Indosolar IPO Note

Power
IPO Note | Power
September 13, 2010

Indosolar AVOID
Issue Open: September 13, 2010
IPO Note Issue Close: September 15, 2010
Indosolar Ltd manufactures poly-crystalline Solar photo-voltaic (SPV) cells, which
Issue Details
are primarily sold to the module manufacturers on a business-to-business (B2B)
Face Value: Rs10
platform, who in turn supply the completed modules to system integrators for its
final assembly in the solar photovoltaic installations for grid and off-grid (roof top) Present Eq. Paid up Capital: Rs212.04cr
applications. At the lower price band of Rs29/share, the implied P/BV would be ~ Offer Size: 11.15cr-12.31cr Shares*
1.9x FY2011E compared to the average P/BV of 1.0x for its global peers. Post Eq. Paid up Capital*:Rs323.6cr-
We recommend an Avoid on the IPO. IPO.
Rs335.1cr
Use of proven technology; tie-up with Schmid: The crystalline silicon SPV cell
tie-up
Issue size (amount): Rs357cr
technology used by Indosolar to manufacture PV cells has been tested and
commercially implemented by major PV players and accounts for more than 93% Price Band: Rs29-32
of the global PV manufacturing capacity. The company's production lines have Promoters holding Pre-Issue: 97.6%
been procured from Schmid, one of the world leaders in PV technology, whose Promoters holding Post-Issue: 61.8% - 64%
clients include REC and Moser Baer PV. Note:*at Lower and Upper price band respec-
Heavily dependent on government subsidies: The high cost of solar PV installations tively
makes it necessary for the industry to be heavily dependent on government subsidies.
Going forward, the political/market changes may result in significant reduction or
elimination of subsidies or economic incentives such as a more accelerated reduction Book Building
of feed-in-tariffs (FIT) than planned. QIBs At least 50%
Risk of technological obsolescence: The solar PV industry is characterised by rapidly Non-Institutional At least 15%
changing technology in both the process as well as the input raw materials,
Retail At least 35%
necessitating companies to regularly invest in newer technologies. Inability to foresee
such changes accurately and upgrade by incurring the capital expenditure would
result in technological obsolescence.
Post Issue Shareholding Pattern
Outlook and Valuation: Indosolar is a relatively new entrant to the solar PV business
Valuation:
and is yet to demonstrate its capabilities in managing raw material and other Promoters Group 61.8%

manufacturing costs. In its initial year of operations (FY2010), the company incurred MF/Banks/Indian
FIs/FIIs/Public & Others 38.2%
losses of over Rs66cr on sales of ~ Rs113cr. Total capacity, as on date, is 160MW.
Annual production for FY2011 is expected to be ~ 90-100MW translating into
sales revenues of ~Rs.600cr. Despite having low capacity utilisation, Indosolar
plans to add a third line of 100MW capacity at a capital cost of over Rs337cr. Post
the ramp up in capacities by FY2012, Indosolar would emerge as one of the leading
Indian manufacturers of PV solar cells, which would enable it to exploit the
opportunities unfolding in the Indian solar PV space.
We believe that though the robust order book of ~ Rs1,012cr provides revenue
visibility in the medium term, there is uncertainty on EBIDTA and profitability margins
embedded in the current order backlog. Moreover, over 80% of the order book is
derived from the European markets where the declining FIT has the potential to
trigger downward pricing pressures, going forward. Given the volatile global
demand for PV products and the company's limited operating history, ascribing a
valuation multiple to Indosolar seems challenging at this point of time. P/BV seems Perinchery
John Perinchery
to be the most conservative tool on which companies like Indosolar can be valued +91 22 4040 3800 Ext: 347
vis-a-vis its global peers. At the lower price band of Rs29/share, the implied P/BV Email: john.perinchery@angeltrade.com
would be ~ 1.9x FY2011E compared to the average P/BV of 1.0x for its global
peers. On a EV/Sales basis, Indosolar is projected to trade at ~ 2.5x FY2011 Hemang Thaker
estimates compared to its global peers who trade at ~ 1.1x CY2010 estimates. +91 22 4040 3800 Ext: 342
Hence, we recommend an Avoid on the IPO. IPO. hemang.thaker@angeltrade.com

Please refer to important disclosures at the end of this report

Indosolar | IPO Note

Company Background
Indosolar manufactures poly-crystalline SPV cells from silicon wafers utilising
crystalline silicon SPV cell technology. The company's products are primarily sold
to the module manufacturers on a B2B platform, who in turn supply the completed
modules to the system integrators for its final assembly in the solar PV installations for
grid and off-grid (roof top) applications. Indosolar's clientele are spread across the
domestic market as well as markets in Europe, Spain, Japan, Asia, Canada and USA.

Exhibit 1: SPV Value chain

Indosolar

Poly -silicon Ingot Cell Module Solar Installation/
Production Wafering intergrator
Production production Assembly Distribution

Source: Company RHP

Operations commenced backed by robust order book: Indosolar commenced the
manufacture of SPV cells from its first line of 80MW capacity in July 2009 and
commissioned an identical second line of another 80MW capacity in March 2010. As
on date, the company has total capacity of 160MW. As per the company's RHP it has
,
been able to achieve a run-rate of ~ 6MW/month in the last four months (April- July
2010) despite having a monthly operational capacity of over 13MW. Order book, as
of July 31, 2010, stood at Rs1,012cr (~170MW of SPV cells). Going ahead, to gear
up to meet increasing demand for SPV products and to enhance scale, Indosolar
plans to increase its annual manufacturing capacity to ~ 260MW by 2012, with one
additional line having annual manufacturing capacity of 100MW.

Exhibit 2: Revenue distribution by Geography (July 09-10) Exhibit 3: Order Backlog as of 31st July 2010

Source: Company RHP Source: Company RHP

September 13, 2010 2


Use of proven technology; tie-up with Schmid: The crystalline silicon SPV cell technology
tie-up
used by Indosolar to manufacture PV cells has been tested and commercially
implemented by major PV players and accounts for more than 93% of global PV
manufacturing capacity. The company's production lines have been procured from
Schmid, a world leader in PV technology, whose clients include REC and Moser Baer
PV. As per the contract, Schmid would provide operational efficiency of 15.5% within
six months of commercial production. The tie-up also entails free transfer of any
improvement in technology to the company within five years of installation of the
facility.

Approvals in place for grant of financial incentives: Indosolar is one of the few
companies which has received in-principle approval from the Ministry of
Communication and Information Technology, Government of India (GoI) for grant of
financial incentives of 25% of the total cost as submitted to the GoI under the
"Special Incentive Package Scheme" of 2007. Having fulfilled the conditions
specified, the company has applied for grant of formal approval in March 2010.



IPO details
Indosolar Ltd. will be accessing the capital market with an initial public offering (IPO)
of Rs357cr through the 100% book building process. The IPO price band has been
fixed between Rs29 and Rs32 per equity share of face value Rs10 each. The issue
opens on September 13, 2010, and closes on September 15, 2010.

Exhibit 4: Shareholding Pattern
Shareholders Pre-Issue
Pre
re-Issue Post Issue
Post
no. of % of no. of % of
Equity shares Eq. capital Equity shares Eq. capital
Promoters:
A) Promoters:
Mr. Hulas Rahul Gupta 80,385,494 37.9 80,385,494 24.0
Mr. Bhushan Kumar Gupta 56,500,001 26.6 56,500,001 16.9
Sub-Total
Sub- 136,885,495 64.6 136,885,495 40.8
Promoter Group :
Greenlite Lighting Corporation 70,114,500 33.1 70,114,500 20.9
Ms. Priya Desh Gupta 1 Neg 1 Neg
Ms. Abha Gupta 1 Neg 1 Neg
Sub-Total
Sub- 70,114,502 33.1 70,114,502 20.9
Total (Promoters)
(Promoters) 206,999,997 97.6 206,999,997 61.8
B) Others:
Mr. Anand Kumar Agarwal 1 Neg 1 Neg
Mr. Gurbaksh Singh Vohra 1 Neg 1 Neg
Mr. Atul Kumar Mittal 1 Neg 1 Neg
Brand Equity Treaties Limited 1,400,000 0.7 1,400,000 0.4
Schmid Singapore Pte. Ltd. 3,640,579 1.7 3,640,579 1.1
Total (Non Promoters)
Promoters) 5,040,582 2.4 5,040,582 1.5
Total Pre-Issue Share Capital
Pre
re-Issue 212,040,579 100.0 212,040,579 63.3
C) Public (pursuant to the Issue) 123,103,448 36.7
Total Post-Issue Share Capital
Post
ost-Issue 335,144,027 100.0
Source: Company RHP Angel Research; Note: Fresh Equity offering calculated at lower price band of Rs 29/share.
,

Exhibit 5: Objects of the Issue
Amt. deployed
Estimated (as on Estimated schedule
Particulars (Rs cr) Cost July 31 '10) FY2011 FY2012
Setting up of line 3 337 - 270 67
General corporate purposes -
Total 337
Source: Company RHP



Recommendation rationale
Heavily dependent on government subsidies: The high cost of solar PV installations
makes it necessary for the industry to be heavily dependent on the government subsidies.
When the upfront system costs are factored into the cost per KW, the cost of solar
power substantially exceeds the cost of power supplied by the electric utility grid in
almost all locations. As a result, the national and local governmental bodies in
many countries provide subsidies and economic incentives in the form of FIT, rebates,
tax credits and other incentives to the distributors, system integrators and
manufacturers of solar power products to promote the use of solar energy in
on-grid applications and reduce dependence on other forms of energy.

Going forward, the political/market changes may result in significant reductions or
eliminations of subsidies or economic incentives, such as a more accelerated reduction
of FIT than planned. German subsidies would decline at 5-6.5% pa, while Italy is
contemplating FIT to decline by 6% every four months in 2011 and a further 6% in the
two years thereafter. The Spanish market, which was the largest for PV products during
2009, had already collapsed on account of the subsidy decline for budget-tightening
purposes. Thus, the subsidy cuts across the globe are expected to adversely impact
the new solar PV installations and result in renewed bout of pricing pressure.

Risk of technological obsolescence: The solar PV industry is characterised by rapidly
changing technology in both the process as well as the input raw materials, necessitating
companies to regularly invest in newer technologies. Inability to foresee such changes
accurately and upgrade by incurring the capital expenditure would result in
technological obsolescence. Moreover, to remain competitive, companies need to
continuously invest heavily in research and development.

Volatile input prices may impact profitability: Prices of poly-silicon wafers, the key raw
material for manufacturing SPV, have been volatile during the past many years. Raw
materials constitute ~ 89% of the total manufacturing cost. Increase in the
poly-silicon prices have in the past resulted in the wafer prices increasing. The average
long-term supply contract price of poly-silicon increased between 2006 and
2008. However, in the late 2008 and 2009, newly available poly-silicon supply
and sluggish global solar power market growth resulted in excess supply of
poly-silicon, which created a downward pressure on the poly-silicon price.
According to solar buzz, spot prices of solar grade poly-silicon fell rapidly from
US $450-470/kg to US $150-130/kg in the first quarter of 2009 and thereafter drifted
to the US $55-60/kg range by end of 2009.

Financials impacted by high manufacturing cost: As at March 31, 2010, Indosolar
booked sales revenues of ~ Rs113cr (19.38MW of SPV sold) and incurred
manufacturing costs of ~ Rs132cr. Total expenditure including depreciation and interest
added up to ~Rs198cr, resulting in a loss of over Rs66cr for FY 2010.

Fixed assets as on March 31, 2010 stood at ~ Rs663cr, while the net current assets
were at ~ Rs25cr. Debt in the books was at Rs543cr. The resultant net worth of
~Rs144cr translates into a book value of Rs 6.78/ share as against the face value of
Rs10. Losses incurred during FY2010 had wiped out ~ 32% of the net worth.



Industry Overview
The solar PV business is primarily driven by market factors including:

(a) The government incentives such as "FIT" and "green certificates" for solar
power and efforts by countries in the developed and emerging markets to
achieve 'grid parity';

(b) Increasing consumer awareness for alternatives sources of energy, amid growing
concerns in relation to global warming and extinction of conventional fuels;
and

(c) Growing industry demand for solar power and desire for energy security.

The demand for SPV cells is determined by those countries which are driven by solar
grid parity and also by the demand for solar modules and other downstream
solar power products, which in turn is affected significantly by the government
subsidies and economic incentives in their targeted or potential markets. Government
bodies in many countries, most notably Germany, Spain, Italy, the U.S., France,
Japan, State of Ontario in Canada, India and China, have provided subsidies and
economic incentives to reduce dependency on non-renewable sources of energy.

Global scenario: Solar power is one of the popular resources for renewable energy
that has been actively pursued by many countries especially in Europe. The increase
in its popularity is reflected by the increase in total annual production of
crystalline silicon cells and thin film PV cells to a consolidated level of 7.30GW in
2009, five times the level in 2005. Demand from countries such as Spain, Germany,
South Korea, Italy and United States was, to a great extent, responsible for the
spectacular growth. In 2009, there were ten markets delivering more than 100MW of
market demand, with Germany alone accounting for 53% of the world market.

Exhibit 6: PV Market Segmentation (MW) Exhibit 7: Cell manufacturing capacity (%)
100 4
100
7 9 7 7 7 8
8 6 7 90
8 8 11
17 8 10 80 7
80 8 8 10
20
70
8 24
60 60 26 20 12 22
37
8
(%)

(%)

50
7
40 52 40
9
29 30
9 53 26 51
20 20 26 27
29
11 10
6
0 0
57 56 47 31 2009
Germany ROE ROW USA Japan China Europe Japan ROW USA
Source: Company RHP Source: Company RHP



Europe - Driver of global PV market: Spain overtook Germany to become the largest
PV market in 2008, achieving market size of 2.46GW registering substantial growth
of 285%. However, post the collapse of the Spanish markets, in 2009 Germany
regained leadership as the largest PV market with a market size of 3.87GW,
growing by 109%. Excluding Germany, the rest of the global market fell from 4.22GW
in 2008 to 3.43GW in 2009, a decline of 19%, which was largely a result of the fall
off in Spain. Excluding Germany and Spain, rest of the global market grew by a
strong 89% from 1.76GW in 2008 to 3.33GW in 2009. Italy was the second largest
market at 0.62GW followed by the USA at 0.49GW and Japan at 0.48GW.

Subsidy cuts and global slowdown impacts growth momentum: The high growth
witnessed in the global solar photovoltaic industry, limited only by supply capability,
came to an end in the fourth quarter of 2008. For an industry whose end-market is
largely dependent on the government incentives, changes in the government policy in
Spain coupled with the global economic turndown limited the financing options in
turn interrupting the growth momentum.



Domestic scenario
Untapped potential: India is both densely populated and has high solar insolation,
which provides an ideal combination for solar power. In 2008, India's solar PV
market recorded 20% growth to 36MW in annual installations. Despite the
modest growth from 2007, there are indications that this could indeed be a precursor
for far stronger growth in the years to come, led by large ground mounted on-grid
installations. In 2008, majority of India's solar market remained in the off-grid
segments led by widespread rural electrification programs, street lighting and remote
banking/ATM projects, as well as industrial applications such as solar-powered
telecom base stations, railway signaling and defence monitoring in the border areas.
Growth in the off-grid sector was not just witnessed in India's rural countryside, but
also in the urban areas, with increasing sales of solar stand-alone systems
providing an alternative to diesel generators to back up the unstable and unreliable
grid.

Policies in place to nurture growth: The policy roadmap required to promote the
growth of solar power industry in India, the "Jawaharlal Nehru National Solar Mission"
(the "Solar Mission") was approved by the GoI on November 19, 2009. The objective
of the "Solar Mission" is to establish India as a global leader in solar energy, by creating
the policy conditions for its diffusion across the country as quickly as possible. The
"Solar Mission" will adopt a three-phase approach, spanning the remaining period of
the Eleventh Plan and first year of the Twelfth Plan (up to 2012-13) as Phase 1, the
remaining four years of the Twelfth Plan (2013-17) as Phase 2 and the Thirteenth
Plan (2017-22) as Phase 3. At the end of each Plan, and mid-term during the Twelfth
and Thirteenth Plans, there will be an evaluation of progress, review of capacity
and targets for subsequent phases, based on emerging cost and technology trends,
both domestic and global. The aim would be to protect government from subsidy
exposure in case the expected cost reduction does not materialise or is more rapid
than expected.

The Central Electricity Regulatory Commission ("CERC") has recently issued guidelines
for fixing the FIT for purchase of solar power taking into account current cost and
technology trends. The CERC Tariff Regulations lay down the normative parameters
for determination of tariff for renewable energy sources. The key features of the
CERC Tariff Regulations from solar PV perspective are:
a) The tariff period for solar PV defined as 25 years;
b) Normative debt-equity ratio of 70:30;
c) Normative return on equity ("RoE");
d) Pre-tax 19% pa for first 10 years; and
e) Pre-tax 24% pa 11th year onwards.

A 25-year firm PPA with attractive RoE is expected to make the solar farm business in
India lucrative for many players and give the industry the growth that the "Solar Mission"
proposes. As per the template form for solar (PV), the leveled tariff at 1,700lakh/MW
for solar PV's based on normative numbers laid in the regulation works out to
Rs18.44/kWh. The National Tariff Policy, 2006 is also expected to be modified to
mandate that the state electricity regulators fix a percentage for purchase of solar
power. The solar power purchase obligation for states may start with 0.25% in Phase
I and go up to 3% by 2022.



Solar PV Industry - SWOT Analysis
Strengths

Abundant worldwide availability of sunlight without geological concerns.

Low operation and maintenance cost of PV systems.

Weaknesses

High capital cost of solar PV systems. The cost per MW for solar PV systems is
~ Rs17cr as compared to Rs5.5 - 6cr for wind energy.

Highly dependent on government subsidies and incentives to be economically
feasible. Feed in tariffs worked out by CERC based on normative numbers is
Rs18.44/ kWh.

Threats

Process and raw material technologies keep changing rapidly resulting in risks
of obsolescence for the existing manufacturing facilities.

Economic slowdown and tariff subsidy cuts would negatively impact growth of
solar PV systems.

Opportunities

Rising energy and oil prices, together with increased environmental awareness
would accelerate efforts for increased use of solar power.

Strong focus on improving PV technologies would result in lower costs in future.



Outlook and Valuation
Indosolar is a relatively new entrant to the solar PV business and is yet to demonstrate
its capabilities in managing raw material and other manufacturing costs. In its initial
year of operations (FY2010), the company incurred losses of over Rs66cr on sales of
~ Rs113cr. Total capacity, as on date, is 160MW. Annual production for FY2011 is
expected to be ~ 90-100MW translating into sales revenues of ~Rs.600cr. Despite
having low capacity utilisation, Indosolar plans to add a third line of 100MW capacity
at a capital cost of over Rs337cr. Post the ramp up in capacities by FY2012, Indosolar
would emerge as one of the leading Indian manufacturers of PV solar cells, which
would enable it to exploit the opportunities unfolding in the Indian solar PV space.

We believe that though the robust order book of ~ Rs1,012cr provides revenue visibility
in the medium term, there is uncertainty on EBIDTA and profitability margins embedded
in the current order backlog. Moreover, over 80% of the order book is derived from
the European markets where the declining FIT has the potential to trigger downward
pricing pressures, going forward. Given the volatile global demand for PV products
and the company's limited operating history, ascribing a valuation multiple to Indosolar
seems challenging at this point of time. P/BV seems to be the most conservative tool
on which companies like Indosolar can be valued vis-a-vis its global peers. At the
lower price band of Rs29/share, the implied P/BV would be ~ 1.9x FY2011E compared
to the average P/BV of 1.0x for its global peers. On a EV/Sales basis, Indosolar is
projected to trade at ~ 2.5x FY2011 estimates compared to its global peers who
trade at ~ 1.1x CY2010 estimates. Hence, we recommend an Avoid on the IPO. IPO.

Exhibit 8: Peer Comparison - Indian
Mkt Cap P/E(x) EV/EBITDA(x)
EV/EBITDA(x) P/BV(x)
P/BV(x) EV/Sales(x)
( USD mn) CY10E CY11E CY12E CY10E CY11E CY12E CY10E CY11E CY12E CY10E CY11E CY12E
Suntech Power 1,616 13.8 10.5 8.9 7.9 7.1 6.3 1.0 0.9 0.8 0.9 0.8 0.7
Sharp Corp 11,075 19.0 14.5 12.5 4.1 4.1 4.1 0.9 0.8 0.8 0.4 0.4 0.4
Q-Cells Se 764 - 21.8 14.6 8.9 7.1 6.0 0.8 0.8 0.7 0.8 0.8 0.7
Ja Solar Holdings 1,221 7.2 7.1 4.9 4.9 4.5 3.5 1.3 1.1 0.9 0.8 0.6 0.5
Kyocera Corp 17,438 14.6 13.9 13.2 5.8 5.6 5.3 1.0 0.9 0.9 0.8 0.7 0.7
Trina Solar Ltd-Spon 2,175 10.5 9.9 10.1 6.7 6.8 5.7 1.9 1.6 1.3 1.5 1.4 1.0
Sunpower Corp 1,165 8.7 7.0 7.1 6.9 5.5 5.7 0.8 0.7 0.7 0.5 0.4 0.3
Gintech Energy Corp 927 8.5 9.6 7.2 7.7 7.9 5.5 1.8 1.5 1.3 1.3 1.3 0.9
Renewable Energy Corp 3,124 42.7 24.3 17.8 11.0 6.5 6.0 0.9 0.9 0.8 2.3 1.7 1.5
Average 15.6 13.2 10.7 7.1 6.1 5.4 1.1 1.0 0.9 1.1 0.9 0.7
Source: Bloomberg estimates



Restated Profit & Loss Statement
Particulars (Rs cr) FY2006 FY2007 FY2008 FY2009 FY2010
Net Sales - - - - 113

Other operating income - - - - -

Total operating income - - - - 113

Inc (dec) in stock - - - - (30)

Manufacturing costs - - - - 161

Personnel - - - 5 8

Selling and Administrative expenses 0 0 0 4 11

Others 0 - - - -

Total Expenditure 0 0 0 8 152

EBITDA
EBITDA (0) (0) (0) (8) (39)

(% of Net Sales) - - - - (35)

Depreciation& Amortisation 0 0 0 0 19

EBIT (0) (0) (0) (9) (58)

(% of Net Sales) - - - - (1)

Interest & other Charges 0 0 0 0 27

Other Income - - - 1 19

Others - - - - -

Recurring PBT (0) (0) (0) (8) (66)

Extraordinary Expense/(Inc.) - - - - -

PBT (reported) (0) (0) (0) (8) (66)

Tax:

current tax - - - - -

Fringe benefit tax - - - 0 -

Wealth Tax - - - 0 0

PAT (reported) (0) (0) (0) (8) (66)

P/L brough forward from previous year - (0) (0) (1) (15)

Loss carried forward on amalgamtion - - - (6) -

P/L carried forward to Balance sheet (0) (0) (1) (15) (81)



Restated Balance Sheet
SOURCES OF FUNDS

Equity Share Capital 0 0 0 0 208

Equity shares to be issued pursuant

to the scheme of amalgamation - - - 189 -

Reserves & Surplus (0) (0) (1) (15) (77)

Share Application money - - - - 15

Funds
Shareholders Funds (0) (0) (1) 175 146

Minority Interest - - - - -

Total Loans 1 2 - 245 544

Deferred Tax Liability - - - - -

Total Liabilities 1 2 (1) 420 690

APPLICATION OF FUNDS
APPLICATION

Gross Block 3 3 3 71 673

Less: Acc. Depreciation 0 0 0 1 20

Net Block 3 2 2 70 653

Capital Work-in-Progress - - 3 363 10

Goodwill - - - - -

Investments - - - - -

Current Assets - 0 0 41 138

Cash - 0 0 31 24

Inventories - - - 3 77

Debtors - - - - 23

Loans & Advances - - - 7 14

Current liabilities 1 1 6 54 114

Net Current Assets (1) (1) (6) (13) 25

Mis. Exp. not written off - - - - 3

Total Assets 1 2 (1) 420 690



Restated Cash Flow Statement
Cash flow from operating activities
Net Profit/ (loss) after tax, as restated (0) (0) (0) (8) (66)
Adjustment for :
Provision for tax - - - 0 0
Depreciation and amortisation 0 0 0 0 19
Interest income - - - (1) (0)
Interest expenses 0 0 0 0 25
Unrealised forex (gain)/loss - - - 0 (5)
(Loss)/profit
Operating (Loss)/profit before
changes in working capital (0) (0) (0) (8) (27)
(Inc)/ dec in sundry debtors - - - - (23)
(Inc)/ dec in inventories - - - (3) (74)
(Inc)/ dec in loans and advances - - - 37 (7)
(Inc)/ dec in curr. lia and prov. 0 0 5 (4) 84
Net changes in working capital (0) (0) 5 23 (48)
Taxes paid - - - (0) (0)
Cash generated from operations (0) (0) 5 22 (49)
Cash flow from investing activities:
Inc (dec) in capital creditors 1 (0) (0) 6 (4)
Additions to fixed assets (3) - (3) (81) (227)
Interest received - - - 1 1
Net cash from (used in) investing activities (1) (0) (3) (74) (229)
Cash flow from financing activities
Issue of shares 0 - - 4 19
Premium on shares - - - - 4
Share application money - - - - 15
Borrowings - short term 1 1 (2) - -
Borrowings - unsecured loan - - - - 7
Term loan - - - 13 214
Repayment of term loan - - - (14) -
Proceeds from working capital loan - - - - 34
Proceeds from short term loan - - - - 25
Share issue expenses - - - - (3)
Interest paid - (0) (0) (8) (43)
Net cash from (used in) financing activities 1 0 (2) (6) 272
Net increase/(decrease) in cash and
cash equivalents - 0 0 (58) (7)
Cash and cash equivalents at the
beginning of the year - - 0 0 31
Cash and cash equivalents acquired
on amalgamation - - - 88 -
Cash and cash equivalents at the
end of the year - 0 0 31 24


Indosolar

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latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and its affiliates may have
investment positions in the stocks recommended in this report.

Ratings (Returns) : Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)
Reduce (-5% to 15%) Sell (< -15%)

Indosolar

Address: Acme Plaza, ‘A’ Wing, 3rd Floor, M.V. Road, Opp. Sangam Cinema, Andheri (E), Mumbai - 400 059.
Tel : (022) 3952 4568 / 4040 3800

Research Team
Fundamental:
Sarabjit Kour Nangra VP-Research, Pharmaceutical sarabjit@angeltrade.com
Vaibhav Agrawal VP-Research, Banking vaibhav.agrawal@angeltrade.com
Vaishali Jajoo Automobile vaishali.jajoo@angeltrade.com
Shailesh Kanani Infrastructure, Real Estate shailesh.kanani@angeltrade.com
Anand Shah FMCG , Media anand.shah@angeltrade.com
Deepak Pareek Oil & Gas deepak.pareek@angeltrade.com
Sushant Dalmia Pharmaceutical sushant.dalmia@angeltrade.com
Rupesh Sankhe Cement, Power rupeshd.sankhe@angeltrade.com
Param Desai Real Estate, Logistics, Shipping paramv.desai@angeltrade.com
Sageraj Bariya Fertiliser, Mid-cap sageraj.bariya@angeltrade.com
Viraj Nadkarni Retail, Hotels, Mid-cap virajm.nadkarni@angeltrade.com
Paresh Jain Metals & Mining pareshn.jain@angeltrade.com
Amit Rane Banking amitn.rane@angeltrade.com
John Perinchery Capital Goods john.perinchery@angeltrade.com
Srishti Anand IT, Telecom srishti.anand@angeltrade.com
Jai Sharda Mid-cap jai.sharda@angeltrade.com
Sharan Lillaney Mid-cap sharanb.lillaney@angeltrade.com
Amit Vora Research Associate (Oil & Gas) amit.vora@angeltrade.com
V Srinivasan Research Associate (Cement, Power) v.srinivasan@angeltrade.com
Mihir Salot Research Associate (Logistics, Shipping) mihirr.salot@angeltrade.com
Chitrangda Kapur Research Associate (FMCG, Media) chitrangdar.kapur@angeltrade.com
Vibha Salvi Research Associate (IT, Telecom) vibhas.salvi@angeltrade.com
Pooja Jain Research Associate (Metals & Mining) pooja.j@angeltrade.com
Yaresh Kothari Research Associate (Automobile) yareshb.kothari@angeltrade.com
Shrinivas Bhutda Research Associate (Banking) shrinivas.bhutda@angeltrade.com
Sreekanth P .V.S Research Associate (FMCG, Media) sreekanth.s@angeltrade.com
Hemang Thaker Research Associate (Capital Goods) hemang.thaker@angeltrade.com
Nitin Arora Research Associate (Infrastructure, Real Estate) nitin.arora@angeltrade.com
Technicals:
Shardul Kulkarni Sr. Technical Analyst shardul.kulkarni@angeltrade.com
Mileen Vasudeo Technical Analyst vasudeo.kamalakant@angeltrade.com
Derivatives:
Siddarth Bhamre Head - Derivatives siddarth.bhamre@angeltrade.com
Jaya Agarwal Derivative Analyst jaya.agarwal@angeltrade.com

Institutional Sales Team:
Mayuresh Joshi VP - Institutional Sales mayuresh.joshi@angeltrade.com
Abhimanyu Sofat AVP - Institutional Sales abhimanyu.sofat@angeltrade.com
Nitesh Jalan Sr. Manager niteshk.jalan@angeltrade.com
Pranav Modi Sr. Manager pranavs.modi@angeltrade.com
Sandeep Jangir Sr. Manager sandeepp.jangir@angeltrade.com
Ganesh Iyer Sr. Manager ganeshb.Iyer@angeltrade.com
Jay Harsora Sr. Dealer jayr.harsora@angeltrade.com
Meenakshi Chavan Dealer meenakshis.chavan@angeltrade.com
Gaurang Tisani Dealer gaurangp.tisani@angeltrade.com

Production Team:
Bharathi Shetty Research Editor bharathi.shetty@angeltrade.com
Simran Kaur Research Editor simran.kaur@angeltrade.com
Bharat Patil Production bharat.patil@angeltrade.com
Dilip Patel Production dilipm.patel@angeltrade.com

Angel Broking Ltd: BSE Sebi Regn No : INB 010996539 / CDSL Regn No: IN - DP - CDSL - 234 - 2004 / PMS Regn Code: PM/INP000001546 Angel Securities Ltd:BSE: INB010994639/INF010994639 NSE: INB230994635/INF230994635 Membership numbers: BSE 028/NSE:09946
Angel Capital & Debt Market Ltd: INB 231279838 / NSE FNO: INF 231279838 / NSE Member code -12798 Angel Commodities Broking (P) Ltd: MCX Member ID: 12685 / FMC Regn No: MCX / TCM / CORP / 0037 NCDEX : Member ID 00220 / FMC Regn No: NCDEX / TCM / CORP / 0302

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