MIRA
INFORM REPORT
|
Report Date : |
17.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
TEESTA URJA LIMITED |
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Registered Office : |
119, Jor Bagh,
New Delhi – 110003 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
11.03.2005 |
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Com. Reg. No.: |
133875 |
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CIN No.: [Company
Identification No.] |
U31200DL2005PLC133875 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELT06100D |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
To generate, harness, develop, accumulate, distribute and supply
electricity by setting up power plants for the purpose of lights, heat motive
power and for ail other purposes for which electric energy can be employed. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 4100000 |
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Status : |
Satisfactory |
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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. Trade relations are
fair. The company had not commenced commercial activities till 31.03.2007.
Payments are reported as usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
119, Jorbagh, New Delhi-110 003, India |
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Tel. No.: |
91-11-41456716 |
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Fax No.: |
91-11-41456757 / 24624568 |
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E-Mail : |
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Website : |
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Corporate Office : |
Hall No. 1, NBCC Tower, Bhikaji Cama Place, New Delhi - 110 066,
India |
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Liaison
Office : |
Near Community Centre, Development Area, Gangtok,
Sikkim-737101, India |
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Tel. No.: |
91-3592-205010 |
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Fax No.: |
91-3592-205159 |
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Project
Site Office : |
Near Power Colony Mangan, North Sikkim District, Sikkim -
737116, India |
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Tel. No.: |
91-3592-234022 |
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Fax No.: |
91-3592-234855 |
DIRECTORS
|
Name : |
Mr. Mulakala Sura Prakasa Rao |
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Designation : |
Whole Time Director |
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Address : |
A – 105, 1st Floor, Sushant Lok – 1, Gurgaon – 122002,
Haryana, India |
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Date of Birth/Age : |
15.06.1953 |
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Experience : |
30 Years |
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Date of Appointment : |
11.03.2005 |
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Name : |
Dr. Anulolu Ramakrishna |
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Designation : |
Director |
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Address : |
Anmol, M – 6 [Old No. N-29], Anna Nagar East, Chennai – 600102, Tamilnadu,
India |
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Date of Birth/Age : |
20.12.1939 |
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Date of Appointment : |
01.06.2005 |
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Name : |
Mr. Yalla Narasimha Appa Rao |
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Designation : |
Managing Director |
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Address : |
Flat No. 274, Sector – A, Pocket C, Vasant Kunj, New Delhi – 110070,
India |
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Date of Birth/Age : |
10.05.1945 |
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Experience : |
40 Years |
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Date of Appointment : |
01.06.2005 |
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Name : |
Mr. K N Subbaraman |
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Designation : |
Director |
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Address : |
8, Golf Apartments Sujan Singh Park, New Delhi – 110003, India |
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Date of Birth/Age : |
20.06.1943 |
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Date of Appointment : |
28.08.2005 |
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Name : |
Dr. Chunchu Raghuvera Prasad |
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Designation : |
Director |
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Address : |
A – 3, PWO Housing Complex, Sector – 43, Gurgaon, Haryana, India |
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Date of Appointment : |
11.03.2005 |
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Name : |
Mr. Hashu Pessumal Bhagat |
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Designation : |
Director |
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Address : |
Plot No. 419, Ravuri, Nilayam, H. No. 8-2-287/12/A, Road No. 14,
Banjara Hills, Hyderabad |
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Date of Appointment : |
11.03.2005 |
KEY EXECUTIVES
|
Name : |
Mr. Rajesh Ballal |
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Designation : |
Company Secretary |
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Address : |
A-20, Mount Kailash, East of Kailash, New Delhi – 110065, India |
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Date of Birth/Age : |
29.11.1971 |
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Date of Appointment : |
01.01.2007 |
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Name : |
Dr. S Narayan |
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Designation : |
Former Finance Secretary |
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Name : |
Mr. S. K. Aggarwal |
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Designation : |
Senior Vice President |
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Name : |
Mr. J. V. S. D. P. Raju |
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Designation : |
General Manager |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on March 2005
|
Names of Shareholders |
|
No. of Shares |
|
S. Gopalakrishnan |
|
100 |
|
Mulakala Burya Praklaba Rao |
|
100 |
|
Pina Potu Durga Prasada Rao |
|
100 |
|
Rajendra Singh |
|
100 |
|
Hashu Pessumal Bhagat |
|
100 |
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Chunchu Raghuvera Prasad |
|
100 |
|
Vusirikala Venkata |
|
100 |
|
Athena Projects Private Limited |
|
49300 |
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Total |
|
50000 |
As on 30.09.2007
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
64.86 |
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Bodies corporate |
|
35.14 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
To generate, harness, develop, accumulate, distribute and supply
electricity by setting up power plants for the purpose of lights, heat motive
power and for ail other purposes for which electric energy can be employed. |
GENERAL
INFORMATION
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Bankers : |
Not Available |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountants |
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Address : |
6-3-550, II Floor, L B Bhavan, Somajiguda, Hyderabad – 500082, Andhra
Pradesh, India |
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Associates/Subsidiaries : |
Athena Projects Private Limited CIN No.: U74140DL2004PTC128120 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000000 |
Equity Shares |
Rs. 10/- each |
Rs. 15000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
102500000 |
Equity Shares |
Rs. 10/- each |
Rs. 1025.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
|
1025.000 |
50.000 |
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2] Share Application Money |
|
9.865 |
202.465 |
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3] Reserves & Surplus |
|
0.000 |
0.000 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
1034.865 |
252.465 |
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LOAN FUNDS |
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|
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1] Secured Loans |
|
0.000 |
0.000 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
|
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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1034.865 |
252.465 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
4.181 |
3.328 |
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Capital work-in-progress |
|
681.730 |
209.813 |
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INVESTMENT |
|
0.000 |
0.240 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
|
0.000 |
0.000 |
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Cash & Bank Balances |
|
304.965 |
0.427 |
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Other Current Assets |
|
2.223 |
0.000 |
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Loans & Advances |
|
102.258 |
45.549 |
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Total
Current Assets |
|
409.446 |
45.976 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
57.805 |
6.892 |
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|
Provisions |
|
2.687 |
0.000 |
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Total
Current Liabilities |
|
60.492 |
6.892 |
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Net Current Assets |
|
348.954 |
39.084 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
1034.865 |
252.465 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2007 |
31.03.2006 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.06 |
0.03 |
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Current Ratio (Current Asset/Current Liability) |
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|
6.77 |
6.67 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U31200DL2005PLC133875 |
|
Name of the
company |
TEESTA URJA
LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
119, Jor Bagh,
New Delhi – 110003, India |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
Rural
Electrification Corporation Limited Core 4, Scope
Complex, 7, Lodhi Road, New Delhi – 110003, India |
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Nature of
description of the instrument creating or modifying the charge |
Deed of
hypothecation executed on 15th September 2007 |
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Date of
instrument Creating the charge |
15.09.2007 |
|
Amount secured by
the charge |
Rs. 45600.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Terms of
Repayment 60 equal
quarterly installments commencing on the first repayment date falling 6
months after the commencement of commercial operations. Margin 20 % of project
cost of Rs. 57000 Millions |
AS PER WEBSITE
Profile
Subject has been incorporated as a
'Special Purpose Vehicle' (SPV) for the development of Teesta Stage-III H.E.P
The power generation potential of the
Teesta Basin is estimated 7046 MW of which only 510 MW is presently under
development. Thus, majority potential of the basin is yet to be harnessed.
The power potential of Teesta
river itself is planned to be harnessed through a cascade of six hydro projects
and the third stage of this cascade is the 1200 MW, Teesta – Stage III hydro
electric project - the biggest of the six schemes.
Implementation of the 1200 MW
Teesta – Stage III H.E.P has been entrusted to “Teesta Urja Limited” (TUL) by
Govt. of Sikkim on July18, 2005.
Key Personnel
Dr S
Narayan, IAS, Former Finance Secretary (Non Executive Chairman)
Dr. Narayan entered the Indian
Administrative Service in 1965 and served for nearly four decades in public service
both at the State and Central Governments. He served as the Economic Adviser to
the Prime Minister, and was responsible for implementation of economic policies
of over 30 Ministries including Finance, Commerce & Industry, Petroleum,
Agriculture, Shipping, Road Transport & Highways, Power, etc. and was also
responsible for monitoring of the special economic agenda of the Cabinet. He
was instrumental in the formation of 50,000 MW policy initiatives for
accelerated Hydro Power Development in the country. He also served as the
Finance & Economic Affairs Secretary, Secretary in the Departments of
Revenue, Petroleum, Industrial Development and Coal.
Mr. Y N
Apparao, Managing Director
Shri Apparao has nearly 40 years
experience in the hydropower sector with the total association of hydro
projects of more than 10,000 MW. He is the former Chairman & Managing Director,
Satluj Jal Vidyut Nigam limited (formerly known as Nathpa Jhakri Power
Corporation ltd.) and was instrumental in the successful commissioning of 1500
MW Nathpa Jhakri HE Project in Himachal Pradesh which has had a record
generation of more than 23,000 MU and has a revenue generation of over INR
60,000 Million. Prior to this assignment he was the Executive Director, National Hydro
Electric Power Corporation Ltd (NHPC) where he was responsible for
commissioning 540 MW Chamera Stage-I HE Project as a pilot project for
accelerated hydro development in the country and commissioning of Devighat HEP
two years ahead of schedule. He is presently an Independent Director in Neyveli
Lignite Corporation, Chairman of Patikari Power Private Ltd. And Director in
Everest projects Private Ltd. He is a member of Global Compact Society
for promoting Corporate Social Responsibility and has attended 1st Summit in UN
Head Quarters in New York and second summit in Geneva.
Dr A
Ramakrishna, Director
Dr. Ramakrishna has served in
various capacities in Larsen & Toubro since 1962 and was a Member of the
Board of Directors of L&T. He also served the organization as President
(Operations) of ECC Construction Division, a wholly owned subsidiary of L &
T. He is actively associated with many international and national bodies like
American Society of Concrete Contractors, American Society of Civil Engineers,
International Federation for Structural Concrete and Institution of Engineers
(India).
Mr. M S
P Rao, Director
Shri Rao has over 30 years of
experience in petrochemical, chemical and fertilizer including power and
utility project execution, start-up/commissioning, operations, quality
management, de-bottlenecking and general management - both in India and
overseas. He worked with Rashtriya Chemicals and Fertilizers Limited, Reliance
Industries Limited, PT Polysindo Eka Perkasa, Karawang, Indonesia - one of the
biggest manufacturers of PTA, polyester chips, and polyester staple fiber in
Indonesia. He has been associated with development of Hydro Projects through
IPP route since last six-seven years and was instrumental in successful
commission of 16 MW Patikari Project. At present he is associated with the
development of 100 MW Malana Stage II HEP and hydro projects in Arunachal
Pradesh and Meghalaya.
Mr. S.
K. Aggarwal, Sr. Vice President
Mr.S.K.Aggarwal has experience in
the Hydro Power sector of more than 29 years. After graduating from Punjab
Engineering College, Chandigarh, he worked in NHPC in various capacities for
approximately 28 years. In NHPC, he has worked on 198 MW Baira-Siul HEP, 345 MW
Salal Stage II HEP, 540 MW Chamera Stage-I HEP and 280 MW Dhauliganga HEP from
start of construction till commissioning. He was Head of Project for
Dhauliganga HEP. In his last two years in NHPC he was heading the Project
Management Wing.
Mr.
J.V.S.D.P Raju, General Manager
Mr. Prasadaraju has approx. 20 years
of experience in Hydro Sector. He worked with NHPC for over 18 years and during
this time was associated with the construction of Tanakpur HEP, Uri Stage - II
HEP and Parbati Stage II HEP. He has also worked in Contracts Division of NHPC
for over two years.
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 |
6 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
- |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
- |
|
--PROFITABILIRY |
1~10 |
- |
|
--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 |
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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
42 |
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 |
|