Durga Solar Enterprise

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1 Fact Sheet Grading Drivers Durga Solar Enterprise ICRA has assigned SP 3C grading * to Durga Solar Enterprise indicating the Moderate Performance Capability and Moderate Financial Strength of the channel partner to undertake solar projects. The grading is valid for a period of two years from the date of assignment of grading i.e. till September 29, 2017 after which it will be kept under surveillance. Strengths Long experience of the promoter in the solar photo voltaic industry; however, experience of handling large solar off grid projects remains limited as of now Established relationship with the component suppliers, which are among the leading suppliers in India Positive customer feedback on the quality of products supplied and after sales services being provided by the firm Low level of external debt and comfortable working capital indicators leading to a moderate gearing and comfortable coverage indictors Risk Factors Small scale of current operations resulting in low turnover, nominal profits and cash flows from business Lack of geographical diversification, with entire revenue being derived from the state of West Bengal Limited number of manpower with adequate technical qualification resulting in dependence on dealer network for site support; ramping up of technical team would remain critical to business growth Year of Establishment 2003 Office Address Kalipur, Barabagan, Siuri, Birbhum Proprietor Mr. Amit Kumar Das Established in 2003, Durga Solar Enterprise (DSE) is promoted by Mr. Amit Kumar Das and is engaged in the manufacture and installation of Solar Energy System Products like solar home lighting system, solar street lighting system, solar lantern and solar power pack. Apart from this, the firm manufactures solar charge controllers and the luminaries for the solar products. The firm procures solar modules and other related equipments/accessories from the suppliers, while integrating and installing them at the user end. Presently, DSE operates entirely in the state of West Bengal. Till July 2015, the firm has successfully executed installation of around 0.16 MW of solar capacity. * The grading is for Solar PV

2 SI Related Business Moderate Performance Capability Promoter Track Record: DSE is promoted by Mr. Amit Kumar Das who has more than two decades of experience in the SPV industry. Mr. Das passed Diploma in Electrical Engineering in In 1993 he joined Geetanjali Solar Enterprise as a supervisor and then he took over duties as a Production Engineer, Technical Manager, and Production Manager and then as the General Manager. He worked on various solar energy projects e.g. 26Kwp Solar PV power plant at Sagar Island. Till July 2015, the firm has successfully executed installation of around 0.16 MW of solar capacity. Technical competence and adequacy of manpower: DSE undertakes designing, integration and installation of solar power based products as a system integrator. The firm procures solar PV modules, batteries, pumps, cables etc. from reputed manufacturers. The firm manufactures solar charge controllers, home and street lighting systems by assembling the materials procured from suppliers. Currently, DSE has around 11 employees working in various technical roles who are looking after the project execution and system maintenance. However, in the installation front, the firm has limited number of technically trained personnel and as such relies on its dealer network. As such, the firm will be required to strengthen its manpower base to enable successful execution of larger solar off grid projects. Quality of suppliers and tie ups: DSE purchases solar photo voltaic modules from suppliers like Synergy Rewable Energy Private Limited (ICRA solar grading of 2C), Sova Power, Conergy and Vega Solar Energy Pvt. Ltd. The firm procures batteries from Exide Industries Limited, Base Terminal, Spark and Accumulated Manufacturing Company Limited. The firm procures inverters for Suncraft Energy Pvt. Ltd (ICRA solar grading of 2D). The cables are purchased from local dealers. The credit period offered by the module suppliers and other local suppliers goes upto 30 days. The suppliers have given favourable feedbacks in relation to the professional track record of the promoter, successful implementation of the projects executed by the firm, and its business prospects. Customer and O&M Network: Currently, DSE operates mainly in the state of West Bengal. The firm primarily operates from its office located at Siuri, Birbhum, West Bengal. The firm maintains site support across all the sites of operation through a network of dealers.

3 Performanc e Capability Financial Strength Moderate Revenues Return on Capital Employed (RoCE) Low revenue of Rs crore in , given the small scale of operations of the firm Healthy return on capital employed of 10.71% during Total Outside Liabilities / Tangible Net worth Interest Coverage Ratio Net-Worth Current Ratio The ratio remained comfortable at 0.44 time in in the absence of any substantial external debt The ratio remained comfortable at 4.20 time in The net worth of the firm remained low at Rs crore as on March 31, 2014 due to low accrual from business The ratio stood at a comfortable level of 2.64 time as on March 31, 2014 Relationship with bankers The overall financial profile of the firm is Moderate. Banker is satisfied with the account s conduct Grading scale used: Financial Strength Highest High Moderate Weak Poor Highest SP 1A SP 1B SP 1C SP 1D SP 1E High SP 2A SP 2B SP 2C SP 2D SP 2E Moderate SP 3A SP 3B SP 3C SP 3D SP 3E Weak SP 4A SP 4B SP 4C SP 4D SP 4E Poor SP 5A SP 5B SP 5C SP 5D SP 5E For further details please contact: Analyst Contacts: Mr. Jayanta Roy, (Tel. No / ) Relationship Contacts: (Tel. No ) September 2015

4 Copyright, 2015, ICRA Limited. All Rights Reserved. Contents may be used freely with due acknowledgement to ICRA ICRA ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments. ICRA ratings are subject to a process of surveillance, which may lead to revision in ratings. An ICRA rating is a symbolic indicator of ICRA s current opinion on the relative capability of the issuer concerned to timely service debts and obligations, with reference to the instrument rated. Please visit our website or contact any ICRA office for the latest information on ICRA ratings outstanding. All information contained herein has been obtained by ICRA from sources believed by it to be accurate and reliable, including the rated issuer. ICRA however has not conducted any audit of the rated issuer or of the information provided by it. While reasonable care has been taken to ensure that the information herein is true, such information is provided as is without any warranty of any kind, and ICRA in particular, makes no representation or warranty, express or implied, as to the accuracy, timeliness or completeness of any such information. Also, ICRA or any of its group companies may have provided services other than rating to the issuer rated. All information contained herein must be construed solely as statements of opinion, and ICRA shall not be liable for any losses incurred by users from any use of this publication or its contents.

5 Registered Office ICRA Limited 1105, Kailash Building, 11th Floor, 26, Kasturba Gandhi Marg, New Delhi Tel: , Fax: Corporate Office Mr. Vivek Mathur Mobile: Building No. 8, 2nd Floor, Tower A, DLF Cyber City, Phase II, Gurgaon Ph: (D), / (B) Fax; Mumbai Mobile: , 18th Floor, Tower 3, Indiabulls Finance Centre, Senapati Bapat Marg, Elphinstone, Mumbai , Board : ; Fax: Chennai 5th Floor, Karumuttu Centre 634 Anna Salai, Nandanam Chennai Tel: ; Fax: Ahmedabad Mobile: & 908 Sakar -II, Ellisbridge, Ahmedabad Tel: , , ; Fax: Hyderabad Kolkata Mr. Jayanta Roy Mobile: A-10 & 11, 3rd Floor, FMC Fortuna 234/3A, A.J.C. Bose Road Kolkata Tel / / , Fax Bangalore Bangalore 'The Millenia' Tower B, Unit No. 1004,10th Floor, Level , 1 & 2, Murphy Road, Bangalore Tel: ; Fax: Pune Mobile: A, 5th Floor, Symphony, S.No. 99, CTS 3909, Range Hills Road, Shivajinagar,Pune Tel: ; Fax: th Floor, Shobhan, /A&B. Somajiguda, Raj Bhavan Road, Hyderabad Tel:

Energy Equipments. Plot No: 5208, Phase IV, G.I.D.C. Vatva, T-1 Road (Towards Ramol), Ahmedabad- 382445 Profit sharing Ratio Mr.

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