The company was originally incorporated as TD Power Systems on April 16, 1999 as a private limited company under the Companies Act, in Bangalore, Karnataka, India. The name of Company was subsequently changed to TD Power Systems by a special resolution of the members passed at an extraordinary general meeting of Company on January 17, 2011. The fresh certificate of incorporation consequent upon change of name was granted to the Company on February 4, 2011 by the Registrar of Companies, Karnataka.

Business of the Company:

TD Power Systems is one of the leading manufacturers of AC Generators with output capacity in the range of 1 MW to 52 MW for prime movers such as steam turbines, gas turbines, hydro turbines, wind turbines, diesel and gas engines. It focuses on manufacturing custom-designed generators for its customers who are based across the world. The company has been promoted by Nikhil Kumar, Hitoshi Matsuo, Mohib N. Khericha and Saphire Finman Services Private Limited.

In addition to manufacturing AC Generators Company also executes Turbine Generator island projects for steam turbine power plants with output capacity up to 52 MW using a Japanese turbine combined with its generator. The scope of work of the TG island projects consists of design services, procurement and supply of equipment, assembly, installation & commissioning. From the inception of its Company and as of December 31, 2010 the Company has completed a total of 87 TG island projects with an aggregate output capacity of 1,720 MW which includes projects executed in Uganda, Kenya, Zambia and Philippines.

Meanwhile, the company’s subsidiary, DF Power Systems, is in the business of Engineering, Procurement and Construction (“EPC”), executing Boiler-Turbine Generator (“BTG”) island projects and the balance of plant (“BOP”) portion for steam turbine power plants with output capacity from 52 MW up to 150 MW (“EPC Business”). The scope of work for the EPC Business comprises of design services, procurement and supply of equipments, assembly and installation & commissioning (excluding civil works). From the inception of its Subsidiary and as of December 31, 2010 Subsidiary has completed a total of 2 BTG island projects with an aggregate output capacity of 111.50 MW.

Its customer base primarily comprises companies operating in the industrial sector and includes cement, steel, paper, chemical, metals, sugar co-generation, bio-mass power plants, hydro-electric power plants and Independent Power Plants (“IPPs”) companies. Some of its customers include Shree Cements, Vasavadatta Cements, Nava Bharat Ventures, Chettinad Cement Corporation and Balrampur Chini Mills.

Further, the company commenced business providing TG project solutions and subsequently, in August 2001, forayed into manufacturing of generators up to 30 MW under a license from Toyo Denki Seizo K.K. (“Toyo Denki”), a leading manufacturer of power and electric equipments located in Japan. Company currently owns the technology, which was originally licensed from Toyo Denki, and has further developed in-house capability to manufacture generators up to 40 MW.

The Company has entered into a Product Development Cooperation and Manufacturing Agreement dated May 12, 2009 with Voith Hydro Holding GmbH & Co.KG for jointly developing electric generators. Under the agreement, the parties are to jointly develop and design electric generators the Company will manufacture such generators for Voith Hydro Group. It has granted a limited license to General Electric Company, USA to manufacture generators using its design for the Brazilian market, and if on a co-manufacturing basis, to other countries in Central and South America.

Company’s manufacturing facility consisting of two manufacturing units in Dabaspet, Industrial Area on the outskirts of Bangalore is spread over 219,290.72 sq. ft. These facilities house marketing, design and development, procurement, manufacturing, quality management and administrative functions, consisting of 735 employees including 536 permanent employees, 167 contract employees and 32 trainees, as of December 31, 2010 who are well trained and experienced to cater to the needs of customers. The manufacturing facilities are equipped with advanced machinery and equipment and are ISO 9001:2008 compliants.

The company also has one branch office in Japan. It’s Company's branch office in Japan sources turbines for TG island projects and sells generators we manufacture. It’s Subsidiary's branch office in Hong Kong was recently established for sourcing power plant equipment for its EPC Business and for sourcing and selling power plant equipment to third parties. The company is ISO 9001-2008 certified and ISO 14001/OHSAS 18001:2007 certified by TUV SUD Management Services GmBH, Munich.

TD Power Systems Ltd.

Transformers & Rectifiers (India) Ltd.

Voltamp Transformers Ltd.

Honda India Power Products Ltd.

Bharat Bijlee Ltd.

Igarashi Motors India Ltd.

Servotech Power Systems Ltd.

HPL Electric & Power Ltd.

Focus Lighting & Fixtures Ltd.

Hind Rectifiers Ltd.

Kirloskar Electric Company Ltd.

MIC Electronics Ltd.

Indo Tech Transformers Ltd.

W.S. Industries (India) Ltd.

MODISONLTD

Market Cap	4,149 Cr	ROE	7.1%
P/E Ratio(TTM)	36.1	EPS(TTM)	0.0
P/B Ratio	6.3	Dividend Yield	0.4%
Industry P/E	189.7	Book Value	42.0
		Face Value	2.0

Fundamentals