MIRA
INFORM REPORT
|
Report Date : |
14.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
TATA POWER SOLAR SYSTEMS LIMITED (w.e.f. 29.08.2012) |
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Formerly Known
As : |
TATA BP SOLAR INDIA LIMITED |
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Registered
Office : |
Plot No.78, Electronics
City, Phase I, Hosur Road, Bangalore – 560100, Karnataka |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
27.11.1989 |
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|
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Com. Reg. No.: |
08-034989 |
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Capital Investment
/ Paid-up Capital : |
Rs.898.257 millions |
|
|
|
|
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, moduless, 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 having fine track record. Management has reported a dip in its sales turnover as well as has
incurred a consecutive loss for its two years of operations. Further, the current unfavorable market dynamic for the industry may
result in limited visibility associated with recovery in profitability. Moreover, the ratings also take into consideration the established
market position and track record in the solar power industry along with the
growing emphasis on solar power in India. Trade relations are fair. Business is active. Payment terms are
reported as regular and as per commitments. In view of need based managerial and financial support extended from
its parent, the subject can be considered 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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating A / Negative |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
March 25, 2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating A1 |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
March 25, 2014 |
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 – 560100, 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 – 560100,
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 – 400026, 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 |
|
Designation : |
Director |
|
Address : |
D-9, Income Tax Officers’ Colony, Peddar Road, Mumbai – 400026, 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 |
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|
|
|
Name : |
Mr. Ramesh Narayanawamy Subramanyam |
|
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 |
|
DIN No.: |
02421481 |
|
|
|
|
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 |
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PAN No.: |
AAUPG9364K |
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|
|
|
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 |
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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 |
|
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 |
|
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 |
|
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 |
|
Designation : |
Deputy General Manager - Thermal Plant |
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|
Name : |
Rajagopalan K. |
|
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 |
|
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, moduless, 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 : |
·
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 Limited, 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 : |
|
|
Banking Relations
: |
-- |
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|
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Financial
Institution : |
Indian Renewable Energy Dev Agency Limited, India Habitat Centre,
Lodhi Road, New Delhi – 110003, India |
|
|
|
|
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 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
1127.757 |
898.257 |
898.257 |
|
Reserves & Surplus |
3393.333 |
3193.304 |
2366.108 |
|
Net
worth |
4521.090 |
4091.561 |
3264.365 |
|
|
|
|
|
|
long-term borrowings |
2096.029 |
719.950 |
1239.062 |
|
Short term borrowings |
865.739 |
934.011 |
0.000 |
|
Total
borrowings |
2961.768 |
1653.961 |
1239.062 |
|
Debt/Equity
ratio |
0.655 |
0.404 |
0.380 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
9079.214 |
9326.910 |
5049.725 |
|
|
|
2.728 |
(45.859) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
9079.214 |
9326.910 |
5049.725 |
|
Profit |
125.894 |
(185.843) |
(827.196) |
|
|
1.39% |
(1.99%) |
(16.38%) |
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 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 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 millions (2011-12 Loss of Rs.190.000 millions) During the year
2012-13, exports accounted for Rs.340.000 millions (2011-12 - Rs.420.000
millions).
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
PRESS RELEASE
Tata Power launches solar power inverter
January 9, 2014
Tata Power Solar has launched a new 1 KVA solar power pack
system to its solar product line-up, called TATA Dynamo. The power pack, a
combination of solar PV panels, inverter and battery, will help consumers enjoy
uninterrupted power supply for up to 8 hours, at an affordable cost.
In a statement here, the company said TATA Dynamo works like a regular inverter, but has solar as its primary source of power.
The intelligent system charges itself while powering all the connected appliances through free solar energy and when sunlight is unavailable, it automatically shifts to regular electricity.
Depending on the weather conditions, the system can provide back-up of 4 to 8 hours to power appliances like LED/CFL lights, fans, televisions, etc. The system has been designed for simple and faster installation with maintenance free operation.
Commenting on the development, Ajay Goel, CEO, Tata Power Solar said the new product was a great way to switch to solar as it will help both urban and rural middle class manage power cuts better while reducing their power bills substantially.
Tata Power arm launches solar-based electricity back-up system
January 9, 2014
NEW DELHI: Tata Power Solar, an arm of Tata Power, has launched a solar-based electricity back-up system for domestic consumers.
"The power pack, a combination of solar PV panels, inverter and battery, will help consumers enjoy uninterrupted power supply for up to eight hours at an affordable cost," the company said in a statement.
The product called Tata Dynamo works like a regular inverter that uses soslar energy as its primary source of power, it said.
The system charges itself while powering appliances and automatically shifts to regular electricity when sunlight is unavailable, it added.
Depending on weather conditions, the system can provide back-up of four to eight hours for appliances like LED and CFL lights, fans and televisions.
The system has been designed for simple and easy installation and maintenance-free operations and has a life expectancy of eight to 10 years.
A 30 per cent subsidy from the Ministry of New and Renewable Energy makes the product more affordable for consumers, according to the statement, which did not mention its price.
"Tata Dynamo is a great way to switch to solar. It will help both urban and rural middle class manage power cuts better while reducing their power bills substantially," said Ajay Goel, CEO of Tata Power Solar.
The product will be available across the country through Tata Power Solar's over 1,000-dealer network.
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.59.88 |
|
|
1 |
Rs.100.98 |
|
Euro |
1 |
Rs.82.40 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
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.