|
Report Date : |
29.10.2013 |
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 |
|
|
|
|
Registered
Office : |
602, 6th Floor, Western Edge - I, |
|
|
|
|
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 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing and Trading of Solar Photovoltaic Modules. |
|
|
|
|
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 |
|
|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
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. The company has shown better
improvement in its performance by earning better profits and thereby wiping
off its accumulated losses during 2012. Trade relations are reported as fair.
Business is active. Payments are reported to be slow but correct. 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.
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 finance ministry
has started preparations for Budget 2014/15. With general elections scheduled
to be held by May next year, there will only be an interim budget. The new
government will present the fiscal Budget.
The Supreme Court
has barred clinical trials for new drugs till a monitoring mechanism is put in
place to protect the lives of people on which the drugs are tested.
Mumbai has been named
the world’s second most honest city according to a survey on 15 cities
worldwide by Readers’ Digest magazine. Finnish capital
3.7 % Growth of the
core sector in August, a seven month high. This takes the overall growth in
April-August this year to 2.3 % compared with 6.3 % in the corresponding period
next financial year.
$19 million
Estimated average spending by companies across the globe including India, on
social media this year, according to a global study by information technology
major Tata Consultancy Services. This will rise to $ 24 million in 2015.
Rising inflation,
fewer employment avenues and dwindling earnings are taking a toll on the
spending capacity in India. Over 72 % respondents from middle and lower middle
income families would be forced to slash their Diwali expenditure by 40 % and
on average spend nearly 25 % of their monthly salary on Diwali, according to a
survey by Assochem.
Analysts believe the
shutdown of the US government would have limited impact in sectors such as IT
or tourism that are dependent on Visa clearances.
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 : |
|
|
|
|
|
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 |
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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|
||||||||||||
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Bankers : |
|
||||||||||||
|
|
|
||||||||||||
|
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.
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 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] 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.