|
|
|
MIRA
INFORM REPORT
|
Report No. : |
496149 |
|
Report Date : |
12.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
HARSHA ABAKUS SOLAR PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
NH-8A, Sarkhej-Bavla Highway, P.O. Changodar, Ahmedabad – 382213,
Gujarat |
|
Tel. No.: |
91-2717-618200 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
11.12.2010 |
|
|
|
|
Com. Reg. No.: |
04-063233 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 200.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29307GJ2010PTC063233 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
24AACCH5549Q1Z2 |
|
|
|
|
TIN No: |
24074601676 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCH5549Q |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject undertakes
turnkey projects, using solar photovoltaic (PV) technology, including
polycrystalline and thin-film materials and also operates a wholesale
division which is involved in trading of solar inverters. [Registered
Activity] |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Maximum Credit Limit : |
USD 640000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in December 2010 and it was initially a joint venture between “Harsha Engineers Limited” (HEL) and “Abakus Solar AG, Germany”. Later in the year 2017, (Rajendra Shah and Harish Rangwala families) promoters of HASPL who increased their equity stake in HASPL to 99.99% which makes subsidiary of “Harsha Engineers Limited”. For the financial year 2017, company shows a drop in its revenue as compared to its previous year and reflecting negative result driven by high operating expense. The ratings assigned Harsha Abakus Solar Private Limited (HASPL) takes into account the strength of its parent, Harsha Engineers Limited along with the experienced promoters of HEL. The ratings, further, takes into account established track record of the company in solar engineering, procurement and construction (EPC) business along with reputed clientele, its strong operational activity and favourable government policies for the solar power sector. However, the ratings are constrained on account of losses incurred leading to moderation in its debt coverage indicators and volatility in solar module prices and foreign exchange fluctuation risk on its imports. Trade relations are fair. Payments seems to be usually correct. In view of aforesaid, 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.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Rating (BBB) |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
18.12.2018 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Rating (A3) |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
18.12.2018 |
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 12.03.2018
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 DENIED BY
|
Name : |
Mr. Amit Patel |
|
Designation : |
Senior Executive Finance Department |
|
Contact No.: |
91-2717-618200 |
|
Date : |
10.03.2018 |
LOCATIONS
|
Registered / Corporate Office : |
NH-8A, Sarkhej-Bavla Highway, P.O. Changodar, Ahmedabad – 382213,
Gujarat, India |
|
Tel. No.: |
91-2717-618200 |
|
Fax No.: |
91-2717-391259 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branch Office: |
21, 1st Floor, 6th Cross Road, 100
Ft. Intermediate Ring Road, Srinivagilu, Koramangala, Bangalore – 560047, Karnataka, India |
|
Tel. No.: |
91-80-65694671/ 65694666 |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Rajendra Shantilal Shah |
||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||
|
Address : |
289-C, Manekbaug Society, Behind Manekbaug Hall, Ambawadi, Ahmedabad -
380015, Gujarat, India |
||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
01.02.1948 |
||||||||||||||||||||||||||||||||||||
|
Qualification : |
B.E.
Mechanic |
||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
12.07.2011 |
||||||||||||||||||||||||||||||||||||
|
PAN No.: |
AEOPS0314G |
||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00061922 |
||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Harish Ranjit Rangwala |
||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||
|
Address : |
1, Ashwavilla - 2, off Sindhu Bhavan Road, Opposite Ahmedabad Recqet
Acedemy, Bodakdev, Ahmedabad - 380054, Gujarat, India |
||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
01.08.1948 |
||||||||||||||||||||||||||||||||||||
|
Qualification : |
B.E.
Mechanic |
||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
11.12.2010 |
||||||||||||||||||||||||||||||||||||
|
PAN No.: |
AAUPR5261L |
||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00278062 |
||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Name : |
Pilak Rajendra Shah |
||||||||||||||||||||||||||||||||||||
|
Designation : |
Additional Director |
||||||||||||||||||||||||||||||||||||
|
Address : |
C/289, Manekbaug Society, Behind Manekbaug Hall, Ambawadi, Ahmedabad -
380006, Gujarat, India |
||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
22.08.2016 |
||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00407960 |
||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Munjal Rangwala |
||||||||||||||||||||||||||||||||||||
|
Designation : |
Whole time Director |
||||||||||||||||||||||||||||||||||||
|
Address : |
1, Ashwavilla-2, Behind Rajpath Club, Shindhu Bhavan Road, Bodakdev,
Ahemdabad - 380054, Gujarat, India |
||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
26.09.1981 |
||||||||||||||||||||||||||||||||||||
|
Qualification : |
B.E.
Mechanic |
||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
01.08.2012 |
||||||||||||||||||||||||||||||||||||
|
PAN No.: |
ADUPR5494C |
||||||||||||||||||||||||||||||||||||
|
DIN No.: |
03033699 |
||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Dilip Jayantilal Sanghvi |
||||||||||||||||||||||||||||||||||||
|
Designation : |
Whole time Director |
||||||||||||||||||||||||||||||||||||
|
Address : |
50-B, Sthanakvasi Jain Society, Near Naranpura Railway
Crossing, Ahmedabad - 380013, Gujarat, India |
||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
22.08.2016 |
||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00748711 |
||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Umeshkumar Anilkumar Singh |
|
Designation : |
Company Secretary |
|
Address : |
2/19, Patel Somnathpark Society, Meghaninagar, Ahmedabad -
380016, Gujarat,
India |
|
Date of Birth/Age : |
14.09.1983 |
|
Qualification : |
CS |
|
Date of Appointment : |
11.03.2016 |
|
PAN No.: |
BQWPS7855L |
|
|
|
|
Name : |
Mr. Falgun Kalpeshbhai Shah |
|
Designation : |
Chief Financial Officer |
|
Address : |
A-5, Samkit Flat, Ashok Nagar Paldi, Ahmedabad - 380007, Gujarat, India |
|
Date of Birth/Age : |
14.09.1983 |
|
Qualification : |
CA |
|
Date of Appointment : |
11.03.2016 |
|
PAN No.: |
BFIPS8839H |
MAJOR SHAREHOLDERS
As on 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Abakus Solar AG, Germany |
|
1000 |
|
Nirmala R. Shah |
|
2999850 |
|
Vaishali P. Shah |
|
499975 |
|
Krina R. Shah |
|
499975 |
|
Milly Y. Mehta |
|
499975 |
|
Charusheela H. Rangwala |
|
1999900 |
|
Munjal H. Rangwala |
|
2999850 |
|
Vishal H. Rangwala |
|
2999850 |
|
Harish R. Rangwala |
|
1999900 |
|
Rajendra Shah |
|
2999850 |
|
Pilak R. Shah |
|
1999900 |
|
Hetal Ukani |
|
499975 |
|
Total |
|
20000000 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2017
|
Category |
Percentage |
|
Promoters (Individual/Hindu Undivided Family – Indian) |
99.99 |
|
Public/Other than promoters ((Body corporate) |
0.01 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject undertakes
turnkey projects, using solar photovoltaic (PV) technology, including
polycrystalline and thin-film materials and also operates a wholesale
division which is involved in trading of solar inverters. [Registered
Activity] |
||||
|
|
|
||||
|
Products / Services
: |
|
||||
|
|
|
||||
|
Brand Names : |
Not Available |
||||
|
|
|
||||
|
Agencies Held : |
Not Available |
||||
|
|
|
||||
|
Exports : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
Not Divulged |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
·
RBL Bank Limited, Shahupuri, Kolhapur –
416001, Maharashtra, India ·
Kotak Mahindra Bank Limited, 27BKC, C-27, G
Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra,
India ·
HDFC Bank Limited, HDFC Bank Housesenapati
Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
C.P. Shah and Company Chartered Accountants |
|
Address : |
403, Ashwamegh House, Choice Rest Street, Swastik Char Rasta, Navrangpura, Ahmedabad – 380009, Gujarat, India |
|
PAN No.: |
ACBPS8919F |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiary : |
Helianthus Solar Power Private Limited (U74140GJ2015PTC082723) |
|
|
|
|
Other Related Parties: |
|
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35000000 |
Equity Shares |
INR 10/- each |
INR 350.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
INR 10/- each |
INR 200.000 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
200.000 |
200.000 |
57.500 |
|
(b) Reserves and Surplus |
22.262 |
31.599 |
4.776 |
|
(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) |
222.262 |
231.599 |
62.276 |
|
|
|
|
|
|
(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 |
2.445 |
2.597 |
1.413 |
|
Total Non-current
Liabilities (3) |
2.445 |
2.597 |
1.413 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
269.452 |
462.439 |
325.687 |
|
(b) Trade
payables |
345.884 |
743.178 |
176.962 |
|
(c) Other
current liabilities |
22.603 |
21.710 |
734.203 |
|
(d) Short-term
provisions |
0.000 |
8.299 |
0.069 |
|
Total Current
Liabilities (4) |
637.939 |
1235.626 |
1236.921 |
|
|
|
|
|
|
TOTAL |
862.646 |
1469.822 |
1300.610 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
3.839 |
3.782 |
3.782 |
|
(ii)
Intangible Assets |
0.435 |
0.352 |
0.237 |
|
(iii) Tangible assets
capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.450 |
0.250 |
0.000 |
|
(c) Deferred tax assets (net) |
0.886 |
0.553 |
0.000 |
|
(d)
Long-term loans and advances |
4.590 |
3.100 |
7.803 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
10.200 |
8.037 |
11.822 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
120.474 |
17.750 |
0.000 |
|
(b)
Inventories |
14.775 |
14.873 |
737.980 |
|
(c) Trade
receivables |
561.168 |
1302.156 |
404.693 |
|
(d) Cash and
bank balances |
74.005 |
62.841 |
42.581 |
|
(e)
Short-term loans and advances |
68.882 |
35.689 |
59.698 |
|
(f) Other
current assets |
13.142 |
28.476 |
43.836 |
|
Total
Current Assets |
852.446 |
1461.785 |
1288.788 |
|
|
|
|
|
|
TOTAL |
862.646 |
1469.822 |
1300.610 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
951.952 |
2444.732 |
1766.855 |
|
|
Other Income |
72.357 |
19.586 |
10.652 |
|
|
TOTAL |
1024.309 |
2464.318 |
1777.507 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
700.676 |
1401.804 |
1413.973 |
|
|
Purchases of
Stock-in-Trade |
0.000 |
0.000 |
724.046 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
0.000 |
721.014 |
(715.755) |
|
|
Employee benefit expense |
89.416 |
64.785 |
47.291 |
|
|
Other expenses |
219.723 |
190.898 |
235.818 |
|
|
TOTAL |
1009.815 |
2378.501 |
1705.373 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
14.494 |
85.817 |
72.134 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
21.839 |
44.084 |
34.034 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(7.345) |
41.733 |
38.100 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
2.244 |
2.450 |
1.760 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(9.589) |
39.283 |
36.340 |
|
|
|
|
|
|
|
Less |
TAX |
(0.252) |
10.115 |
0.028 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(9.337) |
29.168 |
36.312 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(0.47) |
2.15 |
1.82 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Net cash flows from (used in) operations |
275.014 |
(186.679) |
(202.834) |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
270.314 |
(197.675) |
(209.208) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average
Collection Days [Sundry Debtors
/ Income * 365] |
|
215.16 |
194.41 |
83.60 |
|
|
|
|
|
|
|
Account Receivables Turnover [Income / Sunday Debtors] |
|
1.70 |
1.88 |
4.37 |
|
|
|
|
|
|
|
Average Payment Days [Sundry Creditors /
Purchases * 365] |
|
180.18 |
193.51 |
30.21 |
|
|
|
|
|
|
|
Inventory Turnover [Operating Income /
Inventories] |
|
0.98 |
5.77 |
0.10 |
|
|
|
|
|
|
|
Asset Turnover [Operating Income / Net Fixed
Assets] |
|
3.39 |
20.76 |
17.95 |
LEVERAGE RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio
[(Borrowing + Current Liabilities) / Total Assets] |
|
0.74 |
0.84 |
0.95 |
|
|
|
|
|
|
|
Debt Equity Ratio (Borrowings / NetWorth) |
|
1.21 |
2.00 |
5.23 |
|
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / NetWorth) |
|
2.87 |
5.34 |
19.86 |
|
|
|
|
|
|
|
Fixed Assets to NetWorth (Net Fixed Assets /
NetWorth) |
|
0.02 |
0.02 |
0.06 |
|
|
|
|
|
|
|
Interest Coverage Ratio [PBIT / Financial
Charges] |
|
0.66 |
1.95 |
2.12 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales) * 100] |
(%) |
(0.98) |
1.19 |
2.06 |
|
|
|
|
|
|
|
Return on Total Assets [(PAT / Total Assets)
* 100] |
(%) |
(1.08) |
1.98 |
2.79 |
|
|
|
|
|
|
|
Return on Investment (ROI) [(PAT / NetWorth)
* 100] |
(%) |
(4.20) |
12.59 |
58.31 |
SOLVENCY RATIO
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio
[Current Assets / Current Liabilities] |
|
1.34 |
1.18 |
1.04 |
|
|
|
|
|
|
|
Quick Ratio [(Current Assets - Inventories)
/ Current Liabilities] |
|
1.31 |
1.17 |
0.45 |
|
|
|
|
|
|
|
G-Score Ratio Financial [NetWorth / Total
Assets] |
|
0.26 |
0.16 |
0.05 |
|
|
|
|
|
|
|
G-Score Ratio Debt [Debts / Equity Capital] |
|
1.35 |
2.31 |
5.66 |
|
|
|
|
|
|
|
G-Score Ratio Liquidity [Total Current
Assets / Total Current Liabilities] |
|
1.34 |
1.18 |
1.04 |
Total Liability =
Short-term Debt + Long-term Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
57.500 |
200.000 |
200.000 |
|
Reserves & Surplus |
4.776 |
31.599 |
22.262 |
|
Net
worth |
62.276 |
231.599 |
222.262 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
325.687 |
462.439 |
269.452 |
|
Total
borrowings |
325.687 |
462.439 |
269.452 |
|
Debt/Equity
ratio |
5.230 |
1.997 |
1.212 |
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 |
1766.855 |
2444.732 |
951.952 |
|
|
|
38.366 |
(61.061) |
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 |
1766.855 |
2444.732 |
951.952 |
|
Profit/ (Loss) |
36.312 |
29.168 |
(9.337) |
|
|
2.06
% |
1.19
% |
(0.98
%) |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
31.03.2017 |
|
I.
EQUITY
AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
200.000 |
|
(b) Reserves and Surplus |
22.249 |
|
(c) Money
received against share warrants |
0.000 |
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
222.249 |
|
|
|
|
(3)
Non-Current Liabilities |
|
|
(a) long-term borrowings |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
|
(c) Other long-term
liabilities |
0.000 |
|
(d) long-term
provisions |
2.445 |
|
Total Non-current
Liabilities (3) |
2.445 |
|
|
|
|
(4)
Current Liabilities |
|
|
(a) Short-term
borrowings |
274.431 |
|
(b) Trade
payables |
345.884 |
|
(c) Other
current liabilities |
22.651 |
|
(d) Short-term
provisions |
0.000 |
|
Total Current
Liabilities (4) |
642.966 |
|
|
|
|
TOTAL |
867.660 |
|
|
|
|
II.
ASSETS |
|
|
(1)
Non-current assets |
|
|
(a) Fixed
Assets |
|
|
(i)
Tangible assets |
3.839 |
|
(ii)
Intangible Assets |
0.435 |
|
(iii) Tangible assets
capital work-in-progress |
0.000 |
|
(iv)
Intangible assets under development |
0.025 |
|
(b) Non-current Investments |
0.250 |
|
(c) Deferred tax assets (net) |
0.886 |
|
(d)
Long-term loans and advances |
4.590 |
|
(e) Other
Non-current assets |
0.000 |
|
Total Non-Current
Assets |
10.025 |
|
|
|
|
(2)
Current assets |
|
|
(a)
Current investments |
120.474 |
|
(b)
Inventories |
14.775 |
|
(c) Trade
receivables |
561.168 |
|
(d) Cash and
bank balances |
76.717 |
|
(e)
Short-term loans and advances |
71.357 |
|
(f) Other
current assets |
13.144 |
|
Total
Current Assets |
857.635 |
|
|
|
|
TOTAL |
867.660 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
31.03.2017 |
|
|
SALES |
|
|
|
Total
Revenue from operations |
951.952 |
|
|
Other Income |
72.357 |
|
|
TOTAL |
1024.309 |
|
|
|
|
|
Less |
EXPENSES |
|
|
|
Cost of Materials
Consumed |
700.676 |
|
|
Employee benefit expense |
89.416 |
|
|
Other expenses |
219.736 |
|
|
TOTAL |
1009.828 |
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
14.481 |
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
21.839 |
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(7.358) |
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
2.244 |
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(9.602) |
|
|
|
|
|
Less |
TAX |
(0.252) |
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(9.350) |
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(0.47) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
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 |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
Yes |
|
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 |
NOTE: The registered office of the company has been shifted from Plot No. 427/431, Moraiya Farm, Sarkhej-Bavla Road, P.O. Changodar, Ahmedabad – 382213, Gujarat, India to the present address.
PERFORMANCE AND
OPERATION REVIEW
OPERATIONS:
During the year, the Company has achieved Revenue from Operations of INR 951.952 Million compared to previous year figure of INR 2444.732 Million representing decrease in Revenue from Operations of 61.06% (approximately). The Company has incurred net Loss amounting to (INR 9.337) Million as compared to previous year figure of INR 29.168 Million profit. At the end of the year, company’s reserve stood at INR 22.262 Million.
UNSECURED LOANS:
|
PARTICULARS |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
|
SHORT TERM BORROWINGS |
|
|
|
Loans and advances from related parties |
258.469 |
328.869 |
|
|
|
|
|
Total |
258.469 |
328.869 |
INDEX OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G60166097 |
100131341 |
IDBI TRUSTEESHIP SERVICES LIMITED |
13/10/2017 |
- |
- |
1710000000.0 |
ASIAN BUILDING, GROUND FLOOR,17, R.K. KAMANI MARG, BALLAD ESTATE, MUMBAI – 400001, MAHARASHTRA, INDIA |
|
2 |
G30509897 |
10529130 |
YES BANK LIMITED |
15/10/2014 |
25/11/2016 |
- |
400000000.0 |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,DR. ANNIE BESANT ROAD, WORLI, MUMBAI – 400018, MAHARASHTRA, INDIA |
|
3 |
C79121588 |
10507345 |
RBL BANK LIMITED |
07/07/2014 |
16/02/2016 |
- |
546780000.0 |
SHAHUPURI, KOLHAPUR, KOLHAPUR – 416001, MAHARASHTRA, INDIA |
|
4 |
B28280550 |
10324355 |
HDFC BANK LIMITED |
15/11/2011 |
- |
- |
200000000.0 |
HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI – 400013, MAHARASHTRA, INDIA |
|
5 |
C61420899 |
10517489 |
KOTAK MAHINDRA BANK LIMITED |
07/08/2014 |
15/10/2014 |
13/08/2015 |
556500000.0 |
27BKC, C 27, G BLOCK, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI – 400051, MAHARASHTRA, INDIA |
|
6 |
B93387892 |
10416040 |
HDFC BANK LIMITED |
25/02/2013 |
- |
10/12/2013 |
510000000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WES), MUMBAI – 400013, MAHARASHTRA, INDIA |
FIXED ASSETS:
Tangible Assets
·
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,
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 65.08 |
|
|
1 |
INR 89.85 |
|
Euro |
1 |
INR 80.16 |
INFORMATION DETAILS
|
Information
Gathered by : |
PNM |
|
|
|
|
Analysis Done by
: |
NSG |
|
|
|
|
Report Prepared
by : |
MTN |
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.