MIRA INFORM REPORT

 

 

Report No. :

343339

Report Date :

01.10.2015

 

IDENTIFICATION DETAILS

 

Name :

REGEN POWERTECH PRIVATE LIMITED

 

 

Registered Office :

Samson Towers, 4th and 5th Floor, 403L, Pantheon Road, Egmore, Chennai – 600008, Tamilnadu

Tel. No.:

91-44-42966200

 

 

Country :

India

 

 

Financials (as on) :

30.09.2014

 

 

Date of Incorporation :

27.12.2006

 

 

Com. Reg. No.:

18-085606

 

 

Capital Investment / Paid-up Capital :

Rs.242.789 Million

 

 

CIN No.:

[Company Identification No.]

U40109TN2006PTC085606

 

 

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 in the manufacture, supply, installation, erection, operation and maintenance of Wind Energy Converters (WECs) and related accessories and equipment.

 

 

No. of Employees :

Information declined by the management 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (46)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 15000000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Exist

 

 

Comments :

Subject is an established company incorporated in the year 2006 having satisfactory track.

 

Management of the company has changed its financial year from (March 2013 to September 2014) ranging from April 2013 to September 2014 for 18 months.

 

The company has shown significant growth in its profit during FY 2014. General financial position of the company is normal and acceptable for business dealings.

 

Trade relations are reported as fair. Business is active.

 

Payments terms are reported as usually correct and as per commitment.

 

The company 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.

 

 

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

CRISIL

Rating

Long term loan: BBB-

Rating Explanation

Moderate degree of safety and carry moderate credit risk.

Date

04.06.2015

 

Rating Agency Name

CRISIL

Rating

Bank Guarantee: A3

Rating Explanation

Moderate degree of safety and carry higher credit risk.

Date

04.06.2015

 

 

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 DECLINED 

 

MANAGEMENT NON CO-OPERATIVE (91-44-42966200)

 

 

LOCATIONS

 

Registered Office :

Samson Towers, 4th and 5th Floor, 403L, Pantheon Road, Egmore, Chennai – 600008, Tamilnadu, India

Tel. No.:

91-44-42966200

Fax No.:

91-44-42966298/99

E-Mail :

varadharajan.tca@regenpowertech.com

Website :

http://www.regenpowertech.com/

 

 

Manufacturing Facility - TADA Plant:

Survey No: 182 to 188, APIIC Industrial Park Mambattu Village, Tada Mandal 
Nellore District – 524121, Andhra Pradesh, India.

 

 

Manufacturing Facility - Udaipur Plant:

Opposite Sir Padampath Singhania University, NH-76 , Udaipur-Chitoorgarh Road, Village-Bhatewar, Tehsil-Vallabhnagar, Udaipur -313601, Rajasthan
India.

 

 

Regional Marketing Offices:

Located at

 

Mumbai

New Delhi

Ahmedabad

 

 

DIRECTORS

 

AS ON 09.03.2015

 

Name :

Mr. Madhusudan Khemka

Designation :

Managing Director

Address :

Y202 Anna Nagar, Chennai - 600040, Tamilnadu, India

Date of Birth/Age :

06.09.1963

Date of Appointment :

29.10.2007

DIN No.:

00757115

PAN No.:

AAKPK1248E

 

 

Name :

Mr. Sundaresh Ramanathan

Designation :

Whole-Time Director

Address :

Flat 1/C, 6/23, Raghaviah Road, T Nagar, Chennai - 600017, Tamilnadu, India

Date of Birth/Age :

02.06.1960

Date of Appointment :

30.03.2007

DIN No.:

00207427

PAN No.:

AAYPS7722D

 

 

Name :

Mr. Varahala Rao Kavala

Designation :

Whole-Time Director

Address :

233, Madhav Nagar, H.I.G Phase I, Medak District, R C Puram - 502032, Andhra Pradesh, India

Date of Birth/Age :

06.06.1944

Date of Appointment :

19.06.2009

DIN No.:

01869380

PAN No.:

AFTPK0683H

 

 

Name :

Mr. Mandava Rao Prabhakara

Designation :

Director

Address :

Plot No. 543, House No. 8-2-293/82/A543, Road No. 26, Jubilee Hills, Hyderabad - 500033, Telangana, India

Date of Birth/Age :

19.01.1959

Date of Appointment :

27.12.2006

DIN No.:

00009650

 

 

Name :

Mr. Kazi Arif Uz Zaman

Designation :

Nominee Director

Address :

34/4, Anjanappa Layout, 1st Phase, 1st Main, Near Kothanur Bus Stop, Bangalore - 560067, Karnataka, India

Date of Birth/Age :

11.07.1971

Date of Appointment :

29.10.2007

DIN No.:

00237331

 

 

Name :

Mr. Atul Kapur

Designation :

Nominee Director

Address :

21 Holland Pk, #07-21 Lien Towers, Singapore, 249476, Singapore

Date of Birth/Age :

22.06.1963

Date of Appointment :

29.10.2007

DIN No.:

01778935

 

 

Name :

Mr. Aishwarya Mandava

Designation :

Nominee Director

Address :

H.No.8-2-293/82/A, Plot No.543, Opposite MCR HRD, Institute, Road.No.26, Jubilee Hills, Hyderabad - 500033, Telangana, India

Date of Birth/Age :

31.08.1990

Date of Appointment :

18.06.2012

DIN No.:

05291011

 

 

Name :

Mr. Ravinder Vashist

Designation :

Nominee Director

Address :

1602, Building F, Raheja Height,, Gen. A.K.Vaidya Marg Extn. Malad East, Mumbai - 400097, Maharashtra, India

Date of Birth/Age :

14.12.1977

Date of Appointment :

10.03.2014

DIN No.:

07105981

 

 

KEY EXECUTIVES

 

Name :

TCA Varadharajan

Designation :

Secretary

Address :

8/57 Singarachari Street, Triplicane, Chennai - 600005, Tamilnadu, India

Date of Birth/Age :

15.07.1964

Date of Appointment :

12.01.2015

PAN No:

AACPV7007N

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 09.03.2015

 

Names of Shareholders (Equity Shares)

 

No. of Shares

NSL Power Private Limited, India

 

14765014

Indivision India Partners, Mauritius

 

8021048

IL & FS Trust Company Limited – For and on behalf of TVS Shrirm Growth Fund 1

 

478431

Total

 

23264493

 

 

Names of Shareholders (Compulsorily Convertible Preference Shares Shares)

 

No. of Shares

IDFC Investment Advisors Limited, Account IDFC Hybrid Infrastructure Portfolio

 

850497

Mcap Indian Fund Limited, Mauritius

 

566998

Summit FVCI, Mauritius

 

193958

Total

 

1611453

 

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 09.03.2015

 

Category

Percentage

Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others

34.48

Bodies corporate

65.52

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in the manufacture, supply, installation, erection, operation and maintenance of Wind Energy Converters (WECs) and related accessories and equipment.

 

 

Products :

Wind Energy Converters (WECs) and related accessories and equipment.

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

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 :

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 :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

Information declined by the management 

 

 

Bankers :
  • ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India
  • Standard Chartered Bank, 19, Rajaji Salai, Chennai - 600001, Tamilnadu, India

 

Banker Name

State Bank of India

Branch Address

Industrial Finance Branch, 155, Anna Salia, Chennai - 600002,

Tamilnadu, India

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

 

 

Facilities :

(Rs. In Million)

 

SECURED LOAN

30.09.2014

(18 Months)

31.03.2013

(12 Months)

LONG TERM BORROWING

 

 

Fully convertible debentures others

0.000

1000.000

Rupee term loans from banks

153.603

63.307

Foreign currency term loans from banks

191.078

0.000

Foreign currency term loans from banks

0.000

382.150

Term loans from others

108.500

529.167

Other loans and advances

9.214

33.975

SHORT TERM BORROWING

 

 

Rupee term loans from banks

3044.231

2427.733

Term loans from others

277.778

0.000

Other loans and advances

696.867

1175.739

Total

4481.271

5612.071

 

Auditors :

 

Name :

S.R. Batliboi and Associates LLP

Chartered Accountant

Address :

6th and 7th Floor, A Block, Tidel Park, No 4, Rajiv Gandhi Salai, Taramani, Chennai - 600 113, Tamilnadu, India

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

AABFS3421N

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Holding Company and Ultimate Holding Company

(Promoters):
  • NSL Power Equipment Trading Private Limited (NSL Pet)
  • Mandava Holdings Private Limited

 

 

Enterprise of which the Company is an associate:
  • Indivision India Partners, Mauritius (IIP)

 

 

Subsidiaries:
  • Renewable Energy Generation Private Limited (REGPL) now Regen Infrastructure and Services Private Limited, India [U40106TN2008PTC065937]
  • Regen Renewable Energy Generation Global Limited, Cyprus (RREGGL)
  • Wind-Direct Gmbh, Germany.
  • Regen O&M Services Limited, India [U40102TN2008PLC069103]
  • Renewable Harness Energy Private Limited
  • Puto Energy Infrastructure Private Limited
  • Saastha Energy Infrastructure Private Limited
  • Renewable Energy (Vagarai) Private Limited
  • Renewable Energy (Phoolwadi) Private Limited
  • Mandsaur Wind Energy Private Limited

 

 

Fellow subsidiary:
  • NSL Renewable Power Private Limited, India  [formerly Nuziveedu Seeds Private Limited] (NRPPL) [U40109DL1985PTC114839]
  • NSL Power Private Limited (NSL Power), India [U63023TG2003PTC040654]
  • NSL Wind Power Company (Phoolwadi) Private Limited (NSL Wind)
  • NSL Wind Power Company (Satara) Private Limited, India [U40108TG2010PTC069059]
  • 5 Kalsubai Power Private Limited.
  • NSL Wind Power (Sayamalai) Private Limited, India [U40108TG2013PTC085811]
  • NSL Wind Power (Kayathar) Private Limited, India [U40105TG2013PTC085812]

 

 

CAPITAL STRUCTURE

 

AS ON 09.03.2015

 

Authorised Capital :

No. of Shares

Type

Value

Amount

25000000

Equity Shares

Rs.10/- each

Rs. 250.000 million

5000000

Preference Shares

Rs.10/- each

Rs. 50.000 million

 

Total

 

Rs. 300.000 million

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 23264493

Equity Shares

Rs.10/- each

Rs.232.644 million

1611453

Preference Shares

Rs.10/- each

Rs.16.114 million

 

Total

 

Rs.248.759 million

 

AS ON 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

25000000

Equity Shares

Rs.10/- each

Rs. 250.000 million

5000000

Preference Shares

Rs.10/- each

Rs. 50.000 million

 

Total

 

Rs. 300.000 million

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 22667479

Equity Shares

Rs.10/- each

Rs.226.675 million

1611453

Preference Shares

Rs.10/- each

Rs.16.114 million

 

Total

 

Rs.242.789 million

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

30.09.2014

(18 Months)

31.03.2013

(12 Months)

31.03.2012

(12 Months)

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

242.789

242.789

236.065

(b) Reserves & Surplus

5152.356

4733.411

4114.922

(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)

5395.145

4976.200

4350.987

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

462.395

2008.599

2354.643

(b) Deferred tax liabilities (Net)

110.305

0.000

0.000

(c) Other long term liabilities

757.124

930.139

577.535

(d) long-term provisions

47.984

109.761

361.412

Total Non-current Liabilities (3)

1377.808

3048.499

3293.590

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

5482.146

6736.826

4327.791

(b) Trade payables

6130.867

6270.579

4132.672

(c) Other current liabilities

3901.537

2200.755

1443.610

(d) Short-term provisions

870.323

610.213

393.736

Total Current Liabilities (4)

16384.873

15818.373

10297.809

 

 

 

 

TOTAL

23157.826

23843.072

17942.386

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

2671.177

2732.508

1941.474

(ii) Intangible Assets

7.988

34.601

54.308

(iii) Capital work-in-progress

625.485

630.394

68.499

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

789.974

489.579

356.749

(c) Deferred tax assets (net)

0.000

15.265

17.006

(d)  Long-term Loan and Advances

4257.949

3585.398

2711.843

(e) Other Non-current assets

4034.611

950.130

453.426

Total Non-Current Assets

12387.184

8437.875

5603.305

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

1.944

0.000

0.000

(b) Inventories

2798.187

3672.562

2961.296

(c) Trade receivables

4609.194

5938.842

6950.228

(d) Cash and cash equivalents

1247.575

1565.378

1388.107

(e) Short-term loans and advances

1309.126

878.841

659.170

(f) Other current assets

804.616

3349.574

380.280

Total Current Assets

10770.642

15405.197

12339.081

 

 

 

 

TOTAL

23157.826

23843.072

17942.386

 

 

 

PROFIT & LOSS ACCOUNT

 

 

 

PARTICULARS

30.09.2014

(18 Months)

31.03.2013

(12 Months)

31.03.2012

(12 Months)

 

SALES

 

 

 

 

Turnover

22843.100

20897.100

23337.600

 

Other Income

NA

NA

NA

 

TOTAL

NA

NA

NA

 

 

 

 

 

Less

EXPENSES

NA

NA

NA

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

NA

NA

NA

 

 

 

 

 

Less

TAX

NA

NA

NA

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

423.400

96.700

1523.800

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

17.44

NA

NA

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

30.09.2014

(18 Months)

31.03.2013

(12 Months)

31.03.2012

(12 Months)

Current Maturities of Long term debt

1371.541

594.774

31.720

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operations

2429.360

(1216.042)

1896.929

 

 

KEY RATIOS

 

PARTICULARS

 

 

30.09.2014

(18 Months)

31.03.2013

(12 Months)

31.03.2012

(12 Months)

Debt Equity Ratio

(Total Debt /Networth)

 

1.36

1.88

1.54

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.66

0.97

1.20

 

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

30.09.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

236.065

242.789

242.789

Reserves & Surplus

4114.922

4733.411

5152.356

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

4350.987

4976.200

5395.145

 

 

 

 

long-term borrowings

2354.643

2008.599

462.395

Short term borrowings

4327.791

6736.826

5482.146

Current maturities of long-term debts

31.720

594.774

1371.541

Total borrowings

6714.154

9340.199

7316.082

Debt/Equity ratio

1.543

1.877

1.356

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

30.09.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Turnover

23337.600

20897.100

22843.100

 

 

(10.457)

9.312

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

30.09.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Turnover

23337.600

20897.100

22843.100

Profit

1523.800

96.700

423.400

 

6.53%

0.46%

1.85%

 

 

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

No

8

Designation of contact person

No

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

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

Yes

32

Litigations that the firm/promoter involved in

Yes

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

LITIGATION DETAILS

 

 

MADRAS HIGH COURT

CASE STATUS INFORMATION SYSTEM

 

Case Status :

Pending

Status Of :

CIVIL SUITS  827  Of  2014

Litigants :

M/S.ARCELORMITTAL DISTRIBUTION  Vs.  M/S.REGEN POWERTECH PRIVATE LIMITED

Pet's Adv :

M/S.K.HARISHANKAR

Res's Adv :

Last Date of Hearing :

---

Next / Final Date of Hearing :

---

Case Updated On :

Wednesday, December 24, 2014

Category :

Money Suits

 

FINANCIALS

 

The Company has achieved a turnover of Rs. 2,2843.100 Million for the period April, 2013 - September, 2014 (18 months period) as compared to a turnover of Rs.2,0897.100 Million for the financial year April 2012 - March 31, 2013 (12 months period).

 

The profit after tax for the period April, 2013 September, 2014 is Rs. 423.400 Million (18 months period), compared to profit of Rs 96.700 Million for the financial year April, 2012  March, 2013 (12 months period).

 

OPERATIONS

 

During the 18 months period ending September, 2014, the Company manufactured 306 nos. WECs. Further in the said period, the Company erected 313 nos. and commissioned 321 WECs. The Company anticipates to manufacture and sell 125 nos. of WECs in a period of six months commencing on October, 2014 as well as erect 145 nos. of machines and commission 155 nos. of machines during the said period. The Company has also identified project sites for 762 MW power generation for the period April 2015 to March 2016 covering six states in India with some of the project sites being for IPP customers.

 

FUTURE PLANS

 

The Company is dependent upon LM Wind Power Blades India Private Limited, Bengaluru (LM) for the past many years for its blade requirements. The dependency on LM for the Blade requirements is a very high risk area as currently it is only the single vendor to the Company. The Company has been trying for 2nd indigenous source of supply of blades but has not been successful in its efforts so far. The company requires 2nd source of supply of blades is also for reasons that LM does not have capacity to meet the Company’s growth plans, there is need to

reduce the cost of the blades considerably and further blades of increased lengths suitable for 1.5 MW platform, 2.0 MW platform, 2.5 MW platform and 3.0 MW are required by the Company. All most all Original Equipment Manufacturers (OEMs) of wind turbines in India are having their own Blade manufacturing facilities in India. The Company is therefore exploring to have its Own Blade manufacturing facility to meet the demands.

 

INDUSTRY OUTLOOK

 

The Government of India has set a very ambitious target for the establishment Renewable Power projects in the country. For the seven year period ending 2022, the target set for wind energy generation is a cumulative of 60 GW and for solar 100 GW. The wind installation till 2014 is about 22 GW, which means that the capacity addition in the seven year period has to be 38 GW, averaging about 5400 MW every year. This will mean a steep increase in installation per annum as the highest we have so far reached is about 3200 MW in the year 2012. The Government of India is also considering proposal to give green channel clearance for forest land to be used for installation of Renewable Energy projects. The Government of Andhra Pradesh has also announced a new policy for wind and solar energy projects like must run status, 100% banking, no transmission charges for intrastate wheeling for third party sale, no supervision charges for the Evacuation system etc. It is also expected that the Government of India will bring many crucial amendments to the Electricity Act, which will give more teeth to ensure that Renewable Energy Purchase Obligation (RPO) is implemented and other provisions of the act are strictly implemented. The Government is also planning to bring out a Renewable Energy law to ensure alignment of the states to the policy of the Union Government on Renewable Energy. The strict implementation of RPO will open up market for Renewable Energy Certificates (RECs) which will in turn give a fillip to investments in this sector. The industry estimates that the installation go up to about 3500 MW in the financial year 2015-16 and then increase about 5000 MW in the following years. All above augurs well to the Company.

 

BACKGROUND

 

Subject a subsidiary of NSL Power Equipment Trading Private Limited, incorporated on December 27, 2006in the State of Andhra Pradesh, India. The Company is engaged in the manufacture, supply, installation, erection, operation and maintenance of Wind Energy Converters (WECs) and related accessories and equipment. The Company’s manufacturing facility is locatedin Tada, Andhra Pradesh and Udaipur, Rajasthan.

 

UNSECURED LOAN

 

(Rs. In Million)

Particulars

30.09.2014

(18 Months)

31.03.2013

(12 Months)

SHORT TERM BORROWING

 

 

Term loans from banks

1463.270

0.000

Term loans from banks

0.000

3050.221

Intercorporate deposits

0.000

83.133

Total

1463.270

3133.354

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10590287

21/08/2015

1,750,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BA
LLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA

C63853683

2

10474837

31/01/2014

500,000,000.00

STATE BANK OF INDIA

INDUSTRIAL FINANCE BRANCH, 155, ANNA SALAI, CHENN
AI, TAMIL NADU - 600002, INDIA

B95183570

3

10397973

09/01/2013

800,000,000.00

STANDARD CHARTERED BANK

NO. 19, RAJAJI SALAI, CHENNAI, TAMIL NADU - 600001
, INDIA

B66221946

4

10396030

05/12/2012

500,000,000.00

AXIS BANK LIMITED

CORPORATE BANKING BRANCH, 192, KARUMUTHU NILAYAM,
GROUND FLOOR, ANNA SALAI, CHENNAI, TAMIL NADU - 6
00002, INDIA

B65530545

5

10370467

17/01/2013 *

450,000,000.00

AXIS TRUSTEE SERVICES LIMITED

AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND,
, PANDURANG BUDHKAR MARG, WORLI,, MUMBAI, MAHARAS
HTRA - 400025, INDIA

B66222340

6

10350205

07/12/2012 *

750,000,000.00

STANDARD CHARTERED BANK

19, RAJAJI SALAI, CHENNAI, TAMIL NADU - 600001, I
NDIA

B63375026

7

10332778

07/12/2012 *

750,000,000.00

AXIS BANK LIMITED

CORPORATE BANKING BRANCH, 192, KARUMUTHU NILAYAM,
GROUND FLOOR, ANNA SALAI, CHENNAI, TAMIL NADU - 6
00006, INDIA

B64884133

8

10294816

15/03/2013 *

15,900,000,000.00

STATE BANK OF INDIA

INDUSTRIAL FINANCE BRANCH, 155, ANNA SALAI, CHENN
AI, TAMIL NADU - 600002, INDIA

B72055429

9

10103394

10/07/2012 *

5,500,000,000.00

STATE BANK OF INDIA

INDUSTRIAL FINANCE BRANCH, 155, ANNA SALAI, CHENN
AI, TAMIL NADU - 600002, INDIA

B44447613

 

* Date of charge modification

 

FIXED ASSETS

 

Tangible assets

 

 

Intangible assets

 

 

 

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.65.74

UK Pound

1

Rs.99.53

Euro

1

Rs.73.80

 

 

INFORMATION DETAILS

 

Information Gathered by :

DIP

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

KVT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILITY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

6

--CREDIT LINES

1~10

5

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--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

 

46

 

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.