MIRA
INFORM REPORT
|
Report Date : |
28.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
SOLAR SEMICONDUCTOR PRIVATE LIMITED |
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Registered Office : |
Plot No. 443/A/28, Road No. 86, Jubilee Hills, Hyderabad 500033,
Andhra Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.04.2006 |
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Com. Reg. No.: |
01-49854 |
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CIN No.: [Company
Identification No.] |
U40106AP2006PTC049854 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDS16979E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing and Trading of Silicon Wafers, Solar Cells and Solar
Applications |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 720000 |
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Status : |
New Company |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively new Company and had not commenced commercial
production as per last available financials of 31.03.2007. The Company has incurred some
pre-operative expenses. Payments are
reported as slow but correct. The company can be considered for small to mediocre business dealings
with slight caution, initially. |
LOCATIONS
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Registered Office : |
Plot No. 443/A/28, Road No. 86, Jubilee Hills, Hyderabad 500033,
Andhra Pradesh, India |
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Tel. No.: |
91-40-23350051 |
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Fax No.: |
91-40-23556299 |
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E-Mail : |
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Website : |
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Factory 1 : |
Survey No. 97, Door 5-140, Gundla Pochampally, Near Kompally Raga
Reddy District 500014, Andhra Pradesh, India |
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Overseas Office : |
1292 Kifer Road, Suite 808, Sunnyvale, CA 94086 USA |
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Tel. No.: |
1 408 329 5353 / 1 650 521 4309 |
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Fax No.: |
1 408 329 5354 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Venkata Ramana Kode |
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Designation : |
Director |
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Address : |
Plot No. 1159, Road 57, Jubilee Hills, Hyderabad 500034, Andhra
Pradesh, India |
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Name : |
Mrs. Sandhya Venkat Kode |
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Designation : |
Director |
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Address : |
Plot No. 1159, Road 57, Jubilee Hills, Hyderabad 500034, Andhra
Pradesh, India |
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Date of Birth/Age : |
14.10.1959 |
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Date of Appointment : |
16.11.2006 |
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Name : |
Mr. S. S. N. Prasad |
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Designation : |
Director |
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Date of Birth/Age : |
14.05.1956 |
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Date of Appointment : |
24.02.2007 |
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Name : |
Mr. Surapaneni Hari Rao |
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Designation : |
Director |
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Date of Birth/Age : |
22.07.1957 |
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Date of Appointment : |
17.04.2006 |
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DIRECTORSHIP IN OTHER COMPANIES: |
CIN No.: U74200AP2005PTC045854
CIN No.: U65993AP1994PTC017680
CIN No.: U65993AP1994PTC017683 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.03.2007
|
Names of Shareholders |
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No. of Shares |
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S. S. N. Prasad |
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5000 |
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S. Hari Rao |
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5000 |
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S. Hari and S. Usha Rao |
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5000000 |
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Sri. KSSV Finvest Private Limited |
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2500000 |
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Total |
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7510000 |
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Equity Share
Break-up [As on 31.03.2007] |
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Percentage of
Holding |
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Bodies Corporate |
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33.42 |
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Directors or relatives of the Directors |
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66.58 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Trading of Silicon Wafers, Solar Cells and Solar
Applications |
GENERAL
INFORMATION
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Bankers : |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
PVRK Nageswara Rao and Company
Chartered Accountants |
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Address : |
109, Metro Residency, 6-3-1247, Rajbhavan Road, Hyderabad 500082,
Andhra Pradesh, India |
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Tel. No.: |
91-40-23311609 / 23312269 |
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Mobile No.: |
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Fax No.: |
91-40-23319591 |
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E-Mail : |
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Associates/Subsidiaries : |
Solar Semiconductor Inc., USA |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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40000000 |
Equity Shares |
Rs. 10/- each |
Rs. 400.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7510000 |
Equity Shares |
Rs. 10/-
each |
Rs. 75.100
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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75.100 |
75.100 |
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2] Share Application Money |
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105.085 |
19.585 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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180.185 |
94.685 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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180.185 |
94.685 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.759 |
0.204 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.044 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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1.053 |
0.000 |
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Sundry Debtors |
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97.533 |
83.863 |
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Cash & Bank Balances |
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0.178 |
0.009 |
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Other Current Assets |
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71.419 |
10.000 |
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Loans & Advances |
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0.000 |
0.000 |
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Total
Current Assets |
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170.183 |
93.872 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.000 |
0.000 |
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Provisions |
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2.074 |
0.969 |
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Total
Current Liabilities |
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2.074 |
0.969 |
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Net Current Assets |
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168.109 |
92.903 |
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MISCELLANEOUS EXPENSES |
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0.038 |
0.038 |
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Capitalisation |
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11.235 |
1.540 |
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TOTAL |
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180.185 |
94.685 |
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PROFIT & LOSS
ACCOUNT
Note:
The Subject Company was incorporated on
17.04.2006 and the Subject Company has not commenced any commercial operations
during the period i.e. from 17.04.2006 to 31.03.2007. Hence Profit and Loss Account not available. However Unallocated Expenditure Pending
Capitalisation for the said period is as follows:
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Total Imports |
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1.040 |
NA |
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Expenditures : |
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Personal Expenses |
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2.699 |
0.220 |
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Printing and Stationery |
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0.091 |
0.024 |
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Electricity Charges |
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0.718 |
0.006 |
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Traveling and Conveyance |
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1.363 |
0.340 |
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Communication Expenses |
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0.200 |
0.012 |
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Professional Charges |
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1.090 |
0.112 |
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Computer Maintenance |
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0.000 |
0.004 |
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Fees, Rates and Taxes |
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3.133 |
0.753 |
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Audit Fees |
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0.152 |
0.028 |
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Web Hosting Charges |
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0.000 |
0.025 |
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Repairs and Maintenance |
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0.054 |
0.005 |
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Advertisement |
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0.255 |
0.000 |
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Vehicle Maintenance |
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0.184 |
0.000 |
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Rent |
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1.061 |
0.000 |
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General Expenses |
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0.587 |
0.000 |
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Depreciation |
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0.123 |
0.009 |
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Income Tax and FBT |
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0.360 |
0.007 |
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Interest Earned |
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[0.835] |
[0.006] |
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Total Expenditure |
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11.235 |
1.539 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.01 |
0.01 |
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Current Ratio (Current Asset/Current Liability) |
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82.05 |
96.87 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
- The Subject Company proposes to make
an overall investment of around Rs. 45000 Millions in state of the art
plant and equipment over a period of 10 years for Photovoltaic Solar Cell
Fab, PV Solar Module Assembly Line and Thin Film Solar Production Line.
- The
Government of Andhra Pradesh allotted 50 acres of land in the first phase
and the balance 50 acres after utilization of first 50 acres land.
- 15000 sft of
RCC building has already been taken on lease to star Module Assembly
operations in Gundla Pochapally near Kompally in RR District, A.P.
- The Subject Company importing Module
Assembly equipment with full automation from P. Energy, Italy and the
production is likely to be commenced shortly.
- A wholly
owned subsidiary has been set up in the State of California, USA.
AS PER WEBSITE DETAILS:
MANAGEMENT
The management of Solar Semiconductor is comprised of the following strong
group of individuals with complementary and diverse backgrounds.
HARI SURAPANENI, PRESIDENT AND CEO
Hari
has been a Silicon Valley veteran for over twenty years in the technology
industry. He worked in various engineering leadership positions in VLSI
development of Communications and Processor products at National Semiconductor
Corporation, Amdahl Corporation, TRW Defense Systems before he founded
Chiplogic in 1997. Chiplogic was a Network Processor company for the Customer
Premises Equipment market designed to carry multi-service traffic (voice, video
and data) over the broadband pipe to the premises. Chiplogic was acquired by
Analog Devices, Inc at the beginning of 2001 and Hari joined ADI as Senior
Product Line Director of the Network Media Platforms Product Line.
In
this role Hari grew the service provider focused business, addressing IP
communications and Triple play strategies including IP STB strategies.
Hari
holds an MSCS from Indian Institute of Technology, Chennai and an MSCE from
Southern Methodist University, Dallas, TX.
VENKAT R. KODE, CHIEF OPERATING
OFFICER
Venkat
has an MS in Management from Sloan School of Management, MIT and an MS in
Electrical and Computer Engineering from University of Iowa. Venkat has more than twenty years experience
working for companies like National Semiconductor Corp., Advanced Micro
Devices, Toshiba America Electronics Corporation, Spectra Group, Coca Cola
India, Altus Ventures etc.
Venkat
has diverse industry experience which include consumer goods, financial
services, franchising, semiconductors, software and venture capital. His
functional experience ranges from finance, operations, marketing and sales,
engineering and manufacturing. At Coca Cola India, he was responsible for the
Bottling operations for South West with a turnover of more than Rs. 1000
million.
Venkat's
strength is his diverse management skill set which he has demonstrated many
times by driving growth and increasing the top line and at the same time
driving productivity and efficiency and improving the bottom line.
PERRY HAYES, CHIEF FINANCAIL OFFICER
Perry
Hayes has over 32 years experience in the area of corporate finance. His most
recent experience includes 9 years at Solectron Corporation as their Senior
Vice President, Treasurer and Head of Investor Relations. Prior to Solectron,
Perry was Director of Global Treasury at Dell Computer Corporation, where he
managed the treasury operations of the multi-billion dollar enterprise. Perry
also has good experience working with companies having operations in India and
intimately understands global finance issues.
Perry
has prepared companies for IPO, integrated currency management into business
operations and developed personnel, policies, systems and strategies in finance
for world-class organizations. Throughout his career, he has maintained and
managed relationships with external investors, analysts and banks.
Perry
has a Master’s degree in International Business (MIBS) and a BA from the
University of South Carolina.
SSN PRASAD, VICE PRESIDENT – INDIA
OPERATIONS
SSN
has a distinguished track record of over 25 years in leading high-growth public
and private technology companies. Prior to joining Solar Semiconductor he was
the Managing Director of Hyderabad Design Centre (HDC) of Analog Devices India,
Private Limited (ADI). He co-founded Chiplogic India, Pvt. Ltd. in May 1998,
specializing in VLSI Design, Systems Software and DSP Software and developed it
into a center of excellence in the Networking space.
Prior
to Chiplogic India, he was with Semiconductor Complex Ltd. (SCL), Chandigarh
from 1980 to 1998. He held various senior level management positions in the
Company. At SCL, he set up an integrated Six inch Wafer Fabrication, VLSI
Design, Test & Packaging and QA facilities with over US$100M investment in
1997.
Prasad
has a passion for start up operations and he is strong in technology transfers,
technology development and Quality Management Systems (QMS).
He
holds an M.Tech. degree in Microelectronics from IIT Delhi, India and a B.Tech.
degree in Electronics and Communications from REC, Warangal, India. He is
member of IEEE and IETE.
JAGADISH [JAKE] BUDDHAVARAPU, VP
BUSINESS DEVELOPMENT
Jake
was Director of Business Development and Marketing with TSI Inc. with direct
P&L responsibilities. TSI is a high technology instrumentation manufacturer
specializing in precision instruments.
At
TSI, while specializing in global marketing of sensors and systems based on
Thin Film, Nanoparticle, Laser, Optic, Fiber Optic and Digital Signal
Processing Technologies, Jake has developed extensive high level contacts in
industry (aerospace, defense, automotive, bio-medical, utilities), government
and research establishments worldwide. He was also a member of the senior
management team, and participated in strategy formulation and setting the
direction of the company.
With
over 21 years of Management experience in Engineering, Marketing and Sales,
Jake is a veteran of technology management.
Jake
has an MSME degree in Mechanical Engineering (Heat Transfer) from University of
Minnesota and an MBA from University of St. Thomas.
NAVA AKKINENI, VP SALES
AND MARKETING
Nava
has more than 26 years experience in sales, marketing and operations and senior
management working for both industry leading companies and start ups. He has
significant international experience managing the American, European and Asian
regions for several years.
He
held senior management level positions with well-reputed industry leading
companies. He combines a technology, engineering, marketing and business
development background with business expertise in the PC, Peripheral,
Communications, Consumer electronics and Semiconductor
industries.
Before
joining Solar Semiconductor, in his last job at BenQ America he was a Vice
President and General Manager of the Canada operations. Earlier he was a
Marketing Director of the Network Media Platform for Analog Devices. He also
held senior positions as Operations Director, Deputy Managing Director and
General Manager for Acer Computer M.E.Ltd. In 2000, Nava joined as Vice
President of Sales and Marketing for a Silicon Valley start-up company in Santa
Clara, CA, USA and participated in the successful acquisition of that company.
Nava
holds a Master's Degree from Regional Engineering College, Warangal, India and
a PG Diploma in Business Management
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. 40.15 |
|
UK Pound |
1 |
Rs. 80.54 |
|
Euro |
1 |
Rs. 63.41 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
-- |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
-- |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
30 |
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 |
|