MIRA
INFORM REPORT
|
Report Date : |
27.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
MOSER BAER SOLAR LIMITED |
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Formerly Known
As : |
PV TECHNOLOGIES INDIA LIMITED |
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Registered
Office : |
43-B, Okhla Industrial Estate, New Delhi-110020 |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
06.03.2007 |
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Com. Reg. No.: |
55-160162 |
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Capital
Investment/ Paid-up Capital: |
Rs.
99594.504 Millions |
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CIN No.: [Company Identification
No.] |
U74999DL2007PLC160162 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELP13847B |
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PAN No.: [Permanent Account No.] |
AAECP1955A |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business
: |
Manufacturer of Photovoltaic Modules. |
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No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 33000000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Moser Baer Group. It is an established company
having moderate track. There appears some accumulated losses recorded by the company.
However, trade relations are reported as fair. Business is active. Payments
are reported to be slow. The company can be considered for business dealings with some caution.
|
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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
43-B, Okhla Industrial Estate, New Delhi-110020, |
|
Tel. No.: |
91-11-40594444/ 26911570/ 74/ 41635201-05 |
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Fax No.: |
91-11-41635211/ 26911860 |
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E-Mail : |
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Website : |
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Factory : |
66B, SEZ Udyog Vihar, Greater Noida, |
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Tel. No.: |
91-120-4658000 |
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Branches : |
Located at:
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Overseas office : |
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DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Deepak Puri |
|
Designation : |
Director |
|
Address : |
A 187, New Friends Colony, New Delhi-110065, |
|
Date of Birth/Age : |
28.07.1941 |
|
Date of Appointment : |
29.03.2007 |
|
DIN No.: |
00002189 |
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Name : |
Mr. Ratul Puri |
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Designation : |
Director |
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Address : |
A 187, New Friends Colony, New Delhi-110065, |
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Date of Birth/Age : |
19.07.1972 |
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Date of Appointment : |
29.03.2007 |
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DIN No.: |
00002262 |
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Name : |
Mrs. Nita Puri |
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Designation : |
Director |
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Address : |
A 187, New Friends Colony, New Delhi-110065, |
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Date of Birth/Age : |
06.10.1945 |
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Date of Appointment : |
29.03.2007 |
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DIN No.: |
00002331 |
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Name : |
Mr. Bernhard Hermann Gallus |
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Designation : |
Additional Director |
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Address : |
C/DEL Rio, Escalona, 9 E-03739, |
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Date of Birth/Age : |
05.05.1933 |
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Date of Appointment : |
28.10.2009 |
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DIN No.: |
00138901 |
KEY EXECUTIVES
|
Name : |
Mr. Amitava Banerjee |
|
Designation : |
Secretary |
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Address : |
F 43 Katwaria Sarai Flatn06 Hauzkhas, New Delhi-110016, |
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Date of Birth/Age : |
26.09.1977 |
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Date of Appointment : |
01.02.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
MB Solar Holdings Limited |
|
552000398 |
|
Shaurabh Mathur (nominee of MB Solar Holdings Limited) |
|
1 |
|
P.N. Pant (nominee of MB Solar Holdings Limited) |
|
1 |
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Shweta Chopra (nominee of MB Soalr Holdings Limited) |
|
1 |
|
Aditya Singh Yadav (Nominee of MB Solar Holdings Limited) |
|
1 |
|
Pawan Saini (nominee of MB Solar Holdings Limited) |
|
1 |
|
Ruchi Sharma (nominee of MB Solar Holdings Limited) |
|
1 |
|
Total Equity
Shares |
|
552000404 |
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Series A
Preference Shares |
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|
IDFC Trustee Company Limited Account IDFC Infrastructure Fund 2 A/C
IDFC Private Equity Fund II |
|
157160000 |
|
Infrastructure Development Finance Company Limited |
|
39290000 |
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Total Series A
Preference Shares |
|
196450000 |
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|
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Series B
Preference Shares |
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IDFC Trustee Company Limited Account IDFC Infrastructure Fund 2 A/C
IDFC Private Equity Fund II |
|
43000000 |
|
Infrastructure Development Finance Company Limited |
|
22000000 |
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Total Series B
Preference Shares |
|
65000000 |
|
|
|
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Series C
Preference Shares |
|
|
|
Moser Baer India Limited |
|
146000000 |
|
Total Series C
Preference Shares |
|
146000000 |
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|
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|
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Grad Total |
|
959450404 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Photovoltaic Modules. |
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Products : |
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PRODUCTION STATUS AS ON (31.03.2010)
|
Particulars |
Unit |
|
Installed
Capacity |
Actual
Production |
|
Thin Film Line |
MW |
|
40.00 |
10.40 |
GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountant |
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Address : |
Building 8, 7th And 8th Floor, Tower-B, |
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Holding Company: |
MB Solar Holdings Limited |
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Ultimate Holding Company: |
Moser Baer India Limited |
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Intermediate Holding Company: |
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Fellow Subsidiaries: |
U40106DL2005PLC143431
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Joint Venture: |
Solarvalue Proizuodnja d.d. (under liquidation) |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
572000450 |
Equity Shares |
Rs. 10/- each |
Rs. 5720.005 Millions |
|
451450000 |
Preference Shares |
Rs. 10/- each |
Rs. 4514.500 Millions |
|
|
Total |
|
Rs. 10234.505
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
|
|
|
|
|
552000404 |
Equity Shares (Fully paid in cash held by the holding
company, Mosar Baer Solar Limited (Formerly known as Moser Baer Solr Plc.)
The ultimate Holding company is Moser Baer India Limited |
Rs. 10/-
each |
Rs. 5520.004
Millions |
|
196450000 |
Non Cumulatie, Fully Convertible Re. 1
Dividend Bearing Class A Preference Shares (Fully paid in cash) |
Rs. 10/-
each |
Rs. 1964.500
Millions |
|
65000000 |
Non Cumulative, Fully Convertible Re. 1 Dividend
Bearing Class B Preference Shares (Fully paid in cash) |
Rs. 10/-
each |
Rs. 650.000
Millions |
|
146000000 |
Non-Cumulative, Redeemable RE. 1 Dividend
Bearing Class C Preference Shares (Fully Paid in cash) |
Rs. 10/-
each |
Rs. 1460.000
Millions |
|
|
Total |
|
Rs. 9594.504 Millions |
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 |
9594.504 |
7989.667 |
3742.425 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
[1254.828] |
[201.916] |
[156.822] |
|
|
NETWORTH |
8339.676 |
7787.751 |
3585.603 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2886.032 |
3067.082 |
1191.173 |
|
|
2] Unsecured Loans |
5062.698 |
499.854 |
31.104 |
|
|
TOTAL BORROWING |
7948.730 |
3566.936 |
1222.277 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
16288.406 |
11354.687 |
4807.880 |
|
|
|
|
|
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|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
6494.644 |
539.482 |
4.790 |
|
|
Capital work-in-progress |
180.811 |
3311.748 |
2764.906 |
|
|
|
|
|
|
|
|
INVESTMENT |
7538.991 |
3608.891 |
2864.482 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
834.559
|
419.524 |
2.632 |
|
|
Sundry Debtors |
160.712
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
236.541
|
1571.104 |
369.853 |
|
|
Other Current Assets |
11.928
|
109.166 |
4.170 |
|
|
Loans & Advances |
1809.574
|
2491.635 |
16.572 |
|
Total
Current Assets |
3053.314
|
4591.429 |
393.227 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
828.992
|
641.060 |
1201.498 |
|
|
Other Current Liabilities |
142.943
|
52.182 |
17.280 |
|
|
Provisions |
7.419
|
3.621 |
0.747 |
|
Total
Current Liabilities |
979.354
|
696.863 |
1219.525 |
|
|
Net Current Assets |
2073.960
|
3894.566 |
[826.298] |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
16288.406 |
11354.687 |
4807.880 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
359.914 |
0.000 |
0.000 |
|
|
|
Other Income |
332.533 |
476.076 |
42.586 |
|
|
|
TOTAL (A) |
692.447 |
476.076 |
42.586 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Materials and Components Consumed |
746.880 |
208.583 |
0.000 |
|
|
|
Packing Material Consumed |
33.124 |
0.000 |
0.000 |
|
|
|
Stores, Spares and Tools Consumed |
41.289 |
0.000 |
0.000 |
|
|
|
Personnel Expenses |
213.996 |
156.050 |
14.828 |
|
|
|
Administrative and other expenses |
592.357 |
269.368 |
162.226 |
|
|
|
Increase in Stock of Finished goods and work in progress |
[406.022] |
[208.583] |
0.000 |
|
|
|
TOTAL (B) |
1221.624 |
425.418 |
177.054 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
[529.177] |
50.658 |
[134.468] |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
232.852 |
80.877 |
22.044 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
[762.029] |
[30.219] |
[156.512] |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
291.052 |
22.497 |
0.158 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
[1053.081] |
[52.716] |
[156.670] |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
[0.169] |
0.847 |
0.152 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
[1052.912] |
[53.563] |
[156.822] |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
[201.916] |
[156.822] |
NA |
|
|
Less |
Adjustment
to the opening debit balance of Profit and loss account for exchange
difference arising on long term foreign currency monetary liabilities |
-- |
[8.469] |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
[1254.828] |
[201.916] |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
266.818 |
0.000 |
NA |
|
|
TOTAL EARNINGS |
266.818 |
0.000 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
460.833 |
159.526 |
NA |
|
|
|
Stores & Spares |
31.333 |
122.026 |
NA |
|
|
|
Capital Goods |
276.409 |
499.230 |
NA |
|
|
|
Packing Material |
26.812 |
0.000 |
NA |
|
|
TOTAL IMPORTS |
795.387 |
780.782 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
[1.95] |
[0.15] |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
[152.06]
|
[11.25] |
[368.25] |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
[292.59]
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
[11.03]
|
[1.03] |
[39.36] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
[0.13]
|
[0.01] |
[0.04] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.07
|
0.55 |
0.68 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.12
|
6.59 |
0.32 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The Registered office of the company has been shifted from C-484,
Sector-19, Rohini, Delhi-110085,
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. All major markets remained firm,
with the strongest growth evident in
As global economies take action to mitigate climate change, the global
energy infrastructure is set to undergo a fundamental reshaping to create a
prominent role for the renewable energy sector. Renewable electricity
represented 2.5% of worldwide electricity generation in 2008 and could
represent more than 20% of worldwide electricity generation, as policies to
promote renewable energy are implemented globally over the next 20 years as per
an independent analyst report.
An overview of developments:
While this happens to be the first commercial production year for the
company, significant traction was seen to establish the Company as a
cutting-edge technology player in Amorphous-Silicon Thin Film module. It took
themconsiderably longer than anticipated to stabilize the line and understand
the technical parameters and acquire the skills necessary to run such a complex
and fully automated line. However, by the onset of the winter months, they were
able to run the line efficiently with substantial improvement in all technical
metrics. In the last quarter of the year, the Company switched from producing
quarter-panels to full-panels (5.72 square meters) which will give the company
a unique selling proposition in the market in the coming years since it reduces
the customer’s real-estate and balance-of-systems costs and enable the company
to compete more effectively with Crystalline Silicon technology which has
become more costeffective due to the huge fall in silicon prices. On the
efficiency improvement front too, the process team has effectively achieved
world’s highest single junction Amorphous- Silicon thin-film module efficiency
of 7.3% on the existing production lines with process re-engineering in the
laboratory and they are slowly ramping it up on commercial scale.
This is a significant achievement as this has been done without any
capital expenditure and completely in-house, demonstrating the Company’s
technological prowess. Once fully commercialized, this would also take up the
capacity to almost 50 MW pa from the present 40 MW pa at the Greater Noida
Plant. In view of the market expansion, on the distribution and marketing side,
the Company has taken a decision to go direct to the customers in order to
develop the feel of the market and to help serve customers better.
Expansion Plans
The Company has now entered into agreements with a leading German
technology supplier to also enter the Crystalline Silicon technology and
intends to commence commercial manufacture of both solar cells (app. 90 MW
capacity) and modules (app. 100 MW capacity). The state-of-the-art Line is
being imported and set up in Greater Noida as a new SEZ Unit and will cater to
the high efficiency segment of the global photovoltaic market which is
predominantly the rooftop segment and where higher efficiency technology like
Crystalline-Silicon is more amenable than Thin Film. At the minimum guaranteed
average efficiency of 16.3% on multicrystalline wafers (with
potential to go upto 17.5% for monocrystalline wafers), this unit will
cater to the high growth segment of Crystalline Silicon at efficiency levels
where there is substantial unmet demands. This project will uniquely position
the Company as one of very few solar manufacturers globally to straddle
multiple technology platforms and will substantially de-risk the Company and
increase its attractiveness and potential. Substantial infusion of funds from
its ultimate parent company have been made in the form of Preference Capital,
to strengthen the Company’s net worth and enhance its leverage capability.
The Company firmly believes that Thin Film is the ideal solution for
Subsidiary Companies
In accordance with the exemption received under Section 212(8) of the
Companies Act 1956 from the Ministry of Corporate Affairs, Government of India
vide order no. 47/375/2010-CL-III dtd. 17.05.2010, Balance Sheets, Profit and
Loss Accounts, Auditors’ Reports and Directors’ Reports, etc. in respect of
subsidiary companies have not been
attached with the Balance Sheet of the Company and the consolidated
financial statements presented by the Company include financial results of its
subsidiary companies duly audited by statutory auditors.
However, the Company will make available the audited annual accounts of
the subsidiary companies and the related detailed information upon request of
any shareholder of the Company and of its holding and subsidiary companies
seeking such information at any point of time. The annual accounts of the
subsidiary companies will also be kept for information by any shareholder in
its head office and that of the subsidiary companies concerned. The holding
company shall furnish a hard copy of details of accounts of subsidiaries to any
shareholder on demand.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U74999DL2007PLC160162 |
|
Name of the
company |
MOSER BAER SOLAR LIMITED |
|
Address of the registered
office or of the principal place of
business in |
43-B, Okhla Industrial Estate, New Delhi-110020, |
|
This form is for |
Creation of
Charge |
|
Type of charge |
Book Debts Movable Property Others |
|
Particular of charge
holder |
Punjab National Bank, Large Corporate Branch, Tolstoy House, Tolstoy
Marg, New Delhi-110001, |
|
Nature of
instrument creating charge |
Hypothecation
Agreement of Current Assets Dated 28.03.2011 |
|
Date of instrument
Creating the charge |
28.03.2011 |
|
Amount secured by
the charge |
Rs. 500.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Base Rate + 4% i.e.
13.50% per annum presently payable at monthly rests. Terms of
Repayment The working
capital demand loan to be repaid at the end of 4th months from the
date of drawdown. It shall be adjusted out of the regular FBWC limit to be
sanctioned by PNB or Any other bank
and in case it is not tied up, the
company shall repay the same from its own sources. Extent and
Operation of the charge Charge in favour
of Punjab National Bank, LCB, Toistoy House, New Delhi is first pari passu
charge by way of hypothecation of stock of raw materials, stock in process,
finished goods, packing materials and stores and spares including stocks
lying at depots, in transit, go-downs and dock an book debts, both present
and future, o/s decrees, money receivables, Government subsidies, claims,
bill contracts and investments any other current assets present and future
with the working capital lenders. Others To meet shortfall
in working capital requirement, prepayment at the rate of 1%, if paid before
three months, otherwise nil. |
|
Short particulars
of the property charged |
Current Assets of
the company including raw materials and other stock lying at the site,
stores, spares, stock in transit, finished goods and book debts, outstanding
decrees, Government subsidies, claims, bills, contracts and investments, all
other securities as extended for the working capital facilities shall apply
muatis-Mutandis for the present facility. |
Fixed Assets:
·
Leasehold Improvements
·
Plant and Machinery
·
Furniture and Fixtures
·
Vehicles
·
Office Equipments
·
Computers
·
Software
·
Building
AS PER WEBSITE
Overview:
Established in 1983 in
Moser Baer Solar Limited (MBSL) (erstwhile PV Technologies India Limited) is a
subsidiary of MBIL. MBSL’s manufacturing subsidiary is Moser Baer Photo Voltaic
Ltd (MBPV). The Group’s photovoltaic manufacturing business was established
between 2005 and 2007 with the primary objective of providing reliable solar
power as a competitive non-subsidized source of energy. They have leveraged the
core competencies in high volume manufacturing of optical media products to
create a world class photovoltaic manufacturing facility. The 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.
History and
Milestone:
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
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
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 Release:
Munro Solar to distribute Moser Baer Solar’s PV modules in the
June 14, 2011
Partners sign a distribution agreement for solar photovoltaic modules in
the USA
New Delhi, 15 June 2011: Moser Baer Solar Limited (MBSL), the largest
Indian photovoltaic (PV) module manufacturer with a view to increase its
presence in the US market has entered into a distribution partnership with
Munro Distributing Company Inc., of Raynham, Mass. Munro, with 11 locations in
four states in the East and West coasts, will offer MBSL’s multi-crystalline
silicon solar modules and utilize them to design commercial turnkey solar PV
systems for its customers. Munro Distributing is currently one of the major
players in the
The current agreement is in-line with the vision of MBSL to further
penetrate the emerging markets. According to the European Photovoltaic Industry
Association, globally there was been an increase about 16 gigawatts of new
solar photovoltaic (PV) installations in 2010 and US accounted for only 0.8 GW
of this growth. Significantly, the
“We have chosen to partner with Moser Baer because they bring their
expertise in manufacturing high-technology products and engineering excellence
in every PV module produced” said Glenn Maltais, VP, Market Development and
Sustainability at Munro. “Moser Baer offers a quality alternative to
leading brands and that translates into more cost-effective choices for our
customer base” added Maltais.
Commenting on the tie-up, Dr. Rajiv Arya, CEO Solar Business, Moser
Baer
“An alliance with an experienced and highly respected company such as
Munro Distributing represents the perfect way forward for Moser Baer to expand
our presence in the
About Munro Distributing Company Inc
Munro Distributing, a 66-year-old family-owned company, is a premier distributor
of energy efficiency, renewable and electrical products throughout
About Moser Baer Solar Ltd
Moser Baer Solar Ltd. (MBSL) is a subsidiary of Moser Baer Group and
manufactures world-class solar modules and is the first ever solar company
globally to be awarded the prestigious 5 Star rating by TÜV Rheinland for
maintaining highest standards of quality. Moser Baer is an Indian Multinational
Company with more than 25 years of experience in delivering high technology
products and services, and global presence with products sold in more than 82
countries. With revenues of over USD 500 million and asset base of over USD 1
billion, Moser Baer is present across the entire PV value chain, holds
investments in multiple solar energy technologies and has over 7,000 employees.
MBSL has been conferred with the
prestigious “5 Star Rating” certificate by TÜV Rheinland for maintaining
highest standards of quality in manufacturing for consecutive second year
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.44.94 |
|
|
1 |
Rs.71.89 |
|
Euro |
1 |
Rs.64.09 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.