MIRA
INFORM REPORT
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Report Date : |
23.09.2011 |
IDENTIFICATION DETAILS
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Name : |
WAAREE ENERGIES PRIVATE LIMITED (w.e.f. 12.12.2007) |
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Formerly Known
As : |
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Registered
Office : |
36/37 Damji Shyamji Industrial Complex, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
18.12.1990 |
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Com. Reg. No.: |
11-59463 |
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Capital
Investment / Paid-up Capital : |
Rs.120.000
millions |
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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. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 260000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
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NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
36/37 Damji Shyamji Industrial Complex, |
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Tel. No.: |
91-22-66963030 / 26874778 |
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Fax No.: |
91-22-26873613 |
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E-Mail : |
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Website : |
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Factory : |
Plot No. 231-236, |
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Tel. No.: |
91-261-2398661 |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Hitesh C. Doshi |
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Designation : |
Director |
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Address : |
93/94, Mahagiri Co- Op Housing Society, |
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Date of Birth/Age : |
22.02.1967 |
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Date of Appointment : |
16.02.2007 |
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Name : |
Mr. Viren C. Doshi |
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Designation : |
Director |
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Address : |
93, 9th Floor, Mahagiri Co- Op Housing Society, Ashok
Chakvarty Road, Kandivali, Mumbai-400 101, 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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Name : |
Mr. Modesto Volpe |
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Designation : |
Director |
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Address : |
Corso Mazzini, 61, Lodi-26900, |
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Date of Birth/Age : |
09.04.1955 |
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Date of Appointment : |
27.04.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Mahavir Thermoequip Private Limited |
3446929 |
|
V. T. Telemetica |
2400000 |
|
Tejas Mehta |
138050 |
|
Vaishal Shah |
138450 |
|
Chimanlal Doshi HUF |
396956 |
|
Binita Doshi |
578260 |
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Chimanlal T Doshi |
754347 |
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Bindiya Doshi |
452200 |
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Blna Doshi |
665220 |
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Viren C. Doshi HUF |
389200 |
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Pankaj C. Doshi HUF |
458700 |
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Hitesh C. Doshi HUF |
554500 |
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Kirit C. Doshi HUF |
120000 |
|
Rasila C. Doshi |
537187 |
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Kirit C. Doshi |
250000 |
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Viren C. Doshi |
120000 |
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Neepa V. Doshi |
300000 |
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Pankaj C. Doshi |
300000 |
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Kumudini Shashikant Pathare |
1 |
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Total |
12000000 |
AS ON 30.09.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
22.30 |
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Bodies corporate |
28.72 |
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Directors or relatives of Directors |
48.98 |
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Total |
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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Suppliers : |
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Bankers : |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
M Chartered Accountant |
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Address : |
Office No. 28, 2nd Floor, 47, Dr. M B Velkar Lane, Kalbadevi
Road, Mumbai 400002, Maharashtra, India |
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Tel. No.: |
91-22-22091709 |
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Fax No.: |
91-22-22091709 |
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E-Mail : |
CAPITAL STRUCTURE
AS ON 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 millions
|
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
120.000 |
93.269 |
55.420 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
(56.009) |
(29.423) |
(0.491) |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
63.991 |
63.846 |
54.929 |
|
|
LOAN FUNDS |
|
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1] Secured Loans |
162.987 |
154.445 |
12.351 |
|
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2] Unsecured Loans |
32.115 |
7.940 |
11.713 |
|
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TOTAL BORROWING |
195.102 |
162.385 |
24.064 |
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DEFERRED TAX LIABILITIES |
8.061 |
5.887 |
0.000 |
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TOTAL |
267.154 |
232.118 |
78.993 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
183.072 |
187.003 |
0.108 |
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Capital work-in-progress |
0.000 |
0.000 |
55.262 |
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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 |
47.924
|
50.937
|
1.242 |
|
|
Sundry Debtors |
61.468
|
13.188
|
0.175 |
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|
Cash & Bank Balances |
1.359
|
8.361
|
1.572 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
25.895
|
14.229
|
22.243 |
|
Total
Current Assets |
136.646
|
86.715
|
25.232 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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Sundry Creditors |
47.521
|
41.197
|
1.290 |
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Other Current Liabilities |
5.039
|
0.301
|
0.314 |
|
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Provisions |
0.004
|
0.102
|
0.005 |
|
Total
Current Liabilities |
52.564
|
41.600
|
1.609 |
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Net Current Assets |
84.082
|
45.115
|
23.623 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
267.154 |
232.118 |
78.993 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
279.009 |
103.633 |
2.628 |
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Other Income |
NA |
7.709 |
0.010 |
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TOTAL (A) |
NA |
111.342 |
2.638 |
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
105.912 |
0.000 |
|
|
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Manufacturing Expenses |
|
0.000 |
2.426 |
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Employees Remuneration |
|
0.000 |
0.241 |
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Administrative Expenses |
|
23.337 |
0.265 |
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TOTAL (B) |
NA |
|
2.932 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
Including |
Including |
(0.294) |
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|
Financial |
Financial |
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|
Less |
FINANCIAL
EXPENSES (D) |
Expense |
Expense |
0.005 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(14.257) |
(17.907) |
(0.299) |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
10.145 |
5.039 |
0.007 |
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PROFIT BEFORE
TAX (E-F) (G) |
(24.402) |
(22.946) |
(0.306) |
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Less |
TAX (H) |
2.174 |
5.986 |
0.006 |
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PROFIT AFTER TAX
(G-H) (I) |
(26.576) |
(28.932) |
(0.312) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
29.423 |
(0.491) |
(0.179) |
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BALANCE CARRIED
TO THE B/S |
55.999 |
(29.423) |
(0.491) |
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EARNINGS IN
FOREIGN CURRENCY |
0.237 |
0.076 |
0.000 |
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IMPORTS |
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Raw Materials |
0.214 |
0.144 |
0.000 |
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Stores & Spares |
0.001 |
0.000 |
0.000 |
|
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Capital Goods |
0.000 |
0.080 |
0.000 |
|
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TOTAL IMPORTS |
0.215 |
0.224 |
0.000 |
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Earnings Per
Share (Rs.) |
(2.22) |
(3.10) |
(0.94) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA
|
(25.98)
|
(11.82)
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
(8.75)
|
(22.14)
|
(11.64)
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Return on Total Assets (PBT/Total Assets} |
(%) |
(7.63)
|
(8.38)
|
(1.20)
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Return on Investment (ROI) (PBT/Networth) |
|
(0.38)
|
(0.35)
|
(0.01) |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.87
|
3.28
|
0.46 |
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|
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|
Current Ratio (Current Asset/Current Liability) |
|
2.60
|
2.08
|
15.68 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS
The Company was
established for generation and distribution of Renewal Energies During the period
under review the company achieved a sale turnover of Rs.279.009 millions and
incurred a loss of Rs.26.576 millions after tax. The prospects of the Company
are bright and it expects to achieve a healthy turnover in the current year.
The Director has followed Company Laws, Rules and Regulations and Accounting
Standards from ICAI, as amended from time to time, for maintaining Books of
Accounts.
Form 8:
|
Corporate
identity number of the company |
U29248MH1990PTC059463 |
|
Name of the
company |
WAAREE ENERGIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
36, Damji Shyamji Industries Complex, |
|
This form is for |
Creation of
Charge |
|
Type of charge |
|
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Particular of
charge holder |
State Bank of |
|
Nature of
instrument creating charge |
Agreement of
Hypothecation of Goods and assets Letter Regarding
the grant of Individual Limits within the overall Limit |
|
Date of instrument
Creating the charge |
Rs.31.01.2008 |
|
Amount secured by
the charge |
Rs.230.000
Millions |
|
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 |
|
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. |
|
Corporate
identity number of the company |
U29248MH1990PTC059463 |
|
Name of the
company |
WAAREE ENERGIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
36/37 Damji Shyamji Industrial Complex, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property |
|
Particular of charge
holder |
State Bank of Email: kamalax_saraf@hotmail.com |
|
Nature of
instrument creating charge |
No
instrument. Memorandum of deposit for
creation of further charge for term loan overall limit where the initial
charge is created by way of mortgage by deposit of title deeds |
|
Date of
instrument Creating the charge |
01.08.2009 |
|
Amount secured by
the charge |
Rs. 310.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest As per sanction
terms Terms of repayment As per sanction
terms Margin As per sanction
terms |
|
Short particulars
of the property charged (Including location of the property) |
A first charge by
way of hypothecation of the borrowers entire goods, movables and other assets
present and future including documents of title to goods and other assets,
such as bookdebts outstanding Moneys, receivables, including receivables by
way of cash assistance and/or cash incentives under the cash incentive scheme
or any other scheme, claims including claims by way of refund of customs,
Excise duties under the duty drawback credit scheme, or any other scheme. |
|
Date of
instrument modifying the charge |
08.07.2009 |
|
Particulars of
the present modification |
The original
charge was created on 31.1.2008 for Rs.230 millions. 1stly modified on 15.5.2008
by giving an addl. Security. 2ndly modified on 8.7.2009 for Rs.310
millions. Now by the present modify.
Dt.1.8.2009 co. Offered security by way of an equitable mortgage. By deposit
of title deeds over the immovable property To secure its extended credit
facilities of Rs.310 millions. immovable property. Such as: plot no.231 to
236, |
FIXED ASSETS:
- Buildings
- Electrical
Installation
- Computer and
Printers
- Office
Equipment
- Furniture and
Fittings
- Plant and
Machinery
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records 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.48.82 |
|
|
1 |
Rs.75.48 |
|
Euro |
1 |
Rs.66.10 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.