|
|
|
MIRA INFORM REPORT
|
Report No. : |
503948 |
|
Report Date : |
21.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
AVAADA POWER PRIVATE LIMITED [w.e.f. 20.12.2016] |
|
|
|
|
Formerly Known
As : |
CANDOR POWER PRIVATE LIMITED [w.e.f. 19.02.2016] SIRIUS
MEDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Shop No. 4, New Anand Complex, Plot No. 3, Thaltej, Ahmedabad - 380054, Gujarat |
|
Tel. No.: |
91-22-61408000 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2016 |
|
|
|
|
Date of
Incorporation : |
27.06.2007 |
|
|
|
|
Com. Reg. No.: |
04-094768 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 575.004 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U40106GJ2007PTC094768 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Applicable [As informed by the management that firm does
not have export and import] |
|
|
|
|
TIN No.: |
Not Divulged |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
09AAKCS9700L1ZS |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAKCS9700L |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
The Subject business of Establishing, Commissioning, Setting Up, Operating, Supplying, Generating, Disturbing and Dealing in Electricity and Solar Energy and Maintaining Electric Power Transmission Systems/Networks, Power Syste. [Registered Activity] |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Avaada Power Private Limited (APPL) (erstwhile Candor Power Private Limited) is a Vineet Mittal [former co-founder of Welspun Energy Pvt. Ltd. (WEPL)] group entity. APPL is the holding company of Giriraj Renewables Private Limited (GRPL) and Clean Sustainable Energy Pvt. Ltd. The promoters of WEPL (Mr. Goenka and Mr. Mittal) sold WEPL’s subsidiary, Welspun Renewable Energy Private Limited (WREPL) to Tata Power Renewable Energy Ltd. (TPREL) for INR. 9,490.000 million in September 2016. Post the sale of WREPL, the EPC business of WEPL was demerged to GRPL.
|
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term rating = (A-) |
|
Rating Explanation |
Adequate degree of safety and low credit risk |
|
Date |
10.04.2018 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term rating = (A2+) |
|
Rating Explanation |
Strong degree of safety and low credit risk |
|
Date |
10.04.2018 |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 21.04.2018.
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE [TEL. NO.: 91-11-66034600]
[91-22-61408000] Ringing
LOCATIONS
|
Registered Office : |
Shop No. 4, New Anand Complex, Plot No. 3, Thaltej, Ahmedabad - 380054, Gujarat, India |
|
Tel. No.: |
91-22-61408000 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website: |
|
|
|
|
|
Corporate Office 1 : |
3rd Floor, Press Trust of India Building 4, Parliament Street, New Delhi - 110001, India |
|
Tel. No.: |
91-11-66034600 |
|
Fax No.: |
91-11-66273091 |
|
|
|
|
Corporate Office 2 : |
406, Hubtown Solaris, NS Phadke Marg, Andheri East, Mumbai - 400069, Maharashtra, India |
|
Tel. No.: |
91-22-61408000 |
|
Fax No.: |
91-22-26844888 |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mrs. Sindoor Vineet Mittal |
||||||||||||||||||||||||||||||||||||
|
Designation : |
Wholetime Director |
||||||||||||||||||||||||||||||||||||
|
Address : |
701, Shubham, Gandhidham Road, Juhu, Mumbai - 400049, Maharashtra, India |
||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
01.04.2017 |
||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00292184 |
||||||||||||||||||||||||||||||||||||
|
Other Directorship :
|
|||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Vinoo George |
||||||||||||||||||||||||||||||||||||
|
Designation : |
Wholetime Director |
||||||||||||||||||||||||||||||||||||
|
Address : |
House No.-2169 Sector-9 Faridabad - 121006, Haryana, India |
||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
01.04.2017 |
||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00993702 |
||||||||||||||||||||||||||||||||||||
|
Other Directorship :
|
|||||||||||||||||||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Nidhi Singhania |
|
Designation : |
Company Secretary |
|
Address : |
B-26, Arunoday CHSL Kalina, Santacruz East Mumbai 400098 MH IN |
|
Date of Appointment : |
01.12.2017 |
|
PAN No.: |
BXVPS8220D |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2017
|
Names of Shareholders |
No. of Shares |
% age holding |
|
Integral Distributors LLP, India |
22422208 |
38.99 |
|
Santosh Mittal |
23850526 |
41.48 |
|
Manav Kalyan Educare Private Limited (Formerly known as Manav Kalyan Educare
Foundation), India |
11227658 |
19.53 |
|
|
|
|
|
Total |
57500392 |
100.00 |
AS ON: 29.09.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters (Individual/Hindu Undivided Family - Indian) |
41.48 |
|
Promoters (Body corporate) |
58.52 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Subject business of Establishing, Commissioning, Setting Up, Operating, Supplying, Generating, Disturbing and Dealing in Electricity and Solar Energy and Maintaining Electric Power Transmission Systems/Networks, Power Syste. [Registered Activity] |
|
|
|
|
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 : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
Not Divulged |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
· Union Bank of India M-11, Middle Circle, Connaught Circus, New Delhi-110001,
Delhi, India |
||||||||||||||||||||||
|
|
|
|
Financial Institution: |
· Catalyst Trusteeship Limited GDA House, 1st Floor, Plot No. 85S. No. 94 & 95, Bhusari Colony (Right), Kothrud, Pune - 411038, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
S G Mehta and Associates Chartered Accountants |
|
Address : |
Opposite Building No157, Naidu Colony, Ghatkopar, East, Mumbai - 400075, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AFHPM2926H |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associates/ Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
AFTER 29.09.2017
Authorised Capital : INR
2407.800 Million
Issued, Subscribed & Paid-up Capital : INR 804.596 Million
AS ON: 31.03.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
240780000 |
Equity Shares |
INR 10/- each |
INR 2407.800 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
57500392 |
Equity Shares |
INR 10/- each |
INR 575.004 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
575.004 |
459.300 |
459.300 |
|
(b) Reserves & Surplus |
796.223 |
4.483 |
(0.279) |
|
(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) |
1371.227 |
463.783 |
459.021 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
323.835 |
8.635 |
77.235 |
|
(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 |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
323.835 |
8.635 |
77.235 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
280.000 |
48.900 |
0.000 |
|
(b)
Trade payables |
0.079 |
5.761 |
5.742 |
|
(c)
Other current liabilities |
19.064 |
5.372 |
5.668 |
|
(d)
Short-term provisions |
16.770 |
1.856 |
0.382 |
|
Total
Current Liabilities (4) |
315.913 |
61.889 |
11.792 |
|
|
|
|
|
|
TOTAL |
2010.975 |
534.307 |
548.048 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
103.956 |
80.921 |
82.279 |
|
(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 |
1645.908 |
440.000 |
449.800 |
|
(c) Deferred tax assets
(net) |
1.590 |
0.723 |
0.309 |
|
(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 |
1751.454 |
521.644 |
532.388 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c)
Trade receivables |
2.861 |
0.017 |
0.734 |
|
(d)
Cash and cash equivalents |
6.044 |
0.690 |
4.713 |
|
(e)
Short-term loans and advances |
250.109 |
11.884 |
10.141 |
|
(f)
Other current assets |
0.507 |
0.072 |
0.072 |
|
Total
Current Assets |
259.521 |
12.663 |
15.660 |
|
|
|
|
|
|
TOTAL |
2010.975 |
534.307 |
548.048 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
0.000 |
1.616 |
1.523 |
|
|
|
Other Income |
33.224 |
8.806 |
5.926 |
|
|
|
TOTAL |
33.224 |
10.422 |
7.449 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employees benefits expense |
1.444 |
0.557 |
0.060 |
|
|
|
Other expenses |
10.453 |
2.459 |
2.741 |
|
|
|
TOTAL |
11.897 |
3.016 |
2.801 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
21.327 |
7.406 |
4.648 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.387 |
0.151 |
0.015 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
20.940 |
7.255 |
4.633 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
2.403 |
2.082 |
1.724 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
18.537 |
5.173 |
2.909 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
3.535 |
1.135 |
0.478 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
15.002 |
4.038 |
2.431 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (INR) |
0.26 |
0.04 |
0.04 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Net cash flows from (used in) operations |
21.084 |
41.292 |
50.751 |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
18.280 |
39.742 |
49.963 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
0.00 |
3.84 |
175.91 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
0.00 |
95.06 |
2.07 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.21 |
0.09 |
0.06 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.32 |
0.13 |
0.16 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.44 |
0.12 |
0.17 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.23 |
0.13 |
0.03 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.08 |
0.17 |
0.18 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
55.11 |
49.05 |
309.87 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
0.00 |
249.88 |
159.62 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
0.75 |
0.76 |
0.44 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
1.09 |
0.87 |
0.53 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.82 |
0.20 |
1.33 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.82 |
0.20 |
1.33 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.68 |
0.87 |
0.84 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
1.05 |
0.13 |
0.17 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.82 |
0.20 |
1.33 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
459.300 |
459.300 |
575.004 |
|
Reserves & Surplus |
(0.279) |
4.483 |
796.223 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
459.021 |
463.783 |
1371.227 |
|
|
|
|
|
|
long-term borrowings |
77.235 |
8.635 |
323.835 |
|
Short term borrowings |
0.000 |
48.900 |
280.000 |
|
Total
borrowings |
77.235 |
57.535 |
603.835 |
|
Debt/Equity
ratio |
0.168 |
0.124 |
0.440 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Total Income |
7.449 |
10.422 |
33.224 |
|
|
|
39.911 |
218.787 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Total Income |
7.449 |
10.422 |
33.224 |
|
Profit |
2.431 |
4.038 |
15.002 |
|
|
32.64% |
38.74% |
45.15% |
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 |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
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 |
No |
|
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 |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G75498964 |
100151133 |
CATALYST
TRUSTEESHIP LIMITED |
19/12/2017 |
- |
- |
1250000000.0 |
GDA HOUSE, FIRST FLOOR,
PLOT NO. 85S. NO. 94 & 95, BHUSARI COLONY (RIGHT), KOTHRUDPUNEMA411038IN |
|
2 |
G76709773 |
100154056 |
INDUSIND BANK LTD. |
15/11/2017 |
- |
- |
750000000.0 |
2401 GEN THIMMAYYA
ROADCONTONMENTPUNEMA411001IN |
|
3 |
G46583779 |
100104713 |
UNION BANK OF
INDIA |
09/02/2017 |
- |
- |
1000000000.0 |
M-11, MIDDLE
CIRCLE,CONNAUGHT CIRCUS,NEW DELHIDL110001IN |
|
4 |
G35587252 |
100077019 |
INDUSIND BANK
LIMITED |
22/12/2016 |
- |
- |
1500000000.0 |
GOPAL DAS BHAWAN, 28BARAKHAMBHA
BRANCHNEW DELHIDL110001IN |
|
5 |
G82554114 |
100025593 |
IDBI BANK LIMITED |
30/03/2016 |
- |
22/03/2018 |
750000000.0 |
CBG-1, 2ND FLOOR,
A-WINGMITTAL COURT, NARIMAN POINTMUMBAIMH400021IN |
|
6 |
G16942351 |
100018623 |
ADITYA BIRLA FINANCE
LIMITED |
25/02/2016 |
- |
06/10/2016 |
1000000000.0 |
INDIAN RAYON
COMPOUNDVERVALGJ362266IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2016 (INR
In Million) |
31.03.2015 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Loans and advances from others |
323.835 |
8.635 |
|
|
280.000 |
48.900 |
|
SHORT TERM BORROWINGS |
|
|
|
Loans and advances from others |
280.000 |
48.900 |
|
|
|
|
|
Total |
603.835 |
57.535 |
STATE OF AFFAIRS/ PERFORMANCE
The Directors expect a better and profitable performance of the Company in the Current Year
SCHEME OF AMALGAMATION
A Scheme of amalgamation between given below tranferor companies with Candor Power Private Limited (Formarly Known as Sirius Media Private Limited) tranferee company in their respective share holder and creditors under Section 391 to 394 of the Companies Act, 1956 and other relevent provision of the Company Act, 1956 and the Companies Act, 2013 as approved by Hon'ble High Court of Bombay vide is order dated 20th November, 2015. The Schem with an effective on 5th January, 2016 on filing with the registrar of the Companies and consequently all the assest and liabilities and reserve of the tranferor company is transferred to and vested in the tranferee company at their respective book value.
Name of
Tranferor Companies
· Juicy International Private Limited
· Nimbus Dealers Private Limited
· Candor Power Private Limited
· Luxury Vinimay Private Limited
· Rashidhan Infrastructure Private Limited
· Marina Commercial Private Limited
· Shreejay Dealtrade Private Limited
· Sky View Vinimay Private Limited
·
Luxury Agencies Private Limited
AGGREGATION OF AUTHORISED CAPITAL
Upon sanction of the Scheme the authorised share capital of the transferee company shall automatically stand increase without any further act and deed on the part of the transferee company including payment of stamp duty and fees payable to registrar of the Company by the authorized capital of the transferor companies. For this purpose the filing fees and stamp duty all ready paid by the transferor companies on their respective authorised capital shall be utilised and apply to the increase share capital of the transferee company and shall be deemed to have been so paid by the transferee company on such combined authorised share capital and accordingly the transferee company shall not be required to pay any fee stamp duty on authorised share capital so increased.
ISSUE OF SHARE BY TRANSFREE COMPANY
57490392 equity share of INR 10 each are issued by the transferee company to shareholder of transferor company to give the effect of amalgamation scheme approved by the Hon'ble High Court Mumbai by vide order dated 20th November, 2015.
FIXED ASSETS:
·
Buildings
·
Vehicles
·
Furniture and fixtures
·
Plant and equipment
·
Office equipment
PRESS RELEASES
AVAADA POWER IN TALKS
WITH STATE GOVTS FOR FLOATING SOLAR PROJECTS
APRIL 02, 2018
New Delhi: Renewableenergy firm Avaada Power is in talks with various states governments to set up floating solar projects and expects some large tenders to be floated in the next two months, a top company official said.
The company plans to increase its installed solar capacity
to 5,000 megawatts (mw) in the next four years, from 1,000 mw at present, and
expects a significant share to come from the floating solar power
segment.
Avaada group chairman Vineet Mittal while talking to here said the floating
solar segment has a potential to generate 300 gigawatts (gw) of power across
the country.
"We believe this is the next growth story in the solar space. We are in
talks with various states and hope within the next two months some large
tenders will be floated," he said.
Currently, Kerala has the largest floating solar power plant in India with a capacity of 500 kilowatts (kw).
Mittal said that he is also hopeful of some policy framework to come up on feed
in tariffs (FiT), which encourages floating solar projects.
According to media reports, states like Andhra Pradesh, Kerala and West Bengal are
likely to float tenders for floating solar projects in the coming months.
Apart from that, the National
Hydroelectric Power Corporation (NHPC) has announced its plans
to set up 600 mw of floating solar capacity at the 1,960-mw Koyna hydel power
project in Maharashtra.
It has also proposed to set up projects in Kerala, Andhra Pradesh, Tamil Nadu
and Uttar Pradesh.
According to Mittal, floating solar projects should be encouraged as land becomes a constraint while setting up ground-mounted solar capacities.
"We have so many dam reservoirs and ponds among others where such FSPs
(floating solar projects) can be set up. It will also solve two problems -
energy security and water security. Nearly 30 per cent water evaporation loss
will go away and water quality will improve. Besides, setting up of FSPs can
also boost tourism. So, it's a win win situation and it is not that
expensive," he said.
Mittal further added that FSPs are more complex in nature and, therefore, they
will need an initial support from the government as the solar sector needed
initially.
"However, we have the technology and if the government introduces feed in
tariff or guarantees viability gap funding, the projects will be more
competitive and large capacities will be set up," he said.
Avaada has embarked on a plan to invest Rs 25,000 crore to set up and own over 5,000 mw of capacity not just in India but across Asian and African countries.
Through its engineering, procurement and construction (EPC)
business, the company has also set up many solar and wind projects with a
capacity of over 5,000 mw across 10 states in India. PSK SS SS
AVAADA POWER PLANS TO INVEST INR 250000.000 MILLION IN CLEAN ENERGY PROJECTS IN 4 YEARS
Feb 26, 2018
Clean energy player Avaada Power plans to invest INR
250000.000 million in the sector and develop 5,000 MW capacity in largely solar
and wind projects in the next four years, a senior company executive has
said.
“In the next four years, we will make INR 250000.000 million investments into
the clean energy sector. The money will go into solar, wind, EPC, and rooftop,
and we are going aggressively into the rooftop segment. We are also going into
energy solutions,” Vineet Mittal, chairman of Avaada, told ET in an
interaction.
Mittal was formerly the co-founder of Welspun Energy, which sold its entire
renewable portfolio of 1,140 MW to Tata Power Renewable Energy in 2016, kicking
off a streak of merger and acquisition activity in India’s renewable energy
sector. Mittal declined to comment on any future acquisition plans for
Avaada.
“Before December (this year), we will have 1,000 MW operational capacity, and our gameplan is we want to do 1,000-1,500 MW every year,” he said.
He said that if the group manages the 5 GW target in four years, it will demonstrate the company’s capability to global investors. Avaada is also looking at projects in South Asia and Africa as part of its overseas operations.
Talking about India’s renewable energy sector, Mittal opposed trade barriers
such as anti-dumping and safeguard duties on solar imports as it would lead to
increased cost of power to the consumers.
“We want local manufacturing to grow but not at the cost of
increasing cost of power to the consumer, because I am more accountable to my
consumer,” said Mittal, who is also president of Solar Power Developers
Association.
He suggested that the government should provide incentives such as upfront capital subsidy, interest subvention to domestic solar manufacturers to create a level-playing field with global giants in the segment.
Mittal pointed out that the government needs to provide clarity on issues relating to the renewable energy sector to achieve its target of 175 GW installed renewable energy capacity by 2022. He said that the government needs to conduct reverse auctions in the right way because that is creating a ‘gambling habit’ among developers which has led to solar and wind tariffs hitting rock bottom.
“If you have to think 175 GW by 2022, it’s time that
feed-in-tariff (FiT) comes back because the prices that have been
discovered-...they are not going to drop drastically over the next three years
to achieve the larger goal set out by the PM,” he explained
AVAADA TO RAISE FUNDS
ABROAD FOR SOLAR ENERGY PROJECTS IN VIETNAM, AFRICA
February 26, 2018
Vineet Mittal's Avaada group plans to raise dollar-denominated bonds for its solar energy business abroad. The Mumbai-based entity is looking at eight countries, including Vietnam and some in Africa.
Deals for two of these are likely to be signed as part of the International Solar Alliance next month, Mittal told Business Standard. Due to a confidentiality clause, he did not name the African countries but said the projects would be off-grid and mini-grid.
“There is a huge opportunity, provided we can understand the regulatory risks and cover it with a risk mitigation plan,” said Mittal. The company would be taking an insurance wrapper for its bond issue.
In 2016, Welspun Renewable Energy, co-founded by Mittal and B K Goenka, sold its renewable energy (RE) business to Tata Power Renewable Energy for INR 92.49 billion. Mittal has now embarked upon expansion of RE capacity under Avaada.
Besides, the EPC (engineering, procurement, construction) business of Welspun
Energy was demerged and is now vested with Avaada Power. Project development and management
activities for RE are done through another arm, Avaada Energy.
The company would be completing 1,000 Mw in photo-voltaic solar projects by December 2018 and plans to raise about INR 2.5 billion over the next four years. “We will go into solar, wind, EPC, and rooftop; we are going aggressively into the rooftop segment. We are also going into energy solutions,” said Mittal.
Avaada says it is looking at 5,000 Mw in solar and wind energy, both in India and abroad. “Wind will be less than 20 per cent of this,” he said.
Last week, Avaada Power signed an agreement with the Uttar Pradesh government to invest INR 100 billion for developing 1,600 Mw of solar projects. These would be in the Mirzapur, Badaun, Gorakhpur and Bundelkhand regions.
The company also has seven wind locations for which it has MoUs but it did not take part in the recently concluded wind generations because of aggressive nature of bids. “There is a huge opportunity in India and no need for cut-throat competition,” said Mittal.
He said there should be no trade barriers, like anti-dumping and safeguard duties, in the RE sector; these could be counter-productive. Instead, the government should promote manufacturing through production-based and job incentives. “When local manufacturing picks up, the forex risk will come down. You will leapfrog.”
Last month, the directorate-general of safeguards had recommended 70 per cent duty on solar power cells, whether or not assembled in modules or panels, from China and Malaysia. A report from ratings agency CRISIL says this could put in trouble about 3 Gw of capacity, involving an investment of INR 120 billion.
AVAADA POWER COMMITS
INR 100000.000 MILLION INVESTMENT IN UP
February 21,
2018
Avaada Power, a clean energy company, today said it will invest Rs 10,000 crore in setting up 1,600 MW solar projects in Uttar Pradesh.
The firm signed an MoU with the UP government during Investors Summit 2018,
here.
"The projects will be developed across Mirzapur, Badaun, Gorakhpur and Bundelkhand districts," the company said in a statement adding that the investment will churn out nearly 3,700 jobs.
Avaada's projects will help UP meet its annual target of 2,000 MW production capacity of solar energy.
The state has an installed capacity of 569.35 MW solar energy and has the potential to touch a high generation
figure of 22.8 GW.
"With its solar commitment, the organisation will be able to mitigate nearly 25,79,820 tonne of carbon emissions on an annual basis. Clean energy generated through these projects will be enough to power nearly 7.44 million households in UP," the statement said.
Chairman of Avaada Group Vineet Mittal said:"We are geared up to support UP's
mission of utilising the potential of the sun to power its development needs
sustainably. We are working aggressively to help catapult the state on
the clean energy trajectory."
UP falls under high solar irradiation zone, which offers tremendous
opportunities for expanding its clean energy portfolio.
"This MoU will enable UP to be the front runner in achieving Prime Minister's vision of 100 GW of solar energy by 2022," he said.
"The company is committed to providing affordable, clean and abundant power for the country and will continue to focus on innovative green technologies," Mittal added.
Avaada Power has a portfolio of nearly 1 GW.
AVAADA POWER TO
INVEST INR 35000.000 MILLION TO BUILD 500 MW SOLAR CAPACITY IN AP
HYDERABAD, MARCH 1
Clean energy company Avaada Power plans to develop 500 MW of solar capacity in Andhra Pradesh at an outlay of INR 35000.000 million. The proposed utility-scale solar project is expected to generate over 1,200 jobs. Avaada signed up with Andhra Pradesh at the recently concluded CII Partnership Summit 2018 in Vishakhapatnam.
The Mumbai-based company had earlier committed INR 100000.000 million investment in Uttar Pradesh to develop 1,600 MW solar projects.
Vineet Mittal, Chairman, Avaada Group, said, “At Avaada, our business strategies are inter-woven with the Government’s mission of promoting renewable energy. We are making significant investments in innovative clean energy solutions with a focus on solar and wind energy sectors.”
“The company has set a target of achieving 5GW capacity in the next four years. With this, we aspire to play a pivotal role in meeting the increasing energy needs reiterating our commitment towards delivering clean and sustainable energy to all,” he said. Andhra Pradesh targets to build 18 GW renewable energy capacity by 2021-22, the company said. The planned investment will generate power for over 2.4 million households in the State.
The company's long-term plan is to invest about INR 250000.000 million in the renewable energy sector, both solar and wind, in India and other markets in Asia and Africa, in a phased manner.
AVAADA POWER IN TALKS
TO RAISE INR 15000.000 MILLION IN
STRUCTURED CREDIT
DEC 25 2017
Mumbai: Avaada Power Pvt. Ltd, a renewable energy company started by a co-founder of Welspun Renewable Energy Pvt. Ltd, is looking to raise as much as INR 15000.000 million in structured credit as it looks to build out its renewable energy portfolio and strengthen its engineering, procurement and construction (EPC) business, two people aware of the company’s discussions with potential investors said.
Avaada, founded by Vineet Mittal, is currently in the process of bidding for various renewable energy projects and is raising funds to meet operational expenses, according to the people cited above, who requested anonymity.
“The company has approached several large structured credit funds,” the first of the two people said on condition of anonymity. “The funding will be raised at the holding company level, which will then infuse the funds into various special purpose vehicles of the company.” An email sent to Avaada remained unanswered as of press time. Mint reported in July that Avaada was one of the bidders to build solar capacities at Adani Renewable Energy Park Rajasthan Ltd. It also placed a bid at the auction of 500MW of capacity at the Bhadla solar park in Rajasthan. The company has in the past implemented projects aggregating to 1,141MW.
Last year, Welspun Renewable Energy, co-founded by Mittal and B.K. Goenka, sold its renewable energy business to Tata Power Renewable Energy Ltd for INR 92490.000 million. According to a recent report by Care Ratings, the promoters of Avaada are expected to infuse a part of the sale proceeds into the new company.
EPC business of WREPL is under the process of a demerger and would be transferred to a subsidiary of Avaada.
Mint reported in July, citing people aware of the matter, that GE Energy Financial Services was looking to invest in the renewable energy projects of Avaada.
India’s renewable energy sector has seen massive investments in equity and debt from large sovereign wealth funds, pension funds and structured debt lenders such as Piramal Finance.
Earlier this year, Piramal Finance lent INR 18000.000 million to Mytrah Energy Ltd in the largest structured credit deal in the renewable sector. The sector has also seen significant consolidation with several large acquisitions taking place in the recent years.
Mint reported in December that ReNew Power Ventures Pvt. Ltd, India’s largest renewable energy company, is close to acquiring Ostro Energy Pvt. Ltd, the company that holds the renewable energy assets of buyout firm Actis Capital, for an enterprise value of INR 100000.000 million in what could potentially be one of the largest deals in the renewable sectors. India has set a target of 175GW renewable power installed capacity by the end of 2022. This includes 60GW from wind power, 100GW from solar power, 10GW from biomass power and 5GW from small hydro power.
Renewable power now accounts for close to 15% of the total installed capacity with projects worth 16,676MW commissioned and 6,500MW under installation, according to the latest available data.
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
|
INR |
|
US Dollar |
1 |
INR 66.02 |
|
UK Pound |
1 |
INR 92.73 |
|
Euro |
1 |
INR 81.46 |
INFORMATION DETAILS
|
Information
Gathered by : |
AKH |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ARC |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.