1. Summary Information
|
|
|
Country |
|
|
Company Name |
MOSER BAER PHOTO
VOLTAIC LIMITED |
Principal Name 1 |
Mr. Deepak Puri |
|
Status |
Moderate |
Principal Name 2 |
Mr. Ratul Puri |
|
|
|
Registration # |
55-143431 |
|
Street Address |
43-B, Okhla
Industrial Estate, |
||
|
Established Date |
07.12.2005 |
SIC Code |
-- |
|
Telephone# |
91-11-41635201-05/ 26911570-74/ 40594444 |
Business Style 1 |
Manufacturers |
|
Fax # |
91-11-41635211/ 26911860 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Photovoltaic Cells and Modules |
|
|
# of employees |
600
(Approximately) |
Product Name 2 |
High Concentrator (HC) |
|
Paid up capital |
Rs. 8,803,331,000/- |
Product Name 3 |
Module Line |
|
Shareholders |
Bodies corporate -100% |
Banking |
State Bank of |
|
Public Limited Corp. |
NO |
Business Period |
6 Years |
|
IPO |
NO |
International Ins. |
- |
|
Public |
NO |
Rating |
B (30) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Holding
Company |
|
PV Technologies India Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
9,140,483,000 |
Current Liabilities |
3,312,625,000 |
|
Inventories |
2,046,986,000 |
Long-term Liabilities |
8,116,965,000 |
|
Fixed Assets |
2,970,941,000 |
Other Liabilities |
0 |
|
Deferred Assets |
0 |
Total Liabilities |
11,429,590,000 |
|
Invest& other Assets |
1,958,142,000 |
Retained Earnings |
0 |
|
|
|
Net Worth |
4,686,962,000 |
|
Total Assets |
16,116,552,000 |
Total Liab. & Equity |
16,116,552,000 |
|
Total Assets (Previous Year) |
12,558,911,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
4,453,261,000 |
Net Profit |
(1,760,584,000) |
|
Sales(Previous yr) |
3,412,971,000 |
Net Profit(Prev.yr) |
(1,676,609,000) |
MIRA
INFORM REPORT
|
Report Date : |
14.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
MOSER BAER PHOTO VOLTAIC LIMITED |
|
|
|
|
Registered
Office : |
43-B, Okhla Industrial Estate, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
07.12.2005 |
|
|
|
|
Com. Reg. No.: |
55-143431 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 8803.331 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U40106DL2005PLC143431 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELM12892F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECM4997P |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company. |
|
|
|
|
Line of Business
: |
Manufacturers of Photovoltaic Cells, Modules and Systems. |
|
|
|
|
No. of Employees
: |
600 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 18748000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of Moser Baer Group, worldwide. It is an established
company having moderate track. Profitability of the company is under severe
pressure. There appears some accumulated losses recorded by the company.
However, trade relations are reported as fair. Business is active. Payments
are reported to be usually correct. In view of strong holding, the company can be considered normal 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Satish Gupta |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-9810068332 |
LOCATIONS
|
Registered Office / Corporate Office : |
43-B, Okhla Industrial Estate, |
|
Tel. No.: |
91-11-41635201-05/ 26911570-74/ 40594444 |
|
Fax No.: |
91-11-41635211/ 26911860 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Leased |
|
|
|
|
Factory : |
66B, SEZ Udyog Vihar, Greater Noida – 201306, |
|
Tel. No.: |
91-120-4386000/ 4658009/ 4658000 |
|
Fax No.: |
91-120-2569416 |
|
|
|
|
Branch Office 1 : |
311, IIIrd Floor, Connaugh Place, 28, Bund Garden Road, Pune – 411011, Maharashtra, India |
|
Tel. No.: |
91-20-40077292 |
|
|
|
|
Branch Office 2 : |
805-807, B Wing, 8th Floor, Mittal Towers, |
|
Tel. No.: |
91-80-25590203 / 04 |
|
E-Mail : |
|
|
|
|
|
Overseas Office : |
Japan Tel.: +81-3-3288-0990 Email: mick@moserbaer.in
Tel.: +49-4331 1366-77 Fax: +49-4331 1366-78 Email: schuett@moserbaer.in,
jegminat@moserbaer.in
Tel.: +1-541-230-1689 |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Deepak Puri |
|
Designation : |
Managing Director |
|
Address : |
A-187, New Friends Colony, |
|
Date of Birth : |
28.07.1941 |
|
Date of Appointment : |
07.12.2005 |
|
DIN No.: |
00002189 |
|
|
|
|
Name : |
Mr. Ratul Puri |
|
Designation : |
Director |
|
Address : |
A-187, New Friends Colony, |
|
Date of Birth : |
19.07.1972 |
|
Date of Appointment : |
07.12.2005 |
|
DIN No.: |
00002262 |
|
|
|
|
Name : |
Mrs. Nita Puri |
|
Designation : |
Director |
|
Address : |
A-187, New Friends Colony, |
|
Date of Birth : |
06.10.1945 |
|
Date of Appointment : |
20.05.2008 |
|
DIN No.: |
00002331 |
|
|
|
|
Name : |
Mr. Bernard Gallus |
|
Designation : |
Director |
|
Address : |
C/DEL RIO Escalona, 9 E – 03739 |
|
Date of Birth/Age : |
05.05.1933 |
|
Date of Appointment : |
28.10.2009 |
|
DIN No.: |
00138901 |
KEY EXECUTIVES
|
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 |
|
PAN.: |
AAOPM0539G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of
Shareholders (Preference Shares) |
|
No.
of Shares |
|
Moser Baer Solar Limited, |
|
281079974 |
|
Deepak Puri (As nominee of Moser Baer Solar Limited) |
|
1 |
|
Ratul Puri (As nominee of Moser Baer Solar Limited) |
|
1 |
|
Yogesh Bahadur Mathur (As nominee of Moser Baer Solar Limited) |
|
1 |
|
Rakesh Govil (As nominee of Moser Baer Solar Limited) |
|
1 |
|
Vijay Kumar (As nominee of Moser Baer Solar Limited) |
|
1 |
|
Gautam Samanta (As nominee of Moser Baer Solar Limited) |
|
1 |
|
Moser Baer India Limited, |
|
146409226 |
|
Moser Baer Solar Limited, |
|
452843884 |
|
Total |
|
880333090 |
As on 30.09.2010
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Photovoltaic Cells, Modules and Systems |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
PRODUCTION STATUS (As on 31.03.2009)
|
Particulars |
Installed
Capacity (MW)1
|
Actual
Production (MW)2 |
|
Cell Line |
80 |
31.10 |
|
High Concentrator (HC) |
3.5 |
1.19 |
|
Module Line |
80 |
26.76 |
|
|
|
|
NOTE
1. As certified by the management and on which
auditors have placed reliance, this being a technical matter.
2. Includes cells and modules utilized for
captive consumption.
GENERAL INFORMATION
|
Customers : |
OEM’s |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
600 (Approximately) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
Ř
Oriental Bank of Commerce, M-33, M Block Market,
Greater Kailash II, New Delhi-110048, Ř
Canara Bank, Industrial Finance Branch, 2nd
Floor, Ř
Bank of Ř
State Bank of Ř
State Bank of Saurashtra Ř
Deutsche Bank Ř
UCO Bank Ř
Indian Overseas Bank Ř
State
Bank of Ř
State
Bank of |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
NOTES 1. Rupee Term Loans from Oriental Bank of Commerce
and Punjab National Bank and Foreign Currency. Term Loan from International
Finance Corporation are secured by way at first pari-passu charge on all the
moveable and immoveable fixed assets (both present and future) of the
Company. 2 Short Term Rupee Loans from Oriental Bank
of Commerce, UCO Bank and Bank of Baroda and Short Term Foreign Currency
Loans from Oriental Bank of Commerce and UCO Bank are secured by a first
charge by way of hypothecation on pari-passu basis on all the present and
future current assets of the company and further secured by way of a second
charge on pari-passu basis on all the moveable and immoveable fixed assets of
the company. Short Term Foreign Currency Loan from State
Bank of Short term foreign currency loan from State
bank of Patiiala secured by first pari passu charge by way of hypothecation
over movable fixed assets of the company (both present and future) 3 Rupee Term Loans from Uco Bank are secured
by way of first pari passu charge on current assets (both present and future)
of the company and future secured by way of a second charge on pari –passu
basis on all the movable fixed assets of the company. 4. Rupee Term Loans from State Bank of 5. Principal amount of term loan repayable
within one year Rs. 586.504 Millions (Previous Year Rs. 204.170 Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
International
Finance Corporation (IFC), |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
Building 8, 7th and 8th Floor, Tower-B, |
|
PAN.: |
AAEFP5579P |
|
|
|
|
Holding Company : |
PV Technologies India Limited, CIN No.: U74999DL2007PLC160162 |
|
|
|
|
Ultimate Holding Company : |
Moser Baer India
Limited CIN No.: L51909DL1983PLC015418 |
|
|
|
|
Wholly Owned Subsidiaries : |
CIN No.:
U40100DL2008PTC175762
CIN No.:
U40106DL2008PTC175987
CIN No.:
U74900DL2008PTC177408
CIN No.: U40106DL2008PTC175725
CIN No.:
U74900DL2008PTC177409
|
|
|
|
|
Fellow Subsidiaries : |
|
|
|
|
|
Joint Venture : |
Solarvalue Prozvodnja d.d. |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
301079980 |
Equity Shares |
Rs.10/- each |
Rs.3010.800 Millions |
|
651253110 |
Preference Shares |
Rs.10/- each |
Rs.6512.531 Millions |
|
|
Total |
|
Rs.9523.331
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
281079980 |
Equity Shares |
Rs.10/- each |
Rs.2810.800 Millions |
|
599253110 |
Preference Shares |
Rs.10/- each |
Rs. 5992.531 Millions |
|
|
Total |
|
Rs. 8803.331
Millions |
NOTES
1. Series A’ preference shares are optionally redeemable after 7 years from the date of allotment (March 29.2014 for 82851150 shares and September 2, 2014 for 3648850 shares and optionally) convertible into ordinary equity shares of the Company in case of erosion of net worth by 50% or more in any one financial year subject to the preference shares being compulsorily redeemed within 20 years from the date of allotment thereof (March 29, 2027 for 82851150 shares and September 2, 2027 for 3648850 shares) These shares for both the above year ends are held by the Ultimate Holding Company, Moser Beer India Limited (MBIL).
2. Optionally redeemable preference shares subject to compulsory redemption within 20 years from the date of allotment thereof (March 29, 2027, September 2, 2027, August 15, 2028 and March 18, 2028 for 55568850 ‘Series B’ Preference Shares, 29050000 ‘Series B-1’ Preference Shares, 1246500 ‘Series B-1’ Preference Shares and 33887760 ‘Series B-2’ preference shares, respectively).
55568850 (Previous Year 55568850) ‘Series B’ Preference Shares and 4275034 (Previous Year 4275034) ’Series B-1’ Preference Shares are held by the Holding Company. PV Technologies India Limited 26021466 (Previous Year 26021466) ‘Series B-1’ Preference Shares and 33887760 (Previous Year 33887760) ‘Series B-2’ Preference Shares are held by Moser Beer India Limited (MBIL).
3. Series C preference shares are subject to compulsory redemption within 20 years from the date of allotment thereof (March 26, 2030 for 296000000 shares and March 31,2030 for 97000000 shares) at 9% premium compounded quarterly. These shares are held by the Holding Company. PV Technologies India Limited.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
8803.331 |
4873.331 |
2335.066 |
|
|
2] Share Application Money |
0.001 |
0.001 |
532.800 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(4116.370) |
(2355.786) |
(685.591) |
|
|
NETWORTH |
4686.962 |
2517.546 |
2182.275 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
7761.000 |
4738.851 |
3352.866 |
|
|
2] Unsecured Loans |
355.965 |
4226.686 |
1116.434 |
|
|
TOTAL BORROWING |
8116.965 |
8965.537 |
4469.300 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
12803.927 |
11483.083 |
6651.575 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2970.941 |
3271.751 |
1363.650 |
|
|
Capital work-in-progress |
1033.709 |
1238.201 |
783.750 |
|
|
|
|
|
|
|
|
INVESTMENT |
924.433 |
872.841 |
1202.323 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2046.986
|
1996.317
|
1040.987 |
|
|
Sundry Debtors |
1190.444
|
838.162
|
645.810 |
|
|
Cash & Bank Balances |
2500.996
|
1059.531
|
929.562 |
|
|
Other Current Assets |
107.908
|
88.940
|
70.045 |
|
|
Loans & Advances |
5341.135
|
3193.168
|
1233.352 |
|
Total
Current Assets |
11187.469
|
7176.118 |
3919.756 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1743.917
|
901.826
|
426.205 |
|
|
Other Current Liabilities |
1465.878
|
120.958
|
176.785 |
|
|
Provisions |
102.830
|
53.044
|
14.914 |
|
Total
Current Liabilities |
3312.625
|
1075.828 |
617.904 |
|
|
Net Current Assets |
7874.844
|
6100.290 |
3301.852 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
12803.927 |
11483.083 |
6651.575 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4453.261 |
3412.971 |
1694.005 |
|
|
|
Other Income |
819.176 |
280.508 |
96.168 |
|
|
|
TOTAL (A) |
5272.437 |
3693.479 |
1790.173 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw materials and components consumed |
4509.014 |
4001.056 |
1725.952 |
|
|
|
Packing Materials Consumed |
39.233 |
38.241 |
10.318 |
|
|
|
Stores, Spares and Tools Consumed |
76.213 |
64.585 |
34.731 |
|
|
|
Cost of Traded Goods |
72.814 |
0.000 |
0.000 |
|
|
|
Personnel Expenses |
379.672 |
331.626 |
179.472 |
|
|
|
Administration and Other Expenses |
722.803 |
571.154 |
180.708 |
|
|
|
Increase in stock of finished goods and work
in progress |
(88.610) |
(897.002) |
(245.497) |
|
|
|
Prior Period Expenses |
0.000 |
8.180 |
0.000 |
|
|
|
Exceptional Item |
0.000 |
343.494 |
0.000 |
|
|
|
TOTAL (B) |
5711.139 |
4461.334 |
1885.684 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(438.702) |
(767.855) |
(95.511) |
|
|
|
|
|
|
|
|
|
Less |
INTEREST AND FINANCIAL EXPENSES (D) |
986.604 |
723.367 |
308.569 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(1425.306) |
(1491.222) |
(404.080) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
334.202 |
180.853 |
102.870 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
(1759.508) |
(1672.075) |
(506.950) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.076 |
4.534 |
2.711 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(1760.584) |
(1676.609) |
(509.661) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(2355.786) |
(685.591) |
NA |
|
|
|
|
|
|
|
|
|
Less |
ADJUSTMENT
TO THE DIFFERENCE ARISING ON LONG TERM FOREIGN CURRENCY MONETARY LIABILITIES |
0.000 |
(6.414) |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(4116.370) |
(2355.786) |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
3133.362 |
1248.519 |
|
|
|
Interest |
|
1.834 |
3.809 |
|
|
TOTAL EARNINGS |
3878.000 |
3135.196 |
1252.328 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
|
|
4327.432 |
1901.898 |
|
|
|
Capital Goods |
|
621.879 |
783.331 |
|
|
|
Stores & Spares |
|
116.236 |
84.004 |
|
|
|
Packing Material |
|
0.000 |
0.145 |
|
|
TOTAL IMPORTS |
NA |
5065.547 |
2769.378 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(7.04) |
(12.93) |
(23.74) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(33.39)
|
(45.39)
|
(28.47)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(39.51)
|
(48.99)
|
(29.93)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(12.43)
|
(16.00)
|
(9.60)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.37)
|
(0.66)
|
(0.23)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.44
|
3.99
|
2.33 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.38
|
6.67
|
6.34 |
LOCAL AGENCY FURTHER INFORMATION
MARKET ENVIRONMENT AND OUTLOOK
While the
financial year 2009-10 ended with a rebound of the Solar Industry and the market,
the year had started out as a challenging one for the global solar industry,
given the rolling effect of the global economic meltdown, the consequent credit
crunch and an unexpected cap in the incentive program by the Spanish
Government. Added to this was the huge capacity build-up of photovoltaic
capacities in
However, after a
dull first half, growth rebounded in the second half of the year with improving
credit conditions and a firming up of demand. All major markets remained firm,
with the strongest growth evident in
AN OVERVIEW OF THE
DEVELOPMENTS
The India
Advantage: Taking a giant leap towards sustainable and clean solar energy, the
Government of India officially launched the ambitious ‘National Solar Mission’
in January 2010 — a comprehensive plan envisaging a goal of 20,000 MW of grid
interactive solar power and 2,000 MW of off-grid applications in / three stage
plan by 2022.
|
Application
Segment |
Target — Phase I
(FY’ 10-13) |
Target — Phase
II (FY’ 13.17) |
Target — Phase III (FY’ 17-22) |
|
Solar Collectors (In mn sq. mts) |
7 |
15 |
20 |
|
Off-grid solar applications (In MW) |
200 |
1000 |
2000 |
|
Utility grid power (In MW) |
1100 |
4000 |
20000 |
This is an unprecedented joint initiative of Ministry of Power and
Ministry of New and Renewable Energy (MNRE) and has attracted the attention of
the PV industry worldwide. With this,
As stated in the Mission Document of the Jawaharlal Nehru National Solar
Mission, the mission has set up a solar energy purchase obligation for
utilities that will be required to source 0.25% of their electricity
requirement from solar energy sources by 2013, increasing gradually to 3% by
2022. NTPC Vidyut Vyapar Nigam Ltd.(NVVN), a wholly owned subsidiary of India’s
AAA-rated national power utility NTPC has been entrusted by the government to
sign PPAs and off-take solar power from independent solar power projects up to
March 2013 under Phase I. at rates fixed by Central Electricity Regulatory
Commission (CERC) for a period of 25 years. This ensures high binkability of
projects. CERC has fixed attractive solar feed-in tariff (FiT) at Rs 17.91/kWh
leading to pre-tax returns of 19% for the first 10 years and 24% from the I 1th
year onwards. This has generated huge interest from developers, installers and
investors and a rush of financial closures are expected as soon as the Power
Purchase Agreements are finalised by NVVN in the next few months.
As a result, the Company’s EPC business, including designing,
engineering, procurement, installation and commissioning has received
significant stimulus. The Company has successfully commissioned the ‘largest of
its kind thin film project in
The Company is also in the process of executing a 5MW project in Tamil
Nadu with planned commissioning in the next two months. This will be the
largest solar photovoltaic project in the country.
The Global
Scenario: With improving economic environment and strong market fundamentals
driven by policy developments across the globe, Market intelligence and
research firms have raised their global demand estimates for 2010 and beyond.
Installations are now expected to be in the range of 10-14GW in 2010. Though
The Company had announced plans to establish a new SEZ unit with
additional capacity for crystalline silicon solar cells and modules. However,
the continued losses and the high gearing of the Company delayed the new project.
Finally, after a lot of deliberations, it was decided by the Board that the
Company is not in a financial position to carry on with the new project and it
has accordingly requested another affiliate to take over this project and
reimburse any advances paid. The Company is thus able to exit its commitments
at no loss to the Company and the dispute with the equipment vendor has also
been amicably resolved.
Form 8:
|
Corporate
identity number of the company |
U40106DL2005PLC143431 |
|
Name of the company
|
MOSER BAER PHOTO VOLTAIC LIMITED |
|
Address of the
registered office or of the principal place of business in |
43-B, Okhla Industrial Estate, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Book Debts Others (Current
Assets) |
|
Particular of
charge holder |
State Bank of |
|
Nature of
description of the instrument creating or modifying the charge |
Agreement of
Hypothecation of Goods and Assets dtd.17th August 2009 |
|
Date of
instrument Creating the charge |
17.08.2009 |
|
Amount secured by
the charge |
Rs.1326.600
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Term Loan: At par
with BPLR Cash credit:
currently 13.25% p.a., EPC: 2.75% below BPLR, i.e., 10.5% p.a., PCFC: As
prescribed Terms of
Repayment: Term Loan of Rs.826.600
millions: 7 monthly installments (1st installment of Rs.12.338 millions and
six installments each of Rs.12.337 millions) during the financial year
2009-10 commencing from September 2009 and 60 monthly installments each of
Rs.12.337 millions thereafter CC/PCFC/EPC:
Working capital facilities are payable within a period of one year. Margin: Term Loan: Nil CC/PCFC/EPC: 25%
uniform on stocks and book debts (up to 90 days). 25% on PCFC/EPC. However, at any moment of time, the EPC
outstanding will not exceed the value of LCs/confirmed orders. Extent and
Operation of the charge: Term Loan: First
pari passu charge by way of hypothecation over current assets of the Company,
both present and future Working Capital
facilities: First pari passu charge by way of hypothecation on the entire
stocks of inventory, receivables, bills and other chargeable current assets
of the Company both present and future. Others: 1)
Interest/discount/commission on FBP/FBD/Docy (within CC/EPC/PCFC limit) is
2.75% below BPLR 2) Additional
comfort: Assignment of Bank Guarantee of USD 48 million issued by China
Merchants Bank on behalf of LDK, China in favour of State Bank of Bikaner and
Jaipur to the extent of term loan on proportionate sharing basis among the
Term Lenders for reimbursement of the advance paid (Bank’s share minimum
Rs.826.600 millions) 3) Corporate
Guarantee of Moser Baer India Limited |
|
Short particulars
of the property charged |
First pari passu charge
by way of hypothecation over current assets of the Company, both present and
future |
CONTINGENT LIABILITIES: (As on 31.03.2009)
i)
Bank Guarantees
Rs.4336.150 millions.
ii)
Claims against the
Company for acknowledged as debts Rs.35.853 millions.
FIXED ASSETS:
- Plant and Machinery
- Furniture and Fixture
- Office Equipment
- Computers
- Vehicles
- Building
WEBSITE DETAILS:
OVERVIEW
Established in 1983
in
Subject and PV Technologies India Limited (PVTIL) are subsidiaries of MBIL and
were launched between 2005 and 2007 with the primary objective of providing
reliable solar power as a competitive non-subsidized source of energy. They
have leveraged their core competencies in high volume manufacturing of optical
media products to create a world class photovoltaic manufacturing facility.
Their strategy is to straddle multiple technology platforms and to drive scale
to be able to drive down the costs of the technology and make it more
affordable to consumers globally.
MOSER BAER GROUP
Moser Baer is the
world's second largest manufacturer of Optical Storage Media like CDs and DVDs
and is the preferred technology and OEM partner to the world's top brands.
Moser Baer's products are manufactured at its state-of-the-art manufacturing
facilities in the suburbs of
The company has
transformed itself from a single business into a multi-technology organization,
diversifying into exciting areas of Solar Energy, Home Entertainment, IT
Peripherals and Consumer Electronics.
HISTORY AND MILESTONES
2005
• Announces Moser Baer Photo
Voltaic Limited as it's wholly owned subsidiary
2007
• Photovoltaic facility
commences production
• Starts trial run of
solar photovoltaic cell production facility
• Sets up the
world's largest Thin Film Solar Fab
• Announces
commercial shipment of solar photovoltaic cells
• ISO 9001:2000
Certification of Cell Line
• SA 8000
Certification of MBPV
2008
• Plans significant Thin
Film capacity ramp up
• Secures
orders/sales from global customers
• Global investors
inject $93.5million (Rs. 411 crore) into Moser Baer's solar photovoltaic
business
• Successful trials
of first Gen 8.5 Thin Film plant
• ISO 9001:2000
Scope Extension to Module Line and Concentrator Facilities
• IEC 61215 and
61730 Certification of Cr-Si Modules
• ISO 14001 and
OHSAS 18001 Certification of MBPV
2009
• IEC certification of thin
film solar modules
• Sets up one of
• Thin film line
ready for production of ultra-large solar modules
2010
• Awarded the prestigious 5 Star rating by TÜV Rheinland for quality Systems
• Commissions first
of its kind 1 MW Thin Film solar farm in
• Achieves 7.3 %
efficiency for single Junction Thin Film Modules
PRESS RELEASES:
Omax Autos introduces 200 kWp of
solar photo voltaic power designed and installed by Moser Baer Photo Voltaic at
their facilities in Manesar and Dharuhera, Haryana
May 20, 2010
New Delhi / Gurgaon : Omax Auto Limited, a major in manufacturing automotive
parts, announced successful installation of 200 kWp rooftop solar photo
voltaic(SPV) power generation projects, designed and developed by Moser Baer
Photo Voltaic Limited (MBPV) at their Manesar and Dharuhera facilities. These
highly efficient and cost effective SPV systems feed power directly to the
building level grid of their facilities and importantly, they obviate the need
for any battery back-up systems and the maintenance associated with them. Each
of these roof top projects will result into an annual saving of more than
40,000 ltrs of diesel, leading to savings of approx 2 million Kgs of CO2 over a
period of 20 years.
MBPV has provided a complete turn-key solution including Design, Engineering,
Procurement, Construction, Commissioning, Grid and DG Set synchronization.
Furthermore, the company will also provide Operations and Maintenance services
for the project.
The unique hybrid system has been specifically customized wherein solar, DG and
grid power will work synergistically. Interestingly, the system has been
designed in such a manner that whenever solar power is being produced, it will
automatically get first priority, thereby, maximizing the use of clean Solar
Power.
Speaking on the occasion, Mr. Deepak Gupta, Secretary, Ministry of New and
Renewable Energy, Govt. of India said, “The commissioning of these 200 kWp
rooftop SPV projects is indeed a commendable beginning to the industrial usage
of rooftop solar PV solutions. I laud the Omax and Moser Baer teams on their
vision and wish them success in expanding roof top SPV solutions to other
locations as well. Indian solar story is gathering speed and significant projects
like these will help us in achieving the targets set in the National Solar
Mission.”
Mr. Jatender Mehta, Managing Director, Omax Auto Limited, said, “Omax Auto
Limited has always believed in promoting clean manufacturing technology and the
installation of roof top photo voltaic solar solution is a major step in
utilization of clean renewable energy as a primary source of power. Moser Baer
has commissioned this project in a short period of time and thanks to their
experience and technical know-how, we have been able to put up a state-of-art
solar photo voltaic (SPV) power generation project.”
Dr. Rajiv Arya, CEO of MBPV, said, “This state-of-the-art system showcases our
unique EPC capabilities and designing strength. The highpoint of the system is
that it has been designed in such a manner that solar energy produced will get
first priority of consumption over power generated through DG. The SPV systems
in these facilities are performing well, demonstrating an outstanding
combination of high-quality manufacturing and system design engineering.”
ABOUT OMAX AUTOS LIMITED:
Omax is a Rs 900 crore company having
nine plants across
Omax is amongst top 10 auto component manufacturers in
ABOUT MBPV:
Moser Baer Photo Voltaic Limited
(MBPV) and PV Technologies India Limited (PVTIL) are subsidiaries of Moser Baer
India Limited and were launched between 2005 and 2007. The primary objective of
the entities is to manufacture world-class solar modules and design an EPC for
effective deployment of PV Systems. Our PV Systems business has rapidly grown
to a market leadership position in solar farms, roof-tops and off-grid
applications. The strategy is to straddle multiple technology platforms and to
drive scale in a cost effective manner.
The current production capacity of MBPV stands at 90 MW Crystalline Cells, 90
MW Crystalline Modules, and 50 MW Thin Films. We also have an initial capacity
of a few megawatts in Concentration PV, which is being rapidly developed for
the market and has great cost reduction potential. We have a strong commitment
to R and D and innovation and our products meet international standards
including UL, IEC, ETL, CE. MBPV is the first Indian company to be awarded the
prestigious 5 Star rating by TÜV Rheinland for maintaining highest standards of
quality.
Moser Baer Photo Voltaic forays
into Australian market
April 14, 2010
Clean Energy Council (CEC) approves
MBPV to sell its IECEE-CB certified Crystalline Silicon modules in
Commenting on the development, Ratul Puri, Executive Director, MBIL, said: “
He also added that the company’s products and services meet the international
standards including UL, IEC, ETL, CE,
TuV, MCS etc allowing it to operate in key emerging markets like
Dr. Rajiv Arya, CEO, MBPV, said: “Acceptance of our products by CEC is a
testimony of the high quality of products offered by us. To apply for CEC
listing, it was necessary for our products to get the IECEE-CB certification
which was duly accorded by TuV Intercert. Our products are now listed on their
website allowing us to operate in
Editorial notes:
About IECEE-CB: IECEE-CB is an international Scheme operated by the IECEE (IEC
System for Conformity testing and Certification of Electrotechnical Equipment
and Components), known as the CB Scheme to facilitate international trade. This
certificate is provided to such products and systems that match the set
standards.
About TuV Intercert: TÜV Intercert GROUP, established in
About CEC: CEC headquartered in
Certifying bodies
UL: Underwriters Laboratories® is an independent product safety certification
organization that has been testing products and writing standards for safety
for more than a century. It evaluates more than 19,000 types of products,
components, materials and systems annually with 20 billion UL Marks appearing
on 66,000 manufacturers' products each year.
IEC: The IEC is the world's leading organization that prepares and publishes
International Standards for all electrical, electronic and related
technologies. The IEC also manages conformity assessment systems that certify
that equipment, systems or components conform to its International Standards.
MCS: The Microgeneration Certification Scheme (MCS) is an independent scheme
that certifies microgeneration products and installers in accordance with
consistent standards. It is designed to evaluate microgeneration products and
installers against robust criteria providing greater protection for consumers.
The MCS is the only certification scheme to cover all microgeneration products
and services, and has support from the Department of Energy and Climate Change,
industry and non-governmental groups.
TuV: TÜV Rheinland Group, founded 1872, with above 36,000 registered companies
is one of the most credible player and a global leader in the areas assessment
and certification of Photovoltaics worldwide.
ABOUT PV BUSINESS:
Moser Baer Photo Voltaic Limited (MBPV) and PV Technologies India Limited
(PVTIL) are subsidiaries of Moser Baer India Limited and were launched between
2005 and 2007. The primary objective of the entities is to manufacture
world-class solar modules and design an EPC for effective deployment of PV
Systems. Our PV Systems business has rapidly grown to a market leadership
position in solar farms, roof-tops and off-grid applications. The strategy is
to straddle multiple technology platforms and to drive scale in a cost
effective manner.
The current production capacity of MBPV stands at 90 MW Crystalline Cells, 90
MW Crystalline Modules, and 50 MW Thin Films. We also have an initial capacity
of a few megawatts in Concentration PV, which is being rapidly developed for
the market and has great cost reduction potential. We have a strong commitment
to R and D and innovation and our products meet international standards
including UL, IEC, ETL, CE. MBPV is the first Indian company to be awarded the
prestigious 5 Star rating by TÜV Rheinland for maintaining highest standards of
quality.
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.44.77 |
|
|
1 |
Rs.73.45 |
|
Euro |
1 |
Rs.64.55 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.