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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

483995

Report Date :

13.03.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

NIRMITEE SOLAR PRIVATE LIMITED

 

 

Registered Office :

Gat No 194, Dattwawadi, A/P. Shelgaon, Chakan-Shikrapur Road, Taluka Khed, Pune-410501, Maharashtra

Mob. No.:

91-9595957777 [Mr. Amey Balasaheb Zarekar]

 

 

Country :

India

 

 

Financials (as on) :

Not Available

 

 

Date of Incorporation :

26.05.2017

 

 

Com. Reg. No.:

11-170674

 

 

Capital Investment / Paid-up Capital :

INR 0.100 Million

 

 

CIN No.:

[Company Identification No.]

U29308PN2017PTC170674

 

 

IEC No.:

Not Applicable [As informed by the management that firm does not have export and import]

 

 

TIN No.:

Not Divulged

 

 

GST No.:

27AAFCN6475N1ZQ

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAFCN6475N

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Solar Panels [Registered Activity and also Confirmed by Management]

 

 

No. of Employees :

20 [Approximately]

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

NB

 

Credit Rating

Explanation

Rating Comments

NB

New Business

No recommendation can be done due to business in infancy stage

 

Status :

New Business

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear

 

 

Comments :

Subject is a new company incorporated in the year 2017.


It is a Manufacturer of Solar Panels.

 

Mr. Amey Balasaheb Zarekar (CEO) has provided information about the subject to us.


Further, subject’s customer (3i Energy Solutions Private Limited and NAP Energy Solution Private Limited) provided positive feedback about the subject and also claimed that they are satisfied with subject’s product quality.


No payment terms are known.


In view of subject’s infancy and absence of any financial records, dealings are recommended to be on secured terms, and a close monitoring of subject’s business development is advisable.


NOTE: Site visit conducted at the address which you have provided. Our executive has successfully traced the subject on the given address but found the door locked.

 

Our executive enquired with the neighbour hotel (Hotel Shambhi River View) and they claimed that the subject is situated on the given address.


As per our executive’s observation, it is a shed type premises. Locality seems to be commercial cum industrial and area appears to be upmarket.


Location was difficult to find and we have not sighted subject’s name board.

 

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 13.03.2018

 

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. Amey Balasaheb Zarekar

Designation :

Chief Executive Officer

Contact No.:

91-9595957777

Date :

12.03.2018

 

 

LOCATIONS

 

Registered Office/ Factory :

Gat No 194, Dattwawadi, A/P. Shelgaon, Chakan-Shikrapur Road, Taluka Khed, Pune-410501, Maharashtra, India 

Tel. No.:

Not Available

Mobile No.:

91-9595057104 [Mr. Balasaheb B. Zarekar]

91-9595957777 [Mr. Amey Balasaheb Zarekar]

91-9987002295 [Mr. Ashish Maheshwari]

Fax No.:

Not Available

E-Mail :

accounts@nirmiteeelectricals.co.in

epc@nirmiteesolar.com

technical@nirmiteesolar.com

bzarekar@nirmiteeelectricals.co.in

Website:

http://nirmiteesolar.com

Area :

100000 Sq. ft.

Location :

Owned

Locality :

Commercial cum Industrial [As per site visit] 

 

 

Marketing Office :

B03, MB Classic, 2nd Floor, Telco Road, Chinchwad, Pune-411019, Maharashtra, India

 

 

Branch Office :

Bima Complex, Kalamboli, Navi Mumbai, Maharashtra, India

 

 

DIRECTORS

 

AS ON: 23.05.2017

 

Name :

Mrs. Preeti Ramdas Bhadale

Designation :

Director

Address :

Shri Bhanoba Niwas, Patil Nagar Dehu Alandi Road, Chikhali, Pune - 412114, Maharashtra, India

Date of Birth/Age :

14.07.1986

Qualification :

B.COM

Experience :

1 Year

Date of Appointment :

26.05.2017

PAN No.:

BKHPB9682D

DIN No.:

07833665

Aadhar No.:

727904363016

 

 

Name :

Mrs. Pallavi Sanjay Kadam

Designation :

Director

Address :

Flat No. E / 701, Plot No. 15 / 27 Sector 7, Patel Heritage, Kharghar, Navi Mumbai - 410210, Maharashtra, India

Date of Birth/Age :

20.11.1988

Qualification :

MBBS

Experience :

1 Year

Date of Appointment :

26.05.201

PAN No.:

DNJPK9410F

DIN No.:

07833666

Aadhar No.:

572007603179

 

 

KEY EXECUTIVES

 

Name :

Mr. Amey Balasaheb Zarekar

Designation :

Chief Executive Officer

 

 

Name :

Mr. Balasaheb B. Zarekar

Designation :

Key Executive

 

 

Name :

Mr. Ashish Maheshwari

Designation :

Finance Consultant

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON: 23.05.2017

 

Names of Shareholders

No. of Shares

 

Percentage of Holding

Balasaheb Bhikaji Zarekar

4000

40.00

Asha Balasaheb Zarekar

3000

30.00

Amey Balasaheb Zarekar

1000

10.00

Preeti Ramdas Bhadale

1000

10.00

Pallavi Sanjay Kadam

1000

10.00

 

 

 

Total

 

10000

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Solar Panels. [Registered Activity and also Confirmed by Management]

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

Not Available

 

 

Terms :

 

Selling :

L/C

 

 

Purchasing :

L/C

 

 

PRODUCTION STATUS: (NOT AVAILABLE)

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Shenzhen Topray Solar Co. Limited, China

Name of the Person (Designation):

--

Contact Number:

91-86-755-86612692

Since how long known:

--

Maximum limit dealt:

--

Experience:

--

Remark

Ringing

 

 

Reference:

Leshan Topray Cell Co. Limited

Name of the Person (Designation):

Mrs. Wendy

Contact Number:

91-86-755-86504423

Since how long known:

--

Maximum limit dealt:

--

Experience:

--

Remark

Denied to provide information

 

 

Customers :

End Users

 

Reference:

NAP Energy Solution Private Limited

Name of the Person (Designation):

Mr. Ashok Kumar (director)

Contact Number:

91-9760449582

Since how long known:

1 Years

Maximum limit dealt:

--

Experience:

Products Quality: Good

Delivery Behaviour: Good

Overall:  Good

Remark

They gave us positive response about subject company they are satisfied with and delivery behaviour

 

 

Reference:

3i Energy Solutions Private Limited

Name of the Person (Designation):

Mr. Gaurav Gangwar (Director)

Contact Number:

91-8573004301

Since how long known:

1 Years

Maximum limit dealt:

--

Experience:

Products Quality: Good

Delivery Behaviour: Good

Overall:  Good

Remark

They gave us positive response about subject company they are satisfied with and delivery behaviour

 

 

No. of Employees :

20 [Approximately]

 

 

Bankers :

 

Bank Name:

Indian Bank

Branch:

MSME and Mid Corporate, Pune Branch, Maharashtra, India

Person Name (with Designation):

Mr. Y S Subramaniam [Asst. General Manager]

Contact Number:

91-20-25541313

91-7219616232 [switch off]

Name of Account Holder:

NIRMITEE SOLAR PRIVATE LIMITED

Account Number:

6594217015

Account Since (Date/ Year of A/c Opening):

24.12.2017

Average Balance Maintained (Optional):

--

Credit Facilities Enjoyed (CC/OD/Term Loan):

Cash Credit = INR 10.000 million

Account Operation:

Satisfactory

Remarks:

As claimed by Mr. Y S Subramaniam [Asst. General Manager] that they are satisfied with the subject company transaction

 

Auditors :

Not Appointed

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Sister Concern :

·         Nirmitee Electricals

Address: 143/1/1, Tathawade Village, Near Dange Chowk, Chinchwad, Pune- 411033, Maharashtra, India

Line of Business: Manufacturing of Electrical Panels.

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

10000

Equity Shares

INR 10/- each

INR 0.100 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

10000

Equity Shares

INR 10/- each

INR 0.100 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in INR Million]

 

NEW BUSINESS

 

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

Yes

19

Major customers

Yes

20

Banking Details

Yes

21

Banking facility details

No

22

Conduct of the banking account

Yes

23

Financials, if provided

No

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

No

26

Turnover of firm for last three years

No

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

Yes

29

Profitability for last three years

No

30

Major shareholders, if available

Yes

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 :

NIRMITEE SOLAR PRIVATE LIMITED

 

 

Address :

Gat No 194, Dattwawadi, A/P. Shelgaon Chakan-Shikrapur Road, Taluka Khed, Pune-410501, Maharashtra, India

 

 

Date of Visit :

07.01.2018

 

 

Name Board :

Not Sighted

 

 

Location:

Difficult

 

 

Landmark (If Any):

Near Z P School

 

 

Total Floors of the Building :

Shed type premises

 

 

Subject situated on:

Shed type premises

 

 

Locality:

Commercial cum Industrial 

 

 

Area :

Upmarket

 

 

Neighbours Interview :

Our executive enquired with the neighbour hotel (Hotel Shambhi River View) and they claimed that the subject is situated on the given address.

 

 

Proof of visit :

Photos

 

------------------------------------------------------------------------------------------------------------------------------

 

RATIOS ANALSIS

 

(INR IN MILLION)

 

Particulars

OPERATING YEARS

 

2017-18

[Estimated]

2018-19

[Projected]

2019-20

[Projected]

GROWTH IN SALES

--

1233%

15%

 

 

 

 

Gross profit Ratio

9.17%

9.73%

10.59%

 

 

 

 

PBDIT

0.700

15.500

19.600

 

 

 

 

PBDIT/sales

4.67%

7.75%

8.52%

 

 

 

 

Operating Profits/Sales

2.86%

5.73%

6.77%

 

 

 

 

PBT/Sales

2.86%

5.73%

6.77%

 

 

 

 

PAT/Sales

2.00%

4.01%

4.74%

 

 

 

 

Cash Accruals/ Sales

2.17%

4.04%

4.75%

 

 

 

 

Sales/Equity

0.146

1.091

0.787

 

 

 

 

Sales / TTA

0.37

3.09

2.91

 

 

 

 

Interest Coverage (Interest/PBDIT)

61.42%

25.80%

20.45%

 

 

 

 

PBDIT / Interest (Times)

2.85

3.89

4.90

 

 

 

 

Deferred Debt/ Equity

--

--

--

 

 

 

 

TOL/Equity

2.95

2.53

1.70

 

 

 

 

Current Ratio (CA / CL)

1.18

1.24

1.29

 

 

 

 

Current Ratio excluding TL Instalments

1.18

1.24

1.29

 

 

 

 

CA / TTA (%)

88.08%

88.81%

81.51%

 

 

 

 

Inentory+Receivables as days of Net Sales

852

101

98

 

 

 

 

Bank Borrowings/Current Assets

27.89%

17.42%

15.54%

 

 

 

 

RM content in sales

71%

82%

81%

 

 

 

 

ROCE(PBDIT incl.Other income/TTA)

1.72%

23.98%

24.84%

 

 

 

 

DEBT SERVICE COVERAGE RATIO CALCULATIONS

 

 

 

Cash accruals

0.325

8.072

10.932

 

 

 

 

Any cash inflow(eg. sales tax deferral, subsidy )

--

--

--

 

 

 

 

Interest on TL / deferred Loans

2.00

32.00

32.00

 

 

 

 

Repayment Obligations of TL

--

--

--

 

 

 

 

Repayment of other deferred Loans

--

--

--

 

 

 

 

Total Repayment

2.00

32.00

32.00

 

 

 

 

Net Debt Service Coverage Ratio (DSCR)

--

--

--

 

 

 

 

Gross Debt Service Coverage Ratio (DSCR)

2.63

3.52

4.42

 

 

 

 

Average Net DSCR

--

--

--

 

 

 

 

Average Gross DSCR

4.42

 

 

 

 

SECURITY COVERAGE RATIO

 

 

 

Net Block

1.25

2.30

68.90

 

 

 

 

Term Loan outstanding (including instalments)

--

--

--

 

 

 

 

Security Cover available (NB-TL/NB)

--

--

--

 

 

 

 

Security cover including Collateral Security

--

--

--

 

 

 

 

Security Cover available ((NB+ Collateral -TL)/NB)

100%

100%

--

 

 

 

 

KEY INDICATORS

 

 

 

Net Sales

15.000

200.000

230.000

 

 

 

 

Operating Profit

0.429

11.468

15.560

 

 

 

 

(Net) Other income

--

--

--

 

 

 

 

PBDIT/Sales

4.67%

7.75%

8.52%

 

 

 

 

PBT/Sales

2.86%

5.73%

6.77%

 

 

 

 

PAT

0.300

8.027

10.892

 

 

 

 

PAT/Net Sales

2.00%

4.01%

4.74%

 

 

 

 

Cash Accruals

0.325

8.072

10.932

 

 

 

 

Cash Accruals/Sales

2.17%

4.04%

4.75%

 

 

 

 

Paid up Capital (PUC)

10.000

10.000

10.000

 

 

 

 

TNW

10.300

18.328

29.220

 

 

 

 

Adjusted TNW (TNW-Investment in associates)

10.300

18.328

29.220

 

 

 

 

TOL/TNW

2.95

2.53

1.70

 

 

 

 

TOL/Adjusted TNW

2.95

2.53

1.70

 

 

 

 

C/R

1.18

1.24

1.29

 

 

 

 

C/R excluding T/L instalments due in 1 year

1.18

1.24

1.29

 

 

 

 

Net Sales/TTA (Times)

0.37

3.09

2.91

 

 

 

 

PBT/TTA (%)

1.05%

17.74%

19.72%

 

 

 

 

Operating costs/sales(%)

97.14%

94.27%

93.23%

Bank Finance / Current Assets (%)

27.89%

17.42%

15.54%

Inv + Rec. /N.S. (DAYS)

852

101

98

NWC / CA (%)

15.20%

19.34%

22.74%

 

-----------------------------------------------------------------------------------------------------------------------------

 

CALCULATION OF BREAK EVEN LEVELS

 

(INR IN MILLION)

 

PARTICULARS

 

OPERATING YEARS

 

Variable

[%]

2017-18

[Estimated]

2018-19

[Projected]

2019-20

[Projected]

BREAK EVEN POINT

 

 

 

 

 

 

 

 

 

Sales

 

15.000

200000

230000

 

 

 

 

 

Variable Cost

 

 

 

 

I. Raw Material

100.00%

12.300

166.100

180.500

 

 

 

 

 

ii. Consumables

100.00%

0.400

7.000

7.500

 

 

 

 

 

iii. Direct Labour

60.00%

0.210

1.800

2.100

 

 

 

 

 

iv. Power & Fuel

60.00%

0.090

0.360

0.480

 

 

 

 

 

v. Selling Expenses

10.00%

0.030

0.100

0.130

 

 

 

 

 

vi. Other Variable Costs

 

--

--

--

 

 

 

 

 

Total Variable Costs

 

13.030

175.360

190.710

 

 

 

 

 

Percent of Sales

 

87%

88%

83%

 

 

 

 

 

Fixed Costs

 

1.541

13.173

23.730

 

 

 

 

 

Break Even Level of Sales

 

11.732

106.920

138.913

 

 

 

 

 

Percentage to Sales

 

78%

53%

60%

 

 

 

 

 

Cash Break Even of Sales

 

11.542

106.554

138.679

 

-----------------------------------------------------------------------------------------------------------------------------

 

ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

 

OPERATING STATEMENT

 

(INR IN MILLION)

 

Particulars

OPERATING YEARS

 

2017-18

[Estimated]

2018-19

[Projected]

2019-20

[Projected]

 

 

 

 

Operating Statement

 

 

 

i. Domestic Sale

15.000

150.000

165.000

ii. Export Sale

--

50.000

65.000

 

 

 

 

Total Gross Sales

15.000

200.000

230.000

 

 

 

 

Less : Excise Duty

--

--

--

 

 

 

 

Net Sales

15.000

200.000

230.000

 

 

 

 

Growth in sales

--

1233%

15%

 

 

 

 

COST OF SALES

 

 

 

a. Raw Material (Imported )

11.000

156.100

168.500

 

 

 

 

b. Raw material (Indigenous)

1.300

10.000

12.000

 

 

 

 

c. Stores & Spares (Imported)

--

--

--

 

 

 

 

d. Stores & Spares (Indigenous)

0.400

7.000

7.500

 

 

 

 

Power & Fuel

0.150

0.600

0.800

 

 

 

 

Direct Labour

0.350

3.000

3.500

 

 

 

 

Repairs and maintainance

--

--

--

 

 

 

 

Other Mfg. Expenses

0.700

5.000

6.000

 

 

 

 

Depreciation

0.025

0.045

0.040

 

 

 

 

Others expenses

2.700

10.800

10.800

 

 

 

 

Rent

2.700

10.800

10.800

 

 

 

 

Sub Total

16.625

192.545

209.140

 

 

 

 

Add: Opening Stock in Process

 

2.000

5.000

 

 

 

 

Sub Total

16.625

194.545

214.140

 

 

 

 

Deduct : Closing Stock in Process

2.000

5.000

6.000

 

 

 

 

Cost of Production

14.625

189.545

208.140

 

 

 

 

Add: Opening Stock of Finished Goods

--

1.000

10.000

 

 

 

 

Sub Total

14.625

190.545

218.140

 

 

 

 

Deduct : Closing Stock OF Finished Goods

1.000

10.000

12.500

 

 

 

 

Sub Total (Total Cost of Sales)

13.625

180.545

205.640

 

 

 

 

Gross profit

1.375

19.455

24.360

 

 

 

 

Gross Profit/ Sales

917%

973%

1059%

 

 

 

 

Selling Expenses

0.300

1.000

1.300

 

 

 

 

Administrative Expenses

0.400

3.000

3.500

 

 

 

 

Sub Total

14.325

184.545

210.440

 

 

 

 

Operating Profit before interest

0.675

15.455

19.560

 

 

 

 

a. Interest on CC.

0.046

0.788

0.800

 

 

 

 

b. Interest on TL

--

--

--

 

 

 

 

c. Other interests

0.200

3.200

3.200

 

 

 

 

Total Interest

0.246

3.988

4.000

 

 

 

 

Operating Profit after Interest

0.429

11.468

15.560

 

 

 

 

Add: Other non operating Income

--

--

--

 

 

 

 

Interest/Dividend/Royalties etc..

--

--

--

 

 

 

 

Other Income

--

--

--

 

 

 

 

Sub Total

--

--

--

 

 

 

 

Deduct other non operating expenses

--

--

--

 

 

 

 

Interest/Dividend/Royalties etc..

--

--

--

 

 

 

 

Other Expenses

--

--

--

 

 

 

 

Intangibles written off  -1

--

--

--

 

 

 

 

Sub Total

--

--

--

 

 

 

 

Net of other non operating Income/Expenses

--

--

--

 

 

 

 

Profit before Tax /Loss (PBT)

0.429

11.468

15.560

 

 

 

 

Provision for Taxes

0.129

3.440

4.668

 

 

 

 

Net Profit/Loss (PAT)

0.300

8.027

10.892

 

 

 

 

Cash Accruals

0.325

8.s072

10.932

 

 

 

 

Dividend paid + IT on Dividend

--

--

--

 

 

 

 

Retained Profit

0.300

8.027

10.892

 

 

 

 

Retained Cash Profits

0.325

8.072

10.932

 

 

 

 

RM Content in sales

71%

82%

81%

 

 

 

 

PBDIT

7.00

155.00

196.00

 

 

 

 

PBDIT/Sales

4.67%

7.75%

8.52%

 

 

 

 

Operating Profits/Sales

2.86%

5.73%

6.77%

 

 

 

 

PBT/Sales

2.86%

5.73%

6.77%

 

 

 

 

PAT/Sales

2.00%

4.01%

4.74%

 

 

 

 

Cash Accruals/ Sales

2.17%

4.04%

4.75%

 

 

 

 

Interest on CC.

0.046

0.788

0.800

 

 

 

 

Interest on TL

--

--

--

 

 

 

 

Other interests

0.200

3.200

3.200

 

------------------------------------------------------------------------------------------------------------------------------

 

ANALYSIS OF BALANCE SHEET

 

(INR IN MILLION)

 

 

2017-18

[Estimated]

2018-19

[Projected]

2019-20

[Projected]

LIABILITIES

 

 

 

Current Liabilities

 

 

 

Short Term loans from Applicant Bank  including BP &BD

10.000

10.000

10.000

Short Term loans From Other banks including BP &BD

--

--

--

 

 

 

 

Sub Total (A)

10.000

10.000

10.000

 

 

 

 

Short Term Borrowings from Others

--

--

--

 

 

 

 

Sundry Creditors (Trade)

20.000

34.500

37.500

 

 

 

 

Advance Payment from Customers

--

--

--

 

 

 

 

Net Provision for Taxation (if positive)

--

--

--

 

 

 

 

Dividend Payable

--

--

--

 

 

 

 

Other Statutory Liab. (Due within one Year)

--

--

--

 

 

 

 

Overdue Term Liabilities

--

--

--

 

 

 

 

Installments of term Loan/ DPGs/ Deposits/ debentures due within next year

--

--

--

 

 

 

 

Other Current Liabilities & Provisions (due within one year)

0.400

1.800

2.200

 

 

 

 

Provisions

0.200

0.800

1.000

 

 

 

 

Sundry Creditors Expenses

0.200

1.000

1.200

 

 

 

 

Sub Total (B)

20.400

36.300

39.700

 

 

 

 

TOTAL CURRENT LIABILITIES

30.400

46.300

49.700

 

 

 

 

TERM LIABILITIES

 

 

 

Debentures (not maturing within one Year)

--

--

--

 

 

 

 

Preference Shares (redeemable after 1 year)

--

--

--

 

 

 

 

Term Loan from Bank(Less next Year Instalments)

--

--

--

 

 

 

 

Term Loan from Other Banks/Inst. (Ecl. Instal.due next Yr.)

--

--

--

 

 

 

 

Deferred Payments Credits (Ecl. Instal.due next Yr.)

--

--

--

 

 

 

 

Term deposits (Ecl. Instal. due next Yr.)

--

--

--

 

 

 

 

Other term Liabilities

--

--

--

 

 

 

 

TOTAL TERM LIABILITIES

--

--

--

 

 

 

 

TOTAL OF OUTSIDE LIABILITIES

30.400

46.300

49.700

 

 

 

 

NET WORTH

--

--

--

 

 

 

 

Share Capital

10.000

10.000

10.000

 

 

 

 

General Reserve

--

--

--

 

 

 

 

Revaluation Reserve

--

--

--

 

 

 

 

Adjustments for previous Year costs

--

--

--

 

 

 

 

Other reserves (excluding Provisions)

--

--

--

 

 

 

 

Others

--

--

--

 

 

 

 

Share Application Money

--

--

--

 

 

 

 

Share Premium

--

--

--

 

 

 

 

Surplus (+) or deficit (-) in Profit & Loss a/c

0.300

8.328

19.220

 

 

 

 

NET WORTH

10.300

18.328

29.220

 

 

 

 

TOTAL LIABILITIES

40.700

64.628

78.920

 

 

 

 

ASSETS

 

 

 

Current Assets

 

 

 

Cash & Bank Balances

0.200

0.050

0.080

 

 

 

 

Govt. & other Trustee securities

--

--

--

 

 

 

 

Fixed Deposits with Banks

--

--

--

 

 

 

 

Domestic Receivables including BP/BD

13.500

9.000

9.500

 

 

 

 

Export Receivables including BP/BD)

--

2.500

2.800

 

 

 

 

Deferred receivables(due within one year)

--

--

--

 

 

 

 

Imported Raw Material

16.500

27.000

28.000

 

 

 

 

Indigenous Raw material

2.000

2.000

3.200

 

 

 

 

Stock in Process

2.000

5.000

6.000

 

 

 

 

Finished Goods

1.000

10.000

12.500

 

 

 

 

imported Consumables

--

--

--

 

 

 

 

Indigenous consumables

--

--

--

 

 

 

 

Packing Material

--

--

--

 

 

 

 

Advances to Suppliers

0.500

0.600

0.800

 

 

 

 

Net Advance Payment of Taxes (if positive)

0.050

1.000

1.200

 

 

 

 

Other Current Assets (specify major items)

0.100

0.248

0.250

 

 

 

 

Adv for exp, staff, others

 

0.100

0.248

0.250

TOTAL CURRENT ASSETS

35.850

57.398

64.330

 

 

 

 

FIXED ASSETS

 

 

 

Gross Block (Land & Building Machinery

0.150

0.300

7.000

 

 

 

 

Add Capital expenditure in wirk-in-process

--

--

--

 

 

 

 

Depreciation to Date

 

0.025

0.070

0.110

 

 

 

 

Net Block

0.125

0.230

6.890

 

 

 

 

OTHER NON CURRENT ASSETS

 

 

 

Investments in Sub. cos./ affiliates

--

--

--

 

 

 

 

Investment in Others

--

--

--

 

 

 

 

Advance to suppliers of Capital goods & Contractors

--

--

--

 

 

 

 

Deferred Receivables(Maturing after a year)

--

--

--

 

 

 

 

Other Non-current investments

--

--

--

 

 

 

 

Non Consumable Stores & Spares

--

--

--

 

 

 

 

Long outstanding dues &Other non-Current Assets /dues from Directors

--

--

--

 

 

 

 

LC Margin

4.725

7.000

7.700

 

 

 

 

TOTAL OTHER NON CURRENT ASSETS

4.725

7.000

7.700

 

 

 

 

Intangible Assets

--

--

--

 

 

 

 

Preliminary Expenses

--

--

--

 

 

 

 

Deferred Revenue expenditures

--

--

--

 

 

 

 

Other Intangibles (patents, goodwill, etc.)

--

--

--

 

 

 

 

Total Intangible Assets

--

--

--

 

 

 

 

TOTAL ASSETS

40.700

64.628

78.920

 

 

 

 

TANGIBLE NET WORTH (TNW)

10.300

18.328

29.220

 

 

 

 

NET WORKING CAPITAL (NWC)

5.450

11.098

14.630

 

 

 

 

NIRMITEE SOLAR PVT. LTD.

 

 

 

Movement of TNW

--

--

--

 

 

 

 

Opening TNW

--

10.300

18.328

 

 

 

 

Plough back of profit

--

8.027

10.892

 

 

 

 

Increase in capital/reserves

--

--

0.000

 

 

 

 

Intangibles written off

--

--

--

 

 

 

 

Closing TNW

10.300

18.328

29.220

 

 

 

 

Current Ratio

1.18

1.24

1.29

 

 

 

 

Debt/Equity

--

--

--

 

 

 

 

TOL/Equity

2.95

2.53

1.70

 

 

 

 

Current Assets/Tangible Assets

88.08%

88.81%

81.51%

 

 

 

 

ROCE (PBDIT incl. Other income/TTA)

0.02

0.24

0.25

 

 

 

 

Inventory + Receivables as days of Net Sales

852

101

98

 

-----------------------------------------------------------------------------------------------------------------------------

 

FUND FLOW STATEMENT

 

(INR IN MILLION)

 

PARTICULARS

 

OPERATING YEARS

 

 

2018-19

[Projected]

2019-20

[Projected]

LONG TERM SOURCES

 

 

 

Profit after Tax

 

8.027

10.892

 

 

 

 

Depreciation

 

0.045

0.040

 

 

 

 

Intangibles written off

 

--

--

 

 

 

 

Increase in capital and reserves

 

--

0.000

 

 

 

 

Increase in Term Liability

 

 

 

i.  Decrease in Fixed Assets

 

--

--

 

 

 

 

ii. Decrease in Other non-current assets

 

--

--

 

 

 

 

Total

 

8.072

10.932

 

 

 

 

LONG TERM USES

 

 

 

Net Loss

 

--

--

 

 

 

 

Increase in Intangibles

 

--

--

 

 

 

 

Decrease in Capi. and Reserves/ Share Buybacks

 

--

--

 

 

 

 

Decrease in Term Liabilities

 

 

 

i.  Increase in Fixed Assets

 

0.150

6.700

 

 

 

 

Increase in non-Current Assets

 

2.275

0.700

 

 

 

 

iii. Increase in Intangibles

 

--

--

 

 

 

 

Dividend paid

 

--

--

 

 

 

 

Total

 

2.425

7.400

 

 

 

 

Surplus/ Deficit

 

5.647

3.532

 

 

 

 

Short Term Sources

 

--

--

 

 

 

 

Increase in  Bank Borrowings

 

--

--

 

 

 

 

Increase in other Current Liab.

 

15.900

3.400

 

 

 

 

Decrease in Inventory

 

--

--

 

 

 

 

Decrease in Receivables

 

2.000

--

 

 

 

 

Decrease in Cash/Deposits/Govt Sec.

 

0.150

--

 

 

 

 

Decrease in Other Current Assets

 

--

--

 

 

 

 

Total

 

18.050

3.400

 

 

 

 

Short Term Uses

 

 

 

Increase in Inventory

 

22.500

5.700

 

 

 

 

Increase in Receivables

 

--

0.800

 

 

 

 

Increase in Cash/Deposits/Govt Sec.

 

--

0.030

 

 

 

 

Increase  in Other Current Assets

 

1.198

0.402

 

 

 

 

Decrease in Other Current Liab.

 

--

--

 

 

 

 

Decrease in Bank Borrowings

 

--

--

 

 

 

 

Total

 

23.698

6.932

 

 

 

 

Summary of fund Flow Analysis

 

 

 

Long Term Sources

 

8.072

10.932

 

 

 

 

Long Term Uses

 

2.425

7.400

 

 

 

 

Surplus /Deficit

 

5.647

3.532

 

 

 

 

Short term sources

 

18.050

3.400

 

 

 

 

Short term uses

 

23.698

6.932

 

 

 

 

Surplus /Deficit

 

(5.648)

(3.532)

 

-----------------------------------------------------------------------------------------------------------------------------

 

COMPARATIVE STATEMENT OF CURRENT ASSETS

AND CURRENT LIABILITIES

 

(INR IN MILLION)

 

PARTICULARS

 

OPERATING YEARS

 

2017-18

[Estimated]

2018-19

[Projected]

2019-20

[Projected]

WORKING CAPITAL ASSESSMENT

 

 

 

Stock of Imported RM -Days Consumption

548

63

61

 

 

 

 

Stock of Indiginous RM - Days Consumption

562

73

97

 

 

 

 

Imported Consumables - (Days Consumption)

--

--

--

 

 

 

 

Indiginous Consumables - (Days Consumption)

--

--

--

 

 

 

 

Stock in process- (Days of  Cost of Production)

50

10

11

 

 

 

 

Finished Goods - (Days Cost of Sales)

27

20

22

 

 

 

 

Total Inventory

21.500

44.000

49.700

 

 

 

 

Total Inventory/Sales (days)

523

80

79

 

 

 

 

Domestic receivables (Days Gross dom. Sales)

329

22

21

 

 

 

 

Export Receivables - (Days Exports)

--

18

16

 

 

 

 

Total Receivables

13.500

11.500

12.300

 

 

 

 

Total Receivables/Gross Sales (days)

329

21

20

 

 

 

 

Creditors - (days Consumption)

575

73

73

 

 

 

 

Total Current Assets

35.850

57.398

64.330

 

 

 

 

Financed by

 

 

 

Sundry Cr. % of Current Assets

55.79%

60.11%

58.29%

 

 

 

 

Other Curr. Liab.% of Current Assets

1.12%

3.14%

3.42%

 

 

 

 

Bank Finance % of Current Assets

27.89%

17.42%

15.54%

 

 

 

 

NWC % to Current Assets

15.20%

19.34%

22.74%

 

------------------------------------------------------------------------------------------------------------------------------

 

NETWORTH STATEMENT

 

MRS. PREETI RAMDAS BHADALE (DIRECTOR)

 

(INR IN MILLION)

 

Particulars

 

31.03.2017

Residential flat situated at 1003, Greens Mapel Building, Thergaon, Pune

15.000

Jewellery

2.000

Cash & bank balance

0.200

Car-Skoda-Fabia

0.700

Two wheeler

0.200

 

------------

Total

18.100

 

 

Less: Liabilities

 

Loan on flat

5.250

 

------------

Total

5.250

 

------------

NET WORTH

 

12.850

 

------------------------------------------------------------------------------------------------------------------------------

 

NETWORTH STATEMENT

 

MRS. PALLAVI SANJAY KADAM (DIRECTOR)

 

(INR IN MILLION)

 

Particulars

 

31.03.2017

Jewellery

3.500

Cash & bank balance

0.325

Liquid security

5.000

 

------------

Total

8.825

 

 

Less: Liabilities

 

Prof. loan

0.525

 

------------

Total

0.525

 

------------

NET WORTH

 

8.300

 

------------------------------------------------------------------------------------------------------------------------------

 

NETWORTH STATEMENT

 

MR. VILAS TUKARAM KADAM [GUARANTOR]   

 

(INR IN MILLION)

 

Particulars

 

31.03.2017

Agricultural land (30 acres)

40.000

N A land and building at vinegaon

110.000

Residential flat at kalamboli

7.500

2 shops at kalamboli

20.000

Investment in business

15.197

Cash & bank balance

0.525

Liquid security

7.500

 

------------

Total

 

 

200.722

Less: Liabilities

 

Vehicle and other loans 

37.080

 

------------

Total

37.080

 

------------

NET WORTH

 

163.642

 

------------------------------------------------------------------------------------------------------------------------------

 

NETWORTH STATEMENT

 

MR BALASAHEB ZAREKAR [GUARANTOR] 

 

(INR IN MILLION)

 

Particulars

 

31.03.2017

Residential bunglow at Chinchwad, Pune

45.000

Residential flat at Chinchwad, Pune

1.500

Agriculture land at Khed, Pune (5 Acre)

15.000

Land at Mahalunge Chakan Road, Pune

4.000

Factory land and building at Survey No.143/1/1, Tathwade Village, Near Dange Chowk, Chinchwad, Pune-411033 (Jointly owned)

25.000

Investment in business

12.915

Cash and bank balance

0.265

Liquid assets (LIC, etc.)

7.500

Jewellery

1.500

Vehicles

0.300

 

------------

Total

112.980

 

 

Less: Liabilities

 

Loan

3.820

 

------------

Total

3.820

 

------------

NET WORTH

 

109.160

 

------------------------------------------------------------------------------------------------------------------------------

 

NETWORTH STATEMENT

 

MRS. ASHA BALASAHEB [GUARANTOR]

 

(INR IN MILLION)

 

Particulars

 

31.03.2017

Office situated at B-03, M.B Classic, 2nd Floor, Telco Road, Pune-411019

5.000

Shop situated at B-03, M.B Classic, 2nd Floor, Telco Road, Pune-411019

5.000

Land & building at Mahalunge

10.000

Land at Koyali Chakan Khed (7 Acre)

20.000

Investment in business

18.893

Cash & bank balance

0.350

Liquid assets (LIC, etc.)

2.500

Jewellery

3.500

 

------------

Total

65.243

 

 

Less: Liabilities

 

Loan

1.585

 

------------

Total

1.585

 

------------

NET WORTH

 

63.658

 

------------------------------------------------------------------------------------------------------------------------------

 

COMPANY PROFILE

 

The company has been formed on 26.05.2017 by Mrs. Preeti Ramdas Bhadale and Mrs. Pallavi Sanjay Kadam with intend to manufacture PHOTOVOLTAIC PANELS (Solar Panels). Directors of the company i.e. Mrs. Preeti Ramdas Bhadale and Mrs. Pallavi Sanjay Kadam are the daughters of Mr. Balasaheb Zarekar and Mrs. Asha Zarekar. The company is having manufacturing facility at Gat No 194, At Post Dattawadi, Shelgaon, Chakan- Shikrapur Road, Tal. Khed, Pune - 410501. The land of the unit is owned by family members of promoters. The unit has already commissioned in the first week of February 2018.

 

 

NIRMITEE ELECTRICALS (PARENT COMPANY)

 

M/S. Nirmitee Electricals is a registered partnership firm of Mr. Balasaheb Zarekar and Mrs. Asha Zarekar. The said firm has been formed on 18.09.1990. 'Nirmitee Electricals', is engaged in manufacturing and supplying a comprehensive assortment of Electrical Panels & Products, Genset Canopies, Cable Treys, Feeder Pillars, Solar Water Heaters & etc. These products are extensively used in residential, commercial and industrial sectors for power & electrification applications Moreover it is also engaged in providing Electrical Contracting Services that includes: - AMC for Substation & Corporate Buildings - HT/ LT; Electrical Turnkey Installations. Other services of the firm include Detail Engineering Services for new upcoming projects as well as suggestions for modernization schemes for existing plants. The firm mainly caters to power industry and various allied segments.

 

Within the span of 26 Years company has executed some precious projects like GE Plaza; Niramaya Hospital; Jai Ganesh Vision & world of Mother; Godrej Castle Maine; Magarpatta City; Ozone IT Park; G Corp Properties Commercial Project; Nanded City Development; Bellweather Developers Pvt Ltd & Pudumjee: G Corp Properties Private LImited.

 

After entering in to manufacturing Sector in 2008 (in full operation) Nirmitee Electricals has developed its Own Modular Panel Design in LT as well as HT Panels ranging from 415 V to 33 KV (33000V) having inherent features; is achievement of the company in last 4 years. This makes Company unique in its own sector of Power Project equipment’s as company can offer a single window services like Design; Manufacturing & Supply; Installations; Trouble Shooting & Execution of Turnkey Projects.

 

------------------------------------------------------------------------------------------------------------------------------

 

VALUATION REPORT

 

(GENERAL DETAILS)

 

Date of Valuation

MRS. YASHODHA KESHAW PUJARI

MR. KESHAW VAYGULE PUJARI

 

Purchaser: MR. VILAS TULKARAM KADAM

 

 

Name of the Owner

27.12.2017

 

 

Location, Street, Ward No

Gut No. 53/2, 53/3, Abutting to Old Pune-Mumbai Road, Falling within Vinegaon Khalapur District Raigad.

 

Commercial land/building/shed property situated at bearing Gut No. 53/2, 53/3, Abutting to Old Pune-Mumbai Road, Falling within Vinegaon Khalapur District Raigad.

 

Land Value of the property

INR 96.320 Million

 

 

Main Building value of the property

INR 1.856 Million

 

 

Total Value

INR 100.400 Million

 

 

Realizable sale value at 90%

INR 90.360 Million

 

 

Distress sale value at 80%

INR 80.320 Million

 

 

Construction cost for insurance

INR 4.050 Million

 

------------------------------------------------------------------------------------------------------------------------------

 

INDEX OF CHARGES: NO CHARGES EXISTS FOR COMPANY

 

------------------------------------------------------------------------------------------------------------------------------

 

 

 

 

 

 

 

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 65.02

UK Pound

1

INR 90.12

Euro

1

INR 80.09

                                         

 

                                                                 INFORMATION DETAILS

 

Information Gathered by :

SHK

 

 

Analysis Done by :

PRY

 

 

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

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)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.