MIRA INFORM REPORT
|
Report No. : |
350240 |
|
Report Date : |
18.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
MAHINDRA SUSTEN PRIVATE LIMITED (w.e.f. 18.05.2015) |
|
|
|
|
Formerly known
as : |
MAHINDRA EPC SERVICES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
|
|
Tel. No.: |
91-22-24917006 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
19.09.2010 |
|
|
|
|
Com. Reg. No.: |
11-207854 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.280.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74990MH2010PTC207854 |
|
|
|
|
IEC No.: |
0310067731 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM39229B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAGCM8122L |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in Engineering, Procurement and Construction of power plants in renewable energy and water management sector and related operations and maintenance activity. |
|
|
|
|
No. of Employees
: |
Information decline by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of reputed “Mahindra Group”. It is an established
company having satisfactory track record. Rating takes consideration on company’s satisfactory financial risk
profile with healthy capital structure backed by zero debt balance sheet
profile of the company. Rating further takes into account as company receives strong
financial, managerial and technical support from its group company. The rating is partially offsets on company loss incurred from its
operating activities during FY 2014. However, trade relations are fair. Business is active. Payment terms
are reported as usually correct. In view at strong support from its group company, the subject can be
considered normal 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.
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
Management non-cooperative
Tel. No.:91-22-24917006/ 24905619
LOCATIONS
|
Registered Office : |
|
|
Tel. No.: |
91-22-24917006/ 24901441/ 24905616 Extn: 2259 |
|
Fax No.: |
91-22-24966573/ 24900833 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
DIRECTORS
As on: 26.08.2014
|
Name : |
Mr. Chandrasekar Kandasamy |
|
Designation : |
Director |
|
Address : |
DII/53, Mahindra Park, LBS Marg, Ghatkopar, Mumbai – 400086, Maharashtra, India |
|
Date of Birth/Age : |
08.01.1954 |
|
Date of Appointment : |
05.10.2010 |
|
DIN No.: |
01084215 |
|
|
|
|
Name : |
Mr. Satish Keshav Kamat |
|
Designation : |
Director |
|
Address : |
F/6 Union House, First Floor, L.J. Cross Road No. 2, Mahim, Mumbai – 400016, Maharashtra, India |
|
Date of Birth/Age : |
13.09.1956 |
|
Date of Appointment : |
24.09.2011 |
|
DIN No.: |
01536698 |
|
|
|
|
Name : |
Mr. Alwarthirunagari Kuppuswamy Thiruvenkata Chari |
|
Designation : |
Director |
|
Address : |
181-A, Twin Towers, Prabhadevi, Mumbai – 400025, Maharashtra, India |
|
Date of Birth/Age : |
16.12.1939 |
|
Date of Appointment : |
14.02.2013 |
|
DIN No.: |
00746153 |
|
|
|
|
Name : |
Ranjan Pant |
|
Designation : |
Director |
|
Address : |
Portion-B, 10-A, Kasturba Gandhi Marg, New Delhi - 110001, India |
|
Date of Birth/Age : |
|
|
Date of Appointment : |
30.03.2015 |
|
DIN No.: |
00005410 |
|
|
|
|
Name : |
Anita Arjundas |
|
Designation : |
Director |
|
Address : |
Flat No-501, 5th Floor, Silver Springs, 98 Perry Road, Bandra West, Mumbai - 400050, Maharashtra, India |
|
Date of Appointment : |
27.04.2015 |
|
DIN No.: |
00243215 |
|
|
|
|
Name : |
Noshir Rustom Dastur |
|
Designation : |
Director |
|
Address : |
Dhun Mahal, 4th Floor,, Garden Road, Colaba, Mumbai - 400039, Maharashtra, India |
|
Date of Appointment : |
30.03.2015 |
|
DIN No.: |
00493177 |
|
|
|
|
Name : |
Parag Chandulal Shah |
|
Designation : |
Additional director |
|
Address : |
7 Kailas, 50 Pedder Road, Mumbai - 400026, Maharashtra, India |
|
Date of Appointment : |
09.10.2015 |
|
DIN No.: |
00374944 |
KEY EXECUTIVES
|
Name : |
Roshan Laxmilal Gandhi |
|
Designation : |
Chief Financial Officer |
|
Address : |
104, Rajendra Ratna, Mahesh Nagar, S.V. Road, Goregaon (West), Mumbai - 400062, Maharashtra, India |
|
PAN No.: |
AEZPG2741P |
|
Date of Appointment : |
31.03.2014 |
|
|
|
|
Name : |
Basant kumar Jain |
|
Designation : |
Chief Executive Officer |
|
Address : |
A-402,Padmarag CHS, Near Jain Mandir, J.B. Nagar, Andheri (East), Mumbai - 400059, Maharashtra, India |
|
PAN No.: |
ABQPJ2356M |
|
Date of Appointment : |
31.03.2014 |
|
|
|
|
Name : |
Mohammed Abdullah Slatewala |
|
Designation : |
Secretary |
|
Address : |
106, Bashit Apartment, Near Burhani Masjid, Anand Koliwada, Mumbra - 400612, Maharashtra, India |
|
PAN No.: |
BONPS6977J |
|
Date of Appointment : |
01.12.2014 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 26.08.2014
|
Names of Shareholders |
|
No. of Shares |
|
Mahindra Holdings Limited, |
|
27999999 |
|
Mahindra Holdings Limited, |
|
1 |
|
|
|
|
|
Total |
|
28000000 |
As on: 28.08.2015
|
Names of Allottee |
|
No. of Shares |
|
Mahindra Holdings Limited, |
|
14482700 |
|
Total |
|
14482700 |
Equity Share Break up (Percentage of Total Equity)
As on: 26.08.2014
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Engineering, Procurement and
Construction of power plants in renewable energy and water management sector
and related operations and maintenance activity. |
||||
|
|
|
||||
|
Products / Services : |
|
||||
|
|
|
||||
|
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 decline by the management |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
|
Auditors : |
|
|
Name : |
B.K. Khare and Company Chartered Accountants |
|
Address : |
Flat No. 8, Navkamalpushpa. Co-operative Hosing Society B, Cabin Road, Shivaji Nagar, Naurapa, Thane – 400062, India |
|
PAN No.: |
AAAFB0265E |
|
|
|
|
Memberships : |
Not Divulged |
|
|
|
|
Collaborators : |
Not Divulged |
|
|
|
|
Holding Company : |
CIN No.: U65993MH2007PLC175649 |
|
|
|
|
Ultimate Holding
Company : |
CIN No.: L65990MH1945PLC004558 |
|
|
|
|
Fellow Subsidiaries
: |
CIN No.: U74210MH1993PLC074723
CIN No.: U45209RJ2005PLC021207
CIN No.: U63000MH2007PLC173466
CIN No.: U74999MH1954PLC019908
CIN No.: L45200MH1999PLC118949
CIN No.: L55101TN1996PLC036595
CIN No.: U40101MH2010PTC205236
CIN No.: U75220MH2012PLC233889
CIN No.: U52190MH2007PTC173762
|
|
|
|
|
Associates of
Holding Company: |
CIN No.: U40300MH2012PTC226017
CIN No.: U34101KA1996PTC020195 |
|
|
|
|
Subsidiaries
Company : |
|
CAPITAL STRUCTURE
AFTER 26.08.2014
Authorised Capital : Rs.
1000.000 Million
Issued, Subscribed & Paid-up Capital : Rs. 629.897 Million
AS ON: 26.08.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs. 400.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
28000000 |
Equity Shares |
Rs.10/- each |
Rs. 280.000
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
280.000 |
113.000 |
88.000 |
|
(b) Reserves & Surplus |
380.455 |
389.638 |
0.981 |
|
(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) |
660.455 |
502.638 |
88.981 |
|
|
|
|
|
|
(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 |
6.392 |
34.265 |
0.000 |
|
Total Non-current
Liabilities (3) |
6.392 |
34.265 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
130.857 |
|
(b) Trade payables |
165.519 |
2862.970 |
45.396 |
|
(c) Other current liabilities |
31.884 |
41.989 |
8.408 |
|
(d) Short-term provisions |
58.866 |
53.814 |
6.641 |
|
Total Current Liabilities
(4) |
256.269 |
2958.773 |
191.302 |
|
|
|
|
|
|
TOTAL |
923.116 |
3495.676 |
280.283 |
|
|
|
|
|
|
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
39.543 |
20.194 |
2.286 |
|
(ii) Intangible Assets |
2.166 |
2.181 |
0.000 |
|
(iii) Capital work-in-progress |
4.325 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
10.976 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.550 |
0.050 |
0.050 |
|
(c) Deferred tax assets (net) |
26.248 |
17.665 |
0.264 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
83.808 |
40.090 |
2.600 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
55.435 |
252.389 |
0.000 |
|
(b) Inventories |
217.111 |
158.508 |
21.758 |
|
(c) Trade receivables |
266.194 |
2411.991 |
227.997 |
|
(d) Cash and cash equivalents |
48.470 |
560.530 |
18.130 |
|
(e) Short-term loans and advances |
182.432 |
57.499 |
9.379 |
|
(f) Other current assets |
69.666 |
14.669 |
0.419 |
|
Total Current Assets |
839.308 |
3455.586 |
277.683 |
|
|
|
|
|
|
TOTAL |
923.116 |
3495.676 |
280.283 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1249.379 |
4894.348 |
936.772 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL (A) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(9.380) |
571.475 |
5.940 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.105 |
1.998 |
1.668 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(11.485) |
569.477 |
4.272 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.738 |
1.722 |
0.181 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(15.223) |
567.755 |
4.091 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(2.301) |
179.099 |
0.925 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(9.183) |
388.656 |
3.166 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
389.638 |
0.982 |
(2.183) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
380.455 |
389.638 |
0.983 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
NIL
|
0.028 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.37) |
35.54 |
0.64 |
|
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 |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
(518.917) |
866.568 |
(189.340) |
|
Net cash flows from (used in) operating activities |
(598.042) |
645.537 |
(195.795) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(0.74) |
7.94 |
0.34 |
|
|
|
|
|
|
|
Operating Profit Margin |
(%) |
(0.75) |
11.68 |
0.63 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.73) |
16.32 |
1.46 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.02) |
1.13 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
1.47 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.28 |
1.17 |
1.45 |
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 |
88.000 |
113.000 |
280.000 |
|
Reserves & Surplus |
0.981 |
389.638 |
380.455 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
88.981 |
502.638 |
660.455 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
130.857 |
0.000 |
0.000 |
|
Total borrowings |
130.857 |
0.000 |
0.000 |
|
Debt/Equity ratio |
1.471 |
0.000 |
0.000 |
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 |
936.772 |
4894.348 |
1249.379 |
|
|
|
422.470 |
(74.473) |
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 |
936.772 |
4894.348 |
1249.379 |
|
Profit/loss |
3.166 |
388.656 |
(9.183) |
|
|
0.34% |
7.94% |
(0.74%) |
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 |
Yes |
|
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 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 |
NATURE OF OPERATIONS
Subject a subsidiary of Mahindra Holdings Limited, is engaged in Engineering, Procurement and Construction of power plants in renewable energy and water management sector and related operations and maintenance activity.
OPERATIONS
The year, has been one of the most challenging year for the solar industry with policy instability leading to delays / cancellations of various Central and State government agency tenders, resulting in the Company executing fewer projects as compared to the previous year. Over the past financial year, the industry was also faced with growing pressure on revenues and margins on account of intensifying competition from both local and international players. The Company’s focus on high quality project delivery resulted in the company’s plants performing significantly higher than the design levels and setting performance benchmarks across India, establishing itself as a quality leader in the market over the last 3 years and generating goodwill.
FUTURE OUTLOOK
The solar power market is expected to improve in the current year with announcement of projects under the central (NSM – Phase 2 Batch 2) and state solar programs. The Company expects to win a substantial MW share under these programs.
Over the past year, their strategy was aligned to overcome the instability in the solar market and diversify into newer adjacencies. They are privileged to share their foray into the design build space for industrial sector and winning our maiden order. They look forward to increase our order book in the current year. Tapping the market for distributed solar and remote monitoring solutions form the key focus areas for the company in the current year.
The Company shall continue to strive to deliver innovative high quality solutions and create a niche for itself as an efficient solutions provider in the segments in which it operates.
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10580713 |
25/06/2015 |
1,000,000,000.00 |
AXIS BANK LIMITED |
AXIS HOUSE GROUND
FLOOR, BOMBAY DYEING COMPOUND M |
C59261925 |
|
2 |
10570422 |
28/04/2015 |
1,000,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
C54143284 |
|
3 |
10542494 |
24/12/2014 |
500,000,000.00 |
ING VYSYA BANK LIMITED |
NO. 22, "ING VYASA HOUSE", M.G. ROAD., BANGALORE, KARNATAKA - 560001, INDIA |
C40159410 |
|
4 |
10433245 |
14/03/2015 * |
2,500,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR. |
C49513633 |
|
5 |
10369819 |
27/07/2012 |
420,000,000.00 |
STANDARD CHARTERED BANK |
23, NARAIN MANZIL, BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA |
B45414117 |
* Date of charge modification
FIXED ASSETS
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
WEBSITE DETAILS
NEWS / PRESS RELEASE
MAHINDRA SUSTEN
AIMING FOR FASTEST BILLION IN THE GROUP
Looks at putting up 1 GW solar energy capacity along with another 3 GW of third party projects through EPC orders
New Delhi February 17, 2015
Mahindra Susten, a renewable energy entity, promoted by the private equity
(PE) arm of the Mahindra Group, aims to achieve $1 billion (Rs 6,2000 Million)
annual turnover over three years. This is $150-200 million (Rs 9300-1,2500
Million) at present. It wants to put up 1 Gw of solar energy capacity, along with another 3 Gw of third-party
projects through engineering, procurement and construction (EPC) orders.
It expects to have 350 Mw of EPC
installations by the end of 2015 and is looking at consolidating its solar
energy base in Gujarat, Rajasthan, Andhra Pradesh, Telangana and Madhya Pradesh.
“We want to be the fastest $1
billion in the group and be the largest green and sustainable energy company,”
Parag Shah, managing partner at Mahindra Partners, the groups's PE arm, told
Business Standard.
The portfolio would have wind and
solar energy, energy efficiency and 'green' buildings. Mahindra Susten was recently created, after merger of
Mahindra Solar and Mahindra EPC. The company has 90 Mw of solar power commissioned and a little over 250 Mw under
implementation.
It has one five-Mw project under the first phase of the Jawaharlal Nehru National Solar Mission and another 33 Mw in the second phase. And, 40 Mw under the solar energy missions of Andhra Pradesh and Telangana. Basant Jain, chief executive, said the current concept of efficiency was limited to large companies but at Machinepulse, one of their divisions, they were focusing on individuals and households, too.
At Machinepulse, the company develops software solutions involving analytics.
He said with the support of government efforts, solar energy rates had come down and were comparable with conventional power. “If you take into account transmission and distribution losses, solar is already at grid parity,” said Jain.
Shah said the total size of projects to be undertaken would be about Rs 45000 Million, involving an equity infusion of about Rs 12000 Million. He said whether it was the government’s Make in India programme or Clean India or Digital India, the company was present in
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.65.98 |
|
|
1 |
Rs.100.11 |
|
Euro |
1 |
Rs.70.35 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
48 |
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.