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|
|
MIRA INFORM REPORT
|
Report No. : |
508813 |
|
Report Date : |
14.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
WEBSOL ENERGY SYSTEM LIMITED (w.e.f. 28.05.2011) |
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|
|
|
Formerly Known
As : |
WEBSOL ENERGY SYSTEMS LIMITED (w.e.f. 20.10.2009) WEBEL-SL ENERGY SYSTEMS LIMITED |
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|
Registered
Office : |
Plot No.849, Block - P, 48, Pramatha Choudhary Sarani, 2nd
Floor, New Alipore, Kolkata – 700 053, West Bengal |
|
Tel. No.: |
91-33-24000419 |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
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|
|
Date of
Incorporation : |
08.02.1990 |
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|
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|
Com. Reg. No.: |
21-048350 |
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Capital
Investment / Paid-up Capital : |
INR 219.731 Million |
|
|
|
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CIN No.: [Company Identification
No.] |
L29307WB1990PLC048350 |
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|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
19AAACW3039L1Z1 |
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TIN No: |
19671535011 |
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|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
Not Divulged |
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|
|
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PAN No.: [Permanent Account No.] |
AAACW3039L |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer of Photovoltaic
Monocrystalline Solar Cells and Modules (Registered Activity) |
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|
|
|
No. of Employees
: |
313 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
Maximum Credit Limit : |
USD 1699000 |
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|
|
|
Status : |
Moderate |
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|
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Payment Behaviour : |
Slow |
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|
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1990 and it is a manufacturer of photovoltaic monocrystalline solar cells. As per financials of March 2017, the company has registered a growth of
5.86% in its revenue as compared to its previous year’s revenue and has
reported good profit margin of 26.80%. Rating is constrained on account of company found as a willful
defaulter and defaulted amount of INR 832.600 Million with “Axis Bank” as on
dated 30th June 2017 (Kolkata). However, rating weakness is partially offset by sound networth base
and average debt balance sheet. Payments are reported to be slow. In view of aforesaid, the company can be considered for business
dealings with caution. |
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 |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name has been found enlisted as a defaulter
in the publicly available RBI Defaulters’ list and the details of the same are
as under :
Suit-filed
accounts of INR 10.000 million and above
|
Bank |
Branch |
Quarter |
Borrower Name |
Registered Address |
Director Name--DIN no. Detail |
OutStanding Amount (INR in Million) |
|
AXIS BANK LIMITED |
CORPORATE BANKING,KOLKATA [WB] |
02.05.2018 |
WEBSOL ENERGY SYSTEM LIMITED |
48, PRAMATHA CHOUDHURY SARANI, PLOT NO- 849, BLOCK-P, 2ND FLOOR, NEW ALIPOREKOLKATA, WEST BENGAL, INDIA, 700053 |
BISWA RANJAN SENGUPTA--NA, S. L. AGARWAL--NA, SANTOSH KUMAR TIBREWALLA--NA |
832.600 |
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
31-03-2018.
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 14.05.2018.
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 DECLINED
Management non-cooperative (Tel No.: 91-3174-222932/ 91-33-24000419)
LOCATIONS
|
Registered Office : |
Plot No.849, Block - P, 48, Pramatha Choudhary Sarani, 2nd
Floor, New Alipore, Kolkata – 700 053, West Bengal, India |
|
Tel. No.: |
91-33-24000419 |
|
Fax No.: |
91-33-24000375 |
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E-Mail : |
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Website : |
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Corporate Office/
Plant: |
Falta SEZ Unit Sector–II, Falta Special Economic Zone, Falta Village Birsa, Mouza Akalmegh, P.S Ramnagar, District South 24 Parganas- 743504, West Bengal, India |
|
Tel. No.: |
91-3174-222932 |
|
Fax No.: |
91-3174-222933 |
DIRECTORS
As on 31.03.2018
|
Name : |
Mr. Sohan Lal Agarwal |
|
Designation : |
Managing Director |
|
Address : |
53, Haraprasad Sastry Sarani, Block - E, New Alipore, Kolkata-700053, West Bengal, India |
|
Date of Birth/Age : |
04.03.1946 |
|
Qualification : |
Graduate in Commerce |
|
Date of Appointment : |
25.09.1992 |
|
DIN No.: |
00189898 |
|
|
|
|
Name : |
Ms. Sima Jhunjhunwala |
|
Designation : |
Whole-Time Director |
|
Address : |
69/17/402, Ujaas The Condo Ville S. K. Deb Road, South Dumdum, Lake Town, Kolkata-700048, West Bengal, India |
|
Date of Appointment : |
14.08.2015 |
|
PAN No.: |
AEOPM9836Q |
|
DIN No.: |
07264006 |
|
|
|
|
Name : |
Mr. Dharmendra Sethia |
|
Designation : |
Director |
|
Address : |
Shibani Apartments, 4th Floor, Ghoshpara FB11 Chawalputty, Baguihati, Kolkata-700059, West Bengal, India |
|
Date of Appointment : |
14.08.2014 |
|
DIN No.: |
06775533 |
|
|
|
|
Name : |
Mr. Prateek Kaushik |
|
Designation : |
Director |
|
Address : |
10, Dr. Abani Dutta Road, Mohini Residential, Flat No. 603A, Howrah -711106, West Bengal, India |
|
Date of Appointment : |
11.02.2015 |
|
DIN No.: |
07096599 |
KEY EXECUTIVES
|
Name : |
Ms. Sweta Biyani |
|
Designation : |
Company Secretary |
|
Address : |
20, Janta Sarani, Hind Motor Hooghly, Kolkata 712233, West Bengal, India |
|
Date of Appointment : |
14.02.2017 |
|
PAN No.: |
AELPA5164J |
|
|
|
|
Name : |
Ms. Sima Jhunjhunwala |
|
Designation : |
Chief Financial Officer |
|
Address : |
69/17/402, Ujaas The Condo Ville S.K. Deb Road, South Dumdum Lake Town, Kolkata-700048, West Bengal, India |
|
Date of Appointment : |
14.11.2015 |
|
PAN No.: |
AEOPM9836Q |
MAJOR SHAREHOLDERS
As on MARCH 2018
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of
shares (calculated as per SCRR, 1957)As a % |
|
|
(A) Promoter & Promoter
Group |
7449422 |
27.93 |
|
|
(B) Public |
19226311 |
72.07 |
|
|
Grand Total |
26675733 |
100.00 |
Statement showing shareholding pattern of the Promoter and
Promoter Group
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of
shares (calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu undivided
Family |
1929748 |
7.23 |
|
|
SOHAN LAL AGARWAL |
1873108 |
7.02 |
|
|
RAJ KUMARI AGARWAL |
20 |
0.00 |
|
|
CHIRANJI LALL AGARWAL |
14020 |
0.05 |
|
|
INDERMANI DEVI AGARWAL |
42600 |
0.16 |
|
|
Any Other (specify) |
5519674 |
20.69 |
|
|
S L INDUSTRIES PVT LTD |
5519674 |
20.69 |
|
|
Sub Total A1 |
7449422 |
27.93 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
7449422 |
27.93 |
Statement showing shareholding pattern of the Public
shareholder
|
Category & Name of the Shareholders |
No. of fully paid up equity shares held |
Shareholding % calculated as per SCRR,
1957 As a % of (A+B+C2) |
|
|
Mutual Funds/ |
7600 |
0.03 |
|
|
Foreign Portfolio Investors |
319898 |
1.20 |
|
|
Financial Institutions/ Banks |
132735 |
0.50 |
|
|
Sub Total B1 |
460233 |
1.73 |
|
|
B2) Central Government/ State
Government(s)/ President of India |
0 |
0.00 |
|
|
B3) Non-Institutions |
0 |
0.00 |
|
|
Individual
share capital upto INR 0.200 million |
10332341 |
38.73 |
|
|
Individual
share capital in excess of INR 0.200 million |
1525221 |
5.72 |
|
|
Any Other (specify) |
6908516 |
25.90 |
|
|
GARNET INTERNATIONAL LIMITED |
2528514 |
9.48 |
|
|
RADISON TIEUP PRIVATE LIMITED |
619865 |
2.32 |
|
|
Bodies Corporate |
3760137 |
14.10 |
|
|
Sub Total B3 |
18766078 |
70.35 |
|
|
B=B1+B2+B3 |
19226311 |
72.07 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Photovoltaic
Monocrystalline Solar Cells and Modules (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 : |
313 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors 1: |
|
|
Name : |
A.L. and Associates Chartered Accountants |
|
Address: |
24, Netaji Subhas Road, 4th Floor, Room No.33, Kolkata –
700001, West Bengal, India |
|
Tel No: |
91-33-40074750 |
|
Email: |
|
|
|
|
|
Auditors 1: |
|
|
Name : |
T. More and Company Chartered Accountants |
|
Address: |
P-23, Lake Town, Block-B, 4th Floor, Kolkata – 700089, West
Bengal, India |
|
Tel No: |
91-33-9831009978 |
|
Email: |
|
|
|
|
|
Auditors 3: |
|
|
Name : |
Agarwal Sanganeria and Company Chartered Accountants |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associates : |
S. L. Industries Private Limited |
CAPITAL STRUCTURE
After: 23.09.2017
Authorised Capital : INR 600.000 million
Issued, Subscribed & Paid-up Capital : INR 290.271
million
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60000000 |
Equity Shares |
INR 10/- each |
INR 600.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11286533 |
Equity Shares |
INR 10/- each |
INR 112.866 Million |
|
9986533 |
Equity Shares (fully paid up issued as Bonus Shares by
capitalization of Securities Premium) |
INR 10/- each |
INR 99.865 Million |
|
700000 |
Equity Shares (fully paid for consideration other than cash) |
INR 10/- each |
INR 7.000 Million |
|
|
TOTAL |
|
INR 219.731
Million |
Reconciliation of
equity shares
|
Particulars |
As at 31.03.2017 |
|
|
Number of Shares |
INR In Million |
|
|
Shares outstanding at the beginning of the year |
21973066 |
219.731 |
|
Shares Issued during the year |
-- |
-- |
|
Shares outstanding at the end of the year |
21973066 |
219.731 |
Terms and rights
attached to the Equity shares
The Company has only one class of Equity Shares having a par value of INR 10/- per Equity Share. Each holder of equity shares is entitled to one vote per equity share held. All equity shares ranks pari passu with respect to the dividend, voting rights and other terms. The Dividend proposed, if any, by the Board of Directors is subject to the approval of the Shareholders in the ensuing Annual General Meeting. In the event of liquidation of the company, normally the equity shareholders are eligible to receive remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
6849422 (31.17%) No. of Equity Shares of the company are held by promoter and the promoter group as on 31st March 2017
Details of
shareholders holding more than 5% of total shares of the Company:
|
Particulars |
As at 31.03.2017 |
|
|
Number of Shares |
% holding |
|
|
S L Industries Private Limited |
5519674 |
25.12% |
|
Tysom Agencies Private Limited |
1219725 |
5.55% |
|
Sohan Lal Agarwal |
1273108 |
5.79% |
9986533 nos. of Equity Shares of INR 10/- each fully paid issued by way of Bonus Shares in financial year 2009-10
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 |
219.731 |
219.731 |
219.731 |
|
(b) Reserves & Surplus |
374.944 |
(2268.403) |
(2169.693) |
|
(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) |
594.675 |
(2048.672) |
(1949.962) |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
509.013 |
2517.822 |
1706.515 |
|
(b) Deferred tax liabilities
(Net) |
193.883 |
193.883 |
193.883 |
|
(c) Other long term
liabilities |
263.109 |
3.453 |
6.557 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
966.005 |
2715.158 |
1906.955 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
332.693 |
1004.172 |
2117.082 |
|
(b) Trade payables |
385.609 |
1579.355 |
2471.086 |
|
(c) Payables for capital contract |
0.000 |
0.000 |
0.084 |
|
(d) Other current liabilities |
881.372 |
1261.150 |
1299.821 |
|
(e) Short-term provisions |
47.961 |
18.697 |
29.380 |
|
Total
Current Liabilities (4) |
1647.635 |
3863.374 |
5917.453 |
|
|
|
|
|
|
TOTAL |
3208.315 |
4529.860 |
5874.446 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2832.582 |
2659.631 |
2801.502 |
|
(ii) Intangible Assets |
0.213 |
0.319 |
0.425 |
|
(iii) 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 |
1.510 |
1.510 |
1.510 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
174.039 |
367.485 |
297.655 |
|
(e) Other Non-current assets |
0.000 |
334.109 |
377.671 |
|
Total
Non-Current Assets |
3008.344 |
3363.054 |
3478.763 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
42.318 |
205.602 |
530.549 |
|
(c) Trade receivables |
12.984 |
720.718 |
1578.125 |
|
(d) Cash and cash equivalents |
31.748 |
7.008 |
13.499 |
|
(e) Short-term loans and
advances |
112.528 |
233.151 |
273.183 |
|
(f) Other current assets |
0.393 |
0.327 |
0.327 |
|
Total
Current Assets |
199.971 |
1166.806 |
2395.683 |
|
|
|
|
|
|
TOTAL |
3208.315 |
4529.860 |
5874.446 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
2960.804 |
2796.969 |
3557.508 |
|
|
Other Income |
746.941 |
7.735 |
8.029 |
|
|
TOTAL
|
3707.745 |
2804.704 |
3565.537 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
2087.826 |
2272.137 |
3075.328 |
|
|
Changes in inventories of finished goods, work-in-progress and Stock-in-Trade |
108.236 |
32.674 |
(11.745) |
|
|
Employees benefits expense |
78.598 |
72.906 |
68.168 |
|
|
Stores and spares consumed |
126.593 |
135.318 |
126.577 |
|
|
Power and Fuel |
108.785 |
109.891 |
109.947 |
|
|
Exceptional items |
(45.277) |
21.847 |
64.393 |
|
|
Extraordinary Item |
110.051 |
0.000 |
377.103 |
|
|
Provision for Doubtful Debts & Advances |
0.000 |
0.000 |
(47.532) |
|
|
Other expenses |
168.902 |
90.051 |
138.897 |
|
|
TOTAL |
2743.714 |
2734.824 |
3901.136 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
964.031 |
69.880 |
(335.599) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
17.878 |
11.255 |
20.706 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
946.153 |
58.625 |
(356.305) |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
151.491 |
145.220 |
162.633 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
794.662 |
(86.595) |
(518.938) |
|
|
|
|
|
|
|
Less |
TAX |
1.205 |
12.115 |
4.718 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
793.457 |
(98.710) |
(523.656) |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(3590.930) |
(3492.220) |
(2967.227) |
|
|
|
|
|
|
|
Less
|
Depreciation adjusted as per Companies Act 2013,Schedule II |
0.000 |
0.000 |
(1.337) |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
(2797.473) |
(3590.930) |
(3492.220) |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
14.683 |
357.960 |
721.806 |
|
|
TOTAL
EARNINGS |
14.683 |
357.960 |
721.806 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
1858.612 |
1908.911 |
3011.002 |
|
|
Components and Stores parts |
59.929 |
48.739 |
66.462 |
|
|
Capital Goods |
430.753 |
0.000 |
117.594 |
|
|
TOTAL
IMPORTS |
2349.294 |
1957.650 |
3195.058 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
|
|
|
|
|
Basic |
36.11 |
(4.49) |
(23.83) |
|
|
Diluted |
22.58 |
(4.49) |
(23.83) |
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 |
|
Cash generated from operations |
909.817 |
321.725 |
(478.879) |
|
Net Cash from Operating Activities |
780.683 |
298.355 |
(127.200) |
QUARTERLY
RESULTS
|
Particulars |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
|
1st Quarter |
2nd
Quarter |
3RD
Quarter |
|
Net Sales |
801.500 |
431.700 |
327.200 |
|
Total Expenditure |
661.100 |
422.400 |
301.100 |
|
PBIDT (Excl OI) |
140.400 |
9.300 |
26.100 |
|
Other Income |
1.900 |
19.600 |
12.600 |
|
Operating Profit |
142.300 |
28.900 |
38.700 |
|
Interest |
7.700 |
35.500 |
21.300 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
134.600 |
(6.600) |
17.400 |
|
Depreciation |
39.800 |
40.600 |
40.100 |
|
Profit Before Tax |
94.800 |
(47.200) |
(22.700) |
|
Tax |
0.000 |
NA |
NA |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit After Tax |
94.800 |
(47.200) |
(22.700) |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
94.800 |
(47.200) |
(22.700) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
1.60 |
94.05 |
161.92 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
228.03 |
3.88 |
2.25 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
67.41 |
253.71 |
293.28 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
22.78 |
0.34 |
(0.63) |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.34 |
0.03 |
(0.12) |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.67 |
1.41 |
1.30 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
1.42 |
(1.72) |
(1.96) |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
2.77 |
(1.89) |
(3.03) |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
4.76 |
(1.30) |
(1.44) |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
53.92 |
6.21 |
(16.21) |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
26.80 |
(3.53) |
(14.72) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
24.73 |
(2.18) |
(8.91) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
133.43 |
4.82 |
26.85 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
0.12 |
0.30 |
0.40 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.10 |
0.25 |
0.32 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.19 |
(0.45) |
(0.33) |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
3.83 |
16.03 |
17.40 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
0.12 |
0.30 |
0.40 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK PRICES
|
Face Value |
INR 10.00 |
|
Market Value |
INR 61.80 |
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 |
219.731 |
219.731 |
219.731 |
|
Reserves & Surplus |
(2169.693) |
(2268.403) |
374.944 |
|
Net
worth |
(1949.962) |
(2048.672) |
594.675 |
|
|
|
|
|
|
long-term borrowings |
1706.515 |
2517.822 |
509.013 |
|
Short term borrowings |
2117.082 |
1004.172 |
332.693 |
|
Total
borrowings |
3823.597 |
3521.994 |
841.706 |
|
Debt/Equity
ratio |
(1.961) |
(1.719) |
1.415 |
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 |
3557.508 |
2796.969 |
2960.804 |
|
|
|
(21.378) |
5.858 |
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 |
3557.508 |
2796.969 |
2960.804 |
|
Profit/ (Loss) |
(523.656) |
(98.710) |
793.457 |
|
|
(14.72%) |
(3.53%) |
26.80% |
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 |
No |
|
13] |
Type of business |
Yes |
|
14] |
Line of Business |
Yes |
|
15] |
Export/import details (if applicable) |
No |
|
16] |
No. of employees |
Yes |
|
17] |
Details of sister concerns |
Yes |
|
18] |
Major suppliers |
No |
|
19] |
Major customers |
No |
|
20] |
Banking Details |
Yes |
|
21] |
Banking facility details |
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 |
No |
|
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 |
COMPANY OVERVIEW
The company is a leading manufacturer of photovoltaic monocrystalline solar cells and modules in India. With a state-of-the-art integrated production facility at Falta Special Economic Zone, Sector II, Falta, West Bengal, Websol has delivered advanced products since 1994. Over the years the Company established a reputation for making highly reliable photovoltaic modules for various domestic, commercial and industrial applications. The Company’s multi-crystalline photovoltaic modules are manufactured to the strictest engineering guidelines to meet the most stringent international quality standards.
Websol modules are designed for grid and standalone solar photovoltaic power plants, remote communication and rural electrification for the best performance under diffused sunlight.
The Company possesses the technical capability to handle up
to 160 micronthin wafers and process multiple size wafers
FINANCIALS
The Company’s revenues grew by 32.19% to INR 3707.700
Million in FY2016-17 following an improvement in terms of sales volume. EBITDA
stood at INR 1028.800 Million compared to INR 91.700 Million in the previous
year. Interest costs increased from INR 11.300 Million in FY2015-16 to INR
17.800 Million in FY2016-17. The Company reported a post-tax profit of INR
793.400 Million in FY2016-17 compared to a post-tax loss of INR 98.700 Million
in the previous year.
OUTLOOK
India’s solar capacity is expected to touch the 18.7 gigawatts mark by the end of 2017, about 5% of the global share, growing 89% over the previous year. Total new solar capacity addition in the next five years is expected at 56 gigawatts.
Power consumption is estimated to increase from 1174.07 terawatt hours in 2015 to 1894.7 terawatt hours in 2022. The Ministry of Power has set a target of 1229.4 billion units of electricity to be generated in the financial year 2017- 18, which are 50 billion units higher than the target for 2016-17.
The annual growth rate in renewable energy generation has been estimated to be 27% and 18% for conventional energy. The Indian power sector has an investment potential of H15 trillion (US$ 225 billion) in the next 4 to 5 years, thereby providing immense opportunities in power generation, distribution, transmission, and equipment. The Indian power sector holds an investment potential of H15 trillion (US$ 225 billion) in the next 4 to 5 years, covering opportunities in power generation, distribution, transmission, and equipment.
The Indian power sector has an investment potential of INR 15 trillion (US$ 225 billion) in the next 4 to 5 years, providing immense opportunities in power generation, distribution, transmission, and equipment. Despite concerns about weak power demand growth and growing incidence of grid curtailment, the solar power outlook in India remains strong. India’s solar market expected to grow by 90% in 2017.
On the overall, 2017 could prove to be a bumper year for the solar power sector in India. Total installed capacity is expected to reach 18 gigawatts by the end of the year (December 2017). The Government is also working towards the greater use of electric cars, which will sharply reduce India’s heavy dependence on petroleum products, a big drain on foreign exchange.
OPERATIONS
During the year the company was able to utilize the
manufacturing capacity at its optimum. During the year the company has settled
all NPA bank accounts through OTS. The company has also been able to improve
the efficiency of the output of its finished goods. Addition to the installed
capacity to the production facility during the year has added to the earnings
of the Company. The company reported total revenue of INR 2960.804 Million
against INR 2796.969 Million during the last financial year. The Company earned
a profit of INR 793.457 Million after providing INR 151.491 Million towards
depreciation and INR 17.878 Million towards interest during the current
financial year as compared to a loss of INR 98.710 Million in the last
financial year.
UNSECURED LOAN
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Loan from related party (From Promoter Company) |
19.144 |
35.150 |
|
Short-term
borrowings |
|
|
|
From Joint Stock Companies |
160.912 |
184.103 |
|
From Director |
0.000 |
10.351 |
|
Total |
180.056 |
229.604 |
INDEX
OF CHARGES
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
C05870118 |
10501310 |
RENESOLA SINGAPORE PTE. LTD. |
31/03/2014 |
- |
- |
105300000.0 |
CLEANTECH LOOP#02-28 CLEANTECH PARKSINGAPORENA637141SG |
|
2 |
B76971936 |
10430760 |
AXIS BANK LIMITED |
06/06/2013 |
- |
- |
2323500000.0 |
CORPORATE BANKING BRANCH (CBB),1, SHAKESPEARE SARANI, AC MARKET, 3RD FLOOR,KOLKATAWB700071IN |
|
3 |
G09436452 |
10355983 |
INVENT ASSETS SECURITISATION AND RECONSTRUCTION PRIVATE LIMITED |
31/03/2012 |
18/02/2016 |
- |
1115800000.0 |
107, Jolly Maker Chambers No.2225, Nariman PointMumbaiMa400021IN |
|
4 |
G09436031 |
10295479 |
INVENT ASSETS SECURITISATION AND RECONSTRUCTION PRIVATE LIMITED |
23/06/2011 |
18/02/2016 |
- |
45000000.0 |
107, Jolly Maker Chambers No.2225, Nariman PointMumbaiMa400021IN |
|
5 |
G09435579 |
10224066 |
INVENT ASSETS SECURITISATION AND RECONSTRUCTION PRIVATE LIMITED |
20/05/2010 |
18/02/2016 |
- |
400000000.0 |
107, Jolly Maker Chambers No.2225, Nariman PointMumbaiMa400021IN |
|
6 |
G09434408 |
10209719 |
INVENT ASSETS SECURITISATION AND RECONSTRUCTION PRIVATE LIMITED |
29/03/2010 |
18/02/2016 |
- |
1410000000.0 |
107, Jolly Maker Chambers No.2225, Nariman PointMumbaiMa400021IN |
|
7 |
G09515958 |
80010540 |
INVENT ASSETS SECURITISATION AND RECONSTRUCTION PRIVATE LIMITED |
04/08/2005 |
18/02/2016 |
- |
1410000000.0 |
107, Jolly Maker Chambers No.2225, Nariman PointMumbaiMa400021IN |
|
8 |
G09516691 |
90256898 |
INVENT ASSETS SECURITISATION AND RECONSTRUCTION PRIVATE LIMITED |
25/08/2004 |
18/02/2016 |
- |
1410000000.0 |
107, Jolly Maker Chambers No.2225, Nariman PointMumbaiMa400021IN |
|
9 |
A66662222 |
90253588 |
ALLAHABAD BANK |
20/02/1995 |
15/07/2009 |
- |
810000000.0 |
INDUSTRIAL FINANCE BRANCH17, R. N. MUKHERJEE ROAD, 4TH FLOOR,KOLKATAWB700001IN |
|
10 |
G50184662 |
90253572 |
THE FEDERAL BANK LIMITED |
12/12/1994 |
31/03/2012 |
13/07/2017 |
403500000.0 |
R N MUKHERJEE ROAD BRANCH1 R N MUKHERJEE ROADKOLKATAWB700001IN |
CONTINGENT
LIABILITIES:
(a) The Company’s product, namely, Solar Photovoltaic Modules carry a warranty of 25 years as per International Standards. A fair estimate of future liability that may arise on this account is not ascertainable. The same shall be accounted for as and when any claim occurs.
(b) Demand against the legal expenses and interest by
certain Sundry Creditors, amount of which is not ascertainable.
FIXED ASSETS
- Building
- Plant and Machinery
- Furniture and Fixture
- Computer
- Office Equipment
- Motor Vehicles
UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED AND NINE
MONTHS DECEMBER 31, 2017
[INR
IN MILLION]
|
PARTICULARS |
3 Months |
9 Months |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
[Unaudited] |
[Unaudited] |
[Unaudited] |
|
1. Income from Operations |
|
|
|
|
Net Sales/income from operations |
327.200 |
431.700 |
1560.400 |
|
Other Operating Income |
12.600 |
19.600 |
34.100 |
|
Total income from operations (net) |
339.800 |
451.300 |
1594.500 |
|
|
|
|
|
|
Expenses |
|
|
|
|
Cost of materials consumed |
267.200 |
332.600 |
1151.900 |
|
Store and Stored Consumed |
27.400 |
21.300 |
68.600 |
|
Changes in inventories of finished goods. work-in-progress
and stock in trade |
(52.000) |
16.100 |
(42.200) |
|
Employee benefits expense |
20.300 |
21.000 |
59.800 |
|
Depreciation and Amortization Expenses |
40.100 |
40.600 |
120.500 |
|
Other Expenses |
13.700 |
0.900 |
58.700 |
|
Finance Costs |
21.300 |
35.500 |
64.500 |
|
Power and Fuel |
24.500 |
30.500 |
87.800 |
|
Total expenses |
362.500 |
498.500 |
1569.600 |
|
Profit/ (Loss) from ordinary activities after finance cost
but before exceptional items |
(22.700) |
(47.200) |
24.900 |
|
Exceptional items |
0.000 |
0.000 |
0.000 |
|
Profit/ (Loss) from ordinary activities before tax |
(22.700) |
(47.200) |
24.900 |
|
Tax expenses |
0.000 |
0.000 |
0.000 |
|
Net Profit / (Loss) from ordinary activities after tax |
(22.700) |
(47.200) |
24.900 |
|
Extraordinary item (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
Net Profit / (Loss) for the period |
(22.700) |
(47.200) |
24.900 |
|
Comprehensive Income |
0.000 |
0.000 |
0.000 |
|
Net Profit/ (Loss) after taxes, minority interest and
share of profit/(loss) of associates |
(22.700) |
(47.200) |
24.900 |
|
|
|
|
|
|
Paid up equity share capital (Face Value of INR 10/-each) |
|
|
|
|
Reserve excluding Revaluation Reserve as per Balance Sheet
of previous accounting year |
- |
-- |
- |
|
Earnings per share (before extraordinary items) of INR 10/-
each (not annualized): |
- |
- |
- |
|
(a) Basic |
(0.94) |
(2.14) |
1.03 |
|
(b) Diluted |
(0.65) |
(1.34) |
0.71 |
Note:
- The above unaudited standalone financial results were reviewed by the Audit Committee and thereafter the Board of Directors have approved the above results at their respective meetings held on 14th February, 2018.
- These Financial Results have been prepared in accordance with the Indian Accounting Standards (Ind AS) notified under Companies (Indian Accounting Standards) Rules, 2015 as amended by Companies (Indian Accounting Standards) (Amendment) Rules, 2016. Ind AS has been made applicable with effect from April 1, 2017 and the comparative figures for the corresponding quarter and nine months of the previous year (Transition Date being April 1, 2016) has accordingly been restated.
- The Statutory Auditors have carried out "Limited Review" of the aforesaid Standalone financial results.
- Results for the year ended 31st March, 2017 is not provided, as the the company has availed relaxation extended by SEBI vide their Circular No. CIR/FCD/FAC/62/2016 dated 05th July, 2016.
- The reconciliation of financial results as previously reported in accordance with Indian GAAP and IND AS for the quarter and nine months ended 31st December, 2016.
- Enhancement of Module line capacity for 250 MW and Cell line capacity for 80 MW (Total Enhanced Capacity 280 MW) is installed.We have commenced trial run in midst of February 2018 and expects to commence commercial production from March 2018.
- zompany's operation were shut for expansion of capacity.
- Previous periods figures have been regrouped/ rearranged wherever found neccesary.
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 67.22 |
|
UK Pound |
1 |
INR 90.88 |
|
Euro |
1 |
INR 80.09 |
INFORMATION DETAILS
|
Information
Gathered by : |
SAV |
|
|
|
|
Analysis Done by
: |
VIK |
|
|
|
|
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 |
YES |
|
--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.
·