|
|
|
MIRA INFORM REPORT
|
Report No. : |
493384 |
|
Report Date : |
07.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
HARYANA POWERTECH |
|
|
|
|
Registered
Office : |
SCO No. 411, Cabin No. 2, Sector 20, Panchkula - 134112, Haryana |
|
Mobile No.: |
91-9888889198 [Mr. Parv Arora] |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Establishment : |
22.08.2016 |
|
|
|
|
Capital Investment
: |
INR 0.650 Million |
|
|
|
|
IEC No.: |
Not Applicable [As informed by the management that firm does
not have export and import] |
|
|
|
|
TIN No.: |
Not Divulged |
|
|
|
|
GST No.: |
02AAJFH7069P1ZU |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAJFH7069P |
|
|
|
|
Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners |
|
|
|
|
Line of Business
: |
Generation and Distribution of Solar Energy and Electricity.
[Confirmed by Management] |
|
|
|
|
No. of Employees
: |
07 [Approximately] [In office: 02 and In Factory: 05] |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
C |
|
Credit Rating |
Explanation |
Rating Comments |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
Status : |
Yet to commence its business operations |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Even though
the subject was established in the year 2016, it is yet to commence with its
commercial operations. Mr. Parv
Arora (Partner) has provided information and he claimed that the subject will
commence its business operation from 30th June 2018. Rating takes
into consideration the subject’s moderate capital base and low liquidity
position. However,
rating strength is partially offset by zero debt balance sheet of the
subject. Payment
seems to be unknown. In view of
aforesaid, the subject can be considered for business dealings at safe and
secured trade terms and conditions. NOTE: Site
visit was conducted at the given address which you have provided. Our
executive has successfully traced the subject at the given address. At the
premises, our executive has met Ms. Lovely and she provided her contact
details (09815459883). Further,
she also claimed that the premises is under construction. As per
our executive’s observation, it is a 3 storey building and subject is
situated at the 2nd floor. Area of the premises is 5,500 SQ FT and 10
employees were sighted at the given address. Location is easy to find and
locality seems to be industrial. Area seems to be upmarket. Landmark-
Gurudwara Sahib. During
the visit, our executive met the neighbour company (J S Fabrication) and he
confirmed that the subject exists on the given address. Name
board of the subject was not sighted but “V.S. Bansal and Associates” name
board was sighted. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
NOT AVAILABLE
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
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 07.03.2018.
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. Parv Arora |
|
Designation : |
Partner |
|
Contact No.: |
91-9888889198 |
|
Date : |
05.03.2018 |
LOCATIONS
|
Registered Office : |
SCO No. 411, Cabin No. 2, Sector 20, Panchkula - 134112, Haryana, India |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-9888889198 [Mr. Parv Arora] |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Location : |
Leased |
|
|
|
|
Factory: |
Village Bathri, Tehsil Haroli, District Una - 176306, Himachal Pradesh, India |
|
Location : |
Leased |
|
|
|
|
Correspondence Office: |
Plot No. 740, Sector 82, JLPL Industrial Park, Sahibzada Ajit Singh Nagar, Mohali – 160055, Chandigarh, India |
|
Area : |
5500 Sq.
Ft [As per site visit] |
|
Locality : |
Industrial [As per site visit] |
PARTNERS
|
Name : |
Mr. Parv Arora |
|
Designation : |
Partner |
|
Address : |
146, Sector 4, Panchkula, Haryana, India |
|
Date of Birth/Age : |
21.08.1982 |
|
Qualification : |
Post Graduate |
|
Experience : |
10 Years |
|
PAN No.: |
AFEPA7715B |
|
|
|
|
Name : |
Optimistic Green Energy Private Limited |
|
Designation : |
Partner |
|
PAN No.: |
AABCO0908K |
|
GST No.: |
03AABCO0908K1ZR |
BUSINESS DETAILS
|
Line of Business : |
Generation and Distribution of Solar Energy and Electricity.
[Confirmed by Management] |
|
|
|
|
Products: |
Solar Energy and Electricity |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Available |
|
|
|
|
Imports : |
Not Available |
|
|
|
|
Terms : |
|
|
Selling : |
Credit [60 Days] |
|
|
|
|
Purchasing : |
Credit [30 Days] |
PRODUCTS DETAILS:
|
Product |
Installed
Capacity |
Actual
Production |
|
Solar Energy Generation |
2.00 MW |
Not Available |
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
Other [Power Supply to Himachal Pradesh Government]
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
07 [Approximately] [In Office: 02 and In Factory: 05] |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
|
Auditors : |
|
|
Name : |
Vikas Kalra and Company Chartered Accountants |
|
Address : |
8, Brahm Nagar, Lawrence Road, Amritsar, Punjab, India |
|
Mob. No.: |
91-9814523372 |
|
Email: |
|
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Sister Concern : |
·
Optimistic
Green Energy Private Limited Address: Plot No. 740, Sector 82, JLPL Industrial Park, Sahibzada Ajit Singh Nagar, Mohali – 160055, Chandigarh, India Line of Business: Trading in Solar Energy Equipment’s CIN No.: U40104PB2008PTC032316 PAN No.: AABCO0908K GST No.: 03AABCO0908K1ZR |
|
|
·
|
CAPITAL STRUCTURE
AS ON 31.03.2017
|
Particulars |
Amount
in Million |
|
Optimistic Green Energy Private Limited |
0.530 |
|
Parv Arora |
0.120 |
|
|
|
|
Total : |
0.650
|
FINANCIAL ANALYSIS
[all figures are
in Indian INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2017 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Capital Account |
|
|
0.650 |
|
|
2] Reserves & Surplus |
|
|
0.000 |
|
|
NETWORTH |
|
|
0.650 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
0.650 |
|
|
|
|
|
|
|
|
APPLICATION OF
FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
0.000 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000
|
|
|
Sundry Debtors |
|
|
0.000
|
|
|
Cash & Bank Balances |
|
|
0.010
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
0.000
|
|
Total
Current Assets |
|
|
0.010
|
|
|
Less :
CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
0.000
|
|
|
Other Current Liabilities |
|
|
0.000
|
|
|
Provisions |
|
|
0.000
|
|
Total
Current Liabilities |
|
|
0.000
|
|
|
Net Current Assets |
|
|
0.010
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.640 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
0.650 |
|
NOTE: PROFIT AND
LOSS ACCOUNT NOT AVAILABLE
KEY
RATIOS
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
||
|
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets) |
|
|
0.00 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
|
|
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
|
|
0.00 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
|
|
0.00 |
SOLVENCY RATIOS
|
PARTICULARS |
|
|
31.03.2017 |
|
Current Ratio (Current Assets / Current Liabilities) |
|
|
0.00 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
|
|
0.00 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
|
|
1.00 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
|
|
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
|
|
0.00 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
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 |
Yes |
|
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 |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
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 |
No |
|
26 |
Turnover of firm for last one year |
No |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last one year |
No |
|
30 |
Major shareholders, if available |
No |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
------------------------------------------------------------------------------------------------------------------------------
OBSERVATION POINTS
|
Name of Company : |
HARYANA POWERTECH |
|
|
|
|
Address : |
Plot No. 740, Sector – 82, Industrial Park, JLPL, Sahibzada Ajit Singh
Nagar, Mohali – 160055, Chandigarh, India |
|
Contact No.: |
91-9815459883 |
|
|
|
|
Date of Visit : |
04.03.2018 |
|
|
|
|
Person to whom we met: |
Ms.
Lovely |
|
|
|
|
Name Board : |
Not Sighted |
|
|
|
|
Location: |
Easy |
|
|
|
|
Landmark (If Any): |
Gurudwara
Sahib |
|
|
|
|
Total Floors of the building: |
3 Floors |
|
|
|
|
Subject situated on: |
2nd Floor |
|
|
|
|
Locality: |
Industrial |
|
|
|
|
Area of Premises: |
5500 Sq.
Ft |
|
|
|
|
Area : |
Upmarket |
|
|
|
|
No. of Employees
seen at Premises : |
10 [Approx.] |
|
|
|
|
Visibility of
Items: |
Computers |
|
|
|
|
Furniture item: |
Table and chairs |
|
|
|
|
Neighbour’s
interview : |
Our executive met the neighbour company (J S Fabrication) and he confirmed that the subject exists on the given address |
|
|
|
|
Proof of visit: |
Photograph |
------------------------------------------------------------------------------------------------------------------------------
ANALYSIS OF BALANCE SHEET
(INR IN MILLION)
|
Particulars |
OPERATING YEARS |
|||||
|
|
31.03.2018 [Estimated] |
31.03.2019 [Projected] |
31.03.2020 [Estimated] |
31.03.2021 [Projected] |
31.03.2022 [Projected] |
31.03.2023 [Projected] |
|
Capital |
22.800 |
23.849 |
27.598 |
33.175 |
40.835 |
50.368 |
|
|
|
|
|
|
|
|
|
Bank term loan |
72.500 |
60.928 |
54.616 |
48.304 |
41.992 |
35.680 |
|
|
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
|
Bank term loan
instalment |
0.000 |
6.312 |
6.312 |
6.312 |
6.312 |
6.312 |
|
|
|
|
|
|
|
|
|
Exp. payable |
0.000 |
0.150 |
0.165 |
0.182 |
0.200 |
0.220 |
|
|
|
|
|
|
|
|
|
Total |
95.300 |
91.239 |
88.691 |
87.973 |
89.338 |
92.579 |
|
|
|
|
|
|
|
|
|
Fixed assets |
91.000 |
79.425 |
67.849 |
57.975 |
49.552 |
42.365 |
|
|
|
|
|
|
|
|
|
Other fund for
future expansion |
0.000 |
2.500 |
10.500 |
20.000 |
30.000 |
40.000 |
|
|
|
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
|
|
Receivables |
0.000 |
5.935 |
6.020 |
6.018 |
6.018 |
6.021 |
|
|
|
|
|
|
|
|
|
Securities |
2.000 |
2.000 |
2.000 |
2.000 |
2.000 |
2.000 |
|
|
|
|
|
|
|
|
|
Preoperative exp. |
2.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Cash in hand |
0.300 |
1.379 |
2.322 |
1.979 |
1.768 |
2.193 |
|
|
|
|
|
|
|
|
|
Total |
95.300 |
91.239 |
88.691 |
87.973 |
89.338 |
92.579 |
------------------------------------------------------------------------------------------------------------------------------
FUNDS FLOW STATEMENT
|
Particulars |
OPERATING YEARS |
|||||
|
|
31.03.2019 [Projected] |
31.03.2020 [Estimated] |
31.03.2021 [Projected] |
31.03.2022 [Projected] |
31.03.2023 [Projected] |
31.03.2024 [Projected] |
|
Net profit |
1.349 |
4.249 |
6.577 |
8.660 |
10.533 |
12.230 |
|
|
|
|
|
|
|
|
|
Depreciation |
13.575 |
11.576 |
9.874 |
8.423 |
7.187 |
6.133 |
|
|
|
|
|
|
|
|
|
Capital |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Term loan |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
SOURCES |
14.924 |
15.825 |
16.451 |
17.082 |
17.720 |
18.363 |
|
|
|
|
|
|
|
|
|
Fixed assets |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Securities |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Term loan
repayment |
5.260 |
6.312 |
6.312 |
6.312 |
6.312 |
6312 |
|
|
|
|
|
|
|
|
|
Working capital |
5.785 |
0.070 |
(0.019) |
(0.018) |
(0.018) |
(0.017) |
|
|
|
|
|
|
|
|
|
Drawings |
0.000 |
0.500 |
1.000 |
1.000 |
1.000 |
1.500 |
|
|
|
|
|
|
|
|
|
Applications |
11.045 |
6.882 |
7.293 |
7.294 |
7.294 |
7.795 |
|
|
|
|
|
|
|
|
|
Cash op. balance |
0.300 |
3.879 |
12.822 |
21.979 |
31.768 |
42.193 |
|
|
|
|
|
|
|
|
|
Surplus |
3.579 |
8.943 |
9.157 |
9.788 |
10.425 |
10.569 |
|
|
|
|
|
|
|
|
|
Cash cl. balance |
3.879 |
12.822 |
21.979 |
31.768 |
42.193 |
52.762 |
------------------------------------------------------------------------------------------------------------------------------
NETWORTH STATEMENT
MR. PARV ARORA (PARTNER)
(INR IN MILLION)
|
Particulars |
Amount |
|
|
Mutual Funds |
|
|
|
Axis MF |
0.100 |
|
|
Reliance MF |
0.100 |
|
|
ICICI and HDFC MF |
0.200 |
|
|
|
------------- |
0.400 |
|
|
|
|
|
VEHICLE ONE Make: Hyundai I20 Regd. No. PB02CC5155 Model: 2013 |
|
0.400 |
|
|
|
|
|
Jewellery |
|
0.400 |
|
|
|
|
|
Share in Optimistic
Green Energy Private Limited |
|
|
|
Books value |
4.065 |
4.065 |
|
|
|
------------- |
|
NETWORTH |
|
5.265 |
DETAILS OF ASSETS
Movable Property:
Vehicles:
|
Type of Vehicle |
Registration No. |
Model |
Year of make |
Cost at the time of Purchase |
RC Book details |
Present value |
|
CAR |
PB02CC5155 |
I20 HYUNDAI |
2013 |
0.700 |
-- |
0.400 |
Jewellery:
|
Particular |
Quantity |
Valuation (Approx.)* |
Details of ‘Shridhan’, if any |
|
Gold |
150D GMS |
|
0.400 |
IMMOVABLE PROPERTY:
Capital invested in
business:
|
Particulars |
31.03.2017 |
|
Optimistic Green Energy Private Limited. Book Value of Shares Invested In Co. |
4.065 |
As Guarantor:
|
Name of the
person to whom Guaranteed |
Name of the Bank /
Financial Institution |
Guarantee Amount |
Present status of
a/c |
Outstanding
Balance |
|
Optimistic Green Energy Private Limited |
Bank of India |
15.000 |
-- |
-- |
LEGAL HEIRS / FAMILY PARTICULARS
|
Name |
Occupation |
Relation |
Marital Status |
|
Dhenu Arora |
Business |
Mother |
Married |
|
Ashok Arora |
Business |
Father |
Married |
|
Jaspreet Kaur |
Business |
Spouse |
Marries |
------------------------------------------------------------------------------------------------------------------------------
NETWORTH STATEMENT
OPTIMISTIC
GREEN ENERGY PRIVATE LIMITED (PARTNER)
(INR IN MILLION)
|
Particulars |
Amount |
|
Net worth as per balance sheet Dtd. 31.03.2017 (Including Equity Share and Reserves) |
8.136 |
|
|
|
|
NET WORTH |
8.136 |
DETAILS OF ASSETS
Immovable Property:
|
Capital invested in business |
8.136 |
|
|
|
|
Other Investment / Assets |
0.538 |
Movable Property:
|
Mahindra XUV |
INR 1.000 Million |
LIABILITIES
As Borrower:
|
Borrowed from |
Purpose of loan |
Amount in loans |
Security |
Repayment terms |
Outstanding balance |
|
Bank of India |
Term loan |
15.000 |
CGTSME |
EMI |
14.400 |
-----------------------------------------------------------------------------------------------------------------------------
COMPANY
PROFILE
SALIENT FEATURES OF
SOLAR POWER PROJECT AT TAHLIWAL INDUSTRIAL AREA, UNA
Project: Project is 2 MW AC (Project-I : 1 MW & Project-II : 1 MW) Solar Power Project unit Proposed unit is to be build on land measuring 12.5 acers in Tahliwal Industrial Area, Distt. Una.
Location advantage: Unit is located at Tahliwal Industrial Area in District Una in the state of Himachal Pradesh. The Industrial area hosts many other big corporate units of companies like Nestle, Cremica, Sukhjit Starch, various Pharmaceutical units Location is 8 km from Punjab border. Grid junction for evacuation of power is located with the land area of the unit which is very major advantage for power project as there will be almost nil Transmission losses.
Tax advantage: Ten year tax holiday in Himachal Pradesh and also accelerated & additional depreciation @ 60% U/s 32 of the Income Tax Act resulting in NIL Income Tax liability due to carried forward of depreciation in subsequent years, hence all projects profits to be available for internal accruals. Also Electricity supply is exempt from GST.
Marketing advantage: Unit has already entered into Power Purchase Agreement (PPA) with Himachal Pradesh State Electricity Board at power Supply rate of Rs.5.31 per unit which is a very good & viable Rate as per Industrial Scenario, There is also high chances of revision of tariff to 5.93/- per unit as per HPERC tariff policy 2016. Also Payment shall further be secured under a confirmed, irrevocable, revolving LC obtained by HPSEB with a nationalized bank as per Article 8.1 of the PPA.
EXPERIENCE STRENGTH: Promoters own three group concerns as follows:
Parent and flagship company Optimistic Green Energy Private Limited in corporate in year 2008 and is a leading company in installation & Commissioning for solar power plants in the region. Company has already undertaken installation of no. of units totalling20 MW in Punjab, Haryana and H.P. Also company has successfully commissioned its own Power Project which is a 0.55MW roof top project in one of the colleges at Fatehgarh Sahib run by Shiromani Gurudwara Parbhandak Committee (SGPC). This project as 25 years Power Purchase Agreement with SGPC.
Second group concern is Re Sol formed in year 2016 with a unique idea of creating solar retail through dedicated showrooms to cater huge solar demand upcoming in near future through successfully implemented subsidy and net metering schemes by state and Central Govts. It is technology driven platform where customer can get solar through showroom or mobile app.
Third group concern is Haryana Powertech incorporated in year 2015 which proposes to install 2 MW Power Project in Tahliwal Industrial Area in Distt. Una. Also in this company we are undertaking Operation and Maintenance (O&M), Installation & commissioning (I & C), Repair of solar assets of our customer. As solar market is growing with 25% CAGR, we expect O & M will be very big market on coming years.
Fourth group venture is EDUSOL: Solar Academy to cater HR need for various roles of solar industry like installer, electrician, Managers, supervisors etc.
Market share in installation of Solar projects :- Himachal Pradesh government has proposed total installation of 20 MW capacity solar power projects year 2016-17 Solar Power Project in the state. Out of this 20 MW ,4 MW is to be installed in Public Sector, 2MW is to be installed by our company in M/S Haryana Powertech, 4MW is to be installed and commissioned by our other group company Optimistic Green energy (P) Ltd and the rest by other players in the market. Thus the group has substantial presence in Power sector in the region. Thus group enjoyed market share of 30% in Himachal Pradesh.
Project Technical
Parameters
(For 1 MW) [INR
in Million]
|
S. No. |
Description |
Specification |
Total Qty |
Cost |
|
1 |
Solar PV Modules (1250 KWp) |
350 WP Canadian Solar |
3570 |
30.000 |
|
2 |
Solar Inverters |
ABB String Inverter |
2 |
3.500 |
|
3 |
Module Mounting Structure |
Galvanised Iron |
40 Ton |
3.300 |
|
4 |
HT Transformer |
1250 KVA |
1 |
1.500 |
|
5 |
HT Evacuation |
Meters and Reclosures |
1 |
0.700 |
|
6 |
Balance of System |
Cables, wires etc. |
QS |
3.500 |
|
7 |
Civil Works |
|
QS |
1.500 |
|
8 |
I & C, Misc. |
|
1 |
1.000 |
|
|
|
|
|
|
|
|
Total |
|
|
45.000 |
Financial Highlights:
Major shareholding of the group belongs to Mr. Parv Arora and his mother Mrs. Dhenu Arora
|
Particulars |
INR in Million |
|
Cost of Project |
90.000 |
|
Bank Term Loan |
72.000 |
|
Projected Turnover |
23.392 |
|
Particulars |
INR in Million |
|
PAT (IInd Year) |
4.544 |
|
Average DSCR |
2.25 |
|
Production Capacity |
3.30KWh |
Key Financial
indicators of Parent company Optimistic Green Energy Private Limited
|
YEAR |
SALES |
NET PROFIT |
NETWORTH |
|
31/03/2017 |
86.800 |
9.078 |
8.135 |
|
31/03/2016 |
62.791 |
2.449 |
1.819 |
Collateral Security: The proposed unit is to be located on land taken on lease by the firm for period of 40 years. The same Land shall be available as security as registered mortgage for securing the bank term loan facilities.
-----------------------------------------------------------------------------------------------------------------------------
VALUATION
REPORT
(GENERAL DETAILS)
|
Name of the Owners |
MR. ANOOP JAIN S/O
MR. DARSHAN LAL |
|
|
|
|
Date on which the
valuation is made |
12.12.2017 |
|
|
|
|
Location, street,
ward no. |
Khasra No. 2649, 2639, 2642, 2643, 2648, 2650, 2651, Khewat No. 562, 61 Min. Khatoni. Nos. 629, 72 Min, Mohal Bathri Teh. Haroli Dist. Una (H.P) |
|
Market value |
INR 25.832 Million |
|
|
|
|
Distress value |
INR 22.732 Million |
-----------------------------------------------------------------------------------------------------------------------------
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 65.05 |
|
UK Pound |
1 |
INR 89.70 |
|
Euro |
1 |
INR 80.03 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHK |
|
|
|
|
Analysis Done by
: |
VIK |
|
|
|
|
Report Prepared
by : |
ARC |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as
a reference to assess SC’s credit risk and to set the amount of credit to be
extended. It is calculated from a composite of weighted scores obtained from
each of the major sections of this report. The assessed factors are as follows:
·
Financial condition covering various ratios
·
Company background and operations size
·
Promoters / Management background
·
Payment record
·
Litigation against the subject
·
Industry scenario / competitor analysis
·
Supplier / Customer / Banker review (wherever
available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.