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MIRA INFORM REPORT
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Report No. : |
499474 |
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Report Date : |
22.03.2018 |
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 – 400066, Maharashtra |
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Tel. No.: |
91-22-66444444/06/27 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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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 : |
INR 758.225 Million |
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CIN No.: [Company Identification
No.] |
U29248MH1990PLC059463 |
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IEC No.: [Import-Export Code No.] |
0307047296 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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CST No.: |
24722102823 |
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TIN No.: |
24222102823 27610611828 |
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GSTN : [Goods & Service Tax
Registration No.] |
Not Available |
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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
: |
Subject is mainly engaged in business of manufacture of Solar PV Modules & setting up of Projects in solar space [Registered Activity] |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Maximum Credit Limit : |
USD 5600000 |
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Status : |
Good |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Exists |
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Comments : |
Subject was incorporated on 18th December 1990 and is involved in manufacturing, of solar photo voltaic (SPV) modules at its manufacturing facility located at Surat in Gujarat. The company stared operations with trading in solar modules and thereafter ventured into manufacturing of solar photovoltaic (PV) modules in Surat, Gujarat in 2010. As per the financial record 2017, the company has achieved 6.72% growth in its revenue as compared to the previous year’s revenue and has gained an average net profit margin of 3.26%. Rating takes into consideration sound financial profile of the company marked by healthy net worth base along low debt balance sheet profile. Rating continues to derive strength from improvement in the financial profile of the company on the account of consistent growth in revenue and profit levels during FY 2017 which is combined with favourable solar sector outlook. Rating also draw comfort from the experience of the promoters with presence in diverse business segment marked by technical competence resulting in strong execution capabilities and healthy order book position providing strong revenue visibility. However, rating strength is partially offset by high exposure towards group companies, performance risk of the Solar Photo Voltaic (SPV) modules, volatility in raw-material prices, working capital intensive nature of operations and exposure to foreign exchange fluctuation. Business is active. Payment seems to be usually correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition. |
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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
CARE |
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Rating |
Long Term Bank Facilities = BBB- (Withdrawn) |
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Rating Explanation |
Moderate degree of safety and moderate credit risk |
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Date |
02.11.2017 |
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Rating Agency Name |
CARE |
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Rating |
Short Term Bank Facilities = A3 |
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Rating Explanation |
Minimal degree of safety and very high credit risk. |
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Date |
02.11.2017 |
Reason for suspension: No outstanding dues
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
31-03-2016.
BIFR (Board for Industrial & Financial
Reconstruction) LISTING STATUS
Subject’s name is
not listed as a Sick Unit in the publicly available BIFR (Board for Industrial
& Financial Reconstruction) list as of 22.03.2018.
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
LOCATIONS
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Registered Office : |
602, 6th Floor, Western Edge – I, Western Express Highway,
Borivali (East), Mumbai – 400066, Maharashtra, India |
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Tel. No.: |
91-22-66444444/06/27 |
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Mob. No.: |
91-9727734957 (Mr. Amit Lalani) |
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Fax No.: |
91-22-66444400 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Locality : |
Commercial |
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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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Sales Office : |
Building No. 142, Unit No. 9/10, Indian Corporation Compound, Mankoli
Naka, Village – Dapode, Bhiwandi, Thane – 431302, Maharashtra, India |
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Branch Office 1 : |
Plot No: 2232, Door No: 5, 1st Street, AF-Block,
Annanagar, |
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Tel. No.: |
91- 44 - 26225911 |
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Branch Office 2 : |
216/25-A, Karnani Mansion, Park Street, Kolkata – 700016, West Bengal, India |
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Tel. No.: |
91-33-40031565 |
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Brach Office 3 : |
332A, 3rd Floor, Infocity Supermall No.1, Near GH-0, Gandhinagar – 382009, Gujarat, India |
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E-Mail : |
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Branch Office 4 : |
Sree Raghavendra Complex, 3rd Floor, #184, 3rd Cross Link Road Malleswaram , Bangalore- 560003, Karnataka, India |
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Tel. No.: |
91-80-23565675 |
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Branch Office 5 : |
Flat No. 104, 1st Floor, Delhi Blue Apartments, Near Safdarjung Hospital, Main Ring Road, New Delhi – 110029, India |
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Tell. No.: |
91-11-26712616 |
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Branch Office 6 : |
Duplex No. 3/2, Supphire Villa 3, Fawn Brake Avenue,
Sarojini Naidu Marg, |
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Branch Office 7: |
Door No: 30, Ground Floor, 6th Cross, 5th Main, Malleshwaram, Bangalore- 560003, Karnataka, India |
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Tel. No.: |
91-80 23565675 |
DIRECTORS
As on 31.03.2017
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Name : |
Jayesh Dhirajlal Shah |
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Designation : |
Director |
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Address : |
Flat No.D-203, Panchsheel Heights, Dahanukar Wadi, Kandivli (West), Mumbai – 400067, Maharashtra, India |
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Date of Appointment : |
30.09.2015 |
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DIN No.: |
00182196 |
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Other Directorship:
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Name : |
Mr. Viren Chimanlal Doshi |
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Designation : |
Whole Time Director |
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Address : |
94, 9th Floor, 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 : |
02.05.2013 |
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PAN No.: |
AABPD0626Q |
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DIN No.: |
00207121 |
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Other Directorship:
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Name : |
Mr. Hitesh Pranjivan Mehta |
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Designation : |
Whole Time 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 : |
02.05.2013 |
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PAN No.: |
AAEPM2214J |
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DIN No.: |
00207506 |
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Other Directorship:
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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 : |
02.05.2013 |
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PAN No.: |
AABPD0625P |
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DIN No.: |
00293668 |
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Other Directorship:
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Name : |
Binita Hitesh Doshi |
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Designation : |
Director |
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Address : |
94, Mahagiri, 9th Floor, Ashok Nagar, Kandivali (East), Mumbai - 400101, Maharashtra, India |
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Date of Appointment : |
30.09.2015 |
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DIN No.: |
01352008 |
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Other Directorship:
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Name : |
Mr. Samir Surendra Shah |
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Designation : |
Director |
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Address : |
35, Prabhat 78, D Desai Road, Mumbai – 400026, Maharashtra, India |
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Date of Birth/Age : |
08.01.1959 |
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Date of Appointment : |
30.09.2015 |
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DIN No.: |
01374883 |
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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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KEY EXECUTIVES
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Name : |
Mr. Hitesh Pranjivan Mehta |
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Designation : |
Chief Finance Officer |
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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 : |
02.05.2013 |
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PAN No.: |
AAEPM2214J |
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Name : |
Ms. Gayatri Yogesh Borkar |
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Designation : |
Company Secretary |
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Address : |
Malhar A-31, Kandivali (West), Mumbai – 400067, Maharashtra,
India |
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Date of Appointment : |
06.06.2015 |
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PAN No.: |
ACEPL0231C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2017
SHAREHOLDING DETAILS FILE ATTACHED.
Equity Share Break up (Percentage of Total Equity)
As on 30.12.2017
|
Category |
Percentage |
|
Promoter – (Individual/ Hindu Undivided
Family – Indian) |
66.19 |
|
Promoter - Bodies
corporate |
29.33 |
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Public – (Individual/ Hindu
Undivided Family – Indian) |
1.32 |
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Public - Bodies corporate |
3.16 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is mainly engaged in business of manufacture of Solar PV Modules & setting up of Projects in solar space [Registered Activity] |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
SGCO and Company Chartered Accountants |
|
Address : |
4A, Kaledonia
HDIL, 2nd Floor, Sahar Road, Near Andheri Station, Andheri (East),
Mumbai - 400 069, Maharashtra, India |
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Tel No.: |
91-22-66256363 |
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Fax No.: |
91-22-66256364 |
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Email : |
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Website: |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFS7106D |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiaries : |
U40106MH2008PTC183254
U40106MH2010PTC208561 |
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|
Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives : |
U40300DL1985PTC022322
U11201MH2007PTC171054
U40106MH2010PTC208323
U40300MH2014PTC254136
U40300MH2015PTC268114
U51109MH2009PTC189836
U67190MH2015PTC265982
U29253MH2007PTC166988
U74999MH2010PTC262736 |
|
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|
|
Others Related
Party : |
Mahavir Thermoequip Private Limited U33120MH1994PTC076496 |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital : INR 5000.000 Million
Issued, Subscribed & Paid-up Capital : INR 1971.385
Million
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
INR 10/- each |
INR 1000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75822500 |
Equity Shares |
INR 10/- each |
INR 758.225
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET – STANDALONE
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
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I.
EQUITY AND LIABILITIES |
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|
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(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
758.225 |
758.225 |
758.225 |
|
(b) Reserves &
Surplus |
1222.440 |
875.574 |
647.583 |
|
(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 |
|
Total Shareholders’ Funds
(1) + (2) |
1980.665 |
1633.799 |
1405.808 |
|
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|
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(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
4.588 |
31.106 |
89.884 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
42.052 |
33.062 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
117.679 |
78.121 |
41.867 |
|
Total Non-current
Liabilities (3) |
122.267 |
151.279 |
164.813 |
|
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
446.242 |
620.423 |
957.656 |
|
(b) Trade payables |
2244.891 |
1444.485 |
1297.253 |
|
(c) Other current
liabilities |
817.683 |
814.365 |
1444.731 |
|
(d) Short-term provisions |
289.105 |
142.652 |
111.795 |
|
Total Current Liabilities
(4) |
3797.921 |
3021.925 |
3811.435 |
|
|
|
|
|
|
TOTAL |
5900.853 |
4807.003 |
5382.056 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
295.820 |
442.672 |
417.630 |
|
(ii) Intangible Assets |
1.905 |
5.373 |
9.476 |
|
(iii) Capital
work-in-progress |
0.000 |
1.183 |
0.000 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
2188.727 |
2082.873 |
1633.691 |
|
(c) Deferred tax assets
(net) |
7.514 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
55.387 |
444.461 |
440.181 |
|
(e) Other Non-current
assets |
135.341 |
108.981 |
0.000 |
|
Total Non-Current Assets |
2684.694 |
3085.543 |
2500.978 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
593.193 |
673.450 |
780.293 |
|
(c) Trade receivables |
1518.646 |
441.028 |
774.904 |
|
(d) Cash and cash equivalents |
184.847 |
201.051 |
788.815 |
|
(e) Short-term loans and
advances |
913.143 |
401.170 |
509.239 |
|
(f) Other current assets |
6.330 |
4.761 |
27.827 |
|
Total Current Assets |
3216.159 |
1721.460 |
2881.078 |
|
|
|
|
|
|
TOTAL |
5900.853 |
4807.003 |
5382.056 |
PROFIT
& LOSS ACCOUNT – STANDALONE
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
10650.401 |
9980.163 |
7832.083 |
|
|
Other Income |
182.759 |
29.343 |
174.640 |
|
|
TOTAL |
10833.160 |
10009.506 |
8006.723 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
6693.001 |
6332.586 |
4419.896 |
|
|
Purchases of
Stock-in-Trade |
2141.903 |
1849.860 |
2224.497 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
24.887 |
3.170 |
-38.537 |
|
|
Employees benefits
expense |
251.406 |
222.646 |
164.935 |
|
|
Other expenses |
818.990 |
995.620 |
657.870 |
|
|
Prior Period Items |
111.975 |
0.000 |
0.000 |
|
|
TOTAL |
10042.162 |
9403.882 |
7428.661 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
790.998 |
605.624 |
578.062 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
118.873 |
155.591 |
107.591 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
672.125 |
450.033 |
470.471 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
79.258 |
70.505 |
42.110 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
592.867 |
379.528 |
428.361 |
|
|
|
|
|
|
|
Less |
TAX |
246.002 |
151.536 |
154.683 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
346.865 |
227.992 |
273.678 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
5.06 |
3.01 |
3.62 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
31.597 |
30.859 |
47.648 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from operating activity |
435.255 |
809.313 |
428.362 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
52.05 |
16.13 |
36.11 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
7.01 |
22.63 |
10.11 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
92.74 |
64.44 |
71.26 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
1.33 |
0.90 |
0.74 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
2.66 |
1.35 |
1.35 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.65 |
0.64 |
0.73 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.24 |
0.42 |
0.78 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
1.92 |
1.85 |
2.71 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.15 |
0.27 |
0.30 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
6.65 |
3.89 |
5.37 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
3.26 |
2.28 |
3.49 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
5.88 |
4.74 |
5.09 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
17.51 |
13.95 |
19.47 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
0.85 |
0.57 |
0.76 |
|
|
|
|
|
|
Quick Ratio ((Current Assets –
Inventories) / Current Liabilities) |
0.69 |
0.35 |
0.55 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.34 |
0.34 |
0.26 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
0.64 |
0.90 |
1.44 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
0.85 |
0.57 |
0.76 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Share Capital |
758.225 |
758.225 |
758.225 |
|
Reserves & Surplus |
647.583 |
875.574 |
1222.440 |
|
Net worth |
1405.808 |
1633.799 |
1980.665 |
|
|
|
|
|
|
long-term borrowings |
89.884 |
31.106 |
4.588 |
|
Short term borrowings |
957.656 |
620.423 |
446.242 |
|
Current Maturities of
Long term debt |
47.648 |
30.859 |
31.597 |
|
Total borrowings |
1095.188 |
682.388 |
482.427 |
|
Debt/Equity ratio |
0.779 |
0.418 |
0.244 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Sales |
7832.083 |
9980.163 |
10650.401 |
|
|
|
27.427 |
6.716 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Sales |
7832.083 |
9980.163 |
10650.401 |
|
Profit |
273.678 |
227.992 |
346.865 |
|
|
3.49% |
2.28% |
3.26% |
ABRIDGED
BALANCE SHEET – (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
758.225 |
758.225 |
|
(b) Reserves &
Surplus |
|
774.917 |
579.898 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Minority Interest |
|
719.313 |
708.011 |
|
Total Shareholders’ Funds
(1) + (2) |
|
2252.455 |
2046.134 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
3449.981 |
3373.654 |
|
(b) Deferred tax
liabilities (Net) |
|
0.000 |
35.911 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
118.882 |
78.910 |
|
Total Non-current
Liabilities (3) |
|
3568.863 |
3488.475 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
532.866 |
668.275 |
|
(b) Trade payables |
|
2253.248 |
1526.973 |
|
(c) Other current
liabilities |
|
1016.886 |
427.281 |
|
(d) Short-term provisions |
|
289.882 |
143.855 |
|
Total Current Liabilities
(4) |
|
4092.882 |
2766.384 |
|
|
|
|
|
|
TOTAL |
|
9914.200 |
8300.993 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
4404.522 |
3046.778 |
|
(ii) Intangible Assets |
|
10.907 |
14.375 |
|
(iii) Capital work-in-progress |
|
566.287 |
837.229 |
|
(iv) Intangible assets
under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
957.394 |
883.609 |
|
(c) Deferred tax assets
(net) |
|
12.950 |
0.000 |
|
(d) Long-term Loan and Advances |
|
492.686 |
1032.580 |
|
(e) Other Non-current
assets |
|
135.615 |
108.981 |
|
Total Non-Current Assets |
|
6580.361 |
5923.552 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
594.299 |
688.160 |
|
(c) Trade receivables |
|
1348.775 |
579.794 |
|
(d) Cash and cash
equivalents |
|
213.468 |
468.696 |
|
(e) Short-term loans and
advances |
|
1048.269 |
513.629 |
|
(f) Other current assets |
|
129.028 |
127.162 |
|
Total Current Assets |
|
3333.839 |
2377.441 |
|
|
|
|
|
|
TOTAL |
|
9914.200 |
8300.993 |
PROFIT
& LOSS ACCOUNT– (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
9917.179 |
8290.833 |
|
|
Other Income |
|
190.138 |
35.695 |
|
|
TOTAL |
|
10107.317 |
8326.528 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
5543.509 |
5473.438 |
|
|
Purchases of
Stock-in-Trade |
|
2153.523 |
1168.627 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
31.957 |
(12.301) |
|
|
Employees benefits
expense |
|
227.346 |
158.912 |
|
|
Other expenses |
|
899.685 |
705.210 |
|
|
Prior Period Items |
|
111.975 |
0.000 |
|
|
TOTAL |
|
8967.995 |
7493.886 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
1139.322 |
832.642 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
526.568 |
487.575 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION |
|
612.754 |
345.067 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
|
233.490 |
161.092 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
379.264 |
183.975 |
|
|
|
|
|
|
|
Less |
TAX |
|
244.942 |
145.253 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
134.322 |
38.722 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
2.55 |
1.00 |
LEGAL CASES
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Presentation
Date:- 27.09.2017 |
|
|
|
Reg. No.:- NMCD/63/2018
Reg. Date :- 12/01/2018 |
|
MAIN
MATTER Lodging No.:- COMSL/551/2017
Reg. No.: COMS/884/2017 |
|
Petitioner: KANPUR CONSTRUCTION PRIVATE LIMITED Respondent: WAAREE ENERGIES LIMITED-
Petn. Adv : KHAITAN AND CO (I955) District: OUTSIDE MAHARASHTRA |
|
Bench: SINGLE Status: PRE-ADMISSION
Category: NOTICE OF MOTIONS IN COMMERCIAL
DIVISION MATTERS
Last Date: 02/11/2017 Stage:
FOR AD-INTERIM RELIFE
[ORIGINAL SIDE MATTERS] Last Coram: HON'BLE SHRI JUSTICE R.D. DHANUKA |
|
Act: Code of Civil Procedure 1908 |
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Presentation
Date:- 27/09/2017 |
|
|
|
Reg. No.:- COMS/884/2017
Reg. Date :- 29/12/2017 |
|
Petitioner: KANPUR CONSTRUCTION PRIVATE LIMITED
Respondent: WAAREE ENERGIES LIMITED- Petn. Adv : KHAITAN AND CO (I955) Res. Adv.:- WADIA
GHANDY AND COMPANY (628) District: OUTSIDE MAHARASHTRA |
|
Bench: SINGLE Status: PRE-ADMISSION Category:
AGREEMENTS FOR SALE OF GOODS
OR PROVISION OF SERVICES
Last Date: 19/12/2017 Stage:
FOR REJECTION [ORIGINAL SIDE
MATTERS] Last Coram: REGISTRAR (OS)/PROTHONOTARY AND SR. MASTER |
|
Act: Code of Civil Procedure 1908 |
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 |
Yes |
|
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 |
Yes |
|
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 Industrial Complex, Mahakali Caves Road,
Andheri (East), Mumbai – 400093, Maharashtra, India to the present address w.e.f. 01.10.2011.
CORPORATE
INFORMATION:
Subject is a Limited Company registered in India, under Companies Act 1956, and was incorporated in December 1990.The Company is mainly engaged in business of manufacture of Solar PV Modules & setting up of Projects in solar space. The principal place of business is at Mumbai, India & the plant is located at Surat, India.
STATE OF COMPANY’S
AFFAIRS
The Company had an eventful year despite of the stiff market environment and margin pressure due to competition. The Company achieved total turnover of INR 10833.160 million in the financial year 2016-17. The net profit was INR 346.860 million in the year 2016 -17 which has increased by 52.13% from last year. Basic earnings per share for the year ended 31st March 2017 was at INR 4.57 as against INR 3.01 in the previous year. The Company is also expanding its manufacturing capacity by additional 750 MW.
The Company is rated as “Tier 1 Module Manufacturer” category by Bloomberg New Energy Finance Corporation, which is into ranking the solar panel manufacturers in terms of their bankability and financial stability. The Company entered into the retail segment through opening of franchise stores in various parts of the India
The Company continues to sustain its commitment to the highest levels of quality, superior service management and mature business continuity management. Their customer-centricity, process rigor, and focus on delivery excellence have resulted into consistent improvements in customer satisfaction levels.
During the year the Company has received numerous prestigious award and recognition like Solar Module Company of the Year – Domestic Manufacturer from Solar Quarter, Solar PV EPC Company of the Year - Utility Scale (50 MW - 100 MW) from Solar Quarter, Dun & Bradstreet Best Developing Solar Infrastructure in the Country, Dun & Bradstreet Corporate Awards 2017 “India’s Top 500 Companies 2017” and others
FUTURE OUTLOOK
The Ministry of New and Renewable Energy (MNRE) has announced a new renewable energy rollout plan entailing 91 GW of new solar and wind project tenders by March 2020. It is an ambitious attempt by the new MNRE administration to address private sector concerns about slowing project pipeline and lack of a clear roadmap. It envisages 67 GW of new solar project tenders and 24 GW of new wind project tenders by March 2020 as well as 20 GW of integrated solar module manufacturing capacity addition. The UP state government has approved a new solar policy with a target of developing 10,700 MW of total solar capacity in the state by the year 2022. 60% of this target (6,400 MW) is proposed to be developed through utility scale projects and balance 40% is planned for rooftop solar systems. The total target has been determined so as to achieve renewable purchase obligation of 8%. The policy has some attractive provisions on paper in line with many other states. But it lacks specifics and is very generic in nature leading us to question if it will make any material difference on-the-ground.
MNRE is proposing a slew of subsidies and incentives including direct financial support of more than Rs.110 billion ($1.7 billion) for manufacturers to expand and upgrade, a 12 GW Central Public-Sector Undertaking (CPSU) domestic content requirement (DCR) program to create robust domestic demand, an increasing DCR requirement from modules to polysilicon by year, 30 percent central financial assistance, cheaper loans, a custom duty exemption, and cheaper power.
Renewable energy could generate 49% of electricity in India by 2040 because more efficient batteries–to store electricity when the sun does not shine–will provide flexibility of use and boost the reach of renewables, cutting the cost of solar energy by a further 66% over current costs, according to the Bloomberg New Energy Outlook 2017 report.
The Company is expanding its manufacturing capacity by 750 MW and the Company expects to play a leading role in Indian renewable sector.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Short-term
borrowings |
|
|
|
Intercorporate deposits |
41.500 |
0.000 |
|
|
|
|
|
Total |
41.500 |
0.000 |
INDEX
OF CHARGES:
|
Charges Registered |
||||||||
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G75305904 |
100150677 |
INDIAN RENEWABLE ENERGY DEVELOPMENT AGEN CY LIMITED |
10/01/2018 |
- |
- |
519652000.0 |
INDIA HABITAT CENTRE1ST FLOOR EAST COURT CORE4 A LODHI ROADNEW DELHIDe110003IN |
|
2 |
G74340415 |
100150694 |
VISTRA ITCL (INDIA) LIMITED |
01/12/2017 |
- |
- |
1000000000.0 |
IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRAKURLA COMPLEX BANDRA EASTMUMBAIMa400051IN |
|
3 |
C75486332 |
10612217 |
Centbank Financial Services Limited |
11/12/2015 |
- |
- |
2475000000.0 |
Central Bank of India-MMO Bldg, 3rd Flr (East),55 Mahatma Gandhi Road, Fort,MumbaiMH400001IN |
|
4 |
G77579308 |
10532953 |
PTC INDIA FINANCIAL SERVICES LIMITED |
09/10/2014 |
25/01/2018 |
- |
4237500000.0 |
7th Floor, Telephone Exchange Building8 Bhikaji Cama PlaceNew DelhiDe110066IN |
|
5 |
C34008243 |
10531886 |
PTC INDIA FINANCIAL SERVICES LIMITED |
26/09/2014 |
- |
- |
3000000000.0 |
7th Floor, Telephone Exchange Building8 Bhikaji Cama PlaceNew DelhiDL110066IN |
|
6 |
B62873781 |
10322772 |
STATE BANK OF INDIA |
23/11/2011 |
03/11/2012 |
- |
1000000000.0 |
INDUSTRIAL FINANCE BRANCH , S.V.ROAD,MALAD (WEST)MUMBAIMH400064IN |
|
7 |
G76109594 |
10612218 |
Centbank Financial Services Limited |
23/12/2015 |
- |
07/02/2018 |
2475000000.0 |
Central Bank of India-MMO Bldg, 3rd Flr (East),55 Mahatma Gandhi Road, Fort,MumbaiMH400001IN |
|
8 |
C78195823 |
10589810 |
PINKY VENTURES PRIVATE LIMITED |
12/08/2015 |
- |
28/01/2016 |
200000000.0 |
6TH FLOOR, SIDDHIVINAYAK CHAMBERS, OPP MIG CLUBGANDHI NAGAR, BANDRA (EAST)MUMBAIMH400051IN |
|
9 |
B25896002 |
10087134 |
STATE BANK OF INDIA |
31/01/2008 |
01/08/2009 |
10/03/2011 |
310000000.0 |
JAYPRAKASH NAGAR, ASPM BUILDING,J.P. ROAD, GOREGAON(EAST),MUMBAIMH400063IN |
FIXED ASSETS
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Motor vehicles
- Computer equipment
- Office equipment
PREES RELEASE
WAAREE ENERGIES RAISES INR 1000.000 MILLION
FROM CENTRUM FINANCIAL, GLOBAL PRIVATE EQUITY FUND
The proceeds will go towards the growth capital requirement of Waaree Energies
Mumbai: Waaree Energies Limited, an integrated solar power solutions company, has raised INR 1000.000 Million from Centrum Financial Services Limited, the non-banking finance arm of the Centrum Group, and a South-East-Asia-based private equity fund, a spokesperson for Centrum said.
According to Sandeep Upadhyay, managing director and chief executive of Centrum Infrastructure Advisory, Waaree has raised the funds in the form of structured finance, where Centrum Financial has invested Rs25 crore and the PE firm INR 750.000 Million.
“This is basically a structured finance deal wherein we have raised money for Waaree from both Centrum and an international PE fund,” said Upadhyay.
Centrum Infrastructure Advisory, a Mumbai-based infrastructure-focused investment bank, acted as the financial adviser to Waaree for this transaction.
According to Upadhyay, the proceeds will go towards the growth capital requirement of the company, to add about 1 gigawatt of manufacturing capacity in Gujarat and funding working capital requirements.
Headquartered in Mumbai and led by Hitesh Doshi, Waaree manufactures and supplies solar photovoltaic modules and provides engineering, procurement and construction solutions for the setting up of solar power plants.
“We have grown at a CAGR of 35% in the last five years. We would like to continue this robust growth and plan to utilize the funds for our expansion plans and to explore opportunities across newer segments and markets,” said Doshi, founder and managing director of Waaree.
According to Upadhyay, expectations of an anti-dumping duty being imposed on imports of solar power equipment has raised the hopes of domestic manufacturers. “In speculation of anti-dumping duty, the Indian solar players will obviously have advantage. The other factor is the Make in India drive, where lot of public sector undertakings are coming with bigger bids,” added Upadhyay.
WAAREE ENERGIES TURNS TO SMALL-SCALE
RESIDENTIAL CONSUMERS TO PUSH ITS SOLAR ROOFTOP BUSINESS
Mumbai, March 16
Anticipating the growth in residential solar photovoltaic (PV) rooftop segment to pick up, Mumbai-based Waaree Energies Ltd, part of Waree Group, is launching ready-to-install solar kits for rooftops with capacity ranging from 1 to 5 kw.
The company is targeting small-scale consumers – individual households predominantly in rural and town areas – with its do-it-yourself (DIY) kits that require only two people and 30 minutes to be installed.
“The small-scale solar plant helps minimising households’ power bill. Being able to generate power at ₹3 per unit (kilowatt hours), which is just half of the purchasing power from a grid, it can become financially viable in 3-4 years time,” Sunil Rathi, Director, Waaree Energies, told Business Line.
“As solar is becoming financially viable for people, we believe the small-scale rooftop segment will pick up in a big way,” he said.
“The residential segment has not yet grown to the extent of the commercial and industrial segments, but with this kind of approach it will pick up.”
Apart from the solar kit, Waaree will provide the necessary approvals and micro-financing solutions, Rathi added, for which the company is currently tying up with banks and NBFIs, refusing to name any of them. Warree will be marketing its product through dealers as well as the network of solar experience centers both in India and in the international markets as the company is planning to expand operations in African countries, Nepal, Bangladesh and Sri Lanka, among other markets.
Distant potential
Major rooftop solar developers in the country have so far been focussing on commercial and industrial consumers, rather than households, even though the government provides 30 per cent capital subsidy and various other financial benefits for residential consumers using solar systems.
“The residential and MSME segments have great potential in India, but face many more obstacles relative to the commercial and industrial segment,” said Andrew Hines, co-founder, CleanMax Solar.
“Power tariffs for domestic consumers are lower than for commercial and industrial ones, and at the same time, the project cost per kW is higher for smaller systems. So the basic economics are more challenging.”
He added that a feed-in-tariff, or “rent-a-roof” policy,
could solve these problems and enable this sector to take off, as has happened
in other countries, but “the policy has to be very carefully drafted to ensure
that it is effective”.
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 records 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] 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
|
INR |
|
US Dollar |
1 |
INR 65.22 |
|
|
1 |
INR 91.33 |
|
Euro |
1 |
INR 79.96 |
INFORMATION DETAILS
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on secured
terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.