WAA SOLAR LIMITED INVESTOR PRESENTATION IPO ON BSE SME LEAD MANAGER WWW.WAASOLAR.ORG
PROJECT EXECUTION MODEL We execute Solar PV power projects on RESCO, OPEX and EPC basis. We have a complete end to end solution to conceptualize develop, execute and maintain our execution experience in various Solar PV projects like ground mounted, roof top mounted, distributed generation with and without storage. GROUND MOUNTED ROOFTOP MOUNTED
OUR BUSINESS MODEL WAA SOLAR LIMITED SOLAR PROJECTS INVESTMENT EPC LEASE INCOME 10.25MW 100 KW Investment in "SPV" for Investment in Well placed in the Power Project at Raja Bhoj Solar Power Projects Associate Solar EPC mounted with at Surendranagar Airport, Bhopal (BOO) (Subsidiary Companies) Companies experience of executed (Owned Ground Mounted) Solar PV projects 66.69% Stake Madhav Solar (Karnataka) Private Limited (MSKPL) (10MW Power Plant) 99.99% Wholly Owned Subsidiary Company Madhav Solar Private Limited (MSPL) (4 MW Power Plant) 99.97% Wholly Owned Subsidiary Company Madhav Solar (Vadodar Rooftop) Private Limited (4 MW Power Plant)
JOURNEY SO FAR November 9, 2009 Incorporated as Waa Solar Private Limited to which a permission was given to build 20 MW Solar PV plant in state of Gujarat. May 21, 2010 Waa Solar executed Power Purchase Agreement to establish 10.25 MW Solar Power plant for concession period of 25 years. January 30, 2013 Waa Solar executed a Power Purchase Agreement with Airport Authority of India to supply Solar PV energy to Raja Bhoj Airport in Bhopal for concession period of 25 years. February 25, 2010 Waa Solar though it's subsidiary, Madhav Solar (Karnataka) Pvt. Ltd. executed a power purchase agreement to set up 10 MW solar power project in state of Karnataka for concession period of 25 years. January 13, 2012 Waa Solar commissioned 10.25 MW capacity solar power plant in the record time at Village. Tiker Ta. Muli Dist. Surendranagar. June 28, 2013 Waa Solar commissioned power plant and starts producing power at Raja Bhoj Airport at Bhopal.
JOURNEY SO FAR June 17, 2014 Waa Solar though it's subsidiary, Madhav Solar (Vadodara Roof Top Pvt. Ltd.) executed a power purchase agreement to set up Solar Roof Top Project in city of Vadodara for cumulative capacity of 4 MW mounted over 50 Roof Top Locations. August 11, 2015 Waa Solar achieved commercial operation of capacity of 10 MW in state of Karnataka under it's subsidiary Madhav Solar (Karnataka Pvt. Ltd.). December 27, 2013 Waa Solar though its owned subsidiary, Madhav Solar Pvt. Ltd. executed a power purchase agreement to set up 4 MW project in state of Punjab for a period of 25 years. June 30, 2015 Waa Solar achieved commercial operation of cumulative capacity of 4 MW Roof Top projects under its subsidiary Madhav Solar (Vadodara Roof Top Pvt. Ltd.). February 19, 2018 Waa Solar converted to public limited from the private limited entity type.
BUSINESS FOOTPRINT 4 MW Mansa, Punjab 4.25 MW Vadodara, Gujarat 10.42 MW Koppal, Karnataka 100 KW Bhopal, Madhya Pradesh 10.25 MW Surendra Nagar, Gujarat
PROJECT PHOTOS SURENDRANAGAR, GUJARAT TUMUR, KARNATAKA BHOPAL, MADHYA PRADESH VADODARA, GUJARAT MANSA, PUNJAB
COMPANY OVERVIEW 9+ Years of Proven Record
ABOUT US Our Company was incorporated as "Waa Solar Private Limited" under the provision of the Companies Act, 1956 vide certificate of incorporation dated November 9, 2009 issued by the Assistant Registrar of Companies, Maharashtra, Mumbai. The registered office of our Company was shifted from Maharashtra State to Gujarat State and certificate was issued on September 12, 2013 by the Registrar of Companies, Gujarat, Dadara Nagar and Haveli. Waa Solar has been an early moved in the field of Solar Power Generation and has passed important mile stones in this field. It has through careful selection of technology and expertise developed and invested in plants that have consistence high efficiency through their plants. It has been careful in investing in geographies within India which have no issues with realization of revenue. Waa Solar also enjoy considerable adventures of having a house team of trained manpower to necessary operate and maintain its plants to achieve top for its investment.
WAA SOLAR LTD. 10.25 MW : : CERTIFICATE OF COMMISSIONING FEBRUARY, 2012 : : Offtaker Project Tenure (Years) Installed Capacity Per Unit Price (PPA Agreement) Inverter Make Project Cost Project Location Project Area Share Capital on March 31, 2017 Generation up to March 31, 2018 Average PLF (%) Gujarat Urja Vikas Nigam Ltd. 25 Years 10.25 MW Solar PV Power Project Rs. 15 (112 Yrs.) Rs. 5 (1325 Yrs.) SMA Rs. 153.14 Crores Surendranagar, Gujarat 59.80 Acres Rs. 27.13 Lakhs (Equity Rs. 71.39 Cr.) 110.08 (Million Units) 19.33 SURENDRANAGAR SURENDRANAGAR SURENDRANAGAR
WAA SOLAR LTD. 100 KW : : CERTIFICATE OF COMMISSIONING JUNE, 2013 : : Offtaker Project Tenure (Years) Installed Capacity Project Mode Project Cost Project Location Per Unit Price (PPA Agreement) Airport Authority of India, New Delhi 25 Years 100 KW Solar PV Power Project Build, Own & Operate ( BOO ) Rs. 1.17 Crores Raja Bhoj Airport, Bhopal Rs. 9.00 Per Unit (First 10 Years) Rs. 6.03 Per Unit (Next 15 Years) BHOPAL AIRPORT BHOPAL AIRPORT BHOPAL AIRPORT
MADHAV SOLAR (KARNATAKA) PVT. LTD. (SUBSIDIARY COMPANY 66.69 % STAKE) : : CERTIFICATE OF COMMISSIONING AUGUST, 2015 : : Offtaker Project Tenure (Years) Installed Capacity Per Unit Price (PPA Agreement) Inverter Make Project Location Project Area Share Capital as on March 31, 2017 Generation up to March 31, 2018 Average PLF (%) Chamundeswari Electricity Supply Co. Ltd. 25 Years 10 MW Solar PV Power Project Rs. 7.47 for P1 & Rs. 7.47 for P2 Schneider Koppal, Karnataka 20 Acres Rs. 25.38 Crores 47.94 Million Units 18.24 KOPPAL, KARNATAKA KOPPAL, KARNATAKA KOPPAL, KARNATAKA
MADHAV SOLAR PVT. LTD. (WHOLLY OWNED SUBSIDIARY COMPANY 100 % STAKE) : : CERTIFICATE OF COMMISSIONING JULY, 2014 : : Offtaker Project Tenure (Years) Installed Capacity Per Unit Price (PPA Agreement) Inverter Make Project Location Project Area Share Capital on March 31, 2017 Generation up to March 31, 2018 Average PLF (%) Punjab State Power Corporation 25 Years 4 MW Solar PV Power Project Rs. 7.20 for P1 & Rs. 7.47 for P2 Schneider/ ABB Mansa, Punjab 20 Acres Rs. 12.00 Crores 161.75 Million Units 17.03 MANSA, PUNJAB MANSA, PUNJAB MANSA, PUNJAB
MADHAV SOLAR (VADODARA ROOFTOP) PVT. LTD. (SUBSIDIARY COMPANY 99.97 % STAKE) : : CERTIFICATE OF COMMISSIONING APRIL, 2015 : : Offtaker Project Tenure (Years) Installed Capacity Unit Price (PPA Agreement) Inverter Make Project Location Share Capital on March 31, 2017 Generation up to March 31, 2018 Average PLF (%) Madhya Gujarat Vij Company 25 Years 4 MW Solar PV Power Project Rs. 10.76 Per Unit Fronius Vadodara, Gujarat Rs. 14.06 Crores 14.14 Million Units 13.27 VADODARA, GUJARAT VADODARA, GUJARAT VADODARA, GUJARAT
OUR STRATEGY OPTIMAL UTILIZATION OF RESOURCES TO BUILDUP A PROFESSIONAL ORGANIZATION DIVERSIFICATION AND EXPANSION
OUR STRENGTHS INVESTMENT IN SUBSIDIARY AND ASSOCIATE COMPANIES PROVEN AND EXPERIENCED MANAGEMENT TEAM COST EFFICIENT SOURCING AND COMPLETION OF PROJECT IN SCHEDULE TIME
MANAGEMENT OVERVIEW 9+ Years of Proven Record
OUR DIRECTORS MR. AMIT KHURANA CHAIRMAN AND MANAGING DIRECTOR Mr. Amit Khurana is Managing Director and has an experience of over 18 years in the GMR Infrastructure industry. He has joining the family owned Group of Companies been deeply involved in conceptualizing, planning & execution of various kind of projects. He has been instrumental in starting Waa Solar ltd and been involved in all effect of the social business concept to commission in land acquisition. th 8 India's Fastest Growing Construction Company for the year 20082009. th 38 India's Largest Construction Companies for the year 20082009. th 35 India's Most Profitable Construction Companies for the year 20082009. Waa solar was 2nd most efficient plant in state of Gujarat and has consistency named high since then. Madhav Power (Punjab project) was the first among man to achieve cumulative operations in the state of Punjab where land acquisition is a perennial issue.
MR. MANGILAL SINGHI DIRECTOR Mr. Mangilal Singhi, is a Director cum Chief Financial Officer of the Company. He holds a degree in Commerce. He has an experience Over 35 years in the field of Accounts, Finance, Banking and Management. MR. VINEET RATHI DIRECTOR Mr. Vineet Rathi, is an 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. MS. JAINI JAIN INDEPENDENT DIRECTOR Ms. Jaini Jain is an Independent Director of the Company. She holds a degree of Company Secretary and Commerce Graduate. She has an experience Over 3 years in the field of the Companies act and other allied laws, the Depositories act, etc. MR. TUSHAR DONDA INDEPENDENT DIRECTOR Mr. Tushar Donda, is an Independent Director of the Company. He holds a degree of Company Secretary and BBA. He has an experience Over 3 years in the field of the Companies act and other allied laws, Securitization Laws, the Depositories act, etc.
FINANCE OVERVIEW Strong financial performance over the period
KEY FINANCIAL METRICS ELECTRICITY REVENUE CASH ACCRUALS (RS. IN LAKHS) (RS. IN LAKHS) 3,000 2,250 2,500 2,000 2,000 1,750 1,500 1,500 1,250 1,000 750 500 250 2,714.42 2,728.10 2,561.42 1,604.35 1,250 1,000 750 500 250 2,096.18 1,577.56 1,371.08 792.55 0 0 MAR 2015 MAR 2016 MAR 2017 NOV 2017 MAR 2015 MAR 2016 MAR 2017 NOV 2017 (8 MONTHS) (8 MONTHS)
NETWORTH INDICATORS (RS. IN LAKHS) ( IN RUPEES ) 12,000 10,000 8,000 6,000 5,000 4,000 3,000 2,000 1,000 0 8,163.76 MAR 2015 10,958.67 MAR 2016 11,386.17 MAR 2017 NOV 2017 11,547.99 (8 MONTHS) ( IN RUPEES ) PARTICULARS MAR, 2017 NOV, 2017 NAV/ Book Value Per Share Cash Earnings Per Share Earning Per Share Issue Price P/E Ratio 233.16 28.08 8.75 161.00 18.40 236.48 16.23 3.31 161.00
BALANCE SHEET ( RS. (RS. IN LAKHS IN LACS) ) PARTICULARS MAR, 2013 MAR, 2014 MAR, 2015 MAR, 2016 MAR, 2017 NOV, 2017 Share Capital 19.00 19.00 19.00 27.13 27.13 27.13 Reserves & Surplus 6,453.99 6,992.06 8,144.76 10,931.54 11,359.04 11,520.86 Equity & Liabilities 6,472.99 7,011.06 8,163.76 10,958.67 11,386.17 11,547.99 Non Current Liabilities 8,509.26 9,868.66 10,735.99 7,371.03 7,253.07 8,846.71 Short Term Borrowing 178.46 20.77 381.69 353.09 559.75 57.00 Trade Payable 24.05 84.82 1,411.47 20.18 10.67 9.78 Other Current Liabilities 724.16 1,127.97 1,189.16 1,104.01 809.33 945.64 Short Term Provision Total Liabilities 15,908.92 18,113.28 21,882.07 19,806.98 20,018.99 21,407.12 Fixed Assets 14,437.03 13,618.86 12,679.67 11,736.35 10,792.78 10,161.96 Non Current Investments 231.80 3,053.16 8,145.24 6,878.93 8,144.67 8,474.67 Inventories 29.29 67.50 91.59 90.29 90.29 Trade Receivables 249.99 232.41 12.23 1.38 12.42 Cash & Cash Equivalents 239.32 700.08 208.12 104.73 87.28 90.42 Short Term Loans& Advances 683.70 157.19 230.84 618.87 580.94 2,363.32 Other Current Asset 317.07 304.71 318.29 364.28 321.65 214.04 Total Assets 15,908.92 18,113.28 21,882.07 19,806.98 20,018.99 21,407.12
PROFIT & LOSS STATEMENT ( RS. IN LAKHS ) PARTICULARS MAR, 2013 MAR, 2014 MAR, 2015 MAR, 2016 MAR, 2017 NOV, 2017 Sale of Electricity 2,749.86 2,647.53 2,714.42 2,728.10 2,561.42 1604.35 Epc Contract income 2,178.50 Trading Activity 22.75 473.32 1,874.17 1.41 Other Income 23.63 230.57 60.06 87.70 44.41 18.98 TOTAL INCOME (I) Cost Of Material Consumed 2,773.49 2,900.85 5,426.30 1,212.40 4,689.97 28.73 2,607.24 1,623.33 Change in Inventories 79.51 161.21 1,753.88 1.30 Employee Benefit Expenses 24.60 50.93 64.27 33.69 40.16 38.45 Finance Cost 901.19 1,280.94 1,334.20 1,179.11 1,084.03 668.1 Depreciation & Amortization Exp. Other Expenses 928.43 90.99 940.90 69.08 943.48 236.93 943.58 117.00 943.58 110.34 630.72 82.78 TOTAL EXPENSES (II) Profit Before Tax (III=III) 1945.21 828.28 2421.36 538.07 4055.99 1,163.81 2179.41 633.98 2179.41 427.83 1420.05 203.28 Tax for Current Year(IV) 11.11 3.20 41.45 Deferred Tax (V) (2.87) 0 Profit After Tax (VI=IIIIVV) 828.28 538.07 1,152.70 633.98 427.50 161.23
INDUSTRY OVERVIEW Very good growth potential for Solar Industry
4th INDUSTRY OVERVIEW Global installed capacity for solarpowered electricity has seen an exponential growth, reaching around 227 GWe at the end of 2015. 227 GW Among the countries included in the Government is on its way to achieving 175 Index, access to electricity and clean GW target for installed Renewable Energy cooking have both increased by 7% to 87% and 75%, respectively since 2000. 87% 175 GW capacity by 2022. th th India attains global 4 and 6 position in global Wind and Solar Power installed capacity.
OFFER DETAILS IPO on BSE Platform
ISSUE DETAILS PARTICULARS Issuer Offer Type Price Per Share Minimum Lot Size Issue Size Stock Exchange Issue Structure Lead Manager Registrar Issue : : : : : : : : : DETAILS Waa Solar Limited Initial Public Offering & Offer for Sale Rs. 161/ Per Equity Share (Including a Share Premium of Rs. 151/ per Equity Share) 800 Equity Share and Multiples thereof 20,00,000 Equity Shares of Face Value of Rs. 10/ each for Cash at a Price of Rs. 161/ Per Equity Share (Including a Share Premium of Rs. 151/ per Equity Share) aggregating to Rs. 3,220.00 Lakhs BSE SME Non Retail Portion 9,48,000 Equity Shares Retail Portion 9,48,000 Equity Shares Market Maker Portion 1,04,000 Equity Shares GUINESS CORPORATE ADVISORS PVT. LTD. BIGSHARE SERVICES PVT. LTD.
ISSUE OBJECTIVES INVESTMENT IN SUBSIDIARY COMPANIES Rs. 2100.00 Lakhs (74.53% of the total issue size) will be utilized towards the investment in subsidiary companies. GENERAL CORPORATE PURPOSE Rs. 670.00 Lakhs (23.78% of the total issue size) will be utilized towards the general corporate expenses. PUBLIC ISSUE EXPENSES Rs. 47.50 Lakhs (1.69% of the total issue size) will be utilized towards the public issue expenses.
DISCLAIMER The Company is proposing, subject to market conditions public issue of its equity shares and has filed its Prospectus") with the Bombay Stock Exchange of India. The Prospectus is available on the website of Lead Manager at www.guinessonline.net, website of BSE at www.bseindia.com in website of issuer company at www.waasolar.org. The information is given in good faith and we make no representations or warranties, express or implied, as to the accuracy or completeness of the information and shall have no liability to you or your representatives arising from use of this information. The Issuer, having made all reasonable inquiries confirms that Prospectus contains all information with regard to the Issuer and Issue and that the information is true and correct in all material aspects and is not misleading in any material respect. Investments in equity and equityrelated securities involve a degree of risk and investors should not invest any funds in this Issue unless they can afford to take the risk of losing their investment. Investors are advised to read the risk factors carefully before taking an investment decision in this Issue and must rely on their own examination of the Issuer and this Issue, including the risks involved. This advertisement/ press release does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any equity shares, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision. You are advised to carefully read the entire offer document including all the risk factors mentioned in the offer document issued by the Issuer before making any investment decisions. Neither Guiness Corporate Advisors Private Limited nor any of its affiliates, group companies, directors, employees, agents or representatives shall be liable for any damages whether direct indirect special or consequential including lost revenue or lost profits that may arise from or in connection with the use of the information.
THANK YOU INVESTORS WAA SOLAR LIMITED REGD. OFFICE : MADHAV HOUSE, NR. PANCHRATNA BUILDING, SUBHANPURA, VADODARA, GUJARAT 390023. PHONE: 0265 2290722 EMAIL: INFO@WAASOLAR.ORG WEB: WWW.WAASOLAR.ORG (COMPANY SECRETARY & COMPLIANCE OFFICER) MR. KAUSHIK SAKHAVADA