Koble IM

Information Memorandum
for a Term Loan proposal of
KOBLE IMPEX PVT.LTD.
Prepared by:
Nirvan Capital Advisors

205, Raja Industrial Estate, PK Road,
Mulund West, Mumbai 400 080.
+91 8850 677 005 | info@nirvancapital.com
Koble Impex Private Limited Strictly Private & Confidential
Table of Contents
1. Executive Summary .................................................................................................................................................... 5
Financial Snapshot .............................................................................................................................................. 6
Sample Term Sheet ............................................................................................................................................. 7
2. Company Profile ........................................................................................................................................................... 9
3. Shareholding Pattern ................................................................................................................................................. 9
4. Board and Management .......................................................................................................................................... 10
Rakesh K Pandey (Chairman) ....................................................................................................................... 10
Board of Directors ............................................................................................................................................. 10
Key Managerial Personnel ............................................................................................................................. 12
Koble Team ........................................................................................................................................................... 13
5. Products......................................................................................................................................................................... 15
6. Combiner Boxes ......................................................................................................................................................... 16
Introduction ......................................................................................................................................................... 16
Technology ........................................................................................................................................................... 16
Benefits of SCB / JBs ......................................................................................................................................... 17
Operations Plan .................................................................................................................................................. 18
Manufacturing Process .................................................................................................................... 18
Procurements ...................................................................................................................................... 19
Quality Check ....................................................................................................................................... 20
Strategic Alliance................................................................................................................................ 20
Customers ............................................................................................................................................................. 21
Marketing Strategy ............................................................................................................................................ 22
Pricing..................................................................................................................................................................... 22
Opportunity .......................................................................................................................................................... 23
Competitors.......................................................................................................................................................... 25
House No 228, Sector 18, Old Faridabad, Haryana - 121 001 Page | 2
+91 99999 73829 | connect@koble.co
Prepared by: Nirvan Capital Advisors
Table of Contents
7. LED Lights ..................................................................................................................................................................... 26
Introduction ......................................................................................................................................................... 26
Technology ........................................................................................................................................................... 26
Benefits of LED.................................................................................................................................................... 27
Kobles LED Products ....................................................................................................................................... 27
LED Bulbs & Lights ............................................................................................................................ 27
LED Street Lights ................................................................................................................................ 28
Operations Plan .................................................................................................................................................. 30
Manufacturing Process .................................................................................................................... 31
Quality Check ....................................................................................................................................... 31
Customers ............................................................................................................................................................. 32
Pricing..................................................................................................................................................................... 33
Opportunity .......................................................................................................................................................... 33
Competitors.......................................................................................................................................................... 35
8. Assumptions ................................................................................................................................................................ 37
9. Financial Statements ................................................................................................................................................ 38
Profit & Loss Statement................................................................................................................................... 38
Balance Sheet....................................................................................................................................................... 41
Cash Flow Statement ........................................................................................................................................ 43
10. Project Details ............................................................................................................................................................. 45
Statement of Confidentiality & Non-Disclosure
This document contains proprietary and confidential information. All data submitted to [RECEIVING
PARTY] is provided in reliance upon its consent not to use or disclose any information contained
herein except in the context of its business dealings with Koble Impex Pvt.Ltd (hereinafter called
Koble). The recipient of this document agrees to inform its present and future employees and
partners who view or have access to the document's content of its confidential nature.
The recipient agrees to instruct each employee that they must not disclose any information
concerning this document to others except to the extent that such matters that are generally known
to, and are available for use by, the public. The recipient also agrees not to duplicate or distribute or
permit others to duplicate or distribute any material contained herein without Koble's expressed
written consent.
Koble Impex Pvt. Ltd. retains all title, ownership and intellectual property rights to the material and
trademarks contained herein, including all supporting documentation, files, marketing material, and
multimedia.
Executive Summary
Particulars Description
Name Koble Impex Private Limited
Constitution Company Limited by Shares (Private)
CIN U 74999 HR 2014 PTC 053207
Date of Incorporation August 28, 2014
Registered Address House No 228, Sector 18, Old Faridabad, Haryana - 121 001
Corporate Address Halwasiya Ct Rd, Hazratganj, Lucknow, Uttar Pradesh - 226 001
Industry Energy / Lights
Manufacturing and assembling various energy equipment and products
such as:
Solar / String Combiner Box (SCB)
Business / Products LED Lights / Lamps
Street Lights / Lamps
Harnesses, Wire Frames, Structures
and many more products.
Ankur Pandey
Board of Directors Madhavi Pandey
Ruchi Pandey
Koble Impex Private Limited

Halwasiya Ct Rd, Hazratganj,
Lucknow, Uttar Pradesh 226001
Phone: +91 522 667 2301
Financial Snapshot
(Rs in Lacs)
FY FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23
Total Revenues 41.73 106.96 1,525.96 4,206.50 6,324.81 8,877.19 11,048.32 11,608.64
Gross Profit 7.09 41.66 344.91 1,039.05 1,569.78 2,179.84 2,698.51 2,837.50
EBITDA -0.01 14.63 35.69 308.22 499.69 707.02 882.16 925.26
Other Income 0.03 - - - - - - -
Depreciation - 0.47 16.78 30.58 28.47 50.33 86.40 97.85
Finance Cost 0.00 1.75 15.96 23.95 20.26 25.77 21.73 16.81
Tax 0.01 3.02 0.85 73.16 156.07 218.35 267.88 280.53
PAT 0.01 9.38 2.10 180.53 294.89 412.57 506.15 530.07
EBITDA % 0.0% 13.7% 2.3% 7.3% 7.9% 8.0% 8.0% 8.0%

PBT% 0.1% 11.6% 0.2% 6.0% 7.1% 7.1% 7.0% 7.0%
PAT% 0.0% 8.8% 0.1% 4.3% 4.7% 4.6% 4.6% 4.6%
TNW 0.99 36.77 28.84 209.37 504.26 916.83 1,422.98 1,953.05

TOL 88.27 21.39 370.07 589.34 741.10 1,013.26 1,174.49 1,204.27
Total Debt 9.87 11.90 207.48 177.31 125.82 150.00 100.00 75.00
Fixed Assest - 6.18 145.75 135.16 126.69 226.35 389.96 442.11

Capital WIP - 6.35 20.00 20.00 150.00 250.00 150.00 50.00
Cash & Bank Balance 1.84 6.05 9.52 9.13 22.58 30.51 35.37 539.48
Debtors 51.08 13.93 131.50 352.42 527.14 737.54 916.72 963.64

Inventories 34.80 25.00 82.87 256.44 380.51 631.74 1,038.28 1,091.54
Creditors 75.32 6.46 158.21 398.82 595.32 835.55 1,040.18 1,093.20
Working Capital 10.56 32.47 56.16 210.04 312.33 533.73 914.82 961.98
Current Ratio (x) 1.10 3.28 1.21 1.39 1.45 1.47 1.75 2.21
Current Ratio (Excl. TL 1.14 4.81 1.43 1.56 1.57 1.55 1.79 2.21
Instalments) (x)
Total Debt/EBIDTA - 0.81 5.81 0.58 0.25 0.21 0.11 0.08
TOL/TNW (x) 89.07 0.58 12.83 2.81 1.47 1.11 0.83 0.62
Debt/Equity (x) 9.96 0.32 7.19 0.85 0.25 0.16 0.07 0.04
ICR -4.74 8.34 2.24 12.87 24.67 27.44 40.59 55.05
DSCR -4.74 3.03 1.75 5.70 6.96 9.23 12.30 22.13
Sample Term Sheet

Particulars Description
Type of Loan Business Term Loan
Amount Rs 200 Lacs only
Tenor Door to door tenor of 60 months
Moratorium 15 months from date of 1st disbursement
16 quarterly instalments starting from 15th month from date of first

Repayment
disbursement
Rate of Interest MCLR linked rate of interest equivalent to 10% p.a. or best possible
Interest Payment Interest payable on monthly basis
Rs 75 Lacs for purchase of various equipment

Purpose
Rs 125 Lacs for Long Term Working Capital requirements
Security offered:
Exclusive first charge on entire Fixed Assets of the company
Exclusive first charge on entire Current Assets of the company
Security Personal Guarantors:
Ankur Pandey
Madhavi Pandey
Ruchi Pandey
COMPANY PROFILE
Company Profile
Koble Impex Pvt Ltd is a private limited company having its registered office at
House No 228, Sector 18, Old Faridabad, Haryana - 121 001 and Corporate
office at Halwasiya Ct Rd, Hazratganj, Lucknow, Uttar Pradesh - 226 001. The
Company was incorporated on 28th August 2014.
The company launched itself on various E-commerce portals like Amazon,

Flipkpart, Shopclues, Snapdeal etc. in the year of its incorporation. In Financial Year 2017 Company
went ahead in electronic and renewable energy segment and entered into manufacturing of solar
combiner boxes and LED Bulbs & LED Street lights.
Koble is an organisation build to endure and adapt multiple generations of innovators and products.
Companys Vision is Putting continuous effort for improving quality of social life through
manufacturing, trading, services of green energy efficient equipments, appliances and devices.
Shareholding Pattern
The Companys shareholding pattern as on 31st March, 2017:

Shareholders Name No. of shares held % Shareholding
Ankur Pandey 5,000 50.00%
Madhavi Pandey 3,000 30.00%
Ruchi Pandey 2,000 20.00%
Total Shareholding 10,000 100.00%
Shareholding Pattern
Ruchi Pandey, 20%
Ankur Pandey, 50%
Madhavi Pandey,
30%
Board and Management
Rakesh K Pandey (Chairman)

Mr. Rakesh Pandey is the chairman of Koble Group. He is a graduate mechanical engineer from HBTI
Kanpur and holds PGDBM degree from IGNOU. He has gathered more than 30 years of experience in
various industries such as supply chain management, process engineering, production, maintenance
and others. He has worked with Indias first and one of the largest public enterprise ITI Ltd. for more
than two and a half decades and achieved several awards during his service with the company. In
2005, he joined supply chain team at ACME Telecom Power Ltd. and served till August 2009. He is
credited for designing of the most widely used and the best sample of String Combiner Boxes in India.
He also played a major role in bringing quality LED Lights to India.
Over the years, Mr R Pandey has worked closely with some of largest engineering and manufacturing
companies of India and the world, such as HAL, L&T, ABB, Havells, among others. He has also fostered
relationship with various Government officials involved in development of green energy and supply
chain business projects. His worked has always helped him meet and build associations various top
government officials in Telecom and Solar Energy sectors in India.
Mr R K Pandey oversees and plays the mentor to the young and dedicated team at Koble. His vision
and experience in the engineering field enables him to ensure quality products, while his relations
across the industry ensures Kobles products are always in demand. His dedication and perseverance
has helped Koble Group cement its name in this industry.
Board of Directors
The Board of Koble Impex Private Limited consists of 3 directors:

Name Designation DIN Other Directorships
Ankur Pandey Director 06879948 Dalisay Services Private Limited
Madhavi Pandey Director 06940564 Dalisay Services Private Limited
Ruchi Pandey Director 07281649 Dalisay Services Private Limited
Director Profiles:
Ankur Pandey
Ankur completed his schooling from Dehradun, and went to Glasgow college of Nautical Studies,
Scotland to complete his graduation in Nautical Science and served as a Merchant Navy Officer. He
has more than 150 certifications of short term courses such as Ship Masters Business, Cargo
Handling, Anti-Piracy, Route and Passage Planning, ARPA, GMDSS, Business communications, Marine
Law management etc. He did BA (Economics) from IGNOU.
At Glasgow, Ankur worked part-time with Subway (Duke Street) where he got promoted to Manager
of 2 stores. He scored Grade 1 and got selected in campus placement with Stena UK and Maersk, he
opted Stena.
Ankur has got various certifications, Certificate of Competence and endorsements of the highest
grade (level one) from Govt. of UK of Great Britain and Northern Ireland, Govt. of India, Govt. of
Marshall Island, Govt. of Bermuda and their various authorities.
On the entrepreneurial side, Ankur is involved in handful businesses of the group. He has successfully
launched Havells Products online through various e-commerce platforms alongside All India head of
online segment for Havells. He is also developing a device in the hired transportation segment, which
would add security layers and enable quicker communication. This device could be used even by
people unfortunate to not receive literacy. He successfully entered manufacturing industry through
Koble and has applied various concept of management like 5S, process & product layout structuring,
six-sigma, etc. which resulted absolutely zero percent quality failure.
Madhavi Pandey
Madhavi Pandey is a director in Koble Impex Pvt Ltd since 2014. She is 54 years old and has done her
graduation from Awadh University, Uttar Pradesh and has done Diploma in Computer Application
(DCA). She has had experience in the area of manufacturing and trading of Plastic ware. She is actively
involved in each and every step from procurement of order to quality control and delivery of the item.
Ruchi Pandey
Ruchi is director of Koble Pvt. Ltd. She completed her graduation in BBA and MBA in Finance. While
her stay in Allahabad, she was running PG facility for 200 girls. She assisted her PG guests in their
stay, comfort, education, transportation facility, and so on. She helps in the financial evaluation of
companys projects, setting up standard financial operating conditions, management & decision
making. She is a major contributor to the pricing and cost analysis of the companys products. She has
various certifications from British Council.
Key Managerial Personnel
Name Designation
Akanksha Pandey Executive Director
Krishan Production Engineer
Ravi Yadav Operations Executive
Noneet Singh Quality Engineer
Shaista Fathima Executive Officer & BDM
KMP Profiles:
Akanksha Pandey
Akanksha is a Clinical Psychologist by qualification. She completed her M. Phil in Clinical Psychology
from Central Institute of Psychiatry. She received training in specific areas from Nimhans and
Medanta Hospital, and intensive training for Psycho-diagnostic evaluations and psycho-therapeutic
treatments. She worked as Clinical Psychologist Consultant at Fortis Healthcare (Faridabad Branch).
Akanksha has also delivered talks at various schools as a part of Fortis Prosocial Peer Moderator
Programme and at Fortis Counsellors Forum. She also conducted seminars and workshops at various
organizations such as Gas Authority of India Ltd. (GAIL), India Energy Exchange (Noida) as a part of
Fortis Organizational Psychology programme. She was in charge of interns in Faridabad branch as a
part of Academic & Internship Programme. Currently she is the chief Clinical Psychologist at Koble
and leads our Recruitment team.
Krishan
Krishan has a lot of experience in production, manufacturing and supply chain. He has done Diploma
in Mechanical Engineering from PDM College of Engineering Bahadurgarh (Haryana) and is pursuing
Bachelor in Engineering (BE) from IEI Kolkata. He is good with softwares and office tools like SAP,
DMS, Vlookup & Pivot table. With more than six years experience of working in famous companies
like Texas Pacific Group, Maruti Suzuki Components Ltd., etc. he is a perfect fit for Raw Material &
Man power controlling.
Ravi Yadav
Ravi is working as an operations executive for Koble. He has vast knowledge in the field of operations.
Previously he has served in Yepme.com as Executive Operations, Fabfurnish.com, Jabong, Reliance
retail, etc. He has more than 4years experience in operations field. He has knowledge of ERP based
and retail based softwares.
Noneet Singh
Noneet is serving as Quality engineer at Koble. Previously he worked at Maruti Suzuki, Dudeja
Interconnect Pvt. Ltd., Harindra Industrial Corporation in the quality and production departments. He
has more than 6 years of experience in Electrical technical field. He has completed his Diploma in ECE
from PDM college of engineering Bahadurgarh.
Shaista
Shaista is an executive officer & BDM at Koble. She has done her Master of business Administration
from Loyola College and has worked as Senior Business Development officer at Vakilsearch, an online
service provider. She recognizes the value and importance of her work to the effective functioning of
her committee and builds a good working relationship with everyone.
Koble Team
Koble has a team of 100+ employees as on date and is looking forward to grow its workforce in the
near future. Our team includes members specialising in all necessary skills and technical knowledge
occupying various roles such as:
Floor Supervisors Store Supervisors Quality Managers
Operations Heads Purchase Executives Accounts Executives
SCB Production Operators Testing Engineers Finance Managers
LED Production Operators Logistics Supervisors PPC Operatives
Machine Operators Electrical Engineers
and other employees such as office boys, pantry boys, housekeeping staff, security staff.
We are also looking to on board a few senior category managers to oversee the entire production
process to add to our team.
BUSINESS PROFILE
Products
Koble is one of the most prominent names in the electronic engineering industry. We specialize in
customized B2B solutions in Solar energy and Light (Lumens) industry. Koble also has its presence in
the B2C segment through e-commerce websites such as Amazon, Flipkart, Snap Deal, etc. for selling
own brand, co-branded and third-party consumer electronics.
In B2B segment, Koble provides customized:

Combiner Box
Serial Combiner Box (SCB)
Junction Box
LED Lights
LED Bulbs
LED Street Lights
Leveraging its experience and merging its exposure to solar and lights business, the company is
preparing to launch the following products:
Combiner Box:
High Voltage SCBs
14-in to 2-out SCBs
Street Lights
Solar Powered Street Lights
Smart Street Lights (Software controlled)
In B2C segment, Koble sells following white goods through E-Commerce Websites:
Hand Blender Citrus Press Juicer
CFL Bulbs Kettle
Vegetable Chopper LED Lamp
Decorative Ceiling Fan LED Downlighter
Mixer Grinder LED Bulb
Juicer Mixer Grinder Toaster Oven
Steam Iron Kneading and Chopping Attachment
Garment Steamer
Combiner Boxes
Introduction
A Combiner Box is an important component of Solar Power Generation Plants. It combines the energy
from different solar panels and feeds them to the inverter, which in turn produces electricity. Our
product works as an intermediate device between the Solar Array Module and Inverters (Final
Output Point). An SCB plays 3 major roles:
Providing a junction for combining the output of many solar panels together
Provide overcurrent and overvoltage protection to enhance inverter protection and reliability
Maximize power and reduce material costs by distributing the combined connections
Technology
The combiner box is an electrical distribution box with DC circuit breakers placed to combine outputs
of solar panels and deliver it to the inverter. The combiner box combines the multiple DC inputs
coming from the panel (either module or array) terminations and converts these into one DC output.
The output of the combiner box is connected to the charge controller or the inverter, depending on
the type of system installed.
We offer Combiner Boxes tailor made to suit systems installed by the customer. Our Junction Box &
SCBs can be customized for all technical, aesthetic and measurement specifications such as:
Technical: Aesthetics & Measurements:
Channel Inputs Materials
Max Current Colour
Operational Voltage Branding
Glands Weight
Connectors Size
Ambient Temperature Build Scheme
These SCBs also come pre-fitted with various monitoring instrument to ensure complete control over
the energy production process. Various sensors include:
Voltage Monitoring
Temperature Monitoring
Current Monitoring
Other features of Kobles Combiner Boxes:

Motorized switch to enable remote switch
Weatherproof to reduce maintenance time and costs
Multiple I/O configuration possibilities
Benefits of SCB / JBs

High Efficiency
The primary advantage of SCB products is that they efficiently combine the output of solar
arrays. A typical solar array produces electric currents with variation in electron flow and
change in charges which have to be merged at a single point and then sent to the inverter.
Quality Materials
Electrical accessories such as disconnector switch, SPD (surge protection device) and
thermoplastic casing of high quality are used in our product for increasing the life of SCB.
Longer Life
Weatherproof enclosures, superior surge protection, automated fuse and disconnectors make
sure the SCBs have a longer life. We also provide warranty to cover any defects or damage
during the warranty period.
Safer Materials
Various safety materials are equipped into our product, for increasing the safety of SCB. SPD
is used to protect the device from the atmospheric surges while disconnector switch is used
to make or break electrical connections and disconnect any module from downstream
components.
Recent Developments in SCBs

SCBs are currently used for merging all outputs from various solar arrays in solar energy
generation plant. Technological advancements are being carried out to increase the efficiency
of SCB. Surge protection device would be implanted into the box to avoid voltage and
environmental spikes. Compaction of the box is in developmental stage.
Operations Plan
Solar/String Combiner Boxes require precision assembly of various electrical parts to ensure safe and
secure power supply to the inverter. Some of these electrical parts are disconnector switches, surge
protection devices, fuses, connectors, busbars, and so on. These electrical parts are also required to
be sub-assembled carefully for efficient functioning of the SCBs. The parts are then cased in
enclosures and secured with various nuts, bolts and soldered edges for durability.
Our assembly process is streamlined with schematic diagrams to achieve perfect assembly the very
first time. Each assembly and sub-assembly personnel works on a given electrical part, making him
proficient at his work and helping us churn faster assemblies. This helps us reducing production
times, achieve optimum efficiency, minimizing mechanical errors in our products. Our clockwork
process enables us to assemble over 1,000 sets in a single month as on date. We also propose to
increase this capacity to 2,500+ assemblies by end of FY18.
Manufacturing Process
Design Scheme
Procurement
Disconnector
SPD Fuse Connector Busbar Consumables
Switch
Sub-assembly
Assembly
Delivery
Procurements
Kobles core competencies lie in the ability to source low cost, high quality inputs and use existing
infrastructure to assemble and deliver a final product quickly and efficiently to meet the customers
specific needs.
Disconnector Switches:
The disconnector switches will be sourced from Telergon. They are one of the leading
companies in electromechanical engineering. They manufacture load break switches with and
without fuse, actuated changeover switches and also a wide range of integrated solutions.
With over 60 years of experience in design and manufacturing and a presence in more than
40 countries, Telegron is a one of the most trusted names in the world.
Surge Protection Devices:

We shall source SPD from Phoenix Contacts, India. Phoenix Contacts India is a part of the
Germany based Phoenix Contact Group. Decades of intensive development, consistent
customer focus and an offering of over 60,000 products has made Phoenix Contact Groups
one of largest electrical safety products providers in the world. Their "effective protective
circuit" helps to implement seamless surge protection to any electrical device.
Enclosures:
Fibox enclosures shall provide us with the enclosures for our SCBs. FIBOX, a privately-owned
Finnish company, is one of the largest enclosure manufacturers in the world, and is the
market leader in thermoplastic enclosures used for protecting electrical and electronic
components operating in hostile environments. Fibox offers over 1,000 enclosure sizes in
various materials such as ABS, Polycarbonate, Polyester and Aluminium. FIBOX enclosures
are manufactured in modern factories located in Finland, Germany, Republic of Korea and US.
Consumables:
Consumables such as wires, hylum sheets, screws, nuts, and so on will be procured locally
through various dealers and manufacturers in proximity. We ensure strict quality control
over these products.
All parts will travel by container to the Kobles store department. We produce units and parts in large
batches, once a contract with a customer is signed. These parts are then dispatch to the assembly
floor based on the design made available from the customer. Post-delivery to the customers site, the
SCBs are installed by the customer or our technicians. Our capacity of 1,000 SCB units a month should
be sufficient to keep pace with customer orders. However, as demand begins to increase, a secondary
SCB supplier will be sourced until we increase our assembly capacity.
Quality Check
Store department has defined Quality Check guidelines to accept any incoming procurements. This is
to ensure that no damage had occurred during shipment. Quantity, quality and make are checked
with the PO and only after the QC sign-off, the products are accepted by the store team. Each part is
then labelled with their respective factories and sent to the quality check department at the assembly
floor. The team conducts rigorous quality and durability tests before approving the batch for use.
These parts are then assembled into the final SCB, which undergoes one final quality check at before
it is sent to the customer. The SCB is tested for possible defects, assembly errors, design accuracy and
safeguard efficiency. Only after the seal of approval from the QC department, the SCB is dispatched
for delivery to the customer.
Strategic Alliance
Koble will form a strategic alliance with the SPD supplier (Phoenix Contact), the enclosure supplier
(Fibox) and the customer (Mark One). Pheonix and Fibox were chosen for the alliance because of its
quality SPDs, customised enclosures, durable materials, economical prices, willingness to rebrand,
high production capacities, strict quality control policies, and certified facilities.
This alliance benefits Koble by:

preventing us from investing in the R&D
reduce our risks of investments in manufacturing facilities
allow us to work with zero inventory strategy
gain competencies in our field of assembly and sub-assemblies
Customers are also advantaged with:

quality products and components
economical pricing
rigorous QC passed products
certified products
The benefits we offer to Pheonix and Fibox are:

reliable and regular customers
access to the solar power industry
product refinement through primary customer feedback
We shall extend these benefits to all our prospective customers by inducting them in the alliances.
The customers can also procure OTC (over-the-counter) standardized SCBs, without being a part of
these alliances.
Customers
Our primary target market is the solar energy generation plant. We already have existing sales
relationships with the retail solar-based industries. The Company is planning to cater to varied
requirements of their industrial customers from Government, Commercial solar plants developers,
Airports, Restaurants/Hotels, Educational institutions, City lighting & hospitals.
We cater 2 separate markets:

New construction Solar Plants
The Indian solar market has grown by ~72% over the last three years and now has an
installed capacity of ~8-9 GW per annum. Hon. PM Modi launched a global solar alliance at
the Paris climate summit to mobilize an attention-grabbing $1tn of funds worldwide by 2030.
This has attracted the some of the worlds leading private players in Solar Energy to India.
Governments aim is to reduce the cost of solar power generation in the country and to attract
more Foreign Direct Investment.
Government has also launched several schemes to create a big market for our Kobles SCB
products. In additional, Indian government (NABARD) offering the subsidy for building solar
energy plant which has encourage many private companies such as Tata Power Solar Systems
Ltd, EMMVEE, Icomm Tele Ltd, Hindustan power (Moser Baer) Solar Ltd, Kotak Urja Pvt Ltd,
Adani Renewable Energy Park Rajasthan Ltd to enter the solar energy industry.
Existing refurbishment Solar Plants

India has a great potential to generate electricity from solar energy and the Country is on
course to emerge as a solar energy hub. The techno-commercial potential of photovoltaic in
India is enormous. The total solar capacity in India as of 31st January 2012 was 1035 MW.
Solar technology is changing so fast, manufacturers must constantly retune their machinery.
To improve the capacity of old power plants, renovation and modernization of technology is
required. Old plants show poor availability of records due to limited information
management. These plants are more than five years old. Life of such old plants can be
increased by using a good quality solar combiner box as well. We at Koble aim to work for
refurbishment of such solar plants to increase their efficiency.
Customers Profile:
Mark One Impex Private Limited (Mark One) is a leading supplier of electrical standard products,
measuring instruments and generators. It is also an authorized channel partner of Kohler, L&T,
Havells, ABB, Benning Germany, C&S, etc. Mark One is also engaged in manufacturing of LED Bulbs
ranging from 5 Watt to 15 Watt, LED street lights, cable entry solutions, harness assembly and sub
assembly of electrical panels.
We have received a contract for 2,000 units of solar combiner boxes at Rs. 15,200/- per unit from
Mark One. The total value of the contract is Rs 3,04,00,000-/. Mark Ones strong interest in green
initiatives will strengthen our existing relationship.
Marketing Strategy
Koble plans to launch various marketing programmes, which would increase its brand awareness in
the solar market. Few of these programmes are mentioned below:
Conducting seminars:
We would conduct seminars for corporates & government to educate them about the efficient
and cost effective SCBs.
Dealer Networking:
Meetings with the dealers would be organized periodically and we plan to offer them
commission to boost their performance and to build a sense of loyalty. Special schemes such
as free gifts, discounts, loyalty benefits, etc. would strengthen our relations with the dealer
community and increase the overall sales of the company.
Trade shows (retail industry):

We plan to participate in many trade shows and exhibitions to showcase our product and its
features. Our strategy for the trade exhibition will be to interact with other solar players and
government personnel.
Advertisements in trade publications (magazine):

We intend to advertise in the various magazines and renewable energy journals such as
Energetica-India, Solar Power World, PowerWatch, PowerToday, Green Energy Magazine etc.
This would help us to reach a wider customer base.
Pricing
Depending upon the type of solar project, number of solar panel arrays, the assembly design and
scheme, our pricing may vary from each order to order. We have adopted a policy of cost plus 30%
for all our SCB orders. We priced our SCBs to Mark One at Cost + 15% as they were our first
customer.
Particulars FY18 FY19 FY20 FY21 FY22

Average Cost 13,850 14,540 15,270 16,030 16,830
Selling Price 18,000 18,900 19,850 20,840 21,880
Gross Profit per unit 4,150 4,360 4,580 4,810 5,050
Gross Profit % 23% 23% 23% 23% 23%
Opportunity
Increasing energy prices and awareness of sustainable energy has led to growth of renewable energy
industry. Solar power leads this energy revolution. Recent advancements in solar technology has
made it solar energy more efficient and affordable.
SCB plays an important role in solar energy generation. It combines output of all the panels together
into a single output and transferring it to the inverter. It also protects the inverter from over current
and over voltage fluctuations.
Governments initiatives for solar parks and solar plants:
Development of solar parks:

Ministry of New and Renewable Energy (MNRE) has drawn a scheme to set up number of solar parks
across various states in the country, there are 34 solar parks spread across 21 States in India with a
capacity to generate 20,000 MW of solar electricity.
(http://www.seci.gov.in/content/innerpage/statewise-solar-parks.php)
Development of solar Plants:

Apart from solar parks, government is also encouraging companies to setup solar plants. Below is the
list of large solar plants in India:
(https://www.ibef.org/industry/power-sector-india.aspx)
Name of Plant Location Production (MW)

Charanka Solar Park Charanka, Patan, Gujarat 221
Welspun Solar MP project Neemuch Solar
Neemuch, Madhya Pradesh 151
Plant
Mahagenco Solar Project Maharashtra 125
Green Energy Development Corporation Ltd Odisha 50
Tata Power Solar Systems Ltd (TPS) Rajgarh, Madhya Pradesh 50
Welspun Energy Rajasthan Solar Project Phalodhi, Rajasthan 50
Green Energy Development Corporation Ltd Odisha 48
Bitta Solar Power Plant (Adani Power) Bitta, Kutch, Gujarat 40
Dhirubhai Ambani Solar Park Pokhran, Rajasthan 40
Moser Baer Patan, Gujarat 30
The Government of India has sanctioned development of 40,000 MW of solar park infrastructure by
the year 2020 with a financial support of INR 81 billion (US $ 1.2 billion). Solar projects with a total
capacity of 8,900 MW have already been allocated in 8 solar parks.
GOI is taking various initiatives like 10-year tax exemption for solar energy projects, subsidies for
setting up solar plants etc. in order to achieve India's ambitious renewable energy targets of adding
175 GW of renewable energy, including addition of 100 GW of solar power, by the year 2022.
Following are some of the financial initiatives taken up by the government of India:
Viability gap funding (VGF)

Solar Energy Corporation of India (SECI) has allocated 4,835 MW of project capacity under
the VGF route, whereby a capital subsidy is provided to project developers bidding for
projects at a predetermined tariff. As of March 31, 2017, another 785 MW of tenders under
SECI VGF scheme are under process.
Accelerated depreciation
All solar projects have been historically eligible to avail depreciation of 80% of asset value but
this rate has been reduced to 40% from April 2017 onwards.
Ten-year corporate tax holiday

A 10-year income tax holiday has been offered to solar projects so far, but this benefit has
been withdrawn from April 2017 onwards.
Government Solar scheme:
UDAY scheme:
27 states and union territories have joined the Government of Indias UDAY scheme for
financial and operational reform of DISCOMs. Approximately M 2,043 billion ($ 30 billion)
worth of bonds have been issued, equivalent to nearly 50% of total outstanding debt as of
March, 2016.
Development of solar parks:

The Government of India has sanctioned development of 40,000 MW of solar park
infrastructure by the year 2020 with a financial support of M 81 billion (US $ 1.2 billion).
Solar projects with a total capacity of 8,900 MW have already been allocated in 8 solar parks.
These initiatives would promote the growth in green energy sector encouraging more private
companies to enter the solar market. This would lead to construction of new solar parks and power
plants in the coming years. The solar combiner box (SCB) is essential for all types of large-scale solar
power generating units. The increased amount of investment in solar energy sector will create
demand for our product.
Kobles experience and research in solar energy devices, enables us to develop better, more efficient
equipment for Solar industries.
Competitors
Following are Kobles largest competitors:
JMV LPS Limited

JMV LPS limited offers comprehensive assortments of
electrical safety products. They design, manufacture and
install the conductors, lightening protection systems, surge protection device etc. They also
manufacture solar array junction boxes. Price of junction box is Rs 6000/- per piece.
Green Field Solar Solution Pvt. Ltd

Green Field Solar Solution Pvt. Ltd., manufactures and deals
in Solar Systems and Accessories. The offered product range
includes Solar On Grid Systems, Solar Off Grid Systems and
Solar Street Lighting Systems. They charge Rs 3000/- for one
piece of solar combiner box.
Geesys Technologies (India) Pvt Ltd

Geesys Technologies are manufacturers and dealers in
electronic products, Security System, Charge Controller,
Power UPS, Voltage Stabilizer, Power Inverter and they also
render EPC Contracting Service, Solar Panel AMC Service. Just
an extension of their services, they also provide string combiner boxes. Although, it does not
form a major part of their sales. The cost of their offered product is Rs 25,000/-. This SCB has
a capacity to accommodate 6-22 strings of arrays.
Koble is expected have an upper hand in this sector, owing to its complete concentration towards
assembly and delivery of solar combiner boxes. Our competencies to provide custom made combiner
boxes give us an edge and help us serve various Solar EPC players and Solar Power Plant operators.
Our standardised SCBs that can be bought over the counter make us attractive for those in need for
immediate deliveries.
LED Lights
Introduction
LED, short for Light Emitting Diode, is a Solid State (no moving parts), that emits light when activated.
Although LEDs were invented over 100 years back, its versatility and efficiency has resulted in wide-
spread commercial use over the last decade.
Even in the lights industry, LEDs compact size, 4-

colour emission, software compatibility and low
electricity consumption has made LED a standard
for light fixtures. Today, LEDs are used in almost all
possible light forms including low cost mood
lighting to highly concentrated lasers and strobe
lights.
Technology
Basically, LEDs are just tiny light bulbs that fit easily
into an electrical circuit. But unlike ordinary
incandescent bulbs, they don't have a filament that
will burn out, and they don't get especially hot. They
are illuminated solely by the movement of electrons
in a semiconductor material, and they last just as
long as a standard transistor. The biggest benefit of
LED is its suitability to mount any given circuit
board enabling it to be used for various purposes.
Benefits of LED
Extremely Long Life-

LED lights do not have filaments that burn out quickly. This gives them a very long life; LED
lights are almost considered as semi-permanent in nature. LED bulbs last up to 10 times as
long as compact fluorescents, and far longer than typical incandescent bulbs.
Environment Friendly
LED Lights does not contain Toxic elements like mercury found in CFLs or gases found in
incandescent bulbs. Also, there is a reduction in carbon dioxide and heat emission.
Energy Efficient
LED light bulbs use only 0-17 watts of electricity (1/3rd to 1/70th of Incandescent or CFL).
Bulbs used in fixtures save electricity, reduce heat and save on replacement costs. LED bulbs
last 10 to 15 times longer than with incandescent bulbs.
Directed Light
LEDs emit light in a specific direction, reducing the need for reflectors and diffusers. This
feature makes LEDs more efficient for many uses such as recessed downlights (Street Lights)
and task lighting (Showcase Lights). These types of lighting require light to be reflected to the
desired direction, while more than half of the light may never leave the fixture with old lights.
Kobles LED Products

Koble currently has production capabilities to manufacture over LED Bulbs and LED Street Lights.
LED Bulbs & Lights

LED bulbs are a superior replacement for the standard incandescent bulbs and CFL bulbs. These LEDs
are specifically manufactured to look smart and go with most interior design elements. They are also
very energy efficient with LED bulbs from 5 watts to 10 watts. Unlike older LED fittings, our bulbs can
be used in the holders for incandescent bulbs, reducing the cost of replacing the power-hungry bulbs.
Apart from energy saving, all our LED bulbs are BIS Standard compliant guaranteeing quality
product. Also, they are rated to light homes for over 40,000 hours, reducing the replacement
requirements. Our LED blubs come in various shapes, colours, sizes and power.
The types of LED Lights we offer are:
Particulars Down Lights Panel Lights LED Bulbs

Wattage 12W 18W 22W 12W 18W 22W 5W 7W 10W
Operating
180-270 VAC 180-270 VAC 180-270 VAC
Voltage
Operating
50 HZ 50 HZ 50 HZ
frequency
Luminous Flux 900 1400 1700 900 1400 1700 450 600 900
L70 Life 35,000 Hours 35,000 Hours 35,000 Hours
Warranty 2 Years 2 Years 2 Years
THD ~30% ~30% ~25%
Light Colour 6500K (White) 6500K (White) 6500K (White)
Designs Back Light & Side Light Back Light & Side Light E27 & B22 Base
IP Protection IP20 IP20 IP24
Driver (mA) 350 350 100s
Driver
>85% >85% >85%
Frequency
Photos
LED Street Lights

LED Street Lights are made using robust casings built specifically for outdoor use providing superior
dust and water resistance. These lights are also specially imported LEDs with brightness capacities of
up to 100+ lumens per diode. They are specifically directed to spread the light in downward direction
with a given diffusion angle to ensure efficient lighting. It also has a slower wear and many of these
are also built to last over 50,000 hours of usage. All our Street Lights are 100% BIS compliant
assuring best quality product. They can also be customised for the look, design, colour, mounting,
diffuse angle, lumens and power capacity.
We currently provide 2 types of Street Lights and have the capacity of manufacturing 4,000 sets as on
date. This is expected to increase to 4,400 units by end of FY20. We are in advance discussions with
various authorities and are expecting a purchase order of 8,000 street lights by end of this month.
Production for the same would initiate by September, 2017 and would be delivered within 4 months.
Particulars 15W 22-25W 35-40W 40-60W

Operating Voltage 180-270 VAC 180-270 VAC 180-270 VAC 180-270 VAC
Operating 50 HZ 50 HZ 50 HZ 50 HZ
Frequency
Luminous Flux 1300 Lumens 2000 Lumens 3500 Lumens 5000 Lumens
L70 Life 35000 hours 35000 hours 35000 hours 35000 hours
Warranty 2 years 2 years 2 years 2 years
THD <25% <25% <25% <25%
Light Colour 6500k (White) 6500k (White) 6500k (White) 6500k (White)
IP Protection IP 65/66 IP 65/66 IP 65/66 IP65/66
Driver (mA) 15W/350 mA 25W/350 mA 40W/ 700mA 60W/ 1A
Driver efficiency >87% >87% >87% >87%
Optional features Overvoltage Overvoltage Overvoltage Overvoltage
protection protection, protection, protection,
dimmable dimmable dimmable
Products Under Development
Solar LED Street Lights:

We are also looking to combine our expertise and presence in the solar and light industry to develop
Solar powered LED Street lights that would revolutionise the Street lights industry. These street
lights although would be connected to the grid, would be powered through solar energy harnessed
through their solar cells. As India receives uninterrupted direct sunlight almost 9 months of the year
and sufficient indirect sunlight for another 2 months even during monsoon (sufficient to power these
lights), these Solar LED Street Lights would reduce state consumption of electricity by over 50%!
Smart Solar LED Street Lights:

Taking over Solar LED Street Lights to the next level, we are also developing Smart Solar LED Street
Lights that would could be controlled from the ground using control panel software on dedicated
devices. Users would be able to control the luminosity, on & off timings, diffusion angle, light colour
and so on. It would include monitoring systems and data-based analytics to provide valuable insights
and control over power consumption, wear and tear and so on. Also, the on-board chip will update
the user on need for maintenance and whether all systems and parts are working as programmed.
These would not only reduce power consumption by more than 50%, but also reduce maintenance
and monitoring staff by ~20%!
Operations Plan
An LED emits light by electronic excitation rather than heat generation. Diodes are electrical valves
that allow electrical current to flow in only one direction, just as a one-way valve might in a water
pipe. When the valve is "on," electrons move from a region of high electronic density to a region of
low electronic density. This movement of electrons is accompanied by the emission of light. The more
electrons that get passed across the boundary between layers, known as a junction, the brighter the
light. This phenomenon is known as electroluminescence.
Similar to Combiner Boxes, LED lights also require precision assembly of various electrical parts such
as diodes, diffusers, circuit boards and others to ensure safe and secure light fixtures that would light
the houses and streets for years without degrading. Although, some of these parts are available in its
useable form, many of these parts may also require to be sub-assembled before it can be rendered for
use. We have in-house capabilities to sub-assemble various circuit boards and diffusers at our facility.
The parts are then cased in enclosures and secured with various nuts, bolts and soldered edges for
durability. All LED lights are then treated for waterproofing and dust-proofing. Street Lights would
also undergo another more stringent waterproofing and dust-proofing stage to make it more robust
for outdoor use.
Our assembly process is streamlined with schematic diagrams to achieve perfect assembly the very
first time. Each assembly and sub-assembly personnel works on a single process making him highly
proficient at his work and helping us churn faster assemblies. This helps us reducing production
times, achieve optimum efficiency, minimizing mechanical errors in our products. Our clockwork
process enables us to assemble over 10,000 LED lights and over 4,000 Street Lights in a single month.
Manufacturing Process
Design Scheme
Procurement
Diffusers &
LED Diodes PCBs Fuse Enclosures Consumables
Reflectors
Sub-assembly
Circuit Boards LED Fixtures Mountable Casings
Assembly
Quality Check
Delivery
Quality Check
Materials in assembly go through various Quality check. Quality Check guidelines have been set by
Store department to accept any incoming procurements. This is to ensure that no damage has
occurred during shipment. Quantity, quality and make are checked with the PO and only after the QC
sign-off, the products are accepted by the store team. The team conducts rigorous quality and
durability tests before approving the batch for use. Exact light colour is tested for each batch of
wafers, and some LEDs will be pulled for stress testing, including lifetime tests, heat and power
breakdown, and mechanical damage. Every LED is checked when it is wire bonded for operation
characteristics. Specific levels of current should produce specific brightness. The delivery to the
customer happens only after the approval from the QC department.
Customers
Rising government initiatives, increasing awareness among customers regarding lower power
consumption of LED lighting products, and innovative product offerings to drive LED lighting sales
through 2021. India has been witnessing widening electricity demand-supply gap. Consequently,
usage of energy efficient products such as LED lighting products is expected to grow in the coming
years. Moreover, rising government support and introduction of innovative LED lighting products by
manufacturers has resulted in increase in demand of LED lights. The Company will cater to various
industries like Government, Real Estate Projects, Commercial parks, Restaurants/Hotels, Educational
Institutions, Hospitals & Individual end users. It will have its sales to three major segments of
customers namely: Government, B2B and B2C.
Koble Group already has a great network of over 50 distributors selling Havells LED Bulbs and LED
products across the nation. The company would leverage this channel to push its own brand of LED
lights and fixtures to various Corporates, Local Authorities, Government bodies and retail outlets.
Government:
Prime Minister of India Shri Narendra Modi launched 100 cities National Programme on 5th
January 2015 to convert conventional street and domestic lights with energy efficient LED
lights. Under Street Light National Programme (SLNP), Government aims to replace 1.34
crore conventional street lights with energy efficient LED lights. Over 21 Lac conventional
street lights have been replaced with LED street lights across the country. Koble has applied
for tender with various state governments.
B2B Segment:
Due to various benefits of LED lights, they are gaining popularity for uses in commercial
places. The company supplies LED bulbs and Street lights to Real Estate Developers for
Corporate Parks as well as Residential Complexes. Also, it supplies to Hospitals, Restaurants,
Hotels & Educational Institutions. Koble is currently in advance talks with various builders
and corporates in UP and NCR regions. It is also in discussion with Allahabad Smart City
Council for LED street lights and LED lights for urban development plans.
B2C Segment:
Rising adoption of LED lighting in the residential sector can be attributed to low power
consumption and long product lifecycle of these lighting solutions. The company plans to sell
Led Bulbs through local distributors directly for ease of access to the customers. Kobles
distributors will provide us access to over 1,000 retail outlets across North India from the
onset itself. The Company is looking to onboard further distributors to provide access to a
broader network of retailers. It aims to reach Pan-India retail shops by end of 2018. Koble
will also sell its LED products for household consumption through E-commerce websites such
as Flipkart, Amazon and so on.
Pricing
Depending upon the Watts and type of LED Bulb & Streetlights, the assembly design and scheme, our
pricing may vary from each order to order. We have adopted a policy of approx 40% profit on Selling
Price for all our LED products.
Particulars FY18 FY19 FY20 FY21 FY22

LED Bulbs
Average Cost 150 160 170 180 190
Selling Price 250 260 280 300 320
Gross Profit per unit 100 100 110 120 130
Gross Profit % 40% 38% 39% 40% 41%
LED Streetlights
Average Cost 500 530 560 590 620
Selling Price 850 890 930 980 1,030
Gross Profit per unit 350 360 370 390 410
Gross Profit % 41% 40% 40% 40% 40%
Opportunity
India has significantly increased its impetus on reducing carbon emission. Lighting in India currently
consumes 18% of the total power generated. By increasing the use of LED lamps, the consumption
can be significantly reduced. The LED lamp is 85% more efficient as against GLS lamp. Hence, the
government has started a number of initiatives.
According to TechSci Research report, India LED Lighting Market By Type, By Application, By End
Use Sector, Competition Forecast and Opportunities, 2011 - 2021, the LED lighting market in India is
projected to register a CAGR of over 30%, during 2016-2021, on account of rising personal disposable
income, growing government initiatives encouraging use of LED lights and increasing focus on smart
city projects. For instance, Delhi-Mumbai Industrial Corridor Development Corporation (DMICDC)
announced plans to develop 7 smart cities in Gujarat, Haryana, Maharashtra, Rajasthan, Uttar Pradesh
and Madhya Pradesh in the near future. These projects are expected to further increase government
emphasis on energy efficient lighting products such as LEDs in the coming years. Favorable
government initiatives and policies such as state specific and national level programs that offer LED
lighting products at subsidized rates is contributing in a huge way towards boosting LED adoption in
the country. Additionally, with increasing consumer awareness, demand for LED lights from the
residential as well as commercial sectors in the country is growing at a fast pace.
Examples of Governments initiatives for encouraging use of LED lights:
UJALA Scheme:
Unnat Jeevan by Affordable LEDs and Appliances for All (UJALA) scheme is a government programme
promoting the use of LED lights for household use. Its main objective is to promote efficient lighting,
enhance awareness on using efficient equipment which will reduce electricity bills and help preserve
environment. According to statistics available on www.ujala.gov.in energy saved per year since the
inception of the scheme is 32,437 mn kWh. This has led to savings in cost of about Rs 12,975 crores
per year and reduced the carbon emission by 26274276 t CO2 per year.
Street Light National Programme:

Under the Government of Indias Street Lighting National Programme (SLNP) over 21 Lac
conventional street lights have been replaced with LED street lights across the country. The newly
installed lights have led to brighter streets, feeling of enhanced safety and security among the
residents and motorists. Energy Efficiency Services Limited (EESL), a Public Energy Services
Company under the administration of Ministry of Power, Government of India (GoI) is the
implementing agency for SLNP.
The installation of LED street lights has resulted in Annual energy savings of 295 million unit kWh,
avoided capacity of over 73 MW and reduction of 2.3 Lac tonnes of CO2 annually. The project has
been implemented across 23 states and union territories. The lighting level on roads have increased
significantly after the replacement.
(http://pib.nic.in/newsite/PrintRelease.aspx?relid=161363)
These initiatives have promoted the use of LED lights by corporates as well as the local people. The
increased amount of Government investment in LED bulbs and street lights, as well as awareness
amongst the people about the advantages of LED lights will create demand for our product. This
ensures increasing demand for LED lights and appliances in the coming years.
Experienced staff and extensive research in LED technology, enables Koble to develop better, more
efficient LED products.
Competitors
Following are Kobles largest competitors:
Philips
Philips are in lighting industry for over 125 years. They were
pioneers in LED lightings. They Manufacture various lighting
products like LED bulbs, CFL Bulbs, LED tubes, Halogen Light Bulbs, Fluorescent Tubes,
various lighting fixtures, etc. They also provide services like advice for lighting ideas and
design for home lightings.
SYSKA LED
SYSKA LED lights offer a wide range of international quality
LED lighting solutions, for varied applications providing
effective and energy-efficient lighting in any environment.
Their usage ranges from residential and retail to commercial
and industrial applications.
Havells (India)
Havells India Limited is a Fast-Moving Electrical Goods
(FMEG) Company with an extremely strong global presence.
LED lighting high on illumination and low on energy
consumption with no compromise in energy savings, the eco-
friendly range of LEDs & CFLs from Havells offer you high
quality optics that promises uniform lighting.
Koble already has an existing distribution channel for LED bulbs and street lights as it already trades
in LED products. Also Kobles LED products are better in quality as it imports the diodes from Japan.
The final product is weather proof and water proof. Hence it has an upper hand over its competitors.
FINANCIALS
Assumptions
The company deals in three broad categories of products namely SCBs, LED bulbs and LED
streetlights. The average cost and selling price of various variants across these categories have been
taken to calculate revenue and cost of sales. The projection of capacity utilisation is based on various
Purchase orders available with us and the Market predictions.
FY FY18 FY19 FY20 FY21 FY22 FY23

SCB
Installed capacity 16,500 30,000 30,000 36,000 43,200 43,200
No. of Units 6,400 16,500 23,625 32,400 38,880 38,880
Utilisation % 39% 55% 79% 90% 90% 90%
Average Cost 13,584 14,540 15,270 16,030 16,830 17,670

Selling Price 17,125 18,900 19,850 20,840 21,880 22,970
Gross Profit % 21% 23% 23% 23% 23% 23%
LED Bulbs
No. of Units 12,000 63,000 93,000 112,200 112,200 112,200
Utilisation % 10% 53% 78% 85% 85% 85%
Average Cost 150 160 170 180 190 200

Selling Price 250 260 280 300 320 340
Gross Profit % 40% 38% 39% 40% 41% 41%
LED Street Lights

No. of Units 12,300 24,000 36,000 36,000 39,600 39,600
Utilisation % 26% 50% 75% 75% 75% 75%
Average Cost 500 530 560 590 620 650

Selling Price 850 890 930 980 1,030 1,080
Gross Profit % 40% 40% 40% 40% 40% 40%
Financial Statements
Profit & Loss Statement
Particulars FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23
Trading Revenues (E-commerce) 41.73 26.17 62.63 68.89 75.21 81.52 89.10 97.94
Sale of Mfg Goods - 80.79 1,230.55 3,495.90 5,284.76 7,441.56 9,273.86 9,739.90
GST on sales - - 232.78 641.71 964.84 1,354.11 1,685.36 1,770.81
Total Income 41.73 106.96 1,525.96 4,206.50 6,324.81 8,877.19 11,048.32 11,608.64
Cost of materials consumed - 28.79 948.90 2,627.10 3,967.24 5,608.08 7,002.20 7,351.90
Purchase of Stock in Trade 34.64 36.51 51.97 57.17 62.41 67.65 73.94 81.28
GST on Purchases - - 180.17 483.18 725.38 1,021.62 1,273.67 1,337.97
Postage & Courier Inwards 0.98 0.82 13.27 35.92 53.81 75.38 93.70 97.48
Packing & other consumables 0.73 0.12 2.46 9.32 15.26 19.87 22.88 24.79
Job Work - 6.26 123.06 349.59 528.48 744.16 927.39 973.99
Power & Fuel 0.18 0.19 3.68 9.34 13.81 19.20 23.78 24.40
Misc Exp 0.28 1.41 19.06 53.04 79.87 112.22 139.71 146.15
Other Direct Expenses 36.81 73.97 1,342.56 3,624.65 5,446.26 7,668.18 9,557.28 10,037.95
Gross Profits 4.91 20.57 183.40 581.85 878.55 1,209.01 1,491.05 1,570.70
Gross Margins (%) 11.8% 19.2% 12.0% 13.8% 13.9% 13.6% 13.5% 13.5%
Rent Expenses - 1.90 2.10 2.30 2.60 2.90 3.20 3.60

Employee Expenses 4.54 11.62 79.00 94.80 113.80 136.60 157.00 165.00
Administration Expenses 0.38 2.84 8.00 10.00 13.00 17.00 20.00 22.00
GST - - 52.61 158.53 239.46 332.49 411.69 432.84
Selling & Marketing Expenses - 6.00 8.00 10.00 13.00 17.00 22.00

Total Expenses 4.92 16.37 147.71 273.63 378.86 501.99 608.89 645.44
EBITDA -0.01 4.20 35.69 308.22 499.69 707.02 882.16 925.26

EBITDA Margins (%) 0% 3.93% 2.34% 7.33% 7.90% 7.96% 7.98% 7.97%
Other Non Operating Income (Net) 0.03 - - - - - - -

Depreciation - 0.47 16.78 30.58 28.47 50.33 86.40 97.85
Interest 0.00 1.75 15.96 23.95 20.26 25.77 21.73 16.81
PBT 0.02 1.98 2.95 253.69 450.96 630.92 774.03 810.60
Tax 0.01 0.63 0.85 73.16 156.07 218.35 267.88 280.53
PAT 0.01 1.35 2.10 180.53 294.89 412.57 506.15 530.07
PAT Margins (%) 0% 1.26% 0.14% 4.29% 4.66% 4.65% 4.58% 4.57%
Sales:
The sale of company in FY 2016 was Rs 41.73 lacs attributable to trading sales.
In FY 2017 the company started with manufacturing and assembling of SCB. Total Turnover for FY 2017, Rs 106.96 is
divided as
Rs 26.17 lacs from trading sales
Rs 80.79 lacs from SCB manufacturing and assembling sales
Total Sales in FY 2018 is estimated to grow to Rs 1525.96 lacs. This growth is mainly due to:
Installation of machines to increase the manufacturing and assembling capacity of SCB
Starting production and assembly of LED Bulbs and LED Street lights
The company has already procured orders for LED bulbs and LED Street lights.
Justification for decrease of PAT in FY 2018:
The company is going through an expansion phase in FY 2018. There is significant rise in number of employees employed,
depreciation due to additional machineries installed and increase in finance cost. Also the quality of products used has been
improved leading to increase in cost of materials and reduction in gross margins.
Balance Sheet
(Rs in Lacs)
Equity 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
Reserves -0.01 9.37 11.47 192.00 486.89 899.46 1,405.61 1,935.68
Net Worth 0.99 10.37 12.47 193.00 487.89 900.46 1,406.61 1,936.68
Long Term Borrowings

From Bank 6.79 7.47 177.31 125.82 75.00 25.00 - -
From others (unsecured) (Quasi
26.40 26.40 26.40 26.40 26.40 26.40 26.40
Capital)
6.79 33.87 203.71 152.22 101.40 51.40 26.40 26.40
Short Term Borrowings - - - - - 75.00 75.00 75.00

TL Instalments 3.08 4.43 30.17 51.49 50.82 50.00 25.00 -
Trade Payables 75.32 6.46 158.21 398.82 595.32 835.55 1,040.18 1,093.20
Other Current Liabilities 3.08 3.03 4.38 13.21 19.96 27.71 34.31 36.07
81.48 13.92 192.76 463.52 666.10 988.26 1,174.49 1,204.27
Total Liabilities 89.26 58.16 408.94 808.74 1,255.39 1,940.12 2,607.50 3,167.35
Net Fixed Assets - 6.18 145.75 135.16 126.69 226.35 389.96 442.11
Capital WIP - 6.35 20.00 20.00 150.00 250.00 150.00 50.00
Inventory 34.80 25.00 82.87 256.44 380.51 631.74 1,038.28 1,091.54

Trade Receivables 51.08 13.93 131.50 352.42 527.14 737.54 916.72 963.64
Cash & Bank Balance 1.84 6.05 19.55 19.16 32.61 40.54 45.40 549.51
Other Current Assets 1.54 0.65 9.27 25.56 38.44 53.95 67.14 70.55
89.26 45.63 243.19 653.58 978.70 1,463.77 2,067.54 2,675.24
Total Assets 89.26 58.16 408.94 808.74 1,255.39 1,940.12 2,607.50 3,167.35
Comments:
Quasi Capital
The unsecured loans represent Quasi capital lent by the directors. These funds will remain with the company and wont be
withdrawn during the tenure of the loan sought for.
Net Working Capital:

(Rs in Lacs)
Current Assets 89.26 45.63 243.19 653.58 978.70 1,463.77 2,067.54 2,675.24
Current Liabilities 81.48 13.92 192.76 463.52 666.10 988.26 1,174.49 1,204.27
Net Working Capital 7.78 31.71 50.43 190.06 312.60 475.51 893.05 1,470.97
Current Ratio 1.10 3.28 1.26 1.41 1.47 1.48 1.76 2.22
Net Working capital is increasing in absolute terms in all the years. However there is decrease in current ratio in FY 2018 since
there is a considerable increase in sales and the credit cycle for trade payables is more than the credit period of trade receivables.
Current Ratio improves in the following years from 1.26 in FY 2018 to 2.22 in FY 2023.
Debtors & Creditors:

The debtors and creditors in FY 2016 included borrowers and lenders. This list will be reclassified in FY 2017.
The settlement with Amazon, Flipkart and other E-commerce websites is done between 2 weeks to 1 month. Other
trading debtors pay in a period of 45 to 60 days
The debtors of manufactured goods enjoy a credit period of 30 days
As substantial portion of raw material is procured from outside India, payment to those suppliers is made in a period of
60 to 90 days. Other suppliers of raw materials are paid in a period of ~ 30 days
The trading creditors are paid in a period of 60 to 120 days
Cash Flow Statement

(Rs in Lacs)
Particulas FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23
PAT 0.01 9.38 2.10 180.53 294.89 412.57 506.15 530.07
Add: Depreciation - 0.47 16.78 30.58 28.47 50.33 86.40 97.85
Add: Interest 0.00 1.75 15.96 23.95 20.26 25.77 21.73 16.81
Add: Taxation 0.01 3.03 0.85 73.16 156.07 218.35 267.88 280.53
0.02 14.63 35.69 308.22 499.69 707.02 882.16 925.26
Change in Inventory -34.80 9.80 -57.87 -173.57 -124.07 -251.23 -406.54 -53.26
Change in Debtors -51.08 37.15 -117.57 -220.92 -174.72 -210.40 -179.18 -46.92
Change in Other Current Assets -1.54 0.89 -8.62 -16.29 -12.87 -15.51 -13.19 -3.41
Change in Creditors 75.32 -68.86 151.75 240.61 196.50 240.23 204.63 53.02
Change in Other Current Liabilities 3.08 -0.05 1.35 8.83 6.74 7.75 6.60 1.76
Less: Taxes Paid -0.01 -3.03 -0.85 -73.16 -156.07 -218.35 -267.88 -280.53
Cash flows from Operations -9.01 -9.46 3.88 73.72 235.20 259.51 226.60 595.92
Fixed Assets - -13.00 -170.00 -19.99 -150.00 -249.99 -150.01 -50.00

Cash flows from Investments - -13.00 -170.00 -19.99 -150.00 -249.99 -150.01 -50.00
Equity infusion 0.98 - - - - - - -

Debt 9.87 28.43 195.58 -30.17 -51.49 24.18 -50.00 -25.00
Interest paid -0.00 -1.75 -15.96 -23.95 -20.26 -25.77 -21.73 -16.81
Cash flows from Investments 10.85 26.68 179.62 -54.12 -71.74 -1.59 -71.73 -41.81
Net Cash flows for the year 1.84 4.21 13.50 -0.39 13.45 7.93 4.86 504.12
Opening Cash - 1.84 6.05 19.55 19.16 32.61 40.54 45.40
Closing Cash Balance 1.84 6.05 19.55 19.16 32.61 40.54 45.40 549.51
THE PROPOSAL
Project Details
The company proposes to raise Rs 200 Lacs in form of term loan. This fund will be used towards
procurement of fixed assets and meeting working capital requirements. The term loan will be repaid
in 16 quarterly principal insatlment of Rs 12.50 lacs each over a period of 60 months. At present
company has a vehicle loan from Cholamandalam Finance and a business loan from HDFC Bank.
Details of End use

Particulars Amount Total
Fixed Assets (as per schedule below)
Furniture and fixtures 5,00,000
Machine Equipment 60,00,000
Office Equipment 5,00,000
Vehicles 5,00,000
75,00,000
Working Capital - Other than expenses
Debtors 25,00,000
Inventory - Raw Material 50,00,000
Inventory - Finished Goods 20,00,000
95,00,000
Working Capital - Operational Expenses
General Expenses 8,00,000
Salaries & Related 10,00,000
Repairs & Maintenance 2,00,000
Wages 10,00,000
30,00,000
2,00,00,000
Details of Machinery to be purchased

Machine Supplier USD INR
Fuse Holder & Fuse Link YUEQING FEEO ELECTRIC CO.,LTD 2,832 184,080.00
Multi Processing Machine Seela Infratech Pvt Ltd 65,568 4,261,920.00
Air Cushion Machines iSOL CORP 148,500.00
Total 4,594,500.00
(converted at Rs 65/USD)
Repayment Schedule of the proposed loan

Principal Interest Total Amount O/s
FY18 - 12.78 12.78 200.00
FY19 25.00 21.43 46.43 175.00
FY20 50.00 16.77 66.77 125.00
FY21 50.00 11.23 61.23 75.00
FY22 50.00 5.73 55.73 25.00
FY23 25.00 0.81 25.81 -
Total 200.00 68.75 268.75
Existing Credit Facilities

Loan Amt o/s as on Monthly Last
Particulars Institute ROI
Amount 31-March-17 Instalment Instalment
Car Loan Cholamandalam Rs 4,99,000 14% Rs 4.72 Lacs Rs 14,318 Sept 2020
Business Loan HDFC Bank Rs 10,00,000 16% Rs 7.18 Lacs Rs 35164 March 2019

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Information Memorandum

for a Term Loan proposal of

KOBLE IMPEX PVT.LTD.

Nirvan Capital Advisors

Statement of Confidentiality & Non-Disclosure

Koble Impex Private Limited

EBITDA % 0.0% 13.7% 2.3% 7.3% 7.9% 8.0% 8.0% 8.0%

TNW 0.99 36.77 28.84 209.37 504.26 916.83 1,422.98 1,953.05

Fixed Assest - 6.18 145.75 135.16 126.69 226.35 389.96 442.11

Debtors 51.08 13.93 131.50 352.42 527.14 737.54 916.72 963.64

Sample Term Sheet

Type of Loan Business Term Loan

Amount Rs 200 Lacs only

Tenor Door to door tenor of 60 months

Moratorium 15 months from date of 1st disbursement

16 quarterly instalments starting from 15th month from date of first

Interest Payment Interest payable on monthly basis

Rs 75 Lacs for purchase of various equipment

The company launched itself on various E-commerce portals like Amazon,

The Companys shareholding pattern as on 31st March, 2017:

Ankur Pandey, 50%

Board and Management

Rakesh K Pandey (Chairman)

The Board of Koble Impex Private Limited consists of 3 directors:

Key Managerial Personnel

In B2B segment, Koble provides customized:

Other features of Kobles Combiner Boxes:

Benefits of SCB / JBs

Recent Developments in SCBs

Surge Protection Devices:

This alliance benefits Koble by:

Customers are also advantaged with:

The benefits we offer to Pheonix and Fibox are:

We cater 2 separate markets:

Existing refurbishment Solar Plants

Trade shows (retail industry):

Advertisements in trade publications (magazine):

Particulars FY18 FY19 FY20 FY21 FY22

Governments initiatives for solar parks and solar plants:

Development of solar parks:

Development of solar Plants:

Name of Plant Location Production (MW)

Viability gap funding (VGF)

Ten-year corporate tax holiday

Government Solar scheme:

Development of solar parks:

Following are Kobles largest competitors:

JMV LPS Limited

Green Field Solar Solution Pvt. Ltd

Geesys Technologies (India) Pvt Ltd

Even in the lights industry, LEDs compact size, 4-

Extremely Long Life-

Kobles LED Products

LED Bulbs & Lights

The types of LED Lights we offer are:

Particulars Down Lights Panel Lights LED Bulbs

LED Street Lights

Particulars 15W 22-25W 35-40W 40-60W

Products Under Development

Solar LED Street Lights:

Smart Solar LED Street Lights:

Circuit Boards LED Fixtures Mountable Casings

Particulars FY18 FY19 FY20 FY21 FY22