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|
MIRA
INFORM REPORT
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Report No. : |
496143 |
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Report Date : |
12.03.2018 |
IDENTIFICATION DETAILS
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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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Tel. No.: |
91-80-67772000 |
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Country : |
India |
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Financials (as
on) : |
31.03.2016 |
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Date of
Incorporation : |
27.11.1989 |
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Com. Reg. No.: |
08-034989 |
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Capital
Investment / Paid-up Capital : |
INR 2297.757 Million |
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CIN No.: [Company Identification
No.] |
U40106KA1989PLC034989 |
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IEC No.: |
Not Divulged |
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TIN No.: |
29070131942 |
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GST No.: |
29AAACT4660J1Z2 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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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 involved in the Manufacturing of Solar Cells, Solar Photovoltaic Module/Systems and Solar Thermal Systems. (Registered activity) |
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No. of Employees
: |
681 (Approximately) [260 Management and 421 Non-Management] |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Maximum Credit Limit : |
USD 5687500 |
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Status : |
Good |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of ‘The Tata Power Company Limited’ incorporated in the year 1989. It is a manufacture of solar cells, solar photovoltaic module/systems and solar thermal systems. As per the Registrar of Companies date of balance sheet (i.e. financial filed) is shown as 31.03.2017 but documents related to the financial for the year 31.03.2017 are not available from any sources. As per the financial records of 2016, the company earned significant growth in the revenue as compared to previous year revenue but it incurred continues loss from its operations. The rating strengthens on the corporate backed by its parent, “The Tata Power Company Limited”. The ratings continue to factor in strong financial and managerial support from parent, “Tata Power”. Rating takes into consideration the company’s long established track record. Rating also takes into consideration growing customer preferences towards solar pumps rather than diesel pumps and raising demand for automated pump systems are some of the factors fuelling the market growth. This rating strength is partially offset by the susceptibility to changes in guidelines under national and state solar policies and any change in the regulatory scenario concerning domestic procurement of solar cells or modules which will affect the company’s growth. Business is active. Payment seems to be slow but correct. In view of aforesaid, the company 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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Bank Facilities = A |
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Rating Explanation |
Adequate degree of safety and low credit risk. |
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Date |
August 04, 2016 |
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Rating Agency Name |
CRISIL |
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Rating |
Short Term Bank Facilities = A1 |
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Rating Explanation |
Very strong degree of safety and lowest credit risk. |
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Date |
August 04, 2016 |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 12.03.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE [91-120-6102000/ 80-67772000]
LOCATIONS
|
Registered Office : |
Plot No. 78, Electronics City, Phase I, Hosur Road, Bangalore –
560100, Karnataka |
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Tel. No.: |
91-80-67772000/ 3000 |
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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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Head Office : |
3rd Floor, Shatabdi Bhavan, B-12, 13, Sector - 4, Noida-201301, Uttar Pradesh, India |
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Tel. No.: |
91-120-6102000 |
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Factory : |
Survey No. Part 43 and Part 44, Phase II, Electronics City, Hosur Road, Bangalore - 560100, Karnataka, India |
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Warehouse: |
Plot No. 264, Survey Nos. 127 & 137, Bommasandra Jigani Link Road, Industrial Area, Jigani, Hobli Anekal Taluka, Bangalore - 560106, Karnataka, India |
NOTE: As claimed by
Management that the previous database records Factory address i.e. Plot No. 16,
Survey 42 (P), Hosur Road, Electronics City, II Phase, Bangalore - 560100,
Karnataka, India and Regional Offices has been closed now.
DIRECTORS
AS ON: 31.03.2017
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Name : |
Sowmyan Ramakrishnan |
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Designation : |
Director |
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Address : |
D-9, Income Tax Officers’ Colony, Peddar Road, Mumbai – 400026,
Maharashtra, India |
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Date of Birth/Age : |
19.02.1949 |
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Qualification : |
B Tech Mechanical and Management Degree |
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Date of Appointment : |
30.04.2011 |
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DIN No.: |
00005090 |
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Name : |
Mr. Anil Kumar Sardana |
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Designation : |
Director |
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Address : |
22 A/B, New Akash Ganga Co-Operative Housing Society Limited, 89, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India |
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Date of Birth/Age : |
16.04.1959 |
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Qualification : |
Electrical Engineer and Post Graduate Diploma in Management |
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Date of Appointment : |
25.03.2014 |
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DIN No.: |
00006867 |
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Name : |
Mr. Seethapathy Chander |
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Designation : |
Director |
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Address : |
C - 113 DDA Colony, Saket, New Delhi – 110017, India |
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Date of Birth/Age : |
27.12.1954 |
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Qualification : |
Engineering Graduate, Post Graduate Diploma in Management |
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Date of Appointment : |
30.03.2015 |
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DIN No.: |
02336635 |
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Name : |
Mr. Ramesh Narayanawamy Subramanyam |
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Designation : |
Director |
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Address : |
162, 16th Floor Jupiter 41, Cuffe Parade, Mumbai – 400005,
Maharashtra, India |
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Date of Birth/Age : |
27.06.1969 |
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Qualification : |
Post Graduate |
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Date of Appointment : |
22.04.2013 |
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DIN No.: |
02421481 |
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Name : |
Mr. Ashish Khanna |
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Designation : |
Director and Chief Executive Officer |
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Address : |
1405A, Beverly Park - II, DLF City Phase 2, Gurugram – 122002, Haryana, India |
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Date of Birth/Age : |
18.11.1966 |
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Qualification : |
Bachelor of Engineering and MBA |
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Date of Appointment : |
21.02.2015 |
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DIN No.: |
06699527 |
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DIN No.: |
AHUPK6960C |
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Name : |
Ms. Suparna Mitra |
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Designation : |
Director |
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Address : |
G-02,Brigade Jacaranda, 14th 'A' Main, Hal Second Stage, Bangalore – 560008, Karnataka, India |
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Date of Birth/Age : |
26.08.1968 |
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Qualification : |
B.E. (Hons.) in Electrical Engineering, Post Graduation in Management (Specialization in Marketing) from IIM Calcutta |
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Date of Appointment : |
30.03.2015 |
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DIN No.: |
07135817 |
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NOTE:
No Company exists for
a Director
· Mr. Subhash Chander Chetal
·
Mr. Rahul Chandrakant Shah
·
Mr. Deepak Kumar Mahendra
KEY EXECUTIVES
|
Name : |
Mrs. Neha Malik |
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Designation : |
Company Secretary |
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Address : |
B-75, SFS Flats Sheikh Sarai,Phase-1 New Delhi 110017 |
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Date of Appointment : |
15.03.2017 |
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PAN No.: |
AMSPM8198F |
NOTE:
No Company exists for
a Key Executive
· Mr. Rajesh Daga
·
Mr. Ajay Kumar Goel
·
Mr. Ashish Khanna
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
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The Tata Power Company Limited |
|
22977561 |
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The Tata Power Company Limited jointly with R N Subramanyam |
|
1 |
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The Tata Power Company Limited jointly with Rajesh Daga |
|
1 |
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The Tata Power Company Limited jointly with Sanjay Dube |
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1 |
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The Tata Power Company Limited jointly with Arun Shanmugasundram |
|
1 |
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The Tata Power Company Limited jointly with H M Mistry |
|
1 |
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The Tata Power Company Limited jointly with Ashish Khanna |
|
1 |
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Total |
|
22977567 |
AS ON: 25.09.2017
|
Equity Share Breakup |
Percentage of Holding |
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Category |
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Promoters – Body Corporate |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is involved in the Manufacturing of Solar Cells, Solar Photovoltaic Module/Systems and Solar Thermal Systems. (Registered activity) |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
681 (Approximately) [260 Management and 421 Non-Management] |
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Bankers : |
· State Bank of India Industrial Finance Branch, Residency Plaza, Residency Road, Bangalore - 560025, Karnataka, India · Kotak Mahindra Bank Limited · Axis Bank Limited |
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Facilities : |
|
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Financial Institutions: |
· Tata Cleantech Capital Limited · Tata Capital Financial Services Limited |
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Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
"Deloitte Centre",
Anchorage II, 100/2 Richmond Road, Bangalore – 560025, Karnataka, India |
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PAN No.: |
AACFD3771D |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding company : |
The Tata Power Company Limited [L28920MH1919PLC000567] |
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Fellow Subsidiary
companies: |
· Industrial Energy Limited · Nelco Limited · Tata Power Delhi Distribution Limited [U40109DL2001PLC111526] · Tata Power Renewable Energy Limited [U40108MH2007PLC168314] ·
Tata Power Trading Company Limited
[U40100MH2003PLC143770] ·
Powerlinks Transmission Limited ·
Chemical Terminal Trombay Limited · Tata Power Jamshedpur Distribution Limited |
CAPITAL STRUCTURE
AS ON: 31.03.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
INR 100/- each |
INR 2500.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22977567 |
Equity Shares |
INR 100/- each |
INR 2297.757
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
2297.757 |
1127.757 |
898.257 |
|
(b) Reserves & Surplus |
(307.129) |
(44.861) |
1098.444 |
|
(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) |
1990.628 |
1082.896 |
1996.701 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
476.562 |
1357.812 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
533.660 |
447.298 |
370.914 |
|
Total
Non-current Liabilities (3) |
533.660 |
923.860 |
1728.726 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
3088.009 |
2379.458 |
851.205 |
|
(b)
Trade payables |
3288.600 |
2603.875 |
3235.192 |
|
(c)
Other current liabilities |
426.122 |
1223.764 |
624.342 |
|
(d)
Short-term provisions |
67.533 |
74.567 |
79.712 |
|
Total
Current Liabilities (4) |
6870.264 |
6281.664 |
4790.451 |
|
|
|
|
|
|
TOTAL |
9394.552 |
8288.420 |
8515.878 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1534.121 |
1878.879 |
2476.372 |
|
(ii)
Intangible Assets |
1.069 |
0.222 |
0.020 |
|
(iii)
Capital work-in-progress |
0.000 |
5.413 |
1.403 |
|
(iv) Intangible assets under development |
16.481 |
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 |
345.438 |
347.474 |
286.124 |
|
(e)
Other Non-current assets |
42.379 |
51.804 |
22.094 |
|
Total
Non-Current Assets |
1939.488 |
2283.792 |
2786.013 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1994.905 |
1993.802 |
1464.818 |
|
(c)
Trade receivables |
5007.604 |
3576.844 |
3676.920 |
|
(d)
Cash and cash equivalents |
7.012 |
39.853 |
314.832 |
|
(e)
Short-term loans and advances |
233.339 |
119.399 |
157.313 |
|
(f)
Other current assets |
212.204 |
274.730 |
115.982 |
|
Total
Current Assets |
7455.064 |
6004.628 |
5729.865 |
|
|
|
|
|
|
TOTAL |
9394.552 |
8288.420 |
8515.878 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
14894.381 |
8729.208 |
11030.655 |
|
|
|
Other Income |
100.915 |
18.102 |
24.328 |
|
|
|
TOTAL |
14995.296 |
8747.310 |
11054.983 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
11430.531 |
7158.689 |
8960.362 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
383.764 |
(542.302) |
17.235 |
|
|
|
Employees benefits expense |
863.158 |
795.161 |
569.177 |
|
|
|
Other expenses |
1518.423 |
1326.244 |
1320.526 |
|
|
|
TOTAL |
14195.876 |
8737.792 |
10867.300 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
799.420 |
9.518 |
187.683 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
327.403 |
387.958 |
301.363 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
472.017 |
(378.440) |
(113.680) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
734.285 |
764.865 |
1153.984 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
TAX |
(262.268) |
(1143.305) |
(1267.664) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER
TAX |
(262.268) |
(1143.305) |
(1267.664) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
|
F.O.B. Value of Exports |
1643.076 |
628.805 |
297.695 |
|
|
|
Services |
2.280 |
4.381 |
0.000 |
|
|
|
TOTAL
EARNINGS |
1645.356 |
633.186 |
297.695 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
Raw Materials |
6798.713 |
4319.347 |
4747.616 |
|
|
|
Components and Stores parts |
40.799 |
5.809 |
6.742 |
|
|
|
Capital Goods |
326.749 |
118.530 |
66.934 |
|
|
|
TOTAL
IMPORTS |
7166.261 |
4443.686 |
4821.292 |
|
|
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
(38.20) |
(172.83) |
(190.46) |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
0.000 |
881.250 |
381.250 |
|
|
|
|
|
|
Cash generated from operations |
162.964 |
(103.861) |
714.453 |
|
|
|
|
|
|
Net Cash flow from (used in) Operations |
133.788 |
(1090.338) |
(582.491) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
122.72 |
149.56 |
121.67 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
2.97 |
2.44 |
3.00 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
105.01 |
132.76 |
131.79 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.40 |
0.00 |
0.13 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.52 |
0.01 |
0.08 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.73 |
0.92 |
0.77 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
1.55 |
3.45 |
1.30 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
3.45 |
5.80 |
2.40 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.78 |
1.74 |
1.24 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
2.44 |
0.02 |
0.62 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
(1.76) |
(13.10) |
(11.49) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(2.79) |
(13.79) |
(14.89) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
(13.18) |
(105.58) |
(63.49) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.09 |
0.96 |
1.20 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.79 |
0.64 |
0.89 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.21 |
0.13 |
0.23 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
1.34 |
3.31 |
2.88 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.09 |
0.96 |
1.20 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
898.257 |
1127.757 |
2297.757 |
|
Reserves & Surplus |
1098.444 |
(44.861) |
(307.129) |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1996.701 |
1082.896 |
1990.628 |
|
|
|
|
|
|
long-term borrowings |
1357.812 |
476.562 |
0.000 |
|
Short term borrowings |
851.205 |
2379.458 |
3088.009 |
|
Current Maturities of Long
term debt |
381.250 |
881.250 |
0.000 |
|
Total
borrowings |
2590.267 |
3737.270 |
3088.009 |
|
Debt/Equity
ratio |
1.297 |
3.451 |
1.551 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
11030.655 |
8729.208 |
14894.381 |
|
|
|
-20.864 |
70.627 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
11030.655 |
8729.208 |
14894.381 |
|
Profit/ (Loss) |
(1267.664) |
(1143.305) |
(262.268) |
|
|
(11.49%) |
(13.10%) |
(1.76%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
CHARGES REGISTERED |
||||||||
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G48431415 |
100109823 |
IDFC BANK LIMITED |
30/06/2017 |
- |
- |
1300000000.0 |
KRM TOWER, 7TH FLOOR, NO. 1,HARRINGTON ROAD, CHETPET,CHENNAITA600031IN |
|
2 |
G34598706 |
100074692 |
INDUSIND BANK LIMITED |
11/01/2017 |
- |
- |
2000000000.0 |
N-10-11SECTOR-18NOIDAUP201301IN |
|
3 |
G72926066 |
10543420 |
AXIS BANK LTD. |
22/12/2014 |
27/12/2017 |
- |
3000000000.0 |
2ND FLOOR, RED FORT CAPITAL, PARSVNATH TOWERS,GOLE MARKET, BHAI VEER SINGH MARG,NEW DELHIDL110001IN |
|
4 |
C43352178 |
10514106 |
ING VYSYA BANK LIMITED |
15/04/2014 |
04/02/2015 |
- |
2500000000.0 |
22, M G ROAD,ING VYSYA HOUSEBANGALOREKA560001IN |
|
5 |
G36272789 |
10466462 |
YES BANK LIMITED |
22/11/2013 |
27/12/2016 |
- |
2000000000.0 |
NEHRU CENTRE,9TH FLOOR,DISCOVERY OF INDIA,DR.A.B.ROAD, WORLI,MUMBAIMH400018IN |
|
6 |
B30240840 |
10330801 |
HDFC BANK LIMITED |
26/12/2011 |
- |
- |
750000000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
|
7 |
G48703656 |
80028704 |
STATE BANK OF INDIA |
09/01/2004 |
20/06/2017 |
- |
5000000000.0 |
INDUSTRIAL FINANCE BRANCH, NO. 61,''RESIDENCY PLAZA'', RESIDENCY ROAD,BANGALOREKA560025IN |
|
8 |
G34914879 |
10567678 |
INDUSIND BANK LIMITED |
07/05/2015 |
- |
11/01/2017 |
1000000000.0 |
2401, GENERAL THIMMAYYA ROADCANTONMENTPUNEMH411001IN |
|
9 |
C76707819 |
10524754 |
TATA CLEANTECH CAPITAL LIMITED |
17/09/2014 |
26/05/2015 |
19/01/2016 |
250000000.0 |
ONE FORBES, DR V B GANDHI MARG,FORTMUMBAIMH400001IN |
|
10 |
C75983866 |
10574003 |
DCB BANK LIMITED |
26/05/2015 |
- |
04/01/2016 |
250000000.0 |
601 & 602, PENINSULA BUSINESS PARK, 6TH FLOOR,TOWER A, SENAPATI BAPAT MARG, LOWER PAREL,MUMBAIMH400013IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2016 (INR
In Million) |
31.03.2015 (INR
In Million) |
|
SHORT TERM BORROWINGS |
|
|
|
Other loans and advances |
341.779 |
740.552 |
|
|
|
|
|
Total |
341.779 |
740.552 |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2016 (INR
In Million) |
31.03.2015 (INR
In Million) |
|
Claims against company not acknowledged as debt |
267.728 |
243.746 |
|
Other money for which company is contingently liable |
14.913 |
0.000 |
|
Estimated amount of contracts remaining to be
executed on capital account and not provided for |
16.120 |
1.598 |
|
Other commitments |
4433.024 |
3037.249 |
CORPORATE INFORMATION
The Company was incorporated as, Tata BP Solar India Limited, a Joint Venture between BP Alternative Energy Holdings Limited and The Tata Power Company Limited, in 1989 at Bangalore. Subsequently in June 2012, the Tata Power Company Limited acquired the outstanding shares held by BP Alternative Energy Holdings Limited, whereby the Company became a wholly owned subsidiary of The Tata Power Company Limited, as of June 30, 2012. Consequently the Company revised its name to Tata Power Solar Systems Limited with effect from August 29, 2012.
The Company is involved in the manufacture of solar cells,
solar photovoltaic module/systems and solar thermal systems.
OPERATIONS:
Projects: During the FY 15-16, there was a significant improvement in bottom line due to improved volume of sales and operational performance leading to the Company making a cash profit in FY 16. The Company achieved all-time high revenue of Rs. 1489 crores and was able to utilize 100% of its operational cell line capacity. During the year, the Company executed the following major projects - 12 MW for Radha Soami Satsang Beas (World’s largest rooftop project), 6 MW for Siechem, 5 MW for Rallis and 5 MW for IOCL among others.
Solar Photovoltaic (PV) Cells and Modules: During the year, the Company was awarded a 100 MW EPC contract from NTPC, under a Domestic Content Requirement ("DCR") tender, which is currently being executed ahead of schedule.
Manufacturing: the Company achieved all time high manufacturing volumes of 92.25 MW in Cell line and 147.26 MW in Module line.
Exports: The Company also saw revival in its exports which grew significantly to Rs. 164 crores in FY16. The Company achieved 41.88 MW of exports.
Projects under
Execution: The Company has been awarded 115 MW of DCR projects and 47 MW of
developer projects on competitive basis.
Future Growth Areas: The Company plans to target solar roof top residential and corporate market, EPC of solar power projects in both DCR and Non DCR categories and export of modules.
Financial: During the year, the large
project business picked up substantially, led by a 100 MW EPC order from NTPC,
which also allowed the company to utilize 100% of its manufacturing capacity.
Exports segment also picked up significantly led by large orders in Europe and
UK. This has resulted in an increased turnover of Rs. 1489 million in FY15-16
as against INR 8730.000 million in FY14-15. The Company has made cash profits
of INR 472.000 million. After depreciation, the loss before tax is Rs. 26.23
crore as against loss of INR 1140.000 million in FY14-15.
FIXED ASSETS:
· Land
· Buildings
· Office building
· Plant and equipment
· Furniture and fixtures
· Office equipment
· Leasehold improvements
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service, Interpol,
etc.
1] INFORMATION ON
DESIGNATED PARTY
No records 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] 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
|
INR |
|
US Dollar |
1 |
INR 65.08 |
|
UK Pound |
1 |
INR 89.85 |
|
Euro |
1 |
INR 80.16 |
INFORMATION DETAILS
|
Information
Gathered by : |
SAV |
|
|
|
|
Analysis Done by
: |
NIY |
|
|
|
|
Report Prepared
by : |
RUP |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.