MIRA
INFORM REPORT
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Report Date : |
14.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
HIMACHAL SORANG POWER PRIVATE LIMITED |
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Registered Office : |
C -35, Lane – 2, Sector 1, New Shimla, Himachal Pradesh - 171009 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
30.08.2004 |
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Com. Reg. No.: |
06-30554 |
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CIN No.: [Company
Identification No.] |
U40108HP2004PTC030554 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PTLH11613A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
To generate Electrical Power by Conventional, Non-Conventional Methods
Including Hydel, Geo-Hydel, Wind, Tidal Waves, Coal Gas Lignite, Thermal,
Solar, Garbage, Poultry Waste and Bio Mass. |
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 220000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company having fine track records.
General financial positions is good. Business is active. Payments are
reported as usually correct and as per commitments. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
C -35, Lane – 2, Sector 1, New Shimla, Himachal Pradesh - 171009,
India |
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E-Mail : |
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Corporate Office : |
No. 6-3-11 86 / S / A, Amogh Plaza Begumpet, Hyderabad – 500 016,
Andhra Pradesh, India |
DIRECTORS
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Name : |
Mr. B Teja Raju |
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Designation : |
Director |
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Address : |
Plot No. 1254/A Road, No. 63, Jubilee Hills, Hyderabad – 500033,
Andhra Pradesh, India |
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Date of Birth/Age : |
29.11.1978 |
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Date of Appointment : |
30.08.2004 |
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Name : |
Mr. N R Alluri |
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Designation : |
Director |
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Address : |
168-A, Road No. 10, Banjara Hills, Hyderabad – 500033, Andhra Pradesh,
India |
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Date of Birth/Age : |
06.05.1967 |
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Date of Appointment : |
30.08.2004 |
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PAN No.: |
ACEPA2197E |
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E-Mail: |
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Name : |
Mr. C Manohar Shetty |
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Designation : |
Director |
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Date of Birth/Age : |
10.09.1960 |
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Date of Appointment : |
30.08.2004 |
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E-mail: |
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Name : |
Mr. R Ranga Raju |
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Designation : |
Director |
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Date of Birth/Age : |
02.07.1955 |
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Date of Appointment : |
08.02.2007 |
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Name : |
Mr. A Ranga Raju |
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Designation : |
Director |
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Address : |
Plot No. 168-A, Road, No. 10, Jubilee Hills, Hyderabad – 500 033,
Andhra Pradesh, India |
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Date of Birth/Age : |
02.07.1955 |
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Date of Appointment : |
08.02.2007 |
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PAN No.: |
ACEPA2192B |
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Directorship in other companies: |
NCC Infrastructure Holding Limited U67110A92005PLC046367 Director NCC Urban Infrastructure Limited U45200AP2005PLC048375 Director Bangalore Eelvated Tollway Limited U45200AP2005PLC048573 Director Western UP Tollway Limited U900000AP2005PLC045940 Director O B Infrastructures Limited U45200AP2006PLC049067 Director Gautami Power Limited U40102AP1996PLC024970 Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
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Names of Shareholders |
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No. of Shares |
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Maytas Infra Limited |
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3300 |
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SSJV Projects Private Limited |
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3300 |
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Nagarjuna Construction Company Limited |
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3400 |
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Total |
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10000 |
(As on 31.03.2007)
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Category |
Percentage |
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Bodies Corporate |
100.00 |
BUSINESS DETAILS
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Line of Business : |
To generate Electrical Power by Conventional, Non-Conventional Methods
Including Hydel, Geo-Hydel, Wind, Tidal Waves, Coal Gas Lignite, Thermal, Solar,
Garbage, Poultry Waste and Bio Mass. |
GENERAL
INFORMATION
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Bankers : |
· State Bank of India · Punjab National Bank · Axis Bank Limited Central Office, Maker Tower , F 13th Floor, Cuffe Parade, Colaba, Mumbai – 400 005, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
V M Shetty and Company Chartered Accountants |
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Address : |
125, Commercial Street, Bangalore – 560 001, Karnataka, India |
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Tel. No.: |
91-80-25586319 / 25584177 |
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E-Mail : |
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Related Parties
: |
· Maytas Infra Limited · SSJB Projects Private Limited |
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Associates/Subsidiaries : |
· NCC
Infrastructure Holding Limited U67110A92005PLC046367 · NCC Urban
Infrastructure Limited U45200AP2005PLC048375 · Bangalore
Eelvated Tollway Limited U45200AP2005PLC048573 · Western UP
Tollway Limited U900000AP2005PLC045940 · B
Infrastructures Limited U45200AP2006PLC049067 · Gautami Power
Limited U40102AP1996PLC024970 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 10/-
each |
Rs. 0.100
million |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
52.846 |
1.435 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
52.946 |
1.535 |
0.100 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
82.759 |
19.539 |
6.026 |
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TOTAL BORROWING |
82.759 |
19.539 |
6.026 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
135.705 |
21.074 |
6.126 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.560 |
0.833 |
0.000 |
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Capital work-in-progress |
103.787 |
14.360 |
1.629 |
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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
|
0.000 |
0.000 |
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Sundry Debtors |
0.000
|
0.000 |
0.000 |
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Cash & Bank Balances |
24.314
|
2.198 |
0.100 |
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Other Current Assets |
8.804
|
4.000 |
4.000 |
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Loans & Advances |
0.000
|
0.000 |
0.383 |
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Total
Current Assets |
33.118
|
6.198 |
4.483 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
3.825
|
0.381 |
0.050 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
3.825
|
0.381 |
0.050 |
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Net Current Assets |
29.293
|
5.817 |
4.433 |
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MISCELLANEOUS EXPENSES |
0.065 |
0.064 |
0.064 |
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TOTAL |
135.705 |
21.074 |
6.126 |
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The company has not commenced its commercial operations during the
financial year 2006-07. The construction of work in progress during the said
period. The major construction and other activities undertaken by the company
during the said period had already been mentioned.
The expenses for the period 2006-07 had been booked under “Capital Work
in Progress” and the break-up has also been mentioned in the report.
Some of the major construction and other activities undertaken by the company
for the financial year 2006-07 is given below :
- Final
Environment and Forest Clearance received from Ministry of Environment and
Forest
- Forest Land
of 14 ha [Approximately] handed over to the company by respective
Government Departments during the year
- Consent to
operate received for the Project from State Pollution Control Board
- Supplementary
Implementation Agreement Signed with Government of Himachal Pradesh [GoHP]
in February 2007
- The SC has
awarded the construction of Bridge to Quadricon
- Electro –
Mechanical Contract has been awarded to Voith Siemens India Private
Limited
- Civil
Contract have been awarded to Maytas-NCC-SSJV Consortium in June 2007
- Loan
Documents for the project executed with IDFC, Axis Bank, UBI, IIFCL and
HUDO for a total Senior Debt of Rs. 4060 Millions and Subordinated Debt of
Rs. 580 Millions in June 2007
- As amount of
Rs. 450 Millions was received upto August 2007 out of the first
disbursement of Rs. 720 Millions and the balance was expected during
September 2007
In view of the above facts, the P&L not available as per the
registry records.
Capital Work in Progress for the year Ending
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Opening Balance |
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14.360 |
1.629 |
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Expenditures : |
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Wages and Materials |
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56.950 |
5.062 |
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Fuel and Lubricants |
|
0.221 |
0.163 |
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Hire Charges |
|
0.015 |
0.009 |
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Advertisement Expenses |
|
0.552 |
0.061 |
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Audit Fees Payable |
|
0.034 |
0.006 |
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Computer Maintenance and Stationeries |
|
0.057 |
0.039 |
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Consultancy Charges |
|
4.645 |
2.768 |
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Site Expenses |
|
0.038 |
0.125 |
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Electricity and Water Charges |
|
0.030 |
0.020 |
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Clearance Expenses |
|
16.261 |
1.025 |
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House Rent |
|
0.490 |
0.497 |
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Medical Expenses |
|
0.007 |
0.002 |
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News Paper and Periodicals |
|
0.003 |
0.003 |
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Office Expenses |
|
0.141 |
0.032 |
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Postage and Courier Charges |
|
0.018 |
0.005 |
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Printing and Stationery |
|
0.351 |
0.137 |
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Pooja Expenses |
|
0.118 |
0.001 |
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Business promotion Expenses |
|
0.243 |
0.000 |
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Staff Welfare |
|
0.162 |
0.275 |
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Staff Salary |
|
5.851 |
1.388 |
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Telephone and Internet Charges |
|
0.183 |
0.088 |
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Traveling and Conveyance |
|
1.991 |
0.546 |
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Bank Charges and Commission |
|
0.418 |
0.376 |
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Rates and Taxes |
|
0.035 |
0.009 |
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Vehicle entry tax |
|
0.003 |
0.002 |
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Vehicle Maintenance |
|
0.093 |
0.075 |
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Insurance Premium |
|
0.092 |
0.000 |
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Electrical Maintenance |
|
0.010 |
0.000 |
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Fringe Benefit Tax |
|
0.077 |
0.000 |
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Depreciation |
|
0.338 |
0.017 |
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Total Expenditure |
|
89.427 |
12.731 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.64
|
12.97 |
60.76 |
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Current Ratio (Current Asset/Current Liability) |
|
8.65
|
16.26 |
89.66 |
LOCAL AGENCY FURTHER
INFORMATION
Form 8:
|
Corporation identity number or foreign company registrations number of
the company |
U40108HP2004PTC030554 |
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Name of the company |
HIMACHAL SORANG
POWER PRIVATE LIMITED |
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Address |
C -35, Lane – 2, Sector 1, New Shimla, Himachal Pradesh - 171 009,
India |
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This Form is for |
Creation of Charge |
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Type of Charges |
· Uncalled Share capital · Book Debts · Movable property · Floating Charge · Goodwill |
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Particular of the charge holder
|
Axis Bank Limited Address: Central Office : Maker tower, F 13th Floor, Cuffe
parade, Colaba, Mumbai – 400 005, Maharashtra, India E-Mail: admin@ssjvprojects.com
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Nature or description of the instrument creating charge |
· Common Term Loan agreement · Common Senior Rupee Loan agreement · Common Subordinated Rupee Loan Agreement · Lenders Agents Agreement · Inter Creditor Agreement |
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Date of the instrument creating charge |
11.06.2007 |
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Amount Secure by the charge |
Rs. 4640.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of Interest : HUDCO : 10.75% payable monthly IDFC, UTI, IIFCL and UBI : 10.75% payable monthly Term of Repayment: Senior Term Loan repayable in 48 quarterly installments commencing
from the earlier of (a) 12 months from the project completion or (b) 48
months from the date of first drawdown as per the amortization schedule. Extent and operation of the charge: The charge operates as security fro senior rupee loan and subordinated
rupee loan aggregating to Rs. 4640.000 millions in favour of lenders by way
hypothecation. The security shall rank pari passu among all the lenders. Others: The aggregate loan sanctioned is divided as follows” Senior Rupee loan Rs. 4060.000 millions Subordinated Rupee Loan Rs. 580.000 millions Senior Lenders: are : HUDCO , IDFC, IIFCL, UBI, and UTI Subordinated Lenders are : IDFC and UTI |
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Short particulars of the Property charged |
Senior Rupee Loan : First charge by way of hypothecation of all the
company movables including movable plant and machinery , spares, tools, and
accessories, furniture and fixtures, vehicles, and all other movables assets
present and future. A first charger on company’s book debts, receivables and
other revenues. A first charge on intangible assets including goodwill,
uncalled capital, etc. More fully described in common senior rupee loan
agreement and common subordinate rupee loan agreement. |
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No 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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.87 |
|
UK Pound |
1 |
Rs.83.41 |
|
Euro |
1 |
Rs.66.11 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
--- |
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DEMERIT POINTS |
|
|
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--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--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 |
|
61 |
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. |
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 |
|