MIRA
INFORM REPORT
|
Report Date : |
05.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
HARYANA POWER GENERATION CORPORATION LIMITED |
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Registered Office : |
Shakti Bhawan, Sector – 6,
Panchkula, Haryana – 134109 |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
17.03.1997 |
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Com. Reg. No.: |
033517 |
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CIN No.: [Company
Identification No.] |
U45207HR1997PLC033517 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKH01891B |
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Legal Form : |
A Closely held public limited liability company. |
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Line of Business : |
To plan promote and organize an integrated and efficient development
of electricity in all its aspects including planning investigation, research,
design and preparation of preliminary, feasibility and definite project
reports, construction, generation, operation and maintenance of power station
and projects, transmission, distribution and sale of power generated at power
stations in accordance with the national / state economic policy and
objectives laid down by the central/ State Government from time to time |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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Maximum Credit Limit : |
USD 22655000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a power generation and distribution company owned by the
Haryana Government Lenders and Creators can fell confident of its exposure to
the subject. Trade relations are fair. Company’s profitability is under sever
pressure. Payments are reported as slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Shakti Bhawan, Sector – 6,
Panchkula, Haryana – 134109 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. Raghunandan Kumar Sharma |
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Designation : |
Whole Time Director |
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Address : |
# 1010, Sector – 2, Panchkula – 134109, Haryana |
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Date of Birth/Age : |
19.06.1949 |
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Date of Appointment : |
08.11.2006 |
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Name : |
Mr. Mukesh Kumar Goel |
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Designation : |
Director |
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Address : |
# 278 D, Pocket – 2, Mayur Vihar, Phase One, Delhi – 110091 |
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Date of Birth/Age : |
17.09.1956 |
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Date of Appointment : |
26.11.1998 |
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Name : |
Mr. Pranab Kishore Das |
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Designation : |
Director |
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Address : |
H. No. 692, Sector – 7, Chandigarh – 160007 |
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Date of Birth/Age : |
12.08.1962 |
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Date of Appointment : |
31.10.2005 |
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Name : |
Mr. Ashok Lavasa |
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Designation : |
Chairman |
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Name : |
Mrs. Jyoti Arora |
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Designation : |
Managing Director |
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Name : |
S.K.Gulati, IAS |
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Designation : |
Director |
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Name : |
Sh. P. K. Das, IAS |
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Designation : |
Director |
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Name : |
Sh. A.K.Singh |
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Designation : |
Director |
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Name : |
Vijayendra Kumar |
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Designation : |
Director |
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Name : |
P. K. Ramakrishanan |
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Designation : |
Director |
BUSINESS DETAILS
|
Line of Business : |
To plan promote and organize an integrated and efficient development
of electricity in all its aspects including planning investigation, research,
design and preparation of preliminary, feasibility and definite project
reports, construction, generation, operation and maintenance of power station
and projects, transmission, distribution and sale of power generated at power
stations in accordance with the national / state economic policy and
objectives laid down by the central/ State Government from time to time |
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GENERAL
INFORMATION
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No. of Employees : |
4868 |
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Bankers : |
Vijaya Bank SCO 29, Sector
11, Panchkula – 134109, Haryana |
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Facilities : |
--- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Datta Singla & Company Chartered Accountant |
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Address : |
SCO 2935 – 36, Sctor 22 – C, Chandigarh - 160022 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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2500000000 |
Equity Shares |
Rs.10/- Each |
Rs.25000.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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213450700 |
Equity Shares |
Rs.10/- Each |
Rs.2134.507 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2134.507 |
2134.507 |
1501.000 |
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2] Share Application Money |
4398.060 |
2846.754 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
(456.000) |
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4] (Accumulated Losses) |
(869.357) |
(519.113) |
0.000 |
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5] Other Fund (Pension Fund Trust ) |
779.858 |
340.863 |
0.000 |
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NETWORTH |
5663.750 |
4462.148 |
1045.000 |
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LOAN FUNDS |
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1] Secured Loans |
6649.283 |
2085.854 |
0.000 |
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2] Unsecured Loans |
25706.324 |
22587.774 |
18295.000 |
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TOTAL BORROWING |
32355.607 |
24673.628 |
18295.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
38798.675 |
29476.639 |
19340.000 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
22712.175 |
14274.310 |
20715.300 |
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Capital work-in-progress |
9385.634 |
14254.118 |
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 |
2977.993
|
2294.217 |
1742.000 |
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Sundry Debtors |
5228.730
|
1213.781 |
950.500 |
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Cash & Bank Balances |
501.582
|
506.430 |
315.100 |
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Other Current Assets |
1842.815
|
1387.634 |
0.000 |
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Loans & Advances |
378.517
|
428.861 |
1055.400 |
|
Total
Current Assets |
10929.637
|
5830.923 |
4063.000 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
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Current Liabilities |
4413.407
|
4906.072 |
5349.100 |
|
|
Provisions |
0.000
|
0.000 |
148.600 |
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Total
Current Liabilities |
4413.407
|
4906.072 |
5497.700 |
|
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Net Current Assets |
6516.230
|
924.851 |
(1434.700) |
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MISCELLANEOUS EXPENSES |
184.636 |
23.360 |
59.400 |
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TOTAL |
38798.675 |
29476.639 |
19340.000 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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Sales Turnover |
16377.498 |
15441.012 |
14007.200 |
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Other Income |
166.658 |
45.298 |
26.400 |
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Total Income |
16544.156 |
15486.311 |
14033.600 |
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Profit/(Loss) Before Tax |
(350.243) |
N.A. |
N.A. |
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Provision for Taxation |
0.000 |
N.A. |
N.A. |
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Profit/(Loss) After Tax |
(350.243) |
N.A. |
N.A. |
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Expenditures : |
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Generation And Distribution Expenses |
0.000 |
0.000 |
10353.800 |
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Miscellaneous Expenses |
0.000 |
0.000 |
42.500 |
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|
Administrative Expenses |
0.000 |
0.000 |
17.200 |
|
|
Employed Cost |
0.000 |
0.000 |
893.700 |
|
|
Salaries, Wages, Bonus, etc. |
1213.134 |
986.730 |
0.000 |
|
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Managerial Remuneration |
0.892 |
0.796 |
0.000 |
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Payment to Auditors |
0.280 |
0.250 |
0.000 |
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Interest |
1661.947 |
1651.852 |
1707.100 |
|
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Insurance Expenses |
8.135 |
7.285 |
0.000 |
|
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Power & Fuel |
11969.171 |
10963.572 |
0.800 |
|
|
Depreciation & Amortization |
1272.240 |
1250.697 |
1096.400 |
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Other Expenditure |
768.597 |
625.126 |
0.000 |
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Total Expenditure |
16894.396 |
15486.308 |
14111.500 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
PAT / Total Income |
(%) |
2.11
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--- |
--- |
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Net Profit Margin (PBT/Sales) |
(%) |
2.13
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--- |
--- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.04
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--- |
--- |
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Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
--- |
--- |
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Debt Equity Ratio (Total Liability/Networth) |
|
6.49
|
6.62 |
22.76 |
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Current Ratio (Current Asset/Current Liability) |
|
2.47
|
1.18 |
0.73 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
|
Name of the company |
HARYANA POWER GENERATION CORPORATION LIMITED |
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Presented By |
Company Secretary
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1) Date and description of instrument creating the change |
20th July,
2005 Agreement of
hypothecations is Registered and assets / receivable. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.500.000
Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All goods, book
–debts and all other movable assets and any future movable assets of the
HPGCL including documents of title to the goods, outstanding moneys,
receivables including receivables by way of cash assistance and / or cash
incentives under the cash incentive scheme or any other claims including
claims by way of refund or any other scheme bills, invoices documents,
contracts, insurance policies, guarantees, engagements, securities,
investments and rights and present machinery and future machinery of HPGCL
located at Unit 1 to 6 of TDLTPS, panipat belonging to or in the possession
or under the control of the borrower wherever lying or stored and kept in the
premises and whether in possession of the borrower or of the bank or of any
third party whether in India or else where through out the world (including
all such goods, other movable assets as may be in course of shipment, transit
or delivery of HPGCL shall stand hypothecated to the bank by way of first
charge.) |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
: 3.75 % below Bank prime lending rate (BPLR) presently @ 7.25 % per annum. The
interest is payable as and when charged with monthly rests |
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5) Name and Address and description of the person entitled to the charge. |
Repayment : 60
months with a moratorium period of 3 months. |
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6) Date and brief description of instrument modifying the charge |
NIL |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NIL |
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Corporate identity
number (CIN) Foreign company registration number |
U45207HR1997PLC033517 |
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Name of the
Company |
HARYANA POWER GENERATION CORPORATION LIMITED |
|
Address |
Shakti Bhawan, Sector – 6,
Panchkula, Haryana – 134109 |
|
This form is for |
Creation of
Charges |
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Type of Charge |
Others All Current
Assets of The Company |
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Particulars of
the charge holder |
Vijaya Bank SCO 29, Sector
11, Panchkula – 134109, Haryana |
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Amount secured by
the charge |
Rs.1000.000
Millions |
|
Nature
description of the instrument creating or
modifying the charge. |
Term loan
agreement 30.03.2007 (DOC 35) And HYP Agreement dated 30.03.2007 (DOC 56) |
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Brief of the
principal terms and conditions |
1)
Rate of
interest : 2.25% Below PLR presently At 10 % to be reset once in a year ADDL
interest of 2 % in case of default. 2)
Terms of
Repayment : 57 Equal Monthly Installments of Rs.17.544 Millions each interest
to be paid separately installments to commence from 01.07.2007 after
moratorium period of 3 months. 3)
Margin :
N.A. 4)
Extent and
operation of the charge : 100 % 5)
Others :
N.A. |
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Short particulars
of the property charged |
All current
assets of the company at various sites of the company. |
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Date of
Instrument |
30.03.2007 |
Web Details Attached
The
Company was incorporated as
a Company under Companies Act, 1956 on 17th March'1997 and certificate for
commencement of business was granted on 5th August' 1997. The business of the generation
of power of erstwhile Haryana State Electricity Board was transferred to The
Company on 14.8.98, pursuant to the implementation of power reforms in the
State of Haryana. The main object of the HPGCL is to Generate Power in the
State of Haryana from the existing generating stations in most efficient manner
on commercial lines and sell whole of the power generated exclusively to the
Haryana Vidyut Parsaran Nigam Limited and to set up new power projects in the
State Sector.
Achievements
HIGHLIGHTS OF THE PERFORMANCE OF HPGCL THERMAL POWER
STATIONS DURING THE YEAR 2006-07
The Plant Load Factor (PLF) of
HPGCL Thermal Power Stations which was 67.00% during the year 2005-06 has
improved to 78.78% during the year 2006-07, which is the highest PLF
achieved since the formation of HPGCL.
During the current year, it was
the endeavour of HPGCL to ensure that the planned maintenance / overhauling of
all the Thermal Generating Units should be completed before 15th May, 2006 so
that all the Units remain available during the peak summer months. If the
planned outage of the various Units is not considered the PLF of the HPGCL
generating stations during 2006-07, works out to be 81.74%.
The Specific Oil Consumption of
Thermal Power Stations of HPGCL during the year 2005-06 which was 3.74 ml/kwh
has improved to 1.85 ml/kwh during 2006-07, which is the lowest since the
formation of HPGCL.
The Specific Coal Consumption of
Thermal Power Stations during the year 2005-06 which was 741 gm/kwh has
improved to 721 gm/kwh during 2006-07 which is the lowest since the formation
of HPGCL.
The Auxiliary Consumption of
Thermal Power Stations during the year 2005-06 which was 10.08% has improved to
9.80% during 2006-07 which is the lowest since the formation of HPGCL.
The actual overall Plant Load
Factor of the Panipat Thermal Power Station (PTPS) during 2006-07 has been
83.17%, which is an all time high achievement. Without considering the outage
due to planned maintenance, the PLF during 2006-07 is 85.48%.
The 210/250 MW Units
(2x210MW+2x250MW) of PTPS have performed very well during this period and have
achieved a Plant Load Factor of 91.09% which is comparable to the best
performing Power Plants in the country.
110 MW Unit–IV of PTPS, Panipat
remained in operation continuously without tripping for 131 days i.e. from
27.06.06 to 04.11.06 which has surpassed all the previous of continuous running
of the 110 MW Units at PTPS.
The construction work of 2x300
MW DCRTPP Yamuna Nagar is progressing as per schedule and 63.7% construction
work has been completed, ending March, 2007. During 2006-07, the
hydraulic test of boiler of Unit-I was successfully carried out on 20.03.07
against schedule date of 20.06.07.
During 2006-07, the Letter of
Intent (LoI) for turnkey execution of 2x600 MW Thermal Power Project at Hisar
was issued to M/s Reliance Energy Ltd. on 29.01.07.
3x500 MW coal based Thermal
Power Project at Jhajjar is being executed by NTPC from concept to
commissioning and subsequent Operation & Maintenance in Joint Venture with
Govt. of National Capital Territory (NCT), Delhi and Govt. of Haryana. The
Joint Venture agreement among NTPC, Govt. of NCT, Delhi and Govt. of
Haryana was signed on 14.12.2006 with equity participation of NTPC, Haryana and
Delhi in the ratio of 50:25:25. Haryana will get a share of 750 MW from this
project.
For the first time HPGCL has got
sanctioned a loan of Rs. 5000.000 Millions
from NCR Planning Board, New Delhi for 2x600 MW Hisar Thermal Power
Project at an effective rate of interest of 5.5% per annum.
The 2x250 Units 7 & 8 of
PTPS, Panipat were covered under AG & SP scheme of Government Of India at
the time of start of construction in the year 2002. Under AG & SP, interest
subsidy up to 3% per annum was admissible on the loan of Rs. 14280.000
Millions The interest subsidy under AG
&SP was discontinued after availing a loan of just Rs.1412.500 Millions up to March 2003. Now,on 31st March, 2007
after vigorous efforts / pursual, HPGCL has been able to get interest subsidy
under AG&SP amounting to Rs. 905.800 Millions, to be paid to HPGCL annually
during the loan repayment period.
Power Purchase Agreements were
signed with M/s PTC during 2006-07 for purchase of 770 MW power from IPPs.
Procurement of up to 2000 MW
Power under Case-I and 1150 ±15% Power under Case-II ,on the basis of tariff
based competitive bidding, remained under process ,during 2006-07
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.40.29 |
|
UK Pound |
1 |
Rs.79.97 |
|
Euro |
1 |
Rs.61.23 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
--- |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
51 |
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 |
|