MIRA INFORM REPORT
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Report Date : |
02.07.2014 |
IDENTIFICATION DETAILS
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Name : |
WAAREE ENERGIES LIMITED (w.e.f. 02.05.2013) |
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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 |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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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.750.000
Millions |
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CIN No.: [Company Identification
No.] |
U29248MH1990PLC059463 |
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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 : |
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
: |
Information declined by the management |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (43) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 4400000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. A reserve of the company is low. However, the rating into consideration company’s healthy profitability
levels and decent capital base of the company. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and conditions. |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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India |
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 |
INDIAN ECONOMIC OVERVIEW
N E W S
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a quarter
of a century. The data was below an official estimate of 4.9 % annual growth
and compared with 4.5 % in the last fiscal year. However, the current account
deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product,
in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A
sharp fall in gold imports due to restrictions on overseas purchases and muted
import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US
governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
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Rating |
Long term bank facilities: BBB- |
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Rating Explanation |
Moderate degree of safety and moderate credit risk. |
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Date |
25.02.2014 |
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Rating Agency Name |
CARE |
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Rating |
Long term bank facilities: A3 |
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Rating Explanation |
Moderate degree of safety and moderate credit risk. |
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Date |
25.02.2014 |
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 PARTED BY
MANAGEMENT NON – COOPERATIVE (91-22-66444444)
LOCATIONS
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Registered Office/ Head Office : |
602, 6th Floor, Western Edge - I, Western Express Highway,
Borivali (East), Mumbai – 400 066, Maharashtra, India |
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Tel. No.: |
91-22-66444444 |
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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, Surat Special Economic
Zone, Diamond Park, Sachin, Surat – 394 230, Gujarat, India |
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Tel. No.: |
91-261-2398661 |
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Branch Office : |
Located at:
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DIRECTORS
As on 30.09.2013
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Name : |
Mr. Hitesh Chimanlal Doshi |
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Designation : |
Managing Director |
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Address : |
93/94, Mahagiri Co-Operative Housing Society, Ashok Chakravarty Road,
Kandivali (East), Mumbai - 400 101, Maharashtra, India |
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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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DIN No.: |
00293668 |
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PAN No.: |
AABPD0625P |
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Name : |
Mr. Viren Chimanlal Doshi |
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Designation : |
Whole time director |
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Address : |
93/94, Mahagiri Co-Operative Housing Society, Ashok Chakravarty Road,
Kandivali (East), 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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DIN No.: |
00207121 |
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PAN No.: |
AABPD0626Q |
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Name : |
Mr. Modesto Volpe |
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Designation : |
Director |
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Address : |
Corso Mazzini, 61, Lodi-26900, Italy |
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Date of Birth/Age : |
09.04.1955 |
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Date of Appointment : |
30.09.2010 |
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DIN No.: |
02895190 |
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Name : |
Mr. Hitesh Pranjivan Mehta |
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Designation : |
Director |
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Address : |
F-202, Krishna Residency, Near Dalmia College, Sundar Nagar, Malad
(West), Mumbai – 400 064, Maharashtra, India |
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Date of Birth/Age : |
29.06.1965 |
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Date of Appointment : |
01.04.2011 |
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DIN No.: |
00207506 |
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PAN No.: |
AAEPM2214J |
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Name : |
Mr. Kirit
Doshi |
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Designation : |
Director |
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Name : |
Mr Ajay
Jain |
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Designation : |
Executive Director - Operations |
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Name : |
Mr. Mayank
Shah |
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Designation : |
Executive Director Finance |
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Name : |
Mr.
Abhimanyu Dhaigude |
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Designation : |
Executive Director -Human Resources |
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Name : |
Mr. Riaz
Naqvi |
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Designation : |
Director |
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Name : |
Mr. Ajoy
Nair |
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Designation : |
Executive Director |
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Name : |
Mr. Navratan Katariya |
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Designation : |
Director- MW Business |
KEY EXECUTIVES
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Name : |
Mr. Vishal
Ralli |
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Designation : |
CFO – Bonetti Waaree |
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Name : |
Mr.
Shaibal Ghosh |
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Designation : |
President International Business |
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Name : |
Mr. Uday Dharia |
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Designation : |
VP Product Development |
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Name : |
Mr. DK Gupta |
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Designation : |
President Engineering |
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Name : |
Mr. Venkat
Bhimrao Munjal |
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Designation : |
Chief Operating Officer |
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Name : |
Mr.Shashi Shankar
Naik |
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Designation : |
President- Solar Pumps |
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Name : |
Mr.
Pralhad Kulkarni |
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Designation : |
Vice President -Operations |
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Name : |
Mr. Nikunj Shukla |
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Designation : |
Vice President- Solar Thermal |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
No. of Shares |
|
Chimanlal T. Doshi |
754342 |
|
Binita H. Doshi |
945500 |
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Pankaj C. Doshi HUF Rep. by Karta Pankaj C. Doshi |
2902436 |
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Chimanlal Doshi HUF Rep. by Karta Chimanlal Doshi |
1568652 |
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Bindiya K. Doshi |
7564298 |
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Kirit C. Doshi |
1330755 |
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Viren C. Doshi |
2097354 |
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Bina P. Doshi |
2135751 |
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Hitesh C. Doshi HUF Rep. by Karta Hitesh C. Doshi |
1155685 |
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Pankaj C. Doshi |
376080 |
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Rasila C. Doshi |
7648982 |
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Viren C. Doshi HUF Rep. by Karta Viren C. Doshi |
2584615 |
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Mahavir Thermoequip Private Limited, India |
32446928 |
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Neepa V. Doshi |
1172687 |
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V.T. Telemetica, Italy |
2400000 |
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Tejas J. Mehta |
276500 |
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Kirit C, Doshi HUF Rep. by Karta Kirit C. Doshi |
1076928 |
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Patan Solar Private Limited, India |
6562500 |
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Divya Parekh |
1 |
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Jayesh D. Shah |
1 |
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Deepak Vallabhaji Dedhia |
1 |
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Deepak Vallabhji Dedhaia (HUF) Rep by karta Mr. Deepak Vallabhji Dedhaia |
1 |
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Hiten J Shah |
1 |
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Jikesh M Shah |
1 |
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Vasantlal Madhavji Shah (HUF) Rep by Karta Mr. V M Shah |
1 |
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Total |
75000000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2013
|
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 |
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Bodies corporate |
52.01 |
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Directors or relatives of Directors |
44.42 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Trading of Solar Photovoltaic Modules. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
Installed Capacity
(Megawatts)
(Unit
in Lacs MT)
|
Particulars |
2010-11 |
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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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Customer: |
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No. of Employees : |
Information declined by the management |
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Bankers : |
State Bank of India, Industrial Finance Branch, S.V. Road, Malad
(West), Mumbai – 400 064, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
SGCO and Company Chartered Accountants |
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Address : |
4A, Kaledonia
HDIL, 2nd Floor, Sahar Road, Near Andheri Station, Andheri (East),
Mumbai - 400 069, Maharashtra, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFS7106D |
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Enterprises which
are owned, or have significant influence of or are
partners with Key management personnel and their relatives: |
[U40106MH2008PTC183254]
[U33120MH1994PTC076496]
[U29253MH2007PTC166988]
[U51109MH2009PTC189836]
[U32109MH1998PTC116358]
[U29299MH1989PTC050808] |
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Subsidiary company:
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Other Related
party: |
[U11201MH2007PTC171054] |
CAPITAL STRUCTURE
As on 31.03.2013
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 |
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|
75000000 |
Equity Shares |
Rs.10/- each |
Rs.750.000
Millions |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
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I.
EQUITY AND LIABILITIES |
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|
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|
(1)Shareholders' Funds |
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|
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(a) Share Capital |
750.000 |
750.000 |
250.000 |
|
(b) Reserves & Surplus |
357.835 |
105.190 |
(54.774) |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
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|
|
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|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
1107.835 |
855.190 |
195.226 |
|
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(3) Non-Current Liabilities |
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|
|
|
(a) long-term borrowings |
177.778 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
22.082 |
14.517 |
11.058 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
20.773 |
15.977 |
0.000 |
|
Total
Non-current Liabilities (3) |
220.633 |
30.494 |
11.058 |
|
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
634.649 |
288.201 |
461.567 |
|
(b) Trade payables |
612.051 |
295.071 |
36.073 |
|
(c) Other current liabilities |
160.563 |
133.682 |
12.447 |
|
(d) Short-term provisions |
131.469 |
12.848 |
1.675 |
|
Total
Current Liabilities (4) |
1538.732 |
729.802 |
511.762 |
|
|
|
|
|
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TOTAL |
2867.200 |
1615.486 |
718.046 |
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
247.782 |
220.864 |
176.333 |
|
(ii) Intangible Assets |
13.493 |
0.094 |
0.093 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
1.295 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
217.740 |
117.740 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
6.575 |
13.276 |
3.287 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
485.590 |
351.974 |
181.008 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
188.586 |
286.743 |
198.865 |
|
(c) Trade receivables |
1506.919 |
635.580 |
194.424 |
|
(d) Cash and cash equivalents |
131.342 |
110.443 |
37.988 |
|
(e) Short-term loans and
advances |
513.254 |
154.764 |
6.081 |
|
(f) Other current assets |
41.509 |
75.982 |
99.680 |
|
Total
Current Assets |
2381.610 |
1263.512 |
537.038 |
|
|
|
|
|
|
TOTAL |
2867.200 |
1615.486 |
718.046 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Income |
2921.356 |
2344.298 |
279.009 |
|
|
Other Income |
54.587 |
48.054 |
|
|
|
TOTAL
(A) |
2975.943 |
2392.352 |
279.009 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
1132.655 |
1332.846 |
|
|
|
Purchases of Stock-in-Trade |
849.447 |
572.173 |
|
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
45.337 |
(120.948) |
293.267 |
|
|
Employees benefits expense |
107.115 |
46.312 |
|
|
|
Other expenses |
367.803 |
244.639 |
|
|
|
Prior period items |
0.000 |
1.884 |
|
|
|
TOTAL
(B) |
2502.357 |
2076.906 |
293.267 (Including
Finance Expense) |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
473.586 |
315.446 |
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
60.927 |
103.169 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
412.659 |
212.277 |
(14.258) |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
19.824 |
11.178 |
10.144 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
392.835 |
201.099 |
(24.402) |
|
|
|
|
|
|
|
Less |
TAX
(I) |
140.190 |
41.135 |
2.174 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
252.645 |
159.964 |
(26.576) |
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
105.190 |
(54.774) |
(29.423) |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
357.835 |
105.190 |
(55.999) |
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
NA |
186.713 |
370.631 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
3.37 |
4.04 |
0.09 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
8.49 |
6.69 |
(9.53) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.45 |
8.58 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.83 |
13.43 |
(3.40) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.35 |
0.24 |
(0.12) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.73 |
0.34 |
2.36 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.55 |
1.73 |
1.05 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
250.000 |
750.000 |
750.000 |
|
Reserves & Surplus |
(54.774) |
105.190 |
357.835 |
|
Net
worth |
195.226 |
855.190 |
1107.835 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
177.778 |
|
Short term borrowings |
461.567 |
288.201 |
634.649 |
|
Total
borrowings |
461.567 |
288.201 |
812.427 |
|
Debt/Equity
ratio |
2.364 |
0.337 |
0.733 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
279.009 |
2392.352 |
2975.943 |
|
|
|
757.446 |
24.394 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
279.009 |
2392.352 |
2975.943 |
|
Profit |
(26.576) |
159.964 |
252.645 |
|
|
(9.53%) |
6.69% |
8.49% |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
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 |
Yes |
|
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOAN
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Rupee term loans from others |
177.778 |
0.000 |
|
Short-term
borrowings |
|
|
|
Intercorporate borrowings |
21.778 |
0.000 |
|
Other loans and advances |
24.294 |
85.698 |
|
Total |
223.850 |
85.698 |
INDEX
OF 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
FIXED ASSETS
Tangible assets
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipments
- Other equipments
Intangible assets
- Goodwill
- Computer software
PRESS RELEASES
WAAREE ENERGIES TO INSTALL SOLAR THERMAL SYSTEM AT MOUNT GIRNAR IN
GUJARAT
JUNE 16TH, 2014
India’s leading solar energy solutions company Waaree Energies Limited has received an order to install a 15,000 litres per day solar thermal system for a customer in the beautiful Girnar mountain range of Girnar in Gujarat.
To be installed at the Devchand Dharmashala, the system will help reduce
pollution caused by other fossil fuels in Gir area that is also a home to the
largest lion population in the country. The solar thermal system will be based
on BIS approved flat plate collector to achieve temperatures of 60° C.
Speaking at the occasion, Mr. Nikunj Shukla, SBU Head of Solar Thermal Division
at Waaree, said, “This will be our third installation at Junagadh for Waaree
Energies. This system will reduce a lot of air pollution which is caused due to
burning of diesel, firewood and coal. Ours is a proven technology with a
pay-back period of less than 3 years. This ensures repeat business for us.”
Girnar, the mountain and its range are considered sacred and it's an important pilgrimage
site for both Jains and Hindus, who gather here during the Girnar Parikrama
festival. There are five important jain temples and few other hindu temples,
which attract thousands of devotees every year. A lot of these pilgrims stay at
dharamshalas on the foot hills of Mt Girnar.
LEH, LADAKH TO ENJOY HOT WATER 24 X 7 AT
12,000 FEET
MAY 2ND, 2014
India’s leading solar energy solutions company Waaree Energies Limited has installed 25,000 LPD solar thermal systems at the monastery in Leh, Ladakh. The project was part of an initiative by Ladakh Renewable Energy Development Agency (LREDA) which will reduce 17,000Kg CO2 emission per day from the atmosphere by replacing burning of fossil fuel.
Access to hot water for daily use is a huge challenge in Leh, Ladakh at an elevation of 12,000 feet with temperature ranging from -15°C to 20°C. Electricity is a scarce resource, storing firewood is inconvenient and fuel is expensive due to the transportation cost.
One of the residents at the monastery, Yangchen Dolma, while sharing her experience said “WAAREE solar water heater system is very helpful to us as it provide hot water at any time of the day without any effort and helps us save a lot of fuel. This system has been provided to us by the govt. (LREDA) on subsidy, but I think even without subsidy this is affordable to everyone and is worth it. I think this product could change the lives of people living in remote and harsh climatic condition like Ladakh a lot.”
This project has also been well appreciated by LREDA officials, Mr. Jigmet Takpa, Director of Ladakh Renewable Energy Development Agency said “Waaree solar water heaters are suitable for the harsh climate of Ladakh. These water heaters have sold like hot cakes and all units have already been installed and commissioned. We are very delighted with the quality of workmanship and the services rendered by Waaree and look forward to working with them again”
Speaking at the occasion Mr. Nikunj Shukla, SBU Head- Solar Thermal Division mentioned that “It is one of the very rare experiences by installing systems which is not only helping the residents of Leh and Ladakh but also will help to reduce environmental pollution. While working with solar energy it also gives pride to serve nation by saving forex through substituting fossil fuel consumption.”
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.60.14 |
|
|
1 |
Rs.102.83 |
|
Euro |
1 |
Rs.82.28 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
|
43 |
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.