|
|
|
MIRA INFORM REPORT
|
Report No. : |
490496 |
|
Report Date : |
07.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
MAHINDRA SUSTEN PRIVATE LIMITED (w.e.f.18.05.2015) |
|
|
|
|
Formerly Known
As : |
MAHINDRA
EPC SERVICES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Mahindra Towers, Dr. G. M. Bhosale Marg, P. K. Kurne Chowk, Worli,
Mumbai-400018, Maharashtra |
|
Tel. No.: |
91-22-24917006 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2016 |
|
|
|
|
Date of Incorporation
: |
19.09.2010 |
|
|
|
|
Com. Reg. No.: |
11-207854 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 702.717 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74990MH2010PTC207854 |
|
|
|
|
IEC No.: |
Not Divulged |
|
|
|
|
GST No.: |
27AAGCM8122L1Z6 |
|
|
|
|
TIN No.: |
27450818623 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAGCM8122L |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is
engaged in Engineering, Procurement and Construction of Power Plants in
Renewable Energy and Water Management Sector and related operations and
maintenance activity. [Registered Activity] |
|
|
|
|
No. of Employees
: |
Information declined by the Management |
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 |
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Mahindra Susten Private Limited operates as a subsidiary of ‘’Mahindra
Holdings Limited’’. The company was incorporated in the year 2010 and is
based in Mumbai, Maharashtra. It is an established company having fine track
records. As per Registrar of Companies the date of balance sheet (i.e,
financial filed) is shown as 31-03-2017 but the documents related to the
financial for the year 2017 are not available from any sources. As per available financials of 2016, the company has witnessed a
significant growth in its revenue and has achieved fair profit margin at 2.10%
(approx.). Available financials indicate company’s sound financial risk profile
marked by healthy net worth base along with debt free balance sheet and
favorable gap between trade payables to its trade receivables. The company also derives strength from its strong holding entity and
its experienced management team. Fundamentals of the company are strong and healthy. Trade relations are reported as fair. Business is active. Payments
seems to be regular and as per commitments. In view of strong holding support and sound financial base, the
company can be considered for business dealings at usual trade terms and
conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
INDIA RATING |
|
Rating |
Long Term Rating=A |
|
Rating Explanation |
Adequate degree of safety and low credit
risk |
|
Date |
March, 2017 |
|
|
|
|
Rating Agency Name |
INDIA RATING |
|
Rating |
Short Term Rating=A1 |
|
Rating Explanation |
Very Strong degree of safety and carry
lowest credit risk |
|
Date |
March, 2017 |
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 07.02.2018.
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.
INFORMATION DECLINED BY
|
Name : |
Mr. Vishal |
|
Contact No.: |
91-9820717373 |
|
Date : |
05.02.2018 |
[91-22-61741500/
24917006 is continuously ringing]
LOCATIONS
|
Registered Office : |
Mahindra Towers, Dr. G. M. Bhosale Marg, P. K. Kurne Chowk, Worli,
Mumbai-400018, Maharashtra, India |
|
Tel. No.: |
91-22-24917006 |
|
Mobile No: |
91-9820717373 [Mr. Vishal] |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
6th Floor, AFL House, Lok Bharati Complex, Marol Maroshi Road, Mumbai-400059, Maharashtra, India |
|
Tel. No.: |
91-22-61741500 |
|
Fax No.: |
91-22-61741526 |
|
|
|
|
Regional Office 1 : |
5th Floor, Mass Heights, Road No. 8, Banjara Hills, Hyderabad-500034, Telangana, India |
|
|
|
|
Regional Office 2 : |
1004-A, 10th Floor, Indra Prakash Building, Barakhamba Road, New Delhi-110001, India |
|
Tel. No.: |
91-11-43602782/ 83/ 85 |
|
|
|
|
Regional Office 3 : |
1114, 11th Floor, Indra Prakash Building, Barakhamba Road, Connaught Place,
New Delhi-110001, India |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Ranjan Pant |
|
Designation : |
Director |
|
Address : |
Portion-B, 10-A, Kasturba Gandhi Marg, New Delhi-110001, India |
|
Date of Birth/Age : |
29.06.1959 |
|
Date of Appointment : |
30.03.2015 |
|
DIN No.: |
00005410 |
|
|
|
|
Name : |
Mrs. Anita Arjundas |
|
Designation : |
Director |
|
Address : |
Flat No.1203, Breezy Heights, 12th Floor, Rizvi Complex, Off Carter Road, Bandra ( West), Mumbai-400050, Maharashtra, India |
|
Date of Appointment : |
27.04.2015 |
|
DIN No.: |
00243215 |
|
|
|
|
Name : |
Mr. Parag Chandulal Shah |
|
Designation : |
Director |
|
Address : |
7, Kailas, 50, Pedder Road, Mumbai-400026, Maharashtra, India |
|
Date of Appointment : |
09.10.2015 |
|
DIN No.: |
00374944 |
|
|
|
|
Name : |
Mr. Alwarthirunagari Kuppuswamy Thiruvenkata Chari |
|
Designation : |
Director |
|
Address : |
181-A, Twin Towers, Prabhadevi, Mumbai-400025, Maharashtra, India |
|
Date of Birth/Age : |
16.12.1939 |
|
Qualification : |
Degree in Electrical Engineering |
|
Date of Appointment : |
14.02.2013 |
|
DIN No.: |
00746153 |
|
|
|
|
Name : |
Mr. Chandrasekar Kandasamy |
|
Designation : |
Director |
|
Address : |
DII/53, Mahindra Park, LBS Marg, Ghatkopar, Mumbai-400086, Maharashtra, India |
|
Date of Birth/Age : |
08.01.1954 |
|
Date of Appointment : |
05.10.2010 |
|
DIN No.: |
01084215 |
|
|
|
|
Name : |
Mr. Satish Keshav Kamat |
|
Designation : |
Director |
|
Address : |
F/6 Union House, First Floor, LJ Cross Road No - 2, Mahim, Mumbai-400016, Maharashtra, India |
|
Date of Birth/Age : |
13.09.1956 |
|
Date of Appointment : |
15.09.2011 |
|
DIN No.: |
01536698 |
KEY EXECUTIVES
|
Name : |
Mr. Roshan Laxmilal Gandhi |
|
Designation : |
Chief Finance Officer |
|
Address : |
104, Rajendra Ratna, Mahesh Nagar, Goregaon (West), Mumbai-400062, Maharashtra, India |
|
Date of Birth/Age : |
03.01.1970 |
|
Qualification : |
Chartered Accountant |
|
Date of Appointment : |
31.03.2014 |
|
PAN No: |
AEZPG2741P |
|
|
|
|
Name : |
Mr. Basant Kumar Jain |
|
Designation : |
Chief Executive Officer |
|
Address : |
A-402, Padmarag Chs, Near Jain Mandir, J. B. Nagar, Andheri (East), Mumbai-400059, Maharashtra, India |
|
Date of Birth/Age : |
01.06.1973 |
|
Qualification : |
BE |
|
Date of Appointment : |
31.03.2014 |
|
PAN No: |
ABQPJ2356M |
|
|
|
|
Name : |
Mr. Mandar Subhash Joshi |
|
Designation : |
Company Secretary |
|
Address : |
C/O. Mahindra Towers, 5th Floor, Dr. G. M. Bhosale, P. K. Kurne Chowk, Worli, Mumbai-400018, Maharashtra, India |
|
Date of Appointment : |
28.07.2016 |
|
PAN No: |
AJMPJ4707G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Mahindra Holdings Limited, India |
|
138261727 |
|
Mahindra Holdings Limited, India jointly with Narayan Shankar |
|
1 |
|
|
|
|
|
Total |
|
138261728 |
AS ON 27.07.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters
– Body Corporate |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is
engaged in Engineering, Procurement and Construction of Power Plants in
Renewable Energy and Water Management Sector and related operations and
maintenance activity. [Registered Activity] |
||||||
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Products : |
|
||||||
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||||||
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Brand Names : |
Not Available |
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||||||
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Agencies Held : |
Not Available |
||||||
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||||||
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Exports : |
Not Divulged |
||||||
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|
||||||
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Imports : |
Not Divulged |
||||||
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||||||
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Terms : |
|
||||||
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Selling : |
Not Divulged |
||||||
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|
|
||||||
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||
|
|
|
||||||||||||||
|
Customers : |
· Infosys · Vodafone · Mahindra · Schott · Renew Power · Technical Associates Limited |
||||||||||||||
|
|
|
||||||||||||||
|
No. of Employees : |
Information declined by the Management |
||||||||||||||
|
|
|
||||||||||||||
|
Bankers : |
·
The Zoroastrian Co-Operative Bank Limited Nirlon House, 5th Floor,
Dr. Annie Besant Road, Worli, Mumbai - 400030, Maharashtra, India · HDFC Bank Limited HDFC Bank Limited,
4th Floor, Peninsula Business Park, Lower Parel, Mumbai-400018, Maharashtra, India · Yes Bank Limited 9th Floor, Nehru
Centre, Discovery of India, Dr. Annie Besant Road, Worli,
Mumbai-400018, Maharashtra, India ·
IDFC Bank Limited ·
Kotak Mahindra Bank Limited ·
IndusInd
Bank Limited |
||||||||||||||
|
|
|
||||||||||||||
|
Facilities : |
--- |
|
Auditors : |
|
|
Name : |
B K Khare and Company Chartered Accountants |
|
Address : |
706/708, Sharda Chambers, New Marine Lines, Mumbai-400020, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFB0265E |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associates/Subsidiaries : |
|
|
|
|
|
Holding Company: |
Mahindra Holdings Limited, India (U65993MH2007PLC175649) |
|
|
|
|
Ultimate Holding Company : |
Mahindra and Mahindra Limited, India
(L65990MH1945PLC004558) |
|
|
|
|
Subsidiary Company : |
·
Mahindra Renewables Private Limited, India
(U40300MH2010PTC205946) ·
Cleansolar Renewable Energy Private Limited,
India (U40108MH2013PTC250684) ·
Brightsolar Renewable Energy Private Limited,
India (U40108MH2013PTC250683) ·
Divine Solren Private Limited, India
(U74120MH2015PTC264259) ·
Neo Solren Private Limited, India
(U74999MH2015PTC266154) ·
Astra Solren Private Limited
[U74120MH2015PTC264259] ·
Marvel Solren Private Limited
[U74120MH2015PTC269074] ·
MachinePulse Tech Private Limited
[U72300MH2016PTC271679] |
|
|
|
|
Fellow Subsidiary Company : |
·
Mahindra Consulting Engineers Limited, India
(U74210MH1993PLC074723) ·
Bristlecone India Limited, India
(U30007MH1991PLC064368) ·
Mahindra Integrated Business Solutions Private
Limited, India ·
(U74999MH2011PTC212468) ·
Mahindra Logistics Limited, India
(U63000MH2007PLC173466) ·
Mahindra Vehicle Manufacturers Limited, India
(U34100MH2007PLC171151) ·
Mahindra World City (Jaipur) Limited, India
(U45209RJ2005PLC021207) ·
Mahindra First Choice Services Limited, India
(U35999MH2008PLC180385) |
|
|
|
|
Other Related Parties : |
· Mahindra Solar One Private Limited, India (U40101MH2010PTC205236) · Mahindra Suryaprakash Private Limited, India (U40300MH2012PTC226017) · Tech Mahindra Limited, India (L64200MH1986PLC041370) |
CAPITAL STRUCTURE
AS ON 27.07.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
INR 10/- each |
INR 1500.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
138261728 |
Equity Shares |
INR 10/- each |
INR 1382.617 Million |
|
|
|
|
|
AS ON 31.03.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
INR 10/- each |
INR 1000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
70271728 |
Equity Shares |
INR 10/- each |
INR 702.717
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 |
702.717 |
436.794 |
280.000 |
|
(b) Reserves & Surplus |
1516.638 |
735.998 |
380.455 |
|
(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) |
2219.355 |
1172.792 |
660.455 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
34.821 |
16.192 |
6.392 |
|
Total
Non-current Liabilities (3) |
34.821 |
16.192 |
6.392 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
2691.552 |
1045.224 |
165.520 |
|
(c)
Other current liabilities |
169.712 |
818.698 |
31.883 |
|
(d)
Short-term provisions |
194.300 |
107.953 |
58.866 |
|
Total
Current Liabilities (4) |
3055.564 |
1971.875 |
256.269 |
|
|
|
|
|
|
TOTAL |
5309.740 |
3160.859 |
923.116 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
154.091 |
76.462 |
39.543 |
|
(ii)
Intangible Assets |
9.944 |
9.977 |
2.166 |
|
(iii)
Capital work-in-progress |
47.289 |
16.734 |
4.325 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
10.976 |
|
(b) Non-current
Investments |
1090.090 |
64.490 |
0.550 |
|
(c) Deferred tax assets
(net) |
61.321 |
34.091 |
26.248 |
|
(d) Long-term Loan
and Advances |
0.000 |
0.000 |
0.000 |
|
(e)
Other Non-current assets |
0.025 |
0.120 |
0.120 |
|
Total
Non-Current Assets |
1362.760 |
201.874 |
83.928 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
10.803 |
0.000 |
55.435 |
|
(b)
Inventories |
285.066 |
252.066 |
217.111 |
|
(c)
Trade receivables |
3370.647 |
1532.313 |
266.194 |
|
(d)
Cash and cash equivalents |
62.640 |
47.187 |
48.350 |
|
(e)
Short-term loans and advances |
163.261 |
1100.362 |
182.432 |
|
(f)
Other current assets |
54.563 |
27.057 |
69.666 |
|
Total
Current Assets |
3946.980 |
2958.985 |
839.188 |
|
|
|
|
|
|
TOTAL |
5309.740 |
3160.859 |
923.116 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
10019.432 |
5039.122 |
1128.302 |
|
|
|
Other Income |
77.249 |
37.307 |
121.078 |
|
|
|
TOTAL (A) |
10096.681 |
5076.429 |
1249.380 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
7718.941 |
4023.781 |
755.122 |
|
|
|
Purchases of Stock-in-Trade |
0.000 |
12.470 |
6.907 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(14.942) |
(3.368) |
(0.434) |
|
|
|
Employees benefits expense |
459.230 |
241.075 |
166.730 |
|
|
|
Other expenses |
1571.769 |
549.701 |
330.436 |
|
|
|
CSR Expenditure |
5.791 |
3.800 |
0.000 |
|
|
|
TOTAL (B) |
9740.789 |
4827.459 |
1258.761 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
415.892 |
248.970 |
(9.381) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.919 |
0.000 |
2.105 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
412.973 |
248.970 |
(11.486) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
27.949 |
13.264 |
3.738 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX (E-F) (G) |
325.024 |
235.706 |
(15.224) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
114.448 |
83.368 |
(6.041) |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) AFTER TAX (G-H) (I) |
210.576 |
152.338 |
(9.183) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2758.982 |
2729.764 |
NA |
|
|
TOTAL IMPORTS |
2758.982 |
2729.764 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss) Per Share (INR) |
|
|
|
|
|
|
Basic |
3.67 |
5.42 |
(0.33) |
|
|
|
Diluted |
3.46 |
4.74 |
(0.33) |
|
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 |
|
|
|
|
|
|
Cash Generated from Operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net Cash Flow from (used in) Operations |
258.646 |
(138.541) |
(519.037) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
122.79 |
110.99 |
86.11 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
2.97 |
3.29 |
4.24 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
127.27 |
94.52 |
79.28 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
1.25 |
0.99 |
(0.04) |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
1.68 |
2.41 |
(0.16) |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.58 |
0.62 |
0.28 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.38 |
1.68 |
0.39 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.10 |
0.09 |
0.09 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
121.92 |
0.00 |
(4.46) |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
2.10 |
3.02 |
(0.81) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
3.97 |
4.82 |
(0.99) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
9.49 |
12.99 |
(1.39) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.29 |
1.50 |
3.27 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.20 |
1.37 |
2.43 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.42 |
0.37 |
0.72 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.29 |
1.50 |
3.27 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL DATA
[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 |
280.000 |
436.794 |
702.717 |
|
Reserves & Surplus |
380.455 |
735.998 |
1516.638 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
660.455 |
1172.792 |
2219.355 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
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) |
|
Sales |
1128.302 |
5039.122 |
10019.432 |
|
|
|
346.611 |
98.833 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
1128.302 |
5039.122 |
10019.432 |
|
Profit/ (Loss) |
(9.183) |
152.338 |
210.576 |
|
|
(0.81%) |
3.02% |
2.10% |
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 |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
Yes |
|
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 |
G30116669 |
100066442 |
IndusInd Bank Limited |
21/11/2016 |
- |
- |
1750000000.0 |
Dr. Gopal Das Bhawan, 28, Barakhamba Road,New DelhiDL110001IN |
|
2 |
G23994213 |
100061709 |
IDFC Bank Limited |
14/10/2016 |
- |
- |
3000000000.0 |
KRM TOWER, 8 FLOORNO.1 HARINGTON ROADM CHETPETCHENNAITN600031IN |
|
3 |
G13382775 |
10623047 |
HDFC BANK LIMITED |
28/01/2016 |
06/09/2016 |
- |
1500000000.0 |
HDFC Bank Limited, 4th Floor,Peninsula Business Park, Lower Parel,MumbaiMH400018IN |
|
4 |
C59261925 |
10580713 |
Axis Bank Limited |
25/06/2015 |
- |
- |
1000000000.0 |
Axis House Ground FloorBombay Dyeing compound Mils, P. B. Marg WorliMumbaiMH400025IN |
|
5 |
C54143284 |
10570422 |
ICICI BANK LIMITED |
28/04/2015 |
- |
- |
1000000000.0 |
LANDMARKRACE COURCE CIRCLEALKAPURIBARODAGJ390015IN |
|
6 |
G01929256 |
10542494 |
KOTAK MAHINDRA BANK LIMITED |
24/12/2014 |
31/03/2016 |
- |
1000000000.0 |
27BKC, C 27, G BlockBandra Kurla Complex, Bandra (E),MumbaiMa400051IN |
|
7 |
C49513633 |
10433245 |
YES BANK LIMITED |
27/05/2013 |
14/03/2015 |
- |
2500000000.0 |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,DR. ANNIE BESANT ROAD, WORLI,MUMBAIMH400018IN |
|
8 |
B45414117 |
10369819 |
Standard Chartered Bank |
27/07/2012 |
- |
- |
420000000.0 |
23, Narain Manzil,Barakhamba Road,New DelhiDL110001IN |
|
9 |
B84837467 |
10340171 |
THE ZOROASTRIAN CO-OPERATIVE BANK LTD. |
13/02/2012 |
- |
14/09/2013 |
50000000.0 |
NIRLON HOUSE, 5TH FLOOR, DR. ANNIE BESANT ROAD,WORLI,MUMBAIMH400030IN |
NATURE OF OPERATIONS
Mahindra Susten
Private Limited (‘the Company’), a subsidiary of Mahindra Holdings Limited, is
engaged in Engineering, Procurement and Construction of power plants in
renewable energy and water management sector and related operations and
maintenance activity.
OPERATIONS OF THE COMPANY
During the current
fiscal, the Company revenues crossed the INR 10000.000 Million milestone
(Almost twice of the FY15 revenues) on the back of an increased project
execution volume. The Company posted a (PAT) Profit After Tax of INR 200.000
Million in FY16, Y-o-Y increase of 38%. During the year the Company also
undertook construction of a 120 MW solar power project at a single location,
the previous milestone was a 50 MW at a single location. The capacity target
and allocation announcements by the Central and State Governments for further
enhancing the solar contribution to the energy mix is encouraging and gives
them confidence that the market and the Company should continue to post a
robust growth in the coming years.
Although the
market potential shows an upswing, the intense competition and high margin
pressure in the space remains a challenge. The Company is taking various
measures to counter competition and adapt to the market conditions. The Company
continued to focus on innovation, product development – (Single axis tracker,
Combiner box, Cleaning robot, DG – PV hybrid etc), business & operational
excellence and achieving higher customer satisfaction to maintain its position
as one of the leading players in the solar EPC space in India and thus become a
preferred choice for developers.
During the year,
the Company also leveraged the adjacencies from the Solar power project
construction experience, to establish presence in the sustainable
infrastructure construction space. To create bigger growth opportunities
Machine pulse division of Mahindra Susten Private Limited was incorporated as a
separate Company and is now a wholly owned subsidiary of the Company w.e.f. 5th
January 2016.
FIXED ASSETS:
Tangible Assets
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Computer Equipments
PRESS RELEASES:
SOLAR AT INR 2.97 IS VIABLE: MAHINDRA SUSTEN CEO
Mahindra Renewables was one
of 3 firms that had quoted ultra-low prices in the recent tariff based auction
of capacity in Madhya Pradesh
Chennai, February 20:
Mahindra Renewables was one
of the three companies that quoted ultra-low prices for solar power in the
recent tariff-based auction of capacity in Madhya Pradesh. The winning tariff
of ₹2.97 in the first year, or ₹3.30 averaged over 25 years, is so
low that despite the fact that many favourable auction conditions empowered
bidders to quote low, there are lingering doubts over the projects’ viability.
Mahindra Renewables owns
solar-power plants and sells energy, and is a wholly owned subsidiary of Mahindra
Susten Pvt Ltd, whose business is to build solar projects for others. Including
the 250 MW it won in the Madhya Pradesh auction, Mahindra Renewables has a
portfolio of 580 MW; while its parent company has built projects worth 680 MW
for other solar-energy companies.
Basant Jain, CEO of
Mahindra Susten, and Director, Mahindra Renewables, explained to BusinessLine
why the tariff of INR 2.97 was not foolhardy. Edited excerpts:
MAHINDRA SUSTEN SUES SUNEDISON OVER DUES
April 27, 2016
Mahindra Susten has
sought the Madras High Court's intervention over INR 461.900 Million dues
from SunEdison India for work on a project.
The petition has
been filed against SunEdison Solar Power India, the Indian arm of SunEdison,
the Netherlands-based SunE Solar, and Sunborne Energy.
Sunborne Energy was setting up a solar farm in Mehaboobnagar district of
Telangana and had appointed Mahindra Susten, a Mahindra group company that
makes power plants, as its supplier.
SunEdison had engaged it to design, engineer, supply, erect, operate and
maintain the power plant, the Mahindra Susten petition said, and it was yet to
receive INR 461.900 Million towards supply, civil works and services for
invoices raised till March 31, 2016.
While Mahindra Susten was following up with SunEdison India, SunE Solar offered
to secure the dues by not transferring its interest on 49 per cent of its
shares in Sunborne Energy.
The Mahindra Susten petition stated Southern Power Distribution Company of
Telangana was purchasing power from Sunborne Energy but its dues had not been
paid. It has also alleged that one of the subsidiaries of SunEdison, Terraform
Global, had sued it in the US claiming ownership over all assets in India.
An e-mail to SunEdison India did not draw a response till the time of going to
press.
The company sought orders to direct SunEdison India to furnish a security of INR
461.900 Million and disclose its list of assets. It sought restraints on SunE Solar
over selling its stakes in Sunborne Energy. It also wanted Southern Power
Distribution Company of Telangana to stop releasing any payments till its dues
were settled.
MAHINDRA PARTNERS
READIES $450 MILLION SOLAR PUSH
Jul 24 2015
Mahindra Partners manages
11 companies, a mix of new businesses it incubated and older, ailing businesses
that it resurrected, which together earn about $900 million in revenue.
New Delhi/Mumbai: Mahindra Partners, the private
equity firm of the Mumbai-based Mahindra Group,
will invest $225 million to build 1 gigawatt (GW) of solar assets in the next
2-3 years, a top executive said.
The move is part of an effort to create new businesses that will
help the conglomerate reach its ambitious target of $50 billion in revenue in
the next few years. To boost this, Mahindra also plans to raise another $225
million in the next 3-4 years for the solar business from infra and pension
funds, said Parag Shah,
managing partner of Mahindra Partners.
“While we will put in $200-$220 million of our own… we will be
very happy to bring in large infra funds and pension funds who want to come
along and help us make this 1 GW a 2 GW or 3 GW,” Shah said in an interview in
Mumbai on 7 July. “Over the next 20 years, for the group, it will be a
cash-generating business.”
Mahindra Partners manages 11 companies, a mix of new businesses it
incubated and older, ailing businesses that it resurrected, which together earn
about $900 million in revenue.
In an interview, Shah spoke about the group’s plans to list one of
its units, plans for its solar business and the challenge posed by e-commerce
start-ups to its retail division.
The group plans to list Mahindra Logistics, its third party supply
chain and people transport solutions firm, in the next two years, Shah said.
The solar business will fall under Mahindra Susten,
a holding company for renewable energy which will also do the engineering,
procurement and construction (EPC) activities. Under Susten, there will be
another unit for business development, which will form multiple special purpose
vehicles to bring in investors.
Prior to Susten, Mahindra
created a special purpose vehicle with private equity partners in which it held
26% stake to create 45MW of solar capacity as a test case. The project is on
the verge of completion.
Nimesh Salot, director, corporate advisory Ladderup Corporate
Advisory Pvt Ltd, said Mahindra Partners has been successful in developing the
concept of incubating themes that are complementary and non-complemantary to
its parent’s businesses.
The three-and-a-half years old Mahindra Susten, for instance, saw its
revenue grow fivefold to Rs.500 crore in 2014-15
from Rs.110 crore in the previous fiscal year.
Mahindra’s solar plans got a boost after Prime Minister Narendra Modi
raised the government’s target for solar energy by 33 times to 100,000
megawatts (MW) by 2022 to meet the rising power demand and overcome the
frequent outages that plague the economy.
An executive at a consulting firm acknowledged that Mahindra
Partners got the solar business right.
“Mahindra Partners incubates these and grows them to a scale and
(then) hives them off,” added this person who asked not to be identified.
The firm is also readying Mahindra Logistics
for an IPO after its turnaround.
“Within Mahindra Partners, the one (IPO) which could happen first
is Mahindra Logistics but that is still a couple of years away,” Shah said.
The e-commerce boom has generated 30x (or 30 times) returns for
the group. Mahindra Logistics ended the year to 31 March with revenue of around
Rs.900 crore.
The company’s retail business, however, remains a challenge as it
faces stiff competition from e-commerce start-ups.
In March this year, Mahindra Retail,
which runs the Mom & Me
chain of kidswear stores, in a clear change in strategy, shifted focus to online
sales, shut nearly one-fourth of its stores and scrapped plans to open 350 Mom
& Me stores across the country. The downsizing does not worry Shah. “We are
only 80 stores across the country. The best retailers in the world, every year
they have 10% of their stores going through the churn. It is a part of the
business model in the retail industry,” he said.
Though kidswear is a large business—more than $12 billion in sales
in India, according to some analysts—many retailers have failed to build a
viable model in this category. Currently, Mom & Me and rival FirstCry—which
has more than 100 stores and a large online business—are the two big survivors.
“Our focus is really up to 3-4 years (as against up to nine years previously)
at the toddler because after four it is more about fashion, which is a very
different play,” Shah said. “It has been a difficult business but mother and
child is the best place to be in.”
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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 64.27 |
|
|
1 |
INR 89.72 |
|
Euro |
1 |
INR 79.52 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHW |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
IND |
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 |
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 be considered as unfavorable.
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.