610.772

(b) Deferred tax liabilities (Net)

193.883

193.883

193.883

(c) Other long term liabilities

115.748

476.464

500.384

(d) long-term provisions

0.000

4.804

4.027

Total Non-current Liabilities (3)

2025.286

2613.348

3309.066

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

2177.831

1421.989

712.372

(b) Trade payables

2277.198

909.752

236.712

(c) Payables for capital contract

3.392

2.132

6.726

(d) Other current liabilities

1207.840

1015.718

1016.201

(e) Short-term provisions

28.188

22.264

22.264

Total Current Liabilities (4)

5694.449

3371.855

1994.275

 

 

 

 

TOTAL

6294.765

5303.691

4780.927

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

3215.049

3384.706

3431.474

(ii) Intangible Assets

0.531

0.553

0.000

(iii) Capital work-in-progress

118.162

9.025

72.974

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

1.510

1.510

1.510

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

325.184

297.746

349.240

(e) Other Non-current assets

141.969

161.371

40.215

Total Non-Current Assets

3802.405

3854.911

3895.413

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.500

(b) Inventories

383.682

391.929

333.250

(c) Trade receivables

1753.290

719.765

172.521

(d) Cash and cash equivalents

25.485

91.594

152.710

(e) Short-term loans and advances

328.131

223.575

205.246

(f) Other current assets

1.772

21.917

21.287

Total Current Assets

2492.360

1448.78

885.514

 

 

 

 

TOTAL

6294.765

5303.691

4780.927

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

3046.558

1142.158

1432.521

 

Other Income

12.510

114.663

29.115

 

TOTAL

3059.068

1256.821

1461.636

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

2513.286

972.797

2194.925

 

Stores and Spares

121.194

30.811

31.872

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

20.948

30.883

109.595

 

Employees benefits expense

66.167

42.673

63.205

 

Power and Fuel

93.837

56.973

75.329

 

Exceptional Items

378.270

(132.455)

604.477

 

Provision for Doubtful Debts and Advances

9.325

 0.000

0.000 

 

Other expenses

111.548

98.959

139.231

 

TOTAL

3314.575

1100.641

3218.634

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

(255.507)

156.180

(1756.998)

 

 

 

 

 

Less

FINANCIAL EXPENSES

310.304

185.427

317.500

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

(565.811)

(29.247)

(2074.498)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

177.646

129.851

199.550

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

(743.457)

(159.098)

(2274.048)

 

 

 

 

 

Less

TAX

0.000

0.000

67.807

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

(743.457)

(159.098)

(2341.855)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

2710.927

2.180

1122.360

 

TOTAL EARNINGS

2710.927

2.180

1122.360

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

2403.050

999.586

1351.665

 

Components and Stores parts

40.978

26.933

27.749

 

Capital Goods

23.363

0.000

39.470

 

TOTAL IMPORTS

2467.391

1026.519

1418.884

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

(33.83)

(7.24)

(106.57)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

NA

NA

NA

Cash generated from operations

(249.495)

142.961

(717.381)

 

 

QUARTERLY RESULTS

 

Particulars

30.06.2014

1st Quarter

30.09.2014

2nd Quarter

31.12.2014

3rd Quarter

31.03.2015

4th Quarter

 Unaudited

Unaudited

Unaudited

Unaudited

Unaudited

 Net Sales

384.700

763.000

1052.100

1357.800

 Total Expenditure

402.500

740.100

1023.900

1340.500

 PBIDT (Excl OI)

(17.800)

22.900

28.200

17.300

 Other Income

0.000

0.000

1.200

6.200

 Operating Profit

(17.800)

22.900

29.400

23.500

 Interest

90.600

1.800

0.000

(71.700)

 Exceptional Items

7.500

(4.500)

20.500

(88.000)

 PBDT

(100.900)

16.600

49.900

7.200

 Depreciation

41.700

42.700

40.400

37.800

 Profit Before Tax

(142.600)

(26.100)

9.500

(30.600)

 Tax

0.000

0.000

0.000

4.700

 Provisions and contingencies

0.000

0.000

0.000

0.000

 Profit After Tax

(142.600)

(26.100)

9.500

(35.300)

  Extraordinary Items

0.000

0.000

0.000

(329.600)

  Prior Period Expenses

0.000

0.000

0.000

0.000

  Other Adjustments

0.000

0.000

0.000

0.000

 Net Profit

(142.600)

(26.100)

9.500

(364.900)

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT/Sales)

(%)

(24.40)

(13.93)

(163.48)

 

 

 

 

 

Operating Profit Margin

(PBDIT / Sales)

(%)

(8.39)

13.67

(122.65)

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(12.04)

(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

 

 

STOCK PRICES

 

Face Value

Rs.10.00/- each

Market Value

Rs.19.00 /- each

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

219.731

219.731

219.731

Reserves & Surplus

(742.145)

(901.243)

(1644.701)

Net worth

(522.414)

(681.512)

(1424.970)

 

 

 

 

long-term borrowings

2610.772

1938.197

1715.655

Short term borrowings

712.372

1421.989

2177.831

Total borrowings

3323.144

3360.186

3893.486

Debt/Equity ratio

(6.361)

(4.930)

(2.732)

 

 

 

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)

Sales

1432.521

1142.158

3046.558

 

 

(20.269)

166.737

 

 

 

 

 

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

1432.521

1142.158

3046.558

Profit

(2341.855)

(159.098)

(743.457)

 

(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

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

No

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

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

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

Yes

27

Reasons for variation <> 20%

----------------------

28

Estimation for coming financial year

No

29

Profitability for last three 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

 

 

OPERATIONS

 

During the year under review your company was able to utilize the manufacturing capacity at its optimum but the sales realization continued to remain lower thereby resulting in losses for yet another year.

 

The concerned Government department has already initiated the imposition of anti -dumping duty on imports of solar cells and modules and has at the same time outlined the requirement of domestic content under various solar schemes to revive the industry. These positive steps will help your Company to augment its sales and profitability.

 

During the financial year the company reported total revenue of Rs.3059.068 Million against Rs.1256.821 Million during the last financial period for nine months. The company suffered a loss of Rs.743.457 Million after providing Rs.177.646 Million towards depreciation and Rs.310.304 Million towards interest during the current financial year as compared to a loss of Rs.159.098 Million in the last financial period.

 

 

 

 

 

UNSECURED LOAN

(Rs. In Million)

 

PARTICULAR

31.03.2014

(Rs. in Millions)

31.03.2013

(Rs. in Millions)

LONG TERM BORROWINGS

 

 

Loan from related party

[From Promoter Company]

37.089

51.242

Loan from others

[From Joint Stock Companies (including Interest Accrued)]

0.000

151.063

SHORT TERM BORROWINGS

 

 

From Joint Stock Companies

176.603

0.000

Total

213.692

202.305

 

 

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. LIMITED

CLEANTECH LOOP, #02-28 CLEANTECH PARK, SINGAPORE, - 637141, SINGAPORE

C05870118

2

10430760

06/06/2013

2,323,500,000.00

AXIS BANK LIMITED

CORPORATE BANKING BRANCH (CBB), 1, SHAKESPEARE SARANI, AC MARKET, 3RD FLOOR, KOLKATA, West Bengal - 700071, INDIA

B76971936

3

10366782

29/10/2013 *

677,600,000.00

AXIS BANK LIMITED

CORPORATE BANKING BRANCH (CBB), 1, SHAKESPEARE SARANI, AC MARKET, 3RD FLOOR,, KOLKATA, West Bengal - 700071, INDIA

B90514845

4

10360461

31/05/2012

60,000,000.00

ICICI Bank Limited

LANDMARKRACE COURCE CIRCLE, Vadodara, Gujarat - 390007, INDIA

B41564253

5

10355983

25/05/2012 *

1,115,800,000.00

ALLAHABAD BANK

INDUSTRIAL FINANCE BRANCH, 17, R. N. MUKHERJEE ROAD, 4TH FLOOR, KOLKATA, West Bengal - 700001, INDIA

B43158104

6

10334733

23/06/2012 *

83,200,000.00

AXIS BANK LIMITED

CORPORATE BANKING BRANCH (CBB), 1, SHAKESPEARE SARANI, AC MARKET, 3RD FLOOR, KOLKATA, West Bengal 
- 700071, INDIA

B44148955

7

10313063

30/09/2011

816,250,000.00

AXIS BANK LIMITED

'TRISHUL' 3rd Floor, Opposite Samartheshwar Temple, Law Garden, Ellisbridge, Ahmedabad, Gujarat - 380006, INDIA

B23509482

8

10295479

23/06/2011

45,000,000.00

ALLAHABAD BANK

INDUSTRIAL FINANCE BRANCH, 17, R. N. MUKHERJEE ROAD, 4TH FLOOR, KOLKATA, West Bengal - 700001, INDIA

B16297053

9

10249113

24/12/2012 *

475,000,000.00

EXPORT-IMPORT BANK OF INDIA

Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, INDIA

B68258367

10

10224066

20/05/2010

400,000,000.00

ALLAHABAD BANK

INDUSTRIAL FINANCE BRANCH, 17, R. N. MUKHERJEE ROAD, 4TH FLOOR,, KOLKATA, West Bengal - 700001, INDIA

A87247532

 

 

* Date of charge modification

 

 

 

FIXED ASSETS

 

·         Building

·         Plant and Machinery

·         Furniture and Fixture

·         Computer

·         Office Equipment

·         Motor Vehicles

 

 

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 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.63.60

UK Pound

1

Rs.97.26

Euro

1

Rs.69.62

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

PNM

 

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.