MIRA INFORM REPORT

 

 

Report Date :

02.03.2008

 

 

IDENTIFICATION DETAILS

 

Name :

MAHARASHTRA STATE ELECTRICITY DISTRIBUTION COMPANY LIMITED

 

 

Registered Office :

Prakashgad Plot No. G-9, Anant Kanekar Marg, Bandra (East), Mumbai – 400 051, Maharashtra

 

 

Country :

India

 

 

Date of Incorporation :

31.05.2005

 

 

Com. Reg. No.:

153645

 

 

CIN No.:

[Company Identification No.]

U40109MH2005SGC153645

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

PNEE00582B

 

 

Legal Form :

A Closely held Government of Maharashtra Company.

 

 

Line of Business :

Distribution of Electricity

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

State Government Company

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a new Company of Maharashtra State Government with a huge capital and borrowings from various co-operative banks.

 

Trade relations are fair. Payments are correct and as per commitments.

 

The company can be considered good for normal business dealings. Since it is a normal State Government Company.

 

 

LOCATIONS

 

Registered Office / Head Office:

Prakashgad Plot No. G-9, Anant Kanekar Marg, Bandra (East), Mumbai – 400 051, Maharashtra, India

Tel. No.:

91-22-26474211

Fax No.:

91-22-26476749

E-Mail :

cs@mahadiscom.in

Website :

www.mahadiscom.in

 

 

DIRECTORS

 

Name :

Mr. Rahul Durgaprasad Asthana

Designation :

Director

Address :

8/B Zerlina Malabar Hill, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

18.02.1953

Date of Appointment :

03.05.2007

Directorship in other Companies:

 

 

 

CIN of the Company :

U40100MH2005SGC153648

Name of the Company:

Maharashtra State Power Generation Company limited

Designation :

Director

 

 

CIN of the Company :

U40109MH2005SGC153646

Name of the Company:

Maharashtra State Electricity Transmission Company Limited

Designation :

Director

 

 

CIN of the Company :

U40100MH2005SGC153649

Name of the Company:

MSEB Holding Company limited

Designation :

Director

 

 

Name :

Mr. Ashoke Nrityalal Basak

Designation :

Director

Address :

502 Charlie Ville, 5th Floor, A Road, Churchgate, Mumbai – 400 020, Maharashtra, India

Date of Birth/Age :

07.05.1943

Date of Appointment :

12.07.2005

 

 

Name :

Mr. Jayant Shriniwas Kawale

Designation :

Director

Address :

15 Suruchi , 9th Floor, Gen J Bhosale Marg, cooperage, Mumbai – 400 021, Maharashtra, India

Date of Birth/Age :

26.03.1956

Date of Appointment :

27.10.2006

 

 

Name :

Mr. Ajay Bhushan Pandey

Designation :

Director

 

 

Name :

Mr. Subrat Ratho

Designation :

Director

 

 

Name :

Mr. Rahul Asthana

Designation :

Director

 

 

Name :

Mr. Arjit Ghosh

Designation :

Director

Tel No:

91-22-  26472912 /  22650796

 

 

Name :

Dr. Ajay Bhushan Pandey

Designation :

Managing Director

Tel No:

91-22-26474644/ 22619499

 

 

Name :

Mr. Bipin Bihari I.P.S

Designation :

Director (V & S)

Tel No:

91-22- 22619600

 

 

Name :

Mr. Vijay Sonavane

Designation :

Executive Director (Dist. Corp. Plan.)

Tel No:

91-22- 26476836 /  22619100

 

 

Name :

Mr. Sharad Dabhade

Designation :

Executive Director (II)

Tel No:

91-22-  26474507 /  22619100

 

 

Name :

Mr. Anil Khaparde

Designation :

Executive Director (III)

Tel No:

91-22- 26472645 /  22619100

 

 

Name :

Mr. Colonel.Rahul Balwant   Gowardhan (Rtd.)

Designation :

Executive Director (HR)

Tel No:

91-22- 26475128 /91-22-26472131 Ext.2025  

91-22- 23543730 (Residence)

 

 

KEY EXECUTIVES

 

Name :

Mr. Subhash Madhusudhan Mandke

Designation :

Secretary

Address :

22 Radha Sah Niwas  CHS limited , Near Sai Baba Mandir Asthavinayak Marg, Thane (East),  Maharashtra, India

Date of Birth/Age :

07.07.1957

Date of Appointment :

17.12.2005

 

 

Name :

Mr. Abhijit Deshpande

Designation :

C. E. (Commercial)

Tel No:

91-22-26474753

 

 

Name :

Mr. D. S. Bodle

Designation :

C.E. (Load Management)

Tel No:

91-22- 26474751

 

 

Name :

Mr. Santosh Katakwar

Designation :

C.E. (Internal Reforms)

Tel No:

91-22- 26470662

 

 

Name :

Mr. S. P. Nagtilak

Designation :

C.E. (Automated Meter Reading)

Tel No:

91-22- 26580732

 

 

Name :

Mr. Kishor Sirsikar

Designation :

C.E. (APDRP)

Tel No:

91-22- 26473179

 

 

Name :

Mr. G. S. Trimukhe

Designation :

C.E. (Power Purchase)

Tel No:

91-22- 26580645

 

 

Name :

Mr. U. G. Zalte

Designation :

C.E. (Dist.)

Tel No:

91-22- 26478252

 

 

Name :

Mr.   R.N. Sonar

Designation :

C.G.M. (F&A)

Tel No:

91-22- 26475794

 

 

Name :

Mr. V. M. Baswante

Designation :

C.E. (Special Proj.)

Tel No:

91-22-26476230

 

 

Name :

Mr. Bhagwan Gadade

Designation :

C.G.M (Internal Audit)    

Tel No:

91-22- 26581470

 

 

Name :

Mr. Narayan Misal

Designation :

C.G.M. (Tech. Establishment)

Tel No:

91-22- 26581468

 

 

Name :

Mr. S.Y. Patil

Designation :

C.G.M. (Personnel)

Tel No:

91-22- 26475995

 

 

Name :

Mr. S.V. Ramkrishna

Designation :

C.G.M. (Information Tecnology)

Tel No:

91-22- 26598585

 

 

Name :

Mr. S. M. Mandke

Designation :

Company Secretary

Tel No:

91-22- 26470953

 

 

Name :

Mr. A. L. Alaspurkar

Designation :

Chief  Legal Adviser

Tel No:

91-22- 22671005

 

 

Name :

Mr. M. D. Zode

Designation :

C.E. (Amravati Zone Akola)

Tel No:

 91-724-2434740

 

 

Name :

Mr. K.M. Wane

Designation :

C.E. (Aurangabad Zone) / C.E. (Bhandup Urban Zone)

Tel No:

91-240-2331347 /    022-25660652

 

 

Name :

Mr.C. H. Yerme

Designation :

C.E. (Kalyan Zone)  

Tel No:

91-251-2305960

 

 

Name :

Mr. R. G. Bundile

Designation :

C.E. ( Kokan Zone Ratnagiri)

Tel No:

91-2352-225852

 

 

Name :

Mr. W. H. Jagtap

Designation :

C.E. (Kolhapur)

Tel No:

91-231-2653583

 

 

Name :

Mr. S. Y. Thakur

Designation :

C.E. (Latur Zone)

Tel No:

91- 2382-253344

 

 

Name :

Mr. D.S. Talware

Designation :

C.E. (Nagpur Urban Zone)

Tel No:

91-712-2532142

 

 

Name :

Mr. A. S. Tehare

Designation :

C.E. (Nagpur Zone)

Tel No:

 91-712-2591993

 

 

Name :

Mr. M. K. Deore

Designation :

C.E. (Nashik Zone)

Tel No:

91-253-2461767

 

 

Name :

Mr. R. B. Gautam

Designation :

C.E. (Pune Zone)

Tel No:

Mr.   91-20-26135740

 

 

Name :

Mr. C. B. Bagal

Designation :

C.E. (Training Research  Centre, Eklahare, Nashik)

Tel No:

 91-253-2810046

 

 

SHAREHOLDING PATTERN

 

Equity Shares Breakup (Percentage of Total Equity):

 

Sr No.

Category

Percentage

1

Government (Central and State)

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Distribution of Electricity

 

 

GENERAL INFORMATION

 

Bankers :

·         The Raigad District Central Co-Operative Bank Limited

Address: Pen, District, Raigad, Maharashtra, India

 

·         The Sindhudurg District Central Co-Operative Bank Limited

Address: District Sindhudurg Maharashtra, India

 

·         Maharashtra State Co-operative Bank Limited

Address: Mumbai , Maharashtra, India

 

 

Facilities:

·         The Raigad District Central Co-Operative Bank Limited – Rs. 1750.000 millions

·         The Sindhudurg District Central Co-Operative Bank Limited - Rs. 500.000 millions

·         Maharashtra State Co-operative Bank Limited – Rs. 100.000 millions

 

 

Financial Institutions:

Rural Electrification Corporation Limited

Address: Core 4 Scope Complex, 7 Lodi Road, New Delhi – 110 003, India

 

 

Banking Relations :

Good

 

 

Auditors :

 

Name 1 :

Khandelwal Jain and Associates

Chartered Accountants

Address :

1st Floor, Alankar Cinema Building, 16 Connaught Road, Pune – 411 001, Maharashtra, India

 

 

Name 2 :

Jodh Joshi and Company

Chartered Accountants

Address :

1st Floor, JP House, Ravinagar Square, Tilak Nagar, Amarawati Road, Nagpur – 440 010, Maharashtra, India

 

 

Holding Company:

MSEB Holding Company Limited

 

 

Associates/Subsidiaries :

Nil

 

 

CAPITAL STRUCTURE

 

(As on 31.03.2006):-

 

Authorised Capital :

No. of Shares

Type

Value

Amount

2500000000

Equity Shares

Rs. 10/- each

Rs.25000.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

50000

Equity Shares

Rs. 10/- each

Rs. 0.500 million

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

Not available

 

 

LOCAL AGENCY FURTHER INFORMATION

 

FORM 8:-

 

Corporation identity number or foreign company registrations number of the company 

U40109MH2005PLC153645

Name of the company

MAHARASHTRA STATE ELECTRICITY DISTRIBUTION COMPANY LIMITED

Address

Plot No. G – 9, Prakashgad, Prof. Anant Kanetkar Marg, Bandra (East), Mumbai – 400 451, Maharashtra , India

This Form is for

Creation of charge

Type of Charges

Hypothecation

Particular of the charge holder 

·         The Raigad District Central Co-Operative Bank Limited

Address: Pen, District, Raigad, Maharashtra, India

 

·         The Sindhudurg District Central Co-Operative Bank Limited

Address: Oras, District Sindhudurg Maharashtra, India

 

·         Maharashtra State Co-operative Bank Limited

Address: Mumbai , Maharashtra, India

Nature or description of the instrument creating charge  

·         Letter of Hypothecation

·         Letter of lien

·         Term Loan Agreement

·         Irrecoverable Letter of Authority

Date of the instrument creating charge

20.03.2006

Amount Secure by the charge

Rs. 2350.000 millions

Brief of the principal terms and conditions and extent and operation of the charge

Rate of interest 9%p .a for first 2 years i.e upto 31.03.2008 and 8% p.a for next 8 years

 

2% p.a by way liquidated damages will be levied for defaults in payments of principal,. Interest or others moneys payable under there presents.

Description of the property charge whether it is a charge on

Plant and machinery

Particulars of the Property charged  

Hypothecation of movable assets together with plant and machinery equipment and other movable articles lying thereon situated in the various places of Raigad and Sindhudurg district said security shall rank pari passu with consortium banks.

 

WEBSITE DETAILS:

The Company came into existence on June 6, 2005 after unbundling the erstwhile Maharashtra State Electricity Board into four companies. Subject is also known as Mahavitaran or Mahadiscom. Mahadiscom is one of the largest public sector company engaged in the business of electricity distribution with annual turnover of Rs. 200000.000 millions. It serves 14.655 millions consumers in Maharashtra State with a committed pool of over 75000 employees.

 

Mission Statement

·         They as professional company, rededicate their selves to serve all their customers by extending reliable and quality power supply at reasonable and competitive tariffs so as to boost agricultural, industrial and overall economic development of Maharashtra.

 

·         They commit to Honesty, Integrity and Transparency in actions to achieve higher standards of Consumers Satisfaction.

·         They aim at achieving technological excellence and financial turnaround for the overall benefit of the customers.

·         They will strive hard for system improvement and stress upon preventive maintenance.

·         They will ruthlessly curb the theft of electricity.

·         They will encourage and support energy saving activities and Demand Side Management thereby optimizing the use of electricity.

·         They will fulfill their commitment to society by improving quality of life.

 

Customer profile is as follows:

Sr No

Category of consumers

As on 31.03.2007 in Millions

1

Domestic

10.662

2

Commercial

1.100

3

Industrial

0.312

4

Agriculture

2.468

5

Others

0.113

 

Total

14.655

 
The Major Achievements of Mahadiscom :

·         The distribution loss in the system has been reduced by 3.16% in FY 2005-06 and 2.09% in FY 2006-07. The present loss level of the company is 29.63%.

 

·         The collection efficiency has improved to the level of 94% in FY 2006-07.

 

·         Six police stations have been commissioned in Maharashtra for electricity theft detection and allied matter in the company area.

 

·         A special power theft drive is launched from June 2007. Till the date more than 50,000 cases of power thefts amounting to Rs. 199.800 millions have been detected. This is more than the thefts detected during entire FY 2006-07. More than 4000 FIR have been registered against the power theft accused.

 

·         A special programme for regularization of unauthorized AG Load extension (Krishi Swabhiman Yojana 2007) was launched from 1st September 2007 to October 31, 2007. The scheme envisages increase in connected load, reduction in distribution losses and increase in revenue.

 

·         Bhiwandi Circle with 44 % distribution losses and 68 % collection efficiency has been franchised out to M/S Torrent Power on 26.01.2007. The franchisee agreement envisages loss reduction and collection efficiency improvement for the next 10 years with improvement in customer satisfaction level.

 

·         Distribution Franchisee Agreement has been signed with M/S Crompton Greaves Ltd on October 26, 2007 for three divisions from Nagpur Urban Circle (Gandhi Bag, Mahal and Civil Lines) for 15 years. The present loss level in these 3 divisions is 44 % (The target has been set for bringing losses upto 12 % in 15 years).

 

·         USAID/MOP,GOI aided Distribution, Reforms, Upgrade and Management (DRUM) project work at Aurangabad

 

·         Urban I Division (Rs. 1610.000 millions) has been started where best practices in distribution will be introduced to showcase.

 

·         For customer satisfaction 24X7 hour operating 15 Call Centers have been commissioned for redressing “no power” complaints of consumers.

 

·         48 Customer Facilitation Centers have been commissioned at sub-division level for redressing billing complaints of customers. The basic idea is to introduce single window clearance for customers at sub-division level.

 

·         Infrastructure distribution planning reports (DPRs) for 122 divisions have been submitted to MERC for investment clearance of Rs. 142520.000 millions for 3 years programme. MERC has accorded approval for 101 DPRs. The tendering work is in progress.

 

·         For load management, single phasing scheme for 12617 villages has been planned of which work for 10407 villages is completed. The scheme provides single-phase electric supply in villages, during evening time.

 

·         Gaothan Feeder Separation Scheme is in progress for 16563 villages. The first phase is likely to be completed by March 2008 and second phase by December 2008. In this scheme separate 11/22 KV feeders are being laid for Gaothan for assuring evening time supply for lighting in villages. The work in second phase is carried out on turnkey basis.

 

·         The company has issued tenders for long-term power purchase (25 years) on competitive biding process method for 2000 MW under case I of Competitive Bidding Guidelines of GOI. This power will be available by 2011-12.

 

·         The company is successful in getting 2300 MW power under UMPP. The power will start flowing to MSEDCL by 2012-13.

 

·         All time payment machines for bill payment ( 24X7 hours) has been introduced for bill payment.

 

·         Photo meter reading is introduced in order to reduce problems in energy meter reading.

 

·         AMR for 20,000 revenue intensive consumers has been planned.

 

·         AMR for over 8500 substation feeders has been planned on BOOT basis.

 

·         To reduce AT and C loss, APDRP Scheme has been introduced for 30 cities where work is in progress.

 

·         Work in progress for Distribution SCADA for 12 cities.

 

·         Project report submitted to REC for Rajiv Gandhi Gramin Vidyutikaran Yojna (RGGVY) covering 5554 villages in 34 districts. The main aim of the scheme is to provide supply to BPL families. Scheme for 4 districts is sanctioned by REC/GOI, where work is in progress

 

·         Metering of 90,000 DTCs is over. Work is in progress for remaining 1,60,000 DTCs. This will complete the exercise of energy accounting at distribution transformer level.

 

·         Consumer indexing for 13 million customers is completed.

 

·         In order to provide better consumer services outsourcing of meter reading, billing and collection for energy bill has been introduced.

 

·         Independent 11 Zonal Consumer Grievance Redressal Forums established for redressing consumer complaints.

 

·         Energy bills of all metered consumers are available on website along with previous consumption data.

 

·         Employees are being deputed for All India level training programs (over 2000 engineers deputed under DRUM Training Programme).

 

·         Aurangabad DRUM training center for Technicians has been recognized by USAID for linemen level (technicians) training (all India) centre.

 

·         Centralised MIS system is being setup from subdivision to corporate office level for better information flow.

 

·         Geographical Information System is planned for mapping distribution network in major cities.

 

·         Revenue collection has gone up from Rs. 11000.000 to Rs. 16000.000 millions per month

 

·         Staff incentive scheme for distribution loss reduction at division level is introduced.

 

Projects: (On Going )

Single Phasing Project Phase II

Objectives :

1) Single Phasing of the selected rural mixed load feeders is carried out by use of changeover switches at substation. The scheme envisages supplying Single Phase rural lighting load through three nos. of single phase transformers. During the normal operation, the agricultural load continues to be supplied from the three phase transformers. On operation of the changeover switch, there will be no supply to the 3-phase load on the 11kV distribution network whereas single phase supply is available to the lighting  and fan load. On revising changeover switch, normal 3- phase supply shall be restored.

 

2)To overcome the load shedding problem in rural areas, it was decided to implement the Single Phasing Scheme for rural areas to provide Uninterrupted single-phase power supply to the rural consumers.

       

3)Minimizing the unrest among the rural consumers and the feeling of discrimination compared to urban consumers in respect of domestic supply.

             

Program :  No. of Sub-station            - 343

                     No. of feeders                  - 853

                     HT Line                           - 1110 Kms.

                     No. of DPs                      - 8159  

                     No. of villages covered      - 4532

 

             

 Programme of Commissioning :   31st Dec 2007.

                                                          

 Based at District :   Nanded, Beed, Osmanabad, Latur,

                                  Nasik, Dhule, Jalgaon,

                                  Ahmednagar, Wardha, Bhandara,

                                  Chandrapur, Nagpur, Solapur, Pune,

                                  Aurangabad, Jalna and Parbhani.

                                  

MSEDCL Component :

Loan Sanctioned from REC for Rs 2810.000 millions.

  

Progress (as on 31st Oct 2007) :       Nos. of Sub stations         - 240

                                                           Nos. of feeders                 - 637

                                                           HT Line                            - 481 KMS

                                                           No. of DPs                       - 5638

                                                           Nos. of villages benefited   - 3163

                                                           Load Management            - 550 MW.

      

Gaothan Feeder Separation Scheme Phase I.

      

Objectives :  

1) To provide un-interrupted power supply particularly to Rural/Semi urban consumers and thereby reducing the feeling of discrimination and discontent compared to urban consumers.

 

2) Flattening of load curve in a judicial way. Therefore reducing the cost on Power purchase and reducing the penalty for unscheduled interchanges.

 

3)   Better energy accounting for Ag consumption.

      

4)   Reduction of T and D losses.

      

5)   System strengthening by improving the  infrastructure.

      

Program :   No. of feeders                   - 1515

                      11KV Line .                      - 22987 Kms

                      Total DTC’s                      -9777

                      No. of villages covered       - 7512 

      

 Programme of Commissioning :  31st March 2008.

                                                         

Based at District :                  Nanded, Beed, Osmanabad, Latur,

                                                Nasik, Dhule, Jalgaon,

                                                Ahmednagar, Solapur, Kolhapur, Satara,

                                                Sangli, Pune, Aurangabad, Jalna,

                                                Parbhani, Amravati, Akola, Yavatmal,        

                                                Buldhana.

 

  Estimated Cost :                              Rs.9430.000 millions

 

  MSEDCL Component :                     Loan Sanctioned from REC for Rs 5080.200 millions

      

  Progress (as on 31st Oct 2007) :       No. of Feeder commissioned: 557

                                                             11KV line Charged: 5196 Kms

                                                             DTCs Commissioned: 2189

                                                             No. of villages benefited: 1672

                                                             Load Management: 542 MW.

 

Gaothan Feeder Separation Scheme Phase II.

   Objectives :           

1) To provide un-interrupted  power supply particularly to Rural/Semi urban consumers and thereby reducing the feeling of discrimination and discontent compared to urban consumers.

 

2) Flattening of load curve in a judicial way. Therefore reducing the cost on Power purchase and reducing the penalty for unscheduled interchanges.

 

3)   Better energy accounting for Ag consumption.

      

4)   Reduction of T and D losses.

      

5)   System strengthening by improving the  infrastructure.

             

 Program :  No. of feeders                - 1145

                       11KV Line                     - 27901 Kms

                       Total DTC’s                   -14116

                       No. of villages covered    - 8714 

                       No. of wadies covered    - 2020

 

  Programme of Commissioning :     Dec - 2008.

                                                          

Based at District :       Nasik, Dhule, Jalgaon,

                                     Ahmednagar, Wardha, Bhandara,

                                     Chandrapur, Gadchiroli, Gondia, Nagpur,                  

                                     Solapur, Kolhapur, Satara, Sangli,, Pune

                                     Rural,  Aurangabad, Jalna and Parbhani,               

                                     Amravati, Akola, Buldhana, Yavatmal         

 

                                                                

 Estimated Cost :                               Rs. 14460.700 millions

 

 MSEDCL Component :                      Loan approval from REC for Rs 13014.800 millions.

    

  Progress (as on 31st Oct 2007) :     LOA issued -15.10.2007.

                                                           Agreement Signed on  – 03.11.2007 and 13.11.2007.

 

  Infrastructure Project- 3 years Plan (2007-10) of 119 Divisions

      

   Objectives :

1)   Providing Reliable and Quality Supply.

      

2)   Meeting Load Growth Demand.

      

3)   Reduction in Distribution Losses.

      

 MERC in-principle clearance till date (13.12.2007)  119 Divisions

 

Project Cost for 119 Divisions (Rs. in millions)          

 

Capital

RandM

Total

(Rs. in millions)

65014.800

24166.600

89181.500

 

  Funding Tie-up :                    PFC/REC/Raigad Cooperative Bank

 

Major Works to be Carried under Infrastructure Projects (119Divisions)

  

33/11 KV Sub-Station (Nos) :  

565

33/11KV Augmentation(Nos) :  

469

Additional Power T/F (Nos) :  

352

Switching Stations (Nos) :  

32

33KV Line (Kms) :  

7854

22KV Line (Kms) :  

4059

11KV Line (Kms) :  

41379

LT Line (Kms) :  

22890

22/0.4 KV DTCs (Nos) :  

5587

11/0.4 KV DTCs (Nos) :  

57304

HVDC 22KV (Nos) :  

9479

HVDC HT Line (Kms) :  

4247

 

 

(Infrastructure Projects will be executed on Turnkey basis)

      

Apdrp Phase- I Schemes (20 Schemes)

        

OBJECTIVE :           

·         Improvement in Services to Consumer.

·         Increase commercial viability of the DISCOM by improving metered sales.

·         Reduction of technical and commercial losses.

·         Improve reliability and quality of supply.

·         Modernization of Power system ( Enhanced SCADA etc)

      

 Program :  No of  33 KV Substations                  - 63

                       33 KV Line                                       - 706.1 Km

    11 KV Line                                                         - 4757.1 Km

    LT Line                                                               - 1205.5 Km.

    No of  New Distribution Transformers                    - 7172 Nos

    S/S Revamping                                                   - 246 Nos

    S/S Augmentation                                               - 36 Nos

    Single Phase meters                                           - 1686882 Nos  

    Three phase meters                                            - 77486 Nos.

    CT operated Meters at DTC                                  - 30514 Nos.

    Agriculture Meters.                                              - 374511 Nos

 

Enhanced SCADA at 10 towns ( Amravati, Auranagabad, Kolhapur, Sangli, Nasik, Nanded, Nagpur, Malegaon,  Pune, Pimpri-Chinchwad )

      

Programme of Commissioning :    31st March, 2008.

                                                          

Based at District :      

Pune, Aurangabad, Jalgaon, Pimpri, Nasik,Solapur,Sangli,Ahmadnagar ,Osmanabad, Malegaon , Amravati City Latur,Ratnagiri,Kolhapur ,Nagpur, Sindhudurg, Nanded,Amravati, ,Nagpur City, Nasik City.

 

      

Estimated Cost :     Rs.:11365.400 millions

 

FINANCIAL TIE UP :   GOI grant , GOI soft loan , REC / PFC loan .

 

  PROGRESS ( As on 31.10.07) :       33 Kv S/S                                   - 62  Nos.

                                                           33 Kv Line                                  - 680.97 Km.

                                                           11 Kv Line                                  - 4484.51  Km.

                                                           LT Line                                       - 1022.94 Km.

                                                           DTCs                                         -   6484 Nos.  

                                                           S/S Revamping                           -  229 Nos

                                                           S/S Augmentation                       - 30 Nos

                                                           Single Phase meters                   - 953878 Nos.   

                                                           Three phase meters                    - 50028  Nos.   

                                                           CT operated Meters at DTC.         - 26094 Nos

                                                           Agriculture Meters                       - 186285 Nos.

           

         APDRP Projects are executed on Turn Key basis.

             

     Apdrp Phase- Ii Schemes (11 Schemes)

                         

     OBJECTIVE :       Improvement in Services to  Consumer. Increase commercial viability of the DISCOM by improving metered sales.Reduction of technical and commercial losses.Improve reliability and quality of supply

      

 Program : 

New 33/11 kV Substation                            - 9

33 kV Line in Km                                        - 356.30

11 kv line in Km                                          - 294.1

DTC in Nos                                                 - 595

0.6 MVAR Capacitors                                  - 74

DTC R andM in Nos                                    - 339

Aug of DTC in Nos                                      - 234

DTC Meters in Nos                                      - 893

 

 

 

 

 

      

Programme of Commissioning :    Rs.: 2375.300 millions

  

  FINANCIAL TIE UP :                        GOI Grant ,  PFC loan .

           

Based at District :      Akola,Buldhana, Khamgaon, Malkapur, Shegaon, Yeotmal ,Bhandara, Dombivali, Ulhasnagar, Mulund-Bhandup,Thane.

 

 PROGRAMME OF COMMISSIONING :           31st March, 2008.

    

  PROGRESS ( As on 31.10.07) :      

      New 33/11 kV Substation                 - 62  Nos.

     33 kV Line in Km                             - 37.46  

     11 kv line in Km                               - 50.56

     DTC in Nos                                      - 285

     0.6 MVAR Capacitors                       - 73

     DTC R  and M in Nos                       - 29

     Aug of DTC in Nos                           - 129

     DTC Meters in Nos                           - 270

 

  APDRP Projects are executed on Turn Key basis.

 

Enhanced SCADA is being  provided at following Cities

 

1 )     Amravati                      6 )     Nanded

2 )     Aurangabad                  7 )     Nasik

3 )     Kolhapur                      8 )     Pune

4 )     Malegaon                     9 )     Pimpri-Chinchwad

5 )     Nagpur                         10 )    Sangli

 

Single Phasing Project Phase I (Completed)

Objectives :  

1) Single Phasing of the selected rural mixed load feeders is carried out by use of changeover switches at substation. The scheme envisages supplying Single Phase rural lighting load through three nos. of single phase transformers. During the normal operation, the agricultural load continues to be supplied from the three phase transformers.

 

On operation of the changeover switch, there will be no supply to the 3-phase load on the 11kV distribution network whereas single phase supply is available to the lighting and fan load. On revising changeover switch, normal 3-phase supply shall be restored.

             

2) To overcome the load shedding problem in rural areas, it was decided to implement the Single Phasing Scheme for rural areas to provide Uninterrupted single-phase power supply to the rural consumers.

             

3) Minimizing the unrest among the rural consumers and the feeling of discrimination compared to urban consumers in respect of domestic supply.

             

Program :     

No. of Sub-station          - 424

HT Line - 863 Kms.

No. of DPs        - 11427

No. of feeders    - 1186

No. of villages covered    - 8085

             

Date of Completion :    July 2006

             

 

Based at District :       Nanded, Beed, Osmanabad, Latur, Nasik, Dhule, Jalgaon, Ahmednagar, Wardha, Bhandara, Chandrapur, Nagpur, Solapur, Pune ,Aurangabad, Jalna and Parbhani. Amravati, Akola, Buldhana, Yavatmal 

             

 Project Cost :                        Rs.2350.000 millions

 

 MSEDCL Component :           Loan Sanctioned from REC for Rs 2350.000 millions.

 

             

 

 

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 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.40.26

UK Pound

1

Rs.79.88

Euro

1

Rs.61.26

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

7

OPERATING SCALE

1~10

---

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

---

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

7

--RESERVES

1~10

---

--CREDIT LINES

1~10

7

--MARGINS

-5~5

---

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO

--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

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

41

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions