MIRA INFORM REPORT

Report No. :	335307
Report Date :	06.08.2015

IDENTIFICATION DETAILS

Name :	WAAREE ENERGIES LIMITED (w.e.f. 02.05.2013)
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, 6^th Floor, Western Edge - I, Western Express Highway, Borivali (East), Mumbai – 400 066, Maharashtra
Tel. No.:	91-22-66444444
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	18.12.1990
Com. Reg. No.:	11-059463
Capital Investment / Paid-up Capital :	Rs. 755.600 Million
CIN No.: [Company Identification No.]	U29248MH1990PLC059463
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACA4043J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Solar Photovoltaic Modules and EPC contractor for setting of solar power plant.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 3200000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Waaree Energies Limited INCORPORATED ON 18^th December 1990 is a part of “Waaree group” of Mumbai, it is well established company having a satisfactory track record. The rating draw strength from the experience of the promoters with presence in diverse business segment, technical competence resulting in strong execution capabilities, sustained growth in the revenue over and moderate capital structure. The rating are, however, constrained by the decline in profitability in FY14 and profitability susceptible to volatility in raw-material prices, working capital intensive nature of operations, exposure to foreign exchange fluctuation and intense competition. However, trade relations are fair. Business is active. Payments terms are reported to be usually correct. In view of sound operational and financial base, the company can be considered good for business dealings at its 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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities: BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	Dec 05, 2014

Rating Agency Name	CARE
Rating	Long term bank facilities: A3
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	Dec 05, 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 31-03-2013.

LOCATIONS

Registered Office/ Head Office :	602, 6^th 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 :	pratikshah@waaree.com infosolae@waaree.com waaree@waaree.com
Website :	http://www.waaree.com

DIRECTORS

As on 30.09.2014

Name :

Mr. Viren Chimanlal Doshi

Designation :

Whole-time director

Address :

94, 9th Floor, Mahagiri Chs, Ashok Chakvaraty Road, Kandivali, Mumbai - 400101, Maharashtra, India

Date of Birth/Age :

06.11.1968

Date of Appointment :

02.05.2013

DIN No.:

00207121

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U32109MH1998PTC116358	WAAREE INFRASTRUCTURE & AGRITECH PRIVATE LIMITED	Director	02/03/2000	02/03/2000	-	Active	NO
2	U29299MH1989PTC050808	Baumer Technologies India Private Limited	Whole-time director	01/04/2010	27/09/2000	21/03/2011	Active	NO
3	U29219MH2006PTC163370	WAAREV SENSORS PRIVATE LIMITED	Director	28/07/2006	28/07/2006	-	Converted to LLP	NO
4	U29253MH2007PTC166988	OMNTEC Waaree ATG Pvt. LTD.	Director	24/01/2007	24/01/2007	-	Active	NO
5	U11201MH2007PTC171054	WAAREE MM PETRO TECH PRIVATE LIMITED	Director	25/05/2007	25/05/2007	-	Active	NO
6	U31900MH2007PTC171987	Waaree Retails Private Limited	Director	25/06/2007	25/06/2007	-	Converted to LLP	NO
7	U29248MH1990PLC059463	WAAREE ENERGIES LIMITED	Whole-time director	02/05/2013	26/11/2007	-	Active	NO
8	U51109MH2009PTC189836	Cesare Bonetti India Private Limited	Director	23/01/2009	23/01/2009	09/09/2011	Active	NO
9	U40106GJ2009PTC076764	WAA SOLAR PRIVATE LIMITED	Director	09/11/2009	09/11/2009	01/09/2010	Active	NO
10	U40102MH2010PTC206704	Patan Solar Private Limited	Director	17/08/2010	17/08/2010	07/08/2014	Active	NO
11	U40106MH2010PTC208323	WAAREE INDUSTRIES PRIVATE LIMITED	Director	27/09/2010	27/09/2010	-	Active	NO
12	U40106MH2010PTC208561	BLUE RAYS SOLAR PRIVATE LIMITED	Director	03/10/2010	03/10/2010	-	Active	NO
13	U40101MH2010PTC208636	EVERSHINE SOLAR PRIVATE LIMITED	Director	05/10/2010	05/10/2010	-	Converted to LLP	NO
14	U29268MH2010PTC208770	WAAREE VALVES PRIVATE LIMITED	Director	07/10/2010	07/10/2010	-	Converted to LLP	NO
15	U40300MH2010PTC208944	WAAREE SOLAR THERMAL PRIVATE LIMITED	Director	13/10/2010	13/10/2010	-	Converted to LLP	NO
16	U40100GJ2010PTC061748	WAAREE SOLAR PRIVATE LIMITED	Director	20/12/2010	20/12/2010	-	Converted to LLP	NO
17	U40106MH2010PTC205911	Sunbless Solar Private Limited	Director	26/09/2011	31/03/2011	-	Converted to LLP	NO
18	U74990MH2009PTC196654	VEER TECHNO SOLUTIONS PRIVATE LIMITED	Director	30/09/2013	01/12/2012	-	Converted to LLP	NO
19	U40300MH2013PTC250638	ARIHAN SOLAR PRIVATE LIMITED	Director	02/12/2013	02/12/2013	27/08/2014	Active	NO
20	U40102MH2013PTC250652	ADIDEWA SOLAR PRIVATE LIMITED	Director	02/12/2013	02/12/2013	-	Converted to LLP	NO
21	U40107MH2013PTC250641	DHUMKETU SOLAR PRIVATE LIMITED	Director	02/12/2013	02/12/2013	-	Converted to LLP	NO
22	U40300MH2013PTC250639	AarCube Energies Private Limited	Director	02/12/2013	02/12/2013	-	Converted to LLP	NO
23	U40104MH2013PTC250939	PATANG SOLAR PRIVATE LIMITED	Director	11/12/2013	11/12/2013	-	Converted to LLP	NO
24	U40300MH2014PTC254136	WAANEEP SOLAR PRIVATE LIMITED	Managing director	04/08/2014	12/03/2014	-	Active	NO
25	AAB-2462	SASWATA SOLAR LLP	Designated Partner	06/12/2012	06/12/2012	12/03/2015	Active	NO
26	AAB-2881	DHAATA SOLAR LLP	Designated Partner	28/12/2012	28/12/2012	-	Active	NO
27	AAB-2882	DINKAR SOLAR LLP	Designated Partner	28/12/2012	28/12/2012	-	Active	NO
28	AAB-2883	VEDAANG SOLAR LLP	Designated Partner	28/12/2012	28/12/2012	13/03/2015	Active	NO
29	AAC-1678	WAAREE KHABIYA SOLAR VENTURES LLP	Designated Partner	12/03/2014	12/03/2014	-	Active	NO
30	AAD-4472	SUNBLESS SOLAR LLP	Designated Partner	26/02/2015	26/02/2015	-	Active	NO
31	AAD-4866	WAAREE VALVES LLP	Designated Partner	04/03/2015	04/03/2015	-	Active	NO
32	AAD-4867	SUNMOUNT ENGINEERING LLP	Designated Partner	04/03/2015	04/03/2015	-	Active	NO
33	AAD-4870	DHUMKETU SOLAR LLP	Designated Partner	04/03/2015	04/03/2015	-	Active	NO
34	AAD-4871	VEDAANG ENERGIES LLP	Designated Partner	04/03/2015	04/03/2015	-	Active	NO
35	AAD-5693	WAAREE SURYA POWER LLP	Designated Partner	18/03/2015	18/03/2015	-	Active	NO
36	AAD-5697	ADIDEWA SOLAR LLP	Designated Partner	18/03/2015	18/03/2015	-	Active	NO
37	AAD-5831	EVERSHINE SOLAR LLP	Designated Partner	20/03/2015	20/03/2015	-	Active	NO
38	AAD-5832	WAA MALL LLP	Designated Partner	20/03/2015	20/03/2015	-	Active	NO
39	AAD-6381	WAAREE SOLAR LLP	Designated Partner	26/03/2015	26/03/2015	-	Active	NO
40	AAD-7052	WAAREE SOLAR THERMAL LLP	Designated Partner	01/04/2015	01/04/2015	-	Active	NO
41	AAD-7278	WAAREE RETAILS LLP	Designated Partner	08/04/2015	08/04/2015	-	Active	NO

Name :

Mr. Hitesh Pranjivan Mehta

Designation :

Whole-time 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 :

02.05.2013

DIN No.:

00207506

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U29299MH1989PTC050808	Baumer Technologies India Private Limited	Additional director	01/04/2011	13/04/2006	25/11/2011	Active	NO
2	U29248MH1990PLC059463	WAAREE ENERGIES LIMITED	Whole-time director	02/05/2013	01/04/2011	-	Active	NO
3	U74999MH2010PTC262736	GREENTECH POWER PRIVATE LIMITED	Director	12/10/2011	12/10/2011	01/10/2013	Active	NO
4	U40106RJ2010PTC031185	RAYS POWER PRIVATE LIMITED	Director	07/12/2011	07/12/2011	11/05/2013	Active	NO
5	U11201MH2007PTC171054	WAAREE MM PETRO TECH PRIVATE LIMITED	Director	30/09/2013	15/10/2012	-	Active	NO
6	U40106GJ2012PTC068770	AVATAR SOLAR PRIVATE LIMITED	Director	05/09/2013	09/02/2013	-	Active	NO
7	U40106MH2010PTC208561	BLUE RAYS SOLAR PRIVATE LIMITED	Director	30/09/2013	25/04/2013	-	Active	NO
8	U40300MH2014PTC254136	WAANEEP SOLAR PRIVATE LIMITED	Additional director	08/04/2014	08/04/2014	23/05/2014	Active	NO
9	U51109MH2009PTC189836	Cesare Bonetti India Private Limited	Director	30/09/2014	01/09/2014	-	Active	NO
10	AAB-2462	SASWATA SOLAR LLP	Body corporate as Designated Partner	12/03/2015	12/03/2015	-	Active	NO

Name :

Mr. Hitesh Chimanlal Doshi

Designation :

Managing director

Address :

93/94 Mahagiri Co-operative Housing Society, Ashok Nagar, Ashok Chakravorthy Road, KandivalI - East, Mumbai - 400101, Maharashtra, India

Date of Birth/Age :

22.02.1967

Date of Appointment :

01.09.2014

DIN No.:

00293668

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U29299MH1989PTC050808	Baumer Technologies India Private Limited	Additional director	01/04/2011	27/02/1989	25/11/2011	Active	NO
2	U32109MH1998PTC116358	WAAREE INFRASTRUCTURE & AGRITECH PRIVATE LIMITED	Director	02/03/2000	02/03/2000	-	Active	NO
3	U29199MH2006PTC165999	NESSTECH INSTRUMENTS PRIVATE LIMITED	Director	05/12/2006	05/12/2006	30/01/2011	Active	NO
4	U29199PN2006PTC151610	Nivelco Instruments India Private Limited	Director	11/12/2006	11/12/2006	24/03/2011	Active	NO
5	U29253MH2007PTC166988	OMNTEC Waaree ATG Pvt. LTD.	Director	24/01/2007	24/01/2007	-	Active	NO
6	U29248MH1990PLC059463	WAAREE ENERGIES LIMITED	Managing director	01/09/2014	16/02/2007	-	Active	NO
7	U11201MH2007PTC171054	WAAREE MM PETRO TECH PRIVATE LIMITED	Director	22/05/2007	22/05/2007	-	Active	NO
8	U31900MH2007PTC171987	Waaree Retails Private Limited	Director	25/06/2007	25/06/2007	-	Converted to LLP	NO
9	U40106MH2008PTC183254	WAAREE SOLAR ENERGY PRIVATE LIMITED	Director	06/06/2008	06/06/2008	-	Active	NO
10	U51109MH2009PTC189836	Cesare Bonetti India Private Limited	Director	23/01/2009	23/01/2009	-	Active	NO
11	U74990MH2009PTC196654	VEER TECHNO SOLUTIONS PRIVATE LIMITED	Director	30/09/2013	23/10/2009	-	Converted to LLP	NO
12	U40106GJ2009PTC076764	WAA SOLAR PRIVATE LIMITED	Director	09/11/2009	09/11/2009	-	Active	NO
13	U40106MH2010PTC205911	Sunbless Solar Private Limited	Director	24/07/2010	24/07/2010	-	Converted to LLP	NO
14	U40102MH2010PTC206704	Patan Solar Private Limited	Director	17/08/2010	17/08/2010	26/03/2014	Active	NO
15	U40106MH2010PTC208323	WAAREE INDUSTRIES PRIVATE LIMITED	Director	27/09/2010	27/09/2010	-	Active	NO
16	U40106MH2010PTC208561	BLUE RAYS SOLAR PRIVATE LIMITED	Director	03/10/2010	03/10/2010	-	Active	NO
17	U40101MH2010PTC208636	EVERSHINE SOLAR PRIVATE LIMITED	Director	05/10/2010	05/10/2010	-	Converted to LLP	NO
18	U29268MH2010PTC208770	WAAREE VALVES PRIVATE LIMITED	Director	07/10/2010	07/10/2010	-	Converted to LLP	NO
19	U40300MH2010PTC208944	WAAREE SOLAR THERMAL PRIVATE LIMITED	Director	13/10/2010	13/10/2010	-	Converted to LLP	NO
20	U40100GJ2010PTC061748	WAAREE SOLAR PRIVATE LIMITED	Director	20/12/2010	20/12/2010	-	Converted to LLP	NO
21	U29219MH2006PTC163370	WAAREV SENSORS PRIVATE LIMITED	Director	26/09/2011	31/03/2011	-	Converted to LLP	NO
22	U74999MH2010PTC262736	GREENTECH POWER PRIVATE LIMITED	Director	12/10/2011	12/10/2011	-	Active	NO
23	U40106RJ2010PTC031185	RAYS POWER PRIVATE LIMITED	Director	07/12/2011	07/12/2011	11/05/2013	Active	NO
24	U40300MH2013PTC250638	ARIHAN SOLAR PRIVATE LIMITED	Director	02/12/2013	02/12/2013	27/08/2014	Active	NO
25	U40102MH2013PTC250652	ADIDEWA SOLAR PRIVATE LIMITED	Director	02/12/2013	02/12/2013	-	Converted to LLP	NO
26	U40107MH2013PTC250641	DHUMKETU SOLAR PRIVATE LIMITED	Director	02/12/2013	02/12/2013	-	Converted to LLP	NO
27	U40300MH2013PTC250639	AarCube Energies Private Limited	Director	02/12/2013	02/12/2013	-	Converted to LLP	NO
28	U40104MH2013PTC250939	PATANG SOLAR PRIVATE LIMITED	Director	11/12/2013	11/12/2013	-	Converted to LLP	NO
29	U40300MH2014PTC254136	WAANEEP SOLAR PRIVATE LIMITED	Nominee director	04/08/2014	12/03/2014	-	Active	NO
30	AAB-2462	SASWATA SOLAR LLP	Designated Partner	06/12/2012	06/12/2012	-	Active	NO
31	AAB-2881	DHAATA SOLAR LLP	Designated Partner	28/12/2012	28/12/2012	-	Active	NO
32	AAB-2882	DINKAR SOLAR LLP	Designated Partner	28/12/2012	28/12/2012	-	Active	NO
33	AAB-2883	VEDAANG SOLAR LLP	Designated Partner	28/12/2012	28/12/2012	13/03/2015	Active	NO
34	AAC-1678	WAAREE KHABIYA SOLAR VENTURES LLP	Designated Partner	12/03/2014	12/03/2014	-	Active	NO
35	AAD-4472	SUNBLESS SOLAR LLP	Designated Partner	26/02/2015	26/02/2015	-	Active	NO
36	AAD-4866	WAAREE VALVES LLP	Designated Partner	04/03/2015	04/03/2015	-	Active	NO
37	AAD-4867	SUNMOUNT ENGINEERING LLP	Designated Partner	04/03/2015	04/03/2015	-	Active	NO
38	AAD-4870	DHUMKETU SOLAR LLP	Designated Partner	04/03/2015	04/03/2015	-	Active	NO
39	AAD-4871	VEDAANG ENERGIES LLP	Designated Partner	04/03/2015	04/03/2015	-	Active	NO
40	AAD-5693	WAAREE SURYA POWER LLP	Designated Partner	18/03/2015	18/03/2015	-	Active	NO
41	AAD-5697	ADIDEWA SOLAR LLP	Designated Partner	18/03/2015	18/03/2015	-	Active	NO
42	AAD-5831	EVERSHINE SOLAR LLP	Designated Partner	20/03/2015	20/03/2015	-	Active	NO
43	AAD-5832	WAA MALL LLP	Designated Partner	20/03/2015	20/03/2015	-	Active	NO
44	AAD-6381	WAAREE SOLAR LLP	Designated Partner	26/03/2015	26/03/2015	-	Active	NO
45	AAD-7052	WAAREE SOLAR THERMAL LLP	Designated Partner	01/04/2015	01/04/2015	-	Active	NO
46	AAD-7278	WAAREE RETAILS LLP	Designated Partner	08/04/2015	08/04/2015	-	Active	NO

Name :

Mr. Binita Hitesh Doshi

Designation :

Additional director

Address :

94, Mahagiri, 9th Floor ,Ashok Nagar,, Kandivali (East), Mumbai - 400101, Maharashtra, India

Date of Appointment :

26.03.2015

DIN No.:

01352008

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U29248MH1990PLC059463	WAAREE ENERGIES LIMITED	Additional director	26/03/2015	28/03/2000	-	Active	NO
2	U40102MH2010PTC206704	Patan Solar Private Limited	Director	30/09/2014	08/03/2014	-	Active	NO
3	AAB-2883	VEDAANG SOLAR LLP	Designated Partner	12/03/2015	12/03/2015	-	Active	NO

Name :

Mr. Samir Surendra Shah

Designation :

Director

Address :

35 Prabhat, 78, B Desai Road, Mumbai - 400026, Maharashtra, India

Date of Birth/Age :

08.01.1959

Date of Appointment :

30.09. 2014

DIN No.:

01374883

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U70100MH2006PTC159566	PAN INDIA MOTORS PRIVATE LIMITED	Director	06/09/2007	06/09/2007	-	Under liquidation	NO
2	U74899DL2001NPL109345	INTERNATIONAL DEVELOPMENT ENTERPRISES (INDIA)	Director	19/03/2014	19/03/2014	-	Active	NO
3	U29248MH1990PLC059463	WAAREE ENERGIES LIMITED	Director	30/09/2014	01/09/2014	-	Active	NO
4	U67190MH2015PTC265982	Sattva Investment Advisors Private Limited	Director	24/06/2015	24/06/2015	-	Active	NO

Name :

Mr. Riazul Hasan Naqv

Designation :

Additional director

Address :

X- 29 Hauz Khas, New Delhi - 110016, Delhi, India

Date of Appointment :

03.11.2014

DIN No.:

02722603

Name :

Mr. Modesto Volpe

Designation :

Director

Address :

Corso Mazzini 61, Lodi - 26900 , Italy

Date of Birth/Age :

09.04.1955

Date of Appointment :

27.04.2010

DIN No.:

02895190

KEY EXECUTIVES

Name :	Mr. Hitesh Pranjivan Mehta
Designation :	CFO
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 :	01/09/2014
PAN No.:	AAEPM2214J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Hitesh C. Doshi	5370796
Chimanlal T. Doshi	942832
Chimanlal T. Doshi	5
Binita H. Doshi	2500000
Binita H. Doshi	945500
Pankaj C. Doshi HUF	2902436
Chimanlal Doshi HUF	1568652
Bindiya K. Doshi	7564298
Kirit C. Doshi	1330755
Viren C. Doshi	2097354
Bina P. Doshi	2135751
Hitesh C. Doshi HUF	1155685
Pankaj C. Doshi	376080
Rasila C. Doshi	7648982
Viren C. Doshi HUF	2584615
Mahavir Thermoequip Private Limited, India	22275103
Neepa V. Doshi	3285226
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
Jayesh D. Shah	17500
Hitesh P. Mehta	250000
Prerana Shah	17500
Bhartiben Shah	50000
Vinaykant Shah	50000
Manish Gardi	62500
Sangita Shah	112500
Total	75560000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

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	3.54
Bodies corporate	38.17
Directors or relatives of Directors	57.88
Other top fifty shareholders	0.41
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Solar Photovoltaic Modules and EPC contractor for setting of solar power plant.

Products :

Item Code No.	Product Description
85437092	Equipment or Gadgets Based on Solar Energy

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

· Farmson

· Felicion Energy

· Divko

· Rupa

· Oreda

· Exicom

· Abellon Cleanenergy

· Mahindra

· Roha

· Global

· Viom

· Western

· Wipro

· Indian oil

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Not Divulged
Branch	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term loan from bank	134.794	177.778
SHORT TERM BORROWING
Term loan from Bank	1049.036	634.649
Total	1183.830	812.427

Auditors :
Name :	SGCO and Company Chartered Accountants
Address :	4A, Kaledonia HDIL, 2^nd Floor, Sahar Road, Near Andheri Station, Andheri (East), Mumbai - 400 069, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFS7106D
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries :	· Waaree Solar Energy Private Limited, India CIN NO.:U40106MH2008PTC183254 · Rasila International Pte. Limited, Singapore
Other Related Parties :	· Waaree Retails Private Limited, India CIN NO.:U31900MH2007PTC171987 · Waaree MM Petro Tech Private Limited, India CIN NO.:U11201MH2007PTC171054 · Waaree Industries Private Limited, India CIN NO.:U40106MH2010PTC208323 · Waaneep Solar Private Limited, India CIN NO.:U40300MH2014PTC254136 · Patan Solar Private Limited, India CIN NO.:U40102MH2010PTC206704 · Mahavir Thermoequip Private Limited, India CIN NO.:U33120MH1994PTC076496 · Greentech Power Private Limited, India CIN NO.:U74999MH2010PTC262736 · Cesare Bonetti India Private Limited, India CIN NO.:U51109MH2009PTC189836 · Blue Rays Solar Private Limited, India CIN NO.:U40106MH2010PTC208561 · Anelec Engineering Private Limited, India CIN NO.:U74899DL1985PTC022322

CAPITAL STRUCTURE

After 30.09.2014

Authorised Capital : Rs. 1000.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 758.225 Million

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	Rs.10/- each	Rs. 1000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
75560000	Equity Shares	Rs.10/- each	Rs. 755.600 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	755.600	750.000	750.000
(b) Reserves & Surplus	366.292	357.835	105.190
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1121.892	1107.835	855.190
(3) Non-Current Liabilities
(a) long-term borrowings	134.794	177.778	0.000
(b) Deferred tax liabilities (Net)	24.877	22.082	14.517
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	27.936	20.773	15.977
Total Non-current Liabilities (3)	187.607	220.633	30.494
(4) Current Liabilities
(a) Short term borrowings	1049.036	634.649	288.201
(b) Trade payables	285.252	612.051	295.071
(c) Other current liabilities	413.257	160.564	133.683
(d) Short-term provisions	19.647	131.469	12.847
Total Current Liabilities (4)	1767.192	1538.733	729.802
TOTAL	3076.691	2867.201	1615.486
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	386.120	247.782	220.864
(ii) Intangible Assets	11.497	13.493	0.094
(iii) Capital work-in-progress	4.511	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	220.191	217.740	117.740
(c) Deferred tax assets (net)	0.000	0.000	13.276
(d) Long-term Loan and Advances	169.233	6.575	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	791.552	485.590	351.974
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	241.180	188.586	286.743
(c) Trade receivables	846.638	1506.919	635.580
(d) Cash and cash equivalents	216.102	131.342	110.443
(e) Short-term loans and advances	971.313	513.255	154.764
(f) Other current assets	9.906	41.509	75.982
Total Current Assets	2285.139	2381.611	1263.512
TOTAL	3076.691	2867.201	1615.486

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	3139.766	2921.356	2344.298
	Other Income	209.609	54.587	48.054
	TOTAL	3349.375	2975.943	2392.352
Less	EXPENSES
	Cost of Materials Consumed	2135.849	1132.655	1332.846
	Purchases of Stock-in-Trade	389.742	849.447	572.173
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(17.983)	45.337	(120.948)
	Employees benefits expense	206.959	107.115	46.312
	Other expenses	496.586	367.803	244.639
	Prior period items			1.884
	TOTAL	3211.153	2502.357	2076.906
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	138.222	473.586	315.446
Less	FINANCIAL EXPENSES	110.351	60.927	103.169
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	27.871	412.659	212.277
Less/ Add	DEPRECIATION/ AMORTISATION	23.832	19.824	11.178
	PROFIT/ (LOSS) BEFORE TAX	4.039	392.835	201.099
Less	TAX (H)	0.832	140.190	41.135
	PROFIT/ (LOSS) AFTER TAX	3.207	252.645	159.964
	Earnings / (Loss) Per Share (Rs.)	0.04	3.37	0.00

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	49.669	22.222	0.000
Cash generated from operations	N.A	N.A	N.A
Net cash flow from operating activity	N.A	N.A	N.A

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.10	8.65	6.82
Operating Profit Margin (PBIDT/Sales)	(%)	4.40	16.21	13.46
Return on Total Assets (PBT/Total Assets}	(%)	0.14	14.83	13.55
Return on Investment (ROI) (PBT/Networth)		0.00	0.35	0.24
Debt Equity Ratio (Total Debt /Networth)		1.10	0.75	0.34
Current Ratio (Current Asset/Current Liability)		1.29	1.55	1.73

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	750.000	750.000	755.600
Reserves & Surplus	105.190	357.835	366.292
Net worth	855.190	1107.835	1121.892
long-term borrowings	0.000	177.778	134.794
Short term borrowings	288.201	634.649	1049.036
Current maturities of long-term debts	0.000	22.222	49.669
Total borrowings	288.201	834.649	1233.499
Debt/Equity ratio	0.337	0.753	1.099

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	2344.298	2921.356	3139.766
		24.615	7.476

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	2344.298	2921.356	3139.766
Profit	159.964	252.645	3.207
	6.82%	8.65%	0.10%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from 36/37 Damji Shyamji IND Complex, Mahakali Caves Road Andheri (East) Mumbai - 400093, Maharashtra, India to the present address w.e.f. 01.10.2011

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10532953	09/10/2014 *	3,000,000,000.00	PTC INDIA FINANCIAL SERVICES LIMITED	7th FLOOR, TELEPHONE EXCHANGE BUILDING, 8 BHIKAJI CAMA PLACE, NEW DELHI, DELHI - 110066, INDIA	C44118917
2	10531886	26/09/2014	3,000,000,000.00	PTC INDIA FINANCIAL SERVICES LIMITED	7th FLOOR, TELEPHONE EXCHANGE BUILDING, 8 BHIKAJI  CAMA PLACE, NEW DELHI, DELHI - 110066, INDIA	C34008243
3	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

FIXED ASSETS

Tangible assets

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipments

· Other equipments

Intangible assets

· Goodwill

· Computer software

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

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.63.81
UK Pound	1	Rs.99.15
Euro	1	Rs.69.31

INFORMATION DETAILS

Analysis Done by :	KSH
Report Prepared by :	RKI

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
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.