MIRA
INFORM REPORT
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Report Date : |
18.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
SIGNET SOLAR INDIA PRIVATE LIMITED |
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Registered Office : |
310, New Delhi House, 27, Barakhamba Road, New Delhi – 110001 |
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Country : |
India |
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Date of Incorporation : |
30.05.2007 |
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Com. Reg. No.: |
164160 |
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CIN No.: [Company
Identification No.] |
U40300DL2007PTC164160 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS33689F |
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PAN No.: [Permanent
Account No.] |
AAKCS9249N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Design and Manufacture of large area, low cost, thin film
silicon Photovoltaic (PV) modules. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
New Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Ms. Uma Ramesh, Project Manager Confirmed that the company has not yet
started commercial activity. The company is a subsidiary of Signet Solar Inc. USA Nothing adverse reported. Payments are reported as correct. The company can be considered for small to mediocre business dealings,
initially |
INFORMATION PARTED
BY
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Name : |
Ms. Uma Ramesh |
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Designation : |
Project Manager |
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Date : |
14.08.2008 |
LOCATIONS
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Registered Office/ Factory : |
310, New Delhi House, 27, Barakhamba Road, New Delhi – 110001, India |
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E-Mail : |
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Website : |
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Chennai Office : |
11/7, 10th Street, Dr. VSI Estate, Thiruvanmiyur, Chennai 600041, India |
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Tel. No.: |
91.44.32427636 |
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Fax No.: |
91.44.24465222 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Prabhakar Goel |
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Designation : |
Director |
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Address : |
98, Ridge View Drive, Atherton California – 094027, US |
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Date of Birth/Age : |
16.01.1949 |
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Email : |
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Name : |
Mr. Bhupendra Patel |
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Designation : |
Director |
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Address : |
2, Cowell Lane, Atherton,California – 094027, US |
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Date of Birth/Age : |
15.04.1944 |
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Email : |
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Parent Company : |
Signet Solar Inc. USA |
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Other Directorship : |
Signet Hotels Private Limited Director U55102MH2007PTC168469 Cabana Hotel Management Private Limited Director U55101MH2006PTC164304 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 22.05.2007)
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Names of Shareholders |
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No. of Shares |
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Prabhakar Goel |
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5070 |
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Bhupendra Goel |
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5000 |
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Signet Solar Inc. CA |
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337942 |
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Total |
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338012 |
BUSINESS DETAILS
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Line of Business : |
Design and Manufacture of large area, low cost, thin film
silicon Photovoltaic (PV) modules. |
GENERAL
INFORMATION
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Bankers : |
Not Available |
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Banking
Relations : |
- |
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Auditors : |
Not Available |
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Associates/Subsidiaries : |
Signet Hotels Private Limited U55102MH2007PTC168469 Cabana Hotel Management Private Limited U55101MH2006PTC164304 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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Not Available |
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FINANCIAL DATA
[all figures are in Rupees Millions]
No financials are available since incorporation of the company.
The company has yet to start activity.
LOCAL AGENCY
FURTHER INFORMATION
WEBSITE DETAILS:
PROFILE:
Signet Solar Inc.
Signet Solar is a global company, founded to design and
manufacture large area, low cost, thin film silicon Photovoltaic (PV) modules.
Signet Solar’s mission is to accelerate the adoption of solar PV by rapidly expanding
manufacturing capacity and significantly reducing the cost of solar modules
through innovations and manufacturing excellence.
Leadership Team
Led by executives with extensive experience in thin
film technology, technology commercialization, semiconductor manufacturing, and
global operations, Signet Solar is poised to become a premier player in the
fast growing solar energy market.
Technology and Manufacturing
Signet Solar brings a unique combination of US technology, German
engineering, and global operations to deliver low cost, high quality modules
and high volume production capability.
Signet Solar products use thin film silicon technology on
large area (5.7m2) glass substrates. This low cost technology, combined with
Signet Solar’s proprietary product design, innovative device architecture, and
optimized manufacturing processes, will lead to an industry leading solar
module cost structure.
Signet Solar is leveraging the equipment set and
manufacturing learning curve associated with manufacturing flat panel displays
and semiconductors. Signet Solar will ramp up production in Q3 2008 near
Dresden, Germany, using a fully-integrated thin film solar production line from
Applied Materials. Its German research and development center is developing and
implementing innovative device architectures and manufacturing methods on this
initial technology platform. Signet plans to expand capacity in Germany to 120
MW by 2010 and establish manufacturing facility in India with a capacity of 300
MW by 2012.
Products and Applications:
Performance, aesthetics, quality and reliability - these are
the cornerstones of Signet Solar’s product strategy. Innovative product design,
strong engineering and top quality manufacturing, combined with process control
to semiconductor standards, will enable world class performance, quality and
reliability.
Key applications for Signet Solar PV modules are:
- Solar Farms
- Commercial Installations
- Building Integrated Photovoltaics (BIPV)
- Remote habitation
Technology
Thin film PV modules are the fastest growing segment of the
PV market due to rapid technological and manufacturing innovations. Subject has
chosen amorphous silicon technology as its platform because it has the greatest
potential for cost reduction and large scale manufacturing. Amorphous
silicon thin film PV modules have been in the market for over 20 years.
However, until recently, these modules have been limited to niche applications
due to lower module efficiency, resulting in a high price to performance ratio.
To achieve breakthroughs in the price to performance ratio,
Signet Solar will initially focus on reducing cost through use of mainstream,
large area equipment and support infrastructure. Subsequently, Signet Solar
will combine an amorphous silicon top film with a microcrystalline silicon
bottom layer to increase module efficiency.
Amorphous and Micro-crystalline Silicon Modules
Amorphous silicon (a-Si) thin film solar modules are created
by depositing a thin layer of silicon on a substrate such as glass.
Typical module efficiencies are in the 6-7% range. By depositing an
additional micro-crystalline layer on top of the amorphous layer, a larger
portion of sunlight is absorbed, leading to higher solar module efficiencies (8
-10%). Even higher module efficiencies (12-14%) are expected through
innovations in next 4-5 years.
Use of
Mainstream, Large Area Manufacturing
Subject leverages existing infrastructure in the industry for
flat panel displays, semiconductor manufacturing and auto glass handling and
materials. Subject technology platform is purchased from Applied Materials, the
leading provider of Nan manufacturing equipment in the world. It is a fully
integrated factory, using the largest glass substrates in the industry.
Research and Development
Subject Research and Development center in Germany is
staffed with specialists in material science, optics and photovoltaic device
architecture. They will focus on innovations in device architecture, materials,
thin film technology, and manufacturing methods, which will enable
differentiated product design, increased module efficiency and an industry
leading PV module cost structure.
Solar
PV Energy
Basics
of Solar Modules
Solar modules, also called photovoltaic (PV) modules,
convert sunlight directly into electricity. They utilize semiconductor
materials (e.g. silicon) similar to those used in computer chips. When sunlight
is absorbed by these materials, the solar energy knocks electrons loose from
their atoms, allowing the electrons to flow through the material to produce
electricity. This process of converting light (photons) to electricity
(voltage) is called the photovoltaic (PV) effect.
Amorphous silicon thin film PV modules are built by
depositing a thin layer (less than one 10,000th of a cm) of silicon on top of a
substrate, like glass. Such thin layer of deposited silicon films do not have
any crystalline structure (pattern) and hence are called amorphous silicon films.
Appropriate p-i-n junctions are made within this thin film by controlling the
type and amount of doping (boron or phosphorus). Metal interconnects are used
to bring the generated electric current out of the modules. Another sheet of
glass encapsulates this thin film structure using an adhesive material. This
glass-glass module is much like what is used in making windshields in the auto
glass industry.
The performance of a solar module is measured in terms of
its efficiency at converting sunlight into electricity. Only sunlight of
certain energies will work efficiently to create electricity, and much of it is
reflected or absorbed by the material that makes up the module. Because of
this, less than about one-tenth to one-sixth of the sunlight striking the
modules generates electricity. Historically, low efficiencies implied that
larger arrays are needed, and that meant higher cost. Improving solar module
efficiencies while holding down the cost per module is an important goal of the
PV industry.
These modules generate DC electricity, which varies by the
amount of sunlight falling onto the modules. In a typical solar installation
connected to the electric utility grid, this DC output is converted into a
regulated AC output by using commercially available inverters. In
addition, a typical solar PV system includes module mounting structures,
wiring, and power monitoring and metering devices.
Applications
Fulfilling
the need for clean, affordable, renewable, energy
The significantly lower costs associated with thin film PV
modules, coupled with the large size needed to generate sufficient power, make
them ideally suited for large power generation applications like solar farms
and commercial installations, where space requirements are not as critical, but
cost per KWh is more important.
Solar
Farms
Large scale solar electric power plants are being developed
and planned worldwide as an alternative to fossil fuel, or nuclear power
generation. These large scale power plants (solar farms) are typically greater
than 100 kW in power output and grow in capacity to well over 1 MW. Both
Germany and Canada have recently announced solar farm power plants that will be
sized at 40 MW. PV module price decreases will continue to drive the growth of
large scale solar farm development worldwide.
Commercial
Installations
Many companies are investing in generating their own solar
power on site, including retail stores, factories, office buildings and
industrial facilities. Solar power helps lower operating costs and hedge against
rising electricity prices, while reducing overall environmental impact. Widely
available government subsidies and continually decreasing PV module prices are
driving the growth of commercial solar electric installations.
Building
Integrated Photovoltaics (BIPV)
A small yet fast growing segment within the solar industry
is the integration of photovoltaic (PV) panels into buildings during
construction. BIPV replaces traditional building materials such as roofs,
window overhangs, and walls with solar panels. BIPV systems can provide savings
in materials and electricity costs, and add architectural beauty to the
building.
Remote
Habitation
In many parts of the world, especially in developing
nations, people live without access to a utility grid. A large opportunity
exists to create small scale PV power systems (200 W - 2 kW), without the need
to install traditional power infrastructure. Local, isolated solar systems
generate sufficient power to satisfy basic needs such as domestic lighting,
solar lanterns and water pumping. As PV modules continue to decrease in cost
the ability to better the lives of large numbers people in remote areas can
become a reality.
NEWS:
SIGNET
SOLAR’S MANUFACTURING AND RESEARCH FACILITY LAUNCHED IN MOCHAU, GERMANY
Mochau,
(June 12, 2008)
Within one year from the start of construction at its
facility near Dresden, Germany, the US based Technology Company Signet Solar
announced today the launch of its new central research and manufacturing plant.
Thomas Jurk, Saxon Minister of Economic Affairs and Labour, pushed the button
to launch production. “Saxony is proud of this state of the art research and
production facility,” said the Minister. “Signet Solar’s progress is
significant for the development of the larger Dresden area, and for Dresden to
become a leading location worldwide for innovative technologies.”
In Saxony, Signet Solar manufactures solar modules measuring
2.2 m X 2.6 m. The large size of these modules makes them ideally suited for
large solar power plants and other commercial applications. On May 23rd 2008,
Signet had succeeded in making the first prototype of the world’s largest thin
film solar photovoltaic module based on an entirely new manufacturing
technology. In Signet Solar’s thin film silicon technology, amorphous silicon
is directly applied onto a glass substrate coated with a conductive layer. In
this process, the active device layer is thinner by more than the factor of 100
as compared to the traditional crystalline module. Today marked the kick-off of
Signet Solar’s production. “Signet Solar is a global player, but our hearts
beat here in Saxony. It is here where we have built the company’s first
production line. It is here where our modules are being designed, manufactured,
and tested, and it is here where we are pushing the boundaries of innovation in
the fields of solar photovoltaic modules and fully automated manufacturing
methods,” said Gunter
Ziegenbalg, Managing Director of Signet Solar GmbH. “In our
research and development center in Saxony, American knowhow from the
semiconductor industry is combined with German expertise in glass, solar PV and
flat panel industries to create state of the art solar PV modules.”
On June 11th 2008, the eve of the plant dedication ceremony,
the Saxon Prime Minister, Stanislaw Tillich, and the State Secretary of the
Federal Ministry of Traffic, Building and Urban Affairs, Dr. Engelbert Lütke
Daldrup, visited the photovoltaic company for a tour of the facility. In the
Dresden region, Signet Solar’s €50 million investment has already become an
important economic contribution. Currently, about 130 staff members work in the
11,000 square meter production area. Signet Solar expects this employment
figure to increase to 400 as the facility reaches its full production capacity
of 140 MWp.
“The concept of ultra-large modules was very attractive to
our customers. We have demonstrated the capability to produce such ultra-large
modules on a fully integrated line,” said Dr. Rajeeva Lahri, CEO and Founder of
Signet Solar Inc. “The launch of the research and production facility is a very
important milestone for us as it sets the stage for a model manufacturing line
which will be replicated globally to expand capacity.” Signet Solar introduced
the company’s product portfolio in Munich at the Intersolar, considered highly
as the most important solar PV trade fair. Dr. Rajeeva Lahri welcomed
journalists at the press center where the production plant dedication ceremony
was transmitted live from Mochau.
About
Signet Solar:
Signet Solar, Inc. is a global company established in 2006
to bring Clean Affordable Renewable Energy™ to people and countries worldwide.
Headquartered in Menlo Park, California, the company has been founded to
design, develop, manufacture and market thin film silicon photovoltaic modules.
Signet Solar To Set
Up Three Fabs In India
The construction of its first
fab in India will begin by early 2008.
Thursday, June 07, 2007: Signet Solar, a global
company founded to design, develop and manufacture large area, low cost,
thin-film silicon solar photovoltaic (PV) modules, is planning to invest over
$2 billion towards establishing a manufacturing base in India. Signet Solar
will build three solar photovoltaic manufacturing facilities -- each
manufacturing facility is expected to have an annual output of about 300 MW.
The company has already started the construction of its
first global manufacturing facility in Germany, and the construction of the
first fab in India will begin by early 2008. Spread over a period of 10 years,
the new facility will produce over 1 GW of annual output for export as well for
the Indian market.
Indian union minister of IT A. Raja said, "The announcement by Signet
Solar to expand its production capacity will contribute greatly to our plans to
accelerate semiconductor and IT hardware manufacturing in India. Combined with
our highly skilled manpower and knowledge workforce, India has an opportunity
to be a leader in using technology to address pressing global energy
needs."
Speaking on the occasion, Dr Prabhu Goel, chairman and founder, Signet Solar,
said, "Our vision is to make solar energy a viable choice to serve the
world's constantly growing energy demands. We are convinced that India is ideal
for manufacturing the world's lowest cost solar modules. Recognised for its
manufacturing prowess and vast need for energy, we consider India key to
bringing clean affordable renewable energy to our customers."
Signet Solar is also establishing R&D centres in Germany and India. Signet
Solar customers will include PV system integrators and installers of solar
farms for power generation.
Signet Solar Enters Crowded Solar Field
May 14th, 2007
A team of semiconductor industry veterans today announced
the launch of Signet Solar, a solar
photovoltaic (PV) module manufacturer that hopes to disrupt the fast growing
solar industry by significantly reducing the manufacturing costs of solar
panels.
The company will target large projects such as solar farms,
commercial installations, building-integrated photovoltaics, and remote
habitation.
The company is headquartered in Palo Alto, Calif., although
its R&D operations and first manufacturing plant will be based in Dresden,
Germany — in order to access the German and European markets, and to take
advantage of Germany’s large talent pool in solar and optical engineering.
The company plans to enter production in Dresden by mid-2008
with a fully-integrated thin film silicon solar PV module production line from Applied Materials. The plant’s initial
capacity will be 20 megawatts (MW) of solar modules per year, with plans to
expand the capacity to 60 MW by the end of 2009.
The company is planning to build additional manufacturing
plants elsewhere in the world including Asia, although it declined to provide
exact locations or a timeline. However, the company did tell VentureBeat it’s aiming
to build its annual manufacturing capacity to over one gigawatt within ten
years.
Signet Solar’s choice of Applied Materials is significant.
Most existing solar module makers design and build their own proprietary
manufacturing systems. Applied Materials’ entry into the market removes a major
barrier to entry for newcomers such as Signet who can now purchase world-class
PV manufacturing equipment at a lower cost than building their own.
Solar Market Booming, but Crowded
The market for PV modules, which go into making solar panels
installed on homes, commercial buildings and solar power power plants, has
grown at a compound annual rate of 35 percent over the last 30 years (click on
thumbnail at left to view chart), according to a report published April 12 by
market researcher Navigant
Consulting (access the PDF file
of the report here). Growth has accelerated in recent years.
Navigant says global 2006 shipments reached nearly two gigawatts, and are
expected to grow to 14.3 GW by 2010.
Signet will go head-to-head against larger, better funded
publicly traded PV module manufacturers such as Sharp Solar, Kyocera, SunPower,
FirstSolar, Suntech, and dozens of others. The field is becoming more crowded
by the day. On Friday, two new Chinese solar cell module makers filed for U.S.
IPOs.
The Race for Grid Parity
Although the solar market has grown dramatically over the
last few years, much of this growth has been driven by government subsidies in
places such as Germany, Japan, Spain and California. Without government
subsidies, photovoltaic power is not yet a cost-effective alternative to
traditional coal-powered electric plants.
Solar cell manufacturers are waging a battle against time
and each other to drive costs lower to compete against other electric
generation sources, and so they can open up their products to new markets and
applications.
The holy grail of the solar industry is what’s called “grid
parity,” a term that refers to the day when consumers can generate their own
solar electric power at the same cost as purchasing it from their local
utility. Signet tells VentureBeat the average worldwide cost of electricity is
currently around 10-12 cents per kilowatt hour (kw/h), whereas unsubsidized
solar currently runs around 25-30 cents per kw/h.
To succeed without government subsidies, the solar industry
must achieve grid parity.
Most solar manufacturers have product roadmaps to achieve
grid parity within the next few years. Once achieved and exceeded, large scale
solar plants are likely to spring up around the world.
Signet Solar says the price of its modules will reach grid
parity by 2010 at a manufacturing cost that will provide it 35 percent gross
margins.
Much of Signet Solar’s manufacturing efficiencies will stem
from its use of Applied Materials’ fab equipment. Applied Materials, long the
world’s largest maker of semiconductor manufacturing equipment, entered the
solar fabrication market in 2006 with an aggressive solar
strategy. Signet chief executive Dr. Rajeeva Lahri says his company
wouldn’t be able to enter the market so quickly and at such low cost without
Applied Materials.
Most existing solar module manufacturers are using
custom-designed equipment, and they all face enormous capital equipment
investments to continually improve their productivity and efficiencies. Lahri
believes that by relying on the Applied Materials platform, he will always have
the access to latest generation technology.
Signet will also compete against a growing number of recent
startups leveraging the same solar cell fabrication equipment from Applied
Materials. In March, Applied Materials announced two customer deals, one with Moser Baer India Limited in India, and the
other with T-Solar Global S.A. of Spain. Last month, Applied Materials
announced that it would also supply production lines to Sunfilm, a startup
based in Munich, Germany.
Lahri says Signet can distinguish itself through its
proprietary expertise in manufacturing and product design, much in the same way
customers of Applied Materials’ traditional semiconductor manufacturing
equipment differentiated their offerings for the last two decades.
The Applied Materials equipment produces large solar
modules, which, at 5.7 square meters in surface area, are three to four times
larger than conventional modules from competitors. The larger form factor
reduces manufacturing and installation costs.
Importantly, Applied Materials’ thin film manufacturing
process utilizes only one percent of the silicon required by many competitors,
says Lahri. The lower silicon requirements will provide the Applied Materials
fabs an important advantage over other manufacturers who require more silicon
in the manufacture of their modules.
Silicon prices have skyrocketed over the past few years,
mainly because of the growing demand from the solar module makers. For Signet
and others who rely upon the Applied Materials fabs, the future pricing of silicon
becomes less important.
The company declined to disclose exact funding levels, but
Lahri says it already completed a first tranche of a Series A funding round for
between $5 million and $10 million from private angel investors he declined to
name. Lahri says the company plans to complete the series A in the July
timeframe with total funding “in the teens.” He says that tranche will likely
include existing investors, vcs, and strategic partners.
Will the IPO Window Close on Signet Solar?
Although Signet Solar’s strategy appears well conceived, the
company still faces significant risks.
Over the last two years, many of Signet’s competitors, such
as Suntech, SunPower, FirstSolar and others have funded their expansion by
tapping the favorable valuations of the public equity market. Yet they all had
revenue at the time of their IPO and most were either profitable or near
profitable. Signet Solar probably won’t be invited to the IPO party until 2009
at the earliest.
With Signet’s late start to market, it remains to be seen
how quickly the company can scale its manufacturing without significant
additional capital. If the IPO window closes before its IPO, then Signet may be
denied the funding it requires to complete its business plan.
The company also faces the risk that its better funded
competitors making a switch to Applied Materials’ solar fabs, or to other
competitive innovations likely coming from other semiconductor manufacturing
equipment vendors. Once everyone is using equivalent best of breed technology,
the market quickly deteriorates to commodity status in which all module vendors
face declining margins and zero pricing power.
SolarBuzz,
a solar industry research group, said there are initial signs competitive
pressures may soon cause solar module prices to decline. This is good for
consumers, but only good for producers as long as they can continue to reduce
manufacturing costs.
An additional, though potentially less threatening risk, is
that manufacturers of raw silicon flood the market with too much silicon. Most
of the top silicon suppliers have announced plans to increase capacity. This
build-out may well be met with a bust within two or three years if oversupply
causes raw silicon prices to plummet. The declining prices would then
disproportionately benefit Signet’s competitors by lowering their manufacturing
costs. Many of these competitors believe they can reach grid parity even if the
current historically high silicon prices persist.
Fab
India land cut by 150 acres
16 Nov
2007, 0206 hrs IST, TNN
HYDERABAD: The
Fab City project will come up in 1,050 acres at Raviryal and Srinagar villages
in Ranga Reddy district and not in 1200 acres as announced by the state
government earlier.
The A P Industrial Infrastructure Corporation Limited (APIIC), developer of the
Fab City, has given the revised decision in its status report sent to the
Hyderabad Urban Development Authority (Huda) recently.
While two companies, including SemIndia Fab Private Limited,
have been allotted 300 acres in the Fab City, APIIC has sent proposals to the
industries department to clear 750 acres to be allotted to six firms, which are
keen on setting up industries in Fab City.
Of the earlier proposed 1200 acres for the Fab City, the APIIC could not spare
150 acres for it as some land was to be given for the phase-II of the Outer
Ring Road (ORR). Some land is also to be allotted to other projects.
Despite the industries department’s objection, Huda is being given a 30-acre
land from the SEZ for the Outer Ring Road project.
The ORR officials convinced APIIC that even after changing the alignment of the
ORR, some land from the proposed Fab City had to be taken at Srinagar village.
Apart from this land, the state government has decided to allot nearly 120
acres to another project adjacent to the Fab City.
In June this year, the state government issued a notification setting up a
300-acre Special Economic Zone and allotted 100 acres to SemIndia Fab Private
Limited and 50 acres to Solar Semiconductor Private Limited.
Meanwhile, six companies have approached the sAPIIC for allotment of land in
the Fab City. Moserbaer India Limited has sought 100 acres for manufacturing
thin film solar fab, Titan Energy Systems Ltd has requested for 50 acres for
solar photovoltaic manufacturing unit, Nano-Tech Silicon India wants 50 acres
for manufacturing thin film solar cell fab, Air Liquide needs seven acres for
manufacturing gas and chemical facilities and Signet Solar Inc has sought 50
acres for thin film silicon photovoltaic modules and M/S Embedded IT Solutions(
India) Private Limited wanted 10 acres for semiconductor and PCB manufacturing.
The APIIC holds 89 per cent of equity in the Fab City SPV (Private) Limited and
11 per cent of the equity was allowed to be held initially by M/S SemIndia Fab
(Private) Limited as an anchor industry.
As it is the anchor industry of the Fab City, SemIndia Private Limited has been
granted concessions, including 100 acres on a 66-year lease on a nominal rent
of Re 1 per acre, subsidised power and water.
As part of development of the Fab City, a 45-metre wide approach road has been
completed at a cost of Rs.22.500 Millions. APIIC handed over five acres of land
to Hyderabad Metropolitan Water Supply and Sewerage Board for construction of a
reservoir and paid Rs.80.000 Millions as an advance. A special substation to
supply power to the Fab City is being constructed at a cost of Rs.600.000
Millions. Ten acres of land has been handed over to APCPDCL for construction of
a 220 kv substation.
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 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.42.82 |
|
UK Pound |
1 |
Rs.80.01 |
|
Euro |
1 |
Rs.63.83 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
- |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
- |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
25 |
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. |
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 |
|