MIRA
INFORM REPORT
|
Report Date : |
06.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
TATA POWER SOLAR SYSTEMS LIMITED (w.e.f. 29.08.2012) |
|
|
|
|
Formerly Known
As : |
TATA BP SOLAR |
|
|
|
|
Registered
Office : |
Plot No. 78, Electronic |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
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
: |
Subject is engaged in designing, manufacturing and installation of
solar photovoltaic cells, moduless, solar water heating systems and other
solar products. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
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 7900000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of ‘The Tata Power Company Limited’. It is a well-established
company having fine track record. Management has reported an improvement in its sales turnover as well
as has incurred a consecutive loss from its previous years of operations. Further, the current unfavorable market dynamics 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
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
N E W S
Verdict
Implications: Apex court order may alter coal import dynamics. Traders go slow on
talks over coal supply contracts, uncertainty over cancellation of blocks weigh
on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs arm
that ensures that companies file all the information required by the Companies
Act is the latest manifestation of a messy fight between a father and his
adopted son for the control of Rs 40000 mn business empire. The Central Bureau
of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as
bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
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
31-03-2014.
INFORMATION DECLINED
Management Non-cooperative. (Tel. No.:91-80-67772000)
LOCATIONS
|
Registered Office : |
Plot No. 78, Electronic City House Road, Bangalore – 560100,
Karnataka, India |
|
Tel. No.: |
91-80-67772000/ 3000/ 40702400 |
|
Fax No.: |
91-80-67772252/ 28520972 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 2 : |
Survey No. Part 43 and Part 44, Phase II, Electronics City, Hosur
Road, Bangalore – 560100, Karnataka, India |
|
|
|
|
Factory 3 : |
Plot No.16, Survey 42 (P), Hosur Road, Electronic City, IInd Phase,
Bangalore – 560 100, Karnataka, India |
|
|
|
|
Factory 4 : |
Plot No.264, Bommasandra Jigani Link Road, Industrial Area, Jigani,
Hobli Anekal Taluk, Bangalore – 560 106, Karnataka, India |
|
|
|
|
Regional Office : |
Also located at: ·
New Delhi ·
Lucknow ·
Leh ·
Kolkata ·
Patna ·
Chhattisgarh ·
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 |
|
|
|
|
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 |
|
|
|
|
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 |
|
Designation : |
Additional Director |
|
Address : |
Flat No 3, Building No. 1, Prakesh Co-operative Housing Society,
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 |
|
|
|
|
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 |
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 |
Equity Share Break up (Percentage of Total Equity)
As on: 08.08.2013
|
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. |
||||||||||
|
|
|
||||||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
· BNP Paribas, 20 Collyer Quay, #01-01 Tung Centre, Singapore - 049319, Singapore, India · Credit Agricole Corporate and Investment Bank, # 168, Robinson Road, #22-01, Capital Tower, Singapore - 068812, Singapore, India · The Hong Kong And Shanghai Banking Corporation Limited, No 07, Mahatma Gandhi Road, Bangalore - 560001, Karnataka, India · HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India ·
State Bank of India, Industrial Finance
Branch, Residency Road, Bangalore - 560025, Karnataka, India |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
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 : |
· BP Alternative Energy Holdings Limited, U.K (upto June 27, 2012) · The Tata Power Company Limited (w.e.f June 28, 2012) |
|
|
|
|
Entity with Significant Influence : |
·
The Tata Power Company Limited (up to June 27,
2012) |
|
|
|
|
Fellow Subsidiaries : |
· BP Solar International Limited · NELCO Limited · Maithon Power Company Limited · Tata Power Renewable Energy Limited · Tata Power Delhi Distribution Limited · North Power Delhi Limited · Industrial Energy Limited · Powerlinks Transmission Limited · Chemical Terminal Trombay Limited. · Tata Projects Limited |
CAPITAL STRUCTURE
As on: 08.08.2013
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 |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
898.257 |
898.257 |
898.257 |
|
(b) Reserves & Surplus |
1098.445 |
2366.108 |
3193.304 |
|
(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) |
1996.702 |
3264.365 |
4091.561 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
1357.812 |
1239.062 |
719.950 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
279.300 |
|
(c) Other long
term liabilities |
0.000 |
63.247 |
0.000 |
|
(d) long-term
provisions |
370.915 |
221.831 |
188.520 |
|
Total Non-current
Liabilities (3) |
1728.727 |
1524.140 |
1187.770 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
851.204 |
0.000 |
934.011 |
|
(b)
Trade payables |
3276.848 |
1643.527 |
1084.819 |
|
(c)
Other current liabilities |
582.686 |
1318.119 |
1885.849 |
|
(d) Short-term
provisions |
79.712 |
75.934 |
287.173 |
|
Total Current
Liabilities (4) |
4790.450 |
3037.580 |
4191.852 |
|
|
|
|
|
|
TOTAL |
8515.879 |
7826.085 |
9471.183 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
2476.372 |
3524.327 |
2660.225 |
|
(ii)
Intangible Assets |
0.020 |
1.756 |
3.073 |
|
(iii)
Capital work-in-progress |
1.403 |
0.000 |
1314.589 |
|
(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 |
286.124 |
271.876 |
215.682 |
|
(e) Other
Non-current assets |
22.094 |
82.208 |
12.793 |
|
Total Non-Current
Assets |
2786.013 |
3880.167 |
4206.362 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1464.819 |
1007.973 |
1223.600 |
|
(c)
Trade receivables |
3676.920 |
1773.235 |
2097.831 |
|
(d) Cash
and cash equivalents |
314.831 |
1046.907 |
890.064 |
|
(e)
Short-term loans and advances |
157.314 |
87.768 |
838.280 |
|
(f)
Other current assets |
115.982 |
30.035 |
215.046 |
|
Total
Current Assets |
5729.866 |
3945.918 |
5264.821 |
|
|
|
|
|
|
TOTAL |
8515.879 |
7826.085 |
9471.183 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
11030.655 |
5049.725 |
9326.910 |
|
|
|
Other Income |
24.328 |
54.955 |
56.409 |
|
|
|
TOTAL (A) |
11054.983 |
5104.680 |
9383.319 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
8960.361 |
4045.400 |
7089.161 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
17.235 |
-53.008 |
308.998 |
|
|
|
Employees benefits expense |
569.178 |
455.662 |
427.470 |
|
|
|
Other expenses |
1320.526 |
955.136 |
1041.550 |
|
|
|
Exceptional items |
0.000 |
69.487 |
0.000 |
|
|
|
TOTAL (B) |
10867.300 |
5472.677 |
8867.179 |
|
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
187.683 |
(367.997) |
516.140 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
301.363 |
253.373 |
303.142 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(113.680) |
(621.370) |
212.998 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1153.984 |
485.126 |
490.241 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(1267.664) |
(1106.496) |
(277.243) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
(279.300) |
(91.400) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(1267.664) |
(827.196) |
(185.843) |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
203.384 |
1030.580 |
1460.110 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Preference Dividend |
0.000 |
0.000 |
12.210 |
|
|
|
Tax on preference Dividend |
0.000 |
0.000 |
1.980 |
|
|
|
Capital Redemption Reserve |
0.000 |
0.000 |
229.500 |
|
|
BALANCE CARRIED
TO THE B/S |
(1064.300) |
203.384 |
1030.580 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
NA |
423.993 |
|
|
TOTAL EARNINGS |
NA |
NA |
423.993 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(190.46) |
(125.45) |
(31.89) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
(11.47) |
(16.20) |
(1.98) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(11.49) |
(21.91) |
(2.97) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(14.89) |
(14.14) |
(3.40) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.63) |
(0.34) |
(0.07) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.11 |
0.38 |
0.40 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.20 |
1.30 |
1.26 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
898.257 |
898.257 |
898.257 |
|
Reserves & Surplus |
3193.304 |
2366.108 |
1098.445 |
|
Net worth |
4091.561 |
3264.365 |
1996.702 |
|
|
|
|
|
|
long-term borrowings |
719.950 |
1239.062 |
1357.812 |
|
Short term borrowings |
934.011 |
0.000 |
851.204 |
|
Total borrowings |
1653.961 |
1239.062 |
2209.016 |
|
Debt/Equity ratio |
0.404 |
0.380 |
1.106 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
9326.910 |
5049.725 |
11030.655 |
|
|
|
-45.859 |
118.441 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
9326.910 |
5049.725 |
11030.655 |
|
Profit |
(185.843) |
(827.196) |
(1267.664) |
|
|
(1.99)% |
(16.38)% |
(11.49)% |
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
(Rs.
In Millions)
|
Particulars |
As on 31.03.2014 |
As on 31.03.2013 |
|
LONG TERM
BORROWINGS |
|
|
|
Other loans and advance |
500.000 |
0.000 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Other loans and advance |
61.594 |
0.000 |
|
|
|
|
|
Total |
561.594 |
0.000 |
OPERATIONAL
PERFORMANCE
OPERATIONAL
HIGHLIGHTS
The production of Solar Cells was 23837 KW in 2013-14 as against 22058 KW in 2012-13 resulting in 31% capacity utilization.
The production of Solar Modules in 2013-14 was 94478 KW as against 30957 KW in 2012-13. The utilization of the plant increased from 31% in 2012-13 to 76% in 2013-14.
During the year, the Company increased its Module manufacturing capacity to 200 MW per annum from 125 MW previously.
During the Year, the Company was awarded 50 MW grid connected solar project by NTPC. The Company is expected to commission the project by mid- July, 14.
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
FIXED ASSETS:
Tangible Assets
·
Land
·
Buildings
·
Factory Building
·
Plant and Equipment
·
Factory Equipment’s
·
Furniture and Fixtures
·
Computers
·
Vehicles
·
Office Equipment
PRESS RELEASE
TATA POWER LAUNCHES
RS 1.5 LAKH SOLAR INVERTOR
It can provide
uninterrupted power supply for eight hours
Tata Power Solar today launched a solar invertor for retail consumers, which can provide uninterrupted power supply for eight hours. It is designed to light-up devices like lights, fans and television.
The total set-up of the solar panels, battery and the invertor would cost
between Rs 1.4-1.5 lakh. It is targeting cities and towns with regular load
shedding. Named Tata Dynamo, the set-up works like a regular inverter, but has
solar as its primary source of power.
“The 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,” said Tata Power, in its press release.
Tata Power Solar claims that in an area which has three to four hours of load
shedding, can recover the expense of the invertor, in less than 18 months.
This is in comparison to running a diesel generator. The life expectancy of the
instrument is around eight to ten years. Further, the product comes with a 30%
subsidy from the Ministry of New and Renewable Energy.
“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, chief executive officer of Tata Power Solar.
TATA POWER LAUNCHES
SOLAR POWER INVERTER
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.
MUNDRA UMPP CERTIFIED
FOR QUALITY, ENVIRONMENT AND OHSAS MANAGEMENT SYSTEMS
National: India’s first Ultra Mega Power Plant, 4000 MW, Coastal Gujarat Power, Mundra, a wholly owned subsidiary of Tata Power, India's largest Integrated Power Company, today announces that it has been certified by the Indian Register Quality Systems (IRQS), Mumbai, with Certificates of Approval for successful implementation of QMS: ISO 9001:2008, EMS: ISO 14001:2004 and OHSAS: 18001:2007 systems on 4th July, 2014.
Tata Power strives to achieve industry norms in Management Systems and has ensured continual improvement and innovation across its operations. In line with these objectives, the Coastal Gujarat Power Limited, Mundra successfully integrated QMS, EMS and OHSAS Systems. The Integrated Management System (IMS) Policy was signed on October 1, 2013. In less than ten months, CGPL team successfully integrated all the three systems and completed the Certification Audit complying with all requirements.
Speaking on the achievement, Mr. K. K. Sharma, ED & CEO, CGPL, Mundra said “We are committed to operate our plant in an environmental friendly manner with clean, safe and healthy workplace to provide value to our customers, employees and all stakeholders. We reinforce our commitment to continually improve Quality, Environmental and Occupational Health and Safety Management Systems to achieve world class standards. Successful certifications are testimony to our commitment and extraordinary team work exhibited by one and all at CGPL.”
TATA POWER ADOPTS
KADACHIMETH AND AIMS TO TRANSFORM IT INTO A MODEL VILLAGE BY 2017
India has about 7 lakh villages, of which thousands are bereft of electricity, infrastructure and sound education facilities. Understanding the importance of developing villages to fast-track India's growth story, Tata Power today announced that the company aims to transform Kadachimeth, a tribal village in the Thane District of Maharashtra, into a model village by 2017. In line with the Independence Day speech of Hon' Prime Minister Shri Narendra Modi on the need for developing model villages to build a stronger India, the Company has pledged to partner with the community of Kadachimeth, and work towards improving their quality of life.
With more than 90 per cent of adivasi (tribal) population, the village is deprived of basic amenities and the standard of living is poor. In the next 3 years, the Company plans to engage in developing it into a clean and green village with good roads, good education facilities, medical outreach, and solid infrastructure so that the village becomes a role-model for the neighboring villages to emulate. Tata Power has assigned a team of employees to execute the development work, who will further be supported by the by time and talent other employee volunteers so as to harness the energy of the entire Tata Power family through a spirit of 'Shramdaan'.
Commenting on this development, Mr. Anil Sardana, CEO and Managing Director -Tata Power stated, "Our Hon'ble Prime Minister gave a call to each MP to adopt a village. At Tata Power, we are pursuing the legacy of our founder, Mr. Jamshetji Tata who had stated that in a free enterprise, community is not just a stakeholder but in fact the very purpose of its existence. With this philosophy, we will work towards building and developing Kadachimeth as a model village to bring about social upliftment and inclusive development of the community. We will provide full support to our team, and will help them transform Kadachimeth as the most aspired village of neighbourhood, where as today it is sadly one of the most deprived one".
Kadachimeth village is not a part of Tata Power's area of operations, but has been selected by the Company in the true spirit of Corporate Social Responsibility to benefit the community at large. The Company has communicated the details of the selected village to the Collector, Member of Legislative Assembly and Member of Parliament of the area, so that it's not duplicated under the announced scheme. Similarly, Tata Power aspires to adopt one village in each area of operation and develop it into a model village in next 3 years'. These role-model villages would become the proof-of-concept for the other villages to emulate.
TATA POWER SOLAR AND
BRITISH GAS PARTNER TO SOLARIZE TOYOTA MANUFACTURING UK
Tata Power Solar (TPS), and British Gas, Britain’s largest energy supplier, announced the commissioning of a 3,475,000 kWh commercial solar PV installation for Toyota Motor Manufacturing (UK) Limited.
The installation, which was officially switched on 21st August ’14 at Toyota Manufacturing UK’s engine production centre at Deeside in North Wales, will feed directly into Toyota UK’s electrical distribution network used to power manufacturing operations at the site, home to European production of Toyota petrol and hybrid petrol engines.
The solar plant is set to significantly reduce the site’s carbon emissions and has the potential to generate enough electricity to produce up to 22,500 engines a year.
Ajay Goel, CEO, Tata Power Solar said, “Our partnership with British Gas is the beginning of a great working relationship and we see huge potential in the UK & Europe market for solar. Our 25 year history making quality modules and exporting them globally makes us the most compelling choice in the market today. This project is a testimony to our products’ high quality and global competitiveness.”
Almost 13,000 multi-crystalline panels, supplied by Tata Power Solar, were manufactured in their Bangalore, India plant. It has the potential to produce 3,475,000 kWh of electricity, reducing the Toyota plant’s CO2 emissions by over 1,800 tonnes a year. That is equivalent to the combined weight of more than 1,260 Toyota Auris hatchbacks.
Jim Crosbie, TMUK Deeside Plant Director, Toyota Manufacturing UK, said: “The new solar array demonstrates that as much as Toyota is famous for building lower carbon vehicles, we are just as focused on developing greener production methods and nurturing awareness of environmental issues among our members, and our local communities. Not only will the solar array reduce our carbon footprint, it will also demonstrate to the wider Welsh and UK manufacturing sector the tangible benefits renewable energy can deliver.”
Speaking about the project Gab Barbaro, Managing Director, British Gas Business Services, said: “We are delighted to partner with Tata Power Solar to jointly deliver this project for Toyota.”
“This project shows that solar is a viable energy solution for companies operating in the heavy industry sector.”
“At British Gas, we’re committed to offering businesses innovative renewable technology that will deliver a reliable supply of energy, long-term financial returns and significant carbon reduction.”
Tata Power Solar, erstwhile known as Tata BP Solar, is one of the very few companies globally to have a long operating history of 25 years, which also corresponds to the operational life of its solar modules. TPS has till date exported over 600 MW of modules globally. TPS’ modules are rated as Tier 1 in Bankability by GTM Research, a globally recognized PV market research firm.
TATA POWER SOLAR TO
SUPPLY ONE LAKH SOLAR PANELS TO ACME'S 20 MW PROJECT IN RAJASTHAN
CHENNAI: Tata Power Solar, a manufacturer of solar modules, has won an order to supply 20 megawatt (MW) of solar modules for a project by ACME Solar in Rajasthan.
The project is under the DCR (domestic content requirement) segment of the
Jawaharlal Nehru National Solar Mission (JNNSM) phase-2 batch-1, the 1,00,000
modules, constituting 60,00,000 cells, needed for the project will be
manufactured at the company's manufacturing facility in Bangalore, a statement
from the company said.
ACME Solar is a three-way joint venture between ACME, EDF Energies Nouvelles
(EDF EN), the renewable energy arm of French state-run electricity utility
Electricite de France S.A., and Luxembourg-based natural resources saving group
EREN.
Tata Power Solar's Bangalore facility now has 200MW module and 180 MW cell production capacities, and the company is planning a 60% increase in their module manufacturing capacity.
Under the DCR policy of MNRE for the phase-2 of JNNSM, a total of 375 MW of
solar power plants have to be built using domestically produced cells and
modules. The initiative is aimed at promoting manufacturing in the country.
TATA POWER SOLAR
SUCCESSFULLY COMMISSIONS PHASE II OF SOLAR POWER PROJECT FOR THE CHENNAI SILKS
GROUP; TAKES THEIR TOTAL CAPACITY TO 7.2 MW
Bangalore, India; 25th September 2014: Tata Power Solar, India’s largest integrated solar player, has successfully executed five different solar power projects for The Chennai Silks group, constituting a total of 5.2 MW solar power plant. Coupled with the 2 MW solar plant commissioned last year by Tata Power Solar, the total installed solar power capacity of the group comes to 7.2 MW.
These five different solar projects, executed for different group companies of The Chennai Silks group, are located in Kangeyam of Tirupur district in Tamil Nadu and achieved power generation in 12 weeks. The five group companies include: Naachas Wind Energy Pvt. Ltd. (1 MW), Space Textiles Pvt. Ltd. (1 MW), KTM Jewellery (P) Ltd. (1 MW), SCM. International Impex (1.1 MW) and Sathy Silks Pvt. Ltd. (1.1 MW).
Power shortage is a major issue in Tamil Nadu, with several manufacturing facilities in the region suffering from power shortage and relying on expensive diesel generators. For The Chennai Silk's group, venturing into solar power is a step towards making solar a mainstream source of power generation.
“We installed these solar plants for captive consumption of power, as well as to avail of the accelerated depreciation benefits. The use of solar power in our retail showrooms has helped us reduce our energy costs while also enabling us to reduce our carbon emissions by 890 grams/kWh. Tata Power Solar’s experience and capability in swiftly executing solar power plants have been the primary reasons to choose them, time and again.” says Mr. N. K. Nandhagopal, MD, The Chennai Silks group.
Tata Power Solar had engaged local contractors for 45 days of field work, creating a range of job opportunities for the region. Tata Power Solar continues to extend job opportunities for the operations and maintenance of these captive power plants.
“This project exemplifies our ability to execute complex and simultaneous solar projects, backed by our strong lineage of quality performance and resource optimization. We take pride in our association with The Chennai Silks group to execute seven solar power projects for them in a period of two years.” said Dr. Arul Shanmugasundram, EVP Projects and CTO, Tata Power Solar.
These ground-mounted solar power plants were commissioned in an area of 25 acres of land. In addition, small tracker systems were installed at some of the plants. The plant is continually managed, with a centralized monitoring system and an onsite operations team.
TATA POWER SOLAR
RANKED AS THE TOP INDIAN SOLAR PLAYER
Ranked #1 third-party EPC player as well as #1 domestic module supplier for 2014
Bangalore, India; 17th September, 2014: Tata Power Solar, India’s largest
integrated solar player, has been ranked as the leading domestic player in the
India solar industry for 2014. As per the India Solar Map 2014, released by
Bridge To India, a leading consulting firm in India’s Cleantech market, during
2013-14 Tata Power Solar emerged as the largest third-party EPC player as well
as domestic manufacturer of crystalline PV modules in India.
Commenting on the map, Dr. Tobias Engelmeier, Founder & Director, Bridge To
India, said, “Our annual India Solar Map is a detailed and easily
comprehendible analysis of the market shares of India’s solar players. We
interact with the EPC companies, module and inverter suppliers and project
developers to distill a reliable snapshot of the state of the industry. Over
the last 12 months, Tata Power Solar has been the most successful company in
executing third party (i.e. discounting own projects) EPC contracts in India.
Among the domestic module suppliers category also, it is the leading player.
The company has been particularly successful at winning large, public sector
projects – one of the key growth drivers in the future.” For more details on
the map, click here.
Tata Power Solar is ranked #1 for 2014 (in the last 12 months) and #3 for
cumulative third-party EPC, rising from a ranking of #9 cumulative third-party
EPC in 2013. This makes Tata Power Solar one of the fastest growing third-party
solar EPC players in the country.
In the module manufacturing segment, Tata Power Solar has reaffirmed itself as
a pioneer and leader among domestic crystalline PV modules manufacturers. The
company is ranked #1 domestic manufacturer for 2014 and the only Indian
manufacturer among the top 10 module suppliers for the Indian market.
Commenting on the result, Ajay Goel, CEO, Tata Power Solar, said, “We are
extremely happy with the findings of the report by Bridge to India. We have
been growing aggressively over the last couple of years and this achievement is
a testimony to the results we have accomplished during this period.”
The company has completed several prestigious EPC projects, including 50 MW for
NTPC and commissioning of a 2 MW project for South India’s largest rooftop
solar plant. They have recently won two orders to supply domestically
manufactured solar panels, under DCR, to L N Bangur group and ACME Solar (a
subsidiary of EDF Energy).
Tata Power Solar is the only Indian company whose modules are ranked as Tier 1
in Bankability by GTM Research and has been successfully certified by Potential
Induced Degradation (PID). Last year they added an additional module
manufacturing capacity of 75 MW taking the total capacity to 200 MW.
TATA POWER LAUNCHES
RS 1.5 LAKH SOLAR INVERTOR
It can provide uninterrupted power supply for eight hours
Tata Power Solar today launched a solar invertor for retail consumers, which can provide uninterrupted power supply for eight hours. It is designed to light-up devices like lights, fans and television.
The total set-up of the solar panels, battery and the invertor would cost
between Rs 1.4-1.5 lakh. It is targeting cities and towns with regular load
shedding. Named Tata Dynamo, the set-up works like a regular inverter, but has
solar as its primary source of power.
“The 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,” said Tata Power, in its press release.
Tata Power Solar claims that in an area which has three to four hours of load
shedding, can recover the expense of the invertor, in less than 18 months.
This is in comparison to running a diesel generator. The life expectancy of the
instrument is around eight to ten years. Further, the product comes with a 30%
subsidy from the Ministry of New and Renewable Energy.
“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, chief executive officer of Tata Power Solar.
The product also comes with five year warranty and can be wall-mounted to save
space.
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. 61.75 |
|
|
1 |
Rs. 100.07 |
|
Euro |
1 |
Rs. 77.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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.