MIRA
INFORM REPORT
|
Report Date : |
25.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
MOSER BAER PHOTO VOLTAIC LIMITED |
|
|
|
|
Registered Office : |
43-B, Okhla Industrial Estate, New Delhi-110020 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
07.12.2005 |
|
|
|
|
Com. Reg. No.: |
55-143431 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U40106DL2005PLC143431 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELM12892F |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAECM4997P |
|
|
|
|
Legal Form : |
Subject is a subsidiary of Moser Baer India Limited, a successful in
company it’s field. |
|
|
|
|
Line of Business : |
Manufacturers of Photovoltaic Cells, Modules and Systems. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
|
Maximum Credit Limit : |
USD 950000 |
|
|
|
|
Status : |
New company |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a new company of Moser Baer India Limited, a company having
established fine track. Trade relations are fair. Payments are usually correct and as per
commitments. The company can be considered for normal business dealings at usual
trade terms and conditions on merits. |
LOCATIONS
|
Registered Office / Factory : |
43-B, Okhla Industrial Estate, New Delhi-110020, |
|
Tel. No.: |
91-11-41635201-07/ 26911570-74 |
|
Fax No.: |
91-11-41635211/ 26911860 |
|
E-Mail : |
|
|
|
|
|
Corporate Office : |
66, Udyog Vihar / Greater Noida – 201306, |
DIRECTORS
|
Name : |
Mr. Deepak Puri |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ratul Puri |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Hamam Dass Wahi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rajesh Khanna |
|
Designation : |
Nominee Director |
|
Address : |
Haweli, 1st Floor, Flat No.1, 19, L D Ruparel Marg, Nepean
Sea Road, Malabar Hill, Mumbai-400006, Maharashtra, India |
|
Date of Birth/Age : |
24.12.1965 |
|
Date of Appointment : |
24.01.2006 |
|
Other directorships : |
Max India Limited Nicholas Piramal India Limited Moser Baer India Limited Max New York Life Insurance Company Limited Max Healthcare Institute Limited Wargurg Pincus India Private Limited |
|
|
|
|
Name : |
John Willian Edward Levack |
|
Designation : |
Nominee Director |
|
Address : |
House C5, |
|
Date of Birth/Age : |
16.07.1959 |
|
Date of Appointment : |
24.01.2006 |
|
|
|
|
Name : |
Mr. Prakash Y Karnik |
|
Designation : |
Director |
|
Address : |
902, Glen Eagle, G D Ambekar Marg, Parel, Mumbai-400012, |
|
Date of Birth/Age : |
28.11.1952 |
|
Date of Appointment : |
24.01.2006 |
|
|
|
|
Name : |
Mr. Bernard Gallus |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Rajeev Krishnana |
|
Designation : |
Vice President, Business Development |
|
Address : |
3317, NW, |
|
|
|
|
Name : |
Mr. Saurabh Mathur |
|
Designation : |
Company Secretary |
|
Address : |
2C, Block3, Pocket B, Ashok Vihar, Phase III, Delhi-110052 |
|
Date of Birth/Age : |
24.01.1969 |
|
Date of Appointment : |
24.01.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
|
Moser Baer India Limited |
49994 |
|
Mr. Deepak Puri |
1 |
|
Mr. Ratul Puri |
1 |
|
Mr. Yogesh Mathur |
1 |
|
Mr. Rakesh Govil |
1 |
|
Mr. Vijay Kumar |
1 |
|
Mr. Goutam Samanta |
1 |
|
Total |
50000 |
All the shares are held by directors or their relatives.
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Photovoltaic Cells, Modules and Systems. |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
100 |
|
|
|
|
Bankers : |
Oriental Bank of Commerce M-33, M Block Market, Greater Kailash II, New Delhi-110048, |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
P-1, Ditya Vihar, Saidulajab, Opposite D Block, Saket, |
|
|
|
|
Parent Company : |
Moser Baer India Limited Capital : Rs. 1115.100 millions Sales : Rs. 18490.600 millions Business : Manufacturer of CDR, CDRW, DVDRW, Micro Floppy
Diskettes, Audio-Video tape. |
CAPITAL STRUCTURE
As on 31.03.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250,000,000 |
Equity Shares |
Rs.10/- each |
Rs.2500.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
166,920,000 |
Equity Shares |
Rs.10/- each |
Rs.1669.200 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
260.500 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
(22.886) |
|
|
NETWORTH |
|
|
237.614 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
237.614 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
0.000 |
|
|
Capital work-in-progress |
|
|
219.385 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000 |
|
|
Sundry Debtors |
|
|
0.000 |
|
|
Cash & Bank Balances |
|
|
52.086 |
|
|
Other Current Assets |
|
|
0.019 |
|
|
Loans & Advances |
|
|
0.279 |
|
Total
Current Assets |
|
|
52.384 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
|
34.006 |
|
|
Provisions |
|
|
0.149 |
|
Total
Current Liabilities |
|
|
34.155 |
|
|
Net Current Assets |
|
|
18.229 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
237.614 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2006 |
|
|
Total Income |
|
|
0.025 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
|
(22.871) |
|
|
Provision for Taxation |
|
|
0.000 |
|
|
Profit/(Loss) After Tax |
|
|
(22.871) |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Salaries, Wages, Bonus, etc. |
|
|
6.135 |
|
|
Payment to Auditors |
|
|
0.505 |
|
|
Other Expenditure |
|
|
16.256 |
|
Total Expenditure |
|
|
22.896 |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2006 |
|
PAT / Total Income |
(%) |
|
|
(91484) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
(91484) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
(43.66) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
(0.10) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
|
0.14 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
1.53 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for creation or modification of charges
|
Corporation identity number or foreign company registrations number of the company |
U40106DL2005PLC143431 |
|
Name of the company |
MOSER BAER PHOTO VOLTAIC LIMITED |
|
Address |
43-B, Okhla Industrial Estate, New Delhi-110020, |
|
This Form is for |
Modification of charge |
|
Type of Charges |
Immovable property Any interest in immovable property Book debts Movable property (not being pledge) Stock in trade, current assets |
|
Particular of the charge holder |
Oriental Bank of Commerce M-33, M Block Market, Greater Kailash II, New Delhi-110048, |
|
Nature or description of the instrument creating charge |
Agreement of hypothecation of assets |
|
Date of the instrument creating charge |
28.12.2006 |
|
Amount Secure by the charge |
Rs.2100.000 millions |
|
Brief of the principal terms and conditions and extent and operation of the charge |
Rate of interest Term loan – Interest @ 1.75% p.a. below prime lending rate with a minimum of 9.75% p.a. calculated on daily balance due to the bank and charged on monthly basis. Packing credit /FDBP/FUBDP, interest@ 7.75% p.a. or such other rate as may be fixed time to time by the being calculated on the daily balance due to the bank and charged on monthly basis. Bank guarantee- interest @ 3% p.a. over the PLR with minimum of 14.5% p.a. with monthly rests. Terms of repayment Working capital facilities are repayable within a period of one year. Term loan repayable in 24 quarterly installment of Rs.25.000 millions each after a moratorium period of one year from the date of first disbursement. Margin Packing credit 15% Term loan 50% Extent and operation of the charge For working capital loan – first charge by way of hypothecation on all the current assets of the company and second charge on the fixed assets of the company. For term loan first charge on all the movable and immovable fixed assets of the company. Others Tenor for term loan 7 years Packing credit / FUDBP/FDBP/Guarantee one year Corporate guarantee of Moser Baer India Limited |
|
Modification charge Charge identification number of the charge to be modified |
10022800 |
|
Particulars of the Property charged |
For working capital first charge by way of hypothecation of stock in trade including tall the current assets of the company and second charge on fixed assets of the company. For term loan first charge on all movable and immovable fixed assets of the company including equitable mortgage of the company’s land and building thereon over an rare admeasuring 66800 Sq.meters. |
|
Particulars of the present modification |
The agreement of hypothecation of assets of or security term loan of rS.600 millions further extended to include the working capital facility of Rs.1500 millions which us secured by way of first charge by way of hypothecation of all the current assets of the company and second charge by way of hypothecation on all the fixed assets of the company. |
Website Details :
Subject is a wholly-owned subsidiary of Moser Baer India Limited, was set up with the express purpose of spearheading their foray into the exciting new technological universe of solar power and photovoltaics. As you are already aware, Moser Baer is a global leader in the optical storage media industry. They now intend to fully utilize those core strengths, technical expertise and manufacturing excellence that got us there, to propel MBPV to a leadership position in the global photo voltaic and solar power markets.
Their vision for this emerging techno sphere is crystal clear – to develop and manufacture technologically brilliant, innovative and cost-effective products that would provide a wholly new option for clean renewable energy and also help bring down power and utility costs significantly.
Milestones - Roadmap to Global Leadership
Subject is a wholly-owned subsidiary of Moser Baer India Limited (MBI) has set a clear roadmap for its entry into the highly exciting and lucrative market for photo-voltaic solar cells, panels and arrays:
Q3 2005 Moser Baer announces plans to enter the high-growth Photo-Voltaic (PV) business by setting up a new wholly-owned subsidiary company, Moser Baser Photo Voltaic Limited (MBPV).
Q3 2005 Initial investment of US$ 58 million (INR 2600 millions) was made with a view to set up PV Cell and Module manufacturing project with 80 MW capacity.
Q3 2006 Approval to invest an additional US$ 17 million (INR 792 millions) in MBPV for its technology and R&D initiatives in emerging technological verticals in the PV space.
Q3 2006 MBPV makes a substantial investment in
Solaria, a Low Concentration Photo-voltaic technology company based in
Q4 2006 MBPV announces strategic investment into a High Concentration Photo-voltaic (CPV) technology company, the Palo Alto-based SolFocus Inc.
Q4 2006 MBPV announces acquisition of
significant minority stake in Stion Corporation, a nanostructures technology
company based in
The sun and Solar Power - Energy Unlimited
Silicon Solar Cells
Mono- crystalline silicon solar cells 125 mmX125mm PSQ
Mono- crystalline silicon solar cells 156 mmX156mm PSQ
Multi- crystalline silicon solar cells 125 mmX125mm SQ
Multi- crystalline silicon solar cells 156 mmX156mm SQ
Solar Photo-Voltaic Modules
Mono-Crystalline and Multi- Crystalline Solar PV Modules
Concentrator Photo-Voltaic
High concentrator solar modules, Arrays and systems
Low Concentration Super Cells, Modules and Systems
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.30 |
|
|
1 |
Rs.82.97 |
|
Euro |
1 |
Rs.55.64 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
37 |
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 and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|