MIRA
INFORM REPORT
|
Report Date : |
09.09.2014 |
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
As per the latest IMF study, the total weigh of emerging markets in the GDP
of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
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 ·
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 |
|
|
|
|
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 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 |
|
|
|
|
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 W, 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 |
Yes |
|
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.
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 records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] 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. 60.26 |
|
|
1 |
Rs. 77.51 |
|
Euro |
1 |
Rs.77.94 |
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.