|
|
|
MIRA
INFORM REPORT
|
Report No. : |
492398 |
|
Report Date : |
15.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
RENEWSYS INDIA PRIVATE LIMITED (w.e.f. 01.06.2012) |
|
|
|
|
Formerly Known
As : |
POSITIVE RENEWSYS PRIVATE LIMITED |
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Registered
Office : |
98, Jolly Maker Chambers No. 2, 225, Nariman Point, Mumbai – 400021, Maharashtra |
|
Tel. No.: |
91-22-30011700 / 22837220 |
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|
|
Country : |
India |
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|
|
|
Financials (as
on) : |
31.03.2017 |
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|
|
|
Date of
Incorporation : |
09.08.2011 |
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|
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Com. Reg. No.: |
11-220771 |
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Capital
Investment / Paid-up Capital : |
INR 1407.218 Million |
|
|
|
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CIN No.: [Company Identification
No.] |
U36990MH2011PTC220771 |
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IEC No.: |
0314038850 |
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TIN No.: |
36389268782 |
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|
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
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PAN No.: [Permanent Account No.] |
AAGCP2384M |
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GSTIN : |
36AAGCP2384M1ZY |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing, Importer and Exporter of Solar Module and related components (such as Solar cells, Ethylene-vinyl acetate and Backsheet). (Registered activity and also Confirmed by management) |
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|
|
|
No. of Employees
: |
800 (Approximately) |
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 : |
Good |
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|
|
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 2011. It is a subsidiary of Far
East Holdings Limited, Mauritius. The company is a manufacturer, importer and exporter of renewable
energy equipments, photovoltaic modules, films, backsheet, etc. For the financial year ended 2017, the company has achieved a decent
growth of 68.41% in its revenue as compared to the previous year revenue. The company possesses healthy financial position marked by sound net
worth base along with low debt balance sheet profile and equity infusion by
its promoter. However, rating is constrained on account of continuous losses
incurred by the company from its operations. Business is active. Payments seems to be slow but correct. In view of aforesaid, the company can be considered for business
dealings at usual trade terms and condition. |
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 Loans = BB+ |
|
Rating Explanation |
Moderate risk of default. |
|
Date |
30.01.2018 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Loans = A4+ |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
30.01.2018 |
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 15.02.2018.
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 PARTED BY
|
Name : |
Mr. Pawan |
|
Designation : |
Finance and Accounts Manager |
|
Contact No.: |
91-40-67303000 |
|
Name : |
Mr. Shrivatsava |
|
Designation : |
Senior Accounts Officer |
|
Contact No.: |
91-40-67303000 |
LOCATIONS
|
Registered Office / Corporate Office: |
98, Jolly Maker Chambers No. 2, 225, Nariman Point, Mumbai-400021,
Maharashtra, India |
|
Tel. No.: |
91-22-30011700 / 22837220 |
|
Mobile No.: |
91-9820302984 (Mr. Umesh Mamtani) |
|
Fax No.: |
91-22-22023774 |
|
E-Mail : |
umeshmamtani@renewsysindia.com |
|
Website : |
|
|
Area : |
2000 Sq. Ft. |
|
Location : |
Owned |
|
Locality : |
Commercial |
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|
Godown : |
Logistic Park India Private Limited, Survey No 332/1 Village Nimji, Taluka Kalmeshwar, Nagpur-441501, Maharashtra, India |
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|
|
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Sales Office : |
94, Jolly Maker Chambers No. 2, 225, Nariman Point, Mumbai - 400021,
Maharashtra, India |
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|
|
|
Factory 1 : |
Fab City, Plot No.06, Survey No.114/P, Shrinagar Village, Maheshwaram
Mandal, Rangareddy Dist. - 501359, Telangana, India |
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Tel. No.: |
91-40-67303000 |
|
Fax no. : |
91-40-67303003 |
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|
|
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Factory 2 : |
Plot No 21, 22 and Part 23, Bommasandra- Jigani Link Road, KIADB
Industrial Area, Bangalore- 562106, Karnataka, India |
|
Tel. No.: |
91-80-33494545 |
|
Fax no. : |
91-80-33494552 |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Avinash Gope Hiranandani |
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Designation : |
Managing Director |
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Address : |
605, Kaveri Apartments, 5th Road, Diamond Garden, Chembur, Mumbai-400071, Maharashtra, India |
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Date of Birth/ Age : |
20.01.1967 |
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Qualification : |
BE |
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Date of Appointment : |
18.03.2015 |
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PAN No.: |
AABPH4170K |
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DIN No.: |
07118075 |
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||||||||||||||||||||||||||||||||||||||||
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Name : |
Mr. Chitoor Hariharan Laxminarayan |
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Designation : |
Whole-time Director |
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|
Address : |
C/302, Shree Mangesh Junction of 6th and 8th Road, Chembur, Mumbai – 400071, Maharashtra, India |
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Date of Birth/ Age : |
22.10.1957 |
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Qualification : |
Chartered Account |
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|
Date of Appointment : |
01.10.2014 |
||||||||||||||||||||||||||||||||||||||||
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PAN No.: |
AACPC5466E |
||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00062585 |
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Other Directorship:
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||||||||||||||||||||||||||||||||||||||||
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Name : |
Mr. Jayaram Upadhya |
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Designation : |
Whole-Time Director |
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|
Address : |
No. 471, Mahalakshmi, 3rd Cross, Barath Housing Co-Operative Society, Subramanyapura Post, Bangalore - 560061, Karnataka, India |
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Date of Birth/ Age : |
25.10.1961 |
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Qualification : |
BE |
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Date of Appointment : |
18.03.2015 |
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PAN No.: |
AAGPU9841H |
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DIN No.: |
07120812 |
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||||||||||||||||||||||||||||||||||||||||
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Name : |
Mr. Sanjay Naraindas Kirpalani |
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Designation : |
Director |
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|
Address : |
98, Jolly Maker Chambers No. 2, 225, Nariman Point, Mumbai – 400021, Maharashtra, India |
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Date of Birth/ Age : |
16.09.1966 |
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Qualification : |
Graduate |
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Date of Appointment : |
30.09.2014 |
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DIN No.: |
00088075 |
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Other Directorship:
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||||||||||||||||||||||||||||||||||||||||
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Name : |
Mr. Arun Ashok Lakhani |
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Designation : |
Director |
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Address : |
Apartment 2804, Al Murjan Towers, Dubai Marina, PO Box 48748, Dubai,
Na, United Arab Emirates |
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Date of Birth/ Age : |
10.03.1978 |
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Qualification : |
Chartered Account |
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Date of Appointment : |
30.09.2014 |
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PAN No.: |
AAAPL2830R |
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DIN No.: |
06910712 |
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Other Directorship:
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KEY EXECUTIVES
|
Name : |
Mr. Ashutosh Arvind Randive |
|
Designation : |
Company Secretary |
|
Address : |
4b, 802, Ashok Nagar Complex Balkum, Dadlani Road, Near Dadlani Park, Thane (West) – 400608, Maharashtra, India |
|
PAN No.: |
ADPPR6301M |
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|
|
|
Name : |
Venkata Ramana Manapragada |
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Designation : |
Chief Financial Officer |
|
Address : |
Flat No-101, 1St Floor, Golden Oak Apartments Defence Colony, Sainikpuri Secunderabad – 500094, Telangana, India |
|
PAN No.: |
ACQPM1387A |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Far East Holdings Limited, Mauritius |
|
108276132 |
|
Goldera International Limited, Mauritius |
|
615569 |
|
Star Services and Investments
Limited, Mauritius |
|
220985 |
|
Naraindra Kirpalani |
|
3944 |
|
Ashok S Lakhani |
|
1490 |
|
Chitoor Laxminarayan |
|
18 |
|
Laxamn Ramkrishnan |
|
6 |
|
Total |
|
109118144 |
As on 07.03.2017
|
Names of Allotees |
|
No. of Shares |
|
Far East Holdings Limited, Mauritius |
|
15354800 |
|
|
|
|
|
Total |
|
15354800 |
Equity Share Break up (Percentage of Total Equity)
As on 18.09.2017
|
Category |
Percentage |
|
Promoter - Bodies
corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing, Importer and Exporter of Solar Module and related components (such as Solar cells, Ethylene-vinyl acetate and Backsheet). (Registered activity and also Confirmed by management) |
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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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Exports : |
Not Available |
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|
|
|
||||||||||
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Imports : |
Not Available |
||||||||||
|
|
|
||||||||||
|
Terms : |
Not Available |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
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Customers : |
|
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|
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No. of Employees : |
800 (Approximately) |
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Bankers : |
|
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|
||||||||||||||||||||||||
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Facilities : |
|
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Auditors : |
|
|
Name : |
Price Water House LLP Chartered Accountants |
|
Address : |
The Millennia Tower D, 5th Floor, 1 and 2 Murphy Road, Ulsoor – 560008, Karnataka, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AGKPB8608D |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding company: |
|
|
|
|
|
Fellow Subsidiary
Company: #: |
|
|
|
|
|
Enterprises owned
or significantly influenced by Key Management Personnel or their relatives: # |
|
|
Note: # with whom the transactions have taken place |
|
CAPITAL STRUCTURE
AS ON 31.03.2017
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 |
|
|
|
|
|
|
140721830 |
Equity Shares |
INR 10/- each |
INR 1407.218 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
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 |
1407.218 |
1091.181 |
850.012 |
|
(b) Reserves & Surplus |
2162.896 |
1407.588 |
661.574 |
|
(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) |
3570.114 |
2498.769 |
1511.586 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
240.611 |
595.808 |
333.275 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
73.356 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
11.318 |
11.471 |
4.052 |
|
Total
Non-current Liabilities (3) |
251.929 |
607.279 |
410.683 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
144.580 |
53.054 |
37.226 |
|
(b) Trade payables |
395.217 |
115.647 |
95.170 |
|
(c) Other current liabilities |
150.501 |
83.382 |
20.461 |
|
(d) Short-term provisions |
10.118 |
9.746 |
3.008 |
|
Total
Current Liabilities (4) |
700.416 |
261.829 |
155.865 |
|
|
|
|
|
|
TOTAL |
4522.459 |
3367.877 |
2078.134 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2867.432 |
1881.958 |
565.937 |
|
(ii) Intangible Assets |
3.708 |
4.757 |
4.120 |
|
(iii) Capital work-in-progress |
33.915 |
55.499 |
193.730 |
|
(iv) Intangible assets under
development |
2.300 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
40.144 |
128.676 |
2.018 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
2.831 |
|
Total
Non-Current Assets |
2947.499 |
2070.890 |
768.636 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
800.328 |
576.449 |
133.434 |
|
(c) Trade receivables |
432.229 |
329.703 |
343.604 |
|
(d) Cash and cash equivalents |
266.971 |
305.772 |
759.115 |
|
(e) Short-term loans and
advances |
63.633 |
76.238 |
67.472 |
|
(f) Other current assets |
11.799 |
8.825 |
5.873 |
|
Total
Current Assets |
1574.960 |
1296.987 |
1309.498 |
|
|
|
|
|
|
TOTAL |
4522.459 |
3367.877 |
2078.134 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
2051.579 |
1218.173 |
720.233 |
|
|
Other Income |
10.372 |
12.708 |
2.220 |
|
|
TOTAL
|
2061.951 |
1230.881 |
722.453 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
1771.492 |
1043.967 |
513.184 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(128.875) |
(172.677) |
(5.893) |
|
|
Employees benefits expense |
320.075 |
205.443 |
61.693 |
|
|
Other expenses |
405.691 |
247.286 |
87.243 |
|
|
Exceptional items |
(20.187) |
25.991 |
23.899 |
|
|
TOTAL |
2348.196 |
1350.010 |
680.126 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
(286.245 |
(119.129) |
42.327 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
57.236 |
35.302 |
14.371 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(343.481) |
(154.431) |
27.956 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
173.486 |
118.388 |
45.855 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(516.967) |
(272.819) |
(17.899) |
|
|
|
|
|
|
|
Less |
TAX |
(0.062) |
(73.356) |
12.470 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(516.905) |
(199.463) |
(30.369) |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
178.650 |
77.356 |
NA |
|
|
TOTAL
EARNINGS |
178.650 |
77.356 |
NA |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Capital goods |
767.959 |
22.101 |
NA |
|
|
Raw materials |
1386.899 |
802.319 |
NA |
|
|
Stores and Spares |
25.610 |
9.444 |
NA |
|
|
TOTAL
IMPORTS |
2180.468 |
833.864 |
NA |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
(4.19) |
(2.06) |
(0.80) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
37.500 |
20.000 |
11.667 |
|
Cash generated from operations |
(286.907) |
(509.610) |
(170.177) |
|
Net cash flows from (used in) operations |
(285.766) |
(511.551) |
(170.177) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
76.90 |
98.79 |
174.13 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
4.75 |
3.69 |
2.10 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
81.43 |
40.43 |
67.69 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
(0.36) |
(0.21) |
0.32 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
(0.10) |
(0.06) |
0.06 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets) |
0.22 |
0.26 |
0.24 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.12 |
0.27 |
0.25 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.20 |
0.10 |
0.10 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.81 |
0.78 |
0.51 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
(5.00) |
(3.37) |
2.95 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
(25.20) |
(16.37) |
(4.22) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(11.43) |
(5.92) |
(1.46) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
(14.48) |
(7.98) |
(2.01) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
2.25 |
4.95 |
8.40 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current Liabilities) |
1.11 |
2.75 |
7.55 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.79 |
0.74 |
0.73 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.30 |
0.61 |
0.45 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
2.25 |
4.95 |
8.40 |
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 |
850.012 |
1091.181 |
1407.218 |
|
Reserves & Surplus |
661.574 |
1407.588 |
2162.896 |
|
Net
worth |
1511.586 |
2498.769 |
3570.114 |
|
|
|
|
|
|
Long Term borrowings |
333.275 |
595.808 |
240.611 |
|
Short Term borrowings |
37.226 |
53.054 |
144.580 |
|
Current Maturities of Long term debt |
11.667 |
20.000 |
37.500 |
|
Total
borrowings |
382.168 |
668.862 |
422.691 |
|
Debt/Equity
ratio |
0.253 |
0.268 |
0.118 |
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
|
720.233 |
1218.173 |
2051.579 |
|
|
|
69.136 |
68.414 |
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
|
720.233 |
1218.173 |
2051.579 |
|
Profit/
(Loss) |
(30.369) |
(199.463) |
(516.905) |
|
|
(4.22%) |
(16.37%) |
(25.20%) |
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 |
Yes |
|
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 |
Yes |
|
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 |
Yes |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
Yes |
|
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 |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
THE COMPANY
AND NATURE OF ITS OPERATIONS:
Subject having its registered office in Mumbai, Maharashtra, India, carries on the business of manufacturing Solar Module and related components (such as Solar cells, Ethylene-vinyl acetate and Backsheet).
FINANCIAL HIGH LIGHTS
During the year ended 31st March, 2017 the Company has generated total revenue of INR 2061.951 Million against INR 1230.881 Million in the previous year and has incurred a net loss INR 516.905 Million against INR 199.464 Million in previous year.
The solar industry witnessed challenging times due to unprecedented volatility in raw material prices, drop in module rates and working capital constraints. The power tariff rates had a free fall and many manufacturing units were staring at uncertainty. The Company’s expansion plans got delayed / partly cancelled due to constraints at machinery suppliers’ end. The import of modules at very low rates with substandard quality also had an impact on their business.
BUSINESS OUTLOOK
In India, the total solar power generation capacity increased from 461 MW in 2011 to 6763 MW in 2016. Over the last few years, the solar power generation capacity in the country has increased tremendously owing to favourable government initiatives coupled with development in manufacturing technology of solar panel.
To boost the solar power generation in the country, the Government of India has announced various policies and regulations, such as, accelerated depreciation, capital subsidy, renewable energy certificate (RECs), net metering incentives, assured power purchase agreement etc. The schemes formulated by the government intends to reduce the capital expenditure in building a solar plant, and subsidize the power generation to make it economically viable for the stakeholders involved in the solar power business.
The Company has since consolidated its operations, improved efficiency level, implemented several cost reduction measures, in addition to enhancing the capital infusion. The Company is now poised for growth with healthy order position. With increasing global demand, support in terms of various measures / initiatives from the government, the Company is confident of achieving better operation and financial results in FY 2017-18 and accordingly has planned ambitious capacity expansion.
AWARD AND RECOGNITION
Company’s calibre is consistently highlighted through excellent products and services made available worldwide. The Company was recognized and awarded as the ‘Solar Module Backsheet Manufacturer of the Year’ for the second consecutive year, and the ‘Solar Cells Manufacturer of the Year’ at the India Solar Week Excellence Awards 2017. The Company has also earned the distinction of being India’s first manufacturer of 5BB Solar PV cells and POE (Polyolefin Elastomer).
UNSECURED LOANS:
(INR
In Million)
|
Particulars |
As
on 31.03.2016 |
As
on 31.03.2015 |
|
LONG TERM
BORROWING |
|
|
|
Loans and advances from related parties |
0.000 |
497.475 |
|
Total |
0.000 |
497.475 |
INDEX OF CHARGE:
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
AMOUNT |
ADDRESS |
|
1 |
G35947167 |
10551031 |
THE FEDERAL BANK LTD |
02/02/2015 |
17/01/2017 |
560000000.0 |
BANNERGHATTA BRANCH, # 53/3,4,5LIMRA TOWER, BANNERGHATTABENGALURUKA560083IN |
FIXED ASSETS:
Tangible assets
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipments
Intangible assets
- Computer software
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 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 64.77 |
|
|
1 |
INR 85.60 |
|
Euro |
1 |
INR 75.42 |
INFORMATION DETAILS
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
KJL |
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 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.