MIRA INFORM REPORT
|
Report Date : |
28.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
TATA POWER SOLAR SYSTEMS LIMITED (w.e.f. 29.08.2012) |
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Formerly Known
As : |
TATA BP SOLAR |
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Registered
Office : |
Plot No.78, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
27.11.1989 |
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Com. Reg. No.: |
08-034989 |
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Capital Investment
/ Paid-up Capital : |
Rs.898.257 millions |
|
|
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CIN No.: [Company Identification
No.] |
U40106KA1989PLC034989 |
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PAN No.: [Permanent Account No.] |
AAACT4660J |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is engaged in designing, manufacturing and
installation of solar photovoltaic cells, modules, solar water heating
systems and other solar products. |
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|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 13050000 |
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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 company have a good track record. There seems a dip in the turnover during current year and also the
company is continuously incurring losses from its two years of operation. However, general financial position of the company is good. 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
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 |
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial years
of the contagion but finally lost ground last year. GDP growth slowed down.
Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating A (Downgraded from crisil
A+) |
|
Rating Explanation |
Adequate degree of safety it carry low
credit risk. |
|
Date |
December 28,2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term degree of safety |
|
Rating Explanation |
It carry 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.
INFORMATION DENIED
MANAGEMENT NON – COOPERATIVE (91-80-67772000)
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 |
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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: ·
New Delhi ·
Lucknow ·
Leh ·
Kolkata ·
Patna · Chattisgarh · Pune · Ahmedabad · Jammu |
DIRECTORS
As on: 08.08.2013
|
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 |
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|
|
Name : |
Sowmyan Ramakrishnan |
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Designation : |
Director |
|
Address : |
D-9, Income Tax Officers’ Colony, Peddar Road, Mumbai – 400 026, Maharashtra,
India |
|
Date of Birth/Age : |
19.02.1949 |
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Qualification : |
B Tech Mechanical and Management Degree |
|
Date of Appointment : |
28.06.2012 |
|
DIN No.: |
00005090 |
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|
Name : |
Mr. Ramesh Narayanawamy Subramanyam |
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Designation : |
Additional Director |
|
Address : |
162, 16th Floor Jupiter 41, Cuffe Parade, Mumbai – 400005,
Maharashtra, India |
|
Date of Birth/Age : |
27.06.1969 |
|
Date of Appointment : |
22.04.2013 |
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DIN No.: |
02421481 |
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|
Name : |
Mr Rahul Chandrakant Shah |
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Designation : |
Additional Director |
|
Address : |
Flat No 3, Building No. 1, Prakesh CHS, Relief Road, Daulat Nagar,
Santacruz (West), Mumbai -400054,Maharashtra, India |
|
Date of Birth/Age : |
09.09.1967 |
|
Date of Appointment : |
22.04.2013 |
|
DIN No.: |
03392443 |
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 |
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|
Name : |
Mr. Ajay Kumar Goel |
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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 |
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PAN No.: |
ACYPG9527A |
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|
Name : |
K. Subramanya |
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Designation : |
Manager and Chief Executive |
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|
Name : |
Mr. Keshav Prasad |
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Designation : |
Executive Vice President Operations, Expansion Project and HSSE |
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|
Name : |
Anjan Ghosh |
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Designation : |
Sr. General Manager - Marketing |
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Name : |
Mr. Prakash Prabhakar Suratkar |
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Designation : |
GM-Cell and Module Technology and Process Engineering |
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Name : |
Murthy Bellave N. |
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Designation : |
Additional General Manager-Imports and Exports |
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Name : |
Mr. Premchand Karunakaran |
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Designation : |
Additional General Manager - Expansion Projects (Commissioning) |
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|
Name : |
Mrinalini Dutt |
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Designation : |
Additional General Manager-Finance and Accounts |
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Name : |
Mr. Natarajan Mani |
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Designation : |
Additional General Manager-Engineering and Innovation |
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Name : |
Mr. Arun H. Kumar |
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Designation : |
Additional General Manager-Utilities and Maintenance |
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Name : |
Mr. Amit Kumar |
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Designation : |
Deputy General Manager - Marketing and Sales A2E |
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|
Name : |
Saugata Datta |
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Designation : |
Deputy General Manager - Marketing and Sales E2B |
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Name : |
Murgesh Pandian |
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Designation : |
Deputy General Manager - Imports and Exports, Stores and Logistics |
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Name : |
Mr. Ajith Prasad Shetty |
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Designation : |
Deputy General Manager - Planning and Purchase |
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Name : |
Mr. Murali Narayana Swamy |
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Designation : |
Deputy General Manager - Thermal Plant |
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Name : |
Rajagopalan K. |
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Designation : |
Additional General Manager-HR and Admin |
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Name : |
Moola Ramesh |
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Designation : |
Deputy General Manager Marketing On to Grid |
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Name : |
Sesagirirao Meka |
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Designation : |
General Manager Marketing Off Grid |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 08.08.2013
|
Names of Shareholders (Equity Shares) |
No. of Shares |
|
The Tata Power Company Limited jointly with Ramakrishnan |
1 |
|
Tata Power Company Limited, India |
6777561 |
|
Tata Power Company Limited jointly with AS Bapat |
1 |
|
Tata Power Company Limited jointly with Sanjay Dube |
1 |
|
Tata Power Company Limited jointly with Deepal Mahindra |
1 |
|
The Tata Power Company Limited jointly with HM Mistry |
1 |
|
The Tata Power Company Limited jointly with Spadmanabhan |
1 |
|
|
|
|
Total |
6777567 |
|
Names of Shareholders (Preference Shares) |
No. of Shares |
|
The Tata Power Company Limited, India |
2205000 |
|
|
|
|
Total |
2205000 |
As on: 08.08.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in designing, manufacturing and
installation of solar photovoltaic cells, modules, solar water heating
systems and other solar products. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Financial
Institution : |
Indian Renewable Energy Dev Agency Limited, India Habitat Centre,
Lodhi Road, New Delhi – 110003, India |
|
|
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|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
"Deloitte
Centre", Anchorage II, 100/2 Richmond Road, Bangalore – 560 025,
Karnataka, India |
|
PAN No. : |
AACFD3771D |
|
|
|
|
Holding Company : |
œ BP Alternative Energy
Holdings Limited, U.K (upto June 27, 2012) œ The Tata Power
Company Limited (w.e.f June 28, 2012) |
|
|
|
|
Entity with Significant Influence : |
œ The Tata Power
Company Limited (up to June 27, 2012) |
|
|
|
|
Fellow Subsidiaries : |
œ BP Solar Arabia
(upto June 27, 2012) œ BP Solar Espana
(upto June 27, 2012) œ BP Solar
International Limited (upto June 27, 2012) œ BP Solar Pty
Australia (upto June 27, 2012) œ Apex BP Solar
(upto June 27, 2012) œ BP Solarex (upto
June 27, 2012) œ BP AG Germany
(upto June 27, 2012) œ BP Oil
International Limited (upto June 27, 2012) œ BP Singapore PTE
Limited (upto June 27, 2012) œ BP Solar
Malaysia (upto June 27, 2012) œ Solarex Electric
Limited, Hong Kong (upto June 27, 2012) œ Castrol India
Limited (upto June 27, 2012) œ BP International
Limited, UK (upto June 27, 2012) œ BP Solar
Columbia (upto June 27, 2012) œ BP Solar Brazil
(upto June 27, 2012) œ BP Corporation
NA, Inc (upto June 27, 2012) œ Deutsche
BPAktiengesellschaft (upto June 27, 2012) œ NELCO Limited
(w.e.f June 28, 2012) œ Maithon Power
Company Limited (w.e.f June 28, 2012) œ North Delhi
Power Limited (w.e.f June 28, 2012) œ Tata Power
Renewable Energy Limited (w.e.f June 28, 2012) œ Tata Power Delhi
Distribution Limited (w.e.f June 28, 2012) |
CAPITAL STRUCTURE
As on: 31.03.2013
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 |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)
Shareholders' Funds |
|
|
|
|
(a) Share Capital |
898.257 |
898.257 |
1127.757 |
|
(b) Reserves & Surplus |
2366.108 |
3193.304 |
3393.333 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
3264.365 |
4091.561 |
4521.090 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
1239.062 |
719.950 |
2096.029 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
279.300 |
370.700 |
|
(c) Other long term
liabilities |
63.247 |
0.000 |
0.000 |
|
(d) Long-term
provisions |
221.831 |
188.520 |
129.478 |
|
Total Non-current
Liabilities (3) |
1524.140 |
1187.770 |
2596.207 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
934.011 |
865.739 |
|
(b) Trade
payables |
1643.527 |
1084.819
|
1082.406 |
|
(c) Other
current liabilities |
1318.119 |
1885.849
|
546.605 |
|
(d) Short-term
provisions |
75.934 |
287.173 |
375.446 |
|
Total Current
Liabilities (4) |
3037.580 |
4191.852 |
2870.196 |
|
|
|
|
|
|
TOTAL |
7826.085 |
9471.183 |
9987.493 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
3524.327 |
2660.225 |
3076.532 |
|
(ii)
Intangible Assets |
1.756 |
3.073 |
1.946 |
|
(iii)
Capital work-in-progress |
0.000 |
1314.589 |
1330.280 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
271.876 |
215.682 |
104.247 |
|
(e) Other
Non-current assets |
82.208 |
12.793 |
58.864 |
|
Total Non-Current
Assets |
3880.167 |
4206.362 |
4571.869 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1007.973 |
1223.600
|
2452.047 |
|
(c) Trade
receivables |
1773.235 |
2097.831
|
1383.289 |
|
(d) Cash
and cash equivalents |
1046.907 |
890.064
|
637.708 |
|
(e)
Short-term loans and advances |
87.768 |
838.280 |
927.275 |
|
(f) Other
current assets |
30.035 |
215.046 |
15.305 |
|
Total
Current Assets |
3945.918 |
5264.821 |
5415.624 |
|
|
|
|
|
|
TOTAL |
7826.085 |
9471.183 |
9987.493 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
5049.725 |
9326.910 |
9079.214 |
|
|
|
Other Income |
54.955 |
56.409 |
14.233 |
|
|
|
TOTAL (A) |
5104.680 |
9383.319 |
9093.447 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
4045.400 |
7089.161 |
7326.634 |
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(53.008) |
308.998 |
(324.919) |
|
|
|
Employee benefit expense |
455.662 |
427.470 |
361.948 |
|
|
|
Other expenses |
955.136 |
1041.550 |
828.421 |
|
|
|
Exceptional Item |
69.487 |
|
|
|
|
|
TOTAL (B) |
5472.677 |
8867.179 |
8192.084 |
|
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(367.997) |
516.140 |
901.363 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
253.373 |
303.142 |
113.152 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(621.370) |
212.998 |
788.211 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
485.126 |
490.241 |
485.117 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(1106.496) |
(277.243) |
303.094 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(279.300) |
(91.400) |
177.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(827.196) |
(185.843) |
125.894 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
1030.580 |
1460.110 |
1444.670 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Preference Dividend |
NA |
12.210 |
40.500 |
|
|
|
Tax on preference Dividend |
NA |
1.980 |
6.720 |
|
|
|
Proposed Equity Dividend |
|
0.000 |
54.220 |
|
|
|
Tax on Equity Dividend |
NA |
0.000 |
9.010 |
|
|
|
General Reserve |
|
0.000 |
0.000 |
|
|
|
Capital Redemption Reserve |
|
229.500 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
203.384 |
1030.580 |
1460.110 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods & services |
NA |
423.993 |
5960.234 |
|
|
TOTAL EARNINGS |
NA |
423.993 |
5960.234 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(125.45) |
(31.89) |
11.61 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(16.20)
|
(1.98)
|
1.38 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(21.91)
|
(2.97)
|
3.34 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.14
|
(3.40)
|
3.50 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.34)
|
(0.07)
|
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.38
|
0.40
|
0.66 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.30
|
1.26
|
1.89 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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/ Two years |
Yes |
|
12] |
Profitability
for last three/ Two 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 LOAN:
|
Particulars |
31.03.2013 [Rs.
in Millions] |
31.03.2012 [Rs.
in Millions] |
|
Long Term
Borrowing |
|
|
|
Rupee term loans from banks |
0.000 |
719.950 |
|
|
|
|
|
Total |
0.000 |
719.950 |
INDEX CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10394756 |
06/12/2012 |
467,857,000.00 |
BNP PARIBAS |
20 Collyer Quay, #01-01 Tung Centre,
SINGAPORE, - 049319, SINGAPORE |
B65094732 |
|
2 |
10390810 |
06/12/2012 |
468,078,000.00 |
Credit Agricole Corporate and Investment
Bank |
# 168, Robinson Road, #22-01, Capital Tower,
Singapore, - 068812, SINGAPORE |
B63672158 |
|
3 |
10367872 |
11/07/2012 |
1,525,000,000.00 |
THE HONGKONG AND SHANGHAI BANKING
CORPORATION LIMITED |
NO 07, MAHATMA GANDHI ROAD, BANGALORE,
Karnataka - |
B44631679 |
|
4 |
10330801 |
26/12/2011 |
750,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER
PAREL W, MUMBAI, Maharashtra - 400013, INDIA |
B30240840 |
|
5 |
80028704 |
26/12/2011 * |
4,000,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, RESIDENCY
PLAZA, RESIDENCY ROAD, BANGALORE, Karnataka - 560025, INDIA |
B30031926 |
* Date of charge modification
GENERAL OVERVIEW
The year had major
challenges-both externally and internally. Some of the major events during the
year include:
-
Huge reduction in the prices of wafers, cell and
modules
-
Large Project business not picking up as expected
-
Mismatch in demand v/s supply of products
-
Continued dumping of modules by China, Taiwan etc.,
at very low prices
-
Inverted Duty structure continuing making domestic
manufacturing expensive compared to imports
However the
company has concrete plans to improve the performance in 13-14. Some of the
steps taken by the company which will bear fruits in 13-14 include:
-
Advocacy on anti-dumping
-
Advocacy on inverted duty structure
-
EU taking steps for anti-dumping of Chinese and
Taiwanese modules
-
Tamil Nadu and Andhra having announced Large
Projects development in 13-14, Company has strengthened the EPC capabilities.
-
Reorganization of the Company to meet customer
expectations
-
Major actions taken for cost reduction in various
activities including cell and module manufacturing
-
Effective steps taken to convince the Government on
domestic content for Solar Programmers of National Solar Missions. It is
expected that Government will announce the next phase of National Solar Mission
in May 2013 which will have domestic content of cell and module manufacturing.
FINANCIAL
HIGHLIGHTS
During the year,
there has been drop in the turnover of the Company by 45% to Rs.5050.000
millions (2011-12 Rs. 9330.00 Millions) Loss before tax was at Rs.1110.000
millions (2011-12 Rs. Loss of Rs.280.000 millions) Loss after tax was at
Rs.830.000 (2011-12 Loss of Rs.190.000 millions) During the year 2012-13,
exports accounted for Rs.340.000
millions (2011-12 - Rs.42 Cr.).
MARKET SCENARIO
Overall Revenue
short fall was largely driven by lower project (Large Grid Projects) business.
Apart from this there was almost 4 months delay in start of subsidy driven
roof-top projects under Off Grid in Industrial Segment which impacted revenue
for the year 2012-13.
Added to this
during the year, the price realization for modules further came down due to
competition from China. While there was reduction in major raw material prices
like wafers and cells this was not good enough to compete with the Chinese
Module Price. This resulted in the underutilization of the cell & module
plant facility resulting to loss during the year.
OPERATIONS
The production of
Solar Cells was 22058 KW in 2012-13 as against 22538 KW in 2011 - 2012
resulting in 29% capacity utilization.
The production of
Solar Modules in 2012-2013 was 30957 KW as against 55977 KW in 2011 - 2012
bringing down the utilization of the plant from 56% in 2011-12 to 31% in
2012-13.
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
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.61.62 |
|
|
1 |
Rs.99.94 |
|
Euro |
1 |
Rs.85.13 |
INFORMATION DETAILS
|
Information
Gathered by : |
NAY |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
54 |
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.