MIRA INFORM REPORT

 

 

Report No. :

345097

Report Date :

15.010.2015

 

IDENTIFICATION DETAILS

 

Name :

ESMART ENERGY SOLUTIONS PRIVATE LIMITED (w.e.f. 13.12.2014)

 

 

Formerly Known As :

SHAH INVESTMENTS FINANCIAL DEVLOPMENT CONSUTANTS PRIVATE LIMITED

 

 

Registered Office :

C/O Dalal Desai and Kumana, Chartered Accountants, Union Co-operative Insurance Building, 2nd Floor, 23, P.M. Road, Fort, Mumbai – 400001, Maharashtra

Tel. No.:

91-22-22043085

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

29.11.1979

 

 

Com. Reg. No.:

11-021940

 

 

Capital Investment / Paid-up Capital :

Rs. 20.000 Million

 

 

CIN No.:

[Company Identification No.]

U31908MH1979PTC021940

 

 

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 :

Manufacturer of led lights, led street light, tube light and bulb.

 

 

No. of Employees :

Information declined by the management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (29)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 900000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is established company and it is having a moderate track record.

 

The rating is constrained company’s moderate scale of operations along with huge decline into its profitability margin from its previous year.

 

Rating, however gain strength on decent financial profile marked by negligible debt and above average debt protection metrics.

 

However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct.

 

The company can be considered for the business dealings with some caution.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

Not Available

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

 

 

INFORMATION DENIED BY

 

Name :

Mr. Minesh

Designation :

Accountant

Contact No.:

91-22-22043085

Date :

13.10.2015

 

 

 

LOCATIONS

 

Registered Office/ Factory :

C/O Dalal Desai and Kumana, Chartered Accountants, Union Co-operative Insurance Building, 2nd Floor, 23, P.M. Road, Fort, Mumbai – 400001, Maharashtra, India

Tel. No.:

91-22-22043085

Fax No.:

Not Available

E-Mail :

minexshah@gmail.com

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Suresh Hiralal Shah

Designation :

Director

Address :

15, Shanti Kutir, 215, Netaji Subhas Road, Marine Drive, Mumbai – 400020, Maharashtra, India

Date of Birth/Age :

24.11.1944

Date of Appointment :

29.11.1979

DIN No.:

00010163

 

 

Name :

Mahesh Prabhulal Shah

Designation :

Director

Address :

4-14, Jagdish Nivas, 9, S.A.Brelvi Road, Fort, Mumbai – 400001, Maharashtra, India

Date of Birth/Age :

19.09.1950

Date of Appointment :

02.09.2013

DIN No.:

00063693

 

 

Name :

Anurag Kanoria

Designation :

Director

Address :

Kanoria House (Garden Apartments), 2nd Floor,, 4, Abdul Gaffar Khan Road, Worli Seaface (North), Mumbai – 400025, Maharashtra, India

Date of Birth/Age :

19.09.1969

Date of Appointment :

08.08.2014

DIN No.:

00200630

 

 

Name :

Kotagiri Murali

Designation :

Director

Address :

Bungalow No.13, HP Nagar East, Vasinaka, Chembur, Mumbai – 400074, Maharashtra, India

Date of Appointment :

09.02.2015

DIN No.:

02496258

 

 

 

 

KEY EXECUTIVES

 

Name :

Mr. Minesh

Designation :

Accountant

 

 

MAJOR SHAREHOLDERS

 

AS ON 30.09.2014

 

Names of Shareholders

 

No. of Shares

Usha Suresh Shah

 

2250

Mamta Suresh Shah

 

2250

Suresh Hiralal Shah

 

2250

Max-Mini Finlease and Investment Private Limited, India

 

6750

Pahor Investment and Finlease Private Limited, India

 

6750

Deemita Investment and Finlease Private Limited, India

 

6750

Tejomay Finlease and Investment Private Limited, India

 

6750

SRADMA Finlease and Investment Private Limited, India

 

6750

Suru Finlease and Investment Private Limited, India

 

6750

Shraddha Suresh Shah

 

2250

U S Instruments Private Limited, India

 

34748

Aayu Investment Private Limited, India

 

100327

MMNR Engineers Private Limited, India

 

15425

 

 

 

Total

 

200000

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 30.09.2014

 

Category

Percentage

Bodies corporate

95.50

Directors or relatives of Directors

4.50

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of led lights, led street light, tube light and bulb.

 

 

Products :

Not Divulged

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

 

GENERAL INFORMATION

 

Suppliers :

Not Divulged

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 :

Not Divulged

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 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

 

 

Facilities :

(Rs. In Million)

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

OD Balance with Axis Bank Limited – P. M. Road Branch (Secured against Pledge of Fixed deposit)

(1.549)

4.253

OD Balance with HDFC Bank Limited – Bhyander Road – Pune

(Secured against Pledge of Investments in Mutual Funds)

30.659

134.669

 

Loan from National Co-operative Bank Limited

(Secured against Hypothecation of Vehicles)

4.512

2.800

 

 

 

Total

33.622

141.722

 

Auditors :

 

Name :

S. N. Mukherji and Company

Chartered Accountants

Address :

C-103, Radha Govind, Siddharth Nagar, Next ot St. John High School, Borivali (East), Mumbai – 400066, Maharashtra, India

PAN No.:

AAIFS8550M

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Subsidiaries :
  • Green Hydrocarbons India Private Limited
  • U S Instruments Private Limited
  • Super Wealth  Financial Enterprises Private Limited
  • Softgrip Power Solutions Private Limited

 

 

CAPITAL STRUCTURE

 

AS ON 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

200000

Equity Shares

Rs.100/- each

Rs. 20.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

200000

Equity Shares

Rs.100/- each

Rs. 20.000 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2014

31.03.2013

31.03.2012

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

20.000

20.000

20.000

(b) Reserves & Surplus

322.039

317.856

309.714

(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)

342.039

337.856

329.714

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

33.622

131.722

110.042

(b) Deferred tax liabilities (Net)

2.503

2.476

2.515

(c) Other long term liabilities

112.354

105.072

98.411

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

148.479

239.270

210.968

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

0.000

0.000

0.000

(c) Other current liabilities

5.010

3.994

18.833

(d) Short-term provisions

7.578

6.005

4.360

Total Current Liabilities (4)

12.588

9.999

23.193

 

 

 

 

TOTAL

503.106

587.125

563.875

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

17.009

9.897

10.372

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

246.000

260.888

323.744

(c) Deferred tax assets (net)

0.000

0.000

0.000

(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

263.009

270.785

334.116

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

0.860

0.000

0.000

(c) Trade receivables

0.000

0.000

0.000

(d) Cash and cash equivalents

13.279

11.398

14.392

(e) Short-term loans and advances

225.958

304.942

215.367

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

240.097

316.340

229.759

 

 

 

 

TOTAL

503.106

587.125

563.875

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

 

31.03.2013

31.03.2012

 

 

 

 

 

 

TURNOVER

24.068

32.182

32.125

 

 

 

 

 

 

EXPENSES

18.803

21.979

20.852

 

 

 

 

 

 

PROFIT BEFORE TAX

5.265

10.203

11.273

 

 

 

 

 

Less

TAX                                                                 

1.082

2.061

1.967

 

 

 

 

 

 

PROFIT AFTER TAX

4.183

8.142

9.306

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

(31.996)

(40.138)

(49.444)

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

(27.813)

(31.996)

(40.138)

 

 

 

 

 

 

Earnings Per Share (Rs.)

20.91

40.71

46.53

 

 

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 flow from (used in) operation

NA

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)
13.38

25.30

28.97

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
2.19

3.23

4.91

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.01

0.03

0.03

 

 
 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.12

0.41

0.35

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

19.07

31.64

9.91

 

 

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

20.000

20.000

20.000

Reserves & Surplus

309.714

317.856

322.039

Share Application money pending allotment

0.000

0.000

0.000

Net worth

329.714

337.856

342.039

 

 

 

 

long-term borrowings

110.042

131.722

33.622

Short term borrowings

0.000

0.000

0.000

Current Maturities of Long Term Debt

0.000

0.000

0.000

Total borrowings

110.042

131.722

33.622

Debt/Equity ratio

0.334

0.390

0.098

 

 

 

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)

Turnover

32.125

32.182

24.068

 

 

0.177

(25.213)

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Turnover

32.125

32.182

24.068

Profit

9.306

8.142

4.183

 

28.97%

25.30%

17.38%

 

 

 

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

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

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

 

 

NOTE: Registered office of the company has been shifted from D11, Road No. 28, Wagle Industrial Estate, Thane West, Thane – 400064, Maharashtra, India to the present address w.e.f. 01.06.2011.

 

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10518607

30/09/2015 *

49,900,000.00

HDFC BANK LIMITED

HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI,

Maharashtra - 400013,

 INDIA

C66273608

2

90141884

06/12/1995

20,000,000.00

BANK OF INDIA

70/80; M.G ROAD, BOMBAY, Maharashtra - 400023,

INDIA

-

 

 

* Date of charge modification

 

 

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. 65.02

UK Pound

1

Rs. 99.89

Euro

1

Rs. 73.92

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

Analysis Done by :

KAS

 

 

Report Prepared by :

JYO

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILITY

1~10

3

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

4

--CREDIT LINES

1~10

3

--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

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

29

 

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.