MIRA
INFORM REPORT
|
Report Date : |
13.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
WAAREE ENERGIES PRIVATE LIMITED (w.e.f. 12.12.2007) |
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|
|
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Formerly Known
As : |
WAAREE ENERGIES PRIAVE LIMITED (w.e.f. 15.10.2007) WAAREE SOLAR PRIVATE LIMITED ANMOL FLUID CONNECTORS PRIVATE LIMITED |
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Registered
Office : |
602, 6th Floor, Western Edge – I, Western Express Highway, Borivali
(East), Mumbai – 400066, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
18.12.1990 |
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Com. Reg. No.: |
11-059463 |
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Capital
Investment / Paid-up Capital : |
Rs.250.000
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 Solar Panels. |
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|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
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 780000 |
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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 a part of ‘Waaree Group of Companies’. It is an established
company having moderate track record. The latest financials of the company
are not made available. As per previous year’s record, 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.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
LONG TERM RATING : CRISIL BB |
|
Rating Explanation |
Moderate risk of default |
|
Date |
31.07.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
SHORT TERM RATING : CRISIL 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.
INFORMATION DECLINED BY
|
Name : |
Mr. Vijay |
|
Designation : |
Accounts Department |
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Contact No.: |
91-22-66444444 |
|
Date : |
11.03.2013 |
LOCATIONS
|
Registered Office : |
602, 6th Floor, Western Edge – I, Western Express Highway, Borivali
(East), Mumbai – 400066, Maharashtra, India |
|
Tel. No.: |
91-22-66444444 |
|
Fax No.: |
91-22-66444400 |
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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 |
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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- Op Housing Society, |
|
Date of Birth/Age : |
22.02.1967 |
|
Date of Appointment : |
16.02.2007 |
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DIN No.: |
00293668 |
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|
|
|
Name : |
Mr. Viren Chimanlal 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 |
|
Date of Birth/Age : |
06.11.1968 |
|
Date of Appointment : |
26.11.2007 |
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DIN No.: |
00207121 |
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|
|
|
Name : |
Mr. Modesto Volpe |
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Designation : |
Director |
|
Address : |
Corso Mazzini, 61, Lodi-26900, |
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Date of Birth/Age : |
09.04.1955 |
|
Date of Appointment : |
27.04.2010 |
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DIN No.: |
02895190 |
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|
|
|
Name : |
Mr. Hitesh Pranjivan Mehta |
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Designation : |
Director |
|
Address : |
F-202, Krishna Residency, Near Dalmia College, Sundar Nagar, Malad
(West), Mumbai – 400064, Maharashtra, India
|
|
Date of Birth/Age : |
29.06.1965 |
|
Date of Appointment : |
01.04.2011 |
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DIN No.: |
00207506 |
KEY EXECUTIVES
|
Name : |
Mr. Vijay |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Chimanlal T. Doshi |
|
754347 |
|
Binita H. Doshi |
|
945500 |
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Pankaj C. Doshi HUF Rep. by Karta Mr. Pankaj C. Doshi |
|
2902436 |
|
Chimanlal Doshi HUF Rep. by Karta Mr. Chimanlal Doshi |
|
1568652 |
|
Bindiya K. Doshi |
|
7564298 |
|
KiritC. Doshi |
|
1330755 |
|
Viren C. Doshi |
|
2097354 |
|
Bina P. Doshi |
|
2135751 |
|
Hitesh C. Doshi HUF Rep. by Karta Mr. Hitesh C. Doshi |
|
1155685 |
|
Pankaj C. Doshi |
|
376080 |
|
Rasila C. Doshi |
|
7648982 |
|
VirenC Doshi HUF Rep. by Karta Mr. Viren C. Doshi |
|
2584615 |
|
MahavirThermoequip Private Limited |
|
32446928 |
|
Neepa V. Doshi |
|
1172687 |
|
V. T. Telemetica |
|
2400000 |
|
TejasJ. Mehta |
|
276500 |
|
Kirit C, Doshi HUF Rep. by Karta Mr. Kirit C. Doshi |
|
1076928 |
|
Patan Solar Private Limited |
|
6562500 |
|
Divya Parekh |
|
1 |
|
Jayesh D. Shah |
|
1 |
|
Total |
|
75000000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 29.09.2012
|
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 |
3.57 |
|
Bodies corporate |
52.01 |
|
Directors or relatives of Directors |
44.24 |
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Other top fifty shareholders |
0.18 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Solar Panels. |
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Products : |
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PRODUCTION STATUS
As on 31.03.2011
Installed Capacity
(Megawatts)
(Unit in Lacs MT)
|
Particulars |
As
on 31.03.2011 |
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|
Licensed Capacity |
N.A. |
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Installed Capacity |
30.00 |
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Actual Production |
11.75 |
GENERAL INFORMATION
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No. of Employees : |
Information declined by the management |
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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 Accountants |
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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 : |
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PAN No.: |
AALPS0461J |
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Related Parties
: |
· Surel Solar Private Limited · Aries Waaree Solar Private Limited · Mahavir Thermoequip Private Limited · Nivelco Instruments India Private Limited · Patan Solar Private Limited · Veer Techno Solutions Private Limited · Waaree Infrastructure Agri Tech Private Limited · Waaree Instruments Limited · Waaree Retails Private Limited · Waaree Oils Private Limited |
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 |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000000 |
Equity Shares |
Rs.10/- each |
Rs.750.000
Millions |
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AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
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|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
250.000 |
120.000 |
93.269 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
(54.774) |
(55.999) |
(29.423) |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
195.226 |
64.001 |
63.846 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
162.987 |
154.445 |
|
|
2] Unsecured Loans |
458.735 |
32.115 |
7.940 |
|
|
TOTAL BORROWING |
458.735 |
195.102 |
162.385 |
|
|
DEFERRED TAX LIABILITIES |
11.058 |
8.061 |
5.887 |
|
|
|
|
|
|
|
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TOTAL |
665.019 |
267.164 |
232.118 |
|
|
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APPLICATION OF FUNDS |
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|
|
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|
|
|
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FIXED ASSETS [Net Block] |
176.426 |
178.083 |
187.003 |
|
|
Capital work-in-progress |
1.295 |
4.989 |
0.000 |
|
|
|
|
|
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|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
198.865
|
47.924
|
50.937
|
|
|
Sundry Debtors |
194.424
|
58.873
|
13.188
|
|
|
Cash & Bank Balances |
11.760
|
1.358
|
8.361
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
129.282
|
25.858
|
14.229
|
|
Total
Current Assets |
534.331
|
134.013
|
86.715
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
36.073
|
40.876
|
41.197
|
|
|
Other Current Liabilities |
6.441
|
4.820
|
0.301
|
|
|
Provisions |
4.519
|
4.225
|
0.102
|
|
Total
Current Liabilities |
47.033
|
49.921
|
41.600
|
|
|
Net Current Assets |
487.298
|
84.092
|
45.115
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
665.019 |
267.164 |
232.118 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Turnover / Income |
1103.877 |
279.009 |
103.633 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
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TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
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|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
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TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
NA |
(14.257) |
(17.907) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
NA |
10.145 |
5.039 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
NA |
(24.402) |
(22.946) |
|
|
|
|
|
|
|
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|
Less |
TAX |
NA |
2.174 |
5.986 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
1.226 |
(26.576) |
(28.932) |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(55.999) |
(29.423) |
(0.491) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(54.773) |
55.999 |
(29.423) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
370.631 |
75.636 |
0.076 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
375.554 |
215.469 |
0.144 |
|
|
|
Stores & Spares |
0.000 |
0.000 |
0.000 |
|
|
|
Capital Goods |
0.000 |
0.000 |
0.080 |
|
|
TOTAL IMPORTS |
375.554 |
215.469 |
0.224 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.05 |
(2.21) |
(3.10) |
|
NOTE: THERE IS A TYPO ERROR IN THE 2011 ANNUAL REPORT.
THE DIRECTOR REPORT CONTAINS ALL THE DETAILS PERTAINING TO 2010
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
(8.75)
|
(22.14)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
(7.82)
|
(8.38)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
(0.38)
|
(0.35)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.35
|
3.05
|
2.54
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
11.36
|
2.68
|
2.08
|
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry
Creditors |
|
|
|
|
- Due others |
36.073
|
40.876
|
41.197
|
|
Total
|
36.073 |
40.876 |
41.197 |
|
Sr. No. |
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
No |
|
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 |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
DETAILS OF UNSECURED LOANS
(Rs. In Millions)
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
Working Capital
Loan from Others |
458.735 |
32.115 |
|
Total |
458.735 |
32.115 |
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.
OPERATIONS
The Company was established for generation and distribution of Renewal Energies During the period the company achieved a sale turnover of Rs.1103.877 Millions and earned profit of Rs.1.225 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.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
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 |
602, 6th Floor, Western
Edge – I, Western Express Highway, Borivali (East), Mumbai – 400066,
Maharashtra, India E-mail Id : pratikshah@waaree.com |
|
This form is for |
Modification of charge |
|
Charge identification
(ID) number of the charge to be modified |
10322772 |
|
Type of charge |
Immovable
property Book
debts Movable
property (not being pledge) Others
(Stocks, Plant & Machineries and all Current Assets) |
|
Particular of
charge holder |
State Bank of
India, Jayprakash Nagar, ASPM Building, J P Road, Goregaon (East), Mumbai
400063, Maharashtra, India E-mail Id : sbifmd@bom8.vsnl.net.in |
|
Nature of
instrument creating charge |
(1) Supplemental
Agreement of Loan Cum Hypothecation dated 03.11.2012; and (2) Memorandum
for Recording Extension of Mortgage by Deposit of Title Deeds dated
03.11.2012; (3) Letter of
Arrangement dated 03.11.2012; (4) Guarantee
Agreement dated 03.11.2012. ALL CONSTITUTIG
SINGLE CHARGE. |
|
Date of
instrument Creating the charge |
03.11.2012 |
|
Amount secured by
the charge |
Rs.1000.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest CC /WCDL /BD :
12.75 % LC / BG : 12.75 %
(Card Rate) and such other
rate as agreed with the bank from time to time. Terms of
Repayment Repayable on
demand. Margin CC : 25% on RM,
40% on SIP, 33.33% on FG, 40% on receivables, 20% on LC, 20% on BG. and such other margin
as agreed with the bank from time to time. Extent and
Operation of the charge First Charge
ranking pari passu on entire Current Assets of company present and future,
Plant and Machinery and Immovable properties as mentioned in mortgage deed. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Entire Current
Assets of the Company Present and Future, Plant and Machinery of the Company. Equitable
Mortgage on Plot No. 231-236, Surat SEZ, Diamond Park, Sachin, Surat 394 230
owned by Company. TDR owned by the
Company. Equitable
Mortgage on Flat 131, Mahagiri CHSL, A. C. Road, Kandivali (East), Mumbai 400
101 owned by Pankaj Doshi. Equitable
Mortgage on Flat 132, Mahagiri CHSL, A. C. Road, Kandivali (East), Mumbai 400
101 owned by Bina Doshi. |
|
Date of
instrument modifying the charge |
23.11.2011 |
|
Particulars of
the present modification |
Total Credit
Limit has been Enhanced from Rs.700.000 Millions to Rs.1000.000 Millions. (Increase in Fund
Based Limit by Rs.150.000 Millions and Increase in Non Fund Based Limit by
Rs.150.000 Millions) |
FIXED ASSETS:
- Buildings
- Electrical
Installation
- Computer and
Printers
- Office
Equipment
- Furniture and
Fittings
- Plant and
Machinery
- Motor Car
PRESS RELEASE:
WAAREE EMBARKS ON THE
NEW YEAR BAGGING A 5 MW PROJECT FROM FRIENDS GROUP
JANUARY, 2013
WAAREE Energies, one of India’s leading solar
power developer and turnkey solution expert, has won a major contract of 5 MW
Project from Gujarat based company “Friends Salt works and Allied Industries ”
WAAREE will be setting up the Solar Photovoltaic power plant at Village Bid
Pipalya, Susner, Madhya Pradesh. WAAREE’s scope of the work envisages design,
manufacture, supply, installation, operation and maintenance of the solar power
plant. Significantly, WAAREE is utilizing the all so popular WAAREE
Polycrystalline Solar Panels for this power plant, known for their durability
and longevity manufactured at their avant-garde 110 MW automated production
facility at Surat(SEZ) A very pleased Mr. Hitesh Doshi, Chairman WAAREE Group
said “This project has reinforced our growth momentum as we enter 2013 and
strengthened WAAREE Energies ability to secure and execute mega-scale solar
power projects that provide substantial tax benefits and end-user savings while
considerably lowering carbon footprint. We feel extremely proud to provide such
remarkable economic and environmental benefits to our stakeholders.”
WAAREE Energies Private Limited is one of
India’s most diversified and fastest growing solar power solution 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. 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.54.34 |
|
|
1 |
Rs.80.90 |
|
Euro |
1 |
Rs.70.73 |
INFORMATION DETAILS
|
Information Gathered
by : |
PLK |
|
|
|
|
Report Prepared
by : |
BSN |
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 |
YES |
|
--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.