MIRA
INFORM REPORT
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Report Date : |
17.10.2007 |
IDENTIFICATION DETAILS
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Name : |
TEHRI HYDRO DEVELOPMENT CORPORATION LIMITED |
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Registered Office : |
Pragati Puram By |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
12.07.1988 |
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Com. Reg. No.: |
9822 |
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CIN No.: [Company
Identification No.] |
U45203UR1988GOI009822 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MRTT00166F |
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PAN No.: [Permanent
Account No.] |
AAACT7905Q |
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Legal Form : |
It is a Government of India Undertaking company. All the shares of the company are held by the Government of India. |
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Line of Business : |
To Maintain hydro power project. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 168824800 |
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Status : |
Good |
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Payment Behaviour : |
Slow |
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Litigation : |
Exists |
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Comments : |
Subject is Government of India Undertaking Company into procurement of
hydro energy. Trade relations are fair. Payments are reported as slow but
correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
Pragati Puram By pass road, Rishikesh – 249 201, |
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Tel. No.: |
91-135-2431517-23 (EPABX) |
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E-Mail : |
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Website : |
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Administrative Office: |
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Tel. No.: |
91-11-2572 05 59 /2 575 23 75 / 2573 04 65 |
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Fax No.: |
91-11-2572 05 32 |
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Telex : |
031-63085 THDC IN |
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Grams: |
TEHRI CROPS |
DIRECTORS
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Name : |
Mr. M. L. Gupta |
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Designation : |
Chairman and managing director |
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Name : |
Mr. D. P. S. Lamba |
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Designation : |
Director (Personal) |
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Name : |
Mr. S. Adinaryana |
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Designation : |
Director (Finance) |
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Name : |
Mr. R K Sharma |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. Kultar Sharma |
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Designation : |
Director |
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Name : |
Mr. A S Bhisht |
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Designation : |
Director |
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Name : |
Mr. S K Shukla |
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Designation : |
Director |
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Name : |
Mr. R S T Sai |
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Designation : |
Chairman and managing director |
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Name : |
Mr. Gurdial Singh |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Y. Lal |
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Designation : |
General Manager (P and K ) |
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Name : |
Mr. B. B. Raj |
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Designation : |
General Manager (C & P) |
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Name : |
Mr. K. Seshachary |
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Designation : |
Company Secretary (I/C) |
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Name : |
Mr. V. B. Gupta |
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Designation : |
Senior Manager (PR) |
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Name : |
Mr. Rajesh Verma |
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Designation : |
Secretary |
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Name : |
Mr. G B Pattanaik |
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Designation : |
Secretary |
BUSINESS DETAILS
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Line of Business : |
To Maintain hydro power project. |
GENERAL INFORMATION
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Bankers : |
·
State Bank of ·
State Bank of |
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Banking
Relations : |
Satisfactory |
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Associates/Subsidiaries : |
All Government of India Undertaking companies. |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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4000000000 |
Equity Shares |
Rs.10/- Each |
Rs. 40000.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3050320400 |
Equity shares |
Rs. 10/-
each |
Rs.30503.204
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
30503.200 |
24148.800 |
22139.300 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
11703.000 |
10451.900 |
10031.900 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
42206.200 |
34600.700 |
32171.200 |
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LOAN FUNDS |
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1] Secured Loans |
32754.100 |
21060.000 |
12658.100 |
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2] Unsecured Loans |
4494.200 |
7548.300 |
16946.400 |
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TOTAL BORROWING |
37248.300 |
28608.300 |
29604.500 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
79454.500 |
63209.000 |
61775.700 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1868.900 |
2141.300 |
64724.200 |
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Capital work-in-progress |
78413.900 |
67952.900 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
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0.000 |
138.600 |
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Sundry Debtors |
0.000
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0.000 |
0.000 |
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Cash & Bank Balances |
569.800
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591.900 |
1961.200 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
1506.800
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1264.500 |
1423.900 |
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Total
Current Assets |
2076.600
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1856.400 |
3523.700 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1840.700
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8033.100 |
5684.800 |
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Provisions |
1073.100
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736.100 |
804.200 |
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Total
Current Liabilities |
2913.800
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8769.200 |
6489.000 |
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Net Current Assets |
[837.200]
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[6912.800] |
[2965.300] |
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MISCELLANEOUS EXPENSES |
8.900 |
27.600 |
16.800 |
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TOTAL |
79454.500 |
63209.000 |
61775.700 |
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KEY RATIOS
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Year |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Debt-Equity Ratio |
0.86 |
0.87 |
0.88 |
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Long Term Debt-Equity Ratio |
0.86 |
0.87 |
0.88 |
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Current Ratio |
0.34 |
0.35 |
0.50 |
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TURNOVER RATIOS |
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Fixed Assets |
0.00 |
0.00 |
0.00 |
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Inventory |
0.00 |
0.00 |
0.00 |
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Debtors |
0.00 |
0.00 |
0.00 |
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Interest Cover Ratio |
0.00 |
0.00 |
0.00 |
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Operating Profit Margin(%) |
0.00 |
0.00 |
0.00 |
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Profit Before Interest And Tax Margin(%) |
0.00 |
0.00 |
0.00 |
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Cash Profit Margin(%) |
0.00 |
0.00 |
0.00 |
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Adjusted Net Profit Margin(%) |
0.00 |
0.00 |
0.00 |
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Return On Capital Employed(%) |
0.00 |
0.00 |
0.00 |
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Return On Net Worth(%) |
0.00 |
0.00 |
0.00 |
LOCAL AGENCY FURTHER INFORMATION
DIRECTOR REPORTS:
PERFORMANCE HIGHLIGHTS:
The Corporation has crossed a major milestone on declaration
of Commercial Operation of Unit IV of Tehri HEP w.e.f. 00.00 Hrs on 22.09.2006.
In the days to come, the station shall provide peak power support to Northern
Grid.
During the year all major works for the construction of Main Dam and
Underground Power House including erection of Turbine, Generator and other
equipment of Tehri HEP stage-I was completed. The filling of Tehri Dam
Reservoir was commenced with the closure of the last Diversion Tunnel, T-2 on
October 29, 2005. Unit No. IV and III were successfully rolled on March 31,
2006. The Commissioning tasks of these units were started after water in the
Reservoir reached the Minimum Draw Down Level (MDDL) of 740 m in May, 2006.
Unit IV was synchronized with Grid on July 17, 2006. The process of
Commissioning of balance 3 Units in under way and synchronization is expected
in a phased manner by December, 2006.
The work of Koteshwar Dam and HPP (400 MW) is in progress. After completion of
the major excavation work in the Dam and Power Intake area, the concreting of
Power Intake was started in January, 2006 and that of Dam and Spillway in June,
2006.
The Directors are pleased to inform that the CCEA approval for Tehri PSP (1000
MW) has been accorded by the Govt. in July, 2006 at an estimated project cost
of Rs.1657.60 Cr at December, 2005 price level with debt equity ratio of 70:30.
The essential works of Tehri PSP (1000 MW) have already been completed with
Tehri Dam and HPP Stage-I (1000 MW). The process of award of major works is in
progress.
THDC has completed the Survey and Investigation works (Stage-II) of Vishnugad
Pipalkoti Project envisaging an installed capacity of 444 MW (4X111MW) and submitted
the DPR to Central Electricity Authority (CEA) in March, 2006 for Techno
Economic Clearance (TEC).The TEC was issued by CEA on 21.09.2006. The
Implementation Agreement for execution of the Project has been signed with the
Govt. of Uttaranchal on June 2, 2006.
Government of Uttaranchal has also allotted six new projects to the Corporation
and the MOU with Govt. of Uttaranchal for implementation of these projects, has
been signed on November 21, 2005. Survey and Investigation works for these
projects have been taken up for the feasibility and studies.
THDC has signed an MOU with the Ministry of Power in March, 2006, setting
the milestones for the ongoing projects during 2006-07 for the first
time.
TEHRI DAM and HPP STAGE-I (1000
MW) POWER HOUSE:
A) Civil Works:
All the civil works of Power House Complex viz construction of 04 Nos Head Race Tunnel 8.5 M dia along with Intake Structure, 02 Nos. Tail Race Tunnels - 9.0 M dia and 8 Nos. Underground Caverns (2 Nos. Bifurcation Chambers, Butterfly Valve Chamber, Penstock Assembly Chamber, Transformer Hall, Machine Hall, Upper Expansion Chamber, Lower Expansion Chamber) and 13 Nos shafts (04 Nos Maintenance Gate Shafts- 11 M dia, 04 Nos. Vertical
Penstocks- 5.75 M dia, 04 Nos. Draft Tube Gate Shafts of size 6.70 M x 5.0 M
and 01 No. Link Shaft connecting Power House Cavern with Butterfly Valve
Chamber are already complete.).
River Joining works of Tail Race Tunnels (TRT-1 and 2), which were taken
up after the closure of diversion Tunnel T-2 were successfully completed in a
shortspan of 03 months.
B) Electro- Mechanical
works:
Supplies of Electro-Mechanical Equipments are already
complete. The boxing upof Unit-IV, III and 11 has already been completed. The
erection of Turbine and Generator equipment for Unit-I has been completed
during the year and boxing activities are in progress. Boxing up of Unit-I is
expected to be completed in Nov'06. Two Units (Unit IV and III) were
successfully rolled on March 31, 2006. Further, 1st Unit (Unit-IV) has been
synchronized with the Northern Grid in July, 2006 and has been put on
commercial operation in September, 2006.
REVISED COST ESTIMATE:
The revised cost estimate of Tehri Dom and HIPP (Stage-I)(1000 MW) including essential works of Tehri PSP at March, 2003 PL amounting to Rs. 66213. 00 millions including IDC and FC of Rs.5600.000 milloins, at March, 2003 PIL was sanction by CCEA in November, 2004 with projects Commissioning by July, 2005.
Proposal of Revised Cost Estimate-II amounting to Rs.81982.900 milloins,
at November, 2005 PIL including IDC of Rs.1054.00 upto March 31, 2006 has been
submitted to CEA for clearance.
EXPENDITURE:
The total expenditure incurred by the Corporation for Tehri HPP Stage-I
upto March, 2006 is Rs.76443.200 millions, out of which Rs.9213.300 millions
was spent during 2005-06. Total expenditure incurred till August, 2006 is
Rs.79051.300 milloins including IDC of Rs.11088.600 millions.
POWER PURCHASE AGREEMENTS:
The Power Purchase Agreements (PPAs) for Tehri Hydro Power Project (1000 MW) have been entered into with all the nine beneficiary states.
TARIFF FOR TEHRI HPP (1000 MW):
A Petition for fixation of provisional tariff for Tehri HPP (1000
MW), based on the expenditure incurred upto 31.12.2005, has been submitted to
Central Electricity Regulatory Commission,
KOTESHWAR DAM and HEP (400
MW):
The 400 MW Koteshwar Hydro Project is a part of the 2400 MW Tehri Hydro Power Complex. Koteshwar Project comprises a 97.5 m. high concrete dam and surface power house, housing 4 units of 100 MW each and, is located around 22 Km. downstream of Tehri NT Dam and is a run-of-the-river scheme.
CCEA has approved the proposal for execution of Koteshwar H.E Project (4X100
MW), at a cost of Rs.13015.600 milloins including, IDC of Rs.1900.40 millions
at October, 1999 price level in April, 2000. The progress of the Koteshwar HEP
is as under.
DAM and POWER HOUSE WORKS:
a) Civil
works:
The Open Excavation for Dam, Spillways and Surface
Power House remained in progress during the year. There was a failure of slope
on the right bank which is being attended to. The handing over of acquired land
has been delayed in spite, of payments having been made. The contractor's
performance has not been as per requirement. However, the works are progressing
and ways and means are being devised to accelerate progress of works.
In spite of stiff resistance from villagers of nearby villages viz. Pendars,
Mulani, Gairogisera, the work of excavation was executed in the various
reaches. With the evacuation of village Pendaras in April, 2005 and Mulani in
January, 2006, the excavation work is in progress.
Excavation of Power Intake area and Dam and Spillway area has been completed
and the concreting in these areas has been started in January, 2006 and June,
06 respectively. For concerning work Crusing Plant of 700 TPH and Batching
Plant of 240 Cum/Hr. capacity is in operation. The work of underground
excavation of Penstocks and drainage galleries is in progress.
b) Electro-Mechanical Works:
The work of Electromechanical Equipment is being executed by M/s. BHEL. The generating equipment components are in various stages of manufacture. The model testing of turbine runner has been successfully witnessed. The inspection of various assemblies/equipment has been done at BHEL works at Haridwar and Banglore. The supplies are being progressively received. The 1st Runner has reached projectsite.
c) Hydro-Mechanical Works:
Hydro-Mechanical works (Main Package) have been awarded to M/s. Precision Technofab and Engineering Limited, Ahemadabd, Gujrat on 9th Feb-06. Work on design and drawings of Steel Liners, Penstock Gates, Spillway Gates, Draft Tube etc., is in progress.
EXPENDITURE:
The total expenditure incurred by the Corporation on Koteshwar HEP upto
March, 2006 is Rs.3595.100 millions. out of which Rs.910.200 millions were
spent during 20052006. Total expenditure incurred till Aug. '2006 is
Rs.3936.900 milloins.
COMMISSIONING
SCHEDULE:
The Project is scheduled for commissioning by March, 2008.
The Power Purchase Agreement (PPA) has been signed for Koteshewar Hydroelectric
Plant (400 MW) with Haryana Power Generation Corporation Limited, Panchkula.
Discussions are underway with the remaining eight beneficiaries with whom the
PPAs are expected to be signed shortly.
TEHRI PUMPED STORAGE PLANT (PSP)
(1000 MW):
The Directors are pleased to inform that the Cabinet Committee on Economic Affairs (CCEA) has accorded investment approval on the proposal for implementation of Tehri PSP at an estimated cost of Rs.16576.000 millions at Dec '05 PL including IDC of Rs.81.6.400 millions in July'06. Tehri PSP is the first Central Sector Pumped Storage Scheme and the largest Pumped Storage Scheme in the country.
Essential works of PSP were taken up along with the execution of Stage-I works.
Head Race Tunnels along with Intake Structures for PSP have been completed. The
Transformer Hall constructed in Stage-I would also serve for PSR The main cable
gallery, interface facility for power evacuation has also been completed. Thus,
major Civil Works to be taken up in PSP involve only the Machine Hall, Tail
Race Tunnels, Penstocks and Surge Tanks.
The Corporation has taken proactive steps in the endeavour to complete the
project within the shortest time. Excavation of the Adif to PSP Machine Hall
and
The Corporation also initiated necessary steps for appointment of Consultant
for Tehri PSP, who shall prepare the bid documents for the EPC Package to be
invited under ICB for the Main Works. Global bids were invited for the
consultancy and tech no-commercial evaluation has been completed. Pricebidsare
due for opening in Oct'06.
COMMISSIONING SCHEDULE:
The Project is planned to be commissioned in the year 2010-11.
POWER PURCHASE AGREEMENTS:
The Power Purchase Agreements, which were pre-requisite for the CCEA clearance of Tehri Pumped Storage Plant (1000 MW), have also been entered into after vigorous persuasion and hectic parleys with Delhi Transco Limited, Delhi for 600 MW, Uttaranchal Power Corporation Limited, Dehradun for 200 MW, Rajasthan Discoms (Jaipur Vidyut Vitran Nigam Limited, Ajmer Vidyut Vitran Limited and Jodhpur Vidyut Vitran Limited) for 100 MW and with Haryana Power Generation Corporation Limited, Panchkula for 100 MW. Tehri PSP would be working on the concept of banking transaction where in the participating beneficiaries will be providing input power for the pumping operation of PSP. The power would be generated and supplied by using the water so pumped and stored during the off-peak hours to the contributors during peak hours as a banking transaction after appropriately adjusting losses, etc., and recovering the conversion charges of the PSP in proportion to the energy supplied by the various beneficiaries.
VISHNUGAD PIPALKOTI HEP (4X 111
MW):
Govt. approval for Stage-II activities of the Project i.e. preparation of Detailed Project Report (DPR) and development of infrastructural facilities was received by the Corporation in January'06 for an amount of Rs.345.200 millions. The work of preparation of DPR was entrusted to WAPCOS. The DPR was submitted to CEA on 28th March 2006 for accord of Techno Economic Clearance (TEC) of the Project. The Directors are pleased to inform you that CEA; in Sept.'06 has accorded TEC for the 444MW Vishnugad Pipalkoti Hydro Electric Project at an estimated cost of Rs.20914.300 millions including IDC andFC of Rs.2047.000 millions at March'06 PL.
The Corporation has signed the Implementation Agreement for the Vishnugad
Pipalkoti HEP with Govt. of Uttaranchal on 2nd June, 2006. As per the
Implementation Agreement, the Project is scheduled to be completed by March,
2012.
The Corporation has also taken up work on the development of infrastructural
facilities, viz. Office, Bridges, approach roads etc. Field Hostel and Offices
are functional at Pipalkoti. Approach Roads/Pathways to various sites viz. Dam
site, Power House site, Surge shaft, HRT junction have been
widened/constructed. The work of Supply and erection of two Bailey bridges (one
at Dam site and another at Power House site) has been awarded to Garden Reach
Ship Builders, Kolkata. Land acquisition is also in progress and proposals for
land acquisition for 29.208 ha. of land required for roads, bridges and colony
have been submitted to the concerned authorities.
Comprehensive EIA/EMP report of the Project has been submitted to
Pollution Control Board, Govt. of Uttaranchal for NOC and MOEF. Public hearing
for NOC is to be held in October, 2006, after which the Corporation will
approach MOEF for Environmental Clearance.
The Corporation has taken advance action for the award of Main Package for the
Project. WAPCOS has been engaged as Consultant for preparation of Bid documents
for the Main Package, proposed to be invited on Turnkey basis. Govt. of Uttar
Pradesh have consented to contribute their share of 25% in Equity for this
Project.
ENGINEERING ASSISTANCE TO GOUA FOR
STABILISATION WORK OF VARUNAVAT PARVAT:
The Corporation is also providing the engineering assistance
for stabilization of Varunavat Parvat in
The work involves providing the complete engineering solution to the major hill
stabilization problem and also supervising the execution works at site.
Accordingly, THDC is providing total engineering consultancy to the State Govt.
which includes preparation of tender document, drawings and design, supervision
of works and quality control as well as examination of bills and making recommendation
for payments. The design solutions provided so far and the works executed at
site have been quite successful, in protecting the
The stabilization work is already in advance stage of completion, which
on completion would provide complete safety to the people of Uttarkashi against
the fear of major disaster that took place 3 years back.
A Taskforce constituted by PMO, GOI has been continuously monitoring works of
Varunavat stabilization. THDC has been participating in all the meetings of the
'TASK FORCE' under Ministry of Home Affairs, GOI. Apart from this, the THDC
officials also attend all the state level meetings.
NEW PROJECTS:
The Corporation has been allotted six New projects by Govt.
of Uttaranchal in Bhagirathi, Alaknanda and
Stage-I environmental clearance was accorded by MOEF for five projects except
for Bokang Bailing Project as the proposed project site is coming under Askot
Musk Deer Sanctuary. Govt. of
Accordingly, Survey and Investigation works have been taken up for three
Projects, after posting of requisite Manpower. Govt. of Uttar Pradesh have
consented to invest their share of 25% Equity in these Projects.
ENVIRONMENTAL MEASURES:
The Environment clearance of Tehri Hydro Power Complex (2400 MW) was accorded by the Ministry of Environment and Forests (MC)EF) in July, 1990 subject to the fulfillment of certain conditions, which were to be implemented pari-passu with the construction of the Project. All the required studies had been completed by the Corporation and these had indicated that no environmental damage would be caused by the construction of the Project, which cannot be remedied by adoption of appropriate measures. Necessary Action Plans, wherever required, were drawn up and are under implementation.
Catchment Area Treatment in the area of high and very high erodibility
classification in entire area of 52,204 ha has been completed. The compensatory
afforesation in an area of 4516 ha. has already been done in districts of
A Botanical Garden located adjacent to the Reservoir in an area of 14.28 ha. at
Koti in Tehri Garhwal has been set up at project cost. The work of Mahseer Fish
hatchery for induced artificial breeding has also been completed and
fingerlings are being released in the Tehri reservoir.
MONITORING COMMITTEES CONSTITUTED BY
GOVT. OF
Government of
Ministry of Environment and Forests, Govt. of India have also constituted
a High Level Inter Ministerial Review Committee (IMRC) headed by Secretary,
MOEF, Govt. of India to periodically review the environment and rehabilitation
and resettlement issues associated with the Tehri Hydro Electric Project and
also review the recommendations of the Project Level Monitoring
Committee.
COURT CASES:
In case of the PIL's filed in the Uttaranchal High Court, praying that closure of Diversion Tunnel T-2 should be done only after Rehabilitation is complete, the High Court of Uttaranchal had referred the matter to the IMRC for their review. IMRC considered the matter at length in their meetings held on 13.10.2005 and 24.10.2005 and submitted their reports to the High Court. IMRC in their reports concluded that the Committee was satisfied that the requirements of pari-passu compliance of environmental conditions, including RandR, as per the Supreme Court directive have been met. The IMRC had decided to permit the closure of Diversion Tunnel T-2.
High Court in its order dated 29.10.2005 after hearing the matter, dismissed
the petitions and allowed THDC to close Diversion Tunnel T-2. A Special Leave
Petition(SLP) has been filed before Hon'ble Supreme Court and the matter is
sub-judice.
REHABILITATION:
The Directors are pleased to inform that considerable progress has been
achieved in the Rehabilitation and Resettlement of the affected population,
being carried out by the State Govt. of Uttaranchal, with funds provided by
THDC. The RandR work is being implemented by the Rehabilitation Directorate
under the overall supervision and control of Commissioner, Garhwal. The RandR
is also closely monitored at various levels in the State Govt. and the Govt. of
India.
Under Urban Rehabilitation, all the 5291 families of Old Tehri Town,
categorized as fully affected, has been completely Rehabilitated and the
Under Rural Rehabilitation, all the 3355 fully affected rural families of fully
affected villages have been rehabilitated through allotment of land/cash compensation.
In partially affected villages, out of 2074 fully affected rural families, 1572
families have been rehabilitated, while R and R of the balance rural families
is under way.
Under Rural Rehabilitation, the evacuation of affected families up to EL
760 m. has already been completed. Allotment of land/payment of compensation
has been made to all the rural families residing up to EL 790 m and for balance
families above EL 790 m, it is under process. The process of level-wise
evacuation of families is continuing above EL 760 m. R and R of families above
EL 790 m. is at an advance stage.
All public properties/community facilities created at the Resettlement
Sites under the Project have been transferred to concerned Departments of the
State Govt. as per the decision taken in the meeting held on 02.06.2006 under
the Chairmanship of Chief Secretary, GOUA.
Keeping in view the genuine problems and sentiments of the affected
people, certain additional measures for improvement of the R and R package, as
proposed by the State Govt. were recommended to the Govt. of India for
consideration. The Govt. of India, after careful consideration, had agreed to
various measures which include, enhancement of compensation for rural
shopkeepers; funds for reconstruction and relocation of public properties in
partially submerged villages for the benefit of population residing above
submergence level; arrangement of ferry services for people of cut-off area;
involving an additional cost of Rs.120.000 millions. The Corporation has also
provided additional funds to the tune of Rs.130.000 millions for connectivity
of roads to mitigate the problems of people residing in areas affected due to
coming up of Tehri reservoir.
To provide connectivity to cut off areas, viz. Pratap Nagar, due to reservoir,
two Medium Motor Vehicle Bridges have been constructed at Pipaldali (on
Bhilangana) and Siyasu (on Bhagirathi).
The affected population of areas affected by the reservoir had been
representing that due to longer travelling distance, they are facing hardship
as public transportation and essential items have become costlier. To mitigate
this hardship, a Heavy Motor Vehicle Bridge, costing around Rs.900.000
millions, is being constructed at Dobra on the Bhagirathi. Keeping in view the
welfare of the affected population, Govt. of India have agreed to bear part of
the cost of the Bridge, for which the proposal is under consideration at the
Govt. level. Till such time the Heavy Motor Vehicle Bridge is operational,
Govt. of Uttaranchal have taken steps to provide essential items to the
affected people at subsidized cost; the increase in public transportation cost
due to longer distance of travel is also proposed to by subsidized by the State
Govt.
The approved provision for R and R as per Revised cost Estimate is Rs.9830.000
millions which is likely to be around Rs.12000.000 millions due to additional
measures agreed by the Govt. Till date Rs.11840.000 millions have been released
for R and R works.
CAPITAL STRUCTURE AND FINANCING:
Share Capital:
The authorized Share Capital of the Corporation is Rs.40000.000 millions. The paid up Share Capital including the Share Deposit account as on March 31,2006 is Rs.30571.200 milloins with contribution of Rs. 22957.400 millions from GOI (including Rs.68.000 millions for 440 MW Vishnughad Pipalkoti Project received during the year) and Rs.7613.800 millions from GOUP (including Rs.642.000 milloins for Tehri Stage-I received during the year).
Irrigation Contribution:
During the year the Corporation has received a sum of Rs.1251.100 millions from Government of Uttar Pradesh towards irrigation contribution. Tehri Dam and HPP Project (Stage I) and the cumulative amount received from GOUP towards Irrigation is Rs.11703.000 millions as on March 31, 2006. Total amount received on this account till August, 2006 is Rs.11729.300 millions.
BORROWINGS:
Term Loan Borrowings:
The Corporation has availed of 2nd Term Loan of Rs.13541.700 millions from Power Finance Corporation (PFC) for Tehri Stage-I. Loan Agreement with PFC was also executed for Rs.11700.000 millions for 400 MW Koteshwar HEP against which Rs.532.800 millions has been drawn upto 31st August, 2006.
Rural Electrification Corporation Limited(REC) has sanctioned a term loan
of Rs.18600.000 millions for 1000 MW. Tehri Stage-I. Out of this Rs.10695.500
millions has been drawn upto 31st August, 2006. The Corporation has fully tied
up the loans for ongoing Projects.
PREPAYMENT OF EXTERNAL COMMERCIAL
BORROWINGS (ECB):
The supplier's credit was extended by OJSC 'Power Machine' ZTL, LMZ, Electrosila, Energornachexport Moscow. As per terms of Contract Corporation has accepted Bills of Exchange which were counter guaranteed by Govt. of India towards Principal amount and interest thereon aggregating to US $122.83 millions. The Corporation has made prepayment of high cost debt of Principal value Bills of Exchange including price adjustment together with interest due thereon by single bullet payment of US $87.02 million (Rs.3996.200 millions) during the year by drawing loan from Power Finance Corporation.
PREPAYMENT OF GOVT OF
Corporation has prepaid Govt. of India loan of Rs.4085.700 millions by drawing loan of Rs.3167.200 millions from Rural Electrical Corporation Limited (REC) and adjusting the balance amount of Rs.918.700 millions against excess interest deposited earlier.
HUMAN RESOURCE
MANAGEMENT:
Various existing HR Policies were reviewed to update them
and remove the redundancy wherever noticed. The Corporation had manpower
strength of 2371 Employees, comprising of 596 Executives, 292 Supervisors and
1483 Workmen.
OTHER INFORMATION:
Branches at Rishikesh and Dehradun in
Uttar Pradesh and
The company was incorporated on 12th July, 1988 at Tehri Garhwal in Uttar Pradesh having Company Registration Number 9822.
The company was incorporated to plan, promote, organise,
execute, operate and maintain Hydro Power Projects in
The company is a Joint Venture of the Government of India and the Government of Uttar Pradesh with the cost of the project being shared in the ratio of 75:25 (equity portion) for power component, while the irrigation component is to be entirely borne by the Government of Uttar Pradesh.
Tehri Hydro Power complex was transferred to THDC by the Government of Uttar Pradesh in June 1989. The Government of India accorded approval on 15th March, 1994 for execution of Tehri Dam and HPP (4 x 250 MW) Stage-I, along with the compulsory and committed works of Tehri Pump storage plant and Koteshwar Dam project, at a cost of Rs.29,636.6 millions at March, 1993 price level.
The project of the corporation is in construction stage and as such there is no production / manufacturing service / profitability till now. The various infrastructure works, four diversion tunnels, foundation of main dam, approach to underground power station cavern, head race tunnels, etc. have all been completed.
The project is expected to be completed by the turn of this
century. On completion of the construction work of the project, generation of
electricity and irrigation will start which will help in the development of the
economy of the country, especially Uttar Pradesh and
The details regarding the project are mentioned hereunder:
Tehri Dam &
HPP Stage-I
Ø 260.5 M high Earth and Rockfill Dam at Tehri
Ø 4 Nos. Diversion Tunnels 11 M dia each. Total length : 6.3 Km.
Ø 1000 MW underground Power House having four conventional Turbine-Generator sets of 250 MW each
Ø Ware conductor system for power house comprising 2 Nos. 8.5 M dia each Head Race Tunnels, 2 Nos. Tail Race Tunnels, etc.
Ø A concrete Chute Spillway, with 3 bays of 10.5 M span
Ø 4 Nos. Shaft Spilways – To ungated on right bank and two gated on left bank
Ø An intermediate outlet for controlled filling of the reservoir and for irrigation releases when the power house is shut down
Benefits
Tehri Dam and HPP Stage-I is a multipurpose project catering to the needs of power generation, irrigation and drinking water. The main benefits from Stage-I when completed would be :
Ø Addition to the installed capacity in Northern region : 1000 MW (2400 MW on completion of entire complex)
Ø Annual energy availability (peaking) : 3568 Million units (6500 MU on completion of entire complex)
Ø Additional irrigation in 2.7 Lakh hectares area besides stabilisation in existing 6.04 lakhs hectares area
Ø
162.0 Million gallons of water per day for
drinking water supply to
Ø 108.0 Million gallons of water per day for drinking water supply by the towns and villages of Uttar Pradesh
Ø Integrated development of f Garihwal region, including construction of new hill station with provision of all possible facilities improved communication, education, health, tourist traffic, setting up of non-polluting industries, development of horticulture, fisheries, afforestation of the Region, etc. much to the advantage of the people of that region
WEBSITE DETAILS:
The Tehri Dam and Hydro Electric Project had initially been accorded Investment Clearance by the Planning Commission in June, 1972 for implementation by the Government of U.P., with an installed generating capacity of 600 MW. The State Government commenced the construction of the Project in 1978. Subsequently, in 1983, the proposed installed generating capacity of the Project was increased by the State Government to 1000 MW.
In view of the shortage of funds for implementation of the
Project in the State sector, it was decided in Nov.,1986 to implement
the Tehri project as a Joint Venture of the Government of
India and Government of U.P. through financial and technical assistance
from erstwhile
In Nov.,1986, an agreement on economic and
technical co-operation between the Government of India and
Government of USSR was signed, which interallia included execution of the
2400 MW Tehri Hydro Power
Complex comprising 1000 MW Tehri Dam and Hydro Power Plant,
400 MW Koteshwar Dam and Hydro Power Plant and
1000 MW Tehri Pumped Storage Plant. This
agreement envisaged financing in the
form of credit amounting to 1000 million Roubles from
The Government had also approved seeking the technical and
financial assistance from the then
The Government approved the implementation of Tehri Dam and HPP Stage-I (1000 MW) in March,1994, alongwith the essential works of Pumped Storage Plant and committed works of Koteshwar HEP.
The Koteshwar HEP (400 MW) was approved for implementation by the Government in April’2000.
The Tehri PSP(1000 MW) which would utilize the Tehri and Koteshwar reservoirs as the requisite upstream and downstream reservoirs, has been approved for implementation in July’06.
ABOUT THE
CORPORATION
Subject, a Joint Venture Corporation of the Government of India and Government of U.P., was incorporated as a Limited Company under the Companies Act,1956, in July’88, to develop, operate and maintain the Tehri Hydro Power Complex and other Hydro Projects. The works were handed over to company in June 1989.
The cost of the Project is being shared in the ratio of 75:25 (equity portion) by Government of India and Government of U.P.
The Corporation has an authorised share capital of Rs.40000.000 millions.
The company is presently implementing the Tehri Hydro Power Complex (2400 MW), on the river Bhagirathi, comprising of Tehri Dam and Hydro Power Plant (HPP) (1000 MW), Koteshwar Hydro Electric Project (HEP) (400 MW) and Tehri Pumped Storage Plant (PSP) (1000 MW).
The Corporation is also entrusted with the 444 MW Vishnugad Pipalkoti Project on River Alaknanda, Kishau Dam and HPP (600 MW) on River Tons(tributary of Yamuna, and 6 other Hydro Projects in Uttaranchal, totaling to 695 MW.
The Corporation
objectives are as under:
a) Short
Term objective
To Commission Tehri
Hydro-Electric Project (1000 MW) during 2006-07 and Koteshwar HEP (400 MW)
during 2009-10
b) Long
Term objectives
To take up
execution of following Power Projects for capacity addition in the Nortern
region during XIth and XIIth Plan
Name of Scheme
·
Tehri Pumped Storage Plant (1000 MW)
·
Vishnugad Plkoti HEP( 444 MW)
·
Karmoli HEP(140 MW) .
·
Gohana Tal (60MW)
·
Jadhgana HEP( 50 MW)
·
Maleri Jhelam HEP (55 MW)
·
Jhelam Tamak HEP (60 MW)
·
Bokang Bailing HEP (330 MW)
The company had set for itself the following Corporate
objectives for 2007-08 commensurate with the above mission:
Operating and
Maintaining the Power stations with maximum Performance efficiency.
To achieve
continuous performance improvement in implementing ongoing/ New Hydro-power
Projects..
To undertake implementation of Tehri Pumped Storage
Project (1000 MW) with the objective of providing peak power to the nation and
enhance grid performance and system reliability.
To undertake
implementation of Vishnugad
Pipalkoti Project ( 444 MW).
To create a culture
of team sprit, growth oriented work environment and to inculcate the feeling of
accountability amongst its employees so as to enhance productivity.
To substantially
contribute towards sustainable Hydro-power Development while functioning as
responsible corporate citizen and discharge social responsibility towards
socity in the area of environment and Rehabilitation and Resettlement.
PRESS RELEASE :
Shri R.S.T.Sai, takesover as the Chairman and Managing
Director of Tehri Hydro Development Corporation Limited(THDC) on 08.03.2007.
Prior to this, he was holding the charge of Director(Finance) in THDC since
May, 2005. An Electrical Engineering Graduate, Shri Sai is a Member of
Institution of Engineers. He has done Management Diploma from IIM,
He has 29 years varied experience in Banking, Finance, Commercial, EPC Contracting and Contract Management. He has developed transparent tender documentation for evaluation of Suppliers’ Credit and also introduced innovation of Bonus for early completion of Project in Delhi Metro. Before joining THDC as Director(Finance), Shri Sai has worked in SBI, NTPC, POWERGRID and Delhi Metro respectively in various capacities
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No 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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.31 |
|
|
1 |
Rs.80.19 |
|
Euro |
1 |
Rs.55.86 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
TOTAL |
|
66 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|