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This report is valid for a

period of 2 years
from the date of
assignment

111

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 Date of Report:

To be assigned

Grading Assigned
To be assigned

SMERA-MNRE Solar Grading*

HVR Solar Private Limited

*Solar Power (SP) Grading for Decentralised Solar PV Applications

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Table of Contents
Fact Sheet .....................................................................................................................................................
2
Grading Scale ................................................................................................................................................
3
Grading Framework ......................................................................................................................................
4
Company Profile ...........................................................................................................................................
5
Quality of Suppliers and Tie-ups ...................................................................................................................
9
Customer and O&M Network .....................................................................................................................
10
Grading Rationale .......................................................................................................................................
11
Grading Assessment Sheet .........................................................................................................................
12
Financial Statements ..................................................................................................................................
13
Financial Ratios ...........................................................................................................................................
15
Banker’s Information ..................................................................................................................................
16 Site Visit
Photographs................................................................................................................................. 17

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Fact Sheet

Name of the Organization HVR Solar Private Limited

Name of Owner/Proprietor/Director Mr. Rishabh Aggarwal
C-9, Pushpanjali Enclave
Pitampura
Registered Office Address
Delhi - 110034
India
Plot No. 35, Phase –I
Industrial Estate, Barhi
Correspondence Office Address Sonepat
Haryana - 131101
India
Solar Power (SP) Rating To be assigned
Rating Issue Date To be assigned
Rating Valid Upto To be assigned
No. of technical manpower on payrolls 3

Agency/Organization Details:

Category of
Registration Details PAN Card TIN
Agency/Organization
Certificate of
Agency registered in
Incorporation: Available Agency’s PAN Card
Companies Act in 067930250139
CIN No.: No.: AADCH8145F
respective state
U74900DL2016PTC291628

Category of Channel Partner:

System Integrators (SI) Kindly Provide

Renewable Energy Service Company (RESCO) Kindly Provide
Manufacturers Kindly Provide
Solar Project Developers Kindly Provide
Reputed NGOs of national level Kindly Provide
Start-up Entity Kindly Provide

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The grading is done on a 5 X 5 matrix. The matrix assesses the entity on two broad parameters:

Grading Scale
 Performance Capability
 Financial Strength

Financial Strength
SOLAR GRADING SCALE
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

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Grading Framework

Performance Capability Financial Strength

1. Promoters Track Record

a) Solar Capacity Installed
b) Promoters’ relevant track record 1. Sales
c) Quality of second tier management 2. Return on Capital Employed (RoCE)

2. Technical Expertise and Adequacy of 3. Total Outside Liabilities / Tangible Networth

Manpower 4. Interest Coverage
a) Technical expertise
b) Adequacy of manpower 5. Net Worth (Entity + Promoters)
6. Banker's Feedback on account conduct and
3. Quality of Supplier and Tie-Ups
integrity
a) Quality of suppliers
b) Supplier feedback 7. Current Ratio/Liquidity

4. Customer and O&M Network

a) Customer feedback
b) O&M capabilities

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Company Profile

Business Background
• Incorporation details
• Promoters of the company
Line of business

Date of Incorporation/
February 24, 2016
Establishment
Corporate / Legal Status Private Limited Company

Line of Business Manufacturing

Number of Projects
6
Executed
On-Grid (Yes) Off-Grid (No) Hybrid Solar System (No)
Technology Installed

Factory Address Plot No. 35, Phase –I

Industrial Estate, Barhi
Sonepat
Haryana - 131101
India
Website www.hvrsolar.com

Mr. Rishabh Aggarwal

Contact Person
(Director)
Mobile No. +91-9811711949

Email Id hvrsolar5686@gmail.com ,
info@hvrsolar.com
Total no. of employees 40

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Promoters/Directors Track Record in Solar Industry
Kindly Provide

Promoters/Directors Qualification and Experience

Overall
Solar Work
Work
Name Designation Qualification Experience
Experience
(Years)
(Years)
Kindly Provide 1 Year 35 Years
Mr. Harish Kumar Aggarwal Director

B. Tech 1 Year 4 Years

Mr. Rishabh Aggarwal Director (MAE)

Quality of second tier management team

Solar Work Overall

Name Designation Qualification Department Experience Experience
(Years) (Years)
Akash Bansal Operations B Tech. (MAE), Operations 1 Year 3 Years
Manager Six Sigma
Green Belt.
Aakar Bhandari Plant Manager B Tech. in Production 5 years 5 years
Electronics
Gourav Sehgal Marketing MBA in Marketing 3 Years 3 Years
Manager Marketing
Pravendra Kr. Singh DGM PGDM Sales / 8 years 11 years
(Business (Marketing and Marketing
Development) Finance)

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Technical Expertise and Adequacy of Manpower

Solar Work Overall

Name Designation Qualification Department Experience Experience
(Years) (Years)
Akash Bansal Operations B Tech. (MAE), Operations 1 Year 3 Years
Manager Six Sigma Green
Belt.
Aakar Bhandari Plant Manager B. Tech in Production 5 Years 5 Years
Electronics
Virender R & D Engineer B. Tech in R&D 6 Months 2 Years
Electronics &
Communications

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Projects executed in the past

Name of the Capacity Cost (Rs.

Type Location Client
Project (kWp) Lakhs)
Aces Sun ON grid 2.5 KW Ghaziabad 2 Aces Sun
power. Power
Ghaziabad
Project
Transition On Grid 5 KW Unnao 3.5 Transition
Solutions Solutions
Unnao project
RK Street Light 15 KW Uttrakhand 6 RK
Enterprises Enterprises
Street light
Project.

Total

Projects/Orders in Hand

Name of the Capacity Cost (Rs.

Type Location Client
Project (kWp) Lakhs)
Shri Balajee Off-grid 40 kw Bareilly 50 Shri
Enterprises

Total

Registrations/Memberships/Certificates
Certificates Membership / Registration / Consent No.
CIN U74900DL2016PTC291628
ISO Kindly Provide

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 Quality of Suppliers and Tie-ups

List of Suppliers
Length of relationship
Name of the Company Products purchased
(Years)
M/S Motech Industries Solar Cell 1

Cookson SOLDER WIRE, 1

FLUX
G&G Cell Interconnects, 1
Bus Bars
Alom Al Frame, 1
Aluminium corner Key/ screws
Ningbo Jinghua New Energy PV Junction Box, 1
Technical Co., Ltd. Junction box cables,
Junction box connectors.
STR EVA ENCAPSULANT 1
Coveme BACKSHEET 1
Dowcrowning JB SEALANT -JB FIXING, 1
Frame Bonding Tape/sealant

Zhang jia gang City Guang feng GLASS 1

Glass Co.,Ltd.
Avery dennison LABEL BACK MODULE, 1
LABEL INTERNAL.

Avarice IPA 1

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Supplier Feedback

Name of the Suppliers Address Contact Person Contact Detail

Indy Green Technologies B- 276, 2nd Floor, Okhla Inderjeet Singh 9958795999
Phase 1,
New Delhi-110020,
Delhi, India
Gujrat Borosil Limited.
Ankaleshwar-Rajpipla
Gujrat Borosil Limited Road. Village Govali. Bikash Kr. Singh 91 9339902401
Taluka Jhagadia.
Bharuch, Gujrat-392001

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Customer and O&M Network

List of Customers
Length of relationship
Name of the Company Products/Services Sold
(Months)
Aditya Solar Shop Solar PV Modules 3
Transition Solutions Solar PV Modules/EPC 4
R K Solar Solar PV Modules 4
Mainframe Energy solutions Solar PV Modules 4
Ashish Traders Solar PV Modules 2
Aces Sun Power Solar PV Modules/ EPC 4
KC Electronics Solar PV Modules 3

Customer Feedback

Name of the Customers Address Contact Person Contact Detail

Aces Sun Power A-13/6f Commercial Bharat 9910053071

Market (Managing Partner)
Govind Puram,
Ghaziabad
U.P.
R K Enterprises Sant Nagar, Udham Gurvinder Singh 9927990517
Singh Nagar, Rudrapur,
Uttarakhand-261553.

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Grading
GradingAssessment
Rationale Sheet

STRENGTHS
 To be assigned






WEAKNESSES
 To be assigned






Performance Capability Grading Sensitivities

Promoter Track record

Solar capacity installed To be assigned

Promoter’s relevant track record

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 Quality of second tier management

Technical Expertise &Adequacy of Manpower

Technical expertise

Adequacy of manpower

Quality of Supplier and Tie-Ups

Quality of suppliers

Supplier feedback

Customer and O&M Network

Customer feedback

O&M capabilities

Performance Capability Grading

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Financial Statements

Financial Strength Rating Sensitivities

Sales 124.53

Return on Capital Employed (RoCE)

Total Outside Liabilities/ Tangible

499.35
Networth
Interest Coverage -

Net Worth (Entity + Promoters)

Banker's Feedback on account conduct

-
and integrity
Current Ratio/Liquidity 4.74

Financial Strength Grading

Profit & Loss Account (Rs. In Lakhs)

Financial Year 2016-17

Months Covered By P/L 09

Income

Domestic Sales 124.53

Cost of Sales 225.11

Employee Cost (10.11)

Rent / Repairs and Maintenance 4.63

Other Direct Expenses 2.34

Raw Material Consumption Cost

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Gross Profit 37.19

General Operating Expenses 14.33

Other (Dep & Pre-operative exp) 31.27

Net Operating Profit After Depreciation and Before Interest --

Non Operating Income (from other sources) 29.51

Finance Expenses 3.65

Stock In Hand 140.11

Net Profit 2.71

Kindly provide the copy of CA certified provisional financial statement for the period April
2016December 2016 (a CA certified 9M provisional statement is mandatory in your case
because the company is a start-up entity)
Balance Sheet (Rs. in Lakhs)
Date 05/July/2016

Assets

Current Assets 242.40

Cash & Bank 4.50

Accounts Receivable

Other Current Assets 17.11

Total Current Assets 264.01

Fixed Assets

Plant & Equipment 212.93

Total Fixed Assets 212.93

Other Assets 42.41

Total Assets 519.35

Liabilities

Current Liabilities 44.43

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Total Current Liabilities 8.05

Equity

Capital 20

Retained Earnings (Loss) 20

Total Equity 71.62

Total Liabilities 519.35

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Financial Ratios

Financial Ratios 05/July/2016

Turnover Ratios

Collection Period (Days) 82.26

Account Payable (Days) 30

Gross Working Capital (Related to operation) to sales (Days)

Sales to Net Working Capital (Times)

Assets to Sales (%)

Fixed Assets Turnover Ratio 0.58

Profitability Ratios

Gross Profit Margin (%) 29.86

Operating Profit Margin (%) 0.251

Net Profit Margin (%) 2.18

Return on Assets (%) 0.013

Return on Net Worth (Return on Equity) (%) 7.37

Return on Capital Employed (%)

Liquidity Ratios

Quick Ratio 2.05

Current Ratio 4.74

Gearing & Solvency Ratios

Fixed Assets to Tangible Net Worth (%)

Current Liabilities to Tangible Net Worth (%)

Total Liabilities to Tangible Net Worth (%)

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Banker’s Information

Name of Bank 1 RBL

Branch Okhla
Account No. 809000753466
Facility Availed Loan Against Property
Amount Sanctioned (Rs.in lakhs) 200 lakhs
Contact Detail N/A

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Site visit Photographs

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About SMERA
SMERA Ratings Limited is a joint initiative of Small Industries Development
Bank of India (SIDBI), Dun & Bradstreet Information Services India Private
Limited (D&B) and leading public and private sector banks in India. SMERA
commenced its operations in 2005 and is empanelled as an approved rating
agency by the National Small Industries Corporation Ltd. (NSIC) under the
'Performance & Credit Rating Scheme for Micro & Small Enterprises’ of the
Ministry of MSME, Government of India. SMERA is registered with the
Securities and Exchange Board of India (SEBI) as a Credit Rating Agency and is Corporate Office
accredited by Reserve Bank of India (RBI) as an External Credit Assessment 102, Sumer Plaza
Institution (ECAI), under BASEL- II norms for undertaking Bank Loan Ratings. MarolMaroshi Road, Marol
Andheri (East)
Mumbai - 400 059
Tel: +91 22 6714 1111
E-mail: info@smera.in
Website: www.smera.in