(i) Waa Solar Private Limited was incorporated on November 9, 2009. Waa Solar Limited, a Company is a Part of Madhav Corp., a pan India conglomerate operating in the sector of Renewable Energy,Infrastructure and Real estates. A Madhav Corp has a springboard of sound professional management and an enthusiastic workforce, to deliver challenging and rigorous assignments, in any part of the country, thereby carving an impressive track record with exceptional quality and speed.
(ii)The main focus of the Promoter and its Group is to leverage the experience of our team in the infrastructure sector to set up green power projects and real estate projects across India. On the back of favourable and pro-investment government policies, the company is synergizing sustainable building and power generation technologies to build alternative energy projects and contribute to ensuring the energy security of our country.
(iii)The Company is mainly engaged in solar power generation by setting up Solar Power Project and by investing in Special Purpose Vehicle (“SPV”) associate and subsidiaries companies which are engaged in solar power generation activities. Our company is planning to commence the Engineering,Procurement, and Construction (“EPC”) in the solar project.
(iv) On May 21, 2010,Gujarat Urja Vikas Nigam Limited (“GUVNL”) has awarded the work of setting up of Solar Photovoltaic Grid Interactive Power Plant of 10MW capacity at village Nayka, Taluka-Sami, District Patan, to produce the Electric Energy and for sale of entire electrical energy, so produced, for commercial purpose from such project to GUVNL for a tenure of 25 years. Subsequently, our company vide its letter dated September 17, 2010 requested to GUVNL for shifting of the location of 10MW Solar power plant from village Nayka, Taluka-Sami, District Patan, Gujarat to Village Tikar (Parmar),Taluka- Muli, District Surendranagar, Gujarat. GUVNL vide its letter bearing no. GUVNL/COM/Solar/Waa Solar/2041 dated October 8, 2010 accepted our request for the change in location of 10 MW solar power plant and executed supplementary Power Purchase Agreement (“PPA”) on October 8, 2010. The company within a period of 11 months of acquisition of land completed 10.25 MW (DC) capacity of the ground mounted Solar Photovoltaic power project in the area of (approx 59.80 acres) at Village Tikar (Parmar), TalukaMuli, District Surendranagar, Gujarat, installed 63,990 Photovoltaic (PV) modules in phase I having total capacity of 4.9592 MW and 64,875 PV modules in phase II having a total capacity of 5.9207 MW with 14 inverter transmission station. The company has received a certificate of commissioning of 10.25 MW from Gujarat Energy Development Agency (“GEDA”) on February 27, 2012. Out of total land area of 92 acres of land situated at Village Tikar (Parmar), Taluka- Muli, District Surendranagar, Gujarat, the company has set up Solar Photovoltaic power project in the area of approx 59.80 acres and balance area of approx 32-acre land has been given on lease basis to M/s. S.J. Green Park energy Private Limited for setting up Solar Photovoltaic power project of 5.125 MW w.e.f May 9, 2012, for a tenure of 25 years at a monthly rent of `1.00 Lakhs with the incremental rent of 5% every year.
The Offer for Sale The Company will not receive any proceeds from the Offer for Sale.
1. Investment in Subsidiary Companies
2. General Corporate Purpose,
3. Meeting Public Issue Expenses.
Promoters of Waa Solar Limited Company are:
(i) Mr. Amit Khurana, is a Managing Director of the Company. He holds a degree in Business Administration and joined family business immediately after graduation. He has an experience Over 20 years in the EPC business and 8 years of Experience in Solar Business. He is also looking after day to day activity of Group Company and acts as Managing Director in Madhav Infra Projects Limited.
(ii) Mr. Mangilal Singhi, is a Director cum Chief Financial Officer of the Company. He holds a degree in Commerce. He has an experience of Over 35 years in the field of Accounts, Finance, Banking, and Management.
(iii)Mr. Vineet Rathi is a Professional Director of the Company. He holds a degree of Chartered Accountant and Commerce Graduate. He has an experience Over 16 years in the field of Financial Services. He owns a firm of Practicing Chartered Accountant in Vadodara.
The Company Waa Solar Limited business model is comprised of three parts:
1. Solar Projects
(a)The Company has 10.25 MW Power Plant installed at Surendranagar.
(b)The Company has 100 KW Power Plant installed at Raja Bhoj, Bhopal Airport.
(a)The Company has 66.69% of stakes in Madhav Solar(Karnataka) Private Limited having 10MW Capacity Power Plant.
(b)The Company has 99.99% of stakes in Madhav Private Limited (MSPL) having 4MW Capacity Power Plant.
(c)The Company has 51.1% stakes in Madhav Solar(Vadodra Rooftop) Private Limited(MSVRPL) having 4MW Capacity plant.
(i) Authorized Share Capital
70,00,000 shares at FV@10)
(ii) Issued, Subscribed,& Paid-up Share Capital Before Issue
(48,83,382Shares at FV@10)
(iii) Present Issue
( 20,00,000 Shares at FV@10)
(iv) Fresh Issue of 17,50,000 Shares
(v) OFS of 2,50,000 Shares
(vi) Reservation for Market Maker ( 1,04,000 Shares at FV@10)
(vii) Net Issue to Public
(20,00,000-1,04,000= 18,96,000 Shares)
(viii) QIB & HNI quota-9,48,000
(ix) Retail Quota - 9,48,000
(x) Paid Up Share Capital after the issue
Financials of Waa Solar Limited IPO as per DRHP:
1. Assets and Liabilities Key Parameters
2. Profit n Loss Key Parameter
(i) The Revenue of the company in last 5 years ( FY13to 8MFY18) is 27.73Cr, 33.30Cr, 66.57 Cr, 64.84 Cr, 52.39 Cr and 33.34 Cr respectively. The Company is growing at a CAGR of 17.24 %.
(ii) The PAT of the company in last 5 years ( FY13 to 8MFY18) is 8.28 Cr, 5.38 Cr, 11.35 Cr, 6.02 Cr, 4.88 Cr and 2.33 Cr respectively. The Company has inconsistency in PAT growth in last 5 years.
(iii) P/B(post issue)= .73 (at cutoff price of 161)
(iv) Annualized EPS(post issue)= 5.26
(v) Annualized P/E(post issue)= 30 at the cutoff price of 161
3. Cash Flow Statement(all figures in Lacs)
(i) Net Cash Generated from Operation
(ii) Net Cash Generated from Investment
(iii) Net Cash Generated from Financing Activity
(iv) Total[ (i)+(ii)+(iii) ]
Note: The company is generating positive cash flows from operations which is big positive for the companies likes Waa Solar which requires intensive capital for an installment of solar power plants.
Comparison With Peers:
The company believe that there are no listed Companies in India which are purely engaged in Solar Power Generation by setting up Solar PV power project
Recommendation on Waa Solar Limited IPO:
Review and Recommendation of
Waa Solar Limited IPO
from our side is: