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MIRA
INFORM REPORT
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Report No. : |
499479 |
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Report Date : |
22.03.2018 |
IDENTIFICATION DETAILS
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Name : |
VIKRAM SOLAR LIMITED (w.e.f.22.08.2017) |
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Formerly Known
As : |
VIKRAM SOLAR PRIVATE LIMITED (w.e.f.03.09.2008) INTERNATIONAL CLOTHIERS INDIA PRIVATE LIMITED (w.e.f.10.05.2006) INTERNATIONAL LEATHER CLOTHIERS PRIVATE LIMITED |
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Registered
Office : |
The Chambers, 8th Floor, 1865, Rajdanga Main Road, Kolkata
– 700107, West Bengal |
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Tel. No.: |
91-33-24427299/ 24427399/ 40030408/ 40030409 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
02.12.2005 |
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Com. Reg. No.: |
21-106448 |
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Capital
Investment / Paid-up Capital : |
INR 279.250 Million |
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CIN No.: [Company Identification
No.] |
U18100WB2005PLC106448 |
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IEC No.: [Import-Export Code No.] |
Not Divulged |
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TIN No.: |
19471839074 |
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GST No. : [Goods & Service Tax
Registration No.] |
19AABCI5168D1ZL |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AABCI5168D |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of Manufacturing and Sale of Solar PV Modules, Sale of Equipment and Materials for Solar Power Plants, Solar Systems and Solar Products and services for setting up of the Solar Power Plant, Solar Systems. (Registered Activity) |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Maximum Credit Limit: |
USD 9800000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 2005 and is engaged as manufacturer and seller of solar modules, solar equipment’s and systems and installation and commissioning of the solar power plant. For the financial year ended 2017, the company has achieved a massive growth of 82.56% in its revenue as compared to the previous year’s revenue and has earned fair net profit margin of 6.60%. The healthy financial profile of the company is marked by adequate networth base along with acceptable debt level and satisfactory liquidity position. Rating takes into consideration the company’s favourable Earnings Per Share (EPS) of INR 39.01 as against its Face Value (FV) of INR 10. Trade relations are reported as fair. Business is active. Payments terms are reported to be regular. In view of aforesaid, the company can be considered good 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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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India |
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
ICRA |
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Rating |
Cash Credit = A- |
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Rating Explanation |
Adequate degree of safety and low credit
risk. |
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Date |
13.12.2017 |
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Rating Agency Name |
ICRA |
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Rating |
Non fund based working capital facilities =
A2+ |
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Rating Explanation |
Strong degree of safety and low credit risk.
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Date |
13.12.2017 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 22.03.2018
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
MANAGEMENT NON-COOPERATIVE (TEL NO.: 91-33-24427299)
(91-22-24427299)- Not Exist
LOCATIONS
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Registered Office/ Corporate Office: : |
The Chambers, 8th Floor 1865, Rajdanga Main Road, Kolkata
– 700107, West Bengal, India |
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Tel. No.: |
91-33-24427299/24427399/40030408/40030409 |
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Fax No.: |
91-33-24420125 |
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E-Mail : |
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Website : |
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Factory : |
Special Economic Zone, Sector -2, FALTA 24 Parganas (South), West Bengal, India |
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Tel. No.: |
91-33-30133200 91-3174-222643/ 3174-222647/91-33-30133200 |
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Fax No.: |
91-3174-222643/ 33-30133299 |
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E-Mail : |
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Branch Offices : |
Located at Southern Region · Krishnanda Nagar #3, 1st Main Road, Near Ganesha Temple Nagarbhavi 2nd stage Bengaluru – 560091 Karnataka, India Tel. No.: 91 80 2358 0264 Northern Region · 304-305, Bhikaji Cama Bhawan, 11, Bhikaji Cama Place, New Delhi -110066, India Tel. No.: 91-11-40524855 Western Region ·
304, Lodha Supremus Road No-22 Wagle Estate, ·
Pride Purple Square B-Wing, Shop No-403, Kalewadi
Phata, Pune- 411017 Tel. No.: 91-20-27272098/ 2099 · 268-270, G.I.D.C Pandesara, Surat – 394221 Gujarat, India Tel. No.: 91-261-2897711-14 Fax No.: 91-261-2897716 Eastern Region · Nayak Tand, Kharora Raipur- 493225, Chhattisgarh, India |
DIRECTORS
AS ON 31.03.2017
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Name : |
Mr. Gyanesh Chaudhary |
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Designation : |
Managing director |
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Address : |
6B, Shree Ram Garden 15, Belvedre Road, Kolkata – 700027, West Bengal,
India |
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Date of Birth/Age : |
04.12.1977 |
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Qualification : |
MBA |
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Date of Appointment : |
14.07.2008 |
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PAN No.: |
ACRPC8772A |
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DIN No.: |
00060387 |
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Other Directorship
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Name : |
Mr. Hari Krishna Chudhary |
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Designation : |
Director |
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Address : |
Shree Ram Garden 15, Belvedre Road, Kolkata – 700027, West Bengal, India |
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Date of Birth/Age : |
04.12.1943 |
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Date of Appointment : |
14.07.2008 |
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PAN No.: |
ACMPC5346H |
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Voter ID No.: |
WB/23/148/222539 |
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DIN No.: |
01744503 |
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Other Directorship
:
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Name : |
Mr. Anil Harikishan Chaudhary |
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Designation : |
Director |
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Address : |
268/270, GIDC Pandesara Surat – 394210, Gujarat, India |
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Date of Birth/Age : |
18.04.1967 |
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Date of Appointment : |
14.07.2008 |
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PAN No.: |
ACTPC0399R |
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Voter ID No.: |
WB/23/148/222541 |
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DIN No.: |
00897159 |
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Other Directorship
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Name : |
Mr. Krishna Kumar Maskara |
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Designation : |
Whole-Time Director |
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Address : |
134, G.T. Road, Radha Niket, Howrah – 711102, West Bengal, India |
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Date of Birth/Age : |
25.08.1978 |
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Qualification : |
Chartered Accountant |
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Date of Appointment : |
14.03.2016 |
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PAN No.: |
ADQPM9621G |
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DIN No.: |
01677008 |
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Other Directorship
:
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Name : |
Mr. Vikram Swarup |
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Designation : |
Director |
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Address : |
2B, Judges Court Road, Kolkata-700027, West Bengal, India |
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Date of Appointment : |
30.09.2016 |
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DIN No.: |
00163543 |
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Other Directorship
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Name : |
Mrs. Mamta Binani |
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Designation : |
Additional Director |
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Address : |
105/1, Bidannagar (Ultadanga), Main Road, Sun-City Complex, Tower C, Flat Nos.202- 203, Kolkata-700067, West Bengal, India |
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Date of Appointment : |
30.09.2016 |
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DIN No.: |
00462925 |
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Other Directorship
:
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Name : |
Mr. Joginder Pal Dua |
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Designation : |
Additional Director |
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Address : |
House No. 1715, First Floor, DLF, Phase - 4, Chakkarpur, Gurugram – 122002, Haryana, India |
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Date of Appointment : |
23.05.2017 |
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DIN No.: |
02374358 |
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Other Directorship
:
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KEY EXECUTIVES
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Name : |
Mr. Sudip Chatterjee |
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Designation : |
Company Secretary |
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Address : |
AH - 227, Sector – II, Salt Lake City, Kolkata-700091, West Bengal,
India |
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Date of Appointment : |
02.05.2016 |
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PAN No.: |
AEMPC0580P |
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Name : |
Mr. Rajendra Kumar Parakh |
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Designation : |
Chief Financial Officer (KMP) |
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Address : |
Block Ed, Saurav Abasan Flat E2, Sector II, Salt Lake,
Kolkata – 700091, West Bengal, India |
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Date of Appointment : |
03.07.2017 |
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PAN No.: |
AEJPP0728B |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
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Names of Shareholders |
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No. of Shares |
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Hari Krishna Chaudhary |
|
934000 |
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Urmila Chaudhary |
|
1223000 |
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Anil Chaudhary |
|
951000 |
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Nilam Chaudhary |
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1015000 |
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Gyanesh Chaudhary |
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907450 |
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Meenakshi Chaudhary |
|
1140000 |
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Gyanesh Chaudhary and Sons HUF |
|
920000 |
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Hari Krishna Chaudhary and Sons HUF |
|
940000 |
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Anil Chaudhary and Sons HUF |
|
950000 |
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Vikram Capital Management Limited, India |
|
5758000 |
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Vikram India Limited, India |
|
999250 |
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Monolink Trexim Private Limited, India |
|
4142000 |
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Vikram Financial Services
Limited, India |
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2485000 |
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Pioneer Syntex Private Limited, India |
|
5332500 |
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Poonam Chand Manichtala |
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53600 |
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Ram Saran Maniktal J/H Poonam Chand Manichtala J/H Praveen Bera J/H |
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46900 |
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Ram Saran Maniktal |
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80400 |
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Tarkeshwar Tiwari |
|
46900 |
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Total |
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27925000 |
AS ON 09.08.2017
|
Equity Share Breakup |
Percentage of
Holding |
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Category |
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Promoters-Individual/Hindu Undivided Family- Indian |
32.16 |
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Promoters-Body corporate |
67.84 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the business of Manufacturing and Sale of Solar PV Modules, Sale of Equipment and Materials for Solar Power Plants, Solar Systems and Solar Products and services for setting up of the Solar Power Plant, Solar Systems. (Registered Activity) |
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Products / Services
: |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
Rustagi and Company Chartered Accountants |
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Address : |
19, R N Mukherjee Road, Eastern Building, First Floor,
Kolkata- 700001, West Bengal, India |
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Tel. No.: |
91-33-22480823/ 0856 |
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Fax No.: |
91-33-22430746 |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAUFS1566M |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Enterprises which
are owned, have significant influence
are partners with Key management personnel and their relatives: |
· Vikram India Limited – [U29253WB1980PLC032447] · Yashvi Art Foundation – [U92100WB2016NPL218591] · Monolink Trexim Private Limited |
|
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Subsidiaries and
step down Subsidiaries : |
· Vikram Solar GMBH · Sungold Energy Private Limited - [U40300WB2010PTC150040] · VP Utilities and Services Private Limited - [U74999WB2012PTC172975] · Vikram Solar US INC. · Vikram Solar Pte. Limited · Vikram Power Ventures Private Limited - [U40102WB2012PTC175725] · Lexicon Vanijya Pvt. Ltd. (ceased to be · subsidiary wef 01.12.2016) · Solarcode Vikram Management GmbH · Solarcode Vikram Solarkraftwerk 1 GmbH & Co KG · Star Solar Power Private Limited (ceased to be step subsidiary wef 30.09.2016) · Sungold Energy Private Limited (ceased to be step subsidiary wef 30.09.2016) · SV Solar Private Limited (ceased to be step subsidiary wef 30.09.2016) · AV Solar Private Limited (ceased to be step subsidiary wef 30.09.2016) · Bahal Power Projects Private Limited (ceased to be step subsidiary wef 30.09.2016) · Nav Green Solar Power Private Limited (ceased to be step subsidiary wef 30.09.2016) · BRCM Power Infrastructure Private Limited (ceased to be step subsidiary wef 30.09.2016) · 16. Sololink Solar Power Private Limited (ceased to be step subsidiary wef 30.09.2016) |
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Fellow Subsidiary
company: |
AV Solar Private Limited – [U74999WB2011PTC168372] |
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Associate Company : |
Vikram Capital Management Limited – [L67120WB1981PLC034413] |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
33000000 |
Equity Shares |
INR 10/- each |
INR 330.000 Million |
|
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
27925000 |
Equity Shares |
INR 10/- each |
INR 279.250 Million |
|
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|
|
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FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
279.250 |
279.250 |
268.580 |
|
(b) Reserves and Surplus |
3141.634 |
2050.852 |
1426.537 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
3420.884 |
2330.102 |
1695.117 |
|
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(3)
Non-Current Liabilities |
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|
|
|
(a) long-term borrowings |
2578.422 |
1207.159 |
464.517 |
|
(b) Deferred tax liabilities (Net) |
6.331 |
6.982 |
7.367 |
|
(c) Other long-term
liabilities |
68.839 |
59.495 |
175.732 |
|
(d) long-term
provisions |
18.293 |
11.347 |
5.977 |
|
Total Non-current
Liabilities (3) |
2671.885 |
1284.983 |
653.593 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
4337.574 |
3412.723 |
2163.537 |
|
(b) Trade
payables |
1556.896 |
507.294 |
871.421 |
|
(c) Other
current liabilities |
374.625 |
298.008 |
320.915 |
|
(d) Short-term
provisions |
61.531 |
0.000 |
0.000 |
|
Total Current
Liabilities (4) |
6330.626 |
4218.025 |
3355.873 |
|
|
|
|
|
|
TOTAL |
12423.395 |
7833.110 |
5704.583 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
3632.997 |
1870.533 |
748.854 |
|
(ii)
Intangible Assets |
76.375 |
65.459 |
31.790 |
|
(iii) Tangible assets
capital work-in-progress |
36.753 |
15.955 |
125.185 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
7.107 |
347.859 |
344.787 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
130.760 |
35.652 |
163.590 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
3883.992 |
2335.458 |
1414.206 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
2212.077 |
2382.471 |
1529.709 |
|
(c) Trade
receivables |
4813.231 |
2316.766 |
1291.876 |
|
(d) Cash and
bank balances |
606.365 |
313.913 |
863.466 |
|
(e)
Short-term loans and advances |
776.475 |
403.696 |
573.988 |
|
(f) Other
current assets |
131.255 |
80.806 |
31.338 |
|
Total
Current Assets |
8539.403 |
5497.652 |
4290.377 |
|
|
|
|
|
|
TOTAL |
12423.395 |
7833.110 |
5704.583 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
16496.895 |
9036.502 |
6194.111 |
|
|
Other Income |
98.861 |
70.444 |
37.273 |
|
|
TOTAL |
16595.756 |
9106.946 |
6231.384 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
13367.767 |
7293.019 |
5436.212 |
|
|
Purchases of
Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
195.671 |
(64.120) |
(502.092) |
|
|
Employee benefit expense |
476.697 |
280.038 |
212.672 |
|
|
CSR expenditure |
4.617 |
0.000 |
0.585 |
|
|
Other expenses |
688.113 |
520.561 |
305.574 |
|
|
Exceptional items before tax |
0.000 |
0.000 |
0.012 |
|
|
TOTAL |
14732.865 |
8029.498 |
5452.963 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
1862.891 |
1077.448 |
778.421 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
544.556 |
362.376 |
255.688 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
1318.335 |
715.072 |
522.733 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
179.816 |
95.705 |
73.493 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
1138.519 |
619.367 |
449.240 |
|
|
|
|
|
|
|
Less |
TAX |
49.196 |
69.615 |
97.948 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
1089.323 |
549.752 |
351.292 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
776.232 |
1350.684 |
1417.486 |
|
|
Other
Earning |
0.000 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
776.232 |
1350.684 |
1417.486 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
0.000 |
3681.524 |
2821.612 |
|
|
Components and spare
parts |
0.000 |
11.608 |
10.994 |
|
|
Capital Goods |
0.000 |
513.777 |
0.000 |
|
|
TOTAL IMPORTS |
0.000 |
4206.909 |
2832.606 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
39.01 |
20.47 |
13.43 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
208.718 |
121.400 |
78.610 |
|
|
|
|
|
|
Cash generated from operations |
247.092 |
(1113.178) |
73.526 |
|
|
|
|
|
|
Net cash flows from (used in) operations |
14.787 |
(1274.833) |
(1.494) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average
Collection Days (Sundry Debtors /
Income * 365 Days) |
106.49 |
93.58 |
76.13 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
3.43 |
3.90 |
4.79 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
42.51 |
25.39 |
58.51 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.84 |
0.45 |
0.51 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.50 |
0.55 |
0.86 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current
Liabilities) / Total Assets) |
0.73 |
0.71 |
0.68 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
2.08 |
2.03 |
1.60 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.85 |
1.81 |
1.98 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
1.10 |
0.84 |
0.53 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
3.42 |
2.97 |
3.04 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
6.60 |
6.08 |
5.67 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
8.77 |
7.02 |
6.16 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
31.84 |
23.59 |
20.72 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets /
Current Liabilities) |
1.35 |
1.30 |
1.28 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.00 |
0.74 |
0.82 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.28 |
0.30 |
0.30 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
25.51 |
16.98 |
10.08 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.35 |
1.30 |
1.28 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
268.580 |
279.250 |
279.250 |
|
Reserves & Surplus |
1426.537 |
2050.852 |
3141.634 |
|
Net
worth |
1695.117 |
2330.102 |
3420.884 |
|
|
|
|
|
|
Long-term borrowings |
464.517 |
1207.159 |
2578.422 |
|
Short term borrowings |
2163.537 |
3412.723 |
4337.574 |
|
Current maturities of
long-term debts |
78.610 |
121.400 |
208.718 |
|
Total
borrowings |
2706.664 |
4741.282 |
7124.714 |
|
Debt/Equity
ratio |
1.597 |
2.035 |
2.083 |
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 |
6194.111 |
9036.502 |
16496.895 |
|
|
|
45.889 |
82.558 |
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 |
6194.111 |
9036.502 |
16496.895 |
|
Profit/ (Loss) |
351.292 |
549.752 |
1089.323 |
|
|
5.67
% |
6.08
% |
6.60
% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
279.250 |
279.250 |
|
(b) Reserves and Surplus |
|
2991.236 |
1902.534 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
(d) Minority interest |
|
0.000 |
9.588 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
3270.486 |
2181.784 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
2578.423 |
2537.637 |
|
(b) Deferred tax liabilities (Net) |
|
5.999 |
6.863 |
|
(c) Other long-term
liabilities |
|
68.839 |
59.495 |
|
(d) long-term
provisions |
|
158.505 |
130.287 |
|
Total Non-current
Liabilities (3) |
|
2811.766 |
2734.282 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
|
4337.574 |
3485.227 |
|
(b) Trade
payables |
|
1546.727 |
508.811 |
|
(c) Other
current liabilities |
|
380.286 |
377.492 |
|
(d) Short-term
provisions |
|
59.221 |
0.000 |
|
Total Current
Liabilities (4) |
|
6323.808 |
4371.530 |
|
|
|
|
|
|
TOTAL |
|
12406.060 |
9297.184 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
3634.692 |
3558.261 |
|
(ii)
Intangible Assets |
|
76.375 |
69.738 |
|
(iii) Tangible assets
capital work-in-progress |
|
36.753 |
15.954 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
1.500 |
50.085 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
|
130.760 |
132.341 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
3880.080 |
3826.379 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.644 |
|
(b)
Inventories |
|
2214.062 |
2384.053 |
|
(c) Trade
receivables |
|
4827.441 |
2259.602 |
|
(d) Cash and
bank balances |
|
618.176 |
349.283 |
|
(e)
Short-term loans and advances |
|
735.046 |
396.417 |
|
(f) Other
current assets |
|
131.255 |
80.806 |
|
Total
Current Assets |
|
8525.980 |
5470.805 |
|
|
|
|
|
|
TOTAL |
|
12406.060 |
9297.184 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
|
16673.770 |
9327.640 |
|
|
Other Income |
|
168.716 |
80.719 |
|
|
TOTAL |
|
16842.486 |
9408.359 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
13382.498 |
7293.544 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
195.671 |
(64.120) |
|
|
Employee benefit expense |
|
515.968 |
313.083 |
|
|
CSR expenditure |
|
4.617 |
0.000 |
|
|
Other expenses |
|
709.131 |
550.836 |
|
|
Exceptional items |
|
19.865 |
17.110 |
|
|
TOTAL |
|
14827.750 |
8110.453 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
2014.736 |
1297.906 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
639.290 |
502.273 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
1375.446 |
795.633 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
232.438 |
170.738 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
1143.008 |
624.895 |
|
|
|
|
|
|
|
Less |
TAX |
|
55.259 |
74.356 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
1087.749 |
550.539 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
38.95 |
19.72 |
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 |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
Yes |
|
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 |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE INFORMATION
The company Vikram Solar Private Limited, incorporated on 2nd December, 2005, having its corporate and registered office at Kolkata, is engaged in the business of manufacturing and sale of Solar PV Modules, sale of equipment and materials for Solar Power Plants, Solar Systems and Solar Products and services for setting up of the Solar Power Plant, Solar Systems. The manufacturing facilities of Solar Modules are situated at Falta Special Economic Zone, West Bengal.
STATE OF COMPANY’S
AFFAIRS AND FUTURE OUTLOOK
On a stand-alone basis during the year, the total income of the Company increased by INR 749.000 Million from INR 910.000 Million to INR 1659.000 Million. For the Financial Year 2016-2017, the Company’s profit after tax stood at INR 1089.300 Million vis-à-vis INR 549.700 Million in the previous year. The increase in production is possible due to starting of new production capacity, optimum utilization of capacity and increased productivity of machines and labours. The Company has been able to maintain its growth at CAGR of 56%. During the current financial year, the Company had been successful in expanding manufacturing facilities at Falta to its rated capacity of 1 GW.
UNSECURED LOANS:
|
PARTICULARS |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
|
LONG TERM BORROWINGS |
|
|
|
Long-term |
510.000 |
310.531 |
|
|
|
|
|
Total |
510.000 |
310.531 |
INDEX OF CHARGES:
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G60716560 |
100132180 |
CANARA BANK |
20/09/2017 |
- |
- |
1000000000.0 |
PRINCEP STREET BRANCH5,CHOWRINGHEE APPROACH ROADKOLKATAWB700072IN |
|
2 |
G49134521 |
100111978 |
PUNJAB NATIONAL BANK |
27/06/2017 |
- |
- |
3500000000.0 |
LARGE CORPORATE BRANCH44 PARK STREETKOLKATAWB700016IN |
|
3 |
G41082066 |
100090052 |
ALLAHABAD BANK |
17/02/2017 |
- |
- |
12550000000.0 |
INDUSTRIAL FINANCE BRANCH17, R.N. MUKHERJEE ROADKOLKATAWB743504IN |
|
4 |
G36445013 |
100078722 |
ICICI BANK LIMITED |
17/02/2017 |
- |
- |
66000000.0 |
ICICI BANK TOWER, NEAR CHAKLI CIRCLE,OLD PADRA ROADVADODARAGU390007IN |
|
5 |
G35547603 |
100076941 |
UNION BANK OF INDIA |
07/01/2017 |
- |
- |
700000000.0 |
INDUSTRIAL FINANCE BRANCH1/1, CAMAC STREET, 1ST FLOORKOLKATAWB700016IN |
|
6 |
G29817129 |
100065929 |
UNITED BANK OF INDIA |
10/11/2016 |
- |
- |
600000000.0 |
OLD COURT HOUSE STREET BRANCH,11, HEMANTA BASU SARANIKOLKATAWB700001IN |
|
7 |
G22888697 |
100060860 |
UNITED BANK OF INDIA |
21/10/2016 |
- |
- |
350000000.0 |
OLD COURT HOUSE STREET BRANCH,11, HEMANTA BASU SARANIKOLKATAWB700001IN |
|
8 |
C74486242 |
10610184 |
CORPORATION BANK |
05/12/2015 |
- |
- |
900000000.0 |
CORPORATE BANKING BRANCHCENTRE POINT, 21, HEMANTA BASU SARANIKOLKATAWB700001IN |
|
9 |
C60759958 |
10584006 |
CANARA BANK |
19/06/2015 |
- |
- |
1000000.0 |
PRINCEP STREET BRANCH,5, CHOWRINGHEE APPROACH ROAD, DHARMATALA POSTKOLKATAWB700072IN |
|
10 |
G41625815 |
10559068 |
ALLAHABAD BANK |
03/03/2015 |
28/03/2017 |
- |
2140000000.0 |
IINDUSTRIAL FINANCE BRANCH,KISHORE BHAVAN, 4TH FLOOR, 7, R.N. MUKHERJEE ROADKOLKATAWB700001IN |
FIXED ASSETS:
Tangible assets
· Land
· Buildings
· Office building
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Motor vehicles
· Office equipment
· Computer equipment’s
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 65.22 |
|
|
1 |
INR 91.33 |
|
Euro |
1 |
INR 79.96 |
INFORMATION DETAILS
|
Information
Gathered by : |
SAV |
|
|
|
|
Analysis Done by
: |
NIY |
|
|
|
|
Report Prepared
by : |
ARC |
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.