|
|
|
MIRA INFORM REPORT
|
Report No. : |
489742 |
|
Report Date : |
06.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
ENERGY EFFICIENCY SERVICES LIMITED |
|
|
|
|
Registered
Office : |
4th Floor, Sewa Bhawan, R. K. Puram, New Delhi - 110066 |
|
Tel. No.: |
91-11-26179699/ 26173275 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
10.12.2009 |
|
|
|
|
Com. Reg. No.: |
55-196789 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 4620.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U40200DL2009PLC196789 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
GSTIN : |
Not Divulged |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCE4248H |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
(Registered activity) |
|
|
|
|
No. of Employees
: |
Not Available |
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+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Maximum Credit Limit : |
USD 16000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Energy Efficiency Services Limited (EESL) is promoted by Ministry of Power, Government of India as an equally held Joint Venture (JV) company of four Central Power Sector undertakings viz. NTPC Limited, Powergrid Corporation of India Limited, Rural Electrification Corporation Limited and Power Finance Corporation Limited and is the implementation arm of the Ministry of Power (MoP) and Bureau of Energy Efficiency (BEE). EESL was registered under the Companies Act, 1956 on December 10, 2009. For the financial year 2017, the company has increased its operational performance as compared to previous year and maintained decent profit margin of 4.22%. The rating takes into consideration sound financial risk profile of the company marked by healthy networth base and average debt level along with fair liquidity position. Rating also factors in the long standing of the company and strategic importance and expectation of continued support from the Government of India. Trade relations are reported as fair. Payments are reported to be regular and as per commitments. In view of strong financial base and established market position, the company can be considered good for normal 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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
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 |
ICRA |
|
Rating |
Long Term Rating = AA |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
04.01.2018 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Rating = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
04.01.2018 |
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 06.02.2018
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.
LOCATIONS
|
Registered Office : |
4th Floor, Sewa Bhawan, R. K. Puram, New Delhi – 110066, India |
|
Tel. No. : |
91-11-26179699/ 26173275 |
|
Fax No. : |
91-11-26173277 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
4th & 5th Floor, IWAI Building, A-13, Sector-1, Noida – 201301, Uttar Pradesh, India |
|
Tel. No. : |
91-120-4908000 |
|
Fax No. : |
91-120-4908099 |
|
|
|
|
Zonal Office : |
Located at:
|
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Saurabh Kumar |
||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||
|
Address : |
D-II/15, Shahjahan Road, Delhi-110011, India |
||||||||||||||||||||||||
|
Date of Birth/Age : |
14.12.1967 |
||||||||||||||||||||||||
|
Date of Appointment : |
07.05.2013 |
||||||||||||||||||||||||
|
DIN No.: |
06576793 |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Name : |
Mr. Pankaj Kumar |
||||||||||||||||||||||||
|
Designation : |
Additional Director |
||||||||||||||||||||||||
|
Address : |
402, Block, C, Central Government Complex, Ddu Marg, Minto Road, Near Kali Mandir, New Delhi-110002, India |
||||||||||||||||||||||||
|
Date of Birth/Age : |
01.11.1968 |
||||||||||||||||||||||||
|
Date of Appointment : |
29.09.2017 |
||||||||||||||||||||||||
|
DIN No.: |
07893712 |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Name : |
Mr. Avkash Saxena |
||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||
|
Address : |
A-748, Sarita Vihar, New Delhi-110044, India |
||||||||||||||||||||||||
|
Date of Birth/Age : |
15.04.1958 |
||||||||||||||||||||||||
|
Date of Appointment : |
24.12.2016 |
||||||||||||||||||||||||
|
DIN No.: |
00529340 |
||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Name : |
Mr. Raj Pal |
||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||
|
Address : |
C-22, Block, Jangpura Extension, Delhi-110014, India |
||||||||||||||||||||||||
|
Date of Birth/Age : |
22.04.1961 |
||||||||||||||||||||||||
|
Date of Appointment : |
14.07.2016 |
||||||||||||||||||||||||
|
DIN No.: |
02491831 |
||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Name : |
Mr. Vijay Kumar Singh |
||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||
|
Address : |
Flat-1705, Brahmputra Apartments, Sec-29, Noida-201301, Uttar Pradesh, India |
||||||||||||||||||||||||
|
Date of Birth/Age : |
03.06.1965 |
||||||||||||||||||||||||
|
Date of Appointment : |
24.12.2016 |
||||||||||||||||||||||||
|
DIN No.: |
02772733 |
||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Ms. Pooja Shukla |
|
Designation : |
Company Secretary |
|
Address : |
8/58 –A, Arya Nagar, Kanpur-208002, Uttar Pradesh, India |
|
Date of Appointment : |
27.12.2012 |
|
PAN No.: |
BJNPS6293L |
|
|
|
|
Name : |
Mr. Shankar Gopal |
|
Designation : |
Chief Financial Officer |
|
Address : |
House No. 907, Sector-8, Faridabad-121006, Haryana, India |
|
Date of Appointment : |
08.06.2016 |
|
PAN No.: |
AAHPG2050M |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
NTPC Limited |
|
146499900 |
|
Anil Kumar Rastogi, Nominee of NTPC Limited |
|
100 |
|
Rural Electrification Corporation Limited, India |
|
146499900 |
|
V.K.Singh |
|
100 |
|
Power Finance Corporation Limited, India |
|
146499900 |
|
A.K. Agrawal, Nominee of Power Finance Corporation Limited |
|
100 |
|
Power Grid Corporation of India Limited, India |
|
22499900 |
|
Akhil Kumar, Nominee of Power Grid Corporation of India Limited |
|
100 |
|
Total |
|
462000000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.05.2017
|
Category |
Percentage |
|
Promoters (Government - Government companies) |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
(Registered activity) |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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||||||
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Exports : |
Not Available |
||||||
|
|
|
||||||
|
Imports : |
Not Available |
||||||
|
|
|
||||||
|
Terms : |
Not Available |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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|
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Bankers : |
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Facilities : |
|
|
Auditors : |
|
|
Name : |
VPGS and Company Chartered Accountants |
|
Address : |
E-149, Opposite Sainik Vihar's Gate No. 1, Rishi Nagar, Rani Bagh, New
Delhi – 110034, India |
|
Tel. No.: |
91-11-27030181 – 182 |
|
Mobile No.: |
91-9810189050 |
|
Fax No.: |
91-11-27030183 |
|
E-Mail : |
|
|
Memberships No.: |
090637 |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAGFA7822G |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Entities Leaving joint central the company : |
|
|
|
|
|
Subsidiaries, joint ventures and associates of entities having joint
central over the company: |
|
|
|
|
|
Subsidiaries, Joint ventures and associates of entities controlled by
the company : |
|
|
|
|
|
Entities under the control at the government : |
|
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000000 |
Equity Shares |
INR 10/- each |
INR 5000.000 Million |
|
|
|
|
|
Issued & Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
462000000 |
Equity Shares |
INR 10/- each |
INR 4620.000 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
4620.000 |
1650.000 |
900.000 |
|
(b) Reserves & Surplus |
933.379 |
546.302 |
203.317 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
1980.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
5553.379 |
4176.302 |
1103.317 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
8262.386 |
3012.496 |
877.635 |
|
(b) Deferred tax liabilities
(Net) |
0.838 |
13.595 |
23.024 |
|
(c) Other long term
liabilities |
523.891 |
304.338 |
1.237 |
|
(d) long-term provisions |
22.316 |
9.259 |
4.977 |
|
Total
Non-current Liabilities (3) |
8809.431 |
3339.688 |
906.873 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
3500.000 |
2850.000 |
0.000 |
|
(b) Trade payables |
4586.951 |
3479.441 |
783.804 |
|
(c) Other current liabilities |
3314.689 |
752.717 |
272.023 |
|
(d) Short-term provisions |
1.082 |
0.352 |
92.704 |
|
Total
Current Liabilities (4) |
11402.722 |
7082.510 |
1148.531 |
|
|
|
|
|
|
TOTAL |
25765.532 |
14598.500 |
3158.721 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
6010.990 |
2760.034 |
1430.828 |
|
(ii) Intangible Assets |
7.278 |
3.389 |
2.182 |
|
(iii) Capital work-in-progress |
3661.837 |
1428.441 |
83.494 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
18.904 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
12.759 |
4.162 |
5.755 |
|
(e) Other Non-current assets |
1071.069 |
1132.391 |
0.000 |
|
Total
Non-Current Assets |
10782.837 |
5328.417 |
1522.259 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1546.497 |
1889.039 |
366.835 |
|
(c) Trade receivables |
8014.076 |
3449.982 |
1.332 |
|
(d) Cash and cash equivalents |
3223.412 |
2492.230 |
1090.993 |
|
(e) Short-term loans and
advances |
6.636 |
3.630 |
173.152 |
|
(f) Other current assets |
2192.074 |
1435.202 |
4.150 |
|
Total
Current Assets |
14982.695 |
9270.083 |
1636.462 |
|
|
|
|
|
|
TOTAL |
25765.532 |
14598.500 |
3158.721 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
11508.603 |
7748.864 |
625.305 |
|
|
Other Income |
763.237 |
282.281 |
85.767 |
|
|
TOTAL
|
12271.840 |
8031.145 |
711.072 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Purchases of Stock-in-Trade |
8000.215 |
7847.071 |
0.000 |
|
|
Distribution Expenses (Ujala) |
818.853 |
478.334 |
0.000 |
|
|
Media Expenses (Ujala) |
201.512 |
145.455 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
248.560 |
(1793.725) |
(1.332) |
|
|
Employees benefits expense |
209.066 |
127.843 |
71.092 |
|
|
Prior Period Adjustment |
0.000 |
0.000 |
3.927 |
|
|
Other expenses |
807.147 |
409.979 |
436.539 |
|
|
TOTAL |
10285.353 |
7214.957 |
510.226 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
1986.487 |
816.188 |
200.846 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
615.609 |
138.765 |
5.502 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
1370.878 |
677.423 |
195.344 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
554.357 |
175.500 |
59.626 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
816.521 |
501.923 |
135.718 |
|
|
|
|
|
|
|
Less |
TAX |
297.957 |
131.110 |
45.122 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
518.564 |
370.813 |
90.596 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
1.317 |
5.498 |
0.000 |
|
|
TOTAL
EARNINGS |
1.317 |
5.498 |
0.000 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
1.25 |
(1.29) |
1.01 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
1000.000 |
240.369 |
0.000 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from operating activity |
268.373 |
(1962.966) |
542.004 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
254.17 |
162.51 |
0.78 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
1.44 |
2.25 |
469.45 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
209.27 |
161.84 |
0.00 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
1.28 |
0.43 |
0.55 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.21 |
0.19 |
0.13 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.80 |
0.71 |
0.64 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
2.30 |
1.46 |
0.80 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
2.05 |
1.70 |
1.04 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
1.74 |
1.00 |
1.37 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
3.23 |
5.88 |
36.50 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
4.51 |
4.79 |
14.49 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
2.01 |
2.54 |
2.87 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
9.34 |
8.88 |
8.21 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.31 |
1.31 |
1.42 |
|
|
|
|
|
|
Quick Ratio ((Current Assets –
Inventories) / Current Liabilities) |
1.18 |
1.04 |
1.11 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.22 |
0.29 |
0.35 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
2.76 |
3.70 |
0.98 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.31 |
1.31 |
1.42 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
900.000 |
1650.000 |
4620.000 |
|
Reserves & Surplus |
203.317 |
546.302 |
933.379 |
|
Share Application money pending allotment |
0.000 |
1980.000 |
0.000 |
|
Net
worth |
1103.317 |
4176.302 |
5553.379 |
|
|
|
|
|
|
Long Term borrowings |
877.635 |
3012.496 |
8262.386 |
|
Short Term borrowings |
0.000 |
2850.000 |
3500.000 |
|
Current Maturities of Long term debt |
0.000 |
240.369 |
1000.000 |
|
Total
borrowings |
877.635 |
6102.865 |
12762.386 |
|
Debt/Equity
ratio |
0.795 |
1.461 |
2.298 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
625.305 |
7748.864 |
11508.603 |
|
|
|
1,139.214 |
48.520 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
625.305 |
7748.864 |
11508.603 |
|
Profit |
90.596 |
370.813 |
518.564 |
|
|
14.49% |
4.79% |
4.51% |
LEGAL
CASES
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in Report
(Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
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 |
FINANCIAL PERFORMACE
Revenue from operations was INR 11508.600 Million and total revenue was INR 12271.800 Million. Net profit of the Company in 2016-17 is INR 518.000 Million, an increase of INR 147.200 Million over the previous year.
NATIONAL PROGRAMME
MLA
The Hon'ble Prime Minister launched National Programme on 5th January, 2015 to convert the conventional street lights with smart and energy efficient LED street lights and Domestic Efficient Lighting Programme (DELP) to provide LED lights to domestic households. Lighting sector accounts for about 20% of the total consumption in India. These Programme target energy efficiency in lighting as it offers enormous opportunity to save energy.
Under DELP, EESL has evolved a service model where it works with electricity distribution companies (DISCOMs). The Domestic Efficient lighting Programme (DELP) obviates the need for DISCOMs to invest in the upfront cost of LED bulbs. As on 31st March, 2017, 214581545 bulbs, 1598967 Tube Lights and 587795 Fans have been distributed.
STREET LIGHT NATIONAL
PROGRAM (SLNP)
Street Light National Program is launched by Hon'ble Prime Minister on 5th January, 2015 to replace the approx. 13.400 Million numbers of conventional street lights with smart and energy efficient LED street lights by March, 2019 that may result into energy saving of 9 billions kWh and reduction in installed street lighting load of 150 MW and CHG emission reductions of 6.2 million tonnes of CO2. Under the programme, EESL replaces the conventional street lights with smart and efficient LED street lights. The service model enables the municipalities to go in for state of the art street lights with no upfront capital cost and repayments to EESL are within the present level of expenditure. As on 31st March 2017, 544 ULBs have enrolled for SLNP and 19.67 Lakhs streetlights have been installed. Out of 544 ULBs, work has completed in 193 ULBs (across 24 states) leading to an estimated annual energy savings of 338.81 MUs.
Under SLNM, Central Control and Monitoring System is being used to monitor and Control LED lighting system of civic bodies in the country, remotely. CCMS results in automatic identification of failures, real-time control of any individual lamp, increase lamp lifetime, reduce onsite maintenance costs, remove night patrols, automatic generation of alarms and notification to operations managers and crews to optimize their maintenance schedules. Andhra Pradesh, Hon'ble CM of Andhra Pradesh Sh. Chandrababu Naidu has launched the Street light dashboard for more than 50 ULBs. The monitoring of all these 50 ULBs are being monitored through a Common Command Centre in the capital city of Vijayawada.
More than 3,00,000 lights in 51 Municipalities (aprox) of Andhra Pradesh are connected to Hon'ble CM CORE dashboard. In Rajasthan, CCMS technology has been implemented in more than 10 towns and around 1,00,000 lights have been configured to the dashboard. CCMS has been successfully running for more than 30,000 lights in Tripura. Around 2,00,000 LED lights are connected through CCMS technology in South Delhi Municipal Corporation. In Aligarh Uttar Pradesh, more than 14,000 LED Lights are being maintained through CCMS.
Agriculture Demand
Side Management (AgDSM)
In order to upscale the implementation of AgDSM scheme, the Company has devised distribution model similar to UJALA scheme wherein the farmers shall be handed over Energy Efficient Pump Sets (EEPS) over the counters. This shall help in up-scaling the present replacement methodology of 2000-3000 pump sets per year with 2-3 lac pump sets per year. Innovative concept of Smart Control Panels have been adopted wherein farmers could switch ON / OFF their pump sets using a mobile phone and the power consumption data shall be transmitted to EESL Dashboard for monitoring purposes. The Company has come into an agreement(s) with the DISCOMs of Andhra Pradesh for distribution of 1 lac EEPS on similar lines and the free of cost distribution of Pumpsets along with the Smart Control Panels has commenced in the last week of July, 2017. For the said project, EESL is acting as Project Management Consultant (PMC) and facilitating the DISCOM(s) for successful implementation.
Buildings Energy
Efficiency Retrofit program (BEERP)
High rise government and commercial establishments are one of the major load centres consuming about 15% of country's electricity. Considering huge infrastructure growth and consequent rise in peak demand, DSM is recognized as one of the major solutions in building sector for reduced energy bill as well as for flattening the demand curve of utilities. Recognizing the above need, EESL has focused on "Building Sector" as one of the major interventions to create market transformation in energy efficiency.
BEEP division of EESL has an ambitious plan for next 2-3 years wherein it is striving to bring investment to the tune of INR 2,000 Crores by 2020 covering more than 10,000 buildings in next couple of years. It is expected that about 10 million LED lights, 1.5 million ceiling fans and 150,000 ACs would be retrofitted by EESL in these buildings. Apart from retrofit intervention, EESL also aims to widen its services in areas like centralized AC system, Energy Audits and New Generation Energy Management System in buildings. EESL building division has already retrofitted energy efficient appliances in 35 prominent buildings located across India, which has resulted an estimated cumulative energy savings of about 18.5 million units and 39% reduction from baseline electricity consumption.
Apart from above completed projects, EESL is at various level of engagement with major agencies like Indian Railways, governments of Odisha, Maharashtra, Andhra Pradesh and Himachal Pradesh, Central Government ministries etc. to cover about 5000 buildings for energy efficiency interventions. EESL also launched its "National Building Dashboard" which was inaugurated by Hon'ble Power Minister, Sh. Piyush Goyal during our first National building workshop at Mumbai. The Dashboard provides information of real time/deemed energy savings subsequent to energy efficiency intervention by EESL in buildings on PAN India basis. It also provides annual CO2 reduction and avoided peak demand due to retrofit of energy efficient equipment
In recognition of the services being rendered by EESL in implementation of energy efficiency measures, Dept. of Expenditure, Ministry of Finance, Government of India has issued an office memorandum directing all central government ministries and departments to replace the existing lighting / equipment in their buildings with LED based lighting and energy efficient equipment on priority, utilizing the services of EESL. This will further boost EESL's efforts in its mission of converting all buildings into energy efficient ones.
Consultancy and
Advisory Services
DSM Program - Under the 12th Five-year plan, Bureau of Energy Efficiency (BEE), Ministry of Power has initiated a program called "Capacity Building of utility DISCOMs on Demand Side Management (DSM)" in the country. 34 DISCOMs are covered under this program in about 21 states. Activities such as conducting load research (LR), preparation of DSM action plan, Creation of DSM master trainers and providing technical assistance support to 34 DISCOMs are the major activities under the national program of BEE. EESL supports BEE in the following areas:
• Providing technical assistance (TA) to all 34 DISCOMs: 2 persons per DISCOMs
• Conducting LR studies.
• Preparing DSM action plans for each DISCOM.
Accordingly, EESL deployed 64 consultants from technical and financial background to support to the DSM cell of the DISCOMs. During this year, 29 LR reports and 30 DSM action plans have been submitted to BEE. 5 LR reports and 4 DSM Action plans are pending.
Perform, Achieve and Trade (PAT) Scheme - The Company supported BEE in the PAT Scheme, a flagship program of Government of India for improving energy efficiency in industrial sectors.
The PAT Scheme is being implemented in three phases. The first phase (PAT - I Cycle) runs from 2012-2015 covering 478 facilities from eight energy-intensive sectors. These eight sectors accounts for roughly 38% of India's total primary energy consumption. It targets energy consumption reductions of 6.686 million tons of oil equivalent (mtoe) in the 478 covered facilities.
The second phase of the PAT Scheme (PAT Cycle II) runs from 2016-2019, covering 707 units from the eleven energy intensive sectors (Table). PAT Cycle-II focuses on deepening and widening of PAT-I Cycle and addition of new DCs from 3 new sectors namely Railways, Refineries, and Electricity distribution companies (DISCOM). This would expand the coverage from 38% to 70% of total primary energy consumption. There are around 188 units from four sectors (Cement, Pulp and Paper, Iron and Steel and Textiles) and around 130 units from remaining existing four sectors (Aluminium, Fertilizers, Chlor-alkali and Thermal Power Plants). The new sectors (Railway, Refineries and DISCOM) include around 170 units till date. More DCs are under identification and the total would be around 707.
For the majority of the sectors (for the new DCs) last financial year of three year reported data will be considered as the baseline year in PAT Cycle II. For the new sectors, proper workshops will be first given to the empanelled agencies for filling up Data in the Pro-forma and Target Fixation methodology. This will be carried out by BEE for all the three new sectors included in PAT II cycle i.e. Railway, Refineries and DISCOMs.
The PAT II cycle targets for individual DCs have been notified by the Ministry of Power on March 31, 2016. The notification clearly mentions that any entity that has consumed 30 ktoe in a year would be a Designated Consumer. Detailed methodologies for measurement and verifications are also provided through a Performance Assessment Document. The gazette of PAT-II cycle mentions that the Designated Consumers shall comply with the energy consumption norms and standards specified against their names by the target year 2018- 2019, a period of three years from April 1, 2016 until March 31, 2019.
Standard and Labelling (S and L) Program - EESL acts as an Independent Agency for Monitoring and Evaluation (IAME) for BEE in the S & L Program. This flagship program of BEE sets minimum energy performance standard (MEPS) for different appliances and gives the consumers an informed choice to purchase/use energy efficient appliances. As an IAME, EESL scrutinizes all applications received by BEE from different manufacturers seeking Starrating for different product models. After due verification of documents and other requirements, EESL recommends the star-rating of each application to BEE to take further action. Apart from this, EESL is also conducting the market surveillance and check-testing as per the provisions of S and L Scheme. During the year, EESL has scrutinised and processed about 5341 number of applications generating a total revenue of INR 8.292 Million.
SMART METERING
PROGRAMME
The Govt. of India has the vision of ensuring smart meter installation to all consumers with a consumption of more than 200 units by financial year 2019 thereby revamping the current manual system of revenue collection system which leads to low billing and poor collection efficiencies. To achieve this, the company has proposed to roll out AMI (Advanced Metering Infrastructure) solution comprising of a Smart meter + Communication + Head end system + Back end requirements and its integration with utility legacy systems. The company will undertake procurement of smart meters with GPRS compatible NIC Cards, Deployment of system Integrator Agency for Installation of Smart Meters and IT Infra (Head End and MDM Software and hardware), deployment of Cloud Hosting and GPRS Service provider, testing, commissioning and integration of the AMI system, O&M for project period.
The project is proposed under the BOOT model on cost plus approach which means all Capex/ Opex is done by the company with states/ utilities not required to invest upfront. Under costplus model, the contract price will be determined by adding to the actual cost of material supplied, labor associated and expenses incurred along with an overhead costs and an agreed RoE. Uttar Pradesh and Haryana have been tentatively identified for roll-out of Advanced Metering Infrastructure (AMU.
INTERNATIONAL
PROGRAMMES
Partial Risk
Guarantee Fund for Energy Efficiency (PRGFEE)
Government of India announced its National Action Plan on Climate Change (NAPCC), which include a Mission on Enhanced Energy Efficiency (NMEEE) in June, 2010. NMEEE spelt out the four major initiatives to enhance energy efficiency i.e. Perform Achieve Trade (PAT), Energy Efficiency Financing Platform (EEFP), Market Transformation for Energy Efficiency (MTEE), and Framework for Energy Efficient Economic Development (FEEED).
The PRGFEE is a risk-sharing mechanism that provides commercial banks with partial coverage of risk exposure against loans issued for energy efficiency projects. The scheme was notified by The Ministry of Power on May 26, 2016. The support under PRGFEE is limited to Government Buildings, Municipalities, SMEs and industries. PFI shall take guarantee from the PRGFEE before disbursement of loan to the borrower. The Guarantee will not exceed INR 100.000 Million per project or 50% of loan amount, whichever is less. Maximum tenure of the guarantee will be 5 years from the date of issue of the guarantee. Eligible projects under the PRGFEE, for which Participating Financial Institution (PFI) can apply for a guarantee, could be credit facilities extended by PFI to ESCO for energy efficiency projects. EESL has been selected as the Implementing Agency for PRGFEE in consortium with REC Ltd. and REC Power Distribution Company Limited.
One of the key elements of the NMEEE aimed at industry is the establishment of a Framework for Energy Efficient Economic Development (FEEED), which mainly focuses on developing fiscal and investment guarantee instruments to promote energy efficiency FEEED includes a Partial Risk Guarantee Fund (PRGF) and a Venture Capital Fund for Energy Efficiency (VCFEE).
EESL has conducted several workshops for promotion of the scheme; the first workshop in Mumbai (October 3, 2015) saw participation from prominent Financial Institutions and ESCOs. The workshop was chaired by Shri B.P. Pandey, Additional Secretary, Ministry of Power. The second workshop was conducted in New Delhi on November 4, 2015 which was aimed at understanding the concerns of the Financial Institutions. The third workshop-cum-launch event was recently organized in March 24, 2017 at Mumbai chaired by Shri B P Pandey, Special Secretary, Ministry of Power, where the PRGFEE logo, brochure and operations manual was launched. EESL also conducted a National Workshop on Energy Efficiency in Vijayawada in April 2016, which had a dedicated session on Energy Efficiency Financing.
As a result of this outreach and one-to-one meetings with ESCOs, the Implementing Agency has submitted a pipeline of projects to the Bureau of Energy Efficiency (BEE).
Till date, four FIs have been empanelled under PRGFEE which are Andhra Bank, Yes Bank, Tata Cleantech Capital Limited. and IDFC Bank.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Term Loan from
Other than bank: |
|
|
|
KFW Loan – Guarantee by Govt. of India |
3019.376 |
2263.905 |
|
(1.96% loan repayable in half yearly basis starting from 30.06.2018 in
14 installment of Euro 2.941 Million each and 3 installments of Euro 2.942
Million) |
|
|
|
AFD Loan Guarantee by Govt. of India |
259.553 |
0.000 |
|
(1.87% loan repayable in half yearly basis starting from 30.10.20 in 20
installment of Euro 2.500 Million each) |
|
|
|
|
|
|
|
Short-term
borrowings |
|
|
|
Loan from Banks: |
|
|
|
IndusInd Bank |
0.000 |
350.000 |
|
(10.00% Loan repayment in two installment of INR 150.000 Million and INR
200.000 Million due on 28.02.2017 and 07.03.2017 respectively and fully hedge
foreign currency equivalent to INR 350.000 Million) |
|
|
|
Total |
3278.929 |
2613.905 |
INDEX
OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
G53383527 |
100122605 |
ICICI BANK LIMITED |
22/08/2017 |
- |
- |
1500000000.0 |
ICICI Bank Tower, Near Chakli Circle, Old Padra Road, Vadodara – 390007, Gujarat, India |
|
2 |
G36740561 |
100079342 |
State Bank of India |
30/12/2016 |
- |
- |
1800000000.0 |
CAG-II, 4th and 5th Floor, Red Fort Capital Parsvnath Bhai Veer Singh Marg, Gole Market, New Delhi – 110001, India |
|
3 |
G49197759 |
100067398 |
HDFC BANK LIMITED |
22/11/2016 |
28/06/2017 |
- |
1000000000.0 |
HDFC Bank House, Senapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India |
|
4 |
G27819770 |
100063369 |
AXIS TRUSTEE SERVICES LIMITED |
10/11/2016 |
- |
- |
5000000000.0 |
AXIS HOUSE, BOMBAY DYEING MILLS COMPOUND, PANDHURANG BUDHKAR MARG, WORLI, MUMBAI – 400025, Maharashtra, India |
|
5 |
G28397313 |
100063801 |
ICICI BANK LIMITED |
07/11/2016 |
- |
- |
1800000000.0 |
ICICI Bank Tower, Near Chakli Circle, Old Padra Road, Vadodara – 390007, Gujarat, India |
|
6 |
G02073468 |
100021863 |
PTC INDIA FINANCIAL SERVICES LIMITED |
30/03/2016 |
- |
- |
2000000000.0 |
7th Floor, Telephone Exchange Building 8 Bhikaji Cama Place, New Delhi – 110066, India |
|
7 |
G56373624 |
10609327 |
ICICI BANK LIMITED |
01/12/2015 |
09/03/2016 |
11/10/2017 |
2000000000.0 |
LAND MARK RACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, Gujarat, India |
|
8 |
G37181740 |
10626594 |
Canara Bank |
18/02/2016 |
- |
02/02/2017 |
2000000000.0 |
Noida Main BranchC-3, Sector-1, Noida – 201301, Uttar Pradesh, India |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Immovable Stand by Letter of Credit for GBP 5.5
Million in the favour of ICICI Bank UK for GBP 5.5 Million for loan
distribution in favour of EnergyPro Assets Limited in London, UK valid upto
31March 2018 with claim expiry upto 30 April 2018 |
480.000 |
0.000 |
|
Claims against the Company not acknowledged
as Debt” (VAT paid under Protest) |
718.328 |
370.355 |
|
Bank Guarantee Lien against Fixed Deposits |
1.931 |
0.000 |
FIXED ASSETS
- Project Equipment
- Cell Phones
- Office Equipment
- Furniture and Fitting
- Computers
- Leasehold Improvements
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON DESIGNATED
PARTY
No records 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 63.61 |
|
|
1 |
INR 90.17 |
|
Euro |
1 |
INR 78.94 |
INFORMATION DETAILS
|
Analysis Done by
: |
PRS |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE FACTORS
|
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 |
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.