MIRA
INFORM REPORT
|
Report Date : |
17.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
DLF POWER LIMITED |
|
|
|
|
Registered Office : |
12th Floor, DLF Galleria Complex,
Phase IV, DLF City, Gurgaon, Haryana |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
08.06.1988 |
|
|
|
|
Com. Reg. No.: |
32877 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U40100HR1988PLC032877 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELD06269E |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACD0187C |
|
|
|
|
Legal Form : |
A closely held public limited liability company. The company is a subsidiary of DLF Universal Limited, New Delhi. |
|
|
|
|
Line of Business : |
The company is engaged in power generation. |
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 |
|
Maximum Credit Limit : |
USD 6510000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed company and a part of DLF
Group. Trade relations are fair. General financial position is satisfactory.
Business is active. Payments are reported as usually correct and as per
commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
12th Floor, DLF Galleria Complex,
Phase IV, DLF City, Gurgaon, Haryana, India |
|
Tel. No.: |
91-124-26392190 / 2350897 / 2350879 |
|
Fax No.: |
91-124-26392859 / 2350761 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
DLF Centre, Sansad Marg, New Delhi – 110 001 |
|
Tel. No.: |
91-11-23719300 / 23719320 |
|
Fax No.: |
91-11-23719344 |
|
E-Mail : |
|
|
|
|
|
Corporate Office : |
Sector 10, Model Town, Faridabad, Haryana |
|
|
|
|
Power Plants At : |
|
DIRECTORS
|
Name : |
Mr. K. P. Singh |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R. S. Cheema |
|
Designation : |
Managing Director |
|
Year of Birth |
1947 |
|
Qualification |
M. Sc. (Mech. Engg.) |
|
Experience |
32 years |
|
Date of Joining |
1st October, 1998 |
|
Previous
Employment |
DLF Industries Limited – Managing Director |
|
|
|
|
Name : |
Mr. C. P. Poonacha |
|
Designation : |
Executive Director (Finance & Commercial) |
|
|
|
|
Name : |
Mr. Deepak Sawhmy |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. G. K. Kannan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rajiv Singh |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ram Ganapati |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. K K Bhattacharya |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Ms. Ranju Goyal |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. G. Kannan |
|
Designation : |
Company Secretary & Sr. General Manager |
|
|
|
|
Name : |
Mr. Deepak Sawhny |
|
Designation : |
General Manager (Finance) |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
DLF Universal Limited 100%
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in power generation. |
|
|
|
|
Terms : |
|
|
Selling : |
Cash, Contract or Credit (30 days) terms |
|
|
|
|
Purchasing : |
Cash, Contract or Credit (30 days) terms |
GENERAL
INFORMATION
|
Customers : |
v
Government of India v
Government of Assam v
Government of Jharkhand v
Assam State Electricity Board v
Coal India Limited v
Central Coalfields Limited v
Bharat Cooking Coal Limited |
|
|
|
|
No. of Employees : |
450 |
|
|
|
|
Bankers : |
v
State Bank of India, Gurgaon, Haryana v
American Express Bank v
Hong Kong Bank |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
A. F. Ferguson & Company Chartered Accountants |
|
Address : |
New Delhi |
|
|
|
|
Associates/Subsidiaries : |
|
|
|
|
|
Parent Company : |
DLF Universal Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000000 |
Equity Shares |
Rs. 10/- each |
Rs. 3000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
69320000 |
Equity Shares |
Rs. 10/- each |
Rs. 693.200
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
693.200 |
693.200 |
693.200 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
934.700 |
874.800 |
811.800 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1627.900 |
1568.000 |
1505.000 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2071.900 |
2160.100 |
2160.600 |
|
|
2] Unsecured Loans |
757.000 |
663.000 |
650.600 |
|
|
TOTAL BORROWING |
2828.900 |
2823.100 |
2811.200 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4456.800 |
4391.100 |
4316.200 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1385.500 |
1610.800 |
1813.700 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
61.000
|
84.200 |
61.300 |
|
|
Sundry Debtors |
3451.900
|
2920.200 |
2659.700 |
|
|
Cash & Bank Balances |
75.900
|
50.700 |
61.000 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
23.600
|
25.400 |
56.300 |
|
Total
Current Assets |
3612.400
|
3080.500 |
2838.300 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
529.200
|
288.300 |
323.200 |
|
|
Provisions |
11.900
|
11.900 |
12.600 |
|
Total
Current Liabilities |
541.100
|
300.200 |
335.800 |
|
|
Net Current Assets |
3071.300
|
2780.300 |
2502.500 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4456.800 |
4391.100 |
4316.200 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sale of Electrical Energy |
996.800
|
1080.200
|
1037.700
|
|
|
Other Income |
105.400
|
33.900
|
29.900
|
|
|
Total Income |
1102.200 |
1114.100 |
1067.600 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
68.900
|
71.000
|
73.300
|
|
|
Provision for Taxation |
9.000
|
8.000
|
6.100
|
|
|
Profit/(Loss) After Tax |
59.900
|
63.000
|
67.200
|
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Cost of Fuel and Power Purchased
|
163.000
|
268.500
|
201.100
|
|
|
Generation & Distribution
Expenses |
71.400
|
71.600
|
55.200
|
|
|
Employee Cost |
39.000
|
36.700
|
34.000
|
|
|
Administration expenses |
163.600
|
155.000
|
148.500
|
|
|
Miscellaneous Expenses |
147.100
|
214.6
|
140.700
|
|
|
Interest & Financial Charges
|
227.600
|
74.800
|
193.700
|
|
|
Depreciation |
221.600
|
221.900
|
221.100
|
|
Total Expenditure |
1033.300 |
1043.100 |
994.300 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total
Income |
(%) |
5.43
|
5.65 |
6.29 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.91
|
6.57 |
7.06 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.38
|
1.51 |
1.58 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.05 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.07
|
1.99 |
2.09 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.68
|
10.26 |
8.45 |
LOCAL AGENCY
FURTHER INFORMATION
FIXED ASSETS
The company’s fixed assets of important value include Freehold &
Leasehold Land, Factory Building, Other Buildings, Plant & Machinery, Roads
& Drains, Vehicles and Furniture & Fixtures.
PRESS RELEASES
DLF Indian Premier League launches new logo
Mon, Mar 10, 2008
Mumbai
Mumbai, March 10, 2008: The DLF Indian Premier League on Sunday launched its new logo
incorporating the title sponsor DLF into the logo unit. The new logo for the
DLF Indian Premier League now constitutes DLF's corporate logo in black, with
the graphic of a batsman playing a rasping cricketing shot, giving the ball a
fair thump with the willow. The graphic and words for the Indian Premier League
are in blue in-line with Team India's colours.
The new logo unit for the DLF IPL represents the true spirit
and the dynamic new face of Indian cricket. The graphic depiction also amply
recognise a cricketer's contribution to our much loved national game.
Mr. Rajeev Talwar, Group Executive Director, DLF Limited
said, "This is a historic development in the world of cricket. We are
proud to be an integral part of it and believe that the DLF Indian Premier
League will make great impact in the international cricketing arena."
Indian Premier League Chairman and Commissioner Mr Lalit
Modi said: "The DLF Indian Premier League is here to stay and is set to
carve out a distinct niche for itself in the international cricketing calendar.
I am happy that India's largest real estate company, DLF will play an integral
part in helping develop the DLF IPL into a truly world-class cricketing league.
It is exciting to have an eclectic mix of elite Indian Businessmen, Bollywood
personalities and Corporates as our allies, working collectively as one to
ensure a start of new cricketing era ushered in by the DLF IPL."
DLF Limited, India's largest real estate company, is the title
sponsor for the League kicking off on April 18th 2008. DLF has won the title
sponsorship rights for a period of five years starting year 2008. There would
be 59 matches across 8 cities in the 2008 season.
The inaugural season of the IPL will showcase a grand total
of 59 matches providing broadcasters and in-stadia spectators with 177 hours of
live "family entertainment", which will also be viewed by a
significant international audience. All matches will be during late afternoon
and evening to coincide with prime time for television and providing a
convenient time for the stadium audience. The Indian victory at the ICC World
Twenty20 has further helped capture the imagination and entice an entire new
generation of sports fans into the grounds. The LIVE In-stadia entertainment,
combined with the high-octane on-field action has further hooked viewers onto
this new adrenalin packed LIVE family entertainment format attracting a much
younger fan base, which also includes women and children.
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.40.45 |
|
UK Pound |
1 |
Rs.82.25 |
|
Euro |
1 |
Rs.63.20 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 |
|