|
|
|
MIRA INFORM REPORT
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Report No. : |
508939 |
|
Report Date : |
16.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
SOVA SOLAR LIMITED (w.e.f.02.03.2016) |
|
|
|
|
Formerly Known
As : |
SOVA POWER LIMITED (w.e.f.29.10.2008)
SOVA POWER PRIVATE LIMITED (w.e.f.29.10.2008) SOVA COMMERCIAL PRIVATE LIMITED |
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|
|
|
Registered
Office : |
“DLF Galleria”, Office No. DGK 917, 9th Floor, Block No.
BG-8, AA-IB, |
|
Tel. No.: |
91-33-40082772 |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
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|
|
|
Date of
Incorporation : |
12.06.1996 |
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|
|
|
Com. Reg. No.: |
21-080016 |
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|
|
|
Capital Investment
/ Paid-up Capital : |
INR 42.304
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999WB1996PLC080016 |
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|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
19AAHCS4674A1ZA |
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|
|
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IEC No.: [Import-Export Code No.] |
Not Divulged |
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|
|
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TIN No.: |
19805960036 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
AAHCS4674A |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturing of Solar Photovoltaic Modules. [Registered Activity] |
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|
|
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Maximum Credit Limit : |
USD 370000 |
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|
|
|
Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1996. It is a subsidiary of
Suresh Sova Property Private Limited. The company is a manufacturer of solar equipment, solar power equipment,
solar power generation equipment, etc. As per the financial records of 2017, the company has achieved a
massive growth in its revenue as compared to the previous year and has
reported an average net profit margin of 1.17%. The company possesses satisfactory financial position marked by
adequate networth base along with acceptable debt balance sheet profile and
average liquidity position. Business is active. Payment seems to be usually correct. In view of aforesaid, the company can be considered for business
dealings at usual trade terms and conditions.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
INDIA RATING |
|
Rating |
Long Term Loans = BB+ |
|
Rating Explanation |
Moderate risk of default |
|
Date |
10.08.2017 |
|
Rating Agency Name |
INDIA RATING |
|
Rating |
Short Term Loans = A4+ |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
10.08.2017 |
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
31-03-2018.
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 16.05.2018
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 BY
|
Name : |
Mr. Shantanu |
|
Designation : |
Accountant |
|
Contact No.: |
91-33-40082772 |
|
Date : |
15.05.2018 |
LOCATIONS
|
Registered Office : |
“DLF Galleria”, Office No. DGK 917, 9th Floor, Block No.
BG-8, AA-IB, |
|
Tel. No.: |
91-33-40082772 |
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Fax No.: |
91-33-40062773 |
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E-Mail : |
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|
Website : |
|
|
|
|
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Factory : |
Layout Plot No. 25, EPIP | Banskopa, Durgapur – 713212, West Bengal, India |
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|
|
|
Branch Offices : |
Located at: · Delhi · Jammu · Kerala · Nagpur · Noida · Patna · Pune · Raipur |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Subrata Mukherjee |
||||||||||||
|
Designation : |
Managing Director |
||||||||||||
|
Address : |
Nabapally, Benachity, Durgapur - 713213, West Bengal, India |
||||||||||||
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Date of Birth/Age : |
24.03.1960 |
||||||||||||
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Qualification : |
M.Com |
||||||||||||
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Date of Appointment : |
01.04.2004 |
||||||||||||
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PAN No.: |
AFFPM8693D |
||||||||||||
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DIN No.: |
00106187 |
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Other Directorship :
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|||||||||||||
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|
||||||||||||
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Name : |
Mr. Gopa Mukherjee |
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Designation : |
Director |
||||||||||||
|
Address : |
Nabapally, Benachity, Durgapur - 713213, West Bengal, India |
||||||||||||
|
Date of Birth/Age : |
16.09.1966 |
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Qualification : |
Bachelor of Arts |
||||||||||||
|
Date of Appointment : |
01.04.2004 |
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PAN No.: |
AENPM4057N |
||||||||||||
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DIN No.: |
00106352 |
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Other Directorship :
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|||||||||||||
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|
||||||||||||
|
Name |
Mr. Ranendra Chakraborty |
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Designation : |
Director |
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|
Address : |
Neamatpur P.O. Sitarampur, Burdwan - 713359, West Bengal, India |
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Date of Birth/Age : |
29.01.1947 |
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Qualification : |
Bachelor of Commerce |
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Date of Appointment : |
01.12.2011 |
||||||||||||
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PAN No.: |
AQAPC5497P |
||||||||||||
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DIN No.: |
02670150 |
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Other Directorship :
|
|||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Shantanu |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Subrata Mukherjee |
|
574760 |
|
Salil Mukherjee |
|
51820 |
|
Soumyen Mukherjee |
|
80100 |
|
Gopa Mukherjee |
|
93040 |
|
Lila Mukherjee |
|
45000 |
|
Sabyasachi Mukherjee |
|
31000 |
|
Nita Mukherjee |
|
2500 |
|
Suresh Sova Property Private Limited, India |
|
2855340 |
|
Krishnendu Mukherjee |
|
111820 |
|
Abhay Commerce Private Limited, India |
|
30000 |
|
JCC Holding Private Limited, India |
|
50000 |
|
Maha Coal Tie-Up Private Limited, India |
|
50000 |
|
Mahalaxmi Promotion Private Limited, India |
|
105000 |
|
NT Marketing Private Limited, India |
|
90000 |
|
Rosemary Dealcom Private Limited, India |
|
60000 |
|
|
|
|
|
Total |
|
4230380 |
AS ON 30.09.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters – Individual/ Hindu Undivided Family – Indian |
23.40 |
|
Promoters – Body Corporate |
67.50 |
|
Public/Other than promoters - Body Corporate |
9.10 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Solar Photovoltaic Modules. [Registered Activity] |
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Products : |
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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 : |
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||||
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Selling : |
Not Divulged |
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||||
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Purchasing : |
Not Divulged |
PRODUCTION STATUS (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
· State Bank of India Industrial Finance Branch, 11, Dr. U. N. Brahmachari Street, Kolkata – 700017, West Bengal, India |
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Facilities : |
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|
|
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Financial Institution : |
West Bengal Industrial Development Corpn Limited |
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|
|
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Auditors : |
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|
Name : |
Bhandari B.C. and Company Chartered Accountants |
|
Address : |
1/1A, Biplabi Anukulch Street, Electronic Centre, 4th Floor, Kolkata 700072, West Bengal, India |
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PAN No.: |
AACFB3313K |
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|
|
|
Memberships : |
Not Available |
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|
|
|
Collaborators : |
Not Available |
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|
|
|
Holding company : |
Suresh Sova Property Private Limited [U70200WB2009PTC136758] |
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives : |
Shri Vishnu Worldwide LLP |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
INR 10/- each |
INR 50.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4230380 |
Equity Shares |
INR 10/- each |
INR 42.304
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in 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 |
42.304 |
42.304 |
38.104 |
|
(b) Reserves & Surplus |
88.133 |
75.804 |
79.730 |
|
(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) |
130.437 |
118.108 |
117.834 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
168.230 |
195.502 |
202.658 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
168.230 |
195.502 |
202.658 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
87.730 |
53.660 |
95.085 |
|
(b)
Trade payables |
289.741 |
175.783 |
75.710 |
|
(c)
Other current liabilities |
85.210 |
77.890 |
26.474 |
|
(d)
Short-term provisions |
0.000 |
0.000 |
0.445 |
|
Total
Current Liabilities (4) |
462.681 |
307.333 |
197.714 |
|
|
|
|
|
|
TOTAL |
761.348 |
620.943 |
518.206 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
232.333 |
196.353 |
165.433 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(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 |
11.802 |
11.802 |
11.802 |
|
(c) Deferred tax assets
(net) |
5.265 |
8.600 |
8.473 |
|
(d) Long-term Loan
and Advances |
4.170 |
3.837 |
0.940 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
253.570 |
220.592 |
186.648 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
304.913 |
195.560 |
143.826 |
|
(c)
Trade receivables |
162.609 |
158.591 |
159.962 |
|
(d)
Cash and cash equivalents |
27.873 |
31.458 |
13.359 |
|
(e)
Short-term loans and advances |
5.349 |
7.814 |
7.968 |
|
(f)
Other current assets |
7.034 |
6.928 |
6.443 |
|
Total
Current Assets |
507.778 |
400.351 |
331.558 |
|
|
|
|
|
|
TOTAL |
761.348 |
620.943 |
518.206 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
1056.517 |
593.453 |
505.628 |
|
|
|
Other Income |
11.982 |
1.395 |
3.007 |
|
|
|
TOTAL (A) |
1068.499 |
594.848 |
508.635 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
950.060 |
511.428 |
440.257 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(27.518) |
(38.233) |
(14.806) |
|
|
|
Employees benefits expense |
37.886 |
35.807 |
26.446 |
|
|
|
Extraordinary Items |
0.000 |
4.741 |
0.000 |
|
|
|
Exceptional Items |
0.000 |
0.000 |
(76.851) |
|
|
|
Other expenses |
47.767 |
42.121 |
68.372 |
|
|
|
TOTAL (B) |
1008.195 |
555.864 |
443.418 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
60.304 |
38.984 |
65.217 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
29.594 |
38.793 |
36.283 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
30.710 |
0.191 |
28.934 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
15.047 |
13.090 |
12.944 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
15.663 |
(12.899) |
15.990 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
3.335 |
(0.573) |
(3.181) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
12.328 |
(12.326) |
19.171 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
17.994 |
0.000 |
27.498 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
396.914 |
383.941 |
216.607 |
|
|
|
Capital Goods |
39.741 |
8.730 |
14.796 |
|
|
TOTAL IMPORTS |
436.655 |
392.671 |
231.403 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (INR) |
2.91 |
(3.23) |
5.03 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
27.834 |
30.293 |
12.091 |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net Cash flow from (used in) Operations |
70.046 |
137.649 |
NA |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
70.238 |
136.882 |
NA |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
56.18 |
97.54 |
115.47 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
6.50 |
3.74 |
3.16 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
111.31 |
125.45 |
62.77 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.20 |
0.20 |
0.45 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.26 |
0.20 |
0.39 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.87 |
0.86 |
0.80 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
2.18 |
2.37 |
2.63 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
3.55 |
2.60 |
1.68 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
1.78 |
1.66 |
1.40 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
2.04 |
1.00 |
1.80 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
1.17 |
(2.08) |
3.79 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
1.62 |
(1.99) |
3.70 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
9.45 |
(10.44) |
16.27 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.10 |
1.30 |
1.68 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.44 |
0.67 |
0.95 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.17 |
0.19 |
0.23 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
6.71 |
6.61 |
8.13 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.10 |
1.30 |
1.68 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
38.104 |
42.304 |
42.304 |
|
Reserves & Surplus |
79.730 |
75.804 |
88.133 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
117.834 |
118.108 |
130.437 |
|
|
|
|
|
|
Long-term borrowings |
202.658 |
195.502 |
168.230 |
|
Short term borrowings |
95.085 |
53.660 |
87.730 |
|
Current Maturities of Long term debt |
12.091 |
30.293 |
27.834 |
|
Total
borrowings |
309.834 |
279.455 |
283.794 |
|
Debt/Equity ratio |
2.629 |
2.366 |
2.176 |
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 |
505.628 |
593.453 |
1056.517 |
|
|
|
17.369 |
78.029 |
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 |
505.628 |
593.453 |
1056.517 |
|
Profit/ (Loss) |
19.171 |
(12.326) |
12.328 |
|
|
3.79% |
-2.08% |
1.17% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
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 |
INDEX OF CHARGES
|
CHARGES REGISTERED |
||||||||
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
2 |
G44872851 |
10151271 |
WEST BENGAL INDUSTRIAL DEVELOPMENT CORPN LTD |
07/04/2009 |
- |
16/05/2017 |
115100000.0 |
5,COUNCIL HOUSE STREET.KOLKATAWB700001IN |
|
1 |
C80997455 |
10173433 |
STATE BANK OF INDIA |
31/08/2009 |
19/02/2016 |
- |
359000000.0 |
INDUSTRIAL FINANCE BRANCH,11, DR. U. N. BRAHMACHARI STREETKOLKATAWB700017IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Loans and advances from related parties |
12.150 |
6.700 |
|
SHORT TERM BORROWINGS |
|
|
|
Loans repayable on demand |
18.506 |
14.931 |
|
|
|
|
|
Total |
30.656 |
21.631 |
COMPANY OVERVIEW
Subject is an unlisted public company domiciled and headquartered in Kolkata, India. The Company is engaged in business of manufacturing solar photovoltaic modules and its manufacturing facility is located at Banskopa, Durgapur, West Bengal.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Un-expired bank Guarantee |
29.030 |
23.464 |
|
Letters of credit |
135.958 |
187.937 |
|
Income Tax under appeal (AY 2014-15) |
0.007 |
0.000 |
|
The company has been served with a show cause cum demand notice dated 8th September, 2016 by the Commissioner of Customs, Central Excise and Service tax, Durgapur Commissionerate for paying inappropriate customs duty to the tune of INR 12.898 Million. The company has made appropriate representations and in view of subsequent clarifications given by the Central Government in this regard, the company is certain that no liability will arise in this regard. The company has filed a writ petition with the Hon'ble High Court at Calcutta which has granted a sine die stay on entry tax payments as required under the West Bengal Tax on Entry of Goods into Local Areas Act, 2012. The matter is pending before the Hon'ble High Court and therefore, the exact amount of such liability cannot be ascertained at this stage. Right to recompense The credit facilities extended by State Bank of India to the company were restructured and certain additional financial assistance were extended to the Company. The company acknowledges the Right to Recompense of State Bank of India (Lender) in terms of debt restructuring of the credit facilities availed by the company from State Bank of India, Industrial Finance Branch, Kolkata and that the same is a Contingent Liability to the company. However, the exact amount of such liability cannot be ascertained at this stage. |
||
FIXED ASSETS:
·
Land
·
Buildings
·
Office building
·
Plant and equipment
·
Other plant and equipment
·
Furniture and fixtures
·
Vehicles
·
Motor vehicles
·
Office equipment
·
Computer equipments
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
|
Indian Rupees |
|
US Dollar |
1 |
INR 67.53 |
|
UK Pound |
1 |
INR 91.49 |
|
Euro |
1 |
INR 80.53 |
INFORMATION DETAILS
|
Information
Gathered by : |
TEJ |
|
|
|
|
Analysis Done by
: |
NIY |
|
|
|
|
Report Prepared
by : |
BVA |
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.