MIRA
INFORM REPORT
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Report Date : |
06.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
WAAREE ENERGIES PRIVATE LIMITED |
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Formerly Known As : |
ANMOL FLUID CONNECTORS PRIVATE LIMITED |
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Registered Office : |
36/37 Damji Shyamji Industries Complex, Office Mahakali Caves Road,
Andheri (East), Mumbai – 400093, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
18.12.1990 |
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Com. Reg. No.: |
11-59463 |
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CIN No.: [Company
Identification No.] |
U29248MH1990PTC059463 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA09380A |
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PAN No.: [Permanent
Account No.] |
AAACA4043J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of PV Modules. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 1700 |
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Status : |
Small Company |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a small manufacturers of solar equipments. It is poised for
faster growth in days to come. Trade relations are fair. Profit margin is
under severe pressure. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
36/37 Damji Shyamji Industries Complex, Office Mahakali Caves Road, Andheri
(East), Mumbai – 400093, Maharashtra, India |
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Tel. No.: |
91-22-66963030 / 26874778 |
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Fax No.: |
91-22-26873613/ 28321273 |
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E-Mail : |
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Website : |
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Factory : |
Plot No. 231-236, Surat Special Economic Zone, Diamond Park, Sachin, Surat – 394230, Gujarat, India |
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Tel. No.: |
91-261-2398661 |
DIRECTORS
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Name : |
Mr. Chimanlal Tribhuvandas Doshi |
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Designation : |
Director |
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Address : |
93/94, Mahagiri Co-Operative Housing Society Limited, A C Road,
Kandivali (East), Mumbai – 400101, Maharashtra, India |
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Date of Birth/Age : |
20.01.1935 |
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Date of Appointment : |
28.03.2000 |
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Email : |
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Name : |
Mrs. Binita Hitesh Doshi |
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Designation : |
Director |
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Address : |
93/94, Mahagiri Co-Operative Housing Society Limited, A C Road,
Kandivali (East), Mumbai – 400101, Maharashtra, India |
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Date of Birth/Age : |
05.02.1971 |
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Date of Appointment : |
28.03.2000 |
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Name : |
Mr. Viren Chimanlal Doshi |
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Designation : |
Director |
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Address : |
94, 9th Floor, Mahagiri CHS, Ashok Chakvaraty Road,
Kandivali, Mumbai – 400101, Maharashtra, India |
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Date of Birth/Age : |
06.11.1968 |
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Date of Appointment : |
26.11.2007 |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
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No. of Shares |
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Chimanlal Tribhuvandas Doshi |
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5100 |
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Binita Hitesh Doshi |
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100 |
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Total |
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5200 |
(As on 31.03.2007)
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of PV Modules. |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
ASPM Building, J P Road No.2, Jayprakash Nagar, Goregaon (East) Mumbai
– 400063, Maharashtra, India |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
M. N. Sheth and Associates Chartered Accountant |
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Address : |
28, 2nd Floor, 47 Dr. Ambedkar Road, Velkar Lane, Kalba
Devi Road, Mumbai – 400002, Maharashtra, India |
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Joint Venture : |
Waaree Omntec Atg
Private Limited – Activity : Manufacturer Automatic Tank Gauging Systems for Retail Petroleum for OMNTEC, USA Nivelco
Instrumentation India Private Limited – Activity: Marketing and Assembling Level Transmitters and other Level Instruments for NIVELCO, Hungary.
Waaness Tech
Private Limited – Activity: Manufacturer of Pressure and Temperature Gauges for NESSTECH, Japan. Waaree Mm Petrotech
Private Limited. – Activity: Manufacturer of LPG and Oil Dispensers with MM Petrotech, Poland. |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.100/- each |
Rs.50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5200 |
Equity Shares |
Rs.100/- each |
Rs.0.520
Million |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.520 |
0.520 |
0.520 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(0.180) |
(0.008) |
(0.433) |
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NETWORTH |
0.340 |
0.512 |
0.087 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.500 |
0.565 |
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TOTAL BORROWING |
0.000 |
0.500 |
0.565 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
0.340 |
1.012 |
0.652 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.046 |
0.046 |
0.047 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
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0.000 |
0.093 |
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Sundry Debtors |
0.138
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0.641 |
0.605 |
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Cash & Bank Balances |
0.021
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0.021 |
0.005 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
0.219
|
0.843 |
0.779 |
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Total
Current Assets |
0.378
|
1.505 |
1.482 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
0.084
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0.539 |
0.692 |
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Provisions |
0.000
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0.000 |
0.185 |
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Total
Current Liabilities |
0.084
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0.539 |
0.877 |
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Net Current Assets |
0.294
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0.966 |
0.605 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
0.340 |
1.012 |
0.652 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
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0.085 |
4.041 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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0.085 |
4.041 |
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Profit/(Loss) Before Tax |
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(0.172) |
0.425 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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(0.172) |
0.425 |
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Expenditures : |
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Interests |
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0.008 |
0.008 |
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Other Expenditure |
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0.249 |
3.608 |
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Total Expenditure |
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0.257 |
3.616 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
(202.35)
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10.52 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
(202.35)
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10.52 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(40.57)
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27.40 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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(0.51)
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0.83 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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0.25
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2.03 |
16.57 |
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Current Ratio (Current Asset/Current Liability) |
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4.50
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2.79 |
1.69 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Corporate
identity number of the company |
U29248MH1990PTC059463 |
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Name of the
company |
WAAREE ENERGIES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
36, Damji Shyamji Industries Complex, Office Mahakali Caves Road,
Andheri (East), Mumbai – 400093, Maharashtra, India |
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This form is for |
Creation of Charge |
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Type of charge |
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Particular of
charge holder |
State Bank of
India Aspm Building, J
P Road, No.2, Jayaprakash Nagar, Goregaon (East), Mumbai – 400063,
Maharashtra, India |
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Nature of
instrument creating charge |
Agreement of
Hypothecation of Goods and assets Letter Regarding
the grant of Individual Limits within the overall Limit |
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Date of
instrument Creating the charge |
Rs.31.01.2008 |
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Amount secured by
the charge |
Rs.230.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: As would be
determined by the Bank from time to time. Terms of
Repayment: The Term Loan of
Rs.90.000 Millions will be payable by installment of Rs.1.500 Millions p. M.
+ Interests Commencing from October 2008. Margin: Raw Materials 25% Stock In
Process 33.33% Finished
Goods 33.33% Letter of Credit/
Bank Guarantee 20% Extent and
Operation of the charge: As per sanction
Terms and Conditions of the Bank Others: Demand Cash
Credit Rs.75.000 Millions Term Loan Rs.90.000 Millions Letter of Credit
(Import) Rs.50.000 Millions Bank Guarantee
Rs.15.000 Millions |
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Particulars of
the property charged |
A first charge by
way of hypothecation of borrower entire goods, Movables and other assets and
other assets present and future including documents of title to the goods and
other assets such as book debts outstanding monies receivable by way of cash
assistance and/ or cash incentives under the cash incentives scheme or any
other scheme claims including claims by way of refund of custms/ excise
duties under the duty drawback credit scheme of any other scheme. |
Website Details:
Profile:
Subject India is amongst one of
the largest producers of PV Modules. Manufacturing capacity of the company for
phase-I is 30 MW.
Manufacturing facility in India –
Surat, Gujarat built up area in phase 1 is 45,000 sq. ft.
Company produces solar modules upto
230 W capacities with best raw materials available in the world, manufacturing
process carried out in controlled environmental conditions with most automated
machineries imported from Europe.
World class products in compliance to international standards flexibility in
product selection with availability of different services like OEM
manufacturing, Contract manufacturing and customization in Products.
Subject wants to become one of most respected and preferred suppliers for solar
modules in near future.
”They are committed to reduce the dependence on heavily polluting fossil fuels
and providing an affordable, clean energy for future generations to live and
enjoy.”
“They constantly strive to ensure
that customer satisfaction pays for their company. They leave no stone unturned
in maintaining the quality standards to match up with their customer’s
requirement.”
News:
Waaree Energies Private Limited, a unit of Mumbai-based Waaree group has begun manufacturing photovoltaic solar modules in Surat SEZ in the Indian state of Gujarat.
The company said it recently installed automated production lines acquired from
Europe, with a capacity of 30 megawatts (MW) per year, during an initial
development phase.
Waaree Energies Private Limited, also said it has signed a long-term contract
for raw materials and is in the process of negotiating contracts for the
remainder of its raw material supplies.
The company is manufacturing solar modules from 5 watts to 230 watts. The
modules has been approved by TUV and Certified by IEC 61215 and IEC 61730-2.
Waaree is also in process of getting UL approval for its modules.
May 30, 2008
Mumbai, India: Waaree Group Opens Module
Manufacturing Plant
Mumbai based, Waaree
Group has diversified into the renewable energy segment through its new solar
energy activities. Group company, Waaree Energies Private Limited has started
manufacturing photovoltaic modules in Surat SEZ in the state of Gujarat.
The company has
recently installed automated production lines procured from Europe. In the
initial development phase, the plant capacity is 30 megawatts per annum. The
company concluded a long term raw material supply contract for a part of its
requirements and is in the process of negotiation for the balance of its
requirements.
Waaree Energies is
now offering wide range of solar modules from 5 watt to 230 watt. Waaree
Modules has been approved by TUV and Certified by IEC 61215 and IEC 61730-2. Waaree
is also in process of getting UL approval for its modules.
Waaree, founded in
1989, offers a broad range of products and services for process control
instrumentation and automation.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international anti-terrorism
laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.28 |
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UK Pound |
1 |
Rs.82.79 |
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Euro |
1 |
Rs.65.69 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
31 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|