|
Report Date : |
02.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
WAAREE ENERGIES LIMITED |
|
|
|
|
Formerly Known
As : |
WAAREE ENERGIES PRIVATE LIMITED (w.e.f. 12.12.2007) WAAREE ENERGIES PRIAVE LIMITED (w.e.f. 15.10.2007) WAAREE SOLAR PRIVATE LIMITED (w.e.f. 25.04.2007) ANMOL FLUID CONNECTORS PRIVATE LIMITED |
|
|
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|
Registered
Office : |
602, 6th Floor, Western Edge - I, Western Express Highway,
Borivali (East), Mumbai – 400 066, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
18.12.1990 |
|
|
|
|
Com. Reg. No.: |
11-059463 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.750.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29248MH1990PTC059463 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA09380A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACA4043J |
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|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturing and Trading of Solar Photovoltaic Modules. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (35) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 3420000 |
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|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow but correct |
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|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a part of ‘Waaree Group of Companies’. It is an established
company having a moderate track record. Management has failed to file the latest financial of 2013 with the
government department. As per the available financial of 2012, the company has shown better
improvement in its performance by earning better profits and thereby wiping
off its accumulated losses. However, the ratings also take into consideration
the healthy capital structure maintained by the management. Trade relations
are fair. Business is active. Payments are reported to be slow but correct. In view of long standing experience of the promoters, the subject can
be considered for business dealings with some caution. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says the
latest India Development Update report released by the World Bank. The report
says that the adverse effects of rupee depreciation are likely to be offset by
the gains in the exports performance due to improved external competitiveness.
Since May this year, the local currency has depreciated substantially and fell
to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from January
1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a
119 year old registration. The Securities and Exchange Board of India has
approved the trading of currency futures on the Bombay Stock Exchange. The
exchange plans to launch the currency futures platform with advanced trading
technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating: BB |
|
Rating Explanation |
Moderate risk of default |
|
Date |
31.07.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating: A4+ |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk |
|
Date |
31.07.2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office/ Head Office : |
602, 6th Floor, Western Edge - I, Western Express Highway,
Borivali (East), Mumbai – 400 066, Maharashtra, India |
|
Tel. No.: |
91-22-66444444 |
|
Fax No.: |
91-22-66444400 |
|
E-Mail : |
|
|
Website : |
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|
|
|
|
Factory : |
Plot No.231-236, Surat Special Economic
Zone, Diamond Park, Sachin, Surat – 394 230, Gujarat, India |
|
Tel. No.: |
91-261-2398661 |
|
|
|
|
Branch Office : |
Located at: · Delhi · Chennai · Kolkata · Gujarat |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Hitesh Chimanlal Doshi |
|
Designation : |
Director |
|
Address : |
93/94, Mahagiri Co-Operative Housing Society, Ashok Chakravarty Road,
Kandivali (East), Mumbai - 400 101, Maharashtra, India |
|
Date of Birth/Age : |
22.02.1967 |
|
Date of Appointment : |
16.02.2007 |
|
DIN No.: |
00293668 |
|
PAN No.: |
AABPD0625P |
|
|
|
|
Name : |
Mr. Viren Chimanlal Doshi |
|
Designation : |
Director |
|
Address : |
93/94, Mahagiri Co-Operative Housing Society, Ashok Chakravarty Road,
Kandivali (East), Mumbai - 400 101, Maharashtra, India |
|
Date of Birth/Age : |
06.11.1968 |
|
Date of Appointment : |
26.11.2007 |
|
DIN No.: |
00207121 |
|
PAN No.: |
AABPD0626Q |
|
|
|
|
Name : |
Mr. Modesto Volpe |
|
Designation : |
Director |
|
Address : |
Corso Mazzini, 61, Lodi-26900, Italy |
|
Date of Birth/Age : |
09.04.1955 |
|
Date of Appointment : |
30.09.2010 |
|
DIN No.: |
02895190 |
|
|
|
|
Name : |
Mr. Hitesh Pranjivan Mehta |
|
Designation : |
Director |
|
Address : |
F-202, Krishna Residency, Near Dalmia College, Sundar Nagar, Malad
(West), Mumbai – 400 064, Maharashtra, India |
|
Date of Birth/Age : |
29.06.1965 |
|
Date of Appointment : |
01.04.2011 |
|
DIN No.: |
00207506 |
|
PAN No.: |
AAEPM2214J |
|
|
|
|
Name : |
Mr. Kirit Doshi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr Ajay Jain |
|
Designation : |
Executive Director - Operations |
|
|
|
|
Name : |
Mr. Mayank Shah |
|
Designation : |
Executive Director Finance |
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|
|
|
Name : |
Mr. Abhimanyu Dhaigude |
|
Designation : |
Executive Director -Human Resources |
|
|
|
|
Name : |
Mr. Riaz Naqvi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ajoy Nair |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Navratan Katariya |
|
Designation : |
Director- MW Business |
KEY EXECUTIVES
|
Name : |
Mr. Vishal Ralli |
|
Designation : |
CFO – Bonetti Waaree |
|
|
|
|
Name : |
Mr. Shaibal Ghosh |
|
Designation : |
President International Business |
|
|
|
|
Name : |
Mr. Uday Dharia |
|
Designation : |
VP Product Development |
|
|
|
|
Name : |
Mr. DK Gupta |
|
Designation : |
President Engineering |
|
|
|
|
Name : |
Mr. JP Gupta |
|
Designation : |
Vice President Engineering |
|
|
|
|
Name : |
Mr.Shashi Shankar Naik |
|
Designation : |
President- Solar Pumps |
|
|
|
|
Name : |
Mr. Pralhad Kulkarni |
|
Designation : |
Vice President -Operations |
|
|
|
|
Name : |
Mr. Nikunj Shukla |
|
Designation : |
Vice President- Solar Thermal |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
No. of Shares |
|
Chimanlal T. Doshi |
754347 |
|
Binita H. Doshi |
945500 |
|
Pankaj C. Doshi HUF Rep. by Karta Pankaj C. Doshi |
2902436 |
|
Chimanlal Doshi HUF Rep. by Karta Chimanlal Doshi |
1568652 |
|
Bindiya K. Doshi |
7564298 |
|
Kirit C. Doshi |
1330755 |
|
Viren C. Doshi |
2097354 |
|
Bina P. Doshi |
2135751 |
|
Hitesh C. Doshi HUF Rep. by Karta Hitesh C. Doshi |
1155685 |
|
Pankaj C. Doshi |
376080 |
|
Rasila C. Doshi |
7648982 |
|
Viren C. Doshi HUF Rep. by Karta Viren C. Doshi |
2584615 |
|
Mahavir Thermoequip Private Limited, India |
32446928 |
|
Neepa V. Doshi |
1172687 |
|
V.T. Telemetica, Italy |
2400000 |
|
Tejas J. Mehta |
276500 |
|
Kirit C, Doshi HUF Rep. by Karta Kirit C. Doshi |
1076928 |
|
Patan Solar Private Limited, India |
6562500 |
|
Divya Parekh |
1 |
|
Jayesh D. Shah |
1 |
|
Total
|
75000000 |
As on 29.09.2012
Equity Share Breakup
|
Particulars |
Percentage of Holding |
|
Category |
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
3.57 |
|
Bodies
corporate |
52.01 |
|
Directors
or relatives of directors |
44.24 |
|
Other
top fifty shareholders |
0.18 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Trading of Solar Photovoltaic Modules. |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
Installed Capacity
(Megawatts)
(Unit
in Lacs MT)
|
Particulars |
2010-11 |
|
Licensed Capacity |
N.A. |
|
Installed Capacity |
30.00 |
|
Actual Production |
11.75 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
|
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|
||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
- |
|
|
|
|
Auditors : |
|
|
Name : |
Singrodia and
Goyal and Company Chartered Accountants |
|
Address : |
4A, Kaledonia
HDIL, 2nd Floor, Sahar Road, Near Andheri Station, Andheri (East),
Mumbai - 400 069, Maharashtra, India |
|
PAN No.: |
AAAFS7106D |
|
|
|
|
Subsidiary
Company : |
Blue Rays Solar
Private Limited, India (CIN No.: U40106MH2010PTC208561) |
|
|
|
|
Enterprises which are owned, or have significant influence
of or are partners with Key management : personnel and
their relatives |
·
Patan Solar Private Limited (CIN No.:
U40102MH2010PTC206704) ·
Waaree Oils Private Limited, India (CIN No.:
U11100MH2008PTC183254) ·
Mahavir Thermoequip, India ·
Mahavir Thermoequip Private Limited, India (CIN
No.: U33120MH1994PTC076496) ·
OMNTEC Waaree ATG Private Limited, India (CIN
No.: U29253MH2007PTC166988) ·
Bonetti Waaree India Private Limited, India (CIN
No.: U51109MH2009PTC189836) ·
Waarev Sensors Private Limited, India (CIN No.:
U29219MH2006PTC163370) ·
Waaree Retails Private Limited, India (CIN No.:
U31900MH2007PTC171987) ·
Waaree Industries Private Limited, India (CIN
No.: U40106MH2010PTC208323) ·
Sunbless Solar Private Limited, India (CIN No.:
U40106MH2010PTC205911) ·
Waaree Infrastructure and Agritech Private
Limited, India (CIN No.: U32109MH1998PTC116358) ·
Greentech Power Private Limited, India (CIN No.:
U74999HR2010PTC047509) ·
Baumer Technologies India Private Limited, India
(CIN No.: U29299MH1989PTC050808) |
CAPITAL STRUCTURE
As on 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs.10/- each |
Rs.1000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000000 |
Equity Shares |
Rs.10/- each |
Rs.750.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
750.000 |
250.000 |
|
(b) Reserves & Surplus |
|
105.190 |
(54.774) |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
855.190 |
195.226 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
14.517 |
11.058 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
15.977 |
0.000 |
|
Total Non-current Liabilities (3) |
|
30.494 |
11.058 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
288.203 |
461.567 |
|
(b) Trade payables |
|
295.071 |
36.073 |
|
(c) Other current
liabilities |
|
133.682 |
12.447 |
|
(d) Short-term provisions |
|
12.848 |
1.675 |
|
Total Current Liabilities (4) |
|
729.804 |
511.762 |
|
|
|
|
|
|
TOTAL |
|
1615.488 |
718.046 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
220.866 |
176.333 |
|
(ii) Intangible Assets |
|
0.094 |
0.093 |
|
(iii) Capital
work-in-progress |
|
0.000 |
1.295 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
117.740 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
13.276 |
3.287 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
351.976 |
181.008 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
286.744 |
198.865 |
|
(c) Trade receivables |
|
635.579 |
194.424 |
|
(d) Cash and cash
equivalents |
|
110.443 |
37.988 |
|
(e) Short-term loans and
advances |
|
154.764 |
6.081 |
|
(f) Other current assets |
|
75.982 |
99.680 |
|
Total Current Assets |
|
1263.512 |
537.038 |
|
|
|
|
|
|
TOTAL |
|
1615.488 |
718.046 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
120.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
(55.999) |
|
|
NETWORTH |
|
|
64.001 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
162.987 |
|
|
2] Unsecured Loans |
|
|
32.115 |
|
|
TOTAL BORROWING |
|
|
195.102 |
|
|
DEFERRED TAX LIABILITIES |
|
|
8.061 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
267.164 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
178.083 |
|
|
Capital work-in-progress |
|
|
4.989 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
47.924
|
|
|
Sundry Debtors |
|
|
58.873
|
|
|
Cash & Bank Balances |
|
|
1.359
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
25.858
|
|
Total
Current Assets |
|
|
134.014
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
40.877
|
|
|
Other Current Liabilities |
|
|
4.820
|
|
|
Provisions |
|
|
4.225
|
|
Total
Current Liabilities |
|
|
49.922
|
|
|
Net Current Assets |
|
|
84.092
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
267.164 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income (Gross Revenue) |
2392.353 |
1103.877 |
279.009 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
212.522 |
NA |
(14.257) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
11.178 |
NA |
10.145 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
201.344 |
NA |
(24.402) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
41.380 |
NA |
2.174 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
159.964 |
1.226 |
(26.576) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
NA |
(55.999) |
(29.423) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
(55.999) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
186.713 |
370.631 |
75.636 |
|
|
|
|
|
|
|
|
|
|
IMPORT VALUE |
NA |
375.554 |
215.469 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
4.04 |
0.09 |
(2.21) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA
|
(8.75)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.56
|
NA
|
(7.82)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
NA
|
(0.38)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.34
|
2.36
|
3.05
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.79
|
10.76
|
2.68
|
LOCAL AGENCY FURTHER INFORMATION
|
Check
List by Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if
applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
|
31)
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32)
PAN of Proprietor/Partner/Director, if available |
Yes |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
Yes |
UNSECURED LOANS:
|
Particulars |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
SHORT-TERM BORROWINGS |
|
|
|
Loans and advances from others |
80.003 |
460.860 |
|
Other loans and advances |
5.697 |
0.707 |
|
Total |
85.700 |
461.567 |
NOTE:
The registered office address of the company has been shifted from
36/37, Damji Shyamji Industrial Complex, Mahakali Caves Road, Andheri (East),
Mumbai - 400 093, Maharashtra, India” to the present address w.e.f. 01.10.2011.
INDEX CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10322772 |
03/11/2012 * |
1,000,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH , S.V.ROAD,
MALAD (WEST), MUMBAI, Maharashtra - 400064, INDIA |
B62873781 |
* Date of charge
modification
FINANCIAL RESULTS:
The Company has earned
gross revenue of Rs.2392.353 millions and earned profit of Rs.159.964 millions
after making provision for current years taxation of Rs.41.380 millions and
provision for depreciation of Rs.11.178 millions.
CONTINGENT
LIABILITIES
|
Particulars |
31.03.2012 (Rs.
in Millions) |
|
Claims against the Company not acknowledged as debts: |
7.881 |
|
Guarantee given by Bank on behalf of the Company |
84.861 |
|
Letter of Credit Outstanding |
277.345 |
|
Total |
370.087 |
FIXED ASSETS:
·
·
·
Buildings
·
Electrical Installation
·
Computer and Printers
·
Office Equipment
·
Furniture and Fittings
·
Plant and Machinery
·
Motor Car
PRESS RELEASE:
Waaree
Energies completes solar power project execution in record time in MP
October 21, 2013
Mumbai: Waaree Energies, one of India’s leading
innovative solar solution companies, has successfully executed the installation
of a 1 MW power plant for Navi Mumbai-based Neel Properties in Susner, Madhya Pradesh
in a record time of 24 days.
The work on the plant started on September 5 this year and was commissioned on September 29, making it one of the fastest project executions in the solar power space till date. The project employed 3,920 modules of the 280Wp Poly Crystalline WS Series of Waaree Make.
Mr. Hitesh Doshi, CMD, Waaree Group commented, “We are delighted at our achievement of executing this project for Neel Properties in such a short period of time, without compromising on quality and excellence. This was no mean feat and bears testimony to the growing efficiency of our technology and manpower as one of the frontrunners in the Indian solar industry. We hope that this accomplishment motivates all of us to scale greater heights and helps in building more confidence and long-term engagements with new and existing clients.”
WAAREE Energies Limited is a fast growing, innovative and dynamic company with its key offering of comprehensive EPC services for setting up solar PV power plants, backed by their experience in executing over 100 MW of solar PV EPC contracts across India. The other offerings include solar street lights, home lighting solutions, solar water pumps, water heating solutions, solar portable kits etc. With 110 MW PV Module manufacturing capacity per year and a rich experience in the solar industry, the company has recently diversified into Solar Thermal too.
Waaree Energies
Launches the WS- 400 Wp PV Module in India
October 7, 2013
One of India’s leading innovative solar solution companies, Waaree
Energies Ltd launches the WS-400 Wp PV Module. As the first of its kind single
product in India, the WS-400 brings highest efficiency of 18.85% as well as
power in the module industry.
The Waaree WS-400 Wp module is set to optimise solar power plant
projects and revolutionise the module industry by generating more power per
panel surface area. Besides, it will reduce solar site area requirement and
ensure shorter construction time-frame. It means less cabling & surfacing
and lesser quantity of fixing clips in total thus bringing down the overall
cost of the solar power installation. This product comes with a 5 year long
warranty and promises 90% power for a duration of 10 years with a mere 10%
deficit for 20 years.
Mr. Hitesh Doshi, CMD, Waaree group commented, “We take immense pride in
being the first company in India to be launching a PV module that is set to
take the industry by storm. With this product, we are setting a precedent for
future developments in this sector. This is testimony to Waaree Energies’
commitment to innovation and our existing expertise in the solar industry.”
WAAREE Energies Ltd is a fast growing, innovative and dynamic company
with its key offering of comprehensive EPC services for setting up solar PV
power plants, backed by their experience in executing over 100 MW of solar PV
EPC contracts across India. The other offerings include solar street lights,
home lighting solutions, solar water pumps, water heating solutions, solar
portable kits etc. With 250 MW PV Module manufacturing capacity per year and a
rich experience in the solar industry, the company has recently diversified
into Solar Thermal too.
About Waaree
Group:
WAAREE is one of India's leading “multi-technology” companies,
headquartered in Mumbai. Founded in 1989, Waaree successfully developed cutting
edge technologies to become one of the most preferred brands in the field of
instrumentation. The company major business lines are solar energy, industrial
valves, petroleum equipment and process control instrumentation. Over the
years, WAAREE has rapidly expanded, combining organic growth with selective
acquisition policies. The primary objective is to create presences both
commercial and technologically advanced in areas of industrial development in the
world. Waaree has a presence in over 68 countries.
Waaree Commissions Numerous EPC Projects and Bags Orders
Totaling 82 MW
June 5, 2013
Mumbai: Subject has successfully commissioned some major projects recently such as a 5 MW solar power plant for Friends Salt works and Allied Industries at Susner, Madhya Pradesh, a 5 MW SPV plant for Taxus Infrastructure at Kutch, Gujarat and another 5 MW for Avatar Solar at Patan, Gujarat. Of late, Waaree has bagged turnkey orders for design, engineering, supply, installation and commissioning of solar photovoltaic power plants totaling to a massive 82 MW coming up in states of Madhya Pradesh, Maharashtra and Rajasthan, thus proving its dominance in the Solar EPC sphere. To match up to the PV module requirements for these projects, Waaree has increased its PV module manufacturing capacity at its plant in Surat, from 110 MW to 250 MW, to be rolled out by July '13.
Waaree has also executed scalable number of EPC off-grid/KW projects such as powering the the SV-01 station and SV-07 station on the Bina Kota Pipe Line of BPCL, to power up 7 stations in totality.
A first ever on-grid 100KWp Roof Top Solar power plant commissioned at Science Center in Surat City, a 25 KW system slant roof installation commissioned for Urja Vikas Bhavan, Bhimtal and another 25 KW system for Uttarakhand Renewable Energy Development Agency (UREDA) at Pithoragarh, Uttaranchal. Waaree has also bagged a turnkey EPC order of a SPV plant including supply and fitting of LED lighting fixtures in 126 jails in Madhya Pradesh aggregating to 305 KWp, which exhibits Waaree's versatile offerings in the solar energy field.
About Waaree
Energies Limited
Subject is one of India's most diversified and fastest growing solar energy solutions company, a part of the consortium of Waaree Group established in 1989, India's premier multi-diverse technology group having its forte in multifarious verticals such as solar energy, industrial valves, petroleum equipment's and process control instrumentation. With a large distribution network spread across the country and a global presence in 68 countries, Waaree's presence is rapidly expanding. Beyond the financials, Waaree has a vision to utilize renewable solar energy for a sustainable future of our planet.
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 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 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.61.50 |
|
|
1 |
Rs.99.49 |
|
Euro |
1 |
Rs.84.88 |
INFORMATION DETAILS
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
35 |
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.