MIRA
INFORM REPORT
|
Report Date : |
04.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
TATA POWER SOLAR
SYSTEMS LIMITED (w.e.f. 29.08.2012) |
|
|
|
|
Formerly Known
As : |
TATA BP SOLAR INDIA LIMITED |
|
|
|
|
Registered
Office : |
Plot No.78, Electronics
City, Phase I, Hosur Road, Bangalore – 560 100, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
27.11.1989 |
|
|
|
|
Com. Reg. No.: |
08-034989 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.898.257
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U40106KA1989PLC034989 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACT4660J |
|
|
|
|
Legal Form : |
A Closely Held
Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer Solar Cells and Solar Photovoltaic Modules/Systems. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (58) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 16366000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
Litigation : |
Clear |
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|
|
Comments : |
Subject is a subsidiary of ‘The Tata Power Company Limited’. It is a well-established
and a reputed company having a good track record. It has incurred loss from its operations during 2012. However, financial position of the company appears to be sound and
healthy. Directors are reported as well-experienced and knowledgeable
businessmen. Trade relations are reported as trustworthy. Business is active.
Payment terms are regular and as per commitment. The company can be considered good 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating: A |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
December 28, 2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating: A1 |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
December 28, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office/ Corporate Office/ Factory 1/ Regional Office 1 : |
Plot No.78,
Electronics City, Phase I, Hosur Road, Bangalore – 560 100, Karnataka, India |
|
Tel. No.: |
91-80-67772000/ 3000/ 40702400 |
|
Fax No.: |
91-80-67772252/ 28520972 |
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E-Mail : |
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|
Website : |
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Factory 2 : |
Survey No. Part
43 and Part 44, Phase II, Electronics City, Hosur Road, Bangalore – 560 100,
Karnataka, India |
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|
|
|
Factory 3 : |
Plot No.16, Survey
42 (P), Hosur Road, Electronic City, IInd Phase, Bangalore – 560 100,
Karnataka, India |
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|
|
|
Factory 4 : |
Plot No.264,
Bommasandra Jigani Link Road, Industrial Area, Jigani, Hobli Anekal Taluk,
Bangalore – 560 106, Karnataka, India |
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|
|
Regional Office : |
Also located at: ·
Noida ·
Lucknow ·
Leh ·
Kolkata ·
Patna · Chattisgarh · Pune · Ahmedabad · Jammu |
DIRECTORS
As on 11.07.2012
|
Name : |
Mr. Prasad Raghava Menon |
|
Designation : |
Director |
|
Address : |
50-F, Lovedale, Peddar Road, Mumbai – 400 026, Maharashtra, India |
|
Date of Birth/Age : |
23.01.1946 |
|
Qualification : |
Bachelor in Chemical Engineering |
|
Date of Appointment : |
23.07.2007 |
|
DIN No.: |
00005078 |
|
|
|
|
Name : |
Sowmyan Ramakrishnan |
|
Designation : |
Director |
|
Address : |
D-9, Income Tax Officers’ Colony, Peddar Road, Mumbai – 400 026,
Maharashtra, India |
|
Date of Birth/Age : |
19.02.1949 |
|
Qualification : |
B Tech Mechanical and Management Degree |
|
Date of Appointment : |
28.06.2012 |
|
DIN No.: |
00005090 |
|
|
|
|
Name : |
Mr. Anil Kumar Sardana |
|
Designation : |
Director |
|
Address : |
22A/B, New Akash Ganga Co-Operative Housing Society Limited, 89, Bhulabhai
Desai Road, Mumbai – 400 026, Maharashtra, India |
|
Date of Birth/Age : |
16.04.1959 |
|
Qualification : |
Bachelor of Engineering and ICWAI |
|
Date of Appointment : |
21.12.2011 |
|
DIN No.: |
00006867 |
|
|
|
|
Name : |
Adi Jehangir Engineer |
|
Designation : |
Director |
|
Address : |
No.A-08, Salisbury Apartments, 55/2, Salisbury Park, Gultekdi, Pune –
411 037, Maharashtra, India |
|
Date of Birth/Age : |
27.08.1937 |
|
Qualification : |
Bachelor in Civil Engineering |
|
Date of Appointment : |
20.07.2006 |
|
DIN No.: |
00016320 |
KEY EXECUTIVES
|
Name : |
Guru Dattatreya |
|
Designation : |
Chief Financial Officer and Company Secretary |
|
Address : |
No.495, 11th ‘A’ Cross, 4th ‘D’ Main of Chord Road,
Mahalakshmipuram, Bangalore – 560 086, Karnataka, India |
|
Date of Birth/Age : |
20.05.1961 |
|
Date of Appointment : |
29.06.1992 |
|
PAN No.: |
AAUPG9364K |
|
|
|
|
Name : |
Mr. Ajay Kumar Goel |
|
Designation : |
Manager |
|
Address : |
Villa #252, Adarsh Plam Retreat, Phase 2, Devarabisanahalli, Outer
Ring Road, Bangalore – 560 034, Karnataka, India |
|
Date of Birth/Age : |
05.11.1968 |
|
Date of Appointment : |
06.08.2012 |
|
PAN No.: |
ACYPG9527A |
|
|
|
|
Name : |
K. Subramanya |
|
Designation : |
Manager and Chief Executive |
|
|
|
|
Name : |
Mr. Keshav Prasad |
|
Designation : |
Executive Vice President Operations, Expansion Project and HSSE |
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|
|
|
Name : |
Anjan Ghosh |
|
Designation : |
Sr. General Manager - Marketing |
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|
|
|
Name : |
Mr. Prakash Prabhakar Suratkar |
|
Designation : |
GM-Cell and Module Technology and Process Engineering |
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|
|
Name : |
Murthy Bellave N. |
|
Designation : |
Additional General Manager-Imports and Exports |
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|
Name : |
Mr. Premchand Karunakaran |
|
Designation : |
Additional General Manager - Expansion Projects (Commissioning) |
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|
Name : |
Mrinalini Dutt |
|
Designation : |
Additional General Manager-Finance and Accounts |
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|
Name : |
Mr. Natarajan Mani |
|
Designation : |
Additional General Manager-Engineering and Innovation |
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|
Name : |
Mr. Arun H. Kumar |
|
Designation : |
Additional General Manager-Utilities and Maintenance |
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|
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|
Name : |
Mr. Amit Kumar |
|
Designation : |
Deputy General Manager - Marketing and Sales A2E |
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|
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|
Name : |
Saugata Datta |
|
Designation : |
Deputy General Manager - Marketing and Sales E2B |
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|
Name : |
Murgesh Pandian |
|
Designation : |
Deputy General Manager - Imports and Exports, Stores and Logistics |
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|
Name : |
Mr. Ajith Prasad Shetty |
|
Designation : |
Deputy General Manager - Planning and Purchase |
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|
Name : |
Mr. Murali Narayana Swamy |
|
Designation : |
Deputy General Manager - Thermal Plant |
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|
Name : |
Rajagopalan K. |
|
Designation : |
Additional General Manager-HR and Admin |
|
|
|
|
Name : |
Moola Ramesh |
|
Designation : |
Deputy General Manager Marketing On to Grid |
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|
|
|
Name : |
Sesagirirao Meka |
|
Designation : |
General Manager Marketing Off Grid |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 11.07.2012
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
The Tata Power Company Limited, India |
|
6777567 |
|
The Tata Power Company Limited jointly with AS Bapat |
|
1 |
|
The Tata Power Company Limited jointly with Ramakrishnan |
|
1 |
|
The Tata Power Company Limited jointly with Sanjay Dube |
|
1 |
|
The Tata Power Company Limited jointly with BJ Shroff |
|
1 |
|
The Tata Power Company Limited jointly with HM Mistry |
|
1 |
|
The Tata Power Company Limited jointly with Amulya Charan |
|
1 |
|
Names of Shareholders (Preference Shares) |
|
No. of Shares |
|
The Tata Power Company Limited, India |
|
2205000 |
|
Total |
|
2205000 |
As on 11.07.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer Solar Cells and Solar Photovoltaic Modules/Systems. |
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||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|
||||||||||||
|
Bankers : |
·
State Bank of India, IFB, Residency Road,
Bangalore, Karnataka, India ·
BNP Paribas, Bangalore Branch, M.G. Road, Bangalore,
Karnataka, India ·
Credit Agricole Corporate And Investment Bank,
106, Prestige Towers, Residency Road, Bangalore, Karnataka, India ·
HDFC Bank, Corporate Bank, 8/24, Salco Center
Richmond Road, Bangalore – 560 025, Karnataka, India ·
Vijaya Bank ·
ICICI Bank Limited ·
Credit Agricole Corporate and Investment Bank, #
168, Robinson Road, #22-01, Capital Tower, Singapore - 068812, Singapore ·
BNP Paribas, 20 Collyer Quay, #01-01 Tung Centre,
Singapore - 049319, Singapore |
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Facilities : |
|
|
|
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|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
"Deloitte
Centre", Anchorage II, 100/2 Richmond Road, Bangalore – 560 025,
Karnataka, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AACFD3771D |
|
|
|
|
Internal Auditors and System Auditors : |
|
|
Name : |
PKF Sridhar and Santhanam |
|
Address : |
T8 and T9, GEM Plaza, 66, Infantry Road, Bangalore, Karnataka, India |
|
|
|
|
Holding Company
: |
BP Alternative
Energy Holdings Limited, United Kingdom |
|
|
|
|
Enterprises which are owned, or have significant
influence of or are partners with Key management personnel and their
relatives : |
The Tata Power
Company Limited, India (CIN No.: L28920MH1919PLC000567) |
|
|
|
|
Fellow Subsidiary Company : |
·
BP Solar Arabia, Qatar ·
BP Solar Espana, Spain ·
BP Solar International Inc, United States ·
BP Solar Pty Australia, Australia ·
Apex BP Solar, France ·
BP Solarex, Hong Kong ·
BP AG Germany, Germany ·
BP Oil International Limited, United Kingdom ·
BP Singapore PTE Limited, Singapore ·
BP Solar Malaysia, Malaysia ·
Solarex Electric Limited, Hong Kong ·
Castrol India Limited, India (CIN No.:
L23200MH1979PLC021359) ·
BP International Limited, United Kingdom ·
BP Solar Columbia, Colombia ·
BP Solar Brazil, Brazil ·
BP Corporation NA Inc, United States ·
Deutsche BPAktiengesellschaft, Germany |
CAPITAL STRUCTURE
As on 11.07.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.100/- each |
Rs.1000.000 millions |
|
5000000 |
Preference Shares |
Rs.100/- each |
Rs.500.00 millions |
|
|
Total |
|
Rs.1500.000
millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6777567 |
Equity Shares |
Rs.100/- each |
Rs.677.757 millions
|
|
2205000 |
Preference Shares |
Rs.100/- each |
Rs.220.500
millions |
|
|
Total |
|
Rs.898.257 millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
898.257 |
1127.757 |
1127.757 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3193.304 |
3393.333 |
3377.891 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
4091.561 |
4521.090 |
4505.648 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
934.011 |
865.739 |
305.066 |
|
|
2] Unsecured Loans |
719.950 |
2096.029 |
2758.751 |
|
|
TOTAL BORROWING |
1653.961 |
2961.768 |
3063.817 |
|
|
DEFERRED TAX LIABILITIES |
279.300 |
370.700 |
266.800 |
|
|
|
|
|
|
|
|
TOTAL |
6024.822 |
7853.558 |
7836.265 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2663.298 |
3078.478 |
1421.102 |
|
|
Capital work-in-progress |
1314.589 |
1330.280 |
3184.658 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1223.601
|
2452.047 |
1324.064 |
|
|
Sundry Debtors |
2097.831
|
1383.289 |
1700.680 |
|
|
Cash & Bank Balances |
890.064
|
637.708 |
1368.710 |
|
|
Other Current Assets |
227.839
|
74.169 |
733.550 |
|
|
Loans & Advances |
1053.962
|
1031.522 |
453.268 |
|
Total
Current Assets |
5493.297
|
5578.735 |
5580.272 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1084.819
|
1082.406 |
1639.129 |
|
|
Other Current Liabilities |
1885.849
|
546.605 |
145.026 |
|
|
Provisions |
475.694
|
504.924 |
565.612 |
|
Total
Current Liabilities |
3446.362
|
2133.935 |
2349.767 |
|
|
Net Current Assets |
2046.935
|
3444.800 |
3230.505 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6024.822 |
7853.558 |
7836.265 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
9326.910 |
9079.214 |
9787.290 |
|
|
|
Other Income |
56.409 |
14.233 |
28.358 |
|
|
|
TOTAL (A) |
9383.319 |
9093.447 |
9815.648 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
7089.161 |
7326.634 |
|
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
308.998 |
(324.919) |
|
|
|
|
Employee benefit expense |
427.470 |
361.948 |
|
|
|
|
Other expenses |
1041.550 |
828.421 |
|
|
|
|
TOTAL (B) |
8867.179 |
8192.084 |
9196.495 |
|
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
516.140 |
901.363 |
619.153 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
303.142 |
113.152 |
13.451 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
212.998 |
788.211 |
605.702 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
490.241 |
485.117 |
254.801 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(277.243) |
303.094 |
350.901 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(91.400) |
177.200 |
86.990 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(185.843) |
125.894 |
263.911 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
1460.110 |
1444.670 |
1395.870 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Preference Dividend |
12.210 |
40.500 |
40.500 |
|
|
|
Tax on preference Dividend |
1.980 |
6.720 |
6.880 |
|
|
|
Proposed Equity Dividend |
0.000 |
54.220 |
122.000 |
|
|
|
Tax on Equity Dividend |
0.000 |
9.010 |
20.730 |
|
|
|
General Reserve |
0.000 |
0.000 |
25.000 |
|
|
|
Capital Redemption Reserve |
229.500 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1030.580 |
1460.110 |
1444.670 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods & services |
423.993 |
5960.234 |
7324.933 |
|
|
TOTAL EARNINGS |
423.993 |
5960.234 |
7324.933 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(31.89) |
11.61 |
31.95 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(1.98)
|
1.38 |
2.69 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(3.40)
|
3.34 |
3.59 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.07)
|
3.50 |
5.01 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.07)
|
0.07 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.40
|
0.66 |
0.68 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.59
|
2.61 |
2.37 |
LOCAL AGENCY FURTHER INFORMATION
|
Check
List by Info Agents |
Available
in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
|
31)
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32)
PAN of Proprietor/Partner/Director, if available |
No |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
Yes |
|
Unsecured Loans |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Rupee term loans from banks |
719.950 |
1151.920 |
|
Rupee term loans from others |
0.000 |
4.573 |
|
Loans and advances from others |
0.000 |
939.536 |
|
Total
|
719.950 |
2096.029 |
GENERAL INFORMATION ABOUT COMPANY
Tata BP Solar
India Limited is a Joint Venture, between BP Alternative Energy Holdings
Limited and Tata Power Company Limited, and is involved in the manufacture
solar cells and solar photovoltaic modules/systems. The Company was
incorporated in 1989, and has its registered office at Bangalore.
GENERAL OVERVIEW
The year had major
challenges – both externally and internally. Some of the major events during
the year include:
- Unprecedented
crash in prices of wafers, cells and modules ranging from 35-40%.
- In view of
falling prices, the Company had to liquidate the high cost inventories at lower
margin.
- BP Solar, which accounted
for more than 65-70% of the total turnover of the Company in previous years,
reduced off take 2 years back and during 2011-12 came down to a very small
value. For 2009-10, sales to BP Solar was Rs.6500.000 Millions and in 2011-12
it was Rs.120.000 Millions.
- There was major
demand/supply mismatch in the market place, both locally and globally resulting
in most cell and module manufacturing companies to have utilization levels of
about 45-50% and Tata BP was no exception.
The silver lining
within India in 2011-12 was announcement of National Solar Mission by Prime
Minister of India as well as Solar Policies announced by States. This paved the
way for exponential growth in the Indian Market. Total solar market in 2011-12
grew to about 700-800 MW from 80-100 MW in the previous year. With this
domestic growth, the company could achieve the following:
- Replace the
export to BP Solar with market share in the domestic business and in the
process achieve similar turnover in 2011-12 compared to 2010-11 in spite of BP
stopping purchase from Tata BP
- Complete more
than 50 MW of various grid connect Projects on time while ensuring high safety
standards
- Achieved
improvement in cash from operations
- Improved Project
Execution capabilities in 2011-12 which would help in achieving better project
management standards in all future projects that Company would undertake.
While 2012-13 is
expected to be more challenging in terms further reduction in selling price of
modules, excess manufacturing capacity compared to demand, mismatch in
reduction in prices of cells compared to modules etc., Company has concrete
plans of improving the bottom line and other performance benchmarks by
appropriate mix of manufactured cells v/s imported cells, enter into EPC contract
with Thin Film modules in a measured way etc.
FINANCIAL
HIGHLIGHTS
During the year,
the turnover of the Company is better by 3% to Rs.9304.500 Millions (2010-11 -
Rs.9058.750 Millions). Loss before tax was at Rs.277.240 Millions (2010-11 –
Profit of Rs.303.090 Millions). Loss after tax was at Rs.185.840 Millions
(2010-11 – Profit of Rs.125.890 Millions). During the year 2011-12, exports
accounted for Rs.422.000 Millions (2010-11 - Rs.5954.000 Millions).
During the year,
while the prices of modules crashed, the reduction in raw material prices like
wafers and cells was not commensurate. This along with underutilization of the
manufacturing facility resulted in loss during the year.
Further the
interest cost for cell lines 4-6 during 2011-12 was Rs.70.000 Millions compared
to Rs. Nil in 2010-11 which contributed to loss during the year.
MARKET SCENARIO
During the year
the exports to BP reduced substantially. During the year 2011-12, exports to BP
Group were at 1.3% of the total revenue compared to 59% in the corresponding
period of the previous year.
The year also saw
steep reduction in the wafer, cell and module prices due to global competition
from China and Taiwan.
OPERATIONS
The production of Solar
Cells for 2011-2012 was 22,538 KW as against 54,482 KW in 2010 – 2011. During
2011-12, 2 % of output was used for manufacture of modules for exports to BP
whereas it was 70% in 2010-11.
The production of
Solar Modules in 2011- 2012 was 55977 KW as against 75194 KW in 2010 – 2011.
During 2011-12, 2% of output was used for manufacture of modules for exports to
BP whereas it was 70% in 2010-11.
FINANCE
During the year
the interest cost was Rs.303.000 Millions, (2010-11 – Rs.113.150 Millions).
Interest cost includes Rs.208.000 Millions towards Long Term Loan and Rs.95.000
Millions towards Working capital borrowing. (2010-11- Rs.93.400 Millions
towards long term loan and Rs.19.700 Millions towards working capital
borrowing). Company had a defined Forex Management Policy. Accordingly company
covered its forex exposure for the year. The overall loss for the year due to
forex stood at loss of Rs.2.000 Millions even though there was major volatility
in the forex market during the year.
Bankers Charges
Report as per Registry
|
Corporate identity number of the company |
U40106KA1989PLC034989 |
|
Name of the company |
TATA POWER SOLAR
SYSTEMS LIMITED |
|
Address of the registered office or of the
principal place of business in |
Plot No.78,
Electronics City, Phase I, Hosur Road, Bangalore – 560 100, Karnataka, India E-Mail: gurud@tatapowersolar.com |
|
This form is for |
Creation of charge |
|
Type of charge |
Movable Property (not being pledge) Others (Movable Plant and Machinery) |
|
Particular of charge holder |
Credit Agricole
Corporate and Investment Bank, # 168, Robinson Road, #22-01, Capital Tower,
Singapore - 068812, Singapore E-Mail: Chandramoulee.Palani@ca-cib.com |
|
Nature of description of the instrument
creating or modifying the charge |
Hypothecation deed for Plant and Machinery
dated 6-Decmber-2012 |
|
Date of instrument Creating the charge |
06.12.2012 |
|
Amount secured by the charge |
Rs.468.078 millions |
|
In case amount
secured by the charge is in foreign currency, mention details |
Loan amount to
be secured as on 6 December 2012 is JPY 1,127,100,000 (JPY One Billion One Twenty
Seven Million and One Hundred Thousand Only) |
|
Brief particulars of the principal terms
an conditions and extent and operation of the charge |
Rate of Interest: Based on Libor. Reset every 6 months Terms of Repayment: Original amount - JPY 1734Bn Repayment schedule 31st March, 2011 - 5% of
original loan amount 30th September, 2011 - 5% of
original loan amount 30th March, 2012 - 10% of
original loan amount 28th September, 2012 - 15% of
original loan amount 28th March, 2013 - 15% of
original loan amount 30th September, 2013 - 15% of
original loan amount 31st March, 2014 - 35% of
original loan amount Margin: 61.5 bps pa Extent and Operation of the charge:’ The Borrower hereby hypothecates to the Bank
all the Borrower's present and future movable plant and machinery, machinery
spares, tools and accessories and other movables, as more particularly set
out in Schedule A of Hypothecation Deed for Plant and Machinery dated
06-December-2012. Asset cover - 125%. |
|
Short particulars of the property charged |
The Whole of the moveable properties of
the Borrower including its moveable plant and machinery, machinery spares,
tools and accessories and other movables, both present and future whether
installed or not and whether now lying loose or in cases or which are now
lying or stored in or about or shall hereafter from time to time during the
continuance of the security of the charge by way of hypothecation be brought
into or upon or be stored or be in or about the Borrowers factories, premises
and godowns at Lucknow, Pune, Raipur and Ghaziabad or wherever else the same may be or be held by any
party to the order or disposition of the Borrower or in the course of transit
or on high seas or on order, or delivery, howsoever and wheresoever in the
possession of the Borrower and either by way of substitution or addition and
all documents of title, negotiable instruments, policies of Insurance and
other documents and / or instruments relating thereto. |
FIXED ASSETS:
Tangible Assets
·
Land
·
Buildings
·
Factory Building
·
Plant and Equipment
·
Factory Equipments
·
Furniture and Fixtures
·
Computers
·
Vehicles
·
Office Equipment
Intangible Assets
·
Computer Software
·
Technical Know-how
WEBSITE DETAILS:
PROFILE:
Subject is a fully integrated solar solutions provider from wafer to cell, module, subsystems, systems, installation, commissioning, maintenance, service and training
Subject, a 100 per cent Tata-owned Tata Power subsidiary, is the largest solar power company in India. Established in 1989, subject (earlier Tata BP Solar) was a joint venture between Tata Power Company, a pioneer in the power sector in India, and BP Solar, one of the largest solar companies in the world.
With a workforce numbering more than 600 employees across four manufacturing
units and nine regional offices, and a sales turnover which has seen a dramatic
rise from a modest Rs.160.000 Millions in 1991-92 to over Rs.9320.000 Millions
in 2011-2012, subject is a fully integrated solar solutions provider from wafer
to cell, module, systems, installation, commissioning, maintenance, service and
training.
The company's sophisticated solar photovoltaic and solar thermal manufacturing
units are ISO 9001 and ISO 14001 accredited from BVQI. Our products and systems
have been accorded approvals by various test agencies such as STQC, ETDC, CPRI,
ISPRA – Italy, Underwriters Laboratories (UL), Factory Mutual (FM), and many
more.
One of the largest in Asia, their state of the art 125 MW module manufacturing
facility is capable of manufacturing modules from 0.3Wp to 280Wp, and beyond.
The sophisticated 84 MW solar cell manufacturing unit can process mono and
multi-crystalline wafers of 125mm2 and 156mm2.
Pan-India, subject has more than 200 dealers, 1000 sub-dealers and 30
authorised service centres catering to the needs of different customer
segments. It is also represented in the neighbouring countries of Nepal,
Bhutan, Bangladesh, Afghanistan and Sri Lanka.
AWARDS
Subject Systems Limited has been writing new chapters in energy solutions in the country. Appreciation has come in the form of repeat customers, proving their market leadership and recognition has been showered in the form of awards and commendations
2012
11th annual Greentech Safety Awards 2012 – Subject won the Gold award annual Greentech Safety Awards 2012 for the Electrical and Electronic Sector. The award was presented on 12 July 2012 at Srinagar.
EEPC Regional Award – Subject was conferred the EEPC Regional Award as a Star Performer in the Large Enterprise category under Miscellaneous Engineering Goods for the year 2009-10. Mr. D Guru, CFO, received the award on behalf of the company at a function in Mumbai on 27 June 2012.
2011
CII-EHS Award 2011 – Certificate of Merit in recognition of its meritorious achievement as the forerunner in environment, health and safety in its plants and processes.
EFY Awards 2011 – Subject scores a hat-trick. For the third year in succession, they won the EFY awards instituted by the Electronics for You magazine group that recognises champions of the electronic industry for their growth and contribution to the development of the Indian electronics industry. This year, the company was adjudged winner in both Solar Cells and Solar Modules categories.
2010-2011 Subject has been honoured and recognised among the assessees who maintain the highest standard of regulatory and statutory compliance, and outstanding tax payment with regard to service tax.
Technovation Awards 2011 December – Celebrating
Excellence in Semi-conductors and Electronics.
Subject's then CEO Mr K Subramanya was awarded the Sarabhai Award under these
awards in recognition of his sustained and outstanding contribution to the
field of electronics in India.
Former CEO Mr K Subramanya awarded the reputed Sarabhai Award under the Samman Patra, Govt. Of India
Winner – Impact Business Award for 'Innovative Models Promoting Adaptation and Climate Technologies Implemented by the German Federal Ministry for Economic Cooperation and Development, the prize is a recognition for innovation of the business model, and achievements in combating climate change.
Golden Peacock Award 2011– for occupational health and safety
2010
Mr. K Subramanya – Electronics Man of the Year Award 2010
Mr. Subramanya, former CEO, was chosen by a jury comprising nine leading associations including ELCINA, MAIT, CEAMA, LEDMA, ISA, TEMA and others. It was an acknowledgment of his lifelong and ongoing contribution to the growth of the Indian electronics industry.
EFY Readers' Choice Award 2010 – solar cells manufacturing
Subject scored an encore by winning readers' choice award this year too. The award recognised the company's outstanding performance in the manufacture of solar cells.
Subject scored an encore by winning readers' choice award this year too. The award recognised the company's outstanding performance in the manufacture of solar cells.
State Level Export Award 2010
Golden Peacock Award for Occupational Health and Safety – Special commendation
2009
EFY Readers' Choice Award 2009
EPCES Export Excellence Award for outstanding export performance 2008-2009
FICCI Annual Award 2008-2009 – for outstanding achievement in environmental sustainability of business. The award was given in recognition of Subject's achievement in manufacturing solar photovoltaic and solar thermal products which provide pollution-free energy.
Golden Peacock Innovation Award 2009 for Excellence in Innovation
Regional Award, Tata Innovista 2009 for Promising Innovation
2008
EEPC Export Excellence Award 2007-2008
Unnatha Suraksha Puraskara 2006-2008 – for outstanding safety performance and management systems from National Safety Council, Karnataka Chapter
Srishti Green Cube Award 2008
ICAI Award -2008 for excellence in financial reporting
Best Presented Accounts and Corporate Governance Disclosure Awards 2008 – Certificate of merit presented by South Asian Federation of Accountants
Enertia Award – 2008
Golden Peacock Award 2008
2007
EEPC Export Excellence Award 2006-2007
2006
ESC Sectoral Award 2005-2006
OTHER AWARDS
State Level Export Award – 2005-2006, 2006-2007, 2007-2008 and 2008-2009 instituted by Visvesvaraya Industrial Trade Centre
MNRE Award for Solar Water Heater Manufacturer 2002-2007– instituted by the Ministry of New and Renewable Energy, Government of India
MILESTONES
Subject has grown from strength to strength to emerge as the largest solar company in India with products and solutions that range from solar lighting to megawatt-scale projects
A look at the milestones in their journey so far:
2011-2012
– Sales turnover of over Rs.9060.000 millions
2010
- 1 MW Solar Power Plant for North Delhi Power Limited (NDPL)
2007
– Inauguration of 36 MW Solar Cell Plant
2007
– Commissioning of 40 MW Solar Module Assembly Line
2001
– Subject [then Tata BP Solar] crosses Rs.1000.000 Millions in exports
1995
– Inauguration of Manufacturing Facilities, Unit 1
1989
– setting up of a joint venture between Tata Power and BP
PRESS RELEASES:
TATA BP SOLAR INDIA
LIMITED RENAMED AS TATA POWER SOLAR SYSTEMS LIMITED – A NEW BEGINNING FOR
INDIA'S PIONEERING SOLAR COMPANY!
Announces Mr. Ajay
Goel as the Chief Executive Officer
30 August 2012
Bangalore: Tata BP Solar India Limited today formally announced name change to Tata Power Solar Systems Limited (Tata Power Solar). As part of a previously announced restructuring, Tata Power Solar is now a wholly owned subsidiary of Tata Power – the largest integrated power company in India.
In addition, Tata Power Solar also announced a new Chief Executive Officer (CEO), Mr. Ajay Goel – an alumnus of IIT-Delhi with an MBA from the University of Chicago. He brings over 20 years of broad industry experience to the team, with the last five years deeply focused on leading and transforming the face of the solar industry in North America.
Under the leadership of their new CEO, Ajay Goel, Tata Power Solar is ready to take the solar business forward with renewed vigor.
Commenting on the new identity of the over two decade old Company, Mr. Adi Engineer, Chairman, Tata Power Solar, expressed confidence that the Company would continue on the growth trajectory with the same passion and zeal that it has displayed since its inception.
“I am truly excited and honored to join a team that pioneered the solar industry in India and remains at its vanguard even after 20 dynamic years. With its deep roots and passion for solar, I am confident that we will make Tata Power Solar the leading solar company in the world”, said Mr. Ajay Goel CEO, Tata Power Solar.
As one of the largest solar companies in India, Tata Power Solar offers:
A
wide range of innovative solar systems and solutions for rural and commercial
markets, supported by a network of 150 dealers and service centers
The
expertise and capabilities to provide complete EPC solutions for large
grid-connected solar power plants. They completed 50MW of such projects last
year
A
sophisticated 84MW solar cell manufacturing facility and 125MW module
manufacturing facility
A
competent green workforce of over 600 employees, with deep expertise in solar
At the core of Tata Power Solar is the passion to harness solar energy to bring electricity to the masses. It has electrified over 500 rural villages in India and installed over 100 solar power plants in tough terrains of Ladakh. In addition, the Company develops unique power solutions for large industrial clients such as railways, defense and telecom.
Mr. Anil Sardana, Managing Director, Tata Power, pointed out that, “In line with Tata Power’s commitment to clean, green energy, we are happy to integrate Tata Power Solar as a sunrise business into our operations. Tata Power Solar embodies our focus and passion for sustainability and care for the environment and moves us closer to our commitment to sustainability and lighting up lives”.
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 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 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.54.48 |
|
|
1 |
Rs.82.72 |
|
Euro |
1 |
Rs.71.27 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
58 |
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.