(i) We are an ISO 9001-2008 registered Company which is a newly organized, closely managed energy company that intends to provide solutions to the customers for their various thermal energy needs at a reasonable cost. It is promoted by First Generation Entrepreneurs Dharamendra Gor, Neera Gor and Jayesh Shah, who are affianced in Solar Thermal technology. We believe solar energy projects generally offer more predictable power generations characteristics, due to the relative predictability of sunlight over the course of time compared to other renewable energy classes and therefore we expect they will provide more stable income streams. Solar energy projects provide maximum energy production during the middle of the day and in the summer months when days are longer and nights shorter. Generally, the demand for power tends to be higher at those times due to the use of air conditioning and as a result energy prices tend to be higher. In addition, solar projects are eligible to receive significant government incentives at both the Central and State levels which can be applied to ffset project development costs or supplement the price at which power generated by these projects can be sold. Solar energy projects also tend to have minimal environmental impact enabling such projects to be developed close to areas of dense population where electricity demand is highest.
(ii) Our Company was incorporated in the year 2010 and subsequently started its commercial production from GIDC, Pardi, Valsad . Later in the year 2017 we shifted our manufacturing unit from Valsad to our present location at Ahmedabad which is spread over to approximately 44,000 sq.feet. We are primarily engaged in manufacturing of Solar Parabolic Concentrating Systems for steam generation for steam cooking or other industrial application, direct or in-direct heating of water or any other media for industrial requirement, solar air-conditioning, and space heating, solar sludge drying, solar waste water evaporation and many more applications requiring thermal energy. We also manufacture and market Solar Dish Cooker, Solar Box Cooker, Solar Dryer, Biomass cook stoves and Gasifier, Biomass Cook stoves, solar dryers, solar box cookers and solar dish cookers. In our limited operating history of approx 7 years we have been bestowed upon with several awards, recognition andappreciation towards our work in Renewable energy field. Consecutively for 3 years we received awards like, in 2014 Govt. of India, Ministry of New and Renewable Energy has awarded Taylormade solar Solutions as the Most Active Channel Partner in the county for Concentrated Solar Thermal Technologies, Presented by Piyush Goyal, Honorable Minister of Power, Coal & NRE, in 2015 we received award for Influential Solar Energy Leaders by solar energy global conference award, in 2016 we received award for most active channel partner in India by Ministry of New and Renewable Energy, Government of India for our contribution in the field Solar Renewable energy.
(i) Dharmendra Gor, aged 53 years, is the Promoter and Managing Director of our Company. He has been the Director of our Company since August 1, 2014 and has been designated as Managing Director w.e.f June 30, 2015. He holds a Diploma in Electrical Engineering. He has an experience of around seven years in the Renewable energy sector. He has been instrumental in the growth of the Company. Under his leadership company received ―CST & Solar Cooker Excellence Award 2016 for being an ―Active Channel Partner in installing single axis CST system.
(ii)Jayesh Shah, aged 50 years, is the Promoter and Executive Director of our Company. He holds part time Diploma in Computer Programming. He handles administration, business correspondence, accounting, customer correspondence and purchase related matters of the Company. He has been on the Board of our Company since July 28, 2010.
(iii)Neera Gor, aged 53 years, is the Promoter and Executive Director of our Company. She has been Director of our Company since incorporation. She has done her Master in Commerce from Mohanlal Sukhadia University, Udaipur, Rajasthan. She is actively involved in the day to day routine works, management
level discussions and decisions of our company.
Capital Structure:
Authorized Share Capital
( 1,10,00,000 shares at FV@10)
11 cr
Issued, Subscribed,& Paid-up Share Capital Before Issue
(65,84,848Shares at FV@10)
6.584 cr
Present Issue
(32,40,000 Shares at FV@10)
3.24 cr
Reservation for Market Maker
(1,68,000 Shares at FV@10)
16.8 lakh
Net Issue to Public
(32,40,000-1,68,000= 30,72,000 Shares)
3.072 cr
Retail Quota(<2 Lkah)[15,36,000 Shares]
50%
HNI & QIB Quota(>2 Lakh)[15,36,000 Shares]
50%
Paid Up Capital after the issue
9.824 cr
Financials of Taylormade Renewables Limited IPO:
1. Balance Sheet Snippet[ All Calculation for FY 16-17]
(i) Shareholders’ Fund[Equity] Value
105.76 lakh
(ii) Asset
1059.3 lakh
(iii) Liability
953.54 lakh
(iv) Debt/Equity
9(very high)
(v) Net Worth(Asset- Liability)
105.76 lakh
(vi) RONW(PAT/Net Worth)
42%
(viii) P/B
1.2
2. Profit n Loss Snippet
(i) Revenue of last 4 years is growing at staggering CAGR of 103%[Excellent]
(ii) PAT of the last 4 years is growing at staggering CAGR of 159%[Excellent]
(iii)Margins(PBT/Reveune): .9 to 3.6% in last 4 years. The company has low margin business.
(v) Annualized EPS(post issue)= 1.75
(v) Annualized P/E(post issue)=20(reasonably priced) at the cutoff price of 35
3. Cash Flow Statement
The company is not generating positive cash flow continuously in the preceding years which does not augur well for future growth.
Comparison With Peers:
It has no listed peers to compare.
Recommendation on Taylormade Renewables Limited IPO:
The valuation looks reasonable and future of solar is very bright as govt. is taking lot of initiatives in this direction to promote clean energy.
Rating: 8/10.
1-5: Fair
5-7: Good
7-10: Excellent
Lead Manager of Taylormade Renewables Limited IPO:
